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
 74.59 
1.37  1.87%
Market Cap: 1.9 M
  

HitBTC

DigitalCash on HitBTC in USD
 469.92 
10.53  2.29%
Market Cap: 2.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to under-perform the HitBTC DigitalCash. In addition to that, Quoine NEO is 1.21 times more volatile than HitBTC DigitalCash USD. It trades about -0.11 of its total potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.1 per unit of volatility. If you would invest  73,251  in HitBTC DigitalCash USD on March 21, 2018 and sell it today you would lose (27,312)  from holding HitBTC DigitalCash USD or give up 37.29% of portfolio value over 30 days.

Pair Corralation between Quoine NEO and HitBTC DigitalCash

0.95
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no 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  
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.
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.

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1072.96

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.