Correlation Analysis Between BitTrex Bitcoin and Kraken Monero

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

BitTrex Bitcoin USD  
1818

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Bitcoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak basic indicators, BitTrex Bitcoin showed solid returns over the last few months and may actually be approaching a breakup point.
Kraken Monero USD  
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Kraken Monero sustained solid returns over the last few months and may actually be approaching a breakup point.

BitTrex Bitcoin and Kraken Monero Volatility Contrast

 Predicted Return Density 
      Returns 

BitTrex Bitcoin USD  vs.  Kraken Monero USD

BitTrex

Bitcoin on BitTrex in USD

 8,839 
182.81  2.11%
Market Cap: 29 B
  

Kraken

Monero on Kraken in USD

 95.31 
4.76  5.26%
Market Cap: 16 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin USD is expected to generate 0.88 times more return on investment than Kraken Monero. However, BitTrex Bitcoin USD is 1.14 times less risky than Kraken Monero. It trades about 0.28 of its potential returns per unit of risk. Kraken Monero USD is currently generating about 0.17 per unit of risk. If you would invest  528,528  in BitTrex Bitcoin USD on May 19, 2019 and sell it today you would earn a total of  355,340  from holding BitTrex Bitcoin USD or generate 67.23% return on investment over 30 days.

Pair Corralation between BitTrex Bitcoin and Kraken Monero

0.96
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BitTrex Bitcoin and Kraken Monero

BitTrex Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Bitcoin USD and Kraken Monero USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kraken Monero USD and BitTrex 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 BitTrex Bitcoin USD are associated (or correlated) with Kraken Monero. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kraken Monero USD has no effect on the direction of BitTrex Bitcoin i.e. BitTrex Bitcoin and Kraken Monero go up and down completely randomly.
See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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