Pair Correlation Between HitBTC ByteCoin and LiveCoin FastCoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.002651 
(0.000023)  0.86%
Market Cap: 468.3 K

LiveCoin

FastCoin on LiveCoin in USD
 0.01101 
(0.00198)  15.24%
Market Cap: 1.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 1.01 times less return on investment than LiveCoin FastCoin. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 2.58 times less risky than LiveCoin FastCoin. It trades about 0.45 of its potential returns per unit of risk. LiveCoin FastCoin USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  0.64  in LiveCoin FastCoin USD on November 12, 2017 and sell it today you would earn a total of  0.46  from holding LiveCoin FastCoin USD or generate 71.76% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and LiveCoin FastCoin
0.65

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
29 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.

LiveCoin FastCoin USD

  
11 

Risk-Adjusted Performance

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