Pair Correlation Between Poloniex Stellar and Bitfinex Recovery

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

Poloniex Stellar USD  vs.  Bitfinex Recovery Right Tokens

Poloniex

Stellar on Poloniex in USD
 0.38 
0.0242  6.81%
Market Cap: 1.2 M
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.0601 
0.0027  4.30%
Market Cap: 50 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Poloniex Stellar USD is expected to generate 0.89 times more return on investment than Bitfinex Recovery. However, Poloniex Stellar USD is 1.12 times less risky than Bitfinex Recovery. It trades about 0.03 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.01 per unit of risk. If you would invest  35.80  in Poloniex Stellar USD on March 27, 2018 and sell it today you would lose (0.24)  from holding Poloniex Stellar USD or give up 0.67% of portfolio value over 30 days.

Pair Corralation between Poloniex Stellar and Bitfinex Recovery

0.71
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Poloniex Stellar USD  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Stellar USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.
Bitfinex Recovery Right  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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See also your portfolio center. Please also try Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.