| First term | Second term | |
| persistence | persistence | 1.0000 |
| persistence | conditional heteroskedasticity | 0.2083 |
| persistence | foreign exchange markets | 0.2000 |
| persistence | variability | 0.1639 |
| persistence | conditional | 0.1545 |
| persistence | aggregation | 0.1167 |
| persistence | expected returns | 0.1159 |