Pair Correlation Between Quoine Ethereum and Bitfinex Ethereum

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

Quoine

Ethereum on Quoine in USD
 853.00 
54.50  6.83%
Market Cap: 116.8 M
(1.30)

Bitfinex

Ethereum on Bitfinex in USD
 854.30 
46.37  5.74%
Market Cap: 155.3 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine Ethereum USD is expected to generate 1.2 times more return on investment than Bitfinex Ethereum. However, Quoine Ethereum is 1.2 times more volatile than Bitfinex Ethereum USD. It trades about -0.05 of its potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about -0.08 per unit of risk. If you would invest  106,420  in Quoine Ethereum USD on January 24, 2018 and sell it today you would lose (19,920)  from holding Quoine Ethereum USD or give up 18.72% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Quoine Ethereum and Bitfinex Ethereum
0.91

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 Quoine Ethereum USD and Bitfinex Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Ethereum USD and Quoine 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 Quoine Ethereum USD are associated (or correlated) with Bitfinex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Ethereum USD has no effect on the direction of Quoine Ethereum i.e. Quoine Ethereum and Bitfinex Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Quoine Ethereum USD

  
0 

Risk-Adjusted Performance

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

Bitfinex Ethereum USD

  
0 

Risk-Adjusted Performance

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