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.

Nebius (NBIS) against…

Series	1M	3M	1Y	n 1Y	3Y	3M − 3Y ↓	Beta 1Y
Ciena (CIEN) CIEN	0.40	0.68	0.49	250	0.39	+0.29	0.73	scatter
JCI (IHSG) jci	−0.22	0.42	0.06	221	0.14	+0.27	0.27	scatter
Copper copper	0.65	0.43	0.25	240	0.18	+0.25	1.01	scatter
USD/IDR usdidr	0.12	0.11	−0.03	239	−0.13	+0.25 ⇄	−0.35	scatter
LQ45 lq45	−0.39	0.35	0.05	221	0.12	+0.23	0.21	scatter
CoreWeave (CRWV) CRWV	0.79	0.86	0.78	250	0.65	+0.21	0.90	scatter
UST 2YR ust2y	−0.35	−0.08	0.02	238	0.12	−0.20 ⇄	0.03	scatter
PHLX Semiconductor (SOX) sox	0.48	0.69	0.55	240	0.49	+0.20	1.35	scatter
Bitcoin btc	0.54	0.07	0.32	239	0.25	−0.18	0.80	scatter
Coherent (COHR) COHR	0.53	0.63	0.47	250	0.46	+0.17	0.60	scatter
Dell (DELL) DELL	0.24	0.50	0.30	250	0.34	+0.16	0.43	scatter
UST 10YR ust10y	−0.39	−0.13	−0.02	238	0.03	−0.16 ⇄	−0.03	scatter
INDOGB 10YR id10y	0.00	0.09	0.00	213	−0.07	+0.16 ⇄	0.00	scatter
Eaton (ETN) ETN	0.68	0.54	0.44	250	0.39	+0.16	1.23	scatter
Arista (ANET) ANET	0.44	0.58	0.41	250	0.46	+0.12	0.83	scatter
Nasdaq 100 ndx	0.60	0.61	0.51	240	0.49	+0.12	2.83	scatter
Brent brent	−0.20	−0.14	−0.04	240	−0.02	−0.12	−0.08	scatter
DXY dxy	−0.11	−0.10	−0.06	240	−0.03	−0.08	−1.39	scatter
Gold gold	0.27	0.19	0.13	240	0.13	+0.06	0.49	scatter
Constellation (CEG) CEG	0.50	0.40	0.25	250	0.34	+0.06	0.58	scatter
Digital Realty (DLR) DLR	0.61	0.29	0.29	250	0.34	−0.05	1.17	scatter
S&P 500 spx	0.55	0.44	0.44	240	0.40	+0.04	3.75	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 Nebius (NBIS) 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 ↓

Nebius (NBIS) · Ciena (CIEN)

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	0.11	0.11	0.06	−0.05	−0.07	−0.16	−0.13	−0.04	0.04	0.49	0.06	−0.03	0.04	−0.13	−0.06	−0.07	0.06	0.04	0.11	0.00

Lag +k: today's change in Nebius (NBIS) against the change in Ciena (CIEN) k readings later (positive = the first one leads). A peak away from 0 is a description of the past year only.