Correlation matrix
Which markets move together and which move in opposite directions, over 30, 90 and 365 days.
Correlation matrix
| Asset | BTC | ETH | SOL | XRP | BNB | DOGE | S&P 500 | Nasdaq 100 | Dow Jones | DAX 40 | Nikkei 225 | VIX | AAPL | MSFT | NVDA | AMZN | GOOGL | TSLA | Gold | Silver | Copper | Crude Oil WTI | Natural Gas | DXY | EUR/USD | USD/JPY | GBP/USD | US 10-Year | US 2-Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BTC | 1.00 | 0.89 | 0.84 | 0.89 | 0.71 | 0.83 | 0.38 | 0.38 | 0.25 | 0.13 | -0.04 | -0.26 | 0.07 | 0.14 | 0.28 | 0.04 | 0.12 | 0.43 | 0.49 | 0.53 | 0.29 | -0.23 | -0.05 | -0.33 | 0.32 | -0.10 | 0.29 | -0.11 | -0.08 |
| ETH | 0.89 | 1.00 | 0.83 | 0.79 | 0.67 | 0.76 | 0.30 | 0.27 | 0.22 | 0.14 | -0.10 | -0.29 | 0.16 | 0.09 | 0.15 | 0.07 | 0.09 | 0.42 | 0.47 | 0.49 | 0.22 | -0.21 | -0.05 | -0.40 | 0.42 | -0.18 | 0.32 | -0.11 | 0.00 |
| SOL | 0.84 | 0.83 | 1.00 | 0.78 | 0.72 | 0.80 | 0.38 | 0.37 | 0.26 | 0.14 | 0.01 | -0.34 | 0.07 | 0.18 | 0.24 | 0.14 | 0.17 | 0.36 | 0.41 | 0.53 | 0.28 | -0.25 | 0.13 | -0.29 | 0.30 | -0.14 | 0.26 | -0.09 | -0.04 |
| XRP | 0.89 | 0.79 | 0.78 | 1.00 | 0.72 | 0.88 | 0.29 | 0.30 | 0.19 | 0.12 | -0.01 | -0.21 | -0.03 | 0.14 | 0.15 | 0.08 | 0.20 | 0.40 | 0.33 | 0.44 | 0.27 | -0.19 | 0.02 | -0.31 | 0.28 | -0.13 | 0.28 | -0.07 | -0.07 |
| BNB | 0.71 | 0.67 | 0.72 | 0.72 | 1.00 | 0.82 | 0.40 | 0.43 | 0.20 | 0.23 | 0.07 | -0.37 | -0.06 | 0.28 | 0.25 | 0.19 | 0.19 | 0.46 | 0.31 | 0.44 | 0.45 | -0.23 | 0.00 | -0.29 | 0.24 | -0.25 | 0.23 | -0.04 | -0.04 |
| DOGE | 0.83 | 0.76 | 0.80 | 0.88 | 0.82 | 1.00 | 0.38 | 0.37 | 0.24 | 0.25 | 0.12 | -0.26 | -0.01 | 0.15 | 0.18 | 0.13 | 0.22 | 0.45 | 0.32 | 0.43 | 0.37 | -0.22 | -0.01 | -0.28 | 0.27 | -0.19 | 0.25 | -0.08 | -0.08 |
| S&P 500 | 0.38 | 0.30 | 0.38 | 0.29 | 0.40 | 0.38 | 1.00 | 0.91 | 0.79 | 0.50 | 0.09 | -0.75 | -0.03 | 0.61 | 0.61 | 0.49 | 0.46 | 0.63 | 0.36 | 0.48 | 0.48 | -0.54 | 0.01 | -0.26 | 0.18 | -0.30 | 0.15 | -0.17 | -0.13 |
| Nasdaq 100 | 0.38 | 0.27 | 0.37 | 0.30 | 0.43 | 0.37 | 0.91 | 1.00 | 0.52 | 0.37 | 0.24 | -0.68 | -0.11 | 0.54 | 0.67 | 0.40 | 0.33 | 0.63 | 0.31 | 0.50 | 0.55 | -0.49 | 0.01 | -0.18 | 0.12 | -0.22 | 0.09 | 0.01 | -0.03 |
