Pair Correlation Between HitBTC ByteCoin and HitBTC MaidSafe

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

HitBTC

ByteCoin on HitBTC in USD
 0.002692 
0.000366  15.74%
Market Cap: 468.3 K

HitBTC

MaidSafe Coin on HitBTC in USD
 0.48 
0.0225  4.88%
Market Cap: 24.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 0.99 times more return on investment than HitBTC MaidSafe. However, HitBTC ByteCoin USD is 1.01 times less risky than HitBTC MaidSafe. It trades about 0.54 of its potential returns per unit of risk. HitBTC MaidSafe Coin USD is currently generating about 0.13 per unit of risk. If you would invest  0.1  in HitBTC ByteCoin USD on November 11, 2017 and sell it today you would earn a total of  0.15  from holding HitBTC ByteCoin USD or generate 151.42% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and HitBTC MaidSafe
0.68

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
35 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 35 (%) of all global equities and portfolios over the last 30 days.

HitBTC MaidSafe Coin

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC MaidSafe Coin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.