Returns

Year by year total returns for Stocks, T. Bonds, and T. Bills

Input Box
Initial Investment Level at the beginning of 1928 100
Five years 5
Ten years 10
Twenty-five years 25

Annual Returns on Investments in Compounded Value of $100

Time Year Stocks T.Bonds T.Bills Stocks T.Bond
0 $ 100.00 $ 100.00
1 1928 43.81% 0.84% 3.08% $ 143.81 $ 100.84
2 1929 -8.30% 4.20% 3.16% $ 131.88 $ 105.07
3 1930 -25.12% 4.54% 4.55% $ 98.75 $ 109.85
4 1931 -43.84% -2.56% 2.31% $ 55.46 $ 107.03
5 1932 -8.64% 8.79% 1.07% $ 50.66 $ 116.44
6 1933 49.98% 1.86% 0.96% $ 75.99 $ 118.60
7 1934 -1.19% 7.96% 0.30% $ 75.09 $ 128.05
8 1935 46.74% 4.47% 0.23% $ 110.18 $ 133.78
9 1936 31.94% 5.02% 0.15% $ 145.38 $ 140.49
10 1937 -35.34% 1.38% 0.12% $ 94.00 $ 142.43
11 1938 29.28% 4.21% 0.11% $ 121.53 $ 148.43
12 1939 -1.10% 4.41% 0.03% $ 120.20 $ 154.98
13 1940 -10.67% 5.40% 0.04% $ 107.37 $ 163.35
14 1941 -12.77% -2.02% 0.02% $ 93.66 $ 160.04
15 1942 19.17% 2.29% 0.33% $ 111.61 $ 163.72
16 1943 25.06% 2.49% 0.38% $ 139.59 $ 167.79
17 1944 19.03% 2.58% 0.38% $ 166.15 $ 172.12
18 1945 35.82% 3.80% 0.38% $ 225.67 $ 178.67
19 1946 -8.43% 3.13% 0.38% $ 206.65 $ 184.26
20 1947 5.20% 0.92% 0.38% $ 217.39 $ 185.95
21 1948 5.70% 1.95% 0.95% $ 229.79 $ 189.58
22 1949 18.30% 4.66% 1.16% $ 271.85 $ 198.42
23 1950 30.81% 0.43% 1.10% $ 355.60 $ 199.27
24 1951 23.68% -0.30% 1.34% $ 439.80 $ 198.68
25 1952 18.15% 2.27% 1.73% $ 519.62 $ 203.19
26 1953 -1.21% 4.14% 2.09% $ 513.35 $ 211.61
27 1954 52.56% 3.29% 1.60% $ 783.18 $ 218.57
28 1955 32.60% -1.34% 1.15% $ 1,038.47 $ 215.65

