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.

Cloudflare (NET) against…

Series	1M	3M ↓	1Y	n 1Y	3Y	3M − 3Y	Beta 1Y
Nasdaq 100 ndx	0.63	0.46	0.31	238	0.51	−0.05	1.03	scatter
S&P 500 spx	0.57	0.38	0.31	238	0.50	−0.12	1.58	scatter
Dell (DELL) DELL	−0.15	0.25	0.21	250	0.31	−0.06	0.18	scatter
UST 10YR ust10y	−0.44	−0.24	−0.05	238	−0.06	−0.18	−0.05	scatter
UST 2YR ust2y	−0.21	−0.23	−0.07	238	−0.03	−0.20	−0.06	scatter
PHLX Semiconductor (SOX) sox	0.38	0.22	0.18	238	0.39	−0.17	0.25	scatter
Bitcoin btc	0.40	0.21	0.25	239	0.13	+0.08	0.38	scatter
LQ45 lq45	−0.08	0.20	0.07	220	0.07	+0.12	0.16	scatter
Copper copper	0.32	0.17	0.07	238	0.10	+0.07	0.16	scatter
USD/IDR usdidr	0.29	0.17	−0.04	238	−0.08	+0.25 ⇄	−0.30	scatter
Ciena (CIEN) CIEN	−0.08	0.17	0.17	250	0.30	−0.14	0.15	scatter
CoreWeave (CRWV) CRWV	−0.01	0.16	0.31	250	0.32	−0.16	0.21	scatter
Constellation (CEG) CEG	−0.35	−0.14	0.08	250	0.24	−0.37 ⇄	0.11	scatter
DXY dxy	0.13	−0.13	−0.03	238	−0.01	−0.12	−0.35	scatter
Brent brent	−0.18	−0.12	0.01	238	0.08	−0.20 ⇄	0.01	scatter
Arista (ANET) ANET	−0.01	0.11	0.26	250	0.42	−0.31	0.31	scatter
INDOGB 10YR id10y	−0.34	0.10	−0.01	213	−0.04	+0.14 ⇄	0.00	scatter
Gold gold	−0.32	0.09	0.03	238	0.07	+0.03	0.06	scatter
JCI (IHSG) jci	−0.11	0.05	0.04	220	0.05	0.00	0.11	scatter
Digital Realty (DLR) DLR	0.07	0.04	0.09	250	0.25	−0.21	0.21	scatter
Coherent (COHR) COHR	−0.28	0.03	0.08	250	0.39	−0.36	0.06	scatter
Eaton (ETN) ETN	−0.21	0.00	0.10	250	0.28	−0.28	0.16	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 Cloudflare (NET) 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 ↓

Cloudflare (NET) · 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	0.12	0.03	−0.02	−0.03	0.03	−0.03	−0.03	0.03	−0.01	−0.01	0.31	0.00	0.02	−0.05	−0.11	0.05	−0.07	−0.06	−0.12	0.10	0.07

Lag +k: today's change in Cloudflare (NET) 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.