This module allows you to analyze existing cross correlation between HitBTC NEM USD and Yobit Reddcoin USD. You can compare the effects of market volatilities on HitBTC NEM and Yobit Reddcoin 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 Reddcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC NEM and Yobit Reddcoin.
Assuming 30 trading days horizon, HitBTC NEM USD is expected to generate 0.85 times more return on investment than Yobit Reddcoin. However, HitBTC NEM USD is 1.17 times less risky than Yobit Reddcoin. It trades about 0.02 of its potential returns per unit of risk. Yobit Reddcoin USD is currently generating about -0.04 per unit of risk. If you would invest 40.52 in HitBTC NEM USD on March 26, 2018 and sell it today you would lose (2.25) from holding HitBTC NEM USD or give up 5.55% of portfolio value over 30 days.
Pair Corralation between HitBTC NEM and Yobit Reddcoin
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC NEM USD and Yobit Reddcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Reddcoin 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 Reddcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Reddcoin USD has no effect on the direction of HitBTC NEM i.e. HitBTC NEM and Yobit Reddcoin go up and down completely randomly.
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