Correlation Analysis Between Kraken Bitcoin and Coinbase Bitcoin

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

Kraken Bitcoin USD  vs.  Coinbase Bitcoin USD

Kraken

Bitcoin on Kraken in USD
 7,372 
1,096  17.47%
Market Cap: 208.7 B
  

Coinbase

Bitcoin on Coinbase in USD
 6,765 
494.95  7.89%
Market Cap: 139.3 B
 607.35 
8.24% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Bitcoin USD is expected to generate 1.31 times more return on investment than Coinbase Bitcoin. However, Kraken Bitcoin is 1.31 times more volatile than Coinbase Bitcoin USD. It trades about 0.11 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.02 per unit of risk. If you would invest  671,370  in Kraken Bitcoin USD on June 17, 2018 and sell it today you would earn a total of  65,860  from holding Kraken Bitcoin USD or generate 9.81% return on investment over 30 days.

Pair Corralation between Kraken Bitcoin and Coinbase Bitcoin

0.96
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 Kraken Bitcoin USD and Coinbase Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinbase Bitcoin USD and Kraken 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 Kraken Bitcoin USD are associated (or correlated) with Coinbase Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinbase Bitcoin USD has no effect on the direction of Kraken Bitcoin i.e. Kraken Bitcoin and Coinbase Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Kraken Bitcoin USD  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Bitcoin USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.
Coinbase Bitcoin USD  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1198.64

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See also your portfolio center. Please also try Piotroski F Score module to get piotroski f score based on binary analysis strategy of nine different fundamentals.