1.Calculate the Jensen alpha vs. the S&P 500 for portfolio A & Port B. Use annualized data.

Data Downside Deviation Sheet2 Sheet3 Portfolio A Portfolio B S&P 500 90dBill Mar 01 -4.50% -1.10% -6.34% 0.44% Apr 01 8.75% 1.38% 7.77% 0.38% May 01 1.03% -7.13% 0.67% 0.37% Jun 01 -2.45% 3.68% 2.43% 0.32% Jul 01 -1.87% 2.72% 0.98% 0.31% Aug 01 -3.77% 13.44% 6.26% 0.30% Sep 01 -7.43% -2.11% -8.08% 0.29% Oct 01 2.09% 2.51% 1.91% 0.26% Nov 01 5.94% 4.24% 7.67% 0.21% Dec 01 1.99% 10.09% 0.88% 0.18% Jan 02 -1.18% 1.27% -1.46% 0.16% Feb 02 -1.45% 0.56% 1.93% 0.13% Mar 02 4.95% -0.86% 3.76% 0.15% Apr 02 -5.28% 3.56% -6.06% 0.14% May 02 -0.68% -1.62% -0.74% 0.15% Jun 02 8.26% 7.47% -7.12% 0.14% Jul 02 -7.03% -2.09% -7.79% 0.15% Aug 02 0.80% 3.40% 0.66% 0.14% Sep 02 -10.07% 0.32% 10.87% 0.14% Oct 02 6.93% 2.82% 8.80% 0.14% Nov 02 4.12% 4.95% 5.89% 0.13% Dec 02 4.99% -5.70% -5.87% 0.12% Jan 03 -2.11% 5.90% 2.62% 0.11% Feb 03 -1.51% -6.23% -1.50% 0.09% Mar 03 1.66% 1.78% 0.97% 0.10% Apr 03 6.85% 3.24% 8.24% 0.10% May 03 5.13% 10.52% 5.27% 0.10% Jun 03 1.11% 1.09% 1.28% 0.09% Jul 03 1.96% -17.02% 1.76% 0.09% Aug 03 2.37% 1.77% 1.95% 0.08% Sep 03 0.23% 13.19% 1.06% 0.08% Oct 03 5.56% 12.80% 5.66% 0.08% Nov 03 1.48% 3.82% 0.88% 0.08% Dec 03 4.23% 4.50% 5.24% 0.08% Jan 04 2.24% 8.29% 1.84% 0.08% Feb 04 2.34% 7.74% 1.39% 0.07% Mar 04 -0.86% 4.09% -1.51% 0.08% Apr 04 -2.22% -9.22% 1.57% 0.08% May 04 1.88% 1.35% 1.37% 0.08% Jun 04 2.50% -1.96% 1.94% 0.08% Jul 04 -3.94% 8.12% 3.31% 0.10% Aug 04 -0.19% 2.86% 0.40% 0.11% Sep 04 1.42% 1.15% 1.08% 0.12% Oct 04 1.96% 0.62% 1.53% 0.13% Nov 04 5.21% 6.39% 4.05% 0.14% Dec 04 3.23% 0.44% 3.40% 0.16% Jan 05 -2.72% 1.18% -2.44% 0.18% Feb 05 2.57% 9.27% 2.10% 0.18% Mar 05 -0.58% -1.09% 1.77% 0.21% Apr 05 -2.07% -3.82% .1.90% 0.22% May 05 3.84% -0.06% 3.18% 0.24% Jun 05 0.66% 5.31% 0.14% 0.24% Jul 05 4.16% 2.78% 3.72% 0.25% Aug 05 -0.72% -1.15% -0.91% 0.27% Sep 05 1.96% 7.09% 0.81% 0.27% Oct 05 2.02% 2.84% 1.67% 0.29% Nov 05 4.75% 5.94% 3.78% 0.30% Dec 05 0.83% 4.20% 0.03% 0.32% Jan-06 4.15% 1.17% 2.65% 0.33% Feb-06 0.04% 2.23% 0.27% 0.32% Mar-06 1.00% -5.05% 1.24% 0.37% Annualized Return 5.86% 24.64% 2.57% 2.19% Annualized Volatility 13.4% 19.0% 14.2% 0.3% Monthly Vol 3.87% 5.47% 4.10% 0.10% Avg Mthly Rtn 0.55% 2.00% 0.30% 0.18%Format as Table x Delete v Cell Styles v Format Sort & Find & Filter Select V50 X V fx A B C D E F G H M N P R Portfolio A Portfolio B S&P 500 90dBill Port A Down(A) Down(A) ^2 Port B Down(B) Down(B) ^2 S&P Down(S&P) Down(S&P) 42 Mar 01 4.50% -1.10% 6.34% 0.44% 4.94% 4.94% 0.00244074 -1.54% -1.54% 0.00023797 -6.78% 6.78% 0.004591011 Apr 01 8.75% 1.38% 7.77% 0.38% 8.37% 1.00% 7.39% May 01 