Co-movers

daily closes · 500dMethod

Moved together

CORwithMCK

×0.76co-movement · MCK on COR · 500d

r 0.73scale to r 0.75

Shared co-movers4with CORwith MCK

CAHCardinal Health Incr 0.58r 0.64

WCNWaste Connections, Inc.r 0.32r 0.34

RSGRepublic Services, Inc.r 0.32r 0.35

WMWaste Management Incr 0.32r 0.33

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

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