Pair Correlation Between HitBTC Verge and HitBTC DigiByte

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

HitBTC Verge USD  vs.  HitBTC DigiByte USD

HitBTC

Verge on HitBTC in USD
 0.06917 
0.00003  0.0434%
Market Cap: 138.3 K
  

HitBTC

DigiByte on HitBTC in USD
 0.03741 
0.00186  4.74%
Market Cap: 9.7 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Verge USD is expected to generate 1.71 times more return on investment than HitBTC DigiByte. However, HitBTC Verge is 1.71 times more volatile than HitBTC DigiByte USD. It trades about 0.06 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.07 per unit of risk. If you would invest  6.53  in HitBTC Verge USD on March 26, 2018 and sell it today you would earn a total of  0.17  from holding HitBTC Verge USD or generate 2.65% return on investment over 30 days.

Pair Corralation between HitBTC Verge and HitBTC DigiByte

0.42
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC Verge USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Verge USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
HitBTC DigiByte USD  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1019.98

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