1 Compute relative return for each day

2 Estimate correlation between USD/GEL and EUR/GEL.

3 Estimate 20 days Moving Volatility for FX (equal weights)
and EUR/GEL.
equal weights)
 DATE USD/GEL EUR/GEL RelRet for USD RelRet for EUR
4/Jul/17 2.4000 2.7302
5/Jul/17 2.3993 2.7237
6/Jul/17 2.3980 2.7150
7/Jul/17 2.3969 2.7253
10/Jul/17 2.3966 2.7352
11/Jul/17 2.3949 2.7280
12/Jul/17 2.3943 2.7281
13/Jul/17 2.3941 2.7424
14/Jul/17 2.3970 2.7290
17/Jul/17 2.4015 2.7411
18/Jul/17 2.4047 2.7555
19/Jul/17 2.4039 2.7787
20/Jul/17 2.4014 2.7679
21/Jul/17 2.3995 2.7621
24/Jul/17 2.3983 2.7923
25/Jul/17 2.3987 2.7938
26/Jul/17 2.3987 2.7945
27/Jul/17 2.3993 2.7933
28/Jul/17 2.4022 2.8125
31/Jul/17 2.4009 2.8110
1/Aug/17 2.3956 2.8103
2/Aug/17 2.3952 2.8285
3/Aug/17 2.3951 2.8346
4/Aug/17 2.3928 2.8333
7/Aug/17 2.3910 2.8393
8/Aug/17 2.3904 2.8204
9/Aug/17 2.3903 2.8246
10/Aug/17 2.3902 2.8066
11/Aug/17 2.3901 2.8014
14/Aug/17 2.3902 2.8125
15/Aug/17 2.3895 2.8191
16/Aug/17 2.3888 2.8059
17/Aug/17 2.3885 2.7950
18/Aug/17 2.3885 2.7936
21/Aug/17 2.3895 2.8067
22/Aug/17 2.3910 2.8099
23/Aug/17 2.3913 2.8107
24/Aug/17 2.3946 2.8216
25/Aug/17 2.4169 2.8490
29/Aug/17 2.4158 2.8548
30/Aug/17 2.4184 2.9101
31/Aug/17 2.4274 2.9000
1/Sep/17 2.4301 2.8809
4/Sep/17 2.4387 2.9057
 5/Sep/17 2.4502 2.9177
6/Sep/17 2.4926 2.9662
7/Sep/17 2.4802 2.9579
8/Sep/17 2.4630 2.9536
11/Sep/17 2.4618 2.9702
12/Sep/17 2.4616 2.9569
13/Sep/17 2.4589 2.9359
14/Sep/17 2.4587 2.9443
15/Sep/17 2.4604 2.9281
18/Sep/17 2.4663 2.9467
19/Sep/17 2.4727 2.9561
20/Sep/17 2.4738 2.9661
21/Sep/17 2.4778 2.9746
22/Sep/17 2.4808 2.9546
25/Sep/17 2.4804 2.9708
26/Sep/17 2.4829 2.9497
27/Sep/17 2.4806 2.9251
28/Sep/17 2.4817 2.9153
29/Sep/17 2.4835 2.9258
30/Sep/17 2.4767 2.9252
2/Oct/17 2.4767 2.9252
3/Oct/17 2.4764 2.9075
4/Oct/17 2.4731 2.9076
5/Oct/17 2.4687 2.9071
6/Oct/17 2.4792 2.9143
9/Oct/17 2.4790 2.9032
10/Oct/17 2.4786 2.9109
11/Oct/17 2.4798 2.9229
12/Oct/17 2.4830 2.9339
13/Oct/17 2.4831 2.9432
16/Oct/17 2.4808 2.9326
17/Oct/17 2.4826 2.9305
18/Oct/17 2.4839 2.9223
19/Oct/17 2.4844 2.9204
20/Oct/17 2.4863 2.9405
23/Oct/17 2.4864 2.9344
24/Oct/17 2.4894 2.9240
25/Oct/17 2.5206 2.9635
26/Oct/17 2.5317 2.9813
27/Oct/17 2.5496 3.0111
30/Oct/17 2.5612 2.9766
31/Oct/17 2.5873 3.0106
1/Nov/17 2.6112 3.0368
2/Nov/17 2.6106 3.0380
3/Nov/17 2.6297 3.0625
 6/Nov/17 2.6284 3.0610
7/Nov/17 2.6108 3.0301
8/Nov/17 2.6008 3.0081
9/Nov/17 2.6272 3.0468
10/Nov/17 2.6370 3.0608
13/Nov/17 2.6499 3.0882
14/Nov/17 2.6538 3.0904
15/Nov/17 2.6830 3.1437
16/Nov/17 2.6955 3.1920
