Correlation Analysis Between Bitfinex Ethereum and Kraken Ethereum

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

Bitfinex Ethereum USD  vs.  Kraken Ethereum USD

Bitfinex

Ethereum on Bitfinex in USD

 205.80 
0.10  0.0486%
Market Cap: 906.7 M
  

Kraken

Ethereum on Kraken in USD

 200.33 
0.57  0.28%
Market Cap: 178.5 M
 5.47 
2.66% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Ethereum USD is expected to generate 1.09 times more return on investment than Kraken Ethereum. However, Bitfinex Ethereum is 1.09 times more volatile than Kraken Ethereum USD. It trades about -0.07 of its potential returns per unit of risk. Kraken Ethereum USD is currently generating about -0.12 per unit of risk. If you would invest  21,926  in Bitfinex Ethereum USD on September 23, 2018 and sell it today you would lose (1,356)  from holding Bitfinex Ethereum USD or give up 6.18% of portfolio value over 30 days.

Pair Corralation between Bitfinex Ethereum and Kraken Ethereum

0.97
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 Bitfinex Ethereum USD and Kraken Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kraken Ethereum USD and Bitfinex 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 Bitfinex Ethereum USD are associated (or correlated) with Kraken Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kraken Ethereum USD has no effect on the direction of Bitfinex Ethereum i.e. Bitfinex Ethereum and Kraken Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitfinex Ethereum USD  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Kraken Ethereum USD  
0 

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.

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