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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Building Permits
Correlation
of % moves
+46%
In sync
of periods
67%
History
monthsmonths · through 2026-07
19
These move in the same direction about 67% of the time
Their swing sizes loosely line up (~21% of the pattern is shared).
Strong enough to use as a signal — check the stability and regime notes below before relying on it.
Both lines start at the same point — easy to compare when growth rates are similar.
What to Watch
Building Permits moves ~6 months before ONC
Watch Building Permits for an early read on ONC.
Tighter in drawdowns
The relationship is stronger when both prices are falling than when both are rising — typical risk-off behaviour.
Advanced
Statistics
In sync(i)
67%
Headline metric
Movement correlation(i)
+46%
Based on % moves
95% CI
-1% → +76%
Likely range of correlation
Pipeline
Pipeline Summary
19 paired data points survived the monthly window.
Raw input
422
799
Normalized
422
799
Prepared
21
799
Aligned
19
19
Invalid removed
R²(i)
21%
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
-6 months
Correlation at this shift
-67%
+21% stronger than no-shift baseline
Building Permits shifted 6 months later. Reads: "Does BeOne Medicines Ltd. American Depositary Shares (ONC) today line up with Building Permits 6 months ago?"
12 overlapping points at this shift
Baseline
+46%
No-shift correlation, matching the main time-series chart above.
Peak shift
-6 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
-5%
6 periods · Return correlation when both series rose
Both Falling
+92%
6 periods · Return correlation when both series fell
Diverging
-74%
6 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
782
A: 2 / B: 780
Series A
BeOne Medicines Ltd. American Depositary Shares (ONC)
ONC
Stock · 422 raw → 21 prepared
Series B
Building Permits
PERMIT
FRED · 799 raw → 799 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
5
Estimated crossover points between normalized spreads.
Slope
0.2603
Linear regression slope.
Intercept
-0.0073
Linear regression intercept.
Saved 4 months ago · ID: fred-permit_stock-onc_monthly_5y