Pair Correlation Between Quoine NEO and HitBTC ByteCoin

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

Quoine

NEO on Quoine in USD
 113.9 
(2)  1.73%
Market Cap: 2.6 M

HitBTC

ByteCoin on HitBTC in USD
 0.005918 
0.000044  0.75%
Market Cap: 476.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to generate 0.76 times more return on investment than HitBTC ByteCoin. However, Quoine NEO USD is 1.32 times less risky than HitBTC ByteCoin. It trades about 0.18 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.08 per unit of risk. If you would invest  6,429  in Quoine NEO USD on December 24, 2017 and sell it today you would earn a total of  5,161  from holding Quoine NEO USD or generate 80.28% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Quoine NEO and HitBTC ByteCoin
-0.35

Parameters

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

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

HitBTC ByteCoin USD

  
5 

Risk-Adjusted Performance

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