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.

KLA (KLAC) against…

Series	1M ↓	3M	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
Bitcoin btc	0.87	0.12	0.20	239	0.14	−0.02	0.28	scatter
Eaton (ETN) ETN	0.86	0.75	0.65	250	0.62	+0.13	1.01	scatter
PHLX Semiconductor (SOX) sox	0.80	0.89	0.86	238	0.86	+0.02	1.15	scatter
Coherent (COHR) COHR	0.69	0.72	0.60	250	0.64	+0.08	0.42	scatter
Nasdaq 100 ndx	0.67	0.70	0.72	238	0.74	−0.04	2.21	scatter
CoreWeave (CRWV) CRWV	0.67	0.65	0.41	250	0.33	+0.32	0.26	scatter
Constellation (CEG) CEG	0.64	0.34	0.36	250	0.43	−0.09	0.46	scatter
Arista (ANET) ANET	0.59	0.63	0.50	250	0.55	+0.08	0.56	scatter
Digital Realty (DLR) DLR	0.57	0.20	0.27	250	0.29	−0.09	0.61	scatter
S&P 500 spx	0.56	0.52	0.59	238	0.64	−0.12	2.77	scatter
Ciena (CIEN) CIEN	0.52	0.71	0.52	250	0.49	+0.22	0.44	scatter
Brent brent	−0.49	−0.22	−0.15	238	0.04	−0.26 ⇄	−0.16	scatter
Copper copper	0.36	0.40	0.38	238	0.30	+0.11	0.84	scatter
DXY dxy	−0.31	0.00	−0.17	238	−0.14	+0.14 ⇄	−1.98	scatter
Dell (DELL) DELL	0.30	0.53	0.33	250	0.43	+0.09	0.26	scatter
UST 10YR ust10y	−0.29	−0.17	−0.22	238	0.01	−0.18 ⇄	−0.20	scatter
LQ45 lq45	−0.28	0.09	−0.06	220	0.00	+0.09	−0.15	scatter
Gold gold	0.23	0.15	0.24	238	0.17	−0.01	0.49	scatter
UST 2YR ust2y	−0.15	−0.06	−0.13	238	0.07	−0.13 ⇄	−0.10	scatter
JCI (IHSG) jci	−0.13	0.18	−0.01	220	0.02	+0.16	−0.03	scatter
USD/IDR usdidr	−0.06	0.03	0.03	238	−0.08	+0.10 ⇄	0.24	scatter
INDOGB 10YR id10y	0.01	0.20	0.13	213	0.08	+0.12	0.06	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 KLA (KLAC) 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 ↓

KLA (KLAC) · Bitcoin

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	0.00	0.07	0.00	−0.10	−0.11	0.03	−0.11	0.02	0.01	−0.06	0.20	0.01	−0.05	0.00	0.03	−0.09	0.00	−0.07	−0.03	0.10	0.05

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