Analysis: prices | MinerTerminal

Prices, 27 series

How to read it

Daily closes from 2021-01-01 to 2026-09-22 for the 18 miners, bitcoin, the S&P 500, the Dow, the Nasdaq and the bitcoin and miner ETFs on one chart: rebased to 100 at one shared session, as the cumulative log return, or as the daily log return; switch series on and off, or overlay all of them as panels of six.

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Miners

Bitcoin

Indices

Index proxies

ETFs

Closes for CLSK, MARA, RIOT, BTC, SPX and WGMI over the last 252 sessions, where each line starts at 100 on 2025-09-19

index, 2025-09-19 = 100 · sessions 2025-09-19 to 2026-09-21 · as of 2026-09-22 · data/prices_history.json

Reading: Of the 6 lines, RIOT ends highest, at 138.49 on 2026-09-21, and MARA lowest, at 72.61 on 2026-09-21.

Closes for CLSK, MARA, RIOT, BTC, SPX and WGMI over the last 252 sessions, where each line starts at 100 on 2025-09-19
Period	CLSK (index, 2025-09-19 = 100)	MARA (index, 2025-09-19 = 100)	RIOT (index, 2025-09-19 = 100)	BTC (index, 2025-09-19 = 100)	SPX (index, 2025-09-19 = 100)	WGMI (index, 2025-09-19 = 100)
2025-09-19	100	100	100	100	100	100
2025-09-22	100.88	100.33	100.23	97.4	100.47	105.8
2025-09-23	102.13	96.83	97.77	96.96	99.93	103.22
2025-09-24	106.09	96.45	103.04	98.54	99.61	108.28
2025-09-25	100.44	87.86	95.88	94.94	99.15	101.44
2025-09-26	95.15	88.19	101.32	94.84	99.72	97.71
2025-09-29	109.18	102.02	113.29	99.24	100	106.38
2025-09-30	106.46	99.84	108.99	99.32	100.37	106.45
2025-10-01	107.12	101.75	108.42	102.01	100.72	108.45
2025-10-02	111.16	102.73	110.25	104.97	100.83	111.86
2025-10-03	117.03	102.9	111.34	106.56	100.83	115.95
2025-10-06	127.97	112.47	123.48	108.89	101.19	125.82
2025-10-07	131.86	110.72	122.97	105.7	100.82	128.44
2025-10-08	139.35	110.44	125.95	107.23	101.42	133.25
2025-10-09	147.5	110.44	127.61	105.06	101.12	138.52
2025-10-10	141.56	101.97	120.33	101.3	98.39	133.16
2025-10-13	147.14	110.66	124.28	100.65	99.9	146.44
2025-10-14	161.38	121.6	127.09	97.88	99.78	153.49
2025-10-15	170.34	124.88	126.75	96.74	100.22	158.57
2025-10-16	146.77	110.83	111.97	93.97	99.54	142.76
2025-10-17	143.36	107	114.72	92.46	100.1	140.11
2025-10-20	149.78	113.34	126.06	96.25	101.15	143.82
2025-10-21	137.81	109.73	118.38	97.1	101.14	134.77
2025-10-22	123.79	104.7	108.76	93.63	100.62	123.48
2025-10-23	129.74	105.08	117.35	95.74	101.21	129.98
2025-10-24	142.18	106.83	122.68	96.07	102.04	143.48
2025-10-27	148.31	106.94	131.73	99.76	103.25	146.39
2025-10-28	140.6	103.23	123.45	98.69	103.52	143.12
2025-10-29	138.69	103.23	126.98	96.13	103.57	141.12
2025-10-30	129.88	97.1	120.79	92.48	102.43	136.45
2025-10-31	130.69	99.89	113.29	95.34	102.77	138.09
2025-11-03	127.9	97.38	118.67	92.57	102.96	147.88
2025-11-04	119.09	90.87	110.4	87.43	101.74	140.62
2025-11-05	121.73	93.66	108.65	90.18	102.09	149.62
2025-11-06	113.07	87.26	99.31	87.57	101	136.07
2025-11-07	114.32	86.77	97.42	90.09	101.1	132.56
2025-11-10	110.35	85.18	99.2	92.03	102.67	128.92
2025-11-11	103.12	79.99	92.44	89.19	102.91	120.43
2025-11-12	97.87	78.79	88.55	88.15	102.97	114.85
2025-11-13	87.96	69.87	79.5	85.13	101.26	100.99
2025-11-14	80.47	65.55	79.9	81.85	101.24	97.55
2025-11-17	77.9	62.93	79.5	79.77	100.3	98.46
2025-11-18	79.37	64.95	79.84	80.56	99.45	100.65
2025-11-19	75.04	60.69	76.46	77.66	99.84	97.21
2025-11-20	71.81	55.99	73.2	74.95	98.32	93.26
2025-11-21	71.44	55.06	72.79	73.3	99.3	91.53
2025-11-24	84.29	61.29	79.5	77.37	100.76	103.75
2025-11-25	86.78	61.07	82.42	75.87	101.71	105.03
2025-11-26	98.75	60.74	85.68	78.06	102.41	110.97
2025-11-28	110.87	64.57	92.38	79.19	102.97	116.53
2025-12-01	103.38	62.99	88.66	74.2	102.5	113.72
2025-12-02	100.66	65.12	87.17	79.11	102.69	105.1
2025-12-03	106.39	68.18	89.58	80.72	103.04	109.41
2025-12-04	110.35	68.02	89.29	80.32	103.12	113.79
2025-12-05	100.7	64.19	85.57	77.55	103.31	109.55
2025-12-08	101.98	65.88	85.68	78.85	103	111.72
2025-12-09	109.03	66.98	88.83	80.82	102.91	114.12
2025-12-10	106.68	65.17	89.18	80.3	103.6	110.47
2025-12-11	108.81	64.73	90.21	79.7	103.84	111.5
2025-12-12	103.01	62.99	87.63	78.34	102.72	102.84
2025-12-15	87.48	58.5	78.52	74.51	102.57	91.27
2025-12-16	87.08	58.45	77.15	76.07	102.29	92.3
2025-12-17	84.29	54.29	74.23	74.53	101.16	87.85
2025-12-18	82.23	52.98	76.63	73.92	101.92	90.21
2025-12-19	88.33	55.66	83.05	76.35	102.54	98.89
2025-12-22	88.84	55.39	82.47	76.68	103.18	101.49
2025-12-23	84.51	53.91	78.29	76.11	103.66	99.88
2025-12-24	83.7	54.35	79.73	76	104.02	100.6
2025-12-26	80.1	52.43	76.98	75.99	104.01	95.64
2025-12-29	78.71	51.89	75.66	75.67	103.64	94.73
2025-12-30	76.51	51.01	72.74	76.25	103.51	92.08
2025-12-31	74.3	49.1	72.57	76	102.75	92.08
2026-01-02	84.8	54.18	81.1	77.9	102.93	101.18
2026-01-05	90.31	57.9	84.71	81.74	103.62	110.59
2026-01-06	88.03	56.37	85.8	80.26	104.24	108.25
2026-01-07	87.59	55.11	87.46	79.06	103.9	104.22
2026-01-08	88.03	57.08	86.66	78.87	103.89	107.07
2026-01-09	85.24	55.88	87.74	78.29	104.58	108.33
2026-01-12	87.81	58.23	94.22	79.36	104.74	114.36
2026-01-13	92.14	59.87	95.93	81.96	104.53	117.59
2026-01-14	97.94	60.74	99.14	84.78	104.02	117.76
2026-01-15	93.47	58.28	94.9	82.64	104.3	115.45
2026-01-16	98.16	62.11	110.19	82.9	104.21	122.86
2026-01-20	93.69	56.7	103.67	77.78	102.09	116
2026-01-21	94.05	57.74	98.8	78.22	103.27	115.28
2026-01-22	96.84	56.26	97.82	77.69	103.81	112.92
2026-01-23	100.66	57.41	98.97	77.6	103.85	118.24
2026-01-26	91.34	54.57	92.96	75.98	104.37	112.08
2026-01-27	97.43	57.52	100.52	77.53	104.79	122.47
2026-01-28	98.75	56.7	100.52	77.29	104.78	123.6
2026-01-29	92.44	53.91	97.19	72.99	104.57	117.28
2026-01-30	86.93	51.94	88.6	72.78	104.26	108.42
2026-02-02	81.06	49.86	87.74	67.65	104.78	106.93
2026-02-03	83.41	49.48	87.86	66.34	103.89	109
2026-02-04	75.04	45.27	80.99	63.69	103.39	96.94
2026-02-05	60.68	36.8	69.07	55.24	102.1	84.77
2026-02-06	74.01	45.05	82.76	60.78	104.06	97.28
2026-02-09	74.82	44.07	85.74	61.43	104.56	105.46
2026-02-10	73.64	41.88	84.94	59.67	104.28	102.55
2026-02-11	70.63	41.33	84.77	58.63	104.26	100.19
2026-02-12	68.36	39.64	81.33	56.73	102.65	96.49
2026-02-13	72.32	43.3	87.17	59.68	102.72	99.47
2026-02-17	68.14	41.06	83.91	58.84	102.89	96.25
2026-02-18	68.06	41.01	88.72	57.49	103.4	96.34
2026-02-19	72.1	43.52	92.9	58.25	103.13	97.91
2026-02-20	70.85	43.58	89.81	58.8	103.88	93.47
2026-02-23	72.1	43.08	89.63	55.95	102.82	95.67
2026-02-24	75.99	44.01	94.5	55.98	103.56	102.77
2026-02-25	76.73	46.86	97.82	60.08	104.44	101.88
2026-02-26	76.65	46.2	97.88	58.49	103.86	101.47
2026-02-27	73.05	48.88	93.3	56.95	103.36	95.96
2026-03-02	77.46	51.67	94.1	60.06	103.42	97.28
2026-03-03	72.61	47.35	87.57	59.24	102.51	91.15
2026-03-04	78.27	50.79	94.67	63.48	103.23	99.13
2026-03-05	73.05	47.95	89.35	61.86	102.65	94.44
