Correlation Analysis Between CCEX Dogecoin and Bitfinex ZCash

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

CCEX Dogecoin USD  vs.  Bitfinex ZCash USD

CCEX

Dogecoin on CCEX in USD

 0.0021 
(0.000102)  4.63%
Market Cap: 7.0
  

Bitfinex

ZCash on Bitfinex in USD

 58.14 
1.59  2.81%
Market Cap: 110.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX Dogecoin USD is expected to under-perform the Bitfinex ZCash. In addition to that, CCEX Dogecoin is 1.15 times more volatile than Bitfinex ZCash USD. It trades about -0.22 of its total potential returns per unit of risk. Bitfinex ZCash USD is currently generating about -0.19 per unit of volatility. If you would invest  11,181  in Bitfinex ZCash USD on November 11, 2018 and sell it today you would lose (5,526)  from holding Bitfinex ZCash USD or give up 49.42% of portfolio value over 30 days.

Pair Corralation between CCEX Dogecoin and Bitfinex ZCash

0.75
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy97.67%
ValuesDaily Returns

Diversification

CCEX Dogecoin USD diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding CCEX Dogecoin USD and Bitfinex ZCash USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex ZCash USD and CCEX Dogecoin 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 CCEX Dogecoin USD are associated (or correlated) with Bitfinex ZCash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex ZCash USD has no effect on the direction of CCEX Dogecoin i.e. CCEX Dogecoin and Bitfinex ZCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
CCEX Dogecoin USD  
0

Risk-Adjusted Performance

Over the last 30 days CCEX Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex ZCash USD  
0

Risk-Adjusted Performance

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

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