Pair Correlation Between HitBTC ByteCoin and LiveCoin Hellenic

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

HitBTC

ByteCoin on HitBTC in USD
 0.004636 
0.000007  0.15%
Market Cap: 99.5 K

LiveCoin

Hellenic Coin on LiveCoin in USD
 0.00493 
0.00115  18.91%
Market Cap: 89.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 0.73 times more return on investment than LiveCoin Hellenic. However, HitBTC ByteCoin USD is 1.37 times less risky than LiveCoin Hellenic. It trades about -0.07 of its potential returns per unit of risk. LiveCoin Hellenic Coin USD is currently generating about -0.17 per unit of risk. If you would invest  0.63  in HitBTC ByteCoin USD on January 25, 2018 and sell it today you would lose (0.18)  from holding HitBTC ByteCoin USD or give up 28.23% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and LiveCoin Hellenic
-0.45

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy90.32%
ValuesDaily Returns

Diversification

Very good diversification

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

  
0 

Risk-Adjusted Performance

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

LiveCoin Hellenic Coin USD

Pair trading matchups for LiveCoin Hellenic