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Forex correlation matrix
How closely major pairs, gold, silver, US indices and Bitcoin moved together, from daily returns over the last 20, 60 and 120 trading days. Green: together; red: opposite.
Education only — computed from a broker MT5 demo feed; not investment advice. We publish only statistics worked out from the bars (correlations, average ranges, ranks), never candle or price dumps. Updated 2026-10-29 00:01 UTC.
Last 20 trading days
| AUDUSD | BTCUSD | EURGBP | EURJPY | EURUSD | GBPJPY | GBPUSD | NAS100 | NZDUSD | US30 | US500 | USDCAD | USDCHF | USDJPY | XAGUSD | XAUUSD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUDUSD | +1.00 | +0.47 | -0.14 | +0.22 | +0.13 | +0.27 | +0.18 | +0.29 | +0.21 | -0.02 | +0.26 | -0.19 | +0.14 | +0.12 | +0.10 | +0.01 |
| BTCUSD | +0.47 | +1.00 | -0.17 | +0.56 | +0.23 | +0.62 | +0.29 | +0.62 | +0.30 | +0.34 | +0.62 | -0.03 | +0.08 | +0.40 | +0.71 | +0.58 |
| EURGBP | -0.14 | -0.17 | +1.00 | +0.22 | +0.06 | -0.16 | -0.32 | -0.01 | -0.29 | -0.28 | -0.14 | -0.14 | +0.21 | +0.18 | -0.24 | +0.12 |
| EURJPY | +0.22 | +0.56 | +0.22 | +1.00 | +0.62 | +0.93 | +0.51 | +0.47 | +0.47 | +0.38 | +0.54 | -0.39 | -0.13 | +0.50 | +0.66 | +0.79 |
| EURUSD | +0.13 | +0.23 | +0.06 | +0.62 | +1.00 | +0.59 | +0.92 | -0.06 | +0.53 | +0.41 | +0.12 | -0.82 | -0.71 | -0.37 | +0.24 | +0.37 |
| GBPJPY | +0.27 | +0.62 | -0.16 | +0.93 | +0.59 | +1.00 | +0.63 | +0.50 | +0.57 | +0.51 | +0.62 | -0.34 | -0.20 | +0.45 | +0.78 | +0.75 |
| GBPUSD | +0.18 | +0.29 | -0.32 | +0.51 | +0.92 | +0.63 | +1.00 | -0.04 | +0.61 | +0.53 | +0.19 | -0.73 | -0.75 | -0.41 | +0.33 | +0.30 |
| NAS100 | +0.29 | +0.62 | -0.01 | +0.47 | -0.06 | +0.50 | -0.04 | +1.00 | +0.12 | +0.26 | +0.93 | +0.24 | +0.26 | +0.60 | +0.69 | +0.52 |
| NZDUSD | +0.21 | +0.30 | -0.29 | +0.47 | +0.53 | +0.57 | +0.61 | +0.12 | +1.00 | +0.16 | +0.17 | -0.36 | -0.36 | -0.03 | +0.35 | +0.33 |
| US30 | -0.02 | +0.34 | -0.28 | +0.38 | +0.41 | +0.51 | +0.53 | +0.26 | +0.16 | +1.00 | +0.55 | -0.20 | -0.43 | -0.06 | +0.56 | +0.47 |
| US500 | +0.26 | +0.62 | -0.14 | +0.54 | +0.12 | +0.62 | +0.19 | +0.93 | +0.17 | +0.55 | +1.00 | +0.11 | +0.06 | +0.47 | +0.78 | +0.60 |
| USDCAD | -0.19 | -0.03 | -0.14 | -0.39 | -0.82 | -0.34 | -0.73 | +0.24 | -0.36 | -0.20 | +0.11 | +1.00 | +0.52 | +0.45 | -0.07 | -0.06 |
| USDCHF | +0.14 | +0.08 | +0.21 | -0.13 | -0.71 | -0.20 | -0.75 | +0.26 | -0.36 | -0.43 | +0.06 | +0.52 | +1.00 | +0.63 | -0.21 | -0.18 |
| USDJPY | +0.12 | +0.40 | +0.18 | +0.50 | -0.37 | +0.45 | -0.41 | +0.60 | -0.03 | -0.06 | +0.47 | +0.45 | +0.63 | +1.00 | +0.48 | +0.54 |
| XAGUSD | +0.10 | +0.71 | -0.24 | +0.66 | +0.24 | +0.78 | +0.33 | +0.69 | +0.35 | +0.56 | +0.78 | -0.07 | -0.21 | +0.48 | +1.00 | +0.84 |
| XAUUSD | +0.01 | +0.58 | +0.12 | +0.79 | +0.37 | +0.75 | +0.30 | +0.52 | +0.33 | +0.47 | +0.60 | -0.06 | -0.18 | +0.54 | +0.84 | +1.00 |
Last 60 trading days