| Dow Jones | 0.25 | 0.22 | 0.26 | 0.19 | 0.20 | 0.24 | 0.79 | 0.52 | 1.00 | 0.54 | -0.13 | -0.58 | 0.08 | 0.47 | 0.30 | 0.35 | 0.34 | 0.38 | 0.34 | 0.31 | 0.25 | -0.54 | -0.09 | -0.29 | 0.20 | -0.33 | 0.20 | -0.41 | -0.26 |
| DAX 40 | 0.13 | 0.14 | 0.14 | 0.12 | 0.23 | 0.25 | 0.50 | 0.37 | 0.54 | 1.00 | 0.01 | -0.29 | 0.01 | 0.35 | 0.18 | 0.24 | 0.29 | 0.26 | 0.19 | 0.24 | 0.34 | -0.50 | -0.12 | -0.18 | 0.17 | -0.15 | 0.16 | -0.17 | -0.02 |
| Nikkei 225 | -0.04 | -0.10 | 0.01 | -0.01 | 0.07 | 0.12 | 0.09 | 0.24 | -0.13 | 0.01 | 1.00 | 0.01 | -0.34 | 0.04 | 0.27 | 0.20 | -0.09 | 0.04 | 0.03 | 0.07 | 0.25 | -0.05 | -0.05 | 0.30 | -0.26 | 0.13 | -0.13 | 0.39 | 0.16 |
| VIX | -0.26 | -0.29 | -0.34 | -0.21 | -0.37 | -0.26 | -0.75 | -0.68 | -0.58 | -0.29 | 0.01 | 1.00 | 0.10 | -0.54 | -0.52 | -0.50 | -0.26 | -0.49 | -0.43 | -0.48 | -0.43 | 0.35 | -0.13 | 0.30 | -0.22 | 0.40 | -0.19 | -0.01 | -0.07 |
| AAPL | 0.07 | 0.16 | 0.07 | -0.03 | -0.06 | -0.01 | -0.03 | -0.11 | 0.08 | 0.01 | -0.34 | 0.10 | 1.00 | -0.11 | -0.22 | -0.46 | -0.19 | -0.01 | -0.04 | -0.11 | -0.24 | -0.04 | -0.12 | -0.01 | 0.00 | 0.15 | -0.09 | -0.23 | -0.06 |
| MSFT | 0.14 | 0.09 | 0.18 | 0.14 | 0.28 | 0.15 | 0.61 | 0.54 | 0.47 | 0.35 | 0.04 | -0.54 | -0.11 | 1.00 | 0.20 | 0.50 | 0.35 | 0.36 | 0.12 | 0.18 | 0.30 | -0.28 | 0.06 | -0.34 | 0.16 | -0.46 | 0.19 | 0.05 | 0.00 |
| NVDA | 0.28 | 0.15 | 0.24 | 0.15 | 0.25 | 0.18 | 0.61 | 0.67 | 0.30 | 0.18 | 0.27 | -0.52 | -0.22 | 0.20 | 1.00 | 0.21 | 0.05 | 0.42 | 0.26 | 0.37 | 0.43 | -0.23 | -0.02 | -0.14 | 0.13 | -0.16 | 0.09 | 0.07 | -0.07 |
| AMZN | 0.04 | 0.07 | 0.14 | 0.08 | 0.19 | 0.13 | 0.49 | 0.40 | 0.35 | 0.24 | 0.20 | -0.50 | -0.46 | 0.50 | 0.21 | 1.00 | 0.69 | 0.29 | 0.07 | 0.10 | 0.19 | -0.15 | 0.09 | -0.08 | 0.04 | -0.30 | 0.08 | 0.19 | 0.24 |
| GOOGL | 0.12 | 0.09 | 0.17 | 0.20 | 0.19 | 0.22 | 0.46 | 0.33 | 0.34 | 0.29 | -0.09 | -0.26 | -0.19 | 0.35 | 0.05 | 0.69 | 1.00 | 0.21 | -0.03 | 0.03 | 0.11 | -0.24 | 0.12 | -0.02 | 0.02 | -0.13 | 0.02 | -0.01 | 0.07 |
| TSLA | 0.43 | 0.42 | 0.36 | 0.40 | 0.46 | 0.45 | 0.63 | 0.63 | 0.38 | 0.26 | 0.04 | -0.49 | -0.01 | 0.36 | 0.42 | 0.29 | 0.21 | 1.00 | 0.32 | 0.43 | 0.46 | -0.23 | 0.03 | -0.38 | 0.26 | -0.34 | 0.16 | 0.01 | -0.03 |
| Gold | 0.49 | 0.47 | 0.41 | 0.33 | 0.31 | 0.32 | 0.36 | 0.31 | 0.34 | 0.19 | 0.03 | -0.43 | -0.04 | 0.12 | 0.26 | 0.07 | -0.03 | 0.32 | 1.00 | 0.89 | 0.40 | -0.08 | 0.18 | -0.47 | 0.52 | -0.24 | 0.41 | -0.20 | -0.24 |
