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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Initial Jobless Claims
Correlation
of % moves
+13%
In sync
of periods
55%
History
weeksweeks · through 2026-22
74
These move in the same direction about 55% of the time
Their swing sizes only faintly line up (~2% 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
Initial Jobless Claims moves ~11 weeks before ONC
Watch Initial Jobless Claims for an early read on ONC.
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)
54.9%
Headline metric
Movement correlation(i)
+13%
Based on % moves
95% CI
-10% → +35%
Likely range of correlation
Pipeline
Pipeline Summary
74 paired data points survived the weekly window.
Raw input
361
3,100
Normalized
361
3,100
Prepared
76
3,100
Aligned
74
74
Invalid removed
R²(i)
1.8%
Variance explained
Significance
n.s.
Statistical confidence
Data points
74
Thin
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: -12 to 12 weeks.
Selected shift
-11 weeks
Correlation at this shift
+21%
+7% stronger than no-shift baseline
Initial Jobless Claims shifted 11 weeks later. Reads: "Does BeOne Medicines Ltd. American Depositary Shares (ONC) today line up with Initial Jobless Claims 11 weeks ago?"
62 overlapping points at this shift
Baseline
+13%
No-shift correlation, matching the main time-series chart above.
Peak shift
-11 weeks
+21%
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
+30%
20 periods · Return correlation when both series rose
Both Falling
-30%
19 periods · Return correlation when both series fell
Diverging
-54%
34 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
3,028
A: 2 / B: 3026
Series A
BeOne Medicines Ltd. American Depositary Shares (ONC)
ONC
Stock · 361 raw → 76 prepared
Series B
Initial Jobless Claims
ICSA
FRED · 3,100 raw → 3,100 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
19
Estimated crossover points between normalized spreads.
Slope
0.1124
Linear regression slope.
Intercept
0.0005
Linear regression intercept.
Saved last month · ID: fred-icsa_stock-onc_weekly_5y