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BiV/February 2001 Governor’s Staff Investment strategy for the Petroleum Fund Lecture at UiO February 14, 2001 Birger Vikøren Governor’s Staff Norges Bank www.norges-bank.no
| Date post: | 13-Jan-2016 |
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Assume: R = Rf + RPDIVt = (1+g)t DIV0
High P0 (today):
=> LOW RP=> HIGH g=> INEFFICIENCY (BUBBLE!)
Governors Staff
The equity premium puzzleStandard economic models utterly fail to produce anything like the historical average stock return. After 10 years of intense effort, there is a range of drastic modifications to standard models that can explain the equity premium. However, these models are truly drastic modifications; they fundamentally change the description of the source of risk that commands a premium in asset markets. Furthermore, they have not yet been tested against the broad range of experience of the standard models. These facts must mean one of two things. Either the standard models are wrong and will change drastically; or the phenomenon is wrong and will disappear.
Cochrane (1997)
Governors Staff
Rolling fixed window (10 years)
Chart2
33.49920810013.632228578218.824.42
34.2920529993.664166420318.824.42
36.16377317153.784964406118.824.42
34.90614075233.633781165118.824.42
34.66683475923.608704907718.824.42
33.5119058283.563737738218.824.42
29.49116297023.06075807618.824.42
28.90735794452.753411822918.824.42
25.64987632632.689797390118.824.42
25.46798881822.086482686218.824.42
23.93083654571.622898641318.824.42
23.14622505821.70904261718.824.42
17.95591790411.762570408418.824.42
16.52778431751.17637342918.824.42
16.50854085350.812888539618.824.42
16.11041747170.777520989418.824.42
13.42778417230.800547729218.824.42
13.40421641790.791482434718.824.42
14.27059684960.872210474118.824.42
18.58739596850.936435321418.824.42
18.11960804091.167295544818.824.42
16.28560731311.300533651218.824.42
18.50741184862.439946265318.824.42
19.56825762982.647992950618.824.42
19.79212382632.708646443418.824.42
20.34337798354.233777535818.824.42
20.46210904744.176910607418.824.42
22.13419817594.257109217418.824.42
21.45790372394.277911743918.824.42
17.6173860154.293214801718.824.42
16.50945466494.166323852618.824.42
17.91132304813.987861582418.824.42
16.65498924253.77383521418.824.42
13.06487657813.478079930118.824.42
14.38609606533.523839604118.824.42
14.20391636134.933340202718.824.42
12.94876913935.069856890418.824.42
11.94948204365.064190623118.824.42
13.45916643454.951007641518.824.42
16.53108922944.943280961718.824.42
19.72823258964.776451611818.824.42
19.7682867525.236481537118.824.42
19.48906784735.189890279318.824.42
19.39195105085.248623099918.824.42
19.20800819684.691844105618.824.42
20.67868263593.258656164718.824.42
21.15678446483.339069897118.824.42
21.30496042928.048951967718.824.42
19.98493755037.956623027418.824.42
14.96391006548.062185807818.824.42
14.22425690318.739530625618.824.42
13.95870676128.833783950818.824.42
12.25318480148.668161665918.824.42
11.80985036138.454094668718.824.42
12.68951991048.08131899318.824.42
13.23304957717.616986937118.824.42
12.12036307677.564864396218.824.42
12.48592492015.342026352918.824.42
12.47734306655.178322336618.824.42
12.9757298667.277794537718.824.42
13.82690838756.768612938518.824.42
14.0091278186.768398875218.824.42
14.41607933296.530220772218.824.42
14.70844262476.490554162318.824.42
14.16414836447.263047722718.824.42
15.37550158177.548317251818.824.42
Volatility - equity
Volatility - bonds
Average (1926-2000)
Average (1926-2000)
inflasjon
yearinflation5 r5 r5 r1
1926-0.0149-1.490.9851geomgeomartimetisk0.9851-1.5012120121inflobloig
1927-0.0208-2.080.9792rlig0.96460992-2.1019367224
1928-0.0097-0.970.99030.9552532038-0.9747351455
19290.0020.21.0020.95716371020.1998002663
1930-0.0603-6.030.9397-10.0553261541-2.0972050614-10.370.8994467385-10.0553261541-6.2194603593-10.59754397322.917051071841.59352606810.2231584314
1931-0.0952-9.520.9048-17.387127301-3.7480482167-18.40.813819409-17.387127301-10.004135418-19.10046737915.329447574-26.20964902770.3038859994
1932-0.103-10.30.897-24.322153992-5.4212102309-26.620.7299960098-24.322153992-10.8699416923-27.868472348919.351927705-66.5926453311
19330.00510.511.0051-23.1911511435-5.1401898202-25.140.7337189895-23.19115114350.5087039049-26.385033298520.2495909461-59.6140080143
19340.02032.031.0203-21.7883548021-4.7961997876-23.310.748613485-21.78835480212.0096701699-24.575163394923.0310362405-52.2687487587
19350.02992.991.0299-14.280969044-3.0348998061-2.5671804756-14.290.7709970282-14.2809690444.63223296292.946171015-15.409532020623.302406827715.3472008129
19360.01211.211.0121-4.1155711422-0.8370091248-2.3033704962-3.560.7803260922-4.11557114224.77202076931.2027380213-4.202658581328.6638581374101.3646120468
19370.0313.11.03110.20830117331.9630602437-1.7984580629.840.804516201110.20830117335.05855227423.05292050359.720203614521.768509624866.7850521204
1938-0.0278-2.780.97226.60084608561.2866320454-1.97943741456.550.78215065076.60084608565.0627845873-2.81937343716.392126272625.998689485650.70757904
1939-0.0048-0.480.99523.97840049440.7833120421-2.04616238044.040.77839632763.97840049445.0365553705-0.48115569973.901300402921.801745327951.7472048558
19400.00960.961.00961.92891847670.3828411052-1.34082786932.010.78586893231.92891847674.88667303320.95542128051.910550668417.94357285282.4743126053
19410.09729.721.097210.49936701182.0168613830.579804605310.520.862255392510.49936701185.0442468889.27614800819.983960655315.4282113127-39.0514395271
19420.09299.291.092917.13361610783.21345361442.586351864416.710.942358918517.13361610783.99399340688.8834713715.814511521915.801676120322.5881049629
19430.03163.161.031624.29030896614.44495173062.853669817622.650.972137460324.29030896613.92314499693.111099502521.744984461412.529283096518.5256056244
19440.02112.111.021127.52495426574.98301359942.86173155625.240.992649560727.52495426573.9212095642.088047757924.31418791919.892449442936.9600534591
19450.02252.251.022529.15438365365.24993353362.787583657926.531.014984175829.15438365364.99164712823.92688793942.225060893525.58382753219.171128448278.3234360161
19460.181618.161.181639.08933624246.82152332514.39155395834.971.199305302239.08933624246.38274588256.161030667716.686945223532.99462474759.667407382482.2276692619
19470.09019.011.090138.73299061016.76673198934.975059608234.691.307362709938.73299061016.56409283436.28872712798.626943515232.73809689268.651869938869.2655118608
19480.02712.711.027138.12781568026.67342240925.553306222334.241.342792239338.12781568026.53591253245.73582591172.67392971932.30092710917.713721750751.5878130473
1949-0.018-1.80.98232.83862011355.84366538295.412461133930.331.31862197932.83862011356.57869327935.9062265637-1.816397062828.39648228848.223227066150.7829122484
19500.05795.791.057937.43762955326.56660523985.906223227833.871.394970191637.43762955326.36427479645.68175051275.628581101131.8000024966.725071704547.2546700944
19510.05875.871.058723.14253419764.251333155.5286037821.581.476854941923.14253419765.74686685815.53318122285.704174036720.81723130926.089392170277.196212599
19520.00880.881.008813.95852536332.64773343554.686976482413.451.489851265413.95852536334.83916964935.55837146410.876150566913.06643836086.800365837588.5077942176
19530.00620.621.006211.63963413552.22654451244.426315477511.361.499088343211.63963413554.83537295145.69861776610.618085907511.01059454948.14620241882.1587844394
1954-0.005-0.50.99513.1175518992.49578346934.156273976612.661.491592901513.1175518994.91490351675.8801746951-0.501254182412.32573742988.4974222912107.2181787954
19550.00370.371.00377.32213521231.42332892743.96316586137.241.49711179527.32213521234.96703647225.98213349160.36931718387.06647351257.1477392186107.1042273264
19560.02862.861.02864.27084941850.83994085652.53145014614.231.53992919264.27084941854.94093907553.38057999632.81986543594.18216491166.367501190291.9307637134
19570.03023.021.03026.48278060161.26418615121.95361291596.371.58643505426.48278060164.9413676992.54138107692.97529581496.281310159712.298489191663.6597554869
19580.01761.761.01767.68920447251.49261297011.8589177127.511.61435631117.68920447254.73469790072.52886909291.74469136047.40791561267.8211641868100.6735648961
19590.0151.51.0159.85381159761.89738200332.19614475079.511.63857165589.85381159764.66088437512.18640775911.48886124949.39803104434.785684702269.6926141746
19600.01481.481.014811.0686938422.12176986571.771950240410.621.662822516311.0686938424.64512092641.79327880961.469154874310.497868734816.556159297342.73222959
19610.00670.671.00678.70392192371.68316195711.26067369848.431.67396342728.70392192374.48779922031.09570068910.66776547538.345768774318.810139443260.1934658517
19620.01221.221.01226.80461053311.32532376961.29475034786.631.6943857816.80461053314.29471535731.0876376031.21261797986.583090939216.673225890362.4651575345
19630.01651.651.01656.6891574361.30340826631.39796648716.521.72234314646.6891574364.30606704791.06461312741.63653540866.474934987419.598315892546.9849641832
19640.01191.191.01196.36330877781.24145261591.5688878146.211.74283902986.36330877784.32075587320.83924304521.18297517546.169048913423.949603834950.9427561633
19650.01921.921.01926.82448197311.32909388821.7246597776.651.77630153926.82448197314.32414019440.72839320881.90180058366.601694622713.84608404462.2077064564
19660.03353.351.03359.66832434611.86294816181.77301535959.331.83580764079.66832434612.43003633280.82336976983.2951100149.229039161316.596330009827.7899276498
