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Correlation
of values
-31%
In sync
of periods
48%
History
monthsmonths · through 2026-05
600
These move in the same direction about 48% of the time
Their swing sizes only faintly mirror each other (~9% 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
Building Permits moves ~17 months before 10Y-2Y Yield Spread
Watch Building Permits for an early read on 10Y-2Y Yield Spread.
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)
48%
Headline metric
Movement correlation(i)
-31%
Based on values
95% CI
N/A
Likely range
Pipeline
Pipeline Summary
600 paired data points survived the monthly window.
Raw input
12,520
797
Normalized
12,520
797
Prepared
602
797
Aligned
600
600
Invalid removed
9%
Variance explained
Significance
N/A
Statistical confidence
Data points(i)
600
Robust
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: -18 to 18 months.
Selected shift
-17 months
Correlation at this shift
-49%
+18% stronger than no-shift baseline
Building Permits shifted 17 months later. Reads: "Does 10Y-2Y Yield Spread today line up with Building Permits 17 months ago?"
583 overlapping points at this shift
Baseline
-31%
No-shift correlation, matching the main time-series chart above.
Peak shift
-17 months
-49%
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
-1%
14 periods · Return correlation when both series rose
Both Falling
-25%
16 periods · Return correlation when both series fell
Diverging
-60%
26 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
199
A: 2 / B: 197
Series A
10Y-2Y Yield Spread
T10Y2Y
FRED · 12,520 raw → 602 prepared
Series B
Building Permits
PERMIT
FRED · 797 raw → 797 prepared
Sign agreement
83.5%
How often both values share the same sign.
Zero crossings
33
Estimated crossover points between normalized spreads.
Slope
-124.9664
Linear regression slope.
Intercept
1497.6062
Linear regression intercept.
Saved 3 months ago · ID: fred-permit_fred-t10y2y_monthly_5y