Pair Correlation Between HitBTC NEM and Coinbase Bitcoin |
This module allows you to analyze existing cross correlation between HitBTC NEM USD and Coinbase Bitcoin USD. You can compare the effects of market volatilities on HitBTC NEM and Coinbase Bitcoin 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 Coinbase Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC NEM and Coinbase Bitcoin.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
HitBTC NEM USD vs. Coinbase Bitcoin USD
HitBTCNEM on HitBTC in USD 0.39
| CoinbaseBitcoin on Coinbase in USD 8,637
|
Pair Volatility
Assuming 30 trading days horizon, HitBTC NEM USD is expected to generate 1.5 times more return on investment than Coinbase Bitcoin. However, HitBTC NEM is 1.5 times more volatile than Coinbase Bitcoin USD. It trades about 0.01 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.03 per unit of risk. If you would invest 45.87 in HitBTC NEM USD on March 22, 2018 and sell it today you would lose (4.24) from holding HitBTC NEM USD or give up 9.24% of portfolio value over 30 days.
Pair Corralation between HitBTC NEM and Coinbase Bitcoin
0.75
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC NEM USD and Coinbase Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinbase Bitcoin USD 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 Coinbase Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinbase Bitcoin USD has no effect on the direction of HitBTC NEM i.e. HitBTC NEM and Coinbase Bitcoin go up and down completely randomly.
Comparative Volatility
| 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
| Coinbase Bitcoin USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Coinbase Bitcoin USD
Pair trading matchups for Coinbase Bitcoin
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