Pair Correlation Between HitBTC DigitalCash and Kraken Monero

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

HitBTC

DigitalCash on HitBTC in USD
 847.61 
21.68  2.62%
Market Cap: 2.6 B

Kraken

Monero on Kraken in USD
 349.5 
34.2  10.85%
Market Cap: 859.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Kraken Monero. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 1.09 times less risky than Kraken Monero. The crypto trades about -0.12 of its potential returns per unit of risk. The Kraken Monero USD is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest  46,230  in Kraken Monero USD on December 19, 2017 and sell it today you would lose (11,280)  from holding Kraken Monero USD or give up 24.4% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Kraken Monero
0.63

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalCash 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 HitBTC DigitalCash 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 HitBTC DigitalCash 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 HitBTC DigitalCash i.e. HitBTC DigitalCash and Kraken Monero go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

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

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash

Kraken Monero USD

  
0 

Risk-Adjusted Performance

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

Kraken Monero USD

Pair trading matchups for Kraken Monero