This module allows you to analyze existing cross correlation between HitBTC DigiByte USD and Quoine NEO USD. You can compare the effects of market volatilities on HitBTC DigiByte 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 HitBTC DigiByte with a short position of Quoine NEO. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigiByte
and Quoine NEO
HitBTC DigiByte USD vs Quoine NEO USD
Assuming 30 trading days horizon, HitBTC DigiByte is expected to generate 1.41 times less return on investment than Quoine NEO. In addition to that, HitBTC DigiByte is 1.03 times more volatile than Quoine NEO USD. It trades about 0.16 of its total potential returns per unit of risk. Quoine NEO USD is currently generating about 0.24 per unit of volatility. If you would invest 5,970 in Quoine NEO USD on December 22, 2017 and sell it today you would earn a total of 8,770 from holding Quoine NEO USD or generate 146.9% return on investment over 30 days.
|Time Period||1 Month [change]|
Very good diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigiByte 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 HitBTC DigiByte 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 HitBTC DigiByte 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 HitBTC DigiByte i.e. HitBTC DigiByte and Quoine NEO go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in Quoine NEO USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.