Correlation Analysis Between Kraken Ethereum and Coinbase Ethereum

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

Comparative Performance

Kraken Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Kraken Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.
Coinbase Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Coinbase Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of weak performance in the last few months, the Crypto's forward-looking signals remain relatively invariable which may send shares a bit higher in September 2019. The latest agitation may also be a sign of long running up-swing for the entity management.

Kraken Ethereum and Coinbase Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Kraken Ethereum USD  vs.  Coinbase Ethereum USD

Kraken

Ethereum on Kraken in USD

 198.24 
(4.73)  2.33%
Market Cap: 1.4 B
  

Coinbase

Ethereum on Coinbase in USD

 197.56 
(4.01)  1.99%
Market Cap: 2.1 B
 0.68 
0.34% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Ethereum USD is expected to generate 1.08 times more return on investment than Coinbase Ethereum. However, Kraken Ethereum is 1.08 times more volatile than Coinbase Ethereum USD. It trades about -0.1 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about -0.13 per unit of risk. If you would invest  29,633  in Kraken Ethereum USD on July 21, 2019 and sell it today you would lose (9,336)  from holding Kraken Ethereum USD or give up 31.51% of portfolio value over 30 days.

Pair Corralation between Kraken Ethereum and Coinbase Ethereum

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Kraken Ethereum and Coinbase Ethereum

Kraken Ethereum USD diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding Kraken 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 Kraken 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 Kraken 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 Kraken Ethereum i.e. Kraken Ethereum and Coinbase Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.


 
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