1. What is the most recent month for which the company retum and market retum were less than their expected retums? (0.5 points) (.e. both had negative amounts in collumn E and collumn G.) fx A LAN o a 0 A B C D Inth# Date SPY Date 1 10/1/21 459.25 10/1/21 2 9/1/21 429.14 9/1/21 3 8/1/21 451.56 8/1/21 4 7/1/21 438.51 7/1/21 5 6/1/21 428.06 6/1/21 6 5/1/21 420.04 S/1/21 7 4/1/21 417.3 4/1/21 8 3/1/21 396,33 3/1/21 2/1/21 380.36 2/1/21 10 1/1/21 370.07 1/1/21 11 12/1/20 373.88 12/1/20 12 11/1/20 362.06 11/1/20 13 10/1/20 326.54 10/1/20 14 9/1/20 334.89 9/1/20 15 8/1/20 349.31 8/1/20 16 7/1/20 326.52 7/1/20 17 6/1/20 308.36 6/1/20 18 5/1/20 304.32 5/1/20 19 4/1/20 290.48 4/1/20 20 3/1/20 257.75 3/1/20 21 2/1/20 296.26 2/1/20 22 1/1/20 321.73 1/1/20 23 12/1/19 321.86 12/1/19 24 11/1/19 314.31 11/1/19 25 10/1/19 303.33 10/1/19 26 9/1/19 296.77 9/1/19 27 8/1/19 292.45 8/1/19 28 7/1/19 297,43 7/1/19 29 6/1/19 293 6/1/19 30 5/1/19 275.27 5/1/19 31 4/1/19 294.02 4/1/19 32 3/1/19 282.48 3/1/19 33 2/1/19 278.68 2/1/19 34 1/1/19 269.93 1/1/19 35 12/1/18 249.92 12/1/18 11 E F G AMZN Mkt Returns Co. Return 3,372.43 7.016358% 2.660242" 3285.04 4.965010% -5.3518084 3470.79 2.975987% 4.3034159 3327.59 2.441247% -3.2722329 3440,16 1.909342% 6.7355049 3223.07 0.656602% -7.047026% 3467.42 5.291045% 12.066268% 3094.08 4.198654% 0.037182% 3092.93 2.780555% -3.532843% 3206-2 -1.019044% -1.557602% 3256.93 3.264652% 2.805836% 3168.04 10.877687% 4.343988% 3036.15 -2.493356% -3.575410% 3148.73 4.128138% -8.757853% 3450.96 6.979664% 9.046096% 3164.68 5.889220% 14.711362% 2758.82 1.327550% 12.956677% 244237 4.764528% 1.278496% 2474 12.698351% 26.890015% 1949.72 -12.998717% 3.502057% 1883.75 -7.916576% -6.221375% 2008.72 -0.040390% 8.706382% 1847,84 2.402087% 2.612172% 1800.8 3.619820% 1.358729% 1776.66 2.210466% 2.347472% 1735.91 1.477176% -2.273277% 1776.29 -1.674344% 4.847384% 1866.78 1.511945% - 1.417912% 1893.63 6.440949% 6.679173% 1775.07 -6.377117% -7.861325% 1926 52 4.085245% 8.185877% 1780.75 1.363571% 8.593574% 1639.83 3.24158196 -4.590599% 1718.73 8.006562% 14.43171396 150197 -9.334301% -11,134975% Times New Roman 111 12 B IVB v E fs B C D E F G 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 SO 51 52 53 54 SS 56 57 58 59 GO 61 8/1/19 7/1/19 6/1/19 S/1/19 4/1/19 3/1/19 2/1/19 1/1/19 12/1/18 11/1/18 10/1/18 9/1/18 8/1/18 7/1/18 6/1/18 5/1/18 4/1/18 3/1/18 2/1/18 1/1/18 12/1/17 11/1/17 10/1/17 971/17 81/17 7/1/17 6/1/17 5/1/17 4/1/17 3/1/17 2/1/17 1/1/17 12/1/16 