Pair Correlation Between HitBTC DigiByte and Quoine NEO

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.
 Time Horizon     30 Days    Login   to change
Symbolsvs
 HitBTC DigiByte USD  vs   Quoine NEO USD

HitBTC

DigiByte on HitBTC in USD
 0.064 
(0.0013)  1.99%
Market Cap: 63 K

Quoine

NEO on Quoine in USD
 146 
(3.4)  2.28%
Market Cap: 2.9 M
 Performance (%) 
      Timeline 

Pair Volatility

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.

Correlation Coefficient

Pair Corralation between HitBTC DigiByte and Quoine NEO
-0.28

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

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.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigiByte USD

  
10 

Risk-Adjusted Performance

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.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte

Quoine NEO USD

  
15 

Risk-Adjusted Performance

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.

Quoine NEO USD

Pair trading matchups for Quoine NEO