COK

Date updated: 31-Dec-16

Created by: Aswath Damodaran, adamodar@stern.nyu.edu
What is this data? Historical returns: Stocks, Bonds & T.Bills with premiums US companies
Home Page: http://www.damodaran.com
Data website: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
Companies in each inhttp://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xls
Variable definitions: http://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htm
Customized Geometric risk premium estimator
What is your riskfree rate? LT Estimates of risk premiums from 1
Enter your starting year 1928 are provided at the bottom of this t

Value of stocks in starting year: $ 100.00

Value of T.Bills in starting year: $ 100.00
Value of T.bonds in starting year: $ 100.00
Estimate of risk premium based on your inputs: 4.84%

Annual Returns on Investments in Value of $100 inves

S&P 500 Baa

(includes 3-month Corporate S&P 500 (includes
Year dividends) T.Bill US T. Bond Bond dividends)3
1928 43.81% 3.08% 0.84% 3.22% $ 143.81
1929 -8.30% 3.16% 4.20% 3.02% $ 131.88
1930 -25.12% 4.55% 4.54% 0.54% $ 98.75
1931 -43.84% 2.31% -2.56% -15.68% $ 55.46
1932 -8.64% 1.07% 8.79% 23.59% $ 50.66
1933 49.98% 0.96% 1.86% 12.97% $ 75.99
1934 -1.19% 0.28% 7.96% 18.82% $ 75.09
1935 46.74% 0.17% 4.47% 13.31% $ 110.18
1936 31.94% 0.17% 5.02% 11.38% $ 145.38
1937 -35.34% 0.28% 1.38% -4.42% $ 94.00
1938 29.28% 0.07% 4.21% 9.24% $ 121.53
1939 -1.10% 0.05% 4.41% 7.98% $ 120.20
1940 -10.67% 0.04% 5.40% 8.65% $ 107.37
1941 -12.77% 0.13% -2.02% 5.01% $ 93.66
1942 19.17% 0.34% 2.29% 5.18% $ 111.61
1943 25.06% 0.38% 2.49% 8.04% $ 139.59
1944 19.03% 0.38% 2.58% 6.57% $ 166.15
1945 35.82% 0.38% 3.80% 6.80% $ 225.67
1946 -8.43% 0.38% 3.13% 2.51% $ 206.65
1947 5.20% 0.60% 0.92% 0.26% $ 217.39

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1948 5.70% 1.05% 1.95% 3.44% $ 229.79

