Question: The first statistic requested is beta. Beta is often estimated by linear regression. A model commonly used is called the market model, which is: R

The first statistic requested is beta. Beta is often estimated by linear regression. A model commonly used is called the market model, which is:

R_t R_ft = a_i +b_i[R_Mt R_ft] + e_t

In this regression, R_t is the return on the stock in period t, R_ft is the risk-free rate in period t, R_Mt is the return on a stock market index such as the S&P 500 in period t, and b_i is the slope (and the stocks estimated beta).

To start, you will estimate the beta of Campbell Soup Company (ticker: CPB). You have already compiled the returns data necessary for your analysis

The first statistic requested is beta. Beta is often estimated by linear regression. A model commonly used is called the market model, which is: Rt Rft = ai +bi[RMt Rft] + et In this regression, Rt is the return on the stock in period t, Rft is the risk-free rate in period t, RMt is the return on a stock market index such as the S&P 500 in period t, and bi is the slope (and the stocks estimated beta). To start, you will estimate the beta of Campbell Soup Company (ticker: CPB). You have already

1.Use the market model to estimate the beta of Campbell Soup using the most recent 60 months of returns. What is Campbell Soup's beta? What does your estimate tell you about the level of systematic risk in Campbell Soups stock?

2: When the beta is calculated using monthly returns, there is a debate over the number of months that should be used in the calculation. Rework the previous questions using the last 36 months of returns to estimate beta. How does this answer compare to what you calculated previously? Does Campbell Soup appear riskier or less risky using the shorter estimation window? What could account for the increase or decrease in risk during the more recent period?

Part 3: Compare your beta for Campbell Soup to the beta you find on finance.yahoo.com. How similar are they?

Along with your written responses to the questions, please upload the spreadsheet file you used to make your calculations.

2018-11 0.057662 0.017859 2018-12 -0.15842 -0.09178 2019-01 0.073962 0.078684 2019-02 0.027325 0.029729 2019-03 0.058579 0.017924 2019-04 0.014686 0.039313 2019-05 -0.05312 -0.06578 2019-06 0.103553 0.06893 2019-07 0.031695 0.013128 2019-08 0.097815 -0.01809 2019-09 0.042667 0.017181 2019-10 0.00341 0.020432 2019-11 -0.00337 0.034047 2019-12 0.061198 0.02859 2020-01 -0.02084 -0.00163 2020-02 -0.0608 -0.08411 2020-03 0.02305 -0.12512 2020-04 0.082756 0.126844 2020-05 0.027704 0.045282 2020-06 -0.02648 0.018388 2020-07 -0.00121 0.055101 2020-08 0.068835 0.070065 2020-09 -0.08059 -0.03923 2020-10 -0.03515 -0.02767 2020-11 0.063308 0.095387 2020-12 -0.03339 0.048634 2021-01 -0.00496 -0.01114 2021-02 -0.04731 0.026091 2021-03 0.105321 0.042439 0.0233 0.0237 0.0237 0.0239 0.024 0.0238 0.0235 0.0217 0.021 0.0195 0.0189 0.0165 0.0154 0.0154 0.0152 0.0152 0.0029 0.0014 0.0013 0.0016 0.0013 0.001 0.0011 0.001 0.0009 0.0009 0.0008 0.0004 0.0003 62.2 Date Open High Low Close Adj Close Volume Month Return 11/1/2015 50.88 53.35 47.77 52.24 44.84555 36133800 11/1/2015 12/1/2015 53.06 55.08 52.01 52.55 