Pair Correlation Between HitBTC Bancor and LiveCoin NEM

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

HitBTC

Bancor Network Token on HitBTC in USD
 5.31 
0.26  5.15%
Market Cap: 581.6 K

LiveCoin

NEM on LiveCoin in USD
 0.46 
0.0105  2.25%
Market Cap: 24 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor Network Token USD is expected to generate 0.9 times more return on investment than LiveCoin NEM. However, HitBTC Bancor Network Token USD is 1.11 times less risky than LiveCoin NEM. It trades about -0.12 of its potential returns per unit of risk. LiveCoin NEM USD is currently generating about -0.35 per unit of risk. If you would invest  674.00  in HitBTC Bancor Network Token USD on January 22, 2018 and sell it today you would lose (165.00)  from holding HitBTC Bancor Network Token USD or give up 24.48% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and LiveCoin NEM
0.68

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC Bancor Network Token USD has generated negative risk-adjusted returns adding no value to investors with long positions.

LiveCoin NEM USD

  
0 

Risk-Adjusted Performance

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