Pair Correlation Between Quoine NEO and HitBTC DigitalNote |
This module allows you to analyze existing cross correlation between Quoine NEO USD and HitBTC DigitalNote USD. You can compare the effects of market volatilities on Quoine NEO and HitBTC DigitalNote 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 DigitalNote. See also your portfolio center. Please also check ongoing floating volatility patterns of Quoine NEO and HitBTC DigitalNote.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
Quoine NEO USD vs. HitBTC DigitalNote USD
QuoineNEO on Quoine in USD 75.97
| HitBTCDigitalNote on HitBTC in USD 0.01437
|
Pair Volatility
Assuming 30 trading days horizon, Quoine NEO USD is expected to under-perform the HitBTC DigitalNote. But the crypto apears to be less risky and, when comparing its historical volatility, Quoine NEO USD is 1.25 times less risky than HitBTC DigitalNote. The crypto trades about -0.06 of its potential returns per unit of risk. The HitBTC DigitalNote USD is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 2.07 in HitBTC DigitalNote USD on March 24, 2018 and sell it today you would lose (0.66) from holding HitBTC DigitalNote USD or give up 31.69% of portfolio value over 30 days.
Pair Corralation between Quoine NEO and HitBTC DigitalNote
0.73
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding Quoine NEO USD and HitBTC DigitalNote USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigitalNote 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 DigitalNote. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigitalNote USD has no effect on the direction of Quoine NEO i.e. Quoine NEO and HitBTC DigitalNote go up and down completely randomly.
Comparative Volatility
| Quoine NEO USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days Quoine NEO USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Quoine NEO USD
Pair trading matchups for Quoine NEO
| HitBTC DigitalNote USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days HitBTC DigitalNote USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC DigitalNote USD
Pair trading matchups for HitBTC DigitalNote
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