19670.03043.041.030411.6402305932.22665374541.774990978311.151.89161619311.6402305931.84229833570.826744622.994707636811.011128818312.190331030458.4197392243
19680.04724.721.047215.01195226462.83680969892.067229401714.221.980900477315.01195226461.9420810191.2441168224.611993561413.986586971115.003592513748.3710972343
19690.06116.111.061120.60399500743.81792365812.521594792119.142.101933496520.60399500741.93709060191.75641838855.930610589718.734222385410.300315471624.2330360176
19700.05495.491.054924.82844812924.53523846282.919682242222.712.217329645424.82844812921.91023806731.93723858455.344597570622.177019372424.866127480216.4308730136
19710.03363.361.033624.84052635354.53726132093.191441655422.722.291831921524.84052635351.74267028921.76690092793.304785404622.186694763128.643344231440.4080004831
19720.03413.411.034125.28880852314.61222900413.412562640823.092.369983390125.28880852311.73088234271.6234271023.353148320922.545135447232.669692033436.2915154317
19730.0888.81.08830.17019067345.41497453964.117912369327.172.578541928430.17019067342.2003681512.22015239728.434114843426.367256729232.73662964059.9487836263
19740.12212.21.12237.64108372026.59813749635.198846479833.262.893124043637.64108372022.92118288953.136218529811.511280710131.947926849539.0133907267-11.915764981
19750.07017.011.070139.62434703676.90357553615.71277482534.783.095932039139.62434703672.93526579092.94472202056.775210205133.37853948430.971318303515.7795017117
19760.04814.811.048141.58308642527.20184876025.8611717236.233.244846370241.58308642522.93695236782.84713989044.697900119434.771654198834.71741271623.787137092
19770.06776.771.067746.1834071917.88960821126.238281242539.593.464522469446.1834071913.00115083192.67039655816.550680220237.969186098131.0862832922-1.0421907026
19780.09039.031.090346.49243461437.93518478026.667636870539.823.777368848446.49243461433.14924765452.73970578318.64528877338.180360027830.009867324621.1643022006
19790.133113.311.133147.94169132048.14790624777.370225761740.934.280136642247.94169132043.64735390753.427475423412.495723940439.164803258228.484430175268.8356039031
19800.12412.41.12455.39338477169.21606003218.053631699346.324.810873585855.39338477163.90458718083.682432770811.689375147144.078968200224.781352872365.2895013236
19810.08948.941.089461.516604684910.06352942898.623265628850.455.240965684461.51660468493.80010287263.28389267668.562708596747.943776677621.704463872438.8728414946
19820.03873.871.038757.12962188469.45903450558.671488201747.555.443791056457.12962188463.67100144093.20431375913.796993125245.190089582545.846023095365.7239528689
19830.0383.81.03849.59235762298.38816938738.161439944242.325.650655116549.59235762293.56472819513.55978526193.729578474440.274379283949.563852888379.6723981203
19840.03953.951.039537.23524468186.53520163697.338525230732.965.873855993637.23524468183.41166493543.48864650613.873982831631.65263817558.675649095968.8300503354
19850.03773.771.037726.69841050384.84657144247.009015698724.336.095300364626.69841050383.30980536873.67332199033.700672562923.663935590873.346931954468.633512363
19860.01131.131.011317.61529515563.2982015876.627222838916.526.164177258717.61529515563.45189863854.08553831621.123663192616.224890186678.415027482390.6171076045
19870.04414.411.044118.22675428133.40538439536.389160813417.066.436017475818.22675428133.39704279294.14852972624.315527031416.743424092955.732061981176.3146259242
19880.04424.421.044218.9329256463.52861890315.930531397217.686.720489448218.9329256463.40533864924.08701738574.325104199417.338949817954.504937782171.5502283104
19890.04654.651.046519.73382076823.66767732115.091659548418.387.032992207619.73382076823.4263272883.18364291694.545126290418.010093276753.862640910392.8450060818
19900.06116.111.061122.43380284974.13105484784.488200680620.727.462708031422.43380284973.4216383811.98386967545.930610589720.240031303644.641124365561.7393614669
19910.03063.061.030624.77037201314.52550970173.910043653922.657.691066897224.77037201313.43586789011.26416463413.014115691222.130483802244.91866140471.4490145847
19920.0292.91.02922.96591590994.22141129623.812596043621.147.914107837222.96591590993.4601933321.30473496672.858745685220.67370245649.003193190473.7412708922
19930.02752.751.027520.99930913373.88589319483.707102196419.478.131745802720.99930913373.49140972131.34805415322.712866738819.061464995353.73399156567.7253478324
19940.02672.671.026718.70997676793.48977530093.578688116517.498.348863415718.70997676793.23663340361.38356263162.634977532317.151316237235.979113321441.650779829
19950.02542.541.025414.71605897442.78384114463.455255060813.928.560924546414.71605897443.28004569131.41968854172.508278036713.728983684242.223140060576.6665631234
19960.03223.221.032214.89415493252.81573559743.667097811614.088.836586316814.89415493253.31076632881.16974878593.169244673213.884112666329.925997614370.7662635273
19970.0171.71.01713.55428140562.57480562423.394830652212.888.986808284213.55428140563.37646697161.28797688041.685711706612.711078687731.030058557792.1643879888
19980.01611.611.016112.29440908632.34617747093.113161437511.749.131495897612.29440908633.30941157911.3464063281.59717695111.595388899930.0998192915107.7805706032
19990.0262.61.02612.21784720232.33221781952.90936900111.679.368914790912.21784720232.61218299511.23956264692.566774674911.527186042532.3822382081125.5411128563
20000.0373.71.03713.48732938242.56270707382.673214575312.839.715564638213.48732938241.71413627170.63777826173.633192924712.652100930530.017160672683.6540699395
3.17163.078061037618.60524563523.268481391116.56014084513.031638935215.828334754925.763744743751.0872743362
4.425025283218.37814831723.287846623216.44845059954.2899626216.056796626516.652869772339.7620152432
3.47150821233.312028169
5 rs STDEV ved kvadrat av 59.894657335375.9049493327
5 rs STDEV ved Ibbotsen11.231566339152.0345875763
5 rs STDEV ved artimetisk16.4484505995
5 rs STDEV ved geometrisk18.3781483172
inflasjon
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Aksjeavkastning over 5 rsperioder
Akjseavkastning over 10 rsperioder
Gj.snitt (1926-2000)
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Volatilitet (10 rs perioder)
Volatilitet (20 rs perioder)
aksje og oblig (5 r)
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Volatilitet (10 rs perioder)
Avkastning (10 rs perioder)
porteflje - real
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Aksjeavkastning
Obligasjonsavkastning
Rullerende 10 rsperioder
aksjeavkast - real
00
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Aksjevolatilitet
Obligasjonsvolatilitet
Rullerende 10 rsperioder
obligasjonsavkast - real
5 r5 r5 r5 r
geomgeomlnln
obligaksjeobligaksje
193221.3512779273-48.620270206919.351927705-66.5926453311
193724.319551903895.004124026221.768509624866.7850521204
194217.118582502625.342656085615.801676120322.5881049629
19479.037175681299.9016118188.651869938869.2655118608
19527.0369224284142.3173251526.800365837588.5077942176
195713.08673355889.003917216212.298489191663.6597554869
196218.143790347886.759512786916.673225890362.4651575345
196712.964487148179.355088994412.190331030458.4197392243
197238.63812295443.751388721932.669692033436.2915154317
197736.4602029875-1.036778712731.0862832922-1.0421907026
198258.163675377292.945876064645.846023095365.7239528689
198774.5988061579114.501438626855.732061981176.3146259242
199263.2368343752109.051972836749.003193190473.7412708922
199736.3835001657151.341875427931.030058557792.1643879888
30.752833108277.115695631225.635979106350.5922880342
21.470333488254.925474792315.694014700242.0287158718
31.545182130275.904949332725.897091278352.3487127941
25.806004834952.034587576317.371179278729.9765917612
31.272684687978.550969043925.763744743751.0872743362
23.935705752961.232753459816.652869772339.7620152432
obligasjonsavkast
year5 r5 r5 r5 r
geomgeomlnln
obligaksjeobligaksje
stdev aksje19.2565629437stdev aksje 5 r29.9765917612
stdev oblig5.3521900808stdev oblig 5 r17.3711792787
193025.755644758351.578773462822.917051071841.5935260681correl0.0984158411correl0.0609155958
193526.241186303916.587515163823.302406827715.3472008129andel aksje0.9andel aksje0.1
194019.65419980812.505177760617.94357285282.4743126053andel oblig0.1andel oblig0.9
19459.6048330233118.85393550829.171128448278.3234360161
19506.956360238860.40740928776.725071704547.2546700944
19557.4093867512191.84197061717.1477392186107.1042273264risiko17.391738326916.0971899792
196018.005564361753.314670900316.556159297342.73222959
196514.85047057586.279316807813.84608404462.2077064564
197028.2307609617.857812151424.866127480216.4308730136
197536.303411675417.092615028830.971318303515.7795017117
198028.122099900292.109437999124.781352872365.2895013236aksjeandel00.10.20.30.40.50.60.70.80.91
1985108.229222785798.64221850773.346931954468.6335123631 r5.355.366.037.198.6310.2411.9613.7315.5517.3919.26
199056.269398239585.408926766144.641124365561.73936146695 r17.3716.115.4715.5616.3617.7719.6721.9324.4427.1429.98
199552.5361453411115.257678946942.223140060576.66656312345 r roten av 511.962963679611.985324359413.483489904316.077328758219.297266645822.897336089626.743373010930.701213331134.770857050138.885222128743.0666692466
200035.0090472304130.83678108330.050715276830.017160672683.65406993950.0609155958
3.2467289723.00373134332.56550580432.16411682891.89571263041.73535156251.64464882941.59723233791.57170418011.560667051.5565939772
31.545182130275.904949332725.897091278352.34871279412.23606797752.23606797752.23606797752.23606797752.23606797752.23606797752.23606797752.23606797752.23606797752.23606797752.2360679775
25.806004834952.034587576317.371179278729.9765917612
