Pair Correlation Between HitBTC NEM and Yobit Cerium

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

HitBTC

NEM on HitBTC in USD
 1.05 
(0.33)  23.91%
Market Cap: 83.1 K

Yobit

Cerium on Yobit in USD
 0.014 
(0.00028)  1.96%
Market Cap: 49.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 20.41 times less return on investment than Yobit Cerium. But when comparing it to its historical volatility, HitBTC NEM USD is 16.72 times less risky than Yobit Cerium. It trades about 0.19 of its potential returns per unit of risk. Yobit Cerium USD is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest  0.00  in Yobit Cerium USD on December 17, 2017 and sell it today you would earn a total of  2.54  from holding Yobit Cerium USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Yobit Cerium
0.62

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy93.33%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC NEM USD and Yobit Cerium USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Cerium 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 Cerium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Cerium USD has no effect on the direction of HitBTC NEM i.e. HitBTC NEM and Yobit Cerium go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Yobit Cerium USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Cerium USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.