Correlation Analysis Between Kraken ZCash and Exmo ZCash

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

Kraken ZCash USD  
00

Risk-Adjusted Performance

Over the last 30 days Kraken ZCash USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.
Exmo ZCash USD  
00

Risk-Adjusted Performance

Over the last 30 days Exmo ZCash USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.

Kraken ZCash and Exmo ZCash Volatility Contrast

 Predicted Return Density 
      Returns 

Kraken ZCash USD  vs.  Exmo ZCash USD

Kraken

ZCash on Kraken in USD

 49.86 
(0.83)  1.64%
Market Cap: 6 M
  

Exmo

ZCash on Exmo in USD

 51.38 
(0.52)  1.00%
Market Cap: 3 M
(1.52)
3.05% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken ZCash USD is expected to under-perform the Exmo ZCash. But the crypto apears to be less risky and, when comparing its historical volatility, Kraken ZCash USD is 1.32 times less risky than Exmo ZCash. The crypto trades about -0.39 of its potential returns per unit of risk. The Exmo ZCash USD is currently generating about -0.26 of returns per unit of risk over similar time horizon. If you would invest  10,354  in Exmo ZCash USD on July 25, 2019 and sell it today you would lose (5,240)  from holding Exmo ZCash USD or give up 50.61% of portfolio value over 30 days.

Pair Corralation between Kraken ZCash and Exmo ZCash

0.98
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Kraken ZCash and Exmo ZCash

Kraken ZCash USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Kraken ZCash USD and Exmo ZCash USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Exmo ZCash USD and Kraken 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 Kraken ZCash USD are associated (or correlated) with Exmo ZCash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exmo ZCash USD has no effect on the direction of Kraken ZCash i.e. Kraken ZCash and Exmo ZCash go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.


 
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