Figure 2
The figure consists of six sets of line graphs arranged in three rows, and each set has five line graphs which are vertically stacked and arranged from top to bottom. The horizontal axis for all graphs is labeled “Date” and ranges from 2012 to 2020 in increments of 2 years. The vertical axis for each is labeled “Returns”. First row, Top left set of line graphs: The vertical axis for all five line graphs is different. The data for each graph is as follows: The first line graph at the top is titled “D J A T”. The vertical axis ranges from negative 0.05 to 0.05 in increments of 0.05 units. The line shows a high-frequency fluctuating trend centered around zero, with a significant downward dip to negative 0.07 in early 2019 and a recovery peaking at 0.04 in 2020 before terminating in 2020. The second line graph is titled “D J I M E”. The vertical axis ranges from negative 0.12 to 0.04 in increments of 0.04 units. The line shows a steady volatility pattern with a major negative spike reaching negative 0.12 in early 2019 and terminating with fluctuations in 2020. The third line graph is titled “D J M E N A”. The vertical axis ranges from negative 0.15 to 0.05 in increments of 0.05 units. The line shows consistent fluctuations throughout the period, featuring a sharp dip to negative 0.14 in early 2019 and terminating in 2020. The fourth line graph is titled “D J S A P”. The vertical axis ranges from negative 0.04 to 0.04 in increments of 0.04 units. The line fluctuates between negative 0.03 and 0.03, showing a prominent downward spike in early 2019 and terminating in 2020. The fifth line graph at the bottom is titled “D J S E”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line shows a fluctuating trend with a visible dip to negative 0.09 in early 2019, followed by a period of increased volatility that terminates in 2020. First row, Top right set of line graphs: The vertical axis for all five line graphs is different. The data for each graph is as follows: The first line graph at the top is titled “D J S E M”. The vertical axis ranges from negative 0.05 to 0.05 in increments of 0.05 units. The line displays high volatility centered at zero, with a major negative dip of negative 0.06 in early 2019 and a termination point in 2020. The second line graph is titled “D J S E Z”. The vertical axis ranges from negative 0.15 to 0.05 in increments of 0.05 units. The line shows steady fluctuations until 2019, when it hits a low point of negative 0.14, then continues fluctuating until terminating in 2020. The third line graph is titled “D J S N A”. The vertical axis ranges from negative 0.10 to 0.10 in increments of 0.05 units. The line shows a consistent fluctuation pattern, with a sharp downward spike in early 2019 reaching a negative 0.11 and terminating in 2020. The fourth line graph is titled “D J S U S”. The vertical axis ranges from negative 0.10 to 0.10 in increments of 0.05 units. The line follows a stable fluctuation trend until a significant dip to negative 0.11 in early 2019, terminating with minor fluctuations in 2020. The fifth line graph at the bottom is titled “D J S W”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line shows regular fluctuations with a distinctive spike down to negative 0.09 in early 2019, ending the trend in 2020. Second row, Middle left set of line graphs: The vertical axis for all five line graphs is different. The data for each graph is as follows: The first line graph at the top is titled “D J S W D”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line shows consistent fluctuations around zero, featuring a sharp downward spike to negative 0.11 in early 2019, followed by a return to baseline and terminating in 2020. The second line graph is titled “S. P A A”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line displays high volatility with a prominent dip to negative 0.12 in early 2019 and terminates with continued fluctuations in 2020. The third line graph is titled “S. P B R I C T”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line fluctuates steadily, showing its most significant downward spike of negative 0.10 in early 2019 and terminating in 2020. The fourth line graph is titled “S. P E A”. The vertical axis ranges from negative 0.050 to 0.025 in increments of 0.025 units. The line shows regular volatility with a sharp dip to negative 0.06 in early 2019, ending the trend with fluctuations in 2020. The fifth line graph at the bottom is titled “S. P P A F S”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line shows a major downward peak to negative 0.14 near 2015 and another significant dip to negative 0.11 in early 2019, finally terminating in 2020. Second