Table 4.
Correlations between identified companies and traditional financial markets, both before and after the COVID-19 outbreak.
| Constellation Brands Inc | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Before COVID-19 |
After COVID-19 |
||||||||||||||
| Constell. | Shang. | Shenz. | DJIA | WTI | Gold | BTC | Constell. | Shang. | Shenz. | DJIA | WTI | Gold | BTC | ||
| Constell. | 1.000 | Constell. | 1.000 | ||||||||||||
| Shang. | 0.032 | 1.000 | Shang. | 0.286 | 1.000 | ||||||||||
| Shenz. | 0.025 | 0.889 | 1.0000 | Shenz. | 0.315 | 0.967 | 1.000 | ||||||||
| DJIA | 0.394 | 0.165 | 0.1454 | 1.000 | DJIA | 0.813 | 0.243 | 0.263 | 1.000 | ||||||
| WTI | 0.098 | 0.091 | 0.0802 | 0.302 | 1.000 | WTI | 0.552 | 0.484 | 0.488 | 0.601 | 1.000 | ||||
| Gold | −0.065 | −0.009 | −0.0141 | −0.180 | 0.013 | 1.000 | Gold | 0.285 | 0.335 | 0.347 | −0.116 | 0.014 | 1.000 | ||
| BTC | 0.012 | 0.0188 | 0.020 | 0.036 | −0.007 | 0.039 | 1.000 | BTC | 0.650 | 0.343 | 0.385 | 0.429 | 0.279 | 0.468 | 1.000 |
| Corona Corp | |||||||||||||||
|
Before COVID-19 |
After COVID-19 |
||||||||||||||
| Cor C. | Shang. | Shenz. | DJIA | WTI | Gold | BTC | Cor C. | Shang. | Shenz. | DJIA | WTI | Gold | BTC | ||
| Cor C. | 1.000 | Cor C. | 1.00 | ||||||||||||
| Shang. | 0.106 | 1.000 | Shang. | 0.502 | 1.000 | ||||||||||
| Shenz. | 0.097 | 0.889 | 1.000 | Shenz. | 0.517 | 0.967 | 1.000 | ||||||||
| DJIA | 0.082 | 0.145 | 0.145 | 1.000 | DJIA | 0.263 | 0.243 | 0.263 | 1.000 | ||||||
| WTI | 0.000 | 0.091 | 0.080 | 0.302 | 1.000 | WTI | 0.363 | 0.484 | 0.488 | 0.601 | 1.000 | ||||
| Gold | −0.058 | −0.009 | −0.014 | −0.182 | 0.013 | 1.000 | Gold | 0.334 | 0.335 | 0.347 | −0.116 | 0.014 | 1.000 | ||
| BTC | −0.032 | 0.018 | 0.020 | 0.036 | −0.007 | 0.039 | 1.000 | BTC | 0.363 | 0.343 | 0.385 | 0.429 | 0.279 | 0.468 | 1.000 |
| Coronation Fund Managers Ltd | |||||||||||||||
|
Before COVID-19 |
After COVID-19 |
||||||||||||||
| CFM | Shang. | Shenz. | DJIA | WTI | Gold | BTC | CFM | Shang. | Shenz. | DJIA | WTI | Gold | BTC | ||
| CFM | 1.000 | CFM | 1.000 | ||||||||||||
| Shang. | 0.155 | 1.000 | Shang. | 0.383 | 1.000 | ||||||||||
| Shenz. | 0.126 | 0.889 | 1.000 | Shenz. | 0.365 | 0.967 | 1.000 | ||||||||
| DJIA | 0.159 | 0.165 | 0.145 | 1.000 | DJIA | 0.702 | 0.243 | 0.263 | 1.000 | ||||||
| WTI | 0.145 | 0.091 | 0.080 | 0.302 | 1.000 | WTI | 0.611 | 0.484 | 0.488 | 0.601 | 1.000 | ||||
| Gold | −0.062 | −0.009 | −0.014 | −0.180 | 0.013 | 1.000 | Gold | 0.293 | 0.335 | 0.347 | −0.116 | 0.014 | 1.000 | ||
| BTC | 0.044 | 0.018 | 0.020 | 0.036 | −0.007 | 0.039 | 1.000 | BTC | 0.516 | 0.343 | 0.385 | 0.429 | 0.279 | 0.468 | 1.000 |
Note: In the above table, the changing correlations between the identified companies susceptible to the ‘corona’ naming shock and these financial assets. The date indicating the start of the pandemic is that of 31 December 2019, when cases of pneumonia detected in Wuhan, China, are first reported to the WHO.