1.03% -7.13% 0.67% 0.37% 0.66% -7.50% -7.50% 0.005622198 0.30% Jun 01 2.45% 3.68% -2.43% 0.32% 2.77% -2.77% 0.00076907 3.36% 2.76% -2.76% 0.000759113 Jul 01 1.87% 2.72% -0.98% 0.31% -2.18% -2.18% 0.0004756 2.40% -1.30% 1.30% 0.00016848 Aug 01 3.77% 13.44% 6.26% 0.30% 4.07% 4.07% 0.00165943 13.14% -6.56% 6.56% 0.004308872 Sep 01 -7.43% -2.11% 8.08% ).29% 7.72% -7.72% 0.00595768 2.39% -2.39% 0.000572433 -8.36% -8.36% 0.006992639 Oct 01 2.09% 2.51% 1.91% 0.26% 1.83% 2.25% 1.65% 10 Nov 01 5.94% 4.24% 7.67% 0.21% 5.73% 4.02% 7.46% 11 Dec 01 1.99% 10.09% 0.88% 0.18% 1.81% 9.91% 0.70% 12 Jan 02 -1.18% 1.27% -1.46% 0.16% -1.33% -1.33% 0.00017795 1.11% -1.62% 1.62% 0.000260952 13 Feb 02 -1.45% -0.56% -1.93% 0.13% 1.58% -1.58% 0.00025 -0.69% -0.69% 4.79832E-05 -2.06% 2.06% 0.000425226 14 Mar 02 4.95% -0.86% 3.76% 0.15% 4.81% -1.01% -1.01% 0.000101339 3.61% 15 5.28% 3.56% 6.06% .14% 5.43% -5.43% 0.0029439 3.41% 6.21% 6.21% 0.003852685 Apr 02 16 May 02 0.68% -1.62% 0.74% 0.15% -0.83% -0.83% 6.8367E-05 -1.77% -1.77% 0.000312798 -0.89% -0.89% 7.85528E-05 17 Jun 02 -8.26% 7.47% -7.12% 0.14% 8.41% -8.41% 0.0070655 7.32% 7.27% 7.27% 0.005282092 0.15% -7.18% -7.18% 0.00515022 2.24% -2.24% 0.000500225 -7.94% 7.94% 0.006305948 18 Jul 02 7.03% -2.09% 7.79% 19 Aug 02 0.80% 3.40% 0.66% 0.14% 0.66% 3.26% 0.51% -10.87% 0.14% 10.21% -10.21% 0.01042012 0.46% -0.46% 2.10423E-05 -1101% -11.01% 0.012112983 20 Sep 02 10.07% -0.32% 21 Oct 02 6.93% 2.82% 8.80% 0.14% 6.79% 2.68% 8.66% 22 Nov 02 4.13% 4.95% 5.89% 0.13% 4.00% 4.82% 5.76% 4.99% 5.70% -5.87% 0.12% 5.11% 5.11% 0.0026108 5.82% -5.82% 0.003382902 5.99% 5.99% 0.003593163 23 Dec 02 -2.22% 0.00049413 5.79% -2.73% 2.73% 0.000744799 24 Jan 03 -2.11% 5.90% -2.62% 0.11% -2.22% -1.59% 1.59% 0.000253542 25 Feb 03 -1.519 6.23% -1.50% 0.09% 1.60% -1.60% 0.00025581 6.32% -6.32% 0.003994531 0.87% 26 Mar 03 1.66% 1.78% 0.97% 0.10% 1.56% 1.68% 3.24% 8.24% 0.10% 6.76% 3.15% 8.14% 27 Apr 03 6.85% 5.27% 0.10% 5.04% 10.43% 5.17% 28 May 03 5.13% 10.52% 1.18% 29 Jun 03 1.11% 1.09% 1.28% 0.09% 1.02% 1.00% -17.10% 0.029252393 Jul 03 1.96% 17.02% 0.09% 1.87% 17.10% 1.68% 30 1.76% 0.08% 2.29% 1.69% 1.87% 31 Aug 03 2.37% 1.77% 1.95% -0.30% 9.2355E-06 3.11% -1.14% -1.14% 0.000129459 32 Sep 03 -0.23% 13.19% -1.06% 0.08% 0.30% 33 5.56% 12.80% 5.66% 0.08% 5.48% 2.72% 5.58% Oct 03 1.40% 3.74% 0.80% 34 Nov 03 1.48% 3.82% 0.88% 0.08% Dec 03 4.23% 5.24% 0.08% 4.15% 4.43% 5.16% 35 4.50% 2.16% 8.21% 1.76% 36 Jan 04 2.24% 8.29% 1.84% 0.08% 2.27% 7.67% 1.32% 0.000251984 37 Feb 04 2.34% 7.74% 1.39% 0.07% -1.59% -1.59% 0.94% -0.94% 8.7834E-05 4.01% 38 Mar 04 -0.86% 4.09% -1.51% 0.08% Data Downside Deviation Sheet2 Sheet3 + 836 816 W Lr O 29 DII DD 20