1949 18.30% 1.12% 4.66% 5.38% $ 271.85
1950 30.81% 1.20% 0.43% 4.24% $ 355.60
1951 23.68% 1.52% -0.30% -0.19% $ 439.80
1952 18.15% 1.72% 2.27% 4.44% $ 519.62
1953 -1.21% 1.89% 4.14% 1.62% $ 513.35
1954 52.56% 0.94% 3.29% 6.16% $ 783.18
1955 32.60% 1.73% -1.34% 2.04% $ 1,038.47
1956 7.44% 2.63% -2.26% -2.35% $ 1,115.73
1957 -10.46% 3.23% 6.80% -0.72% $ 999.05
1958 43.72% 1.77% -2.10% 6.43% $ 1,435.84
1959 12.06% 3.39% -2.65% 1.57% $ 1,608.95
1960 0.34% 2.88% 11.64% 6.66% $ 1,614.37
1961 26.64% 2.35% 2.06% 5.10% $ 2,044.40
1962 -8.81% 2.77% 5.69% 6.50% $ 1,864.26
1963 22.61% 3.16% 1.68% 5.46% $ 2,285.80
1964 16.42% 3.55% 3.73% 5.16% $ 2,661.02
1965 12.40% 3.95% 0.72% 3.19% $ 2,990.97
1966 -9.97% 4.86% 2.91% -3.45% $ 2,692.74
1967 23.80% 4.31% -1.58% 0.90% $ 3,333.69
1968 10.81% 5.34% 3.27% 4.85% $ 3,694.23
1969 -8.24% 6.67% -5.01% -2.03% $ 3,389.77
1970 3.56% 6.39% 16.75% 5.65% $ 3,510.49
1971 14.22% 4.33% 9.79% 14.00% $ 4,009.72
1972 18.76% 4.07% 2.82% 11.41% $ 4,761.76
1973 -14.31% 7.03% 3.66% 4.32% $ 4,080.44
1974 -25.90% 7.83% 1.99% -4.38% $ 3,023.54
1975 37.00% 5.78% 3.61% 11.05% $ 4,142.10
1976 23.83% 4.97% 15.98% 19.75% $ 5,129.20
1977 -6.98% 5.27% 1.29% 9.95% $ 4,771.20
1978 6.51% 7.19% -0.78% 3.14% $ 5,081.77
1979 18.52% 10.07% 0.67% -2.01% $ 6,022.89
1980 31.74% 11.43% -2.99% -3.32% $ 7,934.26
1981 -4.70% 14.03% 8.20% 8.46% $ 7,561.16
1982 20.42% 10.61% 32.81% 29.05% $ 9,105.08
1983 22.34% 8.61% 3.20% 16.19% $ 11,138.90
1984 6.15% 9.52% 13.73% 15.62% $ 11,823.51
1985 31.24% 7.48% 25.71% 23.86% $ 15,516.60
1986 18.49% 5.98% 24.28% 21.49% $ 18,386.33
1987 5.81% 5.78% -4.96% 2.29% $ 19,455.08
1988 16.54% 6.67% 8.22% 15.12% $ 22,672.40

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1989 31.48% 8.11% 17.69% 15.79% $ 29,808.58

1990 -3.06% 7.49% 6.24% 6.14% $ 28,895.11
1991 30.23% 5.38% 15.00% 17.85% $ 37,631.51
1992 7.49% 3.43% 9.36% 12.17% $ 40,451.51
1993 9.97% 3.00% 14.21% 16.43% $ 44,483.33
1994 1.33% 4.25% -8.04% -1.32% $ 45,073.14
1995 37.20% 5.49% 23.48% 20.16% $ 61,838.19
1996 22.68% 5.01% 1.43% 4.79% $ 75,863.69
1997 33.10% 5.06% 9.94% 11.83% $ 100,977.34
1998 28.34% 4.78% 14.92% 7.95% $ 129,592.25
1999 20.89% 4.64% -8.25% 0.84% $ 156,658.05
2000 -9.03% 5.82% 16.66% 9.33% $ 142,508.98
2001 -11.85% 3.39% 5.57% 7.82% $ 125,622.01
2002 -21.97% 1.60% 15.12% 12.18% $ 98,027.82
2003 28.36% 1.01% 0.38% 13.53% $ 125,824.39
2004 10.74% 1.37% 4.49% 9.89% $ 139,341.42
2005 4.83% 3.15% 2.87% 4.92% $ 146,077.85
2006 15.61% 4.73% 1.96% 7.05% $ 168,884.34
2007 5.48% 4.35% 10.21% 3.15% $ 178,147.20
2008 -36.55% 1.37% 20.10% -5.07% $ 113,030.22
2009 25.94% 0.15% -11.12% 23.33% $ 142,344.87
2010 14.82% 0.14% 8.46% 8.35% $ 163,441.94
2011 2.10% 0.05% 16.04% 12.58% $ 166,871.56
2012 15.89% 0.09% 2.97% 10.12% $ 193,388.43
2013 32.15% 0.06% -9.10% -1.06% $ 255,553.31
2014 13.52% 0.03% 10.75% 10.38% $ 290,115.42
2015 1.38% 0.05% 1.28% -0.70% $ 294,115.79
2016 11.77% 0.32% 0.69% 10.37% $ 328,742.28
2017 21.61% 0.93% 2.80% 9.72% $ 399,768.64
2018 -4.23% 1.94% -0.02% -2.76% $ 382,870.94
2019 31.21% 1.55% 9.64% 15.33% $ 502,371.39
2020 18.01% 0.09% 11.33% 10.41% $ 592,868.15

