Correlation Analysis Between Quoine NEO and BitTrex Ethereum

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

Quoine NEO USD  vs.  BitTrex Ethereum Classic USD

Quoine

NEO on Quoine in USD
 39.59 
1.22  3.18%
Market Cap: 1.1 M
  

BitTrex

Ethereum Classic on BitTrex in USD
 14.94 
0.69  4.84%
Market Cap: 97.6 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to under-perform the BitTrex Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, Quoine NEO USD is 1.74 times less risky than BitTrex Ethereum. The crypto trades about -0.34 of its potential returns per unit of risk. The BitTrex Ethereum Classic USD is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest  1,826  in BitTrex Ethereum Classic USD on May 19, 2018 and sell it today you would lose (401.00)  from holding BitTrex Ethereum Classic USD or give up 21.96% of portfolio value over 30 days.

Pair Corralation between Quoine NEO and BitTrex Ethereum

0.54
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Quoine NEO USD and BitTrex Ethereum Classic USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex Ethereum Cla and Quoine NEO 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 Quoine NEO USD are associated (or correlated) with BitTrex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitTrex Ethereum Cla has no effect on the direction of Quoine NEO i.e. Quoine NEO and BitTrex Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
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.
BitTrex Ethereum Cla  
0 

Risk-Adjusted Performance

Over the last 30 days BitTrex Ethereum Classic USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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