Pair Correlation Between HitBTC BitConnect and Bitfinex NEO

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

HitBTC

BitConnect Coin on HitBTC in USD
 393 
44.3  12.7%
Market Cap: 9.9 M

Bitfinex

NEO on Bitfinex in USD
 44.71 
(5.89)  11.64%
Market Cap: 713.4 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect is expected to generate 2.77 times less return on investment than Bitfinex NEO. But when comparing it to its historical volatility, HitBTC BitConnect Coin USD is 1.9 times less risky than Bitfinex NEO. It trades about 0.15 of its potential returns per unit of risk. Bitfinex NEO USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  2,889  in Bitfinex NEO USD on November 15, 2017 and sell it today you would earn a total of  2,171  from holding Bitfinex NEO USD or generate 75.15% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and Bitfinex NEO
0.1

Parameters

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

Diversification

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC BitConnect Coin 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 BitConnect 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 BitConnect Coin 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 BitConnect i.e. HitBTC BitConnect and Bitfinex NEO go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC BitConnect Coin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Bitfinex NEO USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex NEO USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.