Part 1: Use the market model to estimate the beta of Campbell Soup using the most recent 60 months of returns. What is Campbell Soup's beta? What does your estimate tell you about the level of systematic risk in Campbell Soups stock?

Part 2: When the beta is calculated using monthly returns, there is a debate over the number of months that should be used in the calculation. Rework the previous questions using the last 36 months of returns to estimate beta. How does this answer compare to what you calculated previously? Does Campbell Soup appear riskier or less risky using the shorter estimation window? What could account for the increase or decrease in risk during the more recent period?

Part 3: Compare your beta for Campbell Soup to the beta you find on finance.yahoo.com. How similar are they?

Spreadsheet: Along with your written responses to the questions, please upload the spreadsheet file you used to make your calculations.

3-Month CPB S&P 500 Treasury Month (Rt) (RMt) (Rt) 2016-11 0.053769 0.034175 0.0045 2016-12 0.062928 0.018201 0.0051 2017-01 0.029105 0.017884 0.0051 2017-02 -0.04075 0.037198 0.0052 2017-03 -0.03555 -0.00039 0.0074 2017-04 0.005241 0.009091 0.008 2017-05 0.008167 0.011576 0.0089 2017-06 -0.0954 0.004814 0.0098 2017-07 0.013039 0.019349 0.0107 2017-08 -0.11945 0.000546 0.0101 2017-09 0.01342 0.019303 0.0103 2017-10 0.011747 0.022188 0.0107 2017-11 0.048768 0.00372 0.0123 2017-12 -0.02414 0.034343 0.0132 2018-01 -0.03243 0.056179 0.0141 2018-02-0.06834 -0.03895 0.0157 2018-03 0.006039 -0.02688 0.017 2018-04 -0.05842 0.002719 0.0176 2018-05 -0.16836 0.021608 0.0186 2018-06 0.205113 0.004842 0.019 2018-07 0.00888 0.036022 0.0196 2018-08 -0.02742 0.030263 0.0203 2018-09 -0.07148 0.004294 0.0213 2018-10 0.021294 -0.0694 0.0225 2018-11 0.057662 0.017859 0.0233 2018-12 -0.15842 -0.09178 0.0237 2019-01 0.073962 0.078684 0.0237 2019-02 0.027325 0.029729 0.0239 2019-03 0.058579 0.017924 0.024 2019-04 0.014686 0.039313 0.0238 2019-05 -0.05312 -0.06578 0.0235 2019-06 0.103553 0.06893 0.0217 2019-07 0.031695 0.013128 0.021 2019-08 0.097815 -0.01809 0.0195 2019-07 0.031695 0.013128 2019-08 0.097815 -0.01809 2019-09 0.042666 0.017181 2019-10 -0.013 0.020432 2019-11 0.013196 0.034047 2019-12 0.061198 0.02859 2020-01 -0.02084 -0.00163 2020-02 -0.0608 -0.08411 2020-03 0.02305 -0.12512 2020-04 0.082756 0.126844 2020-05 0.027704 0.045282 2020-06 -0.02648 0.018388 2020-07 -0.00121 0.055101 2020-08 0.068835 0.070065 2020-09 -0.08059 -0.03923 2020-10 -0.03515 -0.02767 2020-11 0.079559 0.095387 2020-12 -0.03339 0.048634 2021-01 -0.00496 -0.01114 2021-02 -0.04731 0.026091 2021-03 0.105321 0.042439 2021-04 -0.05013 0.052425 2021-05 0.026852 0.005487 2021-06 -0.06328 0.022214 2021-07 -0.04102 0.022748 2021-08 -0.0377 0.02899 2021-09 0.001917 -0.04757 2021-10 -0.04449 0.069144 0.021 0.0195 0.0189 0.0165 0.0154 0.0154 0.0152 0.0152 0.0029 0.0014 0.0013 0.0016 0.0013 0.001 0.0011 0.001 0.0009 0.0009 0.0008 0.0004 0.0003 0.0002 0.0002 0.0004 0.0005 0.0005 0.0004 0.0005 Date Open High Low Close Adj Close Volume Month Return 11/1/2015 50.88 53.35 47.77 52.24 43.71486 36133800 11/1/2015 12/1/2015 53.06 55.08 52.01 52.55 43.97426 42006700 12/1/2015 0.005934 1/1/2016 51.93 56.63 50.54 56.41 47.20435 46230800 1/1/2016 0.073454 2/1/2016 56.4 63.94 54.97 61.75 51.98626 44545500 2/1/2016 0.101302 3/1/2016 62.2 64.81 60.04 63.79 53.70371 43750200 3/1/2016 0.033036 4/1/2016 63.4 65.48 59.74 61.71 51.9526 36002200 4/1/2016 -0.03261 5/1/2016 61.7 66.75 59.51 60.57 51.24033 51510500 5/1/2016 -0.01371 6/1/2016 60.64 66.54 60.26 66.53 56.2823 41721400 6/1/2016 0.098398 7/1/2016 66.64 