Pair Correlation Between HitBTC ZCash and Yobit Golem

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

HitBTC

ZCash on HitBTC in USD
 483.95 
5.84  1.22%
Market Cap: 1.4 B

Yobit

Golem Network Token on Yobit in USD
 0.78 
(0.18)  18.75%
Market Cap: 395
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash USD is expected to under-perform the Yobit Golem. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ZCash USD is 1.64 times less risky than Yobit Golem. The crypto trades about -0.04 of its potential returns per unit of risk. The Yobit Golem Network Token USD is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  68.9  in Yobit Golem Network Token USD on December 19, 2017 and sell it today you would earn a total of  9.1  from holding Yobit Golem Network Token USD or generate 13.21% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Yobit Golem
0.55

Parameters

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

Diversification

Very weak diversification

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

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Golem Network Token USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit Golem Network Token USD

Pair trading matchups for Yobit Golem