Pair Correlation Between Lykke Bitcoin and Quoine Bitcoin

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

Lykke

Bitcoin on Lykke in USD
 19,465 
137.99  0.71%
Market Cap: 42.4 B
(658.55)

Quoine

Bitcoin on Quoine in USD
 20,124 
526.77  2.69%
Market Cap: 193.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Lykke Bitcoin is expected to generate 1.15 times less return on investment than Quoine Bitcoin. But when comparing it to its historical volatility, Lykke Bitcoin USD is 1.79 times less risky than Quoine Bitcoin. It trades about 0.45 of its potential returns per unit of risk. Quoine Bitcoin USD is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest  772,675  in Quoine Bitcoin USD on November 17, 2017 and sell it today you would earn a total of  1,229,171  from holding Quoine Bitcoin USD or generate 159.08% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Lykke Bitcoin and Quoine Bitcoin
0.92

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 Lykke 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 Lykke 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 Lykke 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 Lykke Bitcoin i.e. Lykke Bitcoin and Quoine Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Lykke Bitcoin USD

  
29 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Lykke Bitcoin USD are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.

Quoine Bitcoin USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine Bitcoin USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.