Pair Correlation Between Coinbase Bitcoin and CCEX TrumpCoin

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

Coinbase

Bitcoin on Coinbase in USD
 17,773 
94.33  0.53%
Market Cap: 7461.7 B

CCEX

TrumpCoin on CCEX in USD
 0.05905 
(0.00995)  14.42%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 6.95 times less return on investment than CCEX TrumpCoin. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 12.38 times less risky than CCEX TrumpCoin. It trades about 0.35 of its potential returns per unit of risk. CCEX TrumpCoin USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  3  in CCEX TrumpCoin USD on November 16, 2017 and sell it today you would earn a total of  3.9  from holding CCEX TrumpCoin USD or generate 130.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and CCEX TrumpCoin
0.17

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Average diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
23 

Risk-Adjusted Performance

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

CCEX TrumpCoin USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX TrumpCoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.