This module allows you to analyze existing cross correlation between CCEX AlpaCoin USD and HitBTC DigitalNote USD. You can compare the effects of market volatilities on CCEX AlpaCoin and HitBTC DigitalNote 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 AlpaCoin with a short position of HitBTC DigitalNote. See also your portfolio center
. Please also check ongoing floating volatility patterns of CCEX AlpaCoin
and HitBTC DigitalNote
CCEX AlpaCoin USD vs HitBTC DigitalNote USD
Assuming 30 trading days horizon, CCEX AlpaCoin USD is expected to generate 8.77 times more return on investment than HitBTC DigitalNote. However, CCEX AlpaCoin is 8.77 times more volatile than HitBTC DigitalNote USD. It trades about 0.21 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about -0.04 per unit of risk. If you would invest 0.25 in CCEX AlpaCoin USD on January 24, 2018 and sell it today you would earn a total of 0.31 from holding CCEX AlpaCoin USD or generate 124.92% return on investment over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding CCEX AlpaCoin USD and HitBTC DigitalNote USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigitalNote USD and CCEX AlpaCoin 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 AlpaCoin USD are associated (or correlated) with HitBTC DigitalNote. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigitalNote USD has no effect on the direction of CCEX AlpaCoin i.e. CCEX AlpaCoin and HitBTC DigitalNote go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in CCEX AlpaCoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.
Over the last 30 days HitBTC DigitalNote USD has generated negative risk-adjusted returns adding no value to investors with long positions.