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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Fed Balance Sheet
Correlation
of % moves
-24%
In sync
of periods
39%
History
weeksweeks · through 2026-21
73
These move in the same direction about 39% of the time
Their swing sizes only faintly mirror each other (~6% 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
Unusual right now
Recently tighter than usual — the pair is behaving differently than its long-run pattern.
Holds in both up and down markets
The relationship is similar whether prices are rising or falling — reliable in both directions.
Swings around
Their relationship swings around — sometimes tight, sometimes loose. Don't trust a single snapshot.
Advanced
Statistics
In sync(i)
38.9%
Headline metric
Movement correlation(i)
-24%
Based on % moves
95% CI
-44% → -1%
Likely range of correlation
Pipeline
Pipeline Summary
73 paired data points survived the weekly window.
Raw input
348
1,223
Normalized
348
1,223
Prepared
73
1,223
Aligned
73
73
Invalid removed
R²(i)
5.7%
Variance explained
Significance
p < 0.05
Statistical confidence
Data points
73
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
No shift
Correlation at this shift
-24%
No shift — both series at their actual dates.
72 overlapping points at this shift
Baseline
-24%
No-shift correlation, matching the main time-series chart above.
Peak shift
No shift
-24%
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
-11%
15 periods · Return correlation when both series rose
Both Falling
-6%
13 periods · Return correlation when both series fell
Diverging
-47%
44 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
1,150
A: 0 / B: 1150
Series A
BeOne Medicines Ltd. American Depositary Shares (ONC)
ONC
Stock · 348 raw → 73 prepared
Series B
Fed Balance Sheet
WALCL
FRED · 1,223 raw → 1,223 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
2
Estimated crossover points between normalized spreads.
Slope
-0.0108
Linear regression slope.
Intercept
-0.0002
Linear regression intercept.
Saved 2 weeks ago · ID: fred-walcl_stock-onc_weekly_5y