Effect of Ap-Index of Geomagnetic Activity on S&P 500 Stock Market Return

Table 3

Correlation Matrix.

	DGD	SMI	SAD	ILLIQ	YEAR
DGD	1.00
SMI	-0.13	1.00
SAD	-0.04	0.06	1.00
ILLIQ	0.08	-0.11	-0.01	1.00
YEAR	-0.01	0.04	0.00	-0.71	1.00

Note: , , and denote statistically significant at 1%, 5%, and 10% levels, respectively. See Table 1 for variable definitions.