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Future Business Journal

Table 4 Wavelet multiple correlation (WMC) among USA and their major trading partners markets indices using LA (8) wavelet filter of length 8

From: Portfolio diversification benefits before and during the times of COVID-19: evidence from USA

 

Conventional indices

Islamic indices

Scales

Coefficient

Lower

Upper

Coefficient

Lower

Upper

D1

0.364

0.313

0.412

0.179

0.123

0.233

D2

0.456

0.390

0.518

0.231

0.154

0.306

D3

0.556

0.472

0.629

0.341

0.237

0.438

D4

0.597

0.482

0.691

0.464

0.327

0.581

D5

0.599

0.429

0.728

0.556

0.375

0.696

D6

0.657

0.423

0.809

0.624

0.376

0.789

D7

0.998

0.996

0.999

0.998

0.994

0.999

  1. Coefficient is the correlation coefficient. LA is Daubechies Least Asymmetric. The lower and upper values are bounded within the 95% confidence interval
  2. Source: Author’s own computation
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