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
Symbolsvs
 HitBTC DigitalCash USD  vs   Quoine NEO USD

HitBTC

DigitalCash on HitBTC in USD
 882.72 
(48.45)  5.2%
Market Cap: 2.6 B

Quoine

NEO on Quoine in USD
 149.4 
(3.7)  2.42%
Market Cap: 2.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Quoine NEO. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 2.57 times less risky than Quoine NEO. The crypto trades about -0.06 of its potential returns per unit of risk. The Quoine NEO USD is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest  6,060  in Quoine NEO USD on December 21, 2017 and sell it today you would earn a total of  9,250  from holding Quoine NEO USD or generate 152.64% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Quoine NEO
-0.4

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very good 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

 Predicted Return Density 
      Returns 

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

Over 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

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine NEO USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

Quoine NEO USD

Pair trading matchups for Quoine NEO