Correlation Analysis Between Coinbase Bitcoin and LiveCoin NovaCoin

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

Coinbase Bitcoin USD  vs.  LiveCoin NovaCoin USD

Coinbase

Bitcoin on Coinbase in USD
 7,280 
82.73  1.12%
Market Cap: 715.7 B
  

LiveCoin

NovaCoin on LiveCoin in USD
 0.00 
0.00  0.00%
Market Cap: 769
 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  671,434  in Coinbase Bitcoin USD on June 20, 2018 and sell it today you would earn a total of  64,844  from holding Coinbase Bitcoin USD or generate 9.66% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and LiveCoin NovaCoin

0.0
Time Period1 Month [change]
DirectionFlat 
StrengthInsignificant
Accuracy4.35%
ValuesDaily Returns

Diversification

Pay attention

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

Comparative Volatility

Coinbase Bitcoin USD  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin

My Equities

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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1184.91

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