Pair Correlation Between HitBTC ByteCoin and HitBTC PeerCoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.002568 
(0.00014)  5.17%
Market Cap: 468.3 K

HitBTC

PeerCoin on HitBTC in USD
 3.43 
0.07  2.08%
Market Cap: 59.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 1.01 times less return on investment than HitBTC PeerCoin. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 1.21 times less risky than HitBTC PeerCoin. It trades about 0.48 of its potential returns per unit of risk. HitBTC PeerCoin USD is currently generating about 0.4 of returns per unit of risk over similar time horizon. If you would invest  141  in HitBTC PeerCoin USD on November 11, 2017 and sell it today you would earn a total of  204  from holding HitBTC PeerCoin USD or generate 144.68% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and HitBTC PeerCoin
0.71

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
31 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 31 (%) of all global equities and portfolios over the last 30 days.

HitBTC PeerCoin USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC PeerCoin USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.