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