Pair Correlation Between Kraken Monero and HitBTC PeerCoin

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

Kraken

Monero on Kraken in USD
 348 
6.7  1.96%
Market Cap: 1.1 B

HitBTC

PeerCoin on HitBTC in USD
 5.66 
(0.05)  0.88%
Market Cap: 206.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero is expected to generate 4.32 times less return on investment than HitBTC PeerCoin. But when comparing it to its historical volatility, Kraken Monero USD is 1.76 times less risky than HitBTC PeerCoin. It trades about 0.07 of its potential returns per unit of risk. HitBTC PeerCoin USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  406  in HitBTC PeerCoin USD on December 23, 2017 and sell it today you would earn a total of  160  from holding HitBTC PeerCoin USD or generate 39.41% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and HitBTC PeerCoin
0.47

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Kraken Monero USD

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

HitBTC PeerCoin USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC PeerCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.