World Market Correlation Summary

A global investor can reduce overall portfolio risk simply by holding instruments in multiple markets. The correlations of major world markets vary considerably through time and are highest during periods of economic integration and collaboration. In other words, investors can reduce their exposure to country risk by holding a diversified portfolio of global assets.
 

DAX Index: DE
Taiwan Weighted: TW
PSI 20 Stock: PT
OMX Copenhagen All: DK
CROBEX: HR
Budapest SE: HU
IDX 30 Jakarta: ID
ISEQ 20 Price: IE
NYSE Composite: US
Tel Aviv 35: IL
MCX ICOMDEX ALUMINIUM: IN
Coreshares Index Tracker: ZA
ICEX Main: IS
Mexico SPBMV IPC: MX
KL Technology: MY
IBEX 35 Index: ES
SP Merval: AR
Austrian Traded Index: AT
SPASX Dividend Opportunities: AU
HNX 30: VN
Bucharest BET-NG: RO
AMS Small Cap: NL
Oslo Exchange Mutual: NO
BEL Small: BE
OMX Helsinki 25: FI
RTSI Index: RU
SBF 120: FR
Saudi Arabia Diversified: SA
Basic Materials: BR
OMX Stockholm Mid: SE
Cboe UK Consumer: GB
TSX Industrials Capped: CA
Swiss Leader Price: CH
Kosdaq Composite Index: KR
China Securities 800: CN
Athens General Composite: GR
Stock Exchange Of: TH
SPBVL Peru General: PE
PX Prague Stock: CZ
THE PHILIPPINE STOCK: PH
Karachi 100: PK
WIG 30: PL
BIST Electricity: TR
DAX Index: DE
0.880.690.660.650.580.380.750.920.23-0.710.670.530.90.310.970.460.880.470.450.570.330.710.180.870.170.940.050.80.950.330.730.780.43-0.190.81-0.060.180.640.280.620.54-0.48
GDAXI
Taiwan Weighted: TW
0.880.670.650.360.550.130.490.80.0-0.650.540.20.80.360.910.560.910.370.250.560.030.67-0.140.750.470.75-0.180.870.860.050.510.550.16-0.340.74-0.3-0.10.770.260.760.69-0.58
TWII
PSI 20 Stock: PT
0.690.670.470.20.7-0.250.240.56-0.38-0.670.030.040.57-0.050.750.60.750.28-0.120.44-0.120.54-0.280.540.570.54-0.510.450.740.010.270.23-0.05-0.570.8-0.54-0.30.86-0.180.830.89-0.86
PSI20
OMX Copenhagen All: DK
0.660.650.470.290.260.250.560.710.2-0.460.580.310.510.350.630.30.610.570.470.080.330.740.150.70.220.660.080.530.570.390.550.630.380.020.560.030.160.360.140.320.34-0.31
OMXCPI
CROBEX: HR
0.650.360.20.290.330.760.870.710.46-0.170.680.780.760.430.55-0.180.490.40.660.320.760.420.730.73-0.360.780.410.530.650.630.850.810.810.430.550.550.540.10.05-0.02-0.080.08
CRBEX
Budapest SE: HU
0.580.550.70.260.33-0.080.310.55-0.23-0.560.130.110.540.00.580.370.610.360.180.36-0.010.35-0.030.480.340.49-0.30.320.590.210.410.230.09-0.350.63-0.25-0.120.62-0.020.570.63-0.74
BUX
IDX 30 Jakarta: ID
0.380.13-0.250.250.76-0.080.80.530.830.040.740.830.460.420.26-0.30.170.380.780.170.830.330.840.49-0.720.560.810.330.280.60.720.790.840.640.10.780.74-0.320.28-0.41-0.510.53
IDX30
ISEQ 20 Price: IE
0.750.490.240.560.870.310.80.810.56-0.260.820.770.740.430.63-0.10.550.590.770.260.810.60.70.85-0.380.890.470.570.690.740.930.960.860.430.520.530.540.110.170.0-0.060.08
IETP
NYSE Composite: US