67.89 61.04 62.27 52.67847 36277800 7/1/2016 -0.06403 8/1/2016 62.16 62.3 59.88 60.72 51.60558 32862600 8/1/2016 -0.02037 9/1/2016 57.67 58.45 54.11 54.7 46.48921 50693100 9/1/2016 -0.09914 10/1/2016 54.39 55.2 52.74 54.34 46.18325 40592800 10/1/2016 -0.00658 11/1/2016 54.4 57.85 52.59 56.89 48.6665 51850600 11/1/2016 0.053769 12/1/2016 56.62 61.09 56.08 60.47 51.729 35432900 12/1/2016 0.062928 1/1/2017 60.6 63.5 59.43 62.23 53.23459 29031500 1/1/2017 0.029105 2/1/2017 62.11 64.23 57.55 59.35 51.06535 38612900 2/1/2017 -0.04075 3/1/2017 59.53 59.94 56.54 57.24 49.24988 35279500 3/1/2017 -0.03555 4/1/2017 57.27 58.2 56.05 57.54 49.50801 27006200 4/1/2017 0.005241 5/1/2017 57.63 59.14 54.1 57.65 49.91233 38492200 5/1/2017 0.008167 6/1/2017 57.75 58.33 51.64 52.15 45.15054 36974800 6/1/2017 -0.0954 7/1/2017 52.3 53.07 50.62 52.83 45.73927 30389000 7/1/2017 0.013039 8/1/2017 52.71 54.37 46.2 46.2 40.27575 47268900 8/1/2017 -0.11945 9/1/2017 46.43 48.74 45 46.82 40.81624 60755500 9/1/2017 0.01342 10/1/2017 46.8 48.25 45.19 47.37 41.29571 54518900 10/1/2017 0.011747 11/1/2017 47.57 50.48 45.07 49.3 43.30963 62602900 11/1/2017 0.048768 12/1/2017 49.31 51.07 47.91 48.11 42.26423 54711500 12/1/2017 -0.02414 1/1/2018 48.2 48.42 45.26 46.55 40.89378 47072800 1/1/2018 -0.03243 2/1/2018 46.46 42.82 43.05 38.09903 68097600 2/1/2018 -0.06834 3/1/2018 42.55 44.64 40.99 43.31 38.32912 69988700 3/1/2018 0.006039 4/1/2018 43.31 44.21 39.79 40.78 36.09008 49236400 4/1/2018 -0.05842 5/1/2018 40.64 41.8 33.28 33.64 30.01405 126086900 5/1/2018 -0.16836 6/1/2018 33.69 42.88 32.63 40.54 36.17033 155915800 6/1/2018 0.205113 7/1/2018 40.54 42.54 39.62 40.9 36.49153 68874000 7/1/2018 0.00888 8/1/2018 41.68 43.98 38.2 39.45 35.49078 112961700 8/1/2018 -0.02742 9/1/2018 39.41 41.33 35.89 36.63 32.9538 57242300 9/1/2018 -0.07148 10/1/2018 36.82 38.85 35.97 37.41 33.65552 86253400 10/1/2018 0.021294 48.1 11/1/2018 12/1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 10/1/2021 37.51 39.19 32.76 35.56 36 38.04 38.74 36.22 40.44 41.53 44.81 47 46.27 46.47 49.45 48.61 45.34 45.11 49.64 51.49 49.55 49.68 52.81 48.31 47.09 49.98 48.2 48.04 45.49 50.16 47.77 48.82 45.51 43.72 42.67 41.86 41.58 39.59 35.95 36.49 38.84 40.22 39.44 43.66 41.8 48.03 47.46 48.38 48.39 49.54 49.56 49.3 57.54 52.46 53.92 52.44 50.78 54.08 52.88 49.88 50.05 50.77 53.77 48.31 52.23 51.01 50.52 50 46.68 44.2 44.3 42.73 36.39 32.21 32.03 32.17 35.03 37.18 35.27 36.22 39.78 40.61 44.11 45.77 45.85 46.15 46.84 43.35 40.7 44.75 46.9 46.68 48.29 49.26 44.53 46.35 45.51 46.44 44.85 45.33 44.9 47.44 47.62 44.74 43.71 40.05 41.76 39.76 39.2 35.59616 55205400 11/1/2018 0.057662 32.99 29.95708 56644000 12/1/2018 -0.15842 35.43 32.17276 58619800 1/1/2019 0.073962 36.02 33.05188 67124800 2/1/2019 0.027325 38.13 34.98802 46645000 3/1/2019 0.058579 38.69 35.50187 41886300 4/1/2019 0.014686 36.31 33.61593 37782800 5/1/2019 -0.05312 40.07 37.09694 68213300 6/1/2019 0.103553 41.34 38.27272 32923000 7/1/2019 0.031695 45 42.01638 51488400 8/1/2019 0.097815 46.92 43.80907 52705900 9/1/2019 0.042666 46.31 43.23952 40665300 10/1/2019 -0.013 46.57 43.81013 31741800 11/1/2019 0.013196 49.42 46.49123 49327900 12/1/2019 0.061198 48.39 45.52227 43538000 1/1/2020 -0.02084 45.12 42.75453 32700300 2/1/2020 -0.0608 46.16 43.74001 105409500 3/1/2020 0.02305 49.98 47.35975 56378100 4/1/2020 0.082756 50.98 48.67178 49345500 5/1/2020 0.027704 49.63 47.38291 58015300 6/1/2020 -0.02648 49.57 47.32563 38142200 7/1/2020 -0.00121 52.61 50.58327 31923500 8/1/2020 0.068835 48.37 46.50662 73086300 9/1/2020 -0.08059 46.67 44.8721 39031500 10/1/2020 -0.03515 50.02 48.44206 