Arithmetic Average Historical Return

1928-2020 11.64% 3.36% 5.21% 7.25%
1971-2020 12.18% 4.51% 7.29% 9.55%
2011-2020 14.34% 0.51% 4.64% 7.44%

Geometric Average Historical Return

1928-2020 9.79% 3.32% 4.95% 6.99%
1971-2020 10.80% 4.46% 6.89% 9.28%

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2011-2020 13.75% 0.51% 4.40% 7.26%

Ke=COK

Fuentes
RF 0.94% https://datosmacro.expansion.com/bo
Beta desapalanc 0.74 http://pages.stern.nyu.edu/~adamodar/New_Home
Beta apalancada 1.1587092 Beta apalancada al endeudamiento empresa
RM 13.75% Damodaran https://gestion.pe/economia/riesgo-pai
RP 1.48% Riesgo Pais
Ke 17.27%

COK soles 20%

Imp. Renta 0.295
Debt 45%
Equity 55%
Kd 9.00% Bancos
WACC 13.68%

Jul-20
S/ 39,653,804
S/ 49,407,538

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WACC: Costo promedio ponderdo de capital

De donde se sacará el dinero?

Inversión 837966
Accionistas 335186.4 40%
Banco 502779.6 60%

Inversionista 70%
Clinica 30% 3.50%

TMAR (tasa mínima aceptable de rendimiento) 

Inflación media anual

2%
Premio al riesgo o rendimiento
15%

TMAR 17.300% Inversionistas

Tipo de Riesgo
Bajo 1 a 10%
Medio 11% a 20%
Alto mayor a 20%

TMAR 3.50% Bancos

Inversión 837966 Ponderación

Accionistas 335186.4 40% 17.300% 0.0692
Banco 502779.6 60% 3.500% 0.021
9.02%

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mpanies

tes of risk premiums from 1928, over the last 50 years and over the last 10 years
ovided at the bottom of this table.

Value of $100 invested at start of 1928 in Annual Risk Premium

Stocks -
3-month Baa Corporate Baa Corp
T.Bill4 US T. Bond5 Bond6 Stocks - Bills Stocks - Bonds Bond
$ 103.08 $ 100.84 $ 103.22 40.73% 42.98% 40.59%
$ 106.34 $ 105.07 $ 106.33 -11.46% -12.50% -11.32%
$ 111.18 $ 109.85 $ 106.91 -29.67% -29.66% -25.66%
$ 113.74 $ 107.03 $ 90.14 -46.15% -41.28% -28.16%
$ 114.96 $ 116.44 $ 111.41 -9.71% -17.43% -32.23%
$ 116.06 $ 118.60 $ 125.86 49.02% 48.13% 37.02%
$ 116.39 $ 128.05 $ 149.54 -1.47% -9.15% -20.00%
$ 116.58 $ 133.78 $ 169.44 46.57% 42.27% 33.43%
$ 116.78 $ 140.49 $ 188.73 31.77% 26.93% 20.56%
$ 117.11 $ 142.43 $ 180.39 -35.61% -36.72% -30.92%
$ 117.18 $ 148.43 $ 197.05 29.22% 25.07% 20.05%
$ 117.24 $ 154.98 $ 212.78 -1.14% -5.51% -9.08%
$ 117.28 $ 163.35 $ 231.18 -10.71% -16.08% -19.32%
$ 117.43 $ 160.04 $ 242.76 -12.90% -10.75% -17.78%
$ 117.83 $ 163.72 $ 255.33 18.83% 16.88% 13.99%
$ 118.28 $ 167.79 $ 275.88 24.68% 22.57% 17.02%
$ 118.73 $ 172.12 $ 293.99 18.65% 16.45% 12.46%
$ 119.18 $ 178.67 $ 313.98 35.44% 32.02% 29.02%
$ 119.63 $ 184.26 $ 321.85 -8.81% -11.56% -10.94%
$ 120.35 $ 185.95 $ 322.70 4.60% 4.28% 4.94%

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$ 121.61 $ 189.58 $ 333.79 4.66% 3.75% 2.27%

$ 122.96 $ 198.42 $ 351.74 17.19% 13.64% 12.93%
$ 124.44 $ 199.27 $ 366.65 29.60% 30.38% 26.57%
$ 126.33 $ 198.68 $ 365.95 22.16% 23.97% 23.87%
$ 128.51 $ 203.19 $ 382.20 16.43% 15.88% 13.71%
$ 130.94 $ 211.61 $ 388.39 -3.10% -5.35% -2.83%
$ 132.17 $ 218.57 $ 412.31 51.62% 49.27% 46.41%
$ 134.45 $ 215.65 $ 420.74 30.87% 33.93% 30.55%
$ 137.98 $ 210.79 $ 410.84 4.81% 9.70% 9.79%
$ 142.43 $ 225.11 $ 407.89 -13.68% -17.25% -9.74%
$ 144.95 $ 220.39 $ 434.11 41.95% 45.82% 37.29%
$ 149.86 $ 214.56 $ 440.95 8.67% 14.70% 10.48%
$ 154.18 $ 239.53 $ 470.33 -2.55% -11.30% -6.33%
$ 157.81 $ 244.46 $ 494.32 24.28% 24.58% 21.54%
$ 162.19 $ 258.38 $ 526.43 -11.58% -14.51% -15.31%
$ 167.31 $ 262.74 $ 555.19 19.45% 20.93% 17.15%
$ 173.25 $ 272.53 $ 583.85 12.87% 12.69% 11.25%
$ 180.09 $ 274.49 $ 602.47 8.45% 11.68% 9.21%
$ 188.84 $ 282.47 $ 581.72 -14.83% -12.88% -6.53%
$ 196.98 $ 278.01 $ 586.92 19.50% 25.38% 22.91%
$ 207.49 $ 287.11 $ 615.36 5.48% 7.54% 5.97%
$ 221.32 $ 272.71 $ 602.90 -14.91% -3.23% -6.22%
$ 235.47 $ 318.41 $ 636.96 -2.83% -13.19% -2.09%
$ 245.67 $ 349.57 $ 726.14 9.89% 4.43% 0.22%
$ 255.68 $ 359.42 $ 808.99 14.68% 15.94% 7.35%
$ 273.66 $ 372.57 $ 843.92 -21.34% -17.97% -18.63%
$ 295.08 $ 379.98 $ 806.95 -33.73% -27.89% -21.52%
$ 312.12 $ 393.68 $ 896.12 31.22% 33.39% 25.95%
$ 327.65 $ 456.61 $ 1,073.13 18.86% 7.85% 4.08%
$ 344.91 $ 462.50 $ 1,179.96 -12.25% -8.27% -16.93%
$ 369.71 $ 458.90 $ 1,216.98 -0.68% 7.29% 3.37%
$ 406.93 $ 461.98 $ 1,192.53 8.45% 17.85% 20.53%
$ 453.46 $ 448.17 $ 1,152.99 20.30% 34.72% 35.05%
$ 517.06 $ 484.91 $ 1,250.56 -18.73% -12.90% -13.16%
$ 571.94 $ 644.04 $ 1,613.88 9.80% -12.40% -8.63%
$ 621.19 $ 664.65 $ 1,875.23 13.73% 19.14% 6.14%
$ 680.35 $ 755.92 $ 2,168.13 -3.38% -7.59% -9.47%
$ 731.23 $ 950.29 $ 2,685.50 23.76% 5.52% 7.37%
$ 774.95 $ 1,181.06 $ 3,262.50 12.52% -5.79% -2.99%
$ 819.70 $ 1,122.47 $ 3,337.20 0.04% 10.77% 3.52%
$ 874.35 $ 1,214.78 $ 3,841.62 9.87% 8.31% 1.42%

