Figure 4
The title of the graph is “Cumulative Portfolio Returns,” located at the top. The horizontal axis is labeled “years,” with markings from 2016 to 2024 in increments of two years. The vertical axis is labeled “Returns (percentage)” and ranges from 0.0 to 1.2 in increments of 0.2 units. The graph has three curves. A legend at the top right shows “M C o P,” as a dark blue curve, “M V P,” as a red curve, and “M C P,” as a blue curve. The “M C o P” curve starts at 0.0 before 2016, increases gradually, and passes through many points forming sharp peaks and troughs, reaching the point (2024, 1.9), gradually increasing toward the top and exiting the viewing window. The “M V P” curve starts at 0.0 before 2016, increases gradually, and passes through many points forming sharp peaks and troughs, reaching the point (2024, 0.96), gradually increasing toward the top and exiting the viewing window. The “M C P” curve starts at 0.0 before 2016, increases gradually, and passes through many points forming sharp peaks and troughs, reaching the point (2024, 1.12), gradually increasing toward the top and exiting the viewing window. Note: All numerical data values are approximated.Cumulative portfolio returns over the years. Note: Cumulative returns are given by the minimum connectedness portfolio constructed following Broadstock et al. (2022). The Y-axis measures the cumulative returns of portfolios under 3 strategies: MVP refers to the minimum variance portfolio, MCP refers to the MCP and MCoP refers to the minimum connectedness portfolio. Source: Authors’ own work