Correlation Analysis Between Bitfinex Monero and Kraken Monero

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

Bitfinex Monero USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex Monero USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.
Kraken Monero USD  
00

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. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.

Bitfinex Monero and Kraken Monero Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Monero USD  vs.  Kraken Monero USD

Bitfinex

Monero on Bitfinex in USD

 80.96 
(4.11)  4.83%
Market Cap: 25.4 M
  

Kraken

Monero on Kraken in USD

 80.80 
(1.13)  1.38%
Market Cap: 19 M
 0.16 
0.20% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Monero USD is expected to generate 0.94 times more return on investment than Kraken Monero. However, Bitfinex Monero USD is 1.07 times less risky than Kraken Monero. It trades about -0.1 of its potential returns per unit of risk. Kraken Monero USD is currently generating about -0.1 per unit of risk. If you would invest  11,183  in Bitfinex Monero USD on July 22, 2019 and sell it today you would lose (2,993)  from holding Bitfinex Monero USD or give up 26.76% of portfolio value over 30 days.

Pair Corralation between Bitfinex Monero and Kraken Monero

0.95
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy97.67%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Monero and Kraken Monero

Bitfinex Monero USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Monero 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 Bitfinex 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 Bitfinex Monero 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 Monero i.e. Bitfinex Monero and Kraken Monero go up and down completely randomly.
See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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