31.272684687978.550969043925.763744743751.0872743362
23.935705752961.232753459816.652869772339.7620152432
obligasjonsavkast
00
00
00
00
00
00
00
00
00
00
00
1 r
5 r
Risiko og investeringshorisont
rdata
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Risiko ved femrshorisont i forhold til risiko ved ettrshorisont
Forholdet dersom bde aksjer og obligasjoner flger random walk
stat
00
00
00
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1 year
5 years
Equity potion
Standard deviation
Risk and investment horiozon
aksje og oblig
yearaksjeObligAkjseOblig
192612.49421794936.7414798914LN avkastLN avkast
192733.94003684256.52276218885 r5 r
192837.16784575391.890528924stdev aksje19.6061719369stdev aksje 5 r38.08944974
1929-8.99552814225.6365240634stdev oblig6.7904817054stdev oblig 5 r20.3911094744
1930-22.415502362512.723299977252.19107004133.5145950448correl0.1928033354correl0.1183531309
1931-46.80603374057.6567997995-7.109181648834.4299149529andel aksje0.35andel aksje0.35
19322.325045509119.3132472898-38.724172982247.2204000539andel oblig0.65andel oblig0.65
193342.66304402041.3047531147-33.228974715846.6346242446
1934-3.46013879026.6080994542-27.693585363847.6061996354
193536.03481583483.829039190130.756732833538.7119388483risiko8.845923135419.880221535
193628.0045040541.8113776699105.567270628132.8665167187
1937-46.177376613-1.504963418657.06484850612.0483060103
193829.91364828188.863010317544.315452767419.6065632131
19390.07031289534.901981166247.845904452917.900444925
1940-11.24732668131.96161644950.563761936816.0330221844aksjeandel00.10.20.30.40.50.60.70.80.91
1941-21.5946580652-8.777393857-49.03540018245.44425065741 r6.796.777.298.249.5110.9812.5714.261617.7919.61
19429.6316170104-6.96204947776.773593441-0.01283540165 r19.6119.1818.819.3120.6422.6425.1628.0531.2234.5838.09
194319.9206760037-0.3398556459-3.2193788371-9.2157013649
194415.9355572724-0.304055945112.64586554-14.4217384762
194528.8464162628-0.029344158352.739608484-16.4126990839
1946-25.1012220347-15.691912138249.2330445144-23.3272173651
1947-3.074012536-7.721059066436.5274149681-24.0862269538
19482.6801469738-0.840834050519.2868859382-24.5872053584
194919.03510129414.10989419122.38642996-20.1732552223
195021.9146539012-4.931019727415.4546675985-25.0749307915
195115.8230916566-5.344820485756.3789812898-14.727839139
195215.98836203090.740707549375.4413558567-6.2660725233
1953-1.61301899292.560846341471.14818989-2.8643921314
195442.77935276973.145971183894.8924413656-3.8283151386
195527.0599663495-1.0214388828100.03775381390.0812657061
19563.5339366445-3.240749913387.74859880182.1853362785
1957-14.38179144374.572550302757.37844532716.0171790319
195834.2741849635-3.043084116293.26564928350.4132485742
19599.8082866165-1.879623732560.2945831303-4.6123463421
1960-1.00025592579.649198021832.23436085516.0582905625
196123.14727286671.165330193151.847697077410.4643706689
1962-10.34742192574.198314584955.882066595410.0901349512
196318.9021475639-0.009838162240.510029195813.1233809051
196414.07196467072.777550283944.773707249917.7805549215
19659.8320486581-0.886967478455.60601183377.2443894213
1966-13.89785047851.288231620318.56088848857.3672908485
196718.5002999918-1.989774051547.40861040591.1792022121
19685.8780474212-0.172034831734.38451026331.0170055427
1969-14.8137319604-6.67336217265.4988136322-8.4339069138
1970-1.412911332910.2360475433-5.74614635882.6891081078
197110.06960160035.055772980918.221305726.4566494683
197214.02537425631.678133066513.746379984510.1245565863
1973-24.2868056662-3.9272185066-16.41847310286.3693729114
1974-42.258950688-5.9772712067-43.86369183057.0654638772
197524.85174272530.7633624855-17.5990377723-2.4072211805
197616.68412226597.4087526785-10.9845171067-0.0542414828
1977-14.0014854377-5.1505282566-39.0113768007-6.8829028059
1978-2.2914866926-5.2148084038-17.0160578272-8.1704927031
19794.4279077841-8.487151586529.670800645-10.6803730829
198016.3914752037-7.853879759521.2105331234-19.2976153279
1981-13.59734604040.4670552013-9.070935183-26.2393128051
198215.603313031621.744718061320.53386328640.6559335128
198316.57266885743.418731687839.39801883649.2894736044
19842.20730110819.246385729937.177412160427.0230109209
198524.183639815514.806105683344.969576772249.6829963637
198615.825294605312.974196133474.392217417962.1901372957
19870.7822974451-1.456781346259.571201831438.9886378882
198811.21274551851.596081763854.211278492537.1659879641
198922.83093542077.932945399374.834912805135.8525476335
1990-9.15194282623.354651111741.499330163324.401093062
199123.644495224511.361280673349.318530782622.7881776019
19924.53133509884.084531786353.067568436328.3294907344
19936.80905991937.939117598948.66388283734.6725265696
1994-1.3334838245-7.911784086124.499463591818.8277970841
199529.286173021113.021010403962.937579439128.4941563763
199617.5890666464-1.09099075556.88215086116.041884948
199727.10249353886.361626708379.45330930118.31897987
199823.54093232168.124568120696.185181703318.5044303916
199916.495261286-5.5611623122114.013926813920.8550521656
2000-13.72578478379.531017980471.00196900917.3650597422
7.43810362362.147779320535.25893958129.9354099887
19.60617193696.79048170540.192803335438.0894497420.39110947440.1183531309
aksje og oblig
00
00
00
00
00
00
00
00
00
00
00
1 r
5 r
Risisko og investeringshorisont
aksjeavkast
yearreal-aksje5 r5 r5 r1ObligOblig
19260.133082935713.30829357431.1330829357geomgeomartimetisk1.133082935712.494217949310 r10 r
19270.404105392240.41053921571.4041053922rlig1.590967859833.9400368425avkaststdev
19280.450166616245.01666161771.45016661622.307168477737.1678457539
1929-0.0860279441-8.60279441120.91397205592.1086875169-8.9955281422
1930-0.2008087688-20.08087687560.799191231268.524457292911.002455875370.05182312091.685244572968.5244572929-22.415502362552.19107004111
1931-0.3737842617-37.37842617150.6262157383-6.8623627506-1.411775974119.36510337511.0553266744-6.8623627506-46.8060337405-7.109181648811
19320.0235228542.35228539581.023522854-32.1073041804-7.4525172328-18.69315044491.0801509697-32.10730418042.3250455091-38.724172982211
19330.532086359653.20863595661.5320863596-28.2720536943-6.4297738159-10.50117610591.6548845669-28.272053694342.6630440204-33.228974715811
1934-0.034009605-3.40096050180.965990395-24.1896874892-5.3881232459-5.29934219661.5986025964-24.1896874892-3.4601387902-27.693585363811
19350.43382852743.38285270411.43382852736.01123795216.34448164268.648509566958.16438738322.292122006236.011237952131.264835724736.034815834830.7567328335114.73042249243.6322285782
19360.323189408232.31894081611.3231894082187.390779960423.507851289810.3468155949127.86175437083.0329115608187.390779960431.869835499828.004504054105.5672706281114.49753594983.6641664203
1937-0.3698351115-36.98351115420.630164888576.941411808512.08974925131.850989868688.52595782091.911234375476.941411808534.2472364112-46.17737661357.064848506114.19775909883.7849644061
19380.348693684434.86936844271.348693684455.76130100619.26772807531.114816078770.18669030692.577669731655.761301006133.127125318329.913648281844.3154527674114.73344113193.6337811651
19390.00070337620.07033762061.000703376261.358602123510.04198721242.035674800173.65798842932.579482803161.358602123532.81530870980.070312895347.8459044529114.58529593943.6087049077
1940-0.1063787639-10.63787638670.89362123610.5653540650.11281597683.181614257719.63725933852.30508061110.56535406532.082366215-11.24732668130.5637619368114.21084115153.5637377382
1941-0.1942216551-19.42216551220.8057783449-38.7590438295-9.34152850475.8160338304-32.10384698981.8573840396-38.759043829529.6871272297-21.5946580652-49.0354001824114.50785702683.060758076
19420.101107146110.11071461251.10110714617.00826991481.36393658036.592017686214.99037877692.04517883917.008269914829.57855360479.63161701046.773593441113.82848673222.7534118229
19430.220434276922.04342768511.2204342769-3.1681085049-0.64180732924.1952205182.16443801932.4960063576-3.168108504925.984751684819.9206760037-3.2193788371113.92797992912.6897973901
19440.172754872217.27548721971.172754872213.48025322492.56142804476.235885431319.36958761842.927203616913.480253224925.8667469815.935557272412.64586554113.22018043272.0864826862
19450.334376528133.43765281171.334376528169.451418772711.12430092845.474957641163.44511681683.905991799469.451418772727.465010951424.569509058828.846416262852.739608484112.74856499461.6228986413
1946-0.2219871361-22.19871360870.778012863963.612467934410.34769837840.019766386560.66856872043.038911866263.612467934428.409693099524.6979300053-25.101222034749.2330445144112.54131645061.709042617
1947-0.0302724521-3.02724520690.969727547944.09089787437.57895207684.425217623447.5306089012.946916552444.090897874327.511253897720.6073902005-3.07401253636.5274149681112.47549860941.7625704084
19480.02716385942.7163859411.027163859421.27237457493.93273986621.619728362328.20356715693.026966179421.272374574925.987634908417.98812105272.680146973819.2868859382112.04492840221.176373429
19490.209674134420.9674134421.209674134425.09012601094.57902920393.565315519631.89549337923.661642692925.090126010926.043890647518.800681698619.035101294122.38642996111.82807607410.8128885396
19500.245013706424.50137063991.245013706416.7128753673.13919886967.057327505922.95921120744.558795340616.71287536725.599946347518.810704703721.914653901215.4546675985111.60232168780.7775209894
19510.171436667617.14366676111.171436667675.731980959211.936097291611.139060197562.30159157725.340340022175.731980959223.288384388916.109600511215.823091656656.3789812898111.58815925030.8005477292
19520.173374306117.33743061061.1733743061112.636416959116.286026019611.847793095682.66626739466.2662177679112.636416959123.238677424716.162633106815.988362030975.4413558567111.5572238880.7914824347
1953-0.0160007951-1.60007950710.9839992049103.700766250715.29182995779.465043606278.34980194666.1659533015103.700766250721.229126080416.423169757-1.613018992971.14818989111.59863603040.8722104741
19540.533869346753.38693467341.5338693467158.293000046620.898949516412.4432958081110.7693231789.4577667625158.293000046623.19736159421.289653035542.779352769794.8924413656111.68612218090.9364353214
19550.310750224231.07502241711.3107502242171.930827727122.149498686712.2426008112117.342974955112.3967699042171.930827727122.466737150421.065187116227.0599663495100.0377538139111.39694848941.1672955448
19560.0359712233.59712230221.035971223140.484628803919.183864864215.5031458145103.796430496212.8426968791140.484628803921.955829560117.39556274093.533936644587.7485988018111.25348036271.3005336512
1957-0.1339545719-13.39545719280.866045428177.497165408712.160073280414.204418477873.063542692711.122358916377.497165408719.846486382418.9367438425-14.381791443757.3784453271111.92824048292.4399462653
19580.408805031440.88050314471.4088050314154.12510339720.50623382217.8702007237115.544125344515.6692352028154.12510339720.269396056219.880004085434.274184963593.2656492835111.60955262182.6479929506
19590.103054187210.30541871921.103054187282.749436886312.816133040816.787636216972.462609390317.284015500682.749436886320.10177377620.07096211849.808286616560.2945831303111.33717193742.7086464434
1960-0.0099527-0.99527000390.990047338.03589976356.659221654314.141887383140.392316969317.111992878838.035899763519.647694099920.8049592426-1.000255925732.2343608551112.39870689064.2337775358
19610.260454951826.04549518231.260454951867.946782226910.926251560314.980952230662.840689849421.568896159767.946782226918.38526575821.058987828423.147272866751.8476970774112.5497274334.1769106074
1962-0.0983007311-9.83007310810.901699268974.860908957711.824907169611.992364841266.406073934119.448657898674.860908957719.159117260822.6543793751-10.347421925755.8820665954112.93954776974.2571092174
19630.208066896220.80668962121.208066896249.9452875588.439264752114.313636079446.332260410723.49527978349.94528755819.132011675822.045728213318.902147563940.5100291958112.77988534934.2779117439
19640.151101887515.11018875381.151101887556.47672212279.367918833511.078646379651.137030445327.045460906556.476722122719.115173798717.779481095514.071964670744.7737072499112.91521300494.2932148017
19650.103316326510.33163265311.103316326574.378862754111.76318461389.181382481262.463933102329.839698576774.378862754118.523967840816.51874835919.832048658155.6060118337113.08691108034.1663238526
1966-0.1297532656-12.97532656020.870246734420.39512847353.78193956527.294648215223.443111359825.967900241720.395128473517.721023107718.0268091076-13.897850478518.5608884885113.60407421393.9878615824
19670.203222049720.32220496891.203222049760.65453111459.945787874110.881366886953.595389436931.24515015560.654531114517.402251546616.54186834418.500299991847.4086104059112.92841461953.773835214
19680.06054239886.05423987781.060542398841.03601575127.11887579567.777048263338.842939693433.136806495641.036015751217.306238229913.09237525255.878047421234.3845102633113.52075193493.4780799301
1969-0.1376873056-13.76873056260.86231269445.65280802921.10583234685.15576287449.964020376928.57428889215.652808029218.280858296714.825715363-14.81373196045.4988136322113.48432017083.5238396041
1970-0.0140297659-1.40297658550.9859702341-5.5841725843-1.14265085665.1123787322-1.770588861628.1733983095-5.584172584318.282338162514.8479700924-1.4129113329-5.7461463588113.94712927414.9333402027
19710.105940402510.59404024771.105940402519.98698075513.71147837863.7467029921.798777946331.158099465619.986980755118.223582151413.256910822410.069601600318.22130572114.62785958895.0698568904
19720.150565709315.05657093121.150565709314.73601706052.7874173246.306366607216.533143908635.849440812414.736017060518.186259016312.581568917214.025374256313.7463799845114.58814503815.0641906231
1973-0.215625-21.56250.784375-15.1414752625-3.23036667151.8128397271-11.083595969228.1194051372-15.141475262519.391975013814.4200052532-24.2868056662-16.4184731028114.8898139434.9510076415
1974-0.3446524064-34.46524064170.6553475936-35.5085106081-8.3989437866-3.7638267994-31.780106048218.4279844897-35.508510608118.866154772817.8276561956-42.258950688-43.8636918305115.05498630564.9432809617
19750.282123166128.21231660591.2821231661-16.137394721-3.458582762-2.3074793513-2.164812856923.626945818-16.13739472118.668450440819.987956164124.8517427253-17.5990377723115.74257807464.7764516118
19760.181566644418.15666444041.1815666444-10.4027152922-2.17294725010.72630374495.397811335927.9168110877-10.402715292218.895574155620.233509556216.6841222659-10.9845171067116.54111243755.2364815371
1977-0.1306546783-13.0654678280.8693453217-32.3020148532-7.5056619489-2.4948507751-22.724227423424.2693491164-32.302014853218.878182520219.7551712239-14.0014854377-39.0113768007116.5832277655.1898902793
1978-0.0226543153-2.26543153260.9773456847-15.6470646765-3.345953694-3.288177451-3.42715895623.7195436288-15.647064676517.018895551719.6176117613-2.2914866926-17.0160578272116.47568859145.2486230999
19790.0452740274.52740270061.04527402734.54223874276.1137664829-1.409264691835.565484386224.793422887634.542238742716.946773930919.18969326024.427907784129.670800645116.98279283354.6918441056
19800.17811387917.81138790041.17811387923.62780969184.33336988790.361802465825.164555680729.209475611823.627809691817.218733000219.938823754316.391475203721.2105331234115.7336141693.2586561647
1981-0.1271342023-12.71342023130.8728657977-8.6716883606-1.7978297303-1.9855679447-5.705528991125.4959522299-8.671688360616.804990554520.2218170069-13.5973460404-9.070935183115.80439535683.3390698971
19820.168864927316.88649273131.168864927322.79408156814.1922669007-1.83078508524.246431568329.8013243522.794081568116.856253443120.381167817815.603313031620.5338632864117.99689669178.0489519677
19830.180250481718.02504816961.180250481748.2871170288.19836156672.263431631744.536911270435.173027419348.28711702816.717561111519.52126904716.572668857439.3980188364118.28253827057.9566230274
19840.02231842232.23184223181.022318422345.03053516467.71889505336.913318513142.241350801735.958033899545.030535164616.491022875814.18316148522.207301108137.1774121604119.10713236428.0621858078
19850.273585814827.35858147831.273585814856.78351268749.41077091046.841913269651.788544379645.795641901856.783512687417.31905128314.048440795124.183639815544.96957677221110.31042875748.7395306256
19860.17146247417.14624740431.171462474110.417228110816.04228155116.750193870481.648212015353.6478759627110.417228110817.105507960613.968243291315.825294605374.39221741791110.53029843368.8337839508
19870.00785365390.78536538651.007853653981.432231588112.65303289128.340088933865.547084670554.069207811181.432231588116.747995276612.27625662120.782297445159.57120183141110.69163486658.6681616659
19880.1186554311.86554299941.1186554371.96362483211.45185935169.813061952659.387579500360.484812913471.96362483216.832419205811.634597820411.212745518554.21127849251110.967678778.4540946687
19890.256473960825.64739608221.2564739608111.350800389516.145069813811.852664636282.803133350775.9975924508111.350800389516.891872086312.346767570922.830935420774.83491280511111.91151070178.081318993
1990-0.0874564132-8.74564131560.912543586851.43605969158.65403529389.031746587946.698910556869.351115606651.436059691517.149173864113.8438078892-9.151942826241.49933016331112.52306718927.6169869371
19910.266737822626.67378226281.266737822663.752393927610.366566417213.168848072356.226445415287.849681180363.752393927617.738999417912.219085799123.644495224549.31853078261113.12618474797.5648643962
19920.04635568514.63556851311.046355685170.008063852311.19721347911.922756164560.076648541991.922013339970.008063852317.638902505712.48509894114.531335098853.06756843631111.04165943875.3420263529
19930.07046228717.04622871051.070462287162.68389351910.222158482210.83530351255.257334252998.399048635162.68389351916.369939318512.43397159816.809059919348.6638828371111.43139558885.1783223366
1994-0.0132463232-1.32463231710.986753676827.76144599585.021922404710.443553499828.285305853697.095623037127.761445995813.247303114912.7736180849-1.333483824524.4994635918119.40011489547.2777945377
19950.340257460534.02574605031.340257460587.643892992313.414057206311.00853559371.0566932195130.133133157787.643892992313.735554343713.84506809529.286173021162.9375794391119.0748616286.7686129385
19960.192307692319.23076923081.192307692376.618439137812.048799666711.204502113863.6136801875155.158735688176.618439137813.772264635913.950207213817.589066646456.882150861117.77167243076.7683988752
19970.311307767931.13077679451.3113077679121.340730016317.222847723614.170285201390.1088884689203.4608553723121.340730016313.454205198314.531876893927.102493538879.453309301118.33230894636.5302207722
19980.265426631226.54266312371.2654266312161.653733825321.211935849715.5865096072109.6053228822257.4647848024161.653733825313.388621749114.914202219223.540932321696.1851817033118.74481567136.4905541623
19990.17933723217.93372319691.179337232212.720385472125.612031245314.8565061219128.8636783962303.6378066383212.720385472113.253874449414.583550852216.495261286114.0139268139117.0752156517.2630477227
2000-0.1282545805-12.82545805210.8717454195103.403130851215.258118741414.332370186382.0124742938264.6948671176103.403130851214.514070072515.3792394412-13.725784783771.001969009117.49136155617.5483172518
9.69657065747.721718608952.40880072067.611634334346.38877796257.438103623635.2589395812
20.333608868556.17405752118.119638811438.664593509519.606171936938.08944974
8.79326463859.2777555925
5 rs STDEV ved kvadrat av 545.467331657875.9049493327
5 rs STDEV ved Ibbotsen68.138222317252.0345875763
5 rs STDEV ved artimetisk38.6645935095
5 rs STDEV ved geometrisk56.1740575211
aksjeavkast
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Aksjeavkastning over 5 rsperioder
Akjseavkastning over 10 rsperioder
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Volatilitet (10 rs perioder)
Volatilitet (20 rs perioder)
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Volatilitet (10 rs perioder)
Avkastning (10 rs perioder)
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Aksjeavkastning
Obligasjonsavkastning
Rullerende 10 rsperioder
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Aksjevolatilitet
Obligasjonsvolatilitet
Rullerende 10 rsperioder
yearreal-oblig5 r5 r5 r1
19260.06973911286.9739112781.0697391128geomgeomartimetisk1.06973911286.7414798914
19270.06740196086.74019607841.0674019608rlig1.14184162656.5227621888
19280.01908512571.90851257191.01908512571.16363381751.890528924
19290.05798403195.79840319361.05798403191.23110599795.6365240634
19300.135681600513.56816005111.135681600539.81444301386.932669146134.98918317311.398144430139.814443013812.723299977233.51459504485.3
19310.07957559687.95755968171.079575596841.10006725657.128603635935.97283157681.509402607641.10006725657.656799799534.42991495295.3
19320.213043478321.30434782611.213043478360.35244702199.904409791550.53698332441.830970989260.352447021919.313247289847.22040005395.3
19330.01313302161.3133021591.013133021659.41588692699.775726496649.94177291151.855017170859.41588692691.304753114746.63462424465.3
19340.06831324126.83132412041.068313241260.9722809819.989244667250.97469383821.981739406260.9722809816.608099454247.60619963545.3
19350.03903291583.90329158171.039032915847.27323080548.04999791817.489881749941.30982536882.059092473647.27323080545.90758559073.829039190138.71193884835.3
19360.01827882621.82788262031.018278826238.91126572126.79415744156.961249820635.18014830742.09673026738.91126572126.18852917161.811377669932.86651671875.3
1937-0.0149369544-1.49369544130.985063045612.80416318952.43892814286.106031577912.382105042.065411502612.80416318956.7649046084-1.504963418612.04830601035.3
19380.0926764049.26764040321.09267640421.66067512073.99921098346.848439112520.33644328422.256826413521.66067512076.6340916538.863010317519.60656321315.3
19390.05024115765.02411575561.050241157619.60260655753.64494583386.769983168618.52923491952.37021198519.60260655756.6545219714.901981166217.9004449255.3
19400.01980982571.98098256741.019809825717.38984539063.25856995245.627119000716.60692590522.417165471217.38984539066.37719802791.961616449516.03302218445.3
1941-0.0840320817-8.40320816620.91596791835.59517643841.09479967883.90540868226.37583511862.21404602495.59517643847.7176138767-8.7773938575.44425065745.3
1942-0.0672522646-6.72522646170.9327477354-0.0128345779-0.00256704741.21081883231.14430409822.0651464158-0.01283457795.5956442549-6.9620494777-0.01283540165.3
1943-0.0033927879-0.33927879020.9966072121-8.803805217-1.82625832111.0445034323-8.46261509522.058139812-8.8038052175.62127955-0.3398556459-9.21570136495.3
1944-0.0030359416-0.30359416320.9969640584-13.4300462285-2.84314745680.348476417-13.7903250142.0518914197-13.43004622855.2669544971-0.3040559451-14.42173847625.3
1945-0.0002933985-0.02933985330.9997066015-15.1365753738-3.2292491657-0.0379604831-15.80064743462.0512893977-15.13657537386.63192796935.1274119629-0.0293441583-16.41269908395.3
1946-0.1452268111-14.52268111040.8547731889-20.8062000468-4.5582845968-1.7724015376-21.92012037881.7533871799-20.80620004687.74795269976.8319740174-15.6919121382-23.32721736515.3
1947-0.0743051096-7.43051096230.9256948904-21.4050131827-4.7030570396-2.3810998614-22.62540487931.6231015532-21.40501318278.01028255257.0795707592-7.7210590664-24.08622695385.3
1948-0.0083730893-0.8373089280.9916269107-21.7977724528-4.7984926414-3.3237971843-23.12343501721.609511179-21.79777245288.03671746875.8903946266-0.8408340505-24.58720535845.3
19490.04195519354.19551934831.0419551935-18.2686512611-3.9543426749-3.4003428259-18.62432150571.677038532-18.26865126118.00408471955.76703571514.109894191-20.17325522235.3
1950-0.0481141885-4.81141884870.9518858115-22.178255994-4.8913117566-4.0638797314-23.40640050111.5963491839-22.1782559947.63501266265.4762663475-4.9310197274-25.07493079155.3
1951-0.0520449608-5.20449608010.9479550392-13.6946322744-2.9026088077-3.7340061259-14.08821547081.5132672532-13.69463227447.56481746555.2750728869-5.3448204857-14.7278391395.3
19520.00743457570.74345757341.0074345757-6.0737912437-1.245394473-2.9896293689-5.91424693521.5245177532-6.07379124375.73194759875.31215018570.7407075493-6.26607252335.3
19530.02593917712.59391771021.0259391771-2.8237573244-0.5712406069-2.707822673-2.48302029691.5640624892-2.82375732445.76328446715.54242097662.5608463414-2.86439213145.3
19540.0319597993.19597989951.031959799-3.7559614023-0.7627392951-2.3715823362-3.48255974571.614049612-3.75596140235.56770640845.80503254993.1459711838-3.82831513865.3
1955-0.0101623991-1.01623991230.98983760090.08129873560.0162544621-2.46839094470.31261919061.59764699560.08129873565.45329682535.7721231914-1.02143888280.08126570615.3
1956-0.0318880031-3.18880031110.96811199692.20938964790.4380237877-1.24641734962.32831495961.54670122332.20938964795.4261476243.9245606058-3.24074991332.18533627855.3
19570.04678703164.67870316441.04678703166.20189754531.2107062308-0.0248862526.26356055071.61906678236.20189754535.59146872023.63798903064.57255030276.01717903195.3
1958-0.0299724843-2.99724842770.97002751570.41410362360.0826838791-0.24481419580.67239441281.57053932870.41410362365.045482553.7576803567-3.04308411620.41324857425.3
1959-0.0186206897-1.86206896550.9813793103-4.5075943278-0.9182275735-0.8405139112-4.38565445221.5412948032-4.50759432784.79329578843.449369191-1.8796237325-4.61234634215.3
19600.101300748910.13007489161.10130074896.24556774711.2190284270.61584419746.76066035171.69742912116.24556774715.45188823394.56727182659.64919802186.05829056255.3
19610.01172146621.17214661771.011721466211.03149420862.11492833131.273005291711.12160728051.717325479111.03149420865.23994522634.06803232811.165330193110.46437066895.3
19620.04287690184.28769017981.042876901810.61675124152.03852682011.623773607410.73059429591.790959075110.61675124155.19928277374.16308448744.198314584910.09013495125.3
1963-0.0000983768-0.00983767830.999901623214.02343472592.65942414741.36286644613.71800504521.790782886314.02343472595.20059815444.1823027944-0.009838162213.12338090515.3
19640.02816483842.81648384231.028164838419.459300913.62009682721.325529125918.3965578531.841219996919.459300915.25522980874.16628027462.777550283917.78055492155.3
1965-0.0088304553-0.88304552590.99116954477.51324832441.45942499661.33915542837.38343743551.82496118617.51324832445.25548673784.1578979594-0.88696747847.24438942135.3
19660.01296565071.29656507011.01296565077.64546487241.48436707811.79915948057.5078558881.84862299547.64546487244.08592441213.83558677171.28823162037.36729084855.3
1967-0.019701087-1.97010869570.9802989131.18618221050.23611876471.13330753471.25005701261.8122031131.18618221053.7036807133.8693767391-1.98977405151.17920221215.3
1968-0.0017188694-0.17188693660.99828113061.02219462020.20360810891.42408346121.08800775431.80908817261.02219462023.69290658763.6244008424-0.17203483171.01700554275.3
1969-0.0645556498-6.45556497970.9354443502-8.0880441822-1.67263487750.9390464328-8.18404106771.6923013101-8.08804418223.91592413744.3195396252-6.6733621726-8.43390691385.3
19700.107782728210.77827282211.10778272822.72559090640.53927047830.99829984863.47727728021.87470216222.72559090644.40436128994.473534376710.23604754332.68910810785.3
19710.05185758515.18575851391.05185758516.66965055331.29970356321.39199328017.3664707241.97191968926.66965055334.25714961994.65834621645.05577298096.45664946835.3
19720.01692292821.6922928151.016922928210.654833892.04555172771.136788768511.02887223472.005290344410.654833894.2545439594.5561755651.678133066510.12455658635.3
1973-0.0385110294-3.85110294120.96148897066.57659356931.28202292770.74137250377.34965623011.9280645496.57659356934.40582135874.8260555793-3.92721850666.36937291145.3
1974-0.0580213904-5.80213903740.94197860967.32105165561.4231241265-0.13675071458.00308217241.81619556317.32105165564.63826851045.1904366227-5.97727120677.06546387725.3
19750.00766283520.76628352491.0076628352-2.378478705-0.4802871510.0281926661-2.00890712481.8301127705-2.3784787054.62081969315.18610082140.7633624855-2.40722118055.3
19760.07690105917.69010590591.0769010591-0.0542267748-0.01084770820.6422947210.49544026721.9708503808-0.05422677484.76696202515.71112043967.4087526785-0.05424148285.3
1977-0.0502013674-5.02013674250.9497986326-6.6513733606-1.36714901820.3246913622-6.21698929031.8719109967-6.65137336064.89928193745.9510788696-5.1505282566-6.88290280595.3
1978-0.0508117032-5.08117032010.9491882968-7.8456158741-1.6208195793-0.1799498749-7.44705666921.7767960107-7.84561587415.00617196276.2078917264-5.2148084038-8.17049270315.3
1979-0.0813696938-8.1369693760.9186303062-10.1297956813-2.1134221208-0.3608383287-9.78188700781.6322186634-10.12979568135.36154512056.4209878318-8.4871515865-10.68037308295.3
1980-0.0755338078-7.55338078290.9244661922-17.5498364435-3.7859924853-2.1470981528-18.10155131571.5089309726-17.54983644355.12933147565.4956297753-7.8538797595-19.29761532795.3
19810.0046814760.46814760421.004681476-23.0791433206-5.1125397545-2.5950888658-25.32350961741.5159949968-23.07914332065.11993040184.98825667120.4670552013-26.23931280515.3
19820.242899778624.28997785691.24289977860.6580894680.13127279-0.62076218993.98660498211.88422984580.6580894687.50292568639.844509762821.74471806130.65593351285.3
19830.034778423.47784200391.034778429.73462181851.8752609670.111960719412.5456173061.94976038289.73462181857.53087142999.81717130983.41873168789.28947360445.3
19840.09687349699.68734968731.096873496931.02659203015.55331786181.647690919630.36993636942.138640489231.02659203017.78601184959.93190344129.246385729927.02301092095.3
19850.159583694715.95836947091.159583694764.35030396810.44704537493.08517281253.88168662332.479932640164.3503039688.451587598510.833239429414.806105683349.68299636375.3
19860.138534559513.85345594781.138534559586.246591970113.24464297323.660486966567.26699496692.823489015986.24659197018.863699385711.260098744412.974196133462.19013729575.3
1987-0.0144622163-1.44622162630.985537783747.68129872078.10980912764.044090601241.53079548372.782655107147.68129872078.850588546410.9885820513-1.456781346238.98863788825.3
19880.01608887191.60888718641.016088871945.0139675387.71643387784.755142173239.66184066622.827424888645.0139675388.831055671610.53107651651.596081763837.16598796415.3
19890.08256091738.25609173441.082560917343.12174938417.43384698436.489431399838.23058271323.060859681143.12174938418.64738446259.44012522537.932945399335.85254763355.3
19900.03411554053.41155404771.034115540527.635828185.00126231287.689735736925.68376728993.165282563527.635828188.46897647838.12517209653.354651111724.4010930625.3
19910.120318261212.03182612071.120318261225.59368348024.6630917288.869345801323.86213746283.546123857725.59368348028.69837768817.755469323911.361280673322.78817760195.3
19920.04169096214.16909620991.041690962132.74965925915.82948506976.963570578729.4774552993.693965173132.74965925918.69168696725.72459400444.084531786328.32949073445.3
19930.08262773728.26277372261.082627737241.44280800727.18059753677.448181685636.13134183533.999189156741.44280800728.57828194225.58642550977.939117598934.67252656965.3
1994-0.0760689588-7.606895880.923931041220.71690265063.83735493825.62029398620.26835422093.694975001520.71690265068.69599933247.2811900727-7.911784086118.82779708415.3
19950.139067680913.90676809051.139067680932.96843241025.86434376955.431919880630.76356826374.20882660632.96843241028.93556154596.987708220313.021010403928.49415637635.3
1996-0.0108506103-1.08506103470.989149389717.40024983623.26040028123.959380271817.64668110844.163158268517.40024983628.99169657566.6252352453-1.09099075516.0418849485.3
19970.06568338256.56833824981.065683382520.10423427253.73174021864.775362813520.04592314824.436608585420.10423427258.73793815856.35205032086.361626708318.318979875.3
19980.08463733888.46373388451.084637338820.32717485983.77022156525.461625029520.246883314.812111329620.32717485988.45605094886.32094610558.124568120618.50443039165.3
1999-0.0540935673-5.40935672510.945906432723.18911656714.25921919764.048073261422.44442246494.551807061823.18911656718.24510081987.1188296815-5.561162312220.85505216565.3
20000.1101.118.96398299713.5340252934.692701013318.53765437445.006987767918.96398299717.69073255117.33210593639.531017980417.36505974225.3
2.40518798512.171010117812.77385943072.090942057611.22459291372.14777932059.9354099887
7.030507840623.77156853924.188397755321.08360218066.790481705420.3911094744
2.43342370382.2449185827
5 rs STDEV ved kvadrat av 515.72069344875.9049493327
5 rs STDEV ved Ibbotsen17.370267595852.0345875763
5 rs STDEV ved artimetisk21.0836021806
5 rs STDEV ved geometrisk23.7715685392
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Aksjeavkastning over 5 rsperioder
Akjseavkastning over 10 rsperioder
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Volatilitet (10 rs perioder)
Volatilitet (20 rs perioder)
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Volatilitet (10 rs perioder)
Avkastning (10 rs perioder)
yearbonds-MT5 r5 r5 r1
19260.05385.381.0538geomgeomartimetisk1.05385.24026787935.3
19270.04524.521.0452rlig1.101431764.42082546645.3
19280.00920.921.00921.11156493220.91579377855.3
19290.06016.011.06011.17836998465.83632432975.3
19300.06726.721.067225.75564475834.690071796523.551.257556447625.75564475836.503839617922.91705107185.3
1931-0.0232-2.320.976816.56681894093.113371917715.851.22838113816.5668189409-2.347335618615.3294475745.3
19320.08818.811.088121.35127792733.946260683720.141.336601516321.35127792738.443305597519.3519277055.3
19330.01831.831.018322.4455076434.133045778221.051.36106132422.4455076431.813457019520.24959094615.3
19340.0991.0925.89906926794.713940748124.041.483556843225.89906926798.617769624123.03103624055.3
19350.07017.011.070126.24118630394.77078874074.730422492424.331.587554177926.24118630393.63222857826.775210205123.30240682775.3
19360.03063.061.030633.1942737565.90028059894.497535949829.711.636133335733.1942737563.66416642033.014115691228.66385813745.3
19370.01561.561.015624.31955190384.44986601534.197759098822.461.661657015824.31955190383.78496440611.547957084821.76850962485.3
19380.06236.231.062329.69130903225.33729815894.733441131926.861.765178247829.69130903223.63378116516.043636880425.99868948565.3
19390.04524.521.045224.36087724814.45680917554.585295939422.381.844964304624.36087724813.60870490774.420825466421.80174532795.3
19400.02962.961.029619.65419980813.65388620284.210841151518.331.899575248119.65419980813.56373773822.9170377317.94357285285.3
19410.0050.51.00516.68200155943.13374165374.507857026815.771.909073124316.68200155943.0607580760.498754151115.42821131275.3
19420.01941.941.019417.11858250263.21080407623.828486732216.151.946109142917.11858250262.75341182291.921421892415.80167612035.3
19430.02812.811.028113.34803226112.53751710863.927979929112.732.000794809813.34803226112.68979739012.771243856712.52928309655.3
19440.0181.81.01810.3982939551.99819171823.220180432710.012.036809116410.3982939552.08648268621.78399181289.89244944295.3
19450.02222.221.02229.60483302331.85115093312.74856499469.272.08202627889.60483302332.92903684551.62289864132.19571673529.17112844825.3
19460.0111.0110.15013070011.95229428132.54131645069.772.102846541610.15013070012.96614671181.7090426170.99503308539.66740738245.3
19470.00910.911.00919.03717568121.74543168462.47549860948.742.12198244519.03717568123.01379019111.76257040840.90588444888.65186993885.3
19480.01851.851.01858.01902872421.55470608462.04492840227.782.16123912038.01902872422.98092161661.1763734291.83309566857.71372175075.3
19490.02322.321.02328.5707958651.6582441541.82807607418.32.21137986798.5707958652.92593174540.81288853962.29349712828.22322706615.3
19500.0070.71.0076.95636023881.35410034911.60232168786.782.2268595276.95636023882.85756148340.77752098940.69756137366.72507170455.3
19510.00360.361.00366.2786169661.22532477191.58815925036.142.23487622136.2786169662.65370937010.80054772920.3593535516.08939217025.3
19520.01631.631.01637.03692242841.36936423661.5572238886.862.27130470377.03692242842.29808266770.79148243471.61685811626.80036583755.3
19530.03233.231.03238.48720178971.64258497921.59863603048.242.34466784568.48720178972.29116259850.87221047413.17893224898.1462024185.3
19540.02682.681.02688.86890031051.7140078531.68612218098.62.40750494398.86890031051.76321917020.93643532142.64471700158.49742229125.3
1955-0.0065-0.650.99357.40938675121.4398147441.39694848947.252.39185616187.40938675121.54195117341.1672955448-0.6521216997.14773921865.3
1956-0.0042-0.420.99586.57459877131.2816437851.25348036276.472.38181036596.57459877131.62009055951.3005336512-0.42088447746.36750119025.3
19570.07847.841.078413.0867335582.49019796251.928240482912.682.568544298613.0867335582.08971233232.43994626537.547846117612.29848919165.3
1958-0.0129-1.290.98718.13514937041.57653099951.60955262188.162.53541007718.13514937042.00533623642.6479929506-1.29839275587.82116418685.3
1959-0.0039-0.390.99614.90204741710.96173214521.33717193745.092.52552197784.90204741711.96073562992.7086464434-0.39076248314.78568470225.3
19600.117611.761.117618.00556436173.36666327052.398706890617.52.822523362418.00556436172.99604300444.233777535811.118352896116.55615929735.3
19610.01851.851.018520.69558877523.83368795752.54972743319.772.874740044620.69558877522.97465234594.17691060741.833095668518.81013944325.3
19620.05565.561.055618.14379034783.39086767012.939547769717.493.034575591118.14379034783.07245020524.25710921745.410932564716.67322589035.3
19630.01641.641.016421.65064178863.99749556792.779885349320.423.084342630821.65064178863.0731365774.27791174391.626697246419.59831589255.3
19640.04044.041.040427.06086509074.90649122982.915213004924.853.208950073127.06086509073.0973632254.29321480173.960525459223.94960383495.3
19650.01021.021.010214.8504705752.80791601323.086911080314.113.241681363814.8504705753.11144170344.16632385261.014833105213.8460840445.3
19660.04694.691.046918.05297756013.37496822913.604074213916.953.393716219818.05297756013.14068761333.98786158244.583341634316.59633000985.3
19670.01011.011.010112.96448714812.46803005752.928414619512.43.427992753612.96448714813.13815781533.7738352141.004933585312.19033103045.3
19680.04544.541.045416.18759825323.04619378243.520751934915.33.583623624616.18759825323.16762637353.47807993014.439958729715.00359251375.3
1969-0.0074-0.740.992610.84949060572.08142885793.484320170810.523.557104809810.84949060573.25486696313.5238396041-0.742751582910.30031547165.3
