You are on page 1of 36

Returns

Year by year total returns for Stocks, T. Bonds, and T. Bills

Input Box
Initial Investment Level at the beginning of 1928 100
Five years 5
Ten years 10
Twenty-five years 25

Annual Returns on Investments in


Time Year Stocks T.Bonds T.Bills
0
1 1928 43.81% 0.84% 3.08%
2 1929 -8.30% 4.20% 3.16%
3 1930 -25.12% 4.54% 4.55%
4 1931 -43.84% -2.56% 2.31%
5 1932 -8.64% 8.79% 1.07%
6 1933 49.98% 1.86% 0.96%
7 1934 -1.19% 7.96% 0.30%
8 1935 46.74% 4.47% 0.23%
9 1936 31.94% 5.02% 0.15%
10 1937 -35.34% 1.38% 0.12%
11 1938 29.28% 4.21% 0.11%
12 1939 -1.10% 4.41% 0.03%
13 1940 -10.67% 5.40% 0.04%
14 1941 -12.77% -2.02% 0.02%
15 1942 19.17% 2.29% 0.33%
16 1943 25.06% 2.49% 0.38%
17 1944 19.03% 2.58% 0.38%
18 1945 35.82% 3.80% 0.38%
19 1946 -8.43% 3.13% 0.38%
20 1947 5.20% 0.92% 0.38%
21 1948 5.70% 1.95% 0.95%
22 1949 18.30% 4.66% 1.16%
23 1950 30.81% 0.43% 1.10%
24 1951 23.68% -0.30% 1.34%
25 1952 18.15% 2.27% 1.73%
26 1953 -1.21% 4.14% 2.09%
27 1954 52.56% 3.29% 1.60%
28 1955 32.60% -1.34% 1.15%

Page 1
Returns

29 1956 7.44% -2.26% 2.54%


30 1957 -10.46% 6.80% 3.21%
31 1958 43.72% -2.10% 3.04%
32 1959 12.06% -2.65% 2.77%
33 1960 0.34% 11.64% 4.49%
34 1961 26.64% 2.06% 2.25%
35 1962 -8.81% 5.69% 2.60%
36 1963 22.61% 1.68% 2.87%
37 1964 16.42% 3.73% 3.52%
38 1965 12.40% 0.72% 3.84%
39 1966 -9.97% 2.91% 4.38%
40 1967 23.80% -1.58% 4.96%
41 1968 10.81% 3.27% 4.97%
42 1969 -8.24% -5.01% 5.96%
43 1970 3.56% 16.75% 7.82%
44 1971 14.22% 9.79% 4.87%
45 1972 18.76% 2.82% 4.01%
46 1973 -14.31% 3.66% 5.07%
47 1974 -25.90% 1.99% 7.45%
48 1975 37.00% 3.61% 7.15%
49 1976 23.83% 15.98% 5.44%
50 1977 -6.98% 1.29% 4.35%
51 1978 6.51% -0.78% 6.07%
52 1979 18.52% 0.67% 9.08%
53 1980 31.74% -2.99% 12.04%
54 1981 -4.70% 8.20% 15.49%
55 1982 20.42% 32.81% 10.85%
56 1983 22.34% 3.20% 7.94%
57 1984 6.15% 13.73% 9.00%
58 1985 31.24% 25.71% 8.06%
59 1986 18.49% 24.28% 7.10%
60 1987 5.81% -4.96% 5.53%
61 1988 16.54% 8.22% 5.77%
62 1989 31.48% 17.69% 8.07%
63 1990 -3.06% 6.24% 7.63%
64 1991 30.23% 15.00% 6.74%
65 1992 7.49% 9.36% 4.07%
66 1993 9.97% 14.21% 3.22%
67 1994 1.33% -8.04% 3.06%
68 1995 37.20% 23.48% 5.60%

