Pair Correlation Between HitBTC ZCash and Yobit Ubiqoin

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

HitBTC

ZCash on HitBTC in USD
 532.95 
54.84  11.47%
Market Cap: 1.4 B

Yobit

Ubiqoin on Yobit in USD
 0.0067 
(0.0033)  33%
Market Cap: 13.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ZCash USD is expected to under-perform the Yobit Ubiqoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ZCash USD is 8.16 times less risky than Yobit Ubiqoin. The crypto trades about -0.04 of its potential returns per unit of risk. The Yobit Ubiqoin USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  1.5  in Yobit Ubiqoin USD on December 20, 2017 and sell it today you would lose (0.5)  from holding Yobit Ubiqoin USD or give up 33.2% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ZCash and Yobit Ubiqoin
-0.3

Parameters

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

Diversification

Very good diversification

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

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Ubiqoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Yobit Ubiqoin USD

Pair trading matchups for Yobit Ubiqoin