Global Equity Correlation Matrix 2026
Cross-market correlation analysis for major global equity indices. Which markets move together? Where are the diversification opportunities? Research-only.
Last updated: Apr 9, 2026 · 10 indices · 45 pairwise correlations
QUICK ANSWER · AS OF Apr 9, 2026
What is the global equity correlation in 2026?
The global equity correlation matrix tracks 45 pairwise correlations across 10 major indices (S&P 500, Nasdaq 100, Nikkei 225, Hang Seng, SSE Composite). Key finding: US-China correlation remains low (0.25), while US-Japan is elevated (0.72). China-Hong Kong is the highest pair (0.82).
SPX
6,575 (-5.2%)
NDX
24,189 (-7.4%)
NKY
55,895 (+8.2%)
HSI
25,752 (+12.3%)
SSEC
3,995 (+8.5%)
KOSPI
5,872 (+5.2%)
SENSEX
76,632 (-1.8%)
FTSE
10,623 (+2.8%)
DAX
24,373 (+10.2%)
ASX200
8,952 (+1.5%)
Global equity markets are experiencing divergent performance in Q1 2026. US indices (SPX, NDX) are declining on geopolitical uncertainty and Fed policy concerns. China/Hong Kong markets are rallying on domestic stimulus. Japan and Korea are mixed — benefiting from ceasefire optimism but facing yen/won strength headwinds. European markets (FTSE, DAX) are outperforming on fiscal expansion and defense spending. India is volatile on oil price sensitivity. The correlation matrix reveals a fragmented global equity landscape where regional factors dominate over global beta.
Index Overview
US
SPX
6,575
YTD: -5.2%
US
NDX
24,189
YTD: -7.4%
Japan
NKY
55,895
YTD: +8.2%
Hong Kong
HSI
25,752
YTD: +12.3%
China
SSEC
3,995
YTD: +8.5%
South Korea
KOSPI
5,872
YTD: +5.2%
India
SENSEX
76,632
YTD: -1.8%
UK
FTSE
10,623
YTD: +2.8%
Germany
DAX
24,373
YTD: +10.2%
Australia
ASX200
8,952
YTD: +1.5%
30-Day Correlation Matrix
| SPX | NDX | NKY | HSI | SSEC | KOSPI | SENSEX | FTSE | DAX | ASX200 | |
|---|---|---|---|---|---|---|---|---|---|---|
| SPX | 1.00 | 0.92 | 0.72 | 0.45 | 0.25 | 0.68 | 0.42 | 0.78 | 0.75 | 0.65 |
| NDX | 0.92 | 1.00 | 0.78 | 0.42 | 0.20 | 0.75 | 0.35 | 0.68 | 0.72 | 0.58 |
| NKY | 0.72 | 0.78 | 1.00 | 0.35 | 0.15 | 0.72 | 0.30 | 0.62 | 0.65 | 0.55 |
| HSI | 0.45 | 0.42 | 0.35 | 1.00 | 0.82 | 0.40 | 0.32 | 0.38 | 0.38 | 0.42 |
| SSEC | 0.25 | 0.20 | 0.15 | 0.82 | 1.00 | 0.28 | 0.18 | 0.22 | 0.22 | 0.30 |
| KOSPI | 0.68 | 0.75 | 0.72 | 0.40 | 0.28 | 1.00 | 0.35 | 0.52 | 0.58 | 0.48 |
| SENSEX | 0.42 | 0.35 | 0.30 | 0.32 | 0.18 | 0.35 | 1.00 | 0.40 | 0.35 | 0.35 |
| FTSE | 0.78 | 0.68 | 0.62 | 0.38 | 0.22 | 0.52 | 0.40 | 1.00 | 0.85 | 0.60 |
| DAX | 0.75 | 0.72 | 0.65 | 0.38 | 0.22 | 0.58 | 0.35 | 0.85 | 1.00 | 0.58 |
| ASX200 | 0.65 | 0.58 | 0.55 | 0.42 | 0.30 | 0.48 | 0.35 | 0.60 | 0.58 | 1.00 |
Click any cell to view detailed pairwise analysis. Color: green = high, yellow = moderate, orange = low.
All Pairwise Correlations
SPX-NDX correlation remains very high but slightly below the 0.95 baseline. Tech concentration risk ...
UK-Germany correlation is very high. Both are European developed markets sharing ECB/BoE policy sens...
China-Hong Kong correlation is the highest pair. HSI is heavily weighted toward China-exposed compan...
US-UK equity correlation is high and near baseline. Both are developed markets with significant mult...
Nasdaq-Nikkei correlation is the highest among global pairs. Both are tech-heavy and sensitive to se...
US-Germany correlation is high. DAX's industrial/auto exposure creates some divergence from US tech,...
Nasdaq-KOSPI correlation is elevated due to shared semiconductor exposure. Samsung and SK Hynix (KOS...
US-Japan equity correlation is elevated. Both markets are sensitive to global risk appetite and USD/...
Nasdaq-DAX correlation is high. DAX's SAP and semiconductor equipment exposure creates direct linkag...
Japan-Korea correlation is high. Both are export-oriented, semiconductor-heavy economies sensitive t...
US-Korea correlation is elevated. KOSPI is heavily weighted toward semiconductors (Samsung, SK Hynix...
Nasdaq-FTSE correlation is moderate-to-high. FTSE lacks major tech exposure but shares global risk a...
US-Australia correlation is moderate. ASX's mining/commodity weighting creates divergence from US te...
Germany-Japan correlation is moderate. Both are export-oriented manufacturing economies sensitive to...
UK-Japan correlation is moderate. Both are developed markets with export exposure, but different sec...
UK-Australia correlation is moderate. Both have significant commodity/mining exposure (BHP, Rio Tint...
Nasdaq-ASX correlation is moderate. ASX's mining focus diverges from Nasdaq tech, but shared global ...
Germany-Korea correlation is moderate. Both are export-oriented with auto/semiconductor exposure, cr...
Germany-Australia correlation is moderate. Both are commodity-sensitive (Germany as consumer, Austra...
Australia-Japan correlation is moderate. Both are Asia-Pacific developed markets with significant tr...
UK-Korea correlation is moderate. Shared sensitivity to global trade and risk appetite, but differen...
Australia-Korea correlation is moderate. Both are Asia-Pacific economies with shared sensitivity to ...
US-Hong Kong correlation is moderate. HSI is influenced by both US monetary policy (HKD peg) and Chi...
US-India correlation is moderate. India's domestic growth story provides some insulation from US dyn...
Nasdaq-HSI correlation is moderate. Hong Kong's tech listings (Tencent, Alibaba) create some linkage...
Australia-Hong Kong correlation is moderate. Australia's iron ore exports to China create indirect l...
Hong Kong-Korea correlation is moderate. Both are Asian export economies but with different sector c...
UK-India correlation is moderate. Historical Commonwealth ties and shared English-language business ...
UK-Hong Kong correlation is moderate. Historical colonial ties and HSBC's dual listing create some l...
Germany-Hong Kong correlation is moderate. German auto/industrial exports to China create some linka...
Nasdaq-India correlation is moderate. India's IT services sector (Infosys, TCS) provides some linkag...
Japan-Hong Kong correlation is moderate. Both are Asian markets but driven by different factors: Jap...
Korea-India correlation is moderate. Both are Asian EM markets with shared sensitivity to global ris...
Germany-India correlation is moderate. German industrial exports to India and shared EM sensitivity ...
Australia-India correlation is moderate. Both are Commonwealth nations with growing trade ties, but ...
Hong Kong-India correlation is low. HSI is China-driven while Sensex is domestic India-driven. Diffe...
Japan-India correlation is low. Different economic structures (Japan: tech/manufacturing, India: ser...
Australia-China correlation is low-to-moderate. Despite Australia's heavy trade dependence on China ...
China-Korea correlation is low. Despite trade linkages, China A-shares are driven by domestic policy...
US-China equity correlation remains low. Structural decoupling driven by trade tensions, tech restri...
UK-China correlation is low. FTSE's commodity/finance weighting and China A-shares' domestic focus c...
Germany-China correlation is low. Despite significant German exports to China, A-share market dynami...
Nasdaq-China correlation is low. US tech and China A-shares respond to fundamentally different drive...
China-India correlation is low. Both are large EM markets but with fundamentally different growth mo...
China-Japan equity correlation is low. Despite geographic proximity, the two markets respond to diff...
