This module allows you to analyze existing cross correlation between CCEX BitZeny USD and HitBTC ByteCoin USD. You can compare the effects of market volatilities on CCEX BitZeny 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 BitZeny with a short position of HitBTC ByteCoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of CCEX BitZeny
and HitBTC ByteCoin
CCEX BitZeny USD vs HitBTC ByteCoin USD
Assuming 30 trading days horizon, CCEX BitZeny USD is expected to generate 28.78 times more return on investment than HitBTC ByteCoin. However, CCEX BitZeny is 28.78 times more volatile than HitBTC ByteCoin USD. It trades about 0.25 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.45 per unit of risk. If you would invest 0.44 in CCEX BitZeny USD on November 15, 2017 and sell it today you would earn a total of 19.22 from holding CCEX BitZeny USD or generate 4371.23% return on investment over 30 days.
|Time Period||1 Month [change]|
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding CCEX BitZeny 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 BitZeny 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 BitZeny 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 BitZeny i.e. CCEX BitZeny and HitBTC ByteCoin go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in CCEX BitZeny USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.