1

2
3
4

5
6
Notes:

red boxes
Type in the required data within the
Click on the Calculate button.
The initial Portfolio is split between the two assets according to the percentages defined by cells B4 and B5.
Starting with m = 1 month, 100 monthly returns* are generated for assets A and B.
It is assumed that they are distributed lognormally, with the annual data converted to monthly, lognorma l data.
The two asset amounts are increased (decreased?) according to these monthly returns.
Every m months, the total Portfolio is rebalanced, to regain the percentages B4 and B5.
After 100 months, the Final Portfolio is saved then steps 4 and 5 are repeated with m = 2, m = 3, m = 30.
Asset A: Return Dist'n

There are then 100 x 30 = 3000 monthly returns

Asset B: Return Dist'n

for each of assets A and B.

The distribution of these 3000 random returns is shown

together with a lognormal distribution.

-5%

-9%

-14%

-19%

58%

46%

34%

22%

-2%

10%

-14%

-26%

-50%

* Monthly data is generated according to:

MonthlyReturn = (1+AnnualReturn)^(1/12)-1

27

24

21

18

15

12

MonthlyStandardDeviation = AnnualStandardDeviation/SQRT(1
6

given in cells H2-J3

all 3000 returns is also

$168,000
$166,000
$164,000
$162,000
$160,000
$158,000
$156,000
$154,000
$152,000
$150,000
0

The Mean and Volatility for

-38%

The 30 Final Portfolios are also shown for each m-value

assuming a constant monthly Portfolio return!!!

See: http://home.golden.net/~pjponzo/when-to-rebalance.htm

by cells B4 and B5.

nthly, lognorma l data.

m = 2, m = 3, m = 30.

24%

19%

15%

10%

5%

0%

-5%

Asset B: Return Dist'n

alReturn)^(1/12)-1
= AnnualStandardDeviation/SQRT(12)

pjponzo/when-to-rebalance.htm

Asset A

Asset B

Monthly

Mean Annual Return =

10.0%

5.0%

0.80%

0.41%

$156,634

Mean Annual Volatility =

20.0%

8.0%

5.77%

2.31%

$162,994

60.0%

40.0%

Allocation =
Initial Portfolio =

Const. r =

30 Sample Portfolios (over 100 months)

$165,824

$100

$200,000

$166,253
$166,464

$250,000

21-month rebalancing is best

$200,000
24-month

A Mean = 9.8%
A Volatility = 19.4%

$164,958

$250,000

$100,000

Cost per Rebalancing =

Actual Averages: 100 months x 30 = 3000 months

0.53%

$150,000

$166,551

rebalancing is worst

$166,562

$100,000

$150,000

$166,522
$166,447

$100,000

$50,000

$166,347

$50,000

60

50

30

20

10

29

27

25

23

21

19

17

15

13

11

$166,097

40

$166,229

$0

$0

$165,955
$168,000
$166,000
$164,000
$162,000
$160,000
$158,000
$156,000
$154,000
$152,000
$150,000

$165,805
$165,649
$165,488
$165,323
$165,155

100,000*((1+0.53*m/100)^(100/m)-(0.188/m)*((1+0.53*m/100)^(100/m)
$164,985

Constant r =0.53% monthly gain and $100 rebalancing cost

$164,466
$164,292
$164,117
$163,941

30 Sample Portfolios (over 100 months)

$163,766

21-month rebalancing is best

$163,591

24-month rebalancing is worst

$163,416

Constant r =0.53% monthly gain and $100 rebalancing cost

$163,241

100,000*((1+0.53*m/100)^(100/m)-(0.188/m)*((1+0.53*m/100)^(100/m)-1))

