Pair Correlation Between HitBTC NEM and Yobit CannabisCoin

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

HitBTC

NEM on HitBTC in USD
 1.08 
0.07  6.93%
Market Cap: 21.3 K

Yobit

CannabisCoin on Yobit in USD
 0.16 
(0.06)  27.27%
Market Cap: 376
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 6.59 times less return on investment than Yobit CannabisCoin. But when comparing it to its historical volatility, HitBTC NEM USD is 2.89 times less risky than Yobit CannabisCoin. It trades about 0.09 of its potential returns per unit of risk. Yobit CannabisCoin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  8.2  in Yobit CannabisCoin USD on December 20, 2017 and sell it today you would earn a total of  13.8  from holding Yobit CannabisCoin USD or generate 168.29% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Yobit CannabisCoin
0.55

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM

Yobit CannabisCoin USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Yobit CannabisCoin USD

Pair trading matchups for Yobit CannabisCoin