0.920.80.560.710.710.550.530.810.33-0.550.770.60.880.490.870.330.810.610.610.440.50.730.380.880.090.930.20.790.860.490.830.820.620.030.80.190.370.480.210.410.39-0.35
NYA
Tel Aviv 35: IL
0.230.0-0.380.20.46-0.230.830.560.33-0.080.660.740.20.290.12-0.12-0.030.250.660.120.590.230.660.22-0.740.340.920.170.040.370.430.590.570.47-0.160.640.69-0.460.57-0.42-0.560.57
TA35
MCX ICOMDEX ALUMINIUM: IN
-0.71-0.65-0.67-0.46-0.17-0.560.04-0.26-0.55-0.08-0.25-0.31-0.520.11-0.7-0.79-0.54-0.16-0.12-0.480.18-0.340.16-0.36-0.28-0.520.13-0.4-0.590.05-0.23-0.270.040.63-0.570.40.05-0.6-0.41-0.73-0.630.64
MCIALUM
Coreshares Index Tracker: ZA
0.670.540.030.580.680.130.740.820.770.66-0.250.660.630.540.580.030.480.50.790.20.650.560.570.72-0.240.780.560.640.570.550.780.860.70.390.390.50.550.010.49-0.01-0.120.15
APACXJ
ICEX Main: IS
0.530.20.040.310.780.110.830.770.60.74-0.310.660.540.220.4-0.010.220.270.680.220.730.280.760.48-0.60.640.670.280.430.560.670.730.750.370.320.590.71-0.140.35-0.16-0.280.25
OMXIPI
Mexico SPBMV IPC: MX
0.90.80.570.510.760.540.460.740.880.2-0.520.630.540.470.890.310.850.370.420.610.380.60.280.830.120.870.060.850.920.30.730.740.51-0.030.810.070.210.580.120.520.44-0.34
MXX
KL Technology: MY
0.310.36-0.050.350.430.00.420.430.490.290.110.540.220.470.3-0.140.330.340.480.150.430.390.420.490.040.40.330.60.340.320.430.480.520.410.340.450.440.02-0.03-0.09-0.050.16
KLTE
IBEX 35 Index: ES
0.970.910.750.630.550.580.260.630.870.12-0.70.580.40.890.30.530.920.390.30.670.210.740.020.820.30.88-0.040.850.950.170.620.680.3-0.30.81-0.190.060.740.230.730.65-0.55
IBEX
SP Merval: AR
0.460.560.60.3-0.180.37-0.3-0.10.33-0.12-0.790.03-0.010.31-0.140.530.43-0.01-0.210.44-0.50.24-0.490.070.510.2-0.290.320.39-0.37-0.14-0.07-0.37-0.810.44-0.63-0.310.650.320.780.71-0.64
MERV
Austrian Traded Index: AT
0.880.910.750.610.490.610.170.550.81-0.03-0.540.480.220.850.330.920.430.470.220.590.150.78-0.070.830.390.79-0.190.850.90.120.610.610.23-0.260.77-0.26-0.110.790.070.730.69-0.58
ATX
SPASX Dividend Opportunities: AU
0.470.370.280.570.40.360.380.590.610.25-0.160.50.270.370.340.39-0.010.470.520.030.470.670.360.63-0.090.560.220.320.370.610.640.610.480.230.370.260.290.23-0.030.030.13-0.15
AXDI
HNX 30: VN
0.450.25-0.120.470.660.180.780.770.610.66-0.120.790.680.420.480.3-0.210.220.52-0.070.750.350.780.55-0.440.620.620.290.330.740.750.750.80.540.220.710.71-0.260.34-0.3-0.350.25
HNX30
Bucharest BET-NG: RO
0.570.560.440.080.320.360.170.260.440.12-0.480.20.220.610.150.670.440.590.03-0.07-0.080.44-0.130.370.090.440.060.620.58-0.190.230.32-0.02-0.390.4-0.26-0.030.60.170.580.45-0.32
BETNG
AMS Small Cap: NL
0.330.03-0.120.330.76-0.010.830.810.50.590.180.650.730.380.430.21-0.50.150.470.75-0.080.40.910.59-0.580.590.650.250.320.830.780.790.930.780.220.840.76-0.33-0.03-0.48-0.470.41
ASCX
Oslo Exchange Mutual: NO
0.710.670.540.740.420.350.330.60.730.23-0.340.560.280.60.390.740.240.780.670.350.440.40.160.810.130.730.150.670.690.340.630.70.380.020.560.020.150.480.020.360.38-0.34
OSEFX
BEL Small: BE
