Pair Correlation Between HitBTC BitConnect and LiveCoin NovaCoin

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

HitBTC

BitConnect Coin on HitBTC in USD
 400 
18  4.71%
Market Cap: 9.9 M

LiveCoin

NovaCoin on LiveCoin in USD
 7.3 
(0.2)  2.67%
Market Cap: 565
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect is expected to generate 1.89 times less return on investment than LiveCoin NovaCoin. But when comparing it to its historical volatility, HitBTC BitConnect Coin USD is 1.4 times less risky than LiveCoin NovaCoin. It trades about 0.17 of its potential returns per unit of risk. LiveCoin NovaCoin USD is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest  470  in LiveCoin NovaCoin USD on November 15, 2017 and sell it today you would earn a total of  280  from holding LiveCoin NovaCoin USD or generate 59.57% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and LiveCoin NovaCoin
0.09

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC BitConnect Coin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

LiveCoin NovaCoin USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin NovaCoin USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.