Pair Correlation Between HitBTC ZCash and Coinbase Bitcoin

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

HitBTC

ZCash on HitBTC in USD
 532.95 
54.84  11.47%
Market Cap: 1.4 B

Coinbase

Bitcoin on Coinbase in USD
 11,762 
432  3.81%
Market Cap: 1659.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash USD is expected to generate 1.09 times more return on investment than Coinbase Bitcoin. However, HitBTC ZCash is 1.09 times more volatile than Coinbase Bitcoin USD. It trades about -0.04 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.11 per unit of risk. If you would invest  65,899  in HitBTC ZCash USD on December 20, 2017 and sell it today you would lose (13,510)  from holding HitBTC ZCash USD or give up 20.5% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Coinbase Bitcoin
0.4

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

HitBTC ZCash USD

Pair trading matchups for HitBTC ZCash

Coinbase Bitcoin USD

  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin