Pair Correlation Between Coinbase Bitcoin and LiveCoin Karbowanec

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

Coinbase

Bitcoin on Coinbase in USD
 15,300 
398.4  2.67%
Market Cap: 7429.6 B

LiveCoin

Karbowanec on LiveCoin in USD
 1.1 
0.11  11.38%
Market Cap: 32.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 1.25 times less return on investment than LiveCoin Karbowanec. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 1.96 times less risky than LiveCoin Karbowanec. It trades about 0.35 of its potential returns per unit of risk. LiveCoin Karbowanec USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  49.3  in LiveCoin Karbowanec USD on November 10, 2017 and sell it today you would earn a total of  60.7  from holding LiveCoin Karbowanec USD or generate 123.12% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and LiveCoin Karbowanec
-0.78

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Pay attention

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
22 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.

LiveCoin Karbowanec USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin Karbowanec USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.