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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Building Permits
Correlation
of % moves
+41%
In sync
of periods
63%
History
monthsmonths · through 2026-05
17
These move in the same direction about 63% of the time
Their swing sizes loosely line up (~17% 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
Building Permits moves ~1 month 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)
63%
Headline metric
Movement correlation(i)
+41%
Based on % moves
95% CI
N/A
Likely range
Pipeline
Pipeline Summary
17 paired data points survived the monthly window.
Raw input
379
797
Normalized
379
797
Prepared
19
797
Aligned
17
17
Invalid removed
17%
Variance explained
Significance
N/A
Statistical confidence
Data points(i)
16
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: -6 to 6 months.
Selected shift
-1 month
Correlation at this shift
-61%
+20% stronger than no-shift baseline
Building Permits shifted 1 month later. Reads: "Does BeOne Medicines Ltd. American Depositary Shares (ONC) today line up with Building Permits 1 month ago?"
15 overlapping points at this shift
Baseline
+41%
No-shift correlation, matching the main time-series chart above.
Peak shift
-1 month
-61%
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
+6%
5 periods · Return correlation when both series rose
Both Falling
+99%
5 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 · 379 raw → 19 prepared
Series B
Building Permits
PERMIT
FRED · 797 raw → 797 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
5
Estimated crossover points between normalized spreads.
Slope
0.2571
Linear regression slope.
Intercept
-0.0086
Linear regression intercept.
Saved 3 months ago · ID: fred-permit_stock-onc_monthly_5y