Pair Correlation Between Kraken Monero and Yobit HempCoin

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

Kraken

Monero on Kraken in USD
 360.55 
(69.56)  16.17%
Market Cap: 859.8 M

Yobit

HempCoin on Yobit in USD
 0.00013 
(0.000078)  37.5%
Market Cap: 532
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero is expected to generate 19.95 times less return on investment than Yobit HempCoin. But when comparing it to its historical volatility, Kraken Monero USD is 12.06 times less risky than Yobit HempCoin. It trades about 0.11 of its potential returns per unit of risk. Yobit HempCoin USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  0.02  in Yobit HempCoin USD on December 17, 2017 and sell it today you would earn a total of  0.00  from holding Yobit HempCoin USD or generate 9.47% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero and Yobit HempCoin
0.36

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Kraken Monero USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit HempCoin USD

  
11 

Risk-Adjusted Performance

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