This module allows you to analyze existing cross correlation between HitBTC DigitalNote USD and CCEX Dogecoin USD. You can compare the effects of market volatilities on HitBTC DigitalNote and CCEX Dogecoin 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 Dogecoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigitalNote
and CCEX Dogecoin
HitBTC DigitalNote USD vs CCEX Dogecoin USD
Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the CCEX Dogecoin. In addition to that, HitBTC DigitalNote is 1.01 times more volatile than CCEX Dogecoin USD. It trades about -0.31 of its total potential returns per unit of risk. CCEX Dogecoin USD is currently generating about -0.21 per unit of volatility. If you would invest 0.65 in CCEX Dogecoin USD on February 21, 2018 and sell it today you would lose (0.29) from holding CCEX Dogecoin USD or give up 44.43% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalNote USD and CCEX Dogecoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CCEX Dogecoin 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 Dogecoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CCEX Dogecoin USD has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and CCEX Dogecoin go up and down completely randomly.
Over the last 30 days HitBTC DigitalNote USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Over the last 30 days CCEX Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.