Pair Correlation Between HitBTC NEM and Yobit Waves

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

HitBTC

NEM on HitBTC in USD
 1.04 
0.02  1.96%
Market Cap: 21.3 K

Yobit

Waves on Yobit in USD
 10.05 
(0.75)  6.94%
Market Cap: 362 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM USD is expected to generate 2.24 times more return on investment than Yobit Waves. However, HitBTC NEM is 2.24 times more volatile than Yobit Waves USD. It trades about 0.1 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.18 per unit of risk. If you would invest  94.2  in HitBTC NEM USD on December 22, 2017 and sell it today you would earn a total of  7.8  from holding HitBTC NEM USD or generate 8.28% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Yobit Waves
0.7

Parameters

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

Diversification

Poor diversification

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

  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Waves USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Yobit Waves USD

Pair trading matchups for Yobit Waves