This module allows you to analyze existing cross correlation between HitBTC DigitalNote USD and HitBTC ByteCoin USD. You can compare the effects of market volatilities on HitBTC DigitalNote and HitBTC ByteCoin 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 HitBTC ByteCoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigitalNote
and HitBTC ByteCoin
HitBTC DigitalNote USD vs HitBTC ByteCoin USD
Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to generate 0.78 times more return on investment than HitBTC ByteCoin. However, HitBTC DigitalNote USD is 1.28 times less risky than HitBTC ByteCoin. It trades about 0.14 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.09 per unit of risk. If you would invest 1.96 in HitBTC DigitalNote USD on December 24, 2017 and sell it today you would earn a total of 0.72 from holding HitBTC DigitalNote USD or generate 36.58% return on investment 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 HitBTC ByteCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC ByteCoin 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 HitBTC ByteCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC ByteCoin USD has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and HitBTC ByteCoin go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.