Date Adj Close for Monthly Returns for

AAPL DAL AMZN WMT AAPL DAL AMZN WMT

10/1/2019 60.84 54.30 88.83 111.69 - - - -
11/1/2019 65.37 56.92 90.04 113.44 7.43% 4.82% 1.36% 1.56%
12/1/2019 72.04 58.08 92.39 113.20 10.21% 2.04% 2.61% -0.21%
1/1/2020 75.93 55.36 100.44 109.54 5.40% -4.69% 8.71% -3.23%
2/1/2020 67.06 45.81 94.19 103.03 -11.68% -17.24% -6.22% -5.95%
3/1/2020 62.53 28.53 97.49 108.71 -6.76% -37.73% 3.50% 5.52%
4/1/2020 72.25 25.91 123.70 116.81 15.54% -9.18% 26.89% 7.45%
5/1/2020 78.18 25.21 122.12 119.23 8.22% -2.70% -1.28% 2.06%
6/1/2020 89.95 28.05 137.94 115.62 15.05% 11.27% 12.96% -3.03%
7/1/2020 104.80 24.97 158.23 124.90 16.51% -10.98% 14.71% 8.03%
8/1/2020 127.27 30.85 172.55 134.03 21.44% 23.55% 9.05% 7.30%
9/1/2020 114.43 30.58 157.44 135.60 -10.09% -0.88% -8.76% 1.18%
10/1/2020 107.56 30.64 151.81 134.48 -6.00% 0.20% -3.58% -0.83%
11/1/2020 117.63 40.25 158.40 148.09 9.36% 31.36% 4.34% 10.12%
12/1/2020 131.33 40.21 162.85 139.71 11.65% -0.10% 2.81% -5.65%
1/1/2021 130.61 37.96 160.31 136.66 -0.55% -5.60% -1.56% -2.18%
2/1/2021 120.02 47.94 154.65 126.38 -8.11% 26.29% -3.53% -7.52%
3/1/2021 121.08 48.28 154.70 132.13 0.88% 0.71% 0.04% 4.55%
4/1/2021 130.31 46.92 173.37 136.67 7.62% -2.82% 12.07% 3.43%
5/1/2021 123.52 47.68 161.15 138.74 -5.21% 1.62% -7.05% 1.52%
6/1/2021 135.99 43.26 172.01 138.29 10.10% -9.27% 6.74% -0.32%
7/1/2021 144.83 39.90 166.38 139.79 6.50% -7.77% -3.27% 1.08%
8/1/2021 150.76 40.44 173.54 145.24 4.09% 1.35% 4.30% 3.89%
9/1/2021 140.71 42.61 164.25 137.19 -6.66% 5.37% -5.35% -5.54%
10/1/2021 148.97 39.13 168.62 147.07 5.87% -8.17% 2.66% 7.20%
11/1/2021 164.38 36.20 175.35 138.42 10.35% -7.49% 3.99% -5.88%
12/1/2021 176.84 39.08 166.72 142.41 7.58% 7.96% -4.93% 2.89%
1/1/2022 174.06 39.69 149.57 138.17 -1.57% 1.56% -10.28% -2.98%
2/1/2022 164.44 39.92 153.56 133.57 -5.53% 0.58% 2.67% -3.33%
3/1/2022 174.11 39.57 163.00 147.17 5.88% -0.88% 6.14% 10.18%
4/1/2022 157.20 43.03 124.28 151.77 -9.71% 8.74% -23.75% 3.13%
5/1/2022 148.42 41.69 120.21 127.61 -5.59% -3.11% -3.28% -15.92%
6/1/2022 136.53 28.97 106.21 121.05 -8.01% -30.51% -11.65% -5.14%
7/1/2022 162.28 31.80 134.95 131.48 18.86% 9.77% 27.06% 8.61%
8/1/2022 157.00 31.07 126.77 131.98 -3.26% -2.30% -6.06% 0.38%
9/1/2022 138.2 28.06 113 129.7 -11.98% -9.69% -10.86% -1.72%
Assumptions
Risk free rate 0.15%

AAPL DAL AMZN WMT

Average Return 2.80% -0.97% 1.18% 0.59%
Standard Deviation 9.47% 13.20% 10.15% 5.74%

Variance-covaraince matrix AAPL DAL AMZN

Weights 0.3 0.2 0.25
AAPL 0.3 0.90% 0.35% 0.75%
DAL 0.2 0.35% 1.74% 0.10%
AMZN 0.25 0.75% 0.10% 1.03%
WMT 0.25 0.26% 0.10% 0.24%
Contribution to variance 0.18% 0.10% 0.14%

