DividendKings

Performance

Risk-Adjusted Performance

Dividends

Drawdowns

Volatility

Diversification

DividendKings

Currency in USD · Last updated May 17, 2025

Asset Allocation

Position	Category/Sector	Target Weight
ABBV AbbVie Inc.	Healthcare	1.96%
ABM ABM Industries Incorporated	Industrials	1.96%
ABT Abbott Laboratories	Healthcare	1.96%
ADM Archer-Daniels-Midland Company	Consumer Defensive	1.96%
AWR American States Water Company	Utilities	1.96%
BDX Becton, Dickinson and Company	Healthcare	1.96%
BKH Black Hills Corporation	Utilities	1.96%
CBSH Commerce Bancshares, Inc.	Financial Services	1.96%
CDUAF Canadian Utilities Limited	Utilities	1.96%
CINF Cincinnati Financial Corporation	Financial Services	1.96%
CL Colgate-Palmolive Company	Consumer Defensive	1.96%
CWT California Water Service Group	Utilities	1.96%
DOV Dover Corporation	Industrials	1.96%
EMR Emerson Electric Co.	Industrials	1.96%
FMCB Farmers & Merchants Bancorp	Financial Services	1.96%
FRT Federal Realty Investment Trust	Real Estate	1.96%
FUL H.B. Fuller Company	Basic Materials	1.96%
GPC Genuine Parts Company	Consumer Cyclical	1.96%
GRC The Gorman-Rupp Company	Industrials	1.96%
GWW		1.96%
HRL		1.96%
ITW		1.96%
JNJ		1.96%
KMB		1.96%
KO		1.96%
KVUE		1.96%
LANC		1.96%
LEG		1.96%
LOW		1.96%
MMM		1.96%
MO		1.96%
MSA		1.96%
MSEX		1.96%
NDSN		1.96%
NFG		1.96%
NUE		1.96%
NWN		1.96%
PEP		1.96%
PG		1.96%
PH		1.96%
PPG		1.96%
SCL		1.96%
SJW		1.96%
SPGI		1.96%
SWK		1.96%
SYY		1.96%
TGT		1.96%
TNC		1.96%
TR		1.96%
UVV		1.96%
WMT		1.96%

Benchmark

Rebalance

Performance

Performance Chart

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The earliest data available for this chart is Jan 2, 2013, corresponding to the inception date of ABBV

Returns By Period

	YTD	1M	6M	1Y	5Y*	10Y*
^GSPC S&P 500	1.30%	12.94%	1.49%	12.48%	15.82%	10.87%
DividendKings	2.56%	7.05%	-2.48%	2.62%	N/A	N/A
Portfolio components:
MO	14.65%	2.83%	9.27%	38.59%	N/A	N/A
LEG	0.11%	45.58%	-18.34%	-20.46%	N/A	N/A
MMM	19.19%	17.36%	18.55%	49.34%	N/A	N/A
CDUAF Canadian Utilities Limited	12.32%	-0.28%	9.92%	19.10%	10.10%	3.88%
UVV	7.55%	12.39%	8.32%	12.19%	N/A	N/A
NWN	6.36%	-2.41%	2.25%	12.01%	N/A	N/A
BKH Black Hills Corporation	2.27%	-1.43%	-3.61%	7.44%	4.99%	5.78%
FRT Federal Realty Investment Trust	-10.63%	6.39%	-11.88%	0.48%	10.97%	0.31%
ABBV AbbVie Inc.	5.50%	7.19%	13.63%	16.04%	20.07%	15.60%
KMB	7.08%	-0.45%	5.58%	6.94%	N/A	N/A
NFG	34.73%	3.16%	34.99%	48.34%	N/A	N/A
KVUE	15.38%	7.31%	3.41%	21.79%	N/A	N/A
HRL	-0.78%	1.16%	6.56%	-12.16%	N/A	N/A
SWK	-10.12%	25.79%	-14.77%	-17.45%	N/A	N/A
TGT	-25.61%	10.22%	-33.42%	-36.46%	N/A	N/A
KO	16.50%	0.45%	18.37%	17.11%	N/A	N/A
JNJ	5.48%	-1.68%	-0.15%	1.23%	N/A	N/A
PEP	-12.44%	-5.79%	-15.34%	-25.53%	N/A	N/A
CINF Cincinnati Financial Corporation	5.61%	14.19%	0.56%	30.47%	28.51%	14.61%
GPC Genuine Parts Company	11.11%	14.71%	6.66%	-13.91%	15.17%	6.24%
SYY	-3.97%	2.48%	-2.03%	-2.33%	N/A	N/A
PG	-1.38%	-1.24%	-2.48%	-0.33%	N/A	N/A
CL Colgate-Palmolive Company	1.49%	-1.87%	-1.39%	-1.41%	8.27%	5.25%
ADM Archer-Daniels-Midland Company	0.34%	8.67%	-4.09%	-16.21%	11.04%	2.41%
EMR Emerson Electric Co.	-1.84%	22.77%	-4.04%	8.82%	20.56%	10.23%
SJW	6.56%	-4.33%	-4.29%	-11.20%	N/A	N/A
ITW	-0.27%	9.37%	-6.00%	3.03%	N/A	N/A
LANC	-1.62%	-7.43%	-5.28%	-10.21%	N/A	N/A
GRC The Gorman-Rupp Company	3.24%	16.39%	-3.84%	21.43%	9.72%	6.19%
LOW	-4.18%	9.82%	-12.21%	2.75%	N/A	N/A
AWR American States Water Company	3.04%	0.25%	-5.84%	3.34%	3.06%	9.48%
CBSH Commerce Bancshares, Inc.	5.81%	9.35%	-2.90%	24.67%	9.91%	8.66%
ABM ABM Industries Incorporated	3.95%	14.24%	-3.29%	15.03%	12.94%	7.03%
CWT California Water Service Group	6.61%	-4.43%	-5.19%	-8.27%	4.01%	9.23%
ABT Abbott Laboratories	20.36%	3.93%	17.46%	31.12%	10.41%	12.80%
MSEX	12.45%	-5.65%	-11.64%	3.68%	N/A	N/A
FMCB Farmers & Merchants Bancorp	-6.13%	0.00%	1.39%	-3.53%	9.86%	11.22%
PPG	-3.34%	16.64%	-5.77%	-13.37%	N/A	N/A
SCL	-12.79%	19.37%	-24.13%	-34.71%	N/A	N/A
BDX Becton, Dickinson and Company	-22.33%	-12.47%	-21.37%	-24.57%	-5.62%	3.95%
WMT	9.29%	7.99%	17.47%	55.05%	N/A	N/A
DOV Dover Corporation	-0.22%	15.28%	-6.72%	2.49%	18.74%	13.10%
PH	7.53%	21.96%	-2.14%	27.43%	N/A	N/A
TNC	-5.20%	10.23%	-10.07%	-26.07%	N/A	N/A
NUE	-0.02%	6.62%	-20.29%	-31.92%	N/A	N/A
NDSN	-1.12%	13.65%	-18.80%	-23.11%	N/A	N/A
MSA	-3.16%	12.30%	-6.69%	-14.69%	N/A	N/A
TR	4.92%	5.63%	6.76%	14.43%	N/A	N/A
FUL H.B. Fuller Company	-14.85%	9.36%	-24.36%	-28.99%	12.99%	4.19%
GWW	4.95%	12.05%	-6.12%	17.16%	N/A	N/A
SPGI	5.09%	12.60%	4.18%	20.17%	N/A	N/A

