Out of curiosity, I pulled out a basket of hot stocks to perform Dynamic Time Warping (DTW) waveform similarity calculations. In the heatmap below, brighter colors indicate more similar stock price waveforms. This is a type of waveform similarity that traditional linear correlation coefficients cannot capture.

The high similarity between $Micron Tech(MU.US) and $Sandisk(SNDK.US) is not surprising.

It's interesting that the waveform similarity between $Micron Tech(MU.US) and $AMD(AMD.US) is higher than that between $Micron Tech(MU.US) and $Intel(INTC.US); I didn't expect that.

$Intel(INTC.US) also shows high similarity with storage-focused $Sandisk(SNDK.US).

$NVIDIA(NVDA.US) and $Amazon(AMZN.US) also exhibit strong similarity, with their similarity magnitude approaching that of $Micron Tech(MU.US) / $Sandisk(SNDK.US).

Notably, $Microsoft(MSFT.US) and $Meta Platforms(META.US) appear almost entirely black in the heatmap, indicating very low waveform similarity with other assets. In other words, these two are well-suited to hedge or diversify your total portfolio volatility, as their price movements diverge significantly from the broader market.