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
Symbolsvs

HitBTC NEM USD  vs.  Coinbase Bitcoin USD

HitBTC

NEM on HitBTC in USD
 0.39 
0.0312  7.49%
Market Cap: 77.5 K
  

Coinbase

Bitcoin on Coinbase in USD
 8,637 
208.76  2.36%
Market Cap: 615.2 B
 Performance (%) 
      Timeline 

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 Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily 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

 Predicted Return Density 
      Returns 
HitBTC NEM USD  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC NEM USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

Over 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

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1072.96

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.