Pair Correlation Between LiveCoin Adzcoin and HitBTC DigiByte

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

LiveCoin

Adzcoin on LiveCoin in USD
 0.041 
(0.00269)  6.16%
Market Cap: 22.0

HitBTC

DigiByte on HitBTC in USD
 0.0144 
0.0002  1.41%
Market Cap: 124
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LiveCoin Adzcoin USD is expected to generate 3.28 times more return on investment than HitBTC DigiByte. However, LiveCoin Adzcoin is 3.28 times more volatile than HitBTC DigiByte USD. It trades about 0.15 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.18 per unit of risk. If you would invest  2.79  in LiveCoin Adzcoin USD on November 14, 2017 and sell it today you would earn a total of  1.31  from holding LiveCoin Adzcoin USD or generate 46.95% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between LiveCoin Adzcoin and HitBTC DigiByte
-0.17

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

LiveCoin Adzcoin USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin Adzcoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.