Pair Correlation Between HitBTC ZCash and Yobit SkullBuzz

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

HitBTC

ZCash on HitBTC in USD
 499.43 
(29.28)  5.54%
Market Cap: 1.4 B

Yobit

SkullBuzz on Yobit in USD
 0.2 
0.09  81.82%
Market Cap: 5.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash is expected to generate 10.5 times less return on investment than Yobit SkullBuzz. But when comparing it to its historical volatility, HitBTC ZCash USD is 4.73 times less risky than Yobit SkullBuzz. It trades about 0.04 of its potential returns per unit of risk. Yobit SkullBuzz USD is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  52.6  in Yobit SkullBuzz USD on December 22, 2017 and sell it today you would lose (32.6)  from holding Yobit SkullBuzz USD or give up 61.98% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Yobit SkullBuzz
-0.19

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

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

  
6 

Risk-Adjusted Performance

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

Yobit SkullBuzz USD

Pair trading matchups for Yobit SkullBuzz