45.11167 42006700 12/1/2015 0.005934 1/1/2016 51.93 56.63 50.54 56.41 48.42529 46230800 1/1/2016 0.073454 2/1/2016 56.4 63.94 54.97 61.75 53.3309 44545500 2/1/2016 0.101303 3/1/2016 64.81 60.04 63.79 55.09276 43750200 3/1/2016 0.033036 4/1/2016 63.4 65.48 59.74 61.71 53.29635 36002200 4/1/2016 -0.03261 5/1/2016 61.7 66.75 59.51 60.57 52.56566 51510500 5/1/2016 -0.01371 6/1/2016 60.64 54 60.26 66.53 57.73804 41721400 6/1/2016 0.098399 7/1/2016 66.64 67.89 61.04 62.27 54.041 36277800 7/1/2016 -0.06403 8/1/2016 62.16 62.3 59.88 60.72 52.94036 32862600 8/1/2016 -0.02037 9/1/2016 57.67 58.45 54.11 54.7 47.69166 50693100 9/1/2016 -0.09914 10/1/2016 54.39 55.2 52.74 54.34 47.37779 40592800 10/1/2016 -0.00658 11/1/2016 54.4 57.85 52.59 56.89 50.25176 51850600 11/1/2016 0.060661 12/1/2016 56.62 61.09 56.08 60.47 53.41401 35432900 12/1/2016 0.062928 1/1/2017 60.6 63.5 59.43 62.23 54.96864 29031500 1/1/2017 0.029105 2/1/2017 62.11 64.23 57.55 59.35 52.72874 38612900 2/1/2017 -0.04075 3/1/2017 59.53 59.94 56.54 57.24 50.85414 35279500 3/1/2017 -0.03555 4/1/2017 57.27 58.2 56.05 57.54 51.12067 27006200 4/1/2017 0.005241 5/1/2017 57.63 59.14 54.1 57.65 51.53817 38492200 5/1/2017 0.008167 6/1/2017 57.75 58.33 51.64 52.15 46.62126 36974800 6/1/2017 -0.0954 7/1/2017 52.3 53.07 50.62 52.83 47.22917 30389000 7/1/2017 0.013039 8/1/2017 52.71 54.37 46.2 46.2 41.58768 47268900 8/1/2017 -0.11945 9/1/2017 46.43 48.74 46.82 42.14578 60755500 9/1/2017 0.01342 10/1/2017 46.8 48.25 45.19 47.37 42.64087 54518900 10/1/2017 0.011747 11/1/2017 47.57 50.48 45.07 49.3 44.72039 62602900 11/1/2017 0.048768 12/1/2017 49.31 51.07 47.91 48.11 43.6409354711500 12/1/2017 -0.02414 1/1/2018 48.2 48.42 45.26 46.55 42.22585 47072800 1/1/2018 -0.03243 2/1/2018 46.46 48.1 42.82 43.05 39.34006 68097600 2/1/2018 -0.06834 3/1/2018 42.55 44.64 40.99 43.31 39.57764 69988700 3/1/2018 0.006039 4/1/2018 43.31 44.21 39.79 40.78 37.26568 49236400 4/1/2018 -0.05842 5/1/2018 40.64 41.8 33.28 33.64 30.99173 126086900 5/1/2018 -0.16836 6/1/2018 33.69 42.88 32.63 40.54 37.34854 155915800 6/1/2018 0.205113 45 7/1/2018 8/1/2018 9/1/2018 10/1/2018 11/1/2018 12/1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 40.54 41.68 39.41 36.82 37.51 39.19 32.76 35.56 36 38.04 38.74 36.22 40.44 41.53 44.81 47 46.27 46.47 49.45 48.61 45.34 45.11 49.64 51.49 49.55 49.68 52.81 48.31 47.09 49.98 48.2 48.04 45.49 42.54 43.98 41.33 38.85 41.58 39.59 35.95 36.49 38.84 40.22 39.44 43.66 41.8 48.03 47.46 48.38 48.39 49.54 49.56 49.3 57.54 52.46 53.92 52.44 50.78 54.08 52.88 49.88 50.05 50.77 53.77 48.31 52.23 39.62 38.2 35.89 35.97 36.39 32.21 32.03 32.17 35.03 37.18 35.27 36.22 39.78 40.61 44.11 45.77 45.85 46.15 46.84 43.35 40.7 44.75 46.9 46.68 48.29 49.26 44.53 46.35 45.51 46.44 44.85 45.33 44.9 40.9 37.6802 68874000 7/1/2018 0.00888 39.45 36.64685 112961700 8/1/2018 -0.02742 36.63 34.02723 57242300 9/1/2018 -0.07148 37.41 34.75181 86253400 10/1/2018 0.021294 39.2 36.75568 55205400 11/1/2018 0.057662 32.99 30.9329 56644000 12/1/2018 -0.15842 35.43 33.22075 58619800 1/1/2019 0.073962 36.02 34.12852 67124800 2/1/2019 0.027325 38.13 36.12772 46645000 3/1/2019 0.058579 38.69 65831 41886300 4/1/2019 0.01 686 36.31 34.71093 37782800 5/1/2019 -0.05312 40.07 38.30534 68213300 