Pair Correlation Between CCEX BitZeny and HitBTC Verge

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

CCEX

BitZeny on CCEX in USD
 0.31 
(0.0499)  14.03%
Market Cap: 3 K

HitBTC

Verge on HitBTC in USD
 0.008702 
(0.00109)  11.13%
Market Cap: 70.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX BitZeny USD is expected to generate 22.47 times more return on investment than HitBTC Verge. However, CCEX BitZeny is 22.47 times more volatile than HitBTC Verge USD. It trades about 0.23 of its potential returns per unit of risk. HitBTC Verge USD is currently generating about 0.19 per unit of risk. If you would invest  2.57  in CCEX BitZeny USD on November 12, 2017 and sell it today you would earn a total of  33.42  from holding CCEX BitZeny USD or generate 1300.39% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between CCEX BitZeny and HitBTC Verge
0.82

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy96.77%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

CCEX BitZeny USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX BitZeny USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

HitBTC Verge USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Verge USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.