Date

NBP Stock Price

Return

1-Jan
1-Feb
3-Mar
1-Apr
2-May
2-Jun
1-Jul
1-Aug
1-Sep
6-Oct
3-Nov
1-Dec
1-Jan
2-Feb
2-Mar
1-Apr
4-May
1-Jun
1-Jul
3-Aug
1-Sep
1-Oct
2-Nov
1-Dec
4-Jan
1-Feb
1-Mar
1-Apr
3-May
1-Jun
1-Jul
2-Aug
1-Sep
1-Oct
1-Nov
1-Dec

222.27
227.12
264.16
235.39
224.59
162.59
146.03
116.35
93.02
93.02
93.02
88.37
47.81
58.39
67.01
89.14
74.9
70.79
68.15
68.24
73.03
84.28
80.3
70.39
75.1
80.81
87.48
69.69
73.66
60.97
63.92
71.95
63.05
63.67
64.41
67.24

0.021585653
0.151076468
-0.115311267
-0.046967195
-0.323044823
-0.107419615
-0.22720919
-0.223788366
0
0
-0.051281978
-0.614297723
0.19990982
0.13769722
0.285366306
-0.174054277
-0.056436143
-0.03800659
0.001319745
0.067839412
0.143274273
-0.048374968
-0.131718413
0.064769351
0.073280161
0.079309476
-0.22735336
0.055403076
-0.189077971
0.047250362
0.118339132
-0.132043371
0.009785432
0.011555407
0.042999408

Monthly Mean
Monthly Variance
Monthly Standard deviation

NBP
-0.034160701
0.027364632
0.165422587

MZB
-0.025362389
0.009545524
0.097701199

Annual Mean
Annual Variance
Annual Standard deviation

-0.409928417
0.328375588
1.985071046

-0.304348667
0.114546292
1.172414389

MZB Stock Price

Return

37.56
39.89
44.19
40.74
37.88
32.31
30.19
30.07
27.49
27.2
27.2
23.8
20.41
15.62
13.58
13.61
11.79
12.09
11.09
11.3
11.5
13.85
12.67
15.95
15.6
16.49
15.61
17.34
16.53
14.7
14.84
15.01
14.79
14.95
15.02
15.46

0.060186012
0.102372853
-0.081288108
-0.072787142
-0.159046488
-0.067866036
-0.003982747
-0.089705695
-0.010605329
0
-0.133531393
-0.153660604
-0.267472832
-0.139954022
0.002206695
-0.143553102
0.02512695
-0.086334863
0.018758924
0.01754431
0.185938197
-0.089048238
0.230221835
-0.022187915
0.055483222
-0.054842402
0.105104237
-0.04783906
-0.117329418
0.009478744
0.011390408
-0.014765369
0.010760023
0.004671346
0.028873397

Date

NBP

Return

Retrun-Mean

1-Jan
1-Feb
3-Mar
1-Apr
2-May
2-Jun
1-Jul
1-Aug
1-Sep
6-Oct
3-Nov
1-Dec
1-Jan
2-Feb
2-Mar
1-Apr
4-May
1-Jun
1-Jul
3-Aug
1-Sep
1-Oct
2-Nov
1-Dec
4-Jan
1-Feb
1-Mar
1-Apr
3-May
1-Jun
1-Jul
2-Aug
1-Sep
1-Oct
1-Nov
1-Dec

222.27
227.12
264.16
235.39
224.59
162.59
146.03
116.35
93.02
93.02
93.02
88.37
47.81
58.39
67.01
89.14
74.9
70.79
68.15
68.24
73.03
84.28
80.3
70.39
75.1
80.81
87.48
69.69
73.66
60.97
63.92
71.95
63.05
63.67
64.41
67.24

0.021585653
0.151076468
-0.115311267
-0.046967195
-0.323044823
-0.107419615
-0.22720919
-0.223788366
0
0
-0.051281978
-0.614297723
0.19990982
0.13769722
0.285366306
-0.174054277
-0.056436143
-0.03800659
0.001319745
0.067839412
0.143274273
-0.048374968
-0.131718413
0.064769351
0.073280161
0.079309476
-0.22735336
0.055403076
-0.189077971
0.047250362
0.118339132
-0.132043371
0.009785432
0.011555407
0.042999408

