Pair Correlation Between HitBTC Bancor and HitBTC DigiByte

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

HitBTC

Bancor Network Token on HitBTC in USD
 4.1 
0.17  4.33%
Market Cap: 1.9 M

HitBTC

DigiByte on HitBTC in USD
 0.0372 
0.0042  12.73%
Market Cap: 124
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor is expected to generate 2.5 times less return on investment than HitBTC DigiByte. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 2.66 times less risky than HitBTC DigiByte. It trades about 0.4 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.38 of returns per unit of risk over similar time horizon. If you would invest  0.9  in HitBTC DigiByte USD on November 18, 2017 and sell it today you would earn a total of  3.2  from holding HitBTC DigiByte USD or generate 355.56% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and HitBTC DigiByte
0.77

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
26 

Risk-Adjusted Performance

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

HitBTC DigiByte USD

  
24 

Risk-Adjusted Performance

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