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Correlation
of values
-41%
In sync
of periods
51%
History
monthsmonths · through 2026-05
281
These move in the same direction about 51% of the time
Their swing sizes loosely mirror each other (~17% 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
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.
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)
51%
Headline metric
Movement correlation(i)
-41%
Based on values
95% CI
N/A
Likely range
Pipeline
Pipeline Summary
281 paired data points survived the monthly window.
Raw input
5,881
708
Normalized
5,881
708
Prepared
283
708
Aligned
281
281
Invalid removed
17%
Variance explained
Significance
N/A
Statistical confidence
Data points(i)
281
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
No shift
Correlation at this shift
-41%
No shift — both series at their actual dates.
281 overlapping points at this shift
Baseline
-41%
No-shift correlation, matching the main time-series chart above.
Peak shift
No shift
-41%
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
-0%
63 periods · Return correlation when both series rose
Both Falling
+18%
46 periods · Return correlation when both series fell
Diverging
-39%
109 periods · Return correlation when series moved apart
Scatter
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
429
A: 2 / B: 427
Series A
10Y Breakeven Inflation
T10YIE
FRED · 5,881 raw → 283 prepared
Series B
Smoothed U.S. Recession Probabilities
RECPROUSM156N
FRED · 708 raw → 708 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
6
Estimated crossover points between normalized spreads.
Slope
-23.7590
Linear regression slope.
Intercept
56.5540
Linear regression intercept.
Saved 3 months ago · ID: fred-recprousm156n_fred-t10yie_monthly_5y