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.
| 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 | 73 | 19 | 65 | 16 | -20 | -27 | -22 | -24 | -21 | -19 | -19 | 29 | 25 | 40 | 11 | 22 | 1 | 23 | -11 | 0 | -16 | 1 | -9 | 21 | 9 | -8 | 3 | 0 | -51 | -41 | -53 | -59 | -51 | -48 | -51 | -9 | -42 | 33 |
| CL | 95 | · | 73 | 18 | 64 | 20 | -18 | -25 | -19 | -23 | -20 | -17 | -17 | 28 | 24 | 44 | 7 | 21 | 3 | 23 | -12 | 1 | -15 | -1 | -8 | 17 | 11 | -7 | 4 | 0 | -50 | -40 | -54 | -56 | -49 | -47 | -50 | -6 | -40 | 32 |
| HO | 73 | 73 | · | 21 | 48 | 7 | -23 | -28 | -26 | -24 | -20 | -20 | -20 | 12 | 10 | 37 | -1 | 18 | -3 | 10 | -10 | -4 | -9 | 0 | -14 | 17 | -1 | -7 | 6 | 0 | -42 | -32 | -43 | -50 | -47 | -46 | -49 | -11 | -39 | 34 |
| NG | 19 | 18 | 21 | · | 9 | 2 | -13 | -12 | -16 | -14 | -10 | -14 | -14 | 6 | 5 | 9 | 7 | 10 | 10 | 11 | 14 | -1 | 5 | -6 | -6 | 5 | 2 | -1 | 4 | -2 | -10 | -9 | -11 | -11 | -5 | -5 | -6 | 4 | -5 | -1 |
| RB | 65 | 64 | 48 | 9 | · | 18 | -14 | -18 | -15 | -24 | -16 | -14 | -14 | 19 | 17 | 45 | 0 | 14 | 5 | 19 | -2 | 8 | 2 | 0 | -6 | 16 | 3 | -6 | 6 | -1 | -34 | -29 | -29 | -35 | -34 | -27 | -31 | 3 | -21 | 22 |
| Metals | ||||||||||||||||||||||||||||||||||||||||
| ALI | 16 | 20 | 7 | 2 | 18 | · | 29 | 37 | 27 | 20 | 25 | 30 | 30 | 7 | -5 | 26 | 3 | -7 | 2 | 8 | 19 | 9 | 12 | 0 | 11 | 8 | -5 | 3 | 5 | 3 | 10 | 15 | 10 | 6 | -5 | -1 | -4 | 15 | 0 | -4 |
| GC | -20 | -18 | -23 | -13 | -14 | 29 | · | 61 | 98 | 64 | 74 | 83 | 83 | -1 | -3 | -4 | 0 | -18 | 4 | 4 | -1 | 17 | 0 | 7 | 15 | 0 | -7 | 7 | -8 | 7 | 33 | 31 | 30 | 33 | 15 | 27 | 26 | 6 | 30 | -38 |
| HG | -27 | -25 | -28 | -12 | -18 | 37 | 61 | · | 57 | 63 | 67 | 69 | 69 | -4 | -6 | -7 | 0 | -16 | 4 | -5 | 8 | 18 | 5 | 5 | 9 | -11 | -14 | 7 | 3 | 6 | 48 | 46 | 43 | 45 | 22 | 28 | 27 | -2 | 25 | -31 |
| MGC | -22 | -19 | -26 | -16 | -15 | 27 | 98 | 57 | · | 62 | 70 | 82 | 82 | -1 | -3 | -6 | -4 | -18 | 4 | 2 | -2 | 17 | -1 | 8 | 16 | -2 | -5 | 7 | -6 | 8 | 31 | 30 | 28 | 31 | 16 | 28 | 26 | 8 | 31 | -42 |
| PA | -24 | -23 | -24 | -14 | -24 | 20 | 64 | 63 | 62 | · | 86 | 71 | 71 | -6 | 2 | -7 | 3 | -14 | 0 | -5 | -4 | 12 | 3 | 9 | 10 | -9 | -13 | 13 | -1 | 13 | 36 | 32 | 28 | 39 | 12 | 18 | 16 | -1 | 17 | -25 |
