Correlation Analysis Between itBit Bitcoin and Quoine Bitcoin

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

itBit Bitcoin USD  vs.  Quoine Bitcoin USD

itBit

Bitcoin on itBit in USD

 5,563 
93.53  1.71%
Market Cap: 5.9 B
  

Quoine

Bitcoin on Quoine in USD

 5,543 
151.49  2.81%
Market Cap: 5.6 B
 20.60 
0.37% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to under-perform the Quoine Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Bitcoin USD is 1.25 times less risky than Quoine Bitcoin. The crypto trades about -0.27 of its potential returns per unit of risk. The Quoine Bitcoin USD is currently generating about -0.21 of returns per unit of risk over similar time horizon. If you would invest  646,428  in Quoine Bitcoin USD on October 17, 2018 and sell it today you would lose (92,170)  from holding Quoine Bitcoin USD or give up 14.26% of portfolio value over 30 days.

Pair Corralation between itBit Bitcoin and Quoine Bitcoin

0.85
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

itBit Bitcoin USD diversification synergy

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
itBit Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days itBit Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

itBit Bitcoin USD

Pair trading matchups for itBit Bitcoin

Quoine Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Quoine Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Quoine Bitcoin USD

Pair trading matchups for Quoine Bitcoin

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1036.05

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