Pair Correlation Between Coinbase Bitcoin and HitBTC NEM

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


Bitcoin on Coinbase in USD
491.65  4.17%
Market Cap: 1659.4 B


NEM on HitBTC in USD
(0.01)  0.9%
Market Cap: 21.3 K
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the HitBTC NEM. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 1.94 times less risky than HitBTC NEM. The crypto trades about -0.05 of its potential returns per unit of risk. The HitBTC NEM USD is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  93.51  in HitBTC NEM USD on December 21, 2017 and sell it today you would earn a total of  17.49  from holding HitBTC NEM USD or generate 18.7% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and HitBTC NEM


Time Period1 Month [change]
ValuesDaily Returns


Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin 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 Coinbase Bitcoin 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 Coinbase Bitcoin 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 Coinbase Bitcoin i.e. Coinbase Bitcoin and HitBTC NEM go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 

Coinbase Bitcoin USD


Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin



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.


Pair trading matchups for HitBTC NEM