Pair Correlation Between Yobit BitTokens and Quoine NEO

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

Yobit

BitTokens on Yobit in USD
 2.45 
1  68.97%
Market Cap: 39.0

Quoine

NEO on Quoine in USD
 193.6 
23.1  13.55%
Market Cap: 2.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit BitTokens USD is expected to generate 1.08 times more return on investment than Quoine NEO. However, Yobit BitTokens is 1.08 times more volatile than Quoine NEO USD. It trades about 0.24 of its potential returns per unit of risk. Quoine NEO USD is currently generating about 0.19 per unit of risk. If you would invest  299  in Yobit BitTokens USD on December 17, 2017 and sell it today you would lose (54)  from holding Yobit BitTokens USD or give up 18.06% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit BitTokens and Quoine NEO
0.42

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit BitTokens USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitTokens USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

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.