Year 2014 2015 q-returns Company I. II. III. IV. I. II. III. IV. E(ri) Var sigma function of excel A 1010 1055 1100 1031 988 1065 918 1060 0.043590436 0.041769413 -0.064780975 -0.042601786 0.07504738 -0.148532688 0.143826796 0.006902654 0.001345993 0.001215691 0.005138543 0.00245069 0.004643704 0.024160145 0.018748221 0.009617164 0.098067142 0.009617164 B 2650 3000 3848 3228 3638 4205 3979 4731 0.124052649 0.248941244 -0.175690782 0.11957133 0.144840213 -0.055243762 0.173106065 0.082796708 0.001702053 0.027604007 0.066815783 0.001352373 0.003849397 0.019055171 0.00815578 0.021422427 0.146364023 0.021422427 C 1505 2030 2190 2325 2250 2443 1700 1796 0.299242895 0.075865751 0.059818495 -0.032789823 0.082296576 -0.362598541 0.054933719 0.025252725 0.075070613 0.002561678 0.001194793 0.003368937 0.003254001 0.150428604 0.000880961 0.039459931 0.19864524 0.039459931 D 178 300 325 396 351 370 335 327 0.521998924 0.080042708 0.197589029 -0.120627988 0.052716782 -0.099372474 -0.024170361 0.086882374 0.189326412 4.6781E-05 0.012255963 0.04306055 0.001167288 0.034690868 0.01233271 0.048813429 0.220937613 0.048813429 E 281 372 358 494 460 539 443 468 0.280539185 -0.038360868 0.322002531 -0.071309028 0.158489081 -0.196145801 0.054898526 0.072873375 0.043125089 0.012373057 0.062065336 0.020788565 0.007330049 0.072371317 0.000323095 0.036396085 0.190777579 0.036396085 F 2645 3125 3400 3330 3400 3425 3475 4100 0.166763218 0.084341148 -0.020803128 0.020803128 0.00732604 0.014493007 0.165392495 0.062616558 0.010846527 0.000471958 0.006958844 0.001748363 0.003057041 0.002315876 0.010562893 0.005993584 0.077418239 0.005993584 G 547 800 803 1070 975 952 997 944 0.380162925 0.003742986 0.287059214 -0.092976456 -0.023872436 0.046185735 -0.054624604 0.077953909 0.091330289 0.005507261 0.043725028 0.02921719 0.010368605 0.001009217 0.017577062 0.033122442 0.18199572 0.033122442 two-years returns 0.036687782 0.034866759 -0.071683629 -0.04950444 0.068144726 -0.155435341 0.136924143 A 0.048318577 0.041255941 0.166144536 -0.25848749 0.036774622 0.062043505 -0.13804047 0.090309357 B 0.579576957 0.27399017 0.050613026 0.034565771 -0.058042547 0.057043852 -0.387851266 0.029680994 C 0.176769072 0.43511655 -0.006839667 0.110706655 -0.207510362 -0.034165592 -0.186254848 -0.111052735 D 0.608176621 0.20766581 -0.111234243 0.249129156 -0.144182403 0.085615706 -0.269019176 -0.017974849 E 0.510113627 0.10414666 0.02172459 -0.083419686 -0.041813431 -0.055290518 -0.048123551 0.102775936 F 0.438315908 0.302209016 -0.074210923 0.209105304 -0.170930366 -0.101826345 -0.031768174 -0.132578513 0.098067142 0.146364023 0.19864524 0.220937613 0.190777579 0.077418239 0.18199572 G 0.545677364 A B C D E F G A-A 0.001345993 0.001215691 0.005138543 0.00245069 0.004643704 0.024160145 0.018748221 0.009617164 0.098067142 A 0.009617164 0.010344194 0.013408241 0.004913066 0.006367961 0.005068834 -0.003030327 A-B 0.001513589 0.005792921 0.018529321 -0.001820507 0.004227938 0.021456368 0.012365531 0.010344194 0.146364023 B 0.010344194 0.021422427 0.011400388 -0.000978463 -0.006464734 0.006737595 -0.012350713 A-C 0.010052092 0.001764712 -0.0024778 0.002873364 0.003887238 0.060285794 0.004064045 0.013408241 0.19864524 C 