R Graphics Output - hedibert.orghedibert.org/wp-content/uploads/2013/11/DJIA-19... · Days Corr...

X3M

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

Alcoa

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

AmericanExpress

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

Boeing

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

Caterpillar

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

CocaCola

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

DuPont

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

ExxonMobil

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

GeneralElectric

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

HewlettPackard

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

IBM

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

JohnsonJohnson

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

JPMorganChase

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

McDonalds

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

MerckCo

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

Pfizer

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

ProcterGamble

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

UnitedTechCorp

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

WalMart

Days

Ret

urns

−30

−20

−10

010

20

2/1/81 22/12/88 16/12/96 23/12/04 31/12/12

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●

X3M

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

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●

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●

●

●

Alcoa

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

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●

●

● ●

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●

●

●●

● ● ●

●

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●

●●

●●

●

AmericanExpress

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

●

●● ● ●

●

● ●

●●

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● ●

●

●

●

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●

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●

●

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●

Boeing

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

●●

●

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●

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●●

●●

●

●● ●

● ●

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●

●

●

Caterpillar

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

●●

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●

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●

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●●

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●

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CocaCola

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

● ● ●

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●

●

●

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●

●●

●

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●

●

●

DuPont

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

● ● ● ● ●●

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●

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●

●

● ●

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●

●

●

●

●

●

ExxonMobil

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●● ●

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●

●●

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●●

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● ● ●

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●

●● ●

●

● ●

●●

●

GeneralElectric

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

●

●●

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●

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●●

●

●

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●

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●

●

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●

●

●

●●

HewlettPackard

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●●

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●

IBM

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

●

●●

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●

● ● ● ● ●

●

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●

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●

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●

●●

●

●

JohnsonJohnson

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

●●

●

●●

●

●●

● ●

●

●●

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●

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●

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●

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●

●

●

JPMorganChase

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●●

●● ●

●

●

● ●● ● ●

● ● ● ● ●

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●

●

●●

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●

●

● ●●

McDonalds

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

● ●● ●

●

●

●

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●

●

●●

●

● ● ●

●

●●

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●

●

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●

● ●

●

MerckCo

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

● ● ● ● ●

●

●

●

● ● ●

●

● ● ●

●

● ● ●

●

●

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●

●

●

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●

Pfizer

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●●

● ●●

●

●

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●● ● ●

●●

●●

●

●

●●

● ● ● ● ●

●

●

● ● ●

ProcterGamble

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

●

● ● ● ●

●

●●

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●

● ●

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●

●

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●

●

●

●

●

UnitedTechCorp

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●● ●

●

●

●

●

●

●

●

●

●

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● ●

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●

●

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WalMart

Days

St.D

ev.

12

34

5

1981 1987 1993 1999 2005 2011

●

● ● ●● ●

● ●

●●

●● ● ●

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●●

● ●

●

● ●●

●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Alcoa − X3M

● ●●

● ●

●

●

●● ●

●●

●● ● ●

●●

●●

●●

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●

● ● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

AmericanExpress − X3M

●●

●

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●

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●●

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●

●●

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●

●

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●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

AmericanExpress − Alcoa

●

●

●

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●● ●

●

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● ●

● ●

● ●

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●

● ● ●

●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Boeing − X3M

●● ● ● ● ●

●● ● ●

●●

●

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● ● ●

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●

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●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Boeing − Alcoa

● ●● ● ●

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●

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●

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● ●

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●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Boeing − AmericanExpress

●

● ● ●●

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●●

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●

●

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Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Caterpillar − X3M

●

● ● ● ● ●

●●

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●

●

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●

●

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● ● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Caterpillar − Alcoa

● ● ●

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●

●

●

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●

● ●

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●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Caterpillar − AmericanExpress

● ● ●● ●

●● ●

● ● ●●

●

● ● ● ● ●

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●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Caterpillar − Boeing

