Pair Correlation Between Kraken Monero and HitBTC NEM

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

Kraken

Monero on Kraken in USD
 386.54 
18.59  5.05%
Market Cap: 859.8 M

HitBTC

NEM on HitBTC in USD
 1.18 
0.13  12.38%
Market Cap: 21.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero is expected to generate 5.85 times less return on investment than HitBTC NEM. But when comparing it to its historical volatility, Kraken Monero USD is 1.74 times less risky than HitBTC NEM. It trades about 0.04 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  93.51  in HitBTC NEM USD on December 21, 2017 and sell it today you would earn a total of  23.49  from holding HitBTC NEM USD or generate 25.12% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and HitBTC NEM
0.73

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Kraken Monero USD

  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

Kraken Monero USD

Pair trading matchups for Kraken Monero

HitBTC NEM USD

  
8 

Risk-Adjusted Performance

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

HitBTC NEM USD

Pair trading matchups for HitBTC NEM