Pair Correlation Between HitBTC BitConnect and HitBTC Bancor

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

HitBTC

BitConnect Coin on HitBTC in USD
 399 
(29.8)  6.95%
Market Cap: 9.9 M

HitBTC

Bancor Network Token on HitBTC in USD
 3.83 
0.05  1.32%
Market Cap: 1.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect is expected to generate 1.8 times less return on investment than HitBTC Bancor. In addition to that, HitBTC BitConnect is 1.04 times more volatile than HitBTC Bancor Network Token USD. It trades about 0.21 of its total potential returns per unit of risk. HitBTC Bancor Network Token USD is currently generating about 0.39 per unit of volatility. If you would invest  203  in HitBTC Bancor Network Token USD on November 17, 2017 and sell it today you would earn a total of  193  from holding HitBTC Bancor Network Token USD or generate 95.07% return on investment over 30 days.

Correlation Coefficient

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC BitConnect Coin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

HitBTC Bancor Network

  
25 

Risk-Adjusted Performance

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