Pair Correlation 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.
 Time Horizon     30 Days    Login   to change
Symbolsvs
 Kraken Monero USD  vs   Cexio Ethereum USD

Kraken

Monero on Kraken in USD
 390.45 
30.82  8.57%
Market Cap: 859.8 M

Cexio

Ethereum on Cexio in USD
 1,218 
79.1  6.94%
Market Cap: 7.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero is expected to generate 3.32 times less return on investment than Cexio Ethereum. But when comparing it to its historical volatility, Kraken Monero USD is 1.08 times less risky than Cexio Ethereum. It trades about 0.05 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest  88,000  in Cexio Ethereum USD on December 21, 2017 and sell it today you would earn a total of  30,151  from holding Cexio Ethereum USD or generate 34.26% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and Cexio Ethereum
0.61

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 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.

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.

Kraken Monero USD

Pair trading matchups for Kraken Monero

Cexio Ethereum USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum