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Correlation
of values
-78%
In sync
of periods
38%
History
monthsmonths · through 2026-07
34
These move in the same direction about 38% of the time
When one swings, the other often swings by a similar amount in the opposite direction (~61% 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
ICE BofA BBB US Corporate Index Option-Adjusted Spread moves ~9 months before US Core CPI
Watch ICE BofA BBB US Corporate Index Option-Adjusted Spread for an early read on US Core CPI.
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)
38%
Headline metric
Movement correlation(i)
-78%
Based on values
95% CI
-89% → -60%
Pipeline
Pipeline Summary
34 paired data points survived the monthly window.
Raw input
834
785
Normalized
834
785
Prepared
834
36
Aligned
34
34
Invalid removed
Likely range of correlation
R²(i)
61%
Variance explained
Significance
p < 0.001
Statistical confidence
Data points(i)
34
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: -15 to 15 months.
Selected shift
-9 months
Correlation at this shift
-90%
+12% stronger than no-shift baseline
ICE BofA BBB US Corporate Index Option-Adjusted Spread shifted 9 months later. Reads: "Does US Core CPI today line up with ICE BofA BBB US Corporate Index Option-Adjusted Spread 9 months ago?"
16 overlapping points at this shift
Baseline
-78%
No-shift correlation, matching the main time-series chart above.
Peak shift
-9 months
-90%
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
-14%
11 periods · Return correlation when both series rose
Both Falling
N/A
1 periods · Return correlation when both series fell
Diverging
+17%
20 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
802
A: 800 / B: 2
Series A
US Core CPI
CPILFESL
FRED · 834 raw → 834 prepared
Series B
ICE BofA BBB US Corporate Index Option-Adjusted Spread
BAMLC0A4CBBB
FRED · 785 raw → 36 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
1
Estimated crossover points between normalized spreads.
Slope
-0.0166
Linear regression slope.
Intercept
6.5195
Linear regression intercept.
Saved 4 months ago · ID: fred-bamlc0a4cbbb_fred-cpilfesl_monthly_5y