Effi ient Fronti er

3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%
4.00% 6.00% 8.00% 1 0 . 0 0% 1 2 . 0 0% 1 4 . 0 0% 1 6 . 0 0% 1 8 . 0 0% 2 0 . 0 0% 2 2 . 0 0%

-0.50%
DATE PLX PVO VCB TCB VHM
1/1/2019 39,500.00 6,300 61,003 24,650.00 40,000
2/1/2019 37,500.00 6,300 93,300 23,600.00 40,800
3/1/2019 40,000.00 6,500 93,600 23,900.00 41,500
4/1/2019 41,100.00 7,200 92,000 24,200.00 42,800
5/1/2019 44,500.00 7,892 91,700 23,350.00 41,500
6/1/2019 48,600.00 6,905 89,200 23,250.00 36,700
7/1/2019 45,900.00 7,103 85,200 23,350.00 37,650
8/1/2019 40,900.00 6,708 87,200 23,500.00 38,850
9/1/2019 41,000.00 5,524 91,200 23,300.00 40,800
10/1/2019 34,356.00 5,524 94,900 23,775.00 42,850
11/1/2019 35,896.00 5,228 97,300 21,100.00 43,400
12/1/2019 34,501.00 5,130 88,500 17,275.00 41,500
1/1/2020 33,298.00 5,130 80,300 15,900.00 43,200
2/1/2020 33,201.00 5,327 84,700 14,750.00 41,300
3/1/2020 33,779.00 5,524 86,800 13,850.00 39,000
4/1/2020 30,699.00 5,820 87,500 16,825.00 45,500
5/1/2020 36,088.00 6,014 89,100 17,250.00 54,700
6/1/2020 36,456.00 6,111 91,600 17,150.00 63,000
7/1/2020 39,246.00 5,820 84,674 16,175.00 55,000
8/1/2020 35,321.00 6,014 79,594 14,975.00 53,500
9/1/2020 35,463.00 4,559 76,630 14,750.00 49,500
10/1/2020 35,416.00 4,753 77,392 14,175.00 51,500
11/1/2020 35,416.00 4,947 79,170 13,250.00 41,500
12/1/2020 35,274.00 5,335 77,815 14,700.00 50,900
1/1/2021 34,801.00 4,753 67,739 12,925.00 48,000
2/1/2021 29,978.00 4,947 68,586 12,950.00 54,500
3/1/2021 27,898.00 6,208 62,235 12,300.00 45,000
4/1/2021 25,854.00 7,469 61,981 16,250.00 50,700
5/1/2021 29,845.00 9,312 71,126 19,475.00 61,000
6/1/2021 38,282.00 7,954 63,252 18,950.00 59,900
7/1/2021 37,284.00 8,536 63,336 17,775.00 62,100
8/1/2021 36,558.00 12,126 66,808 18,575.00 69,600
9/1/2021 39,915.00 10,476 68,501 22,000.00 63,156
10/1/2021 43,543.00 15,715 69,517 24,775.00 73,650
11/1/2021 50,075.00 11,156 71,550 25,200.00 75,301
12/1/2021 56,515.00 8,633 75,360 26,400.00 78,022
1/1/2022 50,891.00 9,603 66,723 25,000.00 79,674
2/1/2022 48,895.00 10,282 64,833 25,900.00 82,200
3/1/2022 49,077.00 9,894 64,243 25,800.00 83,074
4/1/2022 49,077.00 8,245 63,718 24,800.00 76,079
5/1/2022 46,809.00 6,329 65,161 24,250.00 78,667
6/1/2022 45,085.00 6,041 64,243 25,550.00 80,071
7/1/2022 46,537.00 7,383 76,305 26,350.00 87,243
8/1/2022 49,712.00 6,712 64,636 26,850.00 75,857
 9/1/2022 48,516.00 6,904 65,554 20,500.00 73,417
10/1/2022 44,695.00 8,438 62,145 20,200.00 71,939
11/1/2022 48,960.00 4,315 64,374 19,625.00 75,118
12/1/2022 51,715.00 3,836 60,965 16,000.00 69,129
1/1/2023 43,540.00 4,699 64,177 15,750.00 66,172
2/1/2023 48,516.00 3,164 60,472 12,050.00 61,070
3/1/2023 45,140.00 2,973 53,970 10,675.00 56,190
4/1/2023 43,540.00 2,973 54,685 11,300.00 55,821
5/1/2023 44,695.00 2,685 53,970 10,650.00 58,039
6/1/2023 45,768.00 2,493 49,678 9,075.00 57,447
7/1/2023 36,789.00 2,685 52,214 9,775.00 55,821
8/1/2023 38,794.00 2,877 55,400 10,350.00 56,634
9/1/2023 40,232.00 2,781 44,216 8,600.00 47,023
10/1/2023 35,133.00 2,493 40,315 7,500.00 40,664
11/1/2023 31,820.00 3,068 53,579 11,125.00 59,444
12/1/2023 42,706.00 3,068 57,676 10,800.00 64,693

