Pair Correlation Between Cexio Ethereum and HitBTC ZCash

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

Cexio Ethereum USD  vs.  HitBTC ZCash USD

Cexio

Ethereum on Cexio in USD
 678.50 
19.70  2.99%
Market Cap: 754.6 M
  

HitBTC

ZCash on HitBTC in USD
 309.00 
3.51  1.12%
Market Cap: 471.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum USD is expected to generate 0.9 times more return on investment than HitBTC ZCash. However, Cexio Ethereum USD is 1.11 times less risky than HitBTC ZCash. It trades about -0.04 of its potential returns per unit of risk. HitBTC ZCash USD is currently generating about -0.05 per unit of risk. If you would invest  83,917  in Cexio Ethereum USD on March 25, 2018 and sell it today you would lose (16,067)  from holding Cexio Ethereum USD or give up 19.15% of portfolio value over 30 days.

Pair Corralation between Cexio Ethereum and HitBTC ZCash

0.94
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Cexio Ethereum 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 Cexio 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 Cexio Ethereum 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 Cexio Ethereum i.e. Cexio Ethereum and HitBTC ZCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Cexio Ethereum USD  
0 

Risk-Adjusted Performance

Over the last 30 days Cexio Ethereum 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.

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