0.013408241 0.011400388 0.039459931 0.033622776 0.029489718 0.007956581 0.01646218 Covariance matrice with function A-D 0.015963461 -0.000238477 -0.007935855 0.010272684 -0.002328205 0.028950586 -0.015205801 0.004913066 0.220937613 D 0.004913066 -0.000978463 0.033622776 0.048813429 0.032966067 0.00734128 0.035790339 A-E 0.007618798 -0.003878378 -0.017858482 0.007137669 0.005834259 0.041815087 -0.002461191 0.006367961 0.190777579 E 0.006367961 -0.006464734 0.029489718 0.032966067 0.036396085 0.001803784 0.024994008 A B C D E F G A-F 0.00382091 0.000757466 0.005979826 0.00206995 -0.003767757 0.007480101 0.014072507 0.005068834 0.077418239 F 0.005068834 0.006737595 0.007956581 0.00734128 0.001803784 0.005993584 0.002183082 A 0.009617164 0.010344194 0.013408241 0.004913066 0.006367961 0.005068834 -0.003030327 A-G 0.011087379 -0.002587494 -0.014989427 0.008461812 -0.006938928 0.004937897 -0.018153199 -0.003030327 0.18199572 G -0.003030327 -0.012350713 0.01646218 0.035790339 0.024994008 0.002183082 0.033122442 B 0.010344194 0.021422427 0.011400388 -0.000978463 -0.006464734 0.006737595 -0.012350713 C 0.013408241 0.011400388 0.039459931 0.033622776 0.029489718 0.007956581 0.01646218 B-B 0.001702053 0.027604007 0.066815783 0.001352373 0.003849397 0.019055171 0.00815578 0.021422427 D 0.004913066 -0.000978463 0.033622776 0.048813429 0.032966067 0.00734128 0.035790339 B-C 0.011303722 0.008409078 -0.008934819 -0.002134493 0.003539201 0.053539171 0.002680472 0.011400388 A B C D E F G E 0.006367961 -0.006464734 0.029489718 0.032966067 0.036396085 0.001803784 0.024994008 B-D 0.017951143 -0.001136373 -0.028616285 -0.007631115 -0.002119753 0.025710707 -0.010029101 -0.000978463 A 1 0.720673878 0.688287867 0.226756317 0.340368617 0.667638298 -0.169787138 F 0.005068834 0.006737595 0.007956581 0.00734128 0.001803784 0.005993584 0.002183082 B-E 0.008567448 -0.018480962 -0.06439677 -0.005302253 0.005311899 0.037135534 -0.001623297 -0.006464734 B 0.720673878 1 0.392109307 -0.030258016 -0.231520241 0.594603268 -0.463656671 G -0.003030327 -0.012350713 0.01646218 0.035790339 0.024994008 0.002183082 0.033122442 B-F 0.004296668 0.003609422 0.021562945 -0.001537673 -0.003430418 0.006642998 0.009281629 0.006737595 C 0.688287867 0.392109307 1 0.76610051 0.778153237 0.51737455 0.455352787 B-G 0.012467917 -0.012329739 -0.054051105 -0.0062859 -0.006317663 0.004385294 -0.01197308 -0.012350713 D 0.226756317 -0.030258016 0.76610051 1 0.782114164 0.429199152 0.890092167 E 0.340368617 -0.231520241 0.778153237 0.782114164 1 0.122127651 0.719858925 Correl Matrice by excel function C-C 0.075070613 0.002561678 0.001194793 0.003368937 0.003254001 0.150428604 0.000880961 0.039459931 F 0.667638298 0.594603268 0.51737455 0.429199152 0.122127651 1 0.154940723 C-D 0.119217658 -0.000346176 0.003826661 0.01204443 -0.001948937 0.072239179 -0.003296156 0.033622776 G -0.169787138 -0.463656671 0.455352787 0.890092167 0.719858925 0.154940723 1 C-E 0.056898391 -0.005629902 0.008611341 0.008368714 0.00488385 0.104339428 -0.000533511 0.029489718 1 0.720673878 0.688287867 0.226756317 0.340368617 0.667638298 -0.169787138 C-F 0.028535161 0.001099547 -0.002883466 0.002426958 -0.003153984 0.01866478 0.003050492 0.007956581 0.720673878 1 0.392109307 -0.030258016 -0.231520241 0.594603268 -0.463656671 C-G 0.0828023 -0.003756039 0.007227886 0.009921234 -0.005808567 0.012321326 -0.003935062 0.01646218 0.688287867 0.392109307 1 0.76610051 0.778153237 0.51737455 0.455352787 0.226756317 -0.030258016 0.76610051 1 0.782114164 0.429199152 0.890092167 D-D 0.189326412 4.6781E-05 0.012255963 0.04306055 0.001167288 0.034690868 0.01233271 0.048813429 0.340368617 -0.231520241 0.778153237 0.782114164 1 0.122127651 0.719858925 D-E 0.090358831 0.000760805 0.027580255 0.029919343 -0.002925111 0.050106126 0.001996156 0.032966067 0.667638298 0.594603268 0.51737455 0.429199152 0.122127651 1 0.154940723 D-F 0.045315935 -0.000148589 -0.009235114 0.00867672 0.001889033 0.008963245 -0.011413549 0.00734128 -0.169787138 -0.463656671 0.455352787 0.890092167 0.719858925 0.154940723 1 D-G 0.131496144 0.000507578 0.023149349 0.035469822 0.003478957 0.005916976 0.014723207 0.035790339 E-E 0.043125089 0.012373057 0.062065336 0.020788565 0.007330049 0.072371317 0.000323095 0.036396085 E-F 0.0216277 -0.002416518 -0.020782276 0.006028761 -0.004733737 0.012946158 -0.001847382 0.001803784 E-G 0.06275848 0.008254796 0.052094228 0.024645151 -0.008717934 0.008546248 0.002383079 0.024994008 F-F 0.010846527 0.000471958 0.006958844 0.001748363 0.003057041 0.002315876 0.010562893 0.005993584 F-G 0.03147406 -0.001612202 -0.017443499 0.007147185 0.005630031 0.001528797 -0.013625881 0.002183082 G-G 0.091330289 0.005507261 0.043725028 0.02921719 0.010368605 0.001009217 0.017577062 0.033122442 ##### Sheet/List 2 ##### Date Exxon Appl Goldman 2/25/2019 78.5 174.229996 198.649994 2/26/2019 78.660004 174.330002 198.899994 0.002036193 0.000573824 0.001257704 1.19783E-05 2.28926E-06 7.26332E-07 2/27/2019 79.470001 174.869995 198.100006 0.010244787 0.003092746 -0.004030172 0.000136179 1.01182E-06 1.96748E-05 2/28/2019 79.029999 173.149994 196.699997 -0.00555209 -0.009884576 -0.007092274 1.70347E-05 0.000143315 5.62159E-05 3/1/2019 80 174.970001 198.199997 0.01219912 0.0104563 0.007596897 0.000185611 7.00476E-05 5.17169E-05 3/4/2019 80.309998 175.850006 195.979996 0.003867487 0.005016857 -0.011264014 2.8008E-05 8.58492E-06 0.000136176 3/5/2019 80.190002 175.529999 196 -0.001495278 -0.00182143 0.000102066 4.97048E-09 1.52747E-05 9.20431E-08 3/6/2019 79.279999 174.520004 194.740005 -0.011412966 -0.005770592 -0.006449298 9.97639E-05 6.17394E-05 4.69876E-05 3/7/2019 80.160004 172.5 192.770004 0.01103881 -0.011642135 -0.010167572 0.000155341 0.000188485 0.000111789 3/8/2019 79.010002 172.910004 195.240005 -0.014450235 0.002374015 0.012731807 0.000169663 8.24616E-08 0.000151939 3/11/2019 79.779999 178.899994 195.970001 0.009698382 0.034055706 0.003731995 0.000123725 0.001022008 1.10659E-05 3/12/2019 80 180.910004 196.630005 0.002753801 0.011172735 0.003362224 1.74605E-05 8.25532E-05 8.7425E-06 3/13/2019 80.709999 181.710007 197.25 0.008835836 0.004412356 0.003148144 0.00010528 5.40796E-06 7.52236E-06 3/14/2019 80.440002 183.729996 197.470001 -0.003350881 0.011055219 0.001114719 3.70988E-06 8.04316E-05 5.0306E-07 3/15/2019 80.150002 186.119995 198.259995 -0.003611686 0.012924333 0.003992596 4.78257E-06 0.000117451 1.28676E-05 3/18/2019 81.080002 