Pair Correlation Between Quoine Ethereum and BitTrex Ethereum

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

Quoine

Ethereum on Quoine in USD
 812.89 
2.89  0.36%
Market Cap: 116.8 M
(18.49)

BitTrex

Ethereum on BitTrex in USD
 831.38 
0.37  0.0445%
Market Cap: 2.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine Ethereum USD is expected to under-perform the BitTrex Ethereum. In addition to that, Quoine Ethereum is 1.11 times more volatile than BitTrex Ethereum USD. It trades about -0.11 of its total potential returns per unit of risk. BitTrex Ethereum USD is currently generating about -0.12 per unit of volatility. If you would invest  112,350  in BitTrex Ethereum USD on January 26, 2018 and sell it today you would lose (28,640)  from holding BitTrex Ethereum USD or give up 25.49% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Quoine Ethereum and BitTrex Ethereum
0.9

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

BitTrex Ethereum USD

  
0 

Risk-Adjusted Performance

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