markov's efficient frontier calculation

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Asian Pain I T C Ltd. Marico Ltd.Motherson Voltas Ltd. Yes Bank LDabur Indi Jan-0 !"."" 0.0# #".$ $#." %&.$ '(.(# %&." )eb-0 !".'% (.#& #!." $#.!( &'.!# #(.& %#.#" Mar-0 !".'% $.%$ '0.& &0.0 %'.(# #0 %.' A*r-0 ""."& %.%# '".&# &&.(( #.$ !!.$ #(."# Ma+-0 (0" (."& '.## &%.'% ".% ($#.'# ##.$& Jun-0 ((".!" #.&" !&.0# &&.#& ($#.( (%"."# '$."# Jul-0 (%(.(% ($%.' "".( &%.% (%%.(# (#.'# '"."& Au,-0 (%0.0& ((#.%! "#.'# &".0 (#!." ('!.%# '$.%$ e*-0 (%0.#" (('.#& ".# #0.% (%#.&# $0#.0# !(.$ ct-0 ('%.$& ($!.% !." %." (#".$# $&".$# !'.0# /o -0 ('!.! ($".## (0&.# #'.&' (!&. $#$.## !"."" Dec-0 (!.!$ ($#.% (0&.(# #".'! (!&.& $''.(# !.% Jan-(0 ("#.$$ ($#.0" ".% '&.&( (#!.% $%.$# "0.% )eb-(0 ("( (('.(& (0&.& #'.' (##.' $&'.' "%.'& Mar-(0 $0&."" (&(.#& (0.0# ##.0 (!'.%# $#'.$ !.% A*r-(0 $0!."" (&$.& (0!.# '$." ("0.# $"#.'# 0.(# Ma+-(0 $0".'( (%(.' (0!.& '$.% ("0.0# $"!.# $.! Jun-(0 $&0.(" (#$.!$ ($.# '%.'! (".## $'.& (0#.& Jul-(0 $'0.&& (#%.&" ($%.0# !%.!& $($.# $#.'# "."& Au,-(0 $!'.$! ('&.(# ($#.'# !.$$ $00.(# &((.$ (0%.'& e*-(0 $''.&$ (!".& ($!.%# "0.!" $%(.% &#0.(# (0" ct-(0 $'".!" (!(.$ (&!.(# "(.%! $%#.$ &#.# .!# /o -(0 $'%." (!(. ($. "&."! $%&." &0'.(# &.' Dec-(0 $"!."! (!%.'# ((.! "0.& $(!.! &($." (00.$# Jan-(( $#!.!# ('$.' ($#.'# !.& ($ $'&.( &.! )eb-(( $%0.0! (' ((.0# "!.& ('%.' $#' .!# Mar-(( $#$.#" ("$.( (&.%# #.%! ("$.'# &0.' '.( A*r-(( $!!.%' ($.&# (%0.'# (0$.&& ('#.& &0#.(# (0(.(# Ma+-(( &(&.&% (&.&# (%. (0(.&& ('".& &00." ((!.' Jun-(( &(".#( $0$.# (##.## (00.$ (#.' &($.0# ((% Jul-(( &(&.% $0".&# ('" (0(."$ (&!.(# &(0.'# (0%.0# Au,-(( &$".'( $00 (%".$# "&.$ ((' $!!.## ((0.!# e*-(( &(#.!' (" (%&."# !".#& (((.(# $!$.## (0& ct-(( &(#.' $(&.(# (#%.## "&.(& ." &(%.& (0(.& /o -(( $"!.% $00.! (%#.!# '!.'$ (.! $!$.$ #.& Dec-(( $#.$% $0(.& (%#.&# '0.#' !&.%# $&"." .%# Jan-($ $.#& $0&.# (#(." !$.' '.% &&0.%# %.$ )eb-($ &(!.0' $0!.'# (#!.& "%."% (0."# &%#.%# (0%.0# Mar-($ &$%.$ $$'. (!#.& "$."$ (($.$# &'"." (0'.' A*r-($ &#$.'" $%#.# (!!.( !.#& (0.& &%.! (((."# Ma+-($ %0$.(' $$.&# (!#.$ !&.(" (00.$ &$."# (0%.& Jun-($ &""."' $#". ("&.! !$.'% (0%.! &&.% ((%.## Jul-($ &'%.$& $#".(# ('.( !(.$ (0'.& &'#.$ ((.& Au,-($ &'%.0! $'!.'# $00 "(.(( ((0.$ &$".!# ($$.## e*-($ &&.%" $!$.% $00.( .&" ($%.# &"$.0# ($" ct-($ &"!.($ $"$.## $0.## (0&." ((0." %((.' ($%.&# /o -($ %&&.0% $".# $$$.0# (('.$ (0".& %%$.$# ($".0#

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efficient frontier of 7 stocks

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PorfolioAsian Paints Ltd.I T C Ltd.Marico Ltd.Motherson Sumi Systems Ltd.Voltas Ltd.Yes Bank Ltd.Dabur India Ltd.ReturnsExpected ReturnJan-0978.8890.0558.225.9843.261.1543.98Asian Paints Ltd.I T C Ltd.Marico Ltd.Motherson Sumi Systems Ltd.Voltas Ltd.Yes Bank Ltd.Dabur India Ltd.Asian Paints Ltd.I T C Ltd.Marico Ltd.Motherson Sumi Systems Ltd.Voltas Ltd.Yes Bank Ltd.Dabur India