Co-movers

daily closes · 500dMethod

Moved together

TACwithVST

×0.72co-movement · VST on TAC · 500d

r 0.53scale to r 0.75

Shared co-movers6with TACwith VST

PWRQuanta Services, Inc.r 0.50r 0.60

VRTVertiv Holdings Cor 0.49r 0.63

CEGConstellation Energy Corpr 0.47r 0.80

GEVGE Vernova Inc.r 0.47r 0.61

ETNEaton Corp plcr 0.47r 0.60

TLNTalen Energy Corpr 0.45r 0.78

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

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