This module allows you to analyze existing cross correlation between HitBTC DigitalNote USD and Coinroom ZCoin USD. You can compare the effects of market volatilities on HitBTC DigitalNote and Coinroom ZCoin 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 DigitalNote with a short position of Coinroom ZCoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigitalNote
and Coinroom ZCoin
HitBTC DigitalNote USD vs Coinroom ZCoin USD
Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the Coinroom ZCoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalNote USD is 1.78 times less risky than Coinroom ZCoin. The crypto trades about -0.31 of its potential returns per unit of risk. The Coinroom ZCoin USD is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 5,019 in Coinroom ZCoin USD on February 21, 2018 and sell it today you would lose (734.00) from holding Coinroom ZCoin USD or give up 14.62% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalNote USD and Coinroom ZCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinroom ZCoin USD and HitBTC DigitalNote 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 DigitalNote USD are associated (or correlated) with Coinroom ZCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinroom ZCoin USD has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and Coinroom ZCoin go up and down completely randomly.
Over the last 30 days HitBTC DigitalNote USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Compared to the overall equity markets, risk-adjusted returns on investments in Coinroom ZCoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.