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

0.407

Moderately correlated

Tightest pair

BTC ↔ ETH

ρ = 0.912

Loosest pair

CASHCAT ↔ FARTCOIN

ρ = -0.494

Correlation matrix

ρ	BTC	ETH	HYPE	ZEC	SOL	CASHCAT	XRP	LIT	ONDO	PUMP	FARTCOIN	WLD
BTC	1.00	0.91	0.52	0.68	0.73	-0.26	0.87	0.53	0.31	0.40	0.62	0.41
ETH	0.91	1.00	0.65	0.67	0.73	-0.05	0.90	0.48	0.40	0.53	0.72	0.56
HYPE	0.52	0.65	1.00	0.71	0.57	0.27	0.55	0.43	0.34	0.29	0.66	0.52
ZEC	0.68	0.67	0.71	1.00	0.53	-0.19	0.56	0.48	0.38	0.05	0.44	0.36
SOL	0.73	0.73	0.57	0.53	1.00	0.31	0.68	0.58	0.29	0.53	0.70	0.14
CASHCAT	-0.26	-0.05	0.27	-0.19	0.31	1.00	-0.30	0.55	0.01	-0.11	-0.49	0.36
XRP	0.87	0.90	0.55	0.56	0.68	-0.30	1.00	0.40	0.33	0.52	0.68	0.50
LIT	0.53	0.48	0.43	0.48	0.58	0.55	0.40	1.00	0.28	0.09	0.38	0.12
ONDO	0.31	0.40	0.34	0.38	0.29	0.01	0.33	0.28	1.00	0.32	0.29	0.08
PUMP	0.40	0.53	0.29	0.05	0.53	-0.11	0.52	0.09	0.32	1.00	0.65	0.27
FARTCOIN	0.62	0.72	0.66	0.44	0.70	-0.49	0.68	0.38	0.29	0.65	1.00	0.48
WLD	0.41	0.56	0.52	0.36	0.14	0.36	0.50	0.12	0.08	0.27	0.48	1.00

Tightest 5 (move together)

BTC ↔ ETHρ 0.912
ETH ↔ XRPρ 0.900
BTC ↔ XRPρ 0.867
ETH ↔ SOLρ 0.726
BTC ↔ SOLρ 0.726

Loosest 5 (diverge most)

CASHCAT ↔ FARTCOINρ -0.494
CASHCAT ↔ XRPρ -0.296
BTC ↔ CASHCATρ -0.258
ZEC ↔ CASHCATρ -0.190
CASHCAT ↔ PUMPρ -0.108

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.