Pair Correlation Between Lykke Ethereum and Kraken Ethereum

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

Lykke

Ethereum on Lykke in USD
 1,187 
63.46  5.65%
Market Cap: 30 M
 70.48 

Kraken

Ethereum on Kraken in USD
 1,117 
36.97  3.42%
Market Cap: 79.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Lykke Ethereum is expected to generate 1.05 times less return on investment than Kraken Ethereum. But when comparing it to its historical volatility, Lykke Ethereum USD is 1.94 times less risky than Kraken Ethereum. It trades about 0.41 of its potential returns per unit of risk. Kraken Ethereum USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  70,194  in Kraken Ethereum USD on December 21, 2017 and sell it today you would earn a total of  37,806  from holding Kraken Ethereum USD or generate 53.86% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Lykke Ethereum and Kraken Ethereum
0.8

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Lykke Ethereum USD

  
27 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Lykke Ethereum USD are ranked lower than 27 (%) of all global equities and portfolios over the last 30 days.

Lykke Ethereum USD

Pair trading matchups for Lykke Ethereum

Kraken Ethereum USD

  
14 

Risk-Adjusted Performance

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

Kraken Ethereum USD

Pair trading matchups for Kraken Ethereum