Pair Correlation Between Yobit Decred and Kraken Monero

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

Yobit

Decred on Yobit in USD
 99.29 
(10.57)  9.62%
Market Cap: 427.8 K

Kraken

Monero on Kraken in USD
 390.98 
31.35  8.72%
Market Cap: 859.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Decred USD is expected to generate 1.03 times more return on investment than Kraken Monero. However, Yobit Decred is 1.03 times more volatile than Kraken Monero USD. It trades about 0.09 of its potential returns per unit of risk. Kraken Monero USD is currently generating about 0.01 per unit of risk. If you would invest  8,700  in Yobit Decred USD on December 21, 2017 and sell it today you would earn a total of  1,300  from holding Yobit Decred USD or generate 14.94% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Decred and Kraken Monero
0.72

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Decred 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 Yobit Decred 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 Yobit Decred 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 Yobit Decred i.e. Yobit Decred and Kraken Monero go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Decred USD

  
6 

Risk-Adjusted Performance

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

Yobit Decred USD

Pair trading matchups for Yobit Decred

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