18

16

14

12

10

$164,640

$164,813

24%

19%

15%

10%

5%

0%

-5%

-9%

-14%

-19%

58%

46%

34%

Asset B: Return Dist'n

22%

10%

-2%

-14%

-26%

-38%

-50%

Asset A: Return Dist'n

Finals

B Mean = 5.1%

$150,927

$100,962

$100,482

$99,659

$101,542

$99,962

$101,968

$101,135

$101,466

$101,568

B Volatility = 7.8%

$169,991

$101,454

$101,161

$99,747

$103,065

$99,993

$102,712

$102,406

$102,758

$102,030

$162,553

$101,624

$101,565

$100,142

$103,316

$99,951

$103,838

$102,703

$102,891

$101,831

$164,394

$100,297

$102,873

$100,075

$103,222

$100,815

$104,482

$102,034

$103,946

$101,615

$167,043

$101,701

$103,273

$100,398

$104,059

$101,492

$104,203

$104,079

$105,086

$103,895

$159,127

$100,558

$103,123

$102,985

$103,209

$104,533

$105,833

$105,471

$105,266

$105,883

$174,138

$102,210

$103,784

$101,140

$104,354

$104,694

$107,696

$104,732

$106,821

$106,442

$181,004

$102,829

$105,307

$101,365

$105,118

$105,911

$109,391

$105,629

$105,837

$106,705

$166,465

$103,938

$105,248

$103,182

$104,852

$106,807

$108,625

$105,554

$105,309

$108,412

10

$172,854

$105,865

$104,763

$102,564

$107,432

$106,996

$108,325

$106,292

$106,585

$109,260

11

$183,079

$106,596

$104,672

$100,735

$107,713

$109,150

$107,712

$105,657

$104,983

$108,904

12

$169,716

$105,594

$105,125

$100,675

$108,439

$110,102

$110,141

$106,333

$106,120

$107,638

13

$166,588

$105,854

$105,415

$103,378

$107,409

$109,583

$110,727

$104,877

$106,085

$107,795

14

$154,535

$106,731

$106,528

$104,297

$109,117

$111,038

$110,302

$106,708

$106,842

$108,133

15

$180,224

$106,445

$107,601

$103,598

$108,500

$110,987

$109,862

$108,457

$107,625

$108,687

16

$196,476

$108,100

$107,373

$102,636

$109,621

$111,643

$110,978

$107,961

$108,217

$108,469

17

$174,798

$109,396

$107,623

$104,135

$110,182

$110,636

$110,003

$109,502

$109,731

$108,810

18

$202,053

$111,019

$106,240

$104,168

$110,786

$109,769

$110,812

$109,341

$111,516

$111,297

19

$163,066

$112,609

$107,522

$105,092

$111,140

$110,538

$111,126

$111,350

$110,939

$112,083

20

$164,579

$112,441

$107,605

$105,598

$110,676

$111,127

$111,776

$111,812

$111,963

$111,980

21

$206,054

$112,503

$106,777

$105,208

$113,168

$111,500

$112,356

$111,879

$114,747

$111,984

22

$163,029

$112,869

$105,824

$105,852

$113,961

$110,548

$113,918

$111,239

$116,839

$113,084

23

$180,075

$113,210

$106,525

$106,451

$115,558

$111,449

$114,226

$111,456

$116,966

$113,635

24

$146,735

$112,683

$106,230

$106,675

$116,720

$111,186

$115,238

$111,856

$116,463

$113,497

25

$166,128

$112,141

$107,635

$107,148

$116,377

$111,591

$114,532

$113,284

$118,191

$113,012

26

$156,798

$112,024

$108,224

$109,871

$116,962

$112,160

$113,274

$112,539

$119,126

$113,504

27

$194,476

$112,467

$109,097

$113,038

$117,315

$111,701

$113,360

$112,213

$118,755

$113,128

28

$180,524

$114,990

$110,090

$113,665

$117,030

$112,583

$114,097

$114,452

$119,142

$115,668

29

$179,141

$114,619

$108,512

$116,447

$117,401

$113,655

$113,496

$115,885

$117,755

$115,651

30

$168,027

$114,241

$108,593

$116,142

$118,914

$114,045

$112,825

$115,686

$118,595

$116,118

31

$114,470

$111,535

$114,469

$120,618

$113,901

$113,723

$117,308

$118,032

$117,681

32

$115,444

$112,516

$115,246

$121,206

$112,964

$113,333

$117,348

$119,360

$117,096

33

$116,096

$113,603

$114,349

$123,150

$112,710

$113,590

$117,836

$121,429

$117,315

34

$115,757

$113,695

$114,751

$124,190

$112,378

$113,171

$118,141

$123,006

$116,888

35

$114,801

$115,627

$114,710

$125,878

$111,316

$113,892

$119,133

$124,028

$118,713

36

$116,509

$116,449

$115,995

$127,254

$112,962

$114,321

$119,744

$123,001

$119,606

37

$117,787

$115,512

$116,224

$127,244

$115,038

$116,495

$117,875

$122,840

$119,539

38

$118,164

$114,527

$117,850

$128,018

$115,301

$116,212

$119,810

$123,138

$122,814

39

$119,166

$117,000

$119,159

$127,978

$116,140

$118,158

$121,196

$123,923

$122,539

40

$119,133

$118,079

$120,049

$128,757

$116,187

$118,987

$122,329

$124,364

$124,121

41

$120,004

$117,803

$121,124

$129,585

$116,471

$118,946

$124,066

$125,533

$124,846

42

$122,351

$117,892

$120,921

$129,590

$116,584

$117,931

$124,943

$128,657

$125,206

43

$120,764

$118,220

$122,286

$129,579

$116,067

$118,532

$126,888

$129,009

$127,326

44

$122,794

$119,347

$124,242

$130,327

$117,023

$118,527

$128,991

$129,763

$128,949

45

$123,884

$120,558

$125,695

$129,938

$117,856

$119,620

$128,038

$130,419

$128,737

46

$124,471

$121,511

$125,616

$129,223

$117,296

$119,263

$129,026

$134,014

$131,183

47

$124,553

$122,270

$123,703

$130,490

$119,200

$119,901

$130,174

$135,448

$134,170

48

$123,944

$123,781

$126,883

$130,726

$119,054

$119,125

$129,784

$138,087

$135,577

49

$124,380

$124,129

$127,900

$131,804

$121,256

$120,842

$131,185

$138,664

$135,934

50

$123,141

$123,711

$127,892

$130,916

$121,481

$122,153

$132,646

$139,171

$137,663

90

80

70

rages: 100 months x 30 = 3000 months

(0.188/m)*((1+0.53*m/100)^(100/m)-1))

