Co-movers

daily closes · 500dMethod

Moved together

VwithCSGP

×0.50co-movement · CSGP on V · 500d

r 0.28scale to r 0.75

Shared co-movers3with Vwith CSGP

MCOMoodys Corpr 0.54r 0.51

PAYXPaychex Incr 0.53r 0.48

ADPAutomatic Data Processing Incr 0.62r 0.47

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

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