Correlation
Correlation amongst assets is the degree to which they move in tandem. The values range between -1 and +1, where a value of -1 means that the returns move in opposite directions (e.g. BTC up 0.2% and ETH down -0.2%) and a value of +1 means the returns move in the same direction (e.g. BTC up 0.2% and ETH up 0.2%). A value of zero denotes no (linear) dependence between the assets. The results can be interpreted as follows:

• 0.5 to 1: Strong positive relationship
• 0.3 to 0.5: Moderate positive relationship
• 0.1 to 0.3: Weak positive relationship
• -0.1 to 0.1: No linear relationship
• -0.1 to -0.3: Weak negative relationship
• -0.3 to -0.5: Moderate negative relationship
• -0.5 to -1.0: Strong negative relationship

The matrices above show Pearson correlations and p-values that are computed from log-returns of volume-weighted average daily prices over 90, 180, and 365 days. Visualizing these correlations can be facilitated with a cryptocurrency correlation graph. Rolling correlations show how these values change over time which can be seen here. These matrices are updated daily.

Portfolios
A typical investment portfolio consists of equities, hedging instruments on equities, commodities, and treasuries/bonds. To give an indication of the relationship of a typical portfolio to cryptocurrencies, the S&P 500 index (^SPX), CBOE Volatility Index (^VIX), SPDR Gold Shares (^GLD), and CBOE 10-year treasury-note yield (^TNX) are shown above.

P-Values
P-values quantify the statistical significance of a result. In the case of correlations, the p-values can be interpreted as follows:

• p-value ≤ 0.05: the correlation is statistically significant and you can conclude that the correlation is different from 0.
• p-value > 0.05: the correlation is not statistically significant and you cannot conclude that the correlation is different from 0.

The p-values are rounded to the nearest 1/100th value, i.e. a p-value less than 5/1000 will be displayed as 0.

Plot Legend
BTC = Bitcoin, ETH = Ethereum, BCH = Bitcoin Cash, XRP = Ripple, LTC = Litecoin, DASH = Dash, XMR = Monero, XEM = NEM, ETC = Ethereum Classic, XLM = Stellar Lumens, ZEC = Zcash, NXT = Nxt, SC = Siacoin, REP = Augur, LSK = Lisk, FCT = Factom, ^SPX = S&P 500 Index, ^VIX = CBOE Volatility Index, ^GLD = SPDR Gold Shares, ^TNX = CBOE 10-year treasury-note yield.

Data Credits
Raw price data courtesy of Poloniex.