Pair Correlation Between BitTrex Ethereum and Quoine NEO

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

BitTrex

Ethereum Classic on BitTrex in USD
 28.71 
1.11  4.02%
Market Cap: 95 M

Quoine

NEO on Quoine in USD
 122.7 
6.8  5.87%
Market Cap: 2.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 4.14 times less return on investment than Quoine NEO. But when comparing it to its historical volatility, BitTrex Ethereum Classic USD is 1.74 times less risky than Quoine NEO. It trades about 0.08 of its potential returns per unit of risk. Quoine NEO USD is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest  6,110  in Quoine NEO USD on December 23, 2017 and sell it today you would earn a total of  5,480  from holding Quoine NEO USD or generate 89.69% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Quoine NEO
0.05

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Ethereum Classic 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 BitTrex Ethereum 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 BitTrex Ethereum Classic 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 BitTrex Ethereum i.e. BitTrex Ethereum and Quoine NEO go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum Cla

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum Classic USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

Quoine NEO USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine NEO USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.