Correlation Analysis Between Kraken Bitcoin and Coinbase Bitcoin

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

Kraken Bitcoin USD  vs.  Coinbase Bitcoin USD

Kraken

Bitcoin on Kraken in USD
 7,360 
103.00  1.42%
Market Cap: 208.7 B
  

Coinbase

Bitcoin on Coinbase in USD
 7,362 
128.29  1.77%
Market Cap: 715.7 B
(2.10)
0.028532% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Bitcoin is expected to generate 1.04 times less return on investment than Coinbase Bitcoin. But when comparing it to its historical volatility, Kraken Bitcoin USD is 1.03 times less risky than Coinbase Bitcoin. It trades about 0.22 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  599,895  in Coinbase Bitcoin USD on June 21, 2018 and sell it today you would earn a total of  129,703  from holding Coinbase Bitcoin USD or generate 21.62% return on investment over 30 days.

Pair Corralation between Kraken Bitcoin and Coinbase Bitcoin

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Kraken Bitcoin USD  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Bitcoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Kraken Bitcoin USD

Pair trading matchups for Kraken Bitcoin
Coinbase Bitcoin USD  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin

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GOOG - USA Stock
Alphabet
Specialization
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$0.0
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