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
 274.96 
20.04  6.79%
Market Cap: 265.9 M
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.06571 
0.00539  7.58%
Market Cap: 15 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to generate 0.77 times more return on investment than Bitfinex Recovery. However, Kraken Monero USD is 1.3 times less risky than Bitfinex Recovery. It trades about 0.05 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.02 per unit of risk. If you would invest  27,469  in Kraken Monero USD on March 26, 2018 and sell it today you would earn a total of  2,031  from holding Kraken Monero USD or generate 7.39% return on investment over 30 days.

Pair Corralation between Kraken Monero and Bitfinex Recovery

0.68
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor 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  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Bitfinex Recovery Right  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1019.98

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See also your portfolio center. Please also try World Markets Correlation module to find global opportunities by holding instruments from different markets.