Cryptocurrencies correlations

Knowledge of the correlation coefficient between assets gives a wide spectrum of advantages.
Modern portfolio theory allows you to create and optimise a portfolio with uncorrelated assets.
Negative correlation provides a possibility to hedge positions.

How to identify digital asset correlations

Correlation chart

The tool can help to understand the correlation coefficient changes in time.
Choosing the assets and the time frame you are interested in, brings the chart with the token rates and the correlation changes.

Correlation matrix

The tool helps to preselect crypto assets for the cryptocurrencies portfolio.
Select the assets you want to be compared with to see the correlation strengths between all of them.

Correlations with a coin or token

There is also the way to find the relation in returns from the particular crypto asset.

Or choose the asset from the list:

Stocks, precious metals and cryptocurrencies

Basing on past returns, crypto assets have not revealed any signs of correlation with stock indexes and metals in the long run.
The matrix of correlations between different asset classes confirms the thesis.

BTC ETH XRP GLD SLV ^DJI ^GSPC ^IXIC DX-Y.NYB
BTC 1.00 0.58 0.29 0.02 0.01 0.06 0.06 0.06 -0.01
ETH 0.58 1.00 0.32 0.08 0.09 0.11 0.11 0.12 -0.01
XRP 0.29 0.32 1.00 0.05 0.05 0.08 0.08 0.09 -0.04
GLD 0.02 0.08 0.05 1.00 0.80 0.03 0.04 0.03 -0.41
SLV 0.01 0.09 0.05 0.80 1.00 0.19 0.21 0.20 -0.42
^DJI 0.06 0.11 0.08 0.03 0.19 1.00 0.97 0.78 0.01
^GSPC 0.06 0.11 0.08 0.04 0.21 0.97 1.00 0.85 -0.02
^IXIC 0.06 0.12 0.09 0.03 0.20 0.78 0.85 1.00 -0.00
DX-Y.NYB -0.01 -0.01 -0.04 -0.41 -0.42 0.01 -0.02 -0.00 1.00

However the relation has changed since 12/03/2020 crash.
It is visible when looking at the chart comparing BTC and S&P 500 Index from the Black Thursday.



High market capitalisation cryptocurrencies correlations

BTC ETH BNB XRP ADA DOGE MATIC LTC TRX LINK ATOM XMR ETC OKB XLM
BTC 1.00 0.58 0.53 0.29 0.67 0.11 0.54 0.33 0.46 0.53 0.58 0.64 0.56 0.48 0.47
ETH 0.58 1.00 0.54 0.32 0.72 0.30 0.61 0.54 0.47 0.62 0.64 0.65 0.66 0.50 0.48
BNB 0.53 0.54 1.00 0.41 0.48 0.20 0.54 0.51 0.41 0.46 0.52 0.47 0.46 0.49 0.41
XRP 0.29 0.32 0.41 1.00 0.65 0.23 0.47 0.34 0.43 0.47 0.50 0.49 0.38 0.38 0.62
ADA 0.67 0.72 0.48 0.65 1.00 0.35 0.57 0.67 0.51 0.59 0.62 0.58 0.61 0.40 0.70
DOGE 0.11 0.30 0.20 0.23 0.35 1.00 0.21 0.05 0.25 0.29 0.29 0.32 0.35 0.19 0.35
MATIC 0.54 0.61 0.54 0.47 0.57 0.21 1.00 0.56 0.42 0.55 0.54 0.47 0.51 0.39 0.52
LTC 0.33 0.54 0.51 0.34 0.67 0.05 0.56 1.00 0.44 0.53 0.60 0.61 0.61 0.47 0.49
TRX 0.46 0.47 0.41 0.43 0.51 0.25 0.42 0.44 1.00 0.38 0.46 0.44 0.40 0.40 0.41
LINK 0.53 0.62 0.46 0.47 0.59 0.29 0.55 0.53 0.38 1.00 0.61 0.47 0.51 0.39 0.49
ATOM 0.58 0.64 0.52 0.50 0.62 0.29 0.54 0.60 0.46 0.61 1.00 0.53 0.54 0.38 0.55
XMR 0.64 0.65 0.47 0.49 0.58 0.32 0.47 0.61 0.44 0.47 0.53 1.00 0.58 0.42 0.51
ETC 0.56 0.66 0.46 0.38 0.61 0.35 0.51 0.61 0.40 0.51 0.54 0.58 1.00 0.44 0.45
OKB 0.48 0.50 0.49 0.38 0.40 0.19 0.39 0.47 0.40 0.39 0.38 0.42 0.44 1.00 0.36
XLM 0.47 0.48 0.41 0.62 0.70 0.35 0.52 0.49 0.41 0.49 0.55 0.51 0.45 0.36 1.00

negatively correlated and uncorrelated altcoins (measured in BTC)

token1 token2 correlation days
LTC XAUT -0.22 334
BCH XAUT -0.20 334
PAXG SNT -0.18 574
SNT XAUT -0.16 334
BCH PAXG -0.15 574
ONT XAUT -0.15 334
XAUT ZIL -0.15 334
XAUT ZEC -0.14 334
REP XAUT -0.14 334
EOS XAUT -0.13 334
REN XAUT -0.13 334
BEAM PAXG -0.12 574
LTC PAXG -0.12 574
ONT PAXG -0.12 574
BTM XAUT -0.11 334

The strongest crypto assets correlations (measured in BTC)

token1 token2 correlation days
PAXG XAUT 0.91 334
NEO ONT 0.63 2702
ONT QTUM 0.54 2702
BCH BSV 0.49 2454
EOS ONT 0.49 2702
MIOTA ONT 0.49 2702
ATOM XTZ 0.47 2298
ADA XLM 0.47 2868
ATOM KAVA 0.47 1918
XMR ZEC 0.46 2967
ICX ONT 0.46 2702
KAVA XTZ 0.45 1918
ALGO ATOM 0.45 2240
KAVA ONT 0.45 1918
COMP SNX 0.45 1872