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 Returns

29 1956 7.44% -2.26% 2.54% $ 1,115.73 $ 210.79

30 1957 -10.46% 6.80% 3.21% $ 999.05 $ 225.11
31 1958 43.72% -2.10% 3.04% $ 1,435.84 $ 220.39
32 1959 12.06% -2.65% 2.77% $ 1,608.95 $ 214.56
33 1960 0.34% 11.64% 4.49% $ 1,614.37 $ 239.53
34 1961 26.64% 2.06% 2.25% $ 2,044.40 $ 244.46
35 1962 -8.81% 5.69% 2.60% $ 1,864.26 $ 258.38
36 1963 22.61% 1.68% 2.87% $ 2,285.80 $ 262.74
37 1964 16.42% 3.73% 3.52% $ 2,661.02 $ 272.53
38 1965 12.40% 0.72% 3.84% $ 2,990.97 $ 274.49
39 1966 -9.97% 2.91% 4.38% $ 2,692.74 $ 282.47
40 1967 23.80% -1.58% 4.96% $ 3,333.69 $ 278.01
41 1968 10.81% 3.27% 4.97% $ 3,694.23 $ 287.11
42 1969 -8.24% -5.01% 5.96% $ 3,389.77 $ 272.71
43 1970 3.56% 16.75% 7.82% $ 3,510.49 $ 318.41
44 1971 14.22% 9.79% 4.87% $ 4,009.72 $ 349.57
45 1972 18.76% 2.82% 4.01% $ 4,761.76 $ 359.42
46 1973 -14.31% 3.66% 5.07% $ 4,080.44 $ 372.57
47 1974 -25.90% 1.99% 7.45% $ 3,023.54 $ 379.98
48 1975 37.00% 3.61% 7.15% $ 4,142.10 $ 393.68
49 1976 23.83% 15.98% 5.44% $ 5,129.20 $ 456.61
50 1977 -6.98% 1.29% 4.35% $ 4,771.20 $ 462.50
51 1978 6.51% -0.78% 6.07% $ 5,081.77 $ 458.90
52 1979 18.52% 0.67% 9.08% $ 6,022.89 $ 461.98
53 1980 31.74% -2.99% 12.04% $ 7,934.26 $ 448.17
54 1981 -4.70% 8.20% 15.49% $ 7,561.16 $ 484.91
55 1982 20.42% 32.81% 10.85% $ 9,105.08 $ 644.04
56 1983 22.34% 3.20% 7.94% $ 11,138.90 $ 664.65
57 1984 6.15% 13.73% 9.00% $ 11,823.51 $ 755.92
58 1985 31.24% 25.71% 8.06% $ 15,516.60 $ 950.29
59 1986 18.49% 24.28% 7.10% $ 18,386.33 $ 1,181.06
60 1987 5.81% -4.96% 5.53% $ 19,455.08 $ 1,122.47
61 1988 16.54% 8.22% 5.77% $ 22,672.40 $ 1,214.78
62 1989 31.48% 17.69% 8.07% $ 29,808.58 $ 1,429.72
63 1990 -3.06% 6.24% 7.63% $ 28,895.11 $ 1,518.87
64 1991 30.23% 15.00% 6.74% $ 37,631.51 $ 1,746.77
65 1992 7.49% 9.36% 4.07% $ 40,451.51 $ 1,910.30
66 1993 9.97% 14.21% 3.22% $ 44,483.33 $ 2,181.77
67 1994 1.33% -8.04% 3.06% $ 45,073.14 $ 2,006.43
68 1995 37.20% 23.48% 5.60% $ 61,838.19 $ 2,477.55
69 1996 23.82% 1.43% 5.14% $ 76,566.48 $ 2,512.94

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 Returns

70 1997 31.86% 9.94% 4.91% $ 100,958.71 $ 2,762.71

71 1998 28.34% 14.92% 5.16% $ 129,568.35 $ 3,174.95
72 1999 20.89% -8.25% 4.39% $ 156,629.15 $ 2,912.88
73 2000 -9.03% 16.66% 5.37% $ 142,482.69 $ 3,398.03
74 2001 -11.85% 5.57% 5.73% $ 125,598.83 $ 3,587.37
75 2002 -21.97% 15.12% 1.66% $ 98,009.73 $ 4,129.65
76 2003 28.41% 0.38% 1.03% $ 125,855.76 $ 4,145.15
77 2004 10.74% 4.49% 1.23% $ 139,372.43 $ 4,331.30
78 2005 4.85% 2.87% 3.01% $ 146,128.76 $ 4,455.50
79 2006 15.63% 1.96% 4.68% $ 168,963.10 $ 4,542.87
80 2007 5.48% 10.21% 4.64% $ 178,230.28 $ 5,006.69
81 2008 -36.58% 20.10% 0.59% $ 113,041.66 $ 6,013.10
82 2009 25.92% -11.12% 0.14% $ 142,346.77 $ 5,344.65

Risk Premium
Arithmetic Average Stocks - T.Bon
1928-2009 11.27% 5.24% 3.78% 6.03%
1960-2009 10.81% 7.03% 5.38% 3.78%
2000-2009 1.16% 6.62% 2.81% -5.46%
Risk Premium
Geometric Average Stocks - T.Bon
1928-2009 9.26% 4.97% 3.74% 4.29%
1960-2009 9.57% 6.54% 5.36% 3.03%
2000-2009 -0.01% 5.16% 2.51% -5.17%

Stocks Bonds Bills

1 year High 52.56% 32.81% ###

Low -43.84% -8.25% ###

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 Returns

5 year High 28.29% 19.49% ###

Low -12.71% -0.37% ###

10 year High 20.11% 13.67% ###

Low -1.67% 0.78% ###

25 year High 17.10% 9.00% ###

Low 5.22% 1.86% ###

Page 4
 Returns

ed Value of $100 5-year geometric averages 10-year geometric average

T.Bills Stocks T.Bond T.Bills Stocks
$ 100.00
$ 103.08
$ 106.34
$ 111.18
$ 113.74
$ 114.96 -12.71% 3.09% 2.83%
$ 116.06 -11.98% 3.30% 2.40%
$ 116.41 -10.65% 4.03% 1.83%
$ 116.68 2.22% 4.02% 0.97%
$ 116.86 21.26% 5.59% 0.54%
$ 117.00 13.16% 4.11% 0.35% -0.62%
$ 117.12 9.85% 4.59% 0.18% -1.67%
$ 117.16 9.87% 3.89% 0.13% -0.92%
$ 117.21 -0.52% 4.08% 0.09% 0.84%
$ 117.23 -8.42% 2.64% 0.06% 5.38%
$ 117.62 3.49% 2.83% 0.11% 8.22%
$ 118.06 2.81% 2.48% 0.16% 6.27%
$ 118.51 6.69% 2.12% 0.23% 8.27%
$ 118.96 16.02% 1.81% 0.30% 7.43%
$ 119.41 17.15% 2.86% 0.37% 3.58%
$ 119.87 14.26% 2.58% 0.38% 8.74%
$ 121.01 10.48% 2.47% 0.49% 6.58%
$ 122.41 10.35% 2.88% 0.65% 8.50%
$ 123.76 9.52% 2.21% 0.79% 12.72%
$ 125.42 16.31% 1.52% 0.99% 16.73%
$ 127.59 19.04% 1.79% 1.26% 16.63%
$ 130.25 17.44% 2.22% 1.48% 13.91%
$ 132.34 23.57% 1.95% 1.57% 16.77%
$ 133.86 23.90% 1.59% 1.58% 16.49%

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 Returns

$ 137.26 20.47% 1.19% 1.82% 18.37%

$ 141.66 13.97% 2.07% 2.12% 16.48%
$ 145.97 22.84% 0.82% 2.30% 20.11%
$ 150.01 15.49% -0.37% 2.54% 19.46%
$ 156.75 9.22% 2.12% 3.21% 16.33%
$ 160.28 12.88% 3.01% 3.15% 16.61%
$ 164.44 13.29% 2.80% 3.03% 13.63%
$ 169.16 9.75% 3.58% 2.99% 16.11%
$ 175.12 10.59% 4.90% 3.14% 13.01%
$ 181.84 13.13% 2.76% 3.01% 11.16%
$ 189.81 5.66% 2.93% 3.44% 9.21%
$ 199.22 12.33% 1.47% 3.91% 12.81%
$ 209.12 10.08% 1.79% 4.33% 9.91%
$ 221.59 4.96% 0.01% 4.82% 7.74%
$ 238.91 3.26% 3.01% 5.61% 8.08%
$ 250.55 8.29% 4.35% 5.71% 6.97%
$ 260.60 7.39% 5.27% 5.52% 9.83%
$ 273.81 2.01% 5.35% 5.54% 5.97%
$ 294.21 -2.26% 6.86% 5.83% 1.29%
$ 315.24 3.36% 4.34% 5.70% 3.31%
$ 332.39 5.05% 5.49% 5.82% 6.66%
$ 346.85 0.04% 5.17% 5.89% 3.65%
$ 367.91 4.49% 4.26% 6.09% 3.24%
$ 401.31 14.78% 3.99% 6.41% 5.92%
$ 449.63 13.88% 2.63% 7.36% 8.50%
$ 519.28 8.07% 1.21% 9.33% 6.55%
$ 575.62 13.80% 6.85% 10.66% 6.70%
$ 621.32 16.99% 7.69% 11.05% 10.56%
$ 677.24 14.44% 10.35% 11.03% 14.61%
$ 731.83 14.36% 16.22% 10.23% 14.12%
$ 783.79 19.45% 19.49% 8.58% 13.62%
$ 827.13 16.40% 11.75% 7.52% 15.09%
$ 874.86 15.27% 12.82% 7.08% 16.13%
$ 945.46 20.31% 13.59% 6.90% 17.34%
$1,017.59 13.24% 9.83% 6.82% 13.80%
$1,086.18 15.40% 8.14% 6.74% 17.41%
$1,130.39 15.77% 11.22% 6.45% 16.08%
$1,166.79 14.43% 12.42% 5.93% 14.85%
$1,202.49 8.62% 7.01% 4.93% 14.32%
$1,269.83 16.44% 10.28% 4.53% 14.83%
$1,335.10 15.26% 7.54% 4.21% 15.33%

