Question 3 (5 marks) The spreadsheet Problem Set1A Data.xls contains historical data for precious metal prices and the aggregate equity market index (All data are in monthly frequency). Assume the risk-free rate is 0.2% per month Your client is interested in investing in the precious metals as they have historically been considered as safe haven/hedge against equity market volatility. However, he has been warned off by his financial planner. You are asked to compare the historical performance of the precious metals and equity asset class using suitable portfolio performance measures. a) Evaluate the performance of the precious metals using appropriate portfolio performance measures and explain your results. (3 marks) b) Financial market commentators often argue that it is unwise to invest in precious metals, as they historically have lower average returns and higher risk compared to equities. In light of this evidence and the results reported in Part a, discuss whether there is any justification for an investor with mean-variance utility preferences to invest in precious metals as opposed to equities. (2 marks) 1,255.82 IMAIL 3 20 14.76 28.19 1928.00 9.36 16.74 7.45 33.!! 8.93 9.43 19.62 5.75 17.99 9.57 6.77 7.03 7.11 21260KI 2125.50 2002.00 2039.50 1899.00 372) 32.43 31 20 28.10 16.17 16.85 9.69 1,468.36 1,378.35 1,300,63 1,322.70 1 385.59 1,400.38 1,780.00 1,267.38 1.292.83 1,166.36 958.75 9.86 17.15 2.04 27. 12/21/07 01/1/11 02/29/08 03/21/08 01/30/08 05/20/08 D/30/16 07/31/06 09/29/08 09/30/16 10/31/06 11/28/06 12/31/18 01/30/09 1.73 17.48 12.76 6.71 6.49 28 20 30.52 234.90 127.70 972.10 916.20 662.80 187.30 26.20 913.90 229.30 874.20 716.80 816.20 183.00 927.30 141.50 922.60 990.70 978.80 927.10 10.06 9.56 1843.00 1849.50 1906.00 2088.00 1835.50 2020.00 12.00 34.1 10.01 9.28 5.09 10.01 896.24 10.12 10.79 12.51 32 28 34.29 20.95 32.03 9.50 9.78 4.31 2034.31 2013.25 825.88 3.80 10.62 3.44 28.95 10.88 13.11 12.63 3.85 2290.00 2999.00 2721.00 2203.00 2195.50 1979.00 1875.00 1906.50 1720.50 1650.00 1091.00 1135.00 1120.50 1077.00 1075.50 1300.50 1408.00 1509.00 1555.00 1748.00 1748.00 1913.50 2195.00 2226.50 2570.00 2122.00 2157.50 2260.00 2251.00 1895.50 1852.00 735.09 797.87 872.81 28 64 24.42 2252 2139.00 2065.501 1870.50 1851.00 1882.00 11.5) 12.09 11.29 15.52 919.14 13.04 4.20 4.58 5.07 18 B6 11.25 12.07 13.63 19.91 5.15 11:30 14.54 16.45 21.68 12.14 5.46 5.00 16.57 22 20 12.39 18.14 5.60 6.676.50 7.170.50 8,540.50 8,520.00 8,655.00 8,105.00 8,775.50 8,260.50 7,510.00 6,419.00 3.995.00 3.581.00 2,902.00 3.106.00 3,390.00 4.035,00 4,515.00 4,776,00 5,100.00 5,750.00 5,750.00 6,136.00 6,575.00 6,814.50 7.346.00 6,854.00 7,072.00 7.830.00 7,365.00 6.926.00 6.515.00 7,195.00 7,355.50 8,053.50 8.225.00 8,375.00 9.739.50 9.720.00 8,857.50 9,399.50 9,370.50 8.224.50 9,301.00 8.731.00 9,197.00 7,131,50 7.800.50 7,405,50 12/30/11 011/31/12 02/29/12 03/30/12 01/30/12 05/31/12 11/1/12 07/31/12 09/31/12 09/23/12 10/31/12 11/30/12 12/31/12 01/31/13 017/18/13 03/28/13 04/20/13 05/31/13 06/28/13 07/31/13 CIA/1/12 09/30/13 10/31/13 11/29/13 12/31/13 01/31/14 02/28/14 03/31/14 (14/01/14 05/30/14 06/30/14 07/31/14 CR/29/14 09/31/14 10/31/14 11/20/14 12/31/14 01/30/15 02/27/15 03/31/15 04/10/15 05/29/15 Ob/30/13 07/31/15 CIM/31/13 09/30/15 10/30/15 11/20/15 1,565.30 1,737.8.1 1.709.90 1,669.30 1,663.10 1,569.40 1,6013. 1,610.50 1,694.60 1,771.10 1,717.50 1,710.90 1,674.80 1,660.60 1,577.70 1,594.80 1.472.20 1,319.00 1.223.80 1,312.40 1,396.10 1,326.50 1,323.60 1,250.60 1,201.90 1,241.10 1,321.40 1,203.40 1,200.00 1,245.60 1,321.80 1,241.30 1,705.20 1,210.0 1,171.10 1.175.20 1,183.90 1,778 1,212.60 1.149.10 1,182.40 1,109.10 1,1/1.50 1,094.90 1,131.00 1,115.50 1,111.50 1,025.80 19.93 19.50 1931 16.99 6.04 7,564.00 3.495.50 8,585.00 8,480.00 8.529,50 7,517.00 7.604.50 7,581.00 7,576.50 8.267,50 7,819,00 7,949,00 7.915.00 8,170.00 7.828.00 7.582.50 7,073,50 7.241.00 0.750.50 6.506,00 7.095.00 7.290.50 7,234.00 7,027.00 7,394.50 7.091.00 7,087.50 6,836.00 6.724.00 6.995.50 8,865.00 7,135,50 6.995.00 6.736.00 6.835.50 8,515.50 6.359.00 5,505.00 5.080,50 6,050,50 6.245.00 6,088.50 5,721.00 5,220.00 5,096,00 5.083.00 5,135.50 4.596.60 1823.00 1792.00 1877.52 1876.50 1925.50 1859.00 2085.50 1963 2110.00 1981.00 2054.50 2074.00 2201.50 12.43 12.92 13.51 1,257.60 1,312.41 1,365.68 1,108,47 1,597.91 1,310.33 1,362.16 1,379 32 1,406,56 1,440.47 1,412.16 1.116.10 1,426.10 1,498.11 1,514/18 1,569 19 1,597.57 1,R0.74 1,606.28 1,665.73 1,08297 1,681.55 1,756.51 1,805 81 1,948.36 1,782.59 1,859.45 1,872.31 1,993.95 1,923.57 1,960.22 1,920.67 2,000.37 1,972.25 2,018.05 2,067.56 2,068.30 1,994.99 2,101.50 2,06/19 2,085.51 2.107.39 2,063.11 2.103.81 1,972.18 1,920.03 2,079.36 2,090.41 5.60 5.90 21 27 13.68 6.26 12.90 16.29 16.12 17.50 18.02 18.53 18.74 19.92 19.28 1.41 14.22 5.88 03/31/05 04/20/09 05/29/13 05/30/09 07/31/09 18/1/18 09/30/09 10/30/09 11/30/09 12/31/09 01/29/10 02/26/10 03/31/10 04/30/10 05/28/10 05/30/10 07/20/10 DR/31/10 Da/20/10 10/29/10 11/20/10 12/91/10 01/31/11 02/28/11 03/1/11 04/29/11 05/31/11 06/30/11 07/29/11 08/1/11 09/30/11 10/31/11 11/20/11 19.00 14.GR 5.70 20.37 15.16 17.66 1.48 20.69 14.81 19/3.50 2047.00 953.70 951,70 1,000.00 1,039.70 1,181.10 1,095.20 1,083.00 1,118.30 1,113.30 1,181.10 1,212.20 1,245.50 1,181./0 1,347,20 1,307.20 1,357.10 1,385.00 1,421.10 1,333.80 1,109.30 1,43M. 1,556.00 1,535.90 1,502.30 1,620.30 1,829.90 1,620.40 1,72 1.20 1,745,50 