Pair Correlation Between HitBTC ZCash and Kraken Monero

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

HitBTC

ZCash on HitBTC in USD
 480.1 
0.71  0.15%
Market Cap: 1.4 B

Kraken

Monero on Kraken in USD
 349.04 
7.74  2.27%
Market Cap: 1.1 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash is expected to generate 4.43 times less return on investment than Kraken Monero. In addition to that, HitBTC ZCash is 1.02 times more volatile than Kraken Monero USD. It trades about 0.01 of its total potential returns per unit of risk. Kraken Monero USD is currently generating about 0.05 per unit of volatility. If you would invest  34,828  in Kraken Monero USD on December 22, 2017 and sell it today you would lose (36)  from holding Kraken Monero USD or give up 0.1% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Kraken Monero
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 Kraken Monero USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Kraken Monero 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 Kraken Monero. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kraken Monero USD has no effect on the direction of HitBTC ZCash i.e. HitBTC ZCash and Kraken Monero 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

Kraken Monero USD

  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

Kraken Monero USD

Pair trading matchups for Kraken Monero