Pair Correlation Between Cexio Ethereum and HitBTC DigitalCash

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

Cexio

Ethereum on Cexio in USD
 1,145 
19  1.69%
Market Cap: 12.9 B

HitBTC

DigitalCash on HitBTC in USD
 837.82 
11.89  1.44%
Market Cap: 2.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum USD is expected to generate 1.16 times more return on investment than HitBTC DigitalCash. However, Cexio Ethereum is 1.16 times more volatile than HitBTC DigitalCash USD. It trades about 0.13 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.07 per unit of risk. If you would invest  91,000  in Cexio Ethereum USD on December 18, 2017 and sell it today you would earn a total of  23,500  from holding Cexio Ethereum USD or generate 25.82% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and HitBTC DigitalCash
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 Cexio Ethereum USD and HitBTC DigitalCash USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigitalCash USD and Cexio Ethereum 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 Cexio Ethereum USD are associated (or correlated) with HitBTC DigitalCash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigitalCash USD has no effect on the direction of Cexio Ethereum i.e. Cexio Ethereum and HitBTC DigitalCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

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

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash