Pair Correlation Between HitBTC DigitalCash and HitBTC ZCash

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

HitBTC

DigitalCash on HitBTC in USD
 736.01 
1.31  0.18%
Market Cap: 1.3 B

HitBTC

ZCash on HitBTC in USD
 483.08 
4.33  0.90%
Market Cap: 947.2 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash is expected to generate 2.23 times less return on investment than HitBTC ZCash. But when comparing it to its historical volatility, HitBTC DigitalCash USD is 1.01 times less risky than HitBTC ZCash. It trades about 0.04 of its potential returns per unit of risk. HitBTC ZCash USD is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  42,246  in HitBTC ZCash USD on January 21, 2018 and sell it today you would earn a total of  6,062  from holding HitBTC ZCash USD or generate 14.35% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and HitBTC ZCash
0.71

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalCash USD

  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalCash USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

HitBTC ZCash USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ZCash USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.