YEARLY

% Movement of share prices

I SBK I CPI I SPP

Index Standard Index Capitec Index Spar
2013 17.85% 8.94% 15.78% 1.62% 23.14% -5.31%
2014 7.59% 10.86% 19.19% -2.26% 12.05% 3.61%
2015 1.85% -20.89% 12.71% 123.13% 1.53% 47.32%
2016 -0.08% 33.70% -7.37% 15.61% 3.72% 3.90%
2017 17.47% 28.94% 3.50% 52.95% 6.99% -13.08%
2018 -11.37% -8.61% 14.04% 14.82% 0.23% 10.20%
2019 8.24% -5.87% -3.98% 56.91% -1.59% 3.73%
2020 4.07% -24.50% -8.86% -0.48% -1.02% 0.71%
2021 24.07% 10.17% 29.59% 2.98% 18.46% 3.56%
2022 -0.89% 19.84% 15.05% 54% -1% -27.01%

Year End Year End Feb Year End Sep

DEC

MONTHLY
% Movement of share prices

ALSI CPI SBK SPP SHP

SPM SPM SPM SPM SPM
3/31/2023 -2.10% -3.81% -5.87% -2.22% -0.13%
2/28/2023 -2.19% -2.08% 5.97% 4.77% -7.33%
1/31/2023 8.80% -3.60% 3.24% 21.10% 6.26%
12/30/2022 -2.38% -8.19% -6.78% -14.77% -10.36%
11/30/2022 12.23% 6.51% 4.86% -14.50% 7.79%
10/31/2022 4.62% 22.38% 19.20% 8.64% 7.79%
9/30/2022 -5.25% -24.00% -6.02% -8.44% -6.76%
8/31/2022 -2.43% 2.59% -4.23% 16.62% 3.78%
7/29/2022 4.09% 0.50% 3.11% -2.79% 13.32%
6/30/2022 -8.14% -12.03% -13.18% -9.91% -8.24%
5/31/2022 -0.47% 1.35% 6.38% -7.35% -5.84%
4/29/2022 -4.05% -5.06% -7.76% -2.50% -3.23%
3/31/2022 -0.78% 12.88% 11.99% 3.43% 3.34%
2/28/2022 2.40% 2.79% 8.85% -2.72% 9.04%
1/31/2022 0.81% -1.06% 6.71% 0.92% 0.54%
12/31/2021 4.59% 11.89% 8.00% 2.78% 5.94%
11/30/2021 4.46% 6.81% -4.28% -16.61% 8.63%
10/29/2021 4.95% -6.17% -5.41% -0.73% 1.53%
9/30/2021 -4.67% -4.14% -3.72% -5.40% -2.77%
 8/31/2021 -2.24% 16.66% 20.36% 13.01% 14.62%
7/30/2021 4.11% -3.54% -3.18% 1.56% 3.19%
6/30/2021 -2.52% 1.18% -5.95% -5.35% 0.54%
5/31/2021 1.53% 12.14% 14.97% 4.17% 6.93%
4/30/2021 0.68% 4.69% -5.92% -3.39% -7.97%
3/31/2021 0.53% 6.06% -5.69% -0.25% 18.07%
2/26/2021 5.87% -3.48% 5.64% -1.91% -5.03%
1/29/2021 5.16% -3.18% -0.93% 2.38% 0.09%
12/31/2020 4.06% 10.58% 4.90% -0.73% 9.57%
11/30/2020 10.46% 13.64% 14.21% 10.59% -0.88%
10/30/2020 -4.75% 9.89% -1.82% -8.96% -5.66%
9/30/2020 -2.18% 24.24% 2.32% 17.31% 23.67%
8/31/2020 -0.44% -5.56% -2.78% -2.02% 5.67%
7/31/2020 2.50% 2.96% 3.93% -3.85% -1.95%
6/30/2020 7.68% 1.53% 2.84% -2.05% 3.07%
5/29/2020 0.29% -6.23% -0.51% -0.96% -3.42%
4/30/2020 13.14% 2.50% -0.33% -2.68% -14.30%
3/31/2020 -12.83% -32.31% -31.00% 10.82% 11.49%
2/28/2020 -8.99% -3.43% -5.70% -14.46% -4.22%
1/31/2020 -1.76% -6.92% -6.44% -2.93% -7.04%
12/31/2019 3.13% 2.04% 1.56% -4.08% -1.75%
11/29/2019 -1.91% 3.23% -4.46% 1.42% -5.35%
10/31/2019 2.92% 6.64% -0.70% 6.29% 10.41%
9/30/2019 -0.79% 17.59% -1.45% 9.88% 8.54%
8/30/2019 -2.69% -7.21% -1.28% -5.63% -26.87%
7/31/2019 -2.44% -9.14% -8.70% -1.41% -2.00%
6/28/2019 4.59% -1.55% -1.05% -2.43% -8.34%
5/31/2019 -4.92% -1.31% -0.13% -1.29% -0.20%
4/30/2019 3.66% -0.99% 7.43% 1.10% 8.66%
3/29/2019 0.82% 3.35% -4.40% -3.92% -7.62%
2/28/2019 3.41% 12.01% -0.64% 0.15% 4.92%
1/31/2019 2.69% 4.31% 9.05% -3.90% -13.94%
12/31/2018 4.09% 1.64% 2.07% 5.99% -3.56%
11/30/2018 -3.29% 11.04% 7.26% 11.34% 9.35%
10/31/2018 -5.96% -3.28% -6.67% -4.51% -5.92%
9/28/2018 -5.05% 2.14% -6.09% -10.18% -6.05%
8/31/2018 2.15% 5.38% -8.59% 7.00% -6.28%
7/31/2018 -0.31% 9.62% 6.24% 3.32% -1.33%
6/29/2018 2.59% -0.74% -7.49% -3.80% -5.75%
5/31/2018 -3.57% -1.65% -3.23% -8.84% -6.00%
4/30/2018 4.98% 2.17% -1.99% 4.39% -1.42%
3/29/2018 -4.89% 4.54% 0.40% -7.34% -2.84%
2/28/2018 -1.98% 3.98% 8.55% 6.63% 5.35%
 1/31/2018 0.00% -27.08% 2.56% 0.82% 11.56%
12/29/2017 -0.45% 11.49% 13.10% 7.13% -2.92%
11/30/2017 1.34% 4.78% 5.49% 14.09% 12.60%
10/31/2017 6.12% 9.40% 3.92% -0.43% -2.19%
9/29/2017 -1.67% -4.60% -5.75% -1.17% -8.21%
8/31/2017 2.38% 4.73% 2.26% 2.36% 11.76%
7/31/2017 6.97% 3.59% 13.67% 7.16% 1.15%
6/30/2017 -3.64% 6.58% -1.71% -9.84% -4.60%
5/31/2017 -0.47% 2.13% -1.23% -5.14% -0.38%
4/28/2017 3.38% 0.15% 3.21% 3.40% 8.37%
3/31/2017 1.78% 5.02% 0.38% -2.38% 2.30%
2/28/2017 -3.11% 3.27% -0.49% -6.30% 5.73%
1/31/2017 4.21% 1.01% -5.16% -4.07% 4.40%
12/30/2016 0.88% 6.88% 0.50% 4.79% -8.28%
11/30/2016 -0.75% -5.07% 5.55% -0.79% -6.06%
10/31/2016 -2.62% 6.64% 1.70% -0.63% 3.98%
9/30/2016 -1.49% 10.26% 5.66% 0.11% 1.53%
8/31/2016 -0.12% -5.35% -3.90% -7.28% -7.28%
7/29/2016 1.11% 3.45% 8.41% 2.51% 22.23%
6/30/2016 -3.13% 0.00% 3.06% -0.16% 0.86%
5/31/2016 1.79% 0.66% -2.90% -4.90% -3.69%
4/29/2016 1.35% 3.15% -3.59% 6.91% -1.38%
3/31/2016 5.74% 20.89% 21.33% 11.38% 12.56%
2/29/2016 0.56% -1.46% -2.69% -2.39% 5.74%
1/29/2016 -3.06% -10.69% -1.14% -0.58% 1.82%
12/31/2015 -1.77% -10.24% -12.58% 1.38% 0.91%
11/30/2015 -4.06% 0.25% -9.79% -8.68% -1.41%
10/30/2015 7.40% 19.46% 6.61% 7.48% -8.37%
9/30/2015 0.23% 3.76% -7.61% -2.63% -3.21%
8/31/2015 -4.00% 3.67% -4.05% -3.98% -3.47%
7/31/2015 0.48% -3.96% -4.93% 4.33% -3.05%
6/30/2015 -0.89% -4.28% 1.31% 1.86% 7.76%
5/29/2015 -3.99% -9.53% -9.45% -2.51% -5.40%
4/30/2015 4.33% 6.66% 3.93% 1.22% 3.61%
3/31/2015 -2.18% 28.05% 10.16% 5.63% -1.04%
2/27/2015 4.05% 7.05% -1.36% -3.17% -10.22%
1/30/2015 3.01% 12.65% 7.76% 14.33% 9.90%
12/31/2014 -0.28% 7.51% 5.35% 2.41% -0.75%
11/28/2014 0.38% 8.70% -1.84% 22.15% 6.09%
10/31/2014 0.78% 18.95% 6.20% 2.72% 14.15%
9/30/2014 -3.18% 15.35% -5.33% -3.67% -5.07%
8/29/2014 -0.85% -12.94% -4.66% 5.14% -8.98%
7/31/2014 0.88% 9.47% -0.18% -0.33% 5.19%
 6/30/2014 2.64% 0.22% 2.36% -1.26% -6.67%
5/30/2014 1.56% -2.41% 2.59% 2.02% -6.08%
4/30/2014 2.30% 16.96% -0.52% 1.63% 10.36%
3/31/2014 0.93% 5.85% 12.65% 7.09% 13.00%
2/28/2014 4.87% -2.52% 5.35% -5.29% -1.28%
1/31/2014 -2.43% -9.49% -9.64% -8.92% -12.99%
12/31/2013 2.85% 4.66% 7.27% 1.18% -8.29%
11/29/2013 -1.19% -7.01% -5.39% 1.17% -2.71%
10/31/2013 3.37% 6.47% 6.37% 6.02% 11.12%
9/30/2013 4.27% 8.65% 4.70% 5.16% 2.63%
8/30/2013 2.27% 2.70% 3.61% 0.42% -3.42%
7/31/2013 4.33% -6.67% -0.87% -4.35% -10.05%
6/28/2013 -5.80% 4.33% -0.34% -0.89% 5.27%
5/31/2013 8.47% -15.34% -0.21% 2.17% 3.60%
4/30/2013 -2.82% 2.02% -5.31% 4.25% -6.95%

