Find five years of monthly returns for two mutual funds, Vanguards U.S. Growth Fund and U.S. Value Fund, as well as corresponding returns for the S&P 500 and the Treasury-bill rate. (Use Spreadsheet.xls)

a. Calculate each funds excess rate of return over T-bills in each month. (Negative values should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.)

	Total Monthly Returns				Excess Returns
Month	Vanguard	Value Fund	S&P	T-bills	Vanguard %	Value Fund %	S&P %
Jan-04	1.52	0.07	1.35	0.07
Feb-04	0.53	0.99	1.32	0.06
Mar-04	2.69	2.46	1.89	0.09
Apr-04	0.22	2.52	1.70	0.08
May-04	2.53	1.39	1.85	0.06
Jun-04	1.93	7.46	3.22	0.08
Jul-04	0.99	0.78	0.25	0.1
Aug-04	1.52	2.49	1.00	0.11
Sep-04	0.21	1.46	1.29	0.11
Oct-04	5.22	4.66	4.46	0.11
Nov-04	3.24	3.60	3.01	0.15
Dec-04	2.36	3.48	2.24	0.16
Jan-05	3.62	0.79	2.09	0.16
Feb-05	2.33	2.86	1.83	0.16
Mar-05	2.68	2.41	1.87	0.21
Apr-05	4.08	7.13	3.22	0.21
May-05	2.25	0.51	0.15	0.24
Jun-05	3.55	5.28	3.82	0.23
Jul-05	1.85	0.85	0.93	0.24
Aug-05	0.38	1.34	0.80	0.3
Sep-05	1.88	0.30	2.36	0.29
Oct-05	2.87	5.04	4.39	0.27
Nov-05	0.93	0.46	0.19	0.31
Dec-05	3.41	3.30	2.41	0.32
Jan-06	0.00	1.82	0.57	0.35
Feb-06	0.71	0.34	1.65	0.34
Mar-06	0.53	0.45	1.26	0.37
Apr-06	3.00	5.84	3.01	0.36
May-06	0.27	1.55	0.26	0.43
Jun-06	1.09	2.36	0.45	0.4
Jul-06	2.70	3.60	2.18	0.4
Aug-06	2.63	2.87	2.70	0.42
Sep-06	2.56	1.92	3.16	0.41
Oct-06	0.75	1.94	1.99	0.41
Nov-06	2.32	0.22	0.77	0.42
Dec-06	1.86	2.18	1.51	0.4
Jan-07	2.30	1.69	1.96	0.44
Feb-07	0.81	0.89	1.16	0.38
Mar-07	3.87	2.92	4.42	0.43
Apr-07	3.65	3.37	3.39	0.44
May-07	2.02	1.14	1.46	0.41
Jun-07	4.74	0.79	3.13	0.4
Jul-07	1.12	1.11	1.28	0.4
Aug-07	2.54	4.91	3.88	0.42
Sep-07	0.39	2.19	1.35	0.32
Oct-07	5.86	3.90	3.87	0.32
Nov-07	0.25	0.00	1.13	0.34
Dec-07	5.39	10.34	6.04	0.27
Jan-08	2.67	2.38	2.58	0.21
Feb-08	0.89	0.06	0.90	0.13
Mar-08	5.64	6.32	4.77	0.17
Apr-08	1.44	3.00	1.51	0.17
May-08	7.18	6.25	8.35	0.17
Jun-08	1.80	0.40	0.90	0.17
Jul-08	1.37	0.45	1.55	0.15
Aug-08	7.50	11.63	9.42	0.12
Sep-08	18.16	15.45	16.52	0.15
Oct-08	7.16	7.93	6.96	0.08
Nov-08	2.70	0.57	0.99	0.02
Dec-08	10.76	4.49	8.22	0.09
	0.34	0.34	0.30	0.25

b. Calculate the standard deviation of each fund over the five-year period. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

	Standard Deviation
Vanguards U.S. Growth Fund		%
U.S. Value Fund		%

c. What was the beta of each fund over the five-year period? (Do not round intermediate calculations. Round your answers to 2 decimal places.)

	Beta
Vanguards U.S. Growth Fund
U.S. Value Fund

d. What were the Sharpe, Jensen, and Treynor measures for each fund? (Negative values should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to 2 decimal places.)

	Vanguards U.S. Growth Fund	U.S. Value Fund
Sharpe measure
Jensen measure
Treynor measure