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Correlation
of values
-32%
In sync
of periods
53%
History
monthsmonths · through 2026-07
487
These move in the same direction about 53% of the time
Their swing sizes only faintly mirror each other (~10% of the pattern is shared).
Roughly random — these don't track each other in a meaningful way.
On a log scale so equal % moves take equal vertical space — best when one series has grown much faster than the other.
What to Watch
WTI Crude Oil moves ~18 months before Building Permits
Watch WTI Crude Oil for an early read on Building Permits.
Holds in both up and down markets
The relationship is similar whether prices are rising or falling — reliable in both directions.
Advanced
Statistics
In sync(i)
53%
Headline metric
Movement correlation(i)
-32%
Based on values
95% CI
-40% → -24%
Likely range of correlation
Pipeline
Pipeline Summary
487 paired data points survived the monthly window.
Raw input
799
10,236
Normalized
799
10,236
Prepared
799
489
Aligned
487
487
Invalid removed
R²(i)
10%
Variance explained
Significance
p < 0.001
Statistical confidence
Data points(i)
487
Robust
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
-18 months
Correlation at this shift
-42%
+10% stronger than no-shift baseline
WTI Crude Oil shifted 18 months later. Reads: "Does Building Permits today line up with WTI Crude Oil 18 months ago?"
469 overlapping points at this shift
Baseline
-32%
No-shift correlation, matching the main time-series chart above.
Peak shift
-18 months
-42%
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
-13%
26 periods · Return correlation when both series rose
Both Falling
-12%
20 periods · Return correlation when both series fell
Diverging
-60%
44 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
314
A: 312 / B: 2
Series A
Building Permits
PERMIT
FRED · 799 raw → 799 prepared
Series B
WTI Crude Oil
DCOILWTICO
FRED · 10,236 raw → 489 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
30
Estimated crossover points between normalized spreads.
Slope
-0.0249
Linear regression slope.
Intercept
82.7817
Linear regression intercept.
Saved 2 weeks ago · ID: fred-dcoilwtico_fred-permit_monthly_5y