Pair Correlation Between Coinbase Bitcoin and HitBTC DigitalCash

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

Coinbase

Bitcoin on Coinbase in USD
 17,220 
(95.59)  0.55%
Market Cap: 7429.6 B

HitBTC

DigitalCash on HitBTC in USD
 854.37 
74.27  9.52%
Market Cap: 42.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 1.18 times more return on investment than HitBTC DigitalCash. However, Coinbase Bitcoin is 1.18 times more volatile than HitBTC DigitalCash USD. It trades about 0.39 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about 0.34 per unit of risk. If you would invest  660,800  in Coinbase Bitcoin USD on November 13, 2017 and sell it today you would earn a total of  1,063,199  from holding Coinbase Bitcoin USD or generate 160.9% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and HitBTC DigitalCash
0.66

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin

HitBTC DigitalCash USD

  
22 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalCash USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash