Financial Innovation

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	0.617^a	1
0.057	0.120^a	0.064	1
0.040	0.612^a	0.565^a	0.071^b	1
0.049	0.569^a	0.509^a	0.061	0.538^a	1
−0.019	0.622^a	0.637^a	0.102^a	0.570^a	0.561^a	1

Notes: ^{a, b} Statistical significance at 1% and 10%

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