Pair Correlation Between Cexio Ethereum and HitBTC NEM

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

Cexio

Ethereum on Cexio in USD
 1,123 
(86.96)  7.19%
Market Cap: 7.8 B

HitBTC

NEM on HitBTC in USD
 1.03 
(0.07)  6.36%
Market Cap: 21.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum is expected to generate 1.11 times less return on investment than HitBTC NEM. But when comparing it to its historical volatility, Cexio Ethereum USD is 1.57 times less risky than HitBTC NEM. It trades about 0.15 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  94.2  in HitBTC NEM USD on December 22, 2017 and sell it today you would earn a total of  14.8  from holding HitBTC NEM USD or generate 15.71% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and HitBTC NEM
0.41

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum

HitBTC NEM USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM