Материал: Анализ эффективности модификаций высокодивидендных стратегий

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В работе был осуществлен расчет коэффициента Шарпа для всех тестируемых стратегий в целях корректировки доходности на риск. Значения коэффициента Шарпа для сформированных стратегий в сравнении аналогичными показателями для рыночного портфеля подтвердили результаты, приведенные выше.

Еще одним важным выводом является тот факт, что изменение контрольного месяца с декабря (используемого в классических стратегиях) на июль-сентябрь позволяет получать больший размер доходности, а в некоторых случаях делает стратегию, которая была неэффективной в классическом варианте, эффективной.

В большинстве случаев результаты, показываемые оптимальными стратегиями из числа сформированных, оказывались устойчивыми, что позволяет предполагать сохранение тенденции к существованию повышенной доходности высокодивидендных стратегий при ее наличии ранее.

Перспективы дальнейших исследований.

При работе с данным исследованием были выявлены следующие возможности для продолжения исследования по теме:

)        Значительное увеличение числа стран для исследования. Наиболее предпочтительным вариантом было бы использование при тестировании всех стран, из которых осуществлялся отбор: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, USA, Egypt, Finland, France, Germany, Greece, Hong Cong, India, Indonesia, Japan, Portugal, Russia, Spain, South Africa, Turkey, UK.

)        Увеличение количества портфелей. Предполагается тестирование стратегий, подразумевающих создание портфелей со всеми возможными количествами наиболее высокодивидендных акций в составе в промежутке от 1 до 15. Также возможно добавление портфеля, состоящего целиком из второй наиболее высокодивидендной акции, что предусматривается во многих работах по теме, рассмотренных при проведении исследования.

)        Расширение периода исследования. Планируется рассмотреть возможность введения разных периодов тестирования для различных базовых индексов, в зависимости от доступности информации в открытом доступе по ним.

)        Увеличения числа используемых показателей риска при тестировании. Коэффициент Шарпа является наиболее популярным, но не единственным показателем риска/доходности портфеля. Предполагается предусмотреть возможность использования коэффициентов Сортино и Трейнора.

)        Построение эконометрической модели для выявления внутренних факторов, влияющих на эффективность стратегий.

Список использованной литературы


1.       Теплова Т. В., Гальперин М. А. Инвестиционные стратегии на дивидендных акциях российского фондового рынка:«собаки Доу» и портфели с фильтрами по фундаментальным показателям //Экономический журнал Высшей школы экономики. - 2012. - Т. 16. - №. 2.

.        Аистов А. В. и др. Анализ доходности дивидендных стратегий на российском фондовом рынке //Экономический анализ: теория и практика. - 2011. - №. 48. - С. 8-16.

.        Yan H. et al. An empirical analysis of the dog of the dow strategy for the Taiwan stock market //Journal of Economics, Business and Management. - 2014. - Т. 3. - №. 4. - С. 435-439.

.        O'Higgins M. Beating the Dow: A High-return, Low-risk Method for Investing in the Dow Jones Industrial Stocks with as Little as $5,000 //- HarperCollins, 1991.

.        Does The Dogs Of The Dow Strategy Really Outperform The Market? // Электронный ресурс: http://seekingalpha.com/. Дата обращения: 01.02.2016

.        Jack Hough. 'Dogs of the Dow' Investing Strategy No Longer Works// Электронный ресурс: online.barrons.com//. Дата обращения: 01.02.2016

.        Qiu M., Song Y., Hasama M. Empirical analyses of the “dogs of the dow” strategy: Japanese evidence //International Journal of Innovative Computing, Information and Control. - 2013. - Т. 9. - №. 9. - С. 3677-3684.

.        Empirical tests of the Dogs of the Dow strategy in Latin American stock markets» (Andre L.C. Da Silva, International Review of Financial Analysis 02/2001).

.        Slatter J. Study of industrial averages finds stocks with high dividends are big winners //Wall street journal (eastern edition). - 1988. - С. 1.

.        Rinne E., Vähämaa S. The ‘Dogs of the Dow’strategy revisited: Finnish evidence //The European Journal of Finance. - 2011. - Т. 17. - №. 5-6. - С. 451-469.

11.     «The rise and fall of the “Dogs of the Dow”» ([Dale L. Domiana, David A. Loutonb, Charles E. Mossman, Financial Services Review 7, рp. 145-59, 1998).

12.     Prather L. J., Webb G. L. Window dressing, data mining, or data errors: A re-examination of the Dogs of the Dow Theory //Journal of Applied Business Research (JABR). - 2002. - Т. 18. - №. 2.

.        Wang C. et al. The dogs of the Dow in China //International Journal of Business and Social Science. - 2011. - Т. 2. - №. 18.

Приложение 1

Доходность портфелей при тестировании на рынке Германии

2006

7

8

9

10

11

12

"1"

1.235340314

1.281965

1.22308

1.243386

1.199852

1.176679

"3"

0.959271

0.990028

1.07336

1.041076

1.011593

"5"

1.09720411

1.152762

1.159431

1.308005

1.324008

1.32536

"7"

1.062923277

1.10286

1.107674

1.253761

1.265976

1.260982

"10"

1.125088744

1.158263

1.155067

1.298493

1.284724

1.272411

div

1.163204041

1.209274

1.201832

1.302312

1.237836

1.223477

"3" - 1

0.760930536

0.797925

0.873503

0.988347

0.961689

0.92905

"5" - 1

1.062670059

1.120461

1.143518

1.32416

1.355047

1.36253

"7" - 1

1.034187105

1.073009

1.088439

1.25549

1.276997

1.275032

"10" - 1

1.11283857

1.101266

1.099073

1.250855

1.238619

1.225566

div - 1

1.160067682

1.206114

1.200908

1.304874

1.239488

1.225512

"3" + 1

0.998135425

1.039945

1.048291

1.115867

1.08077

1.052864

"5" + 1

1.120226811

1.174296

1.170039

1.297235

1.303315

1.30058

"7" + 1

1.084475407

1.125248

1.122099

1.252464

1.257711

1.250444

"10" + 1

1.135111614

1.169509

1.16125

1.293483

1.277008

1.263708

div + 1

1.166089492

1.212182

1.202682

1.299955

1.236317

1.221605

2007

7

8

9

10

11

12

"1"

1.226954863

1.241932

1.387035

1.435106

1.436881

1.415832

"3"

1.196069109

1.229825

1.214389

1.223522

1.256159

1.254877

"5"

1.451548233

1.501284

1.441912

1.471822

1.348367

1.291187

"7"

1.431478807

1.452325

1.426787

1.431687

1.33712

1.272316

"10"

1.454372947

1.44561

1.400237

1.410698

1.316992

1.282386

div

1.338177089

1.307761

1.289651

1.278311

1.248069

1.228192

"3" - 1

1.180626232

1.223771

1.128066

1.117729

1.165798

1.1744

"5" - 1

1.507696575

1.566122

1.455632

1.481001

1.326239

1.260026

"7" - 1

1.465566131

1.487391

1.433412

1.431117

1.320494

1.248396

"10" - 1

1.479641623

1.39821

1.337442

1.346962

1.237723

1.204093

div - 1

1.343012838

1.310623

1.285417

1.271494

1.23986

1.220034

"3" + 1

1.203790548

1.232852

1.25755

1.276418

1.30134

1.295116

"5" + 1

1.414116004

1.458059

1.432766

1.465703

1.36312

1.311961

"7" + 1

1.405913314

1.426026

1.421818

1.432115

1.349591

1.290255

"10" + 1

1.433698576

1.427094

1.399037

1.412917

1.327891

1.294518

div + 1

1.111440167

1.087607

1.077955

1.070486

1.046351

1.029748

2008

7

8

9

10

11

12

"1"

0.714216634

0.686041

0.684184

0.536538

0.560163

0.61416

"3"

0.729105732

0.71913

0.671276

0.558246

0.53099

0.547057

"5"

0.776651563

0.761155

0.699557

0.599556

0.596342

0.604604

"7"

