Correlation Analysis Between Kraken Monero and Cexio Ethereum

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

Kraken Monero USD  vs.  Cexio Ethereum USD

Kraken

Monero on Kraken in USD
 141.00 
2.35  1.69%
Market Cap: 43.4 M
  

Cexio

Ethereum on Cexio in USD
 470.98 
0.96  0.20%
Market Cap: 859.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to generate 1.2 times more return on investment than Cexio Ethereum. However, Kraken Monero is 1.2 times more volatile than Cexio Ethereum USD. It trades about 0.13 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about -0.07 per unit of risk. If you would invest  12,286  in Kraken Monero USD on June 19, 2018 and sell it today you would earn a total of  1,943  from holding Kraken Monero USD or generate 15.81% return on investment over 30 days.

Pair Corralation between Kraken Monero and Cexio Ethereum

0.19
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding Kraken Monero USD and Cexio Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Cexio Ethereum USD and Kraken Monero 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 Kraken Monero USD are associated (or correlated) with Cexio Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cexio Ethereum USD has no effect on the direction of Kraken Monero i.e. Kraken Monero and Cexio Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Kraken Monero USD  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
Cexio Ethereum USD  
0 

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.