Pair Correlation Between CCEX BlakeCoin and HitBTC ByteCoin

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

CCEX

BlakeCoin on CCEX in USD
 0.18 
(0.11)  37.68%
Market Cap: 32.0

HitBTC

ByteCoin on HitBTC in USD
 0.003654 
0.000217  6.31%
Market Cap: 456.4 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX BlakeCoin USD is expected to generate 27.73 times more return on investment than HitBTC ByteCoin. However, CCEX BlakeCoin is 27.73 times more volatile than HitBTC ByteCoin USD. It trades about 0.17 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.55 per unit of risk. If you would invest  20  in CCEX BlakeCoin USD on November 17, 2017 and sell it today you would lose (1.79)  from holding CCEX BlakeCoin USD or give up 8.95% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between CCEX BlakeCoin and HitBTC ByteCoin
0.29

Parameters

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

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

CCEX BlakeCoin USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX BlakeCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

HitBTC ByteCoin USD

  
35 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 35 (%) of all global equities and portfolios over the last 30 days.