No: 120 120 120 120 120

Mean: 0.63% 2.18% 0.58% 0.41% 0.48%
I SHP
Index Shoprite
17.41% 23.12% Calculation of share price movement
28.72% -16.98% new sp - old sp / old sp *100 = share price
1.69% 12.66%
0.79% -4.14%
-1.16% 19.88% NB:
11.63% 10.65% MONTLY OBERSATIIONS -Note: Most com
1.03% -28.53% YEARLY OBERSATIONS: ALSI WAS BASED O
-6.60% -32.35%
21.87% 45.75%
-0.40% 27.30%

Year End June

I less MeanIndex Squared CPI less Me CPI Squared

-2.73% 0.0744% -5.99% 0.3586%
-2.19% 0.0481% -2.08% 0.0432%
8.80% 0.7743% -3.60% 0.1293%
-2.38% 0.0566% -8.19% 0.6703%
12.23% 1.4966% 6.51% 0.4238%
4.62% 0.2136% 22.38% 5.0089%
-5.25% 0.2756% -24.00% 5.7623%
-2.43% 0.0592% 2.59% 0.0669%
4.09% 0.1676% 0.50% 0.0025%
-8.14% 0.6633% -12.03% 1.4475%
-0.47% 0.0022% 1.35% 0.0183%
-4.05% 0.1642% -5.06% 0.2556%
-0.78% 0.0061% 12.88% 1.6592%
2.40% 0.0578% 2.79% 0.0776%
0.81% 0.0065% -1.06% 0.0113%
4.59% 0.2106% 11.89% 1.4143%
4.46% 0.1991% 6.81% 0.4637%
4.95% 0.2452% -6.17% 0.3812%
-4.67% 0.2177% -4.14% 0.1715%
 -2.24% 0.0500% 16.66% 2.7742%
4.11% 0.1688% -3.54% 0.1254%
-2.52% 0.0637% 1.18% 0.0139%
1.53% 0.0235% 12.14% 1.4732%
0.68% 0.0046% 4.69% 0.2198%
0.53% 0.0028% 6.06% 0.3669%
5.87% 0.3443% -3.48% 0.1213%
5.16% 0.2659% -3.18% 0.1013%
4.06% 0.1647% 10.58% 1.1204%
10.46% 1.0945% 13.64% 1.8611%
-4.75% 0.2261% 9.89% 0.9786%
-2.18% 0.0477% 24.24% 5.8744%
-0.44% 0.0019% -5.56% 0.3087%
2.50% 0.0625% 2.96% 0.0876%
7.68% 0.5905% 1.53% 0.0234%
0.29% 0.0008% -6.23% 0.3886%
13.14% 1.7268% 2.50% 0.0625%
-12.83% 1.6459% -32.31% 10.4375%
-8.99% 0.8081% -3.43% 0.1176%
-1.76% 0.0310% -6.92% 0.4784%
3.13% 0.0983% 2.04% 0.0416%
-1.91% 0.0364% 3.23% 0.1041%
2.92% 0.0852% 6.64% 0.4415%
-0.79% 0.0062% 17.59% 3.0924%
-2.69% 0.0721% -7.21% 0.5201%
-2.44% 0.0595% -9.14% 0.8359%
4.59% 0.2105% -1.55% 0.0241%
-4.92% 0.2418% -1.31% 0.0171%
3.66% 0.1339% -0.99% 0.0097%
0.82% 0.0068% 3.35% 0.1123%
3.41% 0.1161% 12.01% 1.4421%
2.69% 0.0725% 4.31% 0.1856%
4.09% 0.1674% 1.64% 0.0268%
