Pair Correlation Between Quoine Ethereum and Coinbase Ethereum

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

Quoine

Ethereum on Quoine in USD
 1,078 
37.52  3.6%
Market Cap: 5.4 B
 47.65 

Coinbase

Ethereum on Coinbase in USD
 1,031 
(5.3)  0.51%
Market Cap: 319.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine Ethereum USD is expected to generate 2.66 times more return on investment than Coinbase Ethereum. However, Quoine Ethereum is 2.66 times more volatile than Coinbase Ethereum USD. It trades about 0.14 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.14 per unit of risk. If you would invest  79,480  in Quoine Ethereum USD on December 20, 2017 and sell it today you would earn a total of  34,020  from holding Quoine Ethereum USD or generate 42.8% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Quoine Ethereum and Coinbase Ethereum
0.97

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Quoine Ethereum USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine Ethereum USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Quoine Ethereum USD

Pair trading matchups for Quoine Ethereum

Coinbase Ethereum USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Coinbase Ethereum USD

Pair trading matchups for Coinbase Ethereum