Pair Correlation Between HitBTC PeerCoin and HitBTC ZCash

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

HitBTC

PeerCoin on HitBTC in USD
 6.01 
0.39  6.94%
Market Cap: 206.1 K

HitBTC

ZCash on HitBTC in USD
 547.01 
30.87  5.98%
Market Cap: 1.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC PeerCoin USD is expected to generate 1.72 times more return on investment than HitBTC ZCash. However, HitBTC PeerCoin is 1.72 times more volatile than HitBTC ZCash USD. It trades about 0.15 of its potential returns per unit of risk. HitBTC ZCash USD is currently generating about 0.0 per unit of risk. If you would invest  455  in HitBTC PeerCoin USD on December 21, 2017 and sell it today you would earn a total of  142  from holding HitBTC PeerCoin USD or generate 31.21% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC PeerCoin and HitBTC ZCash
0.7

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 HitBTC PeerCoin 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 HitBTC PeerCoin 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 HitBTC PeerCoin 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 HitBTC PeerCoin i.e. HitBTC PeerCoin and HitBTC ZCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC PeerCoin USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC PeerCoin USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

HitBTC PeerCoin USD

Pair trading matchups for HitBTC PeerCoin

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.

HitBTC ZCash USD

Pair trading matchups for HitBTC ZCash