Figure 4
The image contains twenty line graphs arranged in a grid, each representing the dynamic hedge ratios for different pairs over time. The x-axis of each graph indicates the date ranging from 2022 to 2025, while the y-axis represents the hedge ratio values. Each graph shows fluctuations in hedge ratios specific to the pair it represents. The pairs include SP-ICE, NDX-SP, Brent-WTI, NDX-ICE, Gold-Silver, ICE-VIX, SP-VIX, SAND-AXS, NDX-VIX, AXS-EGLD, BTC-SAND, BTC-AXS, BTC-STX, BTC-RNDR, SAND-EGLD, BTC-EGLD, RNDR-SAND, STX-AXS, RNDR-EGLD, and RNDR-AXS. The trends vary across the graphs, indicating different hedging effectiveness over the given time period. All values are approximated.The dynamic hedge ratios for the 20 pairs with the highest average hedging effectiveness over the time. Source: Authors’ own work