Returns earned over a given time period are called realized returns. Historical data on realized returns is often used to estimate future results.

Analysts across companies use realized stock returns to estimate the risk of a stock.

Five years of realized returns for Happy Dog Soap Inc. $($Happy Dog$)$ are given in the following table:

Also note that:

While Happy Dog was started $40$ years ago, its common stock has been publicly traded for the past $25$ years.

The returns on Happy Dog's equity are calculated as arithmetic returns.

Given this return data, the average realized return on Happy Dog Soap Inc.$\text{'}$s stock is

The preceding data series represents a sample of Happy Dog's historical returns. Based on this conclusion, the standard deviation of Happy Dog's

historical returns is

If investors expect the average realized return on Happy Dog Soap Inc.$\text{'}$s stock from $2016$ to $2020$ to continue into the future, its expected coefficient

of variation $($CV$)$ is expected to equal