Pair Correlation Between Coinbase Bitcoin and HitBTC DigiByte

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

Coinbase

Bitcoin on Coinbase in USD
 16,792 
(7.92)  0.0471%
Market Cap: 7429.6 B

HitBTC

DigiByte on HitBTC in USD
 0.0208 
0.0064  44.44%
Market Cap: 124
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 1.0 times more return on investment than HitBTC DigiByte. However, Coinbase Bitcoin USD is 1.0 times less risky than HitBTC DigiByte. It trades about 0.35 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.18 per unit of risk. If you would invest  730,000  in Coinbase Bitcoin USD on November 14, 2017 and sell it today you would earn a total of  961,800  from holding Coinbase Bitcoin USD or generate 131.75% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and HitBTC DigiByte
0.72

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 DigiByte USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigiByte 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 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 Coinbase Bitcoin i.e. Coinbase Bitcoin and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
23 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 23 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.