*Annualized

Monthly Returns

The table below presents the monthly returns of DividendKings, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2025	2.38%	1.40%	-2.32%	-1.47%	2.64%								2.56%
2024	-2.43%	2.87%	4.37%	-3.54%	-0.19%	-0.62%	7.91%	1.49%	0.92%	-3.49%	5.74%	-7.89%	4.15%
2023					-3.95%	6.47%	1.99%	-2.96%	-6.05%	-2.45%	6.63%	5.48%	4.34%

Expense Ratio

DividendKings has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

The portfolio doesn't include any funds that charge management fees.

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of DividendKings is 7, meaning it’s performing worse than 93% of other portfolios on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

This table presents a comparison of risk-adjusted performance metrics for positions. Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Portfolio components

	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
MO	2.01	2.93	1.39	3.88	9.09
LEG	-0.37	-0.29	0.97	-0.27	-0.86
MMM	1.38	2.80	1.38	3.02	9.94
CDUAF Canadian Utilities Limited	0.98	1.44	1.19	0.81	3.35
UVV	0.47	0.83	1.12	0.43	1.86
NWN	0.57	1.02	1.13	0.56	2.55
BKH Black Hills Corporation	0.38	0.77	1.10	0.56	1.59
FRT Federal Realty Investment Trust	0.02	0.14	1.02	-0.01	-0.04
ABBV AbbVie Inc.	0.57	0.96	1.15	0.87	2.07
KMB	0.36	0.57	1.08	0.45	0.98
NFG	2.35	3.02	1.42	5.59	17.38
KVUE	0.79	1.45	1.17	0.65	2.86
HRL	-0.52	-0.51	0.93	-0.40	-0.77
SWK	-0.40	-0.40	0.95	-0.40	-0.90
TGT	-0.90	-1.09	0.84	-0.74	-1.81
KO	1.01	1.56	1.19	1.13	2.48
JNJ	0.06	0.35	1.05	0.22	0.49
PEP	-1.30	-1.67	0.80	-0.80	-1.86
CINF Cincinnati Financial Corporation	1.21	1.68	1.23	1.54	3.88
GPC Genuine Parts Company	-0.42	-0.37	0.94	-0.41	-0.87
SYY	-0.11	0.03	1.00	-0.12	-0.26
PG	-0.02	0.19	1.03	0.08	0.18
CL Colgate-Palmolive Company	-0.07	0.04	1.01	-0.07	-0.12
ADM Archer-Daniels-Midland Company	-0.61	-0.66	0.92	-0.32	-0.87
EMR Emerson Electric Co.	0.28	0.57	1.08	0.27	0.70
SJW	-0.43	-0.37	0.96	-0.24	-0.85
ITW	0.14	0.36	1.05	0.15	0.47
LANC	-0.32	-0.25	0.96	-0.46	-1.23
GRC The Gorman-Rupp Company	0.73	1.18	1.14	0.77	2.01
LOW	0.11	0.35	1.04	0.12	0.28
AWR American States Water Company	0.15	0.42	1.05	0.19	0.50
CBSH Commerce Bancshares, Inc.	0.98	1.47	1.19	1.11	2.89
ABM ABM Industries Incorporated	0.51	0.91	1.13	0.62	1.67
CWT California Water Service Group	-0.35	-0.33	0.96	-0.30	-0.69
ABT Abbott Laboratories	1.49	2.23	1.28	1.96	7.58
MSEX	0.10	0.47	1.05	0.11	0.31
FMCB Farmers & Merchants Bancorp	-0.15	-0.07	0.99	-0.25	-0.48
PPG	-0.49	-0.60	0.93	-0.37	-1.19
SCL	-1.04	-1.55	0.82	-0.65	-1.32
BDX Becton, Dickinson and Company	-0.87	-0.95	0.84	-0.60	-2.47
WMT	2.31	3.50	1.49	3.00	9.91
DOV Dover Corporation	0.09	0.34	1.04	0.10	0.32
PH	0.79	1.23	1.18	0.94	3.09
TNC	-0.91	-1.24	0.86	-0.60	-1.35
NUE	-0.82	-1.11	0.87	-0.66	-1.44
NDSN	-0.79	-1.03	0.86	-0.60	-1.29
MSA	-0.63	-0.77	0.91	-0.43	-0.92
TR	0.58	0.96	1.11	0.52	2.22
FUL H.B. Fuller Company	-0.97	-1.34	0.84	-0.65	-1.30
GWW	0.75	1.21	1.15	0.69	1.60
SPGI	0.92	1.50	1.21	1.19	4.11

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

DividendKings Sharpe ratios as of May 17, 2025 (values are recalculated daily):

1-Year: 0.17
All Time: 0.40

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 0.56 to 1.05, this portfolio's current Sharpe ratio places it in the bottom 25%. This suggests weaker risk-adjusted returns than most portfolios, possibly due to lower returns, higher volatility, or both. It may be worth reviewing the allocation. You can use the Portfolio Optimization tool to explore options for improving the Sharpe ratio.

The chart below shows the rolling Sharpe ratio of DividendKings compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time. For deeper analysis or to customize the calculation, use the Sharpe ratio tool.

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Dividends

Dividend yield

DividendKings provided a 2.65% dividend yield over the last twelve months.

