Correlation Analysis Between Kraken Bitcoin and Quoine Bitcoin

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

Kraken Bitcoin USD  vs.  Quoine Bitcoin USD

Kraken

Bitcoin on Kraken in USD

 6,406 
22.70  0.36%
Market Cap: 3.6 B
  

Quoine

Bitcoin on Quoine in USD

 6,408 
20.45  0.32%
Market Cap: 3.3 B
(2.38)
0.037153% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Bitcoin USD is expected to generate 0.95 times more return on investment than Quoine Bitcoin. However, Kraken Bitcoin USD is 1.05 times less risky than Quoine Bitcoin. It trades about -0.11 of its potential returns per unit of risk. Quoine Bitcoin USD is currently generating about -0.11 per unit of risk. If you would invest  676,100  in Kraken Bitcoin USD on September 20, 2018 and sell it today you would lose (35,340)  from holding Kraken Bitcoin USD or give up 5.23% of portfolio value over 30 days.

Pair Corralation between Kraken Bitcoin and Quoine Bitcoin

0.5
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy95.65%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Kraken Bitcoin USD  
0 

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.


 
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