Pair Correlation Between HitBTC NEM and Yobit Golem

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

HitBTC

NEM on HitBTC in USD
 0.79 
0.0481  6.51%
Market Cap: 83.1 K

Yobit

Golem Network Token on Yobit in USD
 0.7 
(0.01)  1.41%
Market Cap: 612
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 2.17 times less return on investment than Yobit Golem. In addition to that, HitBTC NEM is 1.11 times more volatile than Yobit Golem Network Token USD. It trades about 0.03 of its total potential returns per unit of risk. Yobit Golem Network Token USD is currently generating about 0.07 per unit of volatility. If you would invest  70.5  in Yobit Golem Network Token USD on December 18, 2017 and sell it today you would earn a total of  0.5  from holding Yobit Golem Network Token USD or generate 0.71% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Yobit Golem
0.84

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM

Yobit Golem Network

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Golem Network Token USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

Yobit Golem Network Token USD

Pair trading matchups for Yobit Golem