Macro Correlations & Relative Strength

Cross-asset view across S&P sector ETFs, major indices, commodities, and crypto -- for the whole-market breadth and sector-breadth breakdowns, see the home page and distribution.

Last updated: Sep 13, 2026, 6:58 AM UTC

Asset Correlation Matrix

23 assets, 60-day returns

How closely each sector, index, commodity, and crypto asset has moved together over the last 60 trading days. Green = move together, red = move opposite.

Move togetherPositive trendNeutralSlight divergenceInverse

	XLB	XLC	XLE	XLF	XLI	XLK	XLP	XLRE	XLU	XLV	XLY	DIA	IWM	QQQ	SPY	GLD	SLV	UNG	USO	BTC	ETH	SOL	XRP
XLB	—	0.26	-0.24	0.48	0.39	0.04	0.36	0.31	0.16	0.38	0.29	0.56	0.43	0.12	0.32	0.46	0.44	0.05	-0.40	0.31	0.34	0.27	0.27
XLC	0.26	—	-0.20	0.54	-0.04	-0.15	0.50	0.38	-0.04	0.20	0.73	0.42	0.15	0.10	0.40	0.04	0.02	-0.25	-0.35	0.10	0.19	0.17	0.14
XLE	-0.24	-0.20	—	-0.27	-0.35	-0.27	0.03	-0.04	0.10	0.03	-0.36	-0.38	-0.45	-0.31	-0.35	-0.16	-0.04	0.26	0.71	-0.15	-0.13	-0.10	-0.04
XLF	0.48	0.54	-0.27	—	0.27	-0.08	0.40	0.39	0.04	0.36	0.45	0.73	0.29	0.06	0.41	0.19	0.16	-0.23	-0.51	0.26	0.20	0.26	0.17
XLI	0.39	-0.04	-0.35	0.27	—	0.58	-0.22	-0.07	0.16	-0.10	0.19	0.60	0.65	0.60	0.63	0.11	0.17	-0.01	-0.34	0.00	0.01	0.01	-0.03
XLK	0.04	-0.15	-0.27	-0.08	0.58	—	-0.58	-0.38	-0.16	-0.48	0.17	0.39	0.67	0.95	0.77	0.28	0.44	-0.04	-0.20	0.17	0.08	0.11	0.09
XLP	0.36	0.50	0.03	0.40	-0.22	-0.58	—	0.67	0.34	0.63	0.31	0.23	-0.14	-0.44	-0.13	-0.10	-0.25	-0.09	-0.25	-0.07	0.08	0.04	0.00
XLRE	0.31	0.38	-0.04	0.39	-0.07	-0.38	0.67	—	0.49	0.54	0.21	0.25	0.07	-0.30	-0.04	0.08	0.01	-0.18	-0.23	0.15	0.15	0.12	0.16
XLU	0.16	-0.04	0.10	0.04	0.16	-0.16	0.34	0.49	—	0.23	-0.12	0.09	0.06	-0.16	-0.08	-0.10	-0.13	0.12	0.01	-0.16	-0.09	-0.04	-0.12
XLV	0.38	0.20	0.03	0.36	-0.10	-0.48	0.63	0.54	0.23	—	0.17	0.28	0.03	-0.40	-0.12	0.18	0.02	-0.01	-0.15	0.09	0.17	0.19	0.04
XLY	0.29	0.73	-0.36	0.45	0.19	0.17	0.31	0.21	-0.12	0.17	—	0.61	0.41	0.41	0.64	0.22	0.18	-0.13	-0.48	0.18	0.29	0.24	0.19
DIA	0.56	0.42	-0.38	0.73	0.60	0.39	0.23	0.25	0.09	0.28	0.61	—	0.64	0.51	0.79	0.32	0.31	-0.14	-0.60	0.27	0.27	0.28	0.18
IWM	0.43	0.15	-0.45	0.29	0.65	0.67	-0.14	0.07	0.06	0.03	0.41	0.64	—	0.72	0.72	0.36	0.37	-0.02	-0.52	0.20	0.16	0.19	0.09
QQQ	0.12	0.10	-0.31	0.06	0.60	0.95	-0.44	-0.30	-0.16	-0.40	0.41	0.51	0.72	—	0.89	0.30	0.44	-0.07	-0.28	0.21	0.16	0.17	0.14
SPY	0.32	0.40	-0.35	0.41	0.63	0.77	-0.13	-0.04	-0.08	-0.12	0.64	0.79	0.72	0.89	—	0.33	0.43	-0.12	-0.42	0.26	0.25	0.25	0.18
GLD	0.46	0.04	-0.16	0.19	0.11	0.28	-0.10	0.08	-0.10	0.18	0.22	0.32	0.36	0.30	0.33	—	0.90	0.08	-0.13	0.63	0.56	0.53	0.49
SLV	0.44	0.02	-0.04	0.16	0.17	0.44	-0.25	0.01	-0.13	0.02	0.18	0.31	0.37	0.44	0.43	0.90	—	0.03	-0.08	0.62	0.52	0.54	0.52
UNG	0.05	-0.25	0.26	-0.23	-0.01	-0.04	-0.09	-0.18	0.12	-0.01	-0.13	-0.14	-0.02	-0.07	-0.12	0.08	0.03	—	0.28	-0.09	-0.12	0.05	-0.05
USO	-0.40	-0.35	0.71	-0.51	-0.34	-0.20	-0.25	-0.23	0.01	-0.15	-0.48	-0.60	-0.52	-0.28	-0.42	-0.13	-0.08	0.28	—	-0.12	-0.10	-0.16	-0.01
BTC	0.31	0.10	-0.15	0.26	0.00	0.17	-0.07	0.15	-0.16	0.09	0.18	0.27	0.20	0.21	0.26	0.63	0.62	-0.09	-0.12	—	0.86	0.81	0.88
ETH	0.34	0.19	-0.13	0.20	0.01	0.08	0.08	0.15	-0.09	0.17	0.29	0.27	0.16	0.16	0.25	0.56	0.52	-0.12	-0.10	0.86	—	0.81	0.75
SOL	0.27	0.17	-0.10	0.26	0.01	0.11	0.04	0.12	-0.04	0.19	0.24	0.28	0.19	0.17	0.25	0.53	0.54	0.05	-0.16	0.81	0.81	—	0.72
XRP	0.27	0.14	-0.04	0.17	-0.03	0.09	0.00	0.16	-0.12	0.04	0.19	0.18	0.09	0.14	0.18	0.49	0.52	-0.05	-0.01	0.88	0.75	0.72	—

