Pair Correlation Between BitTrex Bitcoin and Quoine Bitcoin

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

BitTrex

Bitcoin on BitTrex in USD
 11,938 
(1,883)  13.62%
Market Cap: 1419 B
(2,385)
19.98% Risk Free Arbitrage
All Coins Bitcoin Arbitrage Bitcoin Correlation

Quoine

Bitcoin on Quoine in USD
 14,323 
(591.45)  3.97%
Market Cap: 80.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin USD is expected to under-perform the Quoine Bitcoin. In addition to that, BitTrex Bitcoin is 1.33 times more volatile than Quoine Bitcoin USD. It trades about -0.1 of its total potential returns per unit of risk. Quoine Bitcoin USD is currently generating about -0.13 per unit of volatility. If you would invest  1,935,750  in Quoine Bitcoin USD on December 17, 2017 and sell it today you would lose (503,402)  from holding Quoine Bitcoin USD or give up 26.01% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Bitcoin and Quoine Bitcoin
0.86

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex 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 BitTrex 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 BitTrex 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 BitTrex Bitcoin i.e. BitTrex Bitcoin and Quoine Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Bitcoin USD

  
0 

Risk-Adjusted Performance

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

BitTrex Bitcoin USD

Pair trading matchups for BitTrex Bitcoin

Quoine Bitcoin USD

  
0 

Risk-Adjusted Performance

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

Quoine Bitcoin USD

Pair trading matchups for Quoine Bitcoin