Pair Correlation Between HitBTC NEM and HitBTC DigitalNote

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

HitBTC NEM USD  vs.  HitBTC DigitalNote USD

HitBTC

NEM on HitBTC in USD
 0.39 
0.01  2.66%
Market Cap: 56.9 K
  

HitBTC

DigitalNote on HitBTC in USD
 0.01372 
0.0005  3.78%
Market Cap: 457.2 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM USD is expected to generate 0.81 times more return on investment than HitBTC DigitalNote. However, HitBTC NEM USD is 1.23 times less risky than HitBTC DigitalNote. It trades about -0.04 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about -0.08 per unit of risk. If you would invest  51.82  in HitBTC NEM USD on March 20, 2018 and sell it today you would lose (13.48)  from holding HitBTC NEM USD or give up 26.01% of portfolio value over 30 days.

Pair Corralation between HitBTC NEM and HitBTC DigitalNote

0.74
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 HitBTC DigitalNote USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigitalNote 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 HitBTC DigitalNote. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigitalNote USD has no effect on the direction of HitBTC NEM i.e. HitBTC NEM and HitBTC DigitalNote 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.
HitBTC DigitalNote USD  
0 

Risk-Adjusted Performance

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

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Alphabet
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ExchangeNASDAQ
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