Pair Correlation Between CCEX Anarchists and HitBTC ByteCoin

This module allows you to analyze existing cross correlation between CCEX Anarchists Prime USD and HitBTC ByteCoin USD. You can compare the effects of market volatilities on CCEX Anarchists and HitBTC ByteCoin 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 CCEX Anarchists with a short position of HitBTC ByteCoin. See also your portfolio center. Please also check ongoing floating volatility patterns of CCEX Anarchists and HitBTC ByteCoin.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 CCEX Anarchists Prime USD  vs   HitBTC ByteCoin USD

CCEX

Anarchists Prime on CCEX in USD
 0.03 
(0.02)  40%
Market Cap: 3.8 K

HitBTC

ByteCoin on HitBTC in USD
 0.00323 
0.000425  15.15%
Market Cap: 456.4 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX Anarchists Prime USD is expected to generate 13.74 times more return on investment than HitBTC ByteCoin. However, CCEX Anarchists is 13.74 times more volatile than HitBTC ByteCoin USD. It trades about 0.28 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.49 per unit of risk. If you would invest  0.31  in CCEX Anarchists Prime USD on November 16, 2017 and sell it today you would earn a total of  2.69  from holding CCEX Anarchists Prime USD or generate 867.74% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between CCEX Anarchists and HitBTC ByteCoin
0.63

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding CCEX Anarchists Prime USD and HitBTC ByteCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC ByteCoin USD and CCEX Anarchists 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 CCEX Anarchists Prime USD are associated (or correlated) with HitBTC ByteCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC ByteCoin USD has no effect on the direction of CCEX Anarchists i.e. CCEX Anarchists and HitBTC ByteCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

CCEX Anarchists Prime

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX Anarchists Prime USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

HitBTC ByteCoin USD

  
32 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 32 (%) of all global equities and portfolios over the last 30 days.