Correlation Analysis Between Quoine NEO and Yobit Namecoin

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

Quoine NEO USD  vs.  Yobit Namecoin USD

Quoine

NEO on Quoine in USD
 34.30 
1.31  3.97%
Market Cap: 54.2 K
  

Yobit

Namecoin on Yobit in USD
 1.05 
0.29  21.64%
Market Cap: 211
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to generate 0.42 times more return on investment than Yobit Namecoin. However, Quoine NEO USD is 2.39 times less risky than Yobit Namecoin. It trades about 0.04 of its potential returns per unit of risk. Yobit Namecoin USD is currently generating about 0.01 per unit of risk. If you would invest  3,333  in Quoine NEO USD on June 21, 2018 and sell it today you would earn a total of  97.00  from holding Quoine NEO USD or generate 2.91% return on investment over 30 days.

Pair Corralation between Quoine NEO and Yobit Namecoin

-0.24
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy74.19%
ValuesDaily Returns

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Quoine NEO USD  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine NEO USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.
Yobit Namecoin USD  
0 

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1184.91

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See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.


 
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