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Correlation
of values
+86%
In sync
of periods
53%
History
monthsmonths · through 2026-07
308
These move in the same direction about 53% of the time
When one swings, the other almost always swings by a closely matched amount (~74% of the pattern is shared).
Roughly random — these don't track each other in a meaningful way.
Both lines start at the same point — easy to compare when growth rates are similar.
What to Watch
Unusual right now
Recently looser than usual — the pair is behaving differently than its long-run pattern.
Holds in both up and down markets
The relationship is similar whether prices are rising or falling — reliable in both directions.
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)
53%
Headline metric
Movement correlation(i)
+86%
Based on values
95% CI
+83% → +89%
Likely range of correlation
Pipeline
Pipeline Summary
308 paired data points survived the monthly window.
Raw input
811
308
Normalized
811
308
Prepared
811
308
Aligned
308
308
Invalid removed
R²(i)
74%
Variance explained
Significance
p < 0.001
Statistical confidence
Data points(i)
308
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
No shift
Correlation at this shift
+86%
No shift — both series at their actual dates.
308 overlapping points at this shift
Baseline
+86%
No-shift correlation, matching the main time-series chart above.
Peak shift
No shift
+86%
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
+46%
90 periods · Return correlation when both series rose
Both Falling
-40%
11 periods · Return correlation when both series fell
Diverging
-66%
92 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
503
A: 503 / B: 0
Series A
M2 Money Supply
M2SL
FRED · 811 raw → 811 prepared
Series B
Job Openings
JTSJOL
FRED · 308 raw → 308 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
11
Estimated crossover points between normalized spreads.
Slope
0.3427
Linear regression slope.
Intercept
1299.3533
Linear regression intercept.
Saved 4 months ago · ID: fred-jtsjol_fred-m2sl_monthly_5y