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.

Qualcomm (QCOM) against…

Series	1M	3M	1Y ↓	n 1Y	3Y	3M − 3Y	Beta 1Y
Nasdaq 100 ndx	0.61	0.54	0.54	240	0.65	−0.11	1.50	scatter
PHLX Semiconductor (SOX) sox	0.55	0.49	0.54	240	0.67	−0.19	0.66	scatter
S&P 500 spx	0.63	0.46	0.48	240	0.60	−0.14	2.04	scatter
Eaton (ETN) ETN	0.26	0.28	0.39	250	0.47	−0.19	0.54	scatter
Coherent (COHR) COHR	0.19	0.40	0.33	250	0.42	−0.02	0.21	scatter
Constellation (CEG) CEG	0.37	0.36	0.31	250	0.36	0.00	0.36	scatter
Ciena (CIEN) CIEN	0.52	0.44	0.30	250	0.32	+0.12	0.23	scatter
Dell (DELL) DELL	0.39	0.42	0.30	250	0.39	+0.03	0.21	scatter
Copper copper	0.45	0.21	0.24	240	0.28	−0.07	0.46	scatter
UST 10YR ust10y	−0.62	−0.39	−0.21	238	−0.03	−0.37	−0.17	scatter
Digital Realty (DLR) DLR	0.40	0.24	0.20	250	0.24	0.00	0.40	scatter
Arista (ANET) ANET	0.36	0.28	0.19	250	0.33	−0.05	0.19	scatter
Bitcoin btc	0.11	0.12	0.19	239	0.20	−0.08	0.24	scatter
DXY dxy	−0.20	−0.05	−0.18	240	−0.20	+0.14	−1.90	scatter
CoreWeave (CRWV) CRWV	0.18	0.34	0.16	250	0.06	+0.29	0.09	scatter
UST 2YR ust2y	−0.63	−0.25	−0.15	238	0.02	−0.27 ⇄	−0.11	scatter
Gold gold	0.22	0.15	0.14	240	0.09	+0.06	0.26	scatter
Brent brent	−0.31	−0.26	−0.10	240	0.02	−0.28 ⇄	−0.10	scatter
INDOGB 10YR id10y	0.07	0.07	−0.08	213	−0.11	+0.18 ⇄	−0.03	scatter
LQ45 lq45	0.16	0.10	−0.04	221	0.06	+0.04	−0.08	scatter
USD/IDR usdidr	−0.49	−0.22	0.02	239	−0.12	−0.10	0.17	scatter
JCI (IHSG) jci	−0.06	0.04	−0.02	221	0.07	−0.04	−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 Qualcomm (QCOM) 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 ↓

Qualcomm (QCOM) · Nasdaq 100

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	0.07	0.05	−0.04	−0.05	0.03	−0.04	−0.04	0.16	0.07	−0.02	0.54	−0.02	−0.13	0.11	0.05	−0.08	0.00	0.08	−0.09	−0.01	0.08

Lag +k: today's change in Qualcomm (QCOM) against the change in Nasdaq 100 k readings later (positive = the first one leads). A peak away from 0 is a description of the past year only.