Correlation Analysis Between Coinbase Bitcoin and Kraken Monero

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

Coinbase Bitcoin USD  vs.  Kraken Monero USD

Coinbase

Bitcoin on Coinbase in USD

 6,703 
10.09  0.15%
Market Cap: 176.3 B
  

Kraken

Monero on Kraken in USD

 122.33 
0.23  0.19%
Market Cap: 71.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 156.38 times less return on investment than Kraken Monero. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 2.59 times less risky than Kraken Monero. It trades about 0.0 of its potential returns per unit of risk. Kraken Monero USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  9,280  in Kraken Monero USD on August 24, 2018 and sell it today you would earn a total of  2,811  from holding Kraken Monero USD or generate 30.29% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and Kraken Monero

0.35
Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin USD and Kraken Monero USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kraken Monero 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 Kraken Monero. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kraken Monero USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Kraken Monero go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Kraken Monero USD  
13 

Risk-Adjusted Performance

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

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