Pair Correlation Between HitBTC Ethereum and Quoine Ethereum

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

HitBTC

Ethereum on HitBTC in USD
 531.25 
93.83  21.45%
Market Cap: 839.8 M
(13.43)

Quoine

Ethereum on Quoine in USD
 544.68 
86.68  18.93%
Market Cap: 21 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Ethereum USD is expected to generate 1.42 times more return on investment than Quoine Ethereum. However, HitBTC Ethereum is 1.42 times more volatile than Quoine Ethereum USD. It trades about 0.31 of its potential returns per unit of risk. Quoine Ethereum USD is currently generating about 0.37 per unit of risk. If you would invest  31,173  in HitBTC Ethereum USD on November 11, 2017 and sell it today you would earn a total of  18,937  from holding HitBTC Ethereum USD or generate 60.75% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Ethereum and Quoine Ethereum
0.95

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 HitBTC 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 HitBTC 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 HitBTC 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 HitBTC Ethereum i.e. HitBTC Ethereum and Quoine Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Ethereum USD

  
20 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Ethereum USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days.

Quoine Ethereum USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine Ethereum USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.