Page 2
Returns

69 1996 23.82% 1.43% 5.14%


70 1997 31.86% 9.94% 4.91%
71 1998 28.34% 14.92% 5.16%
72 1999 20.89% -8.25% 4.39%
73 2000 -9.03% 16.66% 5.37%
74 2001 -11.85% 5.57% 5.73%
75 2002 -21.97% 15.12% 1.66%
76 2003 28.41% 0.38% 1.03%
77 2004 10.74% 4.49% 1.23%
78 2005 4.85% 2.87% 3.01%
79 2006 15.63% 1.96% 4.68%
80 2007 5.48% 10.21% 4.64%
81 2008 -36.58% 20.10% 0.59%
82 2009 25.92% -11.12% 0.14%

Arithmetic Average
1928-2009 11.27% 5.24% 3.78%
1960-2009 10.81% 7.03% 5.38%
2000-2009 1.16% 6.62% 2.81%

Geometric Average
1928-2009 9.26% 4.97% 3.74%
1960-2009 9.57% 6.54% 5.36%
2000-2009 -0.01% 5.16% 2.51%

Stocks Bonds Bills

Page 3
Returns

1 year High 52.56% 32.81% ###


Low -43.84% -8.25% 0.02%

5 year High 28.29% 19.49% ###


Low -12.71% -0.37% 0.06%

10 year High 20.11% 13.67% 9.08%


Low -1.67% 0.78% 0.17%

25 year High 17.10% 9.00% 7.23%


Low 5.22% 1.86% 0.75%

Page 4
Returns

Compounded Value of $100 5-year geometric av


Stocks T.Bond T.Bills Stocks
$100.00 $100.00 $100.00
$143.81 $100.84 $103.08
$131.88 $105.07 $106.34
$98.75 $109.85 $111.18
$55.46 $107.03 $113.74
$50.66 $116.44 $114.96 -12.71%
$75.99 $118.60 $116.06 -11.98%
$75.09 $128.05 $116.41 -10.65%
$110.18 $133.78 $116.68 2.22%
$145.38 $140.49 $116.86 21.26%
$94.00 $142.43 $117.00 13.16%
$121.53 $148.43 $117.12 9.85%
$120.20 $154.98 $117.16 9.87%
$107.37 $163.35 $117.21 -0.52%
$93.66 $160.04 $117.23 -8.42%
$111.61 $163.72 $117.62 3.49%
$139.59 $167.79 $118.06 2.81%
$166.15 $172.12 $118.51 6.69%
$225.67 $178.67 $118.96 16.02%
$206.65 $184.26 $119.41 17.15%
$217.39 $185.95 $119.87 14.26%
$229.79 $189.58 $121.01 10.48%
$271.85 $198.42 $122.41 10.35%
$355.60 $199.27 $123.76 9.52%
$439.80 $198.68 $125.42 16.31%
$519.62 $203.19 $127.59 19.04%
$513.35 $211.61 $130.25 17.44%
$783.18 $218.57 $132.34 23.57%
$1,038.47 $215.65 $133.86 23.90%

Page 5
Returns

$1,115.73 $210.79 $137.26 20.47%


$999.05 $225.11 $141.66 13.97%
$1,435.84 $220.39 $145.97 22.84%
$1,608.95 $214.56 $150.01 15.49%
$1,614.37 $239.53 $156.75 9.22%
$2,044.40 $244.46 $160.28 12.88%
$1,864.26 $258.38 $164.44 13.29%
$2,285.80 $262.74 $169.16 9.75%
$2,661.02 $272.53 $175.12 10.59%
$2,990.97 $274.49 $181.84 13.13%
$2,692.74 $282.47 $189.81 5.66%
$3,333.69 $278.01 $199.22 12.33%
$3,694.23 $287.11 $209.12 10.08%
$3,389.77 $272.71 $221.59 4.96%
$3,510.49 $318.41 $238.91 3.26%
$4,009.72 $349.57 $250.55 8.29%
$4,761.76 $359.42 $260.60 7.39%
$4,080.44 $372.57 $273.81 2.01%
$3,023.54 $379.98 $294.21 -2.26%
$4,142.10 $393.68 $315.24 3.36%
$5,129.20 $456.61 $332.39 5.05%
$4,771.20 $462.50 $346.85 0.04%
$5,081.77 $458.90 $367.91 4.49%
$6,022.89 $461.98 $401.31 14.78%
$7,934.26 $448.17 $449.63 13.88%
$7,561.16 $484.91 $519.28 8.07%
$9,105.08 $644.04 $575.62 13.80%
$11,138.90 $664.65 $621.32 16.99%
$11,823.51 $755.92 $677.24 14.44%
$15,516.60 $950.29 $731.83 14.36%
$18,386.33 $1,181.06 $783.79 19.45%
$19,455.08 $1,122.47 $827.13 16.40%
$22,672.40 $1,214.78 $874.86 15.27%
$29,808.58 $1,429.72 $945.46 20.31%
$28,895.11 $1,518.87 $1,017.59 13.24%
$37,631.51 $1,746.77 $1,086.18 15.40%
$40,451.51 $1,910.30 $1,130.39 15.77%
$44,483.33 $2,181.77 $1,166.79 14.43%
$45,073.14 $2,006.43 $1,202.49 8.62%
$61,838.19 $2,477.55 $1,269.83 16.44%

