Pair Correlation Between HitBTC Emercoin and Coinbase Bitcoin

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

HitBTC

Emercoin on HitBTC in USD
 5.58 
(1.01)  15.33%
Market Cap: 1 M

Coinbase

Bitcoin on Coinbase in USD
 10,424 
78.68  0.76%
Market Cap: 1973.9 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Emercoin USD is expected to generate 22.05 times more return on investment than Coinbase Bitcoin. However, HitBTC Emercoin is 22.05 times more volatile than Coinbase Bitcoin USD. It trades about 0.2 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.08 per unit of risk. If you would invest  0.00  in HitBTC Emercoin USD on December 24, 2017 and sell it today you would earn a total of  558  from holding HitBTC Emercoin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Emercoin and Coinbase Bitcoin
-0.52

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Emercoin USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Emercoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

  
0 

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