Pair Correlation Between HitBTC Bancor and CCEX GridCoin

This module allows you to analyze existing cross correlation between HitBTC Bancor Network Token USD and CCEX GridCoin USD. You can compare the effects of market volatilities on HitBTC Bancor and CCEX GridCoin 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 Bancor with a short position of CCEX GridCoin. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC Bancor and CCEX GridCoin.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 HitBTC Bancor Network Token US  vs   CCEX GridCoin USD

HitBTC

Bancor Network Token on HitBTC in USD
 3.51 
(0.19)  5.14%
Market Cap: 1.1 M

CCEX

GridCoin on CCEX in USD
 0.07351 
(0.00069)  0.93%
Market Cap: 1.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor is expected to generate 1.18 times less return on investment than CCEX GridCoin. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 2.15 times less risky than CCEX GridCoin. It trades about 0.37 of its potential returns per unit of risk. CCEX GridCoin USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  4.02  in CCEX GridCoin USD on November 15, 2017 and sell it today you would earn a total of  3.33  from holding CCEX GridCoin USD or generate 82.77% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and CCEX GridCoin
0.42

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.

CCEX GridCoin USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX GridCoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.