Asset Class Correlation Matrix
Which asset classes move together and which do not — the foundation of real diversification.
| SPY | TLT | GLD | BTC | DBO | UUP | |
|---|---|---|---|---|---|---|
| SPY S&P 500 | 1 | 0.18 | 0.13 | 0.37 | 0.32 | -0.38 |
| TLT US Treasuries 20y+ | 0.18 | 1 | 0.37 | 0.07 | -0.35 | -0.38 |
| GLD Gold | 0.13 | 0.37 | 1 | 0.10 | -0.14 | -0.51 |
| BTC Bitcoin | 0.37 | 0.07 | 0.10 | 1 | 0.11 | -0.14 |
| DBO WTI Crude Oil | 0.32 | -0.35 | -0.14 | 0.11 | 1 | -0.06 |
| UUP US Dollar Index | -0.38 | -0.38 | -0.51 | -0.14 | -0.06 | 1 |
How to read this
Correlation runs from −1 to +1. Values near +1 mean two assets have moved in the same direction most months; near 0 means no reliable relationship; negative values mean they tended to move in opposite directions. This matrix uses ten years of monthly total returns — the long-run, structural relationship.
For a portfolio, the low and negative numbers are the valuable ones: combining assets that do not move together lowers the swings of the whole portfolio. This is the core of diversification — and why holding stocks, Treasuries, gold and the dollar together has historically been far smoother than holding any one of them.
Correlations change: they often rise in crises. The Research Terminal shows them on daily (last 12 months), weekly (3 years) and monthly (10 years) data, for all 30 markets with Plus.
How the main asset classes have performed this month and this year — total returns, updated with every data refresh.
Drawdowns from the highHow far each core market is below its all-time high, and how long ago that high was set.
30 markets explainedLong-term returns, drawdowns and how a trend-following strategy compares.
Educational content, not investment advice. Past performance does not guarantee future results. Disclaimer.