Pair Correlation Between CCEX BitZeny and Kraken Monero

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

CCEX

BitZeny on CCEX in USD
 0.33 
(0.0291)  8.18%
Market Cap: 3 K

Kraken

Monero on Kraken in USD
 295.6 
9.21  3.22%
Market Cap: 436.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX BitZeny USD is expected to generate 30.96 times more return on investment than Kraken Monero. However, CCEX BitZeny is 30.96 times more volatile than Kraken Monero USD. It trades about 0.24 of its potential returns per unit of risk. Kraken Monero USD is currently generating about 0.41 per unit of risk. If you would invest  2.57  in CCEX BitZeny USD on November 13, 2017 and sell it today you would earn a total of  30.08  from holding CCEX BitZeny USD or generate 1170.43% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between CCEX BitZeny and Kraken Monero
0.88

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

CCEX BitZeny USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX BitZeny USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

Kraken Monero USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.

Kraken Monero USD

Pair trading matchups for Kraken Monero