  This letter explores the behavior of conditional correlations among main
cryptocurrencies, stock and bond indices, and gold, using a generalized DCC
class model. From a portfolio management point of view, asset correlation is a
key metric in order to construct efficient portfolios. We find that: (i)
correlations among cryptocurrencies are positive, albeit varying across time;
(ii) correlations with Monero are more stable across time; (iii) correlations
between cryptocurrencies and traditional financial assets are negligible.
