Correlation Analysis Between HitBTC ByteCoin and Bitfinex Recovery

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

HitBTC ByteCoin USD  vs.  Bitfinex Recovery Right Tokens

HitBTC

ByteCoin on HitBTC in USD
 0.007143 
0.000199  2.87%
Market Cap: 332.1 K
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.06 
0.00149  2.26%
Market Cap: 17.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 1.88 times more return on investment than Bitfinex Recovery. However, HitBTC ByteCoin is 1.88 times more volatile than Bitfinex Recovery Right Tokens USD. It trades about 0.13 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.05 per unit of risk. If you would invest  0.51  in HitBTC ByteCoin USD on April 24, 2018 and sell it today you would earn a total of  0.18  from holding HitBTC ByteCoin USD or generate 36.05% return on investment over 30 days.

Pair Corralation between HitBTC ByteCoin and Bitfinex Recovery

-0.39
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC ByteCoin USD and Bitfinex Recovery Right Tokens in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Recovery Right and HitBTC ByteCoin 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 ByteCoin USD are associated (or correlated) with Bitfinex Recovery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Recovery Right has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and Bitfinex Recovery go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC ByteCoin USD  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
Bitfinex Recovery Right  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1079.58

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