Pair Correlation Between HitBTC DigiByte and Kraken Monero

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

HitBTC DigiByte USD  vs.  Kraken Monero USD

HitBTC

DigiByte on HitBTC in USD
 0.03646 
0.00026  0.72%
Market Cap: 9.7 K
  

Kraken

Monero on Kraken in USD
 290.14 
1.76  0.61%
Market Cap: 265.9 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigiByte is expected to generate 1.04 times less return on investment than Kraken Monero. In addition to that, HitBTC DigiByte is 1.1 times more volatile than Kraken Monero USD. It trades about 0.05 of its total potential returns per unit of risk. Kraken Monero USD is currently generating about 0.06 per unit of volatility. If you would invest  26,224  in Kraken Monero USD on March 25, 2018 and sell it today you would earn a total of  2,790  from holding Kraken Monero USD or generate 10.64% return on investment over 30 days.

Pair Corralation between HitBTC DigiByte and Kraken Monero

0.79
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy98.36%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC DigiByte USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Kraken Monero USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

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Alphabet
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ExchangeNASDAQ
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See also your portfolio center. Please also try Volatility Analysis module to get historical volatility and risk analysis based on latest market data.