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.

Snowflake (SNOW) against…

Series	1M	3M	1Y ↓	n 1Y	3Y	3M − 3Y	Beta 1Y
S&P 500 spx	0.56	0.42	0.26	238	0.37	+0.05	1.33	scatter
Bitcoin btc	0.35	0.40	0.26	239	0.13	+0.27	0.38	scatter
Nasdaq 100 ndx	0.58	0.39	0.25	238	0.37	+0.02	0.83	scatter
Dell (DELL) DELL	0.11	0.19	0.21	250	0.20	−0.01	0.18	scatter
Arista (ANET) ANET	0.30	0.12	0.19	250	0.26	−0.14	0.23	scatter
CoreWeave (CRWV) CRWV	0.19	0.17	0.18	250	0.17	0.00	0.12	scatter
DXY dxy	0.12	−0.36	−0.12	238	−0.01	−0.35	−1.51	scatter
Copper copper	0.64	0.24	0.11	238	0.15	+0.09	0.26	scatter
Gold gold	0.49	0.40	0.08	238	0.06	+0.34	0.17	scatter
PHLX Semiconductor (SOX) sox	0.46	0.13	0.07	238	0.23	−0.11	0.10	scatter
LQ45 lq45	0.33	0.33	0.07	220	0.06	+0.28	0.13	scatter
UST 2YR ust2y	−0.36	−0.31	−0.06	238	0.07	−0.38 ⇄	−0.05	scatter
UST 10YR ust10y	−0.60	−0.22	−0.05	238	0.02	−0.24 ⇄	−0.05	scatter
Constellation (CEG) CEG	−0.27	−0.08	0.05	250	0.16	−0.24 ⇄	0.06	scatter
Brent brent	−0.53	−0.17	−0.04	238	0.02	−0.19 ⇄	−0.05	scatter
INDOGB 10YR id10y	−0.53	−0.23	−0.03	213	−0.03	−0.20	−0.02	scatter
JCI (IHSG) jci	0.21	0.20	0.03	220	0.05	+0.15	0.06	scatter
Ciena (CIEN) CIEN	−0.41	−0.04	−0.03	250	0.11	−0.14 ⇄	−0.02	scatter
USD/IDR usdidr	−0.32	0.06	0.03	238	−0.06	+0.12 ⇄	0.21	scatter
Eaton (ETN) ETN	0.10	0.12	−0.03	250	0.21	−0.08	−0.04	scatter
Digital Realty (DLR) DLR	0.34	0.11	0.02	250	0.13	−0.02	0.05	scatter
Coherent (COHR) COHR	−0.10	0.08	−0.01	250	0.19	−0.11	−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 Snowflake (SNOW) 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 ↓

Snowflake (SNOW) · 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	0.10	0.08	−0.05	−0.02	−0.13	0.13	−0.01	−0.01	0.06	−0.01	0.26	0.01	0.04	0.02	−0.08	0.01	−0.16	−0.04	−0.09	−0.03	0.05

Lag +k: today's change in Snowflake (SNOW) 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.