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BeOne Medicines Ltd. American Depositary Shares (ONC) vs ICE BofA US High Yield Index Effective Yield
Correlation
of % moves
-26%
In sync
of periods
40%
History
daysdays · through 2026-05-20
346
These move in the same direction about 40% of the time
Their swing sizes only faintly mirror each other (~7% of the pattern is shared).
A real but noisy link — useful as context, risky as a standalone signal.
Both lines start at the same point — easy to compare when growth rates are similar.
What to Watch
Slipping looser
The recent pattern is looser than its long-run baseline — keep an eye on whether this sticks.
Holds in both up and down markets
The relationship is similar whether prices are rising or falling — reliable in both directions.
Mostly stable
The relationship drifts a little but stays in the same neighbourhood.
Advanced
Statistics
In sync(i)
40.2%
Headline metric
Movement correlation(i)
-26%
Based on % moves
95% CI
-36% → -16%
Likely range of correlation
Pipeline
Pipeline Summary
346 paired data points survived the daily window.
Raw input
348
786
Normalized
348
786
Prepared
348
786
Aligned
346
346
Invalid removed
R²(i)
6.8%
Variance explained
Significance
p < 0.001
Statistical confidence
Data points
346
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: -6 to 6 days.
Selected shift
No shift
Correlation at this shift
-26%
No shift — both series at their actual dates.
345 overlapping points at this shift
Baseline
-26%
No-shift correlation, matching the main time-series chart above.
Peak shift
No shift
-26%
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
+18%
42 periods · Return correlation when both series rose
Both Falling
+2%
47 periods · Return correlation when both series fell
Diverging
-65%
160 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
442
A: 2 / B: 440
Series A
BeOne Medicines Ltd. American Depositary Shares (ONC)
ONC
Stock · 348 raw → 348 prepared
Series B
ICE BofA US High Yield Index Effective Yield
BAMLH0A0HYM2EY
FRED · 786 raw → 786 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
9
Estimated crossover points between normalized spreads.
Slope
-0.0989
Linear regression slope.
Intercept
0.0001
Linear regression intercept.
Saved 2 weeks ago · ID: fred-bamlh0a0hym2ey_stock-onc_daily_5y