Correlation Analysis Between Bitstamp Ethereum and Poloniex Monero

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

Bitstamp Ethereum USD  vs.  Poloniex Monero USD

Bitstamp

Ethereum on Bitstamp in USD

 211.68 
8.37  3.80%
Market Cap: 931.1 M
  

Poloniex

Monero on Poloniex in USD

 113.65 
0.06  0.05%
Market Cap: 21.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitstamp Ethereum USD is expected to under-perform the Poloniex Monero. In addition to that, Bitstamp Ethereum is 1.21 times more volatile than Poloniex Monero USD. It trades about -0.11 of its total potential returns per unit of risk. Poloniex Monero USD is currently generating about 0.1 per unit of volatility. If you would invest  10,272  in Poloniex Monero USD on August 26, 2018 and sell it today you would earn a total of  1,087  from holding Poloniex Monero USD or generate 10.58% return on investment over 30 days.

Pair Corralation between Bitstamp Ethereum and Poloniex Monero

-0.03
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitstamp Ethereum USD and Poloniex Monero USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Poloniex Monero USD and Bitstamp Ethereum 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 Bitstamp Ethereum USD are associated (or correlated) with Poloniex Monero. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poloniex Monero USD has no effect on the direction of Bitstamp Ethereum i.e. Bitstamp Ethereum and Poloniex Monero go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitstamp Ethereum USD  
0 

Risk-Adjusted Performance

Over the last 30 days Bitstamp Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Poloniex Monero USD  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Monero USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

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