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.

Ciena (CIEN) against…

Series	1M	3M ↓	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
PHLX Semiconductor (SOX) sox	0.85	0.80	0.67	238	0.61	+0.19	1.08	scatter
Coherent (COHR) COHR	0.68	0.79	0.74	250	0.66	+0.13	0.62	scatter
CoreWeave (CRWV) CRWV	0.42	0.72	0.45	250	0.32	+0.40	0.34	scatter
Arista (ANET) ANET	0.56	0.71	0.48	250	0.52	+0.18	0.65	scatter
Eaton (ETN) ETN	0.64	0.67	0.57	250	0.54	+0.13	1.05	scatter
Nasdaq 100 ndx	0.87	0.62	0.53	238	0.57	+0.06	1.96	scatter
Dell (DELL) DELL	0.25	0.57	0.35	250	0.42	+0.15	0.33	scatter
Copper copper	0.79	0.43	0.30	238	0.16	+0.28	0.81	scatter
Equinix (EQIX) EQIX	0.45	0.43	0.30	250	0.29	+0.14	0.86	scatter
S&P 500 spx	0.76	0.43	0.44	238	0.51	−0.08	2.49	scatter
Constellation (CEG) CEG	0.35	0.37	0.39	250	0.40	−0.03	0.61	scatter
Digital Realty (DLR) DLR	0.45	0.33	0.34	250	0.34	−0.01	0.90	scatter
INDOGB 10YR id10y	0.17	0.25	−0.03	213	−0.06	+0.31 ⇄	−0.02	scatter
Brent brent	−0.67	−0.17	−0.18	238	−0.07	−0.10	−0.24	scatter
Gold gold	0.59	0.15	0.19	238	0.10	+0.05	0.49	scatter
JCI (IHSG) jci	−0.20	0.15	−0.01	220	0.01	+0.14	−0.02	scatter
UST 10YR ust10y	−0.60	−0.14	−0.14	238	0.01	−0.15 ⇄	−0.15	scatter
LQ45 lq45	−0.26	0.09	−0.02	220	0.00	+0.10 ⇄	−0.05	scatter
UST 2YR ust2y	−0.44	−0.09	−0.11	238	0.02	−0.10 ⇄	−0.11	scatter
Bitcoin btc	0.41	0.09	0.18	239	0.16	−0.08	0.30	scatter
DXY dxy	−0.09	−0.07	−0.19	238	−0.05	−0.02	−2.76	scatter
USD/IDR usdidr	−0.27	0.04	0.04	238	−0.03	+0.07 ⇄	0.35	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 Ciena (CIEN) 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 ↓

Ciena (CIEN) · PHLX Semiconductor (SOX)

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	−0.02	0.10	0.02	0.07	0.03	−0.13	−0.08	−0.05	−0.09	0.01	0.67	−0.04	−0.07	0.01	−0.12	−0.12	0.02	0.05	−0.02	0.08	0.05

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