Correlation Analysis Between Yobit Dogecoin and Kraken Monero

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

Yobit Dogecoin USD  vs.  Kraken Monero USD

Yobit

Dogecoin on Yobit in USD
 0.003594 
0.000101  2.89%
Market Cap: 21.8 K
  

Kraken

Monero on Kraken in USD
 134.56 
3.72  2.84%
Market Cap: 23.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to generate 1.45 times more return on investment than Kraken Monero. However, Yobit Dogecoin is 1.45 times more volatile than Kraken Monero USD. It trades about 0.21 of its potential returns per unit of risk. Kraken Monero USD is currently generating about 0.06 per unit of risk. If you would invest  0.26  in Yobit Dogecoin USD on June 23, 2018 and sell it today you would earn a total of  0.10  from holding Yobit Dogecoin USD or generate 38.11% return on investment over 30 days.

Pair Corralation between Yobit Dogecoin and Kraken Monero

0.53
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 Yobit Dogecoin USD and Kraken Monero USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kraken Monero USD and Yobit Dogecoin 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 Yobit Dogecoin USD are associated (or correlated) with Kraken Monero. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kraken Monero USD has no effect on the direction of Yobit Dogecoin i.e. Yobit Dogecoin and Kraken Monero go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Dogecoin USD  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Dogecoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.
Kraken Monero USD  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

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See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.


 
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