Pair Correlation Between HitBTC NEM and Yobit PoSWallet

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

HitBTC

NEM on HitBTC in USD
 1.03 
0.02  1.98%
Market Cap: 21.3 K

Yobit

PoSWallet on Yobit in USD
 0.8 
0.25  45.45%
Market Cap: 9.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 2.71 times less return on investment than Yobit PoSWallet. But when comparing it to its historical volatility, HitBTC NEM USD is 1.83 times less risky than Yobit PoSWallet. It trades about 0.09 of its potential returns per unit of risk. Yobit PoSWallet USD is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  80  in Yobit PoSWallet USD on December 20, 2017 and sell it today you would earn a total of  0.00  from holding Yobit PoSWallet USD or generate 0.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Yobit PoSWallet
0.58

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy96.77%
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 PoSWallet USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit PoSWallet 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 PoSWallet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit PoSWallet USD has no effect on the direction of HitBTC NEM i.e. HitBTC NEM and Yobit PoSWallet 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 PoSWallet USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit PoSWallet USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Yobit PoSWallet USD

Pair trading matchups for Yobit PoSWallet