Correlation Analysis Between Quoine NEO and Yobit Waves

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

Quoine NEO USD  vs.  Yobit Waves USD

Quoine

NEO on Quoine in USD
 33.24 
0.07  0.21%
Market Cap: 54.2 K
  

Yobit

Waves on Yobit in USD
 2.96 
0.04  1.37%
Market Cap: 9.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine NEO USD is expected to generate 1.21 times more return on investment than Yobit Waves. However, Quoine NEO is 1.21 times more volatile than Yobit Waves USD. It trades about -0.03 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.13 per unit of risk. If you would invest  3,778  in Quoine NEO USD on June 20, 2018 and sell it today you would lose (454.00)  from holding Quoine NEO USD or give up 12.02% of portfolio value over 30 days.

Pair Corralation between Quoine NEO and Yobit Waves

-0.47
Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
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 Waves USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Waves 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 Waves. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Waves USD has no effect on the direction of Quoine NEO i.e. Quoine NEO and Yobit Waves go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Quoine NEO USD  
0 

Risk-Adjusted Performance

Over the last 30 days Quoine NEO USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Waves USD  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Waves USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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