Pair Correlation Between HitBTC DigitalCash and Quoine NEO |
This module allows you to analyze existing cross correlation between HitBTC DigitalCash USD and Quoine NEO USD. You can compare the effects of market volatilities on HitBTC DigitalCash 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 DigitalCash with a short position of Quoine NEO. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC DigitalCash and Quoine NEO.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
HitBTC DigitalCash USD vs. Quoine NEO USD
HitBTCDigitalCash on HitBTC in USD 486.63
| QuoineNEO on Quoine in USD 72.27
|
Pair Volatility
Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to generate 0.9 times more return on investment than Quoine NEO. However, HitBTC DigitalCash USD is 1.11 times less risky than Quoine NEO. It trades about -0.04 of its potential returns per unit of risk. Quoine NEO USD is currently generating about -0.12 per unit of risk. If you would invest 63,114 in HitBTC DigitalCash USD on March 27, 2018 and sell it today you would lose (14,451) from holding HitBTC DigitalCash USD or give up 22.9% of portfolio value over 30 days.
Pair Corralation between HitBTC DigitalCash and Quoine NEO
0.93
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalCash 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 DigitalCash 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 DigitalCash 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 DigitalCash i.e. HitBTC DigitalCash and Quoine NEO go up and down completely randomly.
Comparative Volatility
| HitBTC DigitalCash USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days HitBTC DigitalCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC DigitalCash USD
Pair trading matchups for HitBTC DigitalCash
| Quoine NEO USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days Quoine NEO USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Quoine NEO USD
Pair trading matchups for Quoine NEO
My Equities
My Current Equities and Potential Positions
Thematic Opportunities
Explore Investment Opportunities
See also your portfolio center. Please also try Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.