Ltd.Feb-0978.6491.5357.825.7136.7551.345.58-0.00304723450.0163017158-0.0068965791-0.01044699-0.1617022696-0.175639110.03573403870.03314423570.01957237940.02533942270.03964391710.02538031650.03675621270.0244780354Mar-0978.6492.4260.330.0946.155049.600.0096766180.04234332810.15731286940.2277587353-0.02566774670.0845218099Apr-0988.8394.4568.3533.1159.277.251.850.12184395490.02172718850.12530945940.09564246090.24902458090.43437645160.0443641009Variance- Covariance MatrixMay-0910891.8369.5534.6498.4125.6555.230.1954067963-0.02813155230.01740435520.04517373210.50811926220.4871008070.0631513492Asian Paints Ltd.I T C Ltd.Marico Ltd.Motherson Sumi Systems Ltd.Voltas Ltd.Yes Bank Ltd.Dabur India Ltd.Jun-09118.7895.3873.0533.53125.1148.8562.850.09514181550.03792987120.0490982198-0.03256852320.24007261340.16943882350.1292446511Asian Paints Ltd.0.00611000610.00667715550.00562929670.00385250620.00441207160.00561709430.0013357502Jul-09141.14124.688.134.49144.15159.6568.830.1724792630.26723969350.18732839470.02822886650.14174100660.07004483170.0908887614I T C Ltd.0.00667715550.00331268260.00661760910.00461901450.00467463180.00343500750.0020004487Aug-09140.03115.4785.6538.09157.8167.4562.42-0.0078956202-0.0760978504-0.02820330820.09928235350.09047398430.0477008801-0.0977539596Marico Ltd.0.00562929670.00661760910.003837070.00433032740.00588676770.00313943620.0012393331Sep-09140.58116.5389.550.49145.35205.0571.20.00392003640.00913799460.04396940050.2818235164-0.08218378140.20256905260.1316070816Motherson Sumi Systems Ltd.0.00385250620.00461901450.00433032740.00766441710.00251434140.00229177580.000993919Oct-09164.23127.497.849.8158.25238.2576.050.15549116260.08918299260.0886859518-0.01376031280.0850314340.15006669070.0658982003Voltas Ltd.0.00441207160.00467463180.00588676770.00251434140.01827734180.00359457290.0000871103Nov-09167.97128.55103.556.36173.9252.5578.880.02251750770.00898619060.05664703570.1237447030.09430436030.05828870640.0365366916Yes Bank Ltd.0.00561709430.00343500750.00313943620.00229177580.00359457290.02057896220.000379876Dec-09179.72125.4103.1558.67173.3266.1579.40.0676146922-0.0248093055-0.00338737320.0401688359-0.00345622460.05245081070.006570658Dabur India Ltd.0.00133575020.00200044870.00123933310.0009939190.00008711030.0003798760.0036235179Jan-10185.22125.0898.463.31157.4249.2580.40.0301442235-0.0025550956-0.04714343550.0761147716-0.0962338607-0.06560365080.0125158079Feb-10181116.13103.356.69155.6236.684.63-0.0230472765-0.07424327930.0485965721-0.1104454662-0.0115017242-0.05208545730.0512746375Mar-10203.88131.53109.0555.09176.45256.279.40.11903455420.12452470920.0541691165-0.02862961690.12574893840.0795874379-0.0637904454StockWeightsApr-10207.88132.93107.562.89180.95285.6590.150.01942940470.0105877114-0.01431564510.13241895710.02518319990.10880889570.1269765814Asian Paints Ltd.0.70May-10208.61141.6107.362.4180.05287.9592.70.00350548990.0631835074-0.0018621979-0.0078218932-0.00498615990.00801956880.0278935229I T C Ltd.-0.02Jun-10230.18152.72129.564.67198.55269.3105.30.09839513150.07559999820.18805223150.03573214010.0978063675-0.06696085410.1274449466Marico Ltd.-0.01Jul-10260.33154.38124.0574.73212.5295.6598.830.12308844550.0108109161-0.0429961710.14458420250.06790103080.0933503224-0.0634122168Motherson Sumi Systems Ltd.-0.24Aug-10276.27163.15125.6579.22200.15311.2104.630.05942859140.05525292750.01281555390.0583471743-0.05987490290.051259470.057029115Voltas Ltd.0.34Sep-10266.32178.3127.4580.78241.4350.15108-0.03668005510.08879750180.01422386680.01950061790.18738822320.11792584180.0317009097Yes Bank Ltd.0.02Oct-10268.78171.2137.1581.47245.2359.599.750.0091946079-0.04063506120.07335108660.00850544420.01561889540.0263525431-0.0794641714Dabur India Ltd.0.21Nov-10264.89171.9129.983.87243.8306.1593.6-0.01457855560.0040804487-0.05431029370.0290331267-0.005725987-0.1606389992-0.06363667231Dec-10287.87174.65119.780.93217.7312.8100.250.08319434390.0158710589-0.0817763111-0.0356833975-0.11323024880.02148883070.0686366827Jan-11257.75162.6125.6579.93192263.193.7-0.1105188664-0.07149077410.0485116514-0.0124333319-0.1256225962-0.1730298206-0.0675688769Base CaseFeb-11240.07169119.0587.93164.625699.75-0.07105957540.0386055178-0.05395669110.0953897918-0.1539770838-0.02735674360.0625688665Expected Return2.76%Mar-11252.58182.1139.4595.47182.65309.696.10.05079748270.07465727180.15816254110.08227101860.1040534650.1901036972-0.0372777398Portfolio Variance0.63%Apr-11277.46192.35140.65102.33165.3305.15101.150.09394874840.05476064250.00856842090.0693908231-0.0998097484-0.01447768270.0512152476standard deviation7.93%May-11313.34193.35149.9101.33168.3300.8117.60.12161208430.00518538890.0636938702-0.00982036760.0179860964-0.01435786690.1506844719Jun-11318.51202.95155.55100.2159.6312.051140.01636500870.04845762520.0369988182-0.0112143288-0.05307741620.0367178393-0.0310905871Jul-11313.4208.35168101.82137.15310.65104.05-0.01617354180.02625971460.07699675610.0160383598-0.1515954676-0.0044965549-0.0913268956Expected ReturnStandad deviationExpected ReturnAug-11328.61200148.2583.2116277.55110.750.0473913074-0.0409019913-0.1250639415-0.2019592006-0.1674850263-0.11266577940.06240385611.00%5.96%1.00%Sep-11315.76198143.8578.53111.15272.55103-0.0398892059-0.0100503359-0.0301289479-0.0577666304-0.0427095507-0.0181790136-0.07254642071.50%5.17%1.50%Oct-11315.96213.15154.5583.1399.8314.3101.30.00063319190.07372911250.07174657860.0569249302-0.10771245710.1425258603-0.0166425772.00%4.70%2.00%Nov-11287.94200.7145.7567.6291.7272.295.3-0.0928634982-0.0601848874-0.0586248433-0.2065018503-0.0846458041-0.1438108536-0.06105660062.50%4.67%2.50%Dec-11259.24201.3145.3560.5673.45238.899.45-0.10499785150.0029850768-0.0027481982-0.1102691882-0.2219174766-0.13091070870.04262519463.00%5.06%3.00%Jan-12299.53203.95151.872.696.4330.4594.20.14446030590.01307853310.0434192380.18133031270.2719012990.3248289804-0.05423482373.50%5.81%3.50%Feb-12317.06207.65157.384.84109.85345.45104.050.05687645090.01797910430.03559094510.15580220790.13060959720.0443925530.09945137134.00%6.79%4.00%Mar-12324.2226.9175.382.82112.25368.8106.60.02226957890.08865542170.1083439819-0.02409755160.02161272780.06540657670.02421195894.50%7.92%4.50%Apr-12352.68245.5177.179.53109.3349.7111.850.08420052090.07878755540.0102157529-0.0405352691-0.0266321314-0.05317884760.04807517625.00%9.14%5.00