On a rolling 200-day basis, oil is now more correlated to the S&P than any other time in the last twenty years. Below we picture the correlation of oil versus the S&P on both a 50-day and a 200-day basis. As shown, the correlation has been rising since mid-2008 and is at or near the high for both time periods. (1987 - 2007 for 50-day correlation is not pictured, previously the high was .46, currently it is .66)
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Oil Remains Highly Correlated to the S&P 500
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