Pair Correlation Between BitTrex Ethereum and HitBTC ZCash

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

BitTrex

Ethereum Classic on BitTrex in USD
 41 
15.3  59.53%
Market Cap: 88.6 M

HitBTC

ZCash on HitBTC in USD
 657.88 
172.83  35.63%
Market Cap: 1.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum Classic USD is expected to under-perform the HitBTC ZCash. In addition to that, BitTrex Ethereum is 1.21 times more volatile than HitBTC ZCash USD. It trades about -0.06 of its total potential returns per unit of risk. HitBTC ZCash USD is currently generating about -0.02 per unit of volatility. If you would invest  57,748  in HitBTC ZCash USD on December 18, 2017 and sell it today you would lose (9,243)  from holding HitBTC ZCash USD or give up 16.01% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and HitBTC ZCash
0.79

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 BitTrex Ethereum Classic USD and HitBTC ZCash USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC ZCash USD and BitTrex Ethereum 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 BitTrex Ethereum Classic USD are associated (or correlated) with HitBTC ZCash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC ZCash USD has no effect on the direction of BitTrex Ethereum i.e. BitTrex Ethereum and HitBTC ZCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum Cla

  
0 

Risk-Adjusted Performance

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

HitBTC ZCash USD

  
0 

Risk-Adjusted Performance

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