Date Prices

SPY DIV SPY w/DIV GOOG PFE DIV PFE w/DIV

9/30/2009 $ 105.5900 $ - 105.59 $ 495.8500 $ 16.5500 $ 0.1600 $ 16.7100
10/31/2009 $ 103.5600 $ 0.5083 104.0683 $ 536.1200 $ 17.0300 $ - $ 17.0300
11/30/2009 $ 109.9400 $ - 109.94 $ 583.0000 $ 18.1700 $ - $ 18.1700
12/31/2009 $ 111.4400 $ - 111.44 $ 619.9800 $ 18.1900 $ 0.1600 $ 18.3500
01/31/2010 $ 107.3900 $ 0.5902 107.9802 $ 529.9440 $ 18.6600 $ - $ 18.6600
02/28/2010 $ 110.7400 $ - 110.74 $ 526.8000 $ 17.5500 $ - $ 17.5500
03/31/2010 $ 117.0000 $ - 117 $ 567.1200 $ 17.1500 $ 0.1800 $ 17.3300
04/30/2010 $ 118.8125 $ 0.4804 119.2929 $ 525.6950 $ 16.7200 $ - $ 16.7200
05/31/2010 $ 109.3690 $ - 109.369 $ 485.6300 $ 15.2300 $ - $ 15.2300
06/30/2010 $ 103.2200 $ - 103.22 $ 444.9500 $ 14.2600 $ 0.1800 $ 14.4400
07/31/2010 $ 110.2700 $ 0.5313 110.8013 $ 484.8500 $ 15.0000 $ - $ 15.0000
08/31/2010 $ 105.3100 $ - 105.31 $ 450.0200 $ 15.9100 $ - $ 15.9100
09/30/2010 $ 114.1300 $ - 114.13 $ 525.7900 $ 17.1700 $ 0.1800 $ 17.3500
10/31/2010 $ 118.4900 $ 0.6021 119.0921 $ 613.7000 $ 17.4150 $ - $ 17.4150
11/30/2010 $ 118.4925 $ - 118.4925 $ 555.7100 $ 16.3000 $ - $ 16.3000
12/31/2010 $ 125.7500 $ - 125.75 $ 593.9700 $ 17.5100 $ 0.1800 $ 17.6900
01/31/2011 $ 128.6800 $ 0.6528 129.3328 $ 600.3600 $ 18.2200 $ - $ 18.2200
02/28/2011 $ 133.1500 $ - 133.15 $ 613.4000 $ 19.2400 $ - $ 19.2400
03/31/2011 $ 132.5900 $ - 132.59 $ 586.7600 $ 20.3100 $ 0.2000 $ 20.5100
04/30/2011 $ 136.4300 $ 0.5533 136.9833 $ 544.1000 $ 20.9700 $ - $ 20.9700
05/31/2011 $ 134.9000 $ - 134.9 $ 529.0200 $ 21.4500 $ - $ 21.4500
06/30/2011 $ 131.9700 $ - 131.97 $ 506.3800 $ 20.6000 $ 0.2000 $ 20.8000
07/31/2011 $ 129.3300 $ 0.6276 129.9576 $ 603.6900 $ 19.2490 $ - $ 19.2490
08/31/2011 $ 122.2200 $ - 122.22 $ 540.9600 $ 18.9800 $ - $ 18.9800
09/30/2011 $ 113.1500 $ - 113.15 $ 515.0400 $ 17.6800 $ 0.2000 $ 17.8800
10/31/2011 $ 125.5000 $ 0.6250 126.125 $ 592.6400 $ 19.2600 $ - $ 19.2600
11/30/2011 $ 124.9900 $ - 124.99 $ 599.3900 $ 20.0700 $ - $ 20.0700
12/31/2011 $ 125.5000 $ - 125.5 $ 645.9000 $ 21.6400 $ 0.2000 $ 21.8400
01/31/2012 $ 131.3200 $ 0.7701 132.0901 $ 580.1100 $ 21.4000 $ - $ 21.4000
02/29/2012 $ 137.0200 $ - 137.02 $ 618.2500 $ 21.1250 $ - $ 21.1250
03/31/2012 $ 140.8100 $ - 140.81 $ 641.2400 $ 22.6450 $ 0.2200 $ 22.8650
04/30/2012 $ 139.8700 $ 0.6139 140.4839 $ 604.8500 $ 22.9000 $ - $ 22.9000
05/31/2012 $ 131.4700 $ - 131.47 $ 580.8600 $ 21.8700 $ - $ 21.8700
06/30/2012 $ 136.1050 $ - 136.105 $ 580.0700 $ 23.0000 $ 0.2200 $ 23.2200
07/31/2012 $ 137.7100 $ 0.6883 138.3983 $ 632.9700 $ 24.0400 $ - $ 24.0400
08/31/2012 $ 141.1600 $ - 141.16 $ 685.0900 $ 23.8600 $ - $ 23.8600
09/30/2012 $ 143.9700 $ - 143.97 $ 754.5000 $ 24.8500 $ 0.2200 $ 25.0700
