Pair Correlation Between Coinbase Bitcoin and HitBTC ZCash

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

Coinbase

Bitcoin on Coinbase in USD
 10,614 
(727.71)  6.42%
Market Cap: 1659.4 B

HitBTC

ZCash on HitBTC in USD
 427.22 
(52.17)  10.88%
Market Cap: 1.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the HitBTC ZCash. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 1.08 times less risky than HitBTC ZCash. The crypto trades about -0.06 of its potential returns per unit of risk. The HitBTC ZCash USD is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest  49,854  in HitBTC ZCash USD on December 23, 2017 and sell it today you would lose (2,222)  from holding HitBTC ZCash USD or give up 4.46% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and HitBTC ZCash
0.53

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
0 

Risk-Adjusted Performance

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

HitBTC ZCash USD

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ZCash USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.