2026-03-06	67.62	43.79	81.13	59.14	101.31	86.79
2026-03-09	70.56	47.35	84.19	59.91	102.2	89.82
2026-03-10	70.7	46.86	83.85	60.82	102.03	89.89
2026-03-11	72.03	46.75	84.82	61.36	101.9	93.65
2026-03-12	70.12	47.9	83.05	61.2	100.36	91.34
2026-03-13	71.66	50.96	80.41	61.8	99.79	92.1
2026-03-16	73.57	50.46	82.47	64.21	100.8	97.33
2026-03-17	74.23	50.52	84.08	64.67	101.07	96.56
2026-03-18	72.54	48.77	80.76	61.7	99.66	94.08
2026-03-19	72.17	50.41	80.99	61.02	99.41	94.08
2026-03-20	69.02	46.25	76.63	60.92	97.72	90.66
2026-03-23	73.27	48.72	82.3	61.37	98.75	94.8
2026-03-24	70.34	45.11	82.07	60.19	98.41	93.53
2026-03-25	73.13	45.27	86.83	61.51	98.96	96.97
2026-03-26	68.28	46.91	80.21	59.48	97.2	89.22
2026-03-27	63.58	43.85	73.31	57.32	95.54	84.67
2026-03-30	60.06	42.65	67.75	57.72	95.22	77.79
2026-03-31	62.48	44.61	70.79	58.88	97.99	83.78
2026-04-01	63.29	43.96	71.88	59.15	98.73	83.88
2026-04-02	64.54	47.62	73.65	58.14	98.81	86.04
2026-04-06	66.81	48.39	77.43	60.54	99.28	88.31
2026-04-07	66.52	48.99	81.27	59.91	99.32	90.4
2026-04-08	72.54	51.94	92.27	61.92	101.85	97.47
2026-04-09	74.89	52.87	95.59	62.61	102.44	99.52
2026-04-10	73.57	52.16	95.07	63.57	102.37	101.52
2026-04-13	79	56.64	99.48	63.71	103.38	107.46
2026-04-14	82.75	57.35	103.78	64.54	104.63	114.36
2026-04-15	82.67	57.24	99.77	65.16	105.46	113.81
2026-04-16	83.85	63.15	96.91	65.45	105.72	112.08
2026-04-17	87.89	63.42	103.72	67.27	107	118.07
2026-04-20	88.47	63.59	103.72	66.25	106.78	118.94
2026-04-21	84.51	61.4	99.71	65.13	106.08	114.24
2026-04-22	89.65	64.73	105.84	68.52	107.16	120.5
2026-04-23	89.79	64.52	104.3	67.5	106.74	120.74
2026-04-24	93.69	63.64	106.59	67.42	107.57	119.39
2026-04-27	89.94	61.13	104.7	66.74	107.76	118.05
2026-04-28	86.56	60.25	94.9	66.28	107.23	112.08
2026-04-29	83.48	58.61	91.52	65.57	107.21	109.19
2026-04-30	92	65.55	98.74	66.32	108.28	115.9
2026-05-01	89.35	62.66	105.96	68.07	108.58	115.95
2026-05-04	94.13	64.68	106.99	69.49	108.18	121.51
2026-05-05	98.46	66.48	116.55	70.86	109.05	132.68
2026-05-06	106.46	71.24	135.74	70.73	110.57	146.2
2026-05-07	102.64	69.44	138.09	69.6	110.23	138.52
2026-05-08	104.26	70.75	137.92	69.56	111.14	139.61
2026-05-11	104.99	73.21	145.13	71.16	111.39	140.69
2026-05-12	98.9	69.55	140.38	70.17	111.22	138.91
2026-05-13	97.65	69.71	142.73	69.13	111.84	141.67
2026-05-14	102.64	72.66	141.01	70.74	112.73	148.1
2026-05-15	96.26	68.02	134.54	68.67	111.37	137.66
2026-05-18	98.68	66.59	132.76	66.75	111.29	133.66
2026-05-19	107.86	68.02	129.7	66.64	110.55	131.98
2026-05-20	113.07	71.9	135.57	67.38	111.68	137.92
2026-05-21	115.71	74.08	140.15	67.39	111.91	148.2
2026-05-22	117.25	75.51	140.26	65.81	112.35	149.01
2026-05-26	125.77	78.08	149.37	65.93	113.09	155.99
2026-05-27	132.45	78.35	154.3	65.04	113.07	165.54
2026-05-28	133.19	76.93	158.88	63.65	113.7	166.65
2026-05-29	134.29	78.62	155.27	63.75	113.98	163.84
2026-06-01	138.11	81.19	161.8	62.07	114.29	170.26
2026-06-02	129.07	78.08	156.47	58.32	114.44	172.06
2026-06-03	129.3	76.33	158.36	56.75	113.64	170.15
2026-06-04	123.2	75.89	157.33	55.17	114.07	166.89
2026-06-05	114.46	67.36	141.24	52.33	111.13	148.2
2026-06-08	121.29	75.34	147.14	55.01	111.38	158.21
2026-06-09	117.25	72.77	144.87	53.88	111.05	151.9
2026-06-10	109.4	69	137.92	53.73	109.3	142.88
2026-06-11	118.72	74.41	149.71	55.21	111.16	153.8
2026-06-12	121	76.98	152.41	55.2	111.76	158.73
