Pair Correlation Between LiveCoin Adzcoin and HitBTC DigitalCash

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

LiveCoin

Adzcoin on LiveCoin in USD
 0.06432 
0.01467  18.57%
Market Cap: 149

HitBTC

DigitalCash on HitBTC in USD
 712.09 
15.89  2.18%
Market Cap: 1.1 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LiveCoin Adzcoin USD is expected to generate 3.57 times more return on investment than HitBTC DigitalCash. However, LiveCoin Adzcoin is 3.57 times more volatile than HitBTC DigitalCash USD. It trades about 0.04 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.09 per unit of risk. If you would invest  11.26  in LiveCoin Adzcoin USD on January 19, 2018 and sell it today you would lose (4.83)  from holding LiveCoin Adzcoin USD or give up 42.88% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between LiveCoin Adzcoin and HitBTC DigitalCash
0.58

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

LiveCoin Adzcoin USD

  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin Adzcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

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