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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Fed Balance Sheet
Correlation
of % moves
-25%
In sync
of periods
38%
History
weeksweeks · through 2026-27
79
These move in the same direction about 38% 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
Slipping tighter
The recent pattern is tighter than its long-run baseline — keep an eye on whether this sticks.
Holds in both up and down markets
The relationship is similar whether prices are rising or falling — reliable in both directions.
Flips between sync and inverse
Sometimes the two move together, sometimes opposite. Don't treat this as a stable signal.
Advanced
Statistics
In sync(i)
38%
Headline metric
Movement correlation(i)
-25%
Based on % moves
95% CI
N/A
Likely range
Pipeline
Pipeline Summary
79 paired data points survived the weekly window.
Raw input
379
1,229
Normalized
379
1,229
Prepared
80
1,229
Aligned
79
79
Invalid removed
6%
Variance explained
Significance
N/A
Statistical confidence
Data points(i)
78
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
-25%
No shift — both series at their actual dates.
78 overlapping points at this shift
Baseline
-25%
No-shift correlation, matching the main time-series chart above.
Peak shift
No shift
-25%
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
-10%
16 periods · Return correlation when both series rose
Both Falling
-6%
14 periods · Return correlation when both series fell
Diverging
-49%
48 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
1,151
A: 1 / B: 1150
Series A
BeOne Medicines Ltd. American Depositary Shares (ONC)
ONC
Stock · 379 raw → 80 prepared
Series B
Fed Balance Sheet
WALCL
FRED · 1,229 raw → 1,229 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
2
Estimated crossover points between normalized spreads.
Slope
-0.0113
Linear regression slope.
Intercept
-0.0002
Linear regression intercept.
Saved 3 months ago · ID: fred-walcl_stock-onc_weekly_5y