Instrument Correlation on Exness — Measured 60-Session Matrix
How the instruments on this feed move together, computed from daily closes on Exness’s MT5 history — 21 instruments, measured 10 Sep · 07:50 UTC.
Open Exness Account →Why correlation matters for position sizing
Two open positions in strongly correlated instruments behave like one position at double the size — the account is exposed to a single move twice. In this sample the most correlated pair was EUR/JPY and GBP/JPY at +0.95, and the most inverse was EUR/USD and USD/CHF at -0.91. A trader long both halves of a +0.9 pair holds one trade, not two.
Correlation of daily returns (last ~60 sessions)
| EURUSD | GBPUSD | USDJPY | AUDUSD | USDCAD | USDCHF | NZDUSD | EURGBP | EURJPY | GBPJPY | AUDJPY | XAUUSD | XAGUSD | USOIL | UKOIL | US500 | US30 | USTEC | DE30 | JP225 | UK100 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EURUSD | 1.00 | +0.85 | -0.50 | +0.63 | -0.71 | -0.91 | +0.77 | -0.02 | -0.06 | -0.06 | -0.14 | +0.60 | +0.56 | -0.20 | +0.23 | +0.23 | +0.10 | +0.29 | +0.10 | +0.23 | -0.06 |
| GBPUSD | +0.85 | 1.00 | -0.42 | +0.63 | -0.56 | -0.75 | +0.79 | -0.54 | -0.04 | +0.13 | -0.05 | +0.45 | +0.40 | -0.14 | +0.17 | +0.22 | +0.05 | +0.25 | +0.05 | +0.20 | -0.07 |
| USDJPY | -0.50 | -0.42 | 1.00 | -0.47 | +0.41 | +0.54 | -0.43 | -0.00 | +0.89 | +0.85 | +0.81 | -0.26 | -0.23 | +0.12 | -0.22 | -0.36 | -0.32 | -0.32 | -0.20 | -0.12 | -0.00 |
| AUDUSD | +0.63 | +0.63 | -0.47 | 1.00 | -0.45 | -0.64 | +0.72 | -0.19 | -0.22 | -0.15 | +0.13 | +0.51 | +0.51 | -0.36 | +0.11 | +0.53 | +0.42 | +0.58 | +0.33 | +0.52 | +0.06 |
| USDCAD | -0.71 | -0.56 | +0.41 | -0.45 | 1.00 | +0.67 | -0.58 | -0.05 | +0.11 | +0.12 | +0.16 | -0.48 | -0.40 | -0.11 | -0.28 | -0.06 | +0.01 | -0.09 | +0.04 | -0.06 | +0.05 |
| USDCHF | -0.91 | -0.75 | +0.54 | -0.64 | +0.67 | 1.00 | -0.75 | -0.03 | +0.16 | +0.16 | +0.18 | -0.62 | -0.58 | +0.22 | -0.16 | -0.28 | -0.19 | -0.32 | -0.14 | -0.26 | +0.03 |
| NZDUSD | +0.77 | +0.79 | -0.43 | +0.72 | -0.58 | -0.75 | 1.00 | -0.27 | -0.10 | -0.01 | -0.01 | +0.48 | +0.46 | -0.18 | +0.10 | +0.30 | +0.18 | +0.34 | +0.19 | +0.31 | +0.02 |
| EURGBP | -0.02 | -0.54 | -0.00 | -0.19 | -0.05 | -0.03 | -0.27 | 1.00 | -0.01 | -0.32 | -0.12 | +0.11 | +0.14 | -0.05 | +0.04 | -0.04 | +0.07 | -0.02 | +0.06 | -0.01 | +0.04 |
| EURJPY | -0.06 | -0.04 | +0.89 | -0.22 | +0.11 | +0.16 | -0.10 | -0.01 | 1.00 | +0.95 | +0.86 | +0.01 | +0.02 | +0.04 | -0.14 | -0.30 | -0.31 | -0.22 | -0.18 | -0.03 | -0.04 |
| GBPJPY | -0.06 | +0.13 | +0.85 | -0.15 | +0.12 | +0.16 | -0.01 | -0.32 | +0.95 | 1.00 | +0.85 | -0.02 | -0.03 | +0.06 | -0.14 | -0.27 | -0.32 | -0.20 | -0.19 | -0.02 | -0.05 |
| AUDJPY | -0.14 | -0.05 | +0.81 | +0.13 | +0.16 | +0.18 | -0.01 | -0.12 | +0.86 | +0.85 | 1.00 | +0.05 | +0.08 | -0.11 | -0.18 | -0.05 | -0.07 | +0.03 | -0.01 | +0.21 | +0.04 |
| XAUUSD | +0.60 | +0.45 | -0.26 | +0.51 | -0.48 | -0.62 | +0.48 | +0.11 | +0.01 | -0.02 | +0.05 | 1.00 | +0.92 | -0.23 | +0.22 | +0.27 | +0.29 | +0.29 | +0.26 | +0.39 | -0.08 |
| XAGUSD | +0.56 | +0.40 | -0.23 | +0.51 | -0.40 | -0.58 | +0.46 | +0.14 | +0.02 | -0.03 | +0.08 | +0.92 | 1.00 | -0.23 | +0.07 | +0.40 | +0.31 | +0.47 | +0.39 | +0.55 | -0.09 |
| USOIL | -0.20 | -0.14 | +0.12 | -0.36 | -0.11 | +0.22 | -0.18 | -0.05 | +0.04 | +0.06 | -0.11 | -0.23 | -0.23 | 1.00 | +0.10 | -0.53 | -0.55 | -0.44 | -0.53 | -0.35 | -0.06 |
| UKOIL | +0.23 | +0.17 | -0.22 | +0.11 | -0.28 | -0.16 | +0.10 | +0.04 | -0.14 | -0.14 | -0.18 | +0.22 | +0.07 | +0.10 | 1.00 | -0.27 | -0.20 | -0.20 | -0.12 | -0.11 | -0.17 |
| US500 | +0.23 | +0.22 | -0.36 | +0.53 | -0.06 | -0.28 | +0.30 | -0.04 | -0.30 | -0.27 | -0.05 | +0.27 | +0.40 | -0.53 | -0.27 | 1.00 | +0.86 | +0.90 | +0.67 | +0.71 | -0.02 |
| US30 | +0.10 | +0.05 | -0.32 | +0.42 | +0.01 | -0.19 | +0.18 | +0.07 | -0.31 | -0.32 | -0.07 | +0.29 | +0.31 | -0.55 | -0.20 | +0.86 | 1.00 | +0.61 | +0.71 | +0.42 | +0.10 |
| USTEC | +0.29 | +0.25 | -0.32 | +0.58 | -0.09 | -0.32 | +0.34 | -0.02 | -0.22 | -0.20 | +0.03 | +0.29 | +0.47 | -0.44 | -0.20 | +0.90 | +0.61 | 1.00 | +0.57 | +0.89 | -0.07 |
| DE30 | +0.10 | +0.05 | -0.20 | +0.33 | +0.04 | -0.14 | +0.19 | +0.06 | -0.18 | -0.19 | -0.01 | +0.26 | +0.39 | -0.53 | -0.12 | +0.67 | +0.71 | +0.57 | 1.00 | +0.52 | +0.11 |
| JP225 | +0.23 | +0.20 | -0.12 | +0.52 | -0.06 | -0.26 | +0.31 | -0.01 | -0.03 | -0.02 | +0.21 | +0.39 | +0.55 | -0.35 | -0.11 | +0.71 | +0.42 | +0.89 | +0.52 | 1.00 | -0.03 |
| UK100 | -0.06 | -0.07 | -0.00 | +0.06 | +0.05 | +0.03 | +0.02 | +0.04 | -0.04 | -0.05 | +0.04 | -0.08 | -0.09 | -0.06 | -0.17 | -0.02 | +0.10 | -0.07 | +0.11 | -0.03 | 1.00 |
+1.00 = the instruments moved together every session; −1.00 = they moved opposite; near 0 = independent. Green = positive, red = negative; deeper colour = stronger link.
Read it with care
- 60 daily closes is a short window — treat values as indicative, not fixed.
- Correlations shift with the macro backdrop and can flip in stressed markets.
- Crypto instruments trade a 7-day week and are omitted — their daily series does not align bar-for-bar with 5-day markets.
- Correlation says nothing about direction — only about moving together.
Measured in-terminal on Exness’s own MetaTrader 5 pricing feed and symbol specifications, refreshed on a schedule. All figures are indicative and change with market conditions.
Open Exness Account →