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.

Microsoft (MSFT) against…

Series	1M ↓	3M	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
DXY dxy	−0.66	−0.33	−0.17	238	−0.10	−0.23	−1.09	scatter
USD/IDR usdidr	−0.64	−0.07	−0.05	238	−0.13	+0.06	−0.20	scatter
S&P 500 spx	0.60	0.56	0.39	238	0.56	0.00	1.00	scatter
UST 2YR ust2y	−0.50	−0.12	−0.02	238	0.05	−0.17 ⇄	−0.01	scatter
LQ45 lq45	0.42	0.25	0.10	220	0.13	+0.12	0.12	scatter
UST 10YR ust10y	−0.40	−0.14	−0.01	238	0.03	−0.17 ⇄	−0.01	scatter
Nasdaq 100 ndx	0.40	0.50	0.33	238	0.57	−0.07	0.56	scatter
Ciena (CIEN) CIEN	−0.36	0.07	0.03	250	0.23	−0.16	0.01	scatter
PHLX Semiconductor (SOX) sox	0.35	0.28	0.06	238	0.38	−0.10	0.04	scatter
Coherent (COHR) COHR	−0.30	0.07	0.02	250	0.28	−0.21	0.01	scatter
Brent brent	−0.27	−0.36	−0.11	238	−0.06	−0.29	−0.07	scatter
CoreWeave (CRWV) CRWV	−0.23	0.22	0.26	250	0.24	−0.02	0.09	scatter
Constellation (CEG) CEG	−0.22	−0.02	0.06	250	0.30	−0.32 ⇄	0.04	scatter
Bitcoin btc	0.18	0.09	0.28	239	0.21	−0.12	0.22	scatter
INDOGB 10YR id10y	−0.18	0.02	−0.02	213	−0.03	+0.05 ⇄	−0.01	scatter
JCI (IHSG) jci	0.17	0.16	0.08	220	0.13	+0.03	0.11	scatter
Dell (DELL) DELL	0.17	0.08	0.17	250	0.30	−0.23	0.07	scatter
Gold gold	0.14	0.12	0.08	238	0.04	+0.08	0.09	scatter
Eaton (ETN) ETN	−0.12	0.20	0.01	250	0.34	−0.14	0.01	scatter
Copper copper	0.07	0.26	0.08	238	0.08	+0.19	0.10	scatter
Digital Realty (DLR) DLR	−0.05	0.04	0.04	250	0.25	−0.21	0.04	scatter
Arista (ANET) ANET	0.02	0.11	0.17	250	0.44	−0.33	0.11	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 Microsoft (MSFT) 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 ↓

Microsoft (MSFT) · DXY

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	0.04	0.04	0.03	0.07	0.03	0.09	−0.04	0.00	−0.07	−0.21	−0.17	−0.14	−0.02	0.05	0.00	0.14	0.10	0.07	−0.04	−0.06	−0.09

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