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.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Bitfinex Ethereum USD  vs.  Kraken Ethereum USD

Bitfinex

Ethereum on Bitfinex in USD
 462.48 
3.32  0.71%
Market Cap: 42 B
  

Kraken

Ethereum on Kraken in USD
 461.99 
2.56  0.55%
Market Cap: 7.5 B
 0.49 
0.11% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Ethereum is expected to generate 1.22 times less return on investment than Kraken Ethereum. But when comparing it to its historical volatility, Bitfinex Ethereum USD is 1.02 times less risky than Kraken Ethereum. It trades about 0.06 of its potential returns per unit of risk. Kraken Ethereum USD is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  43,622  in Kraken Ethereum USD on June 23, 2018 and sell it today you would earn a total of  2,577  from holding Kraken Ethereum USD or generate 5.91% return on investment over 30 days.

Pair Corralation between Bitfinex Ethereum and Kraken Ethereum

0.99
Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

No risk reduction

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  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Ethereum USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.
Kraken Ethereum USD  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Ethereum USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

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