	TTM	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Portfolio	2.65%	2.72%	2.69%	2.44%	2.11%	2.38%	2.22%	2.57%	2.13%	2.18%	2.52%	2.14%
Portfolio components:
MO	6.86%	7.65%	9.52%	8.05%	7.43%	8.29%	6.57%	6.07%	3.56%	3.48%	3.73%	4.06%
LEG	2.09%	6.35%	6.95%	5.40%	4.03%	3.61%	3.11%	4.19%	2.98%	2.74%	3.00%	2.86%
MMM	1.85%	2.60%	5.49%	4.97%	3.33%	3.36%	3.26%	2.85%	2.00%	2.49%	2.72%	2.08%
CDUAF Canadian Utilities Limited	4.93%	5.47%	5.53%	5.03%	4.85%	5.32%	4.24%	4.15%	3.95%	3.61%	4.11%	2.73%
UVV	5.67%	5.87%	4.72%	5.95%	5.64%	6.30%	5.29%	4.80%	4.11%	3.33%	3.71%	4.64%
NWN	4.76%	4.94%	4.99%	4.06%	3.94%	4.16%	2.58%	3.13%	3.16%	3.13%	3.68%	3.70%
BKH Black Hills Corporation	4.53%	4.44%	4.63%	3.43%	3.25%	3.53%	2.61%	3.07%	3.01%	2.74%	3.49%	2.94%
FRT Federal Realty Investment Trust	4.48%	2.93%	4.21%	4.26%	3.12%	4.96%	3.22%	3.42%	2.98%	2.70%	2.48%	2.47%
ABBV AbbVie Inc.	3.47%	3.49%	3.82%	3.49%	3.84%	4.41%	4.83%	3.89%	2.65%	3.64%	3.41%	2.54%
KMB	3.54%	3.72%	3.88%	3.42%	3.19%	3.17%	3.00%	3.51%	3.22%	3.22%	2.77%	0.73%
NFG	2.54%	3.36%	3.91%	2.97%	2.83%	4.30%	3.72%	3.30%	3.00%	2.84%	3.67%	2.20%
KVUE	3.39%	3.79%	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HRL	3.75%	3.60%	3.43%	2.28%	2.01%	2.00%	1.86%	1.76%	1.87%	1.67%	1.26%	1.54%
SWK	4.58%	4.06%	3.28%	4.23%	1.58%	1.56%	1.63%	2.15%	1.43%	1.97%	2.01%	2.12%
TGT	4.54%	3.28%	3.06%	2.66%	1.37%	1.52%	2.03%	3.81%	3.74%	3.21%	2.97%	2.50%
KO	2.73%	3.12%	3.12%	2.77%	2.84%	2.99%	2.89%	3.29%	3.23%	3.38%	3.07%	2.89%
JNJ	3.28%	3.40%	3.00%	2.52%	2.45%	2.53%	2.57%	2.74%	2.38%	2.73%	2.87%	2.64%
PEP	4.11%	3.51%	2.91%	2.50%	2.45%	2.71%	2.77%	3.25%	2.64%	2.83%	2.76%	2.68%
CINF Cincinnati Financial Corporation	2.19%	2.25%	2.90%	2.70%	2.21%	2.75%	2.13%	2.74%	3.33%	2.53%	3.89%	3.40%
GPC Genuine Parts Company	3.13%	3.43%	2.74%	2.06%	2.33%	3.15%	2.87%	3.00%	2.84%	2.75%	2.86%	2.16%
SYY	2.82%	2.64%	2.71%	2.51%	2.34%	2.42%	1.82%	2.30%	2.17%	2.24%	2.20%	2.95%
PG	2.50%	2.36%	2.55%	2.38%	2.08%	2.24%	2.37%	3.09%	2.98%	3.18%	3.32%	2.78%
CL Colgate-Palmolive Company	2.21%	2.18%	2.40%	2.36%	2.10%	2.05%	2.48%	2.79%	2.11%	2.37%	2.25%	2.05%
ADM Archer-Daniels-Midland Company	3.01%	3.96%	2.49%	1.72%	2.19%	2.86%	3.02%	3.27%	3.19%	2.63%	3.05%	1.85%
EMR Emerson Electric Co.	1.75%	1.70%	2.14%	2.15%	2.18%	2.49%	2.58%	3.26%	2.76%	3.42%	3.94%	2.85%
SJW	3.18%	3.25%	2.33%	1.77%	1.86%	1.85%	1.69%	2.01%	1.63%	1.45%	2.63%	2.33%
ITW	2.35%	2.29%	2.07%	2.30%	1.91%	2.17%	2.30%	2.81%	1.71%	1.96%	2.23%	1.91%
LANC	2.18%	2.11%	2.07%	1.65%	1.84%	1.55%	1.66%	1.39%	1.74%	1.45%	5.96%	1.90%
GRC The Gorman-Rupp Company	1.90%	1.91%	1.98%	2.67%	1.43%	1.82%	1.47%	7.74%	1.51%	1.39%	1.52%	1.15%
LOW	1.96%	1.82%	1.93%	1.86%	1.08%	1.40%	1.72%	1.93%	1.64%	1.77%	1.34%	1.19%
AWR American States Water Company	2.30%	2.30%	2.06%	1.65%	1.35%	1.61%	1.34%	1.58%	1.72%	2.01%	2.08%	2.21%
CBSH Commerce Bancshares, Inc.	1.61%	1.67%	2.02%	1.56%	1.40%	1.44%	1.32%	1.32%	1.26%	1.16%	1.45%	1.35%
ABM ABM Industries Incorporated	1.86%	1.76%	1.96%	1.76%	1.86%	1.47%	2.40%	2.18%	1.80%	1.62%	1.69%	2.18%
CWT California Water Service Group	2.43%	2.43%	2.01%	1.65%	1.28%	1.57%	1.53%	1.57%	1.59%	2.04%	2.88%	2.64%
ABT Abbott Laboratories	1.69%	1.95%	1.85%	1.71%	1.28%	1.32%	1.47%	1.55%	1.86%	2.71%	2.14%	1.95%
MSEX	2.30%	2.50%	1.92%	1.50%	0.92%	1.44%	1.54%	1.71%	2.15%	1.88%	2.92%	3.31%
FMCB Farmers & Merchants Bancorp	1.82%	1.71%	1.62%	1.54%	1.59%	1.94%	1.85%	1.99%	2.00%	2.05%	2.39%	2.74%
PPG	2.38%	2.23%	1.70%	1.92%	1.31%	1.46%	1.48%	1.82%	1.46%	1.65%	1.43%	1.13%
SCL	2.71%	2.33%	1.55%	1.29%	1.01%	0.95%	1.00%	1.25%	1.06%	0.95%	1.47%	1.72%
BDX Becton, Dickinson and Company	2.27%	1.71%	1.51%	1.38%	1.34%	1.28%	1.14%	1.34%	1.37%	1.64%	1.60%	1.61%
WMT	0.90%	0.92%	1.45%	1.58%	1.52%	1.50%	1.78%	2.23%	2.07%	2.89%	3.20%	2.24%
DOV Dover Corporation	1.11%	1.10%	1.33%	1.49%	1.10%	1.57%	1.68%	2.02%	0.00%	0.00%	0.00%	0.00%
PH	0.98%	1.00%	1.25%	1.73%	1.25%	1.29%	1.65%	1.97%	1.32%	1.80%	2.60%	1.61%
TNC	1.49%	1.39%	1.16%	1.65%	1.16%	1.27%	1.13%	1.63%	1.16%	1.14%	1.42%	1.08%
NUE	1.88%	1.86%	1.19%	1.52%	1.50%	3.03%	2.85%	2.97%	2.38%	2.53%	3.70%	3.02%
NDSN	1.47%	1.02%	1.01%	0.98%	0.71%	0.77%	0.90%	1.09%	0.78%	0.91%	1.43%	1.03%
MSA	1.29%	1.21%	1.11%	1.26%	1.16%	1.14%	1.30%	1.58%	1.78%	1.89%	2.92%	2.32%
TR	1.06%	1.11%	1.08%	0.84%	1.27%	1.21%	1.05%	1.04%	0.95%	0.87%	1.07%	1.01%
FUL H.B. Fuller Company	1.58%	1.29%	0.99%	1.03%	0.82%	1.25%	1.23%	1.44%	1.10%	1.14%	1.40%	1.03%
GWW	0.76%	0.76%	0.88%	1.22%	1.23%	1.45%	1.68%	1.90%	2.14%	2.08%	2.27%	1.64%
SPGI	0.71%	0.73%	0.82%	0.99%	0.65%	0.82%	0.84%	1.18%	0.97%	1.34%	1.34%	1.35%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the DividendKings. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the DividendKings was 15.90%, occurring on Apr 8, 2025. The portfolio has not yet recovered.

The current DividendKings drawdown is 5.63%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-15.9%	Nov 26, 2024	90	Apr 8, 2025	—	—	—
-12.53%	Jul 27, 2023	66	Oct 27, 2023	33	Dec 14, 2023	99
-6.21%	Apr 1, 2024	42	May 29, 2024	32	Jul 16, 2024	74
-5.1%	May 8, 2023	17	May 31, 2023	12	Jun 16, 2023	29
-4.11%	Jul 31, 2024	9	Aug 12, 2024	10	Aug 26, 2024	19

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 51 assets, with an effective number of assets of 51.00, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	^GSPC	FMCB	CDUAF	WMT	TR	ABBV	CL	KVUE	JNJ	KMB	ABT	NUE	TGT	MO	PG	ADM	HRL	LANC	KO	BDX	MSEX	PEP	MSA	PH	UVV	GWW	EMR	NFG	ABM	CINF	SPGI	LEG	SYY	GRC	TNC	MMM	CBSH	CWT	SJW	NWN	AWR	DOV	BKH	SWK	SCL	FRT	LOW	PPG	GPC	FUL	NDSN	ITW	Portfolio
^GSPC	1.00	0.05	0.13	0.33	0.14	0.21	0.12	0.19	0.08	0.09	0.23	0.45	0.33	0.14	0.17	0.21	0.09	0.26	0.16	0.31	0.17	0.18	0.48	0.67	0.21	0.55	0.63	0.28	0.38	0.32	0.60	0.32	0.25	0.55	0.46	0.48	0.47	0.17	0.19	0.22	0.18	0.61	0.24	0.53	0.43	0.39	0.54	0.50	0.42	0.51	0.58	0.51	0.58
FMCB	0.05	1.00	0.05	0.04	0.06	0.05	0.10	-0.01	0.01	0.08	0.05	0.01	0.09	0.02	0.06	0.05	0.08	0.04	0.06	0.05	0.05	0.08	0.01	0.05	0.06	0.06	-0.01	0.05	0.02	0.07	0.08	0.06	0.11	0.06	-0.04	0.08	0.04	0.09	0.04	0.10	0.05	0.06	0.09	0.02	0.05	0.03	0.04	0.05	0.05	0.07	0.11	0.06	0.12
CDUAF	0.13	0.05	1.00	0.14	0.15	0.10	0.20	0.15	0.18	0.25	0.22	0.07	0.13	0.27	0.20	0.14	0.21	0.15	0.27	0.15	0.30	0.21	0.07	0.06	0.23	0.07	0.11	0.27	0.19	0.14	0.18	0.12	0.22	0.11	0.13	0.17	0.18	0.33	0.29	0.32	0.28	0.14	0.33	0.16	0.16	0.24	0.18	0.13	0.16	0.18	0.16	0.14	0.31
WMT	0.33	0.04	0.14	1.00	0.15	0.23	0.29	0.17	0.19	0.25	0.22	0.16	0.26	0.23	0.38	0.11	0.18	0.16	0.34	0.14	0.08	0.33	0.23	0.21	0.06	0.23	0.17	0.15	0.12	0.18	0.30	0.12	0.26	0.11	0.11	0.20	0.13	0.14	0.17	0.22	0.14	0.20	0.21	0.11	0.14	0.25	0.28	0.18	0.23	0.16	0.19	0.21	0.32
TR	0.14	0.06	0.15	0.15	1.00	0.15	0.30	0.23	0.23	0.30	0.24	0.11	0.16	0.27	0.30	0.22	0.38	0.31	0.35	0.19	0.32	0.36	0.17	0.06	0.31	0.16	0.12	0.21	0.23	0.23	0.23	0.17	0.28	0.17	0.19	0.16	0.14	0.35	0.34	0.30	0.32	0.12	0.32	0.17	0.23	0.24	0.17	0.25	0.27	0.25	0.21	0.23	0.39
ABBV	0.21	0.05	0.10	0.23	0.15	1.00	0.31	0.23	0.46	0.35	0.37	0.16	0.24	0.36	0.39	0.18	0.29	0.21	0.37	0.32	0.17	0.38	0.13	0.16	0.20	0.21	0.16	0.24	0.17	0.31	0.24	0.19	0.29	0.13	0.13	0.22	0.15	0.25	0.30	0.25	0.26	0.19	0.29	0.20	0.19	0.34	0.28	0.19	0.29	0.15	0.26	0.29	0.41
CL	0.12	0.10	0.20	0.29	0.30	0.31	1.00	0.44	0.40	0.63	0.42	-0.01	0.17	0.40	0.72	0.21	0.43	0.30	0.60	0.33	0.27	0.59	0.17	-0.00	0.20	0.17	0.08	0.20	0.16	0.19	0.27	0.13	0.44	0.06	0.13	0.20	0.04	0.34	0.29	0.30	0.34	0.06	0.31	0.13	0.16	0.27	0.22	0.18	0.27	0.19	0.17	0.24	0.41
KVUE	0.19	-0.01	0.15	0.17	0.23	0.23	0.44	1.00	0.32	0.41	0.31	0.12	0.21	0.37	0.44	0.31	0.32	0.25	0.42	0.26	0.30	0.39	0.17	0.12	0.29	0.21	0.14	0.27	0.19	0.21	0.21	0.26	0.34	0.15	0.18	0.24	0.15	0.32	0.33	0.29	0.33	0.16	0.31	0.25	0.24	0.25	0.27	0.32	0.32	0.24	0.23	0.30	0.44