-3.29% 0.1084% 11.04% 1.2179%
-5.96% 0.3551% -3.28% 0.1074%
-5.05% 0.2546% 2.14% 0.0459%
2.15% 0.0463% 5.38% 0.2898%
-0.31% 0.0010% 9.62% 0.9261%
2.59% 0.0670% -0.74% 0.0054%
-3.57% 0.1274% -1.65% 0.0273%
4.98% 0.2478% 2.17% 0.0471%
-4.89% 0.2389% 4.54% 0.2060%
-1.98% 0.0394% 3.98% 0.1584%
 0.00% 0.0000% -27.08% 7.3349%
-0.45% 0.0020% 11.49% 1.3206%
1.34% 0.0181% 4.78% 0.2287%
6.12% 0.3743% 9.40% 0.8840%
-1.67% 0.0278% -4.60% 0.2117%
2.38% 0.0567% 4.73% 0.2242%
6.97% 0.4856% 3.59% 0.1288%
-3.64% 0.1328% 6.58% 0.4326%
-0.47% 0.0022% 2.13% 0.0454%
3.38% 0.1145% 0.15% 0.0002%
1.78% 0.0317% 5.02% 0.2517%
-3.11% 0.0968% 3.27% 0.1072%
4.21% 0.1776% 1.01% 0.0102%
0.88% 0.0078% 6.88% 0.4727%
-0.75% 0.0057% -5.07% 0.2568%
-2.62% 0.0685% 6.64% 0.4404%
-1.49% 0.0221% 10.26% 1.0533%
-0.12% 0.0001% -5.35% 0.2861%
1.11% 0.0123% 3.45% 0.1187%
-3.13% 0.0980% 0.00% 0.0000%
1.79% 0.0320% 0.66% 0.0044%
1.35% 0.0183% 3.15% 0.0990%
5.74% 0.3291% 20.89% 4.3649%
0.56% 0.0031% -1.46% 0.0212%
-3.06% 0.0937% -10.69% 1.1423%
-1.77% 0.0314% -10.24% 1.0486%
-4.06% 0.1651% 0.25% 0.0006%
7.40% 0.5471% 19.46% 3.7873%
0.23% 0.0005% 3.76% 0.1413%
-4.00% 0.1598% 3.67% 0.1350%
0.48% 0.0023% -3.96% 0.1571%
-0.89% 0.0079% -4.28% 0.1834%
-3.99% 0.1588% -9.53% 0.9073%
4.33% 0.1873% 6.66% 0.4442%
-2.18% 0.0475% 28.05% 7.8687%
4.05% 0.1642% 7.05% 0.4970%
3.01% 0.0904% 12.65% 1.5995%
-0.28% 0.0008% 7.51% 0.5635%
0.38% 0.0014% 8.70% 0.7567%
0.78% 0.0061% 18.95% 3.5908%
-3.18% 0.1014% 15.35% 2.3563%
-0.85% 0.0072% -12.94% 1.6737%
0.88% 0.0078% 9.47% 0.8968%
 2.64% 0.0699% 0.22% 0.0005%
1.56% 0.0244% -2.41% 0.0580%
2.30% 0.0529% 16.96% 2.8752%
0.93% 0.0087% 5.85% 0.3423%
4.87% 0.2369% -2.52% 0.0635%
-2.43% 0.0591% -9.49% 0.9011%
2.85% 0.0811% 4.66% 0.2170%
-1.19% 0.0142% -7.01% 0.4913%
3.37% 0.1139% 6.47% 0.4183%
4.27% 0.1824% 8.65% 0.7480%
2.27% 0.0513% 2.70% 0.0731%
4.33% 0.1877% -6.67% 0.4447%
-5.80% 0.3368% 4.33% 0.1875%
8.47% 0.7177% -15.34% 2.3532%
-2.82% 0.0798% 2.02% 0.0409%