34855200 11/1/2020 0.079559 48.35 46.82473 46475000 12/1/2020 -0.03339 48.11 46.5923 60362800 1/1/2021 -0.00496 45.48 44.38807 35341200 2/1/2021 -0.04731 50.27 49.06307 57231600 3/1/2021 0.105321 47.75 46.60357 42956100 4/1/2021 -0.05013 48.67 47.85497 40737200 5/1/2021 0.026852 45.59 44.82655 66854300 6/1/2021 -0.06328 43.72 42.98787 52459200 7/1/2021 -0.04102 41.73 41.36721 65353900 8/1/2021 -0.0377 41.81 41.44652 65838600 9/1/2021 0.001917 39.95 39.60269 47521900 10/1/2021 -0.04449 Date Open High Low Close Adj Close Volume Month Return 11/1/2015 2080.76 2116.48 2019.39 2080.41 2080.41 75943590000 11/1/2015 12/1/2015 2082.93 2104.27 1993.26 2043.94 2043.94 83649260000 12/1/2015 -0.01753 1/1/2016 2038.2 2038.2 1812.29 1940.24 1940.24 92409770000 1/1/2016 -0.05074 2/1/2016 1936.94 1962.96 1810.1 1932.23 1932.23 93049560000 2/1/2016 -0.00413 3/1/2016 1937.09 2072.21 1937.09 2059.74 2059.74 92639420000 3/1/2016 0.065991 4/1/2016 2056.62 2111.05 2033.8 2065.3 2065.3 81124990000 4/1/2016 0.002699 5/1/2016 2067.17 2103.48 2025.91 2096.95 2096.95 78883600000 5/1/2016 0.015325 6/1/2016 2093.94 2120.55 1991.68 2098.86 2098.86 86852700000 6/1/2016 0.000911 7/1/2016 2099.34 2177.09 2074.02 2173.6 2173.6 69530250000 7/1/2016 0.03561 8/1/2016 2173.15 2193.81 2147.58 2170.95 2170.95 75610310000 8/1/2016 -0.00122 9/1/2016 2171.33 2187.87 2119.12 2168.27 2168.27 77270240000 9/1/2016 -0.00123 10/1/2016 2164.33 2169.6 2114.72 2126.15 2126.15 73196630000 10/1/2016 -0.01943 11/1/2016 2128.68 2214.1 2083.79 2198.81 2198.81 88299760000 11/1/2016 0.034175 12/1/2016 2200.17 2277.53 2187.44 2238.83 2238.83 75251240000 12/1/2016 0.018201 1/1/2017 2251.57 2300.99 2245.13 2278.87 2278.87 70483180000 1/1/2017 0.017884 2/1/2017 2285.59 2371.54 2271.65 2363.64 2363.64 69162420000 2/1/2017 0.037198 3/1/2017 2380.13 2400.98 2322.25 2362.72 2362.72 81547770000 3/1/2017 -0.00039 4/1/2017 2362.34 2398.16 2328.95 2384.2 2384.2 65265670000 4/1/2017 0.009091 5/1/2017 2388.5 2418.71 2352.72 2411.8 2411.8 79607170000 5/1/2017 0.011576 6/1/2017 2415.65 2453.82 2405.7 2423.41 2423.41 81002490000 6/1/2017 0.004814 7/1/2017 2431.39 2484.04 2407.7 2470.3 2470.3 63169400000 7/1/2017 0.019349 8/1/2017 2477.1 2490.87 2417.35 2471.65 2471.65 70616030000 8/1/2017 0.000546 9/1/2017 2474.42 2519.44 2446.55 2519.36 2519.36 66337980000 9/1/2017 0.019303 10/1/2017 2521.2 2582.98 2520.4 2575.26 2575.26 70871570000 10/1/2017 0.022188 11/1/2017 2583.21 2657.74 2557.45 2584.84 2584.84 95142800000 11/1/2017 0.00372 12/1/2017 2645.1 2694.97 2605.52 2673.61 2673.61 65251190000 12/1/2017 0.034343 1/1/2018 2683.73 2872.87 2682.36 2823.81 2823.81 76860120000 1/1/2018 0.056179 2/1/2018 2816.45 2835.96 2532.69 2713.83 2713.83 79579410000 2/1/2018 -0.03895 3/1/2018 2715.22 2801.9 2585.89 2640.87 2640.87 76369800000 3/1/2018 -0.02688 4/1/2018 2633.45 2717.49 2553.8 2648.05 2648.05 69648590000 4/1/2018 0.002719 5/1/2018 2642.96 2742.24 2594.62 2705.27 2705.27 75617280000 5/1/2018 0.021608 6/1/2018 2718.7 2791.47 2691.99 2718.37 2718.37 77439710000 6/1/2018 0.004842 7/1/2018 2704.95 2848.03 2698.95 2816.29 2816.29 64542170000 7/1/2018 0.036022 8/1/2018 2821.17 2916.5 2796.34 2901.52 2901.52 69238220000 8/1/2018 0.030263 9/1/2018 2896.96 2940.91 2864.12 2913.98 2913.98 62492080000 9/1/2018 0.004294 10/1/2018 2926.29 2939.86 2603.54 2711.74 2711.74 91327930000 10/1/2018 -0.0694 11/1/2018 12/1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 10/1/2021 2717.58 2790.5 2476.96 2702.32 2798.22 2848.63 2952.33 2751.53 2971.41 2980.32 2909.01 2983.69 3050.72 3143.85 3244.67 3235.66 2974.28 2498.08 2869.09 3038.78 3105.92 3288.26 3507.44 3385.87 