Pair Correlation Between Quoine NEO and Bitfinex Recovery

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

Quoine NEO USD  vs.  Bitfinex Recovery Right Tokens

Quoine

NEO on Quoine in USD
 75.20 
6.30  7.73%
Market Cap: 2.3 M
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.06007 
0.01103  15.51%
Market Cap: 15 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to under-perform the Bitfinex Recovery. But the crypto apears to be less risky and, when comparing its historical volatility, Quoine NEO USD is 1.2 times less risky than Bitfinex Recovery. The crypto trades about -0.06 of its potential returns per unit of risk. The Bitfinex Recovery Right Tokens USD is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  7.15  in Bitfinex Recovery Right Tokens USD on March 26, 2018 and sell it today you would lose (1.14)  from holding Bitfinex Recovery Right Tokens USD or give up 16.0% of portfolio value over 30 days.

Pair Corralation between Quoine NEO and Bitfinex Recovery

0.59
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Quoine NEO USD and Bitfinex Recovery Right Tokens in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Recovery Right and Quoine NEO 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 Quoine NEO USD are associated (or correlated) with Bitfinex Recovery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Recovery Right has no effect on the direction of Quoine NEO i.e. Quoine NEO and Bitfinex Recovery go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Quoine NEO USD  
0 

Risk-Adjusted Performance

Over the last 30 days Quoine NEO USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex Recovery Right  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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ExchangeNASDAQ
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