Pair Correlation Between HitBTC Autumncoin and Bitfinex NEO

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

HitBTC

Autumncoin on HitBTC in USD
 0.0172 
(0.0004)  2.27%
Market Cap: 10.8 K

Bitfinex

NEO on Bitfinex in USD
 43.55 
5.95  15.82%
Market Cap: 713.4 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Autumncoin is expected to generate 1.87 times less return on investment than Bitfinex NEO. In addition to that, HitBTC Autumncoin is 2.6 times more volatile than Bitfinex NEO USD. It trades about 0.04 of its total potential returns per unit of risk. Bitfinex NEO USD is currently generating about 0.18 per unit of volatility. If you would invest  2,955  in Bitfinex NEO USD on November 13, 2017 and sell it today you would earn a total of  1,400  from holding Bitfinex NEO USD or generate 47.38% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Autumncoin and Bitfinex NEO
-0.27

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Autumncoin USD

  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Autumncoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

Bitfinex NEO USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex NEO USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.