Pair Correlation Between Coinbase Bitcoin and LiveCoin CapriCoin

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

Coinbase

Bitcoin on Coinbase in USD
 11,540 
444.46  4.01%
Market Cap: 1783.9 B

LiveCoin

CapriCoin on LiveCoin in USD
 0.57 
0.19  24.69%
Market Cap: 6.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 3.07 times less return on investment than LiveCoin CapriCoin. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 4.82 times less risky than LiveCoin CapriCoin. It trades about 0.07 of its potential returns per unit of risk. LiveCoin CapriCoin USD is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  114.00  in LiveCoin CapriCoin USD on January 21, 2018 and sell it today you would lose (38.31)  from holding LiveCoin CapriCoin USD or give up 33.61% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and LiveCoin CapriCoin
0.52

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

LiveCoin CapriCoin USD

  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin CapriCoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.