"Here's the correlation between STW and XJO over various lengths...

"Here's the correlation between STW and XJO over various lengths of time. Only minor differences between STW and benchmark are due to fees."


Of course there is a correlation between STW / IOZ / VAS and XJO.
But there is nothing in the charts of any of these ETF's to justify your claim:

"XJO can be a bit deceptive on a chart as it always opens at the same level as the previous day's close .
Never any gaps on an XJO chart
STW is a tracking ETF for the XJO and can often give clues as to investors' thinking not available from the index."

All of this is wrong.