Pair Correlation Between Bitfinex Ethereum and Quoine Ethereum

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

Bitfinex

Ethereum on Bitfinex in USD
 716.23 
(0.23)  0.0321%
Market Cap: 2.2 B
 5.12 

Quoine

Ethereum on Quoine in USD
 711.11 
(5.89)  0.82%
Market Cap: 2.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Ethereum is expected to generate 1.03 times less return on investment than Quoine Ethereum. In addition to that, Bitfinex Ethereum is 1.06 times more volatile than Quoine Ethereum USD. It trades about 0.38 of its total potential returns per unit of risk. Quoine Ethereum USD is currently generating about 0.42 per unit of volatility. If you would invest  32,814  in Quoine Ethereum USD on November 17, 2017 and sell it today you would earn a total of  38,886  from holding Quoine Ethereum USD or generate 118.5% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Ethereum and Quoine Ethereum
1.0

Parameters

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

Diversification

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Bitfinex Ethereum USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Ethereum USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

Quoine Ethereum USD

  
27 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine Ethereum USD are ranked lower than 27 (%) of all global equities and portfolios over the last 30 days.