●

●

●

●

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●

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Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

CocaCola − X3M

●● ● ●

●

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●

●

●

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●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

CocaCola − Alcoa

●● ●

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●

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●

●

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●

● ●

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● ● ●

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●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

CocaCola − AmericanExpress

●●

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●

●

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●

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● ●

● ● ●

●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

CocaCola − Boeing

●●

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●

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●

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●

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●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

CocaCola − Caterpillar

●

●● ●

●

●

● ●● ● ●

● ● ● ● ●●

●

●●

●●

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●●

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●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

DuPont − X3M

●

● ● ●

●

●

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● ●●

●

●●

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●

● ●●

● ● ●●

● ● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

DuPont − Alcoa

●

● ●●

●

●

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●

● ●

● ● ●

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●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

DuPont − AmericanExpress

●●

●

●

●

●

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●

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●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

DuPont − Boeing

●

●● ●

●●

● ●

● ● ●

● ●

●

● ●● ● ●

● ●●

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●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

DuPont − Caterpillar

●●

●

●

●

●

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● ●

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●

●

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●

● ●●

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●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

DuPont − CocaCola

● ●●

● ●

●

●●

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● ● ●●

● ●

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●

●

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●

● ● ●● ●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ExxonMobil − X3M

●● ●

●●

●● ●

● ●●

● ●●

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●

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●

● ●● ●

●

●

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Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ExxonMobil − Alcoa

●●

● ●●

●

●●

●

● ● ●

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●

●

●

●

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● ●

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● ● ● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ExxonMobil − AmericanExpress

●●

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● ●

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●

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●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ExxonMobil − Boeing

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●

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●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ExxonMobil − Caterpillar

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●●

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●

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●

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● ● ●

● ●●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ExxonMobil − CocaCola

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●

●●

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●

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● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ExxonMobil − DuPont

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●

●

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● ●

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●

●●

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●

●● ● ●

●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

GeneralElectric − X3M

●●

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● ● ●

● ● ●

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●

●●

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●

●

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●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

GeneralElectric − Alcoa

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●

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●

● ●● ●

● ● ●

● ● ●

● ●● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

GeneralElectric − AmericanExpress

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●

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● ● ●● ●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

GeneralElectric − Boeing

● ● ● ● ●●

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●

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●

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●

●● ●

● ●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

GeneralElectric − Caterpillar

●

●●

●

●

●

● ●● ●

●

●● ●

●

●

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●● ●

●●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

GeneralElectric − CocaCola

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●

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●

●

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●

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●● ●

●

●●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

GeneralElectric − DuPont

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●

● ●

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● ●

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●

●

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●

●

● ● ●

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●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

GeneralElectric − ExxonMobil

●

●

●

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●

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● ●

●

●

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●

●● ●

● ●

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●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − X3M

●

●

●●

● ●

●

●●

●● ●

●

●● ●

● ●

●●

●

●●

●

● ●

●

●●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − Alcoa

●●

● ● ●

●

●

● ● ●●

● ● ● ● ●

●●

●●

●

●●

●

●●

●● ● ● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − AmericanExpress

●●

●●

● ●● ●

●●

●

●●

● ● ●

●

● ● ●

●● ●

●

●●

●

● ● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − Boeing

●●

●● ●

●

●

●

● ●● ●

●

●

●● ●

●

●●

●

●

●●

●

●

●●

● ● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − Caterpillar

●●

●

●

●●

●●

● ●●

●● ●

●

●

●

●●

●●

● ● ● ● ●●

●

● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − CocaCola

●

●

●

●

●●

●

● ●● ●

●

●

●

●●

●

●

● ●

●

●● ●

●● ●

● ●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − DuPont

●●

●●

●

●

●●

●

●●

● ● ● ● ●

●

● ●

●●

●●

●● ●

●●

● ● ●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − ExxonMobil

●

●

●●

●●

●

●● ●

●●

●●

●

●

●●

● ●

●

●

● ●

●

●

● ● ●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

HewlettPackard − GeneralElectric

●

● ● ●●

●

●●

●●

●

●

●● ●

●

● ●

●●

●

● ●

● ● ● ●

●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − X3M

●

●●

● ●

●

● ●

●●

●● ● ●

● ●

● ●

●●

●

● ●

● ●

●●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − Alcoa

●

●

●

● ●●

●

●

●●

●

●●

●● ●

● ●

●●

●

● ●

●●

● ●

●

●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − AmericanExpress

●

●

●●

●

●●

●

●

●

●

●● ●

●●

●

●

● ●

●● ●

●● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − Boeing

●

● ● ●●

●

●●

●●

●●

●

●●

● ●●

●

●●

● ●

●● ●

●

●

●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − Caterpillar

●

● ● ●

●

●

●●

●

●

●

● ●● ●

●

●

●

● ●

●● ● ●

●●

●

●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − CocaCola

●

● ●

●

●

●

● ●

● ●

●

● ●● ●

●

●●

●●

●

● ●●

● ● ●

●● ● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − DuPont

●

● ● ●

●

●

●●

●●

●

● ● ●●

●

●

●●

●

●

●●

●●

●

●

●●

● ●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − ExxonMobil

●

● ● ●

●

●

●●

●●

●

●

●

●●

●

● ●

●●

●● ●

● ●● ●

●

●

● ●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − GeneralElectric

●

● ● ●●

●

●●

● ●●

● ●●

● ● ●●

● ●●

●● ●

●

●●

●● ● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

IBM − HewlettPackard

● ●

●●

●

●

●

●●

●

●

●

●

●

●

●●

●

●

●●

●

●

●● ● ●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − X3M

● ● ●●

●●

● ● ● ●

●

● ●●

●●

●●

●●

●

●●

● ●●

●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − Alcoa

● ● ●●

●

●

●● ●

● ●

●● ● ●

●

●● ●

●●

● ●

●● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − AmericanExpress

●

●● ● ● ●

● ●●

●

●

● ● ● ●

●

● ●

● ●●

●●

● ●●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − Boeing

●●

●●

● ●

●●

●●

●

●● ●

●

●

●●

●●

●

● ●

●●

●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − Caterpillar

●●

●●

●

●

●

●●

●

●●

● ●

●●

●●

●● ●

●●

●● ●

●

●

● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − CocaCola

●●

●●

●

●

●

● ● ●●

● ●

●

●

●

●

●● ●

●

● ●

● ● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − DuPont

● ●

●●

●●

●●

● ● ●

● ● ●● ●

●

●

●● ●

●●

●●

●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − ExxonMobil

●

●

●●

●●

●●

● ●

●

●

●●

●

●

● ●●

● ●

● ●

●●

● ●●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − GeneralElectric

●

●

●●

●●

●

●● ●

●

●

● ●

●

●

●●

● ●

●

● ●

● ●●

●

●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − HewlettPackard

●

● ●●

●●

●

●●

●

●

● ●●

●

●● ●

●● ●

● ●

● ●

● ●

●

●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JohnsonJohnson − IBM

