Hello,
In the simplest sense, the interpretation is the same as a positive genetic correlation with one of the traits reversed. I.e. a positive genetic correlation between HDL and not having heart disease, between anorexia and not being obese, etc.
More strictly, ldsc is designed to estimate the genetic correlation defined as the correlation between the best linear predictor from SNPs of the first phenotype (i.e. sum of beta*x with true population betas) and the best linear predictor from SNPs of the second phenotype. As with any correlation, this can be positive or negative. Non-zero values indicate some degree of association, but permit a broad range of possible interpretations. Described in terms of negative correlations, these include:
1) The same causal SNPs affect both phenotypes directly, and the SNPs that increase Phenotype 1 reduce Phenotype 2 and vice versa
2) The same causal SNPs affect both phenotypes indirectly, affecting some mediator that has a positive effect on Phenotype 1 and a negative effect on Phenotype 2
3) The same causal SNPs affect both phenotypes indirectly, affecting some mediator that has a positive effect on Phenotype 2 and a negative effect on Phenotype 1
4) Phenotype 1 reduces/protects against Phenotype 2
5) Phenotype 2 reduces/protects against Phenotype 1
6) The causal SNPs for Phenotype 1 are in LD with the causal SNPs for phenotype 2, with the SNPs that increase Phenotype 1 being in LD with SNPs that reduce Phenotype 2 and vice versa
7) Any combination of the above occurring at different loci
LD score regression does not distinguish between these scenarios.
LD score regression does not model the possibility of environmental exposures changing the genetic effects (i.e. gene x environment interaction). It’s only focused on correlation of the genetic risk, which is what helps distinguish it from observing correlations between the phenotypes directly. If GxE interactions are present, LD score estimates should roughly correspond to the main effect of SNPs in an average environment.
Cheers,
Raymond