row, Middle right set of line graphs: The vertical axis for all five line graphs is different. The data for each graph is as follows: The first line graph at the top is titled “S. P F B M I S”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line begins at 0.00 in 2012, shows low-level fluctuations until 2019 when it experiences a high-volatility period with a dip to negative 0.09, and terminates in 2020. The second line graph is titled “S. P G B M I”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line begins at 0.01 in 2012, follows a stable fluctuation pattern, reaches a distinctive downward spike of negative 0.10 in early 2019, and terminates in 2020. The third line graph is titled “S. P L A B M I”. The vertical axis ranges from negative 0.1 to 0.1 in increments of 0.1 units. The line begins at 0.01 in 2012, shows steady fluctuations around zero, hits a sharp vertical dip to negative 0.14 in early 2019, and terminates in 2020. The fourth line graph is titled “S. P N A”. The vertical axis ranges from negative 0.15 to 0.05 in increments of 0.05 units. The line begins at negative 0.02 in 2012, displays a sharp downward spike to negative 0.16 in 2015 and another to negative 0.14 in early 2019, and terminates in 2020. The fifth line graph at the bottom is titled “S. P S S A”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line begins at 0.01 in 2012, shows frequent fluctuations with a deep dip to negative 0.11 in early 2019, and terminates in 2020. Third row, Bottom left set of line graphs: The vertical axis for all five line graphs is different. The data for each graph is as follows: The first line graph at the top is titled “N A M E R I C A I”. The vertical axis ranges from negative 0.10 to 0.10 in increments of 0.05 units. The line begins at 0.01 in 2012, shows a steady frequency of fluctuations, hits a deep downward dip of negative 0.11 in early 2019, and terminates in 2020. The second line graph is titled “N A R E I T s”. The vertical axis ranges from negative 0.2 to 0.0 in increments of 0.1 units. The line begins at 0.00 in 2012, exhibits moderate volatility throughout the period, reaches a major low of negative 0.15 in early 2019, and terminates in 2020. The third line graph is titled “N A S I A I”. The vertical axis ranges from negative 0.06 to 0.06 in increments of 0.03 units. The line begins at negative 0.01 in 2012, fluctuates consistently around the zero line, reaches a significant dip of negative 0.10 in early 2019, and terminates in 2020. The fourth line graph is titled “N B R I C I”. The vertical axis ranges from negative 0.05 to 0.05 in increments of 0.05 units. The line begins at 0.01 in 2012, shows a high-frequency volatility pattern, reaches a low point of negative 0.07 in early 2019, and terminates in 2020. The fifth line graph at the bottom is titled “N D M I”. The vertical axis ranges from negative 0.10 to 0.05 in increments of 0.05 units. The line begins at 0.00 in 2012, maintains stable fluctuations until a sharp vertical drop to negative 0.11 in early 2019, and terminates in 2020. Third row, Bottom right set of line graphs: The vertical axis for all five line graphs is different. The data for each graph is as follows: The first line graph at the top is titled “N E M I”. The vertical axis ranges from negative 0.05 to 0.05 in increments of 0.05 units. The line begins at negative 0.01 in 2012, displays constant fluctuations, reaches a low point of negative 0.08 in early 2019, and terminates in 2020. The second line graph is titled “N E U R O P I”. The vertical axis ranges from negative 0.15 to 0.05 in increments of 0.05 units. The line begins at 0.01 in 2012, showing strong volatility with a major negative spike to negative 0.13 in early 2019, and terminates in 2020. The third line graph is titled “N E U R O Z I”. The vertical axis ranges from negative 0.15 to 0.05 in increments of 0.05 units. The line begins at 0.01 in 2012, fluctuates steadily, hits a prominent dip of negative 0.14 in early 2019, and terminates in 2020. The fourth line graph is titled “N G M C I”. The vertical axis ranges from negative 0.15 to 0.05 in increments of 0.05 units. The line begins at 0.00 in 2012, follows a consistent fluctuation trend, reaches its lowest point of negative 0.12 in early 2019, and terminates in 2020. The fifth line graph at the bottom is titled “N G V O L N D X”. The vertical axis ranges from negative 5.0 to 5.0 in increments of 2.5 units. The line begins at 0.0 in 2012 with very low activity, then exhibits extreme vertical spikes ranging between negative 5.0 and 5.0 starting from late 2013, and terminates in 2020. Note: All the numerical data values are approximated.Returns series