Pair Correlation Between HitBTC DigitalNote and HitBTC ZCash

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

HitBTC

DigitalNote on HitBTC in USD
 0.0261 
0.00229  9.62%
Market Cap: 680.1 K

HitBTC

ZCash on HitBTC in USD
 451.8 
29.34  6.95%
Market Cap: 984.4 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to generate 2.17 times more return on investment than HitBTC ZCash. However, HitBTC DigitalNote is 2.17 times more volatile than HitBTC ZCash USD. It trades about 0.14 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  1.96  in HitBTC DigitalNote USD on December 24, 2017 and sell it today you would earn a total of  0.73  from holding HitBTC DigitalNote USD or generate 37.3% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and HitBTC ZCash
0.73

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalNote USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

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.