Pair Correlation Between Kraken Monero and HitBTC ZCash

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

Kraken

Monero on Kraken in USD
 341.36 
26.06  8.27%
Market Cap: 859.8 M

HitBTC

ZCash on HitBTC in USD
 510 
(19.77)  3.73%
Market Cap: 1.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to under-perform the HitBTC ZCash. But the crypto apears to be less risky and, when comparing its historical volatility, Kraken Monero USD is 1.01 times less risky than HitBTC ZCash. The crypto trades about -0.1 of its potential returns per unit of risk. The HitBTC ZCash USD is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest  65,722  in HitBTC ZCash USD on December 19, 2017 and sell it today you would lose (12,745)  from holding HitBTC ZCash USD or give up 19.39% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Monero 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 Kraken Monero 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 Kraken Monero 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 Kraken Monero 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 Kraken Monero i.e. Kraken Monero and HitBTC ZCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Kraken Monero USD

  
0 

Risk-Adjusted Performance

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

Kraken Monero USD

Pair trading matchups for Kraken Monero

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