Pair Correlation Between HitBTC Stratis and Kraken Monero

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

HitBTC

Stratis on HitBTC in USD
 14.6 
0.47  3.33%
Market Cap: 14 M

Kraken

Monero on Kraken in USD
 333.26 
14.7  4.61%
Market Cap: 859.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Stratis USD is expected to generate 1.51 times more return on investment than Kraken Monero. However, HitBTC Stratis is 1.51 times more volatile than Kraken Monero USD. It trades about 0.13 of its potential returns per unit of risk. Kraken Monero USD is currently generating about -0.08 per unit of risk. If you would invest  1,150  in HitBTC Stratis USD on December 20, 2017 and sell it today you would earn a total of  310  from holding HitBTC Stratis USD or generate 26.96% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Stratis and Kraken Monero
0.81

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 HitBTC Stratis 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 Stratis 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 Stratis 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 Stratis i.e. HitBTC Stratis and Kraken Monero go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Stratis USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Stratis USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

HitBTC Stratis USD

Pair trading matchups for HitBTC Stratis

Kraken Monero USD

  
0 

Risk-Adjusted Performance

Over the last 30 days Kraken Monero USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Kraken Monero USD

Pair trading matchups for Kraken Monero