Pair Correlation Between HitBTC Stratis and HitBTC NEM

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

HitBTC

Stratis on HitBTC in USD
 16.24 
1.81  12.54%
Market Cap: 10.5 M

HitBTC

NEM on HitBTC in USD
 1.17 
(0.01)  0.85%
Market Cap: 21.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Stratis USD is expected to generate 0.82 times more return on investment than HitBTC NEM. However, HitBTC Stratis USD is 1.22 times less risky than HitBTC NEM. It trades about 0.18 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.13 per unit of risk. If you would invest  1,032  in HitBTC Stratis USD on December 21, 2017 and sell it today you would earn a total of  572  from holding HitBTC Stratis USD or generate 55.43% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Stratis and HitBTC NEM
0.56

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Stratis USD

  
11 

Risk-Adjusted Performance

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

HitBTC Stratis USD

Pair trading matchups for HitBTC Stratis

HitBTC NEM USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM