Pair Correlation Between HitBTC BitConnect and LiveCoin E-Dinar

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

HitBTC

BitConnect Coin on HitBTC in USD
 424.4 
(4.4)  1.03%
Market Cap: 9.9 M

LiveCoin

E-Dinar Coin on LiveCoin in USD
 0.00733 
0.00017  2.37%
Market Cap: 69.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect is expected to generate 1.93 times less return on investment than LiveCoin E-Dinar. But when comparing it to its historical volatility, HitBTC BitConnect Coin USD is 2.37 times less risky than LiveCoin E-Dinar. It trades about 0.25 of its potential returns per unit of risk. LiveCoin E-Dinar Coin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.39  in LiveCoin E-Dinar Coin USD on November 17, 2017 and sell it today you would earn a total of  0.34  from holding LiveCoin E-Dinar Coin USD or generate 86.04% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and LiveCoin E-Dinar
0.54

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC BitConnect Coin USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

LiveCoin E-Dinar Coin

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin E-Dinar Coin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.