Correlation Analysis Between LocalBitcoins Bitcoin and Bitfinex ZCash

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

Comparative Performance

LocalBitcoins Bitcoin USD  
8

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LocalBitcoins Bitcoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
Bitfinex ZCash USD  
0

Risk-Adjusted Performance

Over the last 30 days Bitfinex ZCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.

LocalBitcoins Bitcoin and Bitfinex ZCash Volatility Contrast

 Predicted Return Density 
      Returns 

LocalBitcoins Bitcoin USD  vs.  Bitfinex ZCash USD

LocalBitcoins

Bitcoin on LocalBitcoins in USD

 4,681 
(531.31)  10.19%
Market Cap: 95.1 M
  

Bitfinex

ZCash on Bitfinex in USD

 49.89 
(1.39)  2.71%
Market Cap: 9.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LocalBitcoins Bitcoin USD is expected to generate 5.49 times more return on investment than Bitfinex ZCash. However, LocalBitcoins Bitcoin is 5.49 times more volatile than Bitfinex ZCash USD. It trades about 0.13 of its potential returns per unit of risk. Bitfinex ZCash USD is currently generating about -0.22 per unit of risk. If you would invest  967,907  in LocalBitcoins Bitcoin USD on November 14, 2018 and sell it today you would lose (479,718)  from holding LocalBitcoins Bitcoin USD or give up 49.56% of portfolio value over 30 days.

Pair Corralation between LocalBitcoins Bitcoin and Bitfinex ZCash

0.51
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for LocalBitcoins Bitcoin and Bitfinex ZCash

LocalBitcoins Bitcoin USD diversification synergy

Very weak diversification

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

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