Pair Correlation Between HitBTC Bancor and Kraken Monero

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

HitBTC

Bancor Network Token on HitBTC in USD
 2.98 
0.18  6.43%
Market Cap: 1.1 M

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, HitBTC Bancor is expected to generate 1.84 times less return on investment than Kraken Monero. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 1.39 times less risky than Kraken Monero. It trades about 0.32 of its potential returns per unit of risk. Kraken Monero USD is currently generating about 0.43 of returns per unit of risk over similar time horizon. If you would invest  12,091  in Kraken Monero USD on November 12, 2017 and sell it today you would earn a total of  16,582  from holding Kraken Monero USD or generate 137.14% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and Kraken Monero
0.38

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 21 (%) 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.