Pair Correlation Between Quoine NEO and Yobit Positron

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

Quoine

NEO on Quoine in USD
 167 
(26.6)  13.74%
Market Cap: 2.9 M

Yobit

Positron on Yobit in USD
 14.4 
(0.6)  4%
Market Cap: 132
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO is expected to generate 1.66 times less return on investment than Yobit Positron. But when comparing it to its historical volatility, Quoine NEO USD is 1.21 times less risky than Yobit Positron. It trades about 0.19 of its potential returns per unit of risk. Yobit Positron USD is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest  0.00  in Yobit Positron USD on December 17, 2017 and sell it today you would earn a total of  1,500  from holding Yobit Positron USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Quoine NEO and Yobit Positron
0.78

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Poor diversification

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

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Positron USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.