COIN vs XYZ: Correlation
Measured on weekly returns over the past three years, Coinbase (COIN) and Block, Inc. (XYZ) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COIN and XYZ?
Across a 3-year window, the weekly returns of COIN and XYZ correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Stretching to 5 years gives 0.52, with an annualized covariance of 1863.9 %².
Within COIN's tracked universe of 34 assets, XYZ comes in at #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months XYZ outperformed by 45.2 percentage points (-38.3% for COIN against +6.9% for XYZ). Across three years, the rolling one-year figure varied moderately, from 0.28 to 0.60. Note the risk asymmetry: COIN runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
COIN vs XYZ: side by side
| COIN (Coinbase) | XYZ (Block, Inc.) | |
|---|---|---|
| 1-year return | -38.3% | +6.9% |
| 5-year return | -27.4% | -68.8% |
| Volatility (ann.) | 80.0% | 50.2% |
| Beta vs S&P 500 | 2.66 | 1.80 |
| Max drawdown (3Y) | -66.4% | -53.0% |
| Market cap | $50.3B | $51.0B |
| P/E (trailing) | – | 151.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | COIN | XYZ |
|---|---|---|
| 2022 | -86.0% | -61.1% |
| 2023 | +391.4% | +23.1% |
| 2024 | +42.8% | +9.9% |
| 2025 | -8.9% | -23.4% |
| 2026 | -15.7% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COIN and XYZ good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between COIN and XYZ?
The COIN/XYZ correlation stands at 0.46 on a 3-year window (1 year: 0.48, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is XYZ a good diversifier for COIN?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/coin-vs-xyz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/coin-vs-xyz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COIN correlations · XYZ correlations