0.748908692

0.746223

0.655517

0.528481

0.533482

0.540353

"10"

0.748448791

0.745303

0.644267

0.511365

0.525899

0.535444

div

0.831769432

0.813488

0.730705

0.624635

0.579978

0.581868

"3" - 1

0.73655028

0.735675

0.664821

0.5691

0.516404

0.513505

"5" - 1

0.792260295

0.779934

0.7034

0.615311

0.605386

0.602215

"7" - 1

0.754690701

0.756253

0.65074

0.527138

0.529035

0.528052

"10" - 1

0.752252364

0.703398

0.594126

0.46071

0.479917

0.484844

div - 1

0.836290693

0.81839

0.732494

0.628024

0.58074

0.580626

"3" + 1

0.725383457

0.710858

0.674503

0.552819

0.538283

0.563833

"5" + 1

0.766245741

0.748636

0.696995

0.589053

0.590312

0.606197

"7" + 1

0.744572185

0.7387

0.659101

0.529488

0.536817

0.549579

"10" + 1

0.745336777

0.739916

0.647896

0.513654

0.529014

0.5426

div + 1

0.827571118

0.808937

0.729043

0.621489

0.57927

0.583021

2009

7

8

9

10

11

12

"1"

0.805916629

0.866295

0.802245

0.901745

0.957209

"3"

0.813297153

0.873835

0.959827

1.041253

1.142279

1.197114

"5"

0.715303761

0.762144

0.904734

1.059081

1.131118

1.139347

"7"

0.689819685

0.749147

0.922436

1.090581

1.161863

1.15956

"10"

0.754624812

0.745553

0.891952

1.062986

1.105882

1.096315

div

0.817225991

0.821025

0.948048

1.15961

1.240132

1.231213

"3" - 1

0.816987415

0.900716

1.006593

1.160758

1.262545

1.317066

"5" - 1

0.692650544

0.747663

0.914344

1.12329

1.188461

1.184881

"7" - 1

0.670470194

0.737326

0.931792

1.138637

1.205216

1.193285

"10" - 1

0.748925722

0.685966

0.839815

1.038072

1.074465

1.049381

div - 1

0.817697214

0.821065

0.951455

1.1745

1.254231

1.242629

"3" + 1

0.811452022

0.860394

0.936444

0.981501

1.082145

1.137138

"5" + 1

0.730405906

0.771799

0.898327

1.016275

1.092889

1.108991

"7" + 1

0.704331803

0.758012

0.915418

1.054539

1.129348

1.134266

"10" + 1

0.759287705

0.752328

0.88962

1.039283

1.087324

1.083669

div + 1

0.816791016

0.820988

0.944904

1.145865

1.227117

1.220674

2010

7

8

9

10

11

12

"1"

1.146829811

1.120216

1.075563

1.12056

1.004684

0.93829

"3"

1.021136139

0.963056

0.929367

1.008988

0.937951

0.905461

"5"

1.042598243

0.929119

0.901109

1.008626

0.937165

0.90429

"7"

1.098194397

0.980288

0.97463

1.091598

1.015368

0.976702

"10"

1.103744682

1.001669

1.015783

1.122743

1.055922

1.04394

div

1.111546041

1.015758

1.034146

1.113248

1.106035

1.08542

"3" - 1

0.958289304

0.884476

0.856269

0.953202

0.904584

0.889047

"5" - 1

1.016540351

0.881344

0.857495

0.980643

0.920285

0.89579

"7" - 1

1.090088495

0.956967

0.957807

1.086771

1.017148

0.983104

"10" - 1

1.098957446

0.931833

0.954646

1.061947

1.001696

0.994627

div - 1

1.110011964

1.059955

1.076703

1.170462

1.158253

1.149001

"3" + 1

1.052559557

1.002346

0.965916

1.036881

0.954634

0.913668

"5" + 1

1.059970171

0.960968

0.930184

1.027282

0.948418

0.909956

"7" + 1

1.104273824

0.997779

0.987246

1.095218

1.014032

0.9719

"10" + 1

1.107661512

1.012446

1.021217

1.122544

1.051264

1.034335

div + 1

1.112957392

1.064776

1.076612

1.16647

1.145967

1.132144

2011

7

8

9

10

11

12

"1"

1.051406402

0.847546

0.88002

0.883189

0.977093

0.918177

"3"

0.855092474

0.680184

0.73186

0.754095

0.816104

0.730341

"5"

0.891856287

0.753538

0.767952

0.790279

0.846589

0.792378

"7"

0.920365701

0.787673

0.781252

0.806635

0.874166

0.803632

"10"

1.020406908

0.863572

0.791241

0.808603

0.831934

0.775835

div

1.156196543

0.986593

0.86868

0.911836

0.88369

0.839111

"3" - 1

0.756935511

0.596503

0.65778

0.689548

0.73561

0.636424

"5" - 1

0.851968759

0.730036

0.739935

0.767051

0.813963

0.760929

"7" - 1

0.898525584

0.777694

0.76479

0.793876

0.857011

0.784542

"10" - 1

1.01696252

0.835762

0.748661

0.765177

0.778341

0.728088

div - 1

1.160226933

0.991941

0.868244

0.912938

0.880098

0.83607

"3" + 1

0.904170956

0.722024

0.7689

0.786369

0.856351

0.7773

"5" + 1

0.918447973

0.769206

0.78663

0.805764

0.86834

0.813345

"7" + 1

0.936745789

0.795157

0.793598

0.816204

0.887032

0.817951

"10" + 1

1.023225044

0.862115

0.799311

0.815383

0.84513

0.788775

div + 1

1.152454038

0.981627

0.869085

0.910813

0.887026

0.841934

2012

7

8

10

11

12

"1"

0.846586716

1.077107

1.084249

0.958125

0.878631

0.969543

"3"

0.948974235

1.217252

1.214386

1.124506

1.108574

1.18503

"5"

0.908205407

1.180742

1.21396

1.10502

1.150826

1.238238

"7"

0.947434891

1.221698

1.254005

1.130776

1.133083

1.204818

"10"

0.892740883

1.162619

1.207083

1.079436

1.085269

1.16104

div

0.933504237

1.156153

1.248673

1.136793

1.170833

1.230179

"3" - 1

1.000167994

1.287325

1.279454

1.207696

1.223545

1.292773

"5" - 1

0.923610079

1.20665

1.246388

1.141744

1.218875

1.305412

"7" - 1

0.96424292

1.245797

1.282297

1.159551

1.175492

1.244031

"10" - 1

0.897869124

1.097302

1.147039

1.026069

1.046996

1.115029

div - 1

0.936847218

1.159193

1.254997

1.143664

1.182071

1.240203

"3" + 1

0.923377355

1.182216

1.181851

1.082911

1.051088

1.131158

"5" + 1

0.897935625

1.163469

1.192341

1.080537

1.10546

1.193456

"7" + 1

0.934828869

1.203624

1.232785

1.109195

1.101277

1.175409

"10" + 1

0.88854505

1.154845

1.195916

1.068408

1.066484

1.143631

div + 1

0.930400039

1.15333

1.2428

1.130412

1.160397

1.22087

2013

7

8

9

10

11

12

"1"

0.996839926

1.021824

1.11906

1.316835

1.379575

1.44619

"3"

0.812905726

0.766879

0.851107

0.951872

1.094431

1.083305

"5"

1.002421226

0.960708

1.054402

1.154893

1.223214

1.189951

"7"

1.110233712

1.048826

1.116902

1.199644

1.244208

1.213757

"10"

1.090073194

1.032509

1.111705

1.179533

1.219799

1.197848

div

1.15980009

1.101254

1.135765

1.175392

1.186168

1.175698

"3" - 1

0.720938626

0.639407

0.71713

0.76939

0.951859

0.901863

"5" - 1

1.003816552

0.94543

1.038238

1.114408

1.184123

1.125891

"7" - 1

1.129132676

1.053326

1.116542

1.180112

1.221646

1.175019

"10" - 1

1.100432446

0.995381

1.069241

1.119392

1.142258

1.114577

div - 1

1.166590097

1.104564

1.136461

1.169499

1.17811

1.164427

"3" + 1

0.858889276

0.830615

0.918095

1.043112

1.165717

1.174026

"5" + 1

1.00149101

0.970894

1.065179

1.181884

1.249274

1.232657

"7" + 1

1.096059489

1.04545

1.117171

1.214293

1.261129

1.242811

"10" + 1

1.081597442

1.031538

1.112374

1.192015

1.234324

1.220425

div + 1

1.153532391

1.098199

1.135123

1.180833

1.193607

1.186101

2014

7

8

9

10

11

12

"1"

1.064343164

1.106599

1.083766

1.019168

1.028882

1.034967

"3"

1.165128026

1.145062

1.101991

1.025271

1.069345

1.053027

"5"

1.201871172

1.213206

1.117455

1.028295

1.070059

1.043937

"7"

1.170572091

1.181413

1.081525

1.005876

1.044475

1.015029

"10"

1.167038582

1.184149

1.073519

1.002232

1.040392

1.012336

div

1.099246032

1.126841

1.064445

1.011705

1.039793

1.011899

"3" - 1

1.215520457

1.164294

1.111103

1.028323

1.089576

1.062057

"5" - 1

1.236253174

1.239858

1.125877

1.030576

1.080353

1.04618

"7" - 1

1.188276912

1.193882

1.081151

1.003661

1.047074

1.011706

"10" - 1

1.178449184

1.125256

1.00792

0.940675

0.982799

0.947942

div - 1

1.100700318

1.127685

1.06364

1.011395

1.040248

1.010938

"3" + 1

1.13993181

1.135447

1.097435

1.023745

1.059229

1.048512

"5" + 1

1.178949837

1.195438

1.11184

1.026774

1.063196

1.042442

"7" + 1

1.157293475

1.172061

1.081805

1.007538

1.042526

1.017521

"10" + 1

1.157702635

1.177099

1.074451

1.003771

1.039346

1.014394

div + 1

1.097903614

1.126063

1.065188

1.039374

1.012786

2015

7

8

9

10

11

12

"1"

1.053526448

1.073394

1.065155

1.077144

1.019922

1.019306

"3"

1.229982744

1.133224

1.112826

1.065837

1.005468

1.037925

"5"

1.13588031

1.03782

0.998237

0.975012

0.905217

0.942997

"7"

1.216871951

1.116434

1.071919

1.062208

0.983855

1.006822

"10"

1.144455239

1.040153

0.981193

1.003657

0.933932

0.953892

div

1.204482088

1.091813

1.023791

1.063949

0.996691

1.006816

"3" - 1

1.318210892

1.163138

1.136662

1.060184

0.998241

1.047235

"5" - 1

1.156468775

1.028926

0.981508

0.949479

0.876541

0.92392

"7" - 1

1.244096201

1.123607

1.073046

1.059718

0.977844

1.004742

"10" - 1

1.154558438

0.982812

0.916855

0.935738

0.866892

0.886563

div - 1

1.210771906

1.09258

1.022068

1.063399

0.995723

1.006296

"3" + 1

1.18586867

1.118266

1.100908

1.068664

1.009081

1.03327

"5" + 1

1.122154666

1.043749

1.00939

0.992034

0.924334

0.955715

"7" + 1

1.196453763

1.111054

1.071073

1.064075

0.988363

1.008383

"10" + 1

1.136188985

1.043175

0.988826

1.010337

0.94175

0.959839

div + 1

1.198676102

1.091104

1.025382

1.064456

0.997585

1.007297



Приложение 2

Доходность портфелей при тестировании на рынке Франции

2006

7

8

9

10

11

12

"1"

0.64631198

0.681368

0.757956

0.938653

0.921919

0.998094

"3"

0.98346652

1.058242

1.042155

1.147905

1.120006

1.121048

"5"

1.07042683

1.153898

1.111117

1.196444

1.162744

1.166676

"7"

1.09947084

1.196499

1.156305

1.255103

1.24021

1.233862

"10"

1.13517209

1.221817

1.173515

1.243421

1.20869

1.202488

div

1.09898527

1.161148

1.127481

1.183958

1.150556

1.160327

"3" - 1

1.15204379

1.24668

1.184254

1.252532

1.21905

1.182525

"5" - 1

1.17645554

1.27203

1.199407

1.260892

1.22295

1.208822

"7" - 1

1.17499732

1.282355

1.222697

1.307844

1.293259

1.273156

"10" - 1

1.18948988

1.197704

1.142393

1.196812

1.166893

1.152333

div - 1

1.11229919

1.17526

1.138349

1.191173

1.157281

1.165098

"3" + 1

0.89917789

0.964024

0.971105

1.095592

1.070485

1.09031

"5" + 1

0.99974102

1.075143

1.052257

1.153479

1.122607

1.138579

"7" + 1

1.04282599

1.132108

1.106512

1.215546

1.200424

1.204391

"10" + 1

1.09073027

1.172685

1.135737

1.215715

1.18262

1.183907

div + 1

1.08641101

1.147821

1.117217

1.177144

1.144205

1.15582

2007

7

8

9

10

11

12

"1"

1.21097561

1.33615

1.29779

1.251106

1.32398

1.175179

"3"

1.20131185

1.196615

1.168544

1.145866

1.188481

1.122195

"5"

1.15497961

1.093781

1.070802

1.042137

1.069688

1.006775

"7"

1.13033976

1.075774

1.068876

1.039977

1.045268

0.966821

"10"

1.13241215

1.069127

1.041745

1.055728

1.035858

0.968354

div

1.19794173

1.130285

1.097097

1.116208

1.052159

0.991224

"3" - 1

1.19647998

1.126848

1.103921

1.093246

1.120732

1.095703

"5" - 1

1.14098061

1.033189

1.014055

0.989895

1.006115

0.964674

"7" - 1

1.11690045

1.032378

1.030724

1.004789

0.998816

0.932095

"10" - 1

1.12368287

0.973025

0.945068

0.967413

0.935955

0.879196

div - 1

1.19755838

1.12423

1.091195

1.112241

1.044165

0.985813

"3" + 1

1.20372779

1.231499

1.200855

1.172176

1.222356

1.135441

"5" + 1

1.16431228

1.134176

1.108633

1.076965

1.11207

1.034842

"7" + 1

1.14041924

1.108321

1.097491

1.066368

1.080107

0.992866

"10" + 1

1.13955428

1.093402

1.065022

1.073489

0.987156

div + 1

1.19830379

1.136003

1.102672

1.119955

1.05971

0.996334

2008

7

8

9

10

11

12

"1"

0.99523514

0.97169

0.747822

0.43487

0.431761

0.437483

"3"

0.78153354

0.781259

0.690761

0.520921

0.501726

0.507888

"5"

0.75583968

0.776235

0.732596

0.555988

0.520403

0.501946

"7"

0.74949258

0.771405

0.705413

0.566834

0.547778

0.54522

"10"

0.66531524

0.698234

0.62233

0.476378

0.465795

0.471441

div

0.72855801

0.757495

0.668122

0.543446

0.529184

0.534521

"3" - 1

0.67468275

0.686044

0.662231

0.563946

0.536709

0.54309

"5" - 1

0.69599081

0.727371

0.728789

0.586267

0.542563

0.518062

"7" - 1

0.70853548

0.738024

0.698345

0.588828

0.567115

0.563176

"10" - 1

0.62865747

0.620831

0.562339

0.441123

0.429797

0.433672

div - 1

0.72115031

0.751545

0.665908

0.546462

0.53189

0.537217

"3" + 1

0.83495894

0.828867

0.705026

0.499408

0.484235

0.490287

"5" + 1

0.79573892

0.808811

0.735133

0.535801

0.505629

0.491202

"7" + 1

0.7802104

0.796441

0.710714

0.550338

0.533276

0.531753

"10" + 1

0.69530796

0.723093

0.633738

0.472605

0.462701

0.468354

div + 1

0.73557582

0.763132

0.670219

0.540589

0.52662

0.531968

2009

7

8

9

10

11

12

"1"

0.74130127

0.786387

1.004259

0.99371

0.987639

0.979655

"3"

0.90506419

0.894541

1.107003

1.116247

1.334143

1.220209

"5"

0.72732931

0.740723

0.962999

1.146905

1.344922

1.424417

"7"

0.75953793

0.778831

0.988321

1.172023

1.314731

1.403107

"10"

0.75425208

0.783245

0.978464

1.158087

1.264103

1.320044

div

0.81885469

0.83855

0.985954

1.107298

1.206816

1.291064

"3" - 1

0.98694565

0.948617

1.158374

1.177516

1.507395

1.340486

"5" - 1

0.72383632

0.729307

0.952683

1.185204

1.434243

1.535608

"7" - 1

0.76257737

0.777572

0.985665

1.201742

1.369247

1.473682

"10" - 1

0.75569106

0.72347

0.893884

1.088679

1.168624

1.25215

div - 1

0.8212048

0.840131

0.985399

1.11074

1.213458

1.300501

"3" + 1

0.86412346

0.867502

1.081317

1.085613

1.247517

1.160071

"5" + 1

0.72965797

0.748334

0.969875

1.121372

1.285375

1.35029

"7" + 1

0.75725834

0.779776

0.990313

1.149734

1.273845

1.350176

"10" + 1

0.75307474

0.783531

0.980809

1.143143

1.23897

1.2891

div + 1

0.81663888

0.83706

0.986477

1.104053

1.200554

1.282167

2010

7

8

9

10

11

12

"1"

1.07861095

0.946238

0.900251

0.994806

1.002997

1.085181

"3"

1.02147835

0.911809

0.879642

0.98227

0.943173

0.979348

"5"

0.98642412

0.884649

0.864965

0.995563

0.941738

0.971032

"7"

0.98256036

0.882441

0.874464

0.992118

0.933273

0.946107

"10"

0.99721596

0.898442

0.895298

1.001567

0.93992

0.940798

div

1.10267864

0.989396

1.01195

1.10123

1.036953

1.02205

"3" - 1

0.99291205

0.894594

0.869337

0.976001

0.913261

0.926431

"5" - 1

0.96337742

0.869251

0.856144

0.995752

0.926423

0.942495

"7" - 1

0.96655193

0.871809

0.870166

0.99167

0.921652

0.922928

"10" - 1

0.98817207

0.841376

0.843986

0.94805

0.878755

0.868723

div - 1

1.10343075

0.990745

1.01544

1.104556

1.038014

1.020077

"3" + 1

1.0357615

0.920416

0.884794

0.985404

0.958129

1.005806

"5" + 1

1.00178859

0.894913

0.870846

0.995437

0.951948

0.990057

"7" + 1

0.99456669

0.890416

0.877688

0.992454

0.941988

"10" + 1

1.00461551

0.902787

0.895748

1.000952

0.945655

0.953923

div + 1

1.07048589

0.959894

0.979845

1.066726

1.006355

0.994652

2011

7

8

9

10

11

12

"1"

0.89856876

0.829177

0.776025

0.755285

0.820513

0.778134

"3"

0.9212416

0.862718

0.728999

0.727834

0.788906

0.75915

"5"

0.92706907

0.881737

0.784129

0.773461

0.841511

0.812052

"7"

0.90541145

0.850124

0.752223

0.750572

0.806146

0.750619

"10"

0.95399451

0.905695

0.800977

0.811247

0.858213

0.813361

div

1.01260202

0.930082

0.776082

0.817313

0.821202

0.762058

"3" - 1

0.93257801

0.879489

0.705486

0.714108

0.773103

0.749658

"5" - 1

0.93419414

0.894877

0.786155

0.778005

0.846761

0.820531

"7" - 1

0.90655189

0.853615

0.748255

0.749787

0.803751

0.746033

"10" - 1

0.96015293

0.865222

0.765964

0.780311

0.825248

0.778579

div - 1

1.01559547

0.934716

0.784902

0.827747

0.829162

0.769748

"3" + 1

0.91557339

0.854333

0.740756

0.734697

0.796808

0.763896

"5" + 1

0.92231902

0.872977

0.782779

0.770432

0.838012

0.806399

"7" + 1

0.90455611

0.847506

0.755198

0.751161

0.807942

0.754058

"10" + 1

0.94895581

0.898739

0.798709

0.80616

0.854785

0.810158

div + 1

1.00952004

0.927355

0.77608

0.815637

0.821183

0.762492

2012

7

8

9

10

11

12

"1"

0.75415512

0.826692

0.763252

0.659663

0.635859

0.687186

"3"

0.67528364

0.772106

0.788541

0.708364

0.803247

0.930518

"5"

0.71627064

0.847486

0.862346

0.806035

0.884094

0.971605

"7"

0.73748791

0.856595

0.846169

0.802964

0.892327

0.992483

"10"

0.74355688

0.870264

0.886075

0.849082

0.909397

0.999032

div

0.87655923

1.01494

1.108283

1.032844

1.113382

1.170951

"3" - 1

0.6358479

0.744813

0.801185

0.732714

0.886941

1.052185

"5" - 1

0.70679951

0.852685

0.887119

0.842628

0.946152

1.04271

"7" - 1

0.73471004

0.861579

0.859989

0.826848

0.935072

1.043365

"10" - 1

0.7423793

0.832623

0.855369

0.826663

0.888095

0.970465

div - 1

0.88050775

1.021012

1.119413

1.044882

1.128785

1.186557

"3" + 1

0.69500151

0.785752

0.782218

0.696188

0.7614

0.869685

"5" + 1

0.72258472

0.84402

0.84583

0.781639

0.842721

0.924202

"7" + 1

0.73957131

0.852857

0.835805

0.785051

0.860269

0.954321

"10" + 1

0.74452036

0.866303

0.874909

0.831862

0.88453

0.970682

div + 1

0.87285002

1.009235

1.097827

1.021536

1.098911

1.156292

2013

7

8

9

10

11

12

"1"

0.86719824

0.837803

1.067241

1.035866

0.98699

1.097592

"3"

0.95102032

0.948463

1.162827

1.264674

1.369846

1.338042

"5"

1.00452909

1.085393

1.282382

1.399621

1.399516

1.306631

"7"

1.01825755

1.066701

1.234825

1.335497

1.326901

1.257821

"10"

1.14292243

1.130956

1.304357

1.34878

1.339124

1.273356

div

1.26994417

1.213436

1.303171

1.313308

1.254371

1.209301

"3" - 1

0.99293136

1.003793

1.21062

1.379078

1.561273

1.458267

"5" - 1

1.03886181

1.14729

1.336167

1.49056

1.502648

1.35889

"7" - 1

1.0434341

1.104851

1.262755

1.385436

1.383552

1.284525

"10" - 1

1.17355846

1.122702

1.272965

1.314817

1.309165

1.22977

div - 1

1.28214859

1.224818

1.31032

1.321715

1.262474

1.212686

"3" + 1

0.9300648

0.920798

1.138931

1.207472

1.274132

1.27793

"5" + 1

0.98164062

1.044128

1.246525

1.338995

1.330762

1.271791

0.99937514

1.038089

1.213877

1.298043

1.284412

1.237792

"10" + 1

1.1178566

1.104306

1.282801

1.320333

1.307112

1.257378

div + 1

1.25843714

1.202703

1.29643

1.305381

1.246732

1.206109

2014

7

8

9

10

11

12

"1"

1.59020165

1.500782

1.284389

1.257666

1.473219

1.572222

"3"

1.37424103

1.280942

1.153727

1.123222

1.288104

1.317811

"5"

1.3331706

1.244137

1.122412

1.074841

1.19261

1.200332

"7"

1.26599343

1.227078

1.119075

1.049272

1.135126

1.14759

"10"

