Co-movers

daily closes · 500dMethod

Moved together

BCSwithTM

×0.37co-movement · TM on BCS · 500d

r 0.41scale to r 0.75

Shared co-movers1with BCSwith TM

SANBanco Santander, S.A.r 0.71r 0.45

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

BCSBarclays PLC

22.29−3.60%· post 22.29

Mkt cap$77.3B

TMToyota Motor Corp/

195.57−0.54%· post 196.03

ClosedOct 30 '26

Mkt cap$2.6T

vs

Compare

ClosedOct 30 '26

BCSBarclays PLC

vs

TMToyota Motor Corp/

22.29−3.60%post 22.29

Price

195.57−0.54%post 196.03

$77.3B

Mkt cap

$2.6T

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