Pair Correlation Between HitBTC DigiByte and HitBTC DigitalCash |
This module allows you to analyze existing cross correlation between HitBTC DigiByte USD and HitBTC DigitalCash USD. You can compare the effects of market volatilities on HitBTC DigiByte and HitBTC DigitalCash 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 DigitalCash. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC DigiByte and HitBTC DigitalCash.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
HitBTC DigiByte USD vs. HitBTC DigitalCash USD
HitBTCDigiByte on HitBTC in USD 0.0351
| HitBTCDigitalCash on HitBTC in USD 476.06
|
Pair Volatility
Assuming 30 trading days horizon, HitBTC DigiByte USD is expected to generate 1.2 times more return on investment than HitBTC DigitalCash. However, HitBTC DigiByte is 1.2 times more volatile than HitBTC DigitalCash USD. It trades about 0.03 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.05 per unit of risk. If you would invest 3.45 in HitBTC DigiByte USD on March 24, 2018 and sell it today you would earn a total of 0.01 from holding HitBTC DigiByte USD or generate 0.43% return on investment over 30 days.
Pair Corralation between HitBTC DigiByte and HitBTC DigitalCash
0.61
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Significant |
| Accuracy | 98.36% |
| Values | Daily Returns |
Diversification
Poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigiByte USD and HitBTC DigitalCash USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigitalCash 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 DigitalCash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigitalCash USD has no effect on the direction of HitBTC DigiByte i.e. HitBTC DigiByte and HitBTC DigitalCash go up and down completely randomly.
Comparative Volatility
| HitBTC DigiByte USD |
2 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.
HitBTC DigiByte USD
Pair trading matchups for HitBTC DigiByte
| HitBTC DigitalCash USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days HitBTC DigitalCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC DigitalCash USD
Pair trading matchups for HitBTC DigitalCash
My Equities
My Current Equities and Potential Positions
| View AllNext |
WEN - USA StockThe Wendys Company |
 | Restaurants Hotels MotelsFama & French Classification |
| Region | North America |
| Exchange | NASDAQ |
$17.15
Thematic Opportunities
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See also your portfolio center. Please also try Watchlist Optimization module to optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm.