Pair Correlation Between Bitfinex Recovery and Quoine NEO

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

Bitfinex Recovery Right Tokens  vs.  Quoine NEO USD

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.06374 
0.00196  3.17%
Market Cap: 15 K
  

Quoine

NEO on Quoine in USD
 75.45 
1.28  1.73%
Market Cap: 2.3 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to generate 1.29 times more return on investment than Quoine NEO. However, Bitfinex Recovery is 1.29 times more volatile than Quoine NEO USD. It trades about 0.07 of its potential returns per unit of risk. Quoine NEO USD is currently generating about -0.07 per unit of risk. If you would invest  5.57  in Bitfinex Recovery Right Tokens USD on March 23, 2018 and sell it today you would earn a total of  0.80  from holding Bitfinex Recovery Right Tokens USD or generate 14.37% return on investment over 30 days.

Pair Corralation between Bitfinex Recovery and Quoine NEO

0.48
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy98.36%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Recovery Right Tokens 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 Bitfinex Recovery 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 Bitfinex Recovery Right Tokens 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 Bitfinex Recovery i.e. Bitfinex Recovery and Quoine NEO go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitfinex Recovery Right  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.
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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