It is shown that the current-perpendicular-to-plane giant magneto-resistance (CPP-GMR) oscillations, in the ballistic regime, are strongly correlated with those of the exchange coupling (J). Both the GMR and J are treated on equal footing within a rigorously solvable tight-binding single-band model. The strong correlation consists in sharing asymptotically the same period, determined by the spacer Fermi surface, and oscillating with varying spacer thickness predominantly in opposite phases.The oscillatory behaviour of many physical phenomena of magnetic multilayer systems manifests itself in the most spectacular way as a function of spacer thickness, but the magnetic layer thickness is relevant 1-3 , too. The most widely studied oscillatory phenomena are those connected with either the exchange coupling (J) or the so called giant magnetoresistance (GMR) (see Refs. 3 and 4 for a review of the currect understanding of these phenomena). The exchange coupling is of quantum nature and is well understood in terms of such theoretical approaches like: RKKY-type theory 3 , quantum well states 5 , tight-binding 1 model 6 , and free-electron-like one 7 . From these approaches as well as experimental results 8 and ab initio band structure calculations 9,2 , consensus emerges on that the oscillation periods of J are determined by certain extremal spanning vectors of the spacer Fermi surface.As regards the GMR, according to the two-spins channels model, one expects a strong influence of the exchange coupling (responsible for the mutual orientation of the magnetization of ferromagnetic slabs) on the resistivity. The anticipated trend would be to relate the antiparallel (parallel) orientation with maxima (minima) of GMR. The GMR can be easily measured if the relative spontaneous orientation of the magnetizations of the magnetic slabs is antiparallel (negative J), since then simply GMR= (R(0) − R(H))/R(0), where H is the magnetic field necessary to switch to the parallel orientation; but GMR remains well defined in the opposite case, too. While the latter case makes no problem for a theoretical treatment, it requires pretty sophisticated handling (atomic engineering) in order to stabilize the antiparallel orientation by pinning one of the ferromagnetic slab magnetizations 10 .Although the GMR in general is not of quantum origin and contains some ingredients which are hard to control (defects, impurities, surface and interface roughness etc.), there is one contribution, due to reflections of electrons from quantum well barriers, which is of the same origin as the exchange coupling. This quantum contribution has been studied and shown to be quite substantial both by first principles computations 11 and model calculations 12,13 . The aim of the present paper is to confront the GMR oscillations in the ballistic regime 14,12,13 , where only the quantum contribution appears, with those of the exchange coupling. Both quantities are treated on equal footing without any approximations, by precise numerical computations.It is interesting t...