Pair Correlation Between Kraken Monero and Yobit SibCoin

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

Kraken

Monero on Kraken in USD
 318.56 
(41.07)  11.42%
Market Cap: 859.8 M

Yobit

SibCoin on Yobit in USD
 3.84 
0.54  16.36%
Market Cap: 1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero is expected to generate 31.8 times less return on investment than Yobit SibCoin. But when comparing it to its historical volatility, Kraken Monero USD is 2.25 times less risky than Yobit SibCoin. It trades about 0.01 of its potential returns per unit of risk. Yobit SibCoin USD is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest  327  in Yobit SibCoin USD on December 21, 2017 and sell it today you would earn a total of  3  from holding Yobit SibCoin USD or generate 0.92% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and Yobit SibCoin
0.27

Parameters

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

Diversification

Modest diversification

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

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SibCoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

Yobit SibCoin USD

Pair trading matchups for Yobit SibCoin