The first academic study to look at the relationship between ethereum and different assets has found that eth is a hedge against S&P500, a hedge and safe haven against gold, and a diversifier agains the dollar.

Ethereum is a hedge against stocks and gold finds study
Ethereum is a hedge against stocks and gold finds study

The study by San Jose State University looked at a one year period between December 2017 and 2018, concluding:

Ethereum can serve as an intraday hedge against the US stock market and against gold. Also, ethereum may serve as an intraday safe haven against gold markets.Where currency markets are concerned, we document that ethereum tends to act as a diversifier on intraday basis for the US Dolla

A number of studies have been undertaken to show bitcoin does not correlate with any other asset, but this is the first analysis regarding ethereum.

That means it is probably too early to draw any conclusions, not least because of the fairly short time period selected for this study.

In addition, December 2017-2018 was a profit taking period after a considerable rise, with any study realistically needing to cover at least four years for the entire cycle.

Yet this first paper confirming ethereum too is a hedge might be welcomed by investors looking to diversify from bitcoin as well as from stocks and gold.