28

26

24

22

20

hly gain and $100 rebalancing cost

51

$123,324

$124,758

$129,792

$129,590

$122,274

$121,283

$134,306

$141,451

$137,646

52

$122,752

$125,612

$128,993

$131,170

$123,180

$122,101

$135,358

$144,335

$139,307

53

$122,707

$127,114

$128,970

$132,720

$123,041

$122,457

$137,711

$148,062

$139,468

54

$123,077

$130,204

$129,603

$133,722

$121,930

$122,340

$137,684

$147,804

$141,882

55

$125,488

$131,881

$130,229

$135,543

$122,894

$122,915

$138,407

$148,594

$142,230

56

$126,003

$133,809

$133,535

$135,942

$125,296

$122,502

$139,483

$149,153

$142,956

57

$125,442

$133,717

$134,474

$136,150

$126,586

$121,375

$138,671

$148,904

$144,020

58

$126,129

$135,522

$135,106

$137,062

$126,516

$122,938

$139,650

$147,974

$142,754

59

$127,305

$135,234

$134,556

$137,737

$127,329

$123,399

$142,204

$146,684

$143,382

60

$125,246

$134,366

$132,370

$138,864

$128,607

$121,314

$141,574

$146,913

$143,455

61

$123,818

$135,046

$132,896

$137,454

$127,239

$123,764

$143,398

$145,906

$143,805

62

$123,549

$133,959

$134,063

$140,210

$125,945

$124,806

$143,957

$145,348

$145,679

63

$124,155

$135,492

$132,550

$141,335

$127,317

$128,460

$145,523

$149,206

$145,094

64

$125,223

$135,824

$131,263

$141,425

$127,025

$129,913

$146,476

$146,705

$146,908

65

$126,440

$138,019

$132,306

$140,909

$128,997

$129,234

$147,323

$148,286

$147,735

66

$126,193

$138,356

$133,071

$141,539

$129,194

$132,231

$148,702

$148,958

$148,649

67

$126,531

$138,093

$135,668

$141,591

$127,811

$134,015

$148,669

$150,072

$148,580

68

$126,118

$138,262

$136,590

$142,645

$130,902

$133,284

$150,737

$151,614

$147,338

69

$128,422

$139,259

$137,678

$140,996

$133,594

$131,646

$149,813

$153,314

$149,601

70

$127,707

$139,942

$136,271

$140,223

$133,508

$133,677

$149,224

$153,824

$152,141

71

$127,983

$141,513

$138,460

$140,740

$135,260

$135,380

$150,790

$153,389

$152,003

72

$128,293

$142,080

$138,792

$141,058

$135,215

$134,666

$151,042

$155,375

$151,633

73

$127,962

$144,076

$139,941

$143,476

$137,050

$136,202

$152,191

$157,681

$152,218

74

$128,513

$143,592

$141,750

$142,889

$137,044

$135,495

$153,547

$157,635

$151,567

75

$130,394

$142,846

$141,452

$142,446

$137,292

$134,592

$152,687

$158,250

$150,614

76

$130,640

$144,735

$144,519

$144,329

$139,814

$135,750

$152,869

$158,064

$148,461

77

$132,830

$144,953

$145,046

$144,216

$143,070

$135,255

$157,102

$158,447

$148,265

78

$132,885

$145,661

$146,946

$146,132

$143,789

$135,977

$157,432

$159,250

$149,839

79

$132,273

$147,258

$145,324

$147,264

$144,777

$135,667

$158,859

$161,389

$150,364

80

$130,519

$145,994

$144,043

$148,532

$142,602

$133,611

$161,692

$160,765

$152,964

81

$131,911

$146,449

$145,314

$150,254

$142,854

$135,019

$161,980

$161,276

$153,240

82

$131,659

$146,820

$143,246

$151,053

$143,314

$135,594

$161,336

$162,476

$154,795

83

$131,362

$146,359

$144,059

$151,208

$142,860

$137,553

$165,032

$165,864

$154,343

84

$129,971

$149,068

$144,472

$151,944

$143,027

$138,769

$165,380

$164,295

$154,524

85

$129,982

$151,534

$146,038

$152,924

$142,364

$138,912

$165,238

$164,825

$154,786

86

$131,085

$155,384

$145,701

$152,929

$144,451

$138,220

$164,396

$165,337

$156,811

87

$133,290

$157,097

$146,160

$155,224

$144,665

$140,311

$165,808

$165,682

$156,753

88

$133,578

$157,845

$147,992

$159,631

$147,698

$140,460

$164,443

$168,909

$158,489

89

$134,546

$159,681

$149,651

$162,177

$147,655

$144,588

$163,372

$172,134

$161,507

90

$136,907

$160,512

$150,394

$163,598

$150,713

$145,601

$165,288

$172,708

$161,703

91

$139,429

$160,266

$152,213

$163,137

$151,999

$145,479

$166,045

$170,736

$163,550

92

$139,234

$160,696

$153,570

$164,785

$152,999

$148,018

$166,188

$172,158

$161,849

