Pair Correlation Between LiveCoin Ethereum and Coinbase Ethereum

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

LiveCoin

Ethereum on LiveCoin in USD
 689.34 
(5.02)  0.72%
Market Cap: 73.7 M
(8.67)

Coinbase

Ethereum on Coinbase in USD
 698.01 
(15.7)  2.2%
Market Cap: 38.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LiveCoin Ethereum is expected to generate 1.03 times less return on investment than Coinbase Ethereum. But when comparing it to its historical volatility, LiveCoin Ethereum USD is 1.14 times less risky than Coinbase Ethereum. It trades about 0.36 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest  32,899  in Coinbase Ethereum USD on November 16, 2017 and sell it today you would earn a total of  37,900  from holding Coinbase Ethereum USD or generate 115.2% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between LiveCoin Ethereum and Coinbase Ethereum
0.91

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

Comparative Volatility

 Predicted Return Density 
      Returns 

LiveCoin Ethereum USD

  
23 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin Ethereum USD are ranked lower than 23 (%) of all global equities and portfolios over the last 30 days.

Coinbase Ethereum USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.