Loading market view
Loading market view
Loading correlations
Correlation
of values
-84%
In sync
of periods
37%
History
monthsmonths · through 2026-08
36
These move in the same direction about 37% of the time
When one swings, the other almost always swings by a closely matched amount in the opposite direction (~70% of the pattern is shared).
A real but noisy link — useful as context, risky as a standalone signal.
Both lines start at the same point — easy to compare when growth rates are similar.
What to Watch
Flips between sync and inverse
Sometimes the two move together, sometimes opposite. Don't treat this as a stable signal.
Advanced
Statistics
In sync(i)
37%
Headline metric
Movement correlation(i)
-84%
Based on values
95% CI
-91% → -70%
Pipeline
Pipeline Summary
36 paired data points survived the monthly window.
Raw input
1,052
784
Normalized
1,052
784
Prepared
1,052
37
Aligned
36
36
Invalid removed
Likely range of correlation
R²(i)
70%
Variance explained
Significance
p < 0.001
Statistical confidence
Data points(i)
36
Thin
Time-Shifted Correlation
See how correlation changes when one series is offset in time. A taller bar at a non-zero shift means the two move together better when one leads the other — that's a potential lead/lag signal.
Correlation by shift
Click a bar to inspect. Range: -18 to 18 months.
Selected shift
No shift
Correlation at this shift
-84%
No shift — both series at their actual dates.
36 overlapping points at this shift
Baseline
-84%
No-shift correlation, matching the main time-series chart above.
Peak shift
No shift
-84%
A non-zero peak suggests one series lines up better when shifted against the other.
Stability
How the correlation evolves over time. A stable line means the relationship is reliable; large swings signal regime-dependent behavior.
Do They Crash Together?
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
+23%
10 periods · Return correlation when both series rose
Both Falling
N/A
3 periods · Return correlation when both series fell
Diverging
-29%
22 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
1,017
A: 1016 / B: 1
Series A
Nonfarm Payrolls
PAYEMS
FRED · 1,052 raw → 1,052 prepared
Series B
IG Bond Spread
BAMLC0A0CM
FRED · 784 raw → 37 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
1
Estimated crossover points between normalized spreads.
Slope
-0.0002
Linear regression slope.
Intercept
27.0961
Linear regression intercept.
Saved 4 months ago · ID: fred-bamlc0a0cm_fred-payems_monthly_5y