## figure1-10

## Source details

**Canonical URL:** [figure1-10](https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-10.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-10.pdf.md)
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### Correlations: Cross-country and with the United States
- Panel label: "2. Average Correlations (Versus the United States; five-year rolling window)"
- Finding: "Within the global equity market, cross-country correlations have rebounded somewhat."
- Time markers and events shown on axis: "20010305070911131517", "Taper tantrum", "Brexit", "US election"
- Numerical axis values shown: "–0  .8", "–0  .6", "–0  .4", "–0  .2", "0.0", "0.2", "0.4", "0.6", "0.8", "1.0"
- Historical year sequence printed: "1819909294969820000204060810121416"

### Correlations: With the S&P 500 and within the United States
- Panel label: "1. Average Correlations (90-day rolling versus S&P 500; cap weighted)"
- Finding: "In the United States, correlations between individual stocks and across sectors have picked up."
- Asset/category labels shown: "Investment-grade bonds", "High-yield bonds", "Commodities", "US Treasuries", "US credit", "Advanced economies", "EMs excluding China", "China", "Across sectors", "Within sectors"
- Time series markers and events on axis: "200507091113151718", "Jan. 2015", "Jan. 16", "Jan. 17", "Jan. 18", "Presidential election", "February turbulence", "Tax reform bill introduced"
- Numerical axis tick labels shown: "0.5", "0.6", "0.7", "0.8", "0.9", "1.0"

### Average correlations across major asset classes
- Caption text: "The average correlations across major asset classes have remained relatively high ..."
- Numerical axis values present in figure panels: "0.0", "0.1", "0.2", "0.3", "0.4", "0.5", "0.6", "0.7", "0.8", "0.9", "1.0"

### Corporate bond market turnover
- Panel label: "4. Corporate Bond Market Turnover (Ratio of trading volumes to amounts outstanding, percent)"
- Finding: "... while market turnover has been relatively low."
- Data point timing note: "In panel 4, data are as of end-February 2018."
- Numerical axis values shown: "0", "50", "100", "150", "200", "250"

### Sources and notes
- Sources listed: "Bloomberg Finance L.P.; Haver Analytics; Market Axess; and IMF staff estimates."
- Note: "EM = emerging market. S&P = Standard & Poor’s."

*Figure 1.10. Correlations and Interconnectedness*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-10.pdf_