$1.$ sP $=$ SQRT$[($Col A$*$C$3)^2+((1-$ Col A$)*$D$3)^2+2*$Col A$*$C$3*(1-$ Col A$)*$D$3*$r $]2.$ The standard deviation is calculated from equation $6\mathrm{.}6$ using the weights of the miniumum$-$variance portfolio: $3.$ As the correlation coefficient grows, the minimum variance portfolio requires a smaller position in stocks $($even a $$ negative position for higher correlations$),$ and its performance becomes less attractive. $4.$ Notice that with correlation of $\mathrm{.}5$ or higher,$$ minimum variance is achieved with a short position in stocks. $$ The standard deviation is lower than that of bonds, but the mean is lower as well. $5.$ With perfect positive correlation $($column G$),$ you can drive the standard deviation to zero by taking a large,$$ short position in stocks.$$ The mean return is then as low as $1\mathrm{.}36\%.$