Pair Correlation Between HitBTC DigitalNote and CCEX LuckChain

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


DigitalNote on HitBTC in USD
0.000456  5.11%
Market Cap: 394.9 K


LuckChain on CCEX in USD
0.003569  44.79%
Market Cap: 0
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the CCEX LuckChain. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalNote USD is 3.19 times less risky than CCEX LuckChain. The crypto trades about -0.44 of its potential returns per unit of risk. The CCEX LuckChain USD is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  0.42  in CCEX LuckChain USD on February 18, 2018 and sell it today you would earn a total of  0.02  from holding CCEX LuckChain USD or generate 4.79% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and CCEX LuckChain


Time Period1 Month [change]
StrengthVery Weak
ValuesDaily Returns


Weak diversification

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

Comparative Volatility

 Predicted Return Density 

HitBTC DigitalNote USD


Risk-Adjusted Performance

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

CCEX LuckChain USD


Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX LuckChain USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.