Pair Correlation Between HitBTC DigitalCash and HitBTC NEM |
This module allows you to analyze existing cross correlation between HitBTC DigitalCash USD and HitBTC NEM USD. You can compare the effects of market volatilities on HitBTC DigitalCash 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 HitBTC DigitalCash with a short position of HitBTC NEM. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC DigitalCash and HitBTC NEM.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
HitBTC DigitalCash USD vs. HitBTC NEM USD
HitBTCDigitalCash on HitBTC in USD 469.92
| HitBTCNEM on HitBTC in USD 0.42
|
Pair Volatility
Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the HitBTC NEM. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 1.22 times less risky than HitBTC NEM. The crypto trades about -0.1 of its potential returns per unit of risk. The HitBTC NEM USD is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 49.96 in HitBTC NEM USD on March 21, 2018 and sell it today you would lose (9.49) from holding HitBTC NEM USD or give up 19.0% of portfolio value over 30 days.
Pair Corralation between HitBTC DigitalCash and HitBTC NEM
0.8
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Very poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalCash 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 HitBTC DigitalCash 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 DigitalCash 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 HitBTC DigitalCash i.e. HitBTC DigitalCash and HitBTC NEM go up and down completely randomly.
Comparative Volatility
| HitBTC DigitalCash USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days HitBTC DigitalCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC DigitalCash USD
Pair trading matchups for HitBTC DigitalCash
| HitBTC NEM USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days HitBTC NEM USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC NEM USD
Pair trading matchups for HitBTC NEM
My Equities
My Current Equities and Potential Positions
Thematic Opportunities
Explore Investment Opportunities
See also your portfolio center. Please also try Idea Breakdown module to analyze constituents of all macroaxis ideas. macroaixs investment ideas are predefined, sector-focused investing themes.