188.020004 202.470001 0.011536442 0.010156761 0.021012457 0.000167993 6.51234E-05 0.000424649 3/19/2019 80.870003 186.529999 201.119995 -0.002593382 -0.007956283 -0.006690012 1.36564E-06 0.000100865 5.03456E-05 3/20/2019 81.32 188.160004 194.320007 0.005549025 0.008700607 -0.034395399 4.86339E-05 4.37417E-05 0.001211099 3/21/2019 81.790001 195.089996 194.580002 0.00576301 0.036168284 0.001337079 5.16643E-05 0.001161544 8.67928E-07 3/22/2019 80.480003 191.050003 188.960007 -0.016146255 -0.02092578 -0.02930801 0.000216722 0.000529581 0.00088289 3/25/2019 79.919998 188.740005 188.509995 -0.006982634 -0.012164757 -0.00238436 3.08898E-05 0.000203108 7.78305E-06 3/26/2019 80.959999 186.789993 190.690002 0.012929084 -0.010385479 0.011498054 0.000206033 0.000155559 0.000123046 3/27/2019 80.339996 188.470001 190.029999 -0.007687614 0.008953895 -0.003467134 3.92231E-05 4.71563E-05 1.49969E-05 3/28/2019 80.739998 188.720001 191.179993 0.004966512 0.001325592 0.006033407 4.08486E-05 5.79519E-07 3.16739E-05 3/29/2019 80.800003 189.949997 191.990005 0.000742912 0.006496423 0.004227957 4.69887E-06 1.94443E-05 1.46115E-05 4/1/2019 81.730003 191.240005 196.740005 0.011444166 0.006768346 0.024439772 0.00016561 2.19164E-05 0.000577649 4/2/2019 81.379997 194.020004 197.5 -0.004291663 0.014432057 0.003855499 8.21904E-06 0.000152404 1.19028E-05 4/3/2019 80.900002 195.350006 200.860001 -0.005915657 0.006831585 0.016869569 2.0168E-05 2.25125E-05 0.000271067 4/4/2019 82.050003 195.690002 202.229996 0.014115005 0.001738932 0.006797491 0.000241485 1.21049E-07 4.08582E-05 4/5/2019 82.489998 197 202.380005 0.005348196 0.006671944 0.000741499 4.58731E-05 2.10231E-05 1.12927E-07 4/8/2019 83 200.100006 202.539993 0.006163558 0.015613543 0.00079022 5.75828E-05 0.000182971 1.48046E-07 4/9/2019 81.93 199.5 200.619995 -0.012975384 -0.003003035 -0.009524817 0.000133417 2.5907E-05 9.86102E-05 4/10/2019 81.559998 200.619995 202.979996 -0.004526303 0.00559831 0.011694886 9.61947E-06 1.23303E-05 0.000127451 4/11/2019 81.949997 198.949997 202.830002 0.004770347 -0.008359025 -0.000739233 3.83796E-05 0.000109116 1.3103E-06 4/12/2019 80.919998 198.869995 207.839996 -0.012648281 -0.000402202 0.024400334 0.000125967 6.1954E-06 0.000575754 4/15/2019 80.650002 199.229996 199.910004 -0.003342158 0.001808596 -0.038901248 3.67635E-06 7.74269E-08 0.001545017 4/16/2019 81.199997 199.25 201.839996 0.006796381 0.000100402 0.009607999 6.75874E-05 3.94599E-06 8.46869E-05 4/17/2019 81.43 203.130005 207.899994 0.002828545 0.019285875 0.029581881 1.80907E-05 0.000295806 0.000851264 4/18/2019 81.129997 203.860001 205.910004 -0.003690986 0.003587296 -0.009617966 5.13571E-06 2.25133E-06 0.000100469 4/22/2019 82.900002 204.529999 204.600006 0.021582317 0.00328117 -0.006382317 0.000529326 1.42639E-06 4.60738E-05 4/23/2019 83.379997 207.479996 204.139999 0.00577335 0.014320271 -0.002250855 5.1813E-05 0.000149657 7.05597E-06 4/24/2019 81.760002 207.160004 200.539993 -0.019620286 -0.001543469 -0.017792335 0.000331077 1.31792E-05 0.000331159 4/25/2019 82.220001 205.279999 201.399994 0.005610443 -0.009116565 0.004279257 4.94943E-05 0.000125517 1.50064E-05 4/26/2019 80.489998 204.300003 203.080002 -0.021265665 -0.004785379 