93

$139,563

$160,773

$154,810

$164,510

$155,341

$150,030

$165,783

$172,882

$161,418

94

$142,831

$159,808

$155,349

$164,771

$157,571

$150,966

$166,063

$172,427

$160,285

95

$140,967

$162,005

$157,170

$165,148

$159,601

$151,145

$165,994

$172,434

$160,936

96

$142,302

$163,889

$156,378

$165,915

$162,857

$151,087

$165,385

$176,292

$161,325

97

$143,019

$164,377

$159,020

$163,668

$165,195

$153,169

$168,387

$178,762

$161,477

98

$145,375

$166,630

$159,164

$165,019

$166,262

$155,972

$172,576

$179,518

$162,589

99

$146,872

$167,819

$160,849

$163,418

$167,014

$158,869

$174,910

$180,689

$165,418

100

$150,927

$169,991

$162,553

$164,394

$167,043

$159,127

$174,138

$181,004

$166,465

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

$100,126

$101,079

$101,959

$101,994

$100,558

$99,701

$100,256

$101,167

$100,755

$100,942

$102,491

$100,181

$100,441

$102,932

$100,987

$100,395

$101,790

$99,989

$101,612

$100,162

$100,756

$99,780

$102,486

$100,312

$100,300

$99,692

$100,173

$101,659

$101,339

$100,125

$102,903
$102,999

$101,155

$103,455

$100,193

$100,687

$103,465

$101,360

$102,504

$102,683

$100,925

$101,355

$105,011

$101,750

$101,527

$102,182

$101,791

$103,807

$101,038

$103,350

$101,160

$104,609

$101,066

$101,089

$102,865

$100,796

$100,978

$101,778

$102,885

$100,163

$102,058

$104,471

$101,375

$101,727

$102,208

$106,833

$100,920

$105,577

$102,556

$102,543

$103,401

$104,804

$101,608

$101,607

$102,432

$103,755

$105,664

$101,959

$106,596

$102,422

$107,383

$100,988

$101,822

$103,980

$102,229

$108,972

$104,176

$102,731

$102,861

$101,364

$104,356

$103,713

$102,860

$103,666

$107,098

$103,514

$103,961

$107,734

$102,002

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$168,597

$194,294

$162,236

$162,591

$200,455

$160,412

$179,557

$142,551

$165,076

$179,749

$165,544

$161,055

$148,150

$176,283

$188,891

$170,708

$194,925

$162,208

$163,842

$203,149

$162,732

$178,391

$143,993

$167,200

$178,444

$165,845

$164,457

$148,596

$177,265

$189,319

$171,749

$195,819

$161,250

$164,465

$203,983

$162,352

$181,993

$145,126

$169,704

$181,788

$167,830

$166,732

$150,066

$177,085

$193,806

$173,643

$196,142

$164,097

$163,167

$202,989

$162,756

$180,415

$145,720

$172,854

$183,079

$169,716

$166,588

$154,535

$180,224

$196,476

$174,798

$202,053

$163,066

$164,579

$206,054

$163,029

$180,075

$146,735

7.90%

18.03%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

-18.0%

0.0%

0.0%

0.0%

-17.6%

0.0%

0.0%

0.0%

0.0%

-17.1%

0.0%

0.0%

0.0%

0.0%

-16.6%

0.0%

0.0%

0.0%

-42.8%

0.0%

-16.1%

0.0%

0.0%

0.0%

-41.6%

0.0%

-15.6%

0.0%

0.0%

0.0%

0.4%

0.0%

0.0%

0.0%

0.1%

0.0%

-14.2%

0.0%

0.1%

0.0%

0.0%

-13.7%

0.1%

0.1%

0.0%

0.0%

-13.2%

0.0%

0.2%

0.1%

-34.4%

0.3%

-12.8%

0.1%

0.3%

0.1%

-1.780

-33.2%

0.0%

-12.3%

0.1%

0.4%

0.1%

0.0400

-1.751

-32.0%

0.0%

-11.8%

0.0%

0.5%

0.1%

$106,292

0.0425

-1.722

-30.8%

0.3%

-11.3%

0.2%

0.7%

0.2%

$115,342

$108,524

0.0450

-1.695

-29.6%

0.2%

-10.8%

0.3%

0.9%

0.2%

$115,544

$115,422

$107,687

0.0475

-1.670

-28.4%

0.2%

-10.4%

0.5%

1.1%

0.2%

$106,189

$117,003

$113,076

$108,626

0.0500

-1.645

0.1%

1.4%

0.3%

$115,679

$105,809

$118,209

$115,276

$110,103

0.0525

-1.621

0.4%

1.8%

0.4%

$109,628

$117,058

$106,542

$118,511

$116,370

$110,030

0.0550

-1.598

-24.8%

0.1%

-8.9%

0.5%

2.2%

0.4%

$109,372

$116,317

$108,235

$118,324

$116,194

$111,376

0.0575

-1.576

-23.6%

0.3%

-8.4%

0.3%

2.7%

0.5%

$109,266

$113,923

$107,458

$120,006

$118,712

$110,509

0.0600

-1.555

-22.4%

0.7%

-8.0%

0.8%

3.3%

0.6%

$108,127

$113,531

$107,164

$122,581

$119,200

$111,476

0.0625

-1.534

-21.2%

0.4%

-7.5%

0.4%

3.9%

0.7%

$109,594

$113,376

$107,904

$121,210

$116,454

$110,891

0.0650

-1.514

-20.0%

0.9%

-7.0%

0.9%

4.7%

0.8%

$108,787

$113,392

$107,748

$121,612

$116,127

$112,492

0.0675

-1.495

-18.8%

1.1%

-6.5%

0.8%

5.6%

0.9%

$107,214

$112,312

$109,672

$124,195

$116,830

$113,475

0.0700

-1.476

-17.6%

1.1%

-6.0%

0.9%

6.5%

1.0%

$108,872

$111,717

$110,169

$124,630

$118,349

$113,983

0.0725

-1.457

-16.4%

1.0%

-5.6%

1.3%

7.6%

1.1%

$109,690

$113,281

$110,823

$126,862

$118,542

$115,259

0.0750

-1.440

-15.2%

1.6%

-5.1%

1.0%

8.8%

1.2%

$110,900

$115,341

$110,635

$126,607

$117,942

$116,227

0.0775

-1.422

-14.0%

1.1%

-4.6%

1.2%

10.1%

1.3%

$111,710

$115,688

$109,773

$125,825

$118,398

$116,675

0.0800

-1.405

1.2%

11.5%

1.4%

$110,121

$117,395

$109,051

$125,857

$118,099

$117,125

0.0825

-1.388

-11.6%

1.2%

-3.6%

1.5%

13.1%

1.5%

$108,063

$116,258

$108,805

$125,542

$118,700

$117,952

0.0850

-1.372

-10.4%

1.1%

-3.2%

1.4%

14.7%

1.7%

$108,773

$116,687

$109,816

$125,834

$120,106

$118,070

0.0875

-1.356

-9.2%

1.9%

-2.7%

1.6%

16.5%

1.8%

$109,489

$117,206

$110,135

$127,741

$120,544

$118,677

0.0900

-1.341

-8.0%

1.7%

-2.2%

1.9%

18.4%

1.9%

$109,499

$118,402

$113,426

$129,556

$121,694

$120,006

0.0925

-1.326

-6.8%

2.1%

-1.7%

1.5%

20.4%

2.0%

$109,812

$118,004

$115,707

$129,353

$122,349

$119,370

0.0950

-1.311

-5.6%

2.3%

-1.2%

1.9%

22.4%

2.1%

$108,741

$118,265

$115,730

$130,274

$123,631

$119,892

0.0975

-1.296

-4.4%

3.1%

-0.8%

2.3%

24.6%

2.2%

$109,270

$120,652

$117,947

$129,149

$124,905

$120,163

0.1000

-1.282

-3.2%

2.5%

-0.3%

2.0%

26.8%

2.2%

$110,228

$121,706

$117,883

$129,766

$125,230

$120,105

0.1025

-1.267

-2.0%

2.3%

0.2%

2.1%

29.1%

2.3%

$109,769

$122,489

$117,841

$131,310

$126,257

$119,908

0.1050

-1.254

-0.8%

1.9%

0.7%

2.1%

31.5%

2.4%

$112,527

$123,537

$118,159

$132,667

$127,482

$121,951

0.1075

-1.240

2.0%

33.9%

2.4%

$114,880

$123,043

$118,527

$133,542

$128,963

$124,231

0.1100

-1.227

1.6%

2.3%

1.6%

2.7%

36.3%

2.4%

$115,404

$121,785

$118,132

$133,777

$129,851

$123,017

0.1125

-1.213

2.8%

3.2%

2.1%

2.2%

38.8%

2.5%

$116,569

$122,904

$119,296

$134,158

$131,882

$123,159

0.1150

-1.200

4.0%

2.7%

2.6%

2.6%

41.3%

2.5%

$117,245

$122,694

$119,713

$136,741

$134,153

$123,268

0.1175

-1.188

5.2%

2.3%

3.1%

2.2%

43.8%

2.5%

$119,429

$124,154

$122,689

$136,419

$133,713

$124,923

0.1200

-1.175

6.4%

1.9%

3.6%

2.2%

46.2%

2.5%

$119,642

$127,269

$121,936

$136,348

$133,702

$126,272

0.1225

-1.163

7.6%

2.3%

4.0%

2.9%

48.7%

2.5%

$121,935

$128,597

$122,666

$137,288

$134,599

$127,418

0.1250

-1.150

8.8%

2.5%

4.5%

2.7%

51.2%

2.5%

25

26

27

28

29

30

Table-Lookup

Asset A: Return Dist'n Asset B: Return Dist'n

$100,498

$100,948

$98,973

$102,495

$101,359

$99,272

0.0025

-2.807

-50.0%

0.0%

-19.0%

$101,470

$102,422

$99,980

$104,492

$100,100

$99,528

0.0050

-2.576

-48.8%

0.0%

-18.5%

$101,363

$103,583

$99,882

$105,241

$100,854

$99,960

0.0075

-2.432

-47.6%

0.0%

$101,889

$102,538

$100,631

$106,401

$100,675

$100,583

0.0100

-2.326

-46.4%

0.0%

$102,311

$102,123

$102,542

$107,026

$101,635

$100,734

0.0125

-2.241

-45.2%

$103,181

$100,965

$103,157

$107,995

$102,427

$101,246

0.0150

-2.170

-44.0%

$103,894

$100,981

$102,877

$110,461

$103,703

$103,001

0.0175

-2.108

$103,238

$101,495

$103,370

$111,114

$104,940

$102,262

0.0200

-2.054

$103,542

$102,600

$103,292

$110,737

$106,274

$102,720

0.0225

-2.005

$102,570

$102,857

$102,661

$110,459

$107,227

$103,328

0.0250

-1.960

$101,842

$102,349

$104,306

$110,162

$107,651

$104,021

0.0275

-1.919

-38.0%

0.0%

$102,171

$104,582

$103,989

$110,249

$107,171

$104,626

0.0300

-1.881

-36.8%

$103,622

$104,110

$104,516

$112,261

$107,686

$104,418

0.0325

-1.845

-35.6%

$105,237

$105,498

$104,061

$112,728

$108,374

$105,253

0.0350

-1.812

$106,326

