b. Was the covariance for this month positive or negative? (0.5 points) 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 A C D This spreadsheet calculates the Covariance and Beta of a Company Return Series with a Market Series. Page down to bottom for results Distance Distance Market Company from Mean from Mean Covariance(MC) Date Returns Returns (R-E(R)) (Rc-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 -0.00085 28 Dec-19 0.02402 0.02612 0.01011 -0.00143 -0.00001 29 Nov-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 33 Jul 19 0.01512 -0.01418 0.00121 -0.04174 -0.00005 34 Jun-19 0.06441 0.06679 0.050SO 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 UL F G UUUU 30 A B C D E UVOJ UXUSTOU VUZU 37 Mar-19 0.01364 0.08594 -0.00027 38 Feb-19 0.03242 -0.04591 0.01851 39 Jan-19 0.08007 0.14432 0.06616 40 Dec-18 -0.09334 -0.11135 -0.10725 41 Nov-18 0.01855 0.05767 0.00464 42 Oct-18 -0.06910 -0.20219 -0.08301 43 Sep-18 0.00141 -0.00482 -0.01250 44 Aug-18 0.03192 0.13236 0.01801 45 Jul-18 0.03705 0.04568 0.02314 46 Jun-18 0.00125 0.04307 -0.01265 May-18 0.02431 0.04054 0.01040 48 Apr-18 0.00517 0.08207 -0.00874 49 Mar-18 -0.03129 -0.04305 -0.04520 50 Feb-18 -0.03636 0.04243 -0.05027 51 Jan-18 0.05636 0.24064 0.04245 52 Dec-17 0.00698 -0.00619 -0.00693 53 Nov-17 0.03057 0.06466 0,01666 54 Oct-17 0.02356 0.14972 0.00965 55 Sep-17 0.01511 -0.01963 0.00120 56 Aug-17 0.00292 -0.00727 -0.01099 57 Jul-17 0.02055 0.02043 0.00664 58 Jun-17 0.00149 -0.02676 -0.01242 59 May-17 0.01411 0.07528 0.00020 60 Apr-17 0.00993 0.04337 -0.00398 61 Mar-17 -0.00309 0.04911 -0.01700 62 Feb-17 0.03929 0.02618 0.02538 Jan-17 0.01789 0.09816 0.00399 64 Dec-16 0.01429 -0.00093 0.00038 65 Nov-16 0.03684 -0.04969 0.02293 66 Sums: 0.83456 1.65337 67 Market 68 E(R): 0.01391 69 Variance and Covariance: 0.00195 70 Standard Deviation: 0.04421 71 72 Calculating Beta: Bea - CoveCM)/Var(M) 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 -0.03482 -0.00712 -0.05432 0.04772 0.01581 0.02155 -0.00137 0.07061 -0.02849 -0.07725 H UUTTO -0.00002 -0.00136 0.00772 0.01490 0.00014 0.01907 0.00040 0.00189 0.00042 -0.00020 0.00014 -0.00048 0.00319 -0.00075 0.00905 0.00023 0.00062 0.00118 -0.00006 0.00038 -0.00005 0.00067 0.0004+ -0.00006 -0.00037 -0.00003 0.00028 -0.00001 -0200177 0.12891 Market & Company 63 Company 0.02756 0.00635 0.07969 0.00215 1.10 73 74 Note: Betal measures the comovement of the company returns with the market