Pair Correlation Between HitBTC ZCash and BitTrex Ethereum

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

HitBTC

ZCash on HitBTC in USD
 476.32 
(3.07)  0.64%
Market Cap: 1.4 B

BitTrex

Ethereum Classic on BitTrex in USD
 28.49 
(1.01)  3.42%
Market Cap: 88.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash is expected to generate 4.47 times less return on investment than BitTrex Ethereum. But when comparing it to its historical volatility, HitBTC ZCash USD is 1.25 times less risky than BitTrex Ethereum. It trades about 0.03 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  2,619  in BitTrex Ethereum Classic USD on December 23, 2017 and sell it today you would earn a total of  331  from holding BitTrex Ethereum Classic USD or generate 12.64% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and BitTrex Ethereum
0.72

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 ZCash USD and BitTrex Ethereum Classic USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex Ethereum Cla and HitBTC ZCash 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 ZCash USD are associated (or correlated) with BitTrex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitTrex Ethereum Cla has no effect on the direction of HitBTC ZCash i.e. HitBTC ZCash and BitTrex Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ZCash USD

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ZCash USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

BitTrex Ethereum Cla

  
6 

Risk-Adjusted Performance

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