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Currency correlation calculator

Paste closing prices for any two markets, such as EUR/USD and GBP/USD or gold and USD/JPY, and get the Pearson correlation of their returns over exactly the period you choose.

Last updated: · By Forexuro Desk · Editorial policy

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Why returns, not prices

Two markets that both trended over the period can show a high correlation of price levels even if their daily moves were unrelated. Correlating returns, the percentage change from one close to the next, measures whether they actually move together. The calculator uses log returns and the standard Pearson coefficient.

Why there is no fixed table

Correlations between pairs change over time, often sharply around central bank surprises or risk events. A fixed matrix goes out of date quickly, so this tool calculates from the data you paste, over the window you choose. Use the same dates for both series; if the lists differ in length, the most recent values of each are paired.

Reading the result

Values above about +0.7 are usually called strong positive and below −0.7 strong negative. Between −0.2 and +0.2 there is little linear relationship. With fewer than 20 data points the figure is unreliable. See correlation in the glossary and the currency correlation basics guide.

Using correlation for risk

Two trades on strongly correlated pairs behave like one larger trade. If EUR/USD and GBP/USD show +0.85 on recent daily returns, a long on each at 1% risk is closer to a single 2% bet against the dollar. Consider cutting size on the second trade.

How to calculate currency correlation

  1. Export daily closing prices for both markets for the same dates from your platform.
  2. Paste each series into its box, oldest first, with the same number of values.
  3. Leave the measure on returns, which compares day to day changes rather than levels.
  4. Read the coefficient: near +1 moves together, near −1 moves opposite, near 0 no linear link.

Using trading signals? Each Forexuro signal gives an entry, stop and targets, so you can plug them straight into this calculator. See the EUR/USD signals, the gold signals and the daily notes on the free Telegram channel.

Correlation shows how two pairs move together. To see which single currency is leading or lagging, use the currency strength meter.

Frequently asked questions

Where can I get price data?

Most platforms let you export daily closes. Use the same dates and time zone for both markets.

How many prices should I paste?

At least 20 to 30 for a rough picture; 60 or more daily closes for a steadier reading.

Is correlation the same as causation?

No. Two markets can move together because of a shared driver such as the dollar.

Does the tool store my data?

No. The calculation runs in your browser and nothing is sent anywhere.

Calculators are for education and planning. They do not account for your broker's spread, commission, swap or contract terms. Trading forex and CFDs carries a high risk of losing money. Read our risk disclosure.