Pair Correlation Between Poloniex Augur and HitBTC DigitalNote

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

Poloniex

Augur on Poloniex in USD
 32.15 
1.94  6.42%
Market Cap: 21.3 M

HitBTC

DigitalNote on HitBTC in USD
 0.003268 
(0.000008)  0.24%
Market Cap: 566.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Poloniex Augur USD is expected to generate 1.23 times more return on investment than HitBTC DigitalNote. However, Poloniex Augur is 1.23 times more volatile than HitBTC DigitalNote USD. It trades about 0.32 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.34 per unit of risk. If you would invest  1,736  in Poloniex Augur USD on November 12, 2017 and sell it today you would earn a total of  1,657  from holding Poloniex Augur USD or generate 95.45% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Poloniex Augur and HitBTC DigitalNote
0.68

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Poloniex Augur USD

  
20 

Risk-Adjusted Performance

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

HitBTC DigitalNote USD

  
22 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.