Co-movers

daily closes · 500dMethod

Moved together

FLEXwithKE

×0.32co-movement · KE on FLEX · 500d

r 0.39scale to r 0.75

Shared co-movers2with FLEXwith KE

BHEBenchmark Electronics Incr 0.67r 0.53

AEISAdvanced Energy Industries Incr 0.65r 0.48

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

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