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.

KraneShares China Internet (KWEB) against…

Series	1M ↓	3M	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
Bitcoin btc	0.74	0.11	0.23	239	0.13	−0.01	0.14	scatter
PHLX Semiconductor (SOX) sox	0.69	−0.08	0.34	240	0.35	−0.43 ⇄	0.20	scatter
Nasdaq 100 ndx	0.64	0.14	0.43	240	0.36	−0.22	0.58	scatter
Brent brent	−0.58	−0.31	−0.21	240	−0.03	−0.29	−0.10	scatter
S&P 500 spx	0.58	0.26	0.49	240	0.37	−0.11	1.01	scatter
MSCI ACWI (ETF) acwi	0.57	0.23	0.53	240	0.46	−0.23	0.99	scatter
LQ45 lq45	−0.49	−0.09	0.06	221	0.08	−0.17 ⇄	0.05	scatter
UST 10YR ust10y	−0.48	−0.12	−0.18	238	−0.02	−0.09	−0.07	scatter
MSCI EM (ETF) eem	0.46	0.14	0.54	250	0.63	−0.49	0.58	scatter
DXY dxy	−0.45	−0.17	−0.27	240	−0.21	+0.04	−1.43	scatter
JCI (IHSG) jci	−0.40	−0.10	0.04	221	0.11	−0.21 ⇄	0.05	scatter
VanEck Semiconductor (SMH) smh	0.36	−0.03	0.40	250	0.35	−0.38 ⇄	0.27	scatter
MSCI Indonesia (EIDO, USD) eido	−0.36	0.04	0.22	240	0.22	−0.18	0.22	scatter
USD/IDR usdidr	0.34	0.06	0.08	239	−0.14	+0.20 ⇄	0.27	scatter
Copper copper	0.30	0.07	0.40	240	0.40	−0.33	0.39	scatter
UST 2YR ust2y	−0.27	−0.10	−0.18	238	0.02	−0.12 ⇄	−0.07	scatter
INDOGB 10YR id10y	0.20	0.13	0.02	213	−0.15	+0.28 ⇄	0.00	scatter
WisdomTree Cloud (WCLD) wcld	0.10	0.19	0.17	250	0.20	0.00	0.12	scatter
iShares Software (IGV) igv	0.09	0.24	0.27	250	0.24	0.00	0.23	scatter
Utilities (XLU) xlu	0.06	−0.31	0.01	250	0.18	−0.50 ⇄	0.02	scatter
First Trust Cybersecurity (CIBR) cibr	0.03	0.07	0.24	250	0.26	−0.19	0.23	scatter
Gold gold	−0.03	−0.08	0.25	240	0.10	−0.18 ⇄	0.23	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 KraneShares China Internet (KWEB) 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 ↓

KraneShares China Internet (KWEB) · 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	−0.03	−0.02	0.01	0.04	−0.05	0.04	−0.05	−0.03	0.00	−0.01	0.23	0.14	0.03	−0.04	0.03	−0.02	0.02	−0.07	−0.10	0.02	0.04

Lag +k: today's change in KraneShares China Internet (KWEB) 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.