Pair Correlation Between CCEX BlakeCoin and HitBTC DigiByte

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

CCEX

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

HitBTC

DigiByte on HitBTC in USD
 0.0219 
0.0016  7.88%
Market Cap: 124
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX BlakeCoin USD is expected to generate 14.46 times more return on investment than HitBTC DigiByte. However, CCEX BlakeCoin is 14.46 times more volatile than HitBTC DigiByte USD. It trades about 0.17 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.3 per unit of risk. If you would invest  20  in CCEX BlakeCoin USD on November 16, 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 DigiByte
0.43

Parameters

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

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding CCEX BlakeCoin 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 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 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 BlakeCoin i.e. CCEX BlakeCoin and HitBTC DigiByte 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 DigiByte USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.