●●

●●

●

●

●●

●● ●

●●

●

●

●● ●

●●

● ● ●

● ● ●

●● ● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − X3M

●

● ● ● ● ●

● ●● ● ●

●●

●

●●

● ●

●

●

●

● ●

● ●●

●●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − Alcoa

● ●● ● ●

●

●

● ● ●● ● ● ● ●

●

●●

● ●● ●

●

● ●●

● ● ●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − AmericanExpress

●● ●

● ● ●● ●

● ●● ●

● ● ●

●●

● ● ●

● ●●

●

●

● ●● ●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − Boeing

● ●●

● ● ●

●

● ● ●● ● ● ● ● ●

● ●

●

●

●●

●●

● ●● ● ●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − Caterpillar

●● ●

●●

●

●●

●●

● ●● ● ●

● ●●

●●

●●

●●

● ●●

●●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − CocaCola

● ● ●●

●

●

●●

●● ●

●●

● ●●

●●

● ●

●

●●

● ● ●●

● ● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − DuPont

●● ● ●

●

●

●●

●

● ●

●● ●

●

●●

● ●●

●

● ●

● ● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − ExxonMobil

● ● ●● ●

●●

●●

● ●●

●

●●

● ●●

● ●

● ● ●

●● ●

●●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − GeneralElectric

●●

●● ●

●●

● ●●

●●

●●

●●

● ●● ●

●● ●

●

●

●

● ●●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − HewlettPackard

●

●● ●

●

●

●

●

● ● ●

● ●

●● ●

● ●●

●

●● ●

● ●● ●

● ● ● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − IBM

●●

●

●●

●●

● ●●

●

●

● ●●

● ●

● ●

● ●

●●

●

●●

● ●●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

JPMorganChase − JohnsonJohnson

●

●

● ● ● ●

●●

●

● ●

●● ● ●

●●

●

●

●●

● ● ● ●● ●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − X3M

●

● ● ●● ●

● ●● ● ●

●

●●

●

●●

●●

●●

●● ● ●

●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − Alcoa

● ●●

●●

●

●●

● ●●

●●

●●

● ● ●

● ● ●

● ● ●● ●

●

●● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − AmericanExpress

● ●

●

● ●●

● ●

●

●

●

● ●● ●

●●

●● ●

●●

●● ●

●●

●● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − Boeing

●●

● ● ● ●

●●

●●

●●

●

●

●

● ● ●

●● ●

●● ● ●

●

●

●

●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − Caterpillar

●

●

●

●

●

●

●●

●

●

●● ● ● ●

● ● ●

●

●

●● ● ●

● ●●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − CocaCola

●●

●

●

●

●

●●

●●

●● ● ●

●

● ●

●●

●●

●●

●● ●

●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − DuPont

●●

● ● ●●

●

●

● ● ●

●

● ●●

●●

●● ●

●

●

● ●●

●

●

●●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − ExxonMobil

●●

●●

●●

●●

● ●●

● ●●

●● ●

●

● ● ●● ● ● ●

●●

●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − GeneralElectric

●

●

●●

●●

●●

●●

●

●● ●

●

● ● ●●

● ●●

● ●●

● ●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − HewlettPackard

●

● ● ●●

●

●●

●

●

●

● ● ●

●

●● ●

● ● ●

● ● ●● ●

●

●

●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − IBM

●●

●●

●

●

●●

●●

●●

●●

● ● ●● ●

●●

● ●●

● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − JohnsonJohnson

●●

●● ●

●

●●

● ●● ● ●

●●

●●

● ●● ●

●● ●

● ● ●●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

McDonalds − JPMorganChase

●

●

●

● ●●

● ●●

●

●●

●

●

●

●● ●

●

● ●

●●

●● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − X3M

●

● ● ● ● ●

● ● ●● ●

● ●

●

●

●

●●

●

●●

●●

●●

●

●

●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − Alcoa

● ●●

● ●

●

● ●● ●

●

●

●●

●

●●

● ●

●●

● ●

● ●

●

● ●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − AmericanExpress

●

●

●

●● ●

● ●●

●

●

●●

● ●

●●

●● ●

●

● ●

● ● ●●

●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − Boeing

●

●

●● ● ●

●●

● ●●

● ●

●

●

●

● ●

●

●●

●●

●●

●●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − Caterpillar

