Pair Correlation Between Quoine NEO and HitBTC DigiByte

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

Quoine NEO USD  vs.  HitBTC DigiByte USD

Quoine

NEO on Quoine in USD
 73.37 
1.92  2.55%
Market Cap: 2.3 M
  

HitBTC

DigiByte on HitBTC in USD
 0.03976 
0.00013  0.33%
Market Cap: 9.7 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to under-perform the HitBTC DigiByte. But the crypto apears to be less risky and, when comparing its historical volatility, Quoine NEO USD is 1.09 times less risky than HitBTC DigiByte. The crypto trades about -0.13 of its potential returns per unit of risk. The HitBTC DigiByte USD is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  3.74  in HitBTC DigiByte USD on March 27, 2018 and sell it today you would earn a total of  0.24  from holding HitBTC DigiByte USD or generate 6.31% return on investment over 30 days.

Pair Corralation between Quoine NEO and HitBTC DigiByte

0.79
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Quoine NEO USD and HitBTC DigiByte USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigiByte 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 DigiByte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigiByte USD has no effect on the direction of Quoine NEO i.e. Quoine NEO and HitBTC DigiByte 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.
HitBTC DigiByte USD  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1040.04

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Bollinger Bands module to use bollinger bands indicator to analyze target price for a given investing horizon.