This module allows you to analyze existing cross correlation between HitBTC DigitalNote USD and Bitfinex Recovery Right Tokens USD. You can compare the effects of market volatilities on HitBTC DigitalNote and Bitfinex Recovery 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 DigitalNote with a short position of Bitfinex Recovery. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC DigitalNote and Bitfinex Recovery.
HitBTC DigitalNote USD vs. Bitfinex Recovery Right Tokens
DigitalNote on HitBTC in USD
Market Cap: 471 K
Recovery Right Tokens on Bitfinex in USD
Market Cap: 50 K
Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the Bitfinex Recovery. In addition to that, HitBTC DigitalNote is 1.05 times more volatile than Bitfinex Recovery Right Tokens USD. It trades about -0.05 of its total potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.01 per unit of volatility. If you would invest 7.15 in Bitfinex Recovery Right Tokens USD on March 26, 2018 and sell it today you would lose (1.14) from holding Bitfinex Recovery Right Tokens USD or give up 16.0% of portfolio value over 30 days.
Pair Corralation between HitBTC DigitalNote and Bitfinex Recovery
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalNote USD and Bitfinex Recovery Right Tokens in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Recovery Right and HitBTC DigitalNote 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 DigitalNote USD are associated (or correlated) with Bitfinex Recovery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Recovery Right has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and Bitfinex Recovery go up and down completely randomly.
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