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Forex Correlation Matrix

View correlation coefficients between major currency pairs. Avoid doubling risk on correlated positions or hedging with inversely correlated pairs.

Correlation measures how similarly two pairs move. +1.00 = move in lockstep, −1.00 = move opposite, 0 = no relationship. Trading highly correlated pairs (e.g. EUR/USD + GBP/USD at +0.88) is like doubling your position — your risk is higher than it appears.

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Pair	EURUSD	GBPUSD	AUDUSD	NZDUSD	USDJPY	USDCHF	USDCAD	EURJPY
EUR/USD	—	0.88	0.75	0.70	-0.62	-0.78	-0.58	0.72
GBP/USD	0.88	—	0.72	0.68	-0.55	-0.70	-0.52	0.65
AUD/USD	0.75	0.72	—	0.92	-0.48	-0.62	-0.45	0.58
NZD/USD	0.70	0.68	0.92	—	-0.44	-0.58	-0.42	0.54
USD/JPY	-0.62	-0.55	-0.48	-0.44	—	0.52	0.45	0.55
USD/CHF	-0.78	-0.70	-0.62	-0.58	0.52	—	0.48	-0.55
USD/CAD	-0.58	-0.52	-0.45	-0.42	0.45	0.48	—	-0.40
EUR/JPY	0.72	0.65	0.58	0.54	0.55	-0.55	-0.40	—

Strong positive (>0.70) Moderate positive Moderate negative Strong negative (<−0.70)

Pairs that move WITH EUR/USD

GBP/USD+0.88

AUD/USD+0.75

EUR/JPY+0.72

Trading these simultaneously multiplies your risk.

Pairs that move AGAINST EUR/USD

USD/CHF-0.78

Buying both is a partial hedge; buying one and selling the other doubles up the same bet.

Same-direction trades in EUR/USD and GBP/USD (correlation 0.88) carry about 1.94× the risk of one position — treat them as one bigger trade. Opposite directions mostly cancel out (~0.49×).

Correlations shift over time and can flip during risk events — compare the 30- and 90-day windows, and re-check before stacking positions.

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Correlation Matrix Formula

Correlation coefficient between −1.0 (inverse) and +1.0 (same direction)

Example: EUR/USD and GBP/USD: +0.88 (strong positive). EUR/USD and USD/CHF: −0.78 (strong inverse)

Correlation Matrix FAQ

What is forex correlation?

Correlation measures how two pairs move relative to each other. +1.0 = perfect positive (move together), -1.0 = perfect inverse (move opposite), 0 = no relation.

Why does correlation matter?

If you're long EUR/USD and long GBP/USD (0.88 correlation), you essentially have double the risk. Use the matrix to diversify or hedge positions.

Do forex correlations stay constant?

No. Correlations shift over time due to changing economic conditions, central bank policies, and risk sentiment. Re-check correlations monthly, as a pair that was strongly correlated six months ago may have weakened.

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Calculator results are estimates only — not financial advice. Trading involves significant risk of loss. Full risk disclosure.