Pair Correlation Between HitBTC DigitalCash and HitBTC Stratis

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

HitBTC

DigitalCash on HitBTC in USD
 857.42 
(25.3)  2.87%
Market Cap: 2.6 B

HitBTC

Stratis on HitBTC in USD
 14.45 
(0.8)  5.25%
Market Cap: 10.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the HitBTC Stratis. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 1.85 times less risky than HitBTC Stratis. The crypto trades about -0.12 of its potential returns per unit of risk. The HitBTC Stratis USD is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  1,048  in HitBTC Stratis USD on December 22, 2017 and sell it today you would earn a total of  477  from holding HitBTC Stratis USD or generate 45.52% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and HitBTC Stratis
0.53

Parameters

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

Diversification

Very weak diversification

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

HitBTC Stratis USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Stratis USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

HitBTC Stratis USD

Pair trading matchups for HitBTC Stratis