| Variables | ROA | RCP | ICP | PDP | CCC | CR | LQD | OP | DER |
| ROA | 1.000 |
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| RCP | −0.079 | 1.000 |
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| ICP | 0.035 | −0.079 | 1.000 |
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| PDP | 0.675 | 0.034 | −0.220 | 1.000 |
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| CCC | 0.331 | 0.069 | −0.0785 | 0.402 | 1.000 |
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| CR | −0.042 | −0.143 | 0.262 | −0.053 | −0.345 | 1.000 |
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| Liquidity | 0.568 | −0.088 | 0.383 | 0.377 | −0.424 | 0.325 | 1.000 |
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| OP | 0.769 | −0.014 | 0.022 | 0.492 | 0.003 | −0.023 | 0.532 | 1.000 |
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| DER | −0.163 | −0.173 | −0.027 | 0.092 | 0.036 | −0.037 | −0.008 | 0.042 | 1.00 |