I keep seeing posters implying that there's a tight correlation...

I keep seeing posters implying that there's a tight correlation between the SP500 and BAL.

A quick view of the relationship using the "correlation coefficient" tool in tradingview (default period of 20). FYI, 1 implies perfect correlation, -1 inverse correlation and 0 meaning no relationship:


And just as a comparison, I did the same for SP500 and VAS (ETF for the ASX300):

You can be the judge when using the movements of SP500 to gauge subsequent movement in BAL price.