Innocent Abroad Exercise Sheet - Student

Appendix A Exchange Rates and Stock Market Index Values from December 1990 to August 2013
Exchange Rate (Foreign per USD)

Australia Canada China Germanya India Japan
12/31/1990 1.2953 1.1605 5.2352 1.4970 18.1300 135.7500
1/31/1991 1.2778 1.1629 5.2352 1.4785 18.6100 131.4500
2/28/1991 1.2734 1.1499 5.2352 1.5260 19.0600 132.9500
3/29/1991 1.2937 1.1595 5.2352 1.6975 19.6100 140.6000
4/30/1991 1.2798 1.1520 5.3036 1.7185 20.1800 136.3800
5/31/1991 1.3168 1.1453 5.3490 1.7397 20.8900 138.4500
6/28/1991 1.3038 1.1424 5.3690 1.8138 21.1300 137.9000
7/31/1991 1.2853 1.1519 5.3605 1.7465 25.7600 137.4200
8/30/1991 1.2736 1.1422 5.3862 1.7485 25.8200 136.8500
9/30/1991 1.2508 1.1318 5.3899 1.6625 25.7700 132.8500
10/31/1991 1.2835 1.1230 5.3944 1.6680 25.8400 130.6000
11/29/1991 1.2749 1.1350 5.4115 1.6270 25.8000 130.0800
12/31/1991 1.3170 1.1558 5.4478 1.5200 25.7600 124.9000
1/31/1992 1.3296 1.1752 5.4686 1.6075 25.9500 125.5500
2/28/1992 1.3266 1.1820 5.4830 1.6373 26.2000 129.1500
3/31/1992 1.2987 1.1902 5.4812 1.6465 29.1000 132.9200
4/30/1992 1.3219 1.1960 5.5239 1.6525 28.7000 133.3000
5/29/1992 1.3214 1.2048 5.5048 1.6065 28.7500 127.7500
6/30/1992 1.3374 1.1972 5.4758 1.5240 28.7000 125.8700
7/31/1992 1.3435 1.1845 5.4335 1.4807 28.4800 127.3500
8/31/1992 1.3974 1.1952 5.4199 1.4018 28.6300 122.9500
9/30/1992 1.4008 1.2480 5.5140 1.4147 28.4800 120.0000
10/30/1992 1.4384 1.2405 5.5654 1.5430 28.4800 123.3000
11/30/1992 1.4658 1.2861 5.7341 1.5935 28.5400 124.4200
12/31/1992 1.4514 1.2714 5.7662 1.6197 29.0000 124.8500
1/29/1993 1.4721 1.2700 5.7894 1.6110 29.2000 124.9700
2/26/1993 1.4378 1.2498 5.7546 1.6423 30.2700 118.1000
3/31/1993 1.4196 1.2573 5.7333 1.6105 31.5000 114.9000
4/30/1993 1.4194 1.2702 5.7076 1.5876 31.6500 111.2700
5/31/1993 1.4573 1.2707 5.7433 1.5880 31.7000 107.1700
6/30/1993 1.5008 1.2823 5.7756 1.7060 31.6000 106.8000
7/30/1993 1.4535 1.2844 5.7756 1.7405 31.6000 105.0500
8/31/1993 1.4903 1.3208 5.8063 1.6780 31.6300 104.7300
9/30/1993 1.5504 1.3360 5.8013 1.6340 31.5300 106.0500
10/29/1993 1.5026 1.3220 5.8013 1.6771 31.4300 108.3500
11/30/1993 1.5188 1.3372 5.8195 1.7175 31.4400 109.0800
12/31/1993 1.4743 1.3255 5.8145 1.7395 31.4400 111.7000
1/31/1994 1.4114 1.3270 8.7217 1.7399 31.4400 108.7200
2/28/1994 1.4045 1.3522 8.7262 1.7038 31.3700 104.2200
3/31/1994 1.4255 1.3838 8.7298 1.6680 31.3700 102.4000
4/29/1994 1.4015 1.3818 8.7247 1.6610 31.3700 102.0500
5/31/1994 1.3541 1.3845 8.6796 1.6448 31.3725 104.7400
6/30/1994 1.3680 1.3825 8.6717 1.5850 31.3700 98.5100
7/29/1994 1.3534 1.3835 8.6397 1.5875 31.3725 100.0500
8/31/1994 1.3434 1.3712 8.5791 1.5795 31.3725 100.1100
9/30/1994 1.3514 1.3410 8.5500 1.5508 31.3675 99.0500
10/31/1994 1.3477 1.3527 8.5460 1.5043 31.3800 96.9000
11/30/1994 1.3006 1.3752 8.5290 1.5685 31.4000 98.9100
12/30/1994 1.2898 1.4030 8.4662 1.5495 31.3725 99.6000
1/31/1995 1.3201 1.4092 8.4584 1.5232 31.3775 99.4300
2/28/1995 1.3550 1.3937 8.4511 1.4567 31.4250 96.6000
3/31/1995 1.3652 1.3993 8.4464 1.3785 31.4300 86.8500
4/28/1995 1.3751 1.3597 8.4274 1.3856 31.4500 84.0400
5/31/1995 1.3908 1.3698 8.3255 1.4140 31.4300 84.6500
6/30/1995 1.4069 1.3738 8.3211 1.3835 31.4100 84.7800
7/31/1995 1.3537 1.3695 8.3203 1.3852 31.4300 88.3400
8/31/1995 1.3303 1.3432 8.3298 1.4679 31.8700 97.7500
9/29/1995 1.3236 1.3445 8.3385 1.4295 33.9400 99.1000
10/31/1995 1.3132 1.3401 8.3349 1.4074 34.3000 102.2600
11/30/1995 1.3470 1.3587 8.3316 1.4468 34.9100 101.8000
12/29/1995 1.3455 1.3655 8.3374 1.4345 35.1800 103.2800
1/31/1996 1.3435 1.3743 8.3338 1.4895 36.4600 106.9500
2/29/1996 1.3084 1.3728 8.3411 1.4703 34.8500 105.1200
3/29/1996 1.2796 1.3635 8.3538 1.4766 34.3500 107.0000
4/30/1996 1.2732 1.3615 8.3501 1.5302 35.0000 104.6300
5/31/1996 1.2531 1.3704 8.3455 1.5265 35.2300 107.9900
6/28/1996 1.2729 1.3657 8.3421 1.5210 35.4300 109.4800
7/31/1996 1.2928 1.3747 8.3407 1.4725 35.7000 106.7700
8/30/1996 1.2642 1.3685 8.3363 1.4801 35.8500 108.7000
9/30/1996 1.2639 1.3620 8.3317 1.5270 35.8500 111.6500
10/31/1996 1.2610 1.3409 8.3300 1.5141 35.9000 113.7900
11/29/1996 1.2290 1.3489 8.3312 1.5377 35.7470 113.8800
12/31/1996 1.2588 1.3697 8.3284 1.5387 35.9500 115.7700
1/31/1997 1.3115 1.3474 8.3234 1.6362 35.9000 121.2500
2/28/1997 1.2878 1.3670 8.3254 1.6872 35.9100 120.8300
3/31/1997 1.2755 1.3835 8.3255 1.6678 35.8800 123.7200
4/30/1997 1.2829 1.3971 8.3245 1.7330 35.7800 127.0300
5/30/1997 1.3106 1.3798 8.3221 1.7090 35.8000 116.4000
6/30/1997 1.3245 1.3810 8.3207 1.7438 35.8500 114.6100
7/31/1997 1.3421 1.3820 8.2913 1.8379 35.7200 118.3700
8/29/1997 1.3615 1.3890 8.3184 1.8050 36.4800 120.6500
9/30/1997 1.3793 1.3824 8.3149 1.7671 36.1900 120.7100
10/31/1997 1.4225 1.4099 8.3134 1.7220 36.3900 120.3900
11/28/1997 1.4652 1.4245 8.3096 1.7650 39.1000 127.7400
12/31/1997 1.5349 1.4288 8.3100 1.7991 39.3000 130.4500
1/30/1998 1.4594 1.4562 8.3100 1.8315 38.8000 127.1000
2/27/1998 1.4738 1.4236 8.3100 1.8141 39.4500 126.1200
3/31/1998 1.5122 1.4180 8.2800 1.8500 39.5300 133.2900
4/30/1998 1.5337 1.4302 8.3100 1.7944 39.7400 132.3700
5/29/1998 1.5974 1.4571 8.3100 1.7840 41.7500 138.5000
6/30/1998 1.6108 1.4717 8.3100 1.8033 42.5000 138.2900
7/31/1998 1.6474 1.5112 8.3100 1.7790 42.6000 144.6500
8/31/1998 1.7483 1.5745 8.3100 1.7584 42.6500 140.9000
9/30/1998 1.6863 1.5262 8.2780 1.6702 42.4800 136.5900
10/30/1998 1.6000 1.5432 8.2778 1.6565 42.4500 116.4500
11/30/1998 1.5924 1.5235 8.2782 1.6966 42.6500 123.2100
12/31/1998 1.6332 1.5375 8.2789 1.6670 42.5200 113.0800
1/29/1999 1.5881 1.5095 8.2778 1.7200 42.5400 116.0000
2/26/1999 1.6116 1.5090 8.2790 1.7788 42.8300 118.7000
3/31/1999 1.5773 1.5092 8.2800 1.8096 42.5000 118.4300
4/30/1999 1.5106 1.4578 8.2790 1.8514 42.8400 119.4300
5/31/1999 1.5319 1.4725 8.2786 1.8766 43.1700 120.8800
6/30/1999 1.5126 1.4735 8.2787 1.8970 43.4500 120.9400
7/30/1999 1.5333 1.5070 8.2774 1.8289 43.4500 114.7000
8/31/1999 1.5674 1.4965 8.2770 1.8484 43.5500 109.3000
9/30/1999 1.5319 1.4695 8.2778 1.8377 43.5900 106.8200
10/29/1999 1.5684 1.4720 8.2778 1.8595 43.5100 104.2900
11/30/1999 1.5696 1.4720 8.2789 1.9409 43.4800 101.8000
12/31/1999 1.5244 1.4440 8.2795 1.9422 43.5100 102.1600
1/31/2000 1.5669 1.4517 8.2777 2.0045 43.6500 107.3300
2/29/2000 1.6247 1.4505 8.2786 2.0282 43.6500 109.8800
3/31/2000 1.6496 1.4538 8.2787 2.0429 43.6500 102.7300
4/28/2000 1.7132 1.4818 8.2799 2.1519 43.7000 107.9800
5/31/2000 1.7519 1.4977 8.2773 2.0967 44.6500 107.7400
6/30/2000 1.6748 1.4798 8.2782 2.0491 44.7000 106.1400
7/31/2000 1.7280 1.4880 8.2792 2.1108 45.1500 109.6800
8/31/2000 1.7349 1.4720 8.2786 2.2030 45.9000 106.6600
9/29/2000 1.8467 1.5070 8.2798 2.2132 46.0600 107.9000
10/31/2000 1.9301 1.5273 8.2775 2.3048 46.9000 109.1500
11/30/2000 1.9004 1.5355 8.2777 2.2496 46.8700 110.9300
12/29/2000 1.7986 1.4995 8.2774 2.0833 46.7500 114.3500
1/31/2001 1.8248 1.4995 8.2781 2.1012 46.4400 116.3900
2/28/2001 1.9055 1.5320 8.2783 2.1231 46.5900 117.2800
3/30/2001 2.0488 1.5784 8.2777 2.2241 46.8500 125.5400
4/30/2001 1.9623 1.5360 8.2774 2.2040 46.8800 123.5700
5/31/2001 1.9732 1.5461 8.2770 2.3132 47.0000 118.8800
6/29/2001 1.9608 1.5175 8.2767 2.3080 47.0900 124.7300
7/31/2001 1.9685 1.5310 8.2770 2.2347 47.1800 125.0000
8/31/2001 1.8950 1.5478 8.2769 2.1516 47.1700 118.7500
9/28/2001 2.0218 1.5797 8.2768 2.1495 47.9000 119.2300
10/31/2001 1.9881 1.5905 8.2768 2.1748 48.0400 122.5400
11/30/2001 1.9220 1.5717 8.2772 2.1833 47.9800 123.2200
12/31/2001 1.9543 1.5925 8.2766 2.1973 48.2700 131.0400
1/31/2002 1.9716 1.5915 8.2765 2.2758 48.5600 134.0600
2/28/2002 1.9354 1.6049 8.2765 2.2590 48.7600 133.9600
3/29/2002 1.8751 1.5958 8.2774 2.2437 48.8300 132.7000
4/30/2002 1.8615 1.5681 8.2773 2.1727 48.9800 128.4500
5/31/2002 1.7668 1.5275 8.2765 2.0943 49.0600 124.1300
6/28/2002 1.7768 1.5190 8.2771 1.9844 48.9100 119.8500
7/31/2002 1.8365 1.5845 8.2767 1.9966 48.6900 119.7700
8/30/2002 1.8198 1.5585 8.2768 1.9945 48.5200 118.7600
9/30/2002 1.8420 1.5863 8.2774 1.9798 48.4000 121.7400
10/31/2002 1.8025 1.5610 8.2771 1.9794 48.3900 122.7800
11/29/2002 1.7854 1.5658 8.2773 1.9692 48.3600 122.7200
12/31/2002 1.7778 1.5800 8.2800 1.8654 48.0000 118.7500
1/31/2003 1.7065 1.5286 8.2768 1.8212 47.8300 119.9600
2/28/2003 1.6461 1.4880 8.2775 1.8145 47.6600 118.2200
3/31/2003 1.6543 1.4695 8.2774 1.7943 47.5300 118.0700
4/30/2003 1.5969 1.4336 8.2771 1.7494 47.3700 119.0700
5/30/2003 1.5354 1.3712 8.2768 1.6623 47.0700 119.5000
6/30/2003 1.4896 1.3558 8.2776 1.7004 46.4000 119.8700
7/31/2003 1.5446 1.4074 8.2774 1.7415 46.1500 120.4200
8/29/2003 1.5408 1.3850 8.2772 1.7803 45.8800 116.7100
9/30/2003 1.4712 1.3507 8.2771 1.6788 45.7800 111.4300
10/31/2003 1.4130 1.3195 8.2766 1.6848 45.3300 110.1000
11/28/2003 1.3820 1.2973 8.2770 1.6305 45.8200 109.5300
12/31/2003 1.3298 1.2923 8.2767 1.5526 45.5500 107.1300
1/30/2004 1.3115 1.3265 8.2768 1.5707 45.3200 105.8400
2/27/2004 1.2958 1.3405 8.2769 1.5721 45.3200 109.2600
3/31/2004 1.3123 1.3100 8.2770 1.5911 43.4000 104.1800
4/30/2004 1.3870 1.3711 8.2771 1.6333 44.5200 110.3700
5/28/2004 1.4010 1.3666 8.2769 1.6009 45.4200 110.1800
6/30/2004 1.4384 1.3407 8.2766 1.6059 45.9900 109.4300
7/30/2004 1.4215 1.3296 8.2769 1.6255 46.4000 111.3900
8/31/2004 1.4142 1.3166 8.2766 1.6054 46.3500 109.0000
9/30/2004 1.3805 1.2648 8.2766 1.5751 45.9100 110.2000
10/29/2004 1.3390 1.2209 8.2766 1.5345 45.3000 106.0400
11/30/2004 1.2948 1.1902 8.2765 1.4751 44.4700 103.0400
12/31/2004 1.2812 1.2034 8.2765 1.4447 43.2700 102.6800
1/31/2005 1.2888 1.2396 8.2765 1.4988 43.6000 103.5500
2/28/2005 1.2594 1.2295 8.2765 1.4734 43.5700 104.2500
3/31/2005 1.2938 1.2094 8.2765 1.5081 43.6200 107.2200
4/29/2005 1.2765 1.2568 8.2765 1.5139 43.4800 104.6400
5/31/2005 1.3173 1.2512 8.2765 1.5838 43.6200 107.9700
6/30/2005 1.3127 1.2256 8.2765 1.6167 43.5100 110.9100
7/29/2005 1.3168 1.2257 8.1056 1.6125 43.4000 112.2500
8/31/2005 1.3308 1.1893 8.0998 1.5862 44.0000 110.8400
9/30/2005 1.3084 1.1607 8.0920 1.6220 43.9400 113.2900
10/31/2005 1.3369 1.1796 8.0845 1.6305 45.0900 116.3600
11/30/2005 1.3524 1.1670 8.0804 1.6589 45.8700 119.6600
12/30/2005 1.3620 1.1656 8.0702 1.6516 44.9500 117.8800
1/31/2006 1.3207 1.1436 8.0608 1.6087 43.9600 116.8800
2/28/2006 1.3459 1.1379 8.0415 1.6401 44.2100 115.8200
3/31/2006 1.3957 1.1670 8.0167 1.6112 44.4800 117.4800
4/28/2006 1.3170 1.1203 8.0165 1.5493 44.8600 113.7900
5/31/2006 1.3300 1.1027 8.0215 1.5241 46.2200 112.2600
6/30/2006 1.3472 1.1150 7.9943 1.5305 45.8700 114.5100
7/31/2006 1.3048 1.1309 7.9690 1.5323 46.4900 114.4400
8/31/2006 1.3106 1.1066 7.9538 1.5288 46.4300 117.3500
9/29/2006 1.3403 1.1151 7.9040 1.5416 45.9500 117.9900
10/31/2006 1.2915 1.1227 7.8785 1.5312 44.9000 116.8200
11/30/2006 1.2665 1.1413 7.8340 1.4749 44.5900 115.5500
12/29/2006 1.2684 1.1652 7.8041 1.4820 44.1100 119.0200
1/31/2007 1.2920 1.1792 7.7714 1.5047 44.0700 121.0200
2/28/2007 1.2671 1.1700 7.7410 1.4783 44.0800 118.3300
3/30/2007 1.2340 1.1530 7.7232 1.4624 43.1000 117.5600
4/30/2007 1.2011 1.1068 7.7090 1.4318 41.0400 119.4400
5/31/2007 1.2089 1.0701 7.6516 1.4538 40.3600 121.7600
6/29/2007 1.1777 1.0634 7.6120 1.4466 40.5800 123.3900
7/31/2007 1.1636 1.0656 7.5720 1.4265 40.1800 119.1300
8/31/2007 1.2259 1.0560 7.5462 1.4338 40.6300 115.8300
9/28/2007 1.1293 0.9959 7.4928 1.3755 39.7500 114.9700
10/31/2007 1.0786 0.9496 7.4682 1.3518 39.2600 115.2700
11/30/2007 1.1302 1.0007 7.3850 1.3316 39.5200 111.0200
12/31/2007 1.1395 0.9881 7.2946 1.3393 39.4100 111.7100
1/31/2008 1.1151 1.0018 7.1818 1.3179 39.3100 106.7400
2/29/2008 1.0672 0.9796 7.1115 1.2878 39.9600 104.1900
3/31/2008 1.0951 1.0275 7.0120 1.2375 40.0200 99.8500
4/30/2008 1.0617 1.0092 6.9870 1.2563 40.4500 104.5300
5/30/2008 1.0470 0.9938 6.9400 1.2570 42.1500 105.4600
6/30/2008 1.0458 1.0185 6.8591 1.2420 42.9300 106.1700
7/31/2008 1.0621 1.0261 6.8388 1.2546 42.4700 108.1000
8/29/2008 1.1678 1.0631 6.8252 1.3333 43.2500 108.6900
9/30/2008 1.2652 1.0597 6.7899 1.3890 46.4500 105.9400
10/31/2008 1.5211 1.2158 6.8388 1.5422 49.4000 98.2800
11/30/2008 1.5277 1.2360 6.8254 1.5408 49.5500 95.4600
12/31/2008 1.4320 1.2240 6.8225 1.4052 48.5800 90.7900
1/30/2009 1.5674 1.2365 6.8392 1.5275 48.8300 89.8300
2/27/2009 1.5579 1.2710 6.8395 1.5446 50.8800 97.7400
3/31/2009 1.4440 1.2606 6.8329 1.4749 50.8700 99.1500
4/30/2009 1.3667 1.1939 6.8180 1.4768 49.7000 98.7600
5/29/2009 1.2511 1.0957 6.8278 1.3846 47.1100 95.5500
6/30/2009 1.2415 1.1626 6.8302 1.3950 47.7400 96.4200
7/31/2009 1.1992 1.0791 6.8319 1.3697 47.9100 94.5400
8/31/2009 1.1850 1.0967 6.8299 1.3626 48.8300 92.8200
9/30/2009 1.1333 1.0719 6.8262 1.3369 48.0900 89.4900
10/30/2009 1.1064 1.0767 6.8264 1.3255 46.9000 90.5000
11/30/2009 1.0937 1.0570 6.8265 1.3044 46.4400 86.1200
12/31/2009 1.1137 1.0461 6.8259 1.3647 46.4000 93.0800
1/29/2010 1.1270 1.0652 6.8268 1.4101 46.0800 90.3800
2/26/2010 1.1159 1.0520 6.8258 1.4318 46.0500 88.8400
3/31/2010 1.0906 1.0156 6.8258 1.4460 44.9500 93.4000
4/30/2010 1.0746 1.0112 6.8247 1.4703 44.2000 94.2400
5/31/2010 1.1777 1.0497 6.8305 1.5812 46.3100 90.8100
6/30/2010 1.1792 1.0606 6.7815 1.5913 46.4100 88.4900
7/30/2010 1.1049 1.0293 6.7735 1.4965 46.3500 86.4300
8/31/2010 1.1223 1.0640 6.8069 1.5395 47.0200 84.1000
9/30/2010 1.0373 1.0293 6.6905 1.4380 44.5600 83.5300
10/29/2010 1.0206 1.0187 6.6707 1.4077 44.4400 80.4800
11/30/2010 1.0409 1.0266 6.6670 1.5003 45.8300 83.5600
12/31/2010 0.9879 1.0009 6.6000 1.4740 44.8000 81.6700
1/31/2011 1.0024 1.0020 6.6017 1.4261 45.9200 81.9700
2/28/2011 0.9829 0.9737 6.5713 1.4180 45.1800 81.9400
3/31/2011 0.9654 0.9717 6.5483 1.3790 44.5400 82.7600
4/29/2011 0.9143 0.9486 6.4900 1.3196 44.2400 81.3100
5/31/2011 0.9381 0.9688 6.4786 1.3605 45.0400 81.2900
6/30/2011 0.9318 0.9642 6.4635 1.3467 44.5900 80.6400
7/29/2011 0.9090 0.9539 6.4360 1.3593 44.2000 77.1800
8/31/2011 0.9344 0.9783 6.3778 1.3576 45.7900 76.5000
9/30/2011 1.0263 1.0389 6.3780 1.4543 49.0500 77.0400
10/31/2011 0.9425 0.9932 6.3547 1.4023 48.6700 77.9700
11/30/2011 0.9762 1.0199 6.3765 1.4538 52.1200 77.5800
12/30/2011 0.9755 1.0168 6.2939 1.5076 53.0100 76.9800
1/31/2012 0.9436 1.0050 6.3080 1.4984 49.5400 76.3400
2/29/2012 0.9279 0.9866 6.2935 1.4641 48.9900 81.1000
3/30/2012 0.9646 0.9990 6.2975 1.4668 50.8900 82.4100
4/30/2012 0.9606 0.9886 6.2790 1.4784 52.6500 79.8100
5/31/2012 1.0298 1.0349 6.3684 1.5819 56.3800 78.2900
6/29/2012 0.9769 1.0190 6.3530 1.5439 55.5700 79.8100
7/31/2012 0.9504 1.0014 6.3610 1.5882 55.5500 78.1000
8/31/2012 0.9677 0.9862 6.3484 1.5550 55.5200 78.3000
9/28/2012 0.9626 0.9837 6.2848 1.5213 52.9200 77.9200
10/31/2012 0.9643 0.9994 6.2372 1.5094 53.8000 79.9400
11/30/2012 0.9589 0.9931 6.2265 1.5033 54.2600 82.5400
12/31/2012 0.9622 0.9958 6.2301 1.4833 54.8600 86.6400
1/31/2013 0.9585 0.9992 6.2186 1.4398 53.3200 91.2800
2/28/2013 0.9765 1.0286 6.2213 1.4954 54.3700 92.3600
3/29/2013 0.9607 1.0174 6.2108 1.5261 54.5200 94.1600
4/30/2013 0.9641 1.0072 6.1647 1.4853 53.6800 97.5200
5/31/2013 1.0408 1.0337 6.1340 1.5059 56.5000 100.8300
6/28/2013 1.0911 1.0513 6.1374 1.5033 59.5200 99.2100
7/31/2013 1.1164 1.0287 6.1284 1.4725 60.7700 98.3500
8/30/2013 1.1235 1.0554 6.1193 1.4821 65.7100 98.2200
$ adjusted
Australia Canada Chinab Germany India Japan

