Correlation matrix

Default sampling matches the platform: 3M, YTD, 1Y and 2Y are daily; 5Y is weekly; MAX is monthly. Sampling can be changed independently. Weekly observations end on Friday, monthly observations at month-end; incomplete periods are excluded. MAX uses common available history, where meaningful history beyond five years is available.

Peers use aligned return intervals and a common observation window. Missing returns are not filled with zero. We require 20 daily, 8 weekly or 6 monthly common observations; missing, insufficient and relatively stale histories are excluded and disclosed with the chart.

Pearson correlation equals covariance divided by the product of the two return standard deviations. It uses periodic returns, not prices or cumulative returns. Constant-return series have undefined correlation. Estimates change with the selected period and frequency.

Colour bands are fixed display conventions, not statistical significance tests: low/uncorrelated −0.25 to +0.25 (green); moderate 0.25 < |r| < 0.70 (grey); strong negative −1 to −0.70 (blue); strong positive +0.70 to +1 (coral). Self-correlations are subdued; missing values are shown as unavailable.

Adjusted prices include provider split and distribution adjustments. Full histories are reconciled monthly and can be revised. USD results reflect ETF fees, currency exposure and US trading hours; today’s proxy selection does not recreate historical constituent membership. Historical comparisons are descriptive, not investment recommendations.