01 / COMPARISON
Market comparison
Each input is measured against its own trailing history, on the same scale.
Move over a chart to inspect an observation. Drag to zoom; double-click to reset.
COMPARE MARKETS
SM Oscillators
Compare prices, yields and economic data. See where markets move together or apart, and build your own oscillators.
Cross-market researchPrices. Rates. Economies.Research Toolkit ↗
CROSS-MARKET RESEARCH
Market relationships
See what is moving together, where the gaps are growing, and what has changed.
Latest shared observationsReading the studies…
RELATIONSHIP MONITOR
The wider picture
Correlations use changes, not price levels.
+1 moves together · −1 moves in opposite directions.
CHART LIBRARY
Explore the studies
Open any study for full charts, lead and lag comparisons,
historical extremes and the underlying observations.
First market Second marketLevels measured against each market’s own trailing history · common scale
THE SLOWER MOVING PICTURE
Economies, trade and the rate cycle
Monthly reference periods; publication dates differ.
Economic history may be revised.
YOUR QUESTION. YOUR COMPARISON.
What would you put together?
Oil and gold. Bitcoin and yields. A basket of sectors against a bond fund. Start with any chart here, or combine up to six inputs from scratch.
No account needed. Save on this device or export a copy.01 / CHOOSE YOUR MARKETS
Gold−Crude oil
02 / CHOOSE WHAT TO MEASURENormalised gap → 26-week z-score03 / EXAMINE THE RELATIONSHIPCharts · correlation · lead & lag · historical extremes
How these comparisons are selected
This page reviews the named study library, not every possible market pair. Weekly highlights require a valid latest reading no more than 14 days old; monthly charts allow 65 days. Older studies and incomplete readings remain available in the full library, but are excluded from current highlights.
“Moving together” requires a change correlation of at least +0.60; “Opposite moves” uses −0.40 or below. Changing relationships compare 13-week with 52-week correlations and require a difference of at least 0.25. These windows overlap. Large gaps are at least two standard deviations from their trailing average. Rankings describe this selection and do not establish predictive value.
Comparison lines show each market’s level relative to its own trailing average, in standard deviations. The lower chart shows the study’s standardised gap or spread. Normalisation can affect the appearance of the lines; use the full chart for original values. Futures rolls, currency differences and revised economic history can affect comparisons.
Inflation & rates
Oil & Treasury yields
Compare crude oil prices with the US 10-year Treasury yield. See when their movements differ.
Aligning the histories and calculating the relationship…
Choose a study from the library or build a custom oscillator.
RELATIONSHIP STATE
CHANGE CORRELATION
DISTANCE FROM AVERAGERolling standard deviations · not a forecast
SHARED HISTORY
02 / THE OSCILLATOR
Distance from the recent average
WHAT THE LATEST READING SHOWS
03 / CORRELATION
Rolling correlation
Positive: changes tend to move together. Negative: they tend to oppose. Near zero: little linear co-movement.
04 / PERIOD CHANGES
Changes in each market
Each point is one shared period. Gold marks the most recent observation. Correlation does not establish causation.
05 / LEAD & LAG
Does one market move first?
Compare correlations in the earlier two-thirds and later one-third of history. Check whether the relationship holds in both parts.
06 / HISTORICAL CONTEXT
Historical range
Distribution of the trailing standardised relationship. The gold marker locates the latest reading.
07 / AFTER AN EXTREME
What followed in the first input?
Descriptive history, not an entry or exit rule. Parameter exploration introduces selection bias. No trading costs, sizing or execution are modelled.
Inspect historical episodes
| Extreme began | Outcome date | Side | Score | First input change |
|---|
View chart observations
The latest 100 shared periods, most recent first. A dash means unavailable. Export chart data for the complete history.
Data, dates & interpretation
Only completed weeks or months are used. Inputs are aligned to the same calendar periods; missing periods are not filled. All rolling calculations use observations available up to that point in the stored history. A historical series may subsequently have been revised.
Normalised gaps compare each input’s trailing z-score, weighted by your configuration. Change baskets standardise period returns for prices and absolute changes for rates and indexes. RSI uses simple rolling gains and losses (Cutler’s RSI). EMA difference uses half-window and full-window averages. These are research tools; an extreme does not by itself mean a reversal is due.
Compare markets with SM Oscillators
Use ready-made comparisons across commodities, crypto, stocks, indexes, sectors, industries, bonds, yields, macroeconomic data and trade. The available inputs depend on stored history. Combine up to six inputs, choose an oscillator, and check the dates and gaps before interpreting the result.