1.25242254

1.248774

1.156423

1.057104

1.109872

1.113373

div

1.09259737

1.113594

1.046017

0.974241

1.017673

1.007011

"3" - 1

1.26626072

1.171022

1.088397

1.056

1.195547

1.190606

"5" - 1

1.26891283

1.179976

1.081918

1.029134

1.122457

1.107359

"7" - 1

1.21195873

1.181461

1.091523

1.01454

1.078777

1.076818

"10" - 1

1.21489152

1.153932

1.079663

0.973103

1.001617

0.995922

div - 1

1.07704724

1.101495

1.038567

0.965384

1.003437

0.989348

"3" + 1

1.42823119

1.335902

1.186393

1.156833

1.334383

1.381414

"5" + 1

1.37600911

1.286911

1.149408

1.105311

1.239378

1.262314

"7" + 1

1.30651946

1.261291

1.139739

1.075322

1.177387

1.200669

"10" + 1

1.28312973

1.271684

1.168056

1.075337

1.142904

1.155086

div + 1

1.10723279

1.124982

1.053028

0.982577

1.031071

1.023635

2015

7

8

9

10

11

12

"1"

0.93730505

0.813011

0.781341

0.956137

1.00778

1.066322

"3"

0.98918883

0.935842

0.874901

0.967365

0.942703

0.978416

"5"

1.03021027

0.95479

0.891383

0.95822

0.928906

0.9512

"7"

1.12784399

1.043463

1.007683

1.06546

1.018634

1.033096

"10"

1.10601126

1.038155

1.006739

1.067297

1.036999

1.046781

div

1.19921556

1.077069

1.035264

1.11196

1.061302

1.076791

"3" - 1

1.01513073

0.997257

0.92168

0.972979

0.910165

0.934464

"5" - 1

1.05343657

0.990235

0.918894

0.95874

0.909187

0.922419

"7" - 1

1.15960047

1.081871

1.045407

1.08368

1.020443

1.027558

"10" - 1

1.12475639

1.017584

0.996283

1.037818

0.999329

1.001451

div - 1

1.20715224

1.085071

1.042959

1.116682

1.062924

1.077108

"3" + 1

0.97621789

0.905134

0.851511

0.964558

0.958972

1.000393

"5" + 1

1.01472607

0.93116

0.873043

0.957872

0.942051

0.970387

"7" + 1

1.10402662

1.014656

0.979391

1.051795

1.017277

1.037249

"10" + 1

1.09067433

1.017688

0.986248

1.057191

1.034343

1.048557

div + 1

1.1917324

1.069525

1.028009

1.107508

1.059773

1.076492



Приложение 3

Доходность портфелей при тестировании на рынке Бразилии

2006

7

8

9

10

11

12

"1"

1.555804

1.351176344

1.197605

1.537572

1.406522

1.282306

"3"

1.349497

1.42375205

1.207522

1.2405

1.218454

1.208449

"5"

1.289878

1.36537171

1.2016

1.203823

1.22153

1.267093

"7"

1.290136

1.29801704

1.126107

1.18497

1.22294

1.280205

"10"

1.357399

1.325309205

1.188754

1.291515

1.309133

1.341552

div

1.465933

1.333843982

1.195938

1.332271

1.334294

1.362061

"3" - 1

1.246344

1.460039904

1.21248

1.091964

1.12442

1.171521

"5" - 1

1.223396

1.368920551

1.202599

1.120386

1.175283

1.26329

"7" - 1

1.245858

1.289157156

1.114191

1.126203

1.192343

1.279855

"10" - 1

1.335354

1.216557502

1.110384

1.202041

1.229111

1.278193

div - 1

1.462025

1.333090401

1.195866

1.323345

1.331154

1.365529

"3" + 1

1.401074

1.405608124

1.205042

1.314768

1.265471

1.226913

"5" + 1

1.363005815

1.200934

1.259448

1.252362

1.269629

"7" + 1

1.323345

1.304661953

1.135044

1.229045

1.245888

1.280468

"10" + 1

1.375436

1.327660763

1.189559

1.313884

1.317986

1.336166

div + 1

1.469528

1.334537276

1.196005

1.340483

1.337183

1.358871

2007

7

8

9

10

11

12

"1"

1.212133

1.281368746

1.371643

1.204297

1.16707

0.928669

"3"

1.30963

1.310458405

1.46288

1.363296

1.282013

1.108619

"5"

1.518759

1.615762475

1.924507

1.779007

1.607785

1.418406

"7"

1.541785

1.604228639

1.825551

1.698795

1.547081

1.372387

"10"

1.516483

1.593923974

1.770927

1.675129

1.540701

1.363879

div

1.403829

1.441612555

1.550147

1.538527

1.396702

1.282744

"3" - 1

1.358379

1.325003234

1.508499

1.442795

1.339485

1.198594

"5" - 1

1.595416

1.699360908

2.062723

1.922685

1.717964

1.54084

"7" - 1

1.596726

1.658038621

1.901202

1.781212

1.610416

1.446339

"10" - 1

1.550299

1.54207138

1.721897

1.646816

1.505862

1.347234

div - 1

1.412957

1.449243213

1.558648

1.554443

1.407636

1.299605

"3" + 1

1.285256

1.30318599

1.440071

1.323546

1.253277

1.063632

"5" + 1

1.467655

1.560030187

1.832363

1.683222

1.534332

1.336783

"7" + 1

1.500578

1.563871152

1.768812

1.636983

1.499579

1.316922

"10" + 1

1.488815

1.565509862

1.734628

1.632326

1.506735

1.324315

div + 1

1.395494

1.434645433

1.542386

1.523996

1.386718

1.26735

2008

7

8

9

10

11

12

"1"

1.008988

0.992694297

0.903172

0.761917

0.959742

0.90857

"3"

1.240224

1.117729642

1.128793

0.928017

1.094421

1.027395

"5"

1.219718

1.12591312

1.089281

0.945169

1.086646

1.059468

"7"

1.172721

1.107887433

1.07365

0.937652

1.061238

1.046678

"10"

1.168478

1.120245635

0.999254

0.868913

0.969613

0.960194

div

1.069091

1.011851528

0.851083

0.656239

0.699196

0.71015

"3" - 1

1.355843

1.180247315

1.241604

1.011067

1.16176

1.086807

"5" - 1

1.2724

1.159217825

1.135808

0.990982

1.118372

1.097192

"7" - 1

1.20001

1.127086289

1.102063

0.966941

1.078154

1.069696

"10" - 1

1.186199

1.057474254

0.927734

0.815485

0.892043

0.89533

div - 1

1.07103

1.012469503

0.849403

0.65283

0.690791

0.703749

"3" + 1

1.182415

1.086470806

1.072388

0.886492

1.060751

0.997689

"5" + 1

1.184596

1.103709982

1.058263

0.914627

1.065495

1.034318

"7" + 1

1.152254

1.093488291

1.05234

0.915685

1.048551

1.029415

"10" + 1

1.153979

1.108650059

0.99052

0.859187

0.968716

0.955501

div + 1

1.06727

1.011271005

0.852662

0.659441

0.707091

0.716163

2009

7

8

9

10

11

12

"1"

1.194916

1.281409363

1.281749

1.349031

1.14747

1.359207

"3"

1.260309

1.336812748

1.421934

1.706949

1.640379

1.653899

"5"

1.115869

1.195584248

1.32774

1.677924

1.684493

1.670421

"7"

1.082107

1.166579953

1.261535

1.52996

1.523364

1.584747

"10"

1.023861

1.102313275

1.204662

1.447254

1.519391

1.576946

div

0.93414

1.048552624

1.214808

1.56689

1.785809

1.790521

"3" - 1

1.293005

1.364514441

1.492027

1.885908

1.886834

1.801245

"5" - 1

1.096107

1.17412797

1.339238

1.760147

1.818749

1.748225

"7" - 1

1.063306

1.147441718

1.258166

1.560114

1.586014

1.622337

"10" - 1

1.004854

1.012649967

1.109086

1.337108

1.42453

1.47419

div - 1

0.92647

1.041703897

1.21284

1.573298

1.804584

1.803206

"3" + 1

1.24396

1.386888

1.61747

1.517152

1.580226

"5" + 1

1.129043

1.209888434

1.320075

1.623108

1.594989

1.618552

"7" + 1

1.096208

1.180933629

1.264061

1.507344

1.476378

1.556555

"10" + 1

1.039411

1.118594738

1.21167

1.438325

1.48558

1.557151

div + 1

0.941383

1.055020867

1.216668

1.560839

1.768078

1.77854

2010

7

8

9

10

11

12

"1"

