e) According to Standard & Poors, the betas for Wal-Mart and Target are 0.48 and 0.85, respectively. Compare the meaning of these betas relative to the standard deviations calculated above. Answer the question in the context of the systematic and unsystematic risk.

The data below presents monthly closing prices of Standard & Poor's 500 Index, Wal-Mart, and Target to calculate the holding-period returns for the 24 months from May 2011 through May 2013 Month S&P500 Walmart Target 2011 1.631 2012 May June July August September October November December January February March April May June July August September October November December January February March April May 1.606 1.684 1.633 1.682 1.757 1.806 1.848 1.783 1.859 1.872 1.884 1.924 1.960 1.931 2.003 1.972 2.018 2.068 2.059 1.995 2.105 2.068 2.086 2.182 74,84 74,49 77,94 72,98 73,96 76,75 81,01 78,69 74,68 74,70 76,43 79,71 76,77 75,07 73,58 75,50 76,47 76,27 87,54 85,88 84,98 83,93 82,25 78,05 75,86 69,50 68,86 71,25 63,31 63,98 64,79 63,93 63,27 56,64 62,54 60,51 61,75 56,76 57,95 59,59 60,07 62,68 61,82 74,00 75,91 73,61 76,83 82,07 78,83 79,29 2013 The data below presents monthly closing prices of Standard & Poor's 500 Index, Wal-Mart, and Target to calculate the holding-period returns for the 24 months from May 2011 through May 2013 Month S&P500 Walmart Target 2011 1.631 2012 May June July August September October November December January February March April May June July August September October November December January February March April May 1.606 1.684 1.633 1.682 1.757 1.806 1.848 1.783 1.859 1.872 1.884 1.924 1.960 1.931 2.003 1.972 2.018 2.068 2.059 1.995 2.105 2.068 2.086 2.182 74,84 74,49 77,94 72,98 73,96 76,75 81,01 78,69 74,68 74,70 76,43 79,71 76,77 75,07 73,58 75,50 76,47 76,27 87,54 85,88 84,98 83,93 82,25 78,05 75,86 69,50 68,86 71,25 63,31 63,98 64,79 63,93 63,27 56,64 62,54 60,51 61,75 56,76 57,95 59,59 60,07 62,68 61,82 74,00 75,91 73,61 76,83 82,07 78,83 79,29 2013