Pairwise return correlations across all eleven markets over a rolling window. Red pairs move together — they are one bet, not two. Blue pairs hedge each other. Updated daily.
Correlation matrix
Average pairwise correlation
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Best diversifier
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Most correlated pair
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−1 hedges+1 moves together
Diversification ranking — average correlation vs the other ten markets, low = better diversifier
How to read this. Correlation is computed on daily log returns over the selected window, so it shifts with the regime — assets that diversify in calm markets often converge in a sell-off. A portfolio spread across highly red cells is more concentrated than it looks. Not investment advice.