This module allows you to analyze existing cross correlation between HitBTC ByteCoin USD and HitBTC Bancor Network Token USD. You can compare the effects of market volatilities on HitBTC ByteCoin and HitBTC Bancor 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 HitBTC Bancor. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC ByteCoin
and HitBTC Bancor
HitBTC ByteCoin USD vs HitBTC Bancor Network Token US
Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 1.54 times more return on investment than HitBTC Bancor. However, HitBTC ByteCoin is 1.54 times more volatile than HitBTC Bancor Network Token USD. It trades about 0.06 of its potential returns per unit of risk. HitBTC Bancor Network Token USD is currently generating about -0.03 per unit of risk. If you would invest 0.59 in HitBTC ByteCoin USD on January 21, 2018 and sell it today you would earn a total of 0.03 from holding HitBTC ByteCoin USD or generate 5.24% return on investment over 30 days.
|Time Period||1 Month [change]|
Very poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC ByteCoin USD and HitBTC Bancor Network Token US in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC Bancor Network 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 HitBTC Bancor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC Bancor Network has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and HitBTC Bancor go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.
Over the last 30 days HitBTC Bancor Network Token USD has generated negative risk-adjusted returns adding no value to investors with long positions.