Pair Correlation Between HitBTC Stratis and Coinbase Bitcoin

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

HitBTC

Stratis on HitBTC in USD
 15.43 
0.2  1.31%
Market Cap: 14 M

Coinbase

Bitcoin on Coinbase in USD
 12,488 
708.01  6.01%
Market Cap: 1659.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Stratis USD is expected to generate 1.6 times more return on investment than Coinbase Bitcoin. However, HitBTC Stratis is 1.6 times more volatile than Coinbase Bitcoin USD. It trades about 0.17 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.05 per unit of risk. If you would invest  1,032  in HitBTC Stratis USD on December 21, 2017 and sell it today you would earn a total of  491  from holding HitBTC Stratis USD or generate 47.58% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Stratis and Coinbase Bitcoin
0.36

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Stratis USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Stratis USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

HitBTC Stratis USD

Pair trading matchups for HitBTC Stratis

Coinbase Bitcoin USD

  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin