Pair Correlation Between HitBTC Bancor and HitBTC BitConnect

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

HitBTC

Bancor Network Token on HitBTC in USD
 2.72 
0.21  8.37%
Market Cap: 1.1 M

HitBTC

BitConnect Coin on HitBTC in USD
 360.8 
15.8  4.58%
Market Cap: 8.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor is expected to generate 2.234019289070145E13 times less return on investment than HitBTC BitConnect. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 3.399514767906684E13 times less risky than HitBTC BitConnect. It trades about 0.28 of its potential returns per unit of risk. HitBTC BitConnect Coin USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  0.00  in HitBTC BitConnect Coin USD on November 11, 2017 and sell it today you would earn a total of  35,980  from holding HitBTC BitConnect Coin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and HitBTC BitConnect
0.23

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

HitBTC BitConnect Coin

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC BitConnect Coin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.