Pair Correlation Between HitBTC ByteCoin and LiveCoin Adzcoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.004646 
0.000009  0.19%
Market Cap: 99.5 K

LiveCoin

Adzcoin on LiveCoin in USD
 0.0738 
0.0312  29.71%
Market Cap: 149
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to under-perform the LiveCoin Adzcoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ByteCoin USD is 3.25 times less risky than LiveCoin Adzcoin. The crypto trades about -0.15 of its potential returns per unit of risk. The LiveCoin Adzcoin USD is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  12.00  in LiveCoin Adzcoin USD on January 26, 2018 and sell it today you would lose (1.50)  from holding LiveCoin Adzcoin USD or give up 12.5% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and LiveCoin Adzcoin
0.29

Parameters

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

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
0 

Risk-Adjusted Performance

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

LiveCoin Adzcoin USD

  
6 

Risk-Adjusted Performance

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

LiveCoin Adzcoin USD

Pair trading matchups for LiveCoin Adzcoin