Correlation Analysis Between HitBTC ByteCoin and LiveCoin BlueCoin

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

HitBTC ByteCoin USD  vs.  LiveCoin BlueCoin USD

HitBTC

ByteCoin on HitBTC in USD
 0.007131 
0.000142  2.03%
Market Cap: 139.9 K
  

LiveCoin

BlueCoin on LiveCoin in USD
 0.00536 
0.00032  6.35%
Market Cap: 6.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 1.51 times less return on investment than LiveCoin BlueCoin. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 1.38 times less risky than LiveCoin BlueCoin. It trades about 0.12 of its potential returns per unit of risk. LiveCoin BlueCoin USD is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  0.40  in LiveCoin BlueCoin USD on April 24, 2018 and sell it today you would earn a total of  0.15  from holding LiveCoin BlueCoin USD or generate 36.5% return on investment over 30 days.

Pair Corralation between HitBTC ByteCoin and LiveCoin BlueCoin

0.76
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC ByteCoin USD  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
LiveCoin BlueCoin USD  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin BlueCoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1079.24

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