2026-06-15	125.84	80.04	156.82	57.8	113.73	166.05
2026-06-16	126.73	78.84	157.04	56.93	113.05	166.65
2026-06-17	123.2	76.11	157.1	55.77	111.64	165.4
2026-06-18	126.58	77.75	160.94	54.61	112.51	173.48
2026-06-22	128.12	81.19	163.97	55.93	112.16	173.2
2026-06-23	126.21	80.37	164.32	54.11	110.53	170.79
2026-06-24	119.16	76.54	157.04	51.96	110.48	160.64
2026-06-25	116.52	75.89	158.99	51.43	110.64	156.23
2026-06-26	119.9	79.5	163.63	51.83	109.84	158.16
2026-06-29	112.85	76.71	158.93	52.4	111.65	153.27
2026-06-30	106.83	75.94	156.82	50.96	112.52	151.76
2026-07-01	100	73.1	137.23	52.08	112.36	141.41
2026-07-02	92.66	67.8	126.63	53.35	112.22	127.98
2026-07-06	99.19	70.8	130.99	55.32	113.2	135.9
2026-07-07	91.63	65.88	121.25	55.39	112.66	126.64
2026-07-08	91.04	65.72	120.79	53.99	112.31	132.65
2026-07-09	94.64	72.28	123.2	54.88	113.26	137.6
2026-07-10	94.35	68.89	120.07	55.47	113.75	133.54
2026-07-13	90.75	66.65	115.64	54	112.88	125.77
2026-07-14	98.75	66.48	115.64	56.04	113.28	125.67
2026-07-15	103.74	67.2	115.12	56.39	113.73	127.53
2026-07-16	94.71	62.44	107.79	55.75	113.11	115.74
2026-07-17	95.67	58.45	104.58	55.65	111.99	114.46
2026-07-20	105.87	63.81	113.97	56.55	111.81	126.8
2026-07-21	112.92	66.98	123.08	57.71	112.74	135.01
2026-07-22	112.52	67.85	133.91	57.18	112.61	137.54
2026-07-23	114.61	69.82	136.66	56.25	111.22	140.21
2026-07-24	106.61	66.27	129.04	55.71	111.33	128.95
2026-07-27	102.97	64.35	125.83	56.39	111.36	123.97
2026-07-28	98.97	62.22	121.65	55.42	111.63	118.38
2026-07-29	88.18	54.95	104.47	55.15	109.91	104.19
2026-07-30	106.75	64.63	126.69	56.2	111.75	127.21
2026-07-31	101.03	61.89	115.52	54.6	112.56	123.82
2026-08-03	107.56	64.24	122.68	55.4	114.16	131.74
2026-08-04	104.04	64.24	123.48	55.75	116.22	126.92
2026-08-05	99.12	61.45	123.14	56.26	115.98	120.86
2026-08-06	93.61	58.23	121.48	55.91	115.8	116.6
2026-08-07	90.31	55.17	117.53	56.36	116.51	116.46
2026-08-10	85.1	52.27	111.11	55.55	116.47	109.53
2026-08-11	84.58	52.93	115.92	55.14	116.1	112.2
2026-08-12	89.43	52.71	116.38	55	116.39	118.58
2026-08-13	84.58	50.36	110.02	54.99	117.2	113.84
2026-08-14	88.77	50.3	108.91	54.62	116.97	117.04
2026-08-17	91.04	53.14	114.78	55.79	116.42	120.62
2026-08-18	86.12	48.99	108.3	56.1	115.63	110.23
2026-08-19	85.68	52.76	111	59.41	115.87	108.66
2026-08-20	92.51	60.96	120.16	63.09	114.9	112.9
2026-08-21	87.96	61.56	113.57	66.87	115.37	110.03
2026-08-24	87.59	61.13	114.55	68.39	115.03	107.37
2026-08-25	93.61	64.68	121.99	68.56	115.4	112.49
2026-08-26	89.43	61.34	118.04	68.15	115.43	108.66
2026-08-27	95.08	64.9	119.59	69.4	116.18	111.79
2026-08-28	85.61	58.34	108.76	67.33	115.92	102.74
2026-08-31	85.32	58.88	108.79	68.5	115.57	103.46
2026-09-01	81.2	55.93	101.89	67.1	114.78	99.33
2026-09-02	83.19	57.24	106.73	67.14	115.29	102.36
2026-09-03	92.36	63.42	121.08	71	116.49	110.76
2026-09-04	93.17	61.84	124.86	69.29	116.04	114.24
2026-09-08	98.97	64.68	127.49	68.1	115.41	119.74
2026-09-09	97.5	65.17	126.4	67.92	114.87	115.09
2026-09-10	93.98	62.49	119.99	66.97	114.18	109.67
2026-09-11	100.37	65.5	122.97	67.08	115.16	113.23
2026-09-14	97.43	62.88	119.99	68.59	114.64	107.96
2026-09-15	92.66	61.45	112.83	66.1	114.12	103.63
2026-09-16	93.91	60.36	116.55	65.98	113.61	107.22
2026-09-17	98.02	63.64	125.32	66.44	114.9	111.16
2026-09-18	106.24	72.39	136.03	70.48	114.76	119.1
2026-09-21	108.37	72.61	138.49	75.09	116.54	122.57

