Three time series for CSI 300, normalized index return R, the average correlation between industries C̄ and the corresponding average standard deviation σ are graphed in panels (a), (b), and (c) respectively. Panels (e), (f), and (g) are graphs of the three time series for S & P 500. Panels (d) and (h) show the Detrended Fluctuation Analysis results in both two markets.