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The monthly returns for Visa (V) and Pfizer (PFE) for 2018-2020 are provided in the chart below. In addition, the monthly return for the SPDR

The monthly returns for Visa (V) and Pfizer (PFE) for 2018-2020 are provided in the chart below. In addition, the monthly return for the SPDR S&P 500 ETF Trust (SPY) is provided; SPY is often used as a proxy for the returns of the S&P 500, or a broad market index. Using Excel, calculate the arithmetic average monthly returns for V, PFE, and SPY. Also, calculate the standard deviation of returns for each of V, PFE, and SPY. Monthly Returns for SPY, V, and PFE for 2018-2020 Date SPY V PFE Jan-18 0.0618 0.0895 0.0226 Feb-18 -0.0364 -0.0104 -0.0197 Mar-18 -0.0313 -0.0253 -0.0135 Jul-18 Apr-18 0.0092 0.0607 0.0316 May-18 0.0243 0.0303 -0.0186 Jun-18 0.0013 0.0149 0.0196 0.0417 0.0324 0.1006 Date SPY V PFE Aug-18 0.0319 0.0742 0.0398 Sep-18 0.0014 0.0233 0.0705 Oct-18 -0.0649 -0.0816 -0.0229 Nov-18 0.0185 0.0280 0.0736 Jan-19 Feb-19 0.0324 0.0971 0.0301 Dec-18 -0.0933 -0.0673 -0.0485 0.0864 0.0233 -0.0275 Mar-19 0.0136 0.0563 -0.0203 Apr-19 0.0454 0.0528 -0.0438 May-19 -0.0638 -0.0189 0.0224 Jun-19 Jul-19 0.0644 0.0774 0.0526 0.0201 0.0256 -0.1034 Aug-19 -0.0167 0.0158 -0.0847 Sep-19 0.0148 -0.0473 0.0201 Oct-19 0.0268 0.0398 0.0679 Nov-19 0.0362 0.0316 0.0039 Dec-19 0.0240 0.0201 0.0270 Jan-20 0.0045 0.0589 -0.0495 Feb-20 -0.0792 -0.0865 -0.0934 Mar-20 -0.1300 -0.1123 -0.0233 Apr-20 0.1336 0.1092 0.1752 May-20 0.0476 0.0924 -0.0044| Jun-20 0.0133 -0.0089 -0.1352 Jul-20 0.0636 -0.0143 0.1768 Aug-20 0.0698 0.1134 -0.0083 Sep-20 -0.0413 -0.0553 -0.0288 Oct-20 -0.0210 -0.0913 -0.0332 Nov-20 0.1088 0.1576 0.1381 Dec-20 0.0326 0.0414 -0.0293

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