Forex Correlation Matrix

Daily-return correlation of major FX pairs from ECB reference rates. Green moves together, red moves opposite.

Traders use this to avoid stacking the same bet: long EURUSD and long GBPUSD is often two tickets on a similar dollar move. A strongly negative pair can hedge, but correlation changes.

PairEURUSDGBPUSDUSDJPYUSDCHFAUDUSDUSDCADNZDUSDEURGBPEURJPYGBPJPY
EURUSD
GBPUSD
USDJPY
USDCHF
AUDUSD
USDCAD
NZDUSD
EURGBP
EURJPY
GBPJPY

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 forex correlation?

Correlation measures how two markets have moved together, from minus 1 (always opposite) to plus 1 (always together). This matrix covers EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD, NZDUSD, EURGBP, EURJPY, GBPJPY.

It is computed as the Pearson correlation of daily percent changes from daily ECB reference rates (via Frankfurter), used to rebuild each pair, over 1M (31 days), 3M (93 days), 6M (186 days), 1Y (370 days).

How to use the forex 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 EURUSD and GBPUSD) 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 shows how major FX pairs’ daily returns moved together, from minus 1 (opposite) to plus 1 (same direction). EURUSD and GBPUSD are often positively correlated. EURUSD and USDCHF are often negatively correlated.
It is usually strongly positive on multi-month windows because both are dollar crosses, but the exact number changes. Open the EURUSD vs GBPUSD page or use the 1M vs 3M tabs.
Shorter windows react faster and are noisier. A 1-month or 3-month window is a common default. Correlation is not stable; it can flip around news and regime changes.
No. It uses daily ECB reference rates via Frankfurter to rebuild major pairs. Weekend and holiday gaps are normal. Treat the matrix as a map, not an execution quote.

Popular correlation lookups

More free tools

See all tools