Pair Correlation Between HitBTC Verge and HitBTC NEM

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

HitBTC

Verge on HitBTC in USD
 0.12 
(0.007)  5.51%
Market Cap: 406.6 K

HitBTC

NEM on HitBTC in USD
 1.05 
(0.05)  4.55%
Market Cap: 21.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Verge USD is expected to generate 1.53 times more return on investment than HitBTC NEM. However, HitBTC Verge is 1.53 times more volatile than HitBTC NEM USD. It trades about 0.1 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.11 per unit of risk. If you would invest  13  in HitBTC Verge USD on December 22, 2017 and sell it today you would lose (0.3)  from holding HitBTC Verge USD or give up 2.31% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Verge and HitBTC NEM
0.58

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Verge USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Verge USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

HitBTC Verge USD

Pair trading matchups for HitBTC Verge

HitBTC NEM USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM