Pair Correlation Between Quoine Ethereum and HitBTC Ethereum

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

Quoine

Ethereum on Quoine in USD
 1,094 
48.99  4.69%
Market Cap: 459.6 M
 36.18 

HitBTC

Ethereum on HitBTC in USD
 1,058 
24.64  2.38%
Market Cap: 13.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Quoine Ethereum USD is expected to generate 2.43 times more return on investment than HitBTC Ethereum. However, Quoine Ethereum is 2.43 times more volatile than HitBTC Ethereum USD. It trades about 0.15 of its potential returns per unit of risk. HitBTC Ethereum USD is currently generating about 0.2 per unit of risk. If you would invest  67,299  in Quoine Ethereum USD on December 22, 2017 and sell it today you would earn a total of  39,701  from holding Quoine Ethereum USD or generate 58.99% return on investment over 30 days.

Correlation Coefficient

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Quoine Ethereum USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Quoine Ethereum USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

Quoine Ethereum USD

Pair trading matchups for Quoine Ethereum

HitBTC Ethereum USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Ethereum USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

HitBTC Ethereum USD

Pair trading matchups for HitBTC Ethereum