●

●●

● ●

●

● ● ● ●●

●

● ●●

● ● ●

●● ●

● ●

●

●●

● ●● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − CocaCola

●

●

●●

●

●

● ●●

● ●

●●

●

●

●

●

●

● ● ●

● ●

●

● ●

●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − DuPont

●● ●

●●

●● ●

● ● ●

●

●

●●

●

●

●

●

● ●

● ●

● ● ●

●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − ExxonMobil

●

●

●● ●

●

● ●●

●●

●

●

●

●

●● ●

●

●●

●●

● ●●

● ●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − GeneralElectric

●

●

●

●

●

●

●●

● ●●

●● ●

●

●

●●

●●

●

●●

●●

●●

●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − HewlettPackard

●

● ● ●●

●

● ●

●

●

●

●●

●

●

●

●●

●

● ●

● ●

● ●

● ●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − IBM

● ●● ● ●

●

● ● ●●

● ●●

● ●

●●

●● ●

●

● ●

●●

●●

● ●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − JohnsonJohnson

●

●●

●●

●

●● ●

● ●

●●

●

●

● ● ● ●

● ●

●●

● ●

● ● ●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − JPMorganChase

● ●

●● ●

●

●●

●●

●

●●

●●

● ● ● ● ●

●● ●

●●

●●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

MerckCo − McDonalds

●

●

●

●●

●

●

●●

●

●●

●●

●

●●

●

●

● ●

● ●

● ●●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − X3M

●

●●

● ● ●

●

●● ●

●● ●

●

●

●

●●

●

● ●

● ●

● ●●

●●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − Alcoa

●

●●

● ●

●

●

●●

●●

●

●●

●

●

●●

●

● ●

●●

●

● ●

●●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − AmericanExpress

●●

●

● ● ● ● ●●

●

●

● ●● ●

●

●

●

●●

●

●●

●●

●

●

●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − Boeing

●●

● ●

●●

●

●●

●●

●●

●

●

●

●●

●● ●

● ●●

●●

●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − Caterpillar

●

●

●● ●

●

●●

●● ●

●

●●

●●

●

● ●

● ●

● ●● ● ●

●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − CocaCola

●●

●

●●

●

●

●●

●●

●●

●

●

●

●

●●

●●

● ●

● ●

●

●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − DuPont

●●

●●

● ●

●

●

● ● ●

●●

● ●●

●

●●

●●

●●

● ● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − ExxonMobil

● ●●

● ● ●

●

●● ● ●

●●

● ●

●

● ●●

● ●

● ●

● ● ●

● ●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − GeneralElectric

●

●

●●

● ●

●

● ● ●●

● ●●

●●

●●

●●

●

● ●

●

●

●

●●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − HewlettPackard

●

●●

●●

●

●

●

●

●

●

● ●●

●●

● ●

●

● ●

●●

●

●●

●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − IBM

●●

●

● ●●

●●

●●

●●

●

●

● ●●

●

● ●●

● ●

●●

●

●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − JohnsonJohnson

●

● ● ● ●

●●

● ● ● ●

●●

●

●

●●

●●

●●

●●

●●

●

● ●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − JPMorganChase

● ● ● ● ●●

●

●● ●

● ●

●●

● ●●

● ●●

●●

●● ●

●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − McDonalds

●●

●

● ● ●●

● ● ● ●● ●

● ●●

●

●●

● ●● ●

●

●●

●● ● ● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

Pfizer − MerckCo

●

●

●

●

●

●

●●

●

●

●

●●

●

●

● ●●

●

● ●

● ●● ●

●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − X3M

●●

● ●●

●●

●

●●

●

●●

●

●●

●

●

●●

● ●

●● ●

●

●

●

● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − Alcoa

● ● ●● ●

●

●●

● ●●

● ● ●●

●

●●

●● ●

●

●

●●

●●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − AmericanExpress

●

●●

●●

●

●●

●

●

●

●●

●●

●

●

●

● ●●

● ●● ● ● ●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − Boeing

● ●● ● ● ●

● ●

●

●

●●

●

●

●

●

●●

●

●

●

●●

●●

●●

●

● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − Caterpillar

●●

●●

●

●

●

●

●

●

●

