Pair Correlation Between HitBTC NEM and HitBTC PeerCoin

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

HitBTC

NEM on HitBTC in USD
 0.93 
0.19  26.3%
Market Cap: 83.1 K

HitBTC

PeerCoin on HitBTC in USD
 5.24 
0.74  16.44%
Market Cap: 206.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM USD is expected to generate 0.98 times more return on investment than HitBTC PeerCoin. However, HitBTC NEM USD is 1.02 times less risky than HitBTC PeerCoin. It trades about 0.09 of its potential returns per unit of risk. HitBTC PeerCoin USD is currently generating about 0.08 per unit of risk. If you would invest  88.72  in HitBTC NEM USD on December 19, 2017 and sell it today you would earn a total of  4.53  from holding HitBTC NEM USD or generate 5.11% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and HitBTC PeerCoin
0.37

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
5 

Risk-Adjusted Performance

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

HitBTC NEM USD

Pair trading matchups for HitBTC NEM

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 PeerCoin USD

Pair trading matchups for HitBTC PeerCoin