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.

Palo Alto (PANW) against…

Series	1M	3M	1Y	n 1Y	3Y	3M − 3Y ↓	Beta 1Y
Digital Realty (DLR) DLR	−0.43	−0.18	−0.02	250	0.20	−0.38 ⇄	−0.03	scatter
Constellation (CEG) CEG	−0.59	−0.22	−0.04	250	0.13	−0.35 ⇄	−0.04	scatter
PHLX Semiconductor (SOX) sox	−0.42	0.03	0.14	240	0.33	−0.30	0.15	scatter
Coherent (COHR) COHR	−0.51	−0.04	0.02	250	0.25	−0.28 ⇄	0.01	scatter
Dell (DELL) DELL	−0.50	0.03	0.23	250	0.27	−0.24	0.15	scatter
S&P 500 spx	−0.35	0.20	0.30	240	0.43	−0.24	1.15	scatter
USD/IDR usdidr	0.56	0.21	0.02	239	−0.02	+0.23 ⇄	0.09	scatter
LQ45 lq45	0.29	0.25	0.03	221	0.03	+0.23	0.05	scatter
Arista (ANET) ANET	−0.27	0.07	0.21	250	0.29	−0.23	0.18	scatter
Nasdaq 100 ndx	−0.25	0.25	0.34	240	0.45	−0.20	0.82	scatter
Copper copper	−0.40	−0.05	0.05	240	0.15	−0.19 ⇄	0.09	scatter
Eaton (ETN) ETN	−0.48	0.05	0.05	250	0.25	−0.19	0.06	scatter
Ciena (CIEN) CIEN	−0.26	0.02	0.03	250	0.20	−0.18	0.02	scatter
Bitcoin btc	−0.25	0.02	0.25	239	0.18	−0.16	0.27	scatter
DXY dxy	0.65	0.11	−0.03	240	−0.01	+0.12 ⇄	−0.32	scatter
JCI (IHSG) jci	0.26	0.14	0.01	221	0.02	+0.11	0.01	scatter
Brent brent	0.35	−0.04	0.01	240	0.05	−0.09 ⇄	0.01	scatter
UST 2YR ust2y	0.51	−0.03	−0.02	238	0.04	−0.08 ⇄	−0.01	scatter
UST 10YR ust10y	0.35	−0.03	−0.06	238	0.02	−0.05 ⇄	−0.04	scatter
Gold gold	−0.72	−0.09	−0.02	240	−0.06	−0.04	−0.04	scatter
CoreWeave (CRWV) CRWV	−0.10	0.07	0.12	250	0.09	−0.02	0.06	scatter
INDOGB 10YR id10y	−0.49	−0.09	−0.05	213	−0.09	0.00	−0.02	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 Palo Alto (PANW) 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 ↓

Palo Alto (PANW) · 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	−0.02	−0.07	−0.08	0.05	0.03	0.14	0.02	−0.06	0.06	0.00	−0.02	−0.16	−0.05	0.01	−0.03	0.04	−0.05	−0.01	0.07	−0.07	−0.13

Lag +k: today's change in Palo Alto (PANW) 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.