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Effectively implemented relative value strategies call for both asset breadth and sufficient differentiation among those assets. Figure 2 takes returns for the top 25 crypto assets except BTC, controls for exposure to systematic risk (roughly approximated by bitcoin), and shows the correlations between each token pair’s residual returns (i.e., ETH vs. DOT, SOL vs. LTC, etc.):
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Bitcoin (BTC) $ 67,711.00
Ethereum (ETH) $ 1,966.96
Tether (USDT) $ 0.999470
XRP (XRP) $ 1.48
BNB (BNB) $ 610.49
USDC (USDC) $ 0.999933
Solana (SOL) $ 83.46
TRON (TRX) $ 0.282517
Dogecoin (DOGE) $ 0.100146
Lido Staked Ether (STETH) $ 2,265.05
Figure Heloc (FIGR_HELOC) $ 1.02
Bitcoin Cash (BCH) $ 558.96
WhiteBIT Coin (WBT) $ 51.17
Cardano (ADA) $ 0.279640
USDS (USDS) $ 0.999940
LEO Token (LEO) $ 8.49
Wrapped stETH (WSTETH) $ 2,779.67
Hyperliquid (HYPE) $ 29.82
Ethena USDe (USDE) $ 0.998929
Wrapped Bitcoin (WBTC) $ 76,243.00
Chainlink (LINK) $ 8.74
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998762
Canton (CC) $ 0.159537
Wrapped Beacon ETH (WBETH) $ 2,466.93
Monero (XMR) $ 326.57
Stellar (XLM) $ 0.167627
USD1 (USD1) $ 0.998970
Wrapped eETH (WEETH) $ 2,465.31
Zcash (ZEC) $ 288.58
sUSDS (SUSDS) $ 1.08
Rain (RAIN) $ 0.009547
Hedera (HBAR) $ 0.100061
Dai (DAI) $ 0.999913
Litecoin (LTC) $ 53.42
Coinbase Wrapped BTC (CBBTC) $ 76,366.00
PayPal USD (PYUSD) $ 0.999796
Avalanche (AVAX) $ 9.09
Shiba Inu (SHIB) $ 0.000006
WETH (WETH) $ 2,268.37
Sui (SUI) $ 0.961690
Toncoin (TON) $ 1.45
Cronos (CRO) $ 0.078677
USDT0 (USDT0) $ 0.998824
World Liberty Financial (WLFI) $ 0.100227
Tether Gold (XAUT) $ 4,964.06
MemeCore (M) $ 1.37
PAX Gold (PAXG) $ 4,993.08
Polkadot (DOT) $ 1.34
Uniswap (UNI) $ 3.47
Mantle (MNT) $ 0.629531
