Correlation Analysis Between LiveCoin CapriCoin and itBit Bitcoin

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

Comparative Performance

LiveCoin CapriCoin USD  
00

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. Despite weak performance in the last few months, the Crypto's fundamental indicators remain nearly stable which may send shares a bit higher in July 2019. The prevalent disturbance may also be a sign of long-run up-swing for the entity stockholder.
itBit Bitcoin USD  
2020

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, itBit Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

LiveCoin CapriCoin and itBit Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

LiveCoin CapriCoin USD  vs.  itBit Bitcoin USD

LiveCoin

CapriCoin on LiveCoin in USD

 0.20 
0.0098  5.22%
Market Cap: 166
  

itBit

Bitcoin on itBit in USD

 8,842 
(152.75)  1.70%
Market Cap: 79.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LiveCoin CapriCoin USD is expected to under-perform the itBit Bitcoin. In addition to that, LiveCoin CapriCoin is 1.71 times more volatile than itBit Bitcoin USD. It trades about -0.12 of its total potential returns per unit of risk. itBit Bitcoin USD is currently generating about 0.3 per unit of volatility. If you would invest  529,000  in itBit Bitcoin USD on May 19, 2019 and sell it today you would earn a total of  370,525  from holding itBit Bitcoin USD or generate 70.04% return on investment over 30 days.

Pair Corralation between LiveCoin CapriCoin and itBit Bitcoin

-0.12
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for LiveCoin CapriCoin and itBit Bitcoin

LiveCoin CapriCoin USD diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding LiveCoin CapriCoin USD and itBit Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on itBit Bitcoin 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 itBit Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of itBit Bitcoin USD has no effect on the direction of LiveCoin CapriCoin i.e. LiveCoin CapriCoin and itBit Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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