$106,643

$103,743

$112,943

$110,391

$107,271

0.0375

$107,402

$108,366

$103,464

$112,785

$111,754

$106,457

$106,612

$109,718

$103,890

$114,302

$113,436

$106,209

$110,934

$103,699

$115,053

$108,013

$112,551

$104,422

$108,585

$113,812

$109,626

-40.4%
-39.2%

-27.2%
-26.0%

-12.8%

0.4%

0.0%
0.0%

0.1%
0.6%

1.3%

2.5%

-15.2%
-14.7%

-9.9%
-9.4%

-4.1%

1.2%

$123,192

$130,026

$123,308

$137,730

$135,740

$128,805

0.1275

-1.138

10.0%

2.5%

5.0%

2.5%

53.6%

2.4%

$123,450

$130,037

$123,234

$139,361

$138,459

$128,190

0.1300

-1.126

11.2%

2.0%

5.5%

2.0%

56.0%

2.4%

$123,729

$129,996

$124,092

$141,642

$137,656

$128,632

0.1325

-1.115

12.4%

2.7%

6.0%

2.3%

58.3%

2.3%

$123,439

$128,290

$125,860

$143,431

$139,338

$130,021

0.1350

-1.103

13.6%

2.1%

6.4%

2.5%

60.6%

2.3%

$122,922

$129,606

$128,441

$140,356

$138,982

$132,780

0.1375

-1.092

14.8%

2.5%

6.9%

2.2%

62.8%

2.2%

$121,893

$129,822

$129,884

$139,813

$140,659

$132,366

0.1400

-1.080

16.0%

1.8%

7.4%

2.7%

65.0%

2.2%

$122,196

$129,720

$128,675

$138,729

$138,323

$132,263

0.1425

-1.069

2.3%

67.1%

2.1%

$124,116

$130,651

$128,839

$135,758

$139,543

$133,561

0.1450

-1.058

18.4%

2.0%

8.4%

2.0%

69.1%

2.0%

$125,105

$131,714

$127,241

$136,229

$140,625

$134,794

0.1475

-1.047

19.6%

1.8%

8.8%

2.2%

71.0%

1.9%

$125,443

$132,890

$130,107

$135,839

$139,717

$134,313

0.1500

-1.036

20.8%

1.9%

9.3%

2.0%

72.9%

1.9%

$125,329

$132,777

$132,512

$136,006

$141,312

$133,320

0.1525

-1.026

22.0%

2.0%

9.8%

1.4%

74.7%

1.8%

$126,219

$132,550

$133,546

$138,596

$141,682

$135,770

0.1550

-1.015

23.2%

1.6%

10.3%

1.7%

76.4%

1.7%

$128,917

$135,115

$133,576

$139,971

$143,858

$135,008

0.1575

-1.005

24.4%

2.2%

10.8%

2.1%

78.0%

1.6%

$128,963

$135,668

$132,897

$142,947

$143,708

$133,836

0.1600

-0.994

25.6%

1.8%

11.2%

1.4%

79.5%

1.5%

$130,524

$137,160

$133,958

$145,607

$144,396

$135,534

0.1625

-0.984

26.8%

1.4%

11.7%

1.6%

81.0%

1.5%

$131,028

$137,526

$136,330

$145,881

$147,237

$136,250

0.1650

-0.974

28.0%

1.5%

12.2%

1.5%

82.4%

1.4%

$133,569

$138,220

$138,112

$145,517

$148,188

$136,046

0.1675

-0.964

29.2%

0.9%

12.7%

1.9%

83.7%

1.3%

$134,766

$139,136

$137,358

$149,188

$148,332

$135,429

0.1700

-0.954

1.3%

84.9%

1.2%

$136,733

$143,398

$136,661

$151,417

$151,481

$136,115

0.1725

-0.944

31.6%

1.0%

13.6%

1.2%

86.1%

1.2%

$136,269

$144,575

$136,280

$149,887

$150,737

$137,580

0.1750

-0.935

32.8%

0.9%

14.1%

1.3%

87.2%

1.1%

$136,560

$143,998

$135,724

$150,409

$150,548

$137,942

0.1775

-0.925

34.0%

0.9%

14.6%

1.1%

88.2%

1.0%

$138,783

$144,551

$138,157

$151,645

$153,323

$139,242

0.1800

-0.915

35.2%

1.2%

15.1%

0.9%

89.1%

0.9%

$141,369

$147,322

$138,056

$151,626

$156,005

$139,541

0.1825

-0.906

36.4%

1.0%

15.6%

1.1%

90.0%

0.9%

$143,571

$147,552

$139,734

$151,926

$155,720

$138,863

0.1850

-0.896

37.6%

0.9%

16.0%

0.7%

90.8%

0.8%

$145,999

$145,668

$139,611

$154,411

$156,983

$138,365

0.1875

-0.887

38.8%

0.7%

16.5%

0.6%

91.6%

0.8%

$148,825

$145,728

$140,861

$154,019

$156,055

$140,382

0.1900

-0.878

40.0%

0.8%

17.0%

0.9%

92.3%

0.7%

$148,148

$145,688

$143,874

$154,464

$156,235

$144,120

0.1925

-0.869

41.2%

0.7%

17.5%

0.9%

93.0%

0.7%

$151,357

$144,545

$145,030

$156,054

$157,162

$143,038

0.1950

-0.860

42.4%

0.8%

18.0%

0.4%

93.6%

0.6%

$154,251

$146,005

$144,843

$156,916

$154,381

$143,253

0.1975

-0.851

1.0%

94.2%

0.6%

$154,699

$145,924

$146,247

$157,685

$155,170

$144,243

0.2000

-0.842

0.5%

94.7%

0.5%

$154,872

$146,559

$148,609

$159,261

$159,011

$142,472

0.2025

-0.833

46.0%

0.7%

19.4%

0.3%

95.2%

0.5%

$154,363

$148,780

$150,534

$158,922

$161,516

$142,934

0.2050

-0.824

47.2%

0.5%

19.9%

0.3%

95.6%

0.4%

$156,735

$150,099

