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Once I have computed a correlation matrix for a portfolio of stocks, how do I calculate the UAC for the correlation matrix?

ie, how do I strip out any auto correlation among the names?

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Do you have a reference for the notion of UAC? I know average correlation, what is UAC? Where is the connection to auto-correlation (AC)? Usually there is no significant AC. –  Richard Nov 12 '13 at 16:16
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