17/Nov/17 2.7039 3.1836
20/Nov/17 2.7268 3.2176
21/Nov/17 2.6890 3.1717
22/Nov/17 2.7060 3.1766
24/Nov/17 2.7137 3.1897
27/Nov/17 2.7062 3.2112
28/Nov/17 2.7183 3.2440
29/Nov/17 2.7228 3.2339
30/Nov/17 2.7225 3.2262
1/Dec/17 2.7193 3.2172
4/Dec/17 2.7085 3.2256
5/Dec/17 2.7055 3.2057
6/Dec/17 2.7031 3.2070
7/Dec/17 2.6975 3.1895
8/Dec/17 2.7008 3.1818
11/Dec/17 2.6794 3.1462
12/Dec/17 2.6673 3.1466
13/Dec/17 2.6258 3.0916
14/Dec/17 2.5772 3.0282
15/Dec/17 2.5597 3.0256
18/Dec/17 2.5405 2.9980
19/Dec/17 2.5453 3.0001
20/Dec/17 2.5473 3.0081
21/Dec/17 2.5283 2.9945
22/Dec/17 2.5266 3.0006
25/Dec/17 2.5342 3.0030
26/Dec/17 2.5372 3.0079
27/Dec/17 2.5751 3.0536
28/Dec/17 2.5876 3.0759
29/Dec/17 2.6131 3.1169
30/Dec/17 2.5922 3.1044
31/Dec/17 2.5922 3.1044
3/Jan/18 2.5922 3.1044
4/Jan/18 2.5902 3.1129
5/Jan/18 2.5851 3.1153
8/Jan/18 2.5967 3.1285
 9/Jan/18 2.5895 3.1092
10/Jan/18 2.5803 3.0775
11/Jan/18 2.5778 3.0892
12/Jan/18 2.5671 3.0667
15/Jan/18 2.5616 3.1049
16/Jan/18 2.5423 3.1209
17/Jan/18 2.5451 3.1058
18/Jan/18 2.5463 3.1154
22/Jan/18 2.5429 3.1082
23/Jan/18 2.5340 3.1067
24/Jan/18 2.5117 3.0751
25/Jan/18 2.5098 3.0971
26/Jan/18 2.4999 3.1034
29/Jan/18 2.4578 3.0636
30/Jan/18 2.4950 3.0998
31/Jan/18 2.4969 3.1016
1/Feb/18 2.4962 3.1073
2/Feb/18 2.4749 3.0773
5/Feb/18 2.4638 3.0763
6/Feb/18 2.4637 3.0715
7/Feb/18 2.4691 3.0617
8/Feb/18 2.4681 3.0461
9/Feb/18 2.4621 3.0131
12/Feb/18 2.4501 3.0031
13/Feb/18 2.4488 3.0037
14/Feb/18 2.4427 3.0150
15/Feb/18 2.4480 3.0247
16/Feb/18 2.4592 3.0691
19/Feb/18 2.4641 3.0782
20/Feb/18 2.4638 3.0595
21/Feb/18 2.4767 3.0558
22/Feb/18 2.4686 3.0435
23/Feb/18 2.4669 3.0321
26/Feb/18 2.4671 3.0375
27/Feb/18 2.4763 3.0587
28/Feb/18 2.4795 3.0555
1/Mar/18 2.4692 3.0179
2/Mar/18 2.4649 3.0057
5/Mar/18 2.4634 3.0268
6/Mar/18 2.4585 3.0274
7/Mar/18 2.4459 3.0192
9/Mar/18 2.4462 3.0431
12/Mar/18 2.4462 3.0088
13/Mar/18 2.4328 2.9953
14/Mar/18 2.4400 3.0100
15/Mar/18 2.4394 3.0166
16/Mar/18 2.4438 3.0213
19/Mar/18 2.4457 3.0158
20/Mar/18 2.4401 3.0003
21/Mar/18 2.4383 3.0018
22/Mar/18 2.4320 2.9860
23/Mar/18 2.4356 2.9992
26/Mar/18 2.4314 2.9972
27/Mar/18 2.4298 3.0130
28/Mar/18 2.4266 3.0114
29/Mar/18 2.4272 3.0078
30/Mar/18 2.4263 2.9875
31/Mar/18 2.4144 2.9762
2/Apr/18 2.4144 2.9762
3/Apr/18 2.4052 2.9649
4/Apr/18 2.3929 2.9418
5/Apr/18 2.3912 2.9364
10/Apr/18 2.4011 2.9474
11/Apr/18 2.4037 2.9621
12/Apr/18 2.4008 2.9712
13/Apr/18 2.4070 2.9700
16/Apr/18 2.4162 2.9811
17/Apr/18 2.4172 2.9886
18/Apr/18 2.4292 3.0049
19/Apr/18 2.4277 3.0028
20/Apr/18 2.4351 3.0125
23/Apr/18 2.4402 3.0017
24/Apr/18 2.4488 2.9944
