Date Microsoft General Motors Delta Air Lines Walmart Pfizer

01/31/2014 1.149% -11.72% 11.43% -5.10% -0.75%

02/28/2014 1.982% 0.33% 8.69% 0.03% 6.48%
03/31/2014 6.996% -4.09% 4.34% 2.96% 0.03%
04/30/2014 -1.439% 0.17% 6.29% 4.29% -2.62%
05/30/2014 2.030% 0.29% 8.53% -3.09% -4.44%
06/30/2014 1.856% 5.84% -2.98% -2.21% 0.17%
07/31/2014 3.501% -6.83% -3.25% -1.98% -2.43%
08/29/2014 5.908% 2.90% 5.90% 3.26% 2.40%
09/30/2014 2.047% -7.36% -8.67% 1.28% 0.61%
10/31/2014 1.273% -1.69% 11.29% -0.26% 1.29%
11/28/2014 2.492% 6.47% 16.23% 14.78% 4.87%
12/31/2014 -2.845% 5.32% 5.40% -1.35% 0.00%
01/30/2015 -13.025% -6.56% -3.82% -1.05% 0.32%
02/27/2015 9.307% 14.38% -5.71% -1.24% 10.72%
03/31/2015 -7.286% 1.31% 0.99% -1.42% 1.37%
04/30/2015 19.641% -6.51% -0.71% -5.11% -2.47%
05/29/2015 -3.022% 2.60% -3.65% -4.22% 3.24%
06/30/2015 -5.783% -6.34% -4.29% -4.50% -3.51%
07/31/2015 5.776% -5.46% 7.94% 1.48% 7.55%
08/31/2015 -6.146% -6.57% -0.96% -9.39% -9.87%
09/30/2015 1.700% 3.19% 2.49% 0.17% -2.51%
10/30/2015 18.934% 16.29% 13.31% -11.72% 7.67%
11/30/2015 3.932% 3.70% -8.35% 2.80% -2.28%
12/31/2015 2.079% -5.06% 9.10% 5.01% -1.50%
01/29/2016 -0.703% -12.85% -12.63% 8.25% -5.55%
02/29/2016 -6.989% -0.67% 9.22% -0.03% -1.71%
03/31/2016 8.550% 8.05% 0.91% 3.99% -0.10%
04/29/2016 -9.705% 1.18% -14.40% -2.37% 10.36%
05/31/2016 6.998% -1.64% 4.62% 6.59% 7.00%
06/30/2016 -3.453% -8.31% -16.18% 3.16% 1.47%
07/29/2016 10.768% 11.45% 6.37% -0.07% 4.77%
08/31/2016 2.011% 1.20% -4.64% -1.41% -4.85%
09/30/2016 0.244% 0.72% 7.10% 0.95% -2.67%
10/31/2016 4.028% -0.54% 6.12% -2.91% -6.38%
11/30/2016 1.218% 9.27% 15.83% 0.59% 2.30%
12/30/2016 3.120% 2.00% 2.10% -1.15% 1.06%
01/31/2017 4.039% 5.08% -3.96% -3.44% -2.31%
02/28/2017 -0.433% 0.63% 6.12% 6.28% 8.54%
03/31/2017 2.938% -2.99% -7.95% 2.34% 0.26%
04/28/2017 3.948% -2.04% -1.13% 4.30% -0.85%
05/31/2017 2.585% -2.05% 8.57% 5.23% -2.80%
06/30/2017 -1.303% 4.07% 9.38% -3.72% 2.88%
07/31/2017 5.469% 3.01% -8.15% 5.70% -1.28%
08/31/2017 3.384% 1.56% -3.78% -1.76% 3.26%
 09/29/2017 -0.375% 11.55% 2.18% 0.09% 5.25%
10/31/2017 11.666% 6.44% 3.75% 11.74% -1.79%
11/30/2017 1.695% 0.26% 6.39% 11.36% 4.34%
12/29/2017 1.628% -3.99% 5.82% 2.09% -0.11%
01/31/2018 11.071% 3.46% 1.38% 7.95% 2.26%
02/28/2018 -0.863% -7.22% -4.52% -15.56% -1.05%
03/29/2018 -2.666% -6.68% 1.69% -0.58% -2.26%
04/30/2018 2.465% 1.10% -4.73% -0.57% 3.16%
05/31/2018 6.138% 16.22% 4.09% -6.10% -0.93%
06/29/2018 -0.233% -6.84% -8.34% 3.77% 0.97%
07/31/2018 7.575% -3.78% 10.56% 4.18% 10.06%
08/31/2018 6.288% -4.91% 7.46% 8.01% 4.83%
09/28/2018 1.816% -5.55% -1.11% -2.03% 6.14%
10/31/2018 -6.610% 8.67% -5.36% 6.78% -2.29%
11/30/2018 4.251% 3.72% 11.57% -2.62% 8.15%
12/31/2018 -8.405% -10.86% -17.81% -4.08% -5.58%

Average 2.054% 0.222% 1.434% 0.640% 0.982%

Annual Average 24.6% 2.7% 17.2% 7.7% 11.8%

Sample Variance/Covariance Ma
Microsoft General Motors Delta Air Lines Walmart Pfizer
Microsoft 0.00361 0.00138 0.00150 0.00032 0.00064
General Motors 0.00138 0.00437 0.00152 0.00000 0.00097
Delta Air Lines 0.00150 0.00152 0.00613 0.00045 0.00083
Walmart 0.00032 0.00000 0.00045 0.00288 0.00034
Pfizer 0.00064 0.00097 0.00083 0.00034 0.00197
Exxon Mobile Corp. 0.00089 0.00128 0.00067 0.00026 0.00072
Caterpillar 0.00201 0.00172 0.00201 -0.00012 0.00089
Cisco System 0.00167 0.00133 0.00158 0.00050 0.00124
Emerging Markets 0.00043 0.00053 0.00015 0.00004 0.00014
Global Macros 0.00013 0.00024 0.00003 0.00012 0.00014
Dow Jones industrial 0.00120 0.00132 0.00110 0.00047 0.00088
S&P 500 0.00124 0.00121 0.00111 0.00036 0.00086

Annualized Variance Covariance Matrix

Microsoft General Motors Delta Air Lines Walmart Pfizer
Microsoft 0.04337 0.01652 0.01804 0.00388 0.00768
General Motors 0.01652 0.05250 0.01827 0.00004 0.01161
Delta Air Lines 0.01804 0.01827 0.07361 0.00544 0.01001
Walmart 0.00388 0.00004 0.00544 0.03460 0.00410
Pfizer 0.00768 0.01161 0.01001 0.00410 0.02358
Exxon Mobile Corp. 0.01069 0.01541 0.00802 0.00318 0.00861
 Caterpillar 0.02413 0.02065 0.02418 -0.00150 0.01067
Cisco System 0.02008 0.01594 0.01894 0.00602 0.01490
Emerging Markets 0.00517 0.00631 0.00178 0.00048 0.00173
Global Macros 0.00157 0.00294 0.00031 0.00149 0.00163
Dow Jones industrial 0.01442 0.01586 0.01318 0.00561 0.01056
S&P 500 0.01483 0.01454 0.01335 0.00428 0.01032

