Table 5.

Estimates of OLS.

		Conventional		Shariah
Market	Variable	Pre	Covid	Pre	Covid
USA	d_gvz	0.0001	−0.0122	0.0011	−0.0023
	d_ovx	−0.0090*	−0.0326	−0.0083*	−0.0328*
	d_sgold	−0.0345*	0.3333	−0.0198	0.3268
	d_soil	0.0690**	−0.0185	0.0714**	−0.0167
	d_vix	−0.0870**	−0.1809**	−0.0874**	−0.1861**
Europe	d_gvz	−0.0131*	−0.0530	−0.0113**	−0.0543
	d_ovx	−0.0243**	−0.0390	−0.0129**	−0.0293
	d_sgold	0.0518	0.6064*	−0.0780**	0.4077
	d_soil	0.0905**	−0.0402	0.0509**	−0.0358
	d_vix	−0.0535**	−0.0843**	−0.0463**	−0.0728**
Asia	d_gvz	−0.0087*	−0.0526*	−0.0080	−0.0386
	d_ovx	−0.0186**	−0.0428**	−0.0179**	−0.0390*
	d_sgold	0.0766**	0.3759*	0.0140	0.2819
	d_soil	0.0176	−0.0450	0.0331**	−0.0434
	d_vix	−0.0131**	−0.0167	−0.0282**	−0.0508**

Note:

*and

**indicates significance at 5 % and 1 % levels.