Pair Correlation Between Yobit Decred and HitBTC ZCash

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

Yobit Decred USD  vs.  HitBTC ZCash USD

Yobit

Decred on Yobit in USD
 64.00 
16.00  20.00%
Market Cap: 2.4 K
  

HitBTC

ZCash on HitBTC in USD
 288.52 
1.92  0.66%
Market Cap: 705.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Decred USD is expected to generate 1.68 times more return on investment than HitBTC ZCash. However, Yobit Decred is 1.68 times more volatile than HitBTC ZCash USD. It trades about 0.05 of its potential returns per unit of risk. HitBTC ZCash USD is currently generating about -0.06 per unit of risk. If you would invest  7,656  in Yobit Decred USD on March 27, 2018 and sell it today you would earn a total of  344.00  from holding Yobit Decred USD or generate 4.49% return on investment over 30 days.

Pair Corralation between Yobit Decred and HitBTC ZCash

0.76
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Decred USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 3 (%) 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.

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