Pair Correlation Between HitBTC Bancor and CCEX BitZeny

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

HitBTC

Bancor Network Token on HitBTC in USD
 3.49 
0.69  24.64%
Market Cap: 1.1 M

CCEX

BitZeny on CCEX in USD
 0.36 
0.0045  1.27%
Market Cap: 3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor is expected to generate 33.76 times less return on investment than CCEX BitZeny. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 44.51 times less risky than CCEX BitZeny. It trades about 0.32 of its potential returns per unit of risk. CCEX BitZeny USD is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest  2.57  in CCEX BitZeny USD on November 12, 2017 and sell it today you would earn a total of  40.26  from holding CCEX BitZeny USD or generate 1566.54% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and CCEX BitZeny
0.29

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy96.67%
ValuesDaily Returns

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.

CCEX BitZeny USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX BitZeny USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.