<p>Bitcoin’s correlation to stock index S&amp;P 500 has declined significantly, hinting that the two asset classes no longer move in the same direction.</p> <p>The correlation between bitcoin and S&amp;P 500, measured via <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=COINBASE">BTC/USD</a> on Coinbase and <a href="https://www.tradingview.com/symbols/OANDA-SPX500USD/">S&amp;P 500 futures</a>, has touched a two-month low.</p> <p>The current correlation between the two asset classes is 0.15, which means it is nearly negligible. About a month ago, on April 16, the correlation was moderately positive at 0.53.</p> <p><img class="aligncenter size-large wp-image-65220" src="https://www.tbstat.com/wp/uploads/2020/05/image-73-1090x675.png" alt="" width="1090" height="675" /><span style="font-size: 8pt; color: #999999;">Source: TradingView, The Block Research </span><br /> <br /> A near-zero correlation between two assets indicates that there is no relationship between them or that they do not move in the same direction.</p> <p>Correlation is expressed as a number between +1 and -1. +1 indicates an absolute positive correlation between two assets, meaning they always move together in the same direction. -1 indicates a total negative correlation, meaning two assets always move in opposite directions of each other.</p> <p>Having two low-correlated or uncorrelated assets in a portfolio helps lower overall volatility.</p>