This module allows you to analyze existing cross correlation between Kraken Monero USD and Yobit BitTokens USD. You can compare the effects of market volatilities on Kraken Monero and Yobit BitTokens 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 BitTokens. See also your portfolio center
. Please also check ongoing floating volatility patterns of Kraken Monero
and Yobit BitTokens
Kraken Monero USD vs Yobit BitTokens USD
Assuming 30 trading days horizon, Kraken Monero is expected to generate 746.33 times less return on investment than Yobit BitTokens. But when comparing it to its historical volatility, Kraken Monero USD is 21.71 times less risky than Yobit BitTokens. It trades about 0.01 of its potential returns per unit of risk. Yobit BitTokens USD is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 299 in Yobit BitTokens USD on December 17, 2017 and sell it today you would lose (54) from holding Yobit BitTokens USD or give up 18.06% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Very weak diversification
Overlapping area represents the amount of risk that can be diversified away by holding Kraken Monero USD and Yobit BitTokens USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit BitTokens 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 Yobit BitTokens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit BitTokens USD has no effect on the direction of Kraken Monero i.e. Kraken Monero and Yobit BitTokens go up and down completely randomly.
Over the last 30 days Kraken Monero USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitTokens USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.