Co-movers

daily closes · 500dMethod

Moved together

ADPwithEVTC

×0.58co-movement · EVTC on ADP · 500d

r 0.38scale to r 0.75

Shared co-movers2with ADPwith EVTC

MAMastercard Incr 0.61r 0.43

VVisa Inc.r 0.62r 0.42

ADP, solidEVTC, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

ADP compared with EVTC: revenue, margins and what each company keeps, and the suppliers and customers both name