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.

Fortinet (FTNT) against…

Series	1M	3M	1Y ↓	n 1Y	3Y	3M − 3Y	Beta 1Y
Nasdaq 100 ndx	0.13	0.22	0.30	238	0.37	−0.15	0.66	scatter
S&P 500 spx	0.04	0.16	0.26	238	0.36	−0.19	0.87	scatter
Dell (DELL) DELL	−0.36	0.10	0.22	250	0.24	−0.14	0.13	scatter
Arista (ANET) ANET	−0.20	0.09	0.18	250	0.19	−0.10	0.14	scatter
Bitcoin btc	0.01	0.06	0.16	239	0.09	−0.03	0.16	scatter
PHLX Semiconductor (SOX) sox	−0.08	−0.02	0.11	238	0.27	−0.29 ⇄	0.10	scatter
Copper copper	−0.11	−0.06	0.10	238	0.11	−0.16 ⇄	0.15	scatter
CoreWeave (CRWV) CRWV	−0.06	−0.06	0.06	250	−0.01	−0.04	0.03	scatter
Brent brent	0.24	−0.03	0.04	238	0.10	−0.14 ⇄	0.03	scatter
Coherent (COHR) COHR	−0.46	−0.08	−0.04	250	0.17	−0.25 ⇄	−0.02	scatter
DXY dxy	0.54	0.04	−0.03	238	−0.04	+0.09 ⇄	−0.29	scatter
Gold gold	−0.58	−0.12	0.03	238	−0.01	−0.11	0.05	scatter
LQ45 lq45	0.27	0.16	0.02	220	−0.03	+0.19 ⇄	0.03	scatter
UST 10YR ust10y	0.13	−0.01	0.02	238	0.10	−0.11 ⇄	0.01	scatter
Eaton (ETN) ETN	−0.40	0.02	−0.02	250	0.23	−0.21	−0.02	scatter
Constellation (CEG) CEG	−0.57	−0.18	−0.01	250	0.17	−0.35 ⇄	−0.01	scatter
Ciena (CIEN) CIEN	−0.17	0.05	0.01	250	0.14	−0.09	0.01	scatter
UST 2YR ust2y	0.35	−0.08	0.01	238	0.07	−0.14 ⇄	0.00	scatter
INDOGB 10YR id10y	−0.43	0.02	0.00	213	0.03	−0.01	0.00	scatter
Digital Realty (DLR) DLR	−0.33	−0.10	0.00	250	0.14	−0.24 ⇄	0.00	scatter
JCI (IHSG) jci	0.31	0.07	0.00	220	−0.03	+0.10 ⇄	0.00	scatter
USD/IDR usdidr	0.46	0.19	0.00	238	−0.06	+0.25 ⇄	−0.01	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 Fortinet (FTNT) 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 ↓

Fortinet (FTNT) · 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	0.10	0.09	−0.03	0.02	−0.02	0.03	−0.04	−0.01	0.07	0.04	0.30	0.05	0.01	0.01	−0.03	0.04	−0.05	−0.04	−0.07	0.07	0.06

Lag +k: today's change in Fortinet (FTNT) 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.