●● ● ●

●●

●

● ●●

●●

● ● ●●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − CocaCola

●

●

●

●

●

●

● ●

●

●

●

●●

●

●

●

●

●

●

●

●

● ●

●●

●

●

●● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − DuPont

● ● ● ●●

●

●

●

● ● ●

●●

●

●●

●

● ●

●

●● ●

●●

●

●

●

● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − ExxonMobil

●

●

●●

●

●

●●

●●

●

●●

●

●

●

●●

●

●●

●

●● ● ●

●●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − GeneralElectric

●

●

●●

●●

●

●

●●

●

● ●●

●●

●

●●

● ●

●●

●●

●

●

●● ● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − HewlettPackard

●

●●

●●

●

●

●

●

●

●

● ●●

●

●

●

●●

●

●●

●

● ● ●●

●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − IBM

●●

● ●

●

●

●

●●

●

●

●● ●

●●

●●

●●

●

● ●

● ● ●

●

●

● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − JohnsonJohnson

●●

●

●●

●

●●

●● ●

●●

● ●

●●

●

●● ●

●

●

● ● ●●

●● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − JPMorganChase

●

●

● ●●

●

●

●●

●

●

● ●

● ●●

● ●● ●

● ●

● ●● ● ●

●

● ● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − McDonalds

● ●●

●●

●●

●

●●

●●

●

●●

● ●● ●

●●

●

●

●

● ●●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − MerckCo

●●

● ● ●

●

●●

●

●●

● ●● ●

●●

● ●● ●

● ●

●●

●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

ProcterGamble − Pfizer

●

●

● ●

●

●●

● ●●

●●

●●

● ●●

●●

●●

●●

● ●●

●

● ● ●

●●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − X3M

●●

●●

●

●●

●●

● ● ●

●

●● ●

● ●

● ●

●

●●

● ●●

●

●● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − Alcoa

●●

●

● ●

●●

● ● ●

●● ●

● ●●

●●

● ●

●

● ●

●● ●

●

● ● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − AmericanExpress

●●

● ●● ●

● ● ●

●

●

● ●

●● ●

● ●

● ●

● ●● ●

●●

●● ● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − Boeing

●●

● ● ● ●

●●

● ● ●

● ●

●

●●

● ●● ●

●

●●

●●

●

●●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − Caterpillar

●●

● ● ●●

●● ●

●

●●

●●

●

● ●●

● ● ●

●●

●

● ●●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − CocaCola

●

●● ●

●

●

●● ●

● ●●

●

●

●

● ● ●

●

●

●●

●

● ● ●

●

●●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − DuPont

● ●●

●●

●

● ●

●●

●●

● ● ●●

●● ●

●

●

●●

●●

●

●●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − ExxonMobil

●●

● ●●

● ●● ● ●

●● ●

●

●

● ● ●

●

●

●●

●●

●

●

●● ●

● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − GeneralElectric

●●

●●

●

●

●

●●

●●

● ●●

●●

●●

● ●

●● ●

●●

●

●● ●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − HewlettPackard

●

● ●

● ●

●● ●

●

●

●●

●● ● ●

●

●

●●

●

●●

● ● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − IBM

● ●● ●

●●

● ●● ●

●

● ●●

●

●●

●● ●

●

●●

●

●

●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − JohnsonJohnson

● ●●

● ●● ●

●●

● ● ●●

●●

●●

●

●●

●● ●

● ● ● ●● ● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − JPMorganChase

●●

●●

●●

● ●● ●

●● ●

●

●● ●

●

●● ● ● ●

●

●●

●

●

●● ●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − McDonalds

●●

● ● ●●

● ●● ●

●

● ●

●●

●●

●

● ● ●

● ●

● ●●

●

●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − MerckCo

● ●● ● ●

●●

●● ●

●

● ●●

●

●● ●

● ●●

●

●

● ● ●

●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − Pfizer

●

●

●●

●●

● ●●

●

●

● ●

●

●

●●

●●

●●

●●

●●

●

●

●

● ●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

UnitedTechCorp − ProcterGamble

●●

●

●

●

●●

●● ● ●

●●

●

●

● ● ●

●

●●

● ●

● ● ●●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − X3M

●●

●

●

●

●

● ● ●●

●●

●● ● ●

●●

●

●

