Correlation Analysis Between Coinbase Bitcoin and Kraken Bitcoin

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

Coinbase Bitcoin USD  vs.  Kraken Bitcoin USD

Coinbase

Bitcoin on Coinbase in USD
 5,910 
203.92  3.34%
Market Cap: 451.7 B
  

Kraken

Bitcoin on Kraken in USD
 5,934 
152.00  2.50%
Market Cap: 104 B
(23.90)
0.40% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Kraken Bitcoin. In addition to that, Coinbase Bitcoin is 1.02 times more volatile than Kraken Bitcoin USD. It trades about -0.2 of its total potential returns per unit of risk. Kraken Bitcoin USD is currently generating about -0.18 per unit of volatility. If you would invest  733,000  in Kraken Bitcoin USD on May 25, 2018 and sell it today you would lose (139,610)  from holding Kraken Bitcoin USD or give up 19.05% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Kraken Bitcoin

1.0
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 Coinbase Bitcoin USD and Kraken Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kraken Bitcoin USD and Coinbase 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 Coinbase Bitcoin USD are associated (or correlated) with Kraken Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kraken Bitcoin USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Kraken Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

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

Risk-Adjusted Performance

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

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