3296.2 3645.87 3764.61 3731.17 3842.51 3992.78 4191.98 4216.52 4300.73 4406.86 4528.8 4317.16 2815.15 2800.18 2708.95 2813.49 2860.31 2949.52 2954.13 2964.15 3027.98 3013.59 3021.99 3050.1 3154.26 3247.93 3337.77 3393.52 3136.72 2954.86 3068.67 3233.13 3279.99 3514.77 3588.11 3549.85 3645.99 3760.2 3870.9 3950.43 3994.41 4218.78 4238.04 4302.43 4429.97 4537.36 4545.85 4608.08 2631.09 2346.58 2443.96 2681.83 2722.27 2848.63 2750.52 2728.81 2952.22 2822.12 2891.85 2855.94 3050.72 3070.33 3214.64 2855.84 2191.86 2447.49 2766.64 2965.66 3101.17 3284.53 3209.45 3233.94 3279.74 3633.4 3662.71 3725.62 3723.34 3992.78 4056.88 4164.4 4233.13 4367.73 4305.91 4278.94 2760.17 2506.85 2704.1 2784.49 2834.4 2945.83 2752.06 2941.76 2980.38 2926.46 2976.74 3037.56 3140.98 3230.78 3225.52 2954.22 2584.59 2912.43 3044.31 3100.29 3271.12 3500.31 3363 3269.96 3581.87 3756.07 3714.24 3811.15 3972.89 4181.17 4204.11 4297.5 4395.26 4522.68 4307.54 4605.38 2760.17 80080110000 11/1/2018 0.017859 2506.85 83522570000 12/1/2018 -0.09178 2704.1 80401630000 1/1/2019 0.078684 2784.49 70183430000 2/1/2019 0.029729 2834.4 78596280000 3/1/2019 0.017924 2945.83 69604840000 4/1/2019 0.039313 2752.06 76860120000 5/1/2019 -0.06578 2941.76 70881390000 6/1/2019 0.06893 2980.38 70349470000 7/1/2019 0.013128 2926.46 79599440000 8/1/2019 -0.01809 2976.74 73992330000 9/1/2019 0.017181 3037.56 77564550000 10/1/2019 0.020432 3140.98 72179920000 11/1/2019 0.034047 3230.78 72054000000 12/1/2019 0.02859 3225.52 77104420000 1/1/2020 -0.00163 2954.22 84292270000 2/1/2020 -0.08411 2584.59 1.61801E+11 3/1/2020 -0.12512 2912.43 1.23163E+11 4/1/2020 0.126844 3044.31 1.06799E+11 5/1/2020 0.045282 3100.29 1.31044E+11 6/1/2020 0.018388 3271.12 97197020000 7/1/2020 0.055101 3500.31 84402300000 8/1/2020 0.070065 3363 92084120000 9/1/2020 -0.03923 3269.96 89737600000 10/1/2020 -0.02767 3581.87 71482640000 11/1/2020 0.095387 3756.07 96056410000 12/1/2020 0.048634 3714.24 1.05549E+11 1/1/2021 -0.01114 3811.15 98596960000 2/1/2021 0.026091 3972.89 1.20864E+11 3/1/2021 0.042439 4181.17 82869290000 4/1/2021 0.052425 4204.11 75155370000 5/1/2021 0.005487 4297.5 85705180000 6/1/2021 0.022214 4395.26 66496430000 7/1/2021 0.022748 4522.68 63217960000 8/1/2021 0.02899 4307.54 66268850000 9/1/2021 -0.04757 4605.38 61874700000 10/1/2021 0.069144 TB3MS 3-Month Treasury Bill: Secondary Market Rate, Perc Frequency: Monthly observation_date TB3MS 2015-10-01 2015-11-01 2015-12-01 2016-01-01 2016-02-01 2016-03-01 2016-04-01 2016-05-01 2016-06-01 2016-07-01 2016-08-01 2016-09-01 2016-10-01 2016-11-01 2016-12-01 2017-01-01 2017-02-01 2017-03-01 2017-04-01 2017-05-01 2017-06-01 2017-07-01 2017-08-01 2017-09-01 2017-10-01 2017-11-01 2017-12-01 2018-01-01 2018-02-01 2018-03-01 2018-04-01 2018-05-01 2018-06-01 2018-07-01 2018-08-01 2018-09-01 2018-10-01 2018-11-01 2018-12-01 Return 0.02 0.12 0.23 0.26 0.31 0.29 0.23 0.27 0.27 0.30 0.30 0.29 0.33 0.45 0.51 0.51 0.52 0.74 0.80 0.89 0.98 1.07 1.01 1.03 1.07 1.23 1.32 1.41 1.57 1.70 1.76 1.86 1.90 1.96 2.03 2.13 2.25 2.33 2.37 0.0002 0.0012 0.0023 0.0026 0.0031 0.0029 0.0023 0.0027 0.0027 0.003 0.003 0.0029 0.0033 0.0045 0.0051 0.0051 0.0052 0.0074 0.008 0.0089 0.0098 0.0107 0.0101 0.0103 0.0107 0.0123 0.0132 0.0141 0.0157 0.017 0.0176 0.0186 0.019 0.0196 0.0203 0.0213 0.0225 0.0233 0.0237 2019-01-01 2019-02-01 2019-03-01 2019-04-01 2019-05-01 2019-06-01 2019-07-01 2019-08-01 2019-09-01 2019-10-01 2019-11-01 2019-12-01 2020-01-01 2020-02-01 2020-03-01 2020-04-01 2020-05-01 2020-06-01 2020-07-01 2020-08-01 2020-09-01 2020-10-01 2020-11-01 2020-12-01 2021-01-01 2021-02-01 2021-03-01 2021-04-01 2021-05-01 