Pair Correlation Between Kraken Ethereum and Cexio Ethereum

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

Kraken

Ethereum on Kraken in USD
 1,032 
25.29  2.51%
Market Cap: 79.2 B
(62.72)

Cexio

Ethereum on Cexio in USD
 1,095 
(11.82)  1.07%
Market Cap: 12.9 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Ethereum USD is expected to generate 0.81 times more return on investment than Cexio Ethereum. However, Kraken Ethereum USD is 1.24 times less risky than Cexio Ethereum. It trades about 0.16 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.13 per unit of risk. If you would invest  76,351  in Kraken Ethereum USD on December 20, 2017 and sell it today you would earn a total of  26,869  from holding Kraken Ethereum USD or generate 35.19% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Ethereum and Cexio Ethereum
0.88

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy96.77%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Kraken Ethereum USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Ethereum USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

Kraken Ethereum USD

Pair trading matchups for Kraken Ethereum

Cexio Ethereum USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum