Lab · Ratio Chart · any two instruments · log scale · presets as of the week of Aug 17, 2026
One market over another, as one line
Type two symbols and the chart draws A divided by B — the relative-performance line
Barchart draws as {$A}/{$B}, here on our own history: indices from
1970/1990, US funds from listing, crypto, currencies. The window’s high and low are
marked with their dates; the card export fills a LinkedIn frame.
Nifty 50 / S&P 500 — India vs US — Nifty 50 / S&P 500
Loading daily bars for NSEI.INDX / GSPC.INDX…
- Ratio now
- 3.160
- Window change
- —
- Window low
- 0.6801 · Nov 23, 1998
- Window high
- 5.360 · Sep 27, 2010
- Above low
- +364.7%
- Percentile in window
- 49th
Pairs the house watches
Weekly since each pair’s first common date · red dotted = all-time low in our data · click a card to load it with daily bars.
Regions
India vs US — Nifty 50 / S&P 500
3.160 -17.3% 1y
365% above its 1998 low and 41% below its 2010 high.
India vs US in dollars — INDA / SPY
0.06483 -21.7% 1y
Within 1.1% of its all-time low of Aug 10, 2026.
Emerging markets vs US — EEM / SPY
0.08766 +13.9% 1y
26% above its 2025 low and 77% below its 2010 high.
Developed ex-US vs US — EFA / SPY
0.1414 +0.9% 1y
In the bottom 7% of its history since 2001.
Japan vs US — Nikkei 225 / S&P 500
8.602 +31.4% 1y
44% above its 2022 low and 92% below its 1990 high.
Styles
Growth without tech — QQXT / QQQ
0.1463 -14.0% 1y
In the bottom 2% of its history since 2007.
Health care vs tech — XLV / XLK
0.9526 -6.0% 1y
In the bottom 2% of its history since 1998.
Low volatility vs momentum — SPLV / SPMO
0.5064 -18.1% 1y
In the bottom 2% of its history since 2015.
Hard assets
How to read it
A ratio strips the common move out of two markets and leaves the relative one. When the line falls, A is underperforming B — whether both are rising or both are falling. Read it with the two legs in mind: an index-over-index ratio (Nifty 50 / S&P 500) is in local currencies, so it says nothing about the rupee; the fund version (INDA / SPY) is in dollars and carries the currency too. That is why both are on the board, and why they can tell different stories in the same month.
The window’s low and high are marked with their dates, and the stats strip says where the current value sits inside the window — percentile, distance from the low. Widen the window before drawing a conclusion: a five-year low and a thirty-year low are different facts. The preset cards use weekly bars over each pair’s full common history; the interactive chart uses daily bars to five years and weekly beyond.
Sources: adjusted closes per symbol, refreshed nightly (presets) and on request (free pairs, cached twelve hours). A data surface in an investment diary — not advice. Related: Factor Regime (SPLV / SPMO as a regime line) · Directional Flow · Global Sectors · Country Flow ranking.
FAQ · from the current data
Ratio Chart — data Q&A
Where does India vs US stand (Nifty 50 / S&P 500)?
As of the week of Aug 17, 2026, Nifty 50 divided by S&P 500 is 3.160 — 365% above its 1998 low and 41% below its 2010 high. In our data (weekly, since Jul 9, 1990) the ratio's low is 0.6801 (Nov 23, 1998) and its high 5.360 (Sep 27, 2010); over the last year it moved -17.3%.
Where does India vs US in dollars stand (INDA / SPY)?
As of the week of Aug 17, 2026, INDA divided by SPY is 0.06483 — within 1.1% of its all-time low of Aug 10, 2026. In our data (weekly, since Feb 6, 2012) the ratio's low is 0.06412 (Aug 10, 2026) and its high 0.2225 (Feb 13, 2012); over the last year it moved -21.7%.
Where does Emerging markets vs US stand (EEM / SPY)?
As of the week of Aug 17, 2026, EEM divided by SPY is 0.08766 — 26% above its 2025 low and 77% below its 2010 high. In our data (weekly, since Apr 14, 2003) the ratio's low is 0.06959 (Jan 13, 2025) and its high 0.3732 (Oct 11, 2010); over the last year it moved +13.9%.
Where does Developed ex-US vs US stand (EFA / SPY)?
As of the week of Aug 17, 2026, EFA divided by SPY is 0.1414 — in the bottom 7% of its history since 2001. In our data (weekly, since Aug 20, 2001) the ratio's low is 0.1228 (Dec 16, 2024) and its high 0.4458 (May 19, 2008); over the last year it moved +0.9%.
Where does Japan vs US stand (Nikkei 225 / S&P 500)?
As of the week of Aug 17, 2026, Nikkei 225 divided by S&P 500 is 8.602 — 44% above its 2022 low and 92% below its 1990 high. In our data (weekly, since Jan 5, 1970) the ratio's low is 5.985 (Mar 7, 2022) and its high 113.8 (Jan 29, 1990); over the last year it moved +31.4%.
Where does Growth without tech stand (QQXT / QQQ)?
As of the week of Aug 17, 2026, QQXT divided by QQQ is 0.1463 — in the bottom 2% of its history since 2007. In our data (weekly, since Feb 20, 2007) the ratio's low is 0.1306 (Jun 15, 2026) and its high 0.4677 (Feb 20, 2007); over the last year it moved -14.0%.
How is the ratio computed, and why log scale?
Each line is instrument A divided by instrument B on the same session, using adjusted closes (splits and dividends removed) — ratios of an index over an index are in local currency, ratios of two US-listed funds are in dollars. Log scale is the default so a halving and a doubling take the same vertical space, which is what a relative-performance line needs; toggle to linear if you prefer. The interactive chart uses daily bars up to five years and weekly bars beyond; the preset cards above are weekly since each pair’s first common date.
Can I chart my own pair?
Yes — type any two symbols. Bare US tickers (SPY, QQQ, NVDA) are read as US listings; indices use the vendor suffix (NSEI.INDX, GSPC.INDX, N225.INDX), crypto BTC-USD.CC, currencies EURUSD.FOREX, and foreign listings their exchange suffix (SAP.XETRA, 7203.TSE). The URL updates as you go, so a pair can be shared as a link, and the PNG export produces a 1.91:1 card for posting.
Is a ratio at a multi-year low a buy signal?
No. This is a data surface in a research diary, not a recommendation. A ratio tells you how one market has performed relative to another; what it does next is a separate question. Closelook writes about these lines when they matter to the house view — see the Pulse and the weekly letters — but the chart itself makes no call.