Pair Correlation Between Yobit Dogecoin and Quoine NEO

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

Yobit Dogecoin USD  vs.  Quoine NEO USD

Yobit

Dogecoin on Yobit in USD
 0.00586 
0.00002  0.34%
Market Cap: 266
  

Quoine

NEO on Quoine in USD
 74.59 
1.37  1.87%
Market Cap: 1.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to generate 0.9 times more return on investment than Quoine NEO. However, Yobit Dogecoin USD is 1.11 times less risky than Quoine NEO. It trades about -0.04 of its potential returns per unit of risk. Quoine NEO USD is currently generating about -0.11 per unit of risk. If you would invest  0.76  in Yobit Dogecoin USD on March 21, 2018 and sell it today you would lose (0.18)  from holding Yobit Dogecoin USD or give up 23.41% of portfolio value over 30 days.

Pair Corralation between Yobit Dogecoin and Quoine NEO

0.67
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Dogecoin USD  
0 

Risk-Adjusted Performance

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

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