2021-06-01 2021-07-01 2021-08-01 2021-09-01 2021-10-01 2.37 2.39 2.40 2.38 2.35 2.17 2.10 1.95 1.89 1.65 1.54 1.54 1.52 1.52 0.29 0.14 0.13 0.16 0.13 0.10 0.11 0.10 0.09 0.09 0.08 0.04 0.03 0.02 0.02 0.04 0.05 0.05 0.04 0.05 0.0237 0.0239 0.024 0.0238 0.0235 0.0217 0.021 0.0195 0.0189 0.0165 0.0154 0.0154 0.0152 0.0152 0.0029 0.0014 0.0013 0.0016 0.0013 0.001 0.0011 0.001 0.0009 0.0009 0.0008 0.0004 0.0003 0.0002 0.0002 0.0004 0.0005 0.0005 0.0004 0.0005 3-Month CPB S&P 500 Treasury Month (Rt) (RMt) (Rt) 2016-11 0.053769 0.034175 0.0045 2016-12 0.062928 0.018201 0.0051 2017-01 0.029105 0.017884 0.0051 2017-02 -0.04075 0.037198 0.0052 2017-03 -0.03555 -0.00039 0.0074 2017-04 0.005241 0.009091 0.008 2017-05 0.008167 0.011576 0.0089 2017-06 -0.0954 0.004814 0.0098 2017-07 0.013039 0.019349 0.0107 2017-08 -0.11945 0.000546 0.0101 2017-09 0.01342 0.019303 0.0103 2017-10 0.011747 0.022188 0.0107 2017-11 0.048768 0.00372 0.0123 2017-12 -0.02414 0.034343 0.0132 2018-01 -0.03243 0.056179 0.0141 2018-02-0.06834 -0.03895 0.0157 2018-03 0.006039 -0.02688 0.017 2018-04 -0.05842 0.002719 0.0176 2018-05 -0.16836 0.021608 0.0186 2018-06 0.205113 0.004842 0.019 2018-07 0.00888 0.036022 0.0196 2018-08 -0.02742 0.030263 0.0203 2018-09 -0.07148 0.004294 0.0213 2018-10 0.021294 -0.0694 0.0225 2018-11 0.057662 0.017859 0.0233 2018-12 -0.15842 -0.09178 0.0237 2019-01 0.073962 0.078684 0.0237 2019-02 0.027325 0.029729 0.0239 2019-03 0.058579 0.017924 0.024 2019-04 0.014686 0.039313 0.0238 2019-05 -0.05312 -0.06578 0.0235 2019-06 0.103553 0.06893 0.0217 2019-07 0.031695 0.013128 0.021 2019-08 0.097815 -0.01809 0.0195 2019-07 0.031695 0.013128 2019-08 0.097815 -0.01809 2019-09 0.042666 0.017181 2019-10 -0.013 0.020432 2019-11 0.013196 0.034047 2019-12 0.061198 0.02859 2020-01 -0.02084 -0.00163 2020-02 -0.0608 -0.08411 2020-03 0.02305 -0.12512 2020-04 0.082756 0.126844 2020-05 0.027704 0.045282 2020-06 -0.02648 0.018388 2020-07 -0.00121 0.055101 2020-08 0.068835 0.070065 2020-09 -0.08059 -0.03923 2020-10 -0.03515 -0.02767 2020-11 0.079559 0.095387 2020-12 -0.03339 0.048634 2021-01 -0.00496 -0.01114 2021-02 -0.04731 0.026091 2021-03 0.105321 0.042439 2021-04 -0.05013 0.052425 2021-05 0.026852 0.005487 2021-06 -0.06328 0.022214 2021-07 -0.04102 0.022748 2021-08 -0.0377 0.02899 2021-09 0.001917 -0.04757 2021-10 -0.04449 0.069144 0.021 0.0195 0.0189 0.0165 0.0154 0.0154 0.0152 0.0152 0.0029 0.0014 0.0013 0.0016 0.0013 0.001 0.0011 0.001 0.0009 0.0009 0.0008 0.0004 0.0003 0.0002 0.0002 0.0004 0.0005 0.0005 0.0004 0.0005 Date Open High Low Close Adj Close Volume Month Return 11/1/2015 50.88 53.35 47.77 52.24 43.71486 36133800 11/1/2015 12/1/2015 53.06 55.08 52.01 52.55 43.97426 42006700 12/1/2015 0.005934 1/1/2016 51.93 56.63 50.54 56.41 47.20435 46230800 1/1/2016 0.073454 2/1/2016 56.4 63.94 54.97 61.75 51.98626 44545500 2/1/2016 0.101302 3/1/2016 62.2 64.81 60.04 63.79 53.70371 43750200 3/1/2016 0.033036 4/1/2016 63.4 65.48 59.74 61.71 51.9526 36002200 4/1/2016 -0.03261 5/1/2016 61.7 66.75 59.51 60.57 51.24033 51510500 5/1/2016 -0.01371 6/1/2016 60.64 66.54 60.26 66.53 56.2823 41721400 6/1/2016 0.098398 7/1/2016 66.64 67.89 61.04 62.27 52.67847 36277800 7/1/2016 -0.06403 8/1/2016 62.16 62.3 59.88 60.72 51.60558 32862600 8/1/2016 -0.02037 9/1/2016 57.67 58.45 54.11 54.7 46.48921 50693100 9/1/2016 -0.09914 10/1/2016 54.39 55.2 52.74 54.34 46.18325 40592800 10/1/2016 -0.00658 11/1/2016 54.4 57.85 52.59 56.89 48.6665 51850600 11/1/2016 0.053769 12/1/2016 56.62 61.09 56.08 60.47 51.729 35432900 12/1/2016 0.062928 1/1/2017 60.6 63.5 59.43 62.23 53.23459 29031500 1/1/2017 0.029105 2/1/2017 62.11 64.23 57.55 59.35 51.06535 38612900 2/1/2017 -0.04075 3/1/2017 59.53 59.94 56.54 57.24 49.24988 35279500 3/1/2017 -0.03555 4/1/2017 57.27 58.2 56.05 57.54 49.50801 27006200 4/1/2017 0.005241 5/1/2017 57.63 59.14 54.1 57.65 49.91233 38492200 5/1/2017 0.008167 6/1/2017 57.75 58.33 51.64 52.15 45.15054 36974800 6/1/2017 -0.0954 7/1/2017 52.3 53.07 50.62 52.83 45.73927 30389000 7/1/2017 0.013039 8/1/2017 52.71 54.37 46.2 46.2 40.27575 47268900 8/1/2017 -0.11945 9/1/2017 46.43 48.74 45 46.82 40.81624 60755500 9/1/2017 0.01342 10/1/2017 46.8 48.25 45.19 47.37 41.29571 54518900 10/1/2017 0.011747 11/1/2017 47.57 50.48 45.07 49.3 43.30963 62602900 11/1/2017 0.048768 12/1/2017 49.31 51.07 47.91 48.11 42.26423 54711500 12/1/2017 -0.02414 1/1/2018 48.2 48.42 45.26 46.55 40.89378 47072800 1/1/2018 -0.03243 2/1/2018 46.46 42.82 43.05 38.09903 68097600 2/1/2018 -0.06834 3/1/2018 42.55 44.64 40.99 43.31 38.32912 69988700 3/1/2018 0.006039 4/1/2018 43.31 44.21 39.79 40.78 36.09008 49236400 4/1/2018 -0.05842 5/1/2018 40.64 41.8 33.28 33.64 30.01405 126086900 5/1/2018 -0.16836 6/1/2018 33.69 42.88 32.63 40.54 36.17033 155915800 6/1/2018 0.205113 7/1/2018 40.54 42.54 39.62 40.9 36.49153 68874000 7/1/2018 0.00888 8/1/2018 41.68 43.98 38.2 39.45 35.49078 112961700 8/1/2018 -0.02742 9/1/2018 39.41 41.33 35.89 36.63 32.9538 57242300 9/1/2018 -0.07148 10/1/2018 36.82 38.85 35.97 37.41 33.65552 86253400 10/1/2018 0.021294 48.1 11/1/2018 12/1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 10/1/2021 37.51 39.19 32.76 35.56 36 38.04 38.74 36.22 40.44 41.53 44.81 47 46.27 46.47 49.45 48.61 45.34 45.11 49.64 51.49 49.55 49.68 52.81 48.31 47.09 49.98 48.2 48.04 45.49 50.16 47.77 48.82 45.51 43.72 42.67 41.86 41.58 39.59 35.95 36.49 38.84 40.22 39.44 43.66 41.8 48.03 47.46 48.38 48.39 49.54 49.56 49.3 57.54 52.46 53.92 52.44 50.78 54.08 52.88 49.88 50.05 50.77 53.77 48.31 52.23 51.01 50.52 50 46.68 44.2 44.3 42.73 36.39 32.21 32.03 32.17 35.03 37.18 35.27 36.22 39.78 40.61 44.11 45.77 45.85 46.15 46.84 43.35 40.7 44.75 46.9 46.68 48.29 49.26 44.53 46.35 45.51 46.44 44.85 45.33 44.9 47.44 47.62 44.74 43.71 40.05 41.76 39.76 39.2 35.59616 55205400 11/1/2018 0.057662 32.99 29.95708 56644000 12/1/2018 -0.15842 35.43 32.17276 58619800 1/1/2019 0.073962 36.02 33.05188 67124800 2/1/2019 0.027325 38.13 34.98802 46645000 3/1/2019 0.058579 38.69 35.50187 41886300 4/1/2019 0.014686 36.31 33.61593 37782800 5/1/2019 -0.05312 40.07 37.09694 68213300 6/1/2019 0.103553 41.34 38.27272 32923000 7/1/2019 0.031695 45 42.01638 51488400 8/1/2019 0.097815 46.92 43.80907 52705900 9/1/2019 0.042666 46.31 43.23952 40665300 10/1/2019 -0.013 46.57 43.81013 31741800 11/1/2019 0.013196 49.42 46.49123 49327900 12/1/2019 0.061198 48.39 45.52227 43538000 1/1/2020 -0.02084 45.12 42.75453 32700300 2/1/2020 -0.0608 46.16 43.74001 105409500 3/1/2020 0.02305 49.98 47.35975 56378100 4/1/2020 0.082756 50.98 48.67178 49345500 5/1/2020 0.027704 49.63 47.38291 58015300 6/1/2020 -0.02648 49.57 47.32563 38142200 7/1/2020 -0.00121 52.61 50.58327 31923500 8/1/2020 0.068835 48.37 46.50662 73086300 9/1/2020 -0.08059 46.67 44.8721 39031500 10/1/2020 -0.03515 50.02 48.44206 34855200 11/1/2020 0.079559 48.35 46.82473 46475000 12/1/2020 -0.03339 48.11 46.5923 60362800 1/1/2021 -0.00496 45.48 44.38807 35341200 2/1/2021 -0.04731 50.27 49.06307 57231600 3/1/2021 0.105321 47.75 46.60357 42956100 4/1/2021 -0.05013 48.67 47.85497 40737200 5/1/2021 0.026852 45.59 44.82655 66854300 6/1/2021 -0.06328 43.72 42.98787 52459200 7/1/2021 -0.04102 41.73 41.36721 65353900 8/1/2021 -0.0377 41.81 41.44652 65838600 9/1/2021 0.001917 39.95 39.60269 47521900 10/1/2021 -0.04449 Date Open High Low Close Adj Close Volume Month Return 11/1/2015 2080.76 2116.48 2019.39 2080.41 2080.41 75943590000 11/1/2015 12/1/2015 2082.93 2104.27 1993.26 2043.94 2043.94 83649260000 12/1/2015 -0.01753 1/1/2016 2038.2 2038.2 1812.29 1940.24 1940.24 92409770000 1/1/2016 -0.05074 2/1/2016 1936.94 1962.96 1810.1 1932.23 1932.23 93049560000 2/1/2016 -0.00413 3/1/2016 1937.09 2072.21 1937.09 2059.74 2059.74 92639420000 3/1/2016 0.065991 4/1/2016 2056.62 2111.05 2033.8 2065.3 2065.3 81124990000 4/1/2016 0.002699 5/1/2016 2067.17 2103.48 2025.91 2096.95 2096.95 78883600000 5/1/2016 0.015325 6/1/2016 2093.94 2120.55 1991.68 2098.86 2098.86 86852700000 6/1/2016 0.000911 7/1/2016 2099.34 2177.09 2074.02 2173.6 2173.6 69530250000 7/1/2016 0.03561 8/1/2016 2173.15 2193.81 2147.58 2170.95 2170.95 75610310000 8/1/2016 -0.00122 9/1/2016 2171.33 2187.87 2119.12 2168.27 2168.27 77270240000 9/1/2016 -0.00123 10/1/2016 2164.33 2169.6 2114.72 2126.15 2126.15 73196630000 10/1/2016 -0.01943 11/1/2016 2128.68 2214.1 2083.79 2198.81 2198.81 88299760000 11/1/2016 0.034175 12/1/2016 2200.17 2277.53 2187.44 2238.83 2238.83 75251240000 12/1/2016 0.018201 1/1/2017 2251.57 2300.99 2245.13 2278.87 2278.87 70483180000 1/1/2017 0.017884 2/1/2017 2285.59 2371.54 2271.65 2363.64 2363.64 69162420000 2/1/2017 0.037198 3/1/2017 2380.13 2400.98 2322.25 2362.72 2362.72 81547770000 3/1/2017 -0.00039 4/1/2017 2362.34 2398.16 2328.95 2384.2 2384.2 65265670000 4/1/2017 0.009091 5/1/2017 2388.5 2418.71 2352.72 2411.8 2411.8 79607170000 5/1/2017 0.011576 6/1/2017 2415.65 2453.82 2405.7 2423.41 2423.41 81002490000 6/1/2017 0.004814 7/1/2017 2431.39 2484.04 2407.7 2470.3 2470.3 63169400000 7/1/2017 0.019349 8/1/2017 2477.1 2490.87 2417.35 2471.65 2471.65 70616030000 8/1/2017 0.000546 9/1/2017 2474.42 2519.44 2446.55 2519.36 2519.36 66337980000 9/1/2017 0.019303 10/1/2017 2521.2 2582.98 2520.4 2575.26 2575.26 70871570000 10/1/2017 0.022188 11/1/2017 2583.21 2657.74 2557.45 2584.84 2584.84 95142800000 11/1/2017 0.00372 12/1/2017 2645.1 2694.97 2605.52 2673.61 2673.61 65251190000 12/1/2017 0.034343 1/1/2018 2683.73 2872.87 2682.36 2823.81 2823.81 76860120000 1/1/2018 0.056179 2/1/2018 2816.45 2835.96 2532.69 2713.83 2713.83 79579410000 2/1/2018 -0.03895 3/1/2018 2715.22 2801.9 2585.89 2640.87 2640.87 76369800000 3/1/2018 -0.02688 4/1/2018 2633.45 2717.49 2553.8 2648.05 2648.05 69648590000 4/1/2018 0.002719 5/1/2018 2642.96 2742.24 2594.62 2705.27 2705.27 75617280000 5/1/2018 0.021608 6/1/2018 2718.7 2791.47 2691.99 2718.37 2718.37 77439710000 6/1/2018 0.004842 7/1/2018 2704.95 2848.03 2698.95 2816.29 2816.29 64542170000 7/1/2018 0.036022 8/1/2018 2821.17 2916.5 2796.34 2901.52 2901.52 69238220000 8/1/2018 0.030263 9/1/2018 2896.96 2940.91 2864.12 2913.98 2913.98 62492080000 9/1/2018 0.004294 10/1/2018 2926.29 2939.86 2603.54 2711.74 2711.74 91327930000 10/1/2018 -0.0694 11/1/2018 12/1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 7/1/2021 8/1/2021 9/1/2021 10/1/2021 2717.58 2790.5 2476.96 2702.32 2798.22 2848.63 2952.33 2751.53 2971.41 2980.32 2909.01 2983.69 3050.72 3143.85 3244.67 3235.66 2974.28 2498.08 2869.09 3038.78 3105.92 3288.26 3507.44 3385.87 3296.2 3645.87 3764.61 3731.17 3842.51 3992.78 4191.98 4216.52 4300.73 4406.86 4528.8 4317.16 2815.15 2800.18 2708.95 2813.49 2860.31 2949.52 2954.13 2964.15 3027.98 3013.59 3021.99 3050.1 3154.26 3247.93 3337.77 3393.52 3136.72 2954.86 3068.67 3233.13 3279.99 3514.77 3588.11 3549.85 3645.99 3760.2 3870.9 3950.43 3994.41 4218.78 4238.04 4302.43 4429.97 4537.36 4545.85 4608.08 2631.09 2346.58 2443.96 2681.83 2722.27 2848.63 2750.52 2728.81 2952.22 2822.12 