Macro Context
Global equity markets are experiencing divergent performance in Q1 2026. US indices (SPX, NDX) are declining on geopolitical uncertainty and Fed policy concerns. China/Hong Kong markets are rallying on domestic stimulus. Japan and Korea are mixed — benefiting from ceasefire optimism but facing yen/won strength headwinds. European markets (FTSE, DAX) are outperforming on fiscal expansion and defense spending. India is volatile on oil price sensitivity. The correlation matrix reveals a fragmented global equity landscape where regional factors dominate over global beta.
Data Freshness — Per-Index Timezone
Each index is observed at its local market close. Timestamps use ISO 8601 with explicit timezone offset.
| Index | Market | Level | Close Time | Timezone | Date |
|---|---|---|---|---|---|
| SPX | US | 6,575 | 16:00 | ET (-04:00) | 2026-04-08 |
| NDX | US | 24,189 | 16:00 | ET (-04:00) | 2026-04-08 |
| NKY | Japan | 55,895 | 15:00 | JST (+09:00) | 2026-04-09 |
| HSI | Hong Kong | 25,752 | 16:00 | HKT (+08:00) | 2026-04-09 |
| SSEC | China | 3,995 | 15:00 | CST (+08:00) | 2026-04-08 |
| KOSPI | South Korea | 5,872 | 15:30 | KST (+09:00) | 2026-04-08 |
| SENSEX | India | 76,632 | 15:30 | IST (+05:30) | 2026-04-09 |
| FTSE | UK | 10,623 | 16:30 | BST (+01:00) | 2026-04-08 |
| DAX | Germany | 24,373 | 17:30 | CEST (+02:00) | 2026-04-08 |
| ASX200 | Australia | 8,952 | 16:00 | AEST (+10:00) | 2026-04-08 |
Source: Derived from publicly available market observations. AhaSignals does not redistribute official index data.
Methodology & Data Notes
Correlations are Pearson rolling correlations of daily log returns, computed over the specified window (30D, 90D, 1Y). Returns are calculated from local-currency index levels at each market's official close time. For cross-timezone pairs, returns are aligned to the later-closing market's trading day.
Regime classification: high (≥0.60), moderate (0.35–0.59), low (0.15–0.34), negative (<0.15). The 5-year baseline represents the average 90D rolling correlation over 2021–2025.
Known limitations: (1) Timezone misalignment — Asian markets close before European/US markets open, so "same-day" correlations reflect lagged information; (2) Holiday calendars differ across markets, creating gaps in return series; (3) Currency effects are not hedged — correlations reflect both equity and FX movements; (4) Correlations are backward-looking and regime-dependent — they can shift rapidly during crises.
All index levels are derived from publicly available market observations. AhaSignals does not redistribute official index data. v0.1-beta. Research use only — not investment advice.
Frequently Asked Questions
What is a global equity correlation matrix? ▾
A global equity correlation matrix shows the pairwise correlations between major stock market indices worldwide. It reveals which markets move together (high correlation) and which offer diversification (low correlation). Changes in the matrix signal shifts in global capital flows and risk regimes.
Which global equity pairs have the highest correlation? ▾
The highest correlations are: SPX-NDX (0.92 — both US large-cap), SSE-HSI (undefined — both China-exposed), and NDX-NKY (0.78 — both tech-heavy).
Which global equity pairs have the lowest correlation? ▾
The lowest correlations are: SSE-NKY (undefined — China vs Japan), NDX-SSE (0.20 — US tech vs China A-shares), and SPX-SSE (0.25 — US vs China structural decoupling).
Is this a trading signal? ▾
No. This matrix provides research-only cross-market correlation analysis for educational purposes. It does not constitute investment advice.
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📎 Cite This Data ▾
APA 7th Edition
AhaSignals. (2026). Global Equity Correlation Matrix. Retrieved April 18, 2026, from https://ahasignals.com/global-equity-correlation-matrix/
Methodology: v0.1-beta
Data as-of: Apr 9, 2026
Research purposes only. Not investment advice. All index inputs from free, public, clickable sources.
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This page is for informational and research purposes only — not investment advice. All index levels are derived from publicly available market observations. Past correlation patterns do not predict future performance. © 2026 AhaSignals. All rights reserved.