Pair Correlation Between Quoine NEO and Yobit EmberCoin

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

Quoine

NEO on Quoine in USD
 168.4 
(25.2)  13.02%
Market Cap: 2.9 M

Yobit

EmberCoin on Yobit in USD
 0.0002002 
(0.0000528)  20.87%
Market Cap: 2.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to generate 3.38 times more return on investment than Yobit EmberCoin. However, Quoine NEO is 3.38 times more volatile than Yobit EmberCoin USD. It trades about 0.19 of its potential returns per unit of risk. Yobit EmberCoin USD is currently generating about 0.3 per unit of risk. If you would invest  1,391  in Quoine NEO USD on December 17, 2017 and sell it today you would earn a total of  17,969  from holding Quoine NEO USD or generate 1291.8% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Quoine NEO and Yobit EmberCoin
-0.22

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
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 EmberCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit EmberCoin 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 EmberCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit EmberCoin USD has no effect on the direction of Quoine NEO i.e. Quoine NEO and Yobit EmberCoin 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.

Yobit EmberCoin USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit EmberCoin USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.