p: Polygon.io aggregates (daily market summary for stocks and ETFs; per-ticker aggregates for crypto and indices); y: yfinance daily bars cached by the pipeline's market stage (prototype and backfill only, spec 5.2); 33482 closes in all. A close from the cache cannot be checked by a reader against a documented endpoint; the feed replaces it session by session once the key exists.

Against bitcoin, 18 miners

Formulas

How to read it

Each miner's daily log return against bitcoin's, read at 16:00 ET on the same session (spec 5.5): the leverage factor with its interval, the share of bitcoin's up days the miner was up on with the chi-square test, annualized volatility, and beta against bitcoin and the S&P 500 separately and jointly, over 30, 90 and 365 sessions and all in common.

Each miner against Bitcoin at 16:00 ET on each NYSE session date (spec 5.5) over the last 365 sessions

CLSK	365	0.64	1.33	1.16 to 1.49	0.76	under 0.0001	0.88	2.55	1.13	1.19
MARA	365	0.67	1.28	1.13 to 1.43	0.75	under 0.0001	0.82	2.55	1.07	1.25
BTBT	365	0.58	1.24	1.07 to 1.42	0.71	under 0.0001	0.91	2.38	1.06	1.1
KEEL	365	0.50	1.23	1.01 to 1.46	0.72	under 0.0001	1.06	3.05	0.905	1.96
BTDR	365	0.50	1.22	1 to 1.44	0.77	under 0.0001	1.05	3.21	0.857	2.17
BGDE	365	0.31	1.18	0.803 to 1.56	0.53	under 0.0001	1.64	2.93	0.86	1.9
HIVE	365	0.54	1.17	0.979 to 1.36	0.71	under 0.0001	0.92	2.53	0.93	1.41
DMGGF	365	0.51	1.14	0.938 to 1.34	0.69	under 0.0001	0.96	2.49	0.902	1.4
VIP	365	0.42	1.12	0.866 to 1.37	0.67	under 0.0001	1.14	2.21	0.937	1.08
RIOT	365	0.55	1.09	0.921 to 1.27	0.71	under 0.0001	0.85	2.84	0.773	1.9
HUT	365	0.45	1.06	0.843 to 1.27	0.73	under 0.0001	1.00	3.12	0.669	2.31
CIFR	365	0.40	1.04	0.801 to 1.29	0.68	under 0.0001	1.10	3.02	0.675	2.2
DGXX	365	0.36	0.995	0.726 to 1.26	0.62	under 0.0001	1.19	2.08	0.811	1.1
ARBK	365	0.22	0.965	0.515 to 1.42	0.50	0.0004	1.91	1.86	0.818	0.875
IREN	365	0.39	0.924	0.701 to 1.15	0.71	under 0.0001	1.00	2.54	0.623	1.79
WULF	365	0.38	0.886	0.66 to 1.11	0.68	under 0.0001	1.01	2.8	0.522	2.17
ANY	365	0.29	0.867	0.572 to 1.16	0.60	under 0.0001	1.28	1.76	0.692	1.03
CORZ	365	0.35	0.598	0.431 to 0.765	0.69	under 0.0001	0.74	2.28	0.27	1.96