Mean 0.28%
Variance 0.00893908516
Std.dev 0.09454673534

Stock Mean Return Variance Weight Expected Return

X̄ s^2 Wi E(r)
PLX
0.28% 0.00893908516 0.455 0.127%

PVO
2.82% 0.03842633703 0.111 0.3122%

VCB
0.51% 0.0082246541 0.287 0.1453%

TCB
1.89% 0.01283835703 0.094 0.1775%

VHM
-0.22% 0.01027723954 0.053 -0.0115%

DXG
1.90% 0.02926774761 0.00000 0.0000%

Sum 1 0.7500%

Portfolio Return
E(Rₚ) 0.00750000005
 Portfolio Variance
σp^2 0.00329081662
Portfolio Std.dev
σp 0.05736563976

Yearly Monthly Portfolio

Return Return Std.dev
Minimum -2.64% -0.22% 10.14%

2% 0.17% 6.40%

6% 0.50% 5.84%

7% 0.58% 5.78%

8% 0.67% 5.75%

9% 0.75% 5.74% Minimum - Variance Frontier

10% 0.83% 5.75%

11% 0.92% 5.79%

12% 1.00% 5.88%

13% 1.08% 6.02%

14% 1.17% 6.20%

15% 1.25% 6.42%

16% 1.33% 6.68%

17% 1.42% 6.97%

18% 1.50% 7.30%

19% 1.58% 7.66%

20% 1.67% 8.06%

21% 1.75% 8.51%

22% 1.83% 8.99%

23% 1.92% 9.50%

24% 2.00% 10.03%

25% 2.08% 10.59%

26% 2.17% 11.16%

27% 2.25% 11.75%

28% 2.33% 12.51%

29% 2.42% 13.46%

30% 2.50% 14.55%

31% 2.58% 15.75%

32% 2.67% 17.05%

 33% 2.75% 18.43%
Maximum 33.84% 2.82% 19.60%
 DXG DATE PLX PVO VCB
14,966.10 1/1/2019 5.33% 0.00% -34.62%
16,788.90 2/1/2019 -6.25% -3.08% -0.32%
15,925.50 3/1/2019 -2.68% -9.72% 1.74%
16,700.00 4/1/2019 -7.64% -8.77% 0.33%
15,790.00 5/1/2019 -8.44% 14.29% 2.80%
13,850.00 6/1/2019 5.88% -2.79% 4.69%
16,000.00 7/1/2019 12.22% 5.89% -2.29%
16,800.00 8/1/2019 -0.24% 21.43% -4.39%
16,150.00 9/1/2019 19.34% 0.00% -3.90%
19,850.00 10/1/2019 -4.29% 5.66% -2.47%
18,250.00 11/1/2019 4.04% 1.91% 9.94%
18,500.00 12/1/2019 3.61% 0.00% 10.21%
19,350.00 1/1/2020 0.29% -3.70% -5.19%
18,937.90 2/1/2020 -1.71% -3.57% -2.42%
15,765.80 3/1/2020 10.03% -5.09% -0.80%
17,896.30 4/1/2020 -14.93% -3.23% -1.80%
21,068.40 5/1/2020 -1.01% -1.59% -2.73%
17,991.00 6/1/2020 -7.11% 5.00% 8.18%
