Pair Correlation Between HitBTC NEM and HitBTC ByteCoin

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

HitBTC NEM USD  vs.  HitBTC ByteCoin USD

HitBTC

NEM on HitBTC in USD
 0.40 
0.0215  5.09%
Market Cap: 77.5 K
  

HitBTC

ByteCoin on HitBTC in USD
 0.005104 
0.000205  3.86%
Market Cap: 47.7 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 3.39 times less return on investment than HitBTC ByteCoin. In addition to that, HitBTC NEM is 1.01 times more volatile than HitBTC ByteCoin USD. It trades about 0.01 of its total potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.05 per unit of volatility. If you would invest  0.47  in HitBTC ByteCoin USD on March 26, 2018 and sell it today you would earn a total of  0.03  from holding HitBTC ByteCoin USD or generate 6.29% return on investment over 30 days.

Pair Corralation between HitBTC NEM and HitBTC ByteCoin

0.82
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC NEM USD  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC NEM USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC ByteCoin USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1021.18

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