Pair Correlation Between HitBTC ByteCoin and Quoine NEO

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

HitBTC

ByteCoin on HitBTC in USD
 0.00755 
(0.000176)  2.28%
Market Cap: 476.8 K

Quoine

NEO on Quoine in USD
 144.2 
2.5  1.76%
Market Cap: 2.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 1.12 times more return on investment than Quoine NEO. However, HitBTC ByteCoin is 1.12 times more volatile than Quoine NEO USD. It trades about 0.15 of its potential returns per unit of risk. Quoine NEO USD is currently generating about 0.07 per unit of risk. If you would invest  0.49  in HitBTC ByteCoin USD on December 19, 2017 and sell it today you would earn a total of  0.27  from holding HitBTC ByteCoin USD or generate 55.15% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Quoine NEO
0.06

Parameters

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

Diversification

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC ByteCoin 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 HitBTC ByteCoin 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 ByteCoin 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 HitBTC ByteCoin i.e. HitBTC ByteCoin and Quoine NEO go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

HitBTC ByteCoin USD

Pair trading matchups for HitBTC ByteCoin

Quoine NEO USD

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine NEO USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

Quoine NEO USD

Pair trading matchups for Quoine NEO