Note: CAPM = 08%+(001%)+001(01% - 08%) = 03% Pearson Correlation =

= (Risk-free Rate) + Alpha + Beta (INDEX Return - Risk-free) Covariance[ANIM3,IBOVESPA] =

Risk-free Rate = 7.50% 2.75% 0.42% Beta[ANIM3,IBOVESPA] =
16% 6% CAPM (expected return) =
Annual Volatilities = 56.9% 22.3% (The dates should correspond !)
ANIM3 IBOVESPA ANIM3 IBOVESPA ANIM3-retn IBOVESPA-retn ANIM3 date IBOVESPA date
14.73 78130.00 0.0% 0.0% 1.60% 1.17% Jun 30/18 Jul 19/18

15.04 72763.00 -2.1% 7.4% -2.84% 7.48% May 31/18 Jun 30/18

18.70 76754.00 -21.2% 1.8% -13.81% -5.25% Apr 30/18 May 31/18

20.50 86116.00 -28.1% -9.3% -13.63% -11.21% Mar 31/18 Apr 30/18

25.02 85366.00 -41.1% -8.5% -15.78% 0.89% Feb 28/18 Mar 31/18

26.73 85354.00 -44.9% 50%

-8.5% -7.16% -1.81% Jan 31/18 Feb 28/18

27.19 84913.00 -45.8% -8.0%

40% 0.64% 1.03% Dec 31/17 Jan 31/18

27.98 76402.00 -47.4% 2.3%

30% -0.69% 11.61% Nov 30/17 Dec 31/17

25.51 71783.00 -42.3% 8.8% 10.42% 5.09% Oct 31/17 Nov 30/17
20%
24.12 74308.00 -38.9% 5.1% 4.46% -4.09% Sep 30/17 Oct 31/17
f(x) = 0.815915171316125
10% x + 0.00643933281463777
22.84 74294.00 -35.5% 5.2% 9.59% 0.02% Aug 31/17 Sep 30/17

18.49 70835.00 -20.3% 0%

10.3% 24.88% 4.79% Jul 31/17 Aug 31/17
-15% -10% -5% -10% 0% 5% 10% 15% 20% 25%
16.80 65920.00 -12.3% 18.5% 11.65% 8.12% Jun 30/17 Jul 31/17

16.19 62900.00 -9.0% 24.2%

-20% 4.93% 5.92% May 31/17 Jun 30/17

16.11 62713.00 -8.6% 24.6% -3.23% -1.68% Apr 30/17 May 31/17
-30%
13.25 65403.00 11.2% 19.5% 25.27% -4.16% Mar 31/17 Apr 30/17
-40%
13.18 64984.00 11.8% 20.2% 2.24% 0.21% Feb 28/17 Mar 31/17
-50%
13.56 66662.00 8.6% 17.2% -1.79% -3.01% Jan 31/17 Feb 28/17

13.18 64671.00 11.8% 20.8% -0.22% 3.66% Dec 31/16 Jan 31/17

13.40 60227.00 9.9% 29.7% -2.87% 7.43% Nov 30/16 Dec 31/16

13.32 61906.00 10.6% 26.2% 1.82% -1.41% Oct 31/16 Nov 30/16

13.28 64925.00 10.9% 20.3% 1.06% -3.74% Sep 30/16 Oct 31/16

12.19 58367.00 20.8% 33.9% 6.41% 11.27% Aug 31/16 Sep 30/16

13.86 57901.00 6.3% 34.9% -11.67% -0.36% Jul 31/16 Aug 31/16

14.97 57308.00 -1.6% 36.3% -4.22% 1.05% Jun 30/16 Jul 31/16

14.15 51527.00 4.1% 51.6% 8.95% 12.37% May 31/16 Jun 30/16

10.09 48472.00 46.0% 61.2% 36.71% 5.24% Apr 30/16 May 31/16

10.32 53911.00 42.7% 44.9% -2.23% -10.01% Mar 31/16 Apr 30/16

9.61 50055.00 53.3% 56.1% 9.44% 5.20% Feb 29/16 Mar 31/16

11.39 42794.00 29.3% 82.6% -11.02% 20.33% Jan 31/16 Feb 29/16

9.64 40406.00 52.8% 93.4% 25.44% 6.18% Dec 31/15 Jan 31/16

13.32 43350.00 10.6% 80.2% -24.33% -6.74% Nov 30/15 Dec 31/15

12.12 45120.00 21.5% 73.2% 13.85% -5.50% Oct 31/15 Nov 30/15

12.84 45869.00 14.7% 70.3% -9.69% -1.64% Sep 30/15 Oct 31/15

9.36 45059.00 57.4% 73.4% 40.79% 3.87% Aug 31/15 Sep 30/15

11.01 46626.00 33.8% 67.6% -18.11% -4.44% Jul 31/15 Aug 31/15

15.30 50865.00 -3.7% 53.6% -26.55% -6.56% Jun 30/15 Jul 31/15

21.00 53081.00 -29.9% 47.2% -25.22% -4.05% May 31/15 Jun 30/15

20.67 52760.00 -28.7% 48.1% 5.90% 0.59% Apr 30/15 May 31/15

19.49 56229.00 -24.4% 38.9% 8.11% -4.61% Mar 31/15 Apr 30/15

14.70 51150.00 0.2% 52.7% 30.98% 9.73% Feb 28/15 Mar 31/15

14.99 51583.00 -1.7% 51.5% -21.05% -0.84% Jan 31/15 Feb 28/15
19.42 46908.00 -24.2% 66.6% -27.20% 9.79% Dec 31/14 Jan 31/15

33.08 50007.00 -55.5% 56.2% -43.53% -6.12% Nov 30/14 Dec 31/14

35.20 54664.00 -58.2% 42.9% -5.94% -8.51% Oct 31/14 Nov 30/14

29.48 54629.00 -50.0% 43.0% 22.10% 4.44% Sep 30/14 Oct 31/14

27.69 54116.00 -46.8% 44.4% 7.67% 0.01% Aug 31/14 Sep 30/14

28.04 61288.00 -47.5% 27.5% 0.84% -11.90% Jul 31/14 Aug 31/14

26.98 55829.00 -45.4% 39.9% 6.41% 7.75% Jun 30/14 Jul 31/14

27.87 53168.00 -47.1% 46.9% -3.54% 5.02% May 31/14 Jun 30/14

27.60 51240.00 -46.6% 52.5% 4.77% 3.69% Apr 30/14 May 31/14

23.43 51627.00 -37.1% 51.3% 18.10% -1.15% Mar 31/14 Apr 30/14

20.02 50415.00 -26.4% 55.0% 17.86% 3.73% Feb 28/14 Mar 31/14

18.63 47094.00 -20.9% 65.9% 11.84% 5.88% Jan 31/14 Feb 28/14

17.13 47639.00 -14.0% 64.0% 9.59% -0.30% Dec 31/13 Jan 31/14

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 32% Mean IBOVESPA Return = 1.2% Pearson Correlation =32%
0.00340 Alpha Mean ANIM3 Return = 1.6% 57.37% 93.36%
0.82 0.64% -58.15% -9.27%
3.0% ... for ANIM3 94.00% -58.00%
Correlation between Returns: ANIM3 vs IBOVES
Pearson Correlation =32% ANIM3 IBOVESPA
120% Dec 20/00

100%

80%

60%

40%

20%

0%
Nov/13

Mar/17

Nov/17
May/13
Jul/13
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Sep/16
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May/17
Jul/17
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Jan/18
Mar/18
May/18
-20%

-40%

-60%

-80%

1 Type the stock symbols in the red boxes

2 Enter some Risk-free Rate
3 Click the Download Data button
4 Pray … that everything works
See: http://home.golden.net/~pjponzo/best-line.htm
and http://home.golden.net/~pjponzo/CAPM.htm

Note: Cell O6 should be some "benchmark" INDEX

 4 5 6 7 8
T3B Ibovespa BRAP4 GOAU4 VALE5

etween Returns: ANIM3 vs IBOVESPA 32%

 9 10 11 12 13 14 15 16 17
RAIL3 USIM5 GGBR4 VALE3 SANB11 BBAS3 SMLE3 CMIG4 PETR4
 18 19 20 21 22 23 24 25 26
ECOR3 RENT3 CSNA3 QUAL3 ITSA4 ITUB4 BBDC4 CPFE3 EQTL3
 27 28 29 30 31 32 33 34 35
PETR3 SBSP3 ESTC3 CPLE6 MRVE3 CSAN3 CYRE3 MULT3 BRKM5
 36 37 38 39 40 41 42 43 44
TIMP3 CCRO3 BBDC3 KROT3 LREN3 BRML3 B3SA3 MGLU3 WEGE3
 45 46 47 48 49 50 51 52 53
RADL3 PCAR4 ENBR3 HYPE3 VIVT4 BBSE3 UGPA3 EGIE3 NATU3
 54 55 56 57 58 59 60 61 62
JBSS3 CIEL3 ABEV3 SUZB5 LAME4 MRFG3 FIBR3 EMBR3 KLBN11
 63 64 65 66 67 68 69 70 71
BRFS3 TOTS3 TUPY3 DTEX3D POMO4 ENGI11 EZTC3 ANIM3 AZUL4
 72 73 74 75 76 77 78 79 80
BTOW3 CVCB3 ELET3 FLRY3 GOLL4 IGTA3 SAPR11 TAEE11 VVAR11
 81 82 83 84 85 86 87 88 89
UNIP6 GPCP3 KEPL3 RANI3 RNEW11 TRIS3 TELB4 ENMA3B SHUL4
 90 91 92 93 94 95 96 97 98
GRND3 WHRL4 IRBR3 SULA11 PSSA3 LEVE3 ROMI3 TRPL4 OGXP3
 99 100 101 102 103 104 105 106 107
RSID3 MMXM3 GFSA3 PDGR3 OIBR4 AFLT3 AMAR3 BAHI3 BAUH4
 108 109 110 111
BBRK3 BEES3 BMEB3 CESP6D