11/1/16 10/1/16 292.45 297.43 293 275.27 294.02 282.48 278.68 269.93 249.92 275,65 270.63 290.72 290.31 281.33 271.28 270.94 264.51 263.15 271.65 281.9 266.86 265.01 257.15 251.23 247.49 246.77 241.8 241.44 238.08 235.74 236.47 227.53 223.53 220.38 212 55 8/1/19 7/1/19 6/1/19 S/1/19 4/1/19 3/1/19 2/1/19 1/1/19 12/1/18 11/1/18 10/1/18 9/1/18 8/1/18 7/1/18 6/1/18 5/1/18 4/1/18 3/1/18 2/1/18 1/1/18 12/1/17 11/1/17 10/1/17 9/1/17 8/1/17 7/1/17 6/1/17 5/1/17 4/1/17 371/17 2/1/17 1/1/17 12/1/16 11/1/16 10/1/16 1776.29 1866.78 1893.63 1775.07 1926:52 1780.75 1639.83 1718,73 150197 1690.17 1598.01 2003 2012.71 177.44 1699 8 1629.62 1566.13 144734 1512.45 1450.89 1169.47 1176,75 1105 28 96135 9506 987.78 1968 9462 924.99 886.54 145.04 -1.674344% 4.847384% 1.511945% -1.417912% 6.440949% 6.679173% -6.377117% -7.861325% 4.085245% 8.185877% 1.363571% 8.593574% 3.241581% -4.590599% 8.006562% 14,431713% -9.334301% -11.134975% 1.854931% 5.767173% -6.910429% -20.219171% 0.141228% -0.482434% 3.191981% 13.236452% 3.704659% 4.567596% 0.125489% 4.306525% 2.430910% 4,0539429 0.516816% 8.207470% -3.129026% -4.304936% 3.636041% 4.242913% 5.635914% 24.063892% 0.698087% -0.618653% 3.056582% 6.466235% 2.356406% 14.971654% 1.511172% -1.963084% 0.291770% -0.726883% 2.055418% 2.043388% 0.149105% -2.6763999% 1411290 7.52764996 0.992619% 4.337086% -0.3087079 4.911010% 3.9291529 2.61815294 1.78946996 9.816368% 1.4293-49% -0.0932629 3.6838399 -4.9694879 749.57 75057 789 83 27 1 This spreadsheet calculates the Expected Returns, Variances, and Standard Deviations of 2 Return Serie 2 Page down to bottom for results 3 Distance 4 Market Company from Mean Variance(M) Variance() 5 Date Returns Returns (Ry - E(R)) (RAL-ER.))? (Re-ER) (R-ER.) 6 Oct-21 0.07016 0.02660 0.05625 0.00316 -0.00095 0.00000 7 Sep-211-0.04965 -0.05352 -0.06356 0.00404 -0.08107 0.00657 8 Aug-21 0.02976 0.04303 0.01585 0.00025 0.01548 0.00024 9 Jul-21 0.02441 -0.03272 0.01050 0.00011 -0.06028 0.00363 10 Jun-21 0.01909 0.06736 0.00518 0.00003 0.03980 0.00158 11 May-21 0.00657 -0.07047 -0.00734 0.00005 -0.09803 0.00961 12 Apr-21 0.05291 0.12066 0.03900 0.00152 0.09311 0.00867 13 Mar-21 0.04199 0.00037 0.02808 0.00079 -0.02718 0.00074 14 Feb-21 0.02781 -0.03533 0.01390 0.00019 -0.06288 0.00395 15 Jan-21 -0.01019 -0.01558 -0.02410 0.00058 -0.04313 0.00186 16 Dec-20 0.03265 0.02806 0.01874 0.00035 0.00050 0.00000 Nov-20 0.10878 0.04344 0.09487 0.00900 0.01588 0.00025 18 Oct-20 -0.02493 -0.03575 -0.03884 0.00151 -0.06331 