%May-12402.16229.35175.273.18100.2329.85104.30.1312888892-0.0680477262-0.0107863663-0.0832121494-0.0869282065-0.0584376384-0.0698873259Jun-12388.86258.9183.772.64104.7339.4114.55-0.03363063770.12119266570.0473758137-0.00740642530.04393092920.02854134710.0937400469Jul-12364.23258.15196.171.29106.3365.2119.3-0.0654338454-0.00290107540.065320741-0.01875966920.01516616750.07326579590.0406299202Aug-12364.07267.6520081.11110.2328.75122.55-0.00043937940.03613934550.01969263330.1290501930.0360316114-0.10514756520.0268777809Sep-12393.48272.4200.199.38124.95382.051280.07768408380.01759141740.0004998750.20314462810.12561676060.15025390660.0435111539Oct-12387.12282.55209.55103.8110.8411.6124.35-0.01629551820.03658395180.04614513280.0435150846-0.1201868830.0745005139-0.0289300937Nov-12433.04298.5222.05116.2108.3442.25128.050.112095380.05491440680.05794020740.1128468737-0.02282162030.07182332910.0293206424Dec-12443.26286.8218.05132.17105.9464.05128.90.0233264028-0.0399848241-0.01817818740.1287761284-0.02240990140.0481169720.0066160973Jan-13450.12307.65226.55131.6797.7522.15132.70.01535770860.07017766450.0382412768-0.0037901804-0.08059369360.11796259790.0290540314Feb-13427.22294.8213.4131.2779.05472126.4-0.0522151109-0.0426656129-0.0597973322-0.0030425216-0.2118209954-0.1009759173-0.0486394596Mar-13491.73309.45212.9129.4375.35428.9136.950.14063068230.0484993679-0.002345767-0.0141160764-0.0479366386-0.09575519410.080164414Apr-13468.13328.85225.4129.8785.25501.65147.8-0.04918375020.06080519160.05705402970.00339375570.12344419110.15667887380.0762441128May-13486.31339.9236.05143.183.75487.3156.350.03810024550.0330497370.04616704540.0970097364-0.0177519455-0.02902271550.0562370754Jun-13463.65324.35207.65132.1780.95461.1155.4-0.0477163234-0.046828277-0.1281896769-0.0794547138-0.0340044906-0.0552650106-0.006094646Jul-13507.6341.7209.55137.0377.8324161.40.09056377860.05210997950.00910840430.0361109072-0.0396902489-0.35287142340.0378833179Aug-13420.95308.7212.55129.567243.35163.1-0.1871796741-0.10156322760.0142148804-0.0565189988-0.1494488118-0.28624277950.0104777538Sep-13459.25340.4219.9153.373.9287.35169.50.08708066230.09775146520.03399564280.16871590470.09802020860.16620024870.0384894172Oct-13539.45335211.95179.989.15368.8178.650.1609553779-0.0159908649-0.03682249980.16000435510.18760751640.24955350670.0525756576Nov-13503.65320.4216.05188.73111.05368.65165.65-0.0686685196-0.04456031660.01915946460.04791628130.219660206-0.0004068072-0.0755514557Dec-13490321.85216.7182.5116.05370.2170.35-0.02747619130.00451538330.0030040462-0.03356724920.04404058240.00419571570.0279780154Jan-14471.7325.1214204.1106.1307.65172-0.03806220080.0100472288-0.01253789350.1118598968-0.0896390871-0.1850806270.0096393327Feb-14473327.65211231.75133.4304.95173.450.00275219820.0078131382-0.01411788150.12704913460.2289700879-0.00881494440.0083948966Mar-14547.95352.85209.15255.55160.9413.95179.650.14708865340.074097072-0.00880643560.09775888080.18743092050.30559736480.0351211401Apr-14505.15340.75204253.75156.35440.75179.25-0.081328627-0.0348939669-0.024931704-0.0070685549-0.02868597010.0627326277-0.0022290341May-14507.6341.75243.95299.55186.7569.4188.450.0048383210.0029304050.17884329240.16593181820.17740596660.25610535360.0500512402Jun-14594325.05244.05324.25218.05541.05187.50.1571855835-0.0501004590.00040983610.07923347470.1552213437-0.0510714788-0.0050538743Jul-14628.65356.05255.65364.95192.25541.1207.250.05669534370.09109215380.04643619920.1182455347-0.12592778590.00009240860.1001469486Aug-14624.2355.3272.25371.95244.65572.05232.6-0.0071038332-0.00210866740.06291144030.01899907870.24103200930.05562229550.1153944461Sep-14629.55370.2310395.65241.6558.85222.150.00853444860.04108089710.12985153570.0617705454-0.0125451517-0.0233452993-0.0459674107Oct-14657355.2311.25420.45251.4684.5226.50.04267874-0.0413623890.00402415030.06079558420.03976183010.20280754390.0193921155Nov-14744.7363.15323.15428.1270.55709.95240.90.12529743420.02213496090.03752016390.01803124690.07341162790.03650590030.0616369647Dec-14752.3368.7325.15457.5242.5772.05233.750.01015372780.01516733320.00617000260.0664200716-0.10945521370.0838547697-0.0301297415Jan-15857.75368.55360.8451.1268.6862.45256.250.1311775012-0.00040691760.1040371739-0.01408784030.10222157370.11072786140.0919013623

risk free assetAsian Paints Ltd.I T C Ltd.Marico Ltd.Motherson Sumi Systems Ltd.Lupin Ltd.Yes Bank Ltd.Dabur India Ltd.ReturnsExpected ReturnJan-0978.8890.0558.225.98113.9561.1543.98Asian Paints Ltd.I T C Ltd.Marico Ltd.Motherson Sumi Systems Ltd.Lupin Ltd.Yes Bank Ltd.Dabur India Ltd.Asian Paints Ltd.I T C Ltd.Marico Ltd.Motherson Sumi Systems Ltd.Lupin Ltd.Yes Bank Ltd.Dabur India Ltd.risk free assetFeb-0978.6491.5357.825.71129.8651.345.58-0.00304723450.0163017158-0.0068965791-0.010446990.1306971914-0.175639110.03573403870.03314423570.01957237940.02533942270.03964391710.03656623870.03675621270.02447803540.005Mar-0978.6492.4260.330.09136.915049.600.0096766180.04234332810.15731286940.0528668286-0.02566774670.0845218099Apr-0988.8394.4568.3533.11143.7177.251.850.12184395490.02172718850.12530945940.09564246090.04847360440.43437645160.0443641009Variance- Covariance MatrixMay-0910891.8369.5534.64167.23125.6555.230.1954067963-0.02813155230.01740435520.04517373210.15157273030.4871008070.0631513492Asian Paints Ltd.I T C Ltd.Marico Ltd.Motherson Sumi Systems Ltd.Lupin Ltd.Yes Bank Ltd.Dabur India Ltd.risk free assetJun-09118.7895.3873.0533.53163.24148.8562.850.09514181550.03792987120.0490982198-0.0325685232-0.02414859990.16943882350.1292446511Asian Paints Ltd.0.00611000610.00667715550.00562929670.00385250620.00441207160.00561709430.00133575020Jul-09141.14124.688.134.49190.08159.6568.830.1724792630.26723969350.18732839470.02822886650.15222352560.07004483170.0908887614I T C Ltd.0.00667715550.00331268260.00661760910.00461901450.00467463180.00343500750.00200044870Aug-09140.03115.4785.6538.09203.03167.4562.42-0.0078956202-0.0760978504-0.02820330820.09928235350.06590871520.0477008801-0.0977539596Marico Ltd.0.00562929670.00661760910.003837070.00433032740.00588676770.00313943620.00123933310Sep-09140.58116.5389.550.49227205.0571.20.00392003640.00913799460.04396940050.28182351640.11159626610.20256905260.1316070816Motherson