0.18-0.14-0.280.150.73-0.030.840.70.380.660.160.570.760.280.420.02-0.49-0.070.360.78-0.130.910.160.37-0.70.430.740.070.130.80.660.640.90.770.10.920.84-0.490.04-0.61-0.60.5
BELS
OMX Helsinki 25: FI
0.870.750.540.70.730.480.490.850.880.22-0.360.720.480.830.490.820.070.830.630.550.370.590.810.370.080.940.120.770.880.560.860.880.640.190.730.190.240.460.040.350.33-0.29
OMXH25
RTSI Index: RU
0.170.470.570.22-0.360.34-0.72-0.380.09-0.74-0.28-0.24-0.60.120.040.30.510.39-0.09-0.440.09-0.580.13-0.70.08-0.01-0.780.290.29-0.41-0.26-0.32-0.49-0.610.46-0.71-0.610.65-0.20.710.8-0.75
RTSI
SBF 120: FR
0.940.750.540.660.780.490.560.890.930.34-0.520.780.640.870.40.880.20.790.560.620.440.590.730.430.94-0.010.220.760.910.580.870.910.650.090.760.210.360.430.220.380.31-0.29
SBF120
Saudi Arabia Diversified: SA
0.05-0.18-0.510.080.41-0.30.810.470.20.920.130.560.670.060.33-0.04-0.29-0.190.220.620.060.650.150.740.12-0.780.220.04-0.090.440.380.510.590.59-0.250.760.81-0.580.4-0.6-0.690.65
TDFI
Basic Materials: BR
0.80.870.450.530.530.320.330.570.790.17-0.40.640.280.850.60.850.320.850.320.290.620.250.670.070.770.290.760.040.820.120.580.650.35-0.060.67-0.010.120.580.180.530.45-0.29
IMAT
OMX Stockholm Mid: SE
0.950.860.740.570.650.590.280.690.860.04-0.590.570.430.920.340.950.390.90.370.330.580.320.690.130.880.290.91-0.090.820.30.690.710.4-0.170.87-0.10.080.70.090.660.6-0.52
OMXSMCPI
Cboe UK Consumer: GB
0.330.050.010.390.630.210.60.740.490.370.050.550.560.30.320.17-0.370.120.610.74-0.190.830.340.80.56-0.410.580.440.120.30.750.680.820.630.290.710.63-0.2-0.09-0.37-0.290.15
BUKCONSN
TSX Industrials Capped: CA
0.730.510.270.550.850.410.720.930.830.43-0.230.780.670.730.430.62-0.140.610.640.750.230.780.630.660.86-0.260.870.380.580.690.750.910.810.410.560.50.520.170.10.030.01-0.05
TTIN
Swiss Leader Price: CH
0.780.550.230.630.810.230.790.960.820.59-0.270.860.730.740.480.68-0.070.610.610.750.320.790.70.640.88-0.320.910.510.650.710.680.910.810.410.50.490.540.140.230.04-0.040.07
SLI
Kosdaq Composite Index: KR
0.430.16-0.050.380.810.090.840.860.620.570.040.70.750.510.520.3-0.370.230.480.8-0.020.930.380.90.64-0.490.650.590.350.40.820.810.810.70.350.810.73-0.23-0.01-0.37-0.370.33
KOSDAQ
China Securities 800: CN
-0.19-0.34-0.570.020.43-0.350.640.430.030.470.630.390.37-0.030.41-0.3-0.81-0.260.230.54-0.390.780.020.770.19-0.610.090.59-0.06-0.170.630.410.410.7-0.240.880.58-0.67-0.13-0.8-0.760.72
000906
Athens General Composite: GR
0.810.740.80.560.550.630.10.520.8-0.16-0.570.390.320.810.340.810.440.770.370.220.40.220.560.10.730.460.76-0.250.670.870.290.560.50.35-0.24-0.130.070.7-0.110.630.67-0.62
ATG
Stock Exchange Of: TH
-0.06-0.3-0.540.030.55-0.250.780.530.190.640.40.50.590.070.45-0.19-0.63-0.260.260.71-0.260.840.020.920.19-0.710.210.76-0.01-0.10.710.50.490.810.88-0.130.82-0.650.02-0.78-0.760.68
SET
SPBVL Peru General: PE
0.18-0.1-0.30.160.54-0.120.740.540.370.690.050.550.710.210.440.06-0.31-0.110.290.71-0.030.760.150.840.24-0.610.360.810.120.080.630.520.540.730.580.070.82-0.430.2-0.53-0.520.45
