Pair Correlation Between HitBTC Bancor and HitBTC DigitalCash

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

HitBTC

Bancor Network Token on HitBTC in USD
 3.58 
0.28  8.48%
Market Cap: 1.1 M

HitBTC

DigitalCash on HitBTC in USD
 878.63 
84.69  10.67%
Market Cap: 42.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor is expected to generate 1.1 times less return on investment than HitBTC DigitalCash. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 1.22 times less risky than HitBTC DigitalCash. It trades about 0.35 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest  42,356  in HitBTC DigitalCash USD on November 13, 2017 and sell it today you would earn a total of  37,038  from holding HitBTC DigitalCash USD or generate 87.44% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and HitBTC DigitalCash
0.33

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
22 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalCash USD

  
20 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalCash USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days.