Sumi Systems Ltd.0.00385250620.00461901450.00433032740.00766441710.00251434140.00229177580.0009939190Oct-09164.23127.497.849.8245.99238.2576.050.15549116260.08918299260.0886859518-0.01376031280.08034086720.15006669070.0658982003Lupin Ltd.0.00441207160.00467463180.00588676770.00251434140.00443084190.00359457290.00008711030Nov-09167.97128.55103.556.36275.06252.5578.880.02251750770.00898619060.05664703570.1237447030.1116983710.05828870640.0365366916Yes Bank Ltd.0.00561709430.00343500750.00313943620.00229177580.00359457290.02057896220.0003798760Dec-09179.72125.4103.1558.67294.82266.1579.40.0676146922-0.0248093055-0.00338737320.04016883590.06937574490.05245081070.006570658Dabur India Ltd.0.00133575020.00200044870.00123933310.0009939190.00008711030.0003798760.00362351790Jan-10185.22125.0898.463.31284.53249.2580.40.0301442235-0.0025550956-0.04714343550.0761147716-0.0355263045-0.06560365080.0125158079risk free asset00000000Feb-10181116.13103.356.69300.14236.684.63-0.0230472765-0.07424327930.0485965721-0.11044546620.0534103363-0.05208545730.0512746375Mar-10203.88131.53109.0555.09325.47256.279.40.11903455420.12452470920.0541691165-0.02862961690.0810212590.0795874379-0.0637904454StockWeightsApr-10207.88132.93107.562.89341.27285.6590.150.01942940470.0105877114-0.01431564510.13241895710.04740366130.10880889570.1269765814Asian Paints Ltd.0.13May-10208.61141.6107.362.4372.04287.9592.70.00350548990.0631835074-0.0018621979-0.00782189320.08632742250.00801956880.0278935229I T C Ltd.0.13Jun-10230.18152.72129.564.67393.57269.3105.30.09839513150.07559999820.18805223150.03573214010.0562575674-0.06696085410.1274449466Marico Ltd.0.13Jul-10260.33154.38124.0574.73375.59295.6598.830.12308844550.0108109161-0.0429961710.1445842025-0.04676081980.0933503224-0.0634122168Motherson Sumi Systems Ltd.0.13Aug-10276.27163.15125.6579.22356.4311.2104.630.05942859140.05525292750.01281555390.0583471743-0.05244442730.051259470.057029115Lupin Ltd.0.13Sep-10266.32178.3127.4580.78388.1350.15108-0.03668005510.08879750180.01422386680.01950061790.08520934280.11792584180.0317009097Yes Bank Ltd.0.13Oct-10268.78171.2137.1581.47438.3359.599.750.0091946079-0.04063506120.07335108660.00850544420.1216405690.0263525431-0.0794641714Dabur India Ltd.0.13Nov-10264.89171.9129.983.87511.45306.1593.6-0.01457855560.0040804487-0.05431029370.02903312670.1543462215-0.1606389992-0.0636366723risk free asset0.13Dec-10287.87174.65119.780.93482.45312.8100.250.08319434390.0158710589-0.0817763111-0.0356833975-0.05837254040.02148883070.06863668271Jan-11257.75162.6125.6579.93421.9263.193.7-0.1105188664-0.07149077410.0485116514-0.0124333319-0.1341089693-0.1730298206-0.0675688769Feb-11240.07169119.0587.93381.225699.75-0.07105957540.0386055178-0.05395669110.0953897918-0.1014441474-0.02735674360.0625688665Base CaseMar-11252.58182.1139.4595.47416.65309.696.10.05079748270.07465727180.15816254110.08227101860.0889223690.1901036972-0.0372777398Expected Return2.76%Apr-11277.46192.35140.65102.33440.85305.15101.150.09394874840.05476064250.00856842090.06939082310.0564581407-0.01447768270.0512152476Portfolio