1/31/1991 6.27% 0.92% #DIV/0! 1.39% -9.02% 2.50%
2/28/1991 7.27% 7.02% #DIV/0! 4.89% 19.25% 12.45%
3/29/1991 1.69% 0.95% #DIV/0! -11.23% -6.88% -4.64%
4/30/1991 8.67% 1.33% #DIV/0! 2.97% 2.08% 2.84%
5/31/1991 -2.82% 3.10% #DIV/0! 3.22% 1.56% -1.30%
6/28/1991 1.77% -1.79% #DIV/0! -8.27% -3.11% -6.62%
7/31/1991 6.76% 1.28% #DIV/0! 3.09% -3.14% 2.55%
8/30/1991 -0.31% 1.20% #DIV/0! 1.16% 12.51% -6.13%
9/30/1991 3.95% -1.83% #DIV/0! 2.56% 7.50% 8.62%
10/31/1991 5.22% 4.73% #DIV/0! -1.58% -0.60% 4.45%
11/29/1991 -3.50% -2.66% #DIV/0! 1.06% 0.76% -7.85%
12/31/1991 0.39% 0.37% #DIV/0! 6.70% 5.00% 3.07%
1/31/1992 -2.69% 1.26% #DIV/0! 0.84% 33.82% -5.01%
2/28/1992 0.36% -0.47% #DIV/0! 2.01% 21.96% -6.86%
3/31/1992 0.54% -4.69% #DIV/0! -2.08% 54.18% -11.38%
4/30/1992 3.55% -1.54% #DIV/0! -0.19% -11.10% -6.60%
5/29/1992 1.83% 0.38% #DIV/0! 5.41% -31.83% 8.59%
6/30/1992 -3.31% 0.15% #DIV/0! 2.16% 3.99% -8.51%
7/31/1992 -1.99% 2.30% #DIV/0! -4.71% -21.87% -2.31%
8/31/1992 -7.69% -1.59% #DIV/0! 0.71% 11.18% 17.05%
9/30/1992 -3.99% -6.54% #DIV/0! -3.62% 3.36% -3.17%
10/30/1992 -6.10% 2.35% #DIV/0! -6.21% -16.23% -4.61%
11/30/1992 0.57% -4.10% #DIV/0! -0.68% -7.14% 2.62%
12/31/1992 8.79% 3.37% #DIV/0! -1.59% -0.55% -0.99%
1/29/1993 -2.68% -0.76% #DIV/0! 2.19% -1.55% -0.40%
2/26/1993 8.08% 5.77% #DIV/0! 5.62% -5.49% 4.98%
3/31/1993 4.79% 3.57% #DIV/0! 2.59% -27.40% 15.47%
4/30/1993 0.52% 4.49% #DIV/0! -0.69% -1.28% 16.74%
5/31/1993 -0.45% 1.71% #DIV/0! 0.30% 7.81% 4.25%
6/30/1993 -2.50% 1.07% #DIV/0! -4.94% 4.81% -3.13%
7/30/1993 9.21% -0.43% #DIV/0! 3.75% 4.60% 7.00%
8/31/1993 4.65% 2.54% #DIV/0! 10.82% 21.97% 2.46%
9/30/1993 -2.78% -4.17% #DIV/0! 1.68% 6.47% -4.76%
10/29/1993 11.54% 8.64% #DIV/0! 6.08% -2.13% -1.68%
11/30/1993 -5.81% -2.52% #DIV/0! -2.17% 24.46% -15.78%
12/31/1993 10.67% 4.36% #DIV/0! 5.54% 11.51% 2.55%
1/31/1994 11.32% 6.05% #DIV/0! -2.57% 25.83% 16.55%
2/28/1994 -4.53% -4.82% #DIV/0! -1.06% 1.93% 4.78%
3/31/1994 -7.22% -4.09% #DIV/0! 3.15% -14.58% -2.68%
4/29/1994 3.04% -0.61% #DIV/0! 4.98% 2.06% 2.58%
5/31/1994 4.37% 0.83% #DIV/0! -3.82% 0.11% 1.94%
6/30/1994 -5.12% -6.68% -14.59% 0.13% 7.85% 5.94%
7/29/1994 4.99% 4.01% -27.80% 4.21% -2.29% -3.68%
8/31/1994 4.17% 5.30% 153.57% 3.12% 7.09% 0.47%
9/30/1994 -4.64% 2.20% -0.38% -5.23% -7.49% -2.76%
10/31/1994 2.29% -1.06% -20.34% 4.79% -1.99% 2.63%
11/30/1994 -3.51% -5.24% 4.24% -4.80% -0.27% -5.90%
12/30/1994 2.97% 1.44% -5.87% 3.59% -5.16% 1.93%
1/31/1995 -5.57% -4.13% -11.11% -2.05% -9.72% -6.74%
2/28/1995 3.41% 4.18% -1.44% 8.78% -4.91% -4.98%
3/31/1995 -1.07% 4.64% 17.20% -2.07% -2.60% 8.87%
4/28/1995 6.76% 2.04% -9.68% 4.24% -3.95% 4.94%
5/31/1995 -2.05% 3.77% 17.46% 0.96% 5.75% -6.25%
6/30/1995 -0.74% 1.80% -9.00% 3.31% -3.20% -3.92%
7/31/1995 8.97% 2.56% 13.75% 5.46% 3.00% 6.87%
8/31/1995 3.03% 0.26% 7.18% -5.64% 1.08% -3.02%
9/29/1995 0.64% 0.31% 1.47% 0.97% -10.50% -0.09%
10/31/1995 -1.75% -0.48% -1.18% 0.25% -5.87% -4.72%
11/30/1995 2.11% 3.93% -10.89% -0.53% -12.46% 4.98%
12/29/1995 2.70% 1.05% -11.46% 2.29% 0.22% 4.57%
1/31/1996 3.91% 4.50% -0.90% 3.46% -6.47% -1.48%
2/29/1996 3.03% -0.12% 3.76% 1.23% 23.49% -1.25%
3/29/1996 -0.26% 1.63% 1.44% -0.15% 2.91% 2.88%
4/30/1996 5.02% 4.41% 25.83% -3.79% 12.40% 6.81%
5/31/1996 -0.14% 1.91% 4.73% 1.67% -2.93% -4.85%
6/28/1996 -1.98% -2.47% 41.92% 2.93% 2.37% 0.78%
7/31/1996 -3.90% -2.77% 3.09% -0.36% -7.62% -4.58%
8/30/1996 6.85% 5.19% 1.79% 2.24% -0.37% -4.17%
9/30/1996 1.52% 3.97% 9.04% 0.33% -10.04% 2.66%
10/31/1996 3.13% 8.53% 21.44% 0.75% -2.33% -6.39%
11/29/1996 4.92% 7.51% -1.01% 3.20% -5.36% 1.06%
12/31/1996 -0.47% -2.51% -13.43% 1.29% 4.08% -6.49%
1/31/1997 -3.78% 5.41% 3.83% -1.62% 8.16% -10.38%
2/28/1997 3.36% -0.68% 4.80% 3.79% 2.44% 1.82%
3/31/1997 0.21% -4.88% 20.63% 6.44% 2.30% -3.23%
4/30/1997 3.00% 2.35% 13.54% -3.04% 11.74% 2.61%
5/30/1997 3.17% 8.62% -3.13% 4.37% -0.83% 13.22%
6/30/1997 4.32% 2.07% 0.34% 4.02% 17.90% 6.17%
7/31/1997 -0.36% 7.37% -6.76% 7.72% 0.62% -3.02%
8/29/1997 -6.56% -4.49% 1.97% -9.07% -10.78% -9.20%
9/30/1997 6.14% 7.56% -8.81% 7.15% 2.58% -2.10%
10/31/1997 -13.14% -4.16% 13.50% -5.75% -0.98% -7.74%
11/28/1997 -2.05% -4.04% -3.74% 1.98% -13.57% -6.86%
12/31/1997 1.90% 3.22% 1.27% 3.65% -0.01% -6.99%
1/30/1998 6.92% -1.41% 1.10% 2.59% -9.45% 9.91%
2/27/1998 0.56% 8.40% -3.52% 7.53% 8.89% 0.89%
3/31/1998 0.05% 7.31% 2.60% 5.64% 5.25% -6.69%
4/30/1998 -0.37% 0.53% 5.24% 4.04% 3.87% -0.94%
5/29/1998 -5.25% -1.41% 1.65% 7.00% -9.04% -4.45%
6/30/1998 -3.02% -3.50% -8.78% 3.09% -14.72% 0.95%
7/31/1998 -0.62% -6.87% -0.27% 1.60% -0.42% -1.40%
8/31/1998 -12.49% -22.23% -13.56% -15.14% -4.59% -9.79%
9/30/1998 8.29% 4.14% 5.59% -0.41% 4.24% -2.38%
10/30/1998 12.34% 9.49% -3.54% 4.03% -6.95% 16.02%
11/30/1998 6.65% 4.07% 4.08% 4.61% -1.17% 4.20%
12/31/1998 0.18% 1.98% -6.56% 2.63% 8.26% 4.14%
1/29/1999 7.72% 7.49% -0.02% 1.92% 7.28% 1.30%
2/26/1999 -2.20% -5.45% -3.87% -6.34% -3.83% -2.08%
3/31/1999 5.60% 4.82% 4.38% -3.26% 14.16% 13.92%
4/30/1999 8.52% 9.83% -1.78% 5.33% -12.60% 5.02%
5/31/1999 -7.61% -2.57% 20.47% -5.82% 18.39% -4.28%
6/30/1999 5.35% 3.15% 34.10% 4.64% 3.82% 10.53%
7/30/1999 0.00% -1.24% -8.79% 0.06% 11.51% 10.42%
8/31/1999 -4.33% -1.02% -0.33% 2.21% 10.11% 3.68%
9/30/1999 0.27% 1.82% -3.82% -2.85% 1.54% 6.45%
10/29/1999 -1.98% 4.74% -5.56% 5.21% -4.30% 7.21%
11/30/1999 7.09% 4.13% -6.92% 1.52% 7.59% 8.76%
12/31/1999 6.05% 13.66% -4.62% 14.34% 12.37% 4.75%
1/31/2000 -4.13% -0.76% 10.79% -4.49% 9.26% -5.46%
2/29/2000 -3.71% 6.97% 10.22% 11.04% 12.32% -0.69%
3/31/2000 -0.31% 4.57% 3.03% -0.71% -11.86% 5.73%
4/28/2000 -4.25% -3.31% 3.68% -7.03% -17.55% -8.40%
5/31/2000 -3.61% -1.40% 1.34% -1.31% -12.06% -8.17%
6/30/2000 11.75% 10.14% 1.99% -0.70% 11.66% 6.14%
7/31/2000 -4.08% 1.69% 5.04% -0.16% -11.50% -12.01%
8/31/2000 0.26% 8.57% -3.66% -4.21% 4.81% 7.31%
9/29/2000 -6.21% -8.79% -7.03% -6.30% -11.02% -4.33%
10/31/2000 -5.11% -6.86% 0.30% -1.26% -9.39% -7.38%
11/30/2000 2.24% -7.51% 5.95% -7.30% 7.64% -3.16%
12/29/2000 4.00% 3.58% -2.84% 7.81% -0.78% -8.68%
1/31/2001 3.57% 3.58% -1.17% 3.30% 10.12% -0.17%
2/28/2001 -4.94% -12.33% -5.41% -7.72% -2.98% -5.35%
3/30/2001 -11.27% -7.77% 5.54% -9.84% -20.66% -4.02%
4/30/2001 10.30% 7.14% -1.78% 6.94% 0.08% 8.25%
5/31/2001 0.90% 1.34% 0.64% -6.82% 4.97% -0.17%
6/29/2001 3.00% -2.47% 0.03% -1.22% -6.75% -5.73%
7/31/2001 -4.64% -1.42% -12.77% 0.02% -3.42% -8.59%
8/31/2001 2.35% -3.90% -4.83% -6.02% -2.31% -2.59%
9/28/2001 -12.12% -9.04% -3.54% -15.92% -15.35% -7.36%
10/31/2001 8.23% -0.47% -3.11% 5.06% 5.72% 0.68%
11/30/2001 7.02% 8.50% 1.70% 9.19% 11.40% -1.09%
12/31/2001 0.89% 2.37% -4.49% 2.16% -0.74% -7.59%
1/31/2002 0.44% -0.95% -6.52% -3.22% 1.74% -7.91%
2/28/2002 0.52% -0.47% 1.07% -0.28% 9.65% 4.24%
3/29/2002 3.75% 3.98% 3.16% 6.39% 2.00% 5.95%
4/30/2002 -1.12% -0.14% 3.42% -2.16% 0.01% 5.41%
5/31/2002 6.17% 3.00% -8.46% 0.50% -4.69% 7.26%
6/28/2002 -4.87% -5.18% 17.58% -3.73% 3.40% -5.13%
7/31/2002 -6.91% -11.11% -5.65% -12.38% -7.03% -5.73%
8/30/2002 2.31% 1.88% 1.44% -0.68% 5.26% -1.54%
9/30/2002 -5.62% -7.30% -5.04% -20.68% -5.84% -4.77%
10/31/2002 4.99% 2.40% -4.43% 11.75% 0.82% -6.82%
11/29/2002 2.29% 4.07% -2.93% 4.37% 7.41% 3.63%
12/31/2002 -1.18% -0.26% -4.91% -4.95% 5.01% -2.18%
1/31/2003 3.22% 3.04% 10.40% -1.36% -2.11% -3.63%
2/28/2003 -1.89% 2.65% 0.17% -5.27% 2.37% 1.09%
3/31/2003 2.45% -1.46% 2.32% -2.04% -7.02% -3.65%
4/30/2003 8.32% 6.51% 5.28% 19.67% -0.86% 0.44%
5/30/2003 4.78% 8.87% 3.82% 7.30% 15.50% 4.62%
6/30/2003 3.78% 3.22% -5.69% 3.77% 12.27% 7.56%
7/31/2003 -0.07% -0.08% 0.88% 4.33% 5.22% 3.86%
8/29/2003 3.52% 4.96% -4.40% -0.69% 18.70% 10.04%
9/30/2003 3.67% 1.87% -4.14% 0.88% 3.86% 7.20%
10/31/2003 7.83% 7.29% 2.84% 9.86% 8.91% 4.29%
11/28/2003 0.05% 3.07% 3.48% 4.97% 4.38% -3.60%
12/31/2003 7.50% 5.84% 11.81% 9.44% 18.65% 6.61%
1/30/2004 0.95% 0.60% 4.56% 1.79% -3.35% 1.48%
2/27/2004 3.95% 2.26% 3.79% 0.03% -0.01% 0.03%
3/31/2004 0.14% 0.57% 3.65% -4.16% 5.71% 14.57%
4/30/2004 -4.97% -7.77% -9.18% -0.72% 0.20% -4.44%
5/28/2004 0.84% 2.28% -3.10% 0.55% -20.74% -3.94%
6/30/2004 -0.09% 3.56% -8.49% 2.36% 0.70% 5.29%
7/30/2004 1.63% 0.89% 0.12% -4.46% 7.24% -6.17%
8/31/2004 1.14% 0.08% -2.93% -1.24% 0.95% 1.28%
9/30/2004 5.78% 8.05% 4.78% 4.28% 8.42% -3.67%
10/29/2004 6.32% 6.21% -4.88% 4.40% 3.59% 2.38%
11/30/2004 8.12% 4.92% 0.72% 8.30% 12.46% 4.37%
12/31/2004 4.05% 1.70% -4.96% 4.84% 11.11% 5.15%
1/31/2005 1.65% -2.96% -5.38% -2.64% -2.56% -1.15%
2/28/2005 4.47% 6.04% 9.27% 4.21% 3.51% 1.92%
3/31/2005 -3.94% 1.10% -8.20% -2.19% -3.58% -2.37%
4/29/2005 -1.45% -5.60% -1.05% -4.30% -5.37% -1.72%
5/31/2005 0.01% 2.75% -9.67% 0.67% 8.25% -1.43%
6/30/2005 4.89% 5.64% 1.68% 0.87% 4.75% 0.31%
7/29/2005 2.50% 5.48% 3.86% 6.22% 6.13% 1.31%
8/31/2005 0.57% 6.16% 4.22% 1.70% 2.33% 6.84%
9/30/2005 6.06% 5.96% -0.83% 1.89% 8.24% 8.77%
10/31/2005 -5.61% -7.97% -5.67% -3.09% -10.81% -0.41%
11/30/2005 2.72% 5.62% -0.97% 2.61% 10.22% 3.61%
12/30/2005 2.43% 4.35% 6.06% 4.64% 9.00% 9.50%
1/31/2006 7.19% 7.78% 8.09% 8.42% 6.17% 4.09%
2/28/2006 -1.89% -1.67% 2.96% 1.51% 2.18% -2.11%
3/31/2006 0.75% 1.44% -0.89% 5.19% 9.43% 2.68%
4/28/2006 8.91% 5.08% 9.83% 4.51% 3.33% 2.31%
5/31/2006 -5.14% -2.12% 11.60% -4.85% -15.88% -6.65%
6/30/2006 0.43% -1.73% 0.99% -0.83% -0.19% -1.53%
7/31/2006 1.83% 0.50% -7.77% 0.40% -0.81% -1.12%
8/31/2006 2.10% 4.33% 3.51% 3.21% 9.33% 1.61%
9/29/2006 -1.23% -3.24% 6.12% 2.31% 7.51% -1.77%
10/31/2006 8.72% 4.59% 2.00% 4.33% 7.40% 1.82%
11/30/2006 3.89% 2.01% 16.20% 5.30% 6.64% 0.41%
12/29/2006 3.49% -0.70% 28.00% 4.27% 1.34% 1.87%
1/31/2007 0.36% 0.00% 6.38% 1.48% 3.04% 0.84%
2/28/2007 3.46% 1.20% 4.16% 1.25% -8.34% 4.01%
3/30/2007 5.91% 2.51% 10.75% 4.64% 4.28% -1.38%
4/30/2007 6.10% 6.31% 19.67% 7.44% 12.99% -2.33%
5/31/2007 2.47% 8.47% 8.67% 1.74% 7.55% 1.08%
6/29/2007 2.19% -0.21% -4.57% 1.18% 0.83% -0.32%
7/31/2007 -0.78% -0.34% 17.34% -2.05% 6.52% -0.49%
8/31/2007 -3.14% -0.52% 17.04% -0.22% -2.60% -2.55%
9/28/2007 14.78% 9.56% 7.78% 6.57% 17.62% 1.39%
10/31/2007 8.02% 9.02% 8.04% 5.13% 23.40% 0.53%
11/30/2007 -6.93% -10.85% -15.26% -1.43% -1.46% -1.65%
12/31/2007 -3.23% 2.84% 12.46% 0.82% 8.81% -3.79%
1/31/2008 -8.59% -6.59% -14.60% -11.18% -18.79% -4.90%
2/29/2008 4.34% 5.54% -0.08% 1.73% -1.47% 1.09%
3/31/2008 -6.60% -6.00% -19.21% 1.88% -12.41% -3.93%
4/30/2008 8.66% 6.70% 7.42% 3.01% 10.13% 6.09%
5/30/2008 3.85% 7.16% -6.69% 0.64% -10.60% 2.86%
6/30/2008 -6.73% -4.18% -19.47% -7.52% -20.86% -6.66%
7/31/2008 -6.16% -6.37% 1.31% -1.19% 10.09% -2.90%
8/29/2008 -5.61% -1.68% -13.41% -6.01% -1.23% -3.69%
9/30/2008 -17.47% -14.03% -3.47% -12.27% -18.31% -10.96%
10/31/2008 -27.36% -26.74% -25.11% -20.72% -31.60% -13.49%
11/30/2008 -7.57% -5.78% 8.87% -9.99% -5.74% -0.05%
12/31/2008 6.74% -1.57% -2.62% 12.92% 13.67% 8.56%
1/30/2009 -12.61% -3.85% 8.90% -15.12% -4.28% -6.27%
2/27/2009 -4.07% -8.67% 4.75% -11.59% -8.08% -12.01%
3/31/2009 16.00% 8.40% 13.86% 11.09% 8.55% 0.55%
4/30/2009 11.97% 13.19% 4.63% 12.67% 18.57% 8.41%
5/29/2009 11.32% 20.93% 6.30% 8.50% 41.07% 10.72%
6/30/2009 5.15% -5.43% 13.12% -1.75% -4.06% 2.88%
7/31/2009 11.97% 12.24% 15.87% 11.35% 7.48% 4.63%
8/31/2009 7.02% -0.86% -22.29% 0.94% -0.99% 3.59%
9/30/2009 10.87% 7.32% 4.97% 6.38% 9.07% -1.49%
10/30/2009 0.70% -4.44% 7.91% -3.85% -4.34% -2.76%
11/30/2009 3.07% 7.01% 6.27% 5.40% 8.83% -1.03%
12/31/2009 2.07% 4.28% 2.53% 0.45% 4.29% 0.14%
1/29/2010 -6.71% -6.70% -9.71% -7.65% -3.03% 2.40%
2/26/2010 2.71% 6.24% 1.77% -1.53% -0.50% 0.99%
3/31/2010 8.04% 7.68% 1.71% 8.22% 6.21% 3.96%
4/30/2010 0.23% 1.87% -7.79% -2.04% 1.99% 0.01%
5/31/2010 -15.67% -7.14% -9.44% -10.59% -7.34% -7.06%
6/30/2010 -2.53% -4.61% -6.57% -0.36% 3.76% -1.39%
7/30/2010 11.66% 7.23% 10.39% 9.49% 1.15% 3.39%
8/31/2010 -2.97% -1.68% -0.09% -5.56% -1.39% -2.35%
9/30/2010 13.00% 7.50% 2.63% 13.55% 14.77% 3.88%
10/29/2010 3.93% 3.91% 13.66% 8.22% 0.00% 1.64%
11/30/2010 -3.02% 1.47% -5.49% -4.65% -7.26% 2.32%
12/31/2010 9.35% 6.76% 1.20% 5.90% 6.47% 6.82%
1/31/2011 -1.02% 1.04% -1.32% 5.20% -11.67% 1.03%
2/28/2011 3.91% 7.53% 4.35% 2.89% -1.79% 4.59%
3/31/2011 2.42% 0.04% 0.49% 1.11% 9.26% -9.11%
4/29/2011 5.37% 1.53% 0.19% 9.58% 0.63% 0.35%
5/31/2011 -4.46% -2.82% -5.62% -6.19% -4.24% -1.05%
6/30/2011 -1.59% -3.15% 1.55% 2.00% 1.24% 2.13%
7/29/2011 -1.08% -1.52% -1.73% -3.79% -1.75% 3.73%
8/31/2011 -5.14% -3.95% -3.97% -16.03% -11.38% -6.96%
9/30/2011 -14.74% -13.74% -7.85% -12.34% -8.26% -1.33%
10/31/2011 17.25% 10.65% 4.79% 15.52% 5.99% -0.71%
11/30/2011 -7.00% -2.88% -5.79% -4.76% -14.54% -3.98%
12/30/2011 -1.24% -1.35% -3.31% -6.01% -6.71% 1.22%
1/31/2012 9.09% 5.50% 4.01% 10.43% 20.97% 4.10%
2/29/2012 3.07% 3.80% 6.17% 8.30% 5.79% 3.96%
3/30/2012 -2.62% -2.89% -6.40% 1.17% -5.88% 1.02%
4/30/2012 2.14% 0.54% 5.89% -2.88% -4.19% -2.20%
5/31/2012 -13.24% -10.46% -1.88% -13.92% -12.10% -8.17%
6/29/2012 6.26% 2.77% -5.23% 3.77% 7.67% 4.90%
7/31/2012 7.35% 2.40% -4.87% 2.28% -1.08% -1.61%
8/31/2012 -0.44% 4.16% -3.52% 4.69% 0.13% -0.38%
9/28/2012 2.31% 3.44% 3.72% 5.59% 13.25% 1.45%
10/31/2012 3.39% -0.36% -0.12% 2.58% -3.11% -1.77%
11/30/2012 0.73% -0.40% -4.05% 2.94% 3.26% 1.90%
12/31/2012 3.26% 1.73% 14.97% 4.03% 0.61% 4.11%
1/31/2013 5.86% 2.17% 5.38% 6.17% 4.99% 4.14%
2/28/2013 3.11% -1.51% -0.82% -3.32% -8.22% 2.98%
3/29/2013 -0.80% 0.86% -5.32% -1.60% -2.06% 4.67%
4/30/2013 4.52% -0.82% -1.24% 3.04% 6.00% 8.85%
5/31/2013 -11.73% -0.79% 6.31% 2.42% -4.29% -5.62%
6/28/2013 -6.80% -5.35% -13.47% -3.73% -8.78% 1.55%
7/31/2013 3.12% 5.54% 1.06% 6.47% -4.13% 0.85%
8/30/2013 1.34% -1.25% 4.33% -1.33% -10.80% -2.09%
$ based
1991-2013 Average monthly return 1.13% 1.02% 1.55% 0.80% 1.22% 0.27%
Standard deviation 5.96% 5.50% 13.64% 5.95% 10.46% 5.73%
$ based
1991-2013 Annualized return 14.40% 12.92% 20.26% 10.06% 15.70% 3.29%
1991-2013 1991-2001 2002-2013

$ based Annualized rStandard deAnnualized Standard deAnnualized Standard deviation
Australia 14.40% 20.66% 12.56% 18.27% 16.17% 22.74%
Canada 12.92% 19.05% 12.22% 17.43% 13.58% 20.53%
China 20.26% 47.24% 35.47% 66.25% 11.23% 28.94%
Germanya 10.06% 20.61% 8.73% 17.28% 11.32% 23.38%
India 15.70% 36.23% 10.56% 39.70% 20.75% 32.73%
Japan 3.29% 19.85% 0.12% 23.09% 6.37% 16.25%
U.K. 10.01% 16.60% 11.60% 14.49% 8.53% 18.41%
US 11.49% 15.07% 16.47% 14.74% 6.98% 15.33%
Return $ based
1991-2013 1991-2001 2002-2013
Australia 14.40% 12.56% 16.17%
Canada 12.92% 12.22% 13.58%
China 20.26% 35.47% 11.23%
Germany 10.06% 8.73% 11.32%
India 15.70% 10.56% 20.75%
Japan 3.29% 0.12% 6.37%
U.K. 10.01% 11.60% 8.53%
U.S. 11.49% 16.47% 6.98%
Stdev $ based
1991-2013 1991-2001 2002-2013
Australia 20.66% 18.27% 22.74%
Canada 19.05% 17.43% 20.53%
China 47.24% 66.25% 28.94%
Germany 20.61% 17.28% 23.38%
India 36.23% 39.70% 32.73%
Japan 19.85% 23.09% 16.25%
U.K. 16.60% 14.49% 18.41%
U.S. 15% 15% 15%
Sharpe ratio
1991-2013 1991-2001 2002-2013
Australia 0.70 0.69 0.71
Canada 0.68 0.70 0.66
China 0.43 0.54 0.39
Germany 0.49 0.51 0.48
India 0.43 0.27 0.63
Japan 0.17 0.01 0.39
U.K. 0.60 0.80 0.46
U.S. 0.76 1.12 0.46
1991-2013 Correlations of Monthly Returns $ Based Returns)

Australia Canada China Germany India
Australia 1
Canada 0.77 1
China 0.19 0.23 1
Germany 0.70 0.69 0.16 1
India 0.42 0.42 0.24 0.40 1
Japan 0.52 0.47 0.07 0.39 0.24
U.K. 0.76 0.73 0.18 0.80 0.36
U.S. 0.70 0.78 0.15 0.75 0.32

Australia 1
Canada 0.64 1
China 0.05 0.12 1
Germany 0.49 0.57 0.01 1
India 0.18 0.15 0.19 0.16 1
Japan 0.50 0.40 0.03 0.28 0.05
U.K. 0.60 0.56 0.03 0.64 0.07
U.S. 0.56 0.77 0.05 0.58 0.09
Australia 1
Canada 0.85 1
China 0.42 0.44 1
Germany 0.81 0.76 0.39 1
India 0.66 0.69 0.40 0.63 1
Japan 0.58 0.58 0.16 0.53 0.55
U.K. 0.86 0.84 0.40 0.89 0.63
U.S. 0.80 0.80 0.32 0.88 0.59
Increases in Correlations between the Two Subperiods

Australia
Canada 0.2036
China 0.3697 0.3215
Germany 0.3191 0.1921 0.3757
India 0.4780 0.5468 0.2072 0.4658
Japan 0.0862 0.1776 0.1359 0.2515 0.5062
U.K. 0.2645 0.2812 0.3751 0.2484 0.5661
U.S. 0.2417 0.0328 0.2693 0.2980 0.4951
Correlations of Country Markets with U.S. over different periods ($ based returns)
Australia Canada China Germany
1991-2013 U.S. 0.6955 0.7845 0.1531 0.7511
1991-2001 U.S. 0.5627 0.7710 0.0550 0.5830
2002-2013 U.S. 0.8044 0.8038 0.3243 0.8810