2400OCI 2359.00 18.AZ 919.32 987.18 1,020.62 1,057.08 1,096.19 1,095.63 1 115.10 1,073.37 1,104.49 1.169.43 1,1.9 1,089.41 1,000.71 1,101.64 1,049.33 1,141.21 1,183.76 1.100.55 1,257.64 1,286.12 1.327.22 1,325.8 1,36261 1,315.20 1,320.04 1.292.28 1,218.89 1,131.42 1.250.30 1,246.96 6.82 19.47 15.59 2176.0 16.10 22.0/ 23.95 27.13 16.53 6.80 6.57 16.11 30.03 10.6 17.11 16.20 15.92 15.9 16.92 16.5) 16.60 16.52 27.75 32.49 7.32 7.53 17.00 16.86 37.8/ 2.54 1/.35 48.70 7.64 2290.OKI 2335.00 2227.00 2167.00 2111.50 2050.50 20/5.53 2355.a 2212.50 1994.00 1920.00 1/93.00 1657.00 1673.00 1545.00 2392.50 2097.00 2423.00 2334.00 2177.50 2319.30 7321.50 2250.00 2315.00 2170.00 2258.50 1995.00 1918.50 1943.00 17.06 38.65 7.98 18511 16.67 15./0 35.02 17.92 39.63 7.91 17.46 11.56 14.44 3.39 10.79 41.35 30.45 8.40 3.60 14.65 15.6) 18.55 19.16 31.24 31.33 9.00 14.04 19.19 .1 18.015 27.84 1,0lil2.si 1, 116.40 1,233.90 13.12 14.08 14.25 19.51 21.01 2,143.14 1,940,24 12/31/15 01/29/16 02/29/16 D/31/16 2295.00 2219.00 12/31/15 01/31/20 02/28/20 3,230,7% 3,225.52 29.31 1610,00 1785.00 21.49 17.89 17.19 13.13 2019.50 1867.50 1,234 73.51 4,702 00 4,541.50 4,705.00 4,855.50 5.045.00 4,700.00 4,827.00 4.853.00 .i'1 , 43 3}=In 27.02 74.97 21.11 1L . 15.38 17.86 16.06 18.36 20.014 1,289.20 1.214.00 1,318.40 1,34). 1924,00 2102.50 22./1 23.86 26.52 14/40/20 05/29/20 05/10/20 15.34 17.59 17.95 24.017 1971.50 2056.50 23.83 22.74 , tiki.:" 0733 , 74.45 1,60 23.94 2529.50 22.16 18.74 19.35 17.76 05/31/16 06/30/16 03/2016 08/31/16 Le/40/16 10/31/16 11/20/16 12/20/16 01/31/17 077R/17 03/31/17 2127.50 2274,00 2415.50 27.35 23.73 22.0 1,519.5 1,582.90 1,564.10 1,543.41 1,484.21 1,736.90 1,793.00 1,962.21 1,957.60 1,897.50 1,877,40 1,775.70 1,12.11 1,847.30 1.728.10 , 1,71).80 1,17.11 1.902.50 08/31/20 Le/30/20 10/30/20 11/30/20 24.11 23.25 2413.00 2974.50 22.97 2,954.22 7,184.5 2,912.4% 3,044,31 3,100.29 3,771.12 3,500.31 3,363,00 3,260.06 3,621.63 3,732.157 3,714.24 3,811.15 3,972.89 4,181.1/ 23.53 22.15 2709.00 21.91 2809.50 21.20 16.67 it.24 17.29 , ut&:21 L4 22.14 22.37 22.14 6,156,00 5,570.00 5,573.00 4,797.00 5.231.00 5,332.50 6,099.00 6.446.50 8,728.CO 6,610.00 6,694.50 7,874.50 7,741.50 7,877.00 9,172.50 8,850.50 9.949.00 10.159.50 9,300 9.747.50 9,482.50 9,041.00 9.955.00 9.605.00 9,692.00 25-18.00 01/29/21 27.42 2565.00 22.15 13.0 1.0 21.il 18.28 18.06 17.41 1,932.23 7,1479.74 2,6X6,80 2,096,96 2,093.66 2,175.0 2,170.95 2,108.27 2,126.15 2,198,61 2,281.3 2,278.87 2,13,14 2,262.72 2,384.20 2,411.60 2,123.41 7,4701.30 2.171.65 2,519.36 2,575.26 7,647.58 2,673.61 2,823.11 2,713.83 2,610.67 23.91 23.79 2782.50 2795.00 26.50 21.00 25.48 27.53 1/ .2L3J .24 03/01/21 14/402 05/28/21 06/20/21 '2 24 2F 21.11 21.00 