Correlation Analysis Between Kraken Monero and Cexio Ethereum

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

Comparative Performance

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.
Cexio Ethereum USD  
0

Risk-Adjusted Performance

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

Kraken Monero and Cexio Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Kraken Monero USD  vs.  Cexio Ethereum USD

Kraken

Monero on Kraken in USD

 44.83 
0.23  0.52%
Market Cap: 4.2 M
  

Cexio

Ethereum on Cexio in USD

 125.76 
1.96  1.58%
Market Cap: 53 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to under-perform the Cexio Ethereum. In addition to that, Kraken Monero is 1.24 times more volatile than Cexio Ethereum USD. It trades about -0.09 of its total potential returns per unit of risk. Cexio Ethereum USD is currently generating about -0.01 per unit of volatility. If you would invest  14,343  in Cexio Ethereum USD on December 17, 2018 and sell it today you would lose (1,767)  from holding Cexio Ethereum USD or give up 12.32% of portfolio value over 30 days.

Pair Corralation between Kraken Monero and Cexio Ethereum

0.66
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Kraken Monero and Cexio Ethereum

Kraken Monero USD diversification synergy

Poor diversification

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

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