Correlation Analysis 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
 6,375 
24.96  0.39%
Market Cap: 60.4 M
  

LiveCoin

CapriCoin on LiveCoin in USD
 1.26 
0.02  1.56%
Market Cap: 16.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the LiveCoin CapriCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 1.49 times less risky than LiveCoin CapriCoin. The crypto trades about -0.14 of its potential returns per unit of risk. The LiveCoin CapriCoin USD is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  119.00  in LiveCoin CapriCoin USD on July 20, 2018 and sell it today you would earn a total of  7.00  from holding LiveCoin CapriCoin USD or generate 5.88% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and LiveCoin CapriCoin

0.07
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant 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  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin
LiveCoin CapriCoin USD  
4 

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1206.49

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See also your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.