Pair Correlation Between HitBTC ByteCoin and BitTrex Ethereum

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

HitBTC

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

BitTrex

Ethereum Classic on BitTrex in USD
 27.85 
1.4  5.29%
Market Cap: 36.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 0.71 times more return on investment than BitTrex Ethereum. However, HitBTC ByteCoin USD is 1.41 times less risky than BitTrex Ethereum. It trades about 0.43 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about 0.23 per unit of risk. If you would invest  0.11  in HitBTC ByteCoin USD on November 12, 2017 and sell it today you would earn a total of  0.14  from holding HitBTC ByteCoin USD or generate 119.54% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and BitTrex Ethereum
0.57

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

BitTrex Ethereum Cla

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum Classic USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.