Correlation Analysis Between CCEX Dogecoin and LiveCoin NEM

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

Comparative Performance

CCEX Dogecoin USD  
0

Risk-Adjusted Performance

Over the last 30 days CCEX Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
LiveCoin NEM USD  
0

Risk-Adjusted Performance

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

CCEX Dogecoin and LiveCoin NEM Volatility Contrast

 Predicted Return Density 
      Returns 

CCEX Dogecoin USD  vs.  LiveCoin NEM USD

CCEX

Dogecoin on CCEX in USD

 0.0021 
(0.00002)  0.94%
Market Cap: 0
  

LiveCoin

NEM on LiveCoin in USD

 0.06 
0.00186  3.06%
Market Cap: 2.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX Dogecoin USD is expected to under-perform the LiveCoin NEM. In addition to that, CCEX Dogecoin is 1.31 times more volatile than LiveCoin NEM USD. It trades about -0.19 of its total potential returns per unit of risk. LiveCoin NEM USD is currently generating about -0.13 per unit of volatility. If you would invest  9.42  in LiveCoin NEM USD on November 17, 2018 and sell it today you would lose (3.30)  from holding LiveCoin NEM USD or give up 34.99% of portfolio value over 30 days.

Pair Corralation between CCEX Dogecoin and LiveCoin NEM

0.75
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy97.67%
ValuesDaily Returns

Diversification Opportunities for CCEX Dogecoin and LiveCoin NEM

CCEX Dogecoin USD diversification synergy

Poor diversification

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

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