Pair Correlation Between LiveCoin BlueCoin and Coinbase Bitcoin

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

LiveCoin

BlueCoin on LiveCoin in USD
 0.00798 
0.00131  19.64%
Market Cap: 1.0

Coinbase

Bitcoin on Coinbase in USD
 11,595 
499.28  4.50%
Market Cap: 1783.9 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LiveCoin BlueCoin USD is expected to under-perform the Coinbase Bitcoin. In addition to that, LiveCoin BlueCoin is 2.84 times more volatile than Coinbase Bitcoin USD. It trades about -0.08 of its total potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.07 per unit of volatility. If you would invest  1,034,482  in Coinbase Bitcoin USD on January 21, 2018 and sell it today you would earn a total of  75,090  from holding Coinbase Bitcoin USD or generate 7.26% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between LiveCoin BlueCoin and Coinbase Bitcoin
0.59

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

LiveCoin BlueCoin USD

  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.