1.00107

1.012618434

1.044588

1.041364

1.069657

1.147522

"3"

1.112082

1.154804285

1.17029

1.186315

1.203158

1.291985

"5"

1.157344

1.190251576

1.199616

1.247557

1.208545

1.23247

"7"

1.148227

1.163138248

1.170246

1.267216

1.178618

1.132551

"10"

1.181653

1.159515489

1.156918

1.234588

1.149877

1.121877

div

1.281517

1.172177882

1.159185

1.219857

1.090821

1.067651

"3" - 1

1.167588

1.22589721

1.233141

1.25879

1.269909

1.364217

"5" - 1

1.196413

1.234659861

1.238373

1.299105

1.243267

1.253707

"7" - 1

1.172753

1.188224884

1.191189

1.304858

1.196778

1.130056

"10" - 1

1.201718

1.092024667

1.085227

1.169035

1.070632

1.022163

div - 1

1.288528

1.176166868

1.16205

1.224319

1.09135

1.065654

"3" + 1

1.084329

1.119257822

1.138865

1.150077

1.169783

1.255869

"5" + 1

1.131299

1.160646052

1.173778

1.213191

1.185397

1.218312

"7" + 1

1.129833

1.144323271

1.154539

1.238985

1.164998

1.134422

"10" + 1

1.165236

1.146161211

1.146706

1.217022

1.142584

1.124209

div + 1

1.27484

1.168378847

1.156456

1.215607

1.090317

1.069553

2011

7

8

9

10

11

12

"1"

1.248707

1.166959235

1.11892

1.061749

1.205559

1.372335

"3"

1.187641

1.123778726

1.087065

1.075371

1.117859

1.203014

"5"

1.186946

1.139772502

1.075868

1.09415

1.126492

1.184759

"7"

1.13325

1.106174856

1.033624

1.04966

1.068094

1.1306

"10"

1.107133

1.091695591

1.023468

1.055045

1.08885

1.136114

div

0.948545

0.964874774

0.848851

0.89867

0.907269

0.899386

"3" - 1

1.157108

1.102188471

1.071137

1.082182

1.074009

1.118354

"5" - 1

1.171506

1.132975818

1.065105

1.102251

1.106725

1.137865

"7" - 1

1.114007

1.096044126

1.019408

1.047645

1.045183

1.09031

"10" - 1

1.091403

1.000846518

0.933317

0.972441

0.99511

1.027888

div - 1

0.941874

0.960384008

0.842849

0.895046

0.90064

0.888876

"3" + 1

1.202908

1.134573853

1.095029

1.071965

1.139784

1.245344

"5" + 1

1.197239

1.144303624

1.083043

1.08875

1.13967

1.216022

"7" + 1

1.147682

1.113772903

1.044286

1.051171

1.085277

1.160817

"10" + 1

1.120004

1.098537741

1.032146

1.055654

1.099459

1.157588

div + 1

0.954931

0.969174443

0.854597

0.90214

0.913615

0.909449

2012

7

8

9

10

11

12

"1"

1.809637

1.608543607

1.213902

1.159514

1.133276

1.041325

"3"

1.346103

1.19763156

1.046871

0.918463

0.921368

0.933438

"5"

1.156403

1.082475398

0.97451

0.840009

0.742043

0.721824

"7"

1.086963

1.033477989

0.978832

0.861833

0.806765

0.800334

"10"

0.990085

0.948374239

0.946235

0.858817

0.825984

0.867955

div

1.095276

1.094401327

1.179901

1.067016

1.08961

1.120148

"3" - 1

1.114336

0.992175536

0.963355

0.797937

0.815414

0.879494

"5" - 1

0.993095

0.950958346

0.914662

0.760133

0.644235

0.641948

"7" - 1

0.966517

0.93763372

0.939654

0.81222

0.752347

0.760169

"10" - 1

0.899024

0.813214286

0.866255

0.784401

0.753088

0.813432

div - 1

1.078268

1.082159844

1.064813

1.08857

1.122024

"3" + 1

1.461986

1.300359571

1.088628

0.978725

0.974345

0.96041

"5" + 1

1.265275

1.170153433

1.014409

0.89326

0.807249

0.775074

"7" + 1

1.177297

1.105361192

1.008216

0.899043

0.847579

0.830458

"10" + 1

1.06459

1.008389636

0.970569

0.886153

0.85392

0.883716

div + 1

1.111512

1.106086379

1.180674

1.069118

1.090602

1.118356

2013

7

8

9

10

11

12

"1"

0.491856

0.585942331

0.680753

0.874115

1.278653

1.123097

"3"

0.526144

0.579859852

0.774039

0.899024

1.057593

1.038456

"5"

0.63598

0.674397397

0.840406

0.921522

0.984325

0.951826

"7"

0.768775

0.801551787

0.936991

1.045808

1.039103

0.972457

"10"

0.755278

0.81992537

0.953519

1.072548

1.08761

1.031256

div

0.963523

0.988223988

1.015392

1.081779

1.051862

0.993237

"3" - 1

0.543288

0.576818613

0.820682

0.911478

0.947063

0.996135

"5" - 1

0.672011

0.696511164

0.88032

0.933373

0.910743

0.909008

"7" - 1

0.814928

0.837486696

0.979698

1.074423

0.999178

0.94735

"10" - 1

0.784547

0.821926229

0.951223

1.054403

1.017537

0.962518

div - 1

0.973776

0.996969241

1.022667

1.086293

1.046932

0.990414

"3" + 1

0.517572

0.581380472

0.750718

0.892796

1.112858

1.059616

"5" + 1

0.61196

0.659654886

0.813797

0.91362

1.03338

0.980371

"7" + 1

0.73416

0.774600605

0.904961

1.024346

1.069047

0.991287

"10" + 1

0.731331

0.798654185

0.928722

1.054509

1.104977

1.039605

div + 1

0.953696

0.97984312

1.00842

1.077453

1.056587

0.995943

2014

7

8

9

10

11

12

"1"

1.605096

1.673150347

1.241967

1.16983

1.23562

1.34163

"3"

1.515747

1.65196763

1.152192

0.999355

1.053162

1.10984

"5"

1.410967

1.588403616

1.128667

1.023019

1.128273

1.130437

"7"

1.255587

1.417651786

1.040437

0.946364

1.015495

0.962727

"10"

1.202875

1.331907009

1.019468

0.939005

1.005177

0.95723

div

1.130471

1.206259784

1.020104

0.982036

1.003871

0.952593

"3" - 1

1.471072

1.641376271

1.107304

0.914117

0.961932

0.993946

"5" - 1

1.362435

1.567216933

1.100342

0.986317

1.101436

1.077638

"7" - 1

1.197335

1.375068693

1.006849

0.90912

0.978807

0.899577

"10" - 1

1.158183

1.19249883

0.930046

0.859356

0.916889

0.853612

div - 1

1.120153

1.196109989

1.015281

0.977954

0.998833

0.944136

"3" + 1

1.538084

1.657263309

1.174636

1.041974

1.098776

1.167788

"5" + 1

1.443322

1.602528071

1.147551

1.047488

1.146164

1.165636

"7" + 1

1.299275

1.449589107

1.065629

0.974298

1.043011

1.01009

"10" + 1

1.23944

1.362929131

1.039695

0.959989

1.026127

0.992176

div + 1

1.140359

1.215986671

1.024726

0.985949

1.008699

0.960698

2015

7

8

9

10

11

12

"1"

0.826409

0.692455544

0.840809

0.897522

1.026208

1.09629

"3"

0.747117

0.58939937

0.696378

0.749439

0.767895

0.792552

"5"

0.887054

0.744483154

0.813589

0.891354

0.905358

0.931319

"7"

