Pair Correlation Between HitBTC ZCash and HitBTC Emercoin

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

HitBTC

ZCash on HitBTC in USD
 479.39 
(75.12)  13.55%
Market Cap: 1.4 B

HitBTC

Emercoin on HitBTC in USD
 7.24 
(1.29)  15.12%
Market Cap: 1.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash is expected to generate 142.75 times less return on investment than HitBTC Emercoin. But when comparing it to its historical volatility, HitBTC ZCash USD is 20.53 times less risky than HitBTC Emercoin. It trades about 0.03 of its potential returns per unit of risk. HitBTC Emercoin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.00  in HitBTC Emercoin USD on December 23, 2017 and sell it today you would earn a total of  724  from holding HitBTC Emercoin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and HitBTC Emercoin
0.18

Parameters

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

Diversification

Average diversification

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

HitBTC Emercoin USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Emercoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.