Pair Correlation Between HitBTC DigitalNote and HitBTC Emercoin

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

HitBTC

DigitalNote on HitBTC in USD
 0.02574 
(0.00945)  26.85%
Market Cap: 1.1 M

HitBTC

Emercoin on HitBTC in USD
 5.74 
(1.95)  25.36%
Market Cap: 1.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote is expected to generate 5.87 times less return on investment than HitBTC Emercoin. But when comparing it to its historical volatility, HitBTC DigitalNote USD is 7.6 times less risky than HitBTC Emercoin. It trades about 0.26 of its potential returns per unit of risk. HitBTC Emercoin USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  0.00  in HitBTC Emercoin USD on December 17, 2017 and sell it today you would earn a total of  574  from holding HitBTC Emercoin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and HitBTC Emercoin
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 DigitalNote USD and HitBTC Emercoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC Emercoin 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 Emercoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC Emercoin USD has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and HitBTC Emercoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalNote USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.

HitBTC Emercoin USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Emercoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.