Page 6
Returns

$76,566.48 $2,512.94 $1,335.10 15.26%


$100,958.71 $2,762.71 $1,400.65 20.07%
$129,568.35 $3,174.95 $1,472.93 23.84%
$156,629.15 $2,912.88 $1,537.59 28.29%
$142,482.69 $3,398.03 $1,620.16 18.17%
$125,598.83 $3,587.37 $1,712.99 10.41%
$98,009.73 $4,129.65 $1,741.43 -0.59%
$125,855.76 $4,145.15 $1,759.36 -0.58%
$139,372.43 $4,331.30 $1,781.00 -2.31%
$146,128.76 $4,455.50 $1,834.61 0.51%
$168,963.10 $4,542.87 $1,920.47 6.11%
$178,230.28 $5,006.69 $2,009.58 12.70%
$113,041.66 $6,013.10 $2,021.44 -2.12%
$142,346.77 $5,344.65 $2,024.27 0.42%

Risk Premium
Stocks - T.Bonds Stocks - T.Bills
6.03% 7.49%
1 Year
3.78% 5.43% 60.00%
-5.46% -1.65% 40.00%
Risk Premium
Stocks - T.Bonds Stocks - T.Bills 20.00%
4.29% 5.52%
0.00%
3.03% 4.21%
-5.17% -2.52% -20.00%

-40.00%

-60.00%

1931

1937

1943
1928

1934

1940

Page 7
Returns

Page 8
Returns

5-year geometric averages 10-year geometric averages


T.Bond T.Bills Stocks T.Bond T.Bills

3.09% 2.83%
3.30% 2.40%
4.03% 1.83%
4.02% 0.97%
5.59% 0.54%
4.11% 0.35% -0.62% 3.60% 1.58%
4.59% 0.18% -1.67% 3.94% 1.29%
3.89% 0.13% -0.92% 3.96% 0.97%
4.08% 0.09% 0.84% 4.05% 0.53%
2.64% 0.06% 5.38% 4.10% 0.30%
2.83% 0.11% 8.22% 3.47% 0.23%
2.48% 0.16% 6.27% 3.53% 0.17%
2.12% 0.23% 8.27% 3.00% 0.18%
1.81% 0.30% 7.43% 2.94% 0.19%
2.86% 0.37% 3.58% 2.75% 0.22%
2.58% 0.38% 8.74% 2.70% 0.24%
2.47% 0.49% 6.58% 2.48% 0.33%
2.88% 0.65% 8.50% 2.50% 0.44%
2.21% 0.79% 12.72% 2.01% 0.55%
1.52% 0.99% 16.73% 2.19% 0.68%
1.79% 1.26% 16.63% 2.18% 0.82%
2.22% 1.48% 13.91% 2.35% 0.99%
1.95% 1.57% 16.77% 2.42% 1.11%
1.59% 1.58% 16.49% 1.90% 1.19%

Page 9
Returns

1.19% 1.82% 18.37% 1.35% 1.40%


2.07% 2.12% 16.48% 1.93% 1.68%
0.82% 2.30% 20.11% 1.52% 1.89%
-0.37% 2.54% 19.46% 0.78% 2.05%
2.12% 3.21% 16.33% 1.86% 2.39%
3.01% 3.15% 16.61% 2.10% 2.48%
2.80% 3.03% 13.63% 2.43% 2.57%
3.58% 2.99% 16.11% 2.19% 2.65%
4.90% 3.14% 13.01% 2.23% 2.84%
2.76% 3.01% 11.16% 2.44% 3.11%
2.93% 3.44% 9.21% 2.97% 3.29%
1.47% 3.91% 12.81% 2.13% 3.47%
1.79% 4.33% 9.91% 2.68% 3.66%
0.01% 4.82% 7.74% 2.43% 3.98%
3.01% 5.61% 8.08% 2.89% 4.30%
4.35% 5.71% 6.97% 3.64% 4.57%
5.27% 5.52% 9.83% 3.36% 4.71%
5.35% 5.54% 5.97% 3.55% 4.93%
6.86% 5.83% 1.29% 3.38% 5.33%
4.34% 5.70% 3.31% 3.67% 5.66%
5.49% 5.82% 6.66% 4.92% 5.76%
5.17% 5.89% 3.65% 5.22% 5.70%
4.26% 6.09% 3.24% 4.80% 5.81%
3.99% 6.41% 5.92% 5.41% 6.12%
2.63% 7.36% 8.50% 3.48% 6.53%
1.21% 9.33% 6.55% 3.33% 7.56%
6.85% 10.66% 6.70% 6.01% 8.25%
7.69% 11.05% 10.56% 5.96% 8.54%
10.35% 11.03% 14.61% 7.12% 8.69%
16.22% 10.23% 14.12% 9.21% 8.79%
19.49% 8.58% 13.62% 9.97% 8.96%
11.75% 7.52% 15.09% 9.27% 9.08%
12.82% 7.08% 16.13% 10.22% 9.05%
13.59% 6.90% 17.34% 11.96% 8.95%
9.83% 6.82% 13.80% 12.98% 8.51%
8.14% 6.74% 17.41% 13.67% 7.66%
11.22% 6.45% 16.08% 11.49% 6.98%
12.42% 5.93% 14.85% 12.62% 6.50%
7.01% 4.93% 14.32% 10.25% 5.91%
10.28% 4.53% 14.83% 10.06% 5.67%

Page 10
Returns

7.54% 4.21% 15.33% 7.84% 5.47%


7.66% 4.38% 17.90% 9.42% 5.41%
7.79% 4.77% 19.04% 10.08% 5.35%
7.74% 5.04% 18.05% 7.38% 4.98%
6.52% 4.99% 17.30% 8.39% 4.76%
7.38% 5.11% 12.81% 7.46% 4.66%
8.37% 4.45% 9.25% 8.01% 4.42%
5.48% 3.62% 10.96% 6.63% 4.19%
8.26% 2.98% 11.95% 8.00% 4.01%
5.57% 2.52% 8.98% 6.04% 3.75%
4.84% 2.31% 8.24% 6.10% 3.70%
3.93% 2.91% 5.85% 6.13% 3.68%
7.72% 2.82% -1.36% 6.59% 3.22%
4.29% 2.59% -0.95% 6.26% 2.79%

1 Year Returns (1928-2009) 5 Year Geom


60.00% 35.00%
Stocks 30.00%
40.00% T.Bonds 25.00%
T.Bills 20.00%
20.00% Stocks 15.00%
T.Bonds
0.00% 10.00%
T.Bills
5.00%
20.00% Stocks
0.00%
T.Bonds
T.Bills -5.00%
40.00%
-10.00%
60.00% -15.00%
1935
1938
1941
1932

1944
1947
1950
1931

1937

1943

1949
1952

1958

1964

1970

1979

1985

1991

1997
2000

2006
1928

1934

1940

1946

1955

1961

1967

1973
1976

1982

1988

1994

2003

2009

Page 11
Returns

Page 12
Returns

25-year geometric averages


Stocks T.Bond T.Bills

6.81% 2.88% 0.98%


5.22% 3.01% 0.94%
7.39% 2.97% 0.88%
9.87% 2.74% 0.75%

Page 13
Returns

12.76% 2.75% 0.75%


12.67% 2.67% 0.84%
12.47% 2.51% 0.92%
13.04% 2.09% 1.02%
11.34% 2.36% 1.19%
11.15% 2.24% 1.27%
12.69% 2.41% 1.37%
12.45% 2.31% 1.48%
13.19% 2.28% 1.62%
14.23% 2.10% 1.77%
14.38% 2.30% 1.95%
14.55% 2.14% 2.13%
14.00% 2.17% 2.31%
12.82% 1.86% 2.53%
11.60% 2.34% 2.83%
12.59% 2.59% 3.01%
13.14% 2.67% 3.16%
12.20% 2.74% 3.32%
10.12% 2.63% 3.57%
10.32% 2.76% 3.81%
10.32% 3.38% 3.98%
9.27% 3.34% 4.08%
9.60% 3.14% 4.24%
8.50% 3.04% 4.54%
8.47% 2.97% 4.97%
7.95% 3.39% 5.47%
9.24% 4.29% 5.77%
8.54% 4.51% 5.96%
8.30% 5.17% 6.21%
9.47% 5.67% 6.36%
9.18% 6.50% 6.55%
9.84% 6.05% 6.67%
9.61% 6.32% 6.79%
10.15% 6.85% 6.98%
9.50% 7.08% 7.13%
11.13% 7.56% 7.23%
10.50% 8.01% 7.19%
10.47% 8.45% 7.12%
10.90% 8.31% 7.00%
12.16% 8.55% 6.91%

Page 14
Returns

12.52% 8.21% 6.92%


12.99% 8.50% 6.96%
14.83% 8.95% 6.96%
17.10% 8.49% 6.84%
15.20% 9.00% 6.77%
13.65% 8.59% 6.78%
12.85% 9.15% 6.67%
13.70% 9.20% 6.46%
13.39% 9.37% 6.14%
12.36% 9.62% 5.79%
13.23% 9.36% 5.37%
12.63% 8.55% 5.13%
9.71% 9.21% 4.83%
10.46% 8.14% 4.48%

5 Year Geometric Means (1928-2009)


35.00%
30.00%
25.00%
20.00%
15.00%
10.00% Stocks
T.Bonds
5.00%
T.Bills
0.00%
-5.00%
-10.00%
-15.00%
1935
1938
1941

1956
1959
1962

1977
1980
1983

2001
2004
2007
1932

1944
1947
1950
1953

1965
1968
1971
1974

1986
1989
1992
1995
1998

Page 15
Returns

Page 16
Returns

Page 17
Returns

Page 18
Returns

10 Year Geometric Means (1928-2009)


25.00%

20.00%

15.00%

10.00% Stocks
T.Bonds
5.00% T.Bills

0.00%

-5.00%
1949
1952
1955

1976
1979
1982

2003
2006
2009
1937
1940
1943
1946

1958
1961
1964
1967
1970
1973

1985
1988
1991
1994
1997
2000

Page 19
Returns

Page 20
Returns

Page 21
Returns

Page 22
1982
1985
1988
1991
1994
1997
2000
2003

(1928-2009)

T.Bills
Stocks
2006

T.Bonds
2009

0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
1952
1954
1956
1958
1960
Returns

Page 23
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
25 Year Geometric Means (1928-20
Returns

Page 24
Returns

Page 25
Returns

Page 26
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002

ic Means (1928-2009)
2004

T.Bills
Stocks
2006

T.Bonds
2008
Returns

Page 27
Returns

Page 28
Raw Data

reported values
calculated values

S&P 500 Annual Return on


Year Index Dividend Yield Dividends S&P500
1927 17.66 3.50% 0.62
1928 24.35 4.30% 1.05 43.81%
1929 21.45 4.10% 0.88 -8.30%
1930 15.34 4.70% 0.72 -25.12%
1931 8.12 6.10% 0.50 -43.84%
1932 6.92 7.20% 0.50 -8.64%
1933 9.97 4.10% 0.41 49.98%
1934 9.5 3.70% 0.35 -1.19%
1935 13.43 3.80% 0.51 46.74%
1936 17.18 3.14% 0.54 31.94%
1937 10.55 5.30% 0.56 -35.34%
1938 13.14 3.80% 0.50 29.28%
1939 12.46 4.30% 0.54 -1.10%
1940 10.58 5.20% 0.55 -10.67%
1941 8.69 6.20% 0.54 -12.77%
1942 9.77 6.00% 0.59 19.17%
1943 11.67 4.70% 0.55 25.06%
1944 13.28 4.60% 0.61 19.03%
1945 17.36 3.90% 0.68 35.82%
1946 15.3 3.90% 0.60 -8.43%
1947 15.3 5.20% 0.80 5.20%
1948 15.2 6.40% 0.97 5.70%
1949 16.79 7.10% 1.19 18.30%
1950 20.43 7.50% 1.53 30.81%
1951 23.77 6.30% 1.50 23.68%
1952 26.57 5.70% 1.51 18.15%
1953 24.81 5.80% 1.44 -1.21%
1954 35.98 5.20% 1.87 52.56%
1955 45.48 4.90% 2.23 32.60%
1956 46.67 4.70% 2.19 7.44%
1957 39.99 4.50% 1.80 -10.46%
1958 55.21 4.10% 2.26 43.72%
1959 59.89 3.30% 1.98 12.06%

Page 29
Raw Data

1960 58.11 3.41% 1.98 0.34%


1961 71.55 2.85% 2.04 26.64%
1962 63.1 3.40% 2.15 -8.81%
1963 75.02 3.13% 2.35 22.61%
1964 84.75 3.05% 2.58 16.42%
1965 92.43 3.06% 2.83 12.40%
1966 80.33 3.59% 2.88 -9.97%
1967 96.47 3.09% 2.98 23.80%
1968 103.86 2.93% 3.04 10.81%
1969 92.06 3.52% 3.24 -8.24%
1970 92.15 3.46% 3.19 3.56%
1971 102.09 3.10% 3.16 14.22%
1972 118.05 2.70% 3.19 18.76%
1973 97.55 3.70% 3.61 -14.31%
1974 68.56 5.43% 3.72 -25.90%
1975 90.19 4.14% 3.73 37.00%
1976 107.46 3.93% 4.22 23.83%
1977 95.1 5.11% 4.86 -6.98%
1978 96.11 5.39% 5.18 6.51%
1979 107.94 5.53% 5.97 18.52%
1980 135.76 4.74% 6.44 31.74%
1981 122.55 5.57% 6.83 -4.70%
1982 140.64 4.93% 6.93 20.42%
1983 164.93 4.32% 7.12 22.34%
1984 167.24 4.68% 7.83 6.15%
1985 211.28 3.88% 8.20 31.24%
1986 242.17 3.38% 8.19 18.49%
1987 247.08 3.71% 9.17 5.81%
1988 277.72 3.68% 10.22 16.54%
1989 353.4 3.32% 11.73 31.48%
1990 330.22 3.74% 12.35 -3.06%
1991 417.09 3.11% 12.97 30.23%
1992 435.71 2.90% 12.64 7.49%
1993 466.45 2.72% 12.69 9.97%
1994 459.27 2.91% 13.36 1.33%
1995 615.93 2.30% 14.17 37.20%
1996 747.74 1.99% 14.89 23.82%
1997 970.43 1.60% 15.52 31.86%
1998 1229.23 1.32% 16.20 28.34%
1999 1469.25 1.14% 16.71 20.89%