= Sum 21.1697% 110.4473%

'= Variance 0.000051% 0.9281%
'=Standard Deviation 0.0715% 9.6339%
'=Coefficient of variat 11.4293% 441.8805%
Calculation of share price movement
new sp - old sp / old sp *100 = share price movement

MONTLY OBERSATIIONS -Note: Most companies financial year end towards end of year so alsi will be based off Dec end of year
YEARLY OBERSATIONS: ALSI WAS BASED OFF THEIR RESPECTIVE FINANCIAL YEAR ENDS

Monthly Observations
Variance, Standard Deviation and Coefficient of Variation

SBK less Mean SBK Squared SPP less MeanSPP Squared SHP less Mean
-6.45% 0.416155% -2.63% 0.069088% -0.61%
5.97% 0.356972% 4.77% 0.227087% -7.33%
3.24% 0.105115% 21.10% 4.452658% 6.26%
-6.78% 0.460136% -14.77% 2.181704% -10.36%
4.86% 0.236638% -14.50% 2.101802% 7.79%
19.20% 3.686933% 8.64% 0.746942% 7.79%
-6.02% 0.362841% -8.44% 0.712837% -6.76%
-4.23% 0.178529% 16.62% 2.763727% 3.78%
3.11% 0.096489% -2.79% 0.078102% 13.32%
-13.18% 1.736343% -9.91% 0.981690% -8.24%
6.38% 0.407166% -7.35% 0.540043% -5.84%
-7.76% 0.602682% -2.50% 0.062419% -3.23%
11.99% 1.437522% 3.43% 0.117735% 3.34%
8.85% 0.784080% -2.72% 0.073741% 9.04%
6.71% 0.450752% 0.92% 0.008492% 0.54%
8.00% 0.639852% 2.78% 0.077274% 5.94%
-4.28% 0.182779% -16.61% 2.757869% 8.63%
-5.41% 0.292980% -0.73% 0.005375% 1.53%
-3.72% 0.138283% -5.40% 0.291495% -2.77%
 20.36% 4.147017% 13.01% 1.693738% 14.62%
-3.18% 0.101224% 1.56% 0.024476% 3.19%
-5.95% 0.353765% -5.35% 0.285980% 0.54%
14.97% 2.241999% 4.17% 0.173876% 6.93%
-5.92% 0.349949% -3.39% 0.114662% -7.97%
-5.69% 0.323958% -0.25% 0.000610% 18.07%
5.64% 0.318028% -1.91% 0.036352% -5.03%
-0.93% 0.008622% 2.38% 0.056869% 0.09%
4.90% 0.240435% -0.73% 0.005300% 9.57%
14.21% 2.018559% 10.59% 1.121035% -0.88%
-1.82% 0.033248% -8.96% 0.803512% -5.66%
2.32% 0.053838% 17.31% 2.997786% 23.67%
-2.78% 0.077317% -2.02% 0.040976% 5.67%
3.93% 0.154686% -3.85% 0.147929% -1.95%
2.84% 0.080895% -2.05% 0.041992% 3.07%
-0.51% 0.002592% -0.96% 0.009129% -3.42%
-0.33% 0.001101% -2.68% 0.071797% -14.30%
-31.00% 9.607913% 10.82% 1.171410% 11.49%
-5.70% 0.325164% -14.46% 2.090507% -4.22%
-6.44% 0.414751% -2.93% 0.085937% -7.04%
1.56% 0.024232% -4.08% 0.166800% -1.75%
-4.46% 0.198568% 1.42% 0.020262% -5.35%
-0.70% 0.004877% 6.29% 0.396001% 10.41%
-1.45% 0.021021% 9.88% 0.976780% 8.54%
-1.28% 0.016267% -5.63% 0.316941% -26.87%
-8.70% 0.757759% -1.41% 0.019816% -2.00%
-1.05% 0.010952% -2.43% 0.059222% -8.34%
-0.13% 0.000158% -1.29% 0.016740% -0.20%
7.43% 0.552644% 1.10% 0.012207% 8.66%
-4.40% 0.193807% -3.92% 0.153341% -7.62%
-0.64% 0.004044% 0.15% 0.000226% 4.92%
9.05% 0.819804% -3.90% 0.152382% -13.94%
2.07% 0.042697% 5.99% 0.359008% -3.56%
7.26% 0.527275% 11.34% 1.286069% 9.35%
