Pair Correlation Between HitBTC NEM and Yobit ReddCoin

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.
 Time Horizon     30 Days    Login   to change
Symbolsvs
 HitBTC NEM USD  vs   Yobit ReddCoin USD

HitBTC

NEM on HitBTC in USD
 1.02 
0.0358  3.64%
Market Cap: 21.3 K

Yobit

ReddCoin on Yobit in USD
 0.0135 
(0.0029)  17.68%
Market Cap: 20.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 2.36 times less return on investment than Yobit ReddCoin. But when comparing it to its historical volatility, HitBTC NEM USD is 1.37 times less risky than Yobit ReddCoin. It trades about 0.09 of its potential returns per unit of risk. Yobit ReddCoin USD is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest  1.15  in Yobit ReddCoin USD on December 20, 2017 and sell it today you would earn a total of  0.49  from holding Yobit ReddCoin USD or generate 42.73% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Yobit ReddCoin
0.87

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM

Yobit ReddCoin USD

  
9 

Risk-Adjusted Performance

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

Yobit ReddCoin USD

Pair trading matchups for Yobit ReddCoin