| PL | -21 | -20 | -20 | -10 | -16 | 25 | 74 | 67 | 70 | 86 | · | 82 | 82 | -4 | 2 | -4 | 6 | -13 | 7 | 0 | -2 | 17 | 6 | 5 | 11 | -6 | -4 | 12 | 2 | 11 | 35 | 32 | 30 | 37 | 11 | 17 | 16 | -3 | 17 | -28 |
| SIL | -19 | -17 | -20 | -14 | -14 | 30 | 83 | 69 | 82 | 71 | 82 | · | 100 | 0 | 2 | -1 | 0 | -12 | 4 | 4 | 0 | 17 | 4 | 6 | 15 | 0 | -4 | 10 | -1 | 9 | 31 | 31 | 25 | 28 | 14 | 20 | 20 | 5 | 20 | -30 |
| SI | -19 | -17 | -20 | -14 | -14 | 30 | 83 | 69 | 82 | 71 | 82 | 100 | · | 0 | 2 | -1 | 0 | -12 | 4 | 4 | 0 | 17 | 4 | 6 | 15 | 0 | -4 | 10 | -1 | 9 | 31 | 31 | 25 | 28 | 14 | 20 | 20 | 6 | 20 | -30 |
| Grains & Oilseeds | ||||||||||||||||||||||||||||||||||||||||
| KE | 29 | 28 | 12 | 6 | 19 | 7 | -1 | -4 | -1 | -6 | -4 | 0 | 0 | · | 53 | 25 | 35 | 43 | 17 | 46 | 2 | 26 | 5 | -2 | 1 | 10 | 7 | -17 | -1 | -14 | -18 | -13 | -21 | -24 | -7 | -7 | -7 | 0 | -7 | 10 |
| ZC | 25 | 24 | 10 | 5 | 17 | -5 | -3 | -6 | -3 | 2 | 2 | 2 | 2 | 53 | · | 12 | 30 | 30 | 21 | 44 | -1 | 17 | 12 | 3 | 3 | 4 | 20 | -18 | -1 | -14 | -16 | -12 | -22 | -21 | -13 | -19 | -16 | -6 | -22 | 6 |
| ZL | 40 | 44 | 37 | 9 | 45 | 26 | -4 | -7 | -6 | -7 | -4 | -1 | -1 | 25 | 12 | · | 6 | 17 | 2 | 43 | 1 | 10 | -7 | -8 | -5 | 5 | -19 | -7 | 10 | -6 | -20 | -14 | -17 | -21 | -18 | -18 | -19 | -5 | -15 | 22 |
| ZM | 11 | 7 | -1 | 7 | 0 | 3 | 0 | 0 | -4 | 3 | 6 | 0 | 0 | 35 | 30 | 6 | · | 32 | 6 | 65 | 12 | 12 | 9 | -4 | -1 | 11 | -2 | -14 | -1 | -6 | -11 | -7 | -13 | -15 | -10 | -12 | -11 | -13 | -14 | 6 |
| ZO | 22 | 21 | 18 | 10 | 14 | -7 | -18 | -16 | -18 | -14 | -13 | -12 | -12 | 43 | 30 | 17 | 32 | · | 11 | 36 | 6 | 4 | -3 | -6 | -2 | 13 | 5 | 2 | 4 | 4 | -20 | -16 | -24 | -26 | -12 | -12 | -13 | -9 | -14 | 19 |
| ZR | 1 | 3 | -3 | 10 | 5 | 2 | 4 | 4 | 4 | 0 | 7 | 4 | 4 | 17 | 21 | 2 | 6 | 11 | · | 17 | 9 | 9 | 3 | 7 | 1 | 4 | 15 | -6 | -12 | -12 | 0 | -1 | 4 | -1 | 3 | 2 | 3 | -4 | 1 | 6 |
| ZS | 23 | 23 | 10 | 11 | 19 | 8 | 4 | -5 | 2 | -5 | 0 | 4 | 4 | 46 | 44 | 43 | 65 | 36 | 17 | · | 3 | 19 | 3 | -7 | 8 | 13 | -1 | -13 | 6 | -10 | -16 | -15 | -17 | -16 | -8 | -11 | -9 | -12 | -12 | 14 |