0.055746354
0.185237169
-0.081150566
-0.012806494
-0.288884122
-0.073258914
-0.193048489
-0.189627665
0.034160701
0.034160701
-0.017121277
-0.580137022
0.234070521
0.171857921
0.319527007
-0.139893576
-0.022275442
-0.003845889
0.035480446
0.102000113
0.177434974
-0.014214267
-0.097557712
0.098930052
0.107440862
0.113470177
-0.193192659
0.089563777
-0.15491727
0.081411063
0.152499833
-0.09788267
0.043946133
0.045716108
0.077160109

NBP
Monthly Mean
Monthly Standard deviation

-0.034160701
0.165422587

MZB

Return

Return-Mean

Product

37.56
39.89
44.19
40.74
37.88
32.31
30.19
30.07
27.49
27.2
27.2
23.8
20.41
15.62
13.58
13.61
11.79
12.09
11.09
11.3
11.5
13.85
12.67
15.95
15.6
16.49
15.61
17.34
16.53
14.7
14.84
15.01
14.79
14.95
15.02
15.46

0.060186012
0.102372853
-0.081288108
-0.072787142
-0.159046488
-0.067866036
-0.003982747
-0.089705695
-0.010605329
0
-0.133531393
-0.153660604
-0.267472832
-0.139954022
0.002206695
-0.143553102
0.02512695
-0.086334863
0.018758924
0.01754431
0.185938197
-0.089048238
0.230221835
-0.022187915
0.055483222
-0.054842402
0.105104237
-0.04783906
-0.117329418
0.009478744
0.011390408
-0.014765369
0.010760023
0.004671346
0.028873397

0.085548401
0.127735242
-0.055925719
-0.047424753
-0.133684099
-0.042503647
0.021379642
-0.064343306
0.01475706
0.025362389
-0.108169004
-0.128298215
-0.242110443
-0.114591633
0.027569084
-0.118190713
0.050489339
-0.060972474
0.044121313
0.042906699
0.211300586
-0.063685849
0.255584224
0.003174474
0.080845611
-0.029480013
0.130466626
-0.022476671
-0.091967029
0.034841133
0.036752797
0.01059702
0.036122412
0.030033735
0.054235786

0.004769011
0.023661315
0.004538404
0.000607345
0.038619214
0.003113771
-0.004127308
0.012201271
0.000504112
0.000866397
0.001851992
0.074430544
-0.056670918
-0.01969348
0.008809067
0.016534122
-0.001124672
0.000234493
0.001565444
0.004376488
0.037492114
0.000905248
-0.024934212
0.000314051
0.008686122
-0.003345102
-0.025205194
-0.002013095
0.014247281
0.002836454
0.005604795
-0.001037265
0.00158744
0.001373025
0.004184839

MZB
-0.025362389
0.097701199

Covariance
Covariance

0.003878946
0.003878946

Correlation
Correlation
Correlation

0.240004308
0.240004308
0.240004308

Date

NBP Return

MZB Return

1-Jan
1-Feb
3-Mar
1-Apr
2-May
2-Jun
1-Jul
1-Aug
1-Sep
6-Oct
3-Nov
1-Dec
1-Jan
2-Feb
2-Mar
1-Apr
4-May
1-Jun
1-Jul
3-Aug
1-Sep
1-Oct
2-Nov
1-Dec
4-Jan
1-Feb
1-Mar
1-Apr
3-May
1-Jun
1-Jul
2-Aug
1-Sep
1-Oct
1-Nov
1-Dec

0.021585653
0.151076468
-0.115311267
-0.046967195
-0.323044823
-0.107419615
-0.22720919
-0.223788366
0
0
-0.051281978
-0.614297723
0.19990982
0.13769722
0.285366306
-0.174054277
-0.056436143
-0.03800659
0.001319745
0.067839412
0.143274273
-0.048374968
-0.131718413
0.064769351
0.073280161
0.079309476
-0.22735336
0.055403076
-0.189077971
0.047250362
0.118339132
-0.132043371
0.009785432
0.011555407
0.042999408