6/1/2019 0.103553 41.34 39.51941 32923000 7/1/2019 0.031695 45 43.38501 51406100 8/1/2019 0.097815 46.92 45.23611 52705900 9/1/2019 0.042667 47.08 45.39037 42520200 10/1/2019 0.00341 46.57 45.2372 31741800 11/1/2019 -0.00337 49.42 48.00563 49327900 12/1/2019 0.061198 48.39 47.00511 43538000 1/1/2020 -0.02084 45.12 44.14722 32742600 2/1/2020 -0.0608 46.16 45.16479 105409500 3/1/2020 0.02305 49.98 48.90244 56378100 4/1/2020 0.082756 50.98 50.25721 49352200 5/1/2020 0.027704 49.63 48.92635 58013400 6/1/2020 -0.02648 49.57 48.8672 38142200 7/1/2020 -0.00121 52.61 52.23097 31923500 8/1/2020 0.068835 48.37 48.02151 73087600 9/1/2020 -0.08059 46.67 46.33376 39031500 10/1/2020 -0.03515 50.02 49.26708 34855200 11/1/2020 0.063308 48.35 47.62221 46475000 12/1/2020 -0.03339 48.11 47.38583 60343900 1/1/2021 -0.00496 45.48 45.14405 35340200 2/1/2021 -0.04731 50.27 49.89867 57221600 3/1/2021 0.105321 Date Open High Low Close Adj Close Volume Month Return 11/1/2015 2080.76 2116.48 2019.39 2080.41 2080.41 7.59E+10 11/1/2015 12/1/2015 2082.93 2104.27 1993.26 2043.94 2043.94 8.36E+10 12/1/2015 -0.01753 1/1/2016 2038.2 2038.2 1812.29 1940.24 1940.24 9.24E+10 1/1/2016 -0.05074 2/1/2016 1936.94 1962.96 1810.1 1932.23 1932.23 9.3E+10 2/1/2016 -0.00413 3/1/2016 1937.09 2072.21 1937.09 2059.74 2059.74 9.26E+10 3/1/2016 0.065991 4/1/2016 2056.62 2111.05 2033.8 2065.3 2065.3 8.11E+10 4/1/2016 0.002699 5/1/2016 2067.17 2103.48 2025.91 2096.95 2096.95 7.89E+10 5/1/2016 0.015325 6/1/2016 2093.94 2120.55 1991.68 2098.86 2098.86 8.69E+10 6/1/2016 0.000911 7/1/2016 2099.34 2177.09 2074.02 2173.6 2173.6 6.95E+10 7/1/2016 0.03561 8/1/2016 2173.15 2193.81 2147.58 2170.95 2170.95 7.56E+10 8/1/2016 -0.00122 9/1/2016 2171.33 2187.87 2119.12 2168.27 2168.27 7.73E+10 9/1/2016 -0.00123 10/1/2016 2164.33 2169.6 2114.72 2126.15 2126.15 7.32E+10 10/1/2016 -0.01943 11/1/2016 2128.68 2214.1 2083.79 2198.81 2198.81 8.83E+10 11/1/2016 0.034175 12/1/2016 2200.17 2277.53 2187.44 2238.83 2238.83 7.53E+10 12/1/2016 0.018201 1/1/2017 2251.57 2300.99 2245.13 2278.87 2278.87 7.05E+10 1/1/2017 0.017884 2/1/2017 2285.59 2371.54 2271.65 2363.64 2363.64 6.92E+10 2/1/2017 0.037198 3/1/2017 2380.13 2400.98 2322.25 2362.72 2362.72 8.15E+10 3/1/2017 -0.00039 4/1/2017 2362.34 2398.16 2328.95 2384.2 2384.2 6.53E+10 4/1/2017 0.009091 5/1/2017 2388.5 2418.71 2352.72 2411.8 2411.8 7.96E+10 5/1/2017 0.011576 6/1/2017 2415.65 2453.82 2405.7 2423.41 2423.41 8.1E+10 6/1/2017 0.004814 7/1/2017 2431.39 2484.04 2407.7 2470.3 2470.3 6.32E+10 7/1/2017 0.019349 8/1/2017 2477.1 2490.87 2417.35 2471.65 2471.65 7.06E+10 8/1/2017 0.000546 9/1/2017 2474.42 2519.44 2446.55 2519.36 2519.36 6.63E+10 9/1/2017 0.019303 10/1/2017 2521.2 2582.98 2520.4 2575.26 2575.26 7.09E+10 10/1/2017 0.022188 11/1/2017 2583.21 2657.74 2557.45 2584.84 2584.84 9.51E+10 11/1/2017 0.00372 12/1/2017 2645.1 2694.97 2605.52 2673.61 2673.61 6.53E+10 12/1/2017 0.034343 1/1/2018 2683.73 2872.87 2682.36 2823.81 2823.81 7.69E+10 1/1/2018 0.056179 2/1/2018 2816.45 2835.96 2532.69 2713.83 2713.83 7.96E+10 2/1/2018 -0.03895 3/1/2018 2715.22 2801.9 2585.89 2640.87 2640.87 7.64E+10 3/1/2018 -0.02688 4/1/2018 2633.45 2717.49 2553.8 2648.05 2648.05 6.96E+10 4/1/2018 0.002719 5/1/2018 2642.96 2742.24 2594.62 2705.27 