Markets
Market correlations: gold, stocks, Bitcoin, currencies and oil
How closely the daily moves of gold, silver, the S&P 500, the Nasdaq 100, Bitcoin, EUR/USD, USD/JPY and oil go together or opposite, over the last 60 days, the last year and the last three years.
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The Gold Field Guide
Daily prices, the correlation of daily changes. Source: Baroq data.
Last 60 days
| Gold | Silver | S&P 500 | Nasdaq 100 | Bitcoin | EUR/USD | USD/JPY | Crude oil | |
|---|---|---|---|---|---|---|---|---|
| Gold | +0.89 | +0.41 | +0.34 | +0.48 | +0.53 | -0.28 | -0.18 | |
| Silver | +0.89 | +0.57 | +0.54 | +0.50 | +0.51 | -0.21 | -0.21 | |
| S&P 500 | +0.41 | +0.57 | +0.91 | +0.40 | +0.28 | -0.19 | -0.55 | |
| Nasdaq 100 | +0.34 | +0.54 | +0.91 | +0.40 | +0.16 | -0.05 | -0.54 | |
| Bitcoin | +0.48 | +0.50 | +0.40 | +0.40 | +0.34 | -0.13 | -0.19 | |
| EUR/USD | +0.53 | +0.51 | +0.28 | +0.16 | +0.34 | -0.51 | +0.00 | |
| USD/JPY | -0.28 | -0.21 | -0.19 | -0.05 | -0.13 | -0.51 | +0.16 | |
| Crude oil | -0.18 | -0.21 | -0.55 | -0.54 | -0.19 | +0.00 | +0.16 |
Last year
| Gold | Silver | S&P 500 | Nasdaq 100 | Bitcoin | EUR/USD | USD/JPY | Crude oil | |
|---|---|---|---|---|---|---|---|---|
| Gold | +0.84 | +0.39 | +0.36 | +0.36 | +0.44 | -0.22 | -0.10 | |
| Silver | +0.84 | +0.44 | +0.42 | +0.38 | +0.46 | -0.22 | -0.11 | |
| S&P 500 | +0.39 | +0.44 | +0.93 | +0.50 | +0.36 | -0.24 | -0.44 | |
| Nasdaq 100 | +0.36 | +0.42 | +0.93 | +0.48 | +0.29 | -0.16 | -0.37 | |
| Bitcoin | +0.36 | +0.38 | +0.50 | +0.48 | +0.19 | -0.08 | -0.15 | |
| EUR/USD | +0.44 | +0.46 | +0.36 | +0.29 | +0.19 | -0.57 | -0.23 | |
| USD/JPY | -0.22 | -0.22 | -0.24 | -0.16 | -0.08 | -0.57 | +0.23 | |
| Crude oil | -0.10 | -0.11 | -0.44 | -0.37 | -0.15 | -0.23 | +0.23 |
Last 3 years
| Gold | Silver | S&P 500 | Nasdaq 100 | Bitcoin | EUR/USD | USD/JPY | Crude oil | |
|---|---|---|---|---|---|---|---|---|
| Gold | +0.79 | +0.20 | +0.20 | +0.18 | +0.40 | -0.26 | -0.00 | |
| Silver | +0.79 | +0.31 | +0.32 | +0.24 | +0.32 | -0.15 | -0.01 | |
| S&P 500 | +0.20 | +0.31 | +0.95 | +0.40 | +0.06 | +0.09 | -0.06 | |
| Nasdaq 100 | +0.20 | +0.32 | +0.95 | +0.39 | +0.06 | +0.11 | -0.06 | |
| Bitcoin | +0.18 | +0.24 | +0.40 | +0.39 | +0.07 | +0.03 | -0.06 | |
| EUR/USD | +0.40 | +0.32 | +0.06 | +0.06 | +0.07 | -0.58 | -0.15 | |
| USD/JPY | -0.26 | -0.15 | +0.09 | +0.11 | +0.03 | -0.58 | +0.19 | |
| Crude oil | -0.00 | -0.01 | -0.06 | -0.06 | -0.06 | -0.15 | +0.19 |
The closest and the most opposite market
Over the last year: the market each one moved most closely with, and the one it moved most opposite to.
| Market | Closest | Correlation | Most opposite | Correlation |
|---|---|---|---|---|
| Gold | Silver | +0.84 | USD/JPY | -0.22 |
| Silver | Gold | +0.84 | USD/JPY | -0.22 |
| S&P 500 | Nasdaq 100 | +0.93 | Crude oil | -0.44 |
| Nasdaq 100 | S&P 500 | +0.93 | Crude oil | -0.37 |
| Bitcoin | S&P 500 | +0.50 | Crude oil | -0.15 |
| EUR/USD | Silver | +0.46 | USD/JPY | -0.57 |
| USD/JPY | Crude oil | +0.23 | EUR/USD | -0.57 |
| Crude oil | USD/JPY | +0.23 | S&P 500 | -0.44 |
Each market on its own
Descriptive, not a forecast: how markets moved together in the past says nothing certain about the next day.
How to read it
- Correlation measures how closely two markets' daily changes move together, from −1 (always opposite) through 0 (no link) to +1 (always together). It is worked out from each market's daily closes, on the days both have one.
- Last 60 days, last year and last 3 years are the latest 60, 250 and 750 shared trading days. A short window shows how the markets move now, a long one how they usually do.
- The darker a cell, the closer the two markets are to moving together or opposite. A market against itself is always +1, so that cell is left empty.
- A correlation changes over time: two markets that moved together for a year can drift apart in the next. It describes the past and forecasts nothing.
Free book · PDF · 6 pages and 1 more
The Gold Field Guide
The gold day hour by hour, the six forces behind the price and the releases worth a place in your calendar.
Data and education only, not investment advice and not a trading signal. Public sources can be late or wrong; check before relying on a number. Past prices do not predict what a market will do. Risk warning · The words on this page, explained