ASX vs CRB WTF???

One would think there is a loose correlation between the ASX and commodity prices. Only because the entire prosperity of Australia is based on the price of dirt. 

In this chart, the blue line is the ASX 200 index and the green line is an American ETF based on a broad index of commodity prices (RJI). 

Quite a nice correlation from 2008 - 2012, then a divergence. I believe this blue line is defying gravity and will resume the correlation with commodities. At current prices, that's a 50% drawdown on the ASX. (Yes, there is a point to be made about currency, but I'm going to ignore it)