0.767801

0.668938995

0.735124

0.837836

0.890013

0.924161

"10"

0.727023

0.628541723

0.686988

0.786079

0.818364

0.862943

div

0.897195

0.764404618

0.823193

0.871741

0.857529

0.916809

"3" - 1

0.707471

0.537871283

0.624162

0.675398

0.638739

0.640683

"5" - 1

0.902215

0.757490057

0.806784

0.889813

0.875146

0.890076

"7" - 1

0.758033

0.665019571

0.71751

0.827889

0.867314

0.895472

"10" - 1

0.71598

0.584147018

0.627329

0.751598

0.794875

div - 1

0.898734

0.765968728

0.82281

0.87118

0.853862

0.912907

"3" + 1

0.76694

0.615163413

0.732486

0.78646

0.832474

0.868487

"5" + 1

0.876946

0.735811886

0.818125

0.892382

0.9255

0.958814

"7" + 1

0.775127

0.671878564

0.748335

0.845297

0.907037

0.945677

"10" + 1

0.736058

0.63435207

0.700971

0.79621

0.837259

0.884156

div + 1

0.895721

0.762905679

0.82356

0.872278

0.861043

0.920548



Приложение 4

Доходность портфелей при тестировании на рынке ЮАР.

2006

7

8

9

10

11

12

"1"

1.397993

1.3820639

1.545687

1.533887

1.401304

1.331476

"3"

1.691075

1.7086638

1.660106

1.658844

1.560993

1.469789

"5"

1.57137

1.5937103

1.522227

1.572174

1.523744

1.444521

"7"

1.525181

1.5375393

1.474957

1.547766

1.508834

1.426268

"10"

1.525181

1.5375393

1.474957

1.547766

1.508834

1.426268

div

1.525181

1.5375393

1.474957

1.547766

1.508834

1.426268

"3" - 1

1.837616

1.8719637

1.717315

1.721323

1.640837

1.538945

"5" - 1

1.614715

1.6466219

1.516362

1.581745

1.554354

1.472782

"7" - 1

1.550619

1.5686344

1.460812

1.550542

1.53034

1.445226

"10" - 1

1.550619

1.5686344

1.460812

1.550542

1.53034

1.445226

div - 1

1.550619

1.5686344

1.460812

1.550542

1.53034

1.445226

"3" + 1

1.617805

1.6270138

1.631501

1.627605

1.521071

1.435211

"5" + 1

1.542474

1.5584359

1.526137

1.565793

1.503337

1.42568

"7" + 1

1.507012

1.5153286

1.485062

1.545784

1.493473

1.412726

"10" + 1

1.507012

1.5153286

1.485062

1.545784

1.493473

1.412726

div + 1

1.507012

1.5153286

1.485062

1.545784

1.493473

1.412726

2007

7

8

9

10

11

12

"1"

1.291062

1.2955882

1.289963

1.294427

1.081784

0.975334

"3"

1.430582

1.3801023

1.49423

1.610023

1.415566

1.312718

"5"

1.536786

1.4118275

1.498831

1.532473

1.368329

1.279728

"7"

1.452647

1.3563525

1.443445

1.4597

1.30866

1.201668

"10"

1.404917

1.329514

1.367194

1.36314

1.195181

1.088861

div

1.304492

1.2367942

1.241304

1.248176

1.112218

1.020465

"3" - 1

1.500342

1.4223594

1.596363

1.76782

1.582457

1.48141

"5" - 1

1.598217

1.4408873

1.551048

1.591985

1.439965

1.355827

"7" - 1

1.479578

1.3664799

1.469026

1.487245

1.346472

1.23939

"10" - 1

1.417567

1.2420367

1.25552

1.235433

1.097712

0.993445

div - 1

1.304972

1.2346944

1.239567

1.246524

1.113305

1.022077

"3" + 1

1.395702

1.3589738

1.443163

1.531124

1.332121

1.228372

"5" + 1

1.495832

1.3924543

1.46402

1.492799

1.320572

1.228996

"7" + 1

1.432449

1.348757

1.42426

1.439041

1.2803

1.173376

"10" + 1

1.394566

1.3264298

1.360173

1.356894

1.184872

1.078541

div + 1

1.304045

1.238754

1.242926

1.249718

1.111203

1.01896

2008

7

8

9

10

11

12

"1"

0.822485

0.7912032

0.605879

0.597458

0.701031

0.82971

"3"

1.141245

1.129349

0.890569

0.758379

0.801475

0.873707

"5"

1.071803

1.0346163

0.828504

0.657153

0.742588

0.811677

"7"

1.018258

1.0155749

0.847401

0.747188

0.782619

0.855686

"10"

0.908148

0.9181601

0.813331

0.703422

0.759445

0.830301

div

0.834791

0.8629486

0.784787

0.667586

0.700108

0.761931

"3" - 1

1.300625

1.2984219

1.032915

0.83884

0.851697

0.895706

"5" - 1

1.134132

1.0954695

0.88416

0.672077

0.752978

0.807169

"7" - 1

1.050887

1.0529702

0.887655

0.772144

0.860015

"10" - 1

0.917666

0.8398245

0.779065

0.679366

0.725783

0.789722

div - 1

0.835247

0.8656058

0.791413

0.670184

0.700074

0.759421

"3" + 1

1.061555

1.0448126

0.819397

0.718149

0.776364

0.862708

"5" + 1

1.03025

0.9940474

0.791399

0.647204

0.735662

0.814683

"7" + 1

0.993787

0.9875285

0.817211

0.728472

0.772421

0.852439

"10" + 1

0.90036

0.9066185

0.794472

0.693789

0.754135

0.830247

div + 1

0.834367

0.8604746

0.778617

0.665168

0.70014

0.764269

2009

7

8

9

10

11

12

"1"

0.873349

0.9780224

1.291375

1.306849

1.149197

1.027305

"3"

1.009499

1.0996341

1.223422

1.288492

1.125141

1.115328

"5"

0.996444

1.0847401

1.210292

1.237125

1.191666

1.206202

"7"

1.03377

1.0644148

1.169171

1.273018

1.270951

1.279732

"10"

0.976575

1.0201244

1.13153

1.301264

1.234702

1.270799

div

0.963003

0.9915419

1.097481

1.277325

1.289995

1.320317

"3" - 1

1.077574

1.1604399

1.189446

1.279314

1.113112

1.15934

"5" - 1

1.027217

1.1114195

1.190021

1.219694

1.202284

1.250926

"7" - 1

1.060507

1.0788135

1.148803

1.26738

1.291243

1.321803

"10" - 1

0.988044

0.9481836

1.036101

1.224857

1.175363

1.229613

div - 1

0.966589

0.9920826

1.089725

1.276144

1.295627

1.332037

"3" + 1

0.975461

1.0692312

1.240411

1.293081

1.131155

1.093322

"5" + 1

0.975928

1.0669538

1.223806

1.248745

1.184588

1.176386

"7" + 1

1.013718

1.0536157

1.184446

1.277247

1.255732

1.248178

"10" + 1

0.96719

1.0162969

1.146061

1.301772

1.226928

1.248663

div + 1

0.959682

0.9910411

1.104662

1.278419

1.28478

1.309465

2010

7

8

9

10

11

12

"1"

0.881759

0.7740152

0.890791

0.822955

0.940782

1.014686

"3"

1.345179

1.122421

1.24777

1.256942

1.25948

1.235722

"5"

1.269813

1.097995

1.202927

1.186231

1.201638

1.210511

"7"

1.256353

1.0916957

1.179604

1.157619

1.17293

1.184519

"10"

