Pair Correlation Between HitBTC ZCash and HitBTC DigitalCash

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

HitBTC

ZCash on HitBTC in USD
 415.02 
(78.8)  15.96%
Market Cap: 1.4 B

HitBTC

DigitalCash on HitBTC in USD
 670 
(245.13)  26.79%
Market Cap: 3.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash USD is expected to generate 0.96 times more return on investment than HitBTC DigitalCash. However, HitBTC ZCash USD is 1.04 times less risky than HitBTC DigitalCash. It trades about -0.05 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.13 per unit of risk. If you would invest  57,748  in HitBTC ZCash USD on December 18, 2017 and sell it today you would lose (13,265)  from holding HitBTC ZCash USD or give up 22.97% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and HitBTC DigitalCash
0.32

Parameters

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

Diversification

Weak diversification

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

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

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

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash