Bitcoin Correlation With Stocks, Gold and the Dollar
Over the last 90 trading days, bitcoin's daily moves had a correlation of +0.40 with the Nasdaq, +0.37 with the S&P 500, +0.52 with gold and −0.27 with the US dollar index (1 = always move together, 0 = no link, −1 = always opposite). The link with stocks is fairly new: in 2014–2019 the yearly correlation with the Nasdaq averaged +0.01, since 2020 +0.40.
Daily closes to Oct 30, 2026 · 90-trading-day correlation of daily moves
Bitcoin's 90-day correlation over time
Highs, Lows and Averages
| With | Now | 1 year | Since 2014 | Highest | Lowest |
|---|---|---|---|---|---|
| S&P 500 | +0.37 | +0.47 | +0.24 | +0.62 Jul 2022 | −0.33 Aug 2019 |
| Nasdaq | +0.40 | +0.47 | +0.26 | +0.67 May 2022 | −0.31 Aug 2019 |
| Gold | +0.52 | +0.24 | +0.09 | +0.55 Sep 2026 | −0.25 Nov 2018 |
| US dollar index | −0.27 | −0.18 | −0.07 | +0.28 Jan 2018 | −0.50 Jan 2023 |
Highest and lowest: of the rolling 90-day correlation. "Since": all daily moves in the data together.
How to Read It
A correlation of +0.5 means bitcoin and the other market usually moved in the same direction on the same days; 0 means no pattern; a negative number means they tended to move in opposite directions. It says nothing about the size of the moves: bitcoin typically moves several times as much as the S&P 500 (see bitcoin volatility).
Bitcoin's link with stocks grew after 2020, as funds and companies began holding it and it started to trade more like other risky assets. Over all days since 2014, its correlation with gold has been close to zero (+0.09). Against the dollar index, the rolling 90-day correlation has been negative 66% of the time. These relationships shift: compare the moves directly on the bitcoin charts or the bitcoin/gold ratio.
Bitcoin's Correlation by Year
Correlation of daily moves within each calendar year (current year: so far).
| Year | With S&P 500 | With Nasdaq | With Gold | With US dollar index |
|---|---|---|---|---|
| 2026 YTD | +0.46 | +0.46 | +0.24 | −0.20 |
| 2025 | +0.42 | +0.47 | +0.10 | −0.03 |
| 2024 | +0.36 | +0.34 | +0.07 | −0.03 |
| 2023 | +0.16 | +0.19 | +0.11 | −0.14 |
| 2022 | +0.56 | +0.59 | +0.10 | −0.31 |
| 2021 | +0.26 | +0.27 | −0.06 | −0.11 |
| 2020 | +0.45 | +0.46 | +0.28 | −0.08 |
| 2019 | −0.11 | −0.10 | +0.22 | −0.14 |
| 2018 | +0.08 | +0.08 | +0.01 | −0.04 |
| 2017 | +0.07 | +0.08 | −0.01 | +0.09 |
| 2016 | −0.03 | −0.00 | +0.10 | +0.01 |
| 2015 | +0.06 | +0.05 | −0.01 | −0.01 |
| 2014 | −0.09 | −0.04 | −0.06 | +0.10 |
Bitcoin Correlation FAQ
Is bitcoin correlated with the stock market?
Recently, yes, noticeably: over the last 90 trading days the correlation of daily moves with the Nasdaq was +0.40 (moderate positive), and over the last year +0.47. In 2014–2019 the yearly correlation averaged +0.01, and +0.40 since 2020. The rolling 90-day figure has swung between −0.31 and +0.67 since 2014.
Does bitcoin move with gold?
Not much. The 90-day correlation with gold is +0.52 (strong positive) and +0.09 over all days since 2014. Bitcoin is sometimes called "digital gold", but day to day the two have mostly moved independently.
How does bitcoin move with the US dollar?
Bitcoin is priced in dollars, so a stronger dollar can weigh on its price, as with most assets priced in dollars — but the link has been loose. The 90-day correlation with the US dollar index is −0.27 (weak negative) and −0.07 over all days since 2014; the rolling figure has been negative 66% of the time.
How is the correlation calculated?
It is the Pearson correlation of daily percentage moves (log returns) over the last 90 days on which both markets have a closing price. Bitcoin trades every day and the others on weekdays, so bitcoin's weekend moves count towards Monday. Bitcoin uses its 00:00 UTC daily close, the others their regular closing price.
Does a high correlation mean bitcoin will follow stocks?
It describes the past, not the future. A correlation says how often two markets moved in the same direction, not by how much, and it changes over time — sometimes within weeks. Nothing here is investment advice.
Related: bitcoin volatility · all-time high in every currency · bitcoin vs stocks, gold and the dollar · why bitcoin moved today
Cite this page
For essays, articles and research. Prices on this page update daily, so the citations include today's date as the date you accessed it.
@misc{corgano2026bitcoincorrelationwithstocks, author = {{Corgano}}, title = {Bitcoin Correlation With Stocks, Gold and the Dollar}, howpublished = {\url{https://bitcoinprice.corgano.com/bitcoin-correlation}}, year = {2026}, note = {Corgano Bitcoin Price, accessed 2026-10-31}}