SeriesMagCorrOverlapThrough
These move opposite each other about 36% of the time
Strong inverse
Strong enough to use as a signal — read the stability and regime notes below before relying on it.
Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke network, where it gathers and distributes passengers across the globe through its biggest hubs in Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta has historically earned most of its international revenue and profits from flying passengers over the Atlantic Ocean.
Market cap 44.8B · 103,000 employees
HY Bond Spread
BAMLH0A0HYM2
What to Watch
Unusual right now
Recent correlation (-25%) is 2.6σ from the long-run average of -80% — pair is behaving differently than usual.
Holds across regimes
Correlation is similar when markets rise (-12%) and fall (-23%) — reliable in both directions.
Flaky
Correlation swings widely across time windows — careful using this as a point estimate.
Time Series
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: -6 to 6 days.
Selected shift
No shift
Correlation at this shift
-80%
No shift — both series at their actual dates.
752 overlapping points at this shift
Time series with HY Bond Spread at original dates
Indexed to 100 at start
Deep Dive
Stability
How the correlation evolves over time. A stable line means the relationship is reliable; large swings signal regime-dependent behavior.
Corr
-80%
Pearson correlation
95% CI
-82% → -77%
Likely range
R²
63.7%
Variance explained
Trend agreement
36.5%
Same-direction moves
Significance
p < 0.001
Statistical confidence
Data points
752
Deep
Pipeline
Pipeline Summary
752 paired data points survived the daily window.
Raw input
1,255
786
Normalized
1,255
786
Prepared
1,255
786
Aligned
752
752
Invalid removed
Explore
The strongest positive and inverse pairs we’ve saved for each side of this comparison — good jumping-off points if this result raised a question.
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
-12%
29 periods · Return correlation when both series rose
Both Falling
-23%
43 periods · Return correlation when both series fell
Diverging
-65%
177 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
537
A: 503 / B: 34
Series A
Delta Air Lines, Inc.
DAL
Market cap 44.8B · 103,000 employees
Stock · 1,255 raw → 1,255 prepared
Series B
BAMLH0A0HYM2
FRED · 786 raw → 786 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
17
Estimated crossover points between normalized spreads.
Slope
-0.0384
Linear regression slope.
Intercept
5.2675
Linear regression intercept.
Saved 1 hour ago · ID: fred-bamlh0a0hym2_stock-dal_5y
BAMLH0A0HYM2
HY Bond Spread
Strongest positive