Most Correlated

XLK ↔ QQQ

0.95

GLD ↔ SLV

0.90

QQQ ↔ SPY

0.89

BTC ↔ XRP

0.88

BTC ↔ ETH

0.86

BTC ↔ SOL

0.81

ETH ↔ SOL

0.81

DIA ↔ SPY

0.79

Most Inverse

DIA ↔ USO

-0.60

XLK ↔ XLP

-0.58

IWM ↔ USO

-0.52

XLF ↔ USO

-0.51

XLK ↔ XLV

-0.48

XLY ↔ USO

-0.48

XLE ↔ IWM

-0.45

XLP ↔ QQQ

-0.44

Relative Strength Leaderboard

23 assets

Sectors, indices, commodities, and crypto ranked by strength vs. their own 200-day MA -- a cross-asset-class view of where momentum is rotating right now.

1USOOilCommodity+42.0%Top 1%Very Strong

2ETHEthereumCrypto+22.8%Top 5%Very Strong

3SOLSolanaCrypto+22.5%Top 9%Very Strong

4XLEEnergySector+17.9%Top 14%Very Strong

5XLKTechnologySector+16.3%Top 18%Very Strong

6BTCBitcoinCrypto+10.2%Top 23%Very Strong

7QQQNasdaq-100Index+8.3%73rd percentileStrong

8XRPXRPCrypto+7.9%68th percentileStrong

9SPYS&P 500Index+7.0%64th percentileStrong

10XLFFinancialsSector+6.8%59th percentileModerate

11XLVHealthcareSector+6.3%55th percentileModerate

12IWMRussell 2000Index+5.5%50th percentileModerate

13DIADow JonesIndex+5.2%45th percentileModerate

14XLBMaterialsSector+1.4%41st percentileModerate

15XLREReal EstateSector+0.7%36th percentileWeak

16XLIIndustrialsSector+0.7%32nd percentileWeak

17XLPConsumer StaplesSector-0.1%27th percentileWeak

18XLCCommunication ServicesSector-1.3%Bottom 23%Very Weak

19XLYConsumer DiscretionarySector-3.4%Bottom 18%Very Weak

20GLDGoldCommodity-4.1%Bottom 14%Very Weak

21XLUUtilitiesSector-5.0%Bottom 9%Very Weak

22SLVSilverCommodity-11.4%Bottom 5%Very Weak

23UNGNatural GasCommodity-12.6%Bottom 1%Very Weak

About This Data

Correlation is computed on daily returns over the trailing ~60 trading days, aligned by calendar date across assets (crypto trades every day; equities only on trading days).
Relative strength ranks each asset by its own trend vs. its 200-day moving average, relative to the full sector/index/commodity/crypto universe -- not to individual stocks.