Table 2.

Descriptive statistics of logarithmic yields during the period December 2019 - April 2021). This table provides information on the continuous log returns of the different ETFs for the financial, healthcare and pharmaceutical sectors (Panels A, B and C, respectively). By rows we find the different ETFs, while each column reports the different statistics. The average return and standard deviation ($E_{{(r}_j)},{\sigma }_{{(r}_j)}$) are shown in annualized terms, while skewness and kurtosis (${\tau }_{{(r}_j)},k_{{(r}_j)}$) are reported in daily format. Additionally, non-normality is assessed by the JB test. Note that the p-values relative to that test are presented in parentheses. *, ** and ***reveal statistical significance at the 10%, 5% and 1% levels, respectively.

	$E_{{(r}_j)}$	${\sigma }_{{(r}_j)}$	${\tau }_{{(r}_j)}$	$k_{{(r}_j)}$	$\mathit{JBtest}$
Panel A: financial sector
XLF	0.2116	0.3204	−0.7142	16.1380	4282.5565	(0.0000)***
VFH	0.2084	0.3272	−0.8280	15.4513	3868.5776	(0.0000)***
KRE	0.1920	0.4346	−0.2975	9.5022	1042.1344	(0.0000)***
KBE	0.1805	0.4142	−0.3937	9.6785	1105.7042	(0.0000)***
FAS	0.4232	0.8896	−1.8073	20.9072	8193.5096	(0.0000)***
KBWB	0.2055	0.4075	−0.4129	12.1395	2062.1253	(0.0000)***
IYF	0.1995	0.2940	−0.9441	17.8198	5475.0967	(0.0000)***
Panel B: healthcare sector
XLV	0.1727	0.2204	−0.4903	14.5669	3302.7152	(0.0000)***
VHT	0.1880	0.2275	−0.7691	16.2887	4388.4467	(0.0000)***
IBB	0.1867	0.2686	−0.3372	7.2623	453.9101	(0.0000)***
ARKG	0.5163	0.4273	−0.5802	6.7142	369.1508	(0.0000)***
XBI	0.2357	0.3500	−0.5070	6.6045	341.5890	(0.0000)***
IHI	0.2423	0.2480	−0.5274	12.6950	2329.5764	(0.0000)***
IXJ	0.1688	0.2072	−0.7153	15.6699	3986.0810	(0.0000)***
Panel C: pharmaceutical sector
PJP	0.1037	0.2305	−0.4796	11.9160	1969.0223	(0.0000)***
IHE	0.1250	0.2183	−0.4532	10.5369	1409.9512	(0.0000)***
XPH	0.1364	0.2625	−0.9814	11.0483	1680.9745	(0.0000)***
PPH	0.1301	0.2178	−0.6838	13.2580	2624.1588	(0.0000)***
KURE	0.3976	0.3345	−1.0493	9.4461	1125.2334	(0.0000)***
CHIH	0.3586	0.3069	−0.6470	6.5079	340.8799	(0.0000)***
FTXH	0.1310	0.2280	−0.3202	9.2021	950.0583	(0.0000)***