Line chart of the rolling 30-day correlation of Tesla and SpaceX daily returns, up from 0.10 on July 28 to 0.64 on October 21, below Tesla's 0.72 with the S&P 500

Tesla and SpaceX daily stock returns had a 30-day correlation of 0.64 on Wednesday, the highest since SpaceX went public.

A reading of 1 would mean the two stocks move in lockstep.

The first full 30-day reading, on Tuesday, July 28, was just 0.10.

Tesla still tracks the S&P 500 more closely, with a 30-day correlation of 0.72 on Wednesday.

Here is how the 30-day readings stack up.

  • Tesla and SpaceX on July 28 0.10

  • Tesla and SpaceX on October 21 0.64

  • Tesla and the S&P 500 on October 21 0.72

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Owning both Musk stocks buys a lot less diversification than it did in July.

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].

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