Pair Correlation Between HitBTC Autumncoin and HitBTC DigitalNote

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

HitBTC

Autumncoin on HitBTC in USD
 0.0172 
(0.0025)  12.69%
Market Cap: 10.8 K

HitBTC

DigitalNote on HitBTC in USD
 0.003458 
0.000019  0.55%
Market Cap: 566.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Autumncoin is expected to generate 2.3 times less return on investment than HitBTC DigitalNote. In addition to that, HitBTC Autumncoin is 4.19 times more volatile than HitBTC DigitalNote USD. It trades about 0.03 of its total potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.27 per unit of volatility. If you would invest  0.23  in HitBTC DigitalNote USD on November 15, 2017 and sell it today you would earn a total of  0.12  from holding HitBTC DigitalNote USD or generate 52.33% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Autumncoin and HitBTC DigitalNote
-0.07

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Autumncoin USD

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Autumncoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalNote USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.