Crypto Correlation Matrix
Correlation measures how closely two assets move together on a scale from −1 (perfect inverse) to +1 (perfect lockstep). The reference matrix below reflects typical long-term 90-day rolling correlations between the largest crypto and macro assets.
Live correlation matrix
Window:
Computing correlations from live price data…
Reference correlation matrix
Long-term averages — short-term values can swing significantly during macro events.
| BTC | ETH | SOL | Gold | S&P 500 | DXY | |
|---|---|---|---|---|---|---|
| BTC | 1.00 | 0.85 | 0.78 | 0.15 | 0.45 | -0.35 |
| ETH | 0.85 | 1.00 | 0.82 | 0.10 | 0.50 | -0.30 |
| SOL | 0.78 | 0.82 | 1.00 | 0.05 | 0.48 | -0.28 |
| Gold | 0.15 | 0.10 | 0.05 | 1.00 | -0.10 | -0.55 |
| S&P 500 | 0.45 | 0.50 | 0.48 | -0.10 | 1.00 | -0.40 |
| DXY | -0.35 | -0.30 | -0.28 | -0.55 | -0.40 | 1.00 |
Key takeaways
- BTC ↔ large-cap altcoins: 0.75–0.90. Most majors are effectively a leveraged BTC bet.
- BTC ↔ S&P 500: ~0.4–0.6 since 2022. Crypto increasingly trades as a risk asset alongside equities.
- BTC ↔ Gold: low and variable. The "digital gold" thesis only shows up in narrow regimes.
- BTC ↔ DXY: persistently negative — a stronger dollar weighs on BTC.
- Correlations spike toward +1 in liquidity crunches: in a market-wide deleveraging, diversification across crypto evaporates.
Using correlation for portfolio building
True diversification requires assets with low or negative correlation. Stacking BTC, ETH and SOL is not diversification — it's concentration into a single risk factor. To meaningfully reduce drawdowns, mix in stablecoins, gold exposure, or counter-trend strategies.