Pair Correlation Between Coinbase Bitcoin and LiveCoin Hellenic

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

Coinbase

Bitcoin on Coinbase in USD
 11,509 
413.36  3.73%
Market Cap: 1783.9 B

LiveCoin

Hellenic Coin on LiveCoin in USD
 0.00605 
0.00019  3.04%
Market Cap: 50.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.45 times more return on investment than LiveCoin Hellenic. However, Coinbase Bitcoin USD is 2.25 times less risky than LiveCoin Hellenic. It trades about 0.09 of its potential returns per unit of risk. LiveCoin Hellenic Coin USD is currently generating about -0.15 per unit of risk. If you would invest  1,034,482  in Coinbase Bitcoin USD on January 21, 2018 and sell it today you would earn a total of  116,426  from holding Coinbase Bitcoin USD or generate 11.25% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and LiveCoin Hellenic
0.07

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy86.67%
ValuesDaily Returns

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

LiveCoin Hellenic Coin

  
0 

Risk-Adjusted Performance

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