Co-movers

daily closes · 500dMethod

Moved together

VRTwithETN

×0.45co-movement · ETN on VRT · 500d

r 0.80scale to r 0.75

Shared co-movers5with VRTwith ETN

FIXComfort Systems USA Incr 0.75r 0.73

PWRQuanta Services, Inc.r 0.71r 0.74

GEVGE Vernova Inc.r 0.71r 0.70

EMEEMCOR Group, Inc.r 0.70r 0.70

MODModine Manufacturing Cor 0.69r 0.69

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

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