Increase in Correlation 0.2417 0.0328 0.2693 0.2980
1990 to August 2013
Index Values
U.K. Australia Canada Chinab Germany India Japan U.K.
0.5185 813.12 530.64 441.93 119.08 619.59 4698.62
0.5089 852.42 536.62 442.55 111.21 614.97 4764.20
0.5236 911.27 567.85 479.10 135.82 699.44 5294.06
0.5719 941.41 578.05 473.07 130.12 705.33 5527.88
0.5806 1012.01 581.96 493.16 136.69 703.61 5596.26
0.5889 1011.86 596.53 515.32 143.70 705.03 5637.42
0.6180 1019.57 584.36 492.85 140.83 655.77 5478.78
0.5936 1073.02 596.75 489.25 166.29 670.14 5867.31
0.5952 1059.94 598.85 495.50 187.53 626.42 6031.90
0.5708 1082.11 582.55 483.20 201.20 660.55 6040.41
0.5739 1168.36 605.35 477.12 200.54 678.28 5932.88
0.5664 1119.97 595.54 470.32 201.75 622.55 5637.88
0.5359 1161.41 608.67 468.85 211.50 616.09 5750.75
0.5590 1141.03 626.66 500.01 285.11 588.27 5978.11
0.5695 1142.52 627.30 519.51 351.08 563.61 6023.41
0.5759 1124.54 602.00 511.56 601.20 514.05 5775.25
0.5634 1185.22 595.61 512.44 527.12 481.50 6328.67
0.5467 1206.49 602.29 525.15 359.96 501.08 6513.09
0.5253 1180.67 599.36 508.93 373.66 451.70 6066.63
0.5208 1162.51 606.67 471.18 289.72 446.45 5788.47
0.5027 1116.22 602.39 449.25 323.82 504.51 5594.34
0.5621 1074.26 587.89 436.96 332.95 476.78 6193.82
0.6400 1035.85 598.08 446.98 278.91 467.33 6458.30
0.6607 1061.63 594.65 458.48 259.53 483.92 6775.25
0.6609 1143.61 607.64 458.61 262.27 480.79 7049.60
0.6732 1128.82 602.34 466.14 259.99 479.35 7072.14
0.7035 1191.63 626.95 501.89 254.73 475.54 7282.80
0.6627 1232.95 653.21 504.93 192.46 534.21 7378.50
0.6371 1239.16 689.54 494.33 190.91 603.93 7288.84
0.6408 1266.52 701.58 495.95 206.14 606.40 7392.27
0.6698 1271.78 715.57 506.48 215.38 585.39 7559.58
0.6734 1345.18 713.67 536.10 225.28 616.13 7674.82
0.6726 1443.35 752.55 572.75 275.04 629.36 8183.38
0.6684 1459.84 729.49 567.08 291.90 606.95 8056.25
0.6720 1578.05 784.18 617.44 284.79 609.70 8442.82
0.6733 1502.33 773.20 618.61 354.56 516.92 8457.69
0.6768 1613.86 799.83 661.23 395.37 542.83 9177.14
0.6664 1719.97 849.14 644.39 497.49 615.81 9498.97
0.6723 1634.03 823.59 624.30 505.98 618.52 9144.21
0.6720 1538.72 808.35 630.42 432.20 591.42 8530.73
0.6615 1558.73 802.25 659.06 441.09 604.59 8665.87
0.6614 1571.88 810.52 93.45 627.68 441.62 632.54 8244.56
0.6459 1506.69 755.26 79.74 605.66 476.23 630.23 8077.43
0.6487 1565.05 786.10 57.36 632.16 465.35 616.51 8583.96
0.6510 1618.32 820.40 144.43 648.57 498.36 619.75 9022.89
0.6341 1552.50 820.01 143.39 603.47 460.98 596.28 8444.37
0.6116 1583.68 818.43 114.17 613.39 451.98 598.68 8633.33
0.6382 1474.73 788.45 118.77 608.90 451.03 575.03 8636.58
0.6384 1505.85 816.01 110.98 623.14 427.37 590.19 8599.66
0.6323 1455.36 785.79 98.56 599.99 385.91 549.48 8375.34
0.6313 1544.85 809.60 97.06 624.20 367.53 507.25 8410.73
0.6177 1539.75 850.57 113.69 578.47 358.03 496.49 8799.07
0.6215 1655.71 843.37 102.45 606.12 344.11 504.14 9036.20
0.6303 1640.28 881.67 118.88 624.49 363.68 476.07 9390.99
0.6287 1647.00 900.14 108.12 631.24 351.82 458.11 9390.91
0.6258 1726.84 920.26 122.97 666.55 362.59 510.14 9880.91
0.6445 1748.37 904.89 131.95 666.53 371.64 547.41 9956.58
0.6331 1750.68 908.56 134.03 655.38 354.21 554.45 10061.79
0.6326 1706.56 901.20 132.39 646.88 336.95 545.12 10055.92
0.6535 1787.35 949.63 117.93 661.47 300.20 569.68 10424.28
0.6437 1833.61 964.41 104.49 670.84 303.20 604.39 10563.79
0.6624 1902.45 1014.30 103.50 720.64 293.89 616.59 10832.16
0.6527 1908.89 1011.98 107.49 720.11 346.91 598.44 10841.23
0.6552 1861.95 1021.54 109.20 722.12 351.90 626.68 10890.58
0.6645 1945.58 1065.03 137.35 719.98 403.03 654.53 11345.36
0.6454 1912.15 1092.50 143.77 730.24 393.78 642.76 11220.76
0.6440 1903.88 1061.86 203.95 748.91 405.42 656.73 11113.78
0.6428 1858.28 1039.25 210.21 722.42 377.37 611.13 11074.52
0.6405 1941.69 1088.25 213.85 742.39 377.57 596.26 11612.28
0.6389 1970.74 1126.07 233.06 768.46 339.68 628.75 11841.52
0.6143 2027.67 1203.18 282.98 767.70 332.22 599.85 11964.33
0.5945 2073.49 1301.23 280.16 804.65 313.07 606.67 12221.80
0.5840 2113.82 1288.14 242.45 815.58 327.69 576.69 12436.50
0.6245 2119.11 1335.76 251.59 853.22 353.93 541.28 12980.43
0.6140 2150.67 1345.96 263.73 913.14 362.68 549.20 13148.96
0.6080 2134.67 1295.70 318.15 960.81 370.70 544.20 13140.03
0.6173 2211.55 1339.14 361.17 968.05 413.06 573.36 13440.71
0.6112 2330.87 1436.53 349.75 996.38 409.84 594.82 13956.63
0.6006 2457.47 1467.61 350.87 1057.53 483.88 621.83 13902.03
0.6102 2481.23 1576.87 326.00 1200.62 485.13 622.81 14726.81
0.6172 2352.01 1513.68 333.52 1072.22 442.02 576.43 14601.21
0.6205 2529.14 1620.45 304.02 1124.80 449.81 564.59 15824.71
0.5957 2265.55 1583.87 344.99 1033.06 447.88 519.52 14827.68
0.5922 2285.61 1535.68 331.92 1079.77 415.92 513.41 14841.92
0.6088 2439.75 1589.92 336.16 1140.80 418.02 487.63 15732.57
0.6126 2480.37 1597.50 339.85 1191.39 373.71 522.20 16638.26
0.6078 2518.81 1692.93 327.90 1268.94 413.76 522.80 17675.42
0.5965 2585.75 1809.58 335.20 1367.05 436.35 515.57 18336.23
0.5978 2612.87 1834.80 354.04 1379.50 455.66 507.21 18418.96
0.6132 2578.40 1843.01 359.89 1467.53 435.43 507.06 18543.95
0.5990 2521.50 1796.35 328.28 1529.17 378.00 511.11 18264.25
0.6117 2562.71 1717.88 327.41 1532.77 377.29 527.11 18293.38
0.5967 2380.06 1392.03 283.00 1285.65 360.41 463.20 16364.55
0.5884 2485.89 1405.15 297.66 1216.21 374.19 438.33 15777.42
0.5976 2649.84 1555.60 287.12 1254.86 347.94 433.58 16932.01
0.6066 2812.71 1598.26 298.86 1344.54 345.48 478.02 17812.43
0.6014 2890.03 1644.90 279.27 1355.77 372.88 456.86 18198.57
0.6076 3027.28 1735.84 279.18 1425.75 400.22 474.76 18391.75
0.6239 3004.44 1640.75 268.42 1381.07 387.51 475.69 19301.05
0.6196 3105.09 1719.99 280.20 1359.13 438.97 540.69 19835.00
0.6217 3227.08 1824.75 275.18 1464.65 386.75 572.65 20789.41
0.6242 3023.70 1795.69 331.49 1398.23 461.41 554.81 19866.17
0.6343 3145.41 1853.56 444.55 1479.02 482.12 613.51 20289.81
0.6170 3188.42 1872.13 405.41 1426.85 537.61 642.50 20176.69
0.6217 3118.31 1840.14 404.04 1473.99 593.32 634.78 20286.20
0.6076 3055.93 1839.77 388.63 1423.64 602.99 660.41 19542.50
0.6088 3066.89 1930.20 367.01 1515.59 575.98 691.27 20151.13
0.6275 3286.99 2009.95 341.64 1605.99 619.27 733.87 21459.85
0.6192 3385.46 2241.05 325.88 1837.49 696.36 771.44 22576.97
0.6180 3336.25 2235.91 360.96 1811.24 763.27 766.24 20695.34
0.6337 3330.88 2389.73 397.88 2035.00 857.28 779.07 20763.48
0.6281 3371.41 2504.70 409.96 2035.26 755.64 770.11 21778.08
0.6427 3352.72 2468.47 425.12 1993.16 623.76 741.48 21007.62
0.6681 3304.76 2460.14 430.70 1916.66 560.47 679.36 21153.05
0.6609 3530.60 2677.15 439.32 1860.06 626.51 710.34 21238.05
0.6674 3494.04 2737.48 461.52 1913.08 560.04 645.90 21472.21
0.6889 3517.02 2940.23 444.58 1912.63 596.73 674.06 22566.47
0.6763 3511.11 2745.52 413.38 1800.49 532.85 652.40 21432.95
0.6894 3482.23 2591.64 414.49 1851.36 491.63 611.25 21855.00
0.7037 3505.28 2409.79 439.18 1675.05 528.84 601.59 20987.23
0.6687 3450.07 2437.59 426.68 1672.38 523.37 566.34 21316.96
0.6843 3625.46 2524.96 421.71 1742.33 572.53 575.49 21681.10
0.6929 3598.65 2261.59 398.91 1624.57 557.26 548.86 20561.55
0.7047 3433.22 2149.05 420.97 1534.43 444.58 563.90 19506.55
0.6990 3626.89 2240.60 413.48 1626.02 445.22 600.83 20693.76
0.7055 3679.76 2285.66 416.10 1590.15 468.54 577.06 20313.33
0.7104 3766.35 2187.97 416.21 1567.29 437.74 570.77 19760.89
0.7017 3605.58 2176.14 363.07 1517.77 423.56 522.85 19357.59
0.6892 3552.55 2114.28 345.53 1373.37 413.68 483.83 18867.79
0.6807 3330.98 1962.80 333.28 1153.63 355.62 450.04 17075.45
0.6880 3545.11 1967.02 322.92 1226.28 377.07 465.70 17708.73
0.7015 3667.94 2109.08 328.43 1344.16 419.52 463.19 18497.36
0.6876 3762.78 2187.62 313.65 1381.98 418.95 455.20 18606.04
0.7082 3812.68 2165.44 293.21 1385.20 428.82 428.87 18430.80
0.7078 3762.18 2173.40 296.35 1371.12 472.15 446.71 18266.69
0.7018 3781.75 2247.08 305.75 1448.88 482.27 468.82 18990.82
0.6866 3712.24 2205.04 316.20 1372.74 483.78 478.36 18696.55
0.6838 3740.62 2212.44 289.43 1329.78 461.85 495.83 18482.57
0.6560 3578.53 2086.27 340.34 1213.00 476.07 454.18 16911.01
0.6400 3443.25 1934.46 321.10 1069.37 440.59 427.87 15381.21
0.6462 3490.83 1938.47 325.73 1060.99 462.14 417.73 15400.04
0.6369 3335.01 1828.92 309.35 835.40 434.06 407.79 13613.38
0.6398 3426.40 1842.90 295.62 933.36 437.54 383.22 14701.45
0.6430 3471.75 1923.89 286.97 969.17 469.68 396.94 15230.08
0.6213 3416.16 1936.23 272.97 872.61 489.56 375.72 14452.80
0.6080 3384.62 1930.27 301.24 840.33 477.53 365.78 13185.52
0.6354 3202.97 1928.80 301.79 793.11 487.12 364.42 13511.52
0.6333 3297.72 1877.10 308.79 768.31 451.68 350.67 13379.53
0.6250 3448.00 1950.39 325.07 896.45 446.28 355.20 14617.73
0.6100 3473.52 2031.04 337.49 914.02 512.18 372.94 15272.63
0.6050 3497.30 2072.99 318.32 970.23 566.86 402.38 15338.40
0.6215 3623.85 2150.10 321.11 1036.74 593.23 419.81 15975.57
0.6340 3742.15 2220.83 306.98 1052.56 700.03 447.73 16171.34
0.6017 3704.34 2206.33 294.27 1001.24 725.48 458.25 15931.95
0.5898 3836.52 2312.50 302.60 1103.90 782.38 472.21 16763.73
0.5808 3754.35 2343.49 313.16 1121.38 825.49 452.87 16976.41
0.5605 3883.44 2470.74 350.12 1168.62 973.66 472.21 17508.30
0.5490 3866.37 2551.23 366.08 1203.41 936.27 473.42 17404.45
0.5384 3971.16 2636.53 379.97 1204.82 936.17 488.88 17897.61
0.5435 4027.18 2591.31 393.84 1168.68 947.68 534.06 17582.21
0.5636 4045.02 2501.50 357.68 1191.02 974.06 540.69 17942.08
0.5456 4120.09 2550.11 346.57 1173.85 787.60 518.50 17702.05
0.5517 4226.16 2590.74 317.14 1205.32 803.06 542.19 17968.03
0.5500 4244.70 2592.26 317.53 1165.62 868.84 517.84 17710.71
0.5546 4270.90 2568.85 308.20 1136.91 876.14 513.23 17920.91
0.5528 4410.05 2666.41 322.94 1163.24 940.89 499.83 18439.36
0.5451 4547.90 2733.66 307.17 1183.14 961.76 492.43 18699.12
0.5243 4755.09 2795.97 309.39 1231.70 1061.80 499.42 19147.65
0.5219 4895.81 2875.10 294.05 1264.70 1147.89 523.33 19739.17
0.5305 5005.87 2873.87 278.24 1277.46 1127.04 521.71 20035.93
0.5195 5110.50 3022.51 304.03 1308.63 1165.83 535.32 20532.64
0.5294 5043.29 3005.91 279.10 1310.13 1125.44 537.51 20275.80
0.5230 4903.83 2948.64 276.17 1258.68 1061.63 515.54 19812.63
0.5485 5061.03 3016.35 249.47 1325.61 1152.96 524.34 20594.54
0.5577 5289.99 3121.27 253.66 1364.92 1204.67 540.27 21287.35
0.5684 5438.99 3292.56 258.00 1446.03 1275.23 553.95 22055.77
0.5552 5527.93 3391.51 268.70 1446.60 1322.97 584.39 22239.32
0.5651 5764.01 3507.13 266.20 1507.18 1430.06 649.71 23029.30
0.5653 5559.39 3280.15 250.88 1468.23 1308.79 664.58 22406.11
0.5773 5776.90 3427.51 248.33 1532.72 1467.50 708.07 23132.84
0.5818 5959.54 3572.24 263.05 1596.82 1567.51 763.82 24093.21
0.5612 6194.46 3777.45 284.01 1686.29 1627.58 788.29 24844.46
0.5702 6193.36 3695.71 291.72 1745.12 1672.46 764.67 25142.35
0.5749 6470.49 3844.80 288.24 1803.28 1841.41 796.42 25981.22
0.5488 6649.89 3878.28 316.57 1812.26 1918.97 789.25 26269.85
0.5338 6370.04 3736.61 353.50 1696.29 1663.18 726.82 24990.23
0.5408 6479.98 3713.02 355.80 1689.32 1647.44 730.01 25481.99
0.5352 6391.03 3784.91 327.12 1698.07 1656.23 721.37 25868.21
0.5257 6554.31 3864.08 337.94 1748.57 1808.40 751.60 25969.80
0.5343 6620.11 3767.43 356.39 1803.99 1924.18 742.29 26397.05
0.5240 6935.13 3967.36 362.35 1869.48 2019.34 748.32 27216.34
0.5078 7065.68 4114.00 418.66 1896.17 2138.55 743.22 27109.22
0.5106 7323.57 4170.55 533.85 1986.66 2143.82 779.87 28061.67
0.5099 7486.63 4220.82 565.52 2047.02 2207.07 799.60 28043.14
0.5099 7596.40 4237.96 586.73 2036.21 2023.38 813.20 27997.28
0.5080 7835.45 4281.03 648.30 2107.73 2063.09 796.75 28831.85
0.5000 8091.70 4368.70 774.38 2217.15 2219.60 790.66 29517.86
0.5051 8345.71 4581.57 835.26 2290.29 2347.64 814.71 30350.91
0.4984 8308.75 4543.20 792.99 2305.95 2380.02 822.95 30101.88
0.4911 8145.55 4536.93 925.61 2227.22 2510.29 790.62 29196.75
0.4959 8312.34 4472.61 1079.65 2233.78 2472.37 749.08 29013.97
0.4905 8789.09 4621.20 1155.38 2283.79 2845.06 753.87 29608.90
0.4813 9067.56 4803.80 1244.16 2359.62 3467.58 759.86 30944.53
0.4862 8842.57 4513.19 1042.59 2291.20 3439.69 719.75 29501.10
0.5040 8627.66 4582.79 1158.14 2323.35 3732.40 696.74 29638.81
0.5026 7717.55 4339.96 973.72 2030.64 3023.36 633.15 27139.38
0.5034 7706.66 4478.88 963.42 2018.64 3028.27 624.79 27389.66
0.5037 7386.55 4415.92 767.49 1976.23 2656.51 575.21 26690.82
0.5039 7781.23 4627.96 821.48 2066.55 2956.94 638.84 28300.15
0.5052 7969.08 4883.75 761.38 2080.91 2754.74 662.97 28284.16
0.5024 7424.40 4796.15 605.99 1901.44 2220.56 622.95 26283.67
0.5049 7075.63 4524.38 612.09 1897.94 2418.33 615.91 25366.75
0.5498 7343.43 4608.65 528.98 1895.87 2432.43 596.41 26493.28
0.5617 6566.06 3949.19 507.98 1732.78 2133.98 517.60 22912.51
0.6186 5734.56 3319.20 383.15 1525.26 1552.41 415.38 20186.87
0.6516 5323.52 3179.45 416.33 1371.60 1467.70 403.27 19790.04
0.6840 5326.50 3099.10 405.23 1412.53 1635.66 416.39 20559.34
0.6938 5095.06 3010.19 442.36 1303.35 1573.70 386.14 19390.88
0.7005 4858.26 2825.88 463.41 1165.19 1507.27 369.67 18102.09
0.6993 5223.66 3038.07 527.11 1235.97 1635.85 377.05 18771.15
0.6757 5535.98 3256.77 550.32 1394.37 1895.02 407.15 20839.38
0.6188 5641.55 3614.52 585.83 1418.40 2534.01 436.13 21686.33
0.6078 5886.35 3627.01 662.94 1404.00 2463.62 452.76 21014.31
0.5983 6366.44 3778.41 768.36 1535.06 2657.45 464.49 22966.53
0.6130 6732.89 3806.92 596.93 1541.53 2681.59 472.43 24746.66
0.6248 7139.33 3993.20 626.23 1608.92 2880.54 448.71 25892.05
0.6068 7018.51 3833.02 675.80 1533.81 2687.45 441.23 25384.78
0.6094 7150.91 4026.77 718.15 1590.84 2896.12 415.57 26047.70
0.6185 7432.50 4155.63 736.26 1671.80 3017.72 449.77 27177.95
0.6246 7016.36 3947.79 664.85 1595.25 2906.12 447.20 26282.43
0.6562 7135.80 4142.14 676.53 1594.98 2889.84 443.94 27152.94
0.6585 7535.01 4305.92 688.09 1743.14 2995.88 485.21 29077.11
0.6533 7441.50 4367.63 634.41 1736.23 3004.40 489.63 28768.15
0.6900 6877.34 4210.02 574.99 1669.42 2916.83 438.52 26865.23
0.6690 6711.96 4057.46 533.36 1674.05 3033.17 421.38 25595.52
0.6364 7022.64 4222.46 588.07 1723.69 3064.13 425.53 27516.95
0.6511 6921.17 4291.62 590.42 1674.71 3065.17 404.33 27369.40
0.6357 7228.31 4462.89 595.57 1776.27 3333.93 417.17 29225.37
0.6242 7391.12 4589.64 674.95 1881.73 3324.80 408.53 29920.16
0.6419 7310.33 4693.32 637.55 1912.18 3179.82 434.02 29224.27
0.6497 7586.70 4885.13 638.73 1989.58 3309.54 453.13 31446.75
0.6234 7619.59 4941.13 630.43 2024.94 2996.50 459.49 31221.96
0.6155 7763.54 5163.00 654.84 2071.55 2895.51 480.42 31868.27
0.6231 7809.79 5154.50 655.73 2036.90 3118.91 441.04 31508.57
0.5991 7793.66 5108.75 651.14 2135.92 3117.31 434.82 32478.81
0.6083 7639.83 5070.48 613.46 2065.84 3038.98 430.13 32134.71
0.6224 7467.94 4887.64 621.54 2085.76 3045.96 435.80 31882.00
0.6077 7206.64 4761.72 608.19 2025.39 2966.36 432.67 31215.04
0.6147 7027.54 4690.42 578.76 1698.66 2723.34 399.00 28898.85
0.6400 6580.99 4296.70 533.33 1595.09 2676.13 396.48 27369.12
0.6195 7085.99 4545.35 556.85 1776.70 2814.36 398.41 29598.16
0.6367 6825.75 4533.09 526.42 1754.28 2575.72 380.65 29286.17
0.6436 6736.58 4458.51 502.41 1709.94 2444.03 382.31 29525.63
0.6348 7108.91 4648.99 523.71 1876.75 2763.00 394.66 30526.97
0.6269 7205.02 4737.45 554.75 1985.98 2890.54 435.87 31799.87
0.6256 7293.57 4658.17 519.57 2012.90 2826.15 447.41 31379.57
0.6163 7418.74 4634.57 548.58 1970.34 2801.34 423.75 31306.03
0.6491 6900.56 4344.29 545.92 1814.71 2636.92 381.71 28972.48
0.6375 6955.89 4396.01 516.13 1837.87 2798.28 408.19 30321.34
0.6375 7264.56 4423.55 491.63 1933.67 2766.94 393.00 30798.81
0.6304 7364.02 4537.66 473.40 1982.06 2769.02 392.52 31423.76
0.6199 7494.63 4681.71 486.11 2047.48 2989.07 396.29 31863.53
0.6207 7762.35 4739.26 481.85 2083.90 2944.22 399.35 32288.36
0.6239 7775.45 4690.74 461.54 2136.58 3066.09 420.16 32870.46
0.6149 8056.23 4784.82 530.94 2193.18 3118.99 459.14 33335.46
0.6307 8495.57 4905.26 558.47 2260.18 3182.56 503.76 35497.79
0.6582 8924.07 4973.16 554.15 2269.41 2978.44 524.91 36230.57
0.6582 8709.73 4961.22 523.79 2279.01 2925.27 560.15 36473.05
0.6435 9135.91 4870.99 513.45 2285.55 3053.11 631.48 36627.13
0.6585 8706.00 4959.82 543.14 2373.43 3075.76 616.21 37585.23
0.6575 8506.20 4774.57 470.24 2280.90 2955.63 615.72 35605.27
0.6589 8975.18 4930.75 474.55 2378.65 2892.93 615.60 38136.86
0.6465 9153.51 4995.66 494.35 2362.27 2790.22 601.92 37279.87
local

3.31% 4.83% 1.13% #DIV/0! 0.14% -6.61% -0.75% 1.40%
8.00% 6.90% 5.82% #DIV/0! 8.26% 22.13% 13.74% 11.12%
-4.40% 3.31% 1.80% #DIV/0! -1.26% -4.20% 0.84% 4.42%
-0.28% 7.50% 0.68% #DIV/0! 4.25% 5.05% -0.24% 1.24%
-0.68% -0.01% 2.50% #DIV/0! 4.49% 5.13% 0.20% 0.74%
-7.39% 0.76% -2.04% #DIV/0! -4.36% -2.00% -6.99% -2.81%
11.49% 5.24% 2.12% #DIV/0! -0.73% 18.08% 2.19% 7.09%
2.53% -1.22% 0.35% #DIV/0! 1.28% 12.77% -6.52% 2.81%
4.42% 2.09% -2.72% #DIV/0! -2.48% 7.29% 5.45% 0.14%
-2.31% 7.97% 3.91% #DIV/0! -1.26% -0.33% 2.68% -1.78%
-3.71% -4.14% -1.62% #DIV/0! -1.43% 0.60% -8.22% -4.97%
7.81% 3.70% 2.20% #DIV/0! -0.31% 4.83% -1.04% 2.00%
-0.34% -1.75% 2.96% #DIV/0! 6.65% 34.80% -4.52% 3.95%
-1.10% 0.13% 0.10% #DIV/0! 3.90% 23.14% -4.19% 0.76%
-5.19% -1.57% -4.03% #DIV/0! -1.53% 71.24% -8.79% -4.12%
12.01% 5.40% -1.06% #DIV/0! 0.17% -12.32% -6.33% 9.58%
6.06% 1.79% 1.12% #DIV/0! 2.48% -31.71% 4.07% 2.91%
-3.06% -2.14% -0.49% #DIV/0! -3.09% 3.81% -9.85% -6.85%
-3.76% -1.54% 1.22% #DIV/0! -7.42% -22.46% -1.16% -4.59%
0.13% -3.98% -0.71% #DIV/0! -4.65% 11.77% 13.00% -3.35%
-0.98% -3.76% -2.41% #DIV/0! -2.74% 2.82% -5.50% 10.72%
-8.42% -3.58% 1.73% #DIV/0! 2.29% -16.23% -1.98% 4.27%
1.62% 2.49% -0.57% #DIV/0! 2.57% -6.95% 3.55% 4.91%
4.02% 7.72% 2.18% #DIV/0! 0.03% 1.06% -0.65% 4.05%
-1.51% -1.29% -0.87% #DIV/0! 1.64% -0.87% -0.30% 0.32%
-1.46% 5.56% 4.09% #DIV/0! 7.67% -2.02% -0.79% 2.98%
7.55% 3.47% 4.19% #DIV/0! 0.61% -24.45% 12.34% 1.31%
2.75% 0.50% 5.56% #DIV/0! -2.10% -0.81% 13.05% -1.22%
0.83% 2.21% 1.75% #DIV/0! 0.33% 7.98% 0.41% 1.42%
-2.16% 0.42% 1.99% #DIV/0! 2.12% 4.48% -3.46% 2.26%
0.98% 5.77% -0.27% #DIV/0! 5.85% 4.60% 5.25% 1.52%
6.75% 7.30% 5.45% #DIV/0! 6.84% 22.09% 2.15% 6.63%
-0.93% 1.14% -3.06% #DIV/0! -0.99% 6.13% -3.56% -1.55%
4.24% 8.10% 7.50% #DIV/0! 8.88% -2.44% 0.45% 4.80%
-0.02% -4.80% -1.40% #DIV/0! 0.19% 24.50% -15.22% 0.18%
7.95% 7.42% 3.44% #DIV/0! 6.89% 11.51% 5.01% 8.51%
5.12% 6.57% 6.17% #DIV/0! -2.55% 25.83% 13.44% 3.51%
-4.58% -5.00% -3.01% #DIV/0! -3.12% 1.71% 0.44% -3.73%
-6.67% -5.83% -1.85% #DIV/0! 0.98% -14.58% -4.38% -6.71%
3.20% 1.30% -0.75% #DIV/0! 4.54% 2.06% 2.23% 1.58%
-4.85% 0.84% 1.03% #DIV/0! -4.76% 0.12% 4.62% -4.86%
0.32% -4.15% -6.82% -14.67% -3.51% 7.84% -0.37% -2.03%
5.81% 3.87% 4.08% -28.07% 4.38% -2.28% -2.18% 6.27%
4.74% 3.40% 4.36% 151.80% 2.60% 7.09% 0.53% 5.11%
-3.92% -4.07% -0.05% -0.72% -6.95% -7.50% -3.79% -6.41%
6.00% 2.01% -0.19% -20.38% 1.64% -1.95% 0.40% 2.24%
-4.13% -6.88% -3.66% 4.03% -0.73% -0.21% -3.95% 0.04%
-0.46% 2.11% 3.50% -6.56% 2.34% -5.25% 2.64% -0.43%
-1.67% -3.35% -3.70% -11.19% -3.72% -9.70% -6.90% -2.61%
0.58% 6.15% 3.03% -1.52% 4.04% -4.76% -7.69% 0.42%
6.92% -0.33% 5.06% 17.13% -7.33% -2.58% -2.12% 4.62%
2.07% 7.53% -0.85% -9.89% 4.78% -3.89% 1.54% 2.69%
2.48% -0.93% 4.54% 16.04% 3.03% 5.69% -5.57% 3.93%
0.25% 0.41% 2.09% -9.05% 1.08% -3.26% -3.77% 0.00%
5.71% 4.85% 2.24% 13.73% 5.59% 3.06% 11.36% 5.22%
-2.16% 1.25% -1.67% 7.30% 0.00% 2.50% 7.31% 0.77%
2.88% 0.13% 0.41% 1.58% -1.67% -4.69% 1.29% 1.06%
0.02% -2.52% -0.81% -1.22% -1.30% -4.87% -1.68% -0.06%
0.35% 4.73% 5.37% -10.92% 2.26% -10.91% 4.51% 3.66%
2.88% 2.59% 1.56% -11.40% 1.42% 1.00% 6.09% 1.34%
-0.35% 3.75% 5.17% -0.95% 7.42% -3.07% 2.02% 2.54%
1.57% 0.34% -0.23% 3.86% -0.07% 18.04% -2.94% 0.08%
0.07% -2.46% 0.94% 1.59% 0.28% 1.44% 4.72% 0.46%
2.72% 4.49% 4.26% 25.78% -0.30% 14.53% 4.44% 4.18%
1.83% -1.72% 2.58% 4.67% 1.43% -2.30% -1.80% -1.10%
-0.74% -0.43% -2.80% 41.86% 2.56% 2.96% 2.17% -0.95%
-0.17% -2.40% -2.13% 3.07% -3.54% -6.92% -6.94% -0.35%
5.23% 4.49% 4.71% 1.73% 2.76% 0.05% -2.43% 4.86%
2.23% 1.50% 3.48% 8.98% 3.51% -10.04% 5.45% 1.97%
5.08% 2.89% 6.85% 21.42% -0.10% -2.20% -4.60% 1.04%
5.55% 2.26% 8.15% -1.00% 4.81% -5.76% 1.14% 2.15%
3.59% 1.95% -1.01% -13.46% 1.36% 4.67% -4.94% 1.76%
-2.40% 0.25% 3.70% 3.77% 4.62% 8.01% -6.14% 4.37%
3.03% 1.49% 0.76% 4.83% 7.02% 2.47% 1.46% 1.30%
0.92% -0.74% -3.73% 20.63% 5.22% 2.21% -0.91% -0.07%
0.75% 3.60% 3.35% 13.52% 0.75% 11.43% 5.36% 2.29%
4.87% 5.40% 7.27% -3.16% 2.93% -0.78% 3.74% 3.84%
1.37% 5.43% 2.16% 0.32% 6.14% 18.07% 4.54% -0.39%
4.27% 0.97% 7.44% -7.09% 13.53% 0.26% 0.16% 5.93%
-1.98% -5.21% -4.01% 2.31% -10.69% -8.89% -7.45% -0.85%
7.80% 7.53% 7.05% -8.85% 4.90% 1.76% -2.05% 8.38%
-2.40% -10.42% -2.26% 13.48% -8.16% -0.43% -7.98% -6.30%
0.69% 0.89% -3.04% -3.79% 4.52% -7.14% -1.18% 0.10%
3.11% 6.74% 3.53% 1.28% 5.65% 0.50% -5.02% 6.00%
5.10% 1.66% 0.48% 1.10% 4.43% -10.60% 7.09% 5.76%
7.07% 1.55% 5.97% -3.52% 6.51% 10.72% 0.11% 6.23%
5.70% 2.66% 6.89% 2.23% 7.73% 5.46% -1.38% 3.74%
0.23% 1.05% 1.39% 5.62% 0.91% 4.43% -1.62% 0.45%
-1.85% -1.32% 0.45% 1.65% 6.38% -4.44% -0.03% 0.68%
0.83% -2.21% -2.53% -8.78% 4.20% -13.19% 0.80% -1.51%
-1.92% 1.63% -4.37% -0.27% 0.24% -0.19% 3.13% 0.16%
-8.30% -7.13% -18.97% -13.56% -16.12% -4.47% -12.12% -10.54%
-2.23% 4.45% 0.94% 5.18% -5.40% 3.82% -5.37% -3.59%
5.67% 6.60% 10.71% -3.54% 3.18% -7.02% -1.08% 7.32%
3.64% 6.15% 2.74% 4.09% 7.15% -0.71% 10.25% 5.20%
3.05% 2.75% 2.92% -6.55% 0.84% 7.93% -4.43% 2.17%
0.03% 4.75% 5.53% -0.03% 5.16% 7.33% 3.92% 1.06%
2.20% -0.75% -5.48% -3.85% -3.13% -3.18% 0.20% 4.94%
3.48% 3.35% 4.83% 4.39% -1.59% 13.28% 13.66% 2.77%
4.46% 3.93% 6.09% -1.79% 7.76% -11.90% 5.91% 4.81%
-4.82% -6.30% -1.59% 20.46% -4.53% 19.30% -3.12% -4.44%
0.51% 4.03% 3.22% 34.11% 5.78% 4.49% 10.58% 2.13%
2.23% 1.37% 1.00% -8.80% -3.53% 11.51% 4.73% -0.56%
-0.22% -2.20% -1.71% -0.34% 3.30% 10.36% -1.20% 0.54%
-1.43% -2.00% -0.02% -3.81% -3.42% 1.63% 4.04% -3.67%
2.91% 0.36% 4.92% -5.56% 6.46% -4.48% 4.67% 3.11%
3.32% 7.18% 4.13% -6.91% 5.96% 7.52% 6.16% 6.49%
6.62% 3.00% 11.50% -4.61% 14.41% 12.45% 5.12% 5.21%
-8.16% -1.45% -0.23% 10.76% -1.43% 9.61% -0.67% -8.33%
-2.16% -0.16% 6.88% 10.23% 12.35% 12.32% 1.67% 0.33%
5.82% 1.22% 4.81% 3.04% 0.01% -11.86% -1.15% 4.89%
-5.73% -0.55% -1.45% 3.70% -2.07% -17.45% -3.72% -3.54%
-3.14% -1.43% -0.34% 1.31% -3.84% -10.15% -8.38% 0.69%
1.50% 6.83% 8.82% 2.00% -2.95% 11.78% 4.56% 0.40%
0.12% -1.04% 2.25% 5.05% 2.85% -10.61% -9.07% 1.10%
1.82% 0.66% 7.41% -3.67% -0.02% 6.55% 4.36% 5.10%
-3.25% -0.17% -6.62% -7.02% -5.86% -10.71% -3.21% -5.02%
0.03% -0.82% -5.60% 0.27% 2.83% -7.74% -6.31% 1.97%
-5.92% 0.66% -7.02% 5.96% -9.52% 7.57% -1.58% -3.97%
6.89% -1.58% 1.15% -2.85% -0.16% -1.03% -5.86% 1.57%
-0.61% 5.08% 3.58% -1.16% 4.18% 9.39% 1.62% 1.71%
-6.34% -0.74% -10.43% -5.41% -6.76% -2.67% -4.63% -5.16%
-6.72% -4.60% -4.98% 5.53% -5.55% -20.22% 2.74% -5.13%
6.95% 5.64% 4.26% -1.78% 5.97% 0.14% 6.55% 6.09%
-2.74% 1.46% 2.01% 0.63% -2.21% 5.24% -3.96% -1.84%
-3.39% 2.35% -4.27% 0.03% -1.44% -6.57% -1.09% -2.72%
-0.83% -4.27% -0.54% -12.77% -3.16% -3.24% -8.40% -2.04%
-0.76% -1.47% -2.84% -4.83% -9.51% -2.33% -7.46% -2.53%
-8.37% -6.24% -7.16% -3.55% -16.00% -14.04% -6.98% -9.50%
2.61% 6.43% 0.21% -3.11% 6.30% 6.03% 3.48% 3.71%
2.44% 3.46% 7.22% 1.71% 9.61% 11.26% -0.54% 4.45%
2.62% 2.59% 3.72% -4.50% 2.81% -0.14% -1.72% 0.59%
-3.82% 1.33% -1.01% -6.52% 0.23% 2.36% -5.78% -0.94%
-0.83% -1.32% 0.37% 1.07% -1.02% 10.10% 4.16% -0.89%
4.85% 0.52% 3.39% 3.17% 5.67% 2.14% 4.95% 3.96%
0.63% -1.84% -1.87% 3.42% -5.26% 0.31% 2.03% -1.55%
-0.74% 0.76% 0.34% -8.47% -3.13% -4.53% 3.65% -1.14%
-4.63% -4.33% -5.70% 17.59% -8.78% 3.08% -8.40% -8.50%
-6.77% -3.78% -7.28% -5.65% -11.84% -7.45% -5.79% -9.05%
-0.84% 1.38% 0.21% 1.44% -0.78% 4.89% -2.37% 0.12%
-10.31% -4.46% -5.65% -5.03% -21.26% -6.08% -2.38% -11.60%
7.50% 2.74% 0.76% -4.44% 11.73% 0.80% -6.03% 7.99%
3.08% 1.32% 4.39% -2.93% 3.84% 7.35% 3.58% 3.60%
-1.79% -1.60% 0.64% -4.88% -9.96% 4.23% -5.35% -5.10%
-6.77% -0.92% -0.31% 10.36% -3.70% -2.46% -2.65% -8.77%
-1.95% -5.37% -0.08% 0.18% -5.62% 2.01% -0.37% 2.47%
-0.65% 2.96% -2.68% 2.32% -3.13% -7.28% -3.77% -0.98%
10.71% 4.56% 3.90% 5.27% 16.68% -1.20% 1.29% 9.25%
7.05% 0.74% 4.14% 3.82% 1.96% 14.77% 4.99% 4.48%
1.26% 0.68% 2.07% -5.68% 6.15% 10.68% 7.89% 0.43%
1.39% 3.62% 3.72% 0.88% 6.86% 4.65% 4.33% 4.15%
-0.77% 3.26% 3.29% -4.40% 1.53% 18.00% 6.65% 1.23%
3.81% -1.01% -0.65% -4.14% -4.88% 3.64% 2.35% -1.48%
7.34% 3.57% 4.81% 2.83% 10.25% 7.84% 3.05% 5.22%
2.84% -2.14% 1.34% 3.49% 1.58% 5.51% -4.10% 1.27%
6.87% 3.44% 5.43% 11.80% 4.21% 17.95% 4.27% 3.13%
1.49% -0.44% 3.26% 4.56% 2.98% -3.84% 0.26% -0.59%
4.86% 2.71% 3.34% 3.79% 0.12% -0.01% 3.27% 2.83%
-2.68% 1.41% -1.72% 3.65% -3.00% 1.23% 9.24% -1.76%
-1.59% 0.44% -3.47% -9.18% 1.91% 2.78% 1.24% 2.05%
1.92% 1.86% 1.94% -3.11% -1.44% -19.14% -4.10% -1.34%
0.38% 2.57% 1.59% -8.49% 2.68% 1.96% 4.57% 1.50%
-1.13% 0.44% 0.06% 0.12% -3.29% 8.19% -4.49% -1.43%
0.35% 0.62% -0.90% -2.94% -2.46% 0.84% -0.89% 1.19%
3.23% 3.26% 3.80% 4.78% 2.32% 7.39% -2.61% 2.89%
2.84% 3.13% 2.52% -4.88% 1.71% 2.22% -1.48% 1.41%
6.46% 4.56% 2.28% 0.72% 4.10% 10.40% 1.42% 2.40%
3.56% 2.96% 2.83% -4.96% 2.68% 8.11% 4.79% 3.09%
-0.14% 2.25% -0.04% -5.38% 1.01% -1.82% -0.31% 1.50%
4.65% 2.09% 5.17% 9.27% 2.44% 3.44% 2.61% 2.48%
-3.10% -1.32% -0.55% -8.20% 0.11% -3.46% 0.41% -1.25%
-1.09% -2.77% -1.91% -1.05% -3.93% -5.67% -4.09% -2.28%
-0.89% 3.21% 2.30% -9.67% 5.32% 8.60% 1.71% 3.95%
1.66% 4.52% 3.48% 1.68% 2.97% 4.48% 3.04% 3.36%
1.66% 2.82% 5.49% 1.71% 5.94% 5.86% 2.53% 3.61%
3.23% 1.64% 3.01% 4.15% 0.04% 3.74% 5.50% 0.83%
1.74% 4.27% 3.41% -0.93% 4.19% 8.09% 11.18% 3.55%
-2.74% -3.55% -6.47% -5.76% -2.58% -8.48% 2.29% -2.71%
1.10% 3.91% 4.49% -1.02% 4.39% 12.13% 6.54% 3.24%
3.35% 3.16% 4.22% 5.93% 4.18% 6.81% 7.87% 4.15%
6.90% 3.94% 5.74% 7.97% 5.60% 3.83% 3.20% 3.12%
-0.40% -0.02% -2.16% 2.71% 3.49% 2.76% -3.00% 1.20%
2.49% 4.47% 4.03% -1.19% 3.33% 10.10% 4.15% 3.34%
5.92% 2.77% 0.87% 9.83% 0.50% 4.21% -0.90% 1.11%
-2.20% -4.21% -3.65% 11.67% -6.40% -13.33% -7.91% -4.87%
0.65% 1.73% -0.63% 0.65% -0.41% -0.95% 0.44% 1.97%
2.58% -1.37% 1.94% -8.06% 0.52% 0.53% -1.18% 1.52%
2.21% 2.55% 2.09% 3.31% 2.97% 9.19% 4.19% 0.39%
0.01% 1.00% -2.50% 5.46% 3.17% 6.40% -1.24% 1.65%
5.13% 4.76% 5.31% 1.67% 3.63% 4.95% 0.81% 3.10%
2.78% 1.88% 3.70% 15.54% 1.43% 5.90% -0.68% -0.39%
2.95% 3.65% 1.37% 27.51% 4.77% 0.25% 4.93% 3.51%
0.07% 2.23% 1.21% 5.93% 3.04% 2.95% 2.53% -0.07%
-0.16% 1.47% 0.41% 3.75% -0.53% -8.32% 1.70% -0.16%
3.37% 3.15% 1.02% 10.49% 3.51% 1.96% -2.02% 2.98%
4.02% 3.27% 2.05% 19.45% 5.19% 7.59% -0.76% 2.38%
1.78% 3.14% 4.87% 7.86% 3.30% 5.77% 3.04% 2.82%
0.51% -0.44% -0.84% -5.06% 0.68% 1.38% 1.01% -0.82%
-1.57% -1.96% -0.14% 16.72% -3.41% 5.47% -3.93% -3.01%
-1.59% 2.05% -1.42% 16.64% 0.29% -1.51% -5.25% -0.63%
3.17% 5.74% 3.32% 7.01% 2.24% 15.07% 0.64% 2.05%
6.51% 3.17% 3.95% 7.68% 3.32% 21.88% 0.79% 4.51%
-5.63% -2.48% -6.05% -16.20% -2.90% -0.80% -5.28% -4.66%
-3.08% -2.43% 1.54% 11.08% 1.40% 8.51% -3.20% 0.47%
-8.18% -10.55% -5.30% -15.92% -12.60% -19.00% -9.13% -8.43%
0.76% -0.14% 3.20% -1.06% -0.59% 0.16% -1.32% 0.92%
-2.61% -4.15% -1.41% -20.34% -2.10% -12.28% -7.94% -2.55%
5.99% 5.34% 4.80% 7.03% 4.57% 11.31% 11.06% 6.03%
-0.31% 2.41% 5.53% -7.32% 0.69% -6.84% 3.78% -0.06%
-6.55% -6.83% -1.79% -20.41% -8.62% -19.39% -6.04% -7.07%
-3.97% -4.70% -5.67% 1.01% -0.18% 8.91% -1.13% -3.49%
-4.09% 3.78% 1.86% -13.58% -0.11% 0.58% -3.17% 4.44%
-15.35% -10.59% -14.31% -3.97% -8.60% -12.27% -13.21% -13.52%
-20.00% -12.66% -15.95% -24.57% -11.98% -27.25% -19.75% -11.90%
-6.93% -7.17% -4.21% 8.66% -10.07% -5.46% -2.92% -1.97%
-1.03% 0.06% -2.53% -2.67% 2.98% 11.44% 3.25% 3.89%
-7.02% -4.35% -2.87% 9.16% -7.73% -3.79% -7.26% -5.68%
-7.54% -4.65% -6.12% 4.76% -10.60% -4.22% -4.27% -6.65%
3.87% 7.52% 7.51% 13.75% 6.07% 8.53% 2.00% 3.70%
14.90% 5.98% 7.20% 4.40% 12.82% 15.84% 7.98% 11.02%
13.63% 1.91% 10.98% 6.45% 1.72% 33.72% 7.12% 4.06%
-1.35% 4.34% 0.35% 13.16% -1.02% -2.78% 3.81% -3.10%
11.03% 8.16% 4.17% 15.90% 9.33% 7.87% 2.59% 9.29%
5.17% 5.76% 0.75% -22.31% 0.42% 0.91% 1.71% 7.75%
2.65% 6.04% 4.89% 4.91% 4.37% 7.42% -5.02% 4.63%
0.95% -1.69% -4.01% 7.92% -4.67% -6.70% -1.67% -1.96%
2.17% 1.89% 5.05% 6.27% 3.72% 7.76% -5.82% 2.61%
2.80% 3.94% 3.20% 2.52% 5.09% 4.20% 8.23% 4.34%
-4.24% -5.60% -5.00% -9.70% -4.58% -3.70% -0.57% -3.30%
-1.66% 1.70% 4.92% 1.76% -0.02% -0.56% -0.73% 3.31%
6.71% 5.59% 3.95% 1.71% 9.29% 3.67% 9.30% 7.09%
-0.28% -1.24% 1.43% -7.80% -0.40% 0.28% 0.91% -1.06%
-11.58% -7.58% -3.61% -9.37% -3.85% -2.91% -10.44% -6.61%
-1.74% -2.40% -3.62% -7.24% 0.28% 3.99% -3.91% -4.73%
13.01% 4.63% 4.07% 10.26% 2.97% 1.02% 0.98% 7.51%
-2.78% -1.44% 1.64% 0.40% -2.84% 0.03% -4.98% -0.54%
9.37% 4.44% 3.99% 0.87% 6.06% 8.77% 3.18% 6.78%
4.26% 2.25% 2.84% 13.33% 5.94% -0.27% -2.07% 2.38%
-5.02% -1.09% 2.26% -5.54% 1.62% -4.36% 6.24% -2.33%
6.31% 3.78% 4.09% 0.19% 4.05% 4.08% 4.40% 7.60%
3.47% 0.43% 1.15% -1.30% 1.78% -9.46% 1.40% -0.71%
3.38% 1.89% 4.49% 3.87% 2.30% -3.37% 4.56% 2.07%
-2.33% 0.60% -0.16% 0.14% -1.67% 7.72% -8.20% -1.13%
7.21% -0.21% -0.89% -0.70% 4.86% -0.05% -1.41% 3.08%
-2.56% -1.97% -0.75% -5.79% -3.28% -2.51% -1.08% -1.06%
-3.03% -2.25% -3.61% 1.32% 0.96% 0.23% 1.32% -0.79%
0.28% -3.50% -2.58% -2.15% -2.89% -2.61% -0.72% -2.09%
-8.47% -2.49% -1.50% -4.84% -16.13% -8.19% -7.78% -7.42%
-9.04% -6.35% -8.39% -7.85% -6.10% -1.73% -0.63% -5.29%
11.72% 7.67% 5.79% 4.41% 11.39% 5.17% 0.49% 8.14%
-3.73% -3.67% -0.27% -5.46% -1.26% -8.48% -4.46% -1.05%
-0.26% -1.31% -1.65% -4.56% -2.53% -5.11% 0.44% 0.82%
4.82% 5.53% 4.27% 4.24% 9.76% 13.05% 3.23% 3.39%
5.48% 1.35% 1.90% 5.93% 5.82% 4.62% 10.44% 4.17%
-1.12% 1.23% -1.67% -6.34% 1.36% -2.23% 2.65% -1.32%
1.27% 1.72% -0.51% 5.58% -2.11% -0.88% -5.29% -0.23%
-12.13% -6.98% -6.26% -0.48% -7.90% -5.87% -9.92% -7.45%
6.56% 0.80% 1.19% -5.46% 1.28% 6.12% 6.94% 4.66%
1.57% 4.44% 0.63% -4.75% 5.21% -1.12% -3.72% 1.57%
3.18% 1.37% 2.58% -3.71% 2.50% 0.08% -0.12% 2.03%
3.12% 1.77% 3.17% 2.68% 3.30% 7.95% 0.96% 1.40%
1.20% 3.57% 1.23% -0.88% 1.78% -1.50% 0.77% 1.33%
1.28% 0.17% -1.02% -4.22% 2.53% 4.14% 5.21% 1.80%
2.90% 3.61% 2.01% 15.04% 2.65% 1.73% 9.28% 1.41%
3.82% 5.45% 2.52% 5.19% 3.05% 2.04% 9.72% 6.49%
-2.20% 5.04% 1.38% -0.77% 0.41% -6.41% 4.20% 2.06%
0.67% -2.40% -0.24% -5.48% 0.42% -1.79% 6.71% 0.67%
2.72% 4.89% -1.82% -1.97% 0.29% 4.37% 12.73% 0.42%
0.28% -4.71% 1.82% 5.78% 3.85% 0.74% -2.42% 2.62%
-5.12% -2.29% -3.74% -13.42% -3.90% -3.91% -0.08% -5.27%
6.88% 5.51% 3.27% 0.92% 4.29% -2.12% -0.02% 7.11%
-0.37% 1.99% 1.32% 4.17% -0.69% -3.55% -2.22% -2.25%

0.80% 0.97% 0.91% 1.39% 0.76% 1.65% 0.13% 0.85%
4.79% 3.82% 4.10% 13.55% 5.31% 10.08% 5.37% 4.20%
0.92% 1.24% 1.17% 2.50% 1.00% 1.61% -0.08% 1.13%
4.18% 3.82% 4.30% 18.97% 5.13% 11.98% 5.57% 4.02%
0.68% 0.71% 0.67% 0.68% 0.54% 1.68% 0.34% 0.59%
5.32% 3.82% 3.91% 8.35% 5.49% 7.94% 5.19% 4.36%
local currency based

10.01% 12.24% 11.53% 18.06% 9.53% 21.64% 1.62% 10.73%
16.60% 13.24% 14.21% 46.95% 18.40% 34.92% 18.62% 14.54%
11.60% 15.93% 15.01% 34.45% 12.67% 21.17% -0.96% 14.41%
14.49% 13.24% 14.90% 65.71% 17.76% 41.49% 19.30% 13.91%
8.53% 8.87% 8.33% 8.41% 6.64% 22.08% 4.10% 7.36%
18.41% 13.22% 13.53% 28.91% 19.00% 27.49% 17.99% 15.10%
local currenc 1991-2013 1991-2001 2002-2013

Standard deviation Annualized r Standard devAnnualized r Standard deviaAnnualized retu
Australia 12.24% 13.24% 15.93% 13.24% 8.87%
Canada 11.53% 14.21% 15.01% 14.90% 8.33%
Chinab 18.06% 46.95% 34.45% 65.71% 8.41%
Germany 9.53% 18.40% 12.67% 17.76% 6.64%
India 21.64% 34.92% 21.17% 41.49% 22.08%
Japan 1.62% 18.62% -0.96% 19.30% 4.10%
U.K. 10.73% 14.54% 14.41% 13.91% 7.36%
U.S. 11.49% 15.07% 16.47% 14.74% 6.98%
Standard deviation
1991-2013 1991-2001 2002-2013
Australia 12% 16% 9%
Canada 12% 15% 8%
China 18% 34% 8%
Germany 10% 13% 7%
India 22% 21% 22%
Japan 2% -1% 4%
U.K. 11% 14% 7%
U.S. 11% 16% 7%
1991-2013 1991-2001 2002-2013

Australia 13% 13% 13%
Canada 14% 15% 14%
China 47% 66% 29%
Germany 18% 18% 19%
India 35% 41% 27%
Japan 19% 19% 18%
U.K. 15% 14% 15%
U.S. 15% 15% 15%
Sharpe ratio
1991-2013 1991-2001 2002-2013
Australia 0.93 1.20 0.67
Canada 0.81 1.01 0.62
China 0.38 0.52 0.29
Germany 0.52 0.71 0.35
India 0.62 0.51 0.80
Japan 0.09 -0.05 0.23
U.K. 0.74 1.04 0.49
U.S. 0.76 1.12 0.46
1991-2013 Correlations of Monthly Returns (Local Currency Based Re

Japan U.K. U.S. Australia Canada China
Australia 1
Canada 0.69 1
China 0.15 0.19 1
Germany 0.65 0.67 0.13
India 0.29 0.31 0.24
1 Japan 0.54 0.48 0.13
0.49 1 U.K. 0.72 0.70 0.14
0.44 0.77 1 U.S. 0.70 0.79 0.15

Australia 1
Canada 0.59 1
China 0.02 0.10 1
Germany 0.53 0.63 0.04
India 0.12 0.13 0.20
1 Japan 0.47 0.41 0.10
0.44 1 U.K. 0.62 0.61 0.07
0.39 0.65 1 U.S. 0.58 0.77 0.05
Australia 1
Canada 0.79 1
China 0.37 0.37 1
Germany 0.75 0.70 0.30
India 0.55 0.61 0.38
1 Japan 0.61 0.58 0.20
0.60 1 U.K. 0.81 0.78 0.27
0.54 0.87 1 U.S. 0.81 0.80 0.32
s Increases in Correlations between the Two Subperiods

Australia
Canada 0.1982
China 0.3550 0.2686
Germany 0.2146 0.0740 0.2621
India 0.4319 0.4868 0.1787
Japan 0.1357 0.1734 0.1025
0.1521 U.K. 0.1885 0.1715 0.2032
0.1547 0.2177 U.S. 0.2253 0.0308 0.2644
er different periods ($ based returns) Correlations of Country Markets with U.S. over different periods (L
India Japan U.K. Australia Canada
0.3206 0.4415 0.7750 1991-2013 U.S. 0.7043 0.7853
0.0912 0.3879 0.6525 1991-2001 U.S. 0.5847 0.7707
0.5863 0.5426 0.8702 2002-2013 U.S. 0.8099 0.8015

0.4951 0.1547 0.2177 Increase in Correlation 0.2253 0.0308
U.S. Australia Canada Chinab Germany India Japan U.K.
574.64 627.746 457.251 0 295.21 6.56812 4.5642 9061.95
603.93 667.1 461.45 0 299.324 5.97582 4.67836 9361.76
647.47 715.62 493.826 0 313.958 7.12592 5.26093 10111
667.62 727.688 498.534 0 278.686 6.63539 5.01657 9665.82
668.94 790.756 505.174 0 286.971 6.77354 5.15919 9638.75
697.06 768.423 520.85 0 296.212 6.87889 5.09231 9572.8
666.34 782 511.52 0 271.722 6.66493 4.7554 8865.34
700.33 834.84 518.057 0 280.132 6.45536 4.87658 9884.28
719.77 832.239 524.295 0 283.386 7.26297 4.57742 10134
711.52 865.134 514.711 0 290.647 7.80753 4.97215 10582
723.95 910.292 539.047 0 286.043 7.76084 5.19357 10338
697.82 878.477 524.705 0 289.072 7.81977 4.7859 9953.88
779.75 881.86 526.622 0 308.454 8.2104 4.93267 10731
768.40 858.175 533.237 0 311.048 10.9869 4.68554 10694
776.27 861.239 530.711 0 317.297 13.4 4.364 10577
762.04 865.897 505.797 0 310.695 20.6598 3.86736 10028
781.43 896.603 498 0 310.1 18.3666 3.61215 11233
787.98 913.039 499.909 0 326.891 12.5203 3.92235 11913
775.18 882.81 500.635 0 333.944 13.0195 3.58862 11549
809.99 865.285 512.174 0 318.214 10.1728 3.50569 11115
794.26 798.783 504.008 0 320.481 11.3105 4.10338 11129
804.50 766.89 471.066 0 308.871 11.6907 3.97317 11019
812.91 720.14 482.128 0 289.682 9.79319 3.79019 10091
843.60 724.267 462.367 0 287.719 9.09355 3.88941 10255
856.04 787.936 477.93 0 283.145 9.04379 3.85094 10667
861.66 766.809 474.283 0 289.348 8.90377 3.83572 10505
869.43 828.787 501.64 0 305.602 8.41526 4.02659 10352
890.29 868.519 519.534 0 313.524 6.10984 4.64935 11134
868.87 873.017 542.859 0 311.369 6.03191 5.42761 11441
892.48 869.087 552.121 0 312.311 6.50284 5.6583 11536
897.00 847.401 558.036 0 296.882 6.81582 5.48118 11286
894.53 925.476 555.645 0 308.015 7.12911 5.86511 11397
927.89 968.496 569.768 0 341.329 8.69554 6.00936 12167
923.89 941.589 546.025 0 347.05 9.25785 5.72324 12053
940.99 1050.21 593.177 0 368.159 9.06109 5.62713 12564
927.73 989.156 578.223 0 360.18 11.2774 4.73891 12562
942.43 1094.66 603.418 0 380.126 12.5754 4.85971 13560
971.25 1218.63 639.894 0 370.36 15.8235 5.66418 14254
948.19 1163.42 609.074 0 366.416 16.1294 5.93475 13601
907.16 1079.42 584.152 0 377.95 13.7775 5.77559 12695
919.52 1112.19 580.583 0 396.785 14.0609 5.92445 13100
928.53 1160.83 585.424 10.7666 381.615 14.0767 6.03914 12465
904.42 1101.38 546.3 9.19543 382.12 15.1811 6.39762 12506
934.07 1156.38 568.197 6.63912 398.211 14.8331 6.16202 13233
972.64 1204.64 598.308 16.8351 410.617 15.8852 6.19069 13860
950.80 1148.81 611.491 16.7708 389.135 14.6961 6.01999 13317
971.75 1175.1 605.034 13.3595 407.758 14.4034 6.17833 14116
938.45 1133.88 573.335 13.9254 388.205 14.364 5.81367 13533
953.04 1167.51 581.618 13.1086 402.156 13.6224 5.9256 13471
980.01 1102.46 557.614 11.6523 393.901 12.2989 5.5263 13246
1019.27 1140.11 580.9 11.4849 428.503 11.6955 5.25104 13323
1047.99 1127.86 607.854 13.4602 419.637 11.3913 5.71664 14245
1079.31 1204.07 620.262 12.1568 437.442 10.9415 5.99881 14539
1119.75 1179.38 643.649 14.279 441.648 11.5711 5.62398 14899
1150.99 1170.66 655.219 12.9935 456.263 11.2009 5.40351 14937
1193.44 1275.64 671.968 14.7795 481.194 11.5364 5.77473 15789
1200.18 1314.27 673.682 15.8407 454.07 11.6611 5.6001 15449
1253.11 1322.67 675.761 16.0736 458.468 10.4364 5.59485 15893
1251.42 1299.54 672.487 15.8838 459.628 9.82362 5.33073 15896
1304.22 1326.91 698.925 14.1545 457.195 8.59926 5.59607 15951
1324.80 1362.77 706.269 12.5327 467.647 8.61853 5.85196 16411
1367.59 1416 738.048 12.4193 483.813 8.06061 5.76522 16353
1386.98 1458.95 737.165 12.8868 489.771 9.95438 5.69292 16610
1400.27 1455.1 749.204 13.0719 489.042 10.2445 5.85682 16622
1426.42 1528.1 782.248 16.4489 470.514 11.5151 6.25566 17074
1464.63 1525.94 797.212 17.2272 478.375 11.1774 5.95203 17386
1467.69 1495.7 777.521 24.4483 492.38 11.4428 5.99863 17257
1401.23 1437.41 755.983 25.2029 490.608 10.5706 5.7238 17229
1437.81 1535.9 795.214 25.6529 501.581 10.5319 5.48537 18130
1523.45 1559.25 826.777 27.9727 503.248 9.47503 5.63144 18534
1554.67 1608 897.293 33.9712 507.034 9.25404 5.27155 19476
1667.25 1687.14 964.66 33.6278 523.282 8.75794 5.32727 20558
1640.81 1679.23 940.454 29.1112 530.045 9.11516 4.98134 21295
1739.75 1615.79 991.361 30.2268 521.464 9.85877 4.46416 20785
1747.59 1670 984.609 31.6778 541.216 10.0997 4.54523 21415
1674.62 1673.59 936.538 38.2139 576.094 10.3317 4.39864 21612
1770.74 1723.87 958.514 43.3864 558.598 11.5444 4.51358 21773
1886.63 1778.48 1041.11 42.0267 583.019 11.448 5.11014 22835
1968.91 1855.39 1062.72 42.1683 606.451 13.4974 5.42562 23147
2130.34 1848.77 1141 39.3183 653.256 13.5815 5.26155 24134
2026.82 1727.51 1089.76 40.0942 594.028 12.1168 4.7777 23657
2140.79 1833.64 1172.2 36.5633 636.523 12.4291 4.67724 25503
2074.64 1592.65 1123.39 41.4981 599.919 12.3078 4.31531 24891
2167.65 1559.93 1078 39.9442 611.768 10.6373 4.01918 25062
2212.92 1589.52 1112.77 40.4525 634.095 10.6366 3.73806 25842
2238.96 1699.58 1097 40.8965 650.5 9.6317 4.10858 27160
2402.16 1709.06 1189.19 39.4585 699.487 10.4882 4.14526 29081
2528.60 1709.93 1276.15 40.4831 738.946 11.0385 3.86803 30740
2557.15 1703.64 1282.9 42.6041 768.781 11.466 3.83176 30811
2496.87 1614.12 1264.85 43.3081 822.607 10.4295 3.66108 30241
2607.80 1565.37 1220.6 39.5042 847.984 8.89412 3.69593 30491
2570.08 1555.61 1136.77 39.3995 861.591 8.85657 3.64404 29906
2190.76 1361.36 884.109 34.0554 731.148 8.45041 3.28744 27425
2341.08 1474.17 920.685 35.958 728.182 8.80862 3.20909 26814
2531.76 1656.15 1008 34.6855 757.537 8.19647 3.72331 28333
2694.61 1766.33 1049.07 36.1021 792.491 8.10035 3.87972 29364
2876.82 1769.55 1069.85 33.7327 813.299 8.76952 4.04015 30260
2997.14 1906.23 1149.94 33.7264 828.924 9.40809 4.09276 30270
2899.72 1864.26 1087.31 32.4218 776.405 9.04763 4.0075 30936
3021.04 1968.61 1139.67 33.8406 751.067 10.3287 4.56548 32013
3153.01 2136.29 1251.71 33.2383 791.104 9.02778 4.79486 33440
3075.91 1973.82 1219.48 40.0418 745.087 10.6882 4.58976 31827
3232.30 2079.47 1257.93 53.698 779.663 11.096 5.07285 31988
3128.10 2079.45 1242.29 48.9779 780.168 12.3731 5.60157 32701
3103.66 1989.48 1229.63 48.8148 797.441 13.6239 5.80769 32630
3020.64 1994.86 1252 46.9485 774.686 13.8332 6.18246 32163
3215.58 1955.43 1311.28 44.3367 815.052 13.2379 6.62834 33100
3303.65 2094.16 1365.46 41.2664 827.446 14.2426 7.20894 34199
3527.26 2220.85 1552 39.3599 946.087 16.0046 7.55129 36462
3368.91 2129.2 1540.2 43.6063 903.587 17.4861 7.1391 33488
3353.20 2050.15 1647.52 48.0613 1003.35 19.6399 7.09019 32765
3663.55 2043.77 1722.86 49.5199 996.26 17.3113 7.49645 34673
3475.10 1957 1665.86 51.3436 926.233 14.2737 6.86683 32687
3344.21 1886.39 1642.61 52.0339 914.132 12.5525 6.30555 31662
3492.05 2108.07 1809.13 53.0695 907.745 14.0159 6.69248 32135
3418.39 2022 1839.7 55.7445 906.329 12.404 5.88895 32173
3671.09 2027.22 1997.44 53.7023 868.193 13.0007 6.31971 32757
3486.99 1901.29 1821.84 49.9263 813.523 11.5686 6.04634 31691
3422.78 1804.17 1696.88 50.0743 803.263 10.4825 5.60009 31701
3083.04 1844.5 1569.38 53.0558 744.599 11.2831 5.42315 29824
3117.40 1918.2 1625.6 51.5476 802.755 11.1951 4.95269 31878
3233.85 1986.77 1683.87 50.9428 829.207 12.3284 4.9445 31684
2914.45 1888.56 1476.23 48.1874 765.188 11.9609 4.67991 29675
2708.57 1675.72 1361.54 50.8559 689.911 9.48943 4.4918 27681
2938.72 1848.29 1458.72 49.9529 737.759 9.49701 4.86226 29605
2957.30 1864.87 1478.34 50.2718 687.424 9.96894 4.85414 28793
2895.27 1920.82 1441.83 50.287 679.068 9.29582 4.57604 27817
2854.26 1831.64 1421.38 43.8649 679.183 8.97753 4.1828 27587
2675.99 1874.7 1366 41.7463 638.302 8.76998 4.07436 27376
2449.41 1647.53 1242.51 40.2668 536.697 7.42422 3.77455 25085
2505.95 1783.16 1236.73 39.0151 563.859 7.84908 3.80039 25739
2696.96 1908.4 1341.91 39.6789 615.655 8.74364 3.75905 26368
2732.32 1925.39 1373.7 37.896 628.945 8.6793 3.47375 27059
2687.59 1933.8 1360.63 35.4268 608.665 8.83072 3.19909 26025
2631.75 1943.88 1354.23 35.8062 606.959 9.68314 3.33465 25808
2738.54 2016.83 1408.12 36.9379 645.755 9.87651 3.53293 27060
2586.10 1994.22 1406.19 38.2009 631.813 9.87709 3.72409 27231
2562.59 2117.17 1448.41 34.9701 634.952 9.41398 3.99444 27029
2372.79 2014 1373.45 41.1183 611.268 9.73359 3.78957 25779
2198.92 1874.9 1220.86 38.7957 535.596 9.04888 3.57243 24033
2214.69 1918.25 1243.8 39.3546 531.958 9.52473 3.51743 23832
1986.44 1810.54 1152.95 37.3728 421.962 8.96818 3.34968 21374
2147.31 1900.92 1180.59 35.7154 471.537 9.04195 3.12119 22978
2270.18 1944.52 1228.69 34.6695 492.164 9.71216 3.23452 23686
2142.81 1921.57 1225.46 32.9674 467.787 10.1992 3.16396 23262
2086.77 1983.37 1262.77 36.3957 461.416 9.9839 3.04918 21687
2053.21 1945.79 1296.24 36.4591 437.096 10.2207 3.08256 21265
2076.21 1993.42 1277.37 37.3052 428.195 9.50305 2.97002 21127
2243.75 2159.18 1360.48 39.2734 512.433 9.42115 2.98312 23388
2370.58 2262.29 1481.21 40.7754 549.853 10.8812 3.12084 25037
2403.11 2347.81 1529 38.4556 570.589 12.2168 3.3568 25353
2453.95 2346.14 1527.71 38.7936 595.314 12.8544 3.48621 25705
2506.61 2428.71 1603.49 37.0874 591.226 15.2578 3.83626 25507
2479.53 2517.9 1633.47 35.5523 596.402 15.8471 4.11245 26478
2622.82 2715.16 1752.56 36.5609 655.211 17.2597 4.28892 28423
2655.46 2716.61 1806.44 37.835 687.752 18.0159 4.13467 29229
2776.37 2920.32 1911.89 42.3019 752.686 21.3756 4.40782 31237
2832.96 2948.05 1923.28 44.2297 766.162 20.6591 4.47298 31702
2876.06 3064.64 1966.83 45.9073 766.376 20.6569 4.47446 33242
2840.96 3068.8 1978.1 47.5825 734.511 21.8359 5.12632 32350
2791.54 2916.38 1824.45 43.2132 729.211 21.8792 4.89889 31835
2828.09 2940.82 1866 41.872 733.244 17.3404 4.70594 32445
2879.50 2938.1 1932.38 38.3177 750.557 17.4616 4.95467 32568
2778.01 2986.07 1949.65 38.3634 717.084 18.725 4.64889 32201
2787.65 3020 1951.12 37.2375 708.179 18.9027 4.70853 32313
2827.72 3194.53 2108.17 39.0184 738.518 20.4942 4.53566 33356
2869.23 3396.49 2239.05 37.1131 771.026 21.2309 4.64381 34304
2984.87 3672.45 2349.16 37.3817 834.994 23.8768 4.84686 36520
3095.94 3821.27 2389.15 35.5283 875.407 26.5285 5.09671 37822
3022.36 3884.13 2318.38 33.6181 852.322 25.8495 5.03824 37768
3083.90 4057.88 2458.32 36.7341 888.17 26.7576 5.13496 39524
3034.58 3898 2485.46 33.722 868.729 25.801 5.01315 38300
2976.21 3841.62 2346.15 33.368 831.416 24.4165 4.9268 37883
3081.40 3842 2410.77 30.142 836.981 26.4319 4.85635 37547
3099.21 4029.85 2546.73 30.6482 844.263 27.6872 4.87125 38170
3221.70 4130.46 2686.27 31.8298 896.763 29.3832 4.93497 38803
3190.84 4153.84 2851.69 33.1737 911.991 30.0675 5.27237 40056
3217.06 4405.39 3021.56 32.8967 929.211 32.5457 5.73493 40753
3168.19 4158.42 2780.73 31.0322 900.478 29.0262 5.71141 39636
3289.27 4271.59 2937 30.7324 923.938 31.9926 5.91735 40071
3293.00 4375.58 3064.72 32.5952 966.832 34.8723 6.47964 41411
3392.48 4690.29 3303.12 35.2335 1048.23 37.0241 6.74444 44270
3391.23 4601.65 3247.83 36.2768 1064 37.8299 6.60223 44094
3444.88 4636 3294.6 35.9549 1119.22 41.3986 6.7792 45193
3483.98 5049.27 3461.82 39.4898 1169.73 42.7769 6.93602 47868
3382.50 4789.5 3388.6 44.0691 1113 35.984 6.47443 46816
3391.73 4810 3330.06 44.5067 1103.77 35.9154 6.37508 47119
3396.64 4898.09 3346.81 41.0491 1108.18 35.6255 6.30348 48334
3472.79 5001 3491.85 42.4879 1143.75 38.949 6.40477 49400
3558.52 4939.27 3378.56 45.0898 1170.21 41.8755 6.29113 49405
3682.55 5369.83 3533.77 45.9923 1220.92 44.9742 6.40575 51940
3767.35 5578.9 3604.66 53.4414 1285.63 47.9603 6.43202 53386
3812.99 5773.86 3579.26 68.4064 1340.53 48.6017 6.55243 54958
3894.05 5794.61 3579.39 72.7694 1360.42 50.081 6.60717 54997
3824.47 5995.11 3622.19 75.7951 1377.4 45.9025 6.87231 54907
3868.54 6349.64 3712.95 83.9419 1441.28 47.8675 6.77739 56756
4028.04 6736.91 3947.14 100.451 1548.51 54.0838 6.61973 59036
4169.29 6903.56 4281.44 109.161 1575.38 58.1675 6.69111 60089
4104.90 7055.06 4272.33 104.176 1594 58.6501 6.6695 60397
3984.47 7000.3 4257.63 122.241 1561.32 62.4761 6.63662 59452
4045.36 6780.6 4235.43 143.072 1557.94 60.8508 6.46706 58508
4200.46 7782.78 4640.22 154.199 1660.33 71.5738 6.5571 60365
4292.20 8406.79 5058.76 166.594 1745.54 88.3235 6.592 64294
4108.04 7823.9 4510 141.177 1720.64 87.0367 6.48307 60677
4083.30 7571.44 4638 158.767 1734.75 94.7069 6.23704 58807
3832.59 6920.95 4332.16 135.582 1540.81 76.9107 5.9317 53998
3727.80 7221.38 4572.15 135.474 1567.51 75.7825 5.99664 54409
3700.33 6745.09 4297.73 109.454 1597 66.3796 5.76074 52990
3888.64 7329 4585.77 117.573 1644.95 73.1011 6.11155 56162
3958.78 7611.35 4914.22 109.709 1655.46 65.3556 6.28646 55986
3644.36 7099.25 4709 88.3483 1531 51.7251 5.86748 52316
3606.62 6661.92 4409.3 89.5025 1512.78 56.9421 5.69759 50241
3649.82 6288.26 4335.1 77.504 1421.94 56.2412 5.48726 48187
3307.70 5189.74 3726.71 74.8141 1247.5 45.9414 4.88578 40791
2739.03 3770 2730.05 56.0259 989.016 31.4253 4.2265 32633
2526.11 3484.66 2572.37 60.9972 890.187 29.6206 4.22449 30371
2563.95 3719.62 2531.94 59.3961 1005.22 33.6694 4.5863 30058
2361.25 3250.64 2434.44 64.6801 853.257 32.2281 4.29856 27949
2123.03 3118.47 2223.35 67.755 754.364 29.624 3.78218 25842
2305.14 3617.49 2410 77.1429 838 32.1575 3.80282 26843
2532.37 4050.62 2727.84 80.7158 944.183 38.1292 4.12262 30841
2665.42 4509.27 3298.82 85.8007 1024.41 53.7892 4.56442 35046
2669.92 4741.32 3119.74 97.0601 1006.45 51.6049 4.69571 34574
2874.51 5308.91 3501.45 112.467 1120.73 55.4675 4.91316 38386
2972.84 5681.76 3471.25 87.3995 1131.32 54.9169 5.08974 40370
3093.68 6299.59 3725.35 91.7392 1203.47 59.8989 5.01408 41441
3029.08 6343.56 3560 98.998 1157.16 57.3017 4.87547 41834
3204.79 6538.27 3809.62 105.2 1219.6 62.3626 4.82548 42743
3282.28 6673.7 3972.5 107.863 1225 65.0371 4.83208 43942
3173.30 6225.7 3706.15 97.3882 1131.3 63.0668 4.948 42079
3276.52 6394.66 3937.4 99.1137 1114 62.7544 4.99707 41379
3475.68 6909.05 4239.78 100.807 1205.49 66.6492 5.19497 44157
3535.35 6924.9 4319.25 92.9579 1180.87 67.9729 5.19556 44035
3247.98 5839.64 4010.69 84.1798 1055.79 62.9849 4.82898 38935
3079.69 5692 3825.63 78.6493 1052 65.356 4.76189 38259
3298.00 6355.91 4102.26 86.8192 1151.81 66.1085 4.92341 43238
3151.54 6167 4033.48 86.7385 1087.83 65.1886 4.80773 42036
3442.62 6968.39 4335.85 89.0173 1235.24 74.8189 4.99425 45974
3579.80 7241.94 4505.39 101.181 1336.74 74.8155 5.07617 47934
3589.49 7023.09 4571.71 95.6277 1274.53 69.3829 5.19411 45528
3825.24 7679.62 4880.74 96.7773 1349.78 73.8737 5.5483 48402
3914.83 7601.35 4931.27 95.4951 1419.91 65.2548 5.60559 50083
4044.32 7898.61 5302.45 99.6515 1460.9 64.0883 5.86307 51776
4052.48 8089.69 5304.62 100.137 1477.08 70.0249 5.32914 50567
4174.00 8524.18 5385.57 100.33 1618.61 70.4636 5.34768 54213
4120.94 8143.94 5233.77 94.6902 1518.44 67.4729 5.2913 52827
4050.85 8014.53 5069.11 96.1615 1548.79 68.3104 5.40427 51224
3966.92 7928.1 4991.84 94.4981 1490 67.1122 5.60599 51366
3738.54 7520.91 4794.46 90.746 1251.22 59.4746 5.21569 47013
3457.32 6412.35 4135.82 83.6203 1096.81 54.5592 5.14642 42764
3850.87 7518.29 4576.47 87.6281 1267 57.8254 5.10979 47777
3831.60 6992.16 4444.64 82.5563 1206.69 49.419 4.90655 45997
3860.54 6905.77 4384.84 79.8249 1134.21 46.1051 4.96635 45876
4055.59 7533.82 4625.86 83.0231 1252.5 55.7731 5.16977 48089
4231.40 7764.87 4801.79 88.1465 1356.45 59.0027 5.37448 50726
4357.38 7561.24 4662.83 82.5042 1372.31 55.5345 5.42907 50159
4333.38 7723 4688 87.3674 1332.75 53.2068 5.30949 50797
4059.64 6700.87 4197.79 85.7233 1147.17 46.7705 4.87559 44635
4214.55 7120.37 4314 81.2419 1190.41 50.3559 5.11452 47563
4268.98 7643.69 4417.37 77.2882 1217.52 49.8099 5.03201 48312
4369.05 7609.82 4601.16 74.57 1274.64 49.8743 5.01303 49847
4479.05 7785.82 4759.29 77.3469 1345.88 56.4828 5.08586 51401
4408.42 8049.73 4742.11 77.2542 1380.61 54.7253 4.99562 52019
4436.40 8108.72 4723.33 74.1251 1421.26 56.5074 5.09038 52685
4475.07 8372.72 4805 85.2217 1478.58 56.8536 5.2994 54213
4733.63 8863.4 4909.19 89.8064 1569.79 59.6879 5.51884 56283
4789.36 9138.83 4834.88 89.073 1517.59 54.7809 5.6833 55045
4973.54 9066 4876.37 84.3354 1493.36 53.655 5.94892 55413
5068.68 9476.1 4836.17 83.2887 1538.78 56.8761 6.47539 56919
5174.18 8364.72 4798.12 88.5458 1576.09 54.4382 6.11138 57077
5107.40 7796 4541.59 76.6188 1517.26 49.6578 6.20623 54153
5377.54 8039.39 4793.19 77.4346 1615.38 47.6046 6.25928 57880
5227.20 8147.32 4733.43 80.7854 1593.87 42.4626 6.12828 57664
U.S.
5.10%
7.21%
3.11%
0.20%
4.20%
-4.41%
5.10%
2.78%
-1.15%
1.75%
-3.61%
11.74%
-1.46%
1.02%
-1.83%
2.54%
0.84%
-1.62%
4.49%
-1.94%
1.29%
1.05%
3.78%
1.47%
0.66%
0.90%
2.40%
-2.41%
2.72%
0.51%
-0.28%
3.73%
-0.43%
1.85%
-1.41%
1.58%
3.06%
-2.37%
-4.33%
1.36%
0.98%
-2.60%
3.28%
4.13%
-2.25%
2.20%
-3.43%
1.55%
2.83%
4.01%
2.82%
2.99%
3.75%
2.79%
3.69%
0.56%
4.41%
-0.13%
4.22%
1.58%
3.23%
1.42%
0.96%
1.87%
2.68%
0.21%
-4.53%
2.61%
5.96%
2.05%
7.24%
-1.59%
6.03%
0.45%
-4.18%
5.74%
6.54%
4.36%
8.20%
-4.86%
5.62%
-3.09%
4.48%
2.09%
1.18%
7.29%
5.26%
1.13%
-2.36%
4.44%
-1.45%
-14.76%
6.86%
8.14%
6.43%
6.76%
4.18%
-3.25%
4.18%
4.37%
-2.45%
5.08%
-3.22%
-0.78%
-2.67%
6.45%
2.74%
6.77%
-4.49%
-0.47%
9.26%
-5.14%
-3.77%
4.42%
-2.11%
7.39%
-5.01%
-1.84%
-9.93%
1.11%
3.74%
-9.88%
-7.06%
8.50%
0.63%
-2.10%
-1.42%
-6.25%
-8.47%
2.31%
7.62%
1.31%
-1.64%
-2.08%
4.06%
-5.57%
-0.91%
-7.41%
-7.33%
0.72%
-10.31%
8.10%
5.72%
-5.61%
-2.62%
-1.61%
1.12%
8.07%
5.65%
1.37%
2.12%
2.15%
-1.08%
5.78%
1.24%
4.55%
2.04%
1.52%
-1.22%
-1.74%
1.31%
1.82%
-3.52%
0.35%
1.44%
1.47%
4.03%
3.72%
-2.38%
2.04%
-1.60%
-1.92%
3.53%
0.58%
3.95%
-0.96%
0.82%
-1.52%
3.82%
0.11%
3.02%
-0.04%
1.58%
1.14%
-2.91%
0.27%
0.14%
2.24%
2.47%
3.49%
2.30%
1.21%
2.13%
-1.79%
1.15%
4.12%
3.51%
-1.54%
-2.93%
1.53%
3.83%
2.18%
-4.29%
-0.60%
-6.14%
-2.73%
-0.74%
5.09%
1.80%
-7.94%
-1.04%
1.20%
-9.37%
-17.19%
-7.77%
1.50%
-7.91%
-10.09%
8.58%
9.86%
5.25%
0.17%
7.66%
3.42%
4.06%
-2.09%
5.80%
2.42%
-3.32%
3.25%
6.08%
1.72%
-8.13%
-5.18%
7.09%
-4.44%
9.24%
3.98%
0.27%
6.57%
2.34%
3.31%
0.20%
3.00%
-1.27%
-1.70%
-2.07%
-5.76%
-7.52%
11.38%
-0.50%
0.76%
5.05%
4.34%
2.98%
-0.55%
-6.32%
3.82%
1.29%
2.34%
2.52%
-1.58%
0.63%
0.87%
5.78%
1.18%
3.85%
1.91%
2.08%
-1.29%
5.29%
-2.80%
U.S.
0.91%
4.35%
1.28%
4.25%
0.56%
4.43%
U.S.
11.49%
15.07%
16.47%
14.74%
6.98%
15.33%
Standard deviation
13.22%
13.53%
28.91%
19.00%
27.49%
17.99%
15.10%
15.33%
ns (Local Currency Based Returns)
Germany India Japan U.K. U.S.
1
0.32 1
0.44 0.22 1
0.76 0.30 0.47 1
0.75 0.28 0.48 0.79 1

1
0.17 1
0.34 0.04 1
0.64 0.11 0.34 1
0.61 0.09 0.37 0.67 1
1
0.54 1
0.54 0.51 1
0.86 0.57 0.60 1
0.86 0.56 0.59 0.89 1
o Subperiods
0.3753
0.1994 0.4749
0.2144 0.4622 0.2687
0.2564 0.4662 0.2136 0.2190
ts with U.S. over different periods (Local currency based returns)

China Germany India Japan U.K.
0.1509 0.7450 0.2808 0.4773 0.7871
0.0534 0.6059 0.0921 0.3749 0.6669
0.3178 0.8623 0.5583 0.5885 0.8859

0.2644 0.2564 0.4662 0.2136 0.2190
U.S.
574.64
603.93
647.47
667.62
668.94
697.06
666.34
700.33
719.77
711.52
723.95
697.82
779.75
768.40
776.27
762.04
781.43
787.98
775.18
809.99
794.26
804.50
812.91
843.60
856.04
861.66
869.43
890.29
868.87
892.48
897.00
894.53
927.89
923.89
940.99
927.73
942.43
971.25
948.19
907.16
919.52
928.53
904.42
934.07
972.64
950.80
971.75
938.45
953.04
980.01
1019.27
1047.99
1079.31
1119.75
1150.99
1193.44
1200.18
1253.11
1251.42
1304.22
1324.80
1367.59
1386.98
1400.27
1426.42
1464.63
1467.69
1401.23
1437.81
1523.45
1554.67
1667.25
1640.81
1739.75
1747.59
1674.62
1770.74
1886.63
1968.91
2130.34
2026.82
2140.79
2074.64
2167.65
2212.92
2238.96
2402.16
2528.60
2557.15
2496.87
2607.80
2570.08
2190.76
2341.08
2531.76
2694.61
2876.82
2997.14
2899.72
3021.04
3153.01
3075.91
3232.30
3128.10
3103.66
3020.64
3215.58
3303.65
3527.26
3368.91
3353.20
3663.55
3475.10
3344.21
3492.05
3418.39
3671.09
3486.99
3422.78
3083.04
3117.40
3233.85
2914.45
2708.57
2938.72
2957.30
2895.27
2854.26
2675.99
2449.41
2505.95
2696.96
2732.32
2687.59
2631.75
2738.54
2586.10
2562.59
2372.79
2198.92
2214.69
1986.44
2147.31
2270.18
2142.81
2086.77
2053.21
2076.21
2243.75
2370.58
2403.11
2453.95
2506.61
2479.53
2622.82
2655.46
2776.37
2832.96
2876.06
2840.96
2791.54
2828.09
2879.50
2778.01
2787.65
2827.72
2869.23
2984.87
3095.94
3022.36
3083.90
3034.58
2976.21
3081.40
3099.21
3221.70
3190.84
3217.06
3168.19
3289.27
3293.00
3392.48
3391.23
3444.88
3483.98
3382.50
3391.73
3396.64
3472.79
3558.52
3682.55
3767.35
3812.99
3894.05
3824.47
3868.54
4028.04
4169.29
4104.90
3984.47
4045.36
4200.46
4292.20
4108.04
4083.30
3832.59
3727.80
3700.33
3888.64
3958.78
3644.36
3606.62
3649.82
3307.70
2739.03
2526.11
2563.95
2361.25
2123.03
2305.14
2532.37
2665.42
2669.92
2874.51
2972.84
3093.68
3029.08
3204.79
3282.28
3173.30
3276.52
3475.68
3535.35
3247.98
3079.69
3298.00
3151.54
3442.62
3579.80
3589.49
3825.24
3914.83
4044.32
4052.48
4174.00
4120.94
4050.85
3966.92
3738.54
3457.32
3850.87
3831.60
3860.54
4055.59
4231.40
4357.38
4333.38
4059.64
4214.55
4268.98
4369.05
4479.05
4408.42
4436.40
4475.07
4733.63
4789.36
4973.54
5068.68
5174.18
5107.40
5377.54
5227.20
Appendix B Annual Returns of EAFE, EM, and S&P 500 from 1991 to 2012
S&P 500 EAFE EAFE $ EM EM $

