Table 4.

Bivariate regression (Independent variable: Covid19 deaths). This table shows the bivariate relationship between returns and volatility of different financial securities and Covid19 deaths.

Bivariate regression (Independent variable: Covid19 deaths)
Dependent variable	Returns		Volatility
	Coef.	t-stats	Coef.	t-stats
WRLD	−0.0017557⁎	−1.85	0.0001745⁎⁎⁎	5.19
EUR	−0.001646⁎	−1.93	0.001327⁎	1.61
ASIA	−0.001273⁎⁎	−2.59	0.0000416⁎⁎⁎	6.04
ITL	−0.0018846	−1.54	0.0010003	1.44
SPN	−0.0017041	−1.59	0.0006576	1.49
CHN	−0.0009452	−1.45	−5.89E−06	−0.43
GER	−0.0018756⁎⁎	−2.04	0.0001397⁎⁎⁎	6.76
FRA	−0.0016853⁎	−1.74	0.0001647⁎⁎⁎	5.32
KOR	−0.0018842⁎	−1.83	0.0001531⁎⁎⁎	5.24
SWZ	−0.0011381	−1.61	0.002421	1.29
UK	−0.0018748⁎⁎	−2.17	0.0001209⁎⁎⁎	6.79
USA	−0.0018173	−1.55	0.000244⁎⁎⁎	4.2
BC	−0.0035129	−1.6	0.000511⁎⁎⁎	4.45
WTI	−0.0025533	−0.98	0.0034437	1.18
GLD	−0.000548	−1.18	4.29E−06	1.01
Trsry	6.65E−06	0.03	0.0010561⁎⁎⁎	4.75
S&P	−0.0007713⁎⁎⁎	−2.76	0.0011414⁎⁎⁎	3.69

^*p $<$ 0.1.

^**p $<$ 0.05.

^***p $<$ 0.01.