| Softs | ||||||||||||||||||||||||||||||||||||||||
| CC | -11 | -12 | -10 | 14 | -2 | 19 | -1 | 8 | -2 | -4 | -2 | 0 | 0 | 2 | -1 | 1 | 12 | 6 | 9 | 3 | · | 14 | 35 | 4 | -2 | 21 | -4 | 7 | 12 | 7 | 14 | 14 | 16 | 12 | -2 | 2 | 0 | 2 | 0 | -14 |
| CT | 0 | 1 | -4 | -1 | 8 | 9 | 17 | 18 | 17 | 12 | 17 | 17 | 17 | 26 | 17 | 10 | 12 | 4 | 9 | 19 | 14 | · | 11 | 6 | -6 | 12 | -4 | 2 | 5 | 0 | 12 | 16 | 7 | 6 | 5 | 6 | 6 | -7 | 5 | -17 |
| KC | -16 | -15 | -9 | 5 | 2 | 12 | 0 | 5 | -1 | 3 | 6 | 4 | 4 | 5 | 12 | -7 | 9 | -3 | 3 | 3 | 35 | 11 | · | -4 | 3 | 22 | -3 | 1 | 1 | 2 | 9 | 8 | 11 | 9 | 9 | 5 | 6 | 12 | 0 | -7 |
| LB | 1 | -1 | 0 | -6 | 0 | 0 | 7 | 5 | 8 | 9 | 5 | 6 | 6 | -2 | 3 | -8 | -4 | -6 | 7 | -7 | 4 | 6 | -4 | · | -1 | -3 | -6 | -3 | -5 | -5 | -3 | -2 | -4 | -4 | -8 | -7 | -9 | -2 | -6 | -1 |
| OJ | -9 | -8 | -14 | -6 | -6 | 11 | 15 | 9 | 16 | 10 | 11 | 15 | 15 | 1 | 3 | -5 | -1 | -2 | 1 | 8 | -2 | -6 | 3 | -1 | · | 3 | -2 | -4 | 6 | 0 | 16 | 18 | 15 | 11 | 3 | 5 | 5 | 2 | 4 | -8 |
| SB | 21 | 17 | 17 | 5 | 16 | 8 | 0 | -11 | -2 | -9 | -6 | 0 | 0 | 10 | 4 | 5 | 11 | 13 | 4 | 13 | 21 | 12 | 22 | -3 | 3 | · | -11 | 0 | 9 | -5 | -7 | -3 | -3 | -12 | -15 | -16 | -16 | -11 | -14 | 2 |
| Livestock & Dairy | ||||||||||||||||||||||||||||||||||||||||
| DC | 9 | 11 | -1 | 2 | 3 | -5 | -7 | -14 | -5 | -13 | -4 | -4 | -4 | 7 | 20 | -19 | -2 | 5 | 15 | -1 | -4 | -4 | -3 | -6 | -2 | -11 | · | 0 | -2 | -5 | -13 | -9 | -14 | -14 | -4 | -5 | -5 | 7 | -8 | 6 |
| GF | -8 | -7 | -7 | -1 | -6 | 3 | 7 | 7 | 7 | 13 | 12 | 10 | 10 | -17 | -18 | -7 | -14 | 2 | -6 | -13 | 7 | 2 | 1 | -3 | -4 | 0 | 0 | · | 28 | 82 | 15 | 12 | 16 | 22 | 6 | 9 | 6 | 6 | 14 | -11 |
| HE | 3 | 4 | 6 | 4 | 6 | 5 | -8 | 3 | -6 | -1 | 2 | -1 | -1 | -1 | -1 | 10 | -1 | 4 | -12 | 6 | 12 | 5 | 1 | -5 | 6 | 9 | -2 | 28 | · | 21 | 4 | 6 | 6 | 3 | 0 | -2 | -2 | 6 | 0 | 3 |
| LE | 0 | 0 | 0 | -2 | -1 | 3 | 7 | 6 | 8 | 13 | 11 | 9 | 9 | -14 | -14 | -6 | -6 | 4 | -12 | -10 | 7 | 0 | 2 | -5 | 0 | -5 | -5 | 82 | 21 | · | 5 | 4 | 2 | 9 | -9 | -4 | -6 | 7 | 4 | -8 |
| Equity Index | ||||||||||||||||||||||||||||||||||||||||
