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Correlation
of values
+96%
In sync
of periods
58%
History
monthsmonths · through 2026-07
284
These move in the same direction about 58% of the time
When one swings, the other almost always swings by a closely matched amount (~93% 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
Decouples in drawdowns
The relationship weakens when both prices are falling — don't count on this pair as a hedge under stress.
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)
58%
Headline metric
Movement correlation(i)
+96%
Based on values
95% CI
+95% → +97%
Likely range of correlation
Pipeline
Pipeline Summary
284 paired data points survived the monthly window.
Raw input
811
1,237
Normalized
811
1,237
Prepared
811
285
Aligned
284
284
Invalid removed
R²(i)
93%
Variance explained
Significance
p < 0.001
Statistical confidence
Data points(i)
284
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
+96%
No shift — both series at their actual dates.
284 overlapping points at this shift
Baseline
+96%
No-shift correlation, matching the main time-series chart above.
Peak shift
No shift
+96%
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
+81%
116 periods · Return correlation when both series rose
Both Falling
-17%
12 periods · Return correlation when both series fell
Diverging
-53%
87 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
528
A: 527 / B: 1
Series A
M2 Money Supply
M2SL
FRED · 811 raw → 811 prepared
Series B
Fed Balance Sheet
WALCL
FRED · 1,237 raw → 285 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
3
Estimated crossover points between normalized spreads.
Slope
447.1518
Linear regression slope.
Intercept
-1780055.4944
Linear regression intercept.
Saved 4 months ago · ID: fred-m2sl_fred-walcl_monthly_5y