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$ 945.28 $ 1,429.72 $ 4,448.20 23.36% 13.78% 15.69%

$ 1,016.11 $ 1,518.87 $ 4,721.33 -10.56% -9.30% -9.20%
$ 1,070.73 $ 1,746.77 $ 5,564.25 24.86% 15.23% 12.38%
$ 1,107.47 $ 1,910.30 $ 6,241.54 4.06% -1.87% -4.68%
$ 1,140.67 $ 2,181.77 $ 7,267.12 6.97% -4.24% -6.46%
$ 1,189.11 $ 2,006.43 $ 7,171.25 -2.92% 9.36% 2.65%
$ 1,254.39 $ 2,477.55 $ 8,616.71 31.71% 13.71% 17.04%
$ 1,317.18 $ 2,512.94 $ 9,029.67 17.68% 21.25% 17.89%
$ 1,383.84 $ 2,762.71 $ 10,098.32 28.04% 23.16% 21.27%
$ 1,449.94 $ 3,174.95 $ 10,900.68 23.56% 13.42% 20.39%
$ 1,517.20 $ 2,912.88 $ 10,992.59 16.25% 29.14% 20.04%
$ 1,605.45 $ 3,398.03 $ 12,018.16 -14.85% -25.69% -18.36%
$ 1,659.84 $ 3,587.37 $ 12,957.88 -15.24% -17.42% -19.67%
$ 1,686.44 $ 4,129.65 $ 14,535.88 -23.57% -37.08% -34.14%
$ 1,703.49 $ 4,145.15 $ 16,502.87 27.34% 27.98% 14.82%
$ 1,726.86 $ 4,331.30 $ 18,134.78 9.37% 6.25% 0.85%
$ 1,781.19 $ 4,455.50 $ 19,026.57 1.69% 1.97% -0.08%
$ 1,865.39 $ 4,542.87 $ 20,367.63 10.89% 13.65% 8.56%
$ 1,946.59 $ 5,006.69 $ 21,009.29 1.13% -4.73% 2.33%
$ 1,973.16 $ 6,013.10 $ 19,945.02 -37.92% -56.65% -31.49%
$ 1,976.12 $ 5,344.65 $ 24,598.10 25.79% 37.05% 2.61%
$ 1,978.82 $ 5,796.96 $ 26,651.51 14.68% 6.36% 6.47%
$ 1,979.86 $ 6,726.52 $ 30,005.47 2.05% -13.94% -10.49%
$ 1,981.56 $ 6,926.40 $ 33,043.43 15.80% 12.92% 5.77%
$ 1,982.72 $ 6,295.79 $ 32,694.52 32.09% 41.25% 33.20%
$ 1,983.36 $ 6,972.34 $ 36,089.82 13.49% 2.78% 3.14%
$ 1,984.40 $ 7,061.89 $ 35,838.08 1.33% 0.09% 2.08%
$ 1,990.70 $ 7,110.65 $ 39,552.74 11.46% 11.08% 1.41%
$ 2,009.23 $ 7,309.87 $ 43,398.81 20.67% 18.80% 11.88%
$ 2,048.20 $ 7,308.65 $ 42,199.86 -6.17% -4.21% -1.46%
$ 2,079.94 $ 8,012.89 $ 48,668.87 29.66% 21.58% 15.88%
$ 2,081.82 $ 8,920.90 $ 53,736.05 17.92% 6.68% 7.60%
Risk Premium Standard Error
Stocks - T.Bills Stocks - T.Bonds Stocks - T.BillStocks - T.Bonds
8.28% 6.43% 2.06% 2.18%
7.67% 4.90% 2.38% 2.70%
13.83% 9.70% 3.88% 4.87%
Risk Premium
Stocks - T.Bills Stocks - T.Bonds
6.47% 4.84%
6.35% 3.91%

