1. The 2015 quarterly prices for The Hershey Company and Packaging Corporation of America are listed below along with any dividend paid.

Hershey		Packaging Corporation of America
Quarter	P0	P1	Dividend		Quarter	P0	P1	Dividend
1	$106.18	$114.83	$0.72		1	$81.87	$99.38	$0.79
2	$114.83	$134.03	$0.72		2	$99.38	$95.23	$0.79
3	$134.03	$154.99	$0.77		3	$95.23	$106.10	$0.79
4	$154.99	$146.98	$0.77		4	$106.10	$111.99	$0.79

• What was Hershey's annual return for 2015. What was Packaging Corporation's annual return in 2015?

Below are the annual returns for The Hershey Company and Packaging Corporation of America for 2016 through 2019.

Year	The Hershey Company	Packaging Corporation of America
2016	-0.123	-0.172
2017	0.187	0.390
2018	0.123	0.455
2019	-0.030	-0.287

• Together with the 2015 returns you calculated in the previous question, what is the average annual return for Hershey over this period?
• Together with the 2015 returns what is the variance of returns for Hershey?
• Together with the 2015 returns what is the standard deviation of returns for Hershey?
• Together with the 2015 returns you calculated in the previous question, what is the average annual return for Packaging Corporation over this period?
• Together with the 2015 returns what is the variance of returns for Packaging Corporation?
• Together with the 2015 returns what is the standard deviation of returns for Packaging Corporation?
• What is the covariance of returns between The Hershey Company and Packaging Corporation of America?

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Annual Returns and Performance Analysis Hershey Packaging Corp 1 Annual Returns for 2015 Hersheys An... View the full answer