  We analyze correlation structures in financial markets by coarse graining the
Pearson correlation matrices according to market sectors to obtain Guhr
matrices using Guhr's correlation method according to Ref. [P. Rinn {\it et.
al.}, Europhysics Letters 110, 68003 (2015)]. We compare the results for the
evolution of market states and the corresponding transition matrices with those
obtained using Pearson correlation matrices. The behavior of market states is
found to be similar for both the coarse grained and Pearson matrices. However,
the number of relevant variables is reduced by orders of magnitude.
