Correlation matrix
How closely markets move together: the correlation between the daily returns of every pair of the seventeen instruments over the last 60 trading days, including the latest daily bar.
Source: broker MT5 server, daily bid bars, to trading day 2026-11-11 (the latest bar may still be forming)
| XAU/USD | XAG/USD | EUR/USD | GBP/USD | USD/JPY | AUD/USD | USD/CAD | USD/CHF | NZD/USD | BTC/USD | ETH/USD | NAS100 | US30 | SPX500 | GER40 | UK100 | JP225 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| XAU/USD | 1 | 0.89 | 0.45 | 0.35 | -0.25 | 0.36 | -0.28 | -0.42 | 0.41 | 0.42 | 0.35 | 0.33 | 0.47 | 0.39 | 0.41 | 0.30 | 0.26 |
| XAG/USD | 0.89 | 1 | 0.36 | 0.30 | -0.17 | 0.42 | -0.22 | -0.29 | 0.39 | 0.49 | 0.45 | 0.51 | 0.48 | 0.51 | 0.41 | 0.29 | 0.42 |
| EUR/USD | 0.45 | 0.36 | 1 | 0.90 | -0.48 | 0.50 | -0.67 | -0.59 | 0.71 | 0.17 | 0.15 | 0.09 | 0.35 | 0.21 | 0.39 | 0.36 | 0.04 |
| GBP/USD | 0.35 | 0.30 | 0.90 | 1 | -0.46 | 0.54 | -0.67 | -0.62 | 0.75 | 0.22 | 0.23 | 0.07 | 0.38 | 0.22 | 0.41 | 0.35 | 0.05 |
| USD/JPY | -0.25 | -0.17 | -0.48 | -0.46 | 1 | -0.42 | 0.48 | 0.43 | -0.38 | 0.02 | -0.03 | 0.06 | -0.23 | -0.05 | -0.16 | -0.22 | 0.16 |
| AUD/USD | 0.36 | 0.42 | 0.50 | 0.54 | -0.42 | 1 | -0.59 | -0.28 | 0.65 | 0.40 | 0.34 | 0.44 | 0.55 | 0.53 | 0.48 | 0.38 | 0.38 |
| USD/CAD | -0.28 | -0.22 | -0.67 | -0.67 | 0.48 | -0.59 | 1 | 0.55 | -0.49 | -0.18 | -0.17 | 0.01 | -0.28 | -0.12 | -0.19 | -0.20 | 0.07 |
| USD/CHF | -0.42 | -0.29 | -0.59 | -0.62 | 0.43 | -0.28 | 0.55 | 1 | -0.43 | -0.13 | -0.12 | 0.06 | -0.33 | -0.09 | -0.30 | -0.25 | 0.09 |
| NZD/USD | 0.41 | 0.39 | 0.71 | 0.75 | -0.38 | 0.65 | -0.49 | -0.43 | 1 | 0.25 | 0.18 | 0.30 | 0.47 | 0.39 | 0.54 | 0.48 | 0.25 |
| BTC/USD | 0.42 | 0.49 | 0.17 | 0.22 | 0.02 | 0.40 | -0.18 | -0.13 | 0.25 | 1 | 0.91 | 0.52 | 0.40 | 0.50 | 0.23 | 0.19 | 0.39 |
| ETH/USD | 0.35 | 0.45 | 0.15 | 0.23 | -0.03 | 0.34 | -0.17 | -0.12 | 0.18 | 0.91 | 1 | 0.49 | 0.42 | 0.49 | 0.21 | 0.18 | 0.37 |
| NAS100 | 0.33 | 0.51 | 0.09 | 0.07 | 0.06 | 0.44 | 0.01 | 0.06 | 0.30 | 0.52 | 0.49 | 1 | 0.65 | 0.94 | 0.48 | 0.36 | 0.91 |
| US30 | 0.47 | 0.48 | 0.35 | 0.38 | -0.23 | 0.55 | -0.28 | -0.33 | 0.47 | 0.40 | 0.42 | 0.65 | 1 | 0.85 | 0.77 | 0.77 | 0.55 |
| SPX500 | 0.39 | 0.51 | 0.21 | 0.22 | -0.05 | 0.53 | -0.12 | -0.09 | 0.39 | 0.50 | 0.49 | 0.94 | 0.85 | 1 | 0.65 | 0.56 | 0.85 |
| GER40 | 0.41 | 0.41 | 0.39 | 0.41 | -0.16 | 0.48 | -0.19 | -0.30 | 0.54 | 0.23 | 0.21 | 0.48 | 0.77 | 0.65 | 1 | 0.76 | 0.46 |
| UK100 | 0.30 | 0.29 | 0.36 | 0.35 | -0.22 | 0.38 | -0.20 | -0.25 | 0.48 | 0.19 | 0.18 | 0.36 | 0.77 | 0.56 | 0.76 | 1 | 0.28 |
| JP225 | 0.26 | 0.42 | 0.04 | 0.05 | 0.16 | 0.38 | 0.07 | 0.09 | 0.25 | 0.39 | 0.37 | 0.91 | 0.55 | 0.85 | 0.46 | 0.28 | 1 |
Positive (move together)Negative (move opposite)Stronger colour = stronger correlation
About this tool
Pearson correlation of daily log returns, after matching days by the broker’s trading day: a day missing from either instrument is dropped from both. A cell needs at least 40 shared days, otherwise it shows “n/a”. +1 means moves in the same direction every day, −1 exactly opposite, near 0 no linear relation to speak of.
Correlation changes over time and can reverse. It describes the recent months, not a fixed rule.
Frequently asked questions
Does a high correlation mean one market leads the other?
No. It measures movement on the same day only; it says nothing about which moves first, or why.