-6.67% 0.444698% -4.51% 0.203192% -5.92%
-6.09% 0.370351% -10.18% 1.036423% -6.05%
-8.59% 0.737821% 7.00% 0.490687% -6.28%
6.24% 0.389852% 3.32% 0.110369% -1.33%
-7.49% 0.560693% -3.80% 0.144617% -5.75%
-3.23% 0.104253% -8.84% 0.782110% -6.00%
-1.99% 0.039752% 4.39% 0.192618% -1.42%
0.40% 0.001595% -7.34% 0.538404% -2.84%
8.55% 0.730477% 6.63% 0.440119% 5.35%
 2.56% 0.065303% 0.82% 0.006746% 11.56%
13.10% 1.715646% 7.13% 0.508163% -2.92%
5.49% 0.301160% 14.09% 1.985260% 12.60%
3.92% 0.153855% -0.43% 0.001857% -2.19%
-5.75% 0.330129% -1.17% 0.013580% -8.21%
2.26% 0.051068% 2.36% 0.055766% 11.76%
13.67% 1.868638% 7.16% 0.513188% 1.15%
-1.71% 0.029105% -9.84% 0.967274% -4.60%
-1.23% 0.015049% -5.14% 0.264125% -0.38%
3.21% 0.102846% 3.40% 0.115411% 8.37%
0.38% 0.001422% -2.38% 0.056423% 2.30%
-0.49% 0.002434% -6.30% 0.396801% 5.73%
-5.16% 0.266236% -4.07% 0.165559% 4.40%
0.50% 0.002467% 4.79% 0.229590% -8.28%
5.55% 0.308038% -0.79% 0.006168% -6.06%
1.70% 0.028866% -0.63% 0.004028% 3.98%
5.66% 0.319870% 0.11% 0.000131% 1.53%
-3.90% 0.152469% -7.28% 0.530306% -7.28%
8.41% 0.707547% 2.51% 0.063245% 22.23%
3.06% 0.093404% -0.16% 0.000266% 0.86%
-2.90% 0.084378% -4.90% 0.239881% -3.69%
-3.59% 0.129096% 6.91% 0.477418% -1.38%
21.33% 4.549600% 11.38% 1.296126% 12.56%
-2.69% 0.072435% -2.39% 0.057006% 5.74%
-1.14% 0.012918% -0.58% 0.003378% 1.82%
-12.58% 1.583752% 1.38% 0.019106% 0.91%
-9.79% 0.958339% -8.68% 0.752611% -1.41%
6.61% 0.437558% 7.48% 0.559666% -8.37%
-7.61% 0.579149% -2.63% 0.069252% -3.21%
-4.05% 0.163635% -3.98% 0.158194% -3.47%
-4.93% 0.242656% 4.33% 0.187385% -3.05%
1.31% 0.017143% 1.86% 0.034530% 7.76%
-9.45% 0.893057% -2.51% 0.063156% -5.40%
3.93% 0.154337% 1.22% 0.014856% 3.61%
10.16% 1.031588% 5.63% 0.316465% -1.04%
-1.36% 0.018622% -3.17% 0.100203% -10.22%
7.76% 0.602820% 14.33% 2.054752% 9.90%
5.35% 0.285699% 2.41% 0.058167% -0.75%
-1.84% 0.033776% 22.15% 4.905784% 6.09%
6.20% 0.384372% 2.72% 0.073734% 14.15%
-5.33% 0.283672% -3.67% 0.134994% -5.07%
-4.66% 0.216842% 5.14% 0.263898% -8.98%
-0.18% 0.000322% -0.33% 0.001086% 5.19%
 2.36% 0.055931% -1.26% 0.015924% -6.67%
2.59% 0.066846% 2.02% 0.040978% -6.08%
-0.52% 0.002691% 1.63% 0.026548% 10.36%
12.65% 1.601033% 7.09% 0.503303% 13.00%
5.35% 0.286516% -5.29% 0.280022% -1.28%
-9.64% 0.928389% -8.92% 0.795207% -12.99%
7.27% 0.528378% 1.18% 0.014033% -8.29%
-5.39% 0.290240% 1.17% 0.013626% -2.71%
6.37% 0.406156% 6.02% 0.362778% 11.12%
4.70% 0.220777% 5.16% 0.266534% 2.63%
3.61% 0.130359% 0.42% 0.001749% -3.42%
-0.87% 0.007571% -4.35% 0.189257% -10.05%
-0.34% 0.001154% -0.89% 0.007957% 5.27%
-0.21% 0.000458% 2.17% 0.047036% 3.60%
-5.31% 0.282274% 4.25% 0.180552% -6.95%

