Pair Correlation Between HitBTC DigitalCash and Cexio Ethereum

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

HitBTC

DigitalCash on HitBTC in USD
 701.38 
(213.75)  23.36%
Market Cap: 3.5 B

Cexio

Ethereum on Cexio in USD
 922.51 
15.02  1.66%
Market Cap: 12.9 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Cexio Ethereum. In addition to that, HitBTC DigitalCash is 1.07 times more volatile than Cexio Ethereum USD. It trades about -0.13 of its total potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.06 per unit of volatility. If you would invest  91,000  in Cexio Ethereum USD on December 18, 2017 and sell it today you would earn a total of  1,251  from holding Cexio Ethereum USD or generate 1.37% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Cexio Ethereum
0.11

Parameters

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

Diversification

Average diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC DigitalCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash

Cexio Ethereum USD

  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum