i | Symbol | Description |
| p-value |
1 | IND01 | Non-durables |
| 0.0849 |
2 | IND02 | Durables | 0.0879 | 0.1386 |
3 | IND03 | Manufacturing |
| 0.4668 |
4 | IND04 | Energy | 0.0618 | 0.3148 |
5 | IND05 | Chemicals | 0.0747 | 0.3827 |
6 | IND06 | Business equipment | 0.0714 | 0.4739 |
7 | IND07 | Telecommunications |
| 0.9978 |
8 | IND08 | Utilities |
| 0.7550 |
9 | IND09 | Shops (retail) |
| 0.0954 |
10 | IND10 | Healthcare |
| 0.0271 |
11 | IND11 | Financials | 0.0346 | 0.7755 |
12 | IND12 | Other |
| 0.0790 |
13 |
| Long term government |
| 0.0001 |
14 |
| High grade corporate |
| 0.0050 |
15 |
| Low grade corporate | 5.1212 | 0.1366 |
16 |
| CRSP value-weighted portfolio |
| 0.1520 |