Pair Correlation Between Kraken Monero and Bitfinex Recovery

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

Kraken

Monero on Kraken in USD
 329.95 
11.39  3.58%
Market Cap: 859.8 M

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.14 
0.0058  4.4%
Market Cap: 662.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to generate 0.85 times more return on investment than Bitfinex Recovery. However, Kraken Monero USD is 1.18 times less risky than Bitfinex Recovery. It trades about -0.08 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about -0.16 per unit of risk. If you would invest  45,685  in Kraken Monero USD on December 20, 2017 and sell it today you would lose (12,690)  from holding Kraken Monero USD or give up 27.78% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and Bitfinex Recovery
0.57

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

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

Bitfinex Recovery Right

  
0 

Risk-Adjusted Performance

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

Bitfinex Recovery Right Tokens USD

Pair trading matchups for Bitfinex Recovery