| Silver | 0.53 | 0.49 | 0.53 | 0.44 | 0.44 | 0.43 | 0.48 | 0.50 | 0.31 | 0.24 | 0.07 | -0.48 | -0.11 | 0.18 | 0.37 | 0.10 | 0.03 | 0.43 | 0.89 | 1.00 | 0.55 | -0.14 | 0.13 | -0.42 | 0.47 | -0.18 | 0.40 | -0.13 | -0.18 |
| Copper | 0.29 | 0.22 | 0.28 | 0.27 | 0.45 | 0.37 | 0.48 | 0.55 | 0.25 | 0.34 | 0.25 | -0.43 | -0.24 | 0.30 | 0.43 | 0.19 | 0.11 | 0.46 | 0.40 | 0.55 | 1.00 | -0.34 | -0.01 | -0.20 | 0.18 | -0.22 | 0.15 | -0.03 | -0.04 |
| Crude Oil WTI | -0.23 | -0.21 | -0.25 | -0.19 | -0.23 | -0.22 | -0.54 | -0.49 | -0.54 | -0.50 | -0.05 | 0.35 | -0.04 | -0.28 | -0.23 | -0.15 | -0.24 | -0.23 | -0.08 | -0.14 | -0.34 | 1.00 | 0.22 | -0.05 | 0.12 | 0.06 | 0.17 | 0.22 | 0.09 |
| Natural Gas | -0.05 | -0.05 | 0.13 | 0.02 | 0.00 | -0.01 | 0.01 | 0.01 | -0.09 | -0.12 | -0.05 | -0.13 | -0.12 | 0.06 | -0.02 | 0.09 | 0.12 | 0.03 | 0.18 | 0.13 | -0.01 | 0.22 | 1.00 | -0.04 | 0.07 | 0.06 | -0.02 | 0.08 | 0.00 |
| DXY | -0.33 | -0.40 | -0.29 | -0.31 | -0.29 | -0.28 | -0.26 | -0.18 | -0.29 | -0.18 | 0.30 | 0.30 | -0.01 | -0.34 | -0.14 | -0.08 | -0.02 | -0.38 | -0.47 | -0.42 | -0.20 | -0.05 | -0.04 | 1.00 | -0.92 | 0.70 | -0.83 | 0.27 | 0.36 |
| EUR/USD | 0.32 | 0.42 | 0.30 | 0.28 | 0.24 | 0.27 | 0.18 | 0.12 | 0.20 | 0.17 | -0.26 | -0.22 | 0.00 | 0.16 | 0.13 | 0.04 | 0.02 | 0.26 | 0.52 | 0.47 | 0.18 | 0.12 | 0.07 | -0.92 | 1.00 | -0.50 | 0.87 | -0.20 | -0.27 |
| USD/JPY | -0.10 | -0.18 | -0.14 | -0.13 | -0.25 | -0.19 | -0.30 | -0.22 | -0.33 | -0.15 | 0.13 | 0.40 | 0.15 | -0.46 | -0.16 | -0.30 | -0.13 | -0.34 | -0.24 | -0.18 | -0.22 | 0.06 | 0.06 | 0.70 | -0.50 | 1.00 | -0.46 | 0.18 | 0.28 |
| GBP/USD | 0.29 | 0.32 | 0.26 | 0.28 | 0.23 | 0.25 | 0.15 | 0.09 | 0.20 | 0.16 | -0.13 | -0.19 | -0.09 | 0.19 | 0.09 | 0.08 | 0.02 | 0.16 | 0.41 | 0.40 | 0.15 | 0.17 | -0.02 | -0.83 | 0.87 | -0.46 | 1.00 | -0.15 | -0.25 |
| US 10-Year | -0.11 | -0.11 | -0.09 | -0.07 | -0.04 | -0.08 | -0.17 | 0.01 | -0.41 | -0.17 | 0.39 | -0.01 | -0.23 | 0.05 | 0.07 | 0.19 | -0.01 | 0.01 | -0.20 | -0.13 | -0.03 | 0.22 | 0.08 | 0.27 | -0.20 | 0.18 | -0.15 | 1.00 | 0.83 |
| US 2-Year | -0.08 | 0.00 | -0.04 | -0.07 | -0.04 | -0.08 | -0.13 | -0.03 | -0.26 | -0.02 | 0.16 | -0.07 | -0.06 | 0.00 | -0.07 | 0.24 | 0.07 | -0.03 | -0.24 | -0.18 | -0.04 | 0.09 | 0.00 | 0.36 | -0.27 | 0.28 | -0.25 | 0.83 | 1.00 |
