This module allows you to analyze existing cross correlation between HitBTC DigitalCash USD and Kraken Monero USD. You can compare the effects of market volatilities on HitBTC DigitalCash 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 DigitalCash with a short position of Kraken Monero. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigitalCash
and Kraken Monero
HitBTC DigitalCash USD vs Kraken Monero USD
Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Kraken Monero. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 1.21 times less risky than Kraken Monero. The crypto trades about -0.12 of its potential returns per unit of risk. The Kraken Monero USD is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 34,828 in Kraken Monero USD on December 22, 2017 and sell it today you would earn a total of 3,760 from holding Kraken Monero USD or generate 10.8% return on investment over 30 days.
|Time Period||1 Month [change]|
Very weak diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalCash 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 DigitalCash 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 DigitalCash 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 DigitalCash i.e. HitBTC DigitalCash and Kraken Monero go up and down completely randomly.
Over the last 30 days HitBTC DigitalCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.