25/Apr/18 2.4791 3.0282
26/Apr/18 2.4787 3.0243
27/Apr/18 2.4640 3.0007
30/Apr/18 2.4617 2.9762
1/May/18 2.4570 2.9713
2/May/18 2.4552 2.9529
3/May/18 2.4563 2.9488
4/May/18 2.4608 2.9485
5/May/18 2.4577 2.9401
6/May/18 2.4577 2.9401
7/May/18 2.4577 2.9401
8/May/18 2.4512 2.9226
10/May/18 2.4495 2.9098
11/May/18 2.4505 2.9129
14/May/18 2.4496 2.9253
15/May/18 2.4434 2.9277
16/May/18 2.4344 2.9016
17/May/18 2.4315 2.8667
18/May/18 2.4400 2.8768
21/May/18 2.4423 2.8773
22/May/18 2.4365 2.8641
23/May/18 2.4438 2.8869
24/May/18 2.4491 2.8711
25/May/18 2.4734 2.8988
28/May/18 2.4805 2.9044
29/May/18 2.4663 2.8727
30/May/18 2.4717 2.8536
31/May/18 2.4719 2.8716
1/Jun/18 2.4664 2.8812
4/Jun/18 2.4735 2.8962
5/Jun/18 2.4558 2.8794
6/Jun/18 2.4511 2.8661
7/Jun/18 2.4464 2.8782
8/Jun/18 2.4506 2.8978
11/Jun/18 2.4538 2.8815
12/Jun/18 2.4473 2.8832
13/Jun/18 2.4569 2.8959
14/Jun/18 2.4623 2.8966
15/Jun/18 2.4628 2.9118
18/Jun/18 2.4602 2.8521
19/Jun/18 2.4586 2.8554
20/Jun/18 2.4561 2.8363
21/Jun/18 2.4573 2.8414
22/Jun/18 2.4579 2.8357
25/Jun/18 2.4578 2.8597
26/Jun/18 2.4531 2.8561
27/Jun/18 2.4559 2.8651
28/Jun/18 2.4553 2.8575
29/Jun/18 2.4535 2.8439
30/Jun/18 2.4516 2.8537
2/Jul/18 2.4516 2.8537
3/Jul/18 2.4469 2.8494
4/Jul/18 2.4441 2.8474
5/Jul/18 2.4474 2.8485
6/Jul/18 2.4475 2.8594
9/Jul/18 2.4460 2.8635
10/Jul/18 2.4448 2.8773
11/Jul/18 2.4422 2.8571
12/Jul/18 2.4403 2.8593
13/Jul/18 2.4401 2.8483
16/Jul/18 2.4478 2.8458
17/Jul/18 2.4479 2.8660
 18/Jul/18 2.4488 2.8700
19/Jul/18 2.4546 2.8520
20/Jul/18 2.4503 2.8433
23/Jul/18 2.4417 2.8436
24/Jul/18 2.4454 2.8638
25/Jul/18 2.4476 2.8642
26/Jul/18 2.4492 2.8641
27/Jul/18 2.4526 2.8725
30/Jul/18 2.4490 2.8479
31/Jul/18 2.4474 2.8591
1/Aug/18 2.4484 2.8717
2/Aug/18 2.4482 2.8607
3/Aug/18 2.4469 2.8431
6/Aug/18 2.4484 2.8340
7/Aug/18 2.4500 2.8261
8/Aug/18 2.4604 2.8526
9/Aug/18 2.4647 2.8583
10/Aug/18 2.4687 2.8622
13/Aug/18 2.5339 2.9061
14/Aug/18 2.5694 2.9242
15/Aug/18 2.6343 3.0047
16/Aug/18 2.6074 2.9495
17/Aug/18 2.5773 2.9299
20/Aug/18 2.5779 2.9344
21/Aug/18 2.5558 2.9154
22/Aug/18 2.5703 2.9620
23/Aug/18 2.5851 2.9954
24/Aug/18 2.5862 2.9933
27/Aug/18 2.5720 2.9791
29/Aug/18 2.5712 2.9849
30/Aug/18 2.5752 3.0047
31/Aug/18 2.5803 3.0184
3/Sep/18 2.5789 3.0078
4/Sep/18 2.5783 2.9944
5/Sep/18 2.5844 2.9868
6/Sep/18 2.6165 3.0323
7/Sep/18 2.6202 3.0478
10/Sep/18 2.6126 3.0395
11/Sep/18 2.5980 3.0067
12/Sep/18 2.6017 3.0138
13/Sep/18 2.6158 3.0309
14/Sep/18 2.6222 3.0470
17/Sep/18 2.6128 3.0578
18/Sep/18 2.6156 3.0498
Volatility (USD) 20 day Volatility (EUR) 20 day