Each cell shows the correlation between two assets over the last N daily bars.
Red = negative correlation (move opposite). Green = positive (move together). Gray = no relationship.
The diagonal is always 1.0 (asset vs itself). Off-diagonal patterns reveal the macro regime.
Big SPY drops paired with red TLT cells = the bond market isn't bid → no flight-to-safety → real risk-off. Vol (VXX) breaks correlation with SPY = stealth volatility.
SPY ↔ TLT (flight-to-safety)
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SPY ↔ VXX (inverse)
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DXY ↔ Gold
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SPY ↔ BTC
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📊 Pairwise correlations
-1+1
🔬 Strongest correlations vs SPY
Sort by absolute correlation value. Positive = moves with SPY (lever). Negative = moves against (hedge).