JNJ	0.08	0.01	0.18	0.19	0.23	0.46	0.40	0.32	1.00	0.43	0.51	0.13	0.22	0.42	0.42	0.30	0.39	0.21	0.46	0.39	0.34	0.47	0.16	0.03	0.29	0.15	0.07	0.27	0.17	0.29	0.24	0.25	0.34	0.04	0.14	0.24	0.17	0.36	0.37	0.36	0.36	0.13	0.37	0.20	0.22	0.29	0.25	0.25	0.36	0.21	0.24	0.31	0.46
KMB	0.09	0.08	0.25	0.25	0.30	0.35	0.63	0.41	0.43	1.00	0.44	0.02	0.18	0.41	0.70	0.27	0.47	0.25	0.55	0.32	0.32	0.55	0.14	0.01	0.26	0.21	0.09	0.25	0.17	0.20	0.21	0.19	0.39	0.09	0.13	0.19	0.09	0.38	0.36	0.32	0.40	0.12	0.38	0.14	0.16	0.29	0.23	0.26	0.26	0.17	0.19	0.26	0.44
ABT	0.23	0.05	0.22	0.22	0.24	0.37	0.42	0.31	0.51	0.44	1.00	0.09	0.20	0.30	0.42	0.17	0.30	0.23	0.44	0.43	0.26	0.42	0.20	0.13	0.23	0.21	0.17	0.28	0.22	0.24	0.30	0.23	0.36	0.16	0.16	0.25	0.19	0.29	0.27	0.34	0.31	0.25	0.34	0.24	0.21	0.32	0.30	0.25	0.31	0.20	0.28	0.31	0.46
NUE	0.45	0.01	0.07	0.16	0.11	0.16	-0.01	0.12	0.13	0.02	0.09	1.00	0.29	0.12	0.06	0.31	0.07	0.16	0.05	0.31	0.15	0.11	0.37	0.54	0.25	0.39	0.49	0.26	0.31	0.32	0.30	0.43	0.19	0.47	0.46	0.38	0.42	0.17	0.17	0.21	0.16	0.50	0.22	0.42	0.44	0.30	0.42	0.51	0.43	0.49	0.56	0.51	0.53
TGT	0.33	0.09	0.13	0.26	0.16	0.24	0.17	0.21	0.22	0.18	0.20	0.29	1.00	0.21	0.17	0.32	0.28	0.28	0.20	0.23	0.15	0.22	0.28	0.28	0.33	0.25	0.32	0.29	0.29	0.28	0.26	0.44	0.33	0.25	0.32	0.37	0.37	0.17	0.21	0.29	0.19	0.32	0.32	0.43	0.38	0.34	0.45	0.36	0.37	0.38	0.37	0.37	0.53
MO	0.14	0.02	0.27	0.23	0.27	0.36	0.40	0.37	0.42	0.41	0.30	0.12	0.21	1.00	0.40	0.36	0.35	0.19	0.49	0.26	0.30	0.41	0.15	0.13	0.42	0.22	0.14	0.33	0.25	0.35	0.18	0.18	0.40	0.11	0.18	0.29	0.24	0.40	0.40	0.36	0.39	0.16	0.43	0.20	0.22	0.37	0.29	0.22	0.29	0.22	0.24	0.32	0.47
PG	0.17	0.06	0.20	0.38	0.30	0.39	0.72	0.44	0.42	0.70	0.42	0.06	0.17	0.40	1.00	0.24	0.45	0.31	0.61	0.33	0.30	0.64	0.19	0.03	0.20	0.19	0.11	0.27	0.18	0.23	0.28	0.15	0.42	0.07	0.12	0.26	0.10	0.38	0.36	0.30	0.39	0.12	0.36	0.14	0.16	0.29	0.23	0.24	0.29	0.17	0.19	0.29	0.45
ADM	0.21	0.05	0.14	0.11	0.22	0.18	0.21	0.31	0.30	0.27	0.17	0.31	0.32	0.36	0.24	1.00	0.34	0.25	0.27	0.25	0.27	0.33	0.23	0.27	0.38	0.25	0.28	0.34	0.28	0.33	0.21	0.34	0.33	0.25	0.31	0.33	0.30	0.29	0.29	0.27	0.29	0.31	0.32	0.31	0.35	0.27	0.29	0.38	0.36	0.39	0.35	0.40	0.51
HRL	0.09	0.08	0.21	0.18	0.38	0.29	0.43	0.32	0.39	0.47	0.30	0.07	0.28	0.35	0.45	0.34	1.00	0.37	0.51	0.33	0.34	0.57	0.18	0.03	0.32	0.15	0.13	0.30	0.29	0.25	0.21	0.27	0.46	0.11	0.19	0.25	0.21	0.37	0.38	0.36	0.39	0.14	0.38	0.22	0.27	0.30	0.24	0.27	0.32	0.27	0.23	0.30	0.49
LANC	0.26	0.04	0.15	0.16	0.31	0.21	0.30	0.25	0.21	0.25	0.23	0.16	0.28	0.19	0.31	0.25	0.37	1.00	0.33	0.26	0.34	0.32	0.32	0.22	0.32	0.27	0.25	0.26	0.39	0.29	0.27	0.25	0.37	0.32	0.33	0.25	0.30	0.37	0.37	0.37	0.40	0.26	0.36	0.32	0.36	0.30	0.30	0.27	0.35	0.35	0.34	0.36	0.52
KO	0.16	0.06	0.27	0.34	0.35	0.37	0.60	0.42	0.46	0.55	0.44	0.05	0.20	0.49	0.61	0.27	0.51	0.33	1.00	0.35	0.32	0.68	0.15	0.05	0.30	0.19	0.10	0.28	0.20	0.24	0.28	0.20	0.42	0.07	0.14	0.25	0.14	0.39	0.41	0.38	0.40	0.12	0.42	0.19	0.22	0.34	0.23	0.25	0.31	0.20	0.22	0.31	0.49
BDX	0.31	0.05	0.15	0.14	0.19	0.32	0.33	0.26	0.39	0.32	0.43	0.31	0.23	0.26	0.33	0.25	0.33	0.26	0.35	1.00	0.30	0.40	0.27	0.26	0.27	0.25	0.27	0.29	0.29	0.29	0.31	0.36	0.37	0.27	0.33	0.30	0.25	0.30	0.29	0.27	0.31	0.32	0.36	0.35	0.29	0.37	0.31	0.37	0.39	0.34	0.37	0.40	0.53
