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Instrument Correlation Matrix
Pairwise correlation of daily returns across major instruments, from ~90 trading sessions. Green = move together, red = move opposite. Last measured 2026-08-25.
| Instrument | EURUSD | GBPUSD | USDJPY | AUDUSD | USDCAD | USDCHF | NZDUSD | EURJPY | GBPJPY | XAUUSD | XAGUSD | BTCUSD | ETHUSD | NAS100 | US30 | SP500 | DAX40 | FTSE100 | WTI-CRUDE-OIL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EUR/USD | +1.00 | +0.85 | -0.51 | +0.73 | -0.64 | -0.86 | +0.77 | +0.10 | +0.13 | +0.62 | +0.61 | +0.37 | +0.49 | +0.39 | +0.39 | — | +0.40 | +0.36 | — |
| GBP/USD | +0.85 | +1.00 | -0.49 | +0.69 | -0.57 | -0.74 | +0.73 | +0.02 | +0.28 | +0.52 | +0.53 | +0.29 | +0.37 | +0.32 | +0.40 | — | +0.43 | +0.36 | — |
| USD/JPY | -0.51 | -0.49 | +1.00 | -0.48 | +0.42 | +0.65 | -0.53 | +0.79 | +0.67 | -0.33 | -0.28 | -0.19 | -0.22 | -0.24 | -0.41 | — | -0.37 | -0.41 | — |
| AUD/USD | +0.73 | +0.69 | -0.48 | +1.00 | -0.54 | -0.67 | +0.82 | -0.05 | +0.02 | +0.64 | +0.72 | +0.44 | +0.49 | +0.64 | +0.63 | — | +0.63 | +0.53 | — |
| USD/CAD | -0.64 | -0.57 | +0.42 | -0.54 | +1.00 | +0.64 | -0.59 | +0.01 | -0.05 | -0.41 | -0.36 | -0.27 | -0.31 | -0.09 | -0.11 | — | -0.16 | -0.15 | — |
| USD/CHF | -0.86 | -0.74 | +0.65 | -0.67 | +0.64 | +1.00 | -0.75 | +0.15 | +0.10 | -0.67 | -0.57 | -0.40 | -0.49 | -0.34 | -0.44 | — | -0.40 | -0.36 | — |
| NZD/USD | +0.77 | +0.73 | -0.53 | +0.82 | -0.59 | -0.75 | +1.00 | -0.08 | +0.00 | +0.58 | +0.59 | +0.38 | +0.43 | +0.49 | +0.54 | — | +0.53 | +0.43 | — |
| EUR/JPY | +0.10 | +0.02 | +0.79 | -0.05 | +0.01 | +0.15 | -0.08 | +1.00 | +0.89 | +0.04 | +0.08 | +0.01 | +0.05 | -0.04 | -0.23 | — | -0.18 | -0.25 | — |
| GBP/JPY | +0.13 | +0.28 | +0.67 | +0.02 | -0.05 | +0.10 | +0.00 | +0.89 | +1.00 | +0.05 | +0.11 | -0.02 | +0.00 | -0.06 | -0.18 | — | -0.10 | -0.20 | — |
| Gold — XAU/USD | +0.62 | +0.52 | -0.33 | +0.64 | -0.41 | -0.67 | +0.58 | +0.04 | +0.05 | +1.00 | +0.85 | +0.51 | +0.54 | +0.39 | +0.50 | — | +0.53 | +0.43 | — |
| Silver — XAG/USD | +0.61 | +0.53 | -0.28 | +0.72 | -0.36 | -0.57 | +0.59 | +0.08 | +0.11 | +0.85 | +1.00 | +0.50 | +0.51 | +0.50 | +0.48 | — | +0.55 | +0.46 | — |
| Bitcoin — BTC/USD | +0.37 | +0.29 | -0.19 | +0.44 | -0.27 | -0.40 | +0.38 | +0.01 | -0.02 | +0.51 | +0.50 | +1.00 | +0.89 | +0.34 | +0.25 | — | +0.27 | +0.17 | — |
| Ethereum — ETH/USD | +0.49 | +0.37 | -0.22 | +0.49 | -0.31 | -0.49 | +0.43 | +0.05 | +0.00 | +0.54 | +0.51 | +0.89 | +1.00 | +0.39 | +0.32 | — | +0.31 | +0.19 | — |
| Nasdaq 100 — NAS100 | +0.39 | +0.32 | -0.24 | +0.64 | -0.09 | -0.34 | +0.49 | -0.04 | -0.06 | +0.39 | +0.50 | +0.34 | +0.39 | +1.00 | +0.60 | — | +0.57 | +0.28 | — |
| Dow Jones 30 — US30 | +0.39 | +0.40 | -0.41 | +0.63 | -0.11 | -0.44 | +0.54 | -0.23 | -0.18 | +0.50 | +0.48 | +0.25 | +0.32 | +0.60 | +1.00 | — | +0.77 | +0.69 | — |
| S&P 500 — US500 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +1.00 | — | — | — |
| DAX 40 — GER40 | +0.40 | +0.43 | -0.37 | +0.63 | -0.16 | -0.40 | +0.53 | -0.18 | -0.10 | +0.53 | +0.55 | +0.27 | +0.31 | +0.57 | +0.77 | — | +1.00 | +0.77 | — |
| FTSE 100 — UK100 | +0.36 | +0.36 | -0.41 | +0.53 | -0.15 | -0.36 | +0.43 | -0.25 | -0.20 | +0.43 | +0.46 | +0.17 | +0.19 | +0.28 | +0.69 | — | +0.77 | +1.00 | — |
| Crude Oil — WTI | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +1.00 |
Correlation = Pearson correlation of daily log-returns over common trading dates. Values near +1 move together, near −1 move oppositely, near 0 are unrelated.