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Correlation
of values
+60%
In sync
of periods
55%
History
monthsmonths · through 2026-06
120
These move in the same direction about 55% of the time
When one swings, the other often swings by a similar amount (~36% of the pattern is shared).
A faint pattern — interesting as colour, not strong enough to act on alone.
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
Unusual right now
Recently looser than usual — the pair is behaving differently than its long-run pattern.
Fed Funds Rate moves ~18 months before S&P 500
Watch Fed Funds Rate for an early read on S&P 500.
Tighter in drawdowns
The relationship is stronger when both prices are falling than when both are rising — typical risk-off behaviour.
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)
55%
Headline metric
Movement correlation(i)
+60%
Based on values
95% CI
N/A
Likely range
Pipeline
Pipeline Summary
120 paired data points survived the monthly window.
Raw input
864
2,512
Normalized
864
2,512
Prepared
864
121
Aligned
120
120
Invalid removed
36%
Variance explained
Significance
N/A
Statistical confidence
Data points(i)
120
Usable
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
+74%
+14% stronger than no-shift baseline
S&P 500 shifted 18 months earlier. Reads: "Does Fed Funds Rate today line up with S&P 500 18 months from now?"
102 overlapping points at this shift
Baseline
+60%
No-shift correlation, matching the main time-series chart above.
Peak shift
+18 months
+74%
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
+32%
36 periods · Return correlation when both series rose
Both Falling
+96%
7 periods · Return correlation when both series fell
Diverging
-42%
76 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
745
A: 744 / B: 1
Series A
Fed Funds Rate
FEDFUNDS
FRED · 864 raw → 864 prepared
Series B
S&P 500
SP500
FRED · 2,512 raw → 121 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
7
Estimated crossover points between normalized spreads.
Slope
450.8411
Linear regression slope.
Intercept
2961.2522
Linear regression intercept.
Saved 3 months ago · ID: fred-fedfunds_fred-sp500_monthly_5y