Pair Correlation Between Cexio Ethereum and Quoine Ethereum

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

Cexio

Ethereum on Cexio in USD
 1,331 
(81.44)  5.76%
Market Cap: 12.9 B
(7.98)

Quoine

Ethereum on Quoine in USD
 1,339 
(10.6)  0.79%
Market Cap: 5.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum is expected to generate 2.15 times less return on investment than Quoine Ethereum. But when comparing it to its historical volatility, Cexio Ethereum USD is 3.93 times less risky than Quoine Ethereum. It trades about 0.33 of its potential returns per unit of risk. Quoine Ethereum USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  71,112  in Quoine Ethereum USD on December 17, 2017 and sell it today you would earn a total of  62,828  from holding Quoine Ethereum USD or generate 88.35% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and Quoine Ethereum
0.95

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
21 

Risk-Adjusted Performance

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

Quoine Ethereum USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine Ethereum USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.