The table below lists the means and volatilities of returns to equity denominated in local currency, the currency return, returns to equity denominated in USD, and the correlations between the returns to equity in each market and the US equity market for each country over the same period. Characteristics of foreign equity returns, 1980-2015 Means Volatilities Correlation Country Market Currency Dollar Market Currency Dollar with U.S. return return return return return return Canada 10.10 -0.10 10.46 16.18 7.06 20.05 0.75 France 12.35 -0.46 11.78 19.47 10.88 21.78 0.63 Germany 11.31 0.68 11.86 20.58 11.05 22.87 0.62 Italy 13.32 -1.56 11.65 23.85 10.78 25.69 0.46 Japan 6.74 2.55 9.13 18.97 11.39 21.46 0.38 U.K. 12.25 -0.52 11.64 15.88 10.15 18.51 0.68 U.S. 12.10 0.00 12.10 15.12 0.00 15.12 1.00