| ES | -51 | -50 | -42 | -10 | -34 | 10 | 33 | 48 | 31 | 36 | 35 | 31 | 31 | -18 | -16 | -20 | -11 | -20 | 0 | -16 | 14 | 12 | 9 | -3 | 16 | -7 | -13 | 15 | 4 | 5 | · | 92 | 84 | 86 | 43 | 38 | 41 | -4 | 32 | -42 |
| NQ | -41 | -40 | -32 | -9 | -29 | 15 | 31 | 46 | 30 | 32 | 32 | 31 | 31 | -13 | -12 | -14 | -7 | -16 | -1 | -15 | 14 | 16 | 8 | -2 | 18 | -3 | -9 | 12 | 6 | 4 | 92 | · | 76 | 67 | 34 | 31 | 33 | -1 | 27 | -35 |
| RTY | -53 | -54 | -43 | -11 | -29 | 10 | 30 | 43 | 28 | 28 | 30 | 25 | 25 | -21 | -22 | -17 | -13 | -24 | 4 | -17 | 16 | 7 | 11 | -4 | 15 | -3 | -14 | 16 | 6 | 2 | 84 | 76 | · | 83 | 47 | 41 | 44 | -1 | 35 | -38 |
| YM | -59 | -56 | -50 | -11 | -35 | 6 | 33 | 45 | 31 | 39 | 37 | 28 | 28 | -24 | -21 | -21 | -15 | -26 | -1 | -16 | 12 | 6 | 9 | -4 | 11 | -12 | -14 | 22 | 3 | 9 | 86 | 67 | 83 | · | 47 | 40 | 45 | -3 | 35 | -41 |
| Rates | ||||||||||||||||||||||||||||||||||||||||
| ZB | -51 | -49 | -47 | -5 | -34 | -5 | 15 | 22 | 16 | 12 | 11 | 14 | 14 | -7 | -13 | -18 | -10 | -12 | 3 | -8 | -2 | 5 | 9 | -8 | 3 | -15 | -4 | 6 | 0 | -9 | 43 | 34 | 47 | 47 | · | 83 | 92 | 13 | 68 | -37 |
| ZF | -48 | -47 | -46 | -5 | -27 | -1 | 27 | 28 | 28 | 18 | 17 | 20 | 20 | -7 | -19 | -18 | -12 | -12 | 2 | -11 | 2 | 6 | 5 | -7 | 5 | -16 | -5 | 9 | -2 | -4 | 38 | 31 | 41 | 40 | 83 | · | 97 | 28 | 93 | -44 |
| ZN | -51 | -50 | -49 | -6 | -31 | -4 | 26 | 27 | 26 | 16 | 16 | 20 | 20 | -7 | -16 | -19 | -11 | -13 | 3 | -9 | 0 | 6 | 6 | -9 | 5 | -16 | -5 | 6 | -2 | -6 | 41 | 33 | 44 | 45 | 92 | 97 | · | 22 | 87 | -44 |
| ZQ | -9 | -6 | -11 | 4 | 3 | 15 | 6 | -2 | 8 | -1 | -3 | 5 | 6 | 0 | -6 | -5 | -13 | -9 | -4 | -12 | 2 | -7 | 12 | -2 | 2 | -11 | 7 | 6 | 6 | 7 | -4 | -1 | -1 | -3 | 13 | 28 | 22 | · | 39 | -25 |
| ZT | -42 | -40 | -39 | -5 | -21 | 0 | 30 | 25 | 31 | 17 | 17 | 20 | 20 | -7 | -22 | -15 | -14 | -14 | 1 | -12 | 0 | 5 | 0 | -6 | 4 | -14 | -8 | 14 | 0 | 4 | 32 | 27 | 35 | 35 | 68 | 93 | 87 | 39 | · | -46 |
| Currency | ||||||||||||||||||||||||||||||||||||||||
| DX | 33 | 32 | 34 | -1 | 22 | -4 | -38 | -31 | -42 | -25 | -28 | -30 | -30 | 10 | 6 | 22 | 6 | 19 | 6 | 14 | -14 | -17 | -7 | -1 | -8 | 2 | 6 | -11 | 3 | -8 | -42 | -35 | -38 | -41 | -37 | -44 | -44 | -25 | -46 | · |
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.
