Pair Correlation Between HitBTC PeerCoin and HitBTC NEM

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

HitBTC

PeerCoin on HitBTC in USD
 4.67 
(1.04)  18.21%
Market Cap: 206.1 K

HitBTC

NEM on HitBTC in USD
 0.91 
(0.11)  10.57%
Market Cap: 21.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC PeerCoin USD is expected to generate 0.96 times more return on investment than HitBTC NEM. However, HitBTC PeerCoin USD is 1.04 times less risky than HitBTC NEM. It trades about 0.09 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.06 per unit of risk. If you would invest  486  in HitBTC PeerCoin USD on December 24, 2017 and sell it today you would lose (19)  from holding HitBTC PeerCoin USD or give up 3.91% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC PeerCoin and HitBTC NEM
0.29

Parameters

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

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC PeerCoin USD

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC PeerCoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.