0.008307049 0.000393661 4.72276E-05 6.24352E-05 4/29/2019 79.970001 204.610001 206.919998 -0.006481351 0.001516217 0.018732236 2.5569E-05 3.25626E-07 0.000335871 4/30/2019 80.279999 200.669998 205.919998 0.003868935 -0.019443975 -0.004844501 2.80234E-05 0.000463577 2.7562E-05 5/1/2019 78.669998 210.520004 204.729996 -0.020258649 0.047918922 -0.005795716 0.000354715 0.002100578 3.84545E-05 5/2/2019 77.290001 209.149994 204.990005 -0.017697269 -0.00652901 0.001269204 0.000264794 7.42331E-05 7.46066E-07 5/3/2019 77.470001 211.75 207.520004 0.002326183 0.012354664 0.012266518 1.40697E-05 0.000105428 0.000140685 5/6/2019 77.129997 208.479996 206.429993 -0.004398507 -0.015563239 -0.005266402 8.84307E-06 0.000311526 3.21699E-05 5/7/2019 76.720001 202.860001 202.630005 -0.005329827 -0.027327003 -0.018579657 1.52494E-05 0.000865175 0.000360434 5/8/2019 76.839996 202.899994 200.949997 0.001562842 0.000197126 -0.008325575 8.92586E-06 3.57107E-06 7.62308E-05 5/9/2019 76.769997 200.720001 201.630005 -0.000911386 -0.01080231 0.003378253 2.63569E-07 0.000166131 8.83755E-06 5/10/2019 76.559998 197.179993 202.050003 -0.002739179 -0.017793925 0.002080847 1.72765E-06 0.000395245 2.80695E-06 5/13/2019 75.709999 185.720001 194.970001 -0.011164482 -0.059876813 -0.035669501 9.48619E-05 0.003839496 0.001301402 5/14/2019 75.809998 188.660004 196.279999 0.001319945 0.015706306 0.0066965 7.53349E-06 0.000185489 3.95773E-05 5/15/2019 76.370003 190.919998 196.399994 0.007359804 0.011908007 0.000611159 7.71689E-05 9.64551E-05 4.23153E-08 5/16/2019 76.360001 190.080002 199.139999 -0.000130976 -0.004409435 0.013854725 1.67392E-06 4.22018E-05 0.000180883 5/17/2019 75.910004 189 197.429993 -0.005910531 -0.005698032 -0.008624034 2.0122E-05 6.06044E-05 8.15316E-05 5/20/2019 75.900002 183.089996 197.240005 -0.00013177 -0.031769202 -0.000962769 1.67186E-06 0.001146232 1.87203E-06 5/21/2019 76.25 186.600006 199.110001 0.004600705 0.018989507 0.009436154 3.63064E-05 0.0002857 8.15536E-05 5/22/2019 75.559998 182.779999 195.520004 -0.009090399 -0.020684082 -0.018194744 5.87618E-05 0.000518516 0.000345967 5/23/2019 73.790001 179.660004 191.970001 -0.023703782 -0.01721704 -0.018323581 0.000496354 0.00037264 0.000350777 5/24/2019 74.099998 178.970001 193 0.004192271 -0.003847998 0.005351074 3.15512E-05 3.52225E-05 2.44592E-05 5/28/2019 72.610001 178.229996 189.440002 -0.020312838 -0.004143371 -0.018617827 0.000356759 3.88157E-05 0.000361885 5/29/2019 72.160004 177.380005 188.050003 -0.006216736 -0.004780476 -0.007364461 2.29629E-05 4.71602E-05 6.03716E-05 5/30/2019 71.970001 178.300003 187.369995 -0.002636552 0.00517319 -0.003622656 1.4684E-06 9.52547E-06 1.62257E-05 5/31/2019 70.769997 175.070007 182.490005 -0.01681424 -0.018281608 -0.026389841 0.000236836 0.000414874 0.000717988 6/3/2019 71.879997 173.300003 183.190002 0.01556288 -0.01016172 0.003828472 0.00028858 0.000150028 1.17171E-05 6/4/2019 73.589996 179.639999 189.880005 0.023511072 0.035930629 0.035868444 0.000621797 0.001145401 0.001257624 6/5/2019 72.980003 182.539993 188.440002 -0.00832362 0.016014446 -0.007612656 4.75941E-05 0.000193978 6.42901E-05 6/6/2019 74.309998 185.220001 189.809998 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