As an investment advisor for MREAF (Momentum Real Estate Advisory Fund), you are about to make a presentation to the portfolio manager of the ET&T pension fund. You would like to show what would have happened had ET&T made an investment in MREAF during the past 13 quarters. The ET&T manager has provided you with historical data on the performance of its portfolio, which is made up entirely of common stock. Historical data for the ET&T portfolio and MREAF are as follows:

	ET&T		MREAF
	Common Stock Fund		Real Estate Fund
Period Ending	Unit Value	Quarterly Dividend	Unit Value	Quarterly Dividend
Quarter
1	$ 701.00	$ 8.28	$ 70.00	$2.17
2	752.50	8.11	80.05	2.14
3	850.52	10.30	90.80	2.01
4	953.75	9.81	100.50	2.01
5	1,047.57	12.05	99.14	1.87
6	1,221.70	14.17	95.50	1.81
7	1,443.90	17.18	93.77	1.79
8	1,263.31	14.91	80.31	1.54
9	1,258.56	13.84	77.34	1.49
10	1,526.72	18.32	76.53	1.44
11	1,616.81	19.73	78.42	1.51
12	1,624.08	19.98	79.01	1.53
13	1,560.25	18.88	81.75	1.55

Calculate the quarterly HPR for each investment.

Calculate the arithmetic mean HPR, the standard deviation of the HPRs, and the geometric mean for each fund. Which fund contained more risk per unit of return?