A non-ribbon Sankey diagram consists of two sets of nodes connected to each other with links. The nodes of each set are placed along vertical lines. Then, curves are drawn to connect related nodes. Simply put, it’s a stripped down version of a Sankey diagram. Compared to its traditional cousin—the Sankey diagram— non-ribbon Sankey diagrams emphasize the connections between the nodes rather than the additional properties of those links. Here is an example from Bloomberg. Let’s build it in Excel.