Correlation Analysis Between coinfield ZCash and Bitfinex ZCash

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

coinfield ZCash USD  
00

Risk-Adjusted Performance

Over the last 30 days coinfield ZCash USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.
Bitfinex ZCash USD  
00

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. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.

coinfield ZCash and Bitfinex ZCash Volatility Contrast

 Predicted Return Density 
      Returns 

coinfield ZCash USD  vs.  Bitfinex ZCash USD

coinfield

ZCash on coinfield in USD

 54.25 
6.11  12.69%
Market Cap: 221.8 K
  

Bitfinex

ZCash on Bitfinex in USD

 54.46 
4.80  9.67%
Market Cap: 13.7 M
(0.21)
0.39% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, coinfield ZCash USD is expected to generate 1.03 times more return on investment than Bitfinex ZCash. However, coinfield ZCash is 1.03 times more volatile than Bitfinex ZCash USD. It trades about -0.25 of its potential returns per unit of risk. Bitfinex ZCash USD is currently generating about -0.26 per unit of risk. If you would invest  11,018  in coinfield ZCash USD on July 20, 2019 and sell it today you would lose (5,655)  from holding coinfield ZCash USD or give up 51.33% of portfolio value over 30 days.

Pair Corralation between coinfield ZCash and Bitfinex ZCash

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy97.73%
ValuesDaily Returns

Diversification Opportunities for coinfield ZCash and Bitfinex ZCash

coinfield ZCash USD diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding coinfield ZCash 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 coinfield ZCash 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 coinfield ZCash 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 coinfield ZCash i.e. coinfield ZCash and Bitfinex ZCash go up and down completely randomly.
See also your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.


 
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