Pair Correlation Between Cexio Ethereum and Quoine NEO

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

Cexio

Ethereum on Cexio in USD
 1,244 
(168.86)  11.95%
Market Cap: 12.9 B

Quoine

NEO on Quoine in USD
 167 
(26.6)  13.74%
Market Cap: 2.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum is expected to generate 18.39 times less return on investment than Quoine NEO. But when comparing it to its historical volatility, Cexio Ethereum USD is 31.69 times less risky than Quoine NEO. It trades about 0.33 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  1,391  in Quoine NEO USD on December 17, 2017 and sell it today you would earn a total of  17,969  from holding Quoine NEO USD or generate 1291.8% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and Quoine NEO
0.84

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy96.77%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 21 (%) 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.