What the charts show
Compare market levels, the gap between them, and how their changes relate over time. Lead and lag comparisons split the history into two parts so you can check whether a relationship holds in both. Historical extremes show what happened afterwards, where suitable unrevised data is available.
Build and save your own
Choose a normalised gap, change basket, ratio or difference. Display a z-score, percentile, RSI, moving-average difference or momentum. Adjust the lookback and smoothing. Save studies in this browser without an account, or export a copy to keep.
Browse all preset studies · 69
- Oil & Treasury yieldsInflation & rates · Weekly
- Gold & oilReal assets · Weekly
- Bitcoin & real yieldsDigital assets · Weekly
- Bitcoin & the dollarDigital assets · Weekly
- Copper & goldReal assets · Weekly
- Gold & real yieldsInflation & rates · Weekly
- Treasury curve · 10Y − 2YYield curves · Weekly
- Treasury curve · 10Y − 3MYield curves · Weekly
- Treasury curve · 30Y − 5YYield curves · Weekly
- 10-year inflation compensationInflation & rates · Weekly
- 5-year inflation compensationInflation & rates · Weekly
- High yield & TreasuriesCredit & risk · Weekly
- High yield & investment gradeCredit & risk · Weekly
- Long & short TreasuriesCredit & risk · Weekly
- Emerging & US bondsCredit & risk · Weekly
- Floating & fixed rateCredit & risk · Weekly
- TIPS & TreasuriesInflation & rates · Weekly
- Equities & TreasuriesCredit & risk · Weekly
- Gold & the dollarReal assets · Weekly
- Silver & goldReal assets · Weekly
- Platinum & goldReal assets · Weekly
- Brent & WTIReal assets · Weekly
- Gas & crude oilReal assets · Weekly
- Gasoline & crude oilReal assets · Weekly
- Wheat & cornAgriculture & trade · Weekly
- Soybeans & cornAgriculture & trade · Weekly
- Coffee & cocoaAgriculture & trade · Weekly
- Cotton & copperAgriculture & trade · Weekly
- Bitcoin & goldDigital assets · Weekly
- Ether & BitcoinDigital assets · Weekly
- Solana & EtherDigital assets · Weekly
- Bitcoin & equitiesDigital assets · Weekly
- Bitcoin & Treasury yieldsDigital assets · Weekly
- Bitcoin & Fed assetsLiquidity & macro · Weekly
- Equities & financial conditionsLiquidity & macro · Weekly
- Gold & Fed assetsLiquidity & macro · Weekly
- Financial stress & creditLiquidity & macro · Weekly
- US & German yieldsGlobal markets · Monthly
- UK & US yieldsGlobal markets · Monthly
- Japan & US yieldsGlobal markets · Monthly
- Oil & consumer inflationLiquidity & macro · Monthly
- Gold & consumer inflationLiquidity & macro · Monthly
- Technology & utilitiesSector rotation · Weekly
- Cyclicals & defensivesSector rotation · Weekly
- Energy & technologySector rotation · Weekly
- Industrials & materialsSector rotation · Weekly
- Real estate & yieldsSector rotation · Weekly
- Energy & oilSector rotation · Weekly
- S&P 500 & NasdaqGlobal markets · Weekly
- FTSE 100 & S&P 500Global markets · Weekly
- DAX & S&P 500Global markets · Weekly
- NYSE breadth & equitiesParticipation · Weekly
- Nasdaq breadth & equitiesParticipation · Weekly
- US imports & exportsTrade & economic cycle · Monthly
- China exports & copperTrade & economic cycle · Monthly
- US imports & oilTrade & economic cycle · Monthly
- Germany & China exportsTrade & economic cycle · Monthly
- India & China exportsTrade & economic cycle · Monthly
- Korea exports & technologyTrade & economic cycle · Monthly
- US & German economic cycleTrade & economic cycle · Monthly
- China economic cycle & copperTrade & economic cycle · Monthly
- Gold & S&P 500Gold & global indexes · Weekly
- Gold & NasdaqGold & global indexes · Weekly
- Gold & FTSE 100Gold & global indexes · Weekly
- Gold & DAXGold & global indexes · Weekly
- Bitcoin & NasdaqCrypto & global indexes · Weekly
- Ether & S&P 500Crypto & global indexes · Weekly
- Copper & S&P 500Commodities & equities · Weekly
- Oil & S&P 500Commodities & equities · Weekly
The charts use completed weeks or months. Economic data can arrive later and be revised. Correlation does not establish cause and effect. These comparisons are research tools, not trading recommendations.