Correlation Analysis Between Quoine NEO and Yobit Chip

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

Quoine NEO USD  vs.  Yobit Chip USD

Quoine

NEO on Quoine in USD

 15.97 
1.55  8.85%
Market Cap: 2.3 M
  

Yobit

Chip on Yobit in USD

 0.001601 
0.001108  224.75%
Market Cap: 2.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO is expected to generate 8.42 times less return on investment than Yobit Chip. But when comparing it to its historical volatility, Quoine NEO USD is 4.69 times less risky than Yobit Chip. It trades about 0.12 of its potential returns per unit of risk. Yobit Chip USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.05  in Yobit Chip USD on September 18, 2018 and sell it today you would earn a total of  0.11  from holding Yobit Chip USD or generate 224.75% return on investment over 30 days.

Pair Corralation between Quoine NEO and Yobit Chip

-0.34
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy74.19%
ValuesDaily Returns

Diversification

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Quoine NEO USD and Yobit Chip USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Chip 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 Yobit Chip. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Chip USD has no effect on the direction of Quoine NEO i.e. Quoine NEO and Yobit Chip 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.
Yobit Chip USD  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Chip USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

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