Relationship Lab

How a series has moved with others: the correlation of daily changes (% for prices, bp for rates) over 1 and 3 years, the beta, a rolling correlation and whether one tends to move first. Correlation is not causation, and it changes over time.

Apple (AAPL) against…

Series	1M ↓	3M	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
UST 10YR ust10y	−0.85	−0.27	−0.13	238	−0.03	−0.24	−0.05	scatter
UST 2YR ust2y	−0.77	−0.12	−0.06	238	0.01	−0.13 ⇄	−0.02	scatter
S&P 500 spx	0.76	0.05	0.35	240	0.54	−0.49	0.68	scatter
Brent brent	−0.75	−0.19	−0.21	240	−0.09	−0.10	−0.10	scatter
Nasdaq 100 ndx	0.67	−0.10	0.23	240	0.52	−0.62 ⇄	0.28	scatter
PHLX Semiconductor (SOX) sox	0.62	−0.24	0.07	240	0.34	−0.58 ⇄	0.04	scatter
DXY dxy	−0.59	0.00	−0.07	240	−0.04	+0.03	−0.31	scatter
CoreWeave (CRWV) CRWV	−0.50	−0.29	−0.02	250	0.05	−0.34 ⇄	−0.01	scatter
Copper copper	0.46	−0.21	0.04	240	0.15	−0.37 ⇄	0.04	scatter
Gold gold	0.37	−0.02	0.04	240	−0.03	+0.01	0.03	scatter
USD/IDR usdidr	−0.36	−0.01	−0.04	239	−0.14	+0.13	−0.13	scatter
Bitcoin btc	0.27	0.09	0.11	239	0.01	+0.07	0.06	scatter
Coherent (COHR) COHR	−0.23	−0.33	0.03	250	0.23	−0.56 ⇄	0.01	scatter
Ciena (CIEN) CIEN	−0.22	−0.30	0.02	250	0.15	−0.45 ⇄	0.01	scatter
Eaton (ETN) ETN	−0.17	−0.39	−0.01	250	0.12	−0.51 ⇄	−0.01	scatter
Constellation (CEG) CEG	−0.15	−0.17	0.01	250	0.09	−0.26 ⇄	0.00	scatter
LQ45 lq45	0.14	−0.14	0.02	221	0.04	−0.18 ⇄	0.02	scatter
JCI (IHSG) jci	−0.10	−0.22	−0.07	221	0.02	−0.24 ⇄	−0.07	scatter
Arista (ANET) ANET	−0.09	−0.31	−0.05	250	0.24	−0.55 ⇄	−0.02	scatter
Dell (DELL) DELL	−0.06	−0.21	0.02	250	0.19	−0.40 ⇄	0.01	scatter
Digital Realty (DLR) DLR	−0.03	0.07	0.12	250	0.16	−0.10	0.11	scatter
INDOGB 10YR id10y	0.01	−0.06	−0.13	213	−0.12	+0.07	−0.02	scatter
Newcastle coal coal	–	–	–	0	–	–	–	scatter

Compared with the headline cross-asset series and the series in the same catalog category and country. Changes are matched on common dates. Beta = change in Apple (AAPL) per unit change in the other series (least squares, 1 year). Amber: fewer than 20 common changes (hover a value for its n). Stability: the 3-month correlation minus the 3-year one; ⇄ marks opposite signs. A change in correlation describes the past; it does not say the relationship has broken or will return. Data ↓

Apple (AAPL) · UST 10YR

20 60 120 252

Rolling correlation of daily changes over the last 60 common readings, last 3 years.

Who moves first? (1 year)

Lag (readings)	-10	-9	-8	-7	-6	-5	-4	-3	-2	-1	+0	+1	+2	+3	+4	+5	+6	+7	+8	+9	+10
correlation	−0.01	0.13	0.03	−0.11	0.03	−0.04	0.07	0.04	0.00	0.00	−0.13	0.08	0.09	0.00	0.05	−0.01	−0.03	−0.01	0.04	0.05	0.04

Lag +k: today's change in Apple (AAPL) against the change in UST 10YR k readings later (positive = the first one leads). A peak away from 0 is a description of the past year only.