Pair Correlation Between Quoine NEO and HitBTC DigitalCash

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

Quoine

NEO on Quoine in USD
 115.9 
(23.2)  16.68%
Market Cap: 2.6 M

HitBTC

DigitalCash on HitBTC in USD
 734.23 
15.58  2.17%
Market Cap: 2.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to generate 2.75 times more return on investment than HitBTC DigitalCash. However, Quoine NEO is 2.75 times more volatile than HitBTC DigitalCash USD. It trades about 0.19 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.13 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  5,480  from holding Quoine NEO USD or generate 89.69% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Quoine NEO and HitBTC DigitalCash
-0.67

Parameters

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

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

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.