Weights Microsoft General Motors Delta Air Lines Walmart Pfizer

1 0.009783 -0.039075197345 0.039842335596 0.0011964 0.038686
2 -0.013512 0.116531908789 -0.04886675672 0.0788028 -0.011886
3 0.061662 -0.041959009185 0.045841922803 0.0142948 0.078396
4 0.087687 -0.04419061564 0.049010202588 0.0176291 0.097971
5 0.113708 -0.046423706855 0.052176780634 0.0209696 0.117549
6 0.139738 -0.048656297403 0.055347812919 0.0242962 0.13712
7 0.165856 -0.050692388031 0.058508445597 0.0278715 0.156867
8 0.191658 -0.053398470599 0.061700088791 0.0306447 0.176043
9 0.21746 -0.056115203923 0.064907424011 0.0334707 0.195288
10 0.243839 -0.057588525001 0.068023693643 0.0376322 0.215417
11 0.269865 -0.059821375212 0.071192436022 0.0409657 0.234991
12 0.295892 -0.06205352504 0.074361359761 0.0443006 0.254565
13 0.321916 -0.064287728069 0.077530054192 0.0476338 0.27414
14 0.347942 -0.066519824222 0.080699076142 0.0509683 0.293714
15 0.373967 -0.068755519932 0.08386792049 0.054301 0.313288
16 0.399993 -0.070986988696 0.087036458456 0.0576355 0.332863
17 0.426018 -0.073219970663 0.090205330897 0.0609694 0.352437
18 0.452044 -0.07545249395 0.093373501822 0.0643032 0.372012
19 0.478069 -0.077685690749 0.096542973273 0.0676374 0.391586
20 0.504095 -0.079918950888 0.099711810224 0.0709712 0.411161
Exxon Mobile Corp. Caterpillar Cisco System Emerging Markets Global Macros
-8.93% 4.07% -1.56% -2.270% -1.05%
5.14% 3.26% -0.50% 1.790% 0.69%
1.46% 2.48% 2.82% -1.510% -0.24%
4.84% 6.67% 3.95% -0.580% 0.01%
-1.16% -3.01% 6.53% 1.350% 1.02%
0.15% 6.30% 0.93% 1.140% 0.53%
-1.73% -6.64% 2.29% 0.450% -0.01%
1.22% 8.26% -0.95% 0.310% 1.13%
-5.44% -9.21% 1.48% 0.140% 0.54%
2.83% 3.11% -2.78% -1.120% -0.92%
-5.67% -0.80% 12.95% 1.710% 1.65%
2.11% -9.02% 0.63% 0.190% -0.25%
-5.44% -11.87% -4.53% 0.660% 2.69%
2.07% 3.66% 11.93% -0.040% 0.42%
-4.00% -3.46% -6.01% 0.740% 1.30%
2.79% 9.43% 4.74% 3.360% -0.75%
-1.65% -1.80% 1.66% 0.370% 0.71%
-2.35% -0.59% -6.31% -2.250% -1.76%
-4.80% -6.39% 4.26% -2.010% 1.26%
-4.09% -2.79% -8.94% -2.860% -2.63%
-1.18% -14.50% 1.43% -0.800% -1.57%
11.28% 12.85% 10.70% 2.750% 1.29%
-0.42% -0.47% -5.55% 0.150% 1.41%
-4.54% -6.46% -0.35% -0.120% -2.05%
-0.13% -7.28% -11.62% -3.450% -0.57%
3.89% 8.77% 10.05% -0.870% -1.55%
4.29% 13.06% 8.75% 3.190% -0.13%
5.75% 2.55% -2.53% 1.210% 0.25%
1.55% -6.70% 5.67% -0.210% -0.23%
5.30% 4.55% -1.24% 0.770% 0.69%
-5.11% 10.18% 7.32% 1.790% 0.29%
-1.19% -0.98% 2.98% 1.800% 0.18%
0.16% 8.32% 0.89% 0.570% 0.11%
-4.54% -5.11% -2.46% 0.390% 1.51%
5.68% 14.50% -2.80% -0.480% 1.93%
3.39% -2.95% 1.34% -0.170% 1.08%
-7.06% 3.98% 2.51% 2.140% -0.28%
-2.17% 1.05% 11.26% 1.010% 0.33%
0.85% -4.03% -1.11% 1.070% 0.19%
-0.44% 11.07% 1.66% 1.090% -0.59%
-0.47% 3.10% -7.46% 0.820% -0.49%
0.29% 1.93% -0.73% 0.730% -0.70%
-0.85% 6.77% 1.41% 2.110% 1.34%
-3.67% 3.11% 2.42% 1.740% 0.36%
 7.40% 6.15% 4.41% 1.630% 0.12%
1.67% 9.52% 2.41% 1.810% 0.79%
0.85% 3.94% 9.22% 0.480% 0.08%
0.42% 11.64% 2.68% 1.080% 0.99%
4.38% 3.79% 9.22% 3.570% 3.13%
-12.36% -5.01% 7.80% -1.350% -1.99%
-1.49% -4.69% -4.22% -0.950% -0.50%
4.21% -1.52% 4.03% -0.650% 0.12%
5.54% 5.23% -3.57% 0.170% 1.54%
1.83% -10.69% 0.75% -3.870% -0.38%
-1.47% 6.63% -0.95% 0.150% 0.19%
-0.64% -3.44% 12.96% -2.910% -0.73%
6.05% 9.82% 1.84% -1.360% 0.35%
-6.28% -19.88% -5.28% -2.550% -1.38%
0.80% 11.83% 4.63% 0.590% -0.66%
-14.23% -6.34% -9.48% -1.300% 0.30%