64.040997% 57.569325%
0.538160% 0.483776%
7.335936% 6.955400%
### ###
off Dec end of year

SHP Squared
0.003665%
0.537151%
0.391455%
1.073326%
0.606787%
0.607306%
0.456867%
0.143010%
1.774545%
0.678309%
0.341323%
0.104217%
0.111889%
0.817655%
0.002927%
0.353360%
0.745474%
0.023497%
0.076951%
2.137356%
0.101821%
0.002882%
0.480241%
0.635974%
3.266404%
0.253150%
0.000073%
0.916210%
0.007821%
0.320821%
5.600397%
0.321585%
0.038037%
0.094455%
0.116719%
2.043756%
1.319671%
0.178089%
0.495083%
0.030549%
0.286665%
1.084220%
0.729415%
7.218526%
0.040173%
0.695091%
0.000389%
0.749342%
0.581218%
0.241969%
1.942223%
0.126415%
0.874427%
0.350731%
0.366500%
0.394944%
0.017639%
0.330673%
0.359518%
0.020089%
0.080593%
0.286610%
1.335337%
0.085438%
1.586684%
0.047942%
0.673712%
1.382094%
0.013307%
0.211864%
0.001454%
0.700196%
0.052833%
0.327900%
0.193382%
0.685705%
0.367273%
0.158100%
0.023506%
0.529967%
4.943618%
0.007310%
0.136231%
0.018949%
1.578751%
0.329245%
0.033192%
0.008256%
0.019873%
0.701177%
0.102959%
0.120139%
0.093315%
0.601754%
0.291549%
0.130315%
0.010861%
1.044840%
0.980599%
0.005613%
0.370835%
2.003083%
0.257344%
0.805661%
0.269186%
 0.444444%
0.370221%
1.072890%
1.691034%
0.016267%
1.686831%
0.686854%
0.073412%
1.237555%
0.069218%
0.116693%
1.009727%
0.277323%
0.129886%
0.483436%

76.595313%
0.643658%
8.022831%
1672.799800%
 % Movement of share prices

CPI SBK SPP SHP Relationship

SPM SPM SPM SPM
2013 1.62% 8.94% -5.31% 23.12% 160.00%

2014 -2.26% 10.86% 3.61% -16.98% 26.08%

2015 123.13% -20.89% 47.32% 12.66% 140.00%
2016 15.61% 33.70% 3.90% -4.14%
2017 52.95% 28.94% -13.08% 19.88% 123.13%
120.00%
2018 14.82% -8.61% 10.20% 10.65%
2019 56.91% -5.87% 3.73% -28.53%
2020 -0.48% -24.50% 0.71% -32.35% 100.00%
2021 2.98% 10.17% 3.56% 45.75%
2022 54% 19.84% -27.01% 27.30% 80.00%

