Pair Correlation Between Coinbase Bitcoin and Quoine NEO

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

Coinbase Bitcoin USD  vs.  Quoine NEO USD

Coinbase

Bitcoin on Coinbase in USD
 8,970 
123.52  1.40%
Market Cap: 615.2 B
  

Quoine

NEO on Quoine in USD
 76.49 
0.31  0.40%
Market Cap: 1.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.67 times more return on investment than Quoine NEO. However, Coinbase Bitcoin USD is 1.49 times less risky than Quoine NEO. It trades about -0.03 of its potential returns per unit of risk. Quoine NEO USD is currently generating about -0.08 per unit of risk. If you would invest  1,034,800  in Coinbase Bitcoin USD on March 22, 2018 and sell it today you would lose (150,187)  from holding Coinbase Bitcoin USD or give up 14.51% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Quoine NEO

0.91
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin
Quoine NEO USD  
0 

Risk-Adjusted Performance

Over the last 30 days Quoine NEO USD has generated negative risk-adjusted returns adding no value to investors with long positions.

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1072.96

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