2891.85 2855.94 3050.72 3070.33 3214.64 2855.84 2191.86 2447.49 2766.64 2965.66 3101.17 3284.53 3209.45 3233.94 3279.74 3633.4 3662.71 3725.62 3723.34 3992.78 4056.88 4164.4 4233.13 4367.73 4305.91 4278.94 2760.17 2506.85 2704.1 2784.49 2834.4 2945.83 2752.06 2941.76 2980.38 2926.46 2976.74 3037.56 3140.98 3230.78 3225.52 2954.22 2584.59 2912.43 3044.31 3100.29 3271.12 3500.31 3363 3269.96 3581.87 3756.07 3714.24 3811.15 3972.89 4181.17 4204.11 4297.5 4395.26 4522.68 4307.54 4605.38 2760.17 80080110000 11/1/2018 0.017859 2506.85 83522570000 12/1/2018 -0.09178 2704.1 80401630000 1/1/2019 0.078684 2784.49 70183430000 2/1/2019 0.029729 2834.4 78596280000 3/1/2019 0.017924 2945.83 69604840000 4/1/2019 0.039313 2752.06 76860120000 5/1/2019 -0.06578 2941.76 70881390000 6/1/2019 0.06893 2980.38 70349470000 7/1/2019 0.013128 2926.46 79599440000 8/1/2019 -0.01809 2976.74 73992330000 9/1/2019 0.017181 3037.56 77564550000 10/1/2019 0.020432 3140.98 72179920000 11/1/2019 0.034047 3230.78 72054000000 12/1/2019 0.02859 3225.52 77104420000 1/1/2020 -0.00163 2954.22 84292270000 2/1/2020 -0.08411 2584.59 1.61801E+11 3/1/2020 -0.12512 2912.43 1.23163E+11 4/1/2020 0.126844 3044.31 1.06799E+11 5/1/2020 0.045282 3100.29 1.31044E+11 6/1/2020 0.018388 3271.12 97197020000 7/1/2020 0.055101 3500.31 84402300000 8/1/2020 0.070065 3363 92084120000 9/1/2020 -0.03923 3269.96 89737600000 10/1/2020 -0.02767 3581.87 71482640000 11/1/2020 0.095387 3756.07 96056410000 12/1/2020 0.048634 3714.24 1.05549E+11 1/1/2021 -0.01114 3811.15 98596960000 2/1/2021 0.026091 3972.89 1.20864E+11 3/1/2021 0.042439 4181.17 82869290000 4/1/2021 0.052425 4204.11 75155370000 5/1/2021 0.005487 4297.5 85705180000 6/1/2021 0.022214 4395.26 66496430000 7/1/2021 0.022748 4522.68 63217960000 8/1/2021 0.02899 4307.54 66268850000 9/1/2021 -0.04757 4605.38 61874700000 10/1/2021 0.069144 TB3MS 3-Month Treasury Bill: Secondary Market Rate, Perc Frequency: Monthly observation_date TB3MS 2015-10-01 2015-11-01 2015-12-01 2016-01-01 2016-02-01 2016-03-01 2016-04-01 2016-05-01 2016-06-01 2016-07-01 2016-08-01 2016-09-01 2016-10-01 2016-11-01 2016-12-01 2017-01-01 2017-02-01 2017-03-01 2017-04-01 2017-05-01 2017-06-01 2017-07-01 2017-08-01 2017-09-01 2017-10-01 2017-11-01 2017-12-01 2018-01-01 2018-02-01 2018-03-01 2018-04-01 2018-05-01 2018-06-01 2018-07-01 2018-08-01 2018-09-01 2018-10-01 2018-11-01 2018-12-01 Return 0.02 0.12 0.23 0.26 0.31 0.29 0.23 0.27 0.27 0.30 0.30 0.29 0.33 0.45 0.51 0.51 0.52 0.74 0.80 0.89 0.98 1.07 1.01 1.03 1.07 1.23 1.32 1.41 1.57 1.70 1.76 1.86 1.90 1.96 2.03 2.13 2.25 2.33 2.37 0.0002 0.0012 0.0023 0.0026 0.0031 0.0029 0.0023 0.0027 0.0027 0.003 0.003 0.0029 0.0033 0.0045 0.0051 0.0051 0.0052 0.0074 0.008 0.0089 0.0098 0.0107 0.0101 0.0103 0.0107 0.0123 0.0132 0.0141 0.0157 0.017 0.0176 0.0186 0.019 0.0196 0.0203 0.0213 0.0225 0.0233 0.0237 2019-01-01 2019-02-01 2019-03-01 2019-04-01 2019-05-01 2019-06-01 2019-07-01 2019-08-01 2019-09-01 2019-10-01 2019-11-01 2019-12-01 2020-01-01 2020-02-01 2020-03-01 2020-04-01 2020-05-01 2020-06-01 2020-07-01 2020-08-01 2020-09-01 2020-10-01 2020-11-01 2020-12-01 2021-01-01 2021-02-01 2021-03-01 2021-04-01 2021-05-01 2021-06-01 2021-07-01 2021-08-01 2021-09-01 2021-10-01 2.37 2.39 2.40 2.38 2.35 2.17 2.10 1.95 1.89 1.65 1.54 1.54 1.52 1.52 0.29 0.14 0.13 0.16 0.13 0.10 0.11 0.10 0.09 0.09 0.08 0.04 0.03 0.02 0.02 0.04 0.05 0.05 0.04 0.05 0.0237 0.0239 0.024 0.0238 0.0235 0.0217 0.021 0.0195 0.0189 0.0165 0.0154 0.0154 0.0152 0.0152 0.0029 0.0014 0.0013 0.0016 0.0013 0.001 0.0011 0.001 0.0009 0.0009 0.0008 0.0004 0.0003 0.0002 0.0002 0.0004 0.0005 0.0005 0.0004 0.0005