Correlation Analysis 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.
Horizon     30 Days    Login   to change
Symbolsvs
Compare Efficiency

Comparative Performance

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 Waves USD  
13

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Waves USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Kraken Monero and Yobit Waves Volatility Contrast

 Predicted Return Density 
      Returns 

Kraken Monero USD  vs.  Yobit Waves USD

Kraken

Monero on Kraken in USD

 45.32 
0.72  1.61%
Market Cap: 4.2 M
  

Yobit

Waves on Yobit in USD

 2.78 
(0.02)  0.71%
Market Cap: 39.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to under-perform the Yobit Waves. But the crypto apears to be less risky and, when comparing its historical volatility, Kraken Monero USD is 1.46 times less risky than Yobit Waves. The crypto trades about -0.09 of its potential returns per unit of risk. The Yobit Waves USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  136.00  in Yobit Waves USD on December 17, 2018 and sell it today you would earn a total of  142.00  from holding Yobit Waves USD or generate 104.41% return on investment over 30 days.

Pair Corralation between Kraken Monero and Yobit Waves

-0.58
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Kraken Monero and Yobit Waves

Kraken Monero USD diversification synergy

Excellent 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.

Thematic Opportunities

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