Correlation Analysis Between Coinbase Bitcoin and Quoine Bitcoin

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

Coinbase Bitcoin USD  vs.  Quoine Bitcoin USD


Bitcoin on Coinbase in USD

35.02  0.52%
Market Cap: 176.3 B


Bitcoin on Quoine in USD

46.96  0.70%
Market Cap: 13.7 B
0.15% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 1.16 times less return on investment than Quoine Bitcoin. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 1.29 times less risky than Quoine Bitcoin. It trades about 0.02 of its potential returns per unit of risk. Quoine Bitcoin USD is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  674,577  in Quoine Bitcoin USD on August 24, 2018 and sell it today you would lose (2,064)  from holding Quoine Bitcoin USD or give up 0.31% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Quoine Bitcoin

Time Period1 Month [change]
StrengthVery Strong
ValuesDaily Returns


Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
Coinbase Bitcoin USD  

Risk-Adjusted Performance

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

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.

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See also your portfolio center. Please also try Volatility Analysis module to get historical volatility and risk analysis based on latest market data.