| Pair | r | Days |
|---|---|---|
| SIL Silver (Micro) / SI Silver | 1.00 | 238 |
| GC Gold / MGC Gold (Micro) | 0.98 | 238 |
| ZF 5Y T-Note / ZN 10Y T-Note | 0.97 | 238 |
| BZ Brent Crude / CL Crude Oil (WTI) | 0.95 | 238 |
| ZF 5Y T-Note / ZT 2Y T-Note | 0.93 | 238 |
| ES E-mini S&P 500 / NQ Nasdaq 100 | 0.92 | 239 |
| ZB 30Y T-Bond / ZN 10Y T-Note | 0.92 | 239 |
| ZN 10Y T-Note / ZT 2Y T-Note | 0.87 | 239 |
| ES E-mini S&P 500 / YM Mini Dow | 0.86 | 239 |
| PA Palladium / PL Platinum | 0.86 | 237 |
| Pair | r | Days |
|---|---|---|
| BZ Brent Crude / YM Mini Dow | -0.59 | 239 |
| CL Crude Oil (WTI) / YM Mini Dow | -0.56 | 238 |
| CL Crude Oil (WTI) / RTY Micro Russell 2000 | -0.54 | 238 |
| BZ Brent Crude / RTY Micro Russell 2000 | -0.53 | 239 |
| BZ Brent Crude / ZN 10Y T-Note | -0.51 | 239 |
| BZ Brent Crude / ES E-mini S&P 500 | -0.51 | 239 |
| BZ Brent Crude / ZB 30Y T-Bond | -0.51 | 239 |
| HO Heating Oil / YM Mini Dow | -0.50 | 238 |
| CL Crude Oil (WTI) / ZN 10Y T-Note | -0.50 | 238 |
| CL Crude Oil (WTI) / ES E-mini S&P 500 | -0.50 | 238 |
| Contract | Mean |r| |
|---|---|
| LB Lumber | 0.04 |
| HE Lean Hogs | 0.05 |
| ZR Rough Rice | 0.06 |
| DC Class III Milk | 0.07 |
| OJ Orange Juice | 0.07 |
| KC Coffee | 0.07 |
| CC Cocoa | 0.08 |
| LE Live Cattle | 0.08 |
| Complex | Contracts | Avg r |
|---|---|---|
| Equity Index | 4 | 0.82 |
| Metals | 8 | 0.63 |
| Rates | 5 | 0.62 |
| Energy | 5 | 0.49 |
| Grains & Oilseeds | 7 | 0.28 |
| Livestock & Dairy | 4 | 0.21 |
| 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.
Ask the market a question. Get a calculated answer.
The AI is not a chatbot bolted onto a document store. It calls the same analytics engine that powers every screen on this platform — so what comes back is a number it computed from raw history, with the command that produced it.
86,000+ instruments
Global equities, ETFs, funds, options, FX, commodities, crypto, economics, filings, transcripts and news — one normalised symbol universe with adjusted history.
A real analytics engine
Screening, backtesting, technicals, options analytics, correlations, seasonality and factor models — computed on demand from raw prices, never a stale cache.
It shows its working
Answers arrive with the charts, tables and tool calls behind them, so you can check the number instead of trusting a paraphrase.
Your own documents
Upload filings, decks and research. Ask across them and the answer cites the page it came from.
Agents and workflows
Multi-step research that runs the platform's tools for you — screen, pull the history, compute, compare, then write it up.
MCP, CLI and API
The same command catalogue from Claude, your own agent, a shell or your pipeline. The answer on screen is the answer your job gets at 4am.
You ask
“How does NVDA usually trade through earnings?”
It calls
→ ka.options_expected_move(NVDA)
It answers
NVDA has averaged a 9.2% absolute move on the day after earnings and closed higher 67% of the time. Two in three reactions land between −4.2% and +16.3% — the distribution is skewed right, not symmetric.
Every figure computed live from our own history — not scraped, not summarised.
Or start with