10/31/2012 $ 141.3500 $ 0.0779 141.4279 $ 680.3000 $ 24.8700 $ - $ 24.8700
 Prices Ret
LMT DIV LMT w/DIV HD DIV HD w/DIV GOOG PFE w/o DIV
$ 78.0800 $ 0.5700 $ 78.6500 $ 26.6400 $ 0.2250 $ 26.8650
$ 68.7900 $ - $ 68.7900 $ 25.0900 $ - $ 25.0900 8.1214% 2.9003%
$ 77.2300 $ - $ 77.2300 $ 27.3600 $ - $ 27.3600 8.7443% 6.6941%
$ 75.3500 $ 0.6300 $ 75.9800 $ 28.9300 $ 0.2250 $ 29.1550 6.3431% 0.1101%
$ 74.5200 $ - $ 74.5200 $ 28.0100 $ - $ 28.0100 -14.5224% 2.5838%
$ 77.7600 $ - $ 77.7600 $ 31.2000 $ - $ 31.2000 -0.5933% -5.9486%
$ 83.2200 $ 0.6300 $ 83.8500 $ 32.3500 $ 0.2363 $ 32.5863 7.6538% -2.2792%
$ 84.8900 $ - $ 84.8900 $ 35.2300 $ - $ 35.2300 -7.3045% -2.5073%
$ 79.9200 $ - $ 79.9200 $ 33.8600 $ - $ 33.8600 -7.6213% -8.9115%
$ 74.5000 $ 0.6300 $ 75.1300 $ 28.0700 $ 0.2363 $ 28.3063 -8.3767% -6.3690%
$ 75.1500 $ - $ 75.1500 $ 28.5100 $ - $ 28.5100 8.9673% 5.1893%
$ 69.5200 $ - $ 69.5200 $ 27.8200 $ - $ 27.8200 -7.1837% 6.0667%
$ 71.2800 $ 0.6300 $ 71.9100 $ 31.6800 $ 0.2363 $ 31.9163 16.8370% 7.9195%
$ 71.2900 $ - $ 71.2900 $ 30.9000 $ - $ 30.9000 16.7196% 1.4269%
$ 68.0400 $ - $ 68.0400 $ 30.2100 $ - $ 30.2100 -9.4492% -6.4025%
$ 69.9100 $ 0.7500 $ 70.6600 $ 35.0600 $ 0.2363 $ 35.2963 6.8849% 7.4233%
$ 79.6000 $ - $ 79.6000 $ 36.7700 $ - $ 36.7700 1.0758% 4.0548%
$ 79.1600 $ - $ 79.1600 $ 37.4700 $ - $ 37.4700 2.1720% 5.5982%
$ 80.4000 $ 0.7500 $ 81.1500 $ 37.0600 $ 0.2500 $ 37.3100 -4.3430% 5.5613%
$ 79.2500 $ - $ 79.2500 $ 37.1500 $ - $ 37.1500 -7.2704% 3.2496%
$ 77.9000 $ - $ 77.9000 $ 36.2800 $ - $ 36.2800 -2.7715% 2.2890%
$ 80.9700 $ 0.7500 $ 81.7200 $ 36.2200 $ 0.2500 $ 36.4700 -4.2796% -3.9627%
$ 75.7300 $ - $ 75.7300 $ 34.9300 $ - $ 34.9300 19.2168% -6.5583%
$ 74.1900 $ - $ 74.1900 $ 33.3800 $ - $ 33.3800 -10.3911% -1.3975%
$ 72.6400 $ 0.7500 $ 73.3900 $ 32.8700 $ 0.2500 $ 33.1200 -4.7915% -6.8493%
$ 75.9000 $ - $ 75.9000 $ 35.8000 $ - $ 35.8000 15.0668% 8.9367%
$ 78.1500 $ - $ 78.1500 $ 39.2200 $ - $ 39.2200 1.1390% 4.2056%
$ 80.9000 $ 1.0000 $ 81.9000 $ 42.0400 $ 0.2900 $ 42.3300 7.7596% 7.8226%
$ 82.3200 $ - $ 82.3200 $ 44.3900 $ - $ 44.3900 -10.1858% -1.1091%
$ 88.4100 $ - $ 88.4100 $ 47.5700 $ - $ 47.5700 6.5746% -1.2850%
$ 89.8600 $ 1.0000 $ 90.8600 $ 50.3100 $ 0.2900 $ 50.6000 3.7186% 7.1953%
$ 90.5400 $ - $ 90.5400 $ 51.7900 $ - $ 51.7900 -5.6749% 1.1261%
$ 82.8000 $ - $ 82.8000 $ 49.3400 $ - $ 49.3400 -3.9663% -4.4978%
$ 87.0800 $ 1.0000 $ 88.0800 $ 52.9900 $ 0.2900 $ 53.2800 -0.1360% 5.1669%
$ 89.2700 $ - $ 89.2700 $ 52.1800 $ - $ 52.1800 9.1196% 4.5217%
$ 91.1400 $ - $ 91.1400 $ 56.7500 $ - $ 56.7500 8.2342% -0.7488%
$ 93.3800 $ 1.0000 $ 94.3800 $ 60.3700 $ 0.2900 $ 60.6600 10.1315% 4.1492%
$ 93.6700 $ - $ 93.6700 $ 61.3800 $ - $ 61.3800 -9.8343% 0.0805%

Monthly mean 1.2374% 1.2282%

Monthly variance 0.0077 0.0024
Monthly standard deviation 8.7928% 4.9249%

Annual mean 14.8489% 14.7390%

Annual variance 0.0928 0.0291
Annual standard deviation 30.4592% 17.0605%

Rf 3 month Treasury Bill 0.0010 What date range is this rate for?
Sharpe ratio 0.4842 0.8581
 Returns
PFE w/DIV LMT w/o DIV LMT w/Div HD w/o DIV HD w/DIV SPY w/o DIV SPY w/DIV
The formulas for returns w/ dividends are incorrect, as the denominator can be (Po+DIV)
1.9150% -11.8981% -12.5366% -5.8183% -6.6071% -1.9225% -1.4411%
6.6941% 12.2692% 12.2692% 9.0474% 9.0474% 6.1607% 5.6422%
0.9906% -2.4343% -1.6185% 5.7383% 6.5607% 1.3644% 1.3644%
1.6894% -1.1015% -1.9216% -3.1801% -3.9273% -3.6342% -3.1046%
-5.9486% 4.3478% 4.3478% 11.3888% 11.3888% 3.1195% 2.5558%
-1.2536% 7.0216% 7.8318% 3.6859% 4.4433% 5.6529% 5.6529%
-3.5199% 2.0067% 1.2403% 8.9026% 8.1129% 1.5491% 1.9597%
-8.9115% -5.8546% -5.8546% -3.8887% -3.8887% -7.9482% -8.3189%
-5.1871% -6.7818% -5.9935% -17.0998% -16.4019% -5.6223% -5.6223%
3.8781% 0.8725% 0.0266% 1.5675% 0.7196% 6.8301% 7.3448%
6.0667% -7.4917% -7.4917% -2.4202% -2.4202% -4.4981% -4.9560%
9.0509% 2.5316% 3.4379% 13.8749% 14.7243% 8.3753% 8.3753%
0.3746% 0.0140% -0.8622% -2.4621% -3.1843% 3.8202% 4.3478%
-6.4025% -4.5588% -4.5588% -2.2330% -2.2330% 0.0021% -0.5035%
8.5276% 2.7484% 3.8507% 16.0543% 16.8365% 6.1249% 6.1249%
2.9960% 13.8607% 12.6521% 4.8774% 4.1752% 2.3300% 2.8491%
5.5982% -0.5528% -0.5528% 1.9037% 1.9037% 3.4737% 2.9515%
6.6008% 1.5664% 2.5139% -1.0942% -0.4270% -0.4206% -0.4206%
2.2428% -1.4303% -2.3413% 0.2428% -0.4288% 2.8961% 3.3134%
2.2890% -1.7035% -1.7035% -2.3419% -2.3419% -1.1215% -1.5208%
-3.0303% 3.9409% 4.9037% -0.1654% 0.5237% -2.1720% -2.1720%
-7.4567% -6.4715% -7.3299% -3.5616% -4.2226% -2.0005% -1.5249%
-1.3975% -2.0335% -2.0335% -4.4374% -4.4374% -5.4976% -5.9539%
-5.7956% -2.0892% -1.0783% -1.5279% -0.7789% -7.4210% -7.4210%
7.7181% 4.4879% 3.4201% 8.9139% 8.0918% 10.9147% 11.4671%
4.2056% 2.9644% 2.9644% 9.5531% 9.5531% -0.4064% -0.8999%
8.8191% 3.5189% 4.7985% 7.1902% 7.9296% 0.4080% 0.4080%
-2.0147% 1.7553% 0.5128% 5.5899% 4.8665% 4.6375% 5.2511%
-1.2850% 7.3980% 7.3980% 7.1638% 7.1638% 4.3405% 3.7322%
8.2367% 1.6401% 2.7712% 5.7599% 6.3696% 2.7660% 2.7660%
0.1531% 0.7567% -0.3522% 2.9418% 2.3518% -0.6676% -0.2316%
-4.4978% -8.5487% -8.5487% -4.7306% -4.7306% -6.0056% -6.4163%
6.1728% 5.1691% 6.3768% 7.3976% 7.9854% 3.5255% 3.5255%
3.5314% 2.5149% 1.3510% -1.5286% -2.0646% 1.1792% 1.6849%
-0.7488% 2.0948% 2.0948% 8.7581% 8.7581% 2.5053% 1.9955%
5.0712% 2.4578% 3.5550% 6.3789% 6.8899% 1.9906% 1.9906%
-0.7978% 0.3106% -0.7523% 1.6730% 1.1869% -1.8198% -1.7657%

1.2047% 0.6297% 0.6159% 2.4896% 2.4727% 0.8867% 0.8927%

0.0025 0.0027 0.0028 0.0042 0.0043 0.0019 0.0020
4.9938% 5.2337% 5.3370% 6.4608% 6.5779% 4.3753% 4.4765%

14.4567% 7.5561% 7.3902% 29.8748% 29.6718% 10.6407% 10.7123%

0.0299 0.0329 0.0342 0.0501 0.0519 0.0230 0.0240
 17.2991% 18.1299% 18.4878% 22.3809% 22.7867% 15.1566% 15.5069%

hat date range is this rate for?

0.8299 0.4113 0.3943 1.3304 1.2978 0.6955 0.6844
 Return PFE PFE Return w/o
minus Return Return DIV minus
Date GOOG Return mean PFE w/o DIV w/DIV mean
8/31/2009 $ 461.6700 $ 16.7000
9/30/2009 $ 495.8500 7.40% 6.00% $ 16.5500 -0.8982% The formula -2.07%
10/31/2009 $ 536.1200 8.12% 6.72% $ 17.0300 2.9003% 0.01915 1.73%
11/30/2009 $ 583.0000 8.74% 7.34% $ 18.1700 6.6941% 0.066941 5.52%
12/31/2009 $ 619.9800 6.34% 4.94% $ 18.1900 0.1101% 0.009906 -1.06%
01/31/2010 $ 529.9440 -14.52% -15.92% $ 18.6600 2.5838% 0.016894 1.41%
02/28/2010 $ 526.8000 -0.59% -1.99% $ 17.5500 -5.9486% -0.059486 -7.12%
03/31/2010 $ 567.1200 7.65% 6.25% $ 17.1500 -2.2792% -0.012536 -3.45%
04/30/2010 $ 525.6950 -7.30% -8.70% $ 16.7200 -2.5073% -0.035199 -3.68%
05/31/2010 $ 485.6300 -7.62% -9.02% $ 15.2300 -8.9115% -0.089115 -10.08%
06/30/2010 $ 444.9500 -8.38% -9.78% $ 14.2600 -6.3690% -0.051871 -7.54%
07/31/2010 $ 484.8500 8.97% 7.57% $ 15.0000 5.1893% 0.038781 4.02%
08/31/2010 $ 450.0200 -7.18% -8.58% $ 15.9100 6.0667% 0.060667 4.89%
09/30/2010 $ 525.7900 16.84% 15.44% $ 17.1700 7.9195% 0.090509 6.75%
10/31/2010 $ 613.7000 16.72% 15.32% $ 17.4150 1.4269% 0.003746 0.25%
11/30/2010 $ 555.7100 -9.45% -10.85% $ 16.3000 -6.4025% -0.064025 -7.57%
12/31/2010 $ 593.9700 6.88% 5.49% $ 17.5100 7.4233% 0.085276 6.25%
01/31/2011 $ 600.3600 1.08% -0.32% $ 18.2200 4.0548% 0.02996 2.88%
02/28/2011 $ 613.4000 2.17% 0.77% $ 19.2400 5.5982% 0.055982 4.43%
03/31/2011 $ 586.7600 -4.34% -5.74% $ 20.3100 5.5613% 0.066008 4.39%
04/30/2011 $ 544.1000 -7.27% -8.67% $ 20.9700 3.2496% 0.022428 2.08%
05/31/2011 $ 529.0200 -2.77% -4.17% $ 21.4500 2.2890% 0.02289 1.12%
06/30/2011 $ 506.3800 -4.28% -5.68% $ 20.6000 -3.9627% -0.030303 -5.13%
07/31/2011 $ 603.6900 19.22% 17.82% $ 19.2490 -6.5583% -0.074567 -7.73%
08/31/2011 $ 540.9600 -10.39% -11.79% $ 18.9800 -1.3975% -0.013975 -2.57%
09/30/2011 $ 515.0400 -4.79% -6.19% $ 17.6800 -6.8493% -0.057956 -8.02%
10/31/2011 $ 592.6400 15.07% 13.67% $ 19.2600 8.9367% 0.077181 7.76%
11/30/2011 $ 599.3900 1.14% -0.26% $ 20.0700 4.2056% 0.042056 3.03%
12/31/2011 $ 645.9000 7.76% 6.36% $ 21.6400 7.8226% 0.088191 6.65%
01/31/2012 $ 580.1100 -10.19% -11.59% $ 21.4000 -1.1091% -0.020147 -2.28%
02/29/2012 $ 618.2500 6.57% 5.17% $ 21.1250 -1.2850% -0.01285 -2.46%
03/31/2012 $ 641.2400 3.72% 2.32% $ 22.6450 7.1953% 0.082367 6.02%
04/30/2012 $ 604.8500 -5.67% -7.07% $ 22.9000 1.1261% 0.001531 -0.05%
05/31/2012 $ 580.8600 -3.97% -5.37% $ 21.8700 -4.4978% -0.044978 -5.67%
06/30/2012 $ 580.0700 -0.14% -1.54% $ 23.0000 5.1669% 0.061728 3.99%
07/31/2012 $ 632.9700 9.12% 7.72% $ 24.0400 4.5217% 0.035314 3.35%
08/31/2012 $ 685.0900 8.23% 6.83% $ 23.8600 -0.7488% -0.007488 -1.92%
09/30/2012 $ 754.5000 10.13% 8.73% $ 24.8500 4.1492% 0.050712 2.98%
10/31/2012 $ 680.3000 -9.83% -11.23% $ 24.8700 0.0805% -0.007978 -1.09%