2705.27 7.56E+10 5/1/2018 0.021608 6/1/2018 2718.7 2791.47 2691.99 2718.37 2718.37 7.74E+10 6/1/2018 0.004842 7/1/2018 8/1/2018 9/1/2018 10/1/2018 11/1/2018 12/1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 2704.95 2821.17 2896.96 2926.29 2717.58 2790.5 2476.96 2702.32 2798.22 2848.63 2952.33 2751.53 2971.41 2980.32 2909.01 2983.69 3050.72 3143.85 3244.67 3235.66 2974.28 2498.08 2869.09 3038.78 3105.92 3288.26 3507.44 3385.87 3296.2 3645.87 3764.61 3731.17 3842.51 2848.03 2916.5 2940.91 2939.86 2815.15 2800.18 2708.95 2813.49 2860.31 2949.52 2954.13 2964.15 3027.98 3013.59 3021.99 3050.1 3154.26 3247.93 3337.77 3393.52 3136.72 2954.86 3068.67 3233.13 3279.99 3514.77 3588.11 3549.85 3645.99 3760.2 3870.9 3950.43 3994.41 2698.95 2796.34 2864.12 2603.54 2631.09 2346.58 2443.96 2681.83 2722.27 2848.63 2750.52 2728.81 2952.22 2822.12 2891.85 2855.94 3050.72 3070.33 3214.64 2855.84 2191.86 2447.49 2766.64 2965.66 3101.17 3284.53 3209.45 3233.94 3279.74 3633.4 3662.71 3725.62 3723.34 2816.29 2901.52 2913.98 2711.74 2760.17 2506.85 2704.1 2784.49 2834.4 2945.83 2752.06 2941.76 2980.38 2926.46 2976.74 3037.56 3140.98 3230.78 3225.52 2954.22 2584.59 2912.43 3044.31 3100.29 3271.12 3500.31 3363 3269.96 3581.87 3756.07 3714.24 3811.15 3972.89 2816.29 6.45E+10 7/1/2018 0.036022 2901.52 6.92E+10 8/1/2018 0.030263 2913.98 6.25E+10 9/1/2018 0.004294 2711.74 9.13E+10 10/1/2018 -0.0694 2760.17 8.01E+10 11/1/2018 0.017859 2506.85 8.35E+10 12/1/2018 -0.09178 2704.1 8.04E+10 1/1/2019 0.078684 2784.49 7.02E+10 2/1/2019 0.029729 2834.4 7.86E+10 3/1/2019 0.017924 2945.83 6.96E+10 4/1/2019 0.039313 2752.06 7.69E+10 5/1/2019 -0.06578 2941.76 7.09E+10 6/1/2019 0.06893 2980.38 7.03E+10 7/1/2019 0.013128 2926.46 7.96E+10 8/1/2019 -0.01809 2976.74 7.4E+10 9/1/2019 0.017181 3037.56 7.76E+10 10/1/2019 0.020432 3140.98 7.22E+10 11/1/2019 0.034047 3230.78 7.21E+10 12/1/2019 0.02859 3225.52 7.71E+10 1/1/2020 -0.00163 2954.22 8.43E+10 2/1/2020 -0.08411 2584.59 1.62E+11 3/1/2020 -0.12512 2912.43 1.23E+11 4/1/2020 0.126844 3044.31 1.07E+11 5/1/2020 0.045282 3100.29 1.31E+11 6/1/2020 0.018388 3271.12 9.72E+10 7/1/2020 0.055101 3500.31 8.44E+10 8/1/2020 0.070065 3363 9.21E+10 9/1/2020 -0.03923 3269.96 8.97E+10 10/1/2020 -0.02767 3581.87 7.15E+10 11/1/2020 0.095387 3756.07 9.61E+10 12/1/2020 0.048634 3714.24 1.06E+11 1/1/2021 -0.01114 3811.15 9.86E+10 2/1/2021 0.026091 3972.89 1.21E+11 3/1/2021 0.042439 FRED Graph Observations Federal Reserve Economic Data Link: https://fred.stlouisfed.org Help: https://fredhelp.stlouisfed.org Economic Research Division Federal Reserve Bank of St. Louis TB3MS 3-Month Treasury Bill: Secondary Market Rate, Percent, Monthly, Not Seasonally Adjusted Frequency: Monthly observation_date TB3MS Return 2015-10-01 0.02 0.0002 2015-11-01 0.12 0.0012 2015-12-01 0.23 0.0023 2016-01-01 0.26 0.0026 2016-02-01 0.31 0.0031 2016-03-01 0.29 0.0029 2016-04-01 0.23 0.0023 2016-05-01 0.27 0.0027 2016-06-01 0.27 0.0027 2016-07-01 0.30 0.003 2016-08-01 0.30 0.003 2016-09-01 0.29 0.0029 2016-10-01 0.33 0.0033 2016-11-01 0.45 0.0045 2016-12-01 0.51 0.0051 2017-01-01 0.51 0.0051 2017-02-01 0.52 0.0052 2017-03-01 0.74 0.0074 2017-04-01 0.80 0.008 2017-05-01 0.89 0.0089 2017-06-01 0.98 0.0098 2017-07-01 1.07 0.0107 