As a financial advisor, you are asked to advise your Singaporean clients to invest in 3 Exchange Trade Funds (ETF):

(i) SPDR Straits Times Index ETF

(ii) ABF Singapore Bond Index Fd

(iii) SPDR Gold Shares

Your clients are (Client group 1) graduate students (25-28 years old) who have worked for 2- 3 years, (Client group 2) managers (35-45 years old) and (Client group 3) directors (60 years old) nearing retirement.

Using monthly data from Feb 2008 to May 2021(including Feb 2008 and May 2021) from Yahoo Finance, perform the following:

(a) Compute the geometric return and use the return to estimate the total risk for each ETF.