1991 30.47% 9.06% 12.50% 71.05% 28.80%
1992 7.62% -5.83% -11.85% 62.73% 8.71%
1993 10.08% 29.56% 32.94% 112.61% 38.92%
1994 1.32% -1.78% 8.06% 125.23% 44.85%
1995 37.58% 9.83% 11.55% -12.49% -19.12%
1996 22.96% 11.63% 6.36% 10.27% 2.02%
1997 33.36% 13.82% 2.06% 14.67% 3.98%
1998 28.58% 12.60% 20.33% -39.85% -49.77%
1999 21.04% 33.82% 27.30% 70.83% 61.43%
2000 -9.10% -7.11% -13.96% 1.13% -3.39%
2001 -11.89% -16.04% -21.21% -28.67% -35.70%
2002 -22.10% -25.82% -15.66% 16.05% 11.45%
2003 28.68% 20.78% 39.17% 25.11% 36.11%
2004 10.88% 13.09% 20.70% 18.57% 21.08%
2005 4.91% 29.54% 14.02% 31.59% 39.62%
2006 15.79% 16.94% 26.86% 19.00% 20.19%
2007 5.49% 3.97% 11.63% 40.84% 48.32%
2008 -37.00% -39.93% -43.06% -24.11% -26.71%
2009 26.46% 25.36% 32.46% 10.88% 8.67%
2010 15.06% 5.26% 8.21% 10.26% 13.63%
2011 2.11% -11.74% -11.73% -7.86% -8.91%
2012 16.00% 17.89% 17.90% 7.58% 4.95%
Appendix C Index Values of S&P500, EAFE, and EM from December 1990 to August 2013
S&P 500
Composite EAFE EAFE $ EM EM$
12/31/1990 367.636 931.664 1562.452 1282.790 207.209
1/31/1991 383.642 940.879 1613.428 1436.511 223.961
2/28/1991 411.078 1056.225 1786.860 1675.706 257.094
3/29/1991 421.032 1069.474 1680.022 1805.985 267.660
4/30/1991 422.029 1074.339 1697.008 1849.574 270.479
5/31/1991 440.235 1091.787 1715.216 2023.479 291.701
6/28/1991 420.067 1033.114 1589.629 2007.899 281.281
7/31/1991 439.646 1066.641 1668.162 2133.626 295.864
8/30/1991 450.052 1042.080 1634.693 2233.989 302.098
9/30/1991 442.530 1063.398 1727.313 2236.689 290.518
10/31/1991 448.480 1077.167 1752.232 2403.921 302.373
11/29/1991 430.409 1012.716 1670.895 2443.071 297.880
12/31/1991 479.633 1016.070 1757.709 2798.295 331.349
1/31/1992 470.695 1019.988 1720.680 3223.966 369.708
2/28/1992 476.791 1006.042 1659.565 3477.891 386.133
3/31/1992 467.518 955.881 1550.467 3732.187 399.198
4/30/1992 481.241 959.583 1558.230 3845.138 396.425
5/29/1992 483.600 989.414 1663.010 3969.616 395.003
6/30/1992 476.409 915.380 1584.682 3693.796 355.819
7/31/1992 495.872 884.482 1544.632 3847.037 359.688
8/31/1992 485.723 909.143 1642.039 3740.540 342.917
9/30/1992 491.431 904.442 1610.135 3895.830 344.094
10/30/1992 493.129 914.407 1526.165 4256.363 362.499
11/30/1992 509.920 947.644 1540.995 4340.849 358.594
12/31/1992 516.178 956.865 1549.432 4611.549 369.135
1/29/1993 520.494 959.910 1549.705 4783.495 370.920
2/26/1993 527.587 982.640 1596.975 5016.479 377.140
3/31/1993 538.719 1038.882 1736.642 5342.985 389.612
4/30/1993 525.698 1101.727 1901.931 5649.033 398.572
5/31/1993 539.761 1110.042 1942.564 6025.625 409.677
6/30/1993 541.341 1108.498 1912.704 6499.527 421.825
7/30/1993 539.164 1157.548 1980.098 6973.561 432.967
8/31/1993 559.621 1210.211 2087.439 7860.131 469.526
9/30/1993 555.330 1180.060 2040.910 8551.498 486.699
10/29/1993 566.817 1239.955 2104.254 9790.591 530.367
11/30/1993 561.414 1141.306 1920.762 10676.930 553.837
12/31/1993 568.202 1239.697 2059.891 13136.457 645.384
1/31/1994 587.519 1325.158 2234.489 14186.060 657.126
2/28/1994 571.573 1290.682 2228.759 14647.318 645.436
3/31/1994 546.654 1220.599 2133.238 14177.568 587.031
4/29/1994 553.664 1257.794 2224.224 14515.599 575.289
5/31/1994 562.750 1265.113 2211.929 15528.098 594.978
6/30/1994 548.956 1233.975 2243.683 15824.454 578.578
7/29/1994 566.982 1255.091 2265.755 16709.014 614.553
8/31/1994 590.228 1281.955 2319.896 18597.403 690.827
9/30/1994 575.795 1222.635 2247.338 18684.180 698.678
10/31/1994 588.731 1235.622 2322.699 18311.137 686.075
11/30/1994 567.286 1209.391 2211.580 17394.085 650.403
12/30/1994 575.705 1217.652 2225.946 16772.826 598.165
1/31/1995 590.635 1158.930 2140.964 15208.497 534.525
2/28/1995 613.653 1137.782 2135.368 14883.625 520.816
3/31/1995 631.760 1123.590 2269.152 14896.476 524.125
4/28/1995 650.363 1157.012 2355.097 15374.983 547.638
5/31/1995 676.357 1154.921 2327.630 16239.214 576.772
6/30/1995 692.067 1129.813 2287.429 16243.567 578.478
7/31/1995 715.018 1212.185 2430.458 16667.458 591.463
8/31/1995 716.815 1246.816 2338.335 16558.757 577.531
9/29/1995 747.066 1257.167 2384.611 16591.293 574.790
10/31/1995 744.396 1237.851 2321.124 16214.296 552.787
11/30/1995 777.074 1284.871 2386.313 16139.284 542.929
12/29/1995 792.042 1337.354 2483.068 16901.529 567.009
1/31/1996 819.000 1386.905 2493.852 18189.136 607.313
2/29/1996 826.593 1372.467 2502.905 18073.915 597.657
3/29/1996 834.550 1410.260 2556.691 18275.767 602.312
4/30/1996 846.854 1458.998 2631.652 19223.683 626.394
5/31/1996 868.694 1441.931 2583.853 19247.168 623.597
6/28/1996 872.008 1456.306 2599.028 19428.544 627.491
7/31/1996 833.482 1385.283 2523.715 18216.508 584.606
8/30/1996 851.064 1397.124 2529.896 18693.674 599.570
9/30/1996 898.966 1462.067 2597.744 18950.713 604.764
10/31/1996 923.760 1444.725 2571.806 18678.095 588.635
11/29/1996 993.584 1502.889 2674.776 18991.385 598.498
12/31/1996 973.897 1492.944 2641.011 19187.245 601.205
1/31/1997 1034.741 1514.921 2549.193 20503.844 642.213
2/28/1997 1042.851 1551.611 2591.503 21451.008 669.716
3/31/1997 1000.002 1559.067 2601.526 20917.721 652.124
4/30/1997 1059.701 1605.647 2615.959 21124.798 653.276
5/30/1997 1124.219 1652.802 2786.838 21766.927 671.973
6/30/1997 1174.586 1742.360 2941.159 23076.949 707.935
7/31/1997 1268.045 1832.905 2989.345 24075.221 718.503
8/29/1997 1197.007 1699.448 2766.702 21485.972 627.074
9/30/1997 1262.563 1786.550 2922.314 22419.581 644.449
10/31/1997 1220.397 1618.297 2698.331 19344.436 538.703
11/28/1997 1276.892 1646.763 2671.446 19022.554 519.047
12/31/1997 1298.821 1699.281 2695.362 20111.003 531.555
1/30/1998 1313.187 1780.259 2819.257 19060.418 489.865
2/27/1998 1407.901 1881.776 3000.812 20630.594 540.995
3/31/1998 1479.997 1978.109 3093.890 21596.711 564.472
4/30/1998 1494.887 1964.430 3119.083 21419.335 558.323
5/29/1998 1469.193 1982.906 3104.652 18869.857 481.810
6/30/1998 1528.870 2005.453 3128.846 17447.874 431.270
7/31/1998 1512.590 2037.181 3161.262 17983.416 444.944
8/31/1998 1293.904 1762.606 2770.313 13206.997 316.293
9/30/1998 1376.792 1646.356 2686.104 14017.177 336.357
10/30/1998 1488.783 1750.862 2966.861 15156.645 371.776
11/30/1998 1579.015 1889.748 3119.593 16391.711 402.696
12/31/1998 1670.006 1913.399 3243.415 16160.287 396.860
1/29/1999 1739.839 1954.584 3234.571 16949.905 390.457
2/26/1999 1685.767 1961.085 3158.231 17318.961 394.255
3/31/1999 1753.212 2053.961 3290.827 19245.895 446.214
4/30/1999 1821.106 2161.164 3424.924 21392.769 501.420
5/31/1999 1778.103 2076.902 3249.295 21548.329 498.503
6/30/1999 1876.783 2173.271 3376.725 23769.584 555.079
7/30/1999 1818.181 2158.671 3477.870 23317.663 540.000
8/31/1999 1809.186 2160.168 3491.348 23680.565 544.913
9/30/1999 1759.589 2144.142 3527.269 23118.237 526.472
10/29/1999 1870.937 2227.752 3660.157 23633.785 537.682
11/30/1999 1908.970 2350.277 3788.082 25735.689 585.893
12/31/1999 2021.401 2560.431 4128.809 28679.566 660.407
1/31/2000 1919.841 2457.871 3867.191 28916.554 664.343
2/29/2000 1883.499 2575.658 3972.026 29298.374 673.117
3/31/2000 2067.759 2626.841 4126.762 29364.024 676.402
4/28/2000 2005.549 2593.270 3910.344 27077.709 612.284
5/31/2000 1964.401 2534.215 3815.607 26284.828 586.971
6/30/2000 2012.830 2569.627 3965.721 27108.416 607.647
7/31/2000 1981.361 2533.843 3800.234 25793.073 576.396
8/31/2000 2104.432 2603.657 3833.998 26011.841 579.230
9/29/2000 1993.332 2490.549 3648.073 24028.348 528.654
10/31/2000 1984.905 2496.742 3562.640 22795.016 490.325
11/30/2000 1828.416 2393.424 3429.802 21019.766 447.454
12/29/2000 1837.365 2378.401 3552.511 21424.814 458.257
1/31/2001 1902.553 2411.329 3550.836 24388.978 521.359
2/28/2001 1729.070 2259.782 3284.896 22736.018 480.536
3/30/2001 1619.537 2195.043 3067.401 20969.192 433.338
4/30/2001 1745.392 2333.303 3282.539 21963.377 454.750
5/31/2001 1757.083 2282.035 3169.291 22467.994 460.178
6/29/2001 1714.320 2222.291 3040.863 22086.122 450.732
7/31/2001 1697.445 2141.672 2985.777 20924.876 422.250
8/31/2001 1591.182 2018.065 2910.761 20786.586 418.085
9/28/2001 1462.690 1808.067 2616.596 18010.018 353.374
10/31/2001 1490.582 1879.186 2683.504 19173.791 375.304
11/30/2001 1604.919 1963.984 2782.599 21114.801 414.487
12/31/2001 1618.979 1996.905 2799.187 23118.462 447.387
1/31/2002 1595.353 1943.368 2650.666 24054.149 462.548
2/28/2002 1564.586 1950.199 2669.387 24504.063 470.147
3/29/2002 1623.459 2037.487 2815.120 25886.180 498.427
4/30/2002 1525.004 1995.118 2835.507 25822.249 501.662
5/31/2002 1513.769 1967.044 2873.973 25075.750 493.669
6/28/2002 1405.929 1810.794 2760.641 23463.500 456.633
7/31/2002 1296.344 1628.187 2488.321 21942.424 421.903
8/30/2002 1304.855 1625.557 2483.262 22222.368 428.404
9/30/2002 1163.044 1448.726 2217.192 20408.634 382.183
10/31/2002 1265.410 1528.428 2336.528 21394.601 406.982
11/29/2002 1339.892 1597.101 2442.871 22528.182 434.996
12/31/2002 1261.176 1481.348 2360.913 21472.376 420.543
1/31/2003 1228.138 1400.184 2262.530 21348.027 418.712
2/28/2003 1209.710 1374.355 2210.810 20754.313 407.411
3/31/2003 1221.456 1342.860 2169.029 20153.909 395.859
4/30/2003 1322.068 1458.222 2384.105 21151.761 431.119
5/30/2003 1391.724 1500.098 2530.776 22887.454 462.061
6/30/2003 1409.478 1552.349 2593.412 23875.917 488.396
7/31/2003 1434.329 1618.844 2656.578 25375.077 518.983
8/29/2003 1462.302 1671.098 2721.194 27078.664 553.817
9/30/2003 1446.770 1636.821 2805.620 26790.016 557.877
10/31/2003 1528.620 1721.860 2980.670 29186.095 605.351
11/28/2003 1542.070 1726.354 3047.363 29468.038 612.790
12/31/2003 1622.940 1789.184 3285.575 31509.589 657.215
1/30/2004 1652.720 1815.125 3332.279 32698.208 680.556
2/27/2004 1675.700 1860.238 3409.770 33956.588 711.950
3/31/2004 1650.420 1862.983 3430.292 33903.290 721.098
4/30/2004 1624.510 1889.529 3355.605 31943.238 662.143
5/28/2004 1646.800 1865.405 3370.137 31195.549 649.102
6/30/2004 1678.830 1912.045 3445.348 31129.281 652.067
7/30/2004 1623.260 1868.030 3334.010 30641.942 640.537
8/31/2004 1629.830 1866.072 3349.489 32057.517 667.350
9/30/2004 1647.480 1893.376 3437.522 33586.048 705.894
10/29/2004 1672.650 1909.735 3554.948 33824.923 722.805
11/30/2004 1740.330 1959.279 3798.783 35575.360 789.755
12/31/2004 1799.550 2023.383 3965.613 36691.843 827.775
1/31/2005 1755.680 2039.752 3893.149 37083.117 830.395
2/28/2005 1792.630 2099.061 4062.257 39717.099 903.311
3/31/2005 1760.890 2092.860 3961.777 37854.546 843.800
4/29/2005 1727.490 2035.958 3873.099 36486.556 821.310
5/31/2005 1782.460 2120.662 3879.023 38114.540 850.227
6/30/2005 1784.990 2193.785 3932.047 39571.426 879.576
7/29/2005 1851.370 2274.376 4052.836 42261.093 941.813
8/31/2005 1834.480 2302.559 4156.414 42845.778 950.291
9/30/2005 1849.330 2446.189 4342.371 46572.642 1038.902
10/31/2005 1818.500 2399.481 4215.852 44017.804 971.025
11/30/2005 1887.280 2508.199 4320.098 47253.177 1051.423
12/30/2005 1887.930 2621.168 4521.406 49831.592 1113.707
1/31/2006 1937.930 2713.696 4799.332 53896.469 1238.782
2/28/2006 1943.190 2736.875 4789.500 53880.100 1237.596
3/31/2006 1967.380 2837.807 4949.703 54651.233 1248.690
4/28/2006 1993.790 2855.177 5189.758 57537.281 1337.800
5/31/2006 1936.410 2693.738 4994.461 53028.314 1197.914
6/30/2006 1939.030 2723.787 4996.293 53074.103 1195.374
7/31/2006 1950.990 2743.428 5046.324 53654.692 1213.251
8/31/2006 1997.420 2821.655 5186.453 55203.746 1244.770
9/29/2006 2048.890 2862.296 5195.477 55998.590 1255.233
10/31/2006 2115.650 2937.114 5398.012 57965.160 1314.920
11/30/2006 2155.890 2938.593 5560.832 61759.892 1412.849
12/29/2006 2186.130 3065.073 5735.742 64204.923 1476.602
1/31/2007 2219.190 3122.010 5774.992 64051.055 1461.328
2/28/2007 2175.780 3106.101 5822.434 63623.928 1452.863
3/30/2007 2200.120 3169.645 5973.602 65711.284 1511.276
4/30/2007 2297.570 3264.365 6244.340 68044.403 1581.457
5/31/2007 2377.750 3373.110 6362.211 70727.206 1660.197
6/29/2007 2338.250 3365.576 6372.027 74024.249 1738.724
7/31/2007 2265.750 3256.617 6278.867 77617.963 1831.365
8/31/2007 2299.710 3210.022 6182.246 76900.743 1793.046
9/28/2007 2385.720 3282.527 6514.176 83360.174 1991.198
10/31/2007 2423.670 3362.140 6770.852 90829.942 2213.413
11/30/2007 2322.340 3224.680 6549.957 85239.299 2056.649
12/31/2007 2306.230 3186.850 6402.906 85772.732 2063.996
1/31/2008 2167.900 2838.181 5812.047 75130.599 1807.125
2/29/2008 2097.470 2819.370 5897.113 79750.283 1941.170
3/31/2008 2088.420 2712.799 5837.902 76392.029 1838.620
4/30/2008 2190.130 2918.435 6162.270 81936.811 1988.128
5/30/2008 2218.500 2960.593 6233.992 83477.623 2025.589
6/30/2008 2031.470 2697.921 5725.398 75242.342 1823.792
7/31/2008 2014.390 2643.979 5542.109 71465.472 1756.441
8/29/2008 2043.530 2671.643 5318.980 68032.707 1616.719
9/30/2008 1861.440 2348.493 4551.750 59617.398 1333.962
10/31/2008 1548.810 1983.779 3633.501 46323.289 969.080
11/28/2008 1437.680 1891.063 3438.810 44475.921 896.199
12/31/2008 1452.980 1914.311 3645.936 46532.219 966.344
1/30/2009 1330.510 1794.698 3288.719 45175.288 904.332
2/27/2009 1188.840 1658.717 2952.376 43896.633 853.468
3/31/2009 1292.980 1722.691 3140.957 48494.518 976.236
4/30/2009 1416.730 1922.444 3548.076 54413.792 1138.841
5/29/2009 1495.970 2027.166 3974.303 61231.291 1334.095
6/30/2009 1498.940 2020.934 3952.861 60411.634 1316.389
7/31/2009 1612.310 2175.875 4314.254 66401.827 1465.355
8/31/2009 1670.520 2272.036 4549.445 66451.878 1460.503
9/30/2009 1732.860 2321.566 4724.496 70648.370 1593.312
10/30/2009 1700.670 2268.926 4665.676 70377.608 1595.430
11/30/2009 1802.680 2273.504 4760.242 72690.475 1664.043
12/31/2009 1837.500 2399.845 4829.422 75736.178 1729.963
1/29/2010 1771.400 2317.129 4616.953 72420.743 1633.760
2/26/2010 1826.270 2329.773 4585.758 72313.633 1639.853
3/31/2010 1936.480 2504.806 4874.918 76822.427 1772.373
4/30/2010 1967.050 2475.045 4790.738 76916.673 1794.242
5/31/2010 1809.970 2295.779 4246.164 72939.670 1637.200
6/30/2010 1715.220 2231.395 4204.855 72575.804 1625.457
7/30/2010 1835.400 2335.156 4604.000 77101.503 1761.969
8/31/2010 1752.540 2273.188 4461.688 76037.756 1728.343
9/30/2010 1908.950 2390.904 4899.896 81922.039 1920.647
10/29/2010 1981.590 2434.569 5077.170 83823.482 1976.583
11/30/2010 1981.840 2410.994 4834.023 82931.181 1924.485
12/31/2010 2114.290 2526.189 5225.887 86645.254 2062.042
1/31/2011 2164.400 2566.659 5349.895 84825.411 2006.489
2/28/2011 2238.550 2627.311 5527.526 83651.562 1988.074
3/31/2011 2239.440 2553.237 5406.146 87254.808 2105.275
4/29/2011 2305.760 2604.155 5734.642 87975.637 2171.038
5/31/2011 2279.660 2570.332 5573.711 86609.770 2114.956
6/30/2011 2241.660 2539.655 5505.290 85006.260 2083.310
7/29/2011 2196.080 2451.323 5418.700 84249.260 2075.475
8/31/2011 2076.780 2238.087 4930.059 78105.910 1890.763
9/30/2011 1930.790 2141.347 4461.867 72324.417 1615.419
10/31/2011 2141.810 2273.914 4892.316 78883.242 1829.553
11/30/2011 2137.080 2217.561 4656.260 75849.141 1707.719
12/30/2011 2158.940 2229.525 4612.710 75842.898 1687.300
1/31/2012 2255.690 2316.894 4859.632 81481.844 1879.011
2/29/2012 2353.230 2447.425 5139.968 85189.161 1991.911
3/30/2012 2430.670 2459.978 5119.190 83991.142 1925.642
4/30/2012 2415.420 2394.708 5024.896 83535.315 1903.164
5/31/2012 2270.250 2217.791 4454.410 77973.353 1690.722
6/29/2012 2363.790 2333.434 4768.428 79679.907 1756.770
7/31/2012 2396.620 2368.228 4823.088 81134.533 1792.304
8/31/2012 2450.600 2405.873 4953.131 81019.204 1787.124
9/28/2012 2513.930 2443.760 5101.399 84498.008 1895.316
10/31/2012 2467.510 2472.352 5144.258 84285.421 1884.013
11/30/2012 2481.820 2545.562 5269.064 85645.003 1908.071
12/31/2012 2504.440 2628.396 5438.296 89029.634 2001.596
1/31/2013 2634.160 2783.769 5726.115 90272.972 2029.504
2/28/2013 2669.920 2834.903 5673.236 89405.796 2004.298
3/29/2013 2770.050 2885.431 5722.910 88636.305 1970.211
4/30/2013 2823.420 3017.337 6027.966 88593.122 1985.833
5/31/2013 2889.460 3037.869 5888.985 89341.667 1935.820
6/28/2013 2850.660 2927.777 5681.140 84834.495 1813.503
7/31/2013 2995.720 3052.677 5981.359 86116.546 1833.432
8/30/2013 2908.960 3009.634 5902.884 86066.272 1802.664
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4118000% 2% 3% 4% 6% 13% 1% 3%
4121300% 3% 0% 0% 3% -3% -2% 1%
4124300% 1% 0% -4% 3% 3% 2% 1%
4127400% 3% 2% 15% 4% 1% 4% 3%
4130500% 6% 2% 5% 6% 5% 4% 4%
4133300% 3% -2% -1% -3% -8% 3% -2%
4136200% -1% 1% -5% -2% -2% 5% 1%
4139400% 5% -1% -1% 3% 6% 9% 3%
4142500% -12% -1% 6% 2% -4% -6% 0%
4145300% -7% -5% -13% -4% -9% 2% -5%
4148600% 3% 6% 1% 6% -4% 1% 7%
4151600% 1% -1% 4% -1% -11% -2% 0%
U.S. Australia Canada Chinab Germany India Japan U.K. U.S.
5% 5% 1% 0% 0% -7% -1% 1% 5%
7% 7% 6% 0% 8% 22% 14% 11% 7%
3% 3% 2% 0% -1% -4% 1% 4% 3%
0% 7% 1% 0% 4% 5% 0% 1% 0%
4% 0% 3% 0% 4% 5% 0% 1% 4%
-4% 1% -2% 0% -4% -2% -7% -3% -4%
5% 5% 2% 0% -1% 18% 2% 7% 5%
3% -1% 0% 0% 1% 13% -7% 3% 3%
-1% 2% -3% 0% -2% 7% 5% 0% -1%
2% 8% 4% 0% -1% 0% 3% -2% 2%
-4% -4% -2% 0% -1% 1% -8% -5% -4%
12% 4% 2% 0% 0% 5% -1% 2% 12%
-1% -2% 3% 0% 7% 35% -5% 4% -1%
1% 0% 0% 0% 4% 23% -4% 1% 1%
-2% -2% -4% 0% -2% 71% -9% -4% -2%
3% 5% -1% 0% 0% -12% -6% 10% 3%
1% 2% 1% 0% 2% -32% 4% 3% 1%
-2% -2% 0% 0% -3% 4% -10% -7% -2%
4% -2% 1% 0% -7% -22% -1% -5% 4%
-2% -4% -1% 0% -5% 12% 13% -3% -2%
1% -4% -2% 0% -3% 3% -5% 11% 1%
1% -4% 2% 0% 2% -16% -2% 4% 1%
4% 2% -1% 0% 3% -7% 4% 5% 4%
1% 8% 2% 0% 0% 1% -1% 4% 1%
1% -1% -1% 0% 2% -1% 0% 0% 1%
1% 6% 4% 0% 8% -2% -1% 3% 1%
2% 3% 4% 0% 1% -24% 12% 1% 2%
-2% 1% 6% 0% -2% -1% 13% -1% -2%
3% 2% 2% 0% 0% 8% 0% 1% 3%
1% 0% 2% 0% 2% 4% -3% 2% 1%
0% 6% 0% 0% 6% 5% 5% 2% 0%
4% 7% 5% 0% 7% 22% 2% 7% 4%
0% 1% -3% 0% -1% 6% -4% -2% 0%
2% 8% 7% 0% 9% -2% 0% 5% 2%
-1% -5% -1% 0% 0% 24% -15% 0% -1%
2% 7% 3% 0% 7% 12% 5% 9% 2%
3% 7% 6% 0% -3% 26% 13% 4% 3%
-2% -5% -3% 0% -3% 2% 0% -4% -2%
-4% -6% -2% 0% 1% -15% -4% -7% -4%
1% 1% -1% 0% 5% 2% 2% 2% 1%
1% 1% 1% 0% -5% 0% 5% -5% 1%
-3% -4% -7% -15% -4% 8% 0% -2% -3%
3% 4% 4% -28% 4% -2% -2% 6% 3%
4% 3% 4% 152% 3% 7% 1% 5% 4%
-2% -4% 0% -1% -7% -8% -4% -6% -2%
2% 2% 0% -20% 2% -2% 0% 2% 2%
-3% -7% -4% 4% -1% 0% -4% 0% -3%
2% 2% 3% -7% 2% -5% 3% 0% 2%
3% -3% -4% -11% -4% -10% -7% -3% 3%
4% 6% 3% -2% 4% -5% -8% 0% 4%
3% 0% 5% 17% -7% -3% -2% 5% 3%
3% 8% -1% -10% 5% -4% 2% 3% 3%
4% -1% 5% 16% 3% 6% -6% 4% 4%
3% 0% 2% -9% 1% -3% -4% 0% 3%
4% 5% 2% 14% 6% 3% 11% 5% 4%
1% 1% -2% 7% 0% 2% 7% 1% 1%
4% 0% 0% 2% -2% -5% 1% 1% 4%
0% -3% -1% -1% -1% -5% -2% 0% 0%
4% 5% 5% -11% 2% -11% 5% 4% 4%
2% 3% 2% -11% 1% 1% 6% 1% 2%
3% 4% 5% -1% 7% -3% 2% 3% 3%
1% 0% 0% 4% 0% 18% -3% 0% 1%
1% -2% 1% 2% 0% 1% 5% 0% 1%
2% 4% 4% 26% 0% 15% 4% 4% 2%
3% -2% 3% 5% 1% -2% -2% -1% 3%
0% 0% -3% 42% 3% 3% 2% -1% 0%
-5% -2% -2% 3% -4% -7% -7% 0% -5%
3% 4% 5% 2% 3% 0% -2% 5% 3%
6% 1% 3% 9% 4% -10% 5% 2% 6%
2% 3% 7% 21% 0% -2% -5% 1% 2%
7% 2% 8% -1% 5% -6% 1% 2% 7%
-2% 2% -1% -13% 1% 5% -5% 2% -2%
6% 0% 4% 4% 5% 8% -6% 4% 6%
0% 1% 1% 5% 7% 2% 1% 1% 0%
-4% -1% -4% 21% 5% 2% -1% 0% -4%
6% 4% 3% 14% 1% 11% 5% 2% 6%
7% 5% 7% -3% 3% -1% 4% 4% 7%
4% 5% 2% 0% 6% 18% 5% 0% 4%
8% 1% 7% -7% 14% 0% 0% 6% 8%
-5% -5% -4% 2% -11% -9% -7% -1% -5%
6% 8% 7% -9% 5% 2% -2% 8% 6%
-3% -10% -2% 13% -8% 0% -8% -6% -3%
4% 1% -3% -4% 5% -7% -1% 0% 4%
2% 7% 4% 1% 6% 1% -5% 6% 2%
1% 2% 0% 1% 4% -11% 7% 6% 1%
7% 2% 6% -4% 7% 11% 0% 6% 7%
5% 3% 7% 2% 8% 5% -1% 4% 5%
1% 1% 1% 6% 1% 4% -2% 0% 1%
-2% -1% 0% 2% 6% -4% 0% 1% -2%
4% -2% -3% -9% 4% -13% 1% -2% 4%
-1% 2% -4% 0% 0% 0% 3% 0% -1%
-15% -7% -19% -14% -16% -4% -12% -11% -15%
7% 4% 1% 5% -5% 4% -5% -4% 7%
8% 7% 11% -4% 3% -7% -1% 7% 8%
6% 6% 3% 4% 7% -1% 10% 5% 6%
7% 3% 3% -7% 1% 8% -4% 2% 7%
4% 5% 6% 0% 5% 7% 4% 1% 4%
-3% -1% -5% -4% -3% -3% 0% 5% -3%
4% 3% 5% 4% -2% 13% 14% 3% 4%
4% 4% 6% -2% 8% -12% 6% 5% 4%
-2% -6% -2% 20% -5% 19% -3% -4% -2%
5% 4% 3% 34% 6% 4% 11% 2% 5%
-3% 1% 1% -9% -4% 12% 5% -1% -3%
-1% -2% -2% 0% 3% 10% -1% 1% -1%
-3% -2% 0% -4% -3% 2% 4% -4% -3%
6% 0% 5% -6% 6% -4% 5% 3% 6%
3% 7% 4% -7% 6% 8% 6% 6% 3%
7% 3% 11% -5% 14% 12% 5% 5% 7%
-4% -1% 0% 11% -1% 10% -1% -8% -4%
0% 0% 7% 10% 12% 12% 2% 0% 0%
9% 1% 5% 3% 0% -12% -1% 5% 9%
-5% -1% -1% 4% -2% -17% -4% -4% -5%
-4% -1% 0% 1% -4% -10% -8% 1% -4%
4% 7% 9% 2% -3% 12% 5% 0% 4%
-2% -1% 2% 5% 3% -11% -9% 1% -2%
7% 1% 7% -4% 0% 7% 4% 5% 7%
-5% 0% -7% -7% -6% -11% -3% -5% -5%
-2% -1% -6% 0% 3% -8% -6% 2% -2%
-10% 1% -7% 6% -10% 8% -2% -4% -10%
1% -2% 1% -3% 0% -1% -6% 2% 1%
4% 5% 4% -1% 4% 9% 2% 2% 4%
-10% -1% -10% -5% -7% -3% -5% -5% -10%
-7% -5% -5% 6% -6% -20% 3% -5% -7%
8% 6% 4% -2% 6% 0% 7% 6% 8%
1% 1% 2% 1% -2% 5% -4% -2% 1%
-2% 2% -4% 0% -1% -7% -1% -3% -2%
-1% -4% -1% -13% -3% -3% -8% -2% -1%
-6% -1% -3% -5% -10% -2% -7% -3% -6%
-8% -6% -7% -4% -16% -14% -7% -9% -8%
2% 6% 0% -3% 6% 6% 3% 4% 2%
8% 3% 7% 2% 10% 11% -1% 4% 8%
1% 3% 4% -5% 3% 0% -2% 1% 1%
-2% 1% -1% -7% 0% 2% -6% -1% -2%
-2% -1% 0% 1% -1% 10% 4% -1% -2%
4% 1% 3% 3% 6% 2% 5% 4% 4%
-6% -2% -2% 3% -5% 0% 2% -2% -6%
-1% 1% 0% -8% -3% -5% 4% -1% -1%
-7% -4% -6% 18% -9% 3% -8% -9% -7%
-7% -4% -7% -6% -12% -7% -6% -9% -7%
1% 1% 0% 1% -1% 5% -2% 0% 1%
-10% -4% -6% -5% -21% -6% -2% -12% -10%
8% 3% 1% -4% 12% 1% -6% 8% 8%
6% 1% 4% -3% 4% 7% 4% 4% 6%
-6% -2% 1% -5% -10% 4% -5% -5% -6%
-3% -1% 0% 10% -4% -2% -3% -9% -3%
-2% -5% 0% 0% -6% 2% 0% 2% -2%
1% 3% -3% 2% -3% -7% -4% -1% 1%
8% 5% 4% 5% 17% -1% 1% 9% 8%
6% 1% 4% 4% 2% 15% 5% 4% 6%
1% 1% 2% -6% 6% 11% 8% 0% 1%
2% 4% 4% 1% 7% 5% 4% 4% 2%
2% 3% 3% -4% 2% 18% 7% 1% 2%
-1% -1% -1% -4% -5% 4% 2% -1% -1%
6% 4% 5% 3% 10% 8% 3% 5% 6%
1% -2% 1% 3% 2% 6% -4% 1% 1%
5% 3% 5% 12% 4% 18% 4% 3% 5%
2% 0% 3% 5% 3% -4% 0% -1% 2%
2% 3% 3% 4% 0% 0% 3% 3% 2%
-1% 1% -2% 4% -3% 1% 9% -2% -1%
-2% 0% -3% -9% 2% 3% 1% 2% -2%
1% 2% 2% -3% -1% -19% -4% -1% 1%
2% 3% 2% -8% 3% 2% 5% 2% 2%
-4% 0% 0% 0% -3% 8% -4% -1% -4%
0% 1% -1% -3% -2% 1% -1% 1% 0%
1% 3% 4% 5% 2% 7% -3% 3% 1%
1% 3% 3% -5% 2% 2% -1% 1% 1%
4% 5% 2% 1% 4% 10% 1% 2% 4%
4% 3% 3% -5% 3% 8% 5% 3% 4%
-2% 2% 0% -5% 1% -2% 0% 2% -2%
2% 2% 5% 9% 2% 3% 3% 2% 2%
-2% -1% -1% -8% 0% -3% 0% -1% -2%
-2% -3% -2% -1% -4% -6% -4% -2% -2%
4% 3% 2% -10% 5% 9% 2% 4% 4%
1% 5% 3% 2% 3% 4% 3% 3% 1%
4% 3% 5% 2% 6% 6% 3% 4% 4%
-1% 2% 3% 4% 0% 4% 5% 1% -1%
1% 4% 3% -1% 4% 8% 11% 4% 1%
-2% -4% -6% -6% -3% -8% 2% -3% -2%
4% 4% 4% -1% 4% 12% 7% 3% 4%
0% 3% 4% 6% 4% 7% 8% 4% 0%
3% 4% 6% 8% 6% 4% 3% 3% 3%
0% 0% -2% 3% 3% 3% -3% 1% 0%
2% 4% 4% -1% 3% 10% 4% 3% 2%
1% 3% 1% 10% 0% 4% -1% 1% 1%
-3% -4% -4% 12% -6% -13% -8% -5% -3%
0% 2% -1% 1% 0% -1% 0% 2% 0%
0% -1% 2% -8% 1% 1% -1% 2% 0%
2% 3% 2% 3% 3% 9% 4% 0% 2%
2% 1% -3% 5% 3% 6% -1% 2% 2%
3% 5% 5% 2% 4% 5% 1% 3% 3%
2% 2% 4% 16% 1% 6% -1% 0% 2%
1% 4% 1% 28% 5% 0% 5% 4% 1%
2% 2% 1% 6% 3% 3% 3% 0% 2%
-2% 1% 0% 4% -1% -8% 2% 0% -2%
1% 3% 1% 10% 4% 2% -2% 3% 1%
4% 3% 2% 19% 5% 8% -1% 2% 4%
4% 3% 5% 8% 3% 6% 3% 3% 4%
-2% 0% -1% -5% 1% 1% 1% -1% -2%
-3% -2% 0% 17% -3% 5% -4% -3% -3%
2% 2% -1% 17% 0% -2% -5% -1% 2%
4% 6% 3% 7% 2% 15% 1% 2% 4%
2% 3% 4% 8% 3% 22% 1% 5% 2%
-4% -2% -6% -16% -3% -1% -5% -5% -4%
-1% -2% 2% 11% 1% 9% -3% 0% -1%
-6% -11% -5% -16% -13% -19% -9% -8% -6%
-3% 0% 3% -1% -1% 0% -1% 1% -3%
-1% -4% -1% -20% -2% -12% -8% -3% -1%
5% 5% 5% 7% 5% 11% 11% 6% 5%
2% 2% 6% -7% 1% -7% 4% 0% 2%
-8% -7% -2% -20% -9% -19% -6% -7% -8%
-1% -5% -6% 1% 0% 9% -1% -3% -1%
1% 4% 2% -14% 0% 1% -3% 4% 1%
-9% -11% -14% -4% -9% -12% -13% -14% -9%
-17% -13% -16% -25% -12% -27% -20% -12% -17%
-8% -7% -4% 9% -10% -5% -3% -2% -8%
1% 0% -3% -3% 3% 11% 3% 4% 1%
-8% -4% -3% 9% -8% -4% -7% -6% -8%
-10% -5% -6% 5% -11% -4% -4% -7% -10%
9% 8% 8% 14% 6% 9% 2% 4% 9%
10% 6% 7% 4% 13% 16% 8% 11% 10%
5% 2% 11% 6% 2% 34% 7% 4% 5%
0% 4% 0% 13% -1% -3% 4% -3% 0%
8% 8% 4% 16% 9% 8% 3% 9% 8%
3% 6% 1% -22% 0% 1% 2% 8% 3%
4% 6% 5% 5% 4% 7% -5% 5% 4%
-2% -2% -4% 8% -5% -7% -2% -2% -2%
6% 2% 5% 6% 4% 8% -6% 3% 6%
2% 4% 3% 3% 5% 4% 8% 4% 2%
-3% -6% -5% -10% -5% -4% -1% -3% -3%
3% 2% 5% 2% 0% -1% -1% 3% 3%
6% 6% 4% 2% 9% 4% 9% 7% 6%
2% -1% 1% -8% 0% 0% 1% -1% 2%
-8% -8% -4% -9% -4% -3% -10% -7% -8%
-5% -2% -4% -7% 0% 4% -4% -5% -5%
7% 5% 4% 10% 3% 1% 1% 8% 7%
-4% -1% 2% 0% -3% 0% -5% -1% -4%
9% 4% 4% 1% 6% 9% 3% 7% 9%
4% 2% 3% 13% 6% 0% -2% 2% 4%
0% -1% 2% -6% 2% -4% 6% -2% 0%
7% 4% 4% 0% 4% 4% 4% 8% 7%
2% 0% 1% -1% 2% -9% 1% -1% 2%
3% 2% 4% 4% 2% -3% 5% 2% 3%
0% 1% 0% 0% -2% 8% -8% -1% 0%
3% 0% -1% -1% 5% 0% -1% 3% 3%
-1% -2% -1% -6% -3% -3% -1% -1% -1%
-2% -2% -4% 1% 1% 0% 1% -1% -2%
-2% -3% -3% -2% -3% -3% -1% -2% -2%
-6% -2% -1% -5% -16% -8% -8% -7% -6%
-8% -6% -8% -8% -6% -2% -1% -5% -8%
11% 8% 6% 4% 11% 5% 0% 8% 11%
-1% -4% 0% -5% -1% -8% -4% -1% -1%
1% -1% -2% -5% -3% -5% 0% 1% 1%
5% 6% 4% 4% 10% 13% 3% 3% 5%
4% 1% 2% 6% 6% 5% 10% 4% 4%
3% 1% -2% -6% 1% -2% 3% -1% 3%
-1% 2% -1% 6% -2% -1% -5% 0% -1%
-6% -7% -6% 0% -8% -6% -10% -7% -6%
4% 1% 1% -5% 1% 6% 7% 5% 4%
1% 4% 1% -5% 5% -1% -4% 2% 1%
2% 1% 3% -4% 3% 0% 0% 2% 2%
3% 2% 3% 3% 3% 8% 1% 1% 3%
-2% 4% 1% -1% 2% -2% 1% 1% -2%
1% 0% -1% -4% 3% 4% 5% 2% 1%
1% 4% 2% 15% 3% 2% 9% 1% 1%
6% 5% 3% 5% 3% 2% 10% 6% 6%
1% 5% 1% -1% 0% -6% 4% 2% 1%
4% -2% 0% -5% 0% -2% 7% 1% 4%
2% 5% -2% -2% 0% 4% 13% 0% 2%
2% -5% 2% 6% 4% 1% -2% 3% 2%
-1% -2% -4% -13% -4% -4% 0% -5% -1%
5% 6% 3% 1% 4% -2% 0% 7% 5%
-3% 2% 1% 4% -1% -4% -2% -2% -3%
Australia Canada Chinab Germany India Japan U.K. U.S.
Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8
Australia Column 1 1
Canada Column 2 0.767316 1
Chinab Column 3 0.177433 0.221233 1
Germany Column 4 0.697362 0.6893 0.160745 1
India Column 5 0.41977 0.417913 0.244344 0.402028 1
Japan Column 6 0.516518 0.466778 0.074132 0.386604 0.240395 1
U.K. Column 7 0.764925 0.729549 0.179909 0.796461 0.35619 0.493914 1
U.S. Column 8 0.695486 0.784546 0.153088 0.751136 0.320646 0.441514 0.775013 1
S&P 500 EAFE (calculated from Index Values in Appendix C)
1/31/1991 0.043538 0.009891 1/31/1991 0.043538
2/28/1991 0.071515 0.122594 2/28/1991 0.071515
3/29/1991 0.024214 0.012544 3/29/1991 0.024214
4/30/1991 0.002368 0.004549 4/30/1991 0.002368
5/31/1991 0.043139 0.016241 5/31/1991 0.043139
6/28/1991 -0.045812 -0.05374 6/28/1991 -0.045812
7/31/1991 0.046609 0.032452 7/31/1991 0.046609
8/30/1991 0.023669 -0.023026 8/30/1991 0.023669
9/30/1991 -0.016714 0.020457 9/30/1991 -0.016714
10/31/1991 0.013445 0.012948 10/31/1991 0.013445
11/29/1991 -0.040294 -0.059834 11/29/1991 -0.040294
12/31/1991 0.114366 0.003312 12/31/1991 0.114366
1/31/1992 -0.018635 0.003856 1/31/1992 -0.018635
2/28/1992 0.012951 -0.013673 2/28/1992 0.012951
3/31/1992 -0.019449 -0.04986 3/31/1992 -0.019449
4/30/1992 0.029353 0.003873 4/30/1992 0.029353
5/29/1992 0.004902 0.031087 5/29/1992 0.004902
6/30/1992 -0.01487 -0.074826 6/30/1992 -0.01487
7/31/1992 0.040854 -0.033754 7/31/1992 0.040854
8/31/1992 -0.020467 0.027882 8/31/1992 -0.020467
9/30/1992 0.011752 -0.005171 9/30/1992 0.011752
10/30/1992 0.003455 0.011018 10/30/1992 0.003455
11/30/1992 0.03405 0.036348 11/30/1992 0.03405
12/31/1992 0.012273 0.00973 12/31/1992 0.012273
1/29/1993 0.008361 0.003182 1/29/1993 0.008361
2/26/1993 0.013627 0.023679 2/26/1993 0.013627
3/31/1993 0.0211 0.057236 3/31/1993 0.0211
4/30/1993 -0.02417 0.060493 4/30/1993 -0.02417
5/31/1993 0.026751 0.007547 5/31/1993 0.026751
6/30/1993 0.002927 -0.001391 6/30/1993 0.002927
7/30/1993 -0.004021 0.044249 7/30/1993 -0.004021
8/31/1993 0.037942 0.045495 8/31/1993 0.037942
9/30/1993 -0.007668 -0.024914 9/30/1993 -0.007668
10/29/1993 0.020685 0.050756 10/29/1993 0.020685
11/30/1993 -0.009532 -0.079559 11/30/1993 -0.009532
12/31/1993 0.012091 0.086209 12/31/1993 0.012091
1/31/1994 0.033997 0.068937 1/31/1994 0.033997
2/28/1994 -0.027141 -0.026017 2/28/1994 -0.027141
3/31/1994 -0.043597 -0.054299 3/31/1994 -0.043597
4/29/1994 0.012823 0.030473 4/29/1994 0.012823
5/31/1994 0.016411 0.005819 5/31/1994 0.016411
6/30/1994 -0.024512 -0.024613 6/30/1994 -0.024512
7/29/1994 0.032837 0.017112 7/29/1994 0.032837
8/31/1994 0.041 0.021404 8/31/1994 0.041
9/30/1994 -0.024453 -0.046273 9/30/1994 -0.024453
10/31/1994 0.022466 0.010622 10/31/1994 0.022466
11/30/1994 -0.036426 -0.021229 11/30/1994 -0.036426
12/30/1994 0.014841 0.006831 12/30/1994 0.014841
1/31/1995 0.025933 -0.048226 1/31/1995 0.025933
2/28/1995 0.038972 -0.018248 2/28/1995 0.038972
3/31/1995 0.029507 -0.012473 3/31/1995 0.029507
4/28/1995 0.029446 0.029746 4/28/1995 0.029446
5/31/1995 0.039968 -0.001807 5/31/1995 0.039968
6/30/1995 0.023227 -0.02174 6/30/1995 0.023227
7/31/1995 0.033163 0.072908 7/31/1995 0.033163
8/31/1995 0.002513 0.028569 8/31/1995 0.002513
9/29/1995 0.042202 0.008302 9/29/1995 0.042202
10/31/1995 -0.003574 -0.015365 10/31/1995 -0.003574
11/30/1995 0.043899 0.037985 11/30/1995 0.043899
12/29/1995 0.019262 0.040847 12/29/1995 0.019262
1/31/1996 0.034036 0.037052 1/31/1996 0.034036
2/29/1996 0.009271 -0.01041 2/29/1996 0.009271
3/29/1996 0.009626 0.027537 3/29/1996 0.009626
4/30/1996 0.014743 0.03456 4/30/1996 0.014743
5/31/1996 0.02579 -0.011698 5/31/1996 0.02579
6/28/1996 0.003815 0.009969 6/28/1996 0.003815
7/31/1996 -0.044181 -0.048769 7/31/1996 -0.044181
8/30/1996 0.021095 0.008548 8/30/1996 0.021095
9/30/1996 0.056285 0.046483 9/30/1996 0.056285
10/31/1996 0.027581 -0.011861 10/31/1996 0.027581
11/29/1996 0.075587 0.04026 11/29/1996 0.075587
12/31/1996 -0.019814 -0.006617 12/31/1996 -0.019814
1/31/1997 0.062475 0.014721 1/31/1997 0.062475
2/28/1997 0.007838 0.024219 2/28/1997 0.007838
3/31/1997 -0.041088 0.004805 3/31/1997 -0.041088
4/30/1997 0.059699 0.029877 4/30/1997 0.059699
5/30/1997 0.060883 0.029368 5/30/1997 0.060883
6/30/1997 0.044802 0.054186 6/30/1997 0.044802
7/31/1997 0.079568 0.051967 7/31/1997 0.079568
8/29/1997 -0.056022 -0.072812 8/29/1997 -0.056022
9/30/1997 0.054767 0.051253 9/30/1997 0.054767
10/31/1997 -0.033397 -0.094178 10/31/1997 -0.033397
11/28/1997 0.046292 0.01759 11/28/1997 0.046292
12/31/1997 0.017174 0.031892 12/31/1997 0.017174
1/30/1998 0.011061 0.047654 1/30/1998 0.011061
2/27/1998 0.072125 0.057024 2/27/1998 0.072125
3/31/1998 0.051208 0.051193 3/31/1998 0.051208
4/30/1998 0.010061 -0.006915 4/30/1998 0.010061
5/29/1998 -0.017188 0.009405 5/29/1998 -0.017188
6/30/1998 0.040619 0.011371 6/30/1998 0.040619
7/31/1998 -0.010648 0.015821 7/31/1998 -0.010648
8/31/1998 -0.144577 -0.134782 8/31/1998 -0.144577
9/30/1998 0.06406 -0.065953 9/30/1998 0.06406
10/30/1998 0.081342 0.063477 10/30/1998 0.081342
11/30/1998 0.060608 0.079324 11/30/1998 0.060608
12/31/1998 0.057625 0.012515 12/31/1998 0.057625
1/29/1999 0.041816 0.021525 1/29/1999 0.041816
2/26/1999 -0.031079 0.003326 2/26/1999 -0.031079
3/31/1999 0.040008 0.047359 3/31/1999 0.040008
4/30/1999 0.038725 0.052193 4/30/1999 0.038725
5/31/1999 -0.023614 -0.038989 5/31/1999 -0.023614
6/30/1999 0.055497 0.0464 6/30/1999 0.055497
7/30/1999 -0.031225 -0.006718 7/30/1999 -0.031225
8/31/1999 -0.004947 0.000693 8/31/1999 -0.004947
9/30/1999 -0.027414 -0.007419 9/30/1999 -0.027414
10/29/1999 0.063281 0.038995 10/29/1999 0.063281
11/30/1999 0.020328 0.054999 11/30/1999 0.020328
12/31/1999 0.058896 0.089417 12/31/1999 0.058896
1/31/2000 -0.050242 -0.040056 1/31/2000 -0.050242
2/29/2000 -0.01893 0.047922 2/29/2000 -0.01893
3/31/2000 0.097829 0.019872 3/31/2000 0.097829
4/28/2000 -0.030086 -0.01278 4/28/2000 -0.030086
5/31/2000 -0.020517 -0.022772 5/31/2000 -0.020517
6/30/2000 0.024653 0.013974 6/30/2000 0.024653
7/31/2000 -0.015634 -0.013926 7/31/2000 -0.015634
8/31/2000 0.062114 0.027553 8/31/2000 0.062114
9/29/2000 -0.052793 -0.043442 9/29/2000 -0.052793
10/31/2000 -0.004228 0.002487 10/31/2000 -0.004228
11/30/2000 -0.07884 -0.041381 11/30/2000 -0.07884
12/29/2000 0.004894 -0.006277 12/29/2000 0.004894
1/31/2001 0.035479 0.013845 1/31/2001 0.035479
2/28/2001 -0.091184 -0.062848 2/28/2001 -0.091184
3/30/2001 -0.063348 -0.028648 3/30/2001 -0.063348
4/30/2001 0.07771 0.062987 4/30/2001 0.07771
5/31/2001 0.006698 -0.021972 5/31/2001 0.006698
6/29/2001 -0.024338 -0.02618 6/29/2001 -0.024338
7/31/2001 -0.009844 -0.036277 7/31/2001 -0.009844
8/31/2001 -0.062602 -0.057715 8/31/2001 -0.062602
9/28/2001 -0.080753 -0.104059 9/28/2001 -0.080753
10/31/2001 0.019069 0.039334 10/31/2001 0.019069
11/30/2001 0.076706 0.045125 11/30/2001 0.076706
12/31/2001 0.008761 0.016762 12/31/2001 0.008761
1/31/2002 -0.014593 -0.02681 1/31/2002 -0.014593
2/28/2002 -0.019285 0.003515 2/28/2002 -0.019285
3/29/2002 0.037628 0.044759 3/29/2002 0.037628
4/30/2002 -0.060645 -0.020795 4/30/2002 -0.060645
5/31/2002 -0.007367 -0.014071 5/31/2002 -0.007367
6/28/2002 -0.071239 -0.079434 6/28/2002 -0.071239
7/31/2002 -0.077945 -0.100844 7/31/2002 -0.077945
8/30/2002 0.006565 -0.001615 8/30/2002 0.006565
9/30/2002 -0.10868 -0.108782 9/30/2002 -0.10868
10/31/2002 0.088016 0.055015 10/31/2002 0.088016
11/29/2002 0.05886 0.04493 11/29/2002 0.05886
12/31/2002 -0.058748 -0.072477 12/31/2002 -0.058748
1/31/2003 -0.026196 -0.054791 1/31/2003 -0.026196
2/28/2003 -0.015005 -0.018447 2/28/2003 -0.015005
3/31/2003 0.00971 -0.022916 3/31/2003 0.00971
4/30/2003 0.08237 0.085908 4/30/2003 0.08237
5/30/2003 0.052687 0.028717 5/30/2003 0.052687
6/30/2003 0.012757 0.034832 6/30/2003 0.012757
7/31/2003 0.017631 0.042835 7/31/2003 0.017631
8/29/2003 0.019502 0.032279 8/29/2003 0.019502
9/30/2003 -0.010622 -0.020512 9/30/2003 -0.010622
10/31/2003 0.056574 0.051954 10/31/2003 0.056574
11/28/2003 0.008799 0.00261 11/28/2003 0.008799
12/31/2003 0.052442 0.036395 12/31/2003 0.052442
1/30/2004 0.018349 0.014499 1/30/2004 0.018349
2/27/2004 0.013904 0.024854 2/27/2004 0.013904
3/31/2004 -0.015086 0.001476 3/31/2004 -0.015086
4/30/2004 -0.015699 0.014249 4/30/2004 -0.015699
5/28/2004 0.013721 -0.012767 5/28/2004 0.013721
6/30/2004 0.01945 0.025003 6/30/2004 0.01945
7/30/2004 -0.0331 -0.02302 7/30/2004 -0.0331
8/31/2004 0.004047 -0.001048 8/31/2004 0.004047
9/30/2004 0.010829 0.014632 9/30/2004 0.010829
10/29/2004 0.015278 0.00864 10/29/2004 0.015278
11/30/2004 0.040463 0.025943 11/30/2004 0.040463
12/31/2004 0.034028 0.032718 12/31/2004 0.034028
1/31/2005 -0.024378 0.00809 1/31/2005 -0.024378
2/28/2005 0.021046 0.029077 2/28/2005 0.021046
3/31/2005 -0.017706 -0.002954 3/31/2005 -0.017706
4/29/2005 -0.018968 -0.027189 4/29/2005 -0.018968
5/31/2005 0.031821 0.041604 5/31/2005 0.031821
6/30/2005 0.001419 0.034481 6/30/2005 0.001419
7/29/2005 0.037188 0.036736 7/29/2005 0.037188
8/31/2005 -0.009123 0.012392 8/31/2005 -0.009123
9/30/2005 0.008095 0.062378 9/30/2005 0.008095
10/31/2005 -0.016671 -0.019094 10/31/2005 -0.016671
11/30/2005 0.037822 0.045309 11/30/2005 0.037822
12/30/2005 0.000344 0.04504 12/30/2005 0.000344
1/31/2006 0.026484 0.0353 1/31/2006 0.026484
2/28/2006 0.002714 0.008541 2/28/2006 0.002714
3/31/2006 0.012449 0.036879 3/31/2006 0.012449
4/28/2006 0.013424 0.006121 4/28/2006 0.013424
5/31/2006 -0.028779 -0.056543 5/31/2006 -0.028779
6/30/2006 0.001353 0.011155 6/30/2006 0.001353
7/31/2006 0.006168 0.007211 7/31/2006 0.006168
8/31/2006 0.023798 0.028514 8/31/2006 0.023798
9/29/2006 0.025768 0.014403 9/29/2006 0.025768
10/31/2006 0.032583 0.026139 10/31/2006 0.032583
11/30/2006 0.01902 0.000504 11/30/2006 0.01902
12/29/2006 0.014027 0.043041 12/29/2006 0.014027
1/31/2007 0.015123 0.018576 1/31/2007 0.015123
2/28/2007 -0.019561 -0.005096 2/28/2007 -0.019561
3/30/2007 0.011187 0.020458 3/30/2007 0.011187
4/30/2007 0.044293 0.029883 4/30/2007 0.044293
5/31/2007 0.034898 0.033313 5/31/2007 0.034898
6/29/2007 -0.016612 -0.002234 6/29/2007 -0.016612
7/31/2007 -0.031006 -0.032375 7/31/2007 -0.031006
8/31/2007 0.014988 -0.014308 8/31/2007 0.014988
9/28/2007 0.0374 0.022587 9/28/2007 0.0374
10/31/2007 0.015907 0.024254 10/31/2007 0.015907
11/30/2007 -0.041808 -0.040885 11/30/2007 -0.041808
12/31/2007 -0.006937 -0.011731 12/31/2007 -0.006937
1/31/2008 -0.059981 -0.109409 1/31/2008 -0.059981
2/29/2008 -0.032488 -0.006628 2/29/2008 -0.032488
3/31/2008 -0.004315 -0.0378 3/31/2008 -0.004315
4/30/2008 0.048702 0.075802 4/30/2008 0.048702
5/30/2008 0.012954 0.014445 5/30/2008 0.012954
6/30/2008 -0.084305 -0.088723 6/30/2008 -0.084305
7/31/2008 -0.008408 -0.019994 7/31/2008 -0.008408
8/29/2008 0.014466 0.010463 8/29/2008 0.014466
9/30/2008 -0.089106 -0.120956 9/30/2008 -0.089106
10/31/2008 -0.167951 -0.155297 10/31/2008 -0.167951
11/28/2008 -0.071752 -0.046737 11/28/2008 -0.071752
12/31/2008 0.010642 0.012294 12/31/2008 0.010642
1/30/2009 -0.084289 -0.062484 1/30/2009 -0.084289
2/27/2009 -0.106478 -0.075768 2/27/2009 -0.106478
3/31/2009 0.087598 0.038568 3/31/2009 0.087598
4/30/2009 0.095709 0.115954 4/30/2009 0.095709
5/29/2009 0.055932 0.054473 5/29/2009 0.055932
6/30/2009 0.001985 -0.003074 6/30/2009 0.001985
7/31/2009 0.075633 0.076668 7/31/2009 0.075633
8/31/2009 0.036103 0.044194 8/31/2009 0.036103
9/30/2009 0.037318 0.0218 9/30/2009 0.037318
10/30/2009 -0.018576 -0.022674 10/30/2009 -0.018576
11/30/2009 0.059982 0.002018 11/30/2009 0.059982
12/31/2009 0.019316 0.055571 12/31/2009 0.019316
1/29/2010 -0.035973 -0.034467 1/29/2010 -0.035973
2/26/2010 0.030975 0.005457 2/26/2010 0.030975
3/31/2010 0.060347 0.075129 3/31/2010 0.060347
4/30/2010 0.015786 -0.011882 4/30/2010 0.015786
5/31/2010 -0.079856 -0.072429 5/31/2010 -0.079856
6/30/2010 -0.052349 -0.028045 6/30/2010 -0.052349
7/30/2010 0.070067 0.046501 7/30/2010 0.070067
8/31/2010 -0.045145 -0.026537 8/31/2010 -0.045145
9/30/2010 0.089248 0.051785 9/30/2010 0.089248
10/29/2010 0.038052 0.018263 10/29/2010 0.038052
11/30/2010 0.000126 -0.009683 11/30/2010 0.000126
12/31/2010 0.066832 0.047779 12/31/2010 0.066832
1/31/2011 0.023701 0.01602 1/31/2011 0.023701
2/28/2011 0.034259 0.023631 2/28/2011 0.034259
3/31/2011 0.000398 -0.028194 3/31/2011 0.000398
4/29/2011 0.029615 0.019943 4/29/2011 0.029615
5/31/2011 -0.011319 -0.012988 5/31/2011 -0.011319
6/30/2011 -0.016669 -0.011935 6/30/2011 -0.016669
7/29/2011 -0.020333 -0.034781 7/29/2011 -0.020333
8/31/2011 -0.054324 -0.086988 8/31/2011 -0.054324
9/30/2011 -0.070296 -0.043224 9/30/2011 -0.070296
10/31/2011 0.109292 0.061908 10/31/2011 0.109292
11/30/2011 -0.002208 -0.024782 11/30/2011 -0.002208
12/30/2011 0.010229 0.005395 12/30/2011 0.010229
1/31/2012 0.044814 0.039187 1/31/2012 0.044814
2/29/2012 0.043242 0.056339 2/29/2012 0.043242
3/30/2012 0.032908 0.005129 3/30/2012 0.032908
4/30/2012 -0.006274 -0.026533 4/30/2012 -0.006274
5/31/2012 -0.060101 -0.073878 5/31/2012 -0.060101
6/29/2012 0.041203 0.052143 6/29/2012 0.041203
7/31/2012 0.013889 0.014911 7/31/2012 0.013889
8/31/2012 0.022523 0.015896 8/31/2012 0.022523
9/28/2012 0.025843 0.015748 9/28/2012 0.025843
10/31/2012 -0.018465 0.0117 10/31/2012 -0.018465
11/30/2012 0.005799 0.029611 11/30/2012 0.005799
12/31/2012 0.009114 0.032541 12/31/2012 0.009114
1/31/2013 0.051796 0.059113 1/31/2013 0.051796
2/28/2013 0.013575 0.018369 2/28/2013 0.013575
3/29/2013 0.037503 0.017824 3/29/2013 0.037503
4/30/2013 0.019267 0.045714 4/30/2013 0.019267
5/31/2013 0.02339 0.006805 5/31/2013 0.02339
6/28/2013 -0.013428 -0.03624 6/28/2013 -0.013428
7/31/2013 0.050886 0.04266 7/31/2013 0.050886
8/30/2013 -0.028961 -0.0141 8/30/2013 -0.028961
0.040173 0.036808 0.033444 0.030079 0.026714 0.02335 0.019985 0.01662 0.013256 0.009891
0.076623 0.08173 0.086838 0.091946 0.097054 0.102162 0.10727 0.112378 0.117486 0.122594
0.023047 0.02188 0.020713 0.019546 0.018379 0.017212 0.016045 0.014878 0.013711 0.012544
0.002586 0.002804 0.003022 0.00324 0.003458 0.003677 0.003895 0.004113 0.004331 0.004549
0.040449 0.03776 0.03507 0.03238 0.02969 0.027 0.02431 0.02162 0.018931 0.016241
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0.051412 0.054122 0.056832 0.059542 0.062252 0.064962 0.067672 0.070382 0.073092 0.075802
0.013103 0.013252 0.013401 0.01355 0.013699 0.013849 0.013998 0.014147 0.014296 0.014445
-0.084747 -0.085188 -0.08563 -0.086072 -0.086514 -0.086956 -0.087397 -0.087839 -0.088281 -0.088723
-0.009566 -0.010725 -0.011884 -0.013042 -0.014201 -0.015359 -0.016518 -0.017677 -0.018835 -0.019994
0.014066 0.013665 0.013265 0.012865 0.012464 0.012064 0.011664 0.011264 0.010863 0.010463
-0.092291 -0.095476 -0.098661 -0.101846 -0.105031 -0.108216 -0.111401 -0.114586 -0.117771 -0.120956
-0.166685 -0.16542 -0.164155 -0.162889 -0.161624 -0.160358 -0.159093 -0.157828 -0.156562 -0.155297
-0.06925 -0.066749 -0.064247 -0.061746 -0.059244 -0.056743 -0.054242 -0.05174 -0.049239 -0.046737
0.010807 0.010972 0.011138 0.011303 0.011468 0.011633 0.011798 0.011963 0.012128 0.012294
-0.082108 -0.079928 -0.077747 -0.075567 -0.073386 -0.071206 -0.069025 -0.066845 -0.064664 -0.062484
-0.103407 -0.100336 -0.097265 -0.094194 -0.091123 -0.088052 -0.084981 -0.08191 -0.078839 -0.075768
0.082695 0.077792 0.072889 0.067986 0.063083 0.05818 0.053277 0.048374 0.043471 0.038568
0.097734 0.099758 0.101783 0.103807 0.105832 0.107856 0.109881 0.111905 0.11393 0.115954
0.055786 0.05564 0.055494 0.055348 0.055202 0.055057 0.054911 0.054765 0.054619 0.054473
0.001479 0.000973 0.000467 -3.85E-05 -0.000544 -0.00105 -0.001556 -0.002062 -0.002568 -0.003074
0.075737 0.07584 0.075944 0.076047 0.076151 0.076254 0.076358 0.076461 0.076565 0.076668
0.036913 0.037722 0.038531 0.03934 0.040149 0.040958 0.041767 0.042576 0.043385 0.044194
0.035766 0.034214 0.032662 0.031111 0.029559 0.028007 0.026455 0.024903 0.023352 0.0218
-0.018986 -0.019396 -0.019806 -0.020215 -0.020625 -0.021035 -0.021445 -0.021855 -0.022265 -0.022674
0.054186 0.048389 0.042593 0.036796 0.031 0.025204 0.019407 0.013611 0.007814 0.002018
0.022941 0.026567 0.030192 0.033818 0.037443 0.041069 0.044694 0.04832 0.051946 0.055571
-0.035822 -0.035672 -0.035521 -0.035371 -0.03522 -0.035069 -0.034919 -0.034768 -0.034618 -0.034467
0.028424 0.025872 0.02332 0.020768 0.018216 0.015664 0.013112 0.010561 0.008009 0.005457
0.061825 0.063303 0.064782 0.06626 0.067738 0.069216 0.070694 0.072172 0.073651 0.075129
0.01302 0.010253 0.007486 0.004719 0.001952 -0.000814 -0.003581 -0.006348 -0.009115 -0.011882
-0.079113 -0.07837 -0.077628 -0.076885 -0.076143 -0.0754 -0.074657 -0.073915 -0.073172 -0.072429
-0.049918 -0.047488 -0.045058 -0.042627 -0.040197 -0.037766 -0.035336 -0.032905 -0.030475 -0.028045
0.06771 0.065354 0.062997 0.06064 0.058284 0.055927 0.05357 0.051214 0.048857 0.046501
-0.043285 -0.041424 -0.039563 -0.037702 -0.035841 -0.03398 -0.03212 -0.030259 -0.028398 -0.026537
0.085501 0.081755 0.078009 0.074262 0.070516 0.06677 0.063023 0.059277 0.055531 0.051785
0.036073 0.034094 0.032116 0.030137 0.028158 0.026179 0.0242 0.022221 0.020242 0.018263
-0.000855 -0.001836 -0.002817 -0.003798 -0.004779 -0.00576 -0.006741 -0.007722 -0.008702 -0.009683
0.064927 0.063021 0.061116 0.059211 0.057305 0.0554 0.053495 0.05159 0.049684 0.047779
0.022933 0.022165 0.021396 0.020628 0.01986 0.019092 0.018324 0.017556 0.016788 0.01602
0.033196 0.032133 0.03107 0.030008 0.028945 0.027882 0.026819 0.025756 0.024694 0.023631
-0.002462 -0.005321 -0.00818 -0.011039 -0.013898 -0.016757 -0.019616 -0.022476 -0.025335 -0.028194
0.028647 0.02768 0.026713 0.025746 0.024779 0.023811 0.022844 0.021877 0.02091 0.019943
-0.011486 -0.011653 -0.01182 -0.011987 -0.012154 -0.012321 -0.012488 -0.012654 -0.012821 -0.012988
-0.016196 -0.015722 -0.015249 -0.014776 -0.014302 -0.013829 -0.013355 -0.012882 -0.012408 -0.011935
-0.021778 -0.023223 -0.024668 -0.026112 -0.027557 -0.029002 -0.030447 -0.031892 -0.033336 -0.034781
-0.05759 -0.060857 -0.064123 -0.06739 -0.070656 -0.073923 -0.077189 -0.080455 -0.083722 -0.086988
-0.067589 -0.064882 -0.062175 -0.059468 -0.05676 -0.054053 -0.051346 -0.048639 -0.045932 -0.043224
0.104554 0.099815 0.095077 0.090339 0.0856 0.080862 0.076123 0.071385 0.066647 0.061908
-0.004466 -0.006723 -0.008981 -0.011238 -0.013495 -0.015753 -0.01801 -0.020268 -0.022525 -0.024782
0.009746 0.009262 0.008779 0.008295 0.007812 0.007329 0.006845 0.006362 0.005878 0.005395
0.044251 0.043688 0.043126 0.042563 0.042 0.041438 0.040875 0.040313 0.03975 0.039187
0.044551 0.045861 0.047171 0.048481 0.04979 0.0511 0.05241 0.053719 0.055029 0.056339
0.03013 0.027352 0.024574 0.021796 0.019019 0.016241 0.013463 0.010685 0.007907 0.005129
-0.0083 -0.010326 -0.012352 -0.014377 -0.016403 -0.018429 -0.020455 -0.022481 -0.024507 -0.026533
-0.061479 -0.062857 -0.064234 -0.065612 -0.06699 -0.068368 -0.069745 -0.071123 -0.072501 -0.073878
0.042297 0.043391 0.044485 0.045579 0.046673 0.047767 0.048861 0.049955 0.051049 0.052143
0.013991 0.014093 0.014195 0.014298 0.0144 0.014502 0.014604 0.014707 0.014809 0.014911
0.021861 0.021198 0.020535 0.019872 0.01921 0.018547 0.017884 0.017221 0.016559 0.015896
0.024833 0.023824 0.022814 0.021805 0.020795 0.019786 0.018776 0.017767 0.016757 0.015748
-0.015449 -0.012432 -0.009416 -0.006399 -0.003383 -0.000366 0.00265 0.005667 0.008683 0.0117
0.008181 0.010562 0.012943 0.015324 0.017705 0.020087 0.022468 0.024849 0.02723 0.029611
0.011457 0.0138 0.016142 0.018485 0.020827 0.02317 0.025513 0.027855 0.030198 0.032541
0.052528 0.053259 0.053991 0.054723 0.055455 0.056186 0.056918 0.05765 0.058382 0.059113
0.014055 0.014534 0.015013 0.015493 0.015972 0.016451 0.016931 0.01741 0.017889 0.018369
0.035535 0.033567 0.031599 0.029631 0.027663 0.025695 0.023727 0.021759 0.019791 0.017824
0.021912 0.024556 0.027201 0.029846 0.032491 0.035135 0.03778 0.040425 0.04307 0.045714
0.021732 0.020073 0.018414 0.016756 0.015097 0.013439 0.01178 0.010122 0.008463 0.006805
-0.015709 -0.01799 -0.020272 -0.022553 -0.024834 -0.027115 -0.029396 -0.031678 -0.033959 -0.03624
0.050064 0.049241 0.048419 0.047596 0.046773 0.045951 0.045128 0.044306 0.043483 0.04266
-0.027475 -0.025989 -0.024503 -0.023017 -0.021531 -0.020045 -0.018558 -0.017072 -0.015586 -0.0141
1991-2013
Average mo0.008551 0.008221 0.00789 0.00756 0.007229 0.006899 0.006568 0.006238
Standard d 0.042643 0.041852 0.041229 0.040782 0.040516 0.040435 0.040539 0.040828
Annualized 0.107579 0.103232 0.0989 0.094585 0.090285 0.086 0.081731 0.077477

