Correlation Analysis Between CCEX Dogecoin and LocalBitcoins Bitcoin

This module allows you to analyze existing cross correlation between CCEX Dogecoin USD and LocalBitcoins Bitcoin USD. You can compare the effects of market volatilities on CCEX Dogecoin 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 Dogecoin with a short position of LocalBitcoins Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of CCEX Dogecoin and LocalBitcoins Bitcoin.
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.
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 Dogecoin and LocalBitcoins Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

CCEX Dogecoin USD  vs.  LocalBitcoins Bitcoin USD

CCEX

Dogecoin on CCEX in USD

 0.00212 
(0.00008)  3.64%
Market Cap: 0
  

LocalBitcoins

Bitcoin on LocalBitcoins in USD

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

Pair Volatility

Assuming 30 trading days horizon, CCEX Dogecoin USD is expected to under-perform the LocalBitcoins Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, CCEX Dogecoin USD is 4.79 times less risky than LocalBitcoins Bitcoin. The crypto trades about -0.18 of its potential returns per unit of risk. The LocalBitcoins Bitcoin USD is currently generating about 0.13 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 (499,854)  from holding LocalBitcoins Bitcoin USD or give up 51.64% of portfolio value over 30 days.

Pair Corralation between CCEX Dogecoin and LocalBitcoins Bitcoin

0.53
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CCEX Dogecoin and LocalBitcoins Bitcoin

CCEX Dogecoin USD diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding CCEX Dogecoin 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 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 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 Dogecoin i.e. CCEX Dogecoin and LocalBitcoins Bitcoin go up and down completely randomly.

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