| AUDUSD | BTCUSD | EURGBP | EURJPY | EURUSD | GBPJPY | GBPUSD | NAS100 | NZDUSD | US30 | US500 | USDCAD | USDCHF | USDJPY | XAGUSD | XAUUSD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUDUSD | +1.00 | +0.40 | +0.03 | -0.18 | +0.52 | -0.18 | +0.50 | +0.34 | +0.62 | +0.43 | +0.45 | -0.55 | -0.40 | -0.47 | +0.48 | +0.46 |
| BTCUSD | +0.40 | +1.00 | +0.02 | +0.08 | +0.32 | +0.07 | +0.32 | +0.41 | +0.39 | +0.29 | +0.42 | -0.22 | -0.40 | -0.13 | +0.50 | +0.50 |
| EURGBP | +0.03 | +0.02 | +1.00 | +0.01 | +0.27 | -0.33 | -0.24 | +0.06 | -0.07 | -0.08 | +0.02 | -0.16 | -0.12 | -0.15 | +0.10 | +0.20 |
| EURJPY | -0.18 | +0.08 | +0.01 | +1.00 | +0.09 | +0.94 | +0.08 | -0.02 | +0.03 | -0.28 | -0.12 | +0.07 | +0.10 | +0.80 | +0.06 | -0.00 |
| EURUSD | +0.52 | +0.32 | +0.27 | +0.09 | +1.00 | -0.01 | +0.87 | +0.08 | +0.70 | +0.34 | +0.23 | -0.73 | -0.69 | -0.53 | +0.47 | +0.50 |
| GBPJPY | -0.18 | +0.07 | -0.33 | +0.94 | -0.01 | +1.00 | +0.15 | -0.04 | +0.04 | -0.24 | -0.12 | +0.12 | +0.14 | +0.81 | +0.02 | -0.07 |
| GBPUSD | +0.50 | +0.32 | -0.24 | +0.08 | +0.87 | +0.15 | +1.00 | +0.06 | +0.74 | +0.39 | +0.23 | -0.65 | -0.63 | -0.46 | +0.43 | +0.40 |
| NAS100 | +0.34 | +0.41 | +0.06 | -0.02 | +0.08 | -0.04 | +0.06 | +1.00 | +0.23 | +0.40 | +0.89 | +0.01 | -0.09 | -0.07 | +0.56 | +0.41 |
| NZDUSD | +0.62 | +0.39 | -0.07 | +0.03 | +0.70 | +0.04 | +0.74 | +0.23 | +1.00 | +0.34 | +0.33 | -0.53 | -0.58 | -0.40 | +0.50 | +0.50 |
| US30 | +0.43 | +0.29 | -0.08 | -0.28 | +0.34 | -0.24 | +0.39 | +0.40 | +0.34 | +1.00 | +0.72 | -0.27 | -0.43 | -0.45 | +0.41 | +0.43 |
| US500 | +0.45 | +0.42 | +0.02 | -0.12 | +0.23 | -0.12 | +0.23 | +0.89 | +0.33 | +0.72 | +1.00 | -0.13 | -0.25 | -0.25 | +0.60 | +0.49 |
| USDCAD | -0.55 | -0.22 | -0.16 | +0.07 | -0.73 | +0.12 | -0.65 | +0.01 | -0.53 | -0.27 | -0.13 | +1.00 | +0.65 | +0.50 | -0.38 | -0.43 |
| USDCHF | -0.40 | -0.40 | -0.12 | +0.10 | -0.69 | +0.14 | -0.63 | -0.09 | -0.58 | -0.43 | -0.25 | +0.65 | +1.00 | +0.50 | -0.48 | -0.56 |
| USDJPY | -0.47 | -0.13 | -0.15 | +0.80 | -0.53 | +0.81 | -0.46 | -0.07 | -0.40 | -0.45 | -0.25 | +0.50 | +0.50 | +1.00 | -0.24 | -0.30 |
| XAGUSD | +0.48 | +0.50 | +0.10 | +0.06 | +0.47 | +0.02 | +0.43 | +0.56 | +0.50 | +0.41 | +0.60 | -0.38 | -0.48 | -0.24 | +1.00 | +0.89 |
| XAUUSD | +0.46 | +0.50 | +0.20 | -0.00 | +0.50 | -0.07 | +0.40 | +0.41 | +0.50 | +0.43 | +0.49 | -0.43 | -0.56 | -0.30 | +0.89 | +1.00 |
Last 120 trading days
| AUDUSD | BTCUSD | EURGBP | EURJPY | EURUSD | GBPJPY | GBPUSD | NAS100 | NZDUSD | US30 | US500 | USDCAD | USDCHF | USDJPY | XAGUSD | XAUUSD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AUDUSD | +1.00 | +0.44 | -0.08 | -0.01 | +0.63 | +0.03 | +0.60 | +0.55 | +0.72 | +0.52 | +0.61 | -0.50 | -0.56 | -0.41 | +0.65 | +0.57 |
| BTCUSD | +0.44 | +1.00 | -0.03 | +0.04 | +0.33 | +0.05 | +0.31 | +0.40 | +0.37 | +0.30 | +0.43 | -0.23 | -0.40 | -0.18 | +0.52 | +0.52 |
| EURGBP | -0.08 | -0.03 | +1.00 | +0.05 | +0.07 | -0.36 | -0.47 | +0.07 | -0.15 | -0.08 | +0.01 | -0.02 | +0.05 | +0.00 | -0.04 | +0.04 |
| EURJPY | -0.01 | +0.04 | +0.05 | +1.00 | +0.18 | +0.91 | +0.14 | +0.03 | +0.06 | -0.12 | -0.02 | -0.04 | +0.02 | +0.77 | +0.11 | +0.07 |
| EURUSD | +0.63 | +0.33 | +0.07 | +0.18 | +1.00 | +0.14 | +0.85 | +0.26 | +0.72 | +0.36 | +0.36 | -0.69 | -0.77 | -0.48 | +0.55 | +0.54 |
| GBPJPY | +0.03 | +0.05 | -0.36 | +0.91 | +0.14 | +1.00 | +0.32 | +0.00 | +0.11 | -0.07 | -0.01 | -0.03 | -0.00 | +0.72 | +0.12 | +0.05 |
| GBPUSD | +0.60 | +0.31 | -0.47 | +0.14 | +0.85 | +0.32 | +1.00 | +0.20 | +0.71 | +0.36 | +0.31 | -0.59 | -0.71 | -0.43 | +0.50 | +0.45 |
| NAS100 | +0.55 | +0.40 | +0.07 | +0.03 | +0.26 | +0.00 | +0.20 | +1.00 | +0.40 | +0.56 | +0.92 | +0.01 | -0.23 | -0.14 | +0.52 | +0.41 |
| NZDUSD | +0.72 | +0.37 | -0.15 | +0.06 | +0.72 | +0.11 | +0.71 | +0.40 | +1.00 | +0.46 | +0.50 | -0.51 | -0.66 | -0.41 | +0.54 | +0.50 |
| US30 | +0.52 | +0.30 | -0.08 | -0.12 | +0.36 | -0.07 | +0.36 | +0.56 | +0.46 | +1.00 | +0.80 | -0.11 | -0.41 | -0.34 | +0.49 | +0.49 |
| US500 | +0.61 | +0.43 | +0.01 | -0.02 | +0.36 | -0.01 | +0.31 | +0.92 | +0.50 | +0.80 | +1.00 | -0.07 | -0.33 | -0.25 | +0.58 | +0.49 |
| USDCAD | -0.50 | -0.23 | -0.02 | -0.04 | -0.69 | -0.03 | -0.59 | +0.01 | -0.51 | -0.11 | -0.07 | +1.00 | +0.63 | +0.41 | -0.34 | -0.40 |
| USDCHF | -0.56 | -0.40 | +0.05 | +0.02 | -0.77 | -0.00 | -0.71 | -0.23 | -0.66 | -0.41 | -0.33 | +0.63 | +1.00 | +0.52 | -0.55 | -0.60 |
| USDJPY | -0.41 | -0.18 | +0.00 | +0.77 | -0.48 | +0.72 | -0.43 | -0.14 | -0.41 | -0.34 | -0.25 | +0.41 | +0.52 | +1.00 | -0.26 | -0.28 |
| XAGUSD | +0.65 | +0.52 | -0.04 | +0.11 | +0.55 | +0.12 | +0.50 | +0.52 | +0.54 | +0.49 | +0.58 | -0.34 | -0.55 | -0.26 | +1.00 | +0.89 |
| XAUUSD | +0.57 | +0.52 | +0.04 | +0.07 | +0.54 | +0.05 | +0.45 | +0.41 | +0.50 | +0.49 | +0.49 | -0.40 | -0.60 | -0.28 | +0.89 | +1.00 |
Most linked right now (20 days)
- EURJPY and GBPJPY: +0.93 (move together)
- NAS100 and US500: +0.93 (move together)
- EURUSD and GBPUSD: +0.92 (move together)
- XAGUSD and XAUUSD: +0.84 (move together)
- EURUSD and USDCAD: -0.82 (move opposite)
- EURJPY and XAUUSD: +0.79 (move together)
- US500 and XAGUSD: +0.78 (move together)
- GBPJPY and XAGUSD: +0.78 (move together)
How to read it
Each cell is the correlation of the two markets' daily percentage changes. Example: if EUR/USD and GBP/USD show +0.85, a long in both is almost one bigger long; if EUR/USD and USD/CHF show −0.90, a long EUR/USD and a long USD/CHF mostly cancel out. Correlation is not cause: it can change after big news.
Questions
What does a correlation of 0.9 or −0.9 mean?
+1 means two markets moved up and down together every day; −1 means they always moved in opposite directions; 0 means no link. Above about 0.7 (or below −0.7) two trades behave almost like one.
Why does correlation matter for risk?
Buying EUR/USD and GBP/USD together when they are 0.9 correlated is close to one double-size trade. Check the matrix before adding a second position, and size them together.
Why do the 20, 60 and 120-day tables differ?
Correlations change with the news. The 20-day table shows the latest weeks, 120 days the longer picture; a big gap between them means the link is shifting.