Variance0.31%May-11313.34193.35149.9101.33469.9300.8117.60.12161208430.00518538890.0636938702-0.00982036760.0638152246-0.01435786690.1506844719standard deviation5.54%Jun-11318.51202.95155.55100.2449.2312.051140.01636500870.04845762520.0369988182-0.0112143288-0.04505168320.0367178393-0.0310905871Jul-11313.4208.35168101.82454.75310.65104.05-0.01617354180.02625971460.07699675610.01603835980.0122795945-0.0044965549-0.0913268956Aug-11328.61200148.2583.2448.75277.55110.750.0473913074-0.0409019913-0.1250639415-0.2019592006-0.0132818776-0.11266577940.0624038561Expected ReturnStandad deviationExpected ReturnSep-11315.76198143.8578.53474.35272.55103-0.0398892059-0.0100503359-0.0301289479-0.05776663040.055479506-0.0181790136-0.07254642070.50%Oct-11315.96213.15154.5583.13470.2314.3101.30.00063319190.07372911250.07174657860.0569249302-0.00878730970.1425258603-0.0166425771.00%0.97%1.00%Nov-11287.94200.7145.7567.62474.35272.295.3-0.0928634982-0.0601848874-0.0586248433-0.20650185030.0087873097-0.1438108536-0.06105660061.50%1.93%1.50%Dec-11259.24201.3145.3560.56447.85238.899.45-0.10499785150.0029850768-0.0027481982-0.1102691882-0.0574870909-0.13091070870.04262519462.00%2.90%2.00%Jan-12299.53203.95151.872.6475330.4594.20.14446030590.01307853310.0434192380.18133031270.05885644910.3248289804-0.05423482372.50%3.86%2.50%Feb-12317.06207.65157.384.84480.85345.45104.050.05687645090.01797910430.03559094510.15580220790.01224056710.0443925530.09945137133.00%4.83%3.00%Mar-12324.2226.9175.382.82529.5368.8106.60.02226957890.08865542170.1083439819-0.02409755160.09637779390.06540657670.02421195893.50%5.79%3.50%Apr-12352.68245.5177.179.53552.4349.7111.850.08420052090.07878755540.0102157529-0.04053526910.0423392565-0.05317884760.04807517624.00%6.76%4.00%May-12402.16229.35175.273.18541.7329.85104.30.1312888892-0.0680477262-0.0107863663-0.0832121494-0.0195600789-0.0584376384-0.06988732594.50%7.73%4.50%Jun-12388.86258.9183.772.64537.15339.4114.55-0.03363063770.12119266570.0473758137-0.0074064253-0.00843495760.02854134710.09374004695.00%8.69%5.00%Jul-12364.23258.15196.171.29600.9365.2119.3-0.0654338454-0.00290107540.065320741-0.01875966920.11215114620.07326579590.0406299202Aug-12364.07267.6520081.11593.1328.75122.55-0.00043937940.03613934550.01969263330.129050193-0.0130655125-0.10514756520.0268777809Sep-12393.48272.4200.199.38595.95382.051280.07768408380.01759141740.0004998750.20314462810.00479375210.15025390660.0435111539Oct-12387.12282.55209.55103.8566.45411.6124.35-0.01629551820.03658395180.04614513280.0435150846-0.05076795560.0745005139-0.0289300937Nov-12433.04298.5222.05116.2591442.25128.050.112095380.05491440680.05794020740.11284687370.04242720210.07182332910.0293206424Dec-12443.26286.8218.05132.17613.85464.05128.90.0233264028-0.0399848241-0.01817818740.12877612840.03793458120.0481169720.0066160973Jan-13450.12307.65226.55131.67604.3522.15132.70.01535770860.07017766450.0382412768-0.0037901804-0.01567983530.11796259790.0290540314Feb-13427.22294.8213.4131.27584.95472126.4-0.0522151109-0.0426656129-0.0597973322-0.0030425216-0.