Pair Correlation Between HitBTC ZCash and Yobit BitBean

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

HitBTC

ZCash on HitBTC in USD
 487.98 
(41.79)  7.89%
Market Cap: 1.4 B

Yobit

BitBean on Yobit in USD
 0.016 
(0.012)  42.86%
Market Cap: 19.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash USD is expected to under-perform the Yobit BitBean. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ZCash USD is 3.73 times less risky than Yobit BitBean. The crypto trades about -0.04 of its potential returns per unit of risk. The Yobit BitBean USD is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest  1.2  in Yobit BitBean USD on December 18, 2017 and sell it today you would earn a total of  1.6  from holding Yobit BitBean USD or generate 133.33% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Yobit BitBean
0.61

Parameters

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

Diversification

Poor diversification

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

Yobit BitBean USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitBean USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

Yobit BitBean USD

Pair trading matchups for Yobit BitBean