MSEX	0.17	0.05	0.30	0.08	0.32	0.17	0.27	0.30	0.34	0.32	0.26	0.15	0.15	0.30	0.30	0.27	0.34	0.34	0.32	0.30	1.00	0.34	0.26	0.11	0.37	0.22	0.15	0.35	0.32	0.29	0.29	0.29	0.26	0.27	0.22	0.22	0.29	0.73	0.74	0.47	0.72	0.23	0.51	0.27	0.36	0.37	0.31	0.32	0.27	0.36	0.33	0.35	0.53
PEP	0.18	0.08	0.21	0.33	0.36	0.38	0.59	0.39	0.47	0.55	0.42	0.11	0.22	0.41	0.64	0.33	0.57	0.32	0.68	0.40	0.34	1.00	0.20	0.04	0.29	0.22	0.13	0.25	0.22	0.29	0.34	0.22	0.48	0.08	0.15	0.24	0.12	0.38	0.40	0.35	0.39	0.14	0.40	0.20	0.17	0.35	0.29	0.30	0.37	0.20	0.27	0.32	0.51
MSA	0.48	0.01	0.07	0.23	0.17	0.13	0.17	0.17	0.16	0.14	0.20	0.37	0.28	0.15	0.19	0.23	0.18	0.32	0.15	0.27	0.26	0.20	1.00	0.50	0.24	0.44	0.48	0.26	0.40	0.34	0.46	0.34	0.24	0.50	0.48	0.34	0.41	0.25	0.28	0.28	0.30	0.51	0.29	0.43	0.46	0.35	0.43	0.48	0.41	0.51	0.56	0.51	0.57
PH	0.67	0.05	0.06	0.21	0.06	0.16	-0.00	0.12	0.03	0.01	0.13	0.54	0.28	0.13	0.03	0.27	0.03	0.22	0.05	0.26	0.11	0.04	0.50	1.00	0.24	0.61	0.71	0.32	0.38	0.40	0.47	0.39	0.22	0.59	0.53	0.49	0.52	0.15	0.15	0.19	0.17	0.69	0.21	0.58	0.44	0.38	0.52	0.50	0.44	0.54	0.67	0.59	0.58
UVV	0.21	0.06	0.23	0.06	0.31	0.20	0.20	0.29	0.29	0.26	0.23	0.25	0.33	0.42	0.20	0.38	0.32	0.32	0.30	0.27	0.37	0.29	0.24	0.24	1.00	0.24	0.29	0.33	0.39	0.32	0.23	0.36	0.37	0.37	0.39	0.36	0.38	0.39	0.44	0.42	0.41	0.29	0.42	0.35	0.48	0.36	0.35	0.40	0.31	0.39	0.39	0.44	0.58
GWW	0.55	0.06	0.07	0.23	0.16	0.21	0.17	0.21	0.15	0.21	0.21	0.39	0.25	0.22	0.19	0.25	0.15	0.27	0.19	0.25	0.22	0.22	0.44	0.61	0.24	1.00	0.54	0.28	0.37	0.39	0.40	0.29	0.35	0.44	0.47	0.35	0.38	0.23	0.20	0.23	0.24	0.54	0.22	0.45	0.37	0.31	0.51	0.44	0.52	0.50	0.59	0.59	0.57
EMR	0.63	-0.01	0.11	0.17	0.12	0.16	0.08	0.14	0.07	0.09	0.17	0.49	0.32	0.14	0.11	0.28	0.13	0.25	0.10	0.27	0.15	0.13	0.48	0.71	0.29	0.54	1.00	0.31	0.36	0.34	0.44	0.35	0.25	0.53	0.48	0.47	0.48	0.18	0.18	0.24	0.21	0.65	0.24	0.53	0.45	0.36	0.51	0.52	0.46	0.52	0.62	0.57	0.59
NFG	0.28	0.05	0.27	0.15	0.21	0.24	0.20	0.27	0.27	0.25	0.28	0.26	0.29	0.33	0.27	0.34	0.30	0.26	0.28	0.29	0.35	0.25	0.26	0.32	0.33	0.28	0.31	1.00	0.39	0.37	0.25	0.36	0.29	0.31	0.34	0.36	0.44	0.47	0.47	0.53	0.44	0.38	0.59	0.34	0.38	0.48	0.30	0.30	0.33	0.35	0.35	0.40	0.58
ABM	0.38	0.02	0.19	0.12	0.23	0.17	0.16	0.19	0.17	0.17	0.22	0.31	0.29	0.25	0.18	0.28	0.29	0.39	0.20	0.29	0.32	0.22	0.40	0.38	0.39	0.37	0.36	0.39	1.00	0.36	0.35	0.41	0.29	0.46	0.45	0.35	0.44	0.37	0.35	0.40	0.37	0.40	0.39	0.42	0.45	0.41	0.37	0.39	0.41	0.49	0.45	0.45	0.59
CINF	0.32	0.07	0.14	0.18	0.23	0.31	0.19	0.21	0.29	0.20	0.24	0.32	0.28	0.35	0.23	0.33	0.25	0.29	0.24	0.29	0.29	0.29	0.34	0.40	0.32	0.39	0.34	0.37	0.36	1.00	0.34	0.34	0.39	0.34	0.37	0.42	0.48	0.31	0.35	0.36	0.35	0.44	0.45	0.38	0.37	0.46	0.35	0.36	0.43	0.38	0.40	0.46	0.59
SPGI	0.60	0.08	0.18	0.30	0.23	0.24	0.27	0.21	0.24	0.21	0.30	0.30	0.26	0.18	0.28	0.21	0.21	0.27	0.28	0.31	0.29	0.34	0.46	0.47	0.23	0.40	0.44	0.25	0.35	0.34	1.00	0.30	0.28	0.39	0.34	0.39	0.38	0.30	0.29	0.28	0.29	0.47	0.30	0.40	0.35	0.44	0.48	0.45	0.40	0.43	0.48	0.46	0.56
