Pair Correlation Between HitBTC ZCash and Yobit EGOcoin

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

HitBTC

ZCash on HitBTC in USD
 509.18 
(19.53)  3.69%
Market Cap: 1.4 B

Yobit

EGOcoin on Yobit in USD
 0.002 
(0.00007)  3.38%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash is expected to generate 157.05 times less return on investment than Yobit EGOcoin. But when comparing it to its historical volatility, HitBTC ZCash USD is 22.06 times less risky than Yobit EGOcoin. It trades about 0.03 of its potential returns per unit of risk. Yobit EGOcoin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.38  in Yobit EGOcoin USD on December 22, 2017 and sell it today you would lose (0.18)  from holding Yobit EGOcoin USD or give up 46.95% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Yobit EGOcoin
0.24

Parameters

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

Diversification

Modest diversification

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

Pair trading matchups for HitBTC ZCash

Yobit EGOcoin USD

  
13 

Risk-Adjusted Performance

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

Yobit EGOcoin USD

Pair trading matchups for Yobit EGOcoin