Pair Correlation Between Kraken Monero and HitBTC ZCash

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

Kraken Monero USD  vs.  HitBTC ZCash USD

Kraken

Monero on Kraken in USD
 265.61 
29.39  9.96%
Market Cap: 265.9 M
  

HitBTC

ZCash on HitBTC in USD
 296.49 
23.15  7.24%
Market Cap: 705.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Monero USD is expected to generate 1.15 times more return on investment than HitBTC ZCash. However, Kraken Monero is 1.15 times more volatile than HitBTC ZCash USD. It trades about 0.05 of its potential returns per unit of risk. HitBTC ZCash USD is currently generating about -0.04 per unit of risk. If you would invest  27,469  in Kraken Monero USD on March 26, 2018 and sell it today you would earn a total of  2,031  from holding Kraken Monero USD or generate 7.39% return on investment over 30 days.

Pair Corralation between Kraken Monero and HitBTC ZCash

0.95
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Kraken Monero USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Monero USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
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.

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ExchangeNASDAQ
$1019.98

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