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.

Equinix (EQIX) against…

Series	1M	3M ↓	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
Digital Realty (DLR) DLR	0.91	0.86	0.73	250	0.66	+0.20	0.68	scatter
PHLX Semiconductor (SOX) sox	0.56	0.50	0.27	238	0.31	+0.19	0.15	scatter
Nasdaq 100 ndx	0.68	0.45	0.22	238	0.34	+0.11	0.28	scatter
Ciena (CIEN) CIEN	0.45	0.43	0.30	250	0.29	+0.14	0.10	scatter
Copper copper	0.53	0.42	0.18	238	0.12	+0.30	0.16	scatter
CoreWeave (CRWV) CRWV	0.51	0.41	0.26	250	0.24	+0.17	0.07	scatter
S&P 500 spx	0.53	0.40	0.25	238	0.40	0.00	0.49	scatter
Dell (DELL) DELL	0.34	0.38	0.17	250	0.23	+0.15	0.06	scatter
Arista (ANET) ANET	0.80	0.35	0.21	250	0.29	+0.06	0.10	scatter
UST 10YR ust10y	−0.57	−0.33	−0.28	238	−0.26	−0.07	−0.11	scatter
Coherent (COHR) COHR	0.47	0.33	0.24	250	0.30	+0.03	0.07	scatter
Constellation (CEG) CEG	0.32	0.32	0.24	250	0.25	+0.07	0.13	scatter
Eaton (ETN) ETN	0.65	0.27	0.26	250	0.33	−0.05	0.17	scatter
USD/IDR usdidr	0.44	0.27	0.06	238	−0.11	+0.37 ⇄	0.18	scatter
UST 2YR ust2y	−0.17	−0.26	−0.18	238	−0.16	−0.10	−0.06	scatter
Gold gold	−0.05	0.25	0.11	238	0.15	+0.09	0.10	scatter
Brent brent	−0.50	−0.23	−0.14	238	−0.05	−0.18	−0.06	scatter
Bitcoin btc	0.48	0.17	0.20	239	0.15	+0.03	0.12	scatter
DXY dxy	0.24	−0.14	−0.11	238	−0.10	−0.04	−0.56	scatter
JCI (IHSG) jci	−0.26	0.12	0.03	220	0.09	+0.02	0.03	scatter
INDOGB 10YR id10y	−0.18	−0.05	−0.03	213	−0.12	+0.06	−0.01	scatter
LQ45 lq45	−0.33	0.04	0.01	220	0.10	−0.06	0.01	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 Equinix (EQIX) 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 ↓

Equinix (EQIX) · Digital Realty (DLR)

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

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