Leverage is the OLS slope of the miner's daily log return on bitcoin's (bitcoin at 16:00 et on each nyse session date (spec 5.5)), the same number as its beta against bitcoin; volatility is the standard deviation of daily log returns times the square root of 252; the joint betas come from one regression on bitcoin and SPDR S&P 500 ETF Trust, as a proxy for the S&P 500 together. A click on a column's header sorts by it.

computed 2026-09-22 from data as of 2026-09-06, written to data/analysis/returns.json; formulas

Miners

ETFs

Indices

Index proxies

Window

Rolling correlation of CLSK's daily log return with bitcoin's, over 30, 90 and 365 sessions ending on each date

Pearson r · one value in five sessions, 2024-11-01 to 2026-09-21 · as of 2026-09-06 · data/analysis/returns.json

Reading: CLSK's correlation with bitcoin ends at 0.42 over 30 sessions, 0.45 over 90 sessions and 0.64 over 365 sessions, on 2026-09-21.

Rolling correlation of CLSK's daily log return with bitcoin's, over 30, 90 and 365 sessions ending on each date
Period	30 sessions (Pearson r)	90 sessions (Pearson r)	365 sessions (Pearson r)
2024-11-01	0.78
2024-11-08	0.85
2024-11-15	0.84
2024-11-22	0.76
2024-12-02	0.74
2024-12-09	0.75
2024-12-16	0.73
2024-12-23	0.69
2024-12-31	0.58
2025-01-08	0.73
2025-01-16	0.74
2025-01-24	0.64
2025-01-31	0.7	0.73
2025-02-07	0.56	0.7
2025-02-14	0.54	0.7
2025-02-24	0.52	0.7
2025-03-03	0.52	0.69
2025-03-10	0.61	0.68
2025-03-17	0.62	0.68
2025-03-24	0.74	0.66
2025-03-31	0.75	0.63
2025-04-07	0.7	0.67
2025-04-14	0.73	0.69
2025-04-22	0.75	0.68
2025-04-29	0.76	0.69
2025-05-06	0.74	0.69
2025-05-13	0.7	0.69
2025-05-20	0.82	0.69
2025-05-28	0.77	0.69
2025-06-04	0.72	0.7
2025-06-11	0.75	0.7
2025-06-18	0.74	0.73
2025-06-26	0.75	0.74
2025-07-03	0.79	0.74
2025-07-11	0.73	0.73
2025-07-18	0.73	0.74
2025-07-25	0.73	0.75
2025-08-01	0.74	0.73
2025-08-08	0.69	0.71
2025-08-15	0.56	0.74
2025-08-22	0.64	0.71
2025-08-29	0.6	0.69
2025-09-08	0.59	0.69
2025-09-15	0.51	0.66
2025-09-22	0.45	0.61
2025-09-29	0.64	0.64
2025-10-06	0.59	0.64
2025-10-13	0.53	0.61
2025-10-20	0.51	0.55
2025-10-27	0.52	0.54
2025-11-03	0.55	0.54
2025-11-10	0.49	0.53
2025-11-17	0.51	0.57
2025-11-24	0.65	0.61
2025-12-02	0.66	0.58
2025-12-09	0.71	0.59
2025-12-16	0.73	0.62
2025-12-23	0.76	0.64
2025-12-31	0.71	0.63
2026-01-08	0.66	0.64
2026-01-15	0.85	0.66
2026-01-23	0.77	0.65
2026-01-30	0.74	0.67
2026-02-06	0.87	0.74
2026-02-13	0.89	0.74
2026-02-23	0.86	0.74
2026-03-02	0.81	0.75
2026-03-09	0.83	0.77	0.7
2026-03-16	0.84	0.77	0.7
2026-03-23	0.65	0.77	0.7
2026-03-30	0.64	0.77	0.7
2026-04-07	0.72	0.75	0.7
2026-04-14	0.75	0.79	0.7
2026-04-21	0.67	0.79	0.7
2026-04-28	0.69	0.79	0.69
2026-05-05	0.66	0.77	0.68
2026-05-12	0.54	0.77	0.69
2026-05-19	0.54	0.76	0.69
2026-05-27	0.47	0.73	0.68
2026-06-03	0.51	0.73	0.68
2026-06-10	0.57	0.74	0.68
2026-06-17	0.63	0.62	0.68
2026-06-25	0.67	0.61	0.68
2026-07-02	0.43	0.56	0.67
2026-07-10	0.49	0.57	0.67
2026-07-17	0.56	0.55	0.67
2026-07-24	0.48	0.55	0.68
2026-07-31	0.45	0.54	0.67
2026-08-07	0.47	0.5	0.67
2026-08-14	0.58	0.49	0.66
2026-08-21	0.39	0.43	0.65
2026-08-28	0.38	0.43	0.65
2026-09-04	0.43	0.45	0.64
2026-09-14	0.34	0.43	0.64
2026-09-21	0.42	0.45	0.64

