Pair Correlation Between Kraken Monero and HitBTC DigiByte

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


Monero on Kraken in USD
34.2  10.85%
Market Cap: 859.8 M


DigiByte on HitBTC in USD
0.0048  7.48%
Market Cap: 35.3 K
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to under-perform the HitBTC DigiByte. But the crypto apears to be less risky and, when comparing its historical volatility, Kraken Monero USD is 2.26 times less risky than HitBTC DigiByte. The crypto trades about -0.06 of its potential returns per unit of risk. The HitBTC DigiByte USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  3.99  in HitBTC DigiByte USD on December 19, 2017 and sell it today you would earn a total of  2.43  from holding HitBTC DigiByte USD or generate 60.9% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and HitBTC DigiByte


Time Period1 Month [change]
ValuesDaily Returns


Poor diversification

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

Comparative Volatility

 Predicted Return Density 

Kraken Monero USD


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

HitBTC DigiByte USD


Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte