The following table lists the month-end prices from May 2017 to July 2018 of the Spider S&P 500 Index ETF (SPY) and iShares 20+ Treasury Bond ETF (TLT), respectively. During this time period the average annual yield for the one-month Treasury bills is 1.292% or 0.1077% per month. Apply the following equation to calculate the monthly returns from June 2017 to July 2018 for SPY and TLT, respectively.

The monthly return for month n:

r_n = (Current month-end price Previous month-end price) / Previous month-end price =

(P_n P_n-1) / P_n-1

Monthly Returns Data

Date	Adj Close Price Pn: SPY	Adj Close Price Pn: TLT
5/31/2017	235.858	120.4887
6/30/2017	237.3616	121.4428
7/31/2017	242.2404	120.6433
8/31/2017	242.9471	124.7557
9/29/2017	247.8424	121.8577
10/31/2017	253.6826	121.8107
11/30/2017	261.4366	122.716
12/29/2017	264.6073	124.9404
1/31/2018	279.5203	120.8728
2/28/2018	269.3568	117.1966
3/29/2018	261.9736	120.548
4/30/2018	263.3276	118.0308
5/31/2018	269.7288	120.3966
6/29/2018	271.28	121.1741
7/31/2018	281.33	119.433

Using the monthly returns, find the values of the following inferences about SPY and TLT, respectively.

1. AAR
2. GAR
3. HPR
4. Standard deviation
5. Sharpe ratio
6. VaR (1%) and Var (5%)

You are expected to use the Excel spreadsheet attached below to solve these problems.