CleanSpark, Inc. against Bitcoin at 16:00 ET on each NYSE session date (spec 5.5), 365 sessions
sessions	365	2025-04-08 to 2026-09-21
Pearson r	0.64	p under 0.0001, R squared 0.41
Spearman rho	0.63	p under 0.0001
leverage factor	1.33	slope of CLSK's return on bitcoin's; 95% interval 1.16 to 1.49, p under 0.0001
up on bitcoin's up days	0.76	of 177 such days; 0.27 on the others
chi-square	87.96	p under 0.0001, one degree of freedom, 2 zero returns counted as down
volatility, annualized	0.88	bitcoin 0.43; sd of daily log returns times the square root of 252
beta, bitcoin	1.33	the leverage factor by another name
beta, SPDR S&P 500 ETF Trust, as a proxy for the S&P 500	2.55	p under 0.0001, alone
joint beta, bitcoin	1.13	with the S&P 500 in the same regression; p under 0.0001
joint beta, SPDR S&P 500 ETF Trust, as a proxy for the S&P 500	1.19	p under 0.0001; R squared 0.45

Bitcoin here is bitcoin at 16:00 et on each nyse session date (spec 5.5); the window is the last 365 sessions the two series share.

computed 2026-09-22 from data as of 2026-09-06, written to data/analysis/returns.json; formulas

Correlation matrix, 26 series

Formulas

How to read it

Every series against every other over the last 365 sessions the two share: Pearson and Spearman on daily log returns, and Pearson on price levels with the caveat that levels correlate through their trends.