$152,211

$160,681

$161,616

$141,883

0.2075

-0.815

48.4%

0.5%

20.4%

0.6%

96.0%

0.4%

$156,624

$149,666

$153,227

$162,902

$160,582

$142,751

0.2100

-0.806

49.6%

0.3%

20.8%

0.6%

96.4%

0.4%

$158,339

$148,298

$154,687

$164,308

$160,933

$145,421

0.2125

-0.798

50.8%

0.2%

21.3%

0.3%

96.7%

0.3%

$159,088

$146,607

$155,756

$165,253

$161,793

$147,428

0.2150

-0.789

52.0%

0.5%

21.8%

0.1%

97.0%

0.3%

$160,556

$147,922

$157,757

$166,673

$166,235

$147,560

0.2175

-0.781

53.2%

0.3%

22.3%

0.3%

97.3%

0.3%

$159,531

$149,173

$159,744

$166,295

$167,316

$150,066

0.2200

-0.772

54.4%

0.1%

22.8%

0.3%

97.6%

0.3%

$160,153

$150,612

$164,144

$168,193

$168,633

$152,187

0.2225

-0.764

55.6%

0.3%

23.2%

0.4%

97.8%

0.2%

$159,332

$150,258

$167,380

$170,915

$171,387

$157,012

0.2250

-0.755

0.1%

98.0%

0.2%

$161,707

$150,075

$170,710

$170,353

$171,698

$156,234

0.2275

-0.747

0.3%

98.2%

0.2%

$160,644

$151,571

$174,197

$173,056

$171,228

$157,778

0.2300

-0.739

59.2%

0.3%

24.7%

0.0%

98.4%

0.2%

$164,068

$153,142

$177,227

$174,227

$172,911

$156,844

0.2325

-0.731

60.4%

0.2%

25.2%

0.3%

98.5%

0.2%

$165,347

$155,471

$178,945

$176,545

$174,410

$159,000

0.2350

-0.722

61.6%

0.0%

25.6%

0.0%

98.7%

0.1%

$165,619

$155,444

$182,434

$174,375

$174,727

$160,397

0.2375

-0.714

62.8%

0.3%

26.1%

0.2%

98.8%

0.1%

$167,095

$156,318

$183,990

$176,468

$174,055

$161,378

0.2400

-0.706

64.0%

0.0%

26.6%

0.0%

98.9%

0.1%

$168,488

$157,527

$185,146

$177,588

$174,809

$163,685

0.2425

-0.698

65.2%

0.2%

27.1%

0.0%

99.0%

0.1%

$169,175

$156,913

$187,218

$179,987

$174,445

$165,568

0.2450

-0.690

66.4%

0.0%

27.6%

0.2%

99.1%

0.1%

$166,073

$156,631

$190,565

$177,759

$179,521

$167,601

0.2475

-0.682

67.6%

0.0%

28.0%

0.0%

99.2%

0.1%

$166,128

$156,798

$194,476

$180,524

$179,141

$168,027

0.2500

-0.674

68.8%

0.2%

28.5%

0.0%

99.3%

0.1%

0.2525

-0.667

0.2550

-0.659

17.2%

30.4%

43.6%
44.8%

56.8%
58.0%

2.6%

0.9%

0.4%
0.3%

0.1%
0.0%

0.5%

7.9%

13.2%

18.4%
18.9%

23.7%
24.2%

0.1%

0.2575

-0.651

0.2600

-0.643

0.2625

-0.636

0.2650

-0.628

0.2675

-0.620

0.2700

-0.613

0.2725

-0.605

0.2750

-0.598

0.2775

-0.590

0.2800

-0.583

0.2825

-0.575

0.2850

-0.568

0.2875

-0.561

0.2900

-0.553

0.2925

-0.546

0.2950

-0.539

0.2975

-0.532

0.3000

-0.524

0.3025

-0.517

0.3050

-0.510

0.3075

-0.503

0.3100

-0.496

0.3125

-0.489

0.3150

-0.482

0.3175

-0.475

0.3200

-0.468

0.3225

-0.461

0.3250

-0.454

0.3275

-0.447

0.3300

-0.440

0.3325

-0.433

0.3350

-0.426

0.3375

-0.419

0.3400

-0.412

0.3425

-0.406

0.3450

-0.399

0.3475

-0.392

0.3500

-0.385

0.3525

-0.379

0.3550

-0.372

0.3575

-0.365

0.3600

-0.358

0.3625

-0.352

0.3650

-0.345

0.3675

-0.338

0.3700

-0.332

0.3725

-0.325

0.3750

-0.319

0.3775

-0.312

0.3800

-0.305

0.3825

-0.299

0.3850

-0.292

0.3875

-0.286

0.3900

-0.279

0.3925

-0.273

0.3950

-0.266

0.3975

-0.260

0.4000

-0.253

0.4025

-0.247

0.4050

-0.240

0.4075

-0.234

0.4100

-0.228

0.4125

-0.221

0.4150

-0.215

0.4175

-0.208

0.4200

-0.202

0.4225

-0.196

0.4250

-0.189

0.4275

-0.183

0.4300

-0.176

0.4325

-0.170

0.4350

-0.164

0.4375

-0.157

0.4400

-0.151

0.4425

-0.145

0.4450

-0.138

0.4475

-0.132

0.4500

-0.126

0.4525

-0.119

0.4550

-0.113

0.4575

-0.107

0.4600

-0.100

0.4625

-0.094

0.4650

-0.088

0.4675

-0.082

0.4700

-0.075

0.4725

-0.069

0.4750

-0.063

0.4775

-0.056

0.4800

-0.050

0.4825

-0.044

0.4850

-0.038

0.4875

-0.031

0.4900

-0.025

0.4925

-0.019

0.4950

-0.013

0.4975

-0.006

0.5000

0.000

0.5025

0.006

0.5050

0.013

0.5075

0.019

0.5100

0.025

0.5125

0.031

0.5150

0.038

0.5175

0.044

0.5200

0.050

0.5225

0.056

0.5250

0.063

0.5275

0.069

0.5300

0.075

0.5325

0.082

0.5350

0.088

0.5375

0.094

0.5400

0.100

0.5425

0.107

0.5450

0.113

