Pair Correlation Between HitBTC DigitalCash and Poloniex Augur

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

HitBTC

DigitalCash on HitBTC in USD
 817.64 
(97.49)  10.65%
Market Cap: 3.5 B

Poloniex

Augur on Poloniex in USD
 71.05 
(17.78)  20.02%
Market Cap: 183.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Poloniex Augur. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 1.21 times less risky than Poloniex Augur. The crypto trades about -0.05 of its potential returns per unit of risk. The Poloniex Augur USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  5,552  in Poloniex Augur USD on December 17, 2017 and sell it today you would earn a total of  3,331  from holding Poloniex Augur USD or generate 60.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Poloniex Augur
-0.19

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Good diversification

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

Poloniex Augur USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Augur USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.