Hênio Henrique Aragão Rêgo, Mario Bertella, Jonathas Silva, He Stanley, Yuko Yamada, Sasuke Miyazima

The challenge to analyze the synchronization between stock market returns has calling the atention of economists, physics and mathematical researchers due to the complex nature of its dynamical colletive behavior. While some pair relations among the stock markets can be explained by basic, relatively simple rules, the global features that spans from the whole financial system may be hard to describe, very often presenting long-correlations, cascading effects, non-stationarity, and many others. In this work we used, what we called “thermos-comparative analysis”, based on thermodynamical and statistical concepts, to quantify the relative performance between different stock market indexes. We study a number of stock indexes and examined the typical co-movements of the markets in different time scales and examine some common features across the markets that may distinguish their previous and/or upcoming dynamics.