19700.168616.861.168628.230760965.09896614333.947129274126.364.156832680728.230760964.54637148554.933340202715.580645113824.86612748025.3
19710.08728.721.087233.16695321025.89593583124.627859588930.394.519308490533.16695321024.64877335265.06985689048.360558385528.64334423145.3
19720.05165.161.051638.6381229546.75212626194.588145038134.544.752504808638.6381229544.63387240025.06419062315.031281387432.66969203345.3
19730.04614.611.046138.73095506236.76641868244.88981394334.614.971595280338.73095506234.6343425984.95100764154.506896336832.73662964055.3
19740.05695.691.056947.71785855878.11516130945.054986305641.045.254479051747.71785855874.64067089074.94328096175.534009503339.01339072675.3
19750.07837.831.078336.30341167546.39013139885.742578074632.015.665904761436.30341167544.5731457564.77645161187.538572690630.97131830355.3
19760.128712.871.128741.50631048387.19021981656.541112437536.166.395106704241.50631048384.78157348585.236481537112.106652797934.7174127165.3
19770.01411.411.014136.46020298756.41459649196.58322776532.416.485277708836.46020298754.80823482225.18989027931.400151963631.08628329225.3
19780.03493.491.034934.99920090986.18575017246.475688591431.296.711613900834.99920090984.60175813085.24862309993.430480369230.00986732465.3
19790.04094.091.040932.95550026215.86228447386.982792833529.696.986118909432.95550026214.42715365374.69184410564.008572353928.48443017525.3
19800.03913.911.039128.12209990025.08114820655.73361416925.777.259276158728.12209990024.16496651283.25865616473.835495387624.78135287235.3
19810.09459.451.094524.23995600314.43648773165.804395356822.357.945277755724.23995600314.21722018073.33906989719.029763798121.70446387245.3
19820.29129.11.29158.16367537729.60272443397.996896691750.0410.257353582658.16367537726.79370023598.048951967725.541711186545.84602309535.3
19830.07417.411.074164.154607906710.42073042068.282538270553.9611.017423483164.15460790676.69968074657.95662302747.148310162249.56385288835.3
19840.140214.021.140279.814664170712.45144001869.107132364263.8912.562066255479.81466417076.85641390088.062185807813.120368561558.67564909595.3
19850.203320.331.2033108.229222785715.79994033510.310428757480.3115.1159343251108.22922278577.27850901098.739530625618.506778246273.34693195445.3
19860.151415.141.1514119.054478862916.97967958510.53029843368617.404486782119.05447886297.38586951028.833783950814.09785932678.41502748235.3
19870.0292.91.02974.598806157911.791363697410.691634866559.817.909216898774.59880615797.29320337898.66816166592.858745685255.73206198115.3
19880.0616.11.06172.469354188211.517336325310.9676787758.4919.001679129572.46935418827.25303194328.45409466875.921185963254.50493778215.3
19890.132913.291.132971.365138887811.374173825311.911510701757.7621.527002285871.36513888786.94160750388.08131899312.478071689753.86264091035.3
19900.09739.731.097356.26939823959.338922049812.523067189247.1623.621579608256.26939823956.73002219057.61698693719.285261701544.64112436555.3
19910.154615.461.154656.70370610339.399630098313.126184747947.4827.273475815656.70370610336.8687472817.564864396214.375396364544.9186614045.3
19920.07197.191.071963.236834375210.296982907111.041659438751.7729.234438726763.23683437526.81447600025.34202635296.943277471549.00319319045.3
19930.112411.241.112471.14482050811.345521082511.431395588856.9132.520389639671.1448205086.71430905255.178322336610.651984337853.7339915655.3
1994-0.0514-5.140.948643.30300709147.4610453049.400114895438.4830.848841612243.30300709147.47641899937.2777945377-5.276806553935.97911332145.3
19950.16816.81.16852.53614534118.81143892899.07486162845.5536.03144700352.53614534117.6388187816.768612938515.529288440642.22314006055.3
19960.0212.11.02134.88602493796.16794012997.771672430732.1936.788107390134.88602493797.79929072356.76839887522.078253918329.92599761435.3
19970.08388.381.083836.38350016576.40263089988.332308946333.3839.870950789336.38350016577.57595606266.53022077228.04733841531.03005855775.3
19980.102110.211.102135.1206899796.2048551258.744815671332.3543.941774864935.1206899797.43136983556.49055416239.721745071530.09981929155.3
1999-0.0295-2.950.970538.2401745996.69077128627.07521565134.5442.645492506438.2401745997.88329364447.2630477227-2.994387637332.38223820815.3
20000.140714.071.140735.00904723046.1872990837.491361556131.8148.645713302135.00904723047.81533868017.548317251813.164210905230.01716067265.3
5.46786666675.31589617231.27268468795.34606194415.342813845327.20126760565.179418255725.7637447437
5.823734590223.93570575293.56980389483.28411627518.19324756455.352190080816.6528697723
5.59293791615.4402535211
5 rs STDEV ved kvadrat av 513.022266426575.9049493327
5 rs STDEV ved Ibbotsen16.161862242552.0345875763
5 rs STDEV ved artimetisk18.1932475645
5 rs STDEV ved geometrisk23.9357057529
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Obligasjonsavkastning over 10 rsperioder
Gj.snitt (1926-2000)
rlig obligasjonsavkastning
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Volatilitet (10 rs perioder)
Volatilitet (20 rs perioder)
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Volatilitet (10 rs perioder)
Avkastning (10 rs perioder)
yearstocksyearbonds-LTyearinflationyearbonds-MTyearTreasuryreal-aksjereal-oblig
19260.116219260.07771926-0.014919260.053819260.03270.13308293570.0697391128
19270.374919270.08931927-0.020819270.045219270.03120.40410539220.0674019608
19280.436119280.0011928-0.009719280.009219280.03560.45016661620.0190851257cor(stock,infl)-0.0305323371
1929-0.084219290.034219290.00219290.060119290.0475-0.08602794410.0579840319cor(bond,infl)0.0139321744
1930-0.24919300.04661930-0.060319300.067219300.0241-0.20080876880.1356816005
1931-0.43341931-0.05311931-0.09521931-0.023219310.0107-0.37378426170.0795755968
1932-0.081919320.16841932-0.10319320.088119320.00960.0235228540.2130434783
19330.53991933-0.000719330.005119330.018319330.0030.53208635960.0131330216
1934-0.014419340.100319340.020319340.0919340.0016-0.0340096050.0683132412
19350.476719350.049819350.029919350.070119350.00170.4338285270.0390329158-0.0136721237
19360.339219360.075219360.012119360.030619360.00180.32318940820.0182788262-0.0444036123
1937-0.350319370.002319370.03119370.015619370.0031-0.3698351115-0.01493695440.0594318234
19380.311219380.05531938-0.027819380.06231938-0.00020.34869368440.0926764040.2243236818
1939-0.004119390.05941939-0.004819390.045219390.00020.00070337620.05024115760.2437219173
1940-0.097819400.060919400.009619400.029619400-0.10637876390.01980982570.3427120568
1941-0.115919410.009319410.097219410.00519410.0006-0.1942216551-0.08403208170.1210025748
19420.203419420.032219420.092919420.019419420.00270.1011071461-0.06725226460.2354157128
19430.25919430.020819430.031619430.028119430.00350.2204342769-0.00339278790.3884502027
19440.197519440.028119440.021119440.01819440.00330.1727548722-0.00303594160.6138727457
19450.364419450.107319450.022519450.022219450.00330.3343765281-0.00029339850.3710428610.0710992242
1946-0.08071946-0.00119460.181619460.0119460.0035-0.2219871361-0.14522681110.41532952930.0987431268
19470.05711947-0.026219470.090119470.009119470.005-0.0302724521-0.07430510960.38889105350.0865516082
19480.05519480.03419480.027119480.018519480.00810.0271638594-0.00837308930.1573627050.1530167085
19490.187919490.06451949-0.01819490.023219490.0110.20967413440.04195519350.46582606070.1768118634
19500.317119500.000619500.057919500.00719500.0120.2450137064-0.04811418850.56850585860.2357775449
19510.24021951-0.039319510.058719510.003619510.01490.1714366676-0.05204496080.24704123090.003649728
19520.183719520.011619520.008819520.016319520.01660.17337430610.00743457570.24129786720.1399766679
1953-0.009919530.036419530.006219530.032319530.0182-0.01600079510.0259391771-0.15479151680.1853225481
19540.526219540.07191954-0.00519540.026819540.00860.53386934670.0319597990.1230292060.3601995311
19550.31561955-0.012919550.00371955-0.006519550.01570.3107502242-0.0101623991-0.11795936150.0989002472
19560.06561956-0.055919560.02861956-0.004219560.02460.035971223-0.0318880031-0.05318937890.0899673147
1957-0.107819570.074619570.030219570.078419570.0314-0.13395457190.0467870316-0.496948758-0.1523051952
19580.43361958-0.060919580.01761958-0.012919580.01540.4088050314-0.0299724843-0.5885620444-0.3809428932
19590.11961959-0.022619590.0151959-0.003919590.02950.1030541872-0.0186206897-0.5286297093-0.3230036782
19600.004719600.137819600.014819600.117619600.0266-0.00995270.1013007489-0.548126633-0.3394100717
19610.268919610.009719610.006719610.018519610.02130.26045495180.0117214662-0.5430401807-0.4136974776
1962-0.087319620.068919620.012219620.055619620.0273-0.09830073110.0428769018-0.5721177351-0.4609621145
19630.22819630.012119630.016519630.016419630.03120.2080668962-0.0000983768-0.5910171608-0.471498946
19640.164819640.035119640.011919640.040419640.03540.15110188750.0281648384-0.7029994533-0.4663969415
19650.124519650.007119650.019219650.010219650.03930.1033163265-0.0088304553-0.6597153324-0.4756172319
1966-0.100619660.036519660.033519660.046919660.0476-0.12975326560.0129656507-0.7060156321-0.5541862503
19670.23981967-0.091819670.030419670.010119670.04210.2032220497-0.019701087-0.6671980472-0.5824770642
19680.11061968-0.002619680.047219680.045419680.05210.0605423988-0.0017188694-0.5802047216-0.5980703963
1969-0.0851969-0.050719690.06111969-0.007419690.0658-0.1376873056-0.0645556498-0.3292221866-0.4835750591
19700.040119700.121119700.054919700.168619700.0652-0.01402976590.1077827282-0.2326796977-0.4197358018
19710.143119710.132319710.033619710.087219710.04390.10594040250.0518575851-0.1256545691-0.3886734831