Standard d 0.14772 0.144981 0.142823 0.141273 0.140351 0.140069 0.140432 0.141433
Variance 0.021821 0.021019 0.020398 0.019958 0.019698 0.019619 0.019721 0.020003
1991-2001
Average mo0.012129 0.011582 0.011034 0.010487 0.00994 0.009392 0.008845 0.008298
Standard d 0.040921 0.039746 0.038821 0.038165 0.037793 0.037712 0.037924 0.038425
Annualized 0.155662 0.148185 0.140751 0.133362 0.126017 0.118716 0.111458 0.104243

Standard d 0.141755 0.137683 0.13448 0.132209 0.130918 0.130638 0.131374 0.13311
Variance 0.020094 0.018957 0.018085 0.017479 0.01714 0.017066 0.017259 0.017718
2002-2013
Average mo0.005177 0.005051 0.004926 0.0048 0.004674 0.004548 0.004422 0.004296
Standard d 0.044085 0.043651 0.043308 0.043058 0.042904 0.042846 0.042884 0.043018
Annualized 0.063929 0.062331 0.060735 0.059141 0.057549 0.055959 0.054372 0.052786

Standard d 0.152715 0.151211 0.150023 0.149159 0.148624 0.148422 0.148554 0.14902
Variance 0.023322 0.022865 0.022507 0.022248 0.022089 0.022029 0.022068 0.022207
0.005907 0.005577 0.005247
0.041298 0.041942 0.042753
0.073238 0.069015 0.064807

