1. Calculate the mean, standard deviation, variance, and correlation coefficient for and separately (for two sub-period in a table-see next page) and comment on the result.
2. Explain the value of beta that you have calculated.
3. Why the estimated value of beta is different for two sub-periods?

Period 1:	December 2020 to April 2022
Date	AORD	COMPANY	rm	rj	RF	rm-RF	rj-RF
Dec-20	6870.9	4.5	0.2963	-7.2165	0.0810	0.2154	-7.2975
Jan-21	6940.6	5	1.0144	11.1111	0.0873	0.9271	11.0238
Feb-21	7017	5.09	1.1008	1.8000	0.1105	0.9903	1.6895
Mar-21	7290.7	4.95	3.9005	-2.7505	0.1411	3.7594	-2.8916
Apr-21	7406.7	4.71	1.5911	-4.8485	0.1386	1.4525	-4.9871
May-21	7585	4.66	2.4073	-1.0616	0.1373	2.2700	-1.1989
Jun-21	7664.2	4.59	1.0442	-1.5021	0.1267	0.9175	-1.6288
Jul-21	7823.3	5.09	2.0759	10.8932	0.1039	1.9720	10.7893
Aug-21	7629.7	5.67	-2.4747	11.3949	0.0941	-2.5688	11.3008
Sep-21	7639.1	5.35	0.1232	-5.6437	0.1062	0.0170	-5.7499
Oct-21	7587.4	5.06	-0.6768	-5.4206	0.1414	-0.8182	-5.5620
Nov-21	7779.2	5.01	2.5279	-0.9881	0.1493	2.3786	-1.1374
Dec-21	7268.3	4.78	-6.5675	-4.5908	0.1331	-6.7006	-4.7239
Jan-22	7323.2	5.07	0.7553	6.0669	0.1560	0.5993	5.9110
Feb-22	7789.6	5.21	6.3688	2.7613	0.1742	6.1946	2.5871
Mar-22	7724.8	5.6	-0.8319	7.4856	0.2060	-1.0379	7.2796
Apr-22	7455.2	5.51	-3.4901	-1.6071	0.2473	-3.7373	-1.8544
					average	0.4018	0.7970
					stdev	2.9248	6.2946
					variance	8.5543	39.6215
					correlation	0.0921
					beta	0.1983

Period 2:	September 2022 to January 2024
Date	AORD	COMPANY	rm	rj	RF	rm-RF	rj-RF
Sep-22	7054.8	5.84	5.6313	16.3347	0.3070	5.3243	16.0276
Oct-22	7480.7	6.24	6.0370	6.8493	0.3207	5.7163	6.5286
Nov-22	7221.7	6.01	-3.4622	-3.6859	0.3029	-3.7651	-3.9888
Dec-22	7686.1	6.34	6.4306	5.4908	0.2912	6.1394	5.1996
Jan-23	7458	6.42	-2.9677	1.2618	0.2955	-3.2632	0.9663
Feb-23	7373.3	6.62	-1.1357	3.1153	0.3034	-1.4391	2.8119
Mar-23	7501	6.6	1.7319	-0.3021	0.2845	1.4474	-0.5866
Apr-23	7273.5	6.65	-3.0329	0.7576	0.2744	-3.3073	0.4832
May-23	7401.5	6.2	1.7598	-6.7669	0.2871	1.4727	-7.0540
Jun-23	7622.2	6.53	2.9818	5.3226	0.3206	2.6612	5.0020
Jul-23	7517.8	5.91	-1.3697	-9.4946	0.3303	-1.7000	-9.8249
Aug-23	7249.7	5.18	-3.5662	-12.3519	0.3377	-3.9039	-12.6896
Sep-23	6967.5	4.91	-3.8926	-5.2124	0.3443	-4.2369	-5.5567
Oct-23	7297.7	5.3	4.7391	7.9430	0.3776	4.3616	7.5654
Nov-23	7829.5	5.37	7.2872	1.3208	0.3737	6.9135	0.9470
Dec-23	7912.8	5.56	1.0639	3.5382	0.3425	0.7215	3.1957
Jan-24	7959.5	5.13	0.5902	-7.7338	0.3418	0.2484	-8.0756
					average	0.7877	0.0560
					stdev	3.8797	7.2826
					variance	15.0520	53.0369
					correlation	0.6454
					beta	1.2114