This module allows you to analyze existing cross correlation between HitBTC NEM USD and Bitfinex Recovery Right Tokens USD. You can compare the effects of market volatilities on HitBTC NEM 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 NEM with a short position of Bitfinex Recovery. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC NEM
and Bitfinex Recovery
HitBTC NEM USD vs Bitfinex Recovery Right Tokens
Assuming 30 trading days horizon, HitBTC NEM USD is expected to generate 1.48 times more return on investment than Bitfinex Recovery. However, HitBTC NEM is 1.48 times more volatile than Bitfinex Recovery Right Tokens USD. It trades about 0.19 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about -0.11 per unit of risk. If you would invest 82.94 in HitBTC NEM USD on December 17, 2017 and sell it today you would earn a total of 55.06 from holding HitBTC NEM USD or generate 66.39% return on investment over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC NEM 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 NEM 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 NEM 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 NEM i.e. HitBTC NEM and Bitfinex Recovery go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.
Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.