Pair Correlation Between Quoine NEO and HitBTC NEM

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

Quoine

NEO on Quoine in USD
 149 
(4.5)  2.93%
Market Cap: 2.9 M

HitBTC

NEM on HitBTC in USD
 1.11 
0.06  5.71%
Market Cap: 21.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to generate 1.42 times more return on investment than HitBTC NEM. However, Quoine NEO is 1.42 times more volatile than HitBTC NEM USD. It trades about 0.11 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.11 per unit of risk. If you would invest  15,000  in Quoine NEO USD on December 20, 2017 and sell it today you would earn a total of  10  from holding Quoine NEO USD or generate 0.07% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Quoine NEO and HitBTC NEM
-0.09

Parameters

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

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Quoine NEO USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine NEO USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

Quoine NEO USD

Pair trading matchups for Quoine NEO

HitBTC NEM USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM