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.

Baidu (BIDU) against…

Series	1M	3M	1Y	n 1Y	3Y ↓	3M − 3Y	Beta 1Y
S&P 500 spx	0.83	0.44	0.45	238	0.37	+0.07	1.69	scatter
Nasdaq 100 ndx	0.84	0.44	0.44	238	0.36	+0.08	1.08	scatter
PHLX Semiconductor (SOX) sox	0.81	0.33	0.42	238	0.36	−0.03	0.44	scatter
Copper copper	0.51	0.21	0.28	238	0.34	−0.13	0.49	scatter
Coherent (COHR) COHR	−0.07	0.22	0.38	250	0.28	−0.05	0.22	scatter
Ciena (CIEN) CIEN	−0.22	0.22	0.33	250	0.26	−0.04	0.22	scatter
DXY dxy	−0.46	−0.13	−0.21	238	−0.24	+0.11	−1.99	scatter
Eaton (ETN) ETN	0.14	0.28	0.29	250	0.23	+0.05	0.37	scatter
Arista (ANET) ANET	0.14	0.29	0.21	250	0.19	+0.10	0.19	scatter
Dell (DELL) DELL	0.09	0.09	0.18	250	0.14	−0.05	0.12	scatter
CoreWeave (CRWV) CRWV	−0.21	0.20	0.27	250	0.14	+0.06	0.14	scatter
Constellation (CEG) CEG	0.25	0.19	0.24	250	0.13	+0.06	0.25	scatter
Digital Realty (DLR) DLR	0.20	0.02	0.19	250	0.11	−0.09	0.34	scatter
USD/IDR usdidr	0.18	0.05	0.09	238	−0.10	+0.15 ⇄	0.52	scatter
INDOGB 10YR id10y	0.02	0.05	−0.03	213	−0.10	+0.15 ⇄	−0.01	scatter
Gold gold	−0.03	0.13	0.23	238	0.10	+0.03	0.38	scatter
JCI (IHSG) jci	−0.28	−0.04	0.04	220	0.10	−0.14 ⇄	0.08	scatter
Bitcoin btc	0.63	0.21	0.19	239	0.10	+0.12	0.21	scatter
LQ45 lq45	−0.24	0.02	0.03	220	0.08	−0.06	0.05	scatter
Brent brent	−0.62	−0.16	−0.13	238	−0.03	−0.13	−0.11	scatter
UST 10YR ust10y	−0.76	−0.09	−0.15	238	−0.01	−0.08	−0.11	scatter
UST 2YR ust2y	−0.53	−0.07	−0.16	238	−0.01	−0.06	−0.11	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 Baidu (BIDU) 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 ↓

Baidu (BIDU) · S&P 500

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	0.03	0.05	0.02	−0.06	0.09	0.05	0.02	−0.08	−0.08	0.03	0.45	0.07	0.05	−0.03	0.05	−0.02	−0.04	−0.10	−0.04	−0.03	0.12

Lag +k: today's change in Baidu (BIDU) against the change in S&P 500 k readings later (positive = the first one leads). A peak away from 0 is a description of the past year only.