25.50 7 2572,00 2754.00 2802.00 3039.50 2945.50 1,306.90 1,319.30 1,771.50 1,170.80 1,150, 1,208.60 1,252.00 1,217.30 121iL.11 1,272.00 1,240.70 1,24il.it/ 1,316.20 1,291.50 1,267.00 1,773.701 1,306,30 1,339.00 1,315.50 1,322.80 1,316,20 1,300.10 1,251.30 25.36 25.77 074 4, ;' .3Io21 16.17 16.26 17.34 10.40 16.R2 24.50 74.77 24.65 3139.50 08/31/21 05/31/17 06/20/17 07/31/17 08/31/17 Le/29/1/ 10/31/17 11/30/17 12/29/17 01/91/18 24.05 2997.50 26.87 25.59 .32 4,204.11 4,297.50 4,3.26 4.522.68 4,307.54 4,605.38 4,'13.10 4,766.18 1,770.80 1,812.00 1.815.00 1,755.30 1,783.00 1,723.6 1,827.50 3 24.23 21.53 24.01 3120,00 26.37 24.62 4,832.00 4,827.50 5,740.00 5,501.00 5,921.00 5.936.00 5,819.00 5,689.50 5,615.50 5,907.50 6.347.00 8,792.0 6,465.00 6,802.00 6,761.00 7,157.00 7,100.50 6,953.00 6,685.00 6.783.00 8,825.10 6,646.00 6,213.00 8,0190 5,180.00 8,073.00 6,239.00 5,985.00 6,148.00 6,536.00 3455,50 3348.50 27.53 ith.'17 16.07 17.29 10/29/21 11:30 21 12/31/21 3193.00 3309.00 74.51 27.61 25.67 23.09 3630.00 3589.50 24.64 18//07 16.44 ' ,34R 23.13 23.91 03/29/18 3332.00 16.28 it.48 4/2016 31/1.0X 05/31/18 16.55 16.03 15.43 24.3 25.30 26.29 3100.00 2949.00 2.718.37 .1,323 ,2,1 .)2,81 76.18 27.07 14.66 2504.00 14.31 14.34 05/29/18 07/31/14 08/31/18 09/28/18 10/31/18 11/30/18 12/31/18 01/11/19 07/28/10 03/29/19 04/20/10) 14.74 15:47 16.8 15.82 15.10 2573.00 2590.00 2678.50 2510.50 2719.50 24.92 25.36 2.43 25.35 27.29 26.0R 28.65 27./8 , 4 1,200.30 1,191.50 1,212.30 1,22.2.1 1,278.30 1,319.70 1,312.20 1,293.00 1,282.20 1,305.80 1,409.70 1,126.10 1,519.10 1,485.70 1,511.10 1,41:!:.ti.1 8,125 2,901.52 2,913.98 2,711.74 2,70.17 2,505,85 2,704.10 2,784.49 2,031.10 2,945.8% 2,752.06 2.941.26 2.980.38 2,926.46 2,976.74 3,037.56 3,1401.18 14.90 05/31/19 3000.00 2034.50 2685.00 2580.50 2125.50 14.48 15.22 06/28/19 07/31/19 Ir4/401 27.85 28.80 29.69 16.18 6.442.00 5,780.50 5,972.00 5,928.00 5,678.00 5,728.00 5,825.00 5,854.00 18.39 .24ii 29.55 29.92 10/31/19 2377.00 2543.00 2317.50 18.06 16.17 28.01 10 76.45 Question 3 (5 marks) The spreadsheet Problem Set1A Data.xls contains historical data for precious metal prices and the aggregate equity market index (All data are in monthly frequency). Assume the risk-free rate is 0.2% per month Your client is interested in investing in the precious metals as they have historically been considered as safe haven/hedge against equity market volatility. However, he has been warned off by his financial planner. You are asked to compare the historical performance of the precious metals and equity asset class using suitable portfolio performance measures. a) Evaluate the performance of the precious metals using appropriate portfolio performance measures and explain