Donnelley Financial Solutions, Inc. $DFIN Correlation Histogram

X axis : Stocks Price Correlation Coefficient

Y axis : Quantity of stocks

1,000 Day Parameter

3,221 NYSE Stocks Price

Correlation Histogram Type Description

1. Zero Correlation Histogram

- The stock pair is concentrated in the correlation coefficient zero.

- Case the diversification, Zero type will Overweight of the portfolio.

- And, Zero type are often low volatility.

2. Type A Correlation Histogram

- The stock pair is concentrated in the plus high correlation coefficient and minus high correlation coefficient.

- The A type will underweight of the portfolio.

- This is not a normal distribution.

3. Type B Correlation Histogram

- The stock pair is concentrated in the plus high correlation coefficient.

- The B type will underweight of the portfolio.

- This is not a normal distribution.

4. Type C Correlation Histogram

- The stock pair is concentrated in the minus high correlation coefficient.

- The C type will underweight of the portfolio.

- This is not a normal distribution.

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