Correlations
The strongest relationship on the board over the last 60 sessions is between USD/DKK and EUR/USD, at −1.00; the biggest change is AAVE and HBAR, which usually run at +0.70 and have been at −0.19 over the last 20, from daily closes to 30 September 2026.
Pearson correlation of daily returns, never of prices, measured only on the days both instruments traded. It describes what the last three months did; it is not causation and not a hedge ratio.
Relationships that have changed
Usual = the 60 sessions before the last 20; now = the last 20
| Pair | Usual | Now | Change |
|---|---|---|---|
| AAVE · HBAR | +0.70 | −0.19 | −0.89 |
| ARB · USD/JPY | +0.68 | −0.06 | −0.74 |
| AVAX · HBAR | +0.71 | −0.01 | −0.71 |
| ARB · EUR/JPY | +0.60 | −0.08 | −0.69 |
| ALGO · BCH | +0.67 | −0.02 | −0.69 |
| ARB · CAD/JPY | +0.63 | −0.03 | −0.66 |
| AVAX · XLM | +0.78 | +0.15 | −0.62 |
| BCH · HBAR | +0.68 | +0.07 | −0.61 |
| LINK · BCH | +0.66 | +0.05 | −0.61 |
| LTC · AVAX | +0.63 | +0.04 | −0.59 |
| BCH · XLM | +0.72 | +0.13 | −0.59 |
| IMX · HBAR | +0.65 | +0.07 | −0.58 |
| AVAX · DOGE | +0.80 | +0.23 | −0.57 |
| DOGE · HBAR | +0.78 | +0.22 | −0.56 |
| HBAR · OP | +0.66 | +0.11 | −0.55 |
The two windows are adjacent rather than nested, so a recent break cannot contaminate the baseline it is measured against. A pair only qualifies if it used to be strongly related (|r| ≥ 0.6).
Key markets
Last 60 shared sessions
| Instrument | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | GOLD | SILVER | WTI | BTC | SPX | NDX | DXY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EUR/USD | — | −0.54 | +0.86 | +0.69 | −0.75 | +0.44 | +0.42 | +0.05 | +0.38 | +0.30 | +0.24 | −0.93 |
| USD/JPY | −0.54 | — | −0.49 | −0.52 | +0.43 | −0.19 | −0.13 | +0.11 | −0.16 | −0.25 | −0.16 | +0.62 |
| GBP/USD | +0.86 | −0.49 | — | +0.66 | −0.62 | +0.38 | +0.36 | −0.02 | +0.32 | +0.25 | +0.19 | −0.83 |
| AUD/USD | +0.69 | −0.52 | +0.66 | — | −0.49 | +0.45 | +0.53 | −0.10 | +0.46 | +0.50 | +0.51 | −0.66 |
| USD/CAD | −0.75 | +0.43 | −0.62 | −0.49 | — | −0.34 | −0.33 | −0.32 | −0.28 | −0.06 | −0.04 | +0.73 |
| GOLD | +0.44 | −0.19 | +0.38 | +0.45 | −0.34 | — | +0.86 | −0.22 | +0.52 | +0.42 | +0.40 | −0.53 |
| SILVER | +0.42 | −0.13 | +0.36 | +0.53 | −0.33 | +0.86 | — | −0.22 | +0.51 | +0.43 | +0.49 | −0.40 |
| WTI | +0.05 | +0.11 | −0.02 | −0.10 | −0.32 | −0.22 | −0.22 | — | −0.25 | −0.57 | −0.49 | −0.00 |
| BTC | +0.38 | −0.16 | +0.32 | +0.46 | −0.28 | +0.52 | +0.51 | −0.25 | — | +0.37 | +0.40 | −0.34 |
| SPX | +0.30 | −0.25 | +0.25 | +0.50 | −0.06 | +0.42 | +0.43 | −0.57 | +0.37 | — | +0.90 | −0.33 |
| NDX | +0.24 | −0.16 | +0.19 | +0.51 | −0.04 | +0.40 | +0.49 | −0.49 | +0.40 | +0.90 | — | −0.30 |
| DXY | −0.93 | +0.62 | −0.83 | −0.66 | +0.73 | −0.53 | −0.40 | −0.00 | −0.34 | −0.33 | −0.30 | — |
Strongest relationships
By |r|, each pair once
| Pair | Correlation | Sessions |
|---|---|---|
| USD/DKK · EUR/USD | −1.00 | 60 |
| USD/CZK · USD/DKK | +0.95 | 60 |
| USD/CZK · EUR/USD | −0.94 | 60 |
| GBP/JPY · EUR/JPY | +0.94 | 60 |
| CAD/JPY · EUR/JPY | +0.93 | 60 |
| DXY · EUR/USD | −0.93 | 60 |
| DXY · USD/DKK | +0.93 | 60 |
| WTI · BRENT | +0.92 | 60 |
| USD/DKK · EUR/TRY | −0.91 | 60 |
| EUR/USD · EUR/TRY | +0.90 | 60 |
| SPX · NDX | +0.90 | 60 |
| DXY · USD/CZK | +0.90 | 60 |
| CHF/JPY · EUR/JPY | +0.89 | 60 |
| USD/PLN · USD/DKK | +0.89 | 60 |
| CAD/JPY · USD/JPY | +0.89 | 60 |
| STOXX50 · CAC | +0.89 | 60 |
| DXY · USD/SGD | +0.89 | 60 |
| USD/PLN · EUR/USD | −0.89 | 60 |
| USD/JPY · EUR/JPY | +0.89 | 60 |
| DXY · USD/PLN | +0.88 | 60 |
| BTC · XRP | +0.88 | 60 |
| USD/CZK · USD/PLN | +0.88 | 60 |
| USD/SEK · EUR/SEK | +0.88 | 60 |
| DAX · STOXX50 | +0.87 | 60 |
Many of the strongest pairs are mechanical — two pairs sharing a currency, or two contracts on the same commodity. That is expected, and it is also why the table of changes above is the more informative one.