Weight
AAPL 0.3
DAL 0.2
AMZN 0.25
WMT 0.25
Total weight 1

Portfolio Return 1.09%

Portfolio Variance 0.48%
WMT
0.25
0.26%
0.10%
0.24%
0.33%
0.06%
Date Adj Close for Monthly Returns for
AAPL DAL AMZN WMT AAPL DAL AMZN WMT
10/1/2019 60.84 54.30 88.83 111.69 - - -
11/1/2019 65.37 56.92 90.04 113.44 7.43% 4.82% 1.36% 1.56%
12/1/2019 72.04 58.08 92.39 113.20 10.21% 2.04% 2.61% -0.21%
1/1/2020 75.93 55.36 100.44 109.54 5.40% -4.69% 8.71% -3.23%
2/1/2020 67.06 45.81 94.19 103.03 -11.68% -17.24% -6.22% -5.95%
3/1/2020 62.53 28.53 97.49 108.71 -6.76% -37.73% 3.50% 5.52%
4/1/2020 72.25 25.91 123.70 116.81 15.54% -9.18% 26.89% 7.45%
5/1/2020 78.18 25.21 122.12 119.23 8.22% -2.70% -1.28% 2.06%
6/1/2020 89.95 28.05 137.94 115.62 15.05% 11.27% 12.96% -3.03%
7/1/2020 104.80 24.97 158.23 124.90 16.51% -10.98% 14.71% 8.03%
8/1/2020 127.27 30.85 172.55 134.03 21.44% 23.55% 9.05% 7.30%
9/1/2020 114.43 30.58 157.44 135.60 -10.09% -0.88% -8.76% 1.18%
10/1/2020 107.56 30.64 151.81 134.48 -6.00% 0.20% -3.58% -0.83%
11/1/2020 117.63 40.25 158.40 148.09 9.36% 31.36% 4.34% 10.12%
12/1/2020 131.33 40.21 162.85 139.71 11.65% -0.10% 2.81% -5.65%
1/1/2021 130.61 37.96 160.31 136.66 -0.55% -5.60% -1.56% -2.18%
2/1/2021 120.02 47.94 154.65 126.38 -8.11% 26.29% -3.53% -7.52%
3/1/2021 121.08 48.28 154.70 132.13 0.88% 0.71% 0.04% 4.55%
4/1/2021 130.31 46.92 173.37 136.67 7.62% -2.82% 12.07% 3.43%
5/1/2021 123.52 47.68 161.15 138.74 -5.21% 1.62% -7.05% 1.52%
6/1/2021 135.99 43.26 172.01 138.29 10.10% -9.27% 6.74% -0.32%
7/1/2021 144.83 39.90 166.38 139.79 6.50% -7.77% -3.27% 1.08%
8/1/2021 150.76 40.44 173.54 145.24 4.09% 1.35% 4.30% 3.89%
9/1/2021 140.71 42.61 164.25 137.19 -6.66% 5.37% -5.35% -5.54%
10/1/2021 148.97 39.13 168.62 147.07 5.87% -8.17% 2.66% 7.20%
11/1/2021 164.38 36.20 175.35 138.42 10.35% -7.49% 3.99% -5.88%
12/1/2021 176.84 39.08 166.72 142.41 7.58% 7.96% -4.93% 2.89%
1/1/2022 174.06 39.69 149.57 138.17 -1.57% 1.56% -10.28% -2.98%
2/1/2022 164.44 39.92 153.56 133.57 -5.53% 0.58% 2.67% -3.33%
3/1/2022 174.11 39.57 163.00 147.17 5.88% -0.88% 6.14% 10.18%
4/1/2022 157.20 43.03 124.28 151.77 -9.71% 8.74% -23.75% 3.13%
5/1/2022 148.42 41.69 120.21 127.61 -5.59% -3.11% -3.28% -15.92%
6/1/2022 136.53 28.97 106.21 121.05 -8.01% -30.51% -11.65% -5.14%
7/1/2022 162.28 31.80 134.95 131.48 18.86% 9.77% 27.06% 8.61%
8/1/2022 157.00 31.07 126.77 131.98 -3.26% -2.30% -6.06% 0.38%
9/1/2022 138.2 28.06 113 129.7 -11.98% -9.69% -10.86% -1.72%
Assumptions
Risk free rate 0.15%

AAPL DAL AMZN WMT

Average Return 2.80% -0.97% 1.18% 0.59%
Standard Deviation 9.47% 13.20% 10.15% 5.74%

