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.

Alphabet (GOOGL) against…

Series	1M ↓	3M	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
S&P 500 spx	0.77	0.47	0.55	240	0.55	−0.08	1.36	scatter
Nasdaq 100 ndx	0.70	0.32	0.47	240	0.56	−0.25	0.76	scatter
UST 10YR ust10y	−0.67	−0.21	−0.25	238	0.09	−0.29 ⇄	−0.12	scatter
PHLX Semiconductor (SOX) sox	0.65	−0.07	0.25	240	0.40	−0.47 ⇄	0.18	scatter
Bitcoin btc	0.61	0.15	0.17	239	0.06	+0.09	0.13	scatter
Copper copper	0.57	0.12	0.18	240	0.17	−0.05	0.21	scatter
UST 2YR ust2y	−0.57	−0.20	−0.24	238	0.04	−0.24 ⇄	−0.10	scatter
DXY dxy	−0.54	−0.15	−0.24	240	−0.16	+0.01	−1.50	scatter
Brent brent	−0.51	−0.41	−0.28	240	−0.09	−0.32	−0.17	scatter
LQ45 lq45	−0.44	−0.01	0.04	221	0.10	−0.10 ⇄	0.04	scatter
JCI (IHSG) jci	−0.38	−0.08	0.02	221	0.11	−0.19 ⇄	0.02	scatter
Gold gold	0.31	0.04	0.16	240	0.04	0.00	0.18	scatter
Constellation (CEG) CEG	−0.27	−0.15	0.12	250	0.17	−0.32 ⇄	0.08	scatter
Dell (DELL) DELL	0.18	0.05	0.06	250	0.16	−0.11	0.03	scatter
INDOGB 10YR id10y	0.15	0.09	−0.07	213	−0.06	+0.16 ⇄	−0.02	scatter
Coherent (COHR) COHR	−0.15	−0.05	0.16	250	0.27	−0.32 ⇄	0.06	scatter
Ciena (CIEN) CIEN	−0.09	−0.08	0.14	250	0.25	−0.33 ⇄	0.06	scatter
Digital Realty (DLR) DLR	0.07	−0.09	0.14	250	0.14	−0.23 ⇄	0.17	scatter
Arista (ANET) ANET	0.06	−0.02	0.13	250	0.37	−0.39 ⇄	0.08	scatter
USD/IDR usdidr	−0.05	0.05	0.08	239	−0.06	+0.11 ⇄	0.32	scatter
Eaton (ETN) ETN	0.03	0.11	0.21	250	0.29	−0.18	0.17	scatter
CoreWeave (CRWV) CRWV	−0.02	0.02	0.14	250	0.15	−0.14	0.05	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 Alphabet (GOOGL) 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 ↓

Alphabet (GOOGL) · S&P 500

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	0.10	0.11	−0.05	−0.09	−0.06	0.05	−0.08	0.03	−0.17	0.04	0.55	0.08	0.01	0.03	0.15	0.07	0.02	−0.04	−0.10	0.01	0.05

Lag +k: today's change in Alphabet (GOOGL) against the change in S&P 500 k readings later (positive = the first one leads). A peak away from 0 is a description of the past year only.