1.239857

1.0945425

1.181471

1.141903

1.148394

1.162432

div

1.195111

1.103054

1.173945

1.142577

1.13321

1.152559

"3" - 1

1.576888

1.296624

1.42626

1.473936

1.418829

1.346239

"5" - 1

1.366826

1.1789899

1.280961

1.277051

1.266852

1.259467

"7" - 1

1.318786

1.1446424

1.227739

1.213396

1.211622

1.212824

"10" - 1

1.279646

1.0521956

1.128188

1.078719

1.079263

1.097456

div - 1

1.209355

1.1180103

1.186816

1.157106

1.141956

1.158826

"3" + 1

1.229324

1.0353196

1.158526

1.148445

1.179806

1.180463

"5" + 1

1.205137

1.0439983

1.150904

1.125685

1.158162

1.177874

"7" + 1

1.209529

1.0519856

1.143502

1.115786

1.143912

1.16329

"10" + 1

1.207303

1.0654037

1.155046

1.112908

1.12952

1.149

div + 1

1.182055

1.089344

1.162147

1.12926

1.125192

1.146815

2011

7

8

9

10

11

12

"1"

1.158334

1.2084926

1.058869

1.097011

1.174343

1.12226

"3"

0.988641

0.9869557

0.882206

0.935217

0.982942

0.956597

"5"

1.095022

1.1405382

0.952251

1.021251

1.081206

1.039945

"7"

1.119984

1.1652689

0.982284

1.069445

1.118337

1.075157

"10"

1.107212

1.1482002

0.977131

1.056339

1.092635

1.027255

div

1.108384

1.1333218

0.999374

1.070201

1.118741

1.050807

"3" - 1

0.903794

0.8761873

0.793874

0.854319

0.887242

0.873766

"5" - 1

1.079194

1.1235497

0.925596

1.002311

1.057922

"7" - 1

1.113593

1.1580649

0.96952

1.06485

1.109003

1.067307

"10" - 1

1.101532

1.0916261

0.918662

1.001341

1.029368

0.960395

div - 1

1.106114

1.1299049

0.99667

1.068983

1.116214

1.047559

"3" + 1

1.031064

1.0423399

0.926372

0.975665

1.030793

0.998013

"5" + 1

1.105574

1.151864

0.97002

1.033877

1.096729

1.053665

"7" + 1

1.124778

1.1706718

0.991858

1.07289

1.125338

1.081045

"10" + 1

1.111859

1.1536813

0.984562

1.060037

1.100063

1.035892

div + 1

1.110466

1.1364539

1.001853

1.071318

1.121058

1.053784

2012

7

8

9

10

11

12

"1"

1.009565

0.9907325

1.17813

1.148329

1.070866

1.13776

"3"

1.196819

1.2009411

1.255107

1.294229

1.289418

1.34062

"5"

1.143825

1.2004958

1.327919

1.39357

1.41587

1.444372

"7"

1.191948

1.2443816

1.332725

1.354158

1.380877

1.438588

"10"

1.209572

1.2724601

1.360286

1.357248

1.369183

1.402

div

1.170861

1.2025524

1.27834

1.249294

1.268497

1.348041

"3" - 1

1.290446

1.3060454

1.293596

1.367179

1.398695

1.44205

"5" - 1

1.177391

1.2529367

1.365367

1.45488

1.502121

1.521025

"7" - 1

1.222345

1.2866565

1.358491

1.388463

1.432546

1.488726

"10" - 1

1.231795

1.2202144

1.295305

1.291656

1.314878

1.344176

div - 1

1.177874

1.211762

1.282697

1.253684

1.27709

1.357183

"3" + 1

1.150005

1.148389

1.235863

1.257754

1.23478

1.289905

"5" + 1

1.121449

1.1655353

1.302954

1.352696

1.358369

1.39327

"7" + 1

1.16915

1.2126755

1.313401

1.32843

1.342126

1.400985

"10" + 1

1.191389

1.2468485

1.343726

1.338256

1.342064

1.377978

div + 1

1.164409

1.1940796

1.274332

1.245255

1.260592

1.33963

2013

7

8

9

10

11

12

"1"

0.850262

0.9375

0.922612

0.775332

0.731434

0.779514

"3"

1.103149

1.0729575

1.121636

1.034601

0.988963

1.024685

"5"

1.49182

1.4830683

1.481752

1.379278

1.333946

1.402131

"7"

1.42072

1.3741831

1.403453

1.319273

1.25652

1.31207

"10"

1.323506

1.2914567

1.332389

1.303451

1.237886

1.257936

div

1.239079

1.2028299

1.267256

1.252718

1.197617

1.198754

"3" - 1

1.229592

1.1406862

1.221149

1.164235

1.117728

1.14727

"5" - 1

1.65221

1.6194604

1.621538

1.530265

1.484574

1.557786

"7" - 1

1.515796

1.4469636

1.483593

1.40993

1.344035

1.40083

"10" - 1

1.376089

1.2673422

1.306639

1.300602

1.234293

1.24837

div - 1

1.255984

1.2143659

1.28224

1.273474

1.217886

1.216982

"3" + 1

1.039927

1.0390931

1.07188

0.969784

0.924581

0.963392

"5" + 1

1.384894

1.3921403

1.388562

1.27862

1.233527

1.298362

"7" + 1

1.349412

1.3195977

1.343348

1.25128

1.190885

1.245501

"10" + 1

1.280484

1.2592788

1.295137

1.25544

1.191845

1.214443

div + 1

1.223527

1.1922167

1.25347

1.233623

1.17897

1.181985

2014

7

8

9

10

11

12

"1"

0.856314

0.7077778

0.574418

0.655474

0.647675

0.540985

"3"

1.068465

1.0562412

0.950841

1.005663

0.997987

0.905733

"5"

1.153834

1.1470132

1.069822

1.062111

1.002132

0.915031

"7"

1.192953

1.1895112

1.094928

1.08253

1.054497

0.994874

"10"

1.193846

1.1658365

1.062259

1.065832

1.061072

1.017155

div

1.24772

1.2253975

1.128998

1.125623

1.157151

1.116647

"3" - 1

1.174541

1.2304729

1.139053

1.180757

1.173143

1.088107

1.228213

1.2568221

1.193673

1.16377

1.090746

1.008542

"7" - 1

1.249059

1.2698001

1.18168

1.153706

1.122301

1.070522

"10" - 1

1.231349

1.1520598

1.055376

1.043373

1.043173

1.013593

div - 1

1.265511

1.2489257

1.154206

1.146993

1.180308

1.142814

"3" + 1

1.015427

0.9691253

0.856735

0.918116

0.910409

0.814546

"5" + 1

1.104247

1.0738073

0.987255

0.994338

0.943056

0.85269

"7" + 1

1.150873

1.1292945

1.029864

1.029148

1.003645

0.938138

"10" + 1

1.163161

1.1241948

1.01791

1.028527

1.02349

0.973867

div + 1

1.231411

1.20383

1.10589

1.106033

1.135922

1.092661

2015

7

8

9

10

11

12

"1"

0.289542

0.2836421

0.294526

0.32583

0.34826

0.374114

"3"

0.850317

0.8249876

0.839976

0.842451

0.845472

0.872805

"5"

0.841572

0.7792803

0.779753

0.817755

0.867831

0.895417

"7"

0.944709

0.8901543

0.8943

0.920315

0.950388

0.965627

"10"

0.96035

0.9291784

0.927179

0.939357

0.956454

0.966856

div

1.111466

1.090997

1.088544

1.091096

1.081845

1.083284

"3" - 1

1.130705

1.0956603

1.112701

1.100761

1.094078

1.12215

"5" - 1

0.979579

0.9031898

0.901059

0.940737

0.997724

1.025743

"7" - 1

1.053904

0.9912396

0.994263

1.019395

1.050743

1.064213

"10" - 1

1.034884

0.9364382

0.935621

0.945913

0.96202

0.968513

div - 1

1.148826

1.1276949

1.124635

1.125881

1.11519

1.115519

"3" + 1

0.710124

0.6896512

0.703614

0.713296

0.721169

0.748132

"5" + 1

0.749567

0.6966739

0.698881

0.735768

0.781236

0.808533

"7" + 1

0.862813

0.8143402

0.819329

0.846004

0.875122

0.891688

"10" + 1

0.899367

0.8704933

0.869665

0.883581

0.901164

0.91297

div + 1

1.077219

1.0573572

1.05546

1.05921

1.051279

1.053735