| Variable | SMB | CICSI | MRP | HML | CPI | IAV | IPPI | MEBI |
| SMB | 1.000 |
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| CICSI | 0.048 | 1.000 |
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| MRP | 0.126* | 0.013 | 1.000 |
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| HML | −0.55*** | −0.082 | −0.095 | 1.000 |
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| CPI | −0.039 | 0.046 | −0.22*** | 0.033 | 1.000 |
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| IAV | 0.094 | −0.062 | −0.031 | −0.042 | 0.208*** | 1.000 |
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| IPPI | −0.159** | −0.074 | −0.21*** | 0.141** | 0.557*** | −0.045 | 1.000 |
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| MEBI | −0.155** | −0.054 | −0.088 | 0.147** | 0.450*** | 0.002 | 0.867*** | 1.000 |