Correlation Analysis Between Kraken Bitcoin and BitTrex Bitcoin

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

Comparative Performance

Kraken Bitcoin USD  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Kraken Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
BitTrex Bitcoin USD  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak basic indicators, BitTrex Bitcoin showed solid returns over the last few months and may actually be approaching a breakup point.

Kraken Bitcoin and BitTrex Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Kraken Bitcoin USD  vs.  BitTrex Bitcoin USD

Kraken

Bitcoin on Kraken in USD

 10,774 
575.50  5.64%
Market Cap: 445.8 B
  

BitTrex

Bitcoin on BitTrex in USD

 10,777 
534.61  5.22%
Market Cap: 29.7 B
(3.03)
0.028122% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Bitcoin USD is expected to generate 1.03 times more return on investment than BitTrex Bitcoin. However, Kraken Bitcoin is 1.03 times more volatile than BitTrex Bitcoin USD. It trades about 0.06 of its potential returns per unit of risk. BitTrex Bitcoin USD is currently generating about 0.06 per unit of risk. If you would invest  993,700  in Kraken Bitcoin USD on July 20, 2019 and sell it today you would earn a total of  74,730  from holding Kraken Bitcoin USD or generate 7.52% return on investment over 30 days.

Pair Corralation between Kraken Bitcoin and BitTrex Bitcoin

0.93
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Kraken Bitcoin and BitTrex Bitcoin

Kraken Bitcoin USD diversification synergy

Almost no diversification

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