Pair Correlation Between Quoine Bitcoin and Coinbase Bitcoin

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

Quoine

Bitcoin on Quoine in USD
 16,866 
819.71  5.11%
Market Cap: 64.8 B
 140.5 

Coinbase

Bitcoin on Coinbase in USD
 16,725 
1,823  12.24%
Market Cap: 7429.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine Bitcoin USD is expected to generate 1.46 times more return on investment than Coinbase Bitcoin. However, Quoine Bitcoin is 1.46 times more volatile than Coinbase Bitcoin USD. It trades about 0.33 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.43 per unit of risk. If you would invest  564,439  in Quoine Bitcoin USD on November 11, 2017 and sell it today you would earn a total of  1,127,444  from holding Quoine Bitcoin USD or generate 199.75% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Quoine Bitcoin and Coinbase Bitcoin
0.88

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy96.77%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Quoine Bitcoin USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine Bitcoin USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.