Figure 1
In all 30 graphs, the horizontal axis has markings 2019, 2021, and 2023. Graph 1 (Overall B T M): The vertical axis has markings ranging from negative 40 to 80 in increments of 40 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right showing major peaks and dips at (2019.8, 80), (2021.3, negative 40), and terminates beyond 2023 at 0 on the vertical axis. Graph 2 (Short-term B T M): The vertical axis has markings ranging from negative 20 to 20 in increments of 20 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2019.2, 10), (2020, 20), and terminates beyond 2023 at 0 on the vertical axis. Graph 3 (Long-term B T M): The vertical axis has markings ranging from negative 2 to 2 in increments of 2 units. The graph shows a curve that starts from negative 0.05 of the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019, 2), (2021, 2), (2022, 2), (2023, 1), and terminates beyond 2023 at 0 on the vertical axis. Graph 4 (Overall M K R): The vertical axis has markings ranging from negative 40 to 40 in increments of 40 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2019, 20), (2020.8, 38), (2021.2, 40), and terminates beyond 2023 at 0 on the vertical axis. Graph 5 (Short-term M K R): The vertical axis has markings ranging from negative 10 to 10 in increments of 10 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2019, 10), (2020.8, 10), (2021.2, 20), (2022.8, 10), and terminates beyond 2023 at 0 on the vertical axis. Graph 6 (Long-term M K R): The vertical axis has markings ranging from negative 2 to 2 in increments of 2 units. The graph shows a curve that starts from 0 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019.2, 2), (2019.8, 2), (2022, 2.5), and terminates beyond 2023 at 0 on the vertical axis. Graph 7 (Overall POLY): The vertical axis has markings ranging from negative 40 to 80 in increments of 40 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2020.5, 40), (2021, 60), (2022.8, 80), and terminates beyond 2023 at 0 on the vertical axis. Graph 8 (Short-term POLY): The vertical axis has markings ranging from negative 20 to 20 in increments of 20 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2018.8, 10), (2020.5, 10), (2021, 10), (2021.3, 20), (2022.8, 30), and terminates beyond 2023 at 0 on the vertical axis. Graph 9 (Long-term POLY): The vertical axis has markings ranging from negative 2 to 2 in increments of 2 units. The graph shows a curve that starts from 0 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019.2, 3.5), (2019.8, 2), (2021, 1), (2022, 3.5), and terminates beyond 2023 at 0 on the vertical axis. Graph 10 (Overall PRO): The vertical axis has markings ranging from 0 to 100 in increments of 50 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2020.5, 100), (2021.2, 80), (2021.8, 80), and terminates beyond 2023 at 0 on the vertical axis. Graph 11 (Short-term PRO): The vertical axis has markings ranging from -30 to 30 in increments of 20 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2018, 40), (2020.5, 40), (2021.2, 30), (2021.8, 30), and terminates beyond 2023 at 0 on the vertical axis. Graph 12 (Long-term PRO): The vertical axis has markings ranging from negative 4 to 4 in increments of 4 units. The graph shows a curve that starts from 0 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019.2, 4), (2021.2, 5), (2021.8, 2), (2022.5, 2) and terminates beyond 2023 at 0 on the vertical axis. Graph 13 (Overall S N X): The vertical axis has markings ranging from negative 40 to 80 in increments of 40 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2018.8, 80), (2019.2, 60), (2021.2, 60), (2022.5, 90), and terminates beyond 2023 at 0 on the vertical axis. Graph 14 (Short-term S N X): The vertical axis has markings from negative 20 to 20 in increments of 20 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2018.8, 25), (2019.5, 20), (2021.5, 20), (2022.3, 30), and terminates beyond 2023 at 0 on the vertical axis. Graph 15 (Long-term S N X): The vertical axis has markings ranging from negative 3 to 3 in increments of 2 units. The graph shows a curve that starts from negative 1 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019.5, 3.5), (2021.2, 3), (2021.2, 3), (2021.8, 2), and terminates beyond 2023 at 0 on the vertical axis. Graph 16 (Overall ENERGY): The vertical axis has markings negative 20 and 0. The graph shows a relatively flat line that starts