19720.189819720.056919720.034119720.051619720.03840.15056570930.0169229282-0.1004798313-0.376604266
1973-0.14661973-0.011119730.08819730.046119730.0693-0.215625-0.0385110294-0.0067906626-0.3774116384
1974-0.264719740.043519740.12219740.056919740.08-0.3446524064-0.0580213904-0.0150165807-0.3947830233
19750.37219750.09219750.070119750.078319750.0580.28212316610.00766283520.124957826-0.2534699674
19760.238419760.167519760.048119760.128719760.05080.18156664440.07690105910.2077982015-0.1745952628
1977-0.07181977-0.006919770.067719770.014119770.0512-0.1306546783-0.05020136740.4004295264-0.1047302674
19780.06561978-0.011819780.090319780.034919780.0718-0.0226543153-0.05081170320.40651097890.0319463678
19790.18441979-0.012319790.133119790.040919790.10380.045274027-0.08136969380.28077259150.0407441165
19800.32421980-0.039519800.12419800.039119800.11240.178113879-0.07553380780.36258795590.0617674429
1981-0.049119810.018619810.089419810.094519810.1471-0.12713420230.0046814760.24161589390.0606375378
19820.214119820.403619820.038719820.29119820.10540.16886492730.24289977860.29614571950.1696858981
19830.225119830.006519830.03819830.074119830.0880.18025048170.034778420.24477443120.2076341501
19840.062719840.154819840.039519840.140219840.09850.02231842230.09687349690.16513226690.2035286049
19850.321619850.309719850.037719850.203319850.07720.27358581480.15958369470.35716009230.3085416206
19860.184719860.245319860.011319860.151419860.06160.1714624740.13853455950.35701126730.3026024925
19870.05231987-0.027119870.044119870.02919870.05470.0078536539-0.01446221630.27555298710.3684246798
19880.168119880.096719880.044219880.06119880.06350.118655430.01608887190.20744633180.3625244172
19890.314919890.181119890.046519890.132919890.08370.25647396080.08256091730.23341901420.3234258991
1990-0.031719900.061819900.061119900.097319900.0781-0.08745641320.03411554050.44715955190.3556041364
19910.305519910.19319910.030619910.154619910.0560.26673782260.12031826120.44003999480.3860592531
19920.076719920.080519920.02919920.071919920.03510.04635568510.04169096210.57755162830.4069930341
19930.099919930.182419930.027519930.112419930.0290.07046228710.08262773720.64029351960.3705458788
19940.01311994-0.07719940.02671994-0.051419940.039-0.0132463232-0.07606895880.73338259350.4139623215
19950.374319950.316719950.025419950.16819950.0560.34025746050.13906768090.71541405970.5042612804
19960.23071996-0.009319960.032219960.02119960.05210.1923076923-0.01085061030.63031432940.4523529623
19970.333619970.158519970.01719970.083819970.05260.31130776790.06568338250.5604746340.3715751638
19980.285819980.130619980.016119980.102119980.04860.26542663120.08463733880.56051730460.3418779703
19990.211999-0.02519990.0261999-0.029519990.0470.179337232-0.05409356730.43525731710.3054721511
2000-0.09620000.13520000.03720000.140720000.059-0.12825458050.10.25479259520.2766523673
stocksbonds-LTinflationbonds-MTTreasury
Mean0.1300.0570.0320.0550.039
Standard Error0.0230.0110.0050.0070.004
Median0.1650.0360.0290.0410.035
Mode0.0660.0610.0450.031
Standard Deviation0.2020.0920.0440.0580.032
Sample Variance0.0410.0080.0020.0030.001
Kurtosis-0.0542.6392.7432.8570.773
Skewness-0.3441.3750.1971.3620.905
Range0.9730.4950.2850.3420.147
Minimum-0.433-0.092-0.103-0.051-0.000
Maximum0.5400.4040.1820.2910.147
Sum9.7304.2692.3794.1012.896
Count75.00075.00075.00075.00075.000
Confidence Level(95.0%)0.0460.0210.0100.0130.007
year5 r5 r5 r5 r
1926geomgeomlnln
1927obligaksjeobligaksje
1928
1929
193025.755644758351.578773462822.917051071841.5935260681
193116.5668189409-23.056322304215.329447574-26.2096490277
193221.3512779273-48.620270206919.351927705-66.5926453311
193322.445507643-44.906590134220.2495909461-59.6140080143
193425.8990692679-40.707507355623.0310362405-52.2687487587
193526.241186303916.587515163823.302406827715.3472008129
193633.194273756175.563007955128.6638581374101.3646120468
193724.319551903895.004124026221.768509624866.7850521204
193829.691309032266.042864746525.998689485650.70757904
193924.360877248167.778093548121.801745327951.7472048558
194019.65419980812.505177760617.94357285282.4743126053
194116.6820015594-32.329131079615.4282113127-39.0514395271
194217.118582502625.342656085615.801676120322.5881049629
194313.348032261120.352657116912.529283096518.5256056244
194410.39829395544.71564102579.892449442936.9600534591
19459.6048330233118.85393550829.171128448278.3234360161
194610.1501307001127.56749565979.667407382482.2276692619
19479.037175681299.9016118188.651869938869.2655118608
19488.019028724267.51088202397.713721750751.5878130473
19498.57079586566.16799729118.223227066150.7829122484
19506.956360238860.40740928776.725071704547.2546700944
19516.278616966116.40081474896.089392170277.196212599
19527.0369224284142.3173251526.800365837588.5077942176
19538.4872017897127.41079017358.14620241882.1587844394
19548.8689003105192.17471837938.4974222912107.2181787954
19557.4093867512191.84197061717.1477392186107.1042273264
19566.5745987713150.75536517476.367501190291.9307637134
195713.08673355889.003917216212.298489191663.6597554869
19588.1351493704173.66530221317.8211641868100.6735648961
19594.9020474171100.75722209264.785684702269.6926141746
196018.005564361753.314670900316.556159297342.73222959
196120.695588775282.564739025418.810139443260.1934658517
196218.143790347886.759512786916.673225890362.4651575345
196321.650641788659.975363910619.598315892546.9849641832
196427.060865090766.433819116723.949603834950.9427561633
196514.85047057586.279316807813.84608404462.2077064564
196618.052977560132.035319991316.596330009827.7899276498
196712.964487148179.355088994412.190331030458.4197392243
196816.187598253262.208275111715.003592513748.3710972343
196910.849490605727.421507320710.300315471624.2330360176
197028.2307609617.857812151424.866127480216.4308730136
197133.166953210249.792378330328.643344231440.4080004831
197238.63812295443.751388721932.669692033436.2915154317
197338.730955062310.460503453432.73662964059.9487836263
197447.7178585587-11.233215093739.0133907267-11.915764981
197536.303411675417.092615028830.971318303515.7795017117
197641.506310483826.854601042434.71741271623.787137092
197736.4602029875-1.036778712731.0862832922-1.0421907026
197834.999200909823.57066862430.009867324621.1643022006
197932.955500262199.044063536328.484430175268.8356039031
198028.122099900292.109437999124.781352872365.2895013236
198124.239956003147.51038807621.704463872438.8728414946
198258.163675377292.945876064645.846023095365.7239528689
198364.1546079067121.826194413249.563852888379.6723981203
198479.814664170799.033009796458.675649095968.8300503354
1985108.229222785798.64221850773.346931954468.633512363
1986119.0544788629147.482843900878.415027482390.6171076045
198774.5988061579114.501438626855.732061981176.3146259242
198872.4693541882104.521370059554.504937782171.5502283104
198971.3651388878153.058388530453.862640910392.8450060818
199056.269398239585.408926766144.641124365561.7393614669
199156.7037061033104.314471083944.91866140471.4490145847
199263.2368343752109.051972836749.003193190473.7412708922
199371.14482050896.846387229753.73399156567.7253478324
199443.303007091451.665582859935.979113321441.650779829
199552.5361453411115.257678946942.223140060576.6665631234
199634.8860249379102.924263102329.925997614370.7662635273
199736.3835001657151.341875427931.030058557792.1643879888
199835.120689979193.822514251430.0998192915107.7805706032
199938.240174599250.928084339432.3822382081125.5411128563
200035.0090472304130.83678108330.148405022430.017160672683.65406993950.1325820681
31.272684687978.550969043925.763744743751.0872743362
23.935705752961.232753459816.652869772339.7620152432
5 rs STDEV ved kvadrat av 5
5 rs STDEV ved Ibbotsen
5 rs STDEV ved artimetisk
5 rs STDEV ved geometrisk
yearstocks5 r5 r5 r1ObligOblig
19260.116211.621.1162geomgeomartimetisk1.116210.993005937201310 r10 r
19270.374937.491.3749rlig1.5346633831.8381001201013avkaststdev
19280.436143.611.43612.2039300836.193110608479.02421666580013
1929-0.0842-8.420.91582.0183591673-8.795727875959.23548285261013
1930-0.249-24.90.75151.57877346288.674506752459.41.515787734651.5787734628-28.634962721841.5935260681-1.237579989310113
1931-0.4334-43.340.5666-23.0563223042-5.10691014654.440.8588453304-23.0563223042-56.8101691586-26.2096490277-94.240859756311113
1932-0.0819-8.190.9181-48.6202702069-12.469710837-41.240.7885058979-48.6202702069-8.5448961832-66.5926453311-93.990028063611113
19330.539953.991.5399-44.9065901342-11.239461057-30.861.2142202321-44.906590134243.1717479252-59.6140080143-22.183317416601113Averageaverage
1934-0.0144-1.440.9856-40.7075073556-9.9258978778-23.881.1967354608-40.7075073556-1.4504686203-52.268748758733.176383121711013bondstocks
19350.476747.671.476716.58751516383.11703317545.859306242348.691.76721925516.587515163833.499208100138.980986849815.347200812956.940726880980.70226615470000134.73042249243.63222857824.4218.82
19360.339233.921.3392175.563007955122.47407930467.8051196009125.952.3666600262175.563007955134.29205299929.2072420753101.364612046875.15496301966.73776030480000134.49753594983.66416642034.4218.82
1937-0.3503-35.030.649795.004124026214.29013855610.019242530199.111.53761901995.004124026236.1637731715-43.124456109666.78505212040.192406789325.06377281551000134.19775909883.78496440614.4218.82
19380.311231.121.311266.042864746510.67360168-0.886688422476.242.016126057866.042864746534.906140752327.094274844750.70757904-8.906428974413.17706081050010134.73344113193.63378116514.4218.82
1939-0.0041-0.410.995967.778093548110.903959
