Correlation Analysis Between ExtStock Bitcoin and Kraken Bitcoin

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

Comparative Performance

ExtStock Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days ExtStock Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.
Kraken Bitcoin USD  
00

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. Despite latest weak performance, the Crypto's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the entity investors.

ExtStock Bitcoin and Kraken Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

ExtStock Bitcoin USD  vs.  Kraken Bitcoin USD

ExtStock

Bitcoin on ExtStock in USD

 9,952 
(289.00)  2.82%
Market Cap: 39.3 B
  

Kraken

Bitcoin on Kraken in USD

 10,078 
(281.50)  2.72%
Market Cap: 445.8 B
(125.99)
1.27% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ExtStock Bitcoin USD is expected to under-perform the Kraken Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, ExtStock Bitcoin USD is 1.06 times less risky than Kraken Bitcoin. The crypto trades about -0.06 of its potential returns per unit of risk. The Kraken Bitcoin USD is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest  1,186,790  in Kraken Bitcoin USD on July 25, 2019 and sell it today you would lose (186,800)  from holding Kraken Bitcoin USD or give up 15.74% of portfolio value over 30 days.

Pair Corralation between ExtStock Bitcoin and Kraken Bitcoin

0.92
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ExtStock Bitcoin and Kraken Bitcoin

ExtStock Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding ExtStock 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 ExtStock 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 ExtStock 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 ExtStock Bitcoin i.e. ExtStock Bitcoin and Kraken Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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