Pair Correlation Between Quoine Ethereum and Gemini Ethereum

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

Quoine

Ethereum on Quoine in USD
 980.20 
0.20  0.0204%
Market Cap: 160.8 M
 5.06 

Gemini

Ethereum on Gemini in USD
 975.14 
0.86  0.0881%
Market Cap: 458.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine Ethereum is expected to generate 1.7 times less return on investment than Gemini Ethereum. In addition to that, Quoine Ethereum is 1.02 times more volatile than Gemini Ethereum USD. It trades about 0.01 of its total potential returns per unit of risk. Gemini Ethereum USD is currently generating about 0.02 per unit of volatility. If you would invest  102,599  in Gemini Ethereum USD on January 18, 2018 and sell it today you would lose (5,085)  from holding Gemini Ethereum USD or give up 4.96% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Quoine Ethereum and Gemini Ethereum
0.98

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

Gemini Ethereum USD

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Ethereum USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.