Multiscale Hedging with Crude Oil Futures Based on EMD Method

Table 3

Correlation coefficient between different scales of futures and spot.

		Futures				Spot
	Scale	Original	Short	Medium	Long	Original	Short	Medium	Long
Futures	Original	1.0000	0.9268	0.2879	0.1316	0.6533	0.5702	0.2405	0.1401
	Short		1.0000	−0.0623	−0.0302	0.5633	0.5847	0.0236	−0.0099
	Medium			1.0000	0.0443	0.2856	0.0465	0.6327	0.1222
	Long				1.0000	0.1334	−0.0174	0.0170	0.7430
Spot	Original					1.0000	0.9228	0.2693	0.1447
	Short						1.0000	−0.0683	−0.0339
	Medium							1.0000	−0.0492
	Long								1.0000