Fig. 8
From: Dynamic correlation network analysis of financial asset returns with network clustering
Correlation network of sub-portfolios: whole period. Note: The network is created based on the network adjacency matrix of the whole observation period. The square nodes (labeled as P1, P2, …, and P8) represent Cyclical sub-portfolios; the circle nodes (labeled as P9, P10, …, and P14) represent Defensive sub-portfolios. The edge between nodes represents the degree of correlation of log returns between the two nodes. The edge width represents the weight of the corresponding entry of network adjacency matrix. The bottom table shows the quantiles of edge weights distribution with corresponding edges