Pair Correlation Between HitBTC NEM and HitBTC Emercoin

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

HitBTC

NEM on HitBTC in USD
 1.08 
0.06  5.88%
Market Cap: 21.3 K

HitBTC

Emercoin on HitBTC in USD
 7.67 
0.43  5.94%
Market Cap: 1.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 19.21 times less return on investment than HitBTC Emercoin. But when comparing it to its historical volatility, HitBTC NEM USD is 11.45 times less risky than HitBTC Emercoin. It trades about 0.12 of its potential returns per unit of risk. HitBTC Emercoin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.00  in HitBTC Emercoin USD on December 23, 2017 and sell it today you would earn a total of  724  from holding HitBTC Emercoin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and HitBTC Emercoin
-0.25

Parameters

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

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

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.