What moves together, and what catches up a day later
Every week we test every pair of 6,902 US stocks and ETFs over the last 504 trading days, on the same day and one day apart. That's all 23,815,351 pairs, with no shortlist. Below are the relationships that survive multiple-testing correction and hold up on held-out recent data.
- Pairs tested
- 23,815,351
- Significant same-day
- 5,013,548
- Catch-up followers
- 5 282 pairs
- Duplicate funds
- 685 in 155 groups
Next-day catch-up
The follower tends to repeat the leader's move one trading day later. One row per follower, showing its strongest leader. This mostly happens in thinly traded names, whose last trade often comes before the rest of the market has finished moving. Check the follower's daily dollar volume: on a few hundred thousand dollars a day, the bid/ask spread can eat the whole effect.
Moves together
Strongest same-day co-movement. Near-identical funds are shown once.
| Leader | Follower | ρ | Holdout ρ | Stability | Tier |
|---|---|---|---|---|---|
| OEF | SPY | +0.97 | +0.97 | 100% | robust |
| ISPY | SPY | +0.97 | +0.97 | 100% | robust |
| IJR | VIOG | +0.97 | +0.95 | 100% | robust |
| AGG | AGGY | +0.97 | +0.97 | 100% | robust |
| IWM | IWO | +0.97 | +0.96 | 100% | robust |
| BKEM | EEM | +0.97 | +0.98 | 100% | robust |
| FNDC | PDN | +0.97 | +0.98 | 100% | robust |
| IWD | TVAL | +0.97 | +0.95 | 100% | robust |
| REET | RWO | +0.97 | +0.96 | 100% | robust |
| CEF | DBP | +0.97 | +0.98 | 100% | robust |
| FTXO | IAT | +0.97 | +0.97 | 100% | robust |
| HYG | SPHY | +0.97 | +0.98 | 100% | robust |
| JEPQ | QQQ | +0.97 | +0.96 | 100% | robust |
| QQQ | SEPQ | +0.97 | +0.96 | 100% | robust |
| FWONA | FWONK | +0.97 | +0.97 | 100% | robust |
Most followed
Symbols whose moves others most often repeat the next day.
Moves opposite
| Leader | Follower | ρ | Holdout ρ | Stability | Tier |
|---|---|---|---|---|---|
| CRSH | TSLA | -0.97 | -0.99 | 100% | robust |
| DIPS | NVDA | -0.96 | -0.98 | 100% | robust |
| FXE | UUP | -0.96 | -0.95 | 100% | robust |
| ISHG | UUP | -0.95 | -0.93 | 100% | robust |
| QQQ | YQQQ | -0.95 | -0.97 | 100% | robust |
| SEPQ | YQQQ | -0.93 | -0.94 | 100% | robust |
| VIXM | ZVOL | -0.93 | -0.85 | 100% | robust |
| IWF | YQQQ | -0.92 | -0.92 | 100% | robust |
| VXZ | ZVOL | -0.92 | -0.84 | 100% | robust |
| SFY | YQQQ | -0.92 | -0.94 | 100% | robust |
Same exposure
Funds whose daily returns are near-identical (same-day ρ ≥ 0.97). Each group is listed under its most liquid member.
- SPY ≈ VOO, IVV, VTI, SPYM, SCHX, IWB, ITOT, SCHB, DYNF, SPYI, VV +62 more
- EFA ≈ IEFA, VEA, SCHF, SPDW, IDEV, AVDE, IQLT, DFAI, FENI, DFIC, ESGD +15 more
- AGG ≈ IEF, BND, IUSB, BIV, FBND, JCPB, SPAB, SCHZ, BOND, DFCF, VCRB +8 more
- IWF ≈ VUG, SPYG, IVW, MGK, VONG, VOOG, XLG, IWY, IUSG, JGRO, FELG +8 more
- EEM ≈ IEMG, AVEM, AAXJ, DFAE, ESGE, DFEM, EMGF, XSOE, EEMA, GEM, JEMA +6 more
- LQD ≈ VCIT, VCLT, IGIB, USIG, IGLB, SPLB, SPBO, QLTA, IGEB, CORP, VTC +6 more
- QQQ ≈ QQQM, QQQI, GPIQ, ONEQ, QDTE, QTOP, QQH, IQQQ, QYLG, QQMG, QQQT +3 more
- IBIT ≈ BITO, FBTC, GBTC, ARKB, BITB, BTC, HODL, BTCI, BTCO, EZBC, BRRR +2 more