2017-08-01 1.01 0.0101 2017-09-01 1.03 0.0103 2017-10-01 1.07 0.0107 2017-11-01 1.23 0.0123 2017-12-01 1.32 0.0132 2018-01-01 1.41 0.0141 2018-02-01 1.57 0.0157 2018-03-01 1.70 0.017 2018-04-01 1.76 0.0176 2018-05-01 2018-06-01 2018-07-01 2018-08-01 2018-09-01 2018-10-01 2018-11-01 2018-12-01 2019-01-01 2019-02-01 2019-03-01 2019-04-01 2019-05-01 2019-06-01 2019-07-01 2019-08-01 2019-09-01 2019-10-01 2019-11-01 2019-12-01 2020-01-01 2020-02-01 2020-03-01 2020-04-01 2020-05-01 2020-06-01 2020-07-01 2020-08-01 2020-09-01 2020-10-01 2020-11-01 2020-12-01 2021-01-01 2021-02-01 2021-03-01 1.86 1.90 1.96 2.03 2.13 2.25 2.33 2.37 2.37 2.39 2.40 2.38 2.35 2.17 2.10 1.95 1.89 1.65 1.54 1.54 1.52 1.52 0.29 0.14 0.13 0.16 0.13 0.10 0.11 0.10 0.09 0.09 0.08 0.04 0.03 0.0186 0.019 0.0196 0.0203 0.0213 0.0225 0.0233 0.0237 0.0237 0.0239 0.024 0.0238 0.0235 0.0217 0.021 0.0195 0.0189 0.0165 0.0154 0.0154 0.0152 0.0152 0.0029 0.0014 0.0013 0.0016 0.0013 0.001 0.0011 0.001 0.0009 0.0009 0.0008 0.0004 0.0003 2018-11 0.057662 0.017859 2018-12 -0.15842 -0.09178 2019-01 0.073962 0.078684 2019-02 0.027325 0.029729 2019-03 0.058579 0.017924 2019-04 0.014686 0.039313 2019-05 -0.05312 -0.06578 2019-06 0.103553 0.06893 2019-07 0.031695 0.013128 2019-08 0.097815 -0.01809 2019-09 0.042667 0.017181 2019-10 0.00341 0.020432 2019-11 -0.00337 0.034047 2019-12 0.061198 0.02859 2020-01 -0.02084 -0.00163 2020-02 -0.0608 -0.08411 2020-03 0.02305 -0.12512 2020-04 0.082756 0.126844 2020-05 0.027704 0.045282 2020-06 -0.02648 0.018388 2020-07 -0.00121 0.055101 2020-08 0.068835 0.070065 2020-09 -0.08059 -0.03923 2020-10 -0.03515 -0.02767 2020-11 0.063308 0.095387 2020-12 -0.03339 0.048634 2021-01 -0.00496 -0.01114 2021-02 -0.04731 0.026091 2021-03 0.105321 0.042439 0.0233 0.0237 0.0237 0.0239 0.024 0.0238 0.0235 0.0217 0.021 0.0195 0.0189 0.0165 0.0154 0.0154 0.0152 0.0152 0.0029 0.0014 0.0013 0.0016 0.0013 0.001 0.0011 0.001 0.0009 0.0009 0.0008 0.0004 0.0003 62.2 Date Open High Low Close Adj Close Volume Month Return 11/1/2015 50.88 53.35 47.77 52.24 44.84555 36133800 11/1/2015 12/1/2015 53.06 55.08 52.01 52.55 45.11167 42006700 12/1/2015 0.005934 1/1/2016 51.93 56.63 50.54 56.41 48.42529 46230800 1/1/2016 0.073454 2/1/2016 56.4 63.94 54.97 61.75 53.3309 44545500 2/1/2016 0.101303 3/1/2016 64.81 60.04 63.79 55.09276 43750200 3/1/2016 0.033036 4/1/2016 63.4 65.48 59.74 61.71 53.29635 36002200 4/1/2016 -0.03261 5/1/2016 61.7 66.75 59.51 60.57 52.56566 51510500 5/1/2016 -0.01371 6/1/2016 60.64 54 60.26 66.53 57.73804 41721400 6/1/2016 0.098399 7/1/2016 66.64 67.89 61.04 62.27 54.041 36277800 7/1/2016 -0.06403 8/1/2016 62.16 62.3 59.88 60.72 52.94036 32862600 8/1/2016 -0.02037 9/1/2016 57.67 58.45 54.11 54.7 47.69166 50693100 9/1/2016 -0.09914 10/1/2016 54.39 55.2 52.74 54.34 47.37779 40592800 10/1/2016 -0.00658 11/1/2016 54.4 57.85 52.59 56.89 50.25176 51850600 11/1/2016 0.060661 12/1/2016 56.62 61.09 56.08 60.47 53.41401 35432900 12/1/2016 0.062928 1/1/2017 60.6 63.5 59.43 62.23 54.96864 29031500 1/1/2017 0.029105 2/1/2017 62.11 64.23 57.55 59.35 52.72874 38612900 2/1/2017 -0.04075 3/1/2017 59.53 59.94 56.54 57.24 50.85414 35279500 3/1/2017 -0.03555 4/1/2017 57.27 58.2 56.05 57.54 51.12067 27006200 4/1/2017 0.005241 5/1/2017 57.63 59.14 