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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Avg Hourly Earnings
Correlation
of % moves
+30%
In sync
of periods
59%
History
monthsmonths · through 2026-06
18
These move in the same direction about 59% of the time
Their swing sizes only faintly line up (~9% 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
Avg Hourly Earnings moves ~7 months before ONC
Watch Avg Hourly Earnings for an early read on ONC.
Advanced
Statistics
In sync(i)
59%
Headline metric
Movement correlation(i)
+30%
Based on % moves
95% CI
N/A
Pipeline
Pipeline Summary
18 paired data points survived the monthly window.
Raw input
379
244
Normalized
379
244
Prepared
19
244
Aligned
18
18
Invalid removed
Likely range
R²(i)
9%
Variance explained
Significance
N/A
Statistical confidence
Data points(i)
17
Limited
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: -7 to 7 months.
Selected shift
-7 months
Correlation at this shift
-67%
+37% stronger than no-shift baseline
Avg Hourly Earnings shifted 7 months later. Reads: "Does BeOne Medicines Ltd. American Depositary Shares (ONC) today line up with Avg Hourly Earnings 7 months ago?"
10 overlapping points at this shift
Baseline
+30%
No-shift correlation, matching the main time-series chart above.
Peak shift
-7 months
-67%
A non-zero peak suggests one series lines up better when shifted against the other.
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
-12%
10 periods · Return correlation when both series rose
Both Falling
N/A
0 periods · Return correlation when both series fell
Diverging
+29%
7 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
227
A: 1 / B: 226
Series A
BeOne Medicines Ltd. American Depositary Shares (ONC)
ONC
Stock · 379 raw → 19 prepared
Series B
Avg Hourly Earnings
CES0500000003
FRED · 244 raw → 244 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
2
Estimated crossover points between normalized spreads.
Slope
0.0044
Linear regression slope.
Intercept
0.0028
Linear regression intercept.
Saved 3 months ago · ID: fred-ces0500000003_stock-onc_monthly_5y