spb/wp6_uqo

1\begin{tabular}{@{}lrrrr@{}}2\toprule3 & Pre-COVID & COVID crash & Rate hikes & Spot-ETF era \\4 & {\scriptsize 2019-01 to 2020-02} & {\scriptsize 2020-03 to 2020-06} & {\scriptsize 2022-01 to 2022-12} & {\scriptsize 2024-01 to 2026-03} \\5\midrule6$T$ (trading days) & 292 & 85 & 254 & 544 \\7VAR lag $p$ & 4 & 1 & 4 & 4 \\8TSI (\%) & 59.9 & 71.7 & 64.6 & 65.5 \\9 & {\scriptsize[58.9, 65.7]} & {\scriptsize[65.9, 78.1]} & {\scriptsize[63.7, 70.5]} & {\scriptsize[63.4, 69.3]} \\10\midrule11\multicolumn{5}{@{}l}{\textit{Net directional spillovers (pp)}} \\12ES & $+$41.3 & $+$19.4 & $+$25.4 & $+$29.4 \\13 & {\scriptsize[$+$23.0, $+$55.6]} & {\scriptsize[$-$23.3, $+$52.1]} & {\scriptsize[$+$8.2, $+$36.7]} & {\scriptsize[$+$18.4, $+$37.9]} \\14NQ & $+$47.0 & $+$33.3 & $+$6.3 & $+$28.7 \\15 & {\scriptsize[$+$26.4, $+$60.5]} & {\scriptsize[$-$12.7, $+$63.5]} & {\scriptsize[$-$6.9, $+$18.8]} & {\scriptsize[$+$16.3, $+$37.6]} \\16EURUSD & $-$24.8 & $+$0.7 & $+$3.9 & $+$8.9 \\17 & {\scriptsize[$-$35.6, $-$3.3]} & {\scriptsize[$-$29.1, $+$37.3]} & {\scriptsize[$-$7.5, $+$18.4]} & {\scriptsize[$-$2.4, $+$19.4]} \\18USDJPY & $+$9.3 & $+$81.8 & $-$18.6 & $-$11.3 \\19 & {\scriptsize[$-$5.7, $+$30.1]} & {\scriptsize[$+$7.3, $+$135.3]} & {\scriptsize[$-$29.2, $-$4.1]} & {\scriptsize[$-$22.5, $+$0.8]} \\20GBPUSD & $-$29.0 & $-$16.0 & $+$9.0 & $-$1.8 \\21 & {\scriptsize[$-$42.5, $-$7.7]} & {\scriptsize[$-$41.7, $+$27.4]} & {\scriptsize[$-$3.8, $+$20.8]} & {\scriptsize[$-$12.3, $+$10.0]} \\22GC & $-$18.5 & $-$1.3 & $+$8.8 & $+$4.1 \\23 & {\scriptsize[$-$32.4, $+$2.2]} & {\scriptsize[$-$38.0, $+$39.4]} & {\scriptsize[$-$3.6, $+$22.3]} & {\scriptsize[$-$9.5, $+$17.0]} \\24CL & $-$27.3 & $-$29.0 & $-$21.5 & $-$19.9 \\25 & {\scriptsize[$-$40.3, $-$3.3]} & {\scriptsize[$-$52.1, $+$12.0]} & {\scriptsize[$-$33.5, $-$5.0]} & {\scriptsize[$-$31.4, $-$4.6]} \\26BTC & $+$12.7 & $-$14.4 & $-$3.4 & $-$12.4 \\27 & {\scriptsize[$-$14.8, $+$24.0]} & {\scriptsize[$-$45.9, $+$32.9]} & {\scriptsize[$-$16.7, $+$12.4]} & {\scriptsize[$-$20.4, $-$2.1]} \\28ETH & $-$11.4 & $-$27.9 & $+$0.8 & $-$19.5 \\29 & {\scriptsize[$-$27.1, $+$1.7]} & {\scriptsize[$-$54.2, $+$19.1]} & {\scriptsize[$-$12.0, $+$14.3]} & {\scriptsize[$-$27.7, $-$9.2]} \\30VIX & $+$0.6 & $-$46.6 & $-$10.7 & $-$6.0 \\31 & {\scriptsize[$-$19.2, $+$23.1]} & {\scriptsize[$-$61.4, $-$11.2]} & {\scriptsize[$-$24.1, $+$4.6]} & {\scriptsize[$-$17.3, $+$8.7]} \\32\bottomrule33\end{tabular}