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Table 3 Unconditional Correlation of Weekly Returns

From: Hedge effectiveness of put replication, gold, and oil on ASEAN-5 equities

Gold Indonesia Malaysia Oil Philippines Thailand Singapore
1       
0.049 1      
0.010 0.617a 1     
0.057 0.120a 0.064 1    
0.040 0.612a 0.565a 0.071b 1   
0.049 0.569a 0.509a 0.061 0.538a 1  
−0.019 0.622a 0.637a 0.102a 0.570a 0.561a 1
  1. Notes: a, b Statistical significance at 1% and 10%