Pair Correlation Between CCEX Anarchists and HitBTC DigiByte

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

CCEX

Anarchists Prime on CCEX in USD
 0.01727 
0.00477  38.16%
Market Cap: 90.0

HitBTC

DigiByte on HitBTC in USD
 0.0328 
0.0036  9.89%
Market Cap: 47.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX Anarchists Prime USD is expected to generate 2.02 times more return on investment than HitBTC DigiByte. However, CCEX Anarchists is 2.02 times more volatile than HitBTC DigiByte USD. It trades about 0.08 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about -0.11 per unit of risk. If you would invest  1.81  in CCEX Anarchists Prime USD on January 25, 2018 and sell it today you would lose (0.56)  from holding CCEX Anarchists Prime USD or give up 30.94% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between CCEX Anarchists and HitBTC DigiByte
0.11

Parameters

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

Diversification

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding CCEX Anarchists Prime 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 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 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 CCEX Anarchists i.e. CCEX Anarchists and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

CCEX Anarchists Prime

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX Anarchists Prime USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

CCEX Anarchists Prime USD

Pair trading matchups for CCEX Anarchists

HitBTC DigiByte USD

  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC DigiByte USD has generated negative risk-adjusted returns adding no value to investors with long positions.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte