Wrote a thing back in the day about how correlation is misapplied as a concept by many traders. “Correlation is not static, neither in strength nor even direction”. Example given was during Covid when we had massive printing, commodities like crude would trend up together with risk assets. Positive correlation. After, when policy shifted to tightening and rate hikes, crude became inversely correlated to equities/risk. Because higher commodity prices meant greater inflation which meant more hikes and tightening required because economy ran hot. Bad for risk, inverse correlation. Equities low in June coincided with crude top. Complete correlation flip directionally. Attempting to apply correlation without understanding fundamental backdrop is worthless, similar to how many are always trying to make it so that dxy up = risk assets down. The cause is important.