Asset correlation

Are you actually diversified?

Pearson correlation matrix on log returns across the top 12 Hyperliquid perps by volume. Green means assets move together, red means they diverge. When everything is dark green you do not have diversification — you have one bet.

7d 30d 90d30 days · 1d

Avg off-diagonal

0.384

Genuine diversification available

Tightest pair

BTC ↔ XRP

ρ = 0.908

Loosest pair

ZEC ↔ WLD

ρ = -0.102

Correlation matrix

ρ	BTC	ETH	HYPE	ZEC	SOL	NEAR	LIT	XRP	TON	WLD	ENA	VVV
BTC	1.00	0.89	0.57	0.29	0.88	0.19	0.15	0.91	0.36	0.36	0.33	0.32
ETH	0.89	1.00	0.55	0.14	0.86	0.34	0.14	0.87	0.35	0.56	0.34	0.23
HYPE	0.57	0.55	1.00	0.51	0.50	0.12	0.41	0.55	0.24	0.19	0.27	0.28
ZEC	0.29	0.14	0.51	1.00	0.28	0.23	0.64	0.20	0.45	-0.10	0.60	0.33
SOL	0.88	0.86	0.50	0.28	1.00	0.32	0.13	0.87	0.47	0.45	0.49	0.48
NEAR	0.19	0.34	0.12	0.23	0.32	1.00	0.13	0.17	0.36	0.47	0.46	0.23
LIT	0.15	0.14	0.41	0.64	0.13	0.13	1.00	0.11	0.22	0.01	0.50	0.25
XRP	0.91	0.87	0.55	0.20	0.87	0.17	0.11	1.00	0.27	0.38	0.43	0.28
TON	0.36	0.35	0.24	0.45	0.47	0.36	0.22	0.27	1.00	0.41	0.57	0.36
WLD	0.36	0.56	0.19	-0.10	0.45	0.47	0.01	0.38	0.41	1.00	0.49	0.22
ENA	0.33	0.34	0.27	0.60	0.49	0.46	0.50	0.43	0.57	0.49	1.00	0.52
VVV	0.32	0.23	0.28	0.33	0.48	0.23	0.25	0.28	0.36	0.22	0.52	1.00

Tightest 5 (move together)

BTC ↔ XRPρ 0.908
BTC ↔ ETHρ 0.888
BTC ↔ SOLρ 0.875
ETH ↔ XRPρ 0.874
SOL ↔ XRPρ 0.871

Loosest 5 (diverge most)

ZEC ↔ WLDρ -0.102
LIT ↔ WLDρ 0.009
LIT ↔ XRPρ 0.109
HYPE ↔ NEARρ 0.120
NEAR ↔ LITρ 0.127

How to use it

Correlation between -1 and +1. +1 = perfect co-movement, 0 = uncorrelated, -1 = perfect anti-correlation. In crypto bull regimes most pairs sit at +0.7 to +0.9 — that means a multi-asset book is one bet on BTC. Use the loosest pairs to find genuine diversification, and watch the avg correlation drop as the market loses risk-on cohesion.