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.

Tencent (0700.HK) against…

Series	1M	3M	1Y	n 1Y	3Y	3M − 3Y ↓	Beta 1Y
JCI (IHSG) jci	−0.73	−0.11	0.13	217	0.21	−0.32 ⇄	0.17	scatter
USD/IDR usdidr	0.16	0.12	0.04	233	−0.17	+0.30 ⇄	0.19	scatter
LQ45 lq45	−0.53	−0.05	0.13	217	0.17	−0.22 ⇄	0.17	scatter
INDOGB 10YR id10y	0.01	0.01	−0.05	207	−0.21	+0.22 ⇄	−0.01	scatter
SMIC (0981.HK) 0981.HK	−0.09	0.15	0.31	246	0.35	−0.21	0.18	scatter
Gold gold	−0.20	−0.11	0.13	228	0.06	−0.16 ⇄	0.15	scatter
Coherent (COHR) COHR	−0.02	0.02	0.19	238	0.17	−0.15	0.07	scatter
Bitcoin btc	0.02	0.13	0.01	234	−0.02	+0.15 ⇄	0.01	scatter
JD.com (9618.HK) 9618.HK	0.53	0.47	0.57	246	0.62	−0.15	0.56	scatter
PHLX Semiconductor (SOX) sox	0.42	0.06	0.14	228	0.17	−0.12	0.10	scatter
Brent brent	−0.38	−0.15	−0.06	228	−0.04	−0.11	−0.04	scatter
UST 2YR ust2y	−0.47	−0.13	−0.01	228	−0.02	−0.11	0.00	scatter
Alibaba (9988.HK) 9988.HK	0.59	0.62	0.68	246	0.71	−0.09	0.51	scatter
UST 10YR ust10y	−0.38	0.00	0.05	228	−0.08	+0.08	0.03	scatter
S&P 500 spx	0.29	0.08	0.07	228	0.13	−0.06	0.18	scatter
DXY dxy	−0.07	−0.09	−0.06	228	−0.14	+0.05	−0.37	scatter
Xiaomi (1810.HK) 1810.HK	0.34	0.49	0.45	246	0.52	−0.03	0.36	scatter
Meituan (3690.HK) 3690.HK	0.38	0.59	0.55	246	0.62	−0.03	0.45	scatter
Copper copper	0.27	0.21	0.15	228	0.23	−0.02	0.19	scatter
Nasdaq 100 ndx	0.47	0.15	0.10	228	0.16	−0.01	0.18	scatter
Ciena (CIEN) CIEN	0.35	0.10	0.19	238	0.11	−0.01	0.09	scatter
Arista (ANET) ANET	0.26	0.13	0.17	238	0.13	0.00	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 Tencent (0700.HK) 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 ↓

Tencent (0700.HK) · JCI (IHSG)

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	0.09	−0.01	−0.09	−0.02	−0.06	−0.11	0.00	0.06	−0.05	0.13	−0.02	0.08	−0.01	−0.14	0.11	0.05	−0.02	0.09	0.05	−0.02

Lag +k: today's change in Tencent (0700.HK) against the change in JCI (IHSG) k readings later (positive = the first one leads). A peak away from 0 is a description of the past year only.