LEG	0.32	0.06	0.12	0.12	0.17	0.19	0.13	0.26	0.25	0.19	0.23	0.43	0.44	0.18	0.15	0.34	0.27	0.25	0.20	0.36	0.29	0.22	0.34	0.39	0.36	0.29	0.35	0.36	0.41	0.34	0.30	1.00	0.29	0.42	0.47	0.39	0.44	0.28	0.30	0.34	0.31	0.43	0.36	0.51	0.47	0.42	0.49	0.50	0.52	0.52	0.47	0.48	0.62
SYY	0.25	0.11	0.22	0.26	0.28	0.29	0.44	0.34	0.34	0.39	0.36	0.19	0.33	0.40	0.42	0.33	0.46	0.37	0.42	0.37	0.26	0.48	0.24	0.22	0.37	0.35	0.25	0.29	0.29	0.39	0.28	0.29	1.00	0.23	0.28	0.34	0.32	0.32	0.31	0.34	0.32	0.27	0.42	0.34	0.33	0.37	0.39	0.35	0.45	0.38	0.35	0.41	0.58
GRC	0.55	0.06	0.11	0.11	0.17	0.13	0.06	0.15	0.04	0.09	0.16	0.47	0.25	0.11	0.07	0.25	0.11	0.32	0.07	0.27	0.27	0.08	0.50	0.59	0.37	0.44	0.53	0.31	0.46	0.34	0.39	0.42	0.23	1.00	0.61	0.39	0.49	0.30	0.25	0.32	0.33	0.59	0.29	0.58	0.59	0.41	0.48	0.51	0.41	0.58	0.58	0.56	0.62
TNC	0.46	-0.04	0.13	0.11	0.19	0.13	0.13	0.18	0.14	0.13	0.16	0.46	0.32	0.18	0.12	0.31	0.19	0.33	0.14	0.33	0.22	0.15	0.48	0.53	0.39	0.47	0.48	0.34	0.45	0.37	0.34	0.47	0.28	0.61	1.00	0.40	0.44	0.27	0.27	0.32	0.30	0.53	0.31	0.55	0.55	0.37	0.45	0.47	0.51	0.59	0.55	0.56	0.63
MMM	0.48	0.08	0.17	0.20	0.16	0.22	0.20	0.24	0.24	0.19	0.25	0.38	0.37	0.29	0.26	0.33	0.25	0.25	0.25	0.30	0.22	0.24	0.34	0.49	0.36	0.35	0.47	0.36	0.35	0.42	0.39	0.39	0.34	0.39	0.40	1.00	0.47	0.27	0.28	0.32	0.29	0.51	0.36	0.55	0.43	0.40	0.50	0.46	0.44	0.46	0.49	0.48	0.62
CBSH	0.47	0.04	0.18	0.13	0.14	0.15	0.04	0.15	0.17	0.09	0.19	0.42	0.37	0.24	0.10	0.30	0.21	0.30	0.14	0.25	0.29	0.12	0.41	0.52	0.38	0.38	0.48	0.44	0.44	0.48	0.38	0.44	0.32	0.49	0.44	0.47	1.00	0.32	0.36	0.42	0.36	0.54	0.42	0.52	0.52	0.52	0.42	0.46	0.45	0.53	0.53	0.50	0.64
CWT	0.17	0.09	0.33	0.14	0.35	0.25	0.34	0.32	0.36	0.38	0.29	0.17	0.17	0.40	0.38	0.29	0.37	0.37	0.39	0.30	0.73	0.38	0.25	0.15	0.39	0.23	0.18	0.47	0.37	0.31	0.30	0.28	0.32	0.30	0.27	0.27	0.32	1.00	0.80	0.57	0.85	0.24	0.59	0.28	0.40	0.44	0.31	0.31	0.29	0.37	0.34	0.34	0.60
SJW	0.19	0.04	0.29	0.17	0.34	0.30	0.29	0.33	0.37	0.36	0.27	0.17	0.21	0.40	0.36	0.29	0.38	0.37	0.41	0.29	0.74	0.40	0.28	0.15	0.44	0.20	0.18	0.47	0.35	0.35	0.29	0.30	0.31	0.25	0.27	0.28	0.36	0.80	1.00	0.57	0.82	0.27	0.59	0.28	0.40	0.44	0.31	0.32	0.31	0.37	0.33	0.34	0.60
NWN	0.22	0.10	0.32	0.22	0.30	0.25	0.30	0.29	0.36	0.32	0.34	0.21	0.29	0.36	0.30	0.27	0.36	0.37	0.38	0.27	0.47	0.35	0.28	0.19	0.42	0.23	0.24	0.53	0.40	0.36	0.28	0.34	0.34	0.32	0.32	0.32	0.42	0.57	0.57	1.00	0.58	0.30	0.67	0.31	0.40	0.49	0.32	0.30	0.36	0.36	0.33	0.39	0.61
AWR	0.18	0.05	0.28	0.14	0.32	0.26	0.34	0.33	0.36	0.40	0.31	0.16	0.19	0.39	0.39	0.29	0.39	0.40	0.40	0.31	0.72	0.39	0.30	0.17	0.41	0.24	0.21	0.44	0.37	0.35	0.29	0.31	0.32	0.33	0.30	0.29	0.36	0.85	0.82	0.58	1.00	0.26	0.61	0.29	0.41	0.46	0.34	0.33	0.33	0.37	0.33	0.37	0.62
DOV	0.61	0.06	0.14	0.20	0.12	0.19	0.06	0.16	0.13	0.12	0.25	0.50	0.32	0.16	0.12	0.31	0.14	0.26	0.12	0.32	0.23	0.14	0.51	0.69	0.29	0.54	0.65	0.38	0.40	0.44	0.47	0.43	0.27	0.59	0.53	0.51	0.54	0.24	0.27	0.30	0.26	1.00	0.31	0.58	0.52	0.45	0.54	0.57	0.50	0.59	0.65	0.65	0.65