Page 30
Raw Data

2000 1320.28 1.23% 16.27 -9.03%


2001 1148.09 1.37% 15.74 -11.85%
2002 879.82 1.83% 16.08 -21.97%
2003 1111.91 1.61% 17.88 28.41%
2004 1211.92 1.60% 19.41 10.74%
2005 1248.29 1.79% 22.38 4.85%
2006 1418.3 1.77% 25.05 15.63%
2007 1468.36 1.89% 27.73 5.48%
2008 903.25 3.11% 28.05 -36.58%
2009 1115.1 2.00% 22.31 25.92%

extrapolated from the returns data

Page 31
Raw Data

Return on Bond =
Capital Gain/(Loss) -
T.Bond Rate Coupon Yield Return on T.Bill
3.17%
3.45% 0.84% 3.08%
3.36% 4.20% 3.16%
3.22% 4.54% 4.55%
3.93% -2.56% 2.31%
3.35% 8.79% 1.07%
3.53% 1.86% 0.96%
3.01% 7.96% 0.30%
2.84% 4.47% 0.23%
2.59% 5.02% 0.15%
2.73% 1.38% 0.12%
2.56% 4.21% 0.11%
2.35% 4.41% 0.03%
2.01% 5.40% 0.04%
2.47% -2.02% 0.02%
2.49% 2.29% 0.33%
2.49% 2.49% 0.38%
2.48% 2.58% 0.38%
2.33% 3.80% 0.38%
2.24% 3.13% 0.38%
2.39% 0.92% 0.38%
2.44% 1.95% 0.95%
2.19% 4.66% 1.16%
2.39% 0.43% 1.10%
2.70% -0.30% 1.34%
2.75% 2.27% 1.73%
2.59% 4.14% 2.09%
2.51% 3.29% 1.60%
2.96% -1.34% 1.15%
3.59% -2.26% 2.54%
3.21% 6.80% 3.21%
3.86% -2.10% 3.04%
4.69% -2.65% 2.77%

Page 32
Raw Data

3.84% 11.64% 4.49%


4.06% 2.06% 2.25%
3.86% 5.69% 2.60%
4.13% 1.68% 2.87%
4.18% 3.73% 3.52%
4.62% 0.72% 3.84%
4.84% 2.91% 4.38%
5.70% -1.58% 4.96%
6.03% 3.27% 4.97%
7.65% -5.01% 5.96%
6.39% 16.75% 7.82%
5.93% 9.79% 4.87%
6.36% 2.82% 4.01%
6.74% 3.66% 5.07%
7.43% 1.99% 7.45%
8.00% 3.61% 7.15%
6.87% 15.98% 5.44%
7.69% 1.29% 4.35%
9.01% -0.78% 6.07%
10.39% 0.67% 9.08%
12.84% -2.99% 12.04%
13.72% 8.20% 15.49%
10.54% 32.81% 10.85%
11.83% 3.20% 7.94%
11.50% 13.73% 9.00%
9.26% 25.71% 8.06%
7.11% 24.28% 7.10%
8.99% -4.96% 5.53%
9.11% 8.22% 5.77%
7.84% 17.69% 8.07%
8.08% 6.24% 7.63%
7.09% 15.00% 6.74%
6.77% 9.36% 4.07%
5.77% 14.21% 3.22%
7.81% -8.04% 3.06%
5.71% 23.48% 5.60%
6.30% 1.43% 5.14%
5.81% 9.94% 4.91%
4.65% 14.92% 5.16%
6.44% -8.25% 4.39%

Page 33
Raw Data

5.11% 16.66% 5.37%


5.05% 5.57% 5.73%
3.82% 15.12% 1.66%
4.25% 0.38% 1.03%
4.22% 4.49% 1.23%
4.39% 2.87% 3.01%
4.70% 1.96% 4.68%
4.02% 10.21% 4.64%
2.21% 20.10% 0.59%
3.84% -11.12% 0.14%

Page 34
Sheet5

Class of Security Arithmetric Mean

Small firm common stock 16.4%


Large firm common stock 11.7%
Long term corporate bonds 6.2%
6.1%
Intermediate term government bonds 5.6%
U.S. Treasury bills 3.8%

Page 35
Sheet5

Standard Deviation

33.0%
20.6%
8.4%
9.4%
5.7%
3.1%

Page 36