Interrelationship and Volatility Dynamics Among the Seven Main NYSE Mineral ETFs

This paper aims to investigate the main mineral exchange-traded funds (ETFs) in terms of trading volumes on the New York Stock Exchange by measuring the volatility transmission among them and the connectivity of this market. Daily closing ETF data from 2019 to 2023 for platinum, silver, copper, lead, nickel, gold, and a diversified set of precious metals are considered to estimate a spillover index and apply complex network metrics that identify and cluster the intensity of these relationships. The results indicate that the ETFs that transmit and receive the most volatility in the modeled complex network, in ascending order, are precious metals: gold, silver, and platinum. They are described by the cluster analysis of the modularity optimization process as the group most used for hedging purposes in critical periods. These findings are helpful for the scientific literature about derivatives by bringing empirical evidence from metals markets, supply chain agents, and investors.