Pair Correlation Between Quoine NEO and Coinbase Bitcoin

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

Quoine

NEO on Quoine in USD
 141.1 
2  1.44%
Market Cap: 2.6 M

Coinbase

Bitcoin on Coinbase in USD
 11,820 
477.92  4.21%
Market Cap: 1659.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to generate 2.33 times more return on investment than Coinbase Bitcoin. However, Quoine NEO is 2.33 times more volatile than Coinbase Bitcoin USD. It trades about 0.22 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.04 per unit of risk. If you would invest  6,110  in Quoine NEO USD on December 23, 2017 and sell it today you would earn a total of  7,800  from holding Quoine NEO USD or generate 127.66% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Quoine NEO and Coinbase Bitcoin
-0.61

Parameters

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

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Quoine NEO USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine NEO USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

  
0 

Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.