Pair Correlation Between Kraken Monero and Yobit Decred

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

Kraken

Monero on Kraken in USD
 360.55 
(69.56)  16.17%
Market Cap: 859.8 M

Yobit

Decred on Yobit in USD
 99 
(16.21)  14.07%
Market Cap: 427.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to generate 0.96 times more return on investment than Yobit Decred. However, Kraken Monero USD is 1.04 times less risky than Yobit Decred. It trades about 0.11 of its potential returns per unit of risk. Yobit Decred USD is currently generating about 0.1 per unit of risk. If you would invest  36,646  in Kraken Monero USD on December 17, 2017 and sell it today you would earn a total of  6,365  from holding Kraken Monero USD or generate 17.37% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and Yobit Decred
0.62

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 Yobit Decred USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Decred 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 Decred. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Decred USD has no effect on the direction of Kraken Monero i.e. Kraken Monero and Yobit Decred go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Kraken Monero USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit Decred USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.