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. 2012 Sep 10;2:644. doi: 10.1038/srep00644

Figure 2. The correlation between different industry branches as well as the intra-branch correlation characterize the different market states (a-h).

Figure 2

The inter-branch correlation is represented by the off-diagonal blocks, and the intra-branch correlation is represented by the blocks on the diagonal. Legend: E: Energy, M: Materials, I: Industrials, CD: Consumer Discretionary, CS: Consumer Staples, H: Health Care, F: Financials, IT: Information Technology, C: Communication, U: Utilities. (i) Similarity tree structure of the 8 market states. (j) Illustration of the overall average correlation matrix.