Estimated one-year return distributions:
State of the		1-Year	Healthcare	Inverse	Biotech
Economy	Probability	T-Bill	Fund	ETF	Fund
Poor	0.1	7%	-8%	18%	-19%
Below average	0.2	7%	2%	23%	0%
Average	0.4	7%	14%	7%	13%
Above average	0.2	7%	25%	-3%	31%
Excellent	0.1	7%	33%	2%	50%
Historical return distributions:
		1-Year	Healthcare	Inverse	Biotech
		T-Bill	Fund	ETF	Fund
Year 1		7%	-8%	18%	-19%
Year 2		7%	2%	23%	0%
Year 3		7%	14%	7%	13%
Year 4		7%	25%	-3%	31%
Year 5		7%	33%	2%	50%
Stand-alone return and risk:
		1-Year	Healthcare	Inverse	Biotech
		T-Bill	Fund	ETF	Fund
Expected return [E(R)]		7.0%	13.5%	8.8%	14.5%
Variance (Var)		0.0%	1.4%	0.8%	3.4%
Standard deviation (SD)		0.0%	11.7%	9.1%	18.3%
Coefficient of variation (CV)		0.00	0.87	1.03	1.26
Portfolio return and risk:
		E(R) of		E(R) of
		Portfolio		Portfolio
State of the		Healthcare Fund /		Healthcare Fund /
Economy		Inverse ETF		Biotech Fund
Poor		5.0%		-13.5%
Below average		12.5%		1.0%
Average		10.5%		13.5%
Above average		11.0%		28.0%
Excellent		17.5%		41.5%
		Portfolio		Portfolio
		Healthcare Fund /		Healthcare Fund /
		Inverse ETF		Biotech Fund
Expected return [E(R)]		11.2%		14.0%
Variance (Var)		0.1%		2.2%
Standard deviation (SD)		2.9%		15.0%
Coefficient of variation (CV)		0.26		1.07
Correlation coefficient		-0.870		0.993
Market characteristic lines:
	S&P	1-Year	Healthcare	Inverse	Biotech
	500	T-Bill	Fund	ETF	Fund
Intercept		0.070	0.027	0.152	-0.019
Market beta		0.000	0.700	-0.387	1.127
Data point	-15%	7.0%	-7.8%	21.0%	-18.8%
Data point	0%	7.0%	2.7%	15.2%	-1.9%
Data point	15%	7.0%	13.2%	9.4%	15.0%
Data point	30%	7.0%	23.7%	3.6%	31.9%
Data point	45%	7.0%	34.2%	-2.2%	48.8%
Market Characteristic Lines
Security market line:
		1-Year	Healthcare	Inverse	Biotech
		T-Bill	Fund	ETF	Fund
Risk-free rate		7%	7%	7%	7%
Required market return		15%	15%	15%	15%
Market beta		0.000	0.700	-0.387	1.127
Investment required return		7.00%	12.60%	3.91%	16.01%
Investment expected return		7.00%	13.50%	8.80%	14.50%
Difference		0.00%	0.90%	4.89%	-1.51%
Security Market Line

Need calculations for stand alone risk and return, portfolio and risk, and market characteristic lines. Answers already completed. Just needed for understanding purposes.