Pair Correlation Between HitBTC DigitalCash and Poloniex Stellar

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

HitBTC

DigitalCash on HitBTC in USD
 704.74 
(13.91)  1.94%
Market Cap: 2.6 B

Poloniex

Stellar on Poloniex in USD
 0.43 
(0.0101)  2.27%
Market Cap: 3.3 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Poloniex Stellar. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 2.56 times less risky than Poloniex Stellar. The crypto trades about -0.17 of its potential returns per unit of risk. The Poloniex Stellar USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  22.1  in Poloniex Stellar USD on December 24, 2017 and sell it today you would earn a total of  23.37  from holding Poloniex Stellar USD or generate 105.75% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Poloniex Stellar
0.72

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 DigitalCash USD and Poloniex Stellar USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Poloniex Stellar 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 Stellar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poloniex Stellar USD has no effect on the direction of HitBTC DigitalCash i.e. HitBTC DigitalCash and Poloniex Stellar 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 Stellar USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Stellar USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.