Pair Correlation Between HitBTC Emercoin and Bitfinex Recovery

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

HitBTC

Emercoin on HitBTC in USD
 6.19 
(0.4)  6.07%
Market Cap: 1 M

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.16 
0.0102  7%
Market Cap: 112.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Emercoin USD is expected to generate 1.02 times more return on investment than Bitfinex Recovery. However, HitBTC Emercoin is 1.02 times more volatile than Bitfinex Recovery Right Tokens USD. It trades about 0.27 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about -0.07 per unit of risk. If you would invest  269  in HitBTC Emercoin USD on December 25, 2017 and sell it today you would earn a total of  350  from holding HitBTC Emercoin USD or generate 130.11% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Emercoin and Bitfinex Recovery
-0.59

Parameters

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

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Emercoin USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Emercoin USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Recovery Right

  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.