Green = the two assets moved in the same direction, red = in opposite directions. Tap a cell for the chart below.
Strongest positive correlations
Strongest negative correlations
Rolling correlation of a pair
Correlation of the selected pair, recalculated for every day of the chosen window. Click a cell in the matrix to load that pair.
Pearson correlation of daily log returns; every pair uses the days on which both markets traded. Not investment advice. Updated: Oct 23, 2026, 3:04 PM
What does the correlation matrix show?
Each cell shows the correlation of the daily returns of two assets over the selected period. A value near +1 means the two moved almost in lockstep, a value near 0 means their daily moves had little to do with each other, and a value near -1 means one tended to rise while the other fell.
Why correlation matters for a portfolio
Holding several strongly correlated assets gives much less diversification than it looks: in a sell-off they fall together. Pairs with a low or negative correlation smooth out the swings of a portfolio. Correlation is not stable, though — it often jumps towards 1 during a crisis, exactly when diversification is needed most.
How we calculate it
We use the Pearson correlation of daily logarithmic returns. For every pair only the days on which both markets traded are counted, so a crypto-and-stock pair is measured on stock market trading days. Bond rows use the change in yield rather than a price.
Frequently asked questions
What is a good correlation value?
There is no universally good value, it depends on the goal. For diversification look for pairs below about 0.3; for a hedge look for negative values. Above 0.7 two assets are close substitutes in terms of risk.
Does bitcoin move with the stock market?
It changes over time. In calm markets the correlation between bitcoin and the S&P 500 is often between 0.2 and 0.5, but it rises in risk-off phases when investors sell everything volatile at once. The rolling chart on this page shows how the relationship has changed.
How often is the matrix updated?
Daily closes are refreshed every few hours, so the matrix follows the market with one closing price per day. The 30-day window reacts fastest to a change of regime, the 1-year window shows the structural relationship.