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Accretion disks around compact objects are expected to enter an unstable phase at high luminosity1. One instability may occur when the radiation pressure generated by accretion modifies the disk viscosity, resulting in the cyclic depletion and refilling of the inner disk on short timescales2. Such a scenario, however, has only been quantitatively verified for a single stellar-mass black hole3,4,5. Although there are hints of these cycles in a few isolated cases6,7,8,9,10, their apparent absence in the variable emission of most bright accreting neutron stars and black holes has been a continuing puzzle11. Here we report the presence of the same multiwavelength instability around an accreting neutron star. Moreover, we show that the variability across the electromagnetic spectrum—from radio to X-ray—of both black holes and neutron stars at high accretion rates can be explained consistently if the accretion disks are unstable, producing relativistic ejections during transitions that deplete or refill the inner disk. Such a new association allows us to identify the main physical components responsible for the fast multiwavelength variability of highly accreting compact objects., The authors thank the referees for the constructive comments which improved the manuscript. The interpretation of the FV thank R. Arcodia, P. Casella, G. Marcel, G. Mastroserio, N. Scepi and L. Stella for insightful discussions. The interpretation of the results benefited from discussions held during the meeting ‘Looking at the disc-jet coupling from different angles’ held at the International Space Science Institute in Bern, Switzerland. FV was supported by the NASA awards 80NSSC19K1456, 80NSSC21K0526 and from grant FJC2020-043334-I financed by MCIN/AEI/10.13039/501100011033 and NextGenerationEU/PRTR. JN acknowledges support by the SAO award GO1-22036X. AJT acknowledges support for this work was provided by NASA through the NASA Hubble Fellowship grant #HST–HF2–51494.001 awarded by the Space Telescope Science Institute, which is operated by the Association of Universities for Research in Astronomy, Inc., for NASA, under contract NAS5–26555. D.A. and N.C.S. acknowledges support from the Science and Technology Facilities Council (STFC) grant ST/V001000/1. FV, MAP and VC acknowledge support from the Spanish Ministry of Science and Innovation research project PID2020-120323GB-I00. MAP acknowledges support from the Consejería de Economía, Conocimiento y Empleo del Gobierno de Canarias and the European Regional Development Fund (ERDF) under grant with reference ProID2021010132 ACCISI/FEDER, UE. TMB acknowledges financial contribution from the agreement ASI-INAF n.2017- 14-H.0 and from PRIN-INAF 2019 N.15. TMD acknowledges support from the Spanish Ministry of Science and Innovation project PID2021-124879NB-I00, and the Europa Excelencia grant (EUR2021-122010). TDR acknowledge financial contribution from the agreement ASIINAF n.2017-14-H.0., Peer Reviewed, Postprint (author's final draft)