Page 6
 Returns

$1,400.65 20.07% 7.66% 4.38% 17.90%

$1,472.93 23.84% 7.79% 4.77% 19.04%
$1,537.59 28.29% 7.74% 5.04% 18.05%
$1,620.16 18.17% 6.52% 4.99% 17.30%
$1,712.99 10.41% 7.38% 5.11% 12.81%
$1,741.43 -0.59% 8.37% 4.45% 9.25%
$1,759.36 -0.58% 5.48% 3.62% 10.96%
$1,781.00 -2.31% 8.26% 2.98% 11.95%
$1,834.61 0.51% 5.57% 2.52% 8.98%
$1,920.47 6.11% 4.84% 2.31% 8.24%
$2,009.58 12.70% 3.93% 2.91% 5.85%
$2,021.44 -2.12% 7.72% 2.82% -1.36%
$2,024.27 0.42% 4.29% 2.59% -0.95%

Stocks - T.Bills
7.49% 1 Year Returns (1928-2009)
5.43% 60.00%
-1.65% Stocks
40.00% T.Bond
s
Stocks - T.Bills T.Bills
5.52% 20.00%
Stocks
4.21% T.Bond
0.00% s
-2.52%
1932
1936

1948
1952

1960
1964

1972
1976

1984
1988

2000
2004
1928

1940
1944

1956

1968

1980

1992
1996

2008
T.Bills
-20.00% Stocks
T.Bond
-40.00% s
T.Bills
-60.00%

Page 7
 Returns

10-year geometric averages 25-year geometric averages

T.Bond T.Bills Stocks T.Bond T.Bills

3.60% 1.58%
3.94% 1.29%
3.96% 0.97%
4.05% 0.53%
4.10% 0.30%
3.47% 0.23%
3.53% 0.17%
3.00% 0.18%
2.94% 0.19%
2.75% 0.22%
2.70% 0.24%
2.48% 0.33%
2.50% 0.44%
2.01% 0.55%
2.19% 0.68%
2.18% 0.82% 6.81% 2.88% 0.98%
2.35% 0.99% 5.22% 3.01% 0.94%
2.42% 1.11% 7.39% 2.97% 0.88%
1.90% 1.19% 9.87% 2.74% 0.75%

Page 8
 Returns

1.35% 1.40% 12.76% 2.75% 0.75%

1.93% 1.68% 12.67% 2.67% 0.84%
1.52% 1.89% 12.47% 2.51% 0.92%
0.78% 2.05% 13.04% 2.09% 1.02%
1.86% 2.39% 11.34% 2.36% 1.19%
2.10% 2.48% 11.15% 2.24% 1.27%
2.43% 2.57% 12.69% 2.41% 1.37%
2.19% 2.65% 12.45% 2.31% 1.48%
2.23% 2.84% 13.19% 2.28% 1.62%
2.44% 3.11% 14.23% 2.10% 1.77%
2.97% 3.29% 14.38% 2.30% 1.95%
2.13% 3.47% 14.55% 2.14% 2.13%
2.68% 3.66% 14.00% 2.17% 2.31%
2.43% 3.98% 12.82% 1.86% 2.53%
2.89% 4.30% 11.60% 2.34% 2.83%
3.64% 4.57% 12.59% 2.59% 3.01%
3.36% 4.71% 13.14% 2.67% 3.16%
3.55% 4.93% 12.20% 2.74% 3.32%
3.38% 5.33% 10.12% 2.63% 3.57%
3.67% 5.66% 10.32% 2.76% 3.81%
4.92% 5.76% 10.32% 3.38% 3.98%
5.22% 5.70% 9.27% 3.34% 4.08%
4.80% 5.81% 9.60% 3.14% 4.24%
5.41% 6.12% 8.50% 3.04% 4.54%
3.48% 6.53% 8.47% 2.97% 4.97%
3.33% 7.56% 7.95% 3.39% 5.47%
6.01% 8.25% 9.24% 4.29% 5.77%
5.96% 8.54% 8.54% 4.51% 5.96%
7.12% 8.69% 8.30% 5.17% 6.21%
9.21% 8.79% 9.47% 5.67% 6.36%
9.97% 8.96% 9.18% 6.50% 6.55%
9.27% 9.08% 9.84% 6.05% 6.67%
10.22% 9.05% 9.61% 6.32% 6.79%
11.96% 8.95% 10.15% 6.85% 6.98%
12.98% 8.51% 9.50% 7.08% 7.13%
13.67% 7.66% 11.13% 7.56% 7.23%
11.49% 6.98% 10.50% 8.01% 7.19%
12.62% 6.50% 10.47% 8.45% 7.12%
10.25% 5.91% 10.90% 8.31% 7.00%
10.06% 5.67% 12.16% 8.55% 6.91%
7.84% 5.47% 12.52% 8.21% 6.92%

Page 9
 Returns

9.42% 5.41% 12.99% 8.50% 6.96%

10.08% 5.35% 14.83% 8.95% 6.96%
7.38% 4.98% 17.10% 8.49% 6.84%
8.39% 4.76% 15.20% 9.00% 6.77%
7.46% 4.66% 13.65% 8.59% 6.78%
8.01% 4.42% 12.85% 9.15% 6.67%
6.63% 4.19% 13.70% 9.20% 6.46%
8.00% 4.01% 13.39% 9.37% 6.14%
6.04% 3.75% 12.36% 9.62% 5.79%
6.10% 3.70% 13.23% 9.36% 5.37%
6.13% 3.68% 12.63% 8.55% 5.13%
6.59% 3.22% 9.71% 9.21% 4.83%
6.26% 2.79% 10.46% 8.14% 4.48%

-2009) 5 Year Geometric Means (1928-2009)

35.00%
Stocks 30.00%
T.Bond
s 25.00%
T.Bills 20.00%
Stocks 15.00% Stocks
T.Bond T.Bond
10.00% s
s
2000
2004
1992
1996

2008

T.Bills 5.00% T.Bills

Stocks 0.00%
1952
1956
1960
1964
1968

1976

1984

2000
2004
2008
1932
1936
1940
1944
1948

1972

1980

1988
1992
1996

T.Bond -5.00%
s
T.Bills -10.00%
-15.00%

Page 10
 Returns

10 Year Geometric Means (1928-2009)

25.00%

20.00%

15.00%
Stocks
T.Bond
10.00% s
T.Bills
5.00%

0.00%
1961
1964
1967
1970
1973
1976

1982
1985

1991
1994
1997
2000
2003
2006
2009
1937
1940
1943
1946
1949
1952
1955
1958

1979

1988

-5.00%

Page 11
 Returns

25 Year Geometric Means (1928-2009)

18.00%
16.00%
14.00%
12.00%
10.00% Stocks
T.Bond
8.00% s
6.00% T.Bills
4.00%
2.00%
0.00%
1958
1961
1964
1967
1970

