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.

Tesla (TSLA) against…

Series	1M	3M	1Y ↓	n 1Y	3Y	3M − 3Y	Beta 1Y
Nasdaq 100 ndx	0.81	0.60	0.66	238	0.58	+0.02	1.50	scatter
S&P 500 spx	0.68	0.60	0.61	238	0.51	+0.09	2.16	scatter
PHLX Semiconductor (SOX) sox	0.72	0.32	0.49	238	0.47	−0.15	0.49	scatter
Bitcoin btc	0.44	0.41	0.37	239	0.26	+0.16	0.38	scatter
Eaton (ETN) ETN	0.31	0.31	0.37	250	0.32	−0.01	0.43	scatter
Copper copper	0.78	0.48	0.34	238	0.15	+0.33	0.55	scatter
Coherent (COHR) COHR	0.12	0.24	0.33	250	0.37	−0.12	0.18	scatter
Arista (ANET) ANET	0.35	0.28	0.29	250	0.27	+0.01	0.25	scatter
CoreWeave (CRWV) CRWV	0.37	0.31	0.27	250	0.24	+0.07	0.13	scatter
Ciena (CIEN) CIEN	0.15	0.27	0.25	250	0.33	−0.06	0.16	scatter
DXY dxy	0.11	−0.42	−0.24	238	−0.04	−0.38	−2.13	scatter
Constellation (CEG) CEG	−0.07	0.10	0.23	250	0.20	−0.10	0.23	scatter
Brent brent	−0.36	−0.32	−0.23	238	−0.03	−0.29	−0.19	scatter
Gold gold	0.42	0.43	0.22	238	0.08	+0.35	0.35	scatter
Dell (DELL) DELL	0.28	0.30	0.20	250	0.24	+0.07	0.12	scatter
UST 10YR ust10y	−0.54	−0.25	−0.19	238	−0.05	−0.20	−0.13	scatter
UST 2YR ust2y	−0.40	−0.25	−0.15	238	−0.03	−0.22	−0.09	scatter
Digital Realty (DLR) DLR	0.48	0.07	0.15	250	0.28	−0.20	0.26	scatter
INDOGB 10YR id10y	−0.28	−0.17	−0.03	213	−0.02	−0.15	−0.01	scatter
LQ45 lq45	0.30	0.26	0.03	220	0.17	+0.10	0.04	scatter
USD/IDR usdidr	−0.25	0.06	−0.02	238	−0.14	+0.20 ⇄	−0.11	scatter
JCI (IHSG) jci	0.31	0.19	0.02	220	0.17	+0.02	0.03	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 Tesla (TSLA) 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 ↓

Tesla (TSLA) · Nasdaq 100

20 60 120 252

Rolling correlation of daily changes over the last 120 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	0.16	0.04	−0.05	−0.03	0.03	0.03	−0.01	0.01	−0.11	0.00	0.66	−0.07	−0.07	0.06	0.01	0.00	−0.03	−0.08	−0.10	−0.03	0.01

Lag +k: today's change in Tesla (TSLA) 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.