Futures Correlation Matrix
Pairwise correlation of daily returns across all 40 contracts. Cluster ordering re-sorts the grid by average-linkage hierarchical clustering on 1 − r, so blocks of genuinely co-moving contracts surface even when they sit in different complexes.
Analytics as of 2026-08-05·40 continuous front-month contracts·LIVE today’s bar is still forming and is excluded from all statistics·each pair uses only the sessions both contracts traded·computed 3m ago
Average pair
0.06
mean r across 780 pairs
Uncorrelated pairs
73%
|r| below 0.20
Tightest complex
0.82
Equity Index · avg internal r
Best diversifier
0.04
Lumber · mean |r|
| Contract | BZ | CL | HO | NG | RB | ALI | GC | HG | MGC | PA | PL | SIL | SI | KE | ZC | ZL | ZM | ZO | ZR | ZS | CC | CT | KC | LB | OJ | SB | DC | GF | HE | LE | ES | NQ | RTY | YM | ZB | ZF | ZN | ZQ | ZT | DX |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Energy | ||||||||||||||||||||||||||||||||||||||||
| BZ | · | 95 | 72 | 18 | 65 | 16 | -21 | -25 | -22 | -24 | -21 | -20 | -20 | 33 | 29 | 40 | 9 | 21 | 4 | 19 | -8 | 4 | -14 | -2 | -5 | 18 | 11 | -5 | 1 | -1 | -46 | -37 | -49 | -55 | -48 | -47 | -50 | -4 | -44 | 34 |
| CL | 95 | · | 71 | 17 | 64 | 20 | -18 | -22 | -19 | -22 | -19 | -18 | -18 | 32 | 27 | 44 | 6 | 20 | 6 | 19 | -10 | 3 | -13 | -3 | -4 | 15 | 10 | -5 | 3 | -1 | -45 | -36 | -49 | -53 | -48 | -46 | -49 | -1 | -42 | 33 |
| HO | 72 | 71 | · | 21 | 49 | 5 | -23 | -27 | -25 | -23 | -20 | -21 | -21 | 14 | 10 | 37 | -3 | 16 | -2 | 7 | -11 | -9 | -6 | 0 | -10 | 11 | 1 | -5 | 3 | 0 | -39 | -30 | -40 | -48 | -43 | -44 | -46 | -4 | -39 | 33 |
| NG | 18 | 17 | 21 | · | 7 | 2 | -11 | -8 | -14 | -13 | -8 | -12 | -12 | 4 | 7 | 9 | 7 | 9 | 9 | 12 | 12 | 2 | 7 | -12 | -6 | 4 | 1 | -4 | 0 | -1 | -8 | -7 | -11 | -10 | -7 | -7 | -8 | 2 | -7 | 2 |
| RB | 65 | 64 | 49 | 7 | · | 19 | -16 | -15 | -16 | -21 | -16 | -14 | -14 | 24 | 22 | 49 | 1 | 15 | 5 | 16 | 2 | 5 | 6 | 3 | -4 | 10 | 5 | -6 | 5 | -3 | -33 | -29 | -31 | -34 | -32 | -30 | -32 | 5 | -28 | 23 |
| Metals | ||||||||||||||||||||||||||||||||||||||||
| ALI | 16 | 20 | 5 | 2 | 19 | · | 29 | 37 | 26 | 20 | 24 | 29 | 29 | 11 | 1 | 25 | 4 | -6 | 2 | 9 | 18 | 16 | 13 | -4 | 11 | 10 | -7 | 1 | 4 | 3 | 12 | 17 | 10 | 6 | -7 | -4 | -7 | 20 | -2 | -4 |
| GC | -21 | -18 | -23 | -11 | -16 | 29 | · | 61 | 97 | 66 | 74 | 83 | 83 | 2 | 1 | 0 | 2 | -11 | 5 | 10 | -1 | 16 | -2 | 2 | 16 | 7 | -7 | 9 | -7 | 9 | 32 | 30 | 30 | 32 | 12 | 23 | 22 | 6 | 27 | -32 |
| HG | -25 | -22 | -27 | -8 | -15 | 37 | 61 | · | 57 | 63 | 66 | 68 | 68 | 2 | 2 | -4 | 3 | -9 | 4 | 2 | 5 | 24 | 2 | 0 | 10 | -1 | -20 | 10 | 5 | 12 | 49 | 47 | 43 | 45 | 17 | 23 | 23 | 1 | 23 | -32 |
| MGC | -22 | -19 | -25 | -14 | -16 | 26 | 97 | 57 | · | 64 | 71 | 82 | 82 | 1 | 1 | -1 | -1 | -11 | 5 | 8 | -1 | 15 | -4 | 3 | 17 | 5 | -3 | 10 | -5 | 11 | 29 | 28 | 28 | 30 | 12 | 24 | 22 | 6 | 27 | -37 |
| PA | -24 | -22 | -23 | -13 | -21 | 20 | 66 | 63 | 64 | · | 87 | 73 | 73 | -4 | 3 | -5 | 4 | -10 | 1 | 0 | -4 | 14 | 4 | 3 | 9 | 0 | -15 | 15 | -1 | 14 | 35 | 32 | 29 | 38 | 10 | 17 | 15 | -3 | 20 | -24 |
| PL | -21 | -19 | -20 | -8 | -16 | 24 | 74 | 66 | 71 | 87 | · | 82 | 82 | -3 | 3 | -2 | 6 | -9 | 7 | 4 | -2 | 19 | 5 | -1 | 9 | 0 | -5 | 11 | 1 | 10 | 35 | 32 | 30 | 37 | 8 | 15 | 14 | -4 | 16 | -26 |
| SIL | -20 | -18 | -21 | -12 | -14 | 29 | 83 | 68 | 82 | 73 | 82 | · | 100 | 1 | 7 | 0 | 3 | -8 | 3 | 8 | -1 | 16 | 4 | 3 | 15 | 4 | -6 | 9 | 0 | 9 | 29 | 30 | 25 | 28 | 12 | 17 | 17 | 5 | 18 | -28 |
| SI | -20 | -18 | -21 | -12 | -14 | 29 | 83 | 68 | 82 | 73 | 82 | 100 | · | 1 | 7 | 0 | 2 | -8 | 3 | 8 | -1 | 16 | 4 | 3 | 15 | 4 | -6 | 9 | 0 | 9 | 30 | 30 | 25 | 28 | 12 | 17 | 17 | 5 | 18 | -28 |
| Grains & Oilseeds | ||||||||||||||||||||||||||||||||||||||||
| KE | 33 | 32 | 14 | 4 | 24 | 11 | 2 | 2 | 1 | -4 | -3 | 1 | 1 | · | 54 | 23 | 35 | 40 | 16 | 43 | -3 | 27 | 8 | 2 | 6 | 10 | 3 | -10 | -4 | -12 | -15 | -10 | -19 | -22 | -10 | -10 | -9 | 6 | -10 | 10 |
| ZC | 29 | 27 | 10 | 7 | 22 | 1 | 1 | 2 | 1 | 3 | 3 | 7 | 7 | 54 | · | 21 | 31 | 33 | 20 | 53 | 4 | 24 | 14 | 2 | 12 | 16 | 8 | -7 | -5 | -7 | -15 | -12 | -24 | -20 | -12 | -17 | -14 | -9 | -20 | 5 |
| ZL | 40 | 44 | 37 | 9 | 49 | 25 | 0 | -4 | -1 | -5 | -2 | 0 | 0 | 23 | 21 | · | 3 | 13 | 4 | 40 | -3 | 7 | -1 | -4 | 1 | 7 | -20 | 3 | 9 | 2 | -16 | -12 | -13 | -18 | -15 | -16 | -17 | 0 | -12 | 18 |
| ZM | 9 | 6 | -3 | 7 | 1 | 4 | 2 | 3 | -1 | 4 | 6 | 3 | 2 | 35 | 31 | 3 | · | 29 | 1 | 66 | 7 | 19 | 13 | -2 | -3 | 8 | -2 | -9 | -3 | -6 | -8 | -3 | -10 | -11 | -12 | -12 | -12 | -6 | -13 | 6 |
| ZO | 21 | 20 | 16 | 9 | 15 | -6 | -11 | -9 | -11 | -10 | -9 | -8 | -8 | 40 | 33 | 13 | 29 | · | 6 | 30 | 2 | 15 | 3 | -2 | 2 | 14 | -1 | 0 | 1 | 1 | -16 | -13 | -19 | -22 | -9 | -7 | -7 | 2 | -9 | 19 |
| ZR | 4 | 6 | -2 | 9 | 5 | 2 | 5 | 4 | 5 | 1 | 7 | 3 | 3 | 16 | 20 | 4 | 1 | 6 | · | 13 | 7 | 10 | 1 | 6 | 2 | 0 | 14 | 0 | -12 | -6 | 3 | 1 | 7 | 3 | 6 | 7 | 8 | 5 | 6 | 4 |
| ZS | 19 | 19 | 7 | 12 | 16 | 9 | 10 | 2 | 8 | 0 | 4 | 8 | 8 | 43 | 53 | 40 | 66 | 30 | 13 | · | 1 | 20 | 10 | -5 | 10 | 8 | -4 | -4 | 1 | -5 | -10 | -8 | -11 | -10 | -7 | -11 | -8 | -10 | -12 | 13 |
| Softs | ||||||||||||||||||||||||||||||||||||||||
| CC | -8 | -10 | -11 | 12 | 2 | 18 | -1 | 5 | -1 | -4 | -2 | -1 | -1 | -3 | 4 | -3 | 7 | 2 | 7 | 1 | · | 9 | 41 | 4 | 4 | 25 | 1 | 12 | 12 | 11 | 12 | 12 | 14 | 10 | 3 | 5 | 3 | 7 | 6 | -15 |
| CT | 4 | 3 | -9 | 2 | 5 | 16 | 16 | 24 | 15 | 14 | 19 | 16 | 16 | 27 | 24 | 7 | 19 | 15 | 10 | 20 | 9 | · | 7 | 2 | 1 | 4 | -3 | 2 | 5 | -1 | 16 | 20 | 10 | 8 | 3 | 5 | 5 | -4 | 3 | -12 |
| KC | -14 | -13 | -6 | 7 | 6 | 13 | -2 | 2 | -4 | 4 | 5 | 4 | 4 | 8 | 14 | -1 | 13 | 3 | 1 | 10 | 41 | 7 | · | -3 | 2 | 23 | -5 | 2 | 2 | 5 | 12 | 11 | 15 | 8 | 10 | 6 | 8 | 12 | 2 | -5 |
| LB | -2 | -3 | 0 | -12 | 3 | -4 | 2 | 0 | 3 | 3 | -1 | 3 | 3 | 2 | 2 | -4 | -2 | -2 | 6 | -5 | 4 | 2 | -3 | · | 1 | -2 | -8 | 4 | -7 | 0 | -9 | -6 | -8 | -11 | -6 | -3 | -5 | 5 | -1 | -1 |
| OJ | -5 | -4 | -10 | -6 | -4 | 11 | 16 | 10 | 17 | 9 | 9 | 15 | 15 | 6 | 12 | 1 | -3 | 2 | 2 | 10 | 4 | 1 | 2 | 1 | · | 8 | -6 | 8 | 12 | 10 | 15 | 18 | 14 | 10 | 2 | 2 | 2 | 1 | 2 | -7 |
| SB | 18 | 15 | 11 | 4 | 10 | 10 | 7 | -1 | 5 | 0 | 0 | 4 | 4 | 10 | 16 | 7 | 8 | 14 | 0 | 8 | 25 | 4 | 23 | -2 | 8 | · | -11 | 7 | 10 | 9 | -2 | 1 | 2 | -6 | -17 | -20 | -19 | -6 | -21 | 0 |
| Livestock & Dairy | ||||||||||||||||||||||||||||||||||||||||
| DC | 11 | 10 | 1 | 1 | 5 | -7 | -7 | -20 | -3 | -15 | -5 | -6 | -6 | 3 | 8 | -20 | -2 | -1 | 14 | -4 | 1 | -3 | -5 | -8 | -6 | -11 | · | -4 | -1 | -13 | -10 | -6 | -11 | -12 | -1 | -4 | -4 | 0 | -7 | 7 |
| GF | -5 | -5 | -5 | -4 | -6 | 1 | 9 | 10 | 10 | 15 | 11 | 9 | 9 | -10 | -7 | 3 | -9 | 0 | 0 | -4 | 12 | 2 | 2 | 4 | 8 | 7 | -4 | · | 26 | 81 | 11 | 7 | 13 | 18 | 6 | 6 | 4 | -5 | 9 | -13 |
| HE | 1 | 3 | 3 | 0 | 5 | 4 | -7 | 5 | -5 | -1 | 1 | 0 | 0 | -4 | -5 | 9 | -3 | 1 | -12 | 1 | 12 | 5 | 2 | -7 | 12 | 10 | -1 | 26 | · | 23 | 8 | 11 | 9 | 5 | 1 | -2 | -2 | -1 | -2 | 5 |
| LE | -1 | -1 | 0 | -1 | -3 | 3 | 9 | 12 | 11 | 14 | 10 | 9 | 9 | -12 | -7 | 2 | -6 | 1 | -6 | -5 | 11 | -1 | 5 | 0 | 10 | 9 | -13 | 81 | 23 | · | 5 | 2 | 3 | 7 | -5 | -4 | -5 | -8 | 0 | -3 |
| Equity Index | ||||||||||||||||||||||||||||||||||||||||
| ES | -46 | -45 | -39 | -8 | -33 | 12 | 32 | 49 | 29 | 35 | 35 | 29 | 30 | -15 | -15 | -16 | -8 | -16 | 3 | -10 | 12 | 16 | 12 | -9 | 15 | -2 | -10 | 11 | 8 | 5 | · | 93 | 85 | 86 | 39 | 32 | 36 | -6 | 28 | -39 |
| NQ | -37 | -36 | -30 | -7 | -29 | 17 | 30 | 47 | 28 | 32 | 32 | 30 | 30 | -10 | -12 | -12 | -3 | -13 | 1 | -8 | 12 | 20 | 11 | -6 | 18 | 1 | -6 | 7 | 11 | 2 | 93 | · | 76 | 69 | 31 | 25 | 28 | -4 | 21 | -32 |
| RTY | -49 | -49 | -40 | -11 | -31 | 10 | 30 | 43 | 28 | 29 | 30 | 25 | 25 | -19 | -24 | -13 | -10 | -19 | 7 | -11 | 14 | 10 | 15 | -8 | 14 | 2 | -11 | 13 | 9 | 3 | 85 | 76 | · | 83 | 42 | 36 | 39 | -3 | 30 | -35 |
| YM | -55 | -53 | -48 | -10 | -34 | 6 | 32 | 45 | 30 | 38 | 37 | 28 | 28 | -22 | -20 | -18 | -11 | -22 | 3 | -10 | 10 | 8 | 8 | -11 | 10 | -6 | -12 | 18 | 5 | 7 | 86 | 69 | 83 | · | 44 | 37 | 41 | -5 | 33 | -38 |
| Rates | ||||||||||||||||||||||||||||||||||||||||
| ZB | -48 | -48 | -43 | -7 | -32 | -7 | 12 | 17 | 12 | 10 | 8 | 12 | 12 | -10 | -12 | -15 | -12 | -9 | 6 | -7 | 3 | 3 | 10 | -6 | 2 | -17 | -1 | 6 | 1 | -5 | 39 | 31 | 42 | 44 | · | 84 | 92 | 7 | 69 | -35 |
| ZF | -47 | -46 | -44 | -7 | -30 | -4 | 23 | 23 | 24 | 17 | 15 | 17 | 17 | -10 | -17 | -16 | -12 | -7 | 7 | -11 | 5 | 5 | 6 | -3 | 2 | -20 | -4 | 6 | -2 | -4 | 32 | 25 | 36 | 37 | 84 | · | 97 | 24 | 94 | -44 |
| ZN | -50 | -49 | -46 | -8 | -32 | -7 | 22 | 23 | 22 | 15 | 14 | 17 | 17 | -9 | -14 | -17 | -12 | -7 | 8 | -8 | 3 | 5 | 8 | -5 | 2 | -19 | -4 | 4 | -2 | -5 | 36 | 28 | 39 | 41 | 92 | 97 | · | 17 | 88 | -43 |
| ZQ | -4 | -1 | -4 | 2 | 5 | 20 | 6 | 1 | 6 | -3 | -4 | 5 | 5 | 6 | -9 | 0 | -6 | 2 | 5 | -10 | 7 | -4 | 12 | 5 | 1 | -6 | 0 | -5 | -1 | -8 | -6 | -4 | -3 | -5 | 7 | 24 | 17 | · | 32 | -20 |
| ZT | -44 | -42 | -39 | -7 | -28 | -2 | 27 | 23 | 27 | 20 | 16 | 18 | 18 | -10 | -20 | -12 | -13 | -9 | 6 | -12 | 6 | 3 | 2 | -1 | 2 | -21 | -7 | 9 | -2 | 0 | 28 | 21 | 30 | 33 | 69 | 94 | 88 | 32 | · | -46 |
| Currency | ||||||||||||||||||||||||||||||||||||||||
| DX | 34 | 33 | 33 | 2 | 23 | -4 | -32 | -32 | -37 | -24 | -26 | -28 | -28 | 10 | 5 | 18 | 6 | 19 | 4 | 13 | -15 | -12 | -5 | -1 | -7 | 0 | 7 | -13 | 5 | -3 | -39 | -32 | -35 | -38 | -35 | -44 | -43 | -20 | -46 | · |
−1+1
Cells show r × 100 — the number is always printed, so the colour is a second reading of the same value rather than the only one. Hover any cell for the exact coefficient.
Strongest co-movers
| Pair | r | Days |
|---|---|---|
| SIL Silver (Micro) / SI Silver | 1.00 | 244 |
| GC Gold / MGC Gold (Micro) | 0.97 | 244 |
| ZF 5Y T-Note / ZN 10Y T-Note | 0.97 | 244 |
| BZ Brent Crude / CL Crude Oil (WTI) | 0.95 | 244 |
| ZF 5Y T-Note / ZT 2Y T-Note | 0.94 | 244 |
| ES E-mini S&P 500 / NQ Nasdaq 100 | 0.93 | 245 |
| ZB 30Y T-Bond / ZN 10Y T-Note | 0.92 | 245 |
| ZN 10Y T-Note / ZT 2Y T-Note | 0.88 | 245 |
| PA Palladium / PL Platinum | 0.87 | 243 |
| ES E-mini S&P 500 / YM Mini Dow | 0.86 | 245 |
Strongest inverse pairs
| Pair | r | Days |
|---|---|---|
| BZ Brent Crude / YM Mini Dow | -0.55 | 245 |
| CL Crude Oil (WTI) / YM Mini Dow | -0.53 | 244 |
| BZ Brent Crude / ZN 10Y T-Note | -0.50 | 245 |
| CL Crude Oil (WTI) / RTY Micro Russell 2000 | -0.49 | 244 |
| BZ Brent Crude / RTY Micro Russell 2000 | -0.49 | 245 |
| CL Crude Oil (WTI) / ZN 10Y T-Note | -0.49 | 244 |
| BZ Brent Crude / ZB 30Y T-Bond | -0.48 | 245 |
| CL Crude Oil (WTI) / ZB 30Y T-Bond | -0.48 | 244 |
| HO Heating Oil / YM Mini Dow | -0.48 | 244 |
| BZ Brent Crude / ZF 5Y T-Note | -0.47 | 244 |
Best diversifiers
| Contract | Mean |r| |
|---|---|
| LB Lumber | 0.04 |
| HE Lean Hogs | 0.06 |
| ZR Rough Rice | 0.06 |
| DC Class III Milk | 0.07 |
| ZQ 30D Fed Funds | 0.07 |
| OJ Orange Juice | 0.08 |
| CC Cocoa | 0.08 |
| KC Coffee | 0.08 |
Average correlation inside each complex
| Complex | Contracts | Avg r |
|---|---|---|
| Equity Index | 4 | 0.82 |
| Metals | 8 | 0.63 |
| Rates | 5 | 0.60 |
| Energy | 5 | 0.48 |
| Grains & Oilseeds | 7 | 0.27 |
| Livestock & Dairy | 4 | 0.19 |
| Softs | 6 | 0.08 |
Correlation is Pearson on daily simple returns over the selected window, computed pair by pair on the sessions both contracts actually traded. Gold and Silver each appear twice because the DB carries both the full-size and micro contract; those two pairs sit near r = 1.00 by construction and are a useful sanity check on the grid rather than a finding. Correlation is not stability — a pair can average 0.9 for a year and decouple in a week, and none of this is a hedge ratio. For that, see the Spread Monitor.