0.5475

0.119

0.5500

0.126

0.5525

0.132

0.5550

0.138

0.5575

0.145

0.5600

0.151

0.5625

0.157

0.5650

0.164

0.5675

0.170

0.5700

0.176

0.5725

0.183

0.5750

0.189

0.5775

0.196

0.5800

0.202

0.5825

0.208

0.5850

0.215

0.5875

0.221

0.5900

0.228

0.5925

0.234

0.5950

0.240

0.5975

0.247

0.6000

0.253

0.6025

0.260

0.6050

0.266

0.6075

0.273

0.6100

0.279

0.6125

0.286

0.6150

0.292

0.6175

0.299

0.6200

0.305

0.6225

0.312

0.6250

0.319

0.6275

0.325

0.6300

0.332

0.6325

0.338

0.6350

0.345

0.6375

0.352

0.6400

0.358

0.6425

0.365

0.6450

0.372

0.6475

0.379

0.6500

0.385

0.6525

0.392

0.6550

0.399

0.6575

0.406

0.6600

0.412

0.6625

0.419

0.6650

0.426

0.6675

0.433

0.6700

0.440

0.6725

0.447

0.6750

0.454

0.6775

0.461

0.6800

0.468

0.6825

0.475

0.6850

0.482

0.6875

0.489

0.6900

0.496

0.6925

0.503

0.6950

0.510

0.6975

0.517

0.7000

0.524

0.7025

0.532

0.7050

0.539

0.7075

0.546

0.7100

0.553

0.7125

0.561

0.7150

0.568

0.7175

0.575

0.7200

0.583

0.7225

0.590

0.7250

0.598

0.7275

0.605

0.7300

0.613

0.7325

0.620

0.7350

0.628

0.7375

0.636

0.7400

0.643

0.7425

0.651

0.7450

0.659

0.7475

0.667

0.7500

0.674

0.7525

0.682

0.7550

0.690

0.7575

0.698

0.7600

0.706

0.7625

0.714

0.7650

0.722

0.7675

0.731

0.7700

0.739

0.7725

0.747

0.7750

0.755

0.7775

0.764

0.7800

0.772

0.7825

0.781

0.7850

0.789

0.7875

0.798

0.7900

0.806

0.7925

0.815

0.7950

0.824

0.7975

0.833

0.8000

0.842

0.8025

0.851

0.8050

0.860

0.8075

0.869

0.8100

0.878

0.8125

0.887

0.8150

0.896

0.8175

0.906

0.8200

0.915

0.8225

0.925

0.8250

0.935

0.8275

0.944

0.8300

0.954

0.8325

0.964

0.8350

0.974

0.8375

0.984

0.8400

0.994

0.8425

1.005

0.8450

1.015

0.8475

1.026

0.8500

1.036

0.8525

1.047

0.8550

1.058

0.8575

1.069

0.8600

1.080

0.8625

1.092

0.8650

1.103

0.8675

1.115

0.8700

1.126

0.8725

1.138

0.8750

1.150

0.8775

1.163

0.8800

1.175

0.8825

1.188

0.8850

1.200

0.8875

1.213

0.8900

1.227

0.8925

1.240

0.8950

1.254

0.8975

1.267

0.9000

1.282

0.9025

1.296

0.9050

1.311

0.9075

1.326

0.9100

1.341

0.9125

1.356

0.9150

1.372

0.9175

1.388

0.9200

1.405

0.9225

1.422

0.9250

1.440

0.9275

1.457

0.9300

1.476

0.9325

1.495

0.9350

1.514

0.9375

1.534

0.9400

1.555

0.9425

1.576

0.9450

1.598

0.9475

1.621

0.9500

1.645

0.9525

1.670

0.9550

1.695

0.9575

1.722

0.9600

1.751

0.9625

1.780

0.9650

1.812

0.9675

1.845

0.9700

1.881

0.9725

1.919

0.9750

1.960

0.9775

2.005

0.9800

2.054

0.9825

2.108

0.9850

2.170

0.9875

2.241

0.9900

2.326

0.9925

2.432

0.9950

2.576

0.9975

2.807

4.59%

7.61%

0.0%

0.0%

0.0%

0.0%

0.1%

0.0%

0.1%

0.0%

0.1%

0.0%

0.1%

0.0%

0.2%

0.0%

0.2%

0.0%

0.3%

0.1%

0.4%

0.1%

0.4%

0.1%

0.5%

0.1%

0.7%

0.1%

0.8%

0.1%

1.0%

0.2%

1.2%

0.2%

1.5%

0.2%

1.7%

0.3%

2.1%

0.3%

2.4%

0.4%

2.9%

0.4%

3.4%

0.5%

3.9%

0.5%

4.5%

0.6%

5.2%

0.7%

6.0%

0.8%

6.8%

0.8%

7.7%

0.9%

8.8%

1.0%

9.9%

1.1%

11.1%

1.2%

12.4%

1.3%

13.8%

1.4%

15.3%

1.5%

16.8%

1.6%

18.5%

1.7%

20.3%

1.8%

22.1%

1.9%

24.1%

1.9%

26.1%

2.0%

28.2%

2.1%

30.4%

2.2%

32.6%

2.2%

34.8%

2.3%

37.2%

2.3%

39.5%

2.4%

41.9%

2.4%

44.3%

2.4%

46.7%

2.4%

49.1%

2.4%

51.5%

2.4%

53.9%

2.4%

56.3%

2.4%

58.6%

2.3%

60.9%

2.3%

63.1%

2.2%

65.3%

2.2%

67.4%

2.1%

69.5%

2.1%

71.5%

2.0%

73.4%

1.9%

75.3%

1.8%

77.0%

1.8%

78.7%

1.7%

80.3%

1.6%

81.9%

1.5%

83.3%

1.4%

84.7%

1.4%

85.9%

1.3%

87.1%

1.2%

88.3%

1.1%

89.3%

1.0%

90.3%

1.0%

91.2%

0.9%

92.0%

0.8%

92.8%

0.8%

93.5%

0.7%

94.2%

0.7%

94.8%

0.6%

95.3%

0.5%

95.8%

0.5%

96.2%

0.5%

96.7%

0.4%

97.0%

0.4%

97.4%

0.3%

97.7%

0.3%

97.9%

0.3%

98.2%

0.2%

98.4%

0.2%

98.6%

0.2%

98.8%

0.2%

98.9%

0.2%

99.1%

0.1%

99.2%

0.1%

99.3%

0.1%

99.4%

0.1%

99.5%

0.1%

99.5%

0.1%

99.6%

0.1%

99.6%

0.1%