Pair Correlation Between HitBTC ZCash and Yobit Dogecoin

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

HitBTC

ZCash on HitBTC in USD
 479.71 
(14.11)  2.86%
Market Cap: 1.4 B

Yobit

Dogecoin on Yobit in USD
 0.00752 
(0.00498)  39.84%
Market Cap: 303.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash is expected to generate 152.62 times less return on investment than Yobit Dogecoin. But when comparing it to its historical volatility, HitBTC ZCash USD is 1.75 times less risky than Yobit Dogecoin. It trades about 0.0 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  0.65  in Yobit Dogecoin USD on December 17, 2017 and sell it today you would earn a total of  0.24  from holding Yobit Dogecoin USD or generate 36.57% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Yobit Dogecoin
0.89

Parameters

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

Diversification

Very poor diversification

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

Yobit Dogecoin USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Dogecoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.