1982
1985
1988
1991
1994
1997

2009
1952
1955

1973
1976
1979

2000
2003
2006

Page 12
 Raw Data

reported values
calculated values

S&P 500 Annual Return

Year Index Dividend Yield Dividends on S&P500 T.Bond Rate
1927 17.66 3.50% 0.62 3.17%
1928 24.35 4.30% 1.05 43.81% 3.45%
1929 21.45 4.10% 0.88 -8.30% 3.36%
1930 15.34 4.70% 0.72 -25.12% 3.22%
1931 8.12 6.10% 0.50 -43.84% 3.93%
1932 6.92 7.20% 0.50 -8.64% 3.35%
1933 9.97 4.10% 0.41 49.98% 3.53%
1934 9.5 3.70% 0.35 -1.19% 3.01%
1935 13.43 3.80% 0.51 46.74% 2.84%
1936 17.18 3.14% 0.54 31.94% 2.59%
1937 10.55 5.30% 0.56 -35.34% 2.73%
1938 13.14 3.80% 0.50 29.28% 2.56%
1939 12.46 4.30% 0.54 -1.10% 2.35%
1940 10.58 5.20% 0.55 -10.67% 2.01%
1941 8.69 6.20% 0.54 -12.77% 2.47%
1942 9.77 6.00% 0.59 19.17% 2.49%
1943 11.67 4.70% 0.55 25.06% 2.49%
1944 13.28 4.60% 0.61 19.03% 2.48%
1945 17.36 3.90% 0.68 35.82% 2.33%
1946 15.3 3.90% 0.60 -8.43% 2.24%
1947 15.3 5.20% 0.80 5.20% 2.39%
1948 15.2 6.40% 0.97 5.70% 2.44%
1949 16.79 7.10% 1.19 18.30% 2.19%
1950 20.43 7.50% 1.53 30.81% 2.39%
1951 23.77 6.30% 1.50 23.68% 2.70%
1952 26.57 5.70% 1.51 18.15% 2.75%
1953 24.81 5.80% 1.44 -1.21% 2.59%
1954 35.98 5.20% 1.87 52.56% 2.51%
1955 45.48 4.90% 2.23 32.60% 2.96%
1956 46.67 4.70% 2.19 7.44% 3.59%
1957 39.99 4.50% 1.80 -10.46% 3.21%
1958 55.21 4.10% 2.26 43.72% 3.86%
1959 59.89 3.30% 1.98 12.06% 4.69%
1960 58.11 3.41% 1.98 0.34% 3.84%

Page 13
 Raw Data

1961 71.55 2.85% 2.04 26.64% 4.06%

1962 63.1 3.40% 2.15 -8.81% 3.86%
1963 75.02 3.13% 2.35 22.61% 4.13%
1964 84.75 3.05% 2.58 16.42% 4.18%
1965 92.43 3.06% 2.83 12.40% 4.62%
1966 80.33 3.59% 2.88 -9.97% 4.84%
1967 96.47 3.09% 2.98 23.80% 5.70%
1968 103.86 2.93% 3.04 10.81% 6.03%
1969 92.06 3.52% 3.24 -8.24% 7.65%
1970 92.15 3.46% 3.19 3.56% 6.39%
1971 102.09 3.10% 3.16 14.22% 5.93%
1972 118.05 2.70% 3.19 18.76% 6.36%
1973 97.55 3.70% 3.61 -14.31% 6.74%
1974 68.56 5.43% 3.72 -25.90% 7.43%
1975 90.19 4.14% 3.73 37.00% 8.00%
1976 107.46 3.93% 4.22 23.83% 6.87%
1977 95.1 5.11% 4.86 -6.98% 7.69%
1978 96.11 5.39% 5.18 6.51% 9.01%
1979 107.94 5.53% 5.97 18.52% 10.39%
1980 135.76 4.74% 6.44 31.74% 12.84%
1981 122.55 5.57% 6.83 -4.70% 13.72%
1982 140.64 4.93% 6.93 20.42% 10.54%
1983 164.93 4.32% 7.12 22.34% 11.83%
1984 167.24 4.68% 7.83 6.15% 11.50%
1985 211.28 3.88% 8.20 31.24% 9.26%
1986 242.17 3.38% 8.19 18.49% 7.11%
1987 247.08 3.71% 9.17 5.81% 8.99%
1988 277.72 3.68% 10.22 16.54% 9.11%
1989 353.4 3.32% 11.73 31.48% 7.84%
1990 330.22 3.74% 12.35 -3.06% 8.08%
1991 417.09 3.11% 12.97 30.23% 7.09%
1992 435.71 2.90% 12.64 7.49% 6.77%
1993 466.45 2.72% 12.69 9.97% 5.77%
1994 459.27 2.91% 13.36 1.33% 7.81%
1995 615.93 2.30% 14.17 37.20% 5.71%
1996 747.74 1.99% 14.89 23.82% 6.30%
1997 970.43 1.60% 15.52 31.86% 5.81%
1998 1229.23 1.32% 16.20 28.34% 4.65%
1999 1469.25 1.14% 16.71 20.89% 6.44%
2000 1320.28 1.23% 16.27 -9.03% 5.11%
2001 1148.09 1.37% 15.74 -11.85% 5.05%

