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  1. Returns, Risks and Correlations (1.1) Returns and RisksAssetsReturns and Risks1990 – 20121990 - 19971998-20052006-2012 T – BillAverage monthlyreturns0.0027427540.0037732560.002668750.001336905tan!ar! eviation0.0018318750.0012230210.0014916830.001698815# $%uityAverage monthlyreturns0.008098550.016103490.005727080.00527143tan!ar! eviation0.044892170.034843790.048539440.05048901&oreign $'Average monthlyreturns0.004894930.006721970.006408140.00399461tan!ar! eviation0.051200870.049979190.044820770.05935742$merging$'Average monthlyreturns0.0103090510.0124014880.0103980960.010006664tan!ar! eviation0.0692194730.059842530.0717813920.076670525# Bon!Average monthlyreturns0.006508750.008890930.00554770.00514824tan!ar! eviation0.012379530.014444830.011701220.0101949&oreignBon!Average monthlyreturns0.0060575140.0070095320.0049778180.005489031tan!ar! eviation0.0249156090.0255013350.0246728350.024721921() Bon!Average monthlyreturns0.0075880.0136690.0048770.006203tan!ar! eviation0.0237810.0178770.0246640.02799*ommo!ityAverage monthlyreturns0.0053934490.0022841370.010173074+0.000810613tan!ar! eviation0.0622023750.0463740070.0653315830.073530824,eal $stateAverage monthlyreturns0.0096359360.01575820.009448510.007662154tan!ar! eviation0.0532516520.0322660430.0415680240.078854049(e!ge&un!Average monthlyreturns0.008946760.015852360.007887280.00370033tan!ar! eviation0.020213890.016387740.022064370.0205697  (1.2) Correlation beteen ! #$uit% and ! &ond ã 'eriod -1990+2012 ã 'eriod -1990+1997 ã 'eriod -1998+2005 ã 'eriod -2006+2012 2. 'ortolio Returns (2.1)'ortolio A Buy an! (ol! + /nitial alloation o 60  40 mi -60 in tos 40 in Bon!s norealaning. 'ortolio &  *onstant 60  40 mi – 60 in tos 40 in Bon!s at the eginning o eahmonth.1990+2012 ! #$uit%! &ond! #$uit% 10.12089571 ! &ond 0.1208957111990+1997 ! #$uit%! &ond! #$uit% 10.52957445 ! &ond 0.5295744511998+2005 ! #$uit%! &ond! #$uit% 1+0.203912 ! &ond +0.20391212006+2012 ! #$uit%! &ond! #$uit% 10.06120625 ! &ond 0.061206251  ã A*era+e ontl% Return o 'ortolio A and & amle erio!Average :onthly ,eturn o ortolio AAverage :onthly ,eturn o ortolio B1990 + 19971.9324058851.9177704521998 + 20050.6279145260.6656695962006 + 20120.5497558410.553003223 ã tandard e*iation o 'ortolio A and & amle erio!t!. ev. o ortolio At!. ev. o ortolio B1990 + 19972.4591104772.4462148331998 + 20053.2125838237.2275918092006 + 20123.1442855325.210350211  /nerene ã 'eriod 1  -1990+1997/t an e seen that uy an! hol! strategy !ominates over the onstant realaning strategy ;ithslightly higher returns. ã 'eriod 2 and   -1998+2012<
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