Average 0.01399676 1.1723% 1.2047%

Standard deviation 0.08732302 0.048716 0.049938
Return w/ LMT LMT Return w/o Return w/
DIV minus Return w/o Return DIV minus DIV minus
mean LMT DIV w/DIV mean mean HD
$ 74.9800 $ 27.2900
#VALUE! $ 78.0800 4.1344% 0.00000 3.41% -0.60% $ 26.6400
0.71% $ 68.7900 -11.8981% -0.12537 -12.62% -13.14% $ 25.0900
5.49% $ 77.2300 12.2692% 0.12269 11.55% 11.67% $ 27.3600
-0.21% $ 75.3500 -2.4343% -0.01619 -3.16% -2.22% $ 28.9300
0.48% $ 74.5200 -1.1015% -0.01922 -1.82% -2.52% $ 28.0100
-7.15% $ 77.7600 4.3478% 0.04348 3.63% 3.75% $ 31.2000
-2.46% $ 83.2200 7.0216% 0.07832 6.30% 7.23% $ 32.3500
-4.72% $ 84.8900 2.0067% 0.01240 1.28% 0.64% $ 35.2300
-10.12% $ 79.9200 -5.8546% -0.05855 -6.58% -6.45% $ 33.8600
-6.39% $ 74.5000 -6.7818% -0.05993 -7.50% -6.59% $ 28.0700
2.67% $ 75.1500 0.8725% 0.00027 0.15% -0.57% $ 28.5100
4.86% $ 69.5200 -7.4917% -0.07492 -8.21% -8.09% $ 27.8200
7.85% $ 71.2800 2.5316% 0.03438 1.81% 2.84% $ 31.6800
-0.83% $ 71.2900 0.0140% -0.00862 -0.71% -1.46% $ 30.9000
-7.61% $ 68.0400 -4.5588% -0.04559 -5.28% -5.16% $ 30.2100
7.32% $ 69.9100 2.7484% 0.03851 2.03% 3.25% $ 35.0600
1.79% $ 79.6000 13.8607% 0.12652 13.14% 12.05% $ 36.7700
4.39% $ 79.1600 -0.5528% -0.00553 -1.27% -1.15% $ 37.4700
5.40% $ 80.4000 1.5664% 0.02514 0.84% 1.91% $ 37.0600
1.04% $ 79.2500 -1.4303% -0.02341 -2.15% -2.94% $ 37.1500
1.08% $ 77.9000 -1.7035% -0.01703 -2.43% -2.30% $ 36.2800
-4.24% $ 80.9700 3.9409% 0.04904 3.22% 4.30% $ 36.2200
-8.66% $ 75.7300 -6.4715% -0.07330 -7.19% -7.93% $ 34.9300
-2.60% $ 74.1900 -2.0335% -0.02034 -2.76% -2.63% $ 33.3800
-7.00% $ 72.6400 -2.0892% -0.01078 -2.81% -1.68% $ 32.8700
6.51% $ 75.9000 4.4879% 0.03420 3.77% 2.82% $ 35.8000
3.00% $ 78.1500 2.9644% 0.02964 2.24% 2.36% $ 39.2200
7.61% $ 80.9000 3.5189% 0.04798 2.80% 4.20% $ 42.0400
-3.22% $ 82.3200 1.7553% 0.00513 1.03% -0.09% $ 44.3900
-2.49% $ 88.4100 7.3980% 0.07398 6.68% 6.80% $ 47.5700
7.03% $ 89.8600 1.6401% 0.02771 0.92% 2.17% $ 50.3100
-1.05% $ 90.5400 0.7567% -0.00352 0.03% -0.95% $ 51.7900
-5.70% $ 82.8000 -8.5487% -0.08549 -9.27% -9.15% $ 49.3400
4.97% $ 87.0800 5.1691% 0.06377 4.45% 5.78% $ 52.9900
2.33% $ 89.2700 2.5149% 0.01351 1.79% 0.75% $ 52.1800
-1.95% $ 91.1400 2.0948% 0.02095 1.37% 1.50% $ 56.7500
3.87% $ 93.3800 2.4578% 0.03555 1.74% 2.96% $ 60.3700
-2.00% $ 93.6700 0.3106% -0.00752 -0.41% -1.35% $ 61.3800

0.7219% 0.5996%
0.0519472 0.052672
 Return w/o Return w/
HD Return HD Return DIV minus DIV minus
w/o DIV w/DIV mean mean Product w/DIV Product w/o DIV

-2.3818% 0.0000% -4.74% -2.41% 0.00020% #VALUE!

-5.8183% -6.6071% -8.18% -9.01% 0.00120% 0.00057%
9.0474% 9.0474% 6.69% 6.64% 0.00313% 0.00312%
5.7383% 6.5607% 3.38% 4.15% 0.00006% 0.00001%
-3.1801% -3.9273% -5.54% -6.33% -0.00023% -0.00012%
11.3888% 11.3888% 9.03% 8.98% 0.00046% 0.00048%
3.6859% 4.4433% 1.32% 2.04% -0.00018% -0.00023%
8.9026% 8.1129% 6.54% 5.71% 0.00027% 0.00015%
-3.8887% -3.8887% -6.25% -6.30% 0.00374% 0.00371%
-17.0998% -16.4019% -19.46% -18.81% 0.01077% 0.00775%
1.5675% 0.7196% -0.79% -1.69% 0.00000% 0.00002%
-2.4202% -2.4202% -4.78% -4.83% -0.00165% -0.00163%
13.8749% 14.7243% 11.51% 12.32% 0.00217% 0.00423%
-2.4621% -3.1843% -4.82% -5.59% 0.00001% -0.00010%
-2.2330% -2.2330% -4.59% -4.64% 0.00199% 0.00198%
16.0543% 16.8365% 13.69% 14.43% 0.00095% 0.00188%
4.8774% 4.1752% 2.52% 1.77% -0.00003% -0.00001%
1.9037% 1.9037% -0.46% -0.50% 0.00000% 0.00000%
-1.0942% -0.4270% -3.46% -2.83% 0.00007% 0.00017%
0.2428% -0.4288% -2.12% -2.84% -0.00008% -0.00008%
-2.3419% -2.3419% -4.70% -4.75% -0.00005% -0.00005%
-0.1654% 0.5237% -2.53% -1.88% -0.00024% -0.00020%
-3.5616% -4.2226% -5.92% -6.63% -0.00587% -0.00811%
-4.4374% -4.4374% -6.80% -6.85% 0.00057% 0.00055%
-1.5279% -0.7789% -3.89% -3.19% 0.00054% 0.00023%
8.9139% 8.0918% 6.55% 5.68% 0.00262% 0.00143%
9.5531% 9.5531% 7.19% 7.15% -0.00001% -0.00001%
7.1902% 7.9296% 4.83% 5.52% 0.00057% 0.00112%
5.5899% 4.8665% 3.23% 2.46% 0.00009% -0.00001%
7.1638% 7.1638% 4.80% 4.76% -0.00041% -0.00042%
5.7599% 6.3696% 3.40% 3.96% 0.00004% 0.00014%
2.9418% 2.3518% 0.58% -0.06% 0.00000% 0.00000%
-4.7306% -4.7306% -7.09% -7.14% 0.00200% 0.00200%
7.3976% 7.9854% 5.04% 5.58% -0.00014% -0.00025%
-1.5286% -2.0646% -3.89% -4.47% -0.00018% -0.00006%
8.7581% 8.7581% 6.40% 6.35% -0.00012% -0.00013%
6.3789% 6.8899% 4.02% 4.48% 0.00018% 0.00045%
1.6730% 1.1869% -0.69% -1.22% 0.00000% 0.00004%

2.3614% 2.4076% Covariance 0.00059% #VALUE!

0.0642274 0.0650288 Correlation 0.4165 #VALUE!
Proportion of GOOG 0.25
Proportion of PFE 0.25
Proportion of LMT 0.25
Proportion of HD 0.25

Returns w/o DIV

GOOG Portfolio
Date return PFE return LMT return HD return Return Product
9/30/2009 7.4036% -0.8982% 4.1344% -2.3818% 2.0645% 0.00007%
10/31/2009 8.1214% 2.9003% -11.8981% -5.8183% -1.6737% 0.00163%
11/30/2009 8.7443% 6.6941% 12.2692% 9.0474% 9.1888% 0.00650%
12/31/2009 6.3431% 0.1101% -2.4343% 5.7383% 2.4393% -0.00001%
01/31/2010 -14.5224% 2.5838% -1.1015% -3.1801% -4.0550% -0.00013%
02/28/2010 -0.5933% -5.9486% 4.3478% 11.3888% 2.2987% 0.00017%
03/31/2010 7.6538% -2.2792% 7.0216% 3.6859% 4.0205% -0.00045%
04/30/2010 -7.3045% -2.5073% 2.0067% 8.9026% 0.2744% 0.00033%
05/31/2010 -7.6213% -8.9115% -5.8546% -3.8887% -6.5690% 0.00155%
06/30/2010 -8.3767% -6.3690% -6.7818% -17.0998% -9.6568% 0.00619%
07/31/2010 8.9673% 5.1893% 0.8725% 1.5675% 4.1492% 0.00006%
08/31/2010 -7.1837% 6.0667% -7.4917% -2.4202% -2.7572% -0.00079%
09/30/2010 16.8370% 7.9195% 2.5316% 13.8749% 10.2908% 0.00468%
10/31/2010 16.7196% 1.4269% 0.0140% -2.4621% 3.9246% 0.00000%
11/30/2010 -9.4492% -6.4025% -4.5588% -2.2330% -5.6609% 0.00062%
12/31/2010 6.8849% 7.4233% 2.7484% 16.0543% 8.2777% 0.00226%
01/31/2011 1.0758% 4.0548% 13.8607% 4.8774% 5.9672% 0.00029%
02/28/2011 2.1720% 5.5982% -0.5528% 1.9037% 2.2803% -0.00001%
03/31/2011 -4.3430% 5.5613% 1.5664% -1.0942% 0.4226% 0.00004%
04/30/2011 -7.2704% 3.2496% -1.4303% 0.2428% -1.3021% 0.00001%
05/31/2011 -2.7715% 2.2890% -1.7035% -2.3419% -1.1320% -0.00003%
06/30/2011 -4.2796% -3.9627% 3.9409% -0.1654% -1.1167% -0.00001%
07/31/2011 19.2168% -6.5583% -6.4715% -3.5616% 0.6564% -0.00290%
08/31/2011 -10.3911% -1.3975% -2.0335% -4.4374% -4.5649% 0.00013%
09/30/2011 -4.7915% -6.8493% -2.0892% -1.5279% -3.8145% 0.00010%
10/31/2011 15.0668% 8.9367% 4.4879% 8.9139% 9.3513% 0.00539%
11/30/2011 1.1390% 4.2056% 2.9644% 9.5531% 4.4655% 0.00014%
12/31/2011 7.7596% 7.8226% 3.5189% 7.1902% 6.5728% 0.00154%
01/31/2012 -10.1858% -1.1091% 1.7553% 5.5899% -0.9874% 0.00011%
02/29/2012 6.5746% -1.2850% 7.3980% 7.1638% 4.9628% -0.00045%
03/31/2012 3.7186% 7.1953% 1.6401% 5.7599% 4.5785% 0.00025%
04/30/2012 -5.6749% 1.1261% 0.7567% 2.9418% -0.2126% -0.00001%
05/31/2012 -3.9663% -4.4978% -8.5487% -4.7306% -5.4359% 0.00072%
06/30/2012 -0.1360% 5.1669% 5.1691% 7.3976% 4.3994% -0.00003%
07/31/2012 9.1196% 4.5217% 2.5149% -1.5286% 3.6569% -0.00016%
08/31/2012 8.2342% -0.7488% 2.0948% 8.7581% 4.5846% -0.00011%
09/30/2012 10.1315% 4.1492% 2.4578% 6.3789% 5.7793% 0.00066%
10/31/2012 -9.8343% 0.0805% 0.3106% 1.6730% -1.9426% 0.00000%
 Returns w/DIV
PFE LMT Portfolio
Date GOOG return return return HD return Return Product As
9/30/2009 0.0600 0.0006 0.0489 -0.0156 0.0235 -0.0000027%
10/31/2009 0.0672 0.0192 -0.1254 -0.0661 -0.0263 0.0010662% Mean return
11/30/2009 0.0734 0.0669 0.1227 0.0905 0.0884 0.0054576% Variance
12/31/2009 0.0494 0.0099 -0.0162 0.0656 0.0272 -0.0000520% Standard deviation
01/31/2010 -0.1592 0.0169 -0.0192 -0.0393 -0.0502 -0.0002030%
02/28/2010 -0.0199 -0.0595 0.0435 0.1139 0.0195 0.0005870%
03/31/2010 0.0625 -0.0125 0.0783 0.0444 0.0432 -0.0002728% Covariance
04/30/2010 -0.0870 -0.0352 0.0124 0.0811 -0.0072 0.0003083%
05/31/2010 -0.0902 -0.0891 -0.0585 -0.0389 -0.0692 0.0018303% Portfolio mean return
06/30/2010 -0.0978 -0.0519 -0.0599 -0.1640 -0.0934 0.0049852%
07/31/2010 0.0757 0.0388 0.0003 0.0072 0.0305 0.0000006%
08/31/2010 -0.0858 0.0607 -0.0749 -0.0242 -0.0311 -0.0009441% Portfolio return variance
09/30/2010 0.1544 0.0905 0.0344 0.1472 0.1066 0.0070727%
10/31/2010 0.1532 0.0037 -0.0086 -0.0318 0.0291 0.0000158% Portfolio return standard de
11/30/2010 -0.1085 -0.0640 -0.0456 -0.0223 -0.0601 0.0007071%
12/31/2010 0.0549 0.0853 0.0385 0.1684 0.0867 0.0030326%
01/31/2011 -0.0032 0.0300 0.1265 0.0418 0.0487 -0.0000513% A
02/28/2011 0.0077 0.0560 -0.0055 0.0190 0.0193 -0.0000046%
03/31/2011 -0.0574 0.0660 0.0251 -0.0043 0.0074 0.0000407% Mean return
04/30/2011 -0.0867 0.0224 -0.0234 -0.0043 -0.0230 -0.0000195% Variance
05/31/2011 -0.0417 0.0229 -0.0170 -0.0234 -0.0148 -0.0000381% Standard deviation
06/30/2011 -0.0568 -0.0303 0.0490 0.0052 -0.0082 0.0000442%
07/31/2011 0.1782 -0.0746 -0.0733 -0.0422 -0.0030 -0.0041122%
08/31/2011 -0.1179 -0.0140 -0.0203 -0.0444 -0.0491 0.0001487% Covariance
09/30/2011 -0.0619 -0.0580 -0.0108 -0.0078 -0.0346 0.0000301%
10/31/2011 0.1367 0.0772 0.0342 0.0809 0.0822 0.0029192% Portfolio mean return
11/30/2011 -0.0026 0.0421 0.0296 0.0955 0.0412 -0.0000311%
12/31/2011 0.0636 0.0882 0.0480 0.0793 0.0698 0.0021342%
01/31/2012 -0.1159 -0.0201 0.0051 0.0487 -0.0206 0.0000583% Portfolio return variance
02/29/2012 0.0517 -0.0129 0.0740 0.0716 0.0461 -0.0003524%
03/31/2012 0.0232 0.0824 0.0277 0.0637 0.0492 0.0003371% Portfolio return standard de
04/30/2012 -0.0707 0.0015 -0.0035 0.0235 -0.0123 0.0000009%
05/31/2012 -0.0537 -0.0450 -0.0855 -0.0473 -0.0579 0.0009760%
06/30/2012 -0.0154 0.0617 0.0638 0.0799 0.0475 -0.0004827% These are all monthly retur
07/31/2012 0.0772 0.0353 0.0135 -0.0206 0.0263 -0.0000760%
08/31/2012 0.0683 -0.0075 0.0209 0.0876 0.0423 -0.0000939%
09/30/2012 0.0873 0.0507 0.0355 0.0689 0.0606 0.0010846%
10/31/2012 -0.1123 -0.0080 -0.0075 0.0119 -0.0290 -0.0000080%
 Asset Returns w/o DIV
GOOG PFE LMT HD
Mean return 0.0140 0.0117 0.0072 0.0236
0.0076 0.0024 0.0027 0.0041
Standard deviation 0.0873 0.0487 0.0519 0.0642

Covariance 0.00000746

ortfolio mean return 0.01414

ortfolio return variance 0.00221

ortfolio return standard deviation 0.04705

Asset Returns w/Div

GOOG PFE LMT HD
Mean return 0.01400 0.01175 0.00728 0.02367
0.00763 0.00243 0.00282 0.00425
Standard deviation 0.08732 0.04931 0.05311 0.06523

Covariance 0.0006867%

ortfolio mean return 0.01417

ortfolio return variance 0.00230

ortfolio return standard deviation 0.04794

hese are all monthly returns. Where are the annual return and std for the portfolio?
 Returns
Date SPY GOOG PFE LMT HD
10/31/2009 -0.0144 0.0812 0.0192 -0.1254 -0.0661
11/30/2009 0.0564 0.0874 0.0669 0.1227 0.0905
12/31/2009 0.0136 0.0634 0.0099 -0.0162 0.0656
01/31/2010 -0.0310 -0.1452 0.0169 -0.0192 -0.0393
02/28/2010 0.0256 -0.0059 -0.0595 0.0435 0.1139
03/31/2010 0.0565 0.0765 -0.0125 0.0783 0.0444
04/30/2010 0.0196 -0.0730 -0.0352 0.0124 0.0811
05/31/2010 -0.0832 -0.0762 -0.0891 -0.0585 -0.0389
06/30/2010 -0.0562 -0.0838 -0.0519 -0.0599 -0.1640 GOOG BETA 1.1751
07/31/2010 0.0734 0.0897 0.0388 0.0003 0.0072 PFE BETA 0.6130
08/31/2010 -0.0496 -0.0718 0.0607 -0.0749 -0.0242 LMT BETA 0.6970
09/30/2010 0.0838 0.1684 0.0905 0.0344 0.1472 HD BETA 0.9765
10/31/2010 0.0435 0.1672 0.0037 -0.0086 -0.0318
11/30/2010 -0.0050 -0.0945 -0.0640 -0.0456 -0.0223
12/31/2010 0.0612 0.0688 0.0853 0.0385 0.1684 Unlevered beta
01/31/2011 0.0285 0.0108 0.0300 0.1265 0.0418
02/28/2011 0.0295 0.0217 0.0560 -0.0055 0.0190 GOOG 1.0101
03/31/2011 -0.0042 -0.0434 0.0660 0.0251 -0.0043 PFE 0.3049
04/30/2011 0.0331 -0.0727 0.0224 -0.0234 -0.0043 LMT 0.0510
05/31/2011 -0.0152 -0.0277 0.0229 -0.0170 -0.0234 HD 0.5580
06/30/2011 -0.0217 -0.0428 -0.0303 0.0490 0.0052
07/31/2011 -0.0152 0.1922 -0.0746 -0.0733 -0.0422 Levered beta 
08/31/2011 -0.0595 -0.1039 -0.0140 -0.0203 -0.0444  L  U 1  (1  tax r

09/30/2011 -0.0742 -0.0479 -0.0580 -0.0108 -0.0078
10/31/2011 0.1147 0.1507 0.0772 0.0342 0.0809 GOOG 1.2605
11/30/2011 -0.0090 0.0114 0.0421 0.0296 0.0955 PFE 0.6071
12/31/2011 0.0041 0.0776 0.0882 0.0480 0.0793 LMT 0.5858
01/31/2012 0.0525 -0.1019 -0.0201 0.0051 0.0487 HD 1.0275
02/29/2012 0.0373 0.0657 -0.0129 0.0740 0.0716
03/31/2012 0.0277 0.0372 0.0824 0.0277 0.0637
04/30/2012 -0.0023 -0.0567 0.0015 -0.0035 0.0235
05/31/2012 -0.0642 -0.0397 -0.0450 -0.0855 -0.0473
06/30/2012 0.0353 -0.0014 0.0617 0.0638 0.0799
07/31/2012 0.0168 0.0912 0.0353 0.0135 -0.0206
08/31/2012 0.0200 0.0823 -0.0075 0.0209 0.0876
09/30/2012 0.0199 0.1013 0.0507 0.0355 0.0689
10/31/2012 -0.0177 -0.0983 -0.0080 -0.0075 0.0119
Bl/[1+(1-Tc)x(D/E)]

 D
 L  U 1  (1  tax rate) 
 E
 GOOG PFE
2012 2011 2010 2009 2012
Total Liabilities 21,702 14429 11610 4493 100488
Total Equity 68,028 58145 46241 36,004 82115
Effective Tax Rate 0.2230 0.2100 0.2120 0.2220 0.2147 <=3 yr avg 0.1900

3 yr avg
D/E Ratio 0.3190 0.2482 0.2511 0.1248 0.2080 1.2237

Where is the tax rate taken from?

 PFE LMT
2011 2010 2009 2012 2011 2010
105381 106749 122503 36,879 36,907 31,616
82621 88265 90446 2,442 1,001 3,497
0.3150 0.1150 0.2010 0.2103 <=3 yr avg 0.3050 0.2650 0.3080

3 yr avg
1.2755 1.2094 1.3544 1.2798 15.1020 36.8701 9.0409
MT HD
2009 2012 Jan-12 Jan-11 Jan-10
30,982 23,923 22,620 21,236 21,484
4,129 17,738 17,898 18,889 19,393
0.2910 0.2880 <=3 yr avg 0.3760 0.3600 0.3670 0.3420 0.3563

3yr avg 3yr avg

7.5035 17.8048 1.3487 1.2638 1.1243 1.1078 1.1653
<=3 yr avg
 GOOG
Date Daily Price Daily Return
09/28/12 $ 754.5000
10/01/12 $ 761.7800 0.9649%
10/02/12 $ 756.9900 -0.6288%
10/03/12 $ 762.5000 0.7279%
10/04/12 $ 768.0500 0.7279%
10/05/12 $ 767.6500 -0.0521%
10/08/12 $ 757.8400 -1.2779%
10/09/12 $ 744.0900 -1.8144%
10/10/12 $ 744.5600 0.0632%
10/11/12 $ 751.4800 0.9294%
10/12/12 $ 744.7500 -0.8956%
10/15/12 $ 740.9800 -0.5062%
10/16/12 $ 744.7000 0.5020%
10/17/12 $ 755.4900 1.4489%
10/18/12 $ 695.0000 -8.0067%
10/19/12 $ 681.7900 -1.9007%
10/22/12 $ 678.6700 -0.4576%
10/23/12 $ 680.3500 0.2475%
10/24/12 $ 677.3000 -0.4483%
10/25/12 $ 677.7600 0.0679%
10/26/12 $ 675.1500 -0.3851%
10/31/12 $ 680.3000 0.7628%

Month average -0.4729% This is the average of the daily This is not the monthly m
Based on these daily retur
This is not the monthly meam. This is the daily mean, as the returns you calculated are daily returns.
Based on these daily returns, what is the estimated return for the month of October?
VARIANCE - COVARIANCE MATRIX FOR 3 STOCKS

A B C
A 0.25 0.00 0.05
B 0.00 0.09 0.04
C 0.05 0.04 0.20

VAR =WA2*VAR(A) + WB2*VAR(B) + WC2*VAR(C) + 2*WA*WB*COVAR(A,B) + 2*WA*WC*COVAR(A,C) + 2*W

WA 0.2
WB 0.7
WC 0.1

VAR 0.0637
STDEV 0.2524

Sharpe Ratio 0.0040 Where is the 0.001 from?

OVAR(A,C) + 2*WB*WC*COVAR(B,C)