Fig. 1
From: Industry return lead-lag relationships between the US and other major countries
Correlation maps. Notes: This figure shows the correlation heat maps between the industries of 7 countries, for the full sample (Exhibit A), in expansion periods (Exhibit B), and recession periods (Exhibit C) in the US according to the NBER (https://www.nber.org/research/data/us-business-cycle-expansions-and-contractions). The countries are Canada, France, Germany, Japan, the UK, and the US. The industries, from the left (top) to the right (bottom), are Basic Materials (BM), Consumer Discretionary (CD), Consumer Staples (CS), Energy (EN), Financials (FI), Health Care (HC), Industrials (IN), Real Estate (RE), Technology (TEC), Telecommunications (TEL), and Utilities (UT). On the right side of each panel, the table reports the correlation scales associated with each color. The dark blue and dark red correspond to correlations of -0.5 and 1, respectively