Fig. 2
From: Dynamic correlation network analysis of financial asset returns with network clustering
Stock price indices: Cyclical group sub-portfolios. Note: The sub-groups of P1, P2, …, and P8 correspond to the same group ids shown in Fig. 1. The stock price index of a sub-portfolio is first indexed as 100 at the beginning of the observation period (January 2008); then, the log returns of the mean value of the portfolio is calculated. The price index figures of sub-groups appear to be similar to each other because of the market-wide common price co-movements in the stock market. Some local temporal differences between sub-groups still exist, reflecting local group-specific common factors