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.

Digital Realty (DLR) against…

Series	1M	3M ↓	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
Equinix (EQIX) EQIX	0.91	0.86	0.73	250	0.66	+0.20	0.79	scatter
UST 10YR ust10y	−0.81	−0.37	−0.34	238	−0.22	−0.15	−0.14	scatter
Constellation (CEG) CEG	0.56	0.37	0.35	250	0.36	+0.01	0.20	scatter
Copper copper	0.72	0.37	0.22	238	0.14	+0.23	0.22	scatter
UST 2YR ust2y	−0.45	−0.37	−0.28	238	−0.21	−0.15	−0.10	scatter
PHLX Semiconductor (SOX) sox	0.62	0.35	0.30	238	0.40	−0.05	0.18	scatter
S&P 500 spx	0.68	0.34	0.36	238	0.43	−0.09	0.77	scatter
Ciena (CIEN) CIEN	0.45	0.33	0.34	250	0.34	−0.01	0.13	scatter
Brent brent	−0.60	−0.32	−0.19	238	−0.06	−0.26	−0.09	scatter
Dell (DELL) DELL	0.56	0.31	0.19	250	0.32	−0.01	0.07	scatter
Nasdaq 100 ndx	0.75	0.31	0.29	238	0.41	−0.10	0.40	scatter
Arista (ANET) ANET	0.83	0.28	0.25	250	0.34	−0.07	0.13	scatter
Coherent (COHR) COHR	0.61	0.27	0.32	250	0.40	−0.12	0.10	scatter
CoreWeave (CRWV) CRWV	0.52	0.27	0.29	250	0.27	0.00	0.08	scatter
Gold gold	0.19	0.24	0.16	238	0.16	+0.08	0.15	scatter
USD/IDR usdidr	0.20	0.20	0.11	238	−0.03	+0.23 ⇄	0.38	scatter
Eaton (ETN) ETN	0.77	0.20	0.33	250	0.44	−0.24	0.23	scatter
DXY dxy	0.05	−0.12	−0.21	238	−0.17	+0.05	−1.14	scatter
Bitcoin btc	0.40	0.06	0.22	239	0.23	−0.17	0.14	scatter
LQ45 lq45	−0.18	−0.05	0.03	220	0.05	−0.10 ⇄	0.03	scatter
INDOGB 10YR id10y	−0.01	0.02	0.02	213	−0.02	+0.05 ⇄	0.01	scatter
JCI (IHSG) jci	−0.19	0.01	0.04	220	0.07	−0.06	0.04	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 Digital Realty (DLR) 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 ↓

Digital Realty (DLR) · Equinix (EQIX)

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	0.01	−0.03	0.07	0.00	0.00	−0.02	−0.04	−0.08	−0.04	0.00	0.73	−0.07	0.00	−0.03	0.05	−0.06	0.00	0.06	0.03	0.03	0.05

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