Pearson, daily log returns over the last 365 common sessions
	CLSK	MARA	RIOT	CORZ	IREN	HUT	WULF	CIFR	BTDR	BTBT	HIVE	KEEL	DMGGF	ARBK	VIP	DGXX	ANY	BGDE	BTC	COMP	DJI	FBTC	GBTC	IBIT	SPX	WGMI
CLSK		0.84	0.81	0.63	0.68	0.75	0.66	0.74	0.67	0.69	0.73	0.78	0.58	0.23	0.47	0.47	0.34	0.41	0.64	0.50	0.39	0.64	0.64	0.64	0.46	0.86
MARA	0.84		0.76	0.57	0.60	0.67	0.58	0.66	0.66	0.67	0.67	0.73	0.58	0.21	0.45	0.41	0.31	0.35	0.67	0.52	0.42	0.67	0.67	0.67	0.49	0.77
RIOT	0.81	0.76		0.67	0.69	0.78	0.67	0.77	0.65	0.68	0.71	0.74	0.53	0.20	0.47	0.54	0.34	0.41	0.55	0.57	0.45	0.55	0.55	0.55	0.53	0.86
CORZ	0.63	0.57	0.67		0.66	0.69	0.67	0.68	0.59	0.44	0.53	0.62	0.44	0.14	0.36	0.45	0.30	0.34	0.35	0.55	0.38	0.34	0.35	0.34	0.49	0.79
IREN	0.68	0.60	0.69	0.66		0.71	0.65	0.77	0.61	0.58	0.65	0.68	0.43	0.23	0.38	0.48	0.25	0.33	0.39	0.47	0.29	0.39	0.39	0.39	0.40	0.88
HUT	0.75	0.67	0.78	0.69	0.71		0.71	0.79	0.66	0.64	0.65	0.75	0.48	0.21	0.47	0.50	0.36	0.41	0.45	0.55	0.41	0.45	0.45	0.45	0.50	0.87
WULF	0.66	0.58	0.67	0.67	0.65	0.71		0.74	0.57	0.55	0.55	0.63	0.38	0.18	0.35	0.47	0.26	0.32	0.38	0.48	0.36	0.37	0.38	0.37	0.44	0.80
CIFR	0.74	0.66	0.77	0.68	0.77	0.79	0.74		0.65	0.64	0.68	0.74	0.46	0.19	0.44	0.48	0.29	0.34	0.40	0.48	0.35	0.40	0.40	0.40	0.44	0.92
BTDR	0.67	0.66	0.65	0.59	0.61	0.66	0.57	0.65		0.57	0.60	0.70	0.46	0.20	0.40	0.43	0.38	0.42	0.50	0.53	0.41	0.50	0.50	0.50	0.49	0.75
BTBT	0.69	0.67	0.68	0.44	0.58	0.64	0.55	0.64	0.57		0.65	0.65	0.49	0.26	0.49	0.48	0.29	0.36	0.58	0.46	0.35	0.59	0.59	0.58	0.42	0.72
HIVE	0.73	0.67	0.71	0.53	0.65	0.65	0.55	0.68	0.60	0.65		0.74	0.54	0.27	0.45	0.41	0.26	0.39	0.54	0.47	0.38	0.54	0.54	0.54	0.44	0.77
KEEL	0.78	0.73	0.74	0.62	0.68	0.75	0.63	0.74	0.70	0.65	0.74		0.56	0.21	0.43	0.46	0.35	0.42	0.50	0.50	0.36	0.49	0.50	0.50	0.46	0.84
DMGGF	0.58	0.58	0.53	0.44	0.43	0.48	0.38	0.46	0.46	0.49	0.54	0.56		0.22	0.37	0.27	0.39	0.30	0.51	0.43	0.32	0.51	0.51	0.51	0.41	0.56
ARBK	0.23	0.21	0.20	0.14	0.23	0.21	0.18	0.19	0.20	0.26	0.27	0.21	0.22		0.16	0.18	0.13	0.17	0.22	0.17	0.13	0.22	0.22	0.22	0.16	0.25
VIP	0.47	0.45	0.47	0.36	0.38	0.47	0.35	0.44	0.40	0.49	0.45	0.43	0.37	0.16		0.29	0.26	0.30	0.42	0.35	0.26	0.42	0.42	0.42	0.31	0.49
DGXX	0.47	0.41	0.54	0.45	0.48	0.50	0.47	0.48	0.43	0.48	0.41	0.46	0.27	0.18	0.29		0.24	0.32	0.36	0.33	0.21	0.36	0.36	0.36	0.28	0.57
ANY	0.34	0.31	0.34	0.30	0.25	0.36	0.26	0.29	0.38	0.29	0.26	0.35	0.39	0.13	0.26	0.24		0.28	0.29	0.26	0.21	0.29	0.29	0.29	0.24	0.35
BGDE	0.41	0.35	0.41	0.34	0.33	0.41	0.32	0.34	0.42	0.36	0.39	0.42	0.30	0.17	0.30	0.32	0.28		0.31	0.31	0.25	0.31	0.31	0.31	0.29	0.43
BTC	0.64	0.67	0.55	0.35	0.39	0.45	0.38	0.40	0.50	0.58	0.54	0.50	0.51	0.22	0.42	0.36	0.29	0.31		0.48	0.37	1.00	1.00	1.00	0.45	0.53
COMP	0.50	0.52	0.57	0.55	0.47	0.55	0.48	0.48	0.53	0.46	0.47	0.50	0.43	0.17	0.35	0.33	0.26	0.31	0.48		0.78	0.48	0.49	0.49	0.96	0.59
DJI	0.39	0.42	0.45	0.38	0.29	0.41	0.36	0.35	0.41	0.35	0.38	0.36	0.32	0.13	0.26	0.21	0.21	0.25	0.37	0.78		0.37	0.37	0.37	0.89	0.43
FBTC	0.64	0.67	0.55	0.34	0.39	0.45	0.37	0.40	0.50	0.59	0.54	0.49	0.51	0.22	0.42	0.36	0.29	0.31	1.00	0.48	0.37		1.00	1.00	0.45	0.52
GBTC	0.64	0.67	0.55	0.35	0.39	0.45	0.38	0.40	0.50	0.59	0.54	0.50	0.51	0.22	0.42	0.36	0.29	0.31	1.00	0.49	0.37	1.00		1.00	0.45	0.53
IBIT	0.64	0.67	0.55	0.34	0.39	0.45	0.37	0.40	0.50	0.58	0.54	0.50	0.51	0.22	0.42	0.36	0.29	0.31	1.00	0.49	0.37	1.00	1.00		0.45	0.53
SPX	0.46	0.49	0.53	0.49	0.40	0.50	0.44	0.44	0.49	0.42	0.44	0.46	0.41	0.16	0.31	0.28	0.24	0.29	0.45	0.96	0.89	0.45	0.45	0.45		0.54
WGMI	0.86	0.77	0.86	0.79	0.88	0.87	0.80	0.92	0.75	0.72	0.77	0.84	0.56	0.25	0.49	0.57	0.35	0.43	0.53	0.59	0.43	0.52	0.53	0.53	0.54

Fill: darker is a larger absolute value, green positive, red negative; blank is fewer than 30 sessions in common. Hover a cell for n and p.

Analysis: the miners' daily closes, their returns against bitcoin's, and the correlation matrix

Prices, 27 series

Closes for CLSK, MARA, RIOT, BTC, SPX and WGMI over the last 252 sessions, where each line starts at 100 on 2025-09-19

Against bitcoin, 18 miners

Rolling correlation of CLSK's daily log return with bitcoin's, over 30, 90 and 365 sessions ending on each date

Correlation matrix, 26 series