54.1 57.65 51.53817 38492200 5/1/2017 0.008167 6/1/2017 57.75 58.33 51.64 52.15 46.62126 36974800 6/1/2017 -0.0954 7/1/2017 52.3 53.07 50.62 52.83 47.22917 30389000 7/1/2017 0.013039 8/1/2017 52.71 54.37 46.2 46.2 41.58768 47268900 8/1/2017 -0.11945 9/1/2017 46.43 48.74 46.82 42.14578 60755500 9/1/2017 0.01342 10/1/2017 46.8 48.25 45.19 47.37 42.64087 54518900 10/1/2017 0.011747 11/1/2017 47.57 50.48 45.07 49.3 44.72039 62602900 11/1/2017 0.048768 12/1/2017 49.31 51.07 47.91 48.11 43.6409354711500 12/1/2017 -0.02414 1/1/2018 48.2 48.42 45.26 46.55 42.22585 47072800 1/1/2018 -0.03243 2/1/2018 46.46 48.1 42.82 43.05 39.34006 68097600 2/1/2018 -0.06834 3/1/2018 42.55 44.64 40.99 43.31 39.57764 69988700 3/1/2018 0.006039 4/1/2018 43.31 44.21 39.79 40.78 37.26568 49236400 4/1/2018 -0.05842 5/1/2018 40.64 41.8 33.28 33.64 30.99173 126086900 5/1/2018 -0.16836 6/1/2018 33.69 42.88 32.63 40.54 37.34854 155915800 6/1/2018 0.205113 45 7/1/2018 8/1/2018 9/1/2018 10/1/2018 11/1/2018 12/1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 40.54 41.68 39.41 36.82 37.51 39.19 32.76 35.56 36 38.04 38.74 36.22 40.44 41.53 44.81 47 46.27 46.47 49.45 48.61 45.34 45.11 49.64 51.49 49.55 49.68 52.81 48.31 47.09 49.98 48.2 48.04 45.49 42.54 43.98 41.33 38.85 41.58 39.59 35.95 36.49 38.84 40.22 39.44 43.66 41.8 48.03 47.46 48.38 48.39 49.54 49.56 49.3 57.54 52.46 53.92 52.44 50.78 54.08 52.88 49.88 50.05 50.77 53.77 48.31 52.23 39.62 38.2 35.89 35.97 36.39 32.21 32.03 32.17 35.03 37.18 35.27 36.22 39.78 40.61 44.11 45.77 45.85 46.15 46.84 43.35 40.7 44.75 46.9 46.68 48.29 49.26 44.53 46.35 45.51 46.44 44.85 45.33 44.9 40.9 37.6802 68874000 7/1/2018 0.00888 39.45 36.64685 112961700 8/1/2018 -0.02742 36.63 34.02723 57242300 9/1/2018 -0.07148 37.41 34.75181 86253400 10/1/2018 0.021294 39.2 36.75568 55205400 11/1/2018 0.057662 32.99 30.9329 56644000 12/1/2018 -0.15842 35.43 33.22075 58619800 1/1/2019 0.073962 36.02 34.12852 67124800 2/1/2019 0.027325 38.13 36.12772 46645000 3/1/2019 0.058579 38.69 65831 41886300 4/1/2019 0.01 686 36.31 34.71093 37782800 5/1/2019 -0.05312 40.07 38.30534 68213300 6/1/2019 0.103553 41.34 39.51941 32923000 7/1/2019 0.031695 45 43.38501 51406100 8/1/2019 0.097815 46.92 45.23611 52705900 9/1/2019 0.042667 47.08 45.39037 42520200 10/1/2019 0.00341 46.57 45.2372 31741800 11/1/2019 -0.00337 49.42 48.00563 49327900 12/1/2019 0.061198 48.39 47.00511 43538000 1/1/2020 -0.02084 45.12 44.14722 32742600 2/1/2020 -0.0608 46.16 45.16479 105409500 3/1/2020 0.02305 49.98 48.90244 56378100 4/1/2020 0.082756 50.98 50.25721 49352200 5/1/2020 0.027704 49.63 48.92635 58013400 6/1/2020 -0.02648 49.57 48.8672 38142200 7/1/2020 -0.00121 52.61 52.23097 31923500 8/1/2020 0.068835 48.37 48.02151 73087600 9/1/2020 -0.08059 46.67 46.33376 39031500 10/1/2020 -0.03515 50.02 49.26708 34855200 11/1/2020 0.063308 48.35 47.62221 46475000 12/1/2020 -0.03339 48.11 47.38583 60343900 1/1/2021 -0.00496 45.48 45.14405 35340200 2/1/2021 -0.04731 50.27 49.89867 57221600 3/1/2021 0.105321 Date Open High Low Close Adj Close Volume Month Return 11/1/2015 2080.76 2116.48 2019.39 2080.41 2080.41 7.59E+10 11/1/2015 12/1/2015 2082.93 2104.27 1993.26 2043.94 2043.94 8.36E+10 12/1/2015 -0.01753 1/1/2016 2038.2 2038.2 1812.29 1940.24 