For all steps, show your Excel formulas and implications behind the result:

Annual Returns on Market, HML, SMB, UMD, and each component portfolio
				Based on Book Value-to-Market Value				Based on Market Capitalization				Based on past year performance (t-2 to t-12 months)
				High (Value)	Low (Growth)	High-Low		Small	Big	Small-Big		Up	Down	Up-Down
Year	Market	Riskfree		H	L	HML		S	B	SMB		U	D	UMD
2015	0.09%	0.02%		-8.79%	0.74%	-9.53%		-5.22%	-1.29%	-3.93%		3.28%	-17.34%	20.61%
2016	13.50%	0.20%		31.26%	8.62%	22.64%		22.77%	16.14%	6.63%		8.40%	29.74%	-21.35%
2017	22.31%	0.80%		13.78%	27.25%	-13.48%		16.06%	21.01%	-4.95%		21.85%	17.23%	4.61%
2018	-5.12%	1.81%		-13.70%	-3.90%	-9.80%		-10.48%	-7.14%	-3.34%		-4.24%	-13.99%	9.75%
2019	30.42%	2.14%		21.35%	31.84%	-10.48%		23.57%	29.63%	-6.06%		26.44%	28.25%	-1.80%
2020	24.11%	0.44%		0.25%	46.85%	-46.60%		24.21%	11.32%	12.89%		30.88%	23.11%	7.77%
2021	23.61%	0.04%		39.41%	14.08%	25.33%		23.58%	27.38%	-3.80%		21.04%	23.36%	-2.32%

Calculate the correlation between the market portfolio, SMB, HML, and UMD. Calculate the correlation for all possible pairs.