Correlation matrix: how major assets move together
Correlation measures how closely two assets' price changes move together, on a scale from −1 to +1. The matrix below covers ten widely followed assets — Bitcoin, Ethereum, gold, silver, crude oil, the S&P 500, the Nasdaq, the BIST 100, USD/TRY and EUR/USD — using daily returns over the past year; a second matrix below uses weekly returns over three years. Both are recalculated every day.
1 year · daily returns
| BTC | ETH | Gold | Silver | Oil | S&P 500 | Nasdaq | BIST 100 | USD/TRY | EUR/USD | |
|---|---|---|---|---|---|---|---|---|---|---|
| Bitcoin | 1 | 0.90 | 0.26 | 0.23 | -0.18 | 0.36 | 0.38 | 0.14 | -0.08 | 0.10 |
| Ethereum | 0.90 | 1 | 0.25 | 0.23 | -0.15 | 0.41 | 0.42 | 0.18 | -0.10 | 0.14 |
| Gold | 0.26 | 0.25 | 1 | 0.82 | -0.14 | 0.29 | 0.28 | 0.23 | -0.04 | 0.22 |
| Silver | 0.23 | 0.23 | 0.82 | 1 | -0.14 | 0.29 | 0.28 | 0.24 | -0.04 | 0.20 |
| Oil | -0.18 | -0.15 | -0.14 | -0.14 | 1 | -0.34 | -0.30 | -0.24 | 0.02 | -0.12 |
| S&P 500 | 0.36 | 0.41 | 0.29 | 0.29 | -0.34 | 1 | 0.96 | 0.23 | -0.01 | 0.04 |
| Nasdaq | 0.38 | 0.42 | 0.28 | 0.28 | -0.30 | 0.96 | 1 | 0.22 | -0.02 | 0.04 |
| BIST 100 | 0.14 | 0.18 | 0.23 | 0.24 | -0.24 | 0.23 | 0.22 | 1 | -0.02 | 0.19 |
| USD/TRY | -0.08 | -0.10 | -0.04 | -0.04 | 0.02 | -0.01 | -0.02 | -0.02 | 1 | -0.11 |
| EUR/USD | 0.10 | 0.14 | 0.22 | 0.20 | -0.12 | 0.04 | 0.04 | 0.19 | -0.11 | 1 |
Data to Oct 6, 2026.
What stands out
- Strongest positive link: S&P 500 and Nasdaq (0.96).
- Most negative: Oil and S&P 500 (-0.34).
- Closest to zero: S&P 500 and USD/TRY (-0.01).
How to read the matrix
- Each cell is the correlation between the row asset and the column asset; the diagonal is always 1.
- Blue cells mean the two tended to rise and fall together; orange cells mean they tended to move in opposite directions; pale cells mean little relationship.
- As a rule of thumb, above 0.7 is a strong link, 0.4 to 0.7 moderate and below 0.4 weak — the same applies to negative values.
- Each figure uses the trading days (or weeks) both assets share; hover over a cell to see how many.
3 years · weekly returns
| BTC | ETH | Gold | Silver | Oil | S&P 500 | Nasdaq | BIST 100 | USD/TRY | EUR/USD | |
|---|---|---|---|---|---|---|---|---|---|---|
| Bitcoin | 1 | 0.76 | 0.08 | 0.14 | -0.03 | 0.24 | 0.27 | 0.06 | 0.17 | 0.03 |
| Ethereum | 0.76 | 1 | 0.02 | 0.11 | -0.06 | 0.30 | 0.32 | 0.11 | 0.21 | 0.03 |
| Gold | 0.08 | 0.02 | 1 | 0.76 | -0.02 | 0.12 | 0.10 | 0.04 | 0.00 | 0.33 |
| Silver | 0.14 | 0.11 | 0.76 | 1 | -0.03 | 0.32 | 0.31 | 0.15 | -0.08 | 0.30 |
| Oil | -0.03 | -0.06 | -0.02 | -0.03 | 1 | -0.10 | -0.08 | -0.10 | -0.03 | -0.24 |
| S&P 500 | 0.24 | 0.30 | 0.12 | 0.32 | -0.10 | 1 | 0.96 | 0.18 | 0.03 | 0.19 |
| Nasdaq | 0.27 | 0.32 | 0.10 | 0.31 | -0.08 | 0.96 | 1 | 0.19 | 0.01 | 0.18 |
| BIST 100 | 0.06 | 0.11 | 0.04 | 0.15 | -0.10 | 0.18 | 0.19 | 1 | -0.29 | 0.18 |
| USD/TRY | 0.17 | 0.21 | 0.00 | -0.08 | -0.03 | 0.03 | 0.01 | -0.29 | 1 | -0.03 |
| EUR/USD | 0.03 | 0.03 | 0.33 | 0.30 | -0.24 | 0.19 | 0.18 | 0.18 | -0.03 | 1 |
What correlation tells you — and what it doesn't
Correlation here is the Pearson coefficient of two assets' percentage price changes over the same periods. +1 means they always moved in the same direction in proportion, 0 means no linear relationship, −1 means they always moved in opposite directions.
Why it matters: combining assets with low or negative correlation can smooth a portfolio's ups and downs, because their swings partly offset each other.
Correlation changes over time. It describes the past, and it often jumps towards +1 in market crashes — exactly when diversification is needed most.
It measures co-movement, not cause and effect, and says nothing about the size of moves: two assets can be highly correlated while one swings far more than the other.
Time zones matter: Istanbul, New York and the 24/7 crypto market close at different hours, so a move after one market's close shows up in another the next day. That understates daily correlations between markets in different time zones; the weekly matrix is less affected.
Each asset is measured in its own quote currency — the BIST 100 in lira, the rest in US dollars. USD/TRY rises when the lira weakens; EUR/USD rises when the euro strengthens.
Frequently asked questions
Is Bitcoin correlated with the stock market?
Over the past year, the correlation between the daily returns of Bitcoin and the S&P 500 was 0.36. That is a weak positive link. Over three years of weekly returns it was 0.24.
Is gold correlated with stocks?
Over the past year, the correlation between the daily returns of gold and the S&P 500 was 0.29. That is a weak positive link. Over three years of weekly returns it was 0.12.
How closely do Bitcoin and Ethereum move together?
Over the past year, the correlation between their daily returns was 0.90. That is a strong positive link: they have tended to move together. Over three years of weekly returns it was 0.76.
Does the BIST 100 move with the dollar?
Over the past year, the correlation between the daily returns of the BIST 100 and USD/TRY was -0.02. That is almost no relationship: they have moved largely independently. Over three years of weekly returns it was -0.29. The BIST 100 is measured in lira here; USD/TRY rises when the lira weakens.
Data: daily and weekly closing prices from Yahoo Finance and OKX. Each pair is aligned on the days (or weeks) both assets traded, and a coefficient is shown only with at least 40 shared daily returns (26 weekly).