Correlation Analysis Between Yobit MaxCoin and Quoine NEO

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

Yobit MaxCoin USD  vs.  Quoine NEO USD

Yobit

MaxCoin on Yobit in USD
 0.07 
0.00988  16.43%
Market Cap: 25.0
  

Quoine

NEO on Quoine in USD
 39.44 
0.54  1.39%
Market Cap: 1.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit MaxCoin USD is expected to generate 3.82 times more return on investment than Quoine NEO. However, Yobit MaxCoin is 3.82 times more volatile than Quoine NEO USD. It trades about 0.04 of its potential returns per unit of risk. Quoine NEO USD is currently generating about -0.38 per unit of risk. If you would invest  6.80  in Yobit MaxCoin USD on May 21, 2018 and sell it today you would lose (0.79)  from holding Yobit MaxCoin USD or give up 11.59% of portfolio value over 30 days.

Pair Corralation between Yobit MaxCoin and Quoine NEO

0.36
Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit MaxCoin 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 MaxCoin 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 MaxCoin 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 MaxCoin i.e. Yobit MaxCoin and Quoine NEO go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit MaxCoin USD  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit MaxCoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.
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.

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See also your portfolio center. Please also try World Markets Correlation module to find global opportunities by holding instruments from different markets.