Correlation Analysis Between LiveCoin BlueCoin and HitBTC DigiByte

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

LiveCoin BlueCoin USD  vs.  HitBTC DigiByte USD

LiveCoin

BlueCoin on LiveCoin in USD
 0.00542 
0.00064  10.56%
Market Cap: 6.0
  

HitBTC

DigiByte on HitBTC in USD
 0.03931 
0.00172  4.58%
Market Cap: 11.9 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LiveCoin BlueCoin USD is expected to generate 3.76 times more return on investment than HitBTC DigiByte. However, LiveCoin BlueCoin is 3.76 times more volatile than HitBTC DigiByte USD. It trades about 0.19 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.1 per unit of risk. If you would invest  0.28  in LiveCoin BlueCoin USD on April 20, 2018 and sell it today you would earn a total of  0.26  from holding LiveCoin BlueCoin USD or generate 91.52% return on investment over 30 days.

Pair Corralation between LiveCoin BlueCoin and HitBTC DigiByte

-0.42
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 LiveCoin BlueCoin 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 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 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 BlueCoin i.e. LiveCoin BlueCoin and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
LiveCoin BlueCoin USD  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin BlueCoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.
HitBTC DigiByte USD  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1078.59

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See also your portfolio center. Please also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.