Pair Correlation Between CCEX CryptoCarbon and Kraken Monero

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

CCEX

CryptoCarbon on CCEX in USD
 0.37 
(0.0436)  10.65%
Market Cap: 17.0

Kraken

Monero on Kraken in USD
 286.73 
19.65  7.36%
Market Cap: 436.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX CryptoCarbon USD is expected to generate 10.58 times more return on investment than Kraken Monero. However, CCEX CryptoCarbon is 10.58 times more volatile than Kraken Monero USD. It trades about 0.19 of its potential returns per unit of risk. Kraken Monero USD is currently generating about 0.43 per unit of risk. If you would invest  15  in CCEX CryptoCarbon USD on November 12, 2017 and sell it today you would earn a total of  25.92  from holding CCEX CryptoCarbon USD or generate 172.8% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between CCEX CryptoCarbon and Kraken Monero
0.86

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy96.77%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

CCEX CryptoCarbon USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX CryptoCarbon USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Kraken Monero USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.