Variance-covaraince matrix AAPL DAL AMZN

Weights 0 0.11888 0.087855
AAPL 0 0.90% 0.35% 0.75%
DAL 0.11888 0.35% 1.74% 0.10%
AMZN 0.087855 0.75% 0.10% 1.03%
WMT 0.793265 0.26% 0.10% 0.24%
Contribution to variance 0.00% 0.03% 0.03%

Weight
AAPL 0
DAL 0.11888
AMZN 0.087855
WMT 0.793265
Total weight 1

Portfolio Return 0.46%

Portfolio Variance 0.29%
WMT
0.793265
0.26%
0.10%
0.24%
0.33%
0.23%
Date Adj Close for Monthly Returns for
AAPL DAL AMZN WMT AAPL DAL AMZN WMT
10/1/2019 60.84 54.30 88.83 111.69 - - -
11/1/2019 65.37 56.92 90.04 113.44 7.43% 4.82% 1.36% 1.56%
12/1/2019 72.04 58.08 92.39 113.20 10.21% 2.04% 2.61% -0.21%
1/1/2020 75.93 55.36 100.44 109.54 5.40% -4.69% 8.71% -3.23%
2/1/2020 67.06 45.81 94.19 103.03 -11.68% -17.24% -6.22% -5.95%
3/1/2020 62.53 28.53 97.49 108.71 -6.76% -37.73% 3.50% 5.52%
4/1/2020 72.25 25.91 123.70 116.81 15.54% -9.18% 26.89% 7.45%
5/1/2020 78.18 25.21 122.12 119.23 8.22% -2.70% -1.28% 2.06%
6/1/2020 89.95 28.05 137.94 115.62 15.05% 11.27% 12.96% -3.03%
7/1/2020 104.80 24.97 158.23 124.90 16.51% -10.98% 14.71% 8.03%
8/1/2020 127.27 30.85 172.55 134.03 21.44% 23.55% 9.05% 7.30%
9/1/2020 114.43 30.58 157.44 135.60 -10.09% -0.88% -8.76% 1.18%
10/1/2020 107.56 30.64 151.81 134.48 -6.00% 0.20% -3.58% -0.83%
11/1/2020 117.63 40.25 158.40 148.09 9.36% 31.36% 4.34% 10.12%
12/1/2020 131.33 40.21 162.85 139.71 11.65% -0.10% 2.81% -5.65%
1/1/2021 130.61 37.96 160.31 136.66 -0.55% -5.60% -1.56% -2.18%
2/1/2021 120.02 47.94 154.65 126.38 -8.11% 26.29% -3.53% -7.52%
3/1/2021 121.08 48.28 154.70 132.13 0.88% 0.71% 0.04% 4.55%
4/1/2021 130.31 46.92 173.37 136.67 7.62% -2.82% 12.07% 3.43%
5/1/2021 123.52 47.68 161.15 138.74 -5.21% 1.62% -7.05% 1.52%
6/1/2021 135.99 43.26 172.01 138.29 10.10% -9.27% 6.74% -0.32%
7/1/2021 144.83 39.90 166.38 139.79 6.50% -7.77% -3.27% 1.08%
8/1/2021 150.76 40.44 173.54 145.24 4.09% 1.35% 4.30% 3.89%
9/1/2021 140.71 42.61 164.25 137.19 -6.66% 5.37% -5.35% -5.54%
10/1/2021 148.97 39.13 168.62 147.07 5.87% -8.17% 2.66% 7.20%
11/1/2021 164.38 36.20 175.35 138.42 10.35% -7.49% 3.99% -5.88%
12/1/2021 176.84 39.08 166.72 142.41 7.58% 7.96% -4.93% 2.89%
1/1/2022 174.06 39.69 149.57 138.17 -1.57% 1.56% -10.28% -2.98%
2/1/2022 164.44 39.92 153.56 133.57 -5.53% 0.58% 2.67% -3.33%
3/1/2022 174.11 39.57 163.00 147.17 5.88% -0.88% 6.14% 10.18%
4/1/2022 157.20 43.03 124.28 151.77 -9.71% 8.74% -23.75% 3.13%
5/1/2022 148.42 41.69 120.21 127.61 -5.59% -3.11% -3.28% -15.92%
6/1/2022 136.53 28.97 106.21 121.05 -8.01% -30.51% -11.65% -5.14%
7/1/2022 162.28 31.80 134.95 131.48 18.86% 9.77% 27.06% 8.61%
8/1/2022 157.00 31.07 126.77 131.98 -3.26% -2.30% -6.06% 0.38%
9/1/2022 138.2 28.06 113 129.7 -11.98% -9.69% -10.86% -1.72%
Assumptions
Risk free rate 0.15%