0.00401 19 Sep-20 -0.04128 -0,08758 -0.05519 0.00305 -0.11513 0.01326 20 Aug-20 0.06980 0.09046 0.05589 0.00312 0.06290 0.00396 21 Jul-20 0.05889 0.14711 0.04498 0.00202 0.11956 0.01429 22 Jun-20 0.01328 0.12957 -0.00063 0.00000 0.10201 0.01041 23 May-20 0.04765 -0.01278 0.03374 0.00114 -0.04034 0.00163 24 Apr-20 0.12698 0.26890 0.11307 0.01279 0.24134 0.05825 25 Mar-20 -0.12999 0.03502 -0.14390 0.02071 0.00746 0.00006 Feb-20 -0.07917 -0.06221 -0.09308 0.00866 -0.08977 0.00806 Jan-20 -0.00040 0.08706 -0.01431 0.00020 0.05951 0.00354 28 Dec-19 0.02402 0.02612 0.01011 0.00010 -0.00143 0.00000 29 Nov-19 0.03620 0.01359 0.02229 0.00050 -0.01397 0.00020 30 Oct-19 0.02210 0.02347 0.00820 0.00007 -0.00408 0.00002 31 Sep-19 0.01477 -0.02273 0.00086 0.00000 -0.05029 0.00253 32 Aug-19 -0.01674 -0.04847 -0.03065 0.00094 -0.07603 0.00578 33 Jul-19 0.01512 -0.01418 0.00121 0.00000 -0.04174 0.00174 34 Jun-19 0.06441 0.06679 0.05050 0.00255 0.03924 0.00154 35 May-19 -0.06377 -0.07861 -0.07768 0.00603 -0.10617 0.01127 Apr-19 0.04085 0.08186 0.02694 0.00073 0.05430 0.00295 37 Mar-19 0.01364 0.08594 -0.00027 0.00000 0.05838 0.00341 38 Feb-19 0.03242 -0.04591 0.01851 0.00034 -0.07346 0.00540 39 Jan-19 0.08007 0.14432 0.06616 0.00438 0.11676 0.01363 40 Dec-18 -0.09334 -0.11135 -0.10725 0.01150 -0.13891 0.01929 41 Nor-18 00185 0.00454 000002 0.03012 0.00091 26 27 36 F G B C D 31 Sep-19 0.01477 -0.02273 32 Aug-19 -0.01674 -0.04847 33 Jul-19 0.01512 -0.01418 34 Jun-19 0.06441 0.06679 35 May-19 -0,06377 -0.07861 36 Apr-19 0.04085 0.08186 37 Mar-19 0.01364 0.08594 38 Feb-19 0.03242 -0.04591 39 Jan-19 0.08007 0.14432 40 Dec-18 -0.09334 -0.11135 41 Nov-18 0.01855 0.05767 42 Oct-18 -0.06910 -0.20219 43 Sep-18 0.00141 -0.00482 44 Aug-18 0.03192 0.13236 45 Jul-18 0.03705 0.04568 46 Jun-18 0.00125 0.04307 47 May-18 0.02431 0.04054 48 Apr-18 0.00517 0.08207 49 Mar-18 -0.03129 -0.04305 SO Feb-18 -0.03636 0.04243 S1 Jan-18 0.05636 0.24064 52 Dec-17 0.00698 -0.00619 53 Nov-17 0.03057 0.06466 54 Oct-17 0.02356 0.14972 55 Sep-17 0.01511 -0.01963 56 Aug-17 0.00292 -0.00727 57 Jul-17 0.02055 0.02043 58 Jun-17 0.00149 -0.02676 59 May-17 0.01411 0.07528 60 Apr-17 0.00993 0.04337 61 Mar-17 -0.00309 0.04911 62 Feb-17 0.03929 0.02618 63 Jan-17 0.01789 0.09816 64 Dec-16 0.01429 -0.00093 65 Nov-16 0.03684 -0.04969 66 Sums: 0.83456 1.65337 67 68 ER 69 Variance 70 Standard Deviation 71 E 0.00086 -0.03065 0.00121 0.05050 -0.07768 0.02694 -0.00027 0.01851 0.06616 -0.10725 0.00464 -0.08301 -0.01250 0.01801 0.02314 -0.01265 0.01040 -0.00874 -0.04520 -0.05027 0.04245 -0.00693 0.01666 0.00965 0.00120 -0.01099 0.00664 -0.01242 0.00020 -0.00398 -0.01700 0.02538 0.00399 0.00038 0.02293 0.00000 0.00094 0.00000 0.00255 0.00603 0.00073 0.00000 0.00034 0.00438 0.01150 0.00002 0.00689 0.00016 0.00032 0.00054 0.00016 0.00011 0.00008 0.00204 0.00253 0.00180 0.00005 0.00028 0.00009 0.00000 0.00012 0.00004 0.00015 0.00000 0.00002 0.00029 0.00064 0.00002 0.00000 0.00053 0.11730 Market 0.01391 0.00195 0.04421 H -0.05029 -0.07603 -0.04174 0.03924 -0.10617 0.05430 0.05838 -0.07346 0.11676 -0.13891 0.03012 -0.22975 -0.03238 0.10481 0.01812 0.01551 0.01298 0.05452 -0.07061 0.01487 0.21308 -0.03374 0.03711 0.12216 -0.04719 10.03482 -0.00712 -0.05432 0.04772 0.01581 0.02155 -0.00137 0.07061 -0.02849 -0.007725 0.00253 0.00578 0.00174 0.00154 0.01127 0.00295 0.00341 0.00540 0.01363 0.01929 0.00091 0.05278 0.00105 0.01098 0.00033 0.00024 0.00017 0.00297 0.00499 0.00022 0.04540 0.00114 0.00138 0.01492 0.00223 0.00121 0.00005 0.00295 0.00228 0.00025 0.00046 0.00000 0.00499 0.00081 0.00597 0.38101 Company 0.02754 0.00635 0.07969 - A B C D This spreadsheet calculates the Covariance and Bets of a Company Return Series with Market Series. Page down to bottom for results Distance Distance Market Company from Mean from Mean Covariance(MC) Date Returns Returns (Ry - E(R) (Re-E(R) (R, - E(R)X(R-E(R) Oct-21 0.07016 0.02660 0.05625 -0.00095 -0.00005 7 Sep-21 -0.04965 -0.05352 -0.06356 -0.08107 0.00515 3 Aug-21 0.02976 0.04303 0.01585 0.01548 0.00025 9 Jul-21 0.02441 -0.03272 0.01050 -0.06028 -0.00063 LO Jun-21 0.01909 0.06736 0.00518 0.03980 0.00021 11 May-21 0.00657 -0.07047 -0.00734 -0.09803 0.00072 12 Apr-21 0.05291 0.12066 0.03900 0.09311 0.00363 13 Mar-21 0.04199 0.00037 0.02808 -0.02718 -0.00076 14 Feb-21 0.02781 -0.03533 0.01390 -0.06288 -0.00087 15 Jan-21 -0.01019 -0.01558 -0.02410 -0.04313 0.00104 16 Dec-20 0.03265 0.02806 0.01874 0.00050 0.00001 17 Nov-20 0.10878 0.04344 0.09487 0.01588 0.00151 18 Oct-20 -0.02493 -0.03575 -0.03884 -0.06331 0.00246 19 Sep-20 -0.04128 -0.08758 -0.05519 -0.11513 0.00635 20 Aug-20 0.06980 0.09046 0.05589 0.06290 0.00352 21 Jul-20 0.05889 0.14711 0.04498 0.11956 0.00538 Jun-20 0.01328 0.12957 0.00063 0.10201 -0.00006 23 May-20 0.04765 -0.01278 0.03374 0.04034 -0.00136 24 Apr-20 0.12698 0.26890 0.11307 0.24134 0.02729 25 Mar-20 -0.12999 0.03502 -0.14390 0.00746 -0.00107 26 Feb-20 -0.07917 -0.06221 -0.09308 0.08977 0.00836 27 Jan-20 -0.00040 0.08706 -0.01431 0.05951 40.00085 28 Dec-19 0.02402 0.02612 0.01011 -0.00143 -0.00001 29 Noy-19 0.03620 0.01359 0.02229 -0.01397 -0.00031 30 Oct-19 0.02210 0.02347 0.00820 -0.00408 -0.00003 31 Sep-19 0.01477 -0.02273 0.00086 -0.05029 0.00004 32 Aug-19 -0.01674 -0.04847 -0.03065 -0.07603 0.00233 Jul 19 0.01512 -0.01418 0.00121 -0.04174 -0.00005 34 Jun-19 0.06441 0.06679 0.05050 0.03924 0.00198 35 May-19 -0.06377 -0.07861 -0.07768 -0.10617 0.00825 36 Apr-19 0.04085 0.08186 0.02694 0.05430 0.00146 37 Mar-19 0.01364 0.08594 -0.00027 0.05838 -0.00002 38 Feb-19 0.03242 -0.04591 0.01851 -0.07346 -0.00136 22 VUOS A B C D E F G H VAUJU VXVSTOU UXUSU UZUUTTO 30 37 Mar-19 0.01364 0.08594 -0.00027 -0.00002 0.05838 38 Feb-19 0.03242 -0.04591 0.01851 -0.07346 -0.00136 39 Jan-19 0.08007 0.14432 0.06616 0.11676 0.00772 40 Dec-18 -0.09334 -0.11135 -0.10725 -0.13891 0.01490 41 Nov-18 0.01855 0.05767 0.00464 0.03012 0.00014 42 Oct-18 -0.06910 -0.20219 -0.08301 -0.22975 0.01907 43 Sep-18 0.00141 -0.00482 -0.01250 -0.03238 0.00040 44 Aug-18 0.03192 0.13236 0.01801 0.10481 0.00189 45 Jul-18 0.03705 0.04568 0.02314 0.01812 0.00042 46 Jun-18 0.00125 0.04307 -0.01265 0.01551 -0.00020 47 May-18 0.02431 0.04054 0.01040 0.01298 0.00014 48 Apr-18 0.00517 0.08207 -0.00874 0.05452 -0.00048 49 Mar-18 -0.03129 -0.04305 -0.04520 -0.07061 0.00319 50 Feb-18 -0.03636 0.04243 -0.05027 0.01487 -0.00075 51 Jan-18 0.05636 0.24064 0.04245 0.21308 0.00905 52 Dec-17 0.00698 -0.00619 -0.00693 -0.03374 0.00023 53 Nov-17 0.03057 0.06466 0.01666 0.03711 0.00062 54 Oct-17 0.02356 0.14972 0.00965 0.12216 0.00118 55 Sep-17 0.01511 -0.01963 0.00120 -0.04719 -0.00006 56 Aug-17 0.00292 -0.00727 -0.01099 -0.03482 0.00038 57 Jul-17 0.02055 0.02043 0.00664 -0.00712 -0.00005 58 Jun-17 0.00149 -0.02676 -0.01242 -0.05432 0.00067 59 May-17 0.01411 0.07528 0.00020 0.04772 0.0004+ 60 Apr-17 0.00993 0.04337 -0.00398 0.01581 -0.00006 61 Mar-17 -0.00309 0.04911 -0.01700 0.02155 -0.00037 62 Feb-17 0.03929 0.02618 0.02538 -0.00137 -0.00003 Jan-17 0.01789 0.09816 0.00399 0.07061 0.00028 64 Dec-16 0.01429 -0.00093 0.00038 -0.02849 -0.00001 65 Nov-16 0.03684 -0.04969 0.02293 -0.07725 -0200177 66 Sums: 0.83456 1.65337 0.12891 67 Market Company Market & Company 68 E(R): 0.01391 0.02756 69 Variance and Covariance: 0.00195 0.00635 0.00215 70 Standard Deviation: 0.04421 0.07969 71 72 Calculating Beti: Beta Cov(CM/Var(M)- 1.10 73 74 Note: Beta measures the comovement of the company returns with the market. 63
