AAVE Correlation with Bitcoin and Top Coins

AAVE correlation with Bitcoin and other coins

How closely AAVE has moved with each coin on the correlation matrix: the Pearson correlation of daily log returns over the last 30 and 90 days, its beta to Bitcoin and its realised volatility. Computed from Binance USDT perpetual daily candles.

Over the last 90 days AAVE moved most like DOGE (0.70) and least like PUMP (0.32); its average correlation with the other 19 matrix coins is 0.55. Its 90-day beta to Bitcoin is 1.53, so a 1% BTC day has moved it about 1.5% on average (correlation 0.68). Its 30-day correlation with Bitcoin (0.65) is about the same as the 90-day (0.68). AAVE's 30-day realised volatility is 82% annualised (101% over 7 days), rank 79 of 99 on the volatility screener.

19 coins compared90 daily returnsSource: Binance USDT perpsAs of 01:21 UTC

Beta to BTC 90d

1.53

correlation 0.68

Most correlated 90d

DOGE 0.70

average 0.55 across 19 coins

Least correlated 90d

PUMP 0.32

of the matrix coins

Realised volatility 30d

82%

7d 101%rank 79 of 99

AAVE correlation with each coin · sorted by 90d

Coin	30d	90d
DOGE	0.65	0.70
XRP	0.62	0.70
BTC	0.65	0.68
ADA	0.68	0.65
SUI	0.55	0.65
ETH	0.63	0.63
SOL	0.72	0.63
LTC	0.53	0.60
UNI	0.63	0.59
BNB	0.47	0.56
LINK	0.44	0.55
ENA	0.31	0.54
HYPE	0.46	0.49
ZEC	0.25	0.49
AVAX	0.43	0.46
WLD	0.41	0.46
LIT	-0.12	0.44
NEAR	0.24	0.41
PUMP	0.50	0.32

30 days: β 1.31, correlation to BTC 0.65, 30 daily returns · 90 days: β 1.53, correlation to BTC 0.68, 90 daily returns.

How to read it. Each value is the Pearson correlation of daily log returns over the last 30 or 90 completed UTC days: 1.00 means the two coins moved in lockstep, 0 unrelated, negative in opposite directions. Beta is how much the coin has moved per 1% Bitcoin move. See every pair on the correlation matrix and volatility for 100 perps on the volatility screener.

Coins are the 20 with the most perpetual open interest that list a Binance USDT perp. Daily candles come from Binance's public futures API and refresh a few times a day. Not financial advice.

AAVE correlation FAQ

How is {}'s correlation calculated?

From Binance USDT perpetual daily candles (UTC days) we take AAVE's daily log return, ln(close / previous close), and compute the Pearson correlation with every other coin on the correlation matrix over the days both have, in the last 30 or 90 completed days. +1 means they moved in lockstep, 0 unrelated, -1 opposite.

What does beta to Bitcoin mean?

Beta is how much AAVE has moved per 1% move in Bitcoin: the covariance of its daily returns with BTC's divided by the variance of BTC's. A beta above 1 with a high correlation is an amplified Bitcoin trade; a low correlation means Bitcoin explains little of its moves.

Why is a window or the volatility missing?

A coin needs daily returns on at least 80% of a window's days, so a recent listing has no 90-day correlations yet. The 7- and 30-day realised volatility comes from the volatility screener, which covers the 100 most-traded perps. Nothing here is financial advice.