14,061.40 7/1/2020 11.11% -3.23% 6.38%
14,108.80 8/1/2020 -0.40% 31.91% 3.87%
12,783.10 9/1/2020 0.13% -4.08% -0.98%
11,883.50 10/1/2020 0.00% -3.92% -2.25%
9,469.00 11/1/2020 0.40% -7.27% 1.74%
14,108.80 12/1/2020 1.36% 12.24% 14.87%
12,072.90 1/1/2021 16.09% -3.92% -1.23%
12,120.30 2/1/2021 7.46% -20.31% 10.20%
13,256.50 3/1/2021 7.91% -16.88% 0.41%
19,222.00 4/1/2021 -13.37% -19.79% -12.86%
25,092.70 5/1/2021 -22.04% 17.07% 12.45%
23,483.00 6/1/2021 2.68% -6.82% -0.13%
18,464.50 7/1/2021 1.99% -29.61% -5.20%
26,181.70 8/1/2021 -8.41% 15.75% -2.47%
34,656.40 9/1/2021 -8.33% -33.34% -1.46%
44,125.40 10/1/2021 -13.04% 40.87% -2.84%
40,053.70 11/1/2021 -11.40% 29.23% -5.06%
32,052.40 12/1/2021 11.05% -10.10% 12.94%
33,141.40 1/1/2022 4.08% -6.60% 2.92%
30,963.50 2/1/2022 -0.37% 3.92% 0.92%
22,867.50 3/1/2022 0.00% 20.00% 0.82%
18,085.70 4/1/2022 4.85% 30.27% -2.21%
18,279.20 5/1/2022 3.82% 4.77% 1.43%
17,744.00 6/1/2022 -3.12% -18.18% -15.81%
19,761.30 7/1/2022 -6.39% 10.00% 18.05%
23,054.90 8/1/2022 2.47% -2.78% -1.40%
 19,308.40 9/1/2022 8.55% -18.18% 5.49%
19,761.30 10/1/2022 -8.71% 95.55% -3.46%
19,349.60 11/1/2022 -5.33% 12.49% 5.59%
16,138.40 12/1/2022 18.78% -18.37% -5.01%
13,133.00 1/1/2023 -10.26% 48.51% 6.13%
11,445.10 2/1/2023 7.48% 6.42% 12.05%
9,469.00 3/1/2023 3.67% 0.00% -1.31%
8,316.20 4/1/2023 -2.58% 10.73% 1.33%
7,970.40 5/1/2023 -2.34% 7.70% 8.64%
7,229.30 6/1/2023 24.41% -7.15% -4.86%
9,221.90 7/1/2023 -5.17% -6.67% -5.75%
9,304.30 8/1/2023 -3.57% 3.45% 25.29%
8,143.30 9/1/2023 14.51% 11.55% 9.68%
6,381.30 10/1/2023 10.41% -18.74% -24.76%
9,757.10 11/1/2023 -25.49% 0.00% -7.10%
9,510.10 12/1/2023 -2.64% 0.00% -1.66%

2.82% 0.51% 1.89% -0.22% 1.90%

0.03842633703 0.008225 0.012838 0.01027723954 0.02926774761
0.1960263682 0.09069 0.113306 0.10137672091 0.1710781915

