About this app

Computes the full correlation matrix over a year of daily returns, then single-linkage clusters it at an adjustable threshold so ten positions resolve into the three or four bets they really are. Single linkage is chosen deliberately: it groups by moves-with, which is how a portfolio actually fails. Names with no partner are labelled independent. Dragging the threshold down shows the structure that appears when correlations rise, which is what happens in every drawdown.