Pair Correlation Between HitBTC NEM and HitBTC DigiByte

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

HitBTC

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

HitBTC

DigiByte on HitBTC in USD
 0.0615 
(0.0038)  5.82%
Market Cap: 63 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 1.74 times less return on investment than HitBTC DigiByte. But when comparing it to its historical volatility, HitBTC NEM USD is 1.21 times less risky than HitBTC DigiByte. It trades about 0.11 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  4.15  in HitBTC DigiByte USD on December 22, 2017 and sell it today you would earn a total of  2.38  from holding HitBTC DigiByte USD or generate 57.35% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and HitBTC DigiByte
0.86

Parameters

Time Period1 Month [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 DigiByte USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigiByte 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 DigiByte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigiByte USD has no effect on the direction of HitBTC NEM i.e. HitBTC NEM and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

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

HitBTC DigiByte USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte