Correlation Analysis Between Kraken Ethereum and Coinbase Ethereum

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

Kraken Ethereum USD  vs.  Coinbase Ethereum USD

Kraken

Ethereum on Kraken in USD

 204.21 
0.79  0.39%
Market Cap: 3.2 B
  

Coinbase

Ethereum on Coinbase in USD

 204.45 
1.45  0.71%
Market Cap: 145.9 M
(0.24)
0.12% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Ethereum is expected to generate 1.16 times less return on investment than Coinbase Ethereum. But when comparing it to its historical volatility, Kraken Ethereum USD is 1.19 times less risky than Coinbase Ethereum. It trades about 0.05 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  19,709  in Coinbase Ethereum USD on September 16, 2018 and sell it today you would earn a total of  596.00  from holding Coinbase Ethereum USD or generate 3.02% return on investment over 30 days.

Pair Corralation between Kraken Ethereum and Coinbase Ethereum

0.96
Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy95.45%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Kraken Ethereum USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Ethereum USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Coinbase Ethereum USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

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