Pair Correlation Between HitBTC ZCash and Yobit Rimbit

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

HitBTC

ZCash on HitBTC in USD
 505.45 
(23.26)  4.4%
Market Cap: 1.4 B

Yobit

Rimbit on Yobit in USD
 0.01 
0.001998  24.97%
Market Cap: 227
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash is expected to generate 157.67 times less return on investment than Yobit Rimbit. But when comparing it to its historical volatility, HitBTC ZCash USD is 23.88 times less risky than Yobit Rimbit. It trades about 0.04 of its potential returns per unit of risk. Yobit Rimbit USD is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest  0.22  in Yobit Rimbit USD on December 22, 2017 and sell it today you would earn a total of  0.58  from holding Yobit Rimbit USD or generate 260.45% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Yobit Rimbit
0.63

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ZCash USD

  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ZCash USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

HitBTC ZCash USD

Pair trading matchups for HitBTC ZCash

Yobit Rimbit USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Rimbit USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.

Yobit Rimbit USD

Pair trading matchups for Yobit Rimbit