Pair Correlation Between HitBTC Stratis and HitBTC ZCash

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

HitBTC

Stratis on HitBTC in USD
 13.12 
1.99  17.88%
Market Cap: 10.5 M

HitBTC

ZCash on HitBTC in USD
 430.49 
8.03  1.9%
Market Cap: 984.4 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Stratis USD is expected to generate 1.4 times more return on investment than HitBTC ZCash. However, HitBTC Stratis is 1.4 times more volatile than HitBTC ZCash USD. It trades about -0.02 of its potential returns per unit of risk. HitBTC ZCash USD is currently generating about -0.02 per unit of risk. If you would invest  1,532  in HitBTC Stratis USD on December 24, 2017 and sell it today you would lose (419)  from holding HitBTC Stratis USD or give up 27.35% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Stratis and HitBTC ZCash
0.84

Parameters

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

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Stratis USD

  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC Stratis USD has generated negative risk-adjusted returns adding no value to investors with long positions.

HitBTC ZCash USD

  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC ZCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.