BTC / SPY
Bitcoin and SPDR S&P 500 ETF correlation -0.09
Bitcoin and SPDR S&P 500 ETF correlation is -0.09 over 90 days both markets printed a close, ending 2026-11-13. In this window they barely share a move.
- 90-close correlation
- -0.09
- 30-close correlation
- -0.24
- Observations
- 90
- As of
- 2026-11-13
- BTC vol
- 42.1%
- SPY vol
- 14.2%
- Calendar
- days both markets printed a close
- 30-close count
- 30
The 30-close correlation is -0.24 against -0.09 over 90 closes. The pair broke apart. Crypto trades on weekends and these ETFs do not. This correlation keeps only dates both sides printed a close, so it is not comparable to a crypto-to-crypto page.
BTC 90-close vol is 42.1%. SPY is 14.2%. A 50/50 book of the two annualized vols would have realized about 21.6%, against 28.1% if you averaged the two vols with no diversification.
How to read this print
- Read the 90-close correlation for BTC and SPY.
- Compare it with the 30-close print to see if the pair tightened or broke.
- Use the two realized vols to judge whether a 50/50 mix actually diversifies.
- Open the correlation matrix if you want the whole book, not one pair.
FAQ
People also ask
-0.09 over 90 days both markets printed a close, ending 2026-11-13. In this window they barely share a move.
The 30-close correlation is -0.24 against -0.09 over 90 closes. The pair broke apart.
Using the 90-close vols and this correlation, a 50/50 book would have realized about 21.6%. Compare that with holding either name alone.
This print uses days both markets printed a close and log-return correlation on the aligned window. A site that uses weekly returns, a different session calendar, or a longer sample will not match it. The method is on this page.
Related
Bitcoin volatility
90-close vol 42.1%.
SPDR S&P 500 ETF volatility
90-close vol 14.2%.
Correlation matrix
The full book, not just this pair.
Risk parity optimizer
Weights that stop the higher-vol name from owning the book.
Diversification ratio
How much of the standalone vol a mix actually cancels.
BTC and ETH
Another pair in the same universe.
BTC and SOL
Another pair in the same universe.
BTC and XRP
Another pair in the same universe.
BTC and BNB
Another pair in the same universe.
A correlation is not a hedge until you hold both.
This page is the market path. Thrive is the book you actually held, so you can see whether the hedge was real.