Pair Correlation Between itBit Bitcoin and LiveCoin Bitcoin

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

itBit

Bitcoin on itBit in USD
 17,480 
1,042  6.34%
Market Cap: 825.2 B
 930.21 

LiveCoin

Bitcoin on LiveCoin in USD
 16,550 
523.79  3.27%
Market Cap: 6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to generate 0.99 times more return on investment than LiveCoin Bitcoin. However, itBit Bitcoin USD is 1.01 times less risky than LiveCoin Bitcoin. It trades about 0.49 of its potential returns per unit of risk. LiveCoin Bitcoin USD is currently generating about 0.42 per unit of risk. If you would invest  594,022  in itBit Bitcoin USD on November 12, 2017 and sell it today you would earn a total of  1,153,978  from holding itBit Bitcoin USD or generate 194.27% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between itBit Bitcoin and LiveCoin Bitcoin
0.95

Parameters

Time Period1 Month [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 itBit Bitcoin USD and LiveCoin Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on LiveCoin Bitcoin USD and itBit 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 itBit Bitcoin USD are associated (or correlated) with LiveCoin Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LiveCoin Bitcoin USD has no effect on the direction of itBit Bitcoin i.e. itBit Bitcoin and LiveCoin Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

itBit Bitcoin USD

  
32 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 32 (%) of all global equities and portfolios over the last 30 days.

itBit Bitcoin USD

Pair trading matchups for itBit Bitcoin

LiveCoin Bitcoin USD

  
27 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin Bitcoin USD are ranked lower than 27 (%) of all global equities and portfolios over the last 30 days.

LiveCoin Bitcoin USD

Pair trading matchups for LiveCoin Bitcoin