Correlation Analysis Between Kraken Monero and BitTrex Ethereum

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

Kraken Monero USD  vs.  BitTrex Ethereum Classic USD

Kraken

Monero on Kraken in USD

 111.61 
0.42  0.38%
Market Cap: 7.8 M
  

BitTrex

Ethereum Classic on BitTrex in USD

 10.61 
0.26  2.39%
Market Cap: 64.2 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to generate 1.33 times more return on investment than BitTrex Ethereum. However, Kraken Monero is 1.33 times more volatile than BitTrex Ethereum Classic USD. It trades about 0.18 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about -0.21 per unit of risk. If you would invest  8,896  in Kraken Monero USD on August 21, 2018 and sell it today you would earn a total of  2,265  from holding Kraken Monero USD or generate 25.46% return on investment over 30 days.

Pair Corralation between Kraken Monero and BitTrex Ethereum

-0.12
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy73.33%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Kraken Monero USD  
11 

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.
BitTrex Ethereum Cla  
0 

Risk-Adjusted Performance

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

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