This module allows you to analyze existing cross correlation between BitTrex Ethereum Classic USD and HitBTC DigiByte USD. You can compare the effects of market volatilities on BitTrex Ethereum and HitBTC DigiByte and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in BitTrex Ethereum with a short position of HitBTC DigiByte. See also your portfolio center
. Please also check ongoing floating volatility patterns of BitTrex Ethereum
and HitBTC DigiByte
BitTrex Ethereum Classic USD vs HitBTC DigiByte USD
Assuming 30 trading days horizon, BitTrex Ethereum Classic USD is expected to under-perform the HitBTC DigiByte. In addition to that, BitTrex Ethereum is 1.25 times more volatile than HitBTC DigiByte USD. It trades about -0.23 of its total potential returns per unit of risk. HitBTC DigiByte USD is currently generating about -0.24 per unit of volatility. If you would invest 4.17 in HitBTC DigiByte USD on February 19, 2018 and sell it today you would lose (1.69) from holding HitBTC DigiByte USD or give up 40.53% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Ethereum Classic USD and HitBTC DigiByte USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigiByte USD and BitTrex Ethereum is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on BitTrex Ethereum Classic USD are associated (or correlated) with HitBTC DigiByte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigiByte USD has no effect on the direction of BitTrex Ethereum i.e. BitTrex Ethereum and HitBTC DigiByte go up and down completely randomly.
Over the last 30 days BitTrex Ethereum Classic USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Over the last 30 days HitBTC DigiByte USD has generated negative risk-adjusted returns adding no value to investors with long positions.