Figure 8. A three-dimensional scatter plot of the market dynamical evolution of stocks belonging to the S&P500 index in the past decade.

(A) The axes are the average stocks-index correlations (X-axis), average raw stock correlations (Y-axis), and the average residual (partial) correlations (Z-axis). Each dot corresponds to a time window of 22 trading days and the color code is similar to that used in Figure 1A. (B) similar results are obtained when using longer time window and when replacing the average stocks-index correlation with the average β coefficient as the X-axis, and replacing the average stock-stock correlation with the entropy as the Y-axis.