●● ●

● ●●

●

●

●

●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − Alcoa

●● ●

● ●

●

● ● ●●

●●

●

● ●●

●● ●

●●

●●

● ●●

● ●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − AmericanExpress

●●

●

●● ●

●●

●

●

●

● ●● ●

●

● ●

●●

● ● ●

● ●● ●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − Boeing

●●

●

●●

●

●●

●

●

●

● ● ●●

●●

●

●

●●

● ●

● ●●

●●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − Caterpillar

●●

●

●

●

●● ● ●

●●

●● ●

●

●●

●

● ● ●● ●

●●

● ●●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − CocaCola

●●

●

●

●

●

● ● ● ● ●

●

●● ●

●● ●

●●

●

● ●

●● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − DuPont

●● ● ●

●

●

●●

●

●●

●

●● ● ●

●

● ● ●●

●●

●●

●

●

●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − ExxonMobil

●

●●

●●

●

● ● ● ● ●

●

●● ● ●

●●

●●

● ●●

● ● ●

● ●

●

●●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − GeneralElectric

●●

●

●

●

●

● ●● ● ●

● ●●

●●

● ●●

●

●

● ●

●●

●

●●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − HewlettPackard

●

● ● ●

●

●

● ●

●

●

●

● ● ●●

●

●●

●●

●●

●

● ●● ●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − IBM

●●

●●

●

●

●● ● ●

●●

● ●

●●

●●

●

●●

● ●

● ●●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − JohnsonJohnson

●● ● ● ●

●● ●

●●

●

● ●●

●● ●

●●

●

● ●●

● ● ●

● ●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − JPMorganChase

●

● ●● ●

●

● ●●

●

●●

● ●● ●

●●

● ● ● ● ●● ● ● ●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − McDonalds

●

●

●

●

●

●

● ● ● ●●

●

●

●

●

●●

●●

●

●

● ●

●

●●

●●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − MerckCo

●

●

●●

●

●

●

● ● ● ●●

● ●

●●

● ● ●

●●

● ●

● ● ●

● ●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − Pfizer

●● ●

●

●

● ●●

●

●●

● ● ●

●●

● ●● ●

●

●●

●● ●

●

●

● ●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − ProcterGamble

● ● ●

●●

● ●● ● ●

●

● ●●

●●

●●

● ●●

●●

●● ●

●

●

●●

●

●

Days

Cor

r

−1.

00.

00.

51.

0

1981 1985 1989 1993 1997 2001 2005 2009

WalMart − UnitedTechCorp

0.6 0.8 1.0 1.2 1.4

−0.

050.

000.

050.

10

Standard deviation

Mea

n

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

19981999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Annual global minimum variance portfolio

Black Monday−Oct 19th=>

<=Russian financial crisis

<=Dotcom bubble

Internet bublle bursting=><=Financial crisis

1980 1990 2000 2010

−0.

20.

00.

20.

4X3M

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

Alcoa

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

AmericanExpress

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

Boeing

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

Caterpillar

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

CocaCola

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

DuPont

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

ExxonMobil

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

GeneralElectric

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

HewlettPackard

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

IBM

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

JohnsonJohnson

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

JPMorganChase

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

McDonalds

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

MerckCo

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

Pfizer

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

ProcterGamble

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

UnitedTechCorp

YEARS

Wei

ght

1980 1990 2000 2010

−0.

20.

00.

20.

4

WalMart

YEARS

Wei

ght