Pair Correlation Between Quoine NEO and HitBTC ZCash

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

Quoine NEO USD  vs.  HitBTC ZCash USD

Quoine

NEO on Quoine in USD
 73.22 
4.71  6.87%
Market Cap: 1.9 M
  

HitBTC

ZCash on HitBTC in USD
 266.61 
12.90  5.08%
Market Cap: 471.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to generate 1.31 times more return on investment than HitBTC ZCash. However, Quoine NEO is 1.31 times more volatile than HitBTC ZCash USD. It trades about -0.1 of its potential returns per unit of risk. HitBTC ZCash USD is currently generating about -0.15 per unit of risk. If you would invest  13,200  in Quoine NEO USD on March 20, 2018 and sell it today you would lose (5,899)  from holding Quoine NEO USD or give up 44.69% of portfolio value over 30 days.

Pair Corralation between Quoine NEO and HitBTC ZCash

0.97
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 ZCash USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC ZCash 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 ZCash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC ZCash USD has no effect on the direction of Quoine NEO i.e. Quoine NEO and HitBTC ZCash 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 ZCash USD  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC ZCash 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
$1087.7

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 Cryptocurrency Arbitrage module to find pairs of digital assets on multiple exchanges that are traded at a risk free arbitrage.