Pair Correlation Between HitBTC NEM and Yobit SpaceCoin

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

HitBTC NEM USD  vs.  Yobit SpaceCoin USD

HitBTC

NEM on HitBTC in USD
 0.39 
0.0032  0.83%
Market Cap: 77.5 K
  

Yobit

SpaceCoin on Yobit in USD
 0.0045 
0.000001  0.0222%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 5.99 times less return on investment than Yobit SpaceCoin. But when comparing it to its historical volatility, HitBTC NEM USD is 2.83 times less risky than Yobit SpaceCoin. It trades about 0.01 of its potential returns per unit of risk. Yobit SpaceCoin USD is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest  0.87  in Yobit SpaceCoin USD on March 23, 2018 and sell it today you would lose (0.42)  from holding Yobit SpaceCoin USD or give up 48.26% of portfolio value over 30 days.

Pair Corralation between HitBTC NEM and Yobit SpaceCoin

0.52
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy98.36%
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 SpaceCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit SpaceCoin 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 SpaceCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit SpaceCoin USD has no effect on the direction of HitBTC NEM i.e. HitBTC NEM and Yobit SpaceCoin 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.
Yobit SpaceCoin USD  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SpaceCoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

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