0.14306 0.145292 0.148101
0.020466 0.02111 0.021934
0.00775 0.007203 0.006656

0.039204 0.040244 0.041525
0.097071 0.089942 0.082856

0.135806 0.139409 0.143848
0.018443 0.019435 0.020692
0.00417 0.004044 0.003918

0.043248 0.043572 0.043987
0.051203 0.049622 0.048044

0.149815 0.150936 0.152375
0.022445 0.022782 0.023218
Portfolios: S&P and $ EAFE S&P 1 0.9 0.8 0.7 0.6
Returns: EAFE 0 0.1 0.2 0.3 0.4
S&P 500 EAFE $
33269 0.043538 0.032626 33269 0.043538 0.042446 0.041355 0.040264 0.039173
33297 0.071515 0.107493 33297 0.071515 0.075112 0.07871 0.082308 0.085906
33326 0.024214 -0.059791 33326 0.024214 0.015814 0.007413 -0.000987 -0.009388
33358 0.002368 0.012544 33358 0.002368 0.003386 0.004403 0.005421 0.006438
33389 0.043139 0.004549 33389 0.043139 0.03928 0.035421 0.031562 0.027703
33417 -0.045812 0.016241 33417 -0.045812 -0.039607 -0.033401 -0.027196 -0.020991
33450 0.046609 -0.05374 33450 0.046609 0.036574 0.026539 0.016504 0.006469
33480 0.023669 0.032452 33480 0.023669 0.024547 0.025426 0.026304 0.027182
33511 -0.016714 -0.023026 33511 -0.016714 -0.017345 -0.017976 -0.018607 -0.019239
33542 0.013445 0.020457 33542 0.013445 0.014147 0.014848 0.015549 0.01625
33571 -0.040294 0.012948 33571 -0.040294 -0.03497 -0.029645 -0.024321 -0.018997
33603 0.114366 -0.059834 33603 0.114366 0.096946 0.079526 0.062106 0.044686
33634 -0.018635 0.003312 33634 -0.018635 -0.01644 -0.014246 -0.012051 -0.009856
33662 0.012951 0.003856 33662 0.012951 0.012042 0.011132 0.010223 0.009313
33694 -0.019449 -0.013673 33694 -0.019449 -0.018871 -0.018294 -0.017716 -0.017138
33724 0.029353 -0.04986 33724 0.029353 0.021432 0.01351 0.005589 -0.002332
33753 0.004902 0.003873 33753 0.004902 0.004799 0.004696 0.004593 0.00449
33785 -0.01487 0.031087 33785 -0.01487 -0.010274 -0.005678 -0.001083 0.003513
33816 0.040854 -0.074826 33816 0.040854 0.029286 0.017718 0.00615 -0.005418
33847 -0.020467 -0.033754 33847 -0.020467 -0.021796 -0.023124 -0.024453 -0.025782
33877 0.011752 0.027882 33877 0.011752 0.013365 0.014978 0.016591 0.018204
33907 0.003455 -0.005171 33907 0.003455 0.002593 0.00173 0.000867 4.81E-06
33938 0.03405 0.011018 33938 0.03405 0.031747 0.029443 0.02714 0.024837
33969 0.012273 0.036348 33969 0.012273 0.01468 0.017088 0.019495 0.021903
33998 0.008361 0.00973 33998 0.008361 0.008498 0.008635 0.008772 0.008909
34026 0.013627 0.003182 34026 0.013627 0.012583 0.011538 0.010494 0.009449
34059 0.0211 0.023679 34059 0.0211 0.021358 0.021616 0.021874 0.022132
34089 -0.02417 0.057236 34089 -0.02417 -0.01603 -0.007889 0.000251 0.008392
34120 0.026751 0.060493 34120 0.026751 0.030125 0.033499 0.036874 0.040248
34150 0.002927 0.007547 34150 0.002927 0.003389 0.003851 0.004313 0.004775
34180 -0.004021 -0.001391 34180 -0.004021 -0.003758 -0.003495 -0.003232 -0.002969
34212 0.037942 0.044249 34212 0.037942 0.038573 0.039203 0.039834 0.040465
34242 -0.007668 0.045495 34242 -0.007668 -0.002351 0.002965 0.008281 0.013598
34271 0.020685 -0.024914 34271 0.020685 0.016125 0.011565 0.007005 0.002445
34303 -0.009532 0.050756 34303 -0.009532 -0.003503 0.002525 0.008554 0.014583
34334 0.012091 -0.079559 34334 0.012091 0.002926 -0.006239 -0.015404 -0.024569
34365 0.033997 0.086209 34365 0.033997 0.039218 0.044439 0.04966 0.054882
34393 -0.027141 0.068937 34393 -0.027141 -0.017533 -0.007926 0.001682 0.01129
34424 -0.043597 -0.026017 34424 -0.043597 -0.041839 -0.040081 -0.038323 -0.036565
34453 0.012823 -0.054299 34453 0.012823 0.006111 -0.000601 -0.007313 -0.014026
34485 0.016411 0.030473 34485 0.016411 0.017817 0.019223 0.020629 0.022036
34515 -0.024512 0.005819 34515 -0.024512 -0.021479 -0.018446 -0.015413 -0.012379
34544 0.032837 -0.024613 34544 0.032837 0.027092 0.021347 0.015602 0.009857
34577 0.041 0.017112 34577 0.041 0.038611 0.036222 0.033833 0.031445
34607 -0.024453 0.021404 34607 -0.024453 -0.019868 -0.015282 -0.010696 -0.00611
34638 0.022466 -0.046273 34638 0.022466 0.015592 0.008718 0.001845 -0.005029
34668 -0.036426 0.010622 34668 -0.036426 -0.031721 -0.027016 -0.022311 -0.017607
34698 0.014841 -0.021229 34698 0.014841 0.011234 0.007627 0.00402 0.000413
34730 0.025933 0.006831 34730 0.025933 0.024023 0.022113 0.020203 0.018292
34758 0.038972 -0.048226 34758 0.038972 0.030252 0.021532 0.012812 0.004093
34789 0.029507 -0.018248 34789 0.029507 0.024731 0.019956 0.01518 0.010405
34817 0.029446 -0.012473 34817 0.029446 0.025254 0.021062 0.01687 0.012678
34850 0.039968 0.029746 34850 0.039968 0.038946 0.037924 0.036902 0.035879
34880 0.023227 -0.001807 34880 0.023227 0.020724 0.01822 0.015717 0.013214
34911 0.033163 -0.02174 34911 0.033163 0.027673 0.022182 0.016692 0.011202
34942 0.002513 0.072908 34942 0.002513 0.009553 0.016592 0.023632 0.030671
34971 0.042202 0.028569 34971 0.042202 0.040839 0.039475 0.038112 0.036749
35003 -0.003574 0.008302 35003 -0.003574 -0.002386 -0.001199 -1.12E-05 0.001176
35033 0.043899 -0.015365 35033 0.043899 0.037972 0.032046 0.02612 0.020193
35062 0.019262 0.037985 35062 0.019262 0.021134 0.023007 0.024879 0.026751
35095 0.034036 0.040847 35095 0.034036 0.034717 0.035398 0.036079 0.03676
35124 0.009271 0.037052 35124 0.009271 0.012049 0.014827 0.017605 0.020383
35153 0.009626 -0.01041 35153 0.009626 0.007623 0.005619 0.003615 0.001612
35185 0.014743 0.027537 35185 0.014743 0.016023 0.017302 0.018581 0.019861
35216 0.02579 0.03456 35216 0.02579 0.026667 0.027544 0.028421 0.029298
35244 0.003815 -0.011698 35244 0.003815 0.002264 0.000712 -0.000839 -0.00239
35277 -0.044181 0.009969 35277 -0.044181 -0.038766 -0.033351 -0.027936 -0.022521
35307 0.021095 -0.048769 35307 0.021095 0.014108 0.007122 0.000135 -0.006851
35338 0.056285 0.008548 35338 0.056285 0.051511 0.046737 0.041964 0.03719
35369 0.027581 0.046483 35369 0.027581 0.029471 0.031361 0.033251 0.035142
35398 0.075587 -0.011861 35398 0.075587 0.066842 0.058097 0.049352 0.040608
35430 -0.019814 0.04026 35430 -0.019814 -0.013807 -0.007799 -0.001792 0.004215
35461 0.062475 -0.006617 35461 0.062475 0.055566 0.048656 0.041747 0.034838
35489 0.007838 0.014721 35489 0.007838 0.008526 0.009214 0.009903 0.010591
35520 -0.041088 0.024219 35520 -0.041088 -0.034558 -0.028027 -0.021496 -0.014965
35550 0.059699 0.004805 35550 0.059699 0.05421 0.04872 0.043231 0.037741
35580 0.060883 0.029877 35580 0.060883 0.057783 0.054682 0.051581 0.048481
35611 0.044802 0.029368 35611 0.044802 0.043258 0.041715 0.040172 0.038628
35642 0.079568 0.054186 35642 0.079568 0.077029 0.074491 0.071953 0.069415
35671 -0.056022 0.051967 35671 -0.056022 -0.045223 -0.034424 -0.023625 -0.012826
35703 0.054767 -0.072812 35703 0.054767 0.042009 0.029251 0.016493 0.003735
35734 -0.033397 0.051253 35734 -0.033397 -0.024932 -0.016467 -0.008002 0.000463
35762 0.046292 -0.094178 35762 0.046292 0.032245 0.018198 0.004151 -0.009896
35795 0.017174 0.01759 35795 0.017174 0.017215 0.017257 0.017299 0.01734
35825 0.011061 0.031892 35825 0.011061 0.013144 0.015227 0.01731 0.019393
35853 0.072125 0.047654 35853 0.072125 0.069678 0.067231 0.064784 0.062337
35885 0.051208 0.057024 35885 0.051208 0.05179 0.052371 0.052953 0.053534
35915 0.010061 0.051193 35915 0.010061 0.014174 0.018287 0.0224 0.026514
35944 -0.017188 -0.006915 35944 -0.017188 -0.016161 -0.015133 -0.014106 -0.013079
35976 0.040619 0.009405 35976 0.040619 0.037498 0.034376 0.031255 0.028133
36007 -0.010648 0.011371 36007 -0.010648 -0.008446 -0.006245 -0.004043 -0.001841
36038 -0.144577 0.015821 36038 -0.144577 -0.128537 -0.112498 -0.096458 -0.080418
36068 0.06406 -0.134782 36068 0.06406 0.044176 0.024292 0.004408 -0.015477
36098 0.081342 -0.065953 36098 0.081342 0.066612 0.051883 0.037153 0.022424
36129 0.060608 0.063477 36129 0.060608 0.060895 0.061182 0.061469 0.061756
36160 0.057625 0.079324 36160 0.057625 0.059795 0.061965 0.064135 0.066305
36189 0.041816 0.012515 36189 0.041816 0.038886 0.035956 0.033026 0.030096
36217 -0.031079 0.021525 36217 -0.031079 -0.025818 -0.020558 -0.015298 -0.010037
36250 0.040008 0.003326 36250 0.040008 0.03634 0.032672 0.029004 0.025336
36280 0.038725 0.047359 36280 0.038725 0.039589 0.040452 0.041316 0.042179
36311 -0.023614 0.052193 36311 -0.023614 -0.016033 -0.008452 -0.000872 0.006709
36341 0.055497 -0.038989 36341 0.055497 0.046049 0.0366 0.027151 0.017703
36371 -0.031225 0.0464 36371 -0.031225 -0.023462 -0.0157 -0.007937 -0.000175
36403 -0.004947 -0.006718 36403 -0.004947 -0.005124 -0.005301 -0.005478 -0.005656
36433 -0.027414 0.000693 36433 -0.027414 -0.024603 -0.021792 -0.018982 -0.016171
36462 0.063281 -0.007419 36462 0.063281 0.056211 0.049141 0.042071 0.035001
36494 0.020328 0.038995 36494 0.020328 0.022195 0.024062 0.025928 0.027795
36525 0.058896 0.054999 36525 0.058896 0.058506 0.058117 0.057727 0.057337
36556 -0.050242 0.089417 36556 -0.050242 -0.036277 -0.022311 -0.008345 0.005621
36585 -0.01893 -0.040056 36585 -0.01893 -0.021042 -0.023155 -0.025267 -0.02738
36616 0.097829 0.047922 36616 0.097829 0.092838 0.087847 0.082857 0.077866
36644 -0.030086 0.019872 36644 -0.030086 -0.02509 -0.020094 -0.015098 -0.010103
36677 -0.020517 -0.01278 36677 -0.020517 -0.019743 -0.01897 -0.018196 -0.017422
36707 0.024653 -0.022772 36707 0.024653 0.019911 0.015168 0.010426 0.005683
36738 -0.015634 0.013974 36738 -0.015634 -0.012673 -0.009713 -0.006752 -0.003791
36769 0.062114 -0.013926 36769 0.062114 0.05451 0.046906 0.039302 0.031698
36798 -0.052793 0.027553 36798 -0.052793 -0.044759 -0.036724 -0.02869 -0.020655
36830 -0.004228 -0.043442 36830 -0.004228 -0.008149 -0.01207 -0.015992 -0.019913
36860 -0.07884 0.002487 36860 -0.07884 -0.070707 -0.062574 -0.054442 -0.046309
36889 0.004894 -0.041381 36889 0.004894 0.000267 -0.004361 -0.008988 -0.013616
36922 0.035479 -0.006277 36922 0.035479 0.031303 0.027128 0.022952 0.018777
36950 -0.091184 0.013845 36950 -0.091184 -0.080681 -0.070179 -0.059676 -0.049173
36980 -0.063348 -0.062848 36980 -0.063348 -0.063298 -0.063248 -0.063198 -0.063148
37011 0.07771 -0.028648 37011 0.07771 0.067075 0.056439 0.045803 0.035167
37042 0.006698 0.062987 37042 0.006698 0.012327 0.017956 0.023585 0.029214
37071 -0.024338 -0.021972 37071 -0.024338 -0.024101 -0.023864 -0.023628 -0.023391
37103 -0.009844 -0.02618 37103 -0.009844 -0.011477 -0.013111 -0.014745 -0.016378
37134 -0.062602 -0.036277 37134 -0.062602 -0.059969 -0.057337 -0.054704 -0.052072
37162 -0.080753 -0.057715 37162 -0.080753 -0.078449 -0.076145 -0.073841 -0.071538
37195 0.019069 -0.104059 37195 0.019069 0.006756 -0.005557 -0.017869 -0.030182
37225 0.076706 0.039334 37225 0.076706 0.072969 0.069232 0.065495 0.061757
37256 0.008761 0.045125 37256 0.008761 0.012397 0.016033 0.01967 0.023306
37287 -0.014593 0.016762 37287 -0.014593 -0.011458 -0.008322 -0.005186 -0.002051
37315 -0.019285 -0.02681 37315 -0.019285 -0.020038 -0.02079 -0.021543 -0.022295
37344 0.037628 0.003515 37344 0.037628 0.034217 0.030806 0.027394 0.023983
37376 -0.060645 0.044759 37376 -0.060645 -0.050105 -0.039564 -0.029024 -0.018484
37407 -0.007367 -0.020795 37407 -0.007367 -0.00871 -0.010053 -0.011395 -0.012738
37435 -0.071239 -0.014071 37435 -0.071239 -0.065523 -0.059806 -0.054089 -0.048372
37468 -0.077945 -0.079434 37468 -0.077945 -0.078094 -0.078243 -0.078392 -0.078541
37498 0.006565 -0.100844 37498 0.006565 -0.004176 -0.014916 -0.025657 -0.036398
37529 -0.10868 -0.001615 37529 -0.10868 -0.097973 -0.087267 -0.07656 -0.065854
37560 0.088016 -0.108782 37560 0.088016 0.068336 0.048656 0.028976 0.009297
37589 0.05886 0.055015 37589 0.05886 0.058476 0.058091 0.057707 0.057322
37621 -0.058748 0.04493 37621 -0.058748 -0.04838 -0.038012 -0.027644 -0.017277
37652 -0.026196 -0.072477 37652 -0.026196 -0.030824 -0.035452 -0.04008 -0.044709
37680 -0.015005 -0.054791 37680 -0.015005 -0.018983 -0.022962 -0.026941 -0.030919
37711 0.00971 -0.018447 37711 0.00971 0.006894 0.004079 0.001263 -0.001553
37741 0.08237 -0.022916 37741 0.08237 0.071842 0.061313 0.050784 0.040256
37771 0.052687 0.085908 37771 0.052687 0.056009 0.059331 0.062653 0.065975
37802 0.012757 0.028717 37802 0.012757 0.014353 0.015949 0.017545 0.019141
37833 0.017631 0.034832 37833 0.017631 0.019351 0.021071 0.022791 0.024511
37862 0.019502 0.042835 37862 0.019502 0.021836 0.024169 0.026502 0.028836
37894 -0.010622 0.032279 37894 -0.010622 -0.006332 -0.002042 0.002248 0.006538
37925 0.056574 -0.020512 37925 0.056574 0.048866 0.041157 0.033449 0.02574
37953 0.008799 0.051954 37953 0.008799 0.013114 0.01743 0.021745 0.026061
37986 0.052442 0.00261 37986 0.052442 0.047459 0.042476 0.037493 0.032509
38016 0.018349 0.036395 38016 0.018349 0.020154 0.021959 0.023763 0.025568
38044 0.013904 0.014499 38044 0.013904 0.013964 0.014023 0.014083 0.014142
38077 -0.015086 0.024854 38077 -0.015086 -0.011092 -0.007098 -0.003104 0.00089
38107 -0.015699 0.001476 38107 -0.015699 -0.013982 -0.012264 -0.010547 -0.008829
38135 0.013721 0.014249 38135 0.013721 0.013774 0.013827 0.013879 0.013932
38168 0.01945 -0.012767 38168 0.01945 0.016228 0.013006 0.009785 0.006563
38198 -0.0331 0.025003 38198 -0.0331 -0.02729 -0.02148 -0.01567 -0.009859
38230 0.004047 -0.02302 38230 0.004047 0.001341 -0.001366 -0.004073 -0.006779
38260 0.010829 -0.001048 38260 0.010829 0.009642 0.008454 0.007266 0.006078
38289 0.015278 0.014632 38289 0.015278 0.015213 0.015149 0.015084 0.015019
38321 0.040463 0.00864 38321 0.040463 0.03728 0.034098 0.030916 0.027734
38352 0.034028 0.025943 38352 0.034028 0.03322 0.032411 0.031602 0.030794
38383 -0.024378 0.032718 38383 -0.024378 -0.018669 -0.012959 -0.007249 -0.00154
38411 0.021046 0.00809 38411 0.021046 0.01975 0.018455 0.017159 0.015864
38442 -0.017706 0.029077 38442 -0.017706 -0.013028 -0.008349 -0.003671 0.001007
38471 -0.018968 -0.002954 38471 -0.018968 -0.017366 -0.015765 -0.014164 -0.012562
38503 0.031821 -0.027189 38503 0.031821 0.02592 0.020019 0.014118 0.008217
38533 0.001419 0.041604 38533 0.001419 0.005438 0.009456 0.013475 0.017493
38562 0.037188 0.034481 38562 0.037188 0.036917 0.036647 0.036376 0.036105
38595 -0.009123 0.036736 38595 -0.009123 -0.004537 4.88E-05 0.004635 0.009221
38625 0.008095 0.012392 38625 0.008095 0.008525 0.008954 0.009384 0.009814
38656 -0.016671 0.062378 38656 -0.016671 -0.008766 -0.000861 0.007044 0.014949
38686 0.037822 -0.019094 38686 0.037822 0.032131 0.026439 0.020747 0.015056
38716 0.000344 0.045309 38716 0.000344 0.004841 0.009337 0.013834 0.01833
38748 0.026484 0.04504 38748 0.026484 0.02834 0.030195 0.032051 0.033906
38776 0.002714 0.0353 38776 0.002714 0.005973 0.009231 0.01249 0.015749
38807 0.012449 0.008541 38807 0.012449 0.012058 0.011667 0.011276 0.010886
38835 0.013424 0.036879 38835 0.013424 0.015769 0.018115 0.02046 0.022806
38868 -0.028779 0.006121 38868 -0.028779 -0.025289 -0.021799 -0.018309 -0.014819
38898 0.001353 -0.056543 38898 0.001353 -0.004437 -0.010226 -0.016016 -0.021805
38929 0.006168 0.011155 38929 0.006168 0.006667 0.007165 0.007664 0.008163
38960 0.023798 0.007211 38960 0.023798 0.022139 0.020481 0.018822 0.017163
38989 0.025768 0.028514 38989 0.025768 0.026043 0.026317 0.026592 0.026867
39021 0.032583 0.014403 39021 0.032583 0.030765 0.028947 0.027129 0.025311
39051 0.01902 0.026139 39051 0.01902 0.019732 0.020444 0.021156 0.021868
39080 0.014027 0.000504 39080 0.014027 0.012674 0.011322 0.00997 0.008617
39113 0.015123 0.043041 39113 0.015123 0.017914 0.020706 0.023498 0.02629
39141 -0.019561 0.018576 39141 -0.019561 -0.015747 -0.011934 -0.00812 -0.004306
39171 0.011187 -0.005096 39171 0.011187 0.009559 0.00793 0.006302 0.004674
39202 0.044293 0.020458 39202 0.044293 0.04191 0.039526 0.037142 0.034759
39233 0.034898 0.029883 39233 0.034898 0.034396 0.033895 0.033393 0.032892
39262 -0.016612 0.033313 39262 -0.016612 -0.01162 -0.006627 -0.001635 0.003358
39294 -0.031006 -0.002234 39294 -0.031006 -0.028129 -0.025252 -0.022374 -0.019497
39325 0.014988 -0.032375 39325 0.014988 0.010252 0.005516 0.00078 -0.003957
39353 0.0374 -0.014308 39353 0.0374 0.03223 0.027059 0.021888 0.016717
39386 0.015907 0.022587 39386 0.015907 0.016575 0.017243 0.017911 0.018579
39416 -0.041808 0.024254 39416 -0.041808 -0.035202 -0.028596 -0.02199 -0.015384
39447 -0.006937 -0.040885 39447 -0.006937 -0.010332 -0.013727 -0.017121 -0.020516
39478 -0.059981 -0.011731 39478 -0.059981 -0.055156 -0.050331 -0.045506 -0.040681
39507 -0.032488 -0.109409 39507 -0.032488 -0.04018 -0.047872 -0.055564 -0.063256
39538 -0.004315 -0.006628 39538 -0.004315 -0.004546 -0.004777 -0.005009 -0.00524
39568 0.048702 -0.0378 39568 0.048702 0.040052 0.031402 0.022751 0.014101
39598 0.012954 0.075802 39598 0.012954 0.019238 0.025523 0.031808 0.038093
39629 -0.084305 0.014445 39629 -0.084305 -0.07443 -0.064555 -0.05468 -0.044805
39660 -0.008408 -0.088723 39660 -0.008408 -0.016439 -0.024471 -0.032502 -0.040534
39689 0.014466 -0.019994 39689 0.014466 0.01102 0.007574 0.004128 0.000682
39721 -0.089106 0.010463 39721 -0.089106 -0.079149 -0.069192 -0.059235 -0.049278
39752 -0.167951 -0.120956 39752 -0.167951 -0.163251 -0.158552 -0.153852 -0.149153
39780 -0.071752 -0.155297 39780 -0.071752 -0.080106 -0.088461 -0.096815 -0.10517
39813 0.010642 -0.046737 39813 0.010642 0.004904 -0.000834 -0.006572 -0.01231
39843 -0.084289 0.012294 39843 -0.084289 -0.074631 -0.064972 -0.055314 -0.045656
39871 -0.106478 -0.062484 39871 -0.106478 -0.102079 -0.097679 -0.09328 -0.08888
39903 0.087598 -0.075768 39903 0.087598 0.071261 0.054925 0.038588 0.022252
39933 0.095709 0.038568 39933 0.095709 0.089995 0.084281 0.078567 0.072853
39962 0.055932 0.115954 39962 0.055932 0.061934 0.067936 0.073938 0.079941
39994 0.001985 0.054473 39994 0.001985 0.007234 0.012483 0.017732 0.022981
40025 0.075633 -0.003074 40025 0.075633 0.067763 0.059892 0.052021 0.04415
40056 0.036103 0.076668 40056 0.036103 0.04016 0.044216 0.048273 0.052329
40086 0.037318 0.044194 40086 0.037318 0.038005 0.038693 0.039381 0.040068
40116 -0.018576 0.0218 40116 -0.018576 -0.014539 -0.010501 -0.006463 -0.002426
40147 0.059982 -0.022674 40147 0.059982 0.051717 0.043451 0.035185 0.02692
40178 0.019316 0.002018 40178 0.019316 0.017586 0.015856 0.014126 0.012396
40207 -0.035973 0.055571 40207 -0.035973 -0.026818 -0.017664 -0.00851 0.000645
40235 0.030975 -0.034467 40235 0.030975 0.024431 0.017887 0.011343 0.004798
40268 0.060347 0.005457 40268 0.060347 0.054858 0.049369 0.04388 0.038391
40298 0.015786 0.075129 40298 0.015786 0.021721 0.027655 0.033589 0.039523
40329 -0.079856 -0.011882 40329 -0.079856 -0.073058 -0.066261 -0.059463 -0.052666
40359 -0.052349 -0.072429 40359 -0.052349 -0.054357 -0.056365 -0.058373 -0.060381
40389 0.070067 -0.028045 40389 0.070067 0.060256 0.050445 0.040633 0.030822
40421 -0.045145 0.046501 40421 -0.045145 -0.035981 -0.026816 -0.017652 -0.008487
40451 0.089248 -0.026537 40451 0.089248 0.077669 0.066091 0.054512 0.042934
40480 0.038052 0.051785 40480 0.038052 0.039426 0.040799 0.042172 0.043545
40512 0.000126 0.018263 40512 0.000126 0.00194 0.003754 0.005567 0.007381
40543 0.066832 -0.009683 40543 0.066832 0.05918 0.051529 0.043877 0.036226
40574 0.023701 0.047779 40574 0.023701 0.026108 0.028516 0.030924 0.033332
40602 0.034259 0.01602 40602 0.034259 0.032435 0.030611 0.028787 0.026963
40633 0.000398 0.023631 40633 0.000398 0.002721 0.005044 0.007368 0.009691
40662 0.029615 -0.028194 40662 0.029615 0.023834 0.018053 0.012272 0.006491
40694 -0.011319 0.019943 40694 -0.011319 -0.008193 -0.005067 -0.001941 0.001185
40724 -0.016669 -0.012988 40724 -0.016669 -0.016301 -0.015933 -0.015565 -0.015197
40753 -0.020333 -0.011935 40753 -0.020333 -0.019493 -0.018654 -0.017814 -0.016974
40786 -0.054324 -0.034781 40786 -0.054324 -0.05237 -0.050415 -0.048461 -0.046507
40816 -0.070296 -0.086988 40816 -0.070296 -0.071966 -0.073635 -0.075304 -0.076973
40847 0.109292 -0.043224 40847 0.109292 0.09404 0.078789 0.063537 0.048285
40877 -0.002208 0.061908 40877 -0.002208 0.004203 0.010615 0.017027 0.023438
40907 0.010229 -0.024782 40907 0.010229 0.006728 0.003227 -0.000274 -0.003776
40939 0.044814 0.005395 40939 0.044814 0.040872 0.03693 0.032988 0.029046
40968 0.043242 0.039187 40968 0.043242 0.042836 0.042431 0.042025 0.04162
40998 0.032908 0.056339 40998 0.032908 0.035251 0.037594 0.039937 0.04228
41029 -0.006274 0.005129 41029 -0.006274 -0.005134 -0.003993 -0.002853 -0.001713
41060 -0.060101 -0.026533 41060 -0.060101 -0.056744 -0.053388 -0.050031 -0.046674
41089 0.041203 -0.073878 41089 0.041203 0.029694 0.018186 0.006678 -0.00483
41121 0.013889 0.052143 41121 0.013889 0.017714 0.02154 0.025365 0.029191
41152 0.022523 0.014911 41152 0.022523 0.021762 0.021001 0.02024 0.019478
41180 0.025843 0.015896 41180 0.025843 0.024848 0.023853 0.022859 0.021864
41213 -0.018465 0.015748 41213 -0.018465 -0.015044 -0.011623 -0.008201 -0.00478
41243 0.005799 0.0117 41243 0.005799 0.006389 0.006979 0.00757 0.00816
41274 0.009114 0.029611 41274 0.009114 0.011164 0.013214 0.015263 0.017313
41305 0.051796 0.032541 41305 0.051796 0.04987 0.047945 0.046019 0.044094
41333 0.013575 0.059113 41333 0.013575 0.018129 0.022683 0.027237 0.031791
41362 0.037503 0.018369 41362 0.037503 0.03559 0.033676 0.031763 0.029849
41394 0.019267 0.017824 41394 0.019267 0.019122 0.018978 0.018834 0.018689
41425 0.02339 0.045714 41425 0.02339 0.025623 0.027855 0.030087 0.03232
41453 -0.013428 0.006805 41453 -0.013428 -0.011405 -0.009382 -0.007358 -0.005335
41486 0.050886 -0.03624 41486 0.050886 0.042174 0.033461 0.024749 0.016036
41516 -0.028961 0.04266 41516 -0.028961 -0.021799 -0.014637 -0.007475 -0.000313
0.5 0.4 0.3 0.2 0.1 1.39E-16 % S&P 1
0.5 0.6 0.7 0.8 0.9 1 % EAFE 0
0.038082 0.03699 0.035899 0.034808 0.033717 0.032626 1991-2013

0.089504 0.093102 0.096699 0.100297 0.103895 0.107493 Average mo0.008551
-0.017788 -0.026189 -0.034589 -0.04299 -0.05139 -0.059791 Standard d 0.042643
0.007456 0.008473 0.009491 0.010509 0.011526 0.012544
0.023844 0.019985 0.016126 0.012267 0.008408 0.004549 Annualized 0.107579
-0.014786 -0.00858 -0.002375 0.00383 0.010035 0.016241 Standard d 0.14772
-0.003566 -0.013601 -0.023635 -0.03367 -0.043705 -0.05374 Variance 0.021821
0.028061 0.028939 0.029817 0.030696 0.031574 0.032452
-0.01987 -0.020501 -0.021133 -0.021764 -0.022395 -0.023026 1991-2001
0.016951 0.017652 0.018354 0.019055 0.019756 0.020457 Average mo0.012129
-0.013673 -0.008349 -0.003024 0.0023 0.007624 0.012948 Standard d 0.040921
0.027266 0.009846 -0.007574 -0.024994 -0.042414 -0.059834
-0.007662 -0.005467 -0.003272 -0.001078 0.001117 0.003312 Annualized 0.155662
0.008404 0.007494 0.006585 0.005675 0.004766 0.003856 Standard d 0.141755
-0.016561 -0.015983 -0.015406 -0.014828 -0.01425 -0.013673 Variance 0.020094
-0.010253 -0.018175 -0.026096 -0.034017 -0.041938 -0.04986
0.004387 0.004284 0.004182 0.004079 0.003976 0.003873 2002-2013
0.008109 0.012705 0.0173 0.021896 0.026492 0.031087 Average mo0.005177
-0.016986 -0.028554 -0.040122 -0.05169 -0.063258 -0.074826 Standard d 0.044085
-0.027111 -0.028439 -0.029768 -0.031097 -0.032426 -0.033754
0.019817 0.02143 0.023043 0.024656 0.026269 0.027882 Annualized 0.063929
-0.000858 -0.00172 -0.002583 -0.003446 -0.004308 -0.005171 Standard d 0.152715
0.022534 0.020231 0.017927 0.015624 0.013321 0.011018 Variance 0.023322
0.02431 0.026718 0.029125 0.031533 0.033941 0.036348
0.009046 0.009183 0.00932 0.009457 0.009594 0.00973
0.008405 0.00736 0.006316 0.005271 0.004227 0.003182
0.02239 0.022648 0.022905 0.023163 0.023421 0.023679
0.016533 0.024673 0.032814 0.040954 0.049095 0.057236
0.043622 0.046996 0.05037 0.053745 0.057119 0.060493
0.005237 0.005699 0.006161 0.006623 0.007085 0.007547
-0.002706 -0.002443 -0.00218 -0.001917 -0.001654 -0.001391
0.041096 0.041726 0.042357 0.042988 0.043618 0.044249
0.018914 0.02423 0.029546 0.034863 0.040179 0.045495
-0.002114 -0.006674 -0.011234 -0.015794 -0.020354 -0.024914
0.020612 0.026641 0.032669 0.038698 0.044727 0.050756
-0.033734 -0.042899 -0.052064 -0.061229 -0.070394 -0.079559
0.060103 0.065324 0.070545 0.075767 0.080988 0.086209
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0.03574 0.038148 0.040556 0.042963 0.045371 0.047779
0.02514 0.023316 0.021492 0.019668 0.017844 0.01602
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0.025104 0.021163 0.017221 0.013279 0.009337 0.005395
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0.044623 0.046966 0.04931 0.051653 0.053996 0.056339
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0.020869 0.019875 0.01888 0.017885 0.016891 0.015896
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0.019363 0.021413 0.023462 0.025512 0.027562 0.029611
0.042168 0.040243 0.038317 0.036392 0.034466 0.032541
0.036344 0.040898 0.045452 0.050006 0.054559 0.059113
0.027936 0.026022 0.024109 0.022195 0.020282 0.018369
0.018545 0.018401 0.018257 0.018112 0.017968 0.017824
0.034552 0.036785 0.039017 0.04125 0.043482 0.045714
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0.007323 -0.001389 -0.010102 -0.018815 -0.027527 -0.03624
0.00685 0.014012 0.021174 0.028336 0.035498 0.04266
0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 1.39E-16
0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1
0.008207 0.007862 0.007518 0.007173 0.006829 0.006484 0.00614 0.005796 0.005451 0.005107
0.03897 0.035858 0.033464 0.031951 0.031445 0.031995 0.033548 0.035975 0.039114 0.042808
0.103048 0.098534 0.094038 0.089558 0.085095 0.080649 0.076219 0.071806 0.06741 0.06303
0.134995 0.124215 0.115923 0.110681 0.108929 0.110834 0.116214 0.124622 0.135494 0.14829
0.018224 0.015429 0.013438 0.01225 0.011866 0.012284 0.013506 0.015531 0.018359 0.02199
0.01153 0.01093 0.01033 0.009731 0.009131 0.008532 0.007932 0.007333 0.006733 0.006133
0.036835 0.033332 0.030615 0.028906 0.028387 0.029122 0.031021 0.033891 0.037508 0.041678
0.147474 0.139338 0.131256 0.123226 0.115249 0.107323 0.09945 0.091627 0.083856 0.076135
0.127599 0.115467 0.106055 0.100134 0.098335 0.10088 0.107461 0.117401 0.129931 0.144378
0.016282 0.013333 0.011248 0.010027 0.00967 0.010177 0.011548 0.013783 0.016882 0.020845
0.005074 0.00497 0.004866 0.004762 0.004658 0.004554 0.00445 0.004346 0.004242 0.004139
0.040764 0.037978 0.035852 0.034508 0.034038 0.034479 0.035797 0.0379 0.040667 0.043973
0.06261 0.061293 0.059977 0.058663 0.05735 0.056039 0.054729 0.053421 0.052114 0.050809
0.141211 0.13156 0.124194 0.119538 0.117911 0.119439 0.124004 0.13129 0.140876 0.152328
0.01994 0.017308 0.015424 0.014289 0.013903 0.014266 0.015377 0.017237 0.019846 0.023204
Portfolios Summary Data Local EAFE & S&P; $ EAFE & S&P
% S&P 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3
% EAFE 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7
1991-2013 Local EAFE & S&P

Annualized 0.107579 0.103232 0.0989 0.094585 0.090285 0.086 0.081731 0.077477
Standard d 0.14772 0.144981 0.142823 0.141273 0.140351 0.140069 0.140432 0.141433
Variance 0.021821 0.021019 0.020398 0.019958 0.019698 0.019619 0.019721 0.020003

Annualized 0.155662 0.148185 0.140751 0.133362 0.126017 0.118716 0.111458 0.104243
Standard d 0.141755 0.137683 0.13448 0.132209 0.130918 0.130638 0.131374 0.13311
Variance 0.020094 0.018957 0.018085 0.017479 0.01714 0.017066 0.017259 0.017718

Annualized 0.063929 0.062331 0.060735 0.059141 0.057549 0.055959 0.054372 0.052786
Standard d 0.152715 0.151211 0.150023 0.149159 0.148624 0.148422 0.148554 0.14902
Variance 0.023322 0.022865 0.022507 0.022248 0.022089 0.022029 0.022068 0.022207
1991-2013 $ EAFE & S&P

Annualized 0.107579 0.103048 0.098534 0.094038 0.089558 0.085095 0.080649 0.076219
Standard d 0.14772 0.134995 0.124215 0.115923 0.110681 0.108929 0.110834 0.116214
Variance 0.021821 0.018224 0.015429 0.013438 0.01225 0.011866 0.012284 0.013506
1991-2001 $ EAFE & S&P

Annualized 0.155662 0.147474 0.139338 0.131256 0.123226 0.115249 0.107323 0.09945
Standard d 0.141755 0.127599 0.115467 0.106055 0.100134 0.098335 0.10088 0.107461
Variance 0.020094 0.016282 0.013333 0.011248 0.010027 0.00967 0.010177 0.011548
2002-2013 $ EAFE & S&P

Annualized 0.063929 0.06261 0.061293 0.059977 0.058663 0.05735 0.056039 0.054729
Standard d 0.152715 0.141211 0.13156 0.124194 0.119538 0.117911 0.119439 0.124004
Variance 0.023322 0.01994 0.017308 0.015424 0.014289 0.013903 0.014266 0.015377
GRAPH DATA SCRATCH SPACE
0.2 0.1 1.39E-16
0.8 0.9 1
Label Variance
1991-2013 0.021821 0.021019 0.020398 0.019958
0.073238 0.069015 0.064807 1991-2001 0.020094 0.018957 0.018085 0.017479
0.14306 0.145292 0.148101 2002-2013 0.023322 0.022865 0.022507 0.022248
0.020466 0.02111 0.021934 1991-2013 0.021821 0.018224 0.015429 0.013438
1991-2001 0.020094 0.016282 0.013333 0.011248
2002-2013 0.023322 0.01994 0.017308 0.015424
0.097071 0.089942 0.082856
0.135806 0.139409 0.143848
0.018443 0.019435 0.020692 1991-2013 1991-2001 2002-2013 1991-2013 1991-2001
0.021821 0.020094 0.023322 0.021821 0.020094
0.021019 0.018957 0.022865 0.018224 0.016282
0.051203 0.049622 0.048044 0.020398 0.018085 0.022507 0.015429 0.013333
0.149815 0.150936 0.152375 0.019958 0.017479 0.022248 0.013438 0.011248
0.022445 0.022782 0.023218 0.019698 0.01714 0.022089 0.01225 0.010027
0.019619 0.017066 0.022029 0.011866 0.00967
0.019721 0.017259 0.022068 0.012284 0.010177
0.071806 0.06741 0.06303 0.020003 0.017718 0.022207 0.013506 0.011548
0.124622 0.135494 0.14829 0.020466 0.018443 0.022445 0.015531 0.013783
0.015531 0.018359 0.02199 0.02111 0.019435 0.022782 0.018359 0.016882
0.107579 0.155662 0.063929 0.107579 0.155662
0.103232 0.148185 0.062331 0.103048 0.147474
0.091627 0.083856 0.076135 0.0989 0.140751 0.060735 0.098534 0.139338
0.117401 0.129931 0.144378 0.094585 0.133362 0.059141 0.094038 0.131256
0.013783 0.016882 0.020845 0.090285 0.126017 0.057549 0.089558 0.123226
0.086 0.118716 0.055959 0.085095 0.115249
0.081731 0.111458 0.054372 0.080649 0.107323
0.053421 0.052114 0.050809 0.077477 0.104243 0.052786 0.076219 0.09945
0.13129 0.140876 0.152328 0.073238 0.097071 0.051203 0.071806 0.091627
0.017237 0.019846 0.023204 0.069015 0.089942 0.049622 0.06741 0.083856
Return
0.019698 0.019619 0.019721 0.020003 0.020466 0.02111 0.107579 0.103232 0.0989 0.094585
0.01714 0.017066 0.017259 0.017718 0.018443 0.019435 0.155662 0.148185 0.140751 0.133362
0.022089 0.022029 0.022068 0.022207 0.022445 0.022782 0.063929 0.062331 0.060735 0.059141
0.01225 0.011866 0.012284 0.013506 0.015531 0.018359 0.107579 0.103048 0.098534 0.094038
0.010027 0.00967 0.010177 0.011548 0.013783 0.016882 0.155662 0.147474 0.139338 0.131256
0.014289 0.013903 0.014266 0.015377 0.017237 0.019846 0.063929 0.06261 0.061293 0.059977
2002-2013 $ EAFE & S&P 1991-2013 1991-2001 2002-2013 1991-2013 1991-2001 2002-2013 $ EAFE & S&P
0.023322 0.021821 0.107579
0.01994 0.021019 0.103232
0.017308 0.020398 0.0989
0.015424 0.019958 0.094585
0.014289 0.019698 0.090285
0.013903 0.019619 0.086
0.014266 0.019721 0.081731
0.015377 0.020003 0.077477
0.017237 0.020466 0.073238
0.019846 0.02111 0.069015
0.063929 0.020094 0.155662
0.06261 0.018957 0.148185
0.061293 0.018085 0.140751
0.059977 0.017479 0.133362
0.058663 0.01714 0.126017
0.05735 0.017066 0.118716
0.056039 0.017259 0.111458
0.054729 0.017718 0.104243
0.053421 0.018443 0.097071
0.052114 0.019435 0.089942
0.023322 0.063929
0.022865 0.062331
0.022507 0.060735
0.022248 0.059141
0.022089 0.057549
0.022029 0.055959
0.022068 0.054372
0.022207 0.052786
0.022445 0.051203
0.022782 0.049622
0.021821 0.107579
0.018224 0.103048
0.015429 0.098534
0.013438 0.094038
0.01225 0.089558
0.011866 0.085095
0.012284 0.080649
0.013506 0.076219
0.015531 0.071806
0.018359 0.06741
0.020094 0.155662
0.016282 0.147474
0.013333 0.139338
0.011248 0.131256
0.010027 0.123226
0.00967 0.115249
0.010177 0.107323
0.011548 0.09945
0.013783 0.091627
0.016882 0.083856
0.023322 0.063929
0.01994 0.06261
0.017308 0.061293
0.015424 0.059977
0.014289 0.058663
0.013903 0.05735
0.014266 0.056039
0.015377 0.054729
0.017237 0.053421
0.019846 0.052114
0.090285 0.086 0.081731 0.077477 0.073238 0.069015
0.126017 0.118716 0.111458 0.104243 0.097071 0.089942
0.057549 0.055959 0.054372 0.052786 0.051203 0.049622
0.089558 0.085095 0.080649 0.076219 0.071806 0.06741
0.123226 0.115249 0.107323 0.09945 0.091627 0.083856
0.058663 0.05735 0.056039 0.054729 0.053421 0.052114
$ EAFE & S&P

Innocent Abroad Exercise Sheet - Student

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Appendix A Exchange Rates and Stock Market Index Values from December 1990 to August 2013

Exchange Rate (Foreign per USD)

Australia Canada Chinab Germany India Japan

1991-2013 1991-2001 2002-2013

1991-2013 Correlations of Monthly Returns $ Based Returns)

1991-2001 Correlations of Monthly Returns $ Based Returns)

Increases in Correlations between the Two Subperiods

1991-2001 U.S. 0.5627 0.7710 0.0550 0.5830

2002-2013 U.S. 0.8044 0.8038 0.3243 0.8810

U.K. Australia Canada Chinab Germany India Japan U.K.

U.K. Australia Canada Chinab Germany India Japan U.K.

local currency based

local currenc 1991-2013 1991-2001 2002-2013

1991-2013 1991-2001 2002-2013

1991-2013 Correlations of Monthly Returns (Local Currency Based Re

1991-2001 Correlations of Monthly Returns (Local Currency Based Re

s Increases in Correlations between the Two Subperiods

0.0912 0.3879 0.6525 1991-2001 U.S. 0.5847 0.7707

0.5863 0.5426 0.8702 2002-2013 U.S. 0.8099 0.8015

ns (Local Currency Based Returns)

ts with U.S. over different periods (Local currency based returns)

0.0534 0.6059 0.0921 0.3749 0.6669

0.3178 0.8623 0.5583 0.5885 0.8859

S&P 500 EAFE EAFE $ EM EM $

Annualized 0.107579 0.103232 0.0989 0.094585 0.090285 0.086 0.081731 0.077477

Annualized 0.155662 0.148185 0.140751 0.133362 0.126017 0.118716 0.111458 0.104243

Annualized 0.063929 0.062331 0.060735 0.059141 0.057549 0.055959 0.054372 0.052786

0.073238 0.069015 0.064807

0.00775 0.007203 0.006656

0.097071 0.089942 0.082856

0.00417 0.004044 0.003918

0.051203 0.049622 0.048044

0.038082 0.03699 0.035899 0.034808 0.033717 0.032626 1991-2013

1991-2013 Local EAFE & S&P

1991-2001 Local EAFE & S&P

2002-2013 Local EAFE & S&P

1991-2013 $ EAFE & S&P

1991-2001 $ EAFE & S&P

2002-2013 $ EAFE & S&P

$ EAFE & S&P

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