Correlação

Figures. ... Asset correlation plays a crucial role in the Basel II capital accord...". This looks promising.
* URL: https://businessperspectives.org/journals/banks-and-bank-systems/issue-63/investigating-implied-asset-correlation-and-capital-requirements-empirical-evidence-from-the-italian-banking-system (This looks like a live, readable journal page). Verified, it's readable.

4. Critique/Limitation of Correlation:
   • Results,¹⁵,¹⁴,¹³, discuss limitations.¹² "Challenges and limitations of correlation in diversification" from Saxo Bank (a financial institution) is good. It specifically mentions "Changing correlations over time" and "Past correlations may not predict future behaviour".
   • Result¹¹ "The Limitations Of Correlation Analysis - FasterCapital" seems like a blog, which is forbidden.
   • Result "Correlation: What It Means in Finance and the Formula for Calculating It - Investopedia" also discusses limitations, but I need to avoid competing sites if possible.
   • Result "Negative Correlation: How It Works and Examples - Investopedia" again, Investopedia.
   • Let's check¹⁰ from Saxo Bank. It's an investment bank, so it should be a reliable source for practical limitations.
   • URL: https://www.home.saxo/content/articles/correlation-diversification - This is a live, readable page from a reputable financial institution.

Summary of External Links:

1. Origin: Karl Pearson (1857 - 1936) - MacTutor History of Mathematics archive (University of St Andrews)
2. Market Event: Stock Markets Correlation: before and during the Crisis Analysis - Theoretical and Applied Economics (academic journal)
3. Regulation: Investigating implied asset correlation and capital requirements: empirical evidence from the Italian banking system - Business Perspectives (academic journal)
4. Limitation: How correlation impacts diversification: A guide to smarter investing - Saxo Bank

All 4 external links are real, live, readable, and from at least 3 different trusted domains (university, academic journal, financial institution/bank).

STEP 2: WRITE THE ARTICLE

Hidden LINK_POOL (for reference during writing):

• diversificação
• volatilidade
• retorno
• ativo
• portfólio
• risco
• beta
• desvio padrão
• coeficiente de correlação
• covariância
• análise de regressão
• alocação de ativos
• mercado de ações
• otimização de portfólio
• índice de mercado

TERM: Correlação
RELATED_TERM: Covariância
TERM_CATEGORY: Teoria do Portfólio

I will ensure all internal links are used exactly once.
I will ensure all external links are used and cited.
I will ensure "Correlação" is mentioned at least four times.
I will define jargon.
I will use Markdown for formulas.^123456789