AAPL DAL AMZN WMT

Average Return 2.80% -0.97% 1.18% 0.59%
Standard Deviation 9.47% 13.20% 10.15% 5.74%

Variance-covaraince matrix AAPL DAL AMZN

Weights 1 0 0
AAPL 1 0.90% 0.35% 0.75%
DAL 0 0.35% 1.74% 0.10%
AMZN 0 0.75% 0.10% 1.03%
WMT 0 0.26% 0.10% 0.24%
Contribution to variance 0.90% 0.00% 0.00%

Weight
AAPL 1
DAL 0
AMZN 0
WMT 0
Total weight 1

Portfolio Return 2.80%

Portfolio Variance 0.90%

Sharpe Ratio 0.279334

WMT
0
0.26%
0.10%
0.24%
0.33%
0.00%
Date Adj Close for Monthly Returns for
AAPL DAL AMZN WMT AAPL DAL AMZN WMT
10/1/2019 60.84 54.30 88.83 111.69 - - - -
11/1/2019 65.37 56.92 90.04 113.44 7.43% 4.82% 1.36% 1.56%
12/1/2019 72.04 58.08 92.39 113.20 10.21% 2.04% 2.61% -0.21%
1/1/2020 75.93 55.36 100.44 109.54 5.40% -4.69% 8.71% -3.23%
2/1/2020 67.06 45.81 94.19 103.03 -11.68% -17.24% -6.22% -5.95%
3/1/2020 62.53 28.53 97.49 108.71 -6.76% -37.73% 3.50% 5.52%
4/1/2020 72.25 25.91 123.70 116.81 15.54% -9.18% 26.89% 7.45%
5/1/2020 78.18 25.21 122.12 119.23 8.22% -2.70% -1.28% 2.06%
6/1/2020 89.95 28.05 137.94 115.62 15.05% 11.27% 12.96% -3.03%
7/1/2020 104.80 24.97 158.23 124.90 16.51% -10.98% 14.71% 8.03%
8/1/2020 127.27 30.85 172.55 134.03 21.44% 23.55% 9.05% 7.30%
9/1/2020 114.43 30.58 157.44 135.60 -10.09% -0.88% -8.76% 1.18%
10/1/2020 107.56 30.64 151.81 134.48 -6.00% 0.20% -3.58% -0.83%
11/1/2020 117.63 40.25 158.40 148.09 9.36% 31.36% 4.34% 10.12%
12/1/2020 131.33 40.21 162.85 139.71 11.65% -0.10% 2.81% -5.65%
1/1/2021 130.61 37.96 160.31 136.66 -0.55% -5.60% -1.56% -2.18%
2/1/2021 120.02 47.94 154.65 126.38 -8.11% 26.29% -3.53% -7.52%
3/1/2021 121.08 48.28 154.70 132.13 0.88% 0.71% 0.04% 4.55%
4/1/2021 130.31 46.92 173.37 136.67 7.62% -2.82% 12.07% 3.43%
5/1/2021 123.52 47.68 161.15 138.74 -5.21% 1.62% -7.05% 1.52%
6/1/2021 135.99 43.26 172.01 138.29 10.10% -9.27% 6.74% -0.32%
7/1/2021 144.83 39.90 166.38 139.79 6.50% -7.77% -3.27% 1.08%
8/1/2021 150.76 40.44 173.54 145.24 4.09% 1.35% 4.30% 3.89%
9/1/2021 140.71 42.61 164.25 137.19 -6.66% 5.37% -5.35% -5.54%
10/1/2021 148.97 39.13 168.62 147.07 5.87% -8.17% 2.66% 7.20%
11/1/2021 164.38 36.20 175.35 138.42 10.35% -7.49% 3.99% -5.88%
12/1/2021 176.84 39.08 166.72 142.41 7.58% 7.96% -4.93% 2.89%
1/1/2022 174.06 39.69 149.57 138.17 -1.57% 1.56% -10.28% -2.98%
2/1/2022 164.44 39.92 153.56 133.57 -5.53% 0.58% 2.67% -3.33%
3/1/2022 174.11 39.57 163.00 147.17 5.88% -0.88% 6.14% 10.18%
4/1/2022 157.20 43.03 124.28 151.77 -9.71% 8.74% -23.75% 3.13%
5/1/2022 148.42 41.69 120.21 127.61 -5.59% -3.11% -3.28% -15.92%
6/1/2022 136.53 28.97 106.21 121.05 -8.01% -30.51% -11.65% -5.14%
7/1/2022 162.28 31.80 134.95 131.48 18.86% 9.77% 27.06% 8.61%
8/1/2022 157.00 31.07 126.77 131.98 -3.26% -2.30% -6.06% 0.38%
9/1/2022 138.2 28.06 113 129.7 -11.98% -9.69% -10.86% -1.72%
Assumptions
Risk free rate 0.15%

