Fig. 6
From: Portfolio diversification benefits before and during the times of COVID-19: evidence from USA
Source: Author’s own computation
Wavelet multiple cross-correlation for Dow Jones indices (conventional and Islamic) returns. Note: The white parts show the parts where the 95% interval is equal to zero. The long vertical dashed lines show the area with the most significant correlation between the wavelets. The color band on the right presents the strength of the correlation. For each wavelet correlation, the coefficients are within the 95% confidence interval.