Pair Correlation Between BitTrex Ethereum and HitBTC NEM

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

BitTrex

Ethereum Classic on BitTrex in USD
 31.66 
(1.46)  4.41%
Market Cap: 88.6 M

HitBTC

NEM on HitBTC in USD
 1.07 
(0.03)  2.73%
Market Cap: 21.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 1.59 times less return on investment than HitBTC NEM. But when comparing it to its historical volatility, BitTrex Ethereum Classic USD is 1.45 times less risky than HitBTC NEM. It trades about 0.1 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  94.2  in HitBTC NEM USD on December 22, 2017 and sell it today you would earn a total of  15.8  from holding HitBTC NEM USD or generate 16.77% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and HitBTC NEM
0.61

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum Cla

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum Classic USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

BitTrex Ethereum Classic USD

Pair trading matchups for BitTrex Ethereum

HitBTC NEM USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM