Pair Correlation Between HitBTC NEM and Yobit EGOcoin

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

HitBTC

NEM on HitBTC in USD
 1.11 
0.06  5.71%
Market Cap: 21.3 K

Yobit

EGOcoin on Yobit in USD
 0.002 
(0.00007)  3.38%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 23.92 times less return on investment than Yobit EGOcoin. But when comparing it to its historical volatility, HitBTC NEM USD is 12.01 times less risky than Yobit EGOcoin. It trades about 0.11 of its potential returns per unit of risk. Yobit EGOcoin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.38  in Yobit EGOcoin USD on December 20, 2017 and sell it today you would lose (0.18)  from holding Yobit EGOcoin USD or give up 46.95% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Yobit EGOcoin
0.07

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM

Yobit EGOcoin USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit EGOcoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Yobit EGOcoin USD

Pair trading matchups for Yobit EGOcoin