Pair Correlation Between HitBTC BitConnect and Kraken ZCash

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

HitBTC

BitConnect Coin on HitBTC in USD
 386.8 
4.8  1.26%
Market Cap: 9.9 M

Kraken

ZCash on Kraken in USD
 461.9 
(21.43)  4.43%
Market Cap: 145.3 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect is expected to generate 1.9 times less return on investment than Kraken ZCash. But when comparing it to its historical volatility, HitBTC BitConnect Coin USD is 1.09 times less risky than Kraken ZCash. It trades about 0.17 of its potential returns per unit of risk. Kraken ZCash USD is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest  29,330  in Kraken ZCash USD on November 15, 2017 and sell it today you would earn a total of  19,003  from holding Kraken ZCash USD or generate 64.79% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and Kraken ZCash
0.32

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC BitConnect Coin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

Kraken ZCash USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken ZCash USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.