Pair Correlation Between HitBTC Autumncoin and HitBTC ByteCoin

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

HitBTC

Autumncoin on HitBTC in USD
 0.0166 
(0.0179)  51.88%
Market Cap: 8.9 K

HitBTC

ByteCoin on HitBTC in USD
 0.002543 
(0.000165)  6.09%
Market Cap: 468.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Autumncoin USD is expected to generate 3.64 times more return on investment than HitBTC ByteCoin. However, HitBTC Autumncoin is 3.64 times more volatile than HitBTC ByteCoin USD. It trades about 0.16 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.43 per unit of risk. If you would invest  2.09  in HitBTC Autumncoin USD on November 12, 2017 and sell it today you would earn a total of  1.36  from holding HitBTC Autumncoin USD or generate 65.07% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Autumncoin and HitBTC ByteCoin
-0.08

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Autumncoin USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Autumncoin USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

HitBTC ByteCoin USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.