SPBLPGPT
PX Prague Stock: CZ
0.640.770.860.360.10.62-0.320.110.48-0.46-0.60.01-0.140.580.020.740.650.790.23-0.260.6-0.330.48-0.490.460.650.43-0.580.580.7-0.20.170.14-0.23-0.670.7-0.65-0.43-0.110.920.93-0.82
PX
THE PHILIPPINE STOCK: PH
0.280.26-0.180.140.05-0.020.280.170.210.57-0.410.490.350.12-0.030.230.320.07-0.030.340.17-0.030.020.040.04-0.20.220.40.180.09-0.090.10.23-0.01-0.13-0.110.020.2-0.110.09-0.10.11
PSEI
Karachi 100: PK
0.620.760.830.32-0.020.57-0.410.00.41-0.42-0.73-0.01-0.160.52-0.090.730.780.730.03-0.30.58-0.480.36-0.610.350.710.38-0.60.530.66-0.370.030.04-0.37-0.80.63-0.78-0.530.920.090.94-0.84
KSE100
WIG 30: PL
0.540.690.890.34-0.080.63-0.51-0.060.39-0.56-0.63-0.12-0.280.44-0.050.650.710.690.13-0.350.45-0.470.38-0.60.330.80.31-0.690.450.6-0.290.01-0.04-0.37-0.760.67-0.76-0.520.93-0.10.94-0.91
WIG30
BIST Electricity: TR
-0.48-0.58-0.86-0.310.08-0.740.530.08-0.350.570.640.150.25-0.340.16-0.55-0.64-0.58-0.150.25-0.320.41-0.340.5-0.29-0.75-0.290.65-0.29-0.520.15-0.050.070.330.72-0.620.680.45-0.820.11-0.84-0.91
XELKT
DAX Index: DE
Taiwan Weighted: TW
PSI 20 Stock: PT
OMX Copenhagen All: DK
CROBEX: HR
Budapest SE: HU
IDX 30 Jakarta: ID
ISEQ 20 Price: IE
NYSE Composite: US
Tel Aviv 35: IL
MCX ICOMDEX ALUMINIUM: IN
Coreshares Index Tracker: ZA
ICEX Main: IS
Mexico SPBMV IPC: MX
KL Technology: MY
IBEX 35 Index: ES
SP Merval: AR
Austrian Traded Index: AT
SPASX Dividend Opportunities: AU
HNX 30: VN
Bucharest BET-NG: RO
AMS Small Cap: NL
Oslo Exchange Mutual: NO
BEL Small: BE
OMX Helsinki 25: FI
RTSI Index: RU
SBF 120: FR
Saudi Arabia Diversified: SA
Basic Materials: BR
OMX Stockholm Mid: SE
Cboe UK Consumer: GB
TSX Industrials Capped: CA
Swiss Leader Price: CH
Kosdaq Composite Index: KR
China Securities 800: CN
Athens General Composite: GR
Stock Exchange Of: TH
SPBVL Peru General: PE
PX Prague Stock: CZ
THE PHILIPPINE STOCK: PH
Karachi 100: PK
WIG 30: PL
BIST Electricity: TR

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
IBEXGDAXI
SLIIETP
OMXSMCPIGDAXI
OMXSMCPIIBEX
SBF120GDAXI
SBF120OMXH25
  
High negative correlations   
XELKTWIG30
XELKTPSI20
XELKTKSE100
XELKTPX
000906MERV
KSE100000906
Investors' overexposure to a single market brings diversification risk in a portfolio, leaving it vulnerable to losses in that economy and underexposes it to markets in other parts of the world. For the same reason, if you are currently managing a portfolio composed of equities from multiple global markets, you don't want your positions to be highly correlated, even at the expense of accepting lower expected returns. Generally speaking, low correlations across different markets is the main idea behind global portfolio diversification, and without it, there's no benefit to the rebalancing of internationally exposed portfolios. The correlation table belows shows 90 days (short-term) correlation pairs for indexes from 30 major world markets.