Please refer to the Excel workbook SPY_AAPL risk and return.xlsx. The sheet titled "SPY and AAPL prices" contains the daily adjusted closing prices for Apple and the SPY ETF for the past one year. Use this data and answer the questions in the sheet labeled "HW questions".

Calculate the daily returns for AAPL and SPY. Q2. What is the expected daily return for AAPL? Q3. What is the expected daily return for SPY? Q4. If you had invested in the SPY ETF last year, what would your average daily return from this investment over the past year be? How is this return different from the expected return calculated in Q3? Q5. What is the risk of AAPL retu Q6. What is the risk of SPY ETF return? Q7. What is the covariance between the AAPl L and the SPY ETF returns? Q8. What is the correlation coefficient between the AAPL and SPY ETF returns? Suppose you are considering building a portfolio that invests 60% in AAPL and the remainder in the SPY ETF. Q9. What is the expeted return for this portfolio? Q10. What is the standard deviation for this portfolio?

\begin{tabular}{|c|c|c|c|c|} \hline Date & SPY ETF & AAPL & SPY return & AAPL return \\ \hline 10/4/2021 & 422.2505 & 5 138.3647 & & \\ \hline 10/5/2021 & 426.644 & 140.3237 & 0.010405 & 50.014158 \\ \hline 10/6/2021 & 428.4171 & 141.2087 & 0.004156 & 50.006307 \\ \hline 10/7/2021 & 432.1211 & 142.4915 & 0.008646 & 50.009084 \\ \hline 10/8/2021 & 431.333 & 142.1037 & -0.00182 & 20.00272 \\ \hline 10/11/2021 & 428.2103 & 142.0142 & -0.00724 & 40.00063 \\ \hline 10/12/2021 & 427.1562 & 140.7215 & -0.00246 & -0.0091 \\ \hline 10/13/2021 & 428.693 & 140.1248 & 0.003598 & 80.00424 \\ \hline 10/14/2021 & 435.9039 & 142.9589 & 0.016821 & 10.020226 \\ \hline 10/15/2021 & 439.2236 & f 144.0329 & 0.007616 & 50.007513 \\ \hline 10/18/2021 & 440.524 & 145.7334 & 0.002961 & 10.011806 \\ \hline 10/19/2021 & 443.9226 & 5147.9311 & 0.007715 & 0.01508 \\ \hline 10/20/2021 & 445.6662 & 148.4283 & 0.003928 & 80.003361 \\ \hline 10/21/2021 & 446.8286 & 5148.647 & 0.002608 & 8.001474 \\ \hline 10/22/2021 & 446.3656 & 5147.8615 & -0.00104 & 40.00528 \\ \hline 10/25/2021 & 448.7593 & 147.8117 & 0.005363 & 30.00034 \\ \hline 10/26/2021 & 449.1632 & 2. 148.4879 & 0.0009 & 0.004575 \\ \hline 10/27/2021 & 447.1734 & 148.0206 & -0.00443 & 30.00315 \\ \hline 10/28/2021 & 451.4881 & 151.7198 & 0.009649 & 0.024992 \\ \hline 10/29/2021 & 452.4042 & 2. 148.9653 & 0.002029 & 90.01816 \\ \hline 11/1/2021 & 453.1824 & 148.13 & 0.00172 & 20.00561 \\ \hline 11/2/2021 & 455.0147 & 149.1841 & 0.004043 & B 0.007116 \\ \hline 11/3/2021 & 457.7927 & 150.6458 & 0.006105 & 50.009799 \\ \hline 11/4/2021 & 459.95 & 150.1188 & 0.004713 & -0.0035 \\ \hline 11/5/2021 & 461.5459 & 150.6566 & 0.00347 & 70.003582 \\ \hline 11/8/2021 & 461.9399 & 149.82 & 0.000854 & 40.00555 \\ \hline 11/9/2021 & 460.413 & 150.1885 & -0.00331 & 10.002459 \\ \hline 11/10/2021 & 456.7091 & 147.3104 & -0.00804 & 40.01916 \\ \hline 11/11/2021 & 456.8568 & 147.2606 & 0.000324 & 40.00034 \\ \hline 11/12/2021 & 460.3046 & 5 149.3719 & 0.007547 & 70.014337 \\ \hline 11/15/2021 & 460.4623 & 149.3819 & 0.000342 & 26.66E05 \\ \hline 11/16/2021 & 462.2847 & 150.3777 & 0.003958 & 30.006667 \\ \hline 11/17/2021 & 461.1617 & 152.8575 & -0.00243 & 30.01649 \\ \hline 11/18/2021 & 462.728 & 3157.2194 & 0.003397 & 70.028536 \\ \hline 11/19/2021 & 461.9005 & 159.8884 & -0.00179 & 0.016976 \\ \hline 11/22/2021 & 460.6002 & 160.3564 & -0.00282 & 20.002927 \\ \hline 11/23/2021 & 461.2109 & 160.7448 & 0.001326 & 50.002422 \\ \hline & 524 & 1.2727 & 0.00267 & 0.003284 \\ \hline \end{tabular}