Dynamical Variety of Shapes in Financial Multifractality

<div>Cross-correlation fluctuation functions between the S&amp;P500 and NASDAQ calculated according to (<a href="https://static.hindawi.com/articles/complexity/volume-2018/7015721/figures/#EEq3">5</a>) for <svg height="11.7782pt" id="M125" style="vertical-align:-3.42938pt" version="1.1" viewbox="-0.0498162 -8.34882 56.5396 11.7782" width="56.5396pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M535 230V280H52V230H535Z" id="g117-33"></path></g><g transform="matrix(.013,0,0,-0.013,7.631,0)"><path d="M456 178V225H360V632H320C217 496 115 347 20 206V178H280V106C280 40 276 34 189 27V0H445V27C364 34 360 39 360 106V178H456ZM280 225H82C149 335 214 431 278 520H280V225Z" id="g113-53"></path></g><g transform="matrix(.013,0,0,-0.013,17.503,0)"><path d="M531 71V127L115 310L531 494V550L57 335V285L531 71ZM531 -40V10H57V-40H531Z" id="g117-93"></path></g><g transform="matrix(.013,0,0,-0.013,28.766,0)"><path d="M474 429L457 433C435 440 389 448 367 448C348 448 323 446 309 443C266 434 195 406 148 366C78 307 23 210 23 101C23 35 55 -12 92 -12C118 -12 146 1 196 35C247 70 311 130 346 173H348L281 -148C268 -211 256 -221 208 -229L191 -232L187 -257L433 -245L437 -219L411 -216C357 -210 350 -205 362 -140L427 207C447 315 461 381 474 429ZM387 387C379 337 363 262 355 236C318 180 201 57 142 57C126 57 112 81 112 128C112 205 150 321 220 376C244 395 280 403 312 403C345 403 370 396 387 387Z" id="g113-114"></path></g><g transform="matrix(.013,0,0,-0.013,38.781,0)"><path d="M531 71V127L115 310L531 494V550L57 335V285L531 71ZM531 -40V10H57V-40H531Z" id="g117-93"></path></g><g transform="matrix(.013,0,0,-0.013,50.044,0)"><path d="M456 178V225H360V632H320C217 496 115 347 20 206V178H280V106C280 40 276 34 189 27V0H445V27C364 34 360 39 360 106V178H456ZM280 225H82C149 335 214 431 278 520H280V225Z" id="g113-53"></path></g></svg> in two periods: September 25, 1957–August 26, 1977, and May 19, 1989–March 20, 2009.</div>

Complexity

Dynamical Variety of Shapes in Financial Multifractality

Figure 7