Pair Correlation Between HitBTC ByteCoin and CCEX BitZeny

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

HitBTC

ByteCoin on HitBTC in USD
 0.003389 
0.000106  3.23%
Market Cap: 456.4 K

CCEX

BitZeny on CCEX in USD
 0.19 
(0.12)  39.58%
Market Cap: 192
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 13.47 times less return on investment than CCEX BitZeny. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 27.92 times less risky than CCEX BitZeny. It trades about 0.52 of its potential returns per unit of risk. CCEX BitZeny USD is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest  0.44  in CCEX BitZeny USD on November 16, 2017 and sell it today you would earn a total of  18.47  from holding CCEX BitZeny USD or generate 4200.66% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and CCEX BitZeny
0.75

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 ByteCoin USD and CCEX BitZeny USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CCEX BitZeny 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 BitZeny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CCEX BitZeny USD has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and CCEX BitZeny go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
34 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 34 (%) of all global equities and portfolios over the last 30 days.

CCEX BitZeny USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX BitZeny USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.