Correlation Analysis Between Kraken Augur and Bitfinex NEO

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

Comparative Performance

Kraken Augur USD  
0

Risk-Adjusted Performance

Over the last 30 days Kraken Augur USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex NEO USD  
0

Risk-Adjusted Performance

Over the last 30 days Bitfinex NEO USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Kraken Augur and Bitfinex NEO Volatility Contrast

 Predicted Return Density 
      Returns 

Kraken Augur USD  vs.  Bitfinex NEO USD

Kraken

Augur on Kraken in USD

 7.27 
0.14  1.96%
Market Cap: 4.8 K
  

Bitfinex

NEO on Bitfinex in USD

 7.28 
(0.03)  0.41%
Market Cap: 11.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Augur USD is expected to generate 1.25 times more return on investment than Bitfinex NEO. However, Kraken Augur is 1.25 times more volatile than Bitfinex NEO USD. It trades about -0.11 of its potential returns per unit of risk. Bitfinex NEO USD is currently generating about -0.22 per unit of risk. If you would invest  1,344  in Kraken Augur USD on November 19, 2018 and sell it today you would lose (617.00)  from holding Kraken Augur USD or give up 45.91% of portfolio value over 30 days.

Pair Corralation between Kraken Augur and Bitfinex NEO

0.94
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy97.67%
ValuesDaily Returns

Diversification Opportunities for Kraken Augur and Bitfinex NEO

Kraken Augur USD diversification synergy

Almost no diversification

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

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