Pair Correlation Between HitBTC NEM and Quoine NEO

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

HitBTC

NEM on HitBTC in USD
 0.93 
(0.0472)  4.83%
Market Cap: 21.3 K

Quoine

NEO on Quoine in USD
 124 
8.1  6.99%
Market Cap: 2.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 2.74 times less return on investment than Quoine NEO. But when comparing it to its historical volatility, HitBTC NEM USD is 1.19 times less risky than Quoine NEO. It trades about 0.08 of its potential returns per unit of risk. Quoine NEO USD is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest  6,429  in Quoine NEO USD on December 24, 2017 and sell it today you would earn a total of  5,971  from holding Quoine NEO USD or generate 92.88% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Quoine NEO
-0.5

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

Quoine NEO USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine NEO USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.