AAPL DAL AMZN WMT

Average Return 2.80% -0.97% 1.18% 0.59%
Standard Deviation 9.47% 13.20% 10.15% 5.74%

Variance-covaraince matrix AAPL DAL AMZN

Weights 0.120834 0.079083 0.028444
AAPL 0.120834 0.90% 0.35% 0.75%
DAL 0.079083 0.35% 1.74% 0.10%
AMZN 0.028444 0.75% 0.10% 1.03%
WMT 0.77164 0.26% 0.10% 0.24%
Contribution to variance 0.04% 0.02% 0.01%

Weight Average Return

AAPL 0.120834 2.80%
DAL 0.079083 -0.97%
AMZN 0.028444 1.18%
WMT 0.77164 0.59%
Total weight 1

Portfolio Return 0.75%

Portfolio Variance 0.30%

Weights
AAPL -0.183643 -0.179293 -0.171403 -0.166245
DAL 0.160087 0.15893 0.156017 0.155457
AMZN 0.19494 0.192561 0.189428 0.185427
WMT 0.828616 0.827801 0.825959 0.82536

Portfolio Variance 0.002974 0.002971 0.002965 0.002962

Portfolio SD 0.054537 0.054507 0.05445 0.054423
Portfolio Mean 0.0005 0.0006 0.000801 0.0009
WMT
0.77164
Portfolio Frontier
0.26%
0.10% 0.008 0.0075000000002866
0.24% 0.00700000000567401
0.007 0.00650000000567403
0.33%
0.00600000000567402
0.23% 0.006 0.00550000000028669
0.00500000001137102
0.005
Portfolio Mean

0.00400000000567402
0.0040.00350000000256548

0.003 0.00280000000681343
0.00220000000453462
0.002 0.00180000000567402
0.00130000000453549
0.001001
0.00090000000225467
0.001 0.000800999999999999
0.000600000001117006
0.000499999972410342

0
0.054 0.0542 0.0544 0.0546 0.0548 0.055 0.055

Portfolio SD

-0.162705 -0.148845 -0.127097 -0.109698 -0.083601 -0.053153 -0.031405 0.012092 0.03384 0.055589
0.153701 0.150829 0.145043 0.140414 0.133471 0.125371 0.119585 0.108013 0.102227 0.096441
0.184672 0.175912 0.164019 0.154505 0.140234 0.123585 0.111692 0.087907 0.076014 0.064122
0.824332 0.822104 0.818035 0.814779 0.809895 0.804198 0.800128 0.791988 0.787919 0.783849

0.002959 0.002951 0.002941 0.002935 0.00293 0.002929 0.002932 0.002947 0.002959 0.002974
0.054398 0.054327 0.054232 0.054176 0.054125 0.054117 0.054144 0.054283 0.054394 0.054532
0.001001 0.0013 0.0018 0.0022 0.0028 0.0035 0.004 0.005 0.0055 0.006
 0.00750000000028669
0700000000567401
03

548 0.055 0.0552

0.077337 0.099085 0.120834

0.090655 0.084869 0.079083
0.052229 0.040336 0.028444
0.779779 0.77571 0.77164

0.002992 0.003013 0.003037

0.054697 0.05489 0.055109 0
0.0065 0.007 0.0075
Risk Aversion Factor 2
Investments $10,000
Risk-free Asset 0.15%
Return Standard Deviation Optimal Weights
AAPL 2.80% 9.47% 1
DAL -0.97% 13.20% 0
AMZN 1.18% 10.15% 0
WMT 0.59% 5.74% 0

Risky portfolio return 2.80%

Risky portfolio Standard deviation 9.47%

Optimal allocation to Risky portfolio 1.47474621

Optimal allocation to Risk free portfolio -0.47474621

Amount Invested in Stocks $14,747.46

Amount in Risk free asset ($4,747.46)

Return on complete portfolio 4.05%

Standard deviation on complete portfolio 13.97%