0.060186012
0.102372853
-0.081288108
-0.072787142
-0.159046488
-0.067866036
-0.003982747
-0.089705695
-0.010605329
0
-0.133531393
-0.153660604
-0.267472832
-0.139954022
0.002206695
-0.143553102
0.02512695
-0.086334863
0.018758924
0.01754431
0.185938197
-0.089048238
0.230221835
-0.022187915
0.055483222
-0.054842402
0.105104237
-0.04783906
-0.117329418
0.009478744
0.011390408
-0.014765369
0.010760023
0.004671346
0.028873397

-0.8

-0.6

-0.4

0.3
0.2
0.1
Series1

0
-0.4

-0.2

0
-0.1
-0.2
-0.3

0.2

0.4

Linear (Series1)

CALCULATING THE MEAN AND STANDARD DEVIATION

Proportion of NBP
Proportion of MZB

0.5
0.5

Date

NBP Stock Price

1-Jan
1-Feb
3-Mar
1-Apr
2-May
2-Jun
1-Jul
1-Aug
1-Sep
6-Oct
3-Nov
1-Dec
1-Jan
2-Feb
2-Mar
1-Apr
4-May
1-Jun
1-Jul
3-Aug
1-Sep
1-Oct
2-Nov
1-Dec
4-Jan
1-Feb
1-Mar
1-Apr
3-May
1-Jun
1-Jul
2-Aug
1-Sep
1-Oct
1-Nov
1-Dec

222.27
227.12
264.16
235.39
224.59
162.59
146.03
116.35
93.02
93.02
93.02
88.37
47.81
58.39
67.01
89.14
74.9
70.79
68.15
68.24
73.03
84.28
80.3
70.39
75.1
80.81
87.48
69.69
73.66
60.97
63.92
71.95
63.05
63.67
64.41
67.24

Return

MZB Stock Price

0.021585653
0.151076468
-0.11531127
-0.0469672
-0.32304482
-0.10741961
-0.22720919
-0.22378837
0
0
-0.05128198
-0.61429772
0.19990982
0.13769722
0.285366306
-0.17405428
-0.05643614
-0.03800659
0.001319745
0.067839412
0.143274273
-0.04837497
-0.13171841
0.064769351
0.073280161
0.079309476
-0.22735336
0.055403076
-0.18907797
0.047250362
0.118339132
-0.13204337
0.009785432
0.011555407
0.042999408

37.56
39.89
44.19
40.74
37.88
32.31
30.19
30.07
27.49
27.2
27.2
23.8
20.41
15.62
13.58
13.61
11.79
12.09
11.09
11.3
11.5
13.85
12.67
15.95
15.6
16.49
15.61
17.34
16.53
14.7
14.84
15.01
14.79
14.95
15.02
15.46

N AND STANDARD DEVIATION OF A PORTFOLIO

Return

Portfoli return

0.060186012
0.102372853
-0.081288108
-0.072787142
-0.159046488
-0.067866036
-0.003982747
-0.089705695
-0.010605329
0
-0.133531393
-0.153660604
-0.267472832
-0.139954022
0.002206695
-0.143553102
0.02512695
-0.086334863
0.018758924
0.01754431
0.185938197
-0.089048238
0.230221835
-0.022187915
0.055483222
-0.054842402
0.105104237
-0.04783906
-0.117329418
0.009478744
0.011390408
-0.014765369
0.010760023
0.004671346
0.028873397

0.040885832
0.126724661
-0.098299688
-0.059877169
-0.241045656
-0.087642825
-0.115595969
-0.15674703
-0.005302664
0
-0.092406685
-0.383979163
-0.033781506
-0.001128401
0.1437865
-0.15880369
-0.015654596
-0.062170726
0.010039335
0.042691861
0.164606235
-0.068711603
0.049251711
0.021290718
0.064381692
0.012233537
-0.061124562
0.003782008
-0.153203695
0.028364553
0.06486477
-0.07340437
0.010272727
0.008113377
0.035936402

Asset returns
Mean return
Variance
Standard deviation
Covariance
Portfolio mean return

Portfolio return variance

Portfolio return standard deviation

NBP
-0.034160701
0.027364632
0.165422587
0.003878946

-0.029761545
-0.029761545
0.011167012
0.011167012
0.105674085

MZB
-0.025362389
0.009545524
0.097701199