0325443899-0.1009759173-0.0486394596Mar-13491.73309.45212.9129.43628.55428.9136.950.14063068230.0484993679-0.002345767-0.01411607640.0718892059-0.09575519410.080164414Apr-13468.13328.85225.4129.87702.6501.65147.8-0.04918375020.06080519160.05705402970.00339375570.11137216050.15667887380.0762441128May-13486.31339.9236.05143.1737.7487.3156.350.03810024550.0330497370.04616704540.09700973640.0487494981-0.02902271550.0562370754Jun-13463.65324.35207.65132.17781.45461.1155.4-0.0477163234-0.046828277-0.1281896769-0.07945471380.0576139304-0.0552650106-0.006094646Jul-13507.6341.7209.55137.03871.15324161.40.09056377860.05210997950.00910840430.03611090720.1086630096-0.35287142340.0378833179Aug-13420.95308.7212.55129.5796.2243.35163.1-0.1871796741-0.10156322760.0142148804-0.0565189988-0.0899637673-0.28624277950.0104777538Sep-13459.25340.4219.9153.3855.85287.35169.50.08708066230.09775146520.03399564280.16871590470.07224471660.16620024870.0384894172Oct-13539.45335211.95179.9887.9368.8178.650.1609553779-0.0159908649-0.03682249980.16000435510.03676399690.24955350670.0525756576Nov-13503.65320.4216.05188.73855.85368.65165.65-0.0686685196-0.04456031660.01915946460.0479162813-0.0367639969-0.0004068072-0.0755514557Dec-13490321.85216.7182.5908.15370.2170.35-0.02747619130.00451538330.0030040462-0.03356724920.05931443610.00419571570.0279780154Jan-14471.7325.1214204.1881.9307.65172-0.03806220080.0100472288-0.01253789350.1118598968-0.0293308923-0.1850806270.0096393327Feb-14473327.65211231.75995.45304.95173.450.00275219820.0078131382-0.01411788150.12704913460.1211162253-0.00881494440.0083948966Mar-14547.95352.85209.15255.55933.15413.95179.650.14708865340.074097072-0.00880643560.0977588808-0.06462893660.30559736480.0351211401Apr-14505.15340.75204253.75989.6440.75179.25-0.081328627-0.0348939669-0.024931704-0.00706855490.05873486140.0627326277-0.0022290341May-14507.6341.75243.95299.55935.95569.4188.450.0048383210.0029304050.17884329240.1659318182-0.05573876480.25610535360.0500512402Jun-14594325.05244.05324.251048.05541.05187.50.1571855835-0.0501004590.00040983610.07923347470.1131245174-0.0510714788-0.0050538743Jul-14628.65356.05255.65364.951181.75541.1207.250.05669534370.09109215380.04643619920.11824553470.1200650960.00009240860.1001469486Aug-14624.2355.3272.25371.951285.4572.05232.6-0.0071038332-0.00210866740.06291144030.01899907870.08407356330.05562229550.1153944461Sep-14629.55370.2310395.651395.65558.85222.150.00853444860.04108089710.12985153570.06177054540.0822903026-0.0233452993-0.0459674107Oct-14657355.2311.25420.451369.05684.5226.50.04267874-0.0413623890.00402415030.0607955842-0.01924318790.20280754390.0193921155Nov-14744.7363.15323.15428.11480.45709.95240.90.12529743420.02213496090.03752016390.01803124690.0782290270.03650590030.0616369647Dec-14752.3368.7325.15457.51427.95772.05233.750.01015372780.01516733320.00617000260.0664200716-0.03610624630.0838547697-0.0301297415Jan-15857.75368.55360.8451.11585.3862.45256.250.1311775012-0.00040691760.1040371739-0.01408784030.10453381460.11072786140.0919013623

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