Correlation and relative value · Demo

Daily price correlation between SPY, QQQ and IWM

Recorded in cvforge on July 21, 2026 by ConvexValue · Published July 25, 2026

A correlation dashboard for the three main U.S. index ETFs on daily returns, with rolling windows so you can see the relationship change rather than assume it holds.

Exact prompt

Give me a dashboard that lets me analyze price correlation between $SPY, $QQQ, $IWM. I am interested in daily timeframes.

Data cadence

Live option snapshots for current pricing, with historical stock prices for the realised and correlation series.

Plan requirements

Runs on the free cvforge app and the free data tier (20 requests/hour). No card needed.

Fields used

implied_volatility, delta, strike_price, expiration_date, underlying_price

How to read it

A single correlation number over a long window is close to useless — it averages away every regime it passed through. The rolling series is what to read: periods where QQQ decouples from IWM are exactly the periods where treating “the index” as one thing breaks down.

Note the timeframe is specified in the prompt. Daily returns give a different answer from weekly, and both are legitimate; what matters is that the window is stated rather than inherited from a tool’s default.

Change it

The prompt is the interface. Ask for a different ticker, a different expiration window, or an extra column in the same sentence style and the agent edits the app in place — you do not start over, and you do not wait for anyone to build it.

Limitations

  • Snapshot data, not a transaction tape: the build reads the chain as it stands, so it cannot attribute a trade to a buyer or a seller.
  • Open interest updates once a day, so an intraday volume/OI comparison is always this session’s volume against yesterday’s open interest.
  • Contract coverage is U.S. listed equities, ETFs and indices. Indices use the I: prefix, for example I:SPX.
  • Current per-contract valuation is Massive fair market value (FMV), a proprietary estimate. cvforge does not provide option bids, asks, midpoint, quote sizes, NBBO or last trades, and FMV is not an executable quote.
  • Correlation is sensitive to the window and the timeframe you pick; a different lookback can reverse the conclusion.
  • Comparing implied against realised volatility compares a forward-looking price to a backward-looking measurement.

Related demos

Search focus: spy qqq iwm correlation chart. Related: index etf correlation dashboard, daily return correlation tool. Originally posted on X.