Impacts of COVID-19 on dynamic return and volatility spillovers between rare earth metals and renewable energy stock markets

We examine the time-frequency co-movements and return volatility spillovers between rare earths six major renewable energy stocks. employ wavelet analysis spillover index methodology from January 1, 2018 to May 15, 2020. report that COVID-19-triggered significant increase in returns volatility. The act as net recipient of both spillovers, while clean stocks are transmitters before during COVID-19 crisis. solar wind transmitters/receivers before/during pandemic. remaining markets shift receivers or vice versa; evidencing effects Our results show cross-market hedge strategies may have their efficiency impaired periods crises implying a necessity portfolio rebalancing.