your results. (3 marks) b) Financial market commentators often argue that it is unwise to invest in precious metals, as they historically have lower average returns and higher risk compared to equities. In light of this evidence and the results reported in Part a, discuss whether there is any justification for an investor with mean-variance utility preferences to invest in precious metals as opposed to equities. (2 marks) 1,255.82 IMAIL 3 20 14.76 28.19 1928.00 9.36 16.74 7.45 33.!! 8.93 9.43 19.62 5.75 17.99 9.57 6.77 7.03 7.11 21260KI 2125.50 2002.00 2039.50 1899.00 372) 32.43 31 20 28.10 16.17 16.85 9.69 1,468.36 1,378.35 1,300,63 1,322.70 1 385.59 1,400.38 1,780.00 1,267.38 1.292.83 1,166.36 958.75 9.86 17.15 2.04 27. 12/21/07 01/1/11 02/29/08 03/21/08 01/30/08 05/20/08 D/30/16 07/31/06 09/29/08 09/30/16 10/31/06 11/28/06 12/31/18 01/30/09 1.73 17.48 12.76 6.71 6.49 28 20 30.52 234.90 127.70 972.10 916.20 662.80 187.30 26.20 913.90 229.30 874.20 716.80 816.20 183.00 927.30 141.50 922.60 990.70 978.80 927.10 10.06 9.56 1843.00 1849.50 1906.00 2088.00 1835.50 2020.00 12.00 34.1 10.01 9.28 5.09 10.01 896.24 10.12 10.79 12.51 32 28 34.29 20.95 32.03 9.50 9.78 4.31 2034.31 2013.25 825.88 3.80 10.62 3.44 28.95 10.88 13.11 12.63 3.85 2290.00 2999.00 2721.00 2203.00 2195.50 1979.00 1875.00 1906.50 1720.50 1650.00 1091.00 1135.00 1120.50 1077.00 1075.50 1300.50 1408.00 1509.00 1555.00 1748.00 1748.00 1913.50 2195.00 2226.50 2570.00 2122.00 2157.50 2260.00 2251.00 1895.50 1852.00 735.09 797.87 872.81 28 64 24.42 2252 2139.00 2065.501 1870.50 1851.00 1882.00 11.5) 12.09 11.29 15.52 919.14 13.04 4.20 4.58 5.07 18 B6 11.25 12.07 13.63 19.91 5.15 11:30 14.54 16.45 21.68 12.14 5.46 5.00 16.57 22 20 12.39 18.14 5.60 6.676.50 7.170.50 8,540.50 8,520.00 8,655.00 8,105.00 8,775.50 8,260.50 7,510.00 6,419.00 3.995.00 3.581.00 2,902.00 3.106.00 3,390.00 4.035,00 4,515.00 4,776,00 5,100.00 5,750.00 5,750.00 6,136.00 6,575.00 6,814.50 7.346.00 6,854.00 7,072.00 7.830.00 7,365.00 6.926.00 6.515.00 7,195.00 7,355.50 8,053.50 8.225.00 8,375.00 9.739.50 9.720.00 8,857.50 9,399.50 9,370.50 8.224.50 9,301.00 8.731.00 9,197.00 7,131,50 7.800.50 7,405,50 12/30/11 011/31/12 02/29/12 03/30/12 01/30/12 05/31/12 11/1/12 07/31/12 09/31/12 09/23/12 10/31/12 11/30/12 12/31/12 01/31/13 017/18/13 03/28/13 04/20/13 05/31/13 06/28/13 07/31/13 CIA/1/12 09/30/13 10/31/13 11/29/13 12/31/13 01/31/14 02/28/14 03/31/14 (14/01/14 05/30/14 06/30/14 07/31/14 CR/29/14 09/31/14 10/31/14 11/20/14 12/31/14 01/30/15 02/27/15 03/31/15 04/10/15 05/29/15 Ob/30/13 07/31/15 CIM/31/13 09/30/15 10/30/15 11/20/15 1,565.30 1,737.8.1 1.709.90 1,669.30 1,663.10 1,569.40 1,6013. 