Pair Correlation Between LiveCoin CapriCoin and HitBTC ByteCoin

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

LiveCoin

CapriCoin on LiveCoin in USD
 0.48 
0.0003  0.0623%
Market Cap: 1.1 K

HitBTC

ByteCoin on HitBTC in USD
 0.004856 
0.000029  0.59%
Market Cap: 99.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LiveCoin CapriCoin USD is expected to generate 3.03 times more return on investment than HitBTC ByteCoin. However, LiveCoin CapriCoin is 3.03 times more volatile than HitBTC ByteCoin USD. It trades about 0.01 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about -0.06 per unit of risk. If you would invest  99.95  in LiveCoin CapriCoin USD on January 23, 2018 and sell it today you would lose (51.84)  from holding LiveCoin CapriCoin USD or give up 51.87% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between LiveCoin CapriCoin and HitBTC ByteCoin
0.45

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 CapriCoin USD and HitBTC ByteCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC ByteCoin USD and LiveCoin CapriCoin 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 CapriCoin USD are associated (or correlated) with HitBTC ByteCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC ByteCoin USD has no effect on the direction of LiveCoin CapriCoin i.e. LiveCoin CapriCoin and HitBTC ByteCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

LiveCoin CapriCoin USD

  
0 

Risk-Adjusted Performance

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

HitBTC ByteCoin USD

  
0 

Risk-Adjusted Performance

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