Figure 2
The heatmap is arranged as a three by three matrix of panels. Column headings at the top read “B G R N”, “I C L N”, and “S P 500 Energy”, and row labels on the right correspond to the same three series. Each populated panel displays a heat map with the horizontal and vertical axes representing quantiles labeled 5, 15, 25, 35, 45, 55, 65, 75, 85, and 95. A color legend on the right is labeled “Entropy” and ranges from 0.004 to 0.012 in increments of 0.004 units. The B G R N-I C L N panel shows higher entropy concentrated in lower to middle quantiles of B G R N interacting with upper quantiles of I C L N, while higher quantiles of both series exhibit lower entropy. The B G R N-S P 500 Energy panel displays elevated entropy mainly in lower and middle quantiles, with entropy declining toward higher quantiles of S P 500 Energy. The I C L N-B G R N panel exhibits a similar asymmetric pattern, with stronger dependence at lower I C L N quantiles and weaker dependence at upper quantiles. The I C L N-S P 500 Energy panel shows moderate entropy in lower and middle quantiles, with isolated higher entropy cells at extreme upper quantiles. The S P 500 Energy-B G R N panel presents relatively higher entropy in upper S P 500 Energy quantiles interacting with lower B G R N quantiles. The S P 500 Energy-I C L N panel shows moderate entropy across middle quantiles and lower entropy at the extremes. Note: All entropy values are approximated.QQTE static information heat-map