Pair Correlation Between HitBTC ByteCoin and LiveCoin Karbowanec

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

HitBTC

ByteCoin on HitBTC in USD
 0.003283 
(0.001042)  24.09%
Market Cap: 456.4 K

LiveCoin

Karbowanec on LiveCoin in USD
 1.14 
0.01  0.89%
Market Cap: 12.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 0.74 times more return on investment than LiveCoin Karbowanec. However, HitBTC ByteCoin USD is 1.35 times less risky than LiveCoin Karbowanec. It trades about 0.54 of its potential returns per unit of risk. LiveCoin Karbowanec USD is currently generating about -0.01 per unit of risk. If you would invest  0.13  in HitBTC ByteCoin USD on November 18, 2017 and sell it today you would earn a total of  0.3  from holding HitBTC ByteCoin USD or generate 229.9% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and LiveCoin Karbowanec
-0.49

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
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 Karbowanec USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on LiveCoin Karbowanec 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 Karbowanec. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LiveCoin Karbowanec USD has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and LiveCoin Karbowanec go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
35 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 35 (%) of all global equities and portfolios over the last 30 days.

LiveCoin Karbowanec USD

  
0 

Risk-Adjusted Performance

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