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 Raw Data

2002 879.82 1.83% 16.08 -21.97% 3.82%

2003 1111.91 1.61% 17.88 28.41% 4.25%
2004 1211.92 1.60% 19.407 10.74% 4.22%
2005 1248.29 1.79% 22.38 4.85% 4.39%
2006 1418.3 1.77% 25.05 15.63% 4.70%
2007 1468.36 1.89% 27.73 5.48% 4.02%
2008 903.25 3.11% 28.05 -36.58% 2.21%
2009 1115.1 2.00% 22.31 25.92% 3.84%

extrapolated from the returns data

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 Raw Data

Return on Bond
= Capital
Gain/(Loss) - Return on
Coupon Yield T.Bill

0.84% 3.08%
4.20% 3.16%
4.54% 4.55%
-2.56% 2.31%
8.79% 1.07%
1.86% 0.96%
7.96% 0.30%
4.47% 0.23%
5.02% 0.15%
1.38% 0.12%
4.21% 0.11%
4.41% 0.03%
5.40% 0.04%
-2.02% 0.02%
2.29% 0.33%
2.49% 0.38%
2.58% 0.38%
3.80% 0.38%
3.13% 0.38%
0.92% 0.38%
1.95% 0.95%
4.66% 1.16%
0.43% 1.10%
-0.30% 1.34%
2.27% 1.73%
4.14% 2.09%
3.29% 1.60%
-1.34% 1.15%
-2.26% 2.54%
6.80% 3.21%
-2.10% 3.04%
-2.65% 2.77%
11.64% 4.49%

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 Raw Data

2.06% 2.25%
5.69% 2.60%
1.68% 2.87%
3.73% 3.52%
0.72% 3.84%
2.91% 4.38%
-1.58% 4.96%
3.27% 4.97%
-5.01% 5.96%
16.75% 7.82%
9.79% 4.87%
2.82% 4.01%
3.66% 5.07%
1.99% 7.45%
3.61% 7.15%
15.98% 5.44%
1.29% 4.35%
-0.78% 6.07%
0.67% 9.08%
-2.99% 12.04%
8.20% 15.49%
32.81% 10.85%
3.20% 7.94%
13.73% 9.00%
25.71% 8.06%
24.28% 7.10%
-4.96% 5.53%
8.22% 5.77%
17.69% 8.07%
6.24% 7.63%
15.00% 6.74%
9.36% 4.07%
14.21% 3.22%
-8.04% 3.06%
23.48% 5.60%
1.43% 5.14%
9.94% 4.91%
14.92% 5.16%
-8.25% 4.39%
16.66% 5.37%
5.57% 5.73%

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 Raw Data

15.12% 1.66%
0.38% 1.03%
4.49% 1.23%
2.87% 3.01%
1.96% 4.68%
10.21% 4.64%
20.10% 0.59%
-11.12% 0.14%

Page 18
 Sheet5

Class of Security Arithmetric Mean Standard Deviation

Small firm common stock 16.4% 33.0%

Large firm common stock 11.7% 20.6%
Long term corporate bonds 6.2% 8.4%
6.1% 9.4%
Intermediate term government bonds 5.6% 5.7%
U.S. Treasury bills 3.8% 3.1%

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