Pair Correlation Between HitBTC Stratis and HitBTC DigiByte

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

HitBTC

Stratis on HitBTC in USD
 13.37 
0.38  2.93%
Market Cap: 10.5 M

HitBTC

DigiByte on HitBTC in USD
 0.0573 
(0.0003)  0.52%
Market Cap: 63 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Stratis USD is expected to generate 0.9 times more return on investment than HitBTC DigiByte. However, HitBTC Stratis USD is 1.11 times less risky than HitBTC DigiByte. It trades about 0.07 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.03 per unit of risk. If you would invest  1,294  in HitBTC Stratis USD on December 23, 2017 and sell it today you would earn a total of  5  from holding HitBTC Stratis USD or generate 0.39% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Stratis and HitBTC DigiByte
0.6

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Stratis USD

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Stratis USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

  
1 

Risk-Adjusted Performance

Compared 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.