| Variables | At their first difference (returns) | |
| ADF Static | PP Static | |
| Total Period (June 2005-June 2014) | ||
| CNX NIFFTY | −44.540* | −44.472* |
| MCX COMDEX Spot | −50.008* | −50.008* |
| MCX COMDEX Futures | −46.1918* | −46.3385* |
| Pre-Recession (June 2005-March 2009) | ||
| CNX Nifty | −24.77889* | −24.73871* |
| MCX COMDEX Spot | −25.15601* | −25.15607* |
| MCX COMDEX Futures | −27.05994* | −27.0862* |
| Recession (April 2008-March 2011) | ||
| CNX Nifty | −25.63816* | −25.63247* |
| MCX COMDEX Spot | −26.73747* | −26.76378* |
| MCX COMDEX Futures | −25.83236* | −25.91985* |
| Post-Recession (April 2011-June 2014) | ||
| CNX Nifty | −26.0286* | −26.0286* |
| MCX COMDEX Spot | −35.5413* | −35.6600* |
| MCX COMDEX Futures | −27.0656* | −27.1725* |