Correlation Analysis Between HitBTC ByteCoin and HitBTC DigiByte

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

HitBTC ByteCoin USD  vs.  HitBTC DigiByte USD

HitBTC

ByteCoin on HitBTC in USD
 0.008327 
0.000273  3.17%
Market Cap: 332.1 K
  

HitBTC

DigiByte on HitBTC in USD
 0.03961 
0.00059  1.47%
Market Cap: 11.9 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 2.26 times more return on investment than HitBTC DigiByte. However, HitBTC ByteCoin is 2.26 times more volatile than HitBTC DigiByte USD. It trades about 0.17 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.08 per unit of risk. If you would invest  0.51  in HitBTC ByteCoin USD on April 22, 2018 and sell it today you would earn a total of  0.34  from holding HitBTC ByteCoin USD or generate 65.99% return on investment over 30 days.

Pair Corralation between HitBTC ByteCoin and HitBTC DigiByte

-0.16
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC ByteCoin USD  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.
HitBTC DigiByte USD  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1073.95

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