Pair Correlation Between HitBTC Autumncoin and LiveCoin NovaCoin

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

HitBTC

Autumncoin on HitBTC in USD
 0.0188 
0.0002  1.08%
Market Cap: 8.9 K

LiveCoin

NovaCoin on LiveCoin in USD
 5.72 
(0.48)  7.74%
Market Cap: 516
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Autumncoin is expected to generate 3.42 times less return on investment than LiveCoin NovaCoin. In addition to that, HitBTC Autumncoin is 2.04 times more volatile than LiveCoin NovaCoin USD. It trades about 0.02 of its total potential returns per unit of risk. LiveCoin NovaCoin USD is currently generating about 0.16 per unit of volatility. If you would invest  420  in LiveCoin NovaCoin USD on November 11, 2017 and sell it today you would earn a total of  152  from holding LiveCoin NovaCoin USD or generate 36.19% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Autumncoin and LiveCoin NovaCoin
-0.47

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC Autumncoin 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 HitBTC Autumncoin 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 HitBTC Autumncoin 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 HitBTC Autumncoin i.e. HitBTC Autumncoin and LiveCoin NovaCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Autumncoin USD

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Autumncoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

LiveCoin NovaCoin USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin NovaCoin USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.