Pair Correlation Between Yobit Blackstar and LiveCoin NovaCoin

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

Yobit

Blackstar on Yobit in USD
 0.000453 
0.000443  4,430%
Market Cap: 0

LiveCoin

NovaCoin on LiveCoin in USD
 7.5 
1  15.38%
Market Cap: 565
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Blackstar USD is expected to generate 182.25 times more return on investment than LiveCoin NovaCoin. However, Yobit Blackstar is 182.25 times more volatile than LiveCoin NovaCoin USD. It trades about 0.25 of its potential returns per unit of risk. LiveCoin NovaCoin USD is currently generating about 0.26 per unit of risk. If you would invest  0.05  in Yobit Blackstar USD on November 14, 2017 and sell it today you would lose  0.00  from holding Yobit Blackstar USD or give up 9.4% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Blackstar and LiveCoin NovaCoin
-0.38

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Blackstar USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Blackstar USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

LiveCoin NovaCoin USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin NovaCoin USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.