Pair Correlation Between HitBTC ByteCoin and CCEX GridCoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.002912 
0.000107  3.81%
Market Cap: 456.4 K

CCEX

GridCoin on CCEX in USD
 0.07851 
0.005  6.8%
Market Cap: 1.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 0.47 times more return on investment than CCEX GridCoin. However, HitBTC ByteCoin USD is 2.12 times less risky than CCEX GridCoin. It trades about 0.49 of its potential returns per unit of risk. CCEX GridCoin USD is currently generating about 0.22 per unit of risk. If you would invest  0.12  in HitBTC ByteCoin USD on November 16, 2017 and sell it today you would earn a total of  0.17  from holding HitBTC ByteCoin USD or generate 142.87% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and CCEX GridCoin
0.86

Parameters

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

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
32 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 32 (%) of all global equities and portfolios over the last 30 days.

CCEX GridCoin USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX GridCoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.