Pair Correlation Between HitBTC ZCash and HitBTC Stratis

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

HitBTC

ZCash on HitBTC in USD
 540.23 
24.09  4.67%
Market Cap: 1.4 B

HitBTC

Stratis on HitBTC in USD
 15.69 
0.46  3.02%
Market Cap: 14 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash USD is expected to under-perform the HitBTC Stratis. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ZCash USD is 1.47 times less risky than HitBTC Stratis. The crypto trades about -0.01 of its potential returns per unit of risk. The HitBTC Stratis USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  1,032  in HitBTC Stratis USD on December 21, 2017 and sell it today you would earn a total of  491  from holding HitBTC Stratis USD or generate 47.58% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and HitBTC Stratis
0.82

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy96.77%
ValuesDaily Returns

Diversification

Very poor diversification

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

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Stratis USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

HitBTC Stratis USD

Pair trading matchups for HitBTC Stratis