The Cryptocurrency Daily Return Correlation Calculator helps you analyze how different cryptocurrencies move together. Calculate correlation matrices, view stability metrics, and understand the relationships between major cryptocurrencies over any time period.
Cryptocurrency Daily Return Correlation Calculator
Using the Cryptocurrency Correlation Calculator
To analyze cryptocurrency correlations, follow these steps:
- Select Cryptocurrencies: Choose two or more cryptocurrencies to analyze. Currently, we support: Bitcoin, Ethereum, Litecoin, Avalanche, Cardano, Solana, Dogecoin, Chainlink, and Shiba Inu.
- Choose Dates: Select your analysis period using the date inputs. Either use the suggested range buttons (YTD, 1Y, 2Y, 5Y), or enter custom dates of your choice. The tool will let you know if a coin doesn't have the history to support your range.
- View Results: Click Show Matrix for the correlation heatmap or Show Statistics for detailed analysis.
Interpreting the Results
The calculator provides two main views:
- Correlation Matrix: A heatmap showing correlations between all selected pairs:
- Blue cells indicate positive correlation (assets tend to move together)
- Red cells indicate negative correlation (assets tend to move in opposite directions)
- Darker colors indicate stronger relationships
- Hover over any cell to see the 30-day rolling correlation chart, the asset pair, and the overall daily return correlation in that timeframe.
- Statistics View: A view with detailed metrics including:
- Average correlation across all pairs
- Correlation range (highest to lowest)
- Most and least correlated pairs
- Most stable and volatile relationships
- Select the i (info), button for a brief explanation about how to interpret a stat.
Special Features
- Rolling Correlation Charts: Hover over any correlation value to see how the relationship has changed over time.
- Export Function: Download the correlation matrix and statistics as a CSV file for further analysis.
- Stability Analysis: Understand which cryptocurrency pairs have the most consistent relationships over time.
Methodology and Data Sources
The calculator uses daily closing prices from CoinGecko to compute correlations. Key methodology points:
- Daily Returns: Calculated as (Price₂ - Price₁) / Price₁ for each consecutive day
- Correlation Coefficient: Uses the Pearson correlation on daily returns
- Rolling Correlation: A 30-day window showing how the relationship of the correlation evolves
- Stability Measure: The standard deviation of the rolling correlation
Disclaimer
While we strive to provide accurate and up-to-date information, correlation analysis has limitations and past relationships may not predict future behavior. This tool is for informational purposes only and should not be considered financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions.
For more cryptocurrency analysis tools, try our Bitcoin Return Calculator, Bitcoin DMA Calculator, and Bitcoin Drawdown Calculator.