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13.24% 9.35%

Rendimiento Esperados de los bonos del tesoro EE.UU

adamodar/New_Home_Page/datafile/Betas.html
miento empresa
e/economia/riesgo-pais-de-peru-se-mantiene-y-cerro-en-113-puntos-porcentuales-noticia/#:~:text=P

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remium Annual Real Returns on

Historical S&P 500

risk (includes 3-month T. !0-year Baa Corp
premium Inflation Rate dividends)2 Bill (Real) T.Bonds Bonds
-1.15% 45.49% 4.28% 2.01% 4.42%
0.00% -8.30% 3.16% 4.20% 3.02%
-2.67% -23.07% 7.42% 7.41% 3.30%
-8.93% -38.33% 12.34% 7.00% -7.41%
-10.30% 1.85% 12.68% 21.28% 37.78%
-5.19% 58.20% 6.49% 7.43% 19.15%
3.48% -4.51% -3.09% 4.33% 14.82%
2.55% 43.09% -2.33% 1.87% 10.49%
1.03% 30.60% -0.85% 3.94% 10.25%
3.73% -37.66% -3.33% -2.26% -7.85%
-2.03% 31.96% 2.14% 6.37% 11.50%
-1.30% 0.21% 1.36% 5.79% 9.41%
0.72% -11.31% -0.68% 4.65% 7.87%
5.12% -17.02% -4.74% -6.79% -0.10%
10.92% 7.44% -9.54% -7.78% -5.18%
5.97% 18.02% -5.27% -3.28% 1.96%
1.64% 17.11% -1.24% 0.93% 4.85%
2.27% 32.80% -1.85% 1.50% 4.43%
8.48% -15.58% -7.46% -4.93% -5.50%
14.39% -8.03% -12.05% -11.78% -12.35%

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7.69% -1.84% -6.17% -5.33% -3.95%

-0.97% 19.46% 2.11% 5.69% 6.41%
1.09% 29.40% 0.12% -0.65% 3.12%
7.86% 14.67% -5.88% -7.56% -7.46%
2.28% 15.52% -0.54% -0.01% 2.11%
0.82% -2.01% 1.07% 3.30% 0.80%
0.31% 52.09% 0.63% 2.97% 5.83%
-0.28% 32.97% 2.01% -1.06% 2.33%
1.53% 5.83% 1.09% -3.72% -3.82%
3.34% -13.35% -0.11% 3.34% -3.93%
2.73% 39.90% -0.93% -4.70% 3.60%
1.01% 10.94% 2.35% -3.62% 0.56%
6.11% 1.46% -1.11% 1.40% 10.04% 5.13%
6.62% 1.07% 25.30% 1.27% 0.98% 3.99%
5.97% 1.20% -9.89% 1.56% 4.44% 5.23%
6.36% 1.24% 21.11% 1.90% 0.44% 4.17%
6.53% 1.28% 14.95% 2.24% 2.42% 3.83%
6.66% 1.59% 10.65% 2.33% -0.85% 1.58%
6.11% 3.02% -12.61% 1.79% -0.10% -6.27%
6.57% 2.77% 20.46% 1.49% -4.24% -1.83%
6.60% 4.27% 6.28% 1.02% -0.96% 0.55%
6.33% 5.46% -12.99% 1.14% -9.93% -7.10%
5.90% 5.84% -2.15% 0.52% 10.31% -0.18%
5.87% 4.29% 9.52% 0.04% 5.27% 9.31%
6.08% 3.27% 14.99% 0.77% -0.44% 7.88%
5.50% 6.18% -19.29% 0.80% -2.37% -1.75%
4.64% 11.05% -33.28% -2.90% -8.16% -13.90%
5.17% 9.14% 25.52% -3.09% -5.07% 1.75%
5.22% 5.74% 17.10% -0.73% 9.68% 13.25%
4.93% 6.50% -12.66% -1.16% -4.89% 3.24%
4.97% 7.63% -1.04% -0.41% -7.81% -4.17%
5.21% 11.25% 6.53% -1.07% -9.51% -11.92%
5.73% 13.55% 16.02% -1.86% -14.57% -14.85%
5.37% 10.33% -13.63% 3.34% -1.94% -1.70%
5.10% 6.13% 13.46% 4.22% 25.14% 21.60%
5.34% 3.21% 18.53% 5.23% -0.01% 12.58%
5.12% 4.30% 1.77% 5.01% 9.04% 10.85%
5.13% 3.55% 26.74% 3.80% 21.41% 19.62%
4.97% 1.90% 16.29% 4.00% 21.97% 19.22%
5.07% 3.66% 2.07% 2.04% -8.32% -1.33%
5.12% 4.08% 11.97% 2.49% 3.98% 10.60%

