Table 4.

Summary of CWT analysis findings

FigureIndex/descriptionPeriodInvestment horizonMain finding
12(a) and (b)Six sukuk indices2011–2024Up to 256 daysCPU leads; strong, persistent correlation
12(f)Global sukuk index (SBKU)2011–202064–1,024 daysDynamic, shifting lead-lag; variable strength
13(a) and (b)DJSUKB, SBKU0P2013–202464–256 daysModerate, steady link (esp. 2020–2024)
13(c)I30740US2016–2017–Negative (antiphase) correlation
13(d)I383102016–2017Med. vs long termStronger long-term link
14DJSUKO, JPEIEMSI2020–202416–256 daysModerate/complex; event-driven sensitivity
15Bloomberg Global Agg USD Sukuk (I37338)2019–20244–256 daysPositive at long/med-term; weak/negative short-term
16(a)US equity sukuk2021–202416–256 daysIndex leads CPU; long-term/short-term contrast
16(b)I35842 Index202416–128 daysStrong; CPU lags index
Note(s):

All indices listed are sukuk indices (see Table 1 for the list of Sukuk Indices, Tickers and Explicit Names. “Leads” means changes in One variable precede changes in the other (e.g. “CPU leads sukuk” means CPU changes come first). “Lags” means the opposite. “Antiphase” indicates a negative correlation, where the two variables move in opposite directions. Descriptions such as “complex, persistent” or “variable strength” highlight the nature and consistency of the observed relationships across different periods and market conditions

Source(s): Authors’ own work
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