Correlation Analysis Between Kraken Bitcoin and BTCAlpha Bitcoin

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

Comparative Performance

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.
BTCAlpha Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days BTCAlpha Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Crypto's fundamental indicators remain stable and the prevalent disturbance on Wall Street may also be a sign of long-run gains for the entity stockholder.

Kraken Bitcoin and BTCAlpha Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Kraken Bitcoin USD  vs.  BTCAlpha Bitcoin USD

Kraken

Bitcoin on Kraken in USD

 10,161 
(38.00)  0.37%
Market Cap: 445.8 B
  

BTCAlpha

Bitcoin on BTCAlpha in USD

 10,074 
(148.04)  1.45%
Market Cap: 45.9 B
 87.04 
0.86% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Bitcoin USD is expected to under-perform the BTCAlpha Bitcoin. In addition to that, Kraken Bitcoin is 1.04 times more volatile than BTCAlpha Bitcoin USD. It trades about -0.02 of its total potential returns per unit of risk. BTCAlpha Bitcoin USD is currently generating about -0.03 per unit of volatility. If you would invest  1,164,641  in BTCAlpha Bitcoin USD on July 22, 2019 and sell it today you would lose (153,017)  from holding BTCAlpha Bitcoin USD or give up 13.14% of portfolio value over 30 days.

Pair Corralation between Kraken Bitcoin and BTCAlpha Bitcoin

0.96
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Kraken Bitcoin and BTCAlpha 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 BTCAlpha Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BTCAlpha 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 BTCAlpha Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTCAlpha Bitcoin USD has no effect on the direction of Kraken Bitcoin i.e. Kraken Bitcoin and BTCAlpha Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Instant Ratings module to determine any equity ratings based on digital recommendations. macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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