Pair Correlation Between Kraken Monero and Yobit Armory

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

Kraken

Monero on Kraken in USD
 367.95 
49.39  15.5%
Market Cap: 859.8 M

Yobit

Armory Coin on Yobit in USD
 0.0001012 
(0.0000088)  8%
Market Cap: 1.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to under-perform the Yobit Armory. But the crypto apears to be less risky and, when comparing its historical volatility, Kraken Monero USD is 10.55 times less risky than Yobit Armory. The crypto trades about -0.08 of its potential returns per unit of risk. The Yobit Armory Coin USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  0.05  in Yobit Armory Coin USD on December 20, 2017 and sell it today you would lose (0.03)  from holding Yobit Armory Coin USD or give up 77.51% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and Yobit Armory
0.38

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy96.77%
ValuesDaily Returns

Diversification

Weak diversification

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

Yobit Armory Coin

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Armory Coin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Yobit Armory Coin USD

Pair trading matchups for Yobit Armory