Pair Correlation Between HitBTC DigiByte and BitTrex Ethereum

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

HitBTC

DigiByte on HitBTC in USD
 0.0621 
0.006  10.7%
Market Cap: 35.3 K

BitTrex

Ethereum Classic on BitTrex in USD
 31 
0.97  3.23%
Market Cap: 88.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigiByte USD is expected to generate 1.74 times more return on investment than BitTrex Ethereum. However, HitBTC DigiByte is 1.74 times more volatile than BitTrex Ethereum Classic USD. It trades about 0.12 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about 0.01 per unit of risk. If you would invest  5.31  in HitBTC DigiByte USD on December 20, 2017 and sell it today you would earn a total of  1.2  from holding HitBTC DigiByte USD or generate 22.6% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigiByte and BitTrex Ethereum
0.53

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigiByte USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte

BitTrex Ethereum Cla

  
0 

Risk-Adjusted Performance

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

BitTrex Ethereum Classic USD

Pair trading matchups for BitTrex Ethereum