Commodity Correlation Matrix

Daily-return correlation of major commodity futures and the US dollar index. Green moves together, red moves opposite.

WTI and Brent should be tight. Gold vs DXY often runs inverse. Copper vs oil can split growth from inflation shocks.

ContractGoldSilverWTIBrentNatGasCopperDXY
Gold
Silver
WTI
Brent
NatGas
Copper
DXY

Tap a cell for the pair vs pair reading.

Pearson correlation of daily percent changes. Not a forecast and not your broker’s feed.

What is commodity correlation?

Correlation measures how two markets have moved together, from minus 1 (always opposite) to plus 1 (always together). This matrix covers Gold, Silver, WTI, Brent, NatGas, Copper, DXY.

It is computed as the Pearson correlation of daily percent changes from daily closing prices from public market data, over 1M (31 days), 3M (93 days), 6M (186 days), 1Y (370 days).

How to use the commodity correlation matrix

  1. Pick a window: 1M for recent behaviour, 3M as a default, 6M or 1Y for the slower background link.
  2. Find the two markets you plan to trade and tap their cell to open the pair page.
  3. If the reading is 0.7 or higher, treat positions in the same direction (for example WTI and Brent) as one bet and split your risk.

Common correlation mistakes

  • Treating correlation as fixed. It changes with news and market regimes.
  • Stacking several highly correlated positions and calling it diversification.
  • Using a negative pair as a perfect hedge. It only offsets part of the time.

Educational content, not investment advice. Trading leveraged products such as CFDs and forex carries a high risk of losing money.

Frequently Asked Questions

It measures how gold, silver, oil, gas, copper, and the US dollar index moved together on daily returns. Gold vs DXY is often negative. WTI and Brent usually print close to 1.
To avoid doubling energy risk (WTI + Brent + CAD FX) or stacking gold with silver as if they were independent. Copper vs risk assets can hint at growth vs defensive tapes.
Yes, front-month futures-style symbols (and DXY). Rolls and contract switches can add noise. The matrix is educational, not a term-structure tool.

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