Co-movers

daily closes · 500dMethod

Moved together

GSKwithNVS

×0.57co-movement · NVS on GSK · 500d

r 0.64scale to r 0.75

Shared co-movers7with GSKwith NVS

AMGNAmgen Incr 0.58r 0.61

PFEPfizer Incr 0.53r 0.56

JNJJohnson & Johnsonr 0.51r 0.53

SNYSanofir 0.50r 0.49

BMYBristol Myers Squibb Cor 0.50r 0.49

MRKMerck & Co., Inc.r 0.49r 0.49

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

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