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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Initial Jobless Claims
Correlation
of % moves
+12%
In sync
of periods
53%
History
weeksweeks · through 2026-26
78
These move in the same direction about 53% 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 ~10 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)
53%
Headline metric
Movement correlation(i)
+12%
Based on % moves
95% CI
N/A
Likely range
Pipeline
Pipeline Summary
78 paired data points survived the weekly window.
Raw input
379
3,104
Normalized
379
3,104
Prepared
80
3,104
Aligned
78
78
Invalid removed
2%
Variance explained
Significance
N/A
Statistical confidence
Data points(i)
77
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
-10 weeks
Correlation at this shift
+19%
+7% stronger than no-shift baseline
Initial Jobless Claims shifted 10 weeks later. Reads: "Does BeOne Medicines Ltd. American Depositary Shares (ONC) today line up with Initial Jobless Claims 10 weeks ago?"
67 overlapping points at this shift
Baseline
+12%
No-shift correlation, matching the main time-series chart above.
Peak shift
-10 weeks
+19%
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%
20 periods · Return correlation when both series fell
Diverging
-53%
37 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 · 379 raw → 80 prepared
Series B
Initial Jobless Claims
ICSA
FRED · 3,104 raw → 3,104 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
20
Estimated crossover points between normalized spreads.
Slope
0.1042
Linear regression slope.
Intercept
-0.0000
Linear regression intercept.
Saved 3 months ago · ID: fred-icsa_stock-onc_weekly_5y