1940.24 9.24E+10 1/1/2016 -0.05074 2/1/2016 1936.94 1962.96 1810.1 1932.23 1932.23 9.3E+10 2/1/2016 -0.00413 3/1/2016 1937.09 2072.21 1937.09 2059.74 2059.74 9.26E+10 3/1/2016 0.065991 4/1/2016 2056.62 2111.05 2033.8 2065.3 2065.3 8.11E+10 4/1/2016 0.002699 5/1/2016 2067.17 2103.48 2025.91 2096.95 2096.95 7.89E+10 5/1/2016 0.015325 6/1/2016 2093.94 2120.55 1991.68 2098.86 2098.86 8.69E+10 6/1/2016 0.000911 7/1/2016 2099.34 2177.09 2074.02 2173.6 2173.6 6.95E+10 7/1/2016 0.03561 8/1/2016 2173.15 2193.81 2147.58 2170.95 2170.95 7.56E+10 8/1/2016 -0.00122 9/1/2016 2171.33 2187.87 2119.12 2168.27 2168.27 7.73E+10 9/1/2016 -0.00123 10/1/2016 2164.33 2169.6 2114.72 2126.15 2126.15 7.32E+10 10/1/2016 -0.01943 11/1/2016 2128.68 2214.1 2083.79 2198.81 2198.81 8.83E+10 11/1/2016 0.034175 12/1/2016 2200.17 2277.53 2187.44 2238.83 2238.83 7.53E+10 12/1/2016 0.018201 1/1/2017 2251.57 2300.99 2245.13 2278.87 2278.87 7.05E+10 1/1/2017 0.017884 2/1/2017 2285.59 2371.54 2271.65 2363.64 2363.64 6.92E+10 2/1/2017 0.037198 3/1/2017 2380.13 2400.98 2322.25 2362.72 2362.72 8.15E+10 3/1/2017 -0.00039 4/1/2017 2362.34 2398.16 2328.95 2384.2 2384.2 6.53E+10 4/1/2017 0.009091 5/1/2017 2388.5 2418.71 2352.72 2411.8 2411.8 7.96E+10 5/1/2017 0.011576 6/1/2017 2415.65 2453.82 2405.7 2423.41 2423.41 8.1E+10 6/1/2017 0.004814 7/1/2017 2431.39 2484.04 2407.7 2470.3 2470.3 6.32E+10 7/1/2017 0.019349 8/1/2017 2477.1 2490.87 2417.35 2471.65 2471.65 7.06E+10 8/1/2017 0.000546 9/1/2017 2474.42 2519.44 2446.55 2519.36 2519.36 6.63E+10 9/1/2017 0.019303 10/1/2017 2521.2 2582.98 2520.4 2575.26 2575.26 7.09E+10 10/1/2017 0.022188 11/1/2017 2583.21 2657.74 2557.45 2584.84 2584.84 9.51E+10 11/1/2017 0.00372 12/1/2017 2645.1 2694.97 2605.52 2673.61 2673.61 6.53E+10 12/1/2017 0.034343 1/1/2018 2683.73 2872.87 2682.36 2823.81 2823.81 7.69E+10 1/1/2018 0.056179 2/1/2018 2816.45 2835.96 2532.69 2713.83 2713.83 7.96E+10 2/1/2018 -0.03895 3/1/2018 2715.22 2801.9 2585.89 2640.87 2640.87 7.64E+10 3/1/2018 -0.02688 4/1/2018 2633.45 2717.49 2553.8 2648.05 2648.05 6.96E+10 4/1/2018 0.002719 5/1/2018 2642.96 2742.24 2594.62 2705.27 2705.27 7.56E+10 5/1/2018 0.021608 6/1/2018 2718.7 2791.47 2691.99 2718.37 2718.37 7.74E+10 6/1/2018 0.004842 7/1/2018 8/1/2018 9/1/2018 10/1/2018 11/1/2018 12/1/2018 1/1/2019 2/1/2019 3/1/2019 4/1/2019 5/1/2019 6/1/2019 7/1/2019 8/1/2019 9/1/2019 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 2704.95 2821.17 2896.96 2926.29 2717.58 2790.5 2476.96 2702.32 2798.22 2848.63 2952.33 2751.53 2971.41 2980.32 2909.01 2983.69 3050.72 3143.85 3244.67 3235.66 2974.28 2498.08 2869.09 3038.78 3105.92 3288.26 3507.44 3385.87 3296.2 3645.87 3764.61 3731.17 3842.51 2848.03 2916.5 2940.91 2939.86 2815.15 2800.18 2708.95 2813.49 2860.31 2949.52 2954.13 2964.15 3027.98 3013.59 3021.99 3050.1 3154.26 3247.93 3337.77 3393.52 3136.72 2954.86 3068.67 3233.13 3279.99 3514.77 3588.11 3549.85 3645.99 3760.2 3870.9 3950.43 3994.41 2698.95 2796.34 2864.12 2603.54 2631.09 2346.58 2443.96 2681.83 2722.27 2848.63 2750.52 2728.81 2952.22 2822.12 2891.85 2855.94 3050.72 3070.33 3214.64 2855.84 2191.86 2447.49 2766.64 2965.66 3101.17 3284.53 3209.45 3233.94 3279.74 3633.4 3662.71 3725.62 3723.34 2816.29 2901.52 2913.98 2711.74 2760.17 2506.85 2704.1 