COVARIANCE MATRIX

PLX PVO VCB TCB

PLX 0.00893908516 -0.00568333105 -0.00026336093 -0.00075080102

PVO -0.00568333105 0.03842633703 0.00258558435 0.00673740384

VCB -0.00026336093 0.00258558435 0.0082246541 0.00478818682

TCB -0.00075080102 0.00673740384 0.00478818682 0.01283835703

VHM -3.9636708E-05 0.00481412712 0.00497750804 0.00669271721

DXG -0.00204660044 0.01180260216 0.00481785821 0.01222666841

 Monthly Return
Effiient Fronti
3.00%

2.50%

2.00%

1.50%

1.00%

0.50%

0.00%
4.00% 6.00% 8.00% 10.00% 12.00%

-0.50%
-0.50%
 TCB VHM DXG
4.45% -1.96% -10.86%
-1.26% -1.69% 5.42%
-1.24% -3.04% -4.64%
3.64% 3.13% 5.76%
0.43% 13.08% 14.01%
-0.43% -2.52% -13.44%
-0.64% -3.09% -4.76%
0.86% -4.78% 4.02%
-2.00% -4.78% -18.64%
12.68% -1.27% 8.77%
22.14% 4.58% -1.35%
8.65% -3.94% -4.39%
7.80% 4.60% 2.18%
6.50% 5.90% 20.12%
-17.68% -14.29% -11.90%
-2.46% -16.82% -15.06%
0.58% -13.17% 17.11%
6.03% 14.55% 27.95%
8.01% 2.80% -0.34%
1.53% 8.08% 10.37%
4.06% -3.88% 7.57%
6.98% 24.10% 25.50%
-9.86% -18.47% -32.89%
13.73% 6.04% 16.86%
-0.19% -11.93% -0.39%
5.28% 21.11% -8.57%
-24.31% -11.24% -31.03%
-16.56% -16.89% -23.40%
2.77% 1.84% 6.85%
6.61% -3.54% 27.18%
-4.31% -10.78% -29.48%
-15.57% 10.20% -24.45%
-11.20% -14.25% -21.46%
-1.69% -2.19% 10.17%
-4.55% -3.49% 24.96%
5.60% -2.07% -3.29%
-3.47% -3.07% 7.03%
0.39% -1.05% 35.40%
4.03% 9.19% 26.44%
2.27% -3.29% -1.06%
-5.09% -1.75% 3.02%
-3.04% -8.22% -10.21%
-1.86% 15.01% -14.29%
30.98% 3.32% 19.40%
 1.49% 2.05% -2.29%
2.93% -4.23% 2.13%
22.66% 8.66% 19.90%
1.59% 4.47% 22.88%
30.71% 8.35% 14.75%
12.88% 8.68% 20.87%
-5.53% 0.66% 13.86%
6.10% -3.82% 4.34%
17.36% 1.03% 10.25%
-7.16% 2.91% -21.61%
-5.56% -1.44% -0.89%
20.35% 20.44% 14.26%
14.67% 15.64% 27.61%
-32.58% -31.59% -34.60%
3.01% -8.11% 2.60%
-8.28% 3.18% -20.34%

X CORRELATION MATRIX

VHM DXG PLX PVO VCB

-3.9636708E-05 -0.00204660044 PLX 1

0.00481412712 0.01180260216 PVO -0.3066492612 1

0.00669271721 0.00481785821 VCB -0.03071467962 0.14544051215 1

0.00497750804 0.01222666841 TCB -0.07008476019 0.30333558484 0.46596955405

0.01027723954 0.00931800921 VHM -0.00413535506 0.24225057748 0.54139583424

0.00931800921 0.02926774761 DXG -0.12652952436 0.35193999522 0.31052784027

Effiient Frontier

Minimum-Variance Frontier

12.00% 14.00% 16.00% 18.00% 20.00% 22.00%

Standard Deviation
ELATION MATRIX

TCB VHM DXG

0.58265236114 1

0.63075217823 0.53726709765 1