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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Nonfarm Payrolls
Correlation
of % moves
-24%
In sync
of periods
50%
History
monthsmonths · through 2026-07
19
These move in the same direction about 50% of the time
Their swing sizes only faintly mirror each other (~6% 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
Nonfarm Payrolls moves ~4 months before ONC
Watch Nonfarm Payrolls for an early read on ONC.
Advanced
Statistics
In sync(i)
50%
Headline metric
Movement correlation(i)
-24%
Based on % moves
95% CI
-63% → +26%
Pipeline
Pipeline Summary
19 paired data points survived the monthly window.
Raw input
420
1,051
Normalized
420
1,051
Prepared
21
1,051
Aligned
19
19
Invalid removed
Likely range of correlation
R²(i)
6%
Variance explained
Significance
n.s.
Statistical confidence
Data points(i)
18
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: -8 to 8 months.
Selected shift
-4 months
Correlation at this shift
+45%
+21% stronger than no-shift baseline
Nonfarm Payrolls shifted 4 months later. Reads: "Does BeOne Medicines Ltd. American Depositary Shares (ONC) today line up with Nonfarm Payrolls 4 months ago?"
14 overlapping points at this shift
Baseline
-24%
No-shift correlation, matching the main time-series chart above.
Peak shift
-4 months
+45%
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
-37%
7 periods · Return correlation when both series rose
Both Falling
N/A
2 periods · Return correlation when both series fell
Diverging
-79%
9 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
1,034
A: 2 / B: 1032
Series A
BeOne Medicines Ltd. American Depositary Shares (ONC)
ONC
Stock · 420 raw → 21 prepared
Series B
Nonfarm Payrolls
PAYEMS
FRED · 1,051 raw → 1,051 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
7
Estimated crossover points between normalized spreads.
Slope
-0.0016
Linear regression slope.
Intercept
0.0002
Linear regression intercept.
Saved 4 months ago · ID: fred-payems_stock-onc_monthly_5y