This module allows you to analyze existing cross correlation between HitBTC DigiByte USD and HitBTC NEM USD. You can compare the effects of market volatilities on HitBTC DigiByte and HitBTC NEM 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 NEM. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigiByte
and HitBTC NEM
HitBTC DigiByte USD vs HitBTC NEM USD
Assuming 30 trading days horizon, HitBTC DigiByte USD is expected to generate 1.28 times more return on investment than HitBTC NEM. However, HitBTC DigiByte is 1.28 times more volatile than HitBTC NEM USD. It trades about 0.17 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.09 per unit of risk. If you would invest 3.99 in HitBTC DigiByte USD on December 19, 2017 and sell it today you would earn a total of 2.64 from holding HitBTC DigiByte USD or generate 66.17% return on investment over 30 days.
|Time Period||1 Month [change]|
Very poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigiByte USD and HitBTC NEM USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC NEM 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 NEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC NEM USD has no effect on the direction of HitBTC DigiByte i.e. HitBTC DigiByte and HitBTC NEM go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.