Fig. 6
From: Dynamic correlation network analysis of financial asset returns with network clustering
Sub-period classification result of the dynamic correlation network. Note: The largest and the second largest eigenvalues of the adjacency matrix of the dynamic correlation network of sub-portfolio returns are plotted at each trading day as the two solid lines on the top. The clustering result of the conditional adjacency matrices during the whole observation period are shown as the shaded bar graph on the bottom. T1, T2, and T3 represents the three sub-periods as the three division of the whole period as shown in Tables 5 and 6