Pair Correlation Between HitBTC BitConnect and Lykke Time

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

HitBTC

BitConnect Coin on HitBTC in USD
 450 
21.2  4.94%
Market Cap: 9.9 M

Lykke

Time on Lykke in USD
 20.88 
1.98  10.48%
Market Cap: 219.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect Coin USD is expected to generate 1.12 times more return on investment than Lykke Time. However, HitBTC BitConnect is 1.12 times more volatile than Lykke Time USD. It trades about 0.23 of its potential returns per unit of risk. Lykke Time USD is currently generating about -0.1 per unit of risk. If you would invest  29,500  in HitBTC BitConnect Coin USD on November 17, 2017 and sell it today you would earn a total of  13,380  from holding HitBTC BitConnect Coin USD or generate 45.36% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and Lykke Time
-0.67

Parameters

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

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
14 

Risk-Adjusted Performance

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

Lykke Time USD

  
0 

Risk-Adjusted Performance

Over the last 30 days Lykke Time USD has generated negative risk-adjusted returns adding no value to investors with long positions.