Pair Correlation Between HitBTC ByteCoin and Kraken Monero

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

HitBTC

ByteCoin on HitBTC in USD
 0.004078 
0.000641  18.65%
Market Cap: 456.4 K

Kraken

Monero on Kraken in USD
 334.7 
(14.25)  4.08%
Market Cap: 810 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 0.92 times more return on investment than Kraken Monero. However, HitBTC ByteCoin USD is 1.09 times less risky than Kraken Monero. It trades about 0.58 of its potential returns per unit of risk. Kraken Monero USD is currently generating about 0.48 per unit of risk. If you would invest  0.12  in HitBTC ByteCoin USD on November 17, 2017 and sell it today you would earn a total of  0.26  from holding HitBTC ByteCoin USD or generate 206.51% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Kraken Monero
0.96

Parameters

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

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
38 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 38 (%) of all global equities and portfolios over the last 30 days.

Kraken Monero USD

  
31 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 31 (%) of all global equities and portfolios over the last 30 days.