Correlation Analysis Between Kraken Bitcoin and CoinDeal Bitcoin

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

Kraken Bitcoin USD  
2525

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Bitcoin USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Kraken Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
CoinDeal Bitcoin USD  
2020

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CoinDeal Bitcoin USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, CoinDeal Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

Kraken Bitcoin and CoinDeal Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Kraken Bitcoin USD  vs.  CoinDeal Bitcoin USD

Kraken

Bitcoin on Kraken in USD

 7,267 
(666.00)  8.40%
Market Cap: 259.5 B
  

CoinDeal

Bitcoin on CoinDeal in USD

 7,353 
63.45  0.87%
Market Cap: 38.7 M
(86.65)
1.19% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Bitcoin USD is expected to generate 0.85 times more return on investment than CoinDeal Bitcoin. However, Kraken Bitcoin USD is 1.18 times less risky than CoinDeal Bitcoin. It trades about 0.38 of its potential returns per unit of risk. CoinDeal Bitcoin USD is currently generating about 0.31 per unit of risk. If you would invest  390,200  in Kraken Bitcoin USD on April 22, 2019 and sell it today you would earn a total of  403,080  from holding Kraken Bitcoin USD or generate 103.3% return on investment over 30 days.

Pair Corralation between Kraken Bitcoin and CoinDeal Bitcoin

0.97
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy95.24%
ValuesDaily Returns

Diversification Opportunities for Kraken Bitcoin and CoinDeal Bitcoin

Kraken Bitcoin USD diversification synergy

Almost no diversification

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