Pair Correlation Between HitBTC ByteCoin and CCEX HiCoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.002802 
0.000153  5.78%
Market Cap: 468.3 K

CCEX

HiCoin on CCEX in USD
 0.008058 
0.001217  17.79%
Market Cap: 18.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 1.73 times less return on investment than CCEX HiCoin. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 3.54 times less risky than CCEX HiCoin. It trades about 0.44 of its potential returns per unit of risk. CCEX HiCoin USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  0.37  in CCEX HiCoin USD on November 15, 2017 and sell it today you would earn a total of  0.44  from holding CCEX HiCoin USD or generate 120.22% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and CCEX HiCoin
0.49

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very weak diversification

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

CCEX HiCoin USD

  
14 

Risk-Adjusted Performance

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