Pair Correlation Between Kraken Monero and Yobit Waves

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

Kraken

Monero on Kraken in USD
 381.9 
22.27  6.19%
Market Cap: 859.8 M

Yobit

Waves on Yobit in USD
 10.29 
0.3  3%
Market Cap: 362 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to generate 1.21 times more return on investment than Yobit Waves. However, Kraken Monero is 1.21 times more volatile than Yobit Waves USD. It trades about 0.01 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.14 per unit of risk. If you would invest  40,048  in Kraken Monero USD on December 21, 2017 and sell it today you would lose (4,085)  from holding Kraken Monero USD or give up 10.2% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and Yobit Waves
0.57

Parameters

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

Diversification

Very weak diversification

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

  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Waves USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Yobit Waves USD

Pair trading matchups for Yobit Waves