This module allows you to analyze existing cross correlation between HitBTC DigiByte USD and Bitfinex ZCash USD. You can compare the effects of market volatilities on HitBTC DigiByte and Bitfinex ZCash 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 DigiByte with a short position of Bitfinex ZCash. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigiByte
and Bitfinex ZCash
HitBTC DigiByte USD vs Bitfinex ZCash USD
Assuming 30 trading days horizon, HitBTC DigiByte USD is expected to generate 1.01 times more return on investment than Bitfinex ZCash. However, HitBTC DigiByte is 1.01 times more volatile than Bitfinex ZCash USD. It trades about -0.19 of its potential returns per unit of risk. Bitfinex ZCash USD is currently generating about -0.26 per unit of risk. If you would invest 3.36 in HitBTC DigiByte USD on February 21, 2018 and sell it today you would lose (1.09) from holding HitBTC DigiByte USD or give up 32.44% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigiByte USD and Bitfinex ZCash USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex ZCash USD and HitBTC DigiByte 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 DigiByte USD are associated (or correlated) with Bitfinex ZCash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex ZCash USD has no effect on the direction of HitBTC DigiByte i.e. HitBTC DigiByte and Bitfinex ZCash go up and down completely randomly.
Over the last 30 days HitBTC DigiByte USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Over the last 30 days Bitfinex ZCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.