2784.49 2834.4 2945.83 2752.06 2941.76 2980.38 2926.46 2976.74 3037.56 3140.98 3230.78 3225.52 2954.22 2584.59 2912.43 3044.31 3100.29 3271.12 3500.31 3363 3269.96 3581.87 3756.07 3714.24 3811.15 3972.89 2816.29 6.45E+10 7/1/2018 0.036022 2901.52 6.92E+10 8/1/2018 0.030263 2913.98 6.25E+10 9/1/2018 0.004294 2711.74 9.13E+10 10/1/2018 -0.0694 2760.17 8.01E+10 11/1/2018 0.017859 2506.85 8.35E+10 12/1/2018 -0.09178 2704.1 8.04E+10 1/1/2019 0.078684 2784.49 7.02E+10 2/1/2019 0.029729 2834.4 7.86E+10 3/1/2019 0.017924 2945.83 6.96E+10 4/1/2019 0.039313 2752.06 7.69E+10 5/1/2019 -0.06578 2941.76 7.09E+10 6/1/2019 0.06893 2980.38 7.03E+10 7/1/2019 0.013128 2926.46 7.96E+10 8/1/2019 -0.01809 2976.74 7.4E+10 9/1/2019 0.017181 3037.56 7.76E+10 10/1/2019 0.020432 3140.98 7.22E+10 11/1/2019 0.034047 3230.78 7.21E+10 12/1/2019 0.02859 3225.52 7.71E+10 1/1/2020 -0.00163 2954.22 8.43E+10 2/1/2020 -0.08411 2584.59 1.62E+11 3/1/2020 -0.12512 2912.43 1.23E+11 4/1/2020 0.126844 3044.31 1.07E+11 5/1/2020 0.045282 3100.29 1.31E+11 6/1/2020 0.018388 3271.12 9.72E+10 7/1/2020 0.055101 3500.31 8.44E+10 8/1/2020 0.070065 3363 9.21E+10 9/1/2020 -0.03923 3269.96 8.97E+10 10/1/2020 -0.02767 3581.87 7.15E+10 11/1/2020 0.095387 3756.07 9.61E+10 12/1/2020 0.048634 3714.24 1.06E+11 1/1/2021 -0.01114 3811.15 9.86E+10 2/1/2021 0.026091 3972.89 1.21E+11 3/1/2021 0.042439 FRED Graph Observations Federal Reserve Economic Data Link: https://fred.stlouisfed.org Help: https://fredhelp.stlouisfed.org Economic Research Division Federal Reserve Bank of St. Louis TB3MS 3-Month Treasury Bill: Secondary Market Rate, Percent, Monthly, Not Seasonally Adjusted Frequency: Monthly observation_date TB3MS Return 2015-10-01 0.02 0.0002 2015-11-01 0.12 0.0012 2015-12-01 0.23 0.0023 2016-01-01 0.26 0.0026 2016-02-01 0.31 0.0031 2016-03-01 0.29 0.0029 2016-04-01 0.23 0.0023 2016-05-01 0.27 0.0027 2016-06-01 0.27 0.0027 2016-07-01 0.30 0.003 2016-08-01 0.30 0.003 2016-09-01 0.29 0.0029 2016-10-01 0.33 0.0033 2016-11-01 0.45 0.0045 2016-12-01 0.51 0.0051 2017-01-01 0.51 0.0051 2017-02-01 0.52 0.0052 2017-03-01 0.74 0.0074 2017-04-01 0.80 0.008 2017-05-01 0.89 0.0089 2017-06-01 0.98 0.0098 2017-07-01 1.07 0.0107 2017-08-01 1.01 0.0101 2017-09-01 1.03 0.0103 2017-10-01 1.07 0.0107 2017-11-01 1.23 0.0123 2017-12-01 1.32 0.0132 2018-01-01 1.41 0.0141 2018-02-01 1.57 0.0157 2018-03-01 1.70 0.017 2018-04-01 1.76 0.0176 2018-05-01 2018-06-01 2018-07-01 2018-08-01 2018-09-01 2018-10-01 2018-11-01 2018-12-01 2019-01-01 2019-02-01 2019-03-01 2019-04-01 2019-05-01 2019-06-01 2019-07-01 2019-08-01 2019-09-01 2019-10-01 2019-11-01 2019-12-01 2020-01-01 2020-02-01 2020-03-01 2020-04-01 2020-05-01 2020-06-01 2020-07-01 2020-08-01 2020-09-01 2020-10-01 2020-11-01 2020-12-01 2021-01-01 2021-02-01 2021-03-01 1.86 1.90 1.96 2.03 2.13 2.25 2.33 2.37 2.37 2.39 2.40 2.38 2.35 2.17 2.10 1.95 1.89 1.65 1.54 1.54 1.52 1.52 0.29 0.14 0.13 0.16 0.13 0.10 0.11 0.10 0.09 0.09 0.08 0.04 0.03 0.0186 0.019 0.0196 0.0203 0.0213 0.0225 0.0233 0.0237 0.0237 0.0239 0.024 0.0238 0.0235 0.0217 0.021 0.0195 0.0189 0.0165 0.0154 0.0154 0.0152 0.0152 0.0029 0.0014 0.0013 0.0016 0.0013 0.001 0.0011 0.001 0.0009 0.0009 0.0008 0.0004 0.0003

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