1,610.50 1,694.60 1,771.10 1,717.50 1,710.90 1,674.80 1,660.60 1,577.70 1,594.80 1.472.20 1,319.00 1.223.80 1,312.40 1,396.10 1,326.50 1,323.60 1,250.60 1,201.90 1,241.10 1,321.40 1,203.40 1,200.00 1,245.60 1,321.80 1,241.30 1,705.20 1,210.0 1,171.10 1.175.20 1,183.90 1,778 1,212.60 1.149.10 1,182.40 1,109.10 1,1/1.50 1,094.90 1,131.00 1,115.50 1,111.50 1,025.80 19.93 19.50 1931 16.99 6.04 7,564.00 3.495.50 8,585.00 8,480.00 8.529,50 7,517.00 7.604.50 7,581.00 7,576.50 8.267,50 7,819,00 7,949,00 7.915.00 8,170.00 7.828.00 7.582.50 7,073,50 7.241.00 0.750.50 6.506,00 7.095.00 7.290.50 7,234.00 7,027.00 7,394.50 7.091.00 7,087.50 6,836.00 6.724.00 6.995.50 8,865.00 7,135,50 6.995.00 6.736.00 6.835.50 8,515.50 6.359.00 5,505.00 5.080,50 6,050,50 6.245.00 6,088.50 5,721.00 5,220.00 5,096,00 5.083.00 5,135.50 4.596.60 1823.00 1792.00 1877.52 1876.50 1925.50 1859.00 2085.50 1963 2110.00 1981.00 2054.50 2074.00 2201.50 12.43 12.92 13.51 1,257.60 1,312.41 1,365.68 1,108,47 1,597.91 1,310.33 1,362.16 1,379 32 1,406,56 1,440.47 1,412.16 1.116.10 1,426.10 1,498.11 1,514/18 1,569 19 1,597.57 1,R0.74 1,606.28 1,665.73 1,08297 1,681.55 1,756.51 1,805 81 1,948.36 1,782.59 1,859.45 1,872.31 1,993.95 1,923.57 1,960.22 1,920.67 2,000.37 1,972.25 2,018.05 2,067.56 2,068.30 1,994.99 2,101.50 2,06/19 2,085.51 2.107.39 2,063.11 2.103.81 1,972.18 1,920.03 2,079.36 2,090.41 5.60 5.90 21 27 13.68 6.26 12.90 16.29 16.12 17.50 18.02 18.53 18.74 19.92 19.28 1.41 14.22 5.88 03/31/05 04/20/09 05/29/13 05/30/09 07/31/09 18/1/18 09/30/09 10/30/09 11/30/09 12/31/09 01/29/10 02/26/10 03/31/10 04/30/10 05/28/10 05/30/10 07/20/10 DR/31/10 Da/20/10 10/29/10 11/20/10 12/91/10 01/31/11 02/28/11 03/1/11 04/29/11 05/31/11 06/30/11 07/29/11 08/1/11 09/30/11 10/31/11 11/20/11 19.00 14.GR 5.70 20.37 15.16 17.66 1.48 20.69 14.81 19/3.50 2047.00 953.70 951,70 1,000.00 1,039.70 1,181.10 1,095.20 1,083.00 1,118.30 1,113.30 1,181.10 1,212.20 1,245.50 1,181./0 1,347,20 1,307.20 1,357.10 1,385.00 1,421.10 1,333.80 1,109.30 1,43M. 1,556.00 1,535.90 1,502.30 1,620.30 1,829.90 1,620.40 1,72 1.20 1,745,50 2400OCI 2359.00 18.AZ 919.32 987.18 1,020.62 1,057.08 1,096.19 1,095.63 1 115.10 1,073.37 1,104.49 1.169.43 1,1.9 1,089.41 1,000.71 1,101.64 1,049.33 1,141.21 1,183.76 1.100.55 1,257.64 1,286.12 1.327.22 1,325.8 1,36261 1,315.20 1,320.04 1.292.28 1,218.89 1,131.42 1.250.30 1,246.96 6.82 19.47 15.59 2176.0 16.10 22.0/ 23.95 27.13 16.53 6.80 6.57 16.11 30.03 10.6 17.11 16.20 15.92 15.9 16.92 16.5) 16.60 16.52 27.75 32.49 7.32 7.53 17.00 16.86 37.8/ 2.54 1/.35 48.70 7.64 2290.OKI 2335.00 2227.00 2167.00 2111.50 2050.50 20/5.53 2355.a 2212.50 1994.00 1920.00 1/93.00 1657.00 1673.00 1545.00 2392.50 2097.00 2423.00 2334.00 2177.50 2319.30 7321.50 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