Correlation Analysis Between Coinbase Bitcoin and Kraken Monero

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

Coinbase Bitcoin USD  vs.  Kraken Monero USD

Coinbase

Bitcoin on Coinbase in USD
 7,605 
81.00  1.08%
Market Cap: 245.1 B
  

Kraken

Monero on Kraken in USD
 172.03 
1.22  0.71%
Market Cap: 91.3 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.7 times more return on investment than Kraken Monero. However, Coinbase Bitcoin USD is 1.43 times less risky than Kraken Monero. It trades about -0.22 of its potential returns per unit of risk. Kraken Monero USD is currently generating about -0.38 per unit of risk. If you would invest  910,863  in Coinbase Bitcoin USD on April 24, 2018 and sell it today you would lose (159,563)  from holding Coinbase Bitcoin USD or give up 17.52% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Kraken Monero

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin
Kraken Monero USD  
0 

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Money Flow Index module to determine momentum by analyzing money flow index and other technical indicators.