Portfolio Correlation Check — How Many Independent Bets?

You think you hold eight things. You might hold Bitcoin eight times. Enter your crypto holdings; the tool measures how much your portfolio moves with Bitcoin over the past 90 days and computes N_eff — the effective number of genuinely independent bets — as the participation ratio of your holdings' correlation matrix. It is a description of the last 90 days, never a recommendation.

What it measures

Effective independent bets (N_eff) + Bitcoin exposure

Method

Participation ratio of the 90-day return correlation matrix

Privacy

Stateless — holdings are never stored

Not

Advice, a signal, or a forecast

Most crypto portfolios are far less diversified than they look. When every altcoin moves as leveraged Bitcoin, holding eight of them is not eight bets — it is one bet, eight times. This check makes that explicit: the average correlation with Bitcoin becomes an "effective Bitcoin exposure", and the correlation matrix of all your holdings collapses into N_eff, the effective number of independent bets (the same participation-ratio math the platform uses to measure independence elsewhere).

Correlation is a 90-day snapshot and regime-dependent — it collapses in stress, which is exactly when diversification is supposed to help. So this describes the recent past; it does not predict the next drawdown. Stablecoins are excluded (they correlate ≈0 with BTC and would inflate the count). Everything is computed statelessly from public daily prices — your holdings are never stored — and the tool gives you the measurement, never a buy or sell.