Portfolio similarity and trading similarity distributions.

<p>Distributions of investor portfolio similarity and trading similarity for groups consisting of 1, 10 and 100 randomly chosen investors. Portfolio similarities are computed for June 30, 2009, and trading similarities are computed from the positive changes in the portfolios until December 30, 2011. The figure shows that a large proportion of investor comparisons are zero in the case of 1-investor comparisons, both in the case of portfolio similarity and trading similarity. For larger groups, the similarity values increase and concentrate to a narrower interval.