Pair Correlation Between HitBTC DigiByte and HitBTC ByteCoin |
This module allows you to analyze existing cross correlation between HitBTC DigiByte USD and HitBTC ByteCoin USD. You can compare the effects of market volatilities on HitBTC DigiByte and HitBTC ByteCoin 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 HitBTC ByteCoin. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC DigiByte and HitBTC ByteCoin.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
HitBTC DigiByte USD vs. HitBTC ByteCoin USD
HitBTCDigiByte on HitBTC in USD 0.03664
| HitBTCByteCoin on HitBTC in USD 0.005104
|
Pair Volatility
Assuming 30 trading days horizon, HitBTC DigiByte is expected to generate 1.58 times less return on investment than HitBTC ByteCoin. In addition to that, HitBTC DigiByte is 1.05 times more volatile than HitBTC ByteCoin USD. It trades about 0.03 of its total potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.05 per unit of volatility. If you would invest 0.47 in HitBTC ByteCoin USD on March 26, 2018 and sell it today you would earn a total of 0.03 from holding HitBTC ByteCoin USD or generate 6.29% return on investment over 30 days.
Pair Corralation between HitBTC DigiByte and HitBTC ByteCoin
0.98
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigiByte USD and HitBTC ByteCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC ByteCoin 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 HitBTC ByteCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC ByteCoin USD has no effect on the direction of HitBTC DigiByte i.e. HitBTC DigiByte and HitBTC ByteCoin go up and down completely randomly.
Comparative Volatility
| HitBTC DigiByte USD |
1 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
HitBTC DigiByte USD
Pair trading matchups for HitBTC DigiByte
| HitBTC ByteCoin USD |
3 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
HitBTC ByteCoin USD
Pair trading matchups for HitBTC ByteCoin
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