Correlation Analysis Between Kraken Monero and Yobit SpaceCoin

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

Kraken Monero USD  vs.  Yobit SpaceCoin USD

Kraken

Monero on Kraken in USD
 171.88 
4.77  2.70%
Market Cap: 91.3 M
  

Yobit

SpaceCoin on Yobit in USD
 0.004609 
0.000004  0.09%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to under-perform the Yobit SpaceCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Kraken Monero USD is 8.33 times less risky than Yobit SpaceCoin. The crypto trades about -0.35 of its potential returns per unit of risk. The Yobit SpaceCoin USD is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest  0.45  in Yobit SpaceCoin USD on April 22, 2018 and sell it today you would earn a total of  0.01  from holding Yobit SpaceCoin USD or generate 2.4% return on investment over 30 days.

Pair Corralation between Kraken Monero and Yobit SpaceCoin

0.07
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding Kraken Monero USD and Yobit SpaceCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit SpaceCoin 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 SpaceCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit SpaceCoin USD has no effect on the direction of Kraken Monero i.e. Kraken Monero and Yobit SpaceCoin 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.
Yobit SpaceCoin USD  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SpaceCoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1069.73

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Crypto Portfolio Optimizer module to optimize portfolio of digital coins and token across multiple currency and exchanges.