from 0 on the vertical axis, with occasional peaks and dips (2020.5, 20), (2020.6, 20), and terminates beyond 2023 at 0 on the vertical axis. Graph 17 (Short-term ENERGY): The vertical axis has markings from negative 10 to 10 in increments of 10 units. The graph shows a relatively flat line that starts from 0 on the vertical axis, with occasional peaks and dips (2020.5, 20), (2020.6, 20), and terminates beyond 2023 at 0 on the vertical axis. Graph 18 (Long-term ENERGY): The vertical axis has markings ranging from negative 1.0 to 1.0 in increments of 1.0 units. The graph shows a curve that starts from 0 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019.5, negative 0.08), (2021, negative 1.0), (2021.2, 1.1) and terminates beyond 2023 at 0 on the vertical axis. Graph 19 (Overall AGRICULTURE): The vertical axis has markings ranging from negative 4 to 4 in increments of 4 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2019.2, 4), (2021.2, 6), (2022.2, 6), and terminates beyond 2023 at 0 on the vertical axis. Graph 20 (Short-term AGRICULTURE): The vertical axis has markings ranging from negative 2 to 2 in increments of 2 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2019.5, 2), (2021.2, 2), (2022.5, 5), and terminates beyond 2023 at 0 on the vertical axis. Graph 21 (Long-term AGRICULTURE): The vertical axis has markings ranging from negative 0.4 to 0.4 in increments of 0.4 units. The graph shows a curve that starts from 0.4 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019.2, 0.2), (2020.5, negative 0.35), (2022.2, 0.4) and terminates beyond 2023 at 0 on the vertical axis. Graph 22 (Overall LIVESTOCK): The vertical axis has markings negative 6, negative 2, and 2. The graph shows a jagged line that starts from negative 2 on the vertical axis, moves to the right with major peaks and dips at (2020.2, 3.5), (2021, 2) and terminates beyond 2023 at 0 on the vertical axis. Graph 23 (Short-term LIVESTOCK): The vertical axis has markings from negative 4 to 4 in increments of 4 units. The graph shows a relatively flat line that starts from 0 on the vertical axis, with a peak at (2020.5, 4) and terminates beyond 2023 at 0 on the vertical axis. Graph 24 (Long-term LIVESTOCK): The vertical axis has markings ranging from negative 0.4 to 0.4 in increments of 0.4 units. The graph shows a curve that starts from 0.0 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019.2, 0.2), (2020.2, 0.4), (2021.2, 0.6) and terminates beyond 2023 at 0 on the vertical axis. Graph 25 (Overall METAL): The vertical axis has markings negative 2 and 2. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2018, 2), (2020.2, 2), (2022.8, 4) and terminates beyond 2023 at 0 on the vertical axis. Graph 26 (Short-term METAL): The vertical axis has markings ranging from negative 1.5 to 1.5 in increments of 0.5 units. The graph shows a jagged line that starts from 0 on the vertical axis, moves to the right with major peaks and dips at (2018, 1.3), (2019, 1.5), (2020.2, 1.5), (2022.5, 2) and terminates beyond 2023 at 0 on the vertical axis. Graph 27 (Long-term METAL): The vertical axis has markings ranging from negative 0.2 to 0.2 in increments of 0.2 units. The graph shows a curve that starts from negative 0.2 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019, 0.2), (2019.5, negative 0.2), (2020, 0.1), (2021.2, 0.1), (2023, 0.4) and terminates beyond 2023 at 0 on the vertical axis. Graph 28 (Overall SOFTS): The vertical axis has markings ranging from negative 4 to 2 in increments of 2 units. The graph shows a jagged line that shows consecutive peaks and dips throughout between negative 4 and 2 and terminates beyond 2023 at 0 on the vertical axis. Graph 29 (Short-term SOFTS): The vertical axis has markings ranging negative 1 and 1. The graph shows a jagged line that shows consecutive peaks and dips throughout between negative 2 and 2 and terminates beyond 2023 at 0 on the vertical axis. Graph 30 (Long-term SOFTS): The vertical axis has markings ranging from negative 0.4 to 0.4 in increments of 0.4 units. The graph shows a curve that starts from 0.4 on the vertical axis, moves to the right in a zigzag fashion, showing major peaks and dips at coordinates (2019, 0.2), (2019.5, negative 0.2), (2020, 0.0), (2021, negative 0.4), (2023.2, negative 0.4) and terminates beyond 2023 at 0 on the vertical axis.Historical return series. Source: Figure by authors