Correlation Analysis Between Coinbase Bitcoin and Kraken ZCash

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

Coinbase Bitcoin USD  vs.  Kraken ZCash USD

Coinbase

Bitcoin on Coinbase in USD

 6,405 
209.13  3.38%
Market Cap: 51.6 B
  

Kraken

ZCash on Kraken in USD

 108.94 
0.08  0.07%
Market Cap: 22.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 1.3 times less return on investment than Kraken ZCash. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 1.96 times less risky than Kraken ZCash. It trades about 0.06 of its potential returns per unit of risk. Kraken ZCash USD is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  10,660  in Kraken ZCash USD on September 15, 2018 and sell it today you would earn a total of  171.00  from holding Kraken ZCash USD or generate 1.6% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and Kraken ZCash

0.74
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin USD and Kraken ZCash USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kraken ZCash 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 ZCash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kraken ZCash USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Kraken ZCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Kraken ZCash USD  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken ZCash USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions

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Alphabet
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ExchangeNASDAQ
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