-0.255% 1.099% 1.527% 0.189% 0.152%

-3.1% 13.2% 18.3% 2.3% 1.8%

Sample Variance/Covariance Matrix

Exxon Mobile Corp. Caterpillar Cisco System Emerging Markets Global Macros
0.00089 0.00201 0.00167 0.00043 0.00013
0.00128 0.00172 0.00133 0.00053 0.00024
0.00067 0.00201 0.00158 0.00015 0.00003
0.00026 -0.00012 0.00050 0.00004 0.00012
0.00072 0.00089 0.00124 0.00014 0.00014
0.00218 0.00169 0.00058 0.00021 0.00012
0.00169 0.00559 0.00126 0.00060 0.00016
0.00058 0.00126 0.00318 0.00034 0.00007
0.00021 0.00060 0.00034 0.00027 0.00009
0.00012 0.00016 0.00007 0.00009 0.00013
0.00099 0.00152 0.00114 0.00031 0.00016
0.00092 0.00146 0.00113 0.00029 0.00015

Exxon Mobile Corp. Caterpillar Cisco System Emerging Markets Global Macros
0.01069 0.02413 0.02008 0.00517 0.00157
0.01541 0.02065 0.01594 0.00631 0.00294
0.00802 0.02418 0.01894 0.00178 0.00031
0.00318 -0.00150 0.00602 0.00048 0.00149
0.00861 0.01067 0.01490 0.00173 0.00163
0.02620 0.02028 0.00691 0.00250 0.00145
 0.02028 0.06703 0.01507 0.00724 0.00192
0.00691 0.01507 0.03821 0.00408 0.00089
0.00250 0.00724 0.00408 0.00326 0.00106
0.00145 0.00192 0.00089 0.00106 0.00151
0.01187 0.01828 0.01369 0.00368 0.00196
0.01100 0.01746 0.01362 0.00351 0.00186

Exxon Mobile Corp. Caterpillar Cisco System Emerging Markets Global Macros
0.079672062747602 -0.01450469 0.0386200127 0.319867469901385 0.789879769799
0.238135938555413 0.026900894 0.0136726665 0.120161684953575 0.036216078639
0.048795861751772 0.002533337 0.0554729013 0.267156767804869 0.814213104839
0.033014358458922 0.010421895 0.0640585325 0.239697193553859 0.829093110432
0.01722495761463 0.018313115 0.0726436037 0.212243004449535 0.843970765472
0.00144505891078 0.026196056 0.0812277939 0.184781808909552 0.858856544899
-0.014189587307104 0.034265719 0.0899477315 0.157149339534185 0.873868504663
-0.030327549663988 0.0417091 0.0981971568 0.130244311725282 0.888279390574
-0.046444265443808 0.049122084 0.1064028395 0.103903666182459 0.902089741989
-0.061693323749679 0.057744444 0.1155646623 0.074949120003459 0.91838381517
-0.077477491632488 0.065630354 0.1241485804 0.047490769508707 0.933264603319
-0.093262381094683 0.07351681 0.1327333855 0.02003094981766 0.948150521365
-0.109046516828623 0.081404264 0.1413170179 -0.00742496389626 0.963027329125
-0.124831760513074 0.089291738 0.1499010044 -0.034883731836361 0.977910029724
-0.140617032602209 0.097178334 0.1584845862 -0.062339303950155 0.992789098192
-0.156400279536187 0.105064768 0.1670699055 -0.089799607749572 1.007671756545
-0.172184823188675 0.11295162 0.1756541338 -0.117257541460045 1.022553287142
-0.187971039079517 0.120839606 0.1842380916 -0.144713265189827 1.03743430168
-0.203754731424895 0.128725551 0.1928226082 -0.17217417389076 1.05231652229
-0.219538640198672 0.136612463 0.2014069813 -0.199631891871217 1.067198093233
Dow Jones industrial S&P 500
-5.30% -3.56%
3.97% 4.31%
0.83% 0.69%
0.75% 0.62%
0.82% 2.10%
0.65% 1.91%
-1.56% -1.51%
3.23% 3.77%
-0.32% -1.55%
2.04% 2.32%
2.52% 2.45%
-0.03% -0.42%
-3.69% -3.10%
5.64% 5.49%
-1.97% -1.74%
0.36% 0.85%
0.95% 1.05%
-2.17% -2.10%
0.40% 1.97%
-6.57% -6.26%
-1.47% -2.64%
8.47% 8.30%
0.32% 0.05%
-1.66% -1.75%
-5.50% -5.07%
0.30% -0.41%
7.08% 6.60%
0.50% 0.27%
0.08% 1.53%
0.80% 0.09%
2.80% 3.56%
-0.17% -0.12%
-0.50% -0.12%
-0.91% -1.94%
5.41% 3.42%
3.34% 1.82%
0.51% 1.79%
4.77% 3.72%
-0.72% -0.04%
1.34% 0.91%
0.33% 1.16%
1.62% 0.48%
2.54% 1.93%
0.26% 0.05%
 2.08% 1.93%
4.34% 2.22%
3.83% 2.81%
1.84% 0.98%
5.79% 5.62%
-4.28% -3.89%
-3.70% -2.69%
0.25% 0.27%
1.05% 2.16%
-0.59% 0.48%
4.71% 3.60%
2.16% 3.03%
1.90% 0.43%
-5.07% -6.94%
1.68% 1.79%
-8.60% -9.18%

