Pair Correlation Between Coinroom Bitcoin and QuadrigaCX Bitcoin

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

Coinroom

Bitcoin on Coinroom in USD
 15,789 
290.7  1.88%
Market Cap: 958.6 M
(1,009)

QuadrigaCX

Bitcoin on QuadrigaCX in USD
 16,798 
297.99  1.81%
Market Cap: 13.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinroom Bitcoin is expected to generate 1.05 times less return on investment than QuadrigaCX Bitcoin. But when comparing it to its historical volatility, Coinroom Bitcoin USD is 1.07 times less risky than QuadrigaCX Bitcoin. It trades about 0.41 of its potential returns per unit of risk. QuadrigaCX Bitcoin USD is currently generating about 0.41 of returns per unit of risk over similar time horizon. If you would invest  683,998  in QuadrigaCX Bitcoin USD on November 13, 2017 and sell it today you would earn a total of  966,002  from holding QuadrigaCX Bitcoin USD or generate 141.23% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinroom Bitcoin and QuadrigaCX Bitcoin
0.97

Parameters

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

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinroom Bitcoin USD

  
27 

Risk-Adjusted Performance

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

Coinroom Bitcoin USD

Pair trading matchups for Coinroom Bitcoin

QuadrigaCX Bitcoin USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in QuadrigaCX Bitcoin USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.

QuadrigaCX Bitcoin USD

Pair trading matchups for QuadrigaCX Bitcoin