Pair Correlation Between HitBTC Emercoin and Quoine NEO

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

HitBTC

Emercoin on HitBTC in USD
 6.49 
(0.75)  10.36%
Market Cap: 1.5 M

Quoine

NEO on Quoine in USD
 122.4 
(16.7)  12.01%
Market Cap: 2.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Emercoin USD is expected to generate 9.59 times more return on investment than Quoine NEO. However, HitBTC Emercoin is 9.59 times more volatile than Quoine NEO USD. It trades about 0.21 of its potential returns per unit of risk. Quoine NEO USD is currently generating about 0.23 per unit of risk. If you would invest  0.00  in HitBTC Emercoin USD on December 23, 2017 and sell it today you would earn a total of  724  from holding HitBTC Emercoin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Emercoin and Quoine NEO
0.68

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Emercoin USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Emercoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

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.