Pair Correlation Between Poloniex Ethereum and Quoine Ethereum

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

Poloniex

Ethereum on Poloniex in USD
 958.05 
(49.09)  4.87%
Market Cap: 14.1 B
(16.56)

Quoine

Ethereum on Quoine in USD
 974.61 
(74.84)  7.13%
Market Cap: 459.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Poloniex Ethereum is expected to generate 3.47 times less return on investment than Quoine Ethereum. But when comparing it to its historical volatility, Poloniex Ethereum USD is 2.8 times less risky than Quoine Ethereum. It trades about 0.19 of its potential returns per unit of risk. Quoine Ethereum USD is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest  36,191  in Quoine Ethereum USD on December 24, 2017 and sell it today you would earn a total of  68,754  from holding Quoine Ethereum USD or generate 189.98% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Poloniex Ethereum and Quoine Ethereum
0.93

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy96.77%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Poloniex Ethereum USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Ethereum USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Quoine Ethereum USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine Ethereum USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.