Pair Correlation Between Kraken Monero and HitBTC Stratis

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

Kraken

Monero on Kraken in USD
 369.7 
1.75  0.48%
Market Cap: 859.8 M

HitBTC

Stratis on HitBTC in USD
 14.43 
0.3  2.12%
Market Cap: 14 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to under-perform the HitBTC Stratis. But the crypto apears to be less risky and, when comparing its historical volatility, Kraken Monero USD is 1.51 times less risky than HitBTC Stratis. The crypto trades about -0.08 of its potential returns per unit of risk. The HitBTC Stratis USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  1,150  in HitBTC Stratis USD on December 20, 2017 and sell it today you would earn a total of  310  from holding HitBTC Stratis USD or generate 26.96% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and HitBTC Stratis
0.81

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

Kraken Monero USD

Pair trading matchups for Kraken Monero

HitBTC Stratis USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Stratis USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

HitBTC Stratis USD

Pair trading matchups for HitBTC Stratis