0.625% 0.558%
7.5% 6.7%

Dow Jones industrial S&P 500

0.00120 0.00124
0.00132 0.00121
0.00110 0.00111
0.00047 0.00036
0.00088 0.00086
0.00099 0.00092
0.00152 0.00146
0.00114 0.00113
0.00031 0.00029
0.00016 0.00015
0.00106 0.00099
0.00099 0.00099

Dow Jones industrial S&P 500

0.01442 0.01483 Expected Return
0.01586 0.01454 0.25
0.01318 0.01335
0.00561 0.00428 0.2
0.01056 0.01032
0.01187 0.01100 0.15

0.1

0.01828 0.01746
0.01369 0.01362
0.00368 0.00351
0.00196 0.00186
0.01277 0.01183
0.01183 0.01187
Dow Jones industrial S&P 500
-0.159798216830215 -0.104168
0.047182361083596 0.396661
-0.087904597398378 -0.258503
-0.045289540066758 -0.339103
-0.002674868997403 -0.4197
0.039939219191717 -0.500292
0.078373602843572 -0.577825
0.130914691915208 -0.665665
0.183309862176823 -0.753395
0.210397854184926 -0.82267
0.253012143401888 -0.903262
0.295628105585716 -0.983862
0.338240544664794 -1.06445
0.380856057831464 -1.145047
0.42346891520687 -1.225633
0.466084547084319 -1.306232
0.508698780298318 -1.386826
0.551312424716948 -1.46742
0.593928419016621 -1.548015
0.636542198567673 -1.628609
0.2
0.15
0.1
0.05
0
0.02 0.04 0.06 0.08 0.1
Variance SD Expected Return
1 0.0011223 0.0335 0.01829168452927
1 0.0113098 0.0345 0.02829162688228
1 0.0012605 0.035503 0.03829162710269
1 0.0014364 0.037899 0.04829162777024
1 0.001683 0.041025 0.05829162643353
1 0.0020005 0.044727 0.06829162777525
1 0.0023888 0.048875 0.078291626711
1 0.0028479 0.053365 0.08829162600775
1 0.0033779 0.05812 0.0982916251199
1 0.0039784 0.063074 0.10829162195361
1 0.0046498 0.06819 0.11829161968905
1 0.0053921 0.073431 0.12829161967768
1 0.0062052 0.078773 0.13829162198964
1 0.007089 0.084196 0.14829167886697
1 0.0080437 0.089687 0.15829168095742
1 0.0090692 0.095232 0.16829167938837
1 0.0101654 0.100824 0.17829167900079
1 0.0113325 0.106454 0.18829167895586
1 0.0125704 0.112118 0.19829178463911
1 0.0138791 0.117809 0.20829178049989
ed Return
0.08 0.1 0.12 0.14