Pair Correlation Between HitBTC Bancor and Kraken ZCash

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

HitBTC

Bancor Network Token on HitBTC in USD
 3.89 
0.04  1.04%
Market Cap: 1.9 M

Kraken

ZCash on Kraken in USD
 482.74 
(6.95)  1.42%
Market Cap: 145.3 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor Network Token USD is expected to generate 0.96 times more return on investment than Kraken ZCash. However, HitBTC Bancor Network Token USD is 1.05 times less risky than Kraken ZCash. It trades about 0.38 of its potential returns per unit of risk. Kraken ZCash USD is currently generating about 0.29 per unit of risk. If you would invest  203  in HitBTC Bancor Network Token USD on November 17, 2017 and sell it today you would earn a total of  182  from holding HitBTC Bancor Network Token USD or generate 89.66% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and Kraken ZCash
0.94

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC Bancor Network Token US 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 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 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 Bancor i.e. HitBTC Bancor and Kraken ZCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 25 (%) 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.