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
 2.14 
0.11  5.42%
Market Cap: 34.5 K
  

HitBTC

ZCash on HitBTC in USD
 253.34 
0.37  0.15%
Market Cap: 471.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC PeerCoin USD is expected to under-perform the HitBTC ZCash. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC PeerCoin USD is 1.05 times less risky than HitBTC ZCash. The crypto trades about -0.19 of its potential returns per unit of risk. The HitBTC ZCash USD is currently generating about -0.17 of returns per unit of risk over similar time horizon. If you would invest  47,394  in HitBTC ZCash USD on March 20, 2018 and sell it today you would lose (22,023)  from holding HitBTC ZCash USD or give up 46.47% of portfolio value over 30 days.

Pair Corralation between HitBTC PeerCoin and HitBTC ZCash

0.96
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 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  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC PeerCoin 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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ExchangeNASDAQ
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See also your portfolio center. Please also try Piotroski F Score module to get piotroski f score based on binary analysis strategy of nine different fundamentals.