BKH	0.24	0.09	0.33	0.21	0.32	0.29	0.31	0.31	0.37	0.38	0.34	0.22	0.32	0.43	0.36	0.32	0.38	0.36	0.42	0.36	0.51	0.40	0.29	0.21	0.42	0.22	0.24	0.59	0.39	0.45	0.30	0.36	0.42	0.29	0.31	0.36	0.42	0.59	0.59	0.67	0.61	0.31	1.00	0.32	0.38	0.54	0.36	0.34	0.35	0.34	0.34	0.39	0.64
SWK	0.53	0.02	0.16	0.11	0.17	0.20	0.13	0.25	0.20	0.14	0.24	0.42	0.43	0.20	0.14	0.31	0.22	0.32	0.19	0.35	0.27	0.20	0.43	0.58	0.35	0.45	0.53	0.34	0.42	0.38	0.40	0.51	0.34	0.58	0.55	0.55	0.52	0.28	0.28	0.31	0.29	0.58	0.32	1.00	0.56	0.50	0.60	0.61	0.52	0.60	0.66	0.63	0.69
SCL	0.43	0.05	0.16	0.14	0.23	0.19	0.16	0.24	0.22	0.16	0.21	0.44	0.38	0.22	0.16	0.35	0.27	0.36	0.22	0.29	0.36	0.17	0.46	0.44	0.48	0.37	0.45	0.38	0.45	0.37	0.35	0.47	0.33	0.59	0.55	0.43	0.52	0.40	0.40	0.40	0.41	0.52	0.38	0.56	1.00	0.44	0.46	0.57	0.44	0.65	0.60	0.58	0.69
FRT	0.39	0.03	0.24	0.25	0.24	0.34	0.27	0.25	0.29	0.29	0.32	0.30	0.34	0.37	0.29	0.27	0.30	0.30	0.34	0.37	0.37	0.35	0.35	0.38	0.36	0.31	0.36	0.48	0.41	0.46	0.44	0.42	0.37	0.41	0.37	0.40	0.52	0.44	0.44	0.49	0.46	0.45	0.54	0.50	0.44	1.00	0.46	0.46	0.42	0.45	0.48	0.49	0.66
LOW	0.54	0.04	0.18	0.28	0.17	0.28	0.22	0.27	0.25	0.23	0.30	0.42	0.45	0.29	0.23	0.29	0.24	0.30	0.23	0.31	0.31	0.29	0.43	0.52	0.35	0.51	0.51	0.30	0.37	0.35	0.48	0.49	0.39	0.48	0.45	0.50	0.42	0.31	0.31	0.32	0.34	0.54	0.36	0.60	0.46	0.46	1.00	0.54	0.57	0.57	0.63	0.56	0.69
PPG	0.50	0.05	0.13	0.18	0.25	0.19	0.18	0.32	0.25	0.26	0.25	0.51	0.36	0.22	0.24	0.38	0.27	0.27	0.25	0.37	0.32	0.30	0.48	0.50	0.40	0.44	0.52	0.30	0.39	0.36	0.45	0.50	0.35	0.51	0.47	0.46	0.46	0.31	0.32	0.30	0.33	0.57	0.34	0.61	0.57	0.46	0.54	1.00	0.53	0.68	0.62	0.65	0.69
GPC	0.42	0.05	0.16	0.23	0.27	0.29	0.27	0.32	0.36	0.26	0.31	0.43	0.37	0.29	0.29	0.36	0.32	0.35	0.31	0.39	0.27	0.37	0.41	0.44	0.31	0.52	0.46	0.33	0.41	0.43	0.40	0.52	0.45	0.41	0.51	0.44	0.45	0.29	0.31	0.36	0.33	0.50	0.35	0.52	0.44	0.42	0.57	0.53	1.00	0.54	0.59	0.60	0.70
FUL	0.51	0.07	0.18	0.16	0.25	0.15	0.19	0.24	0.21	0.17	0.20	0.49	0.38	0.22	0.17	0.39	0.27	0.35	0.20	0.34	0.36	0.20	0.51	0.54	0.39	0.50	0.52	0.35	0.49	0.38	0.43	0.52	0.38	0.58	0.59	0.46	0.53	0.37	0.37	0.36	0.37	0.59	0.34	0.60	0.65	0.45	0.57	0.68	0.54	1.00	0.67	0.64	0.72
NDSN	0.58	0.11	0.16	0.19	0.21	0.26	0.17	0.23	0.24	0.19	0.28	0.56	0.37	0.24	0.19	0.35	0.23	0.34	0.22	0.37	0.33	0.27	0.56	0.67	0.39	0.59	0.62	0.35	0.45	0.40	0.48	0.47	0.35	0.58	0.55	0.49	0.53	0.34	0.33	0.33	0.33	0.65	0.34	0.66	0.60	0.48	0.63	0.62	0.59	0.67	1.00	0.72	0.75
ITW	0.51	0.06	0.14	0.21	0.23	0.29	0.24	0.30	0.31	0.26	0.31	0.51	0.37	0.32	0.29	0.40	0.30	0.36	0.31	0.40	0.35	0.32	0.51	0.59	0.44	0.59	0.57	0.40	0.45	0.46	0.46	0.48	0.41	0.56	0.56	0.48	0.50	0.34	0.34	0.39	0.37	0.65	0.39	0.63	0.58	0.49	0.56	0.65	0.60	0.64	0.72	1.00	0.78
Portfolio	0.58	0.12	0.31	0.32	0.39	0.41	0.41	0.44	0.46	0.44	0.46	0.53	0.53	0.47	0.45	0.51	0.49	0.52	0.49	0.53	0.53	0.51	0.57	0.58	0.58	0.57	0.59	0.58	0.59	0.59	0.56	0.62	0.58	0.62	0.63	0.62	0.64	0.60	0.60	0.61	0.62	0.65	0.64	0.69	0.69	0.66	0.69	0.69	0.70	0.72	0.75	0.78	1.00

The correlation results are calculated based on daily price changes starting from May 5, 2023

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