Co-movers

daily closes · 500dMethod

Moved together

TMwithBCS

×0.46co-movement · BCS on TM · 500d

r 0.41scale to r 0.75

Shared co-movers1with TMwith BCS

SANBanco Santander, S.A.r 0.45r 0.71

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

TMToyota Motor Corp/

195.57· pre 195.00· delayed

Mkt cap$2.6T

BCSBarclays PLC

22.61· pre 22.48· delayed

Pre-marketNov 3 '26delayed

Mkt cap$77.3B

vs

Compare

Pre-marketNov 3 '26delayed

TMToyota Motor Corp/

vs

BCSBarclays PLC

195.57pre 195.00delayed

Price

22.61pre 22.48delayed

$2.6T

Mkt cap

$77.3B

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