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BeOne Medicines Ltd. American Depositary Shares (ONC) vs Spot Crude Oil Price: West Texas Intermediate
Correlation
of % moves
-29%
In sync
of periods
56%
History
monthsmonths · through 2026-07
19
These move in the same direction about 56% of the time
Their swing sizes only faintly mirror each other (~8% 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
ONC moves ~6 months before Spot Crude Oil Price: West Texas Intermediate
Watch ONC for an early read on Spot Crude Oil Price: West Texas Intermediate.
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)
56%
Headline metric
Movement correlation(i)
-29%
Based on % moves
95% CI
-67% → +21%
Likely range of correlation
Pipeline
Pipeline Summary
19 paired data points survived the monthly window.
Raw input
420
967
Normalized
420
967
Prepared
21
967
Aligned
19
19
Invalid removed
R²(i)
8%
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
+35%
+6% stronger than no-shift baseline
Spot Crude Oil Price: West Texas Intermediate shifted 6 months earlier. Reads: "Does BeOne Medicines Ltd. American Depositary Shares (ONC) today line up with Spot Crude Oil Price: West Texas Intermediate 6 months from now?"
12 overlapping points at this shift
Baseline
-29%
No-shift correlation, matching the main time-series chart above.
Peak shift
+6 months
+35%
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
+22%
5 periods · Return correlation when both series rose
Both Falling
+69%
5 periods · Return correlation when both series fell
Diverging
-96%
8 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
950
A: 2 / B: 948
Series A
BeOne Medicines Ltd. American Depositary Shares (ONC)
ONC
Stock · 420 raw → 21 prepared
Series B
Spot Crude Oil Price: West Texas Intermediate
WTISPLC
FRED · 967 raw → 967 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
3
Estimated crossover points between normalized spreads.
Slope
-0.3469
Linear regression slope.
Intercept
0.0115
Linear regression intercept.
Saved 4 months ago · ID: fred-wtisplc_stock-onc_monthly_5y