Correlation Analysis Between CCEX AlpaCoin and LocalBitcoins Bitcoin

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

Comparative Performance

CCEX AlpaCoin USD  
10

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX AlpaCoin USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.
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.

CCEX AlpaCoin and LocalBitcoins Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

CCEX AlpaCoin USD  vs.  LocalBitcoins Bitcoin USD

CCEX

AlpaCoin on CCEX in USD

 0.015 
0.009249  160.82%
Market Cap: 83.0
  

LocalBitcoins

Bitcoin on LocalBitcoins in USD

 4,968 
(243.72)  4.68%
Market Cap: 95.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX AlpaCoin is expected to generate 1.15 times less return on investment than LocalBitcoins Bitcoin. But when comparing it to its historical volatility, CCEX AlpaCoin USD is 1.48 times less risky than LocalBitcoins Bitcoin. It trades about 0.16 of its potential returns per unit of risk. LocalBitcoins Bitcoin USD is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  967,907  in LocalBitcoins Bitcoin USD on November 14, 2018 and sell it today you would lose (528,548)  from holding LocalBitcoins Bitcoin USD or give up 54.61% of portfolio value over 30 days.

Pair Corralation between CCEX AlpaCoin and LocalBitcoins Bitcoin

-0.08
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CCEX AlpaCoin and LocalBitcoins Bitcoin

CCEX AlpaCoin USD diversification synergy

Good diversification

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

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