Correlation Analysis Between Bitfinex Recovery and Kraken Monero

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

Comparative Performance

Bitfinex Recovery Right  
0

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.
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.

Bitfinex Recovery and Kraken Monero Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Recovery Right Tokens  vs.  Kraken Monero USD

Bitfinex

Recovery Right Tokens on Bitfinex in USD

 0.03563 
(0.00011)  0.31%
Market Cap: 145
  

Kraken

Monero on Kraken in USD

 37.85 
(0.54)  1.41%
Market Cap: 20.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to generate 0.52 times more return on investment than Kraken Monero. However, Bitfinex Recovery Right Tokens USD is 1.9 times less risky than Kraken Monero. It trades about 0.01 of its potential returns per unit of risk. Kraken Monero USD is currently generating about -0.28 per unit of risk. If you would invest  3.62  in Bitfinex Recovery Right Tokens USD on November 15, 2018 and sell it today you would lose (0.05)  from holding Bitfinex Recovery Right Tokens USD or give up 1.49% of portfolio value over 30 days.

Pair Corralation between Bitfinex Recovery and Kraken Monero

0.09
Time Period2 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy95.56%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Recovery and Kraken Monero

Bitfinex Recovery Right Tokens diversification synergy

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Recovery Right Tokens 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 Bitfinex Recovery 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 Bitfinex Recovery Right Tokens 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 Bitfinex Recovery i.e. Bitfinex Recovery and Kraken Monero go up and down completely randomly.

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