Correlation matrix for Latin American artistic styles, S&P 500 and US 10-year government bonds (USD real returns)
| Abstract-geometric | Abstract-informal | Conceptual | Costumbrismo | Cubism | Figurative | Muralism | Landscape | Surrealism | Nineteenth century | Avant garde | S&P 500 | US Bonds | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Abs.-geometric | 1.00 | −0.04 | −0.26 | −0.09 | 0.19 | −0.20 | 0.08 | −0.03 | 0.34 | 0.24 | −0.08 | 0.06 | −0.17 |
| Abs.-informal | 1.00 | −0.09 | 0.09 | 0.12 | 0.31 | 0.38 | 0.28 | 0.11 | 0.28 | 0.04 | −0.11 | 0.07 | |
| Conceptual | 1.00 | 0.05 | 0.02 | 0.55 | 0.45 | 0.07 | −0.01 | 0.37 | −0.04 | −0.32 | −0.12 | ||
| Costumbrismo | 1.00 | 0.15 | 0.11 | −0.01 | 0.17 | −0.18 | −0.20 | −0.02 | 0.01 | 0.05 | |||
| Cubism | 1.00 | 0.12 | 0.05 | 0.16 | 0.04 | −0.04 | −0.36 | −0.31 | −0.39 | ||||
| Figurative | 1.00 | 0.51 | 0.40 | −0.08 | 0.25 | 0.06 | −0.08 | 0.13 | |||||
| Muralism | 1.00 | 0.44 | 0.40 | 0.35 | −0.12 | −0.13 | −0.07 | ||||||
| Landscape | 1.00 | 0.18 | 0.29 | 0.16 | 0.05 | −0.03 | |||||||
| Surrealism | 1.00 | 0.31 | 0.01 | 0.02 | −0.01 | ||||||||
| Nineteenth Century | 1.00 | 0.32 | 0.11 | 0.00 | |||||||||
| Avant Garde | 1.00 | 0.03 | 0.12 | ||||||||||
| S&P 500 | 1.00 | 0.49 | |||||||||||
| US Bonds | 1.00 |
| Abstract-geometric | Abstract-informal | Conceptual | Costumbrismo | Cubism | Figurative | Muralism | Landscape | Surrealism | Nineteenth century | Avant garde | S&P 500 | US Bonds | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Abs.-geometric | 1.00 | −0.04 | −0.26 | −0.09 | 0.19 | −0.20 | 0.08 | −0.03 | 0.34 | 0.24 | −0.08 | 0.06 | −0.17 |
| Abs.-informal | 1.00 | −0.09 | 0.09 | 0.12 | 0.31 | 0.38 | 0.28 | 0.11 | 0.28 | 0.04 | −0.11 | 0.07 | |
| Conceptual | 1.00 | 0.05 | 0.02 | 0.55 | 0.45 | 0.07 | −0.01 | 0.37 | −0.04 | −0.32 | −0.12 | ||
| Costumbrismo | 1.00 | 0.15 | 0.11 | −0.01 | 0.17 | −0.18 | −0.20 | −0.02 | 0.01 | 0.05 | |||
| Cubism | 1.00 | 0.12 | 0.05 | 0.16 | 0.04 | −0.04 | −0.36 | −0.31 | −0.39 | ||||
| Figurative | 1.00 | 0.51 | 0.40 | −0.08 | 0.25 | 0.06 | −0.08 | 0.13 | |||||
| Muralism | 1.00 | 0.44 | 0.40 | 0.35 | −0.12 | −0.13 | −0.07 | ||||||
| Landscape | 1.00 | 0.18 | 0.29 | 0.16 | 0.05 | −0.03 | |||||||
| Surrealism | 1.00 | 0.31 | 0.01 | 0.02 | −0.01 | ||||||||
| Nineteenth Century | 1.00 | 0.32 | 0.11 | 0.00 | |||||||||
| Avant Garde | 1.00 | 0.03 | 0.12 | ||||||||||
| S&P 500 | 1.00 | 0.49 | |||||||||||
| US Bonds | 1.00 |
Note(s): All the return correlations are for the period 1971–2014, except for the cases of conceptual art (1996–2014) and cubism (1981–2014)
Source(s): Bloomberg and own calculations