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5.24% 4.83% 25.42% 3.13% 12.27% 10.46%

5.00% 5.40% -8.03% 1.99% 0.79% 0.70%
5.14% 4.23% 24.94% 1.09% 10.33% 13.07%
5.03% 3.03% 4.33% 0.39% 6.15% 8.87%
4.90% 2.95% 6.81% 0.04% 10.94% 13.09%
4.97% 2.61% -1.25% 1.60% -10.37% -3.83%
5.08% 2.81% 33.45% 2.61% 20.11% 16.88%
5.30% 2.93% 19.19% 2.02% -1.46% 1.81%
5.53% 2.34% 30.06% 2.66% 7.43% 9.28%
5.63% 1.55% 26.38% 3.18% 13.16% 6.30%
5.96% 2.19% 18.30% 2.40% -10.22% -1.32%
5.51% 3.38% -12.00% 2.36% 12.84% 5.76%
5.17% 2.83% -14.27% 0.55% 2.67% 4.86%
4.53% 1.59% -23.18% 0.02% 13.32% 10.43%
4.82% 2.27% 25.51% -1.23% -1.85% 11.01%
4.84% 2.68% 7.86% -1.27% 1.77% 7.02%
4.80% 3.39% 1.39% -0.24% -0.51% 1.47%
4.91% 3.23% 12.00% 1.45% -1.23% 3.70%
4.79% 2.85% 2.56% 1.46% 7.15% 0.29%
3.88% 3.84% -38.90% -2.38% 15.66% -8.58%
4.29% -0.36% 26.38% 0.51% -10.80% 23.77%
4.31% 1.64% 12.97% -1.48% 6.71% 6.60%
4.10% 3.16% -1.03% -3.01% 12.48% 9.14%
4.20% 2.07% 13.54% -1.94% 0.88% 7.89%
4.62% 1.46% 30.24% -1.39% -10.42% -2.48%
4.60% 1.62% 11.71% -1.56% 8.98% 8.62%
4.54% 0.12% 1.26% -0.07% 1.16% -0.82%
4.62% 1.26% 10.38% -0.93% -0.56% 8.99%
4.77% 2.13% 19.07% -1.17% 0.66% 7.44%
4.66% 2.44% -6.51% -0.49% -2.40% -5.08%
4.83% 2.29% 28.27% -0.72% 7.18% 12.75%
4.84% 1.20% 16.61% -1.10% 10.01% 9.10%

Arithmetic Average Annual Real Return

1928-2020 8.50% 0.42% 2.25% 4.27%
1971-2020 8.08% 0.58% 3.33% 5.55%
2011-2020 12.36% -1.24% 2.80% 5.55%

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