Pair Correlation Between Lykke Ethereum and HitBTC Ethereum

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

Lykke

Ethereum on Lykke in USD
 1,049 
26.54  2.6%
Market Cap: 30 M
 70.56 

HitBTC

Ethereum on HitBTC in USD
 977.98 
9.87  1.02%
Market Cap: 11.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Lykke Ethereum is expected to generate 1.26 times less return on investment than HitBTC Ethereum. But when comparing it to its historical volatility, Lykke Ethereum USD is 2.16 times less risky than HitBTC Ethereum. It trades about 0.31 of its potential returns per unit of risk. HitBTC Ethereum USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  66,860  in HitBTC Ethereum USD on December 23, 2017 and sell it today you would earn a total of  30,966  from holding HitBTC Ethereum USD or generate 46.31% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Lykke Ethereum and HitBTC Ethereum
0.58

Parameters

Time Period1 Month [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 Lykke Ethereum USD and HitBTC Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC Ethereum USD and Lykke Ethereum 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 Lykke Ethereum USD are associated (or correlated) with HitBTC Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC Ethereum USD has no effect on the direction of Lykke Ethereum i.e. Lykke Ethereum and HitBTC Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Lykke Ethereum USD

  
20 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Lykke Ethereum USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days.

HitBTC Ethereum USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Ethereum USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.