PERCENTAGE
60.00%
Headline earnings per share

CPI HEPS SBK SPP SHP 40.00% 26.17

35.02%
HEPS HEPS HEPS
2012 1125 963.4 616.3 607 20.00%
2013 1519 1084.2 696.6 675.4 15.34% 15.61
2014 1752 1081.4 781.8 697.6
0.00% 1.62%
2015 2209 1388.9 835.5 772.9 2013 -2.26% 2015
2014 2016
2016 2787 1440.1 1020 904.4
2017 3281 1640 952.5 1023.2 -20.00%
2018 3858 1748.4 965.7 969.6
2019 4577 1766.7 1129.1 780.8
-40.00%
2020 5428 1002.6 1135.3 756.9
2021 3966 1573 1196.2 977.1
2022 7300 2087.1 1160.5 1056.3

%HEPS Movement
CPI HEPS SBK HEPS SPP HEPS SHP HEPS SBK SPM
Relations
2013 35.02% 12.54% 13.03% 11.27% SBK HEPS
2014 15.34% -0.26% 12.23% 3.29% 80.00%
2015 26.08% 28.44% 6.87% 10.79%
2016 26.17% 3.69% 22.08% 17.01%
2017 17.73% 13.88% -6.62% 13.14% 60.00%
2018 17.59% 6.61% 1.39% -5.24%
2019 18.64% 1.05% 16.92% -19.47%
2020 18.59% -43.25% 0.55% -3.06% 40.00%
2021 -26.93% 56.89% 5.36% 29.09%
2022 84.06% 32.68% -2.98% 8.11% 28.44%
PERCENTAGE

20.00%
12.54% 10.86%
8.94%

0.00% -0.26%
2013 2014 2015
 40.00%

28.44%

PERCENTAGE
20.00%
12.54% 10.86%
8.94%

0.00% -0.26%
2013 2014 2015

-20.00% -20.89%

-40.00%

-60.00%
 Relationship between CPI % SPM & %HEPS

60.00%
26.08%

84.06%
50.00%

123.13%
40.00%

30.00%

20.00%

PERCENTAGE
18.64% 1
17.73%
CPI HEPS
CPI SPM 10.00%
56.91% -
52.95% 54%

26.17% 0.00%
201
17.59%
-10.00%
15.61% 18.59%
15.34% 14.82%

2.98% -20.00%
-2.26% 2015 -0.48%
2014 2016 2017 2018 2019 2020 2021 2022
-30.00%
-26.93%
-40.00%

YEAR

Relationship between SBK %SPM and %HEPS

60.00%

50.00%
56.89%
40.00%

33.70% 32.68% 30.00%

28.44% 28.94%
23.12%
19.84%
20.00%
% 13.88%
10.86%
RCENTAGE

10.17%
6.61%
3.69%
-0.26% 1.05% 10.00%
2014 2015 2016 2017 2018 2019 2020 2021 2022
-5.87%
 33.70% 32.68% 30.00%
28.44% 28.94%
23.12%
19.84%
20.00%
% 13.88%
10.86%

PERCENTAGE
10.17%
6.61%
3.69%
-0.26% 1.05% 10.00%
2014 2015 2016 2017 2018 2019 2020 2021 2022
-5.87%
-8.61%
0.00%
2013
-20.89%
-24.50%
-10.00%
-
-43.25%
YEAR -20.00%

-30.00%

-40.00%
 Relationship between SPP %SPM and %HEPS

60.00%

47.32%
50.00%

40.00%

30.00%
3.90%
22.08%
20.00% 3.73%
PERCENTAGE

13.03%
3.61% 16.92%
12.23% 10.20% SPP SPM
10.00% 3.56% SPP HEPS
-5.31% 6.87%
5.36%
0.00% 1.39% 0.71%
2013 2014 2015 2016 2017 2018 2019 2020
0.55% 2021 2022
-2.98%
-6.62%
-10.00%

-20.00% -13.08%

-30.00% -27.01%

-40.00%

YEAR

Relationship between SHP %SPM and % HEPS

60.00%

50.00%
45.75%

40.00%

30.00% 27.30%
23.12%
19.88%
20.00%
RCENTAGE

12.66%
10.65% SHP SPM
10.00% SHP HEPS
 30.00% 27.30%
23.12%
19.88%
20.00%
PERCENTAGE

12.66%
10.65% SHP SPM
10.00% SHP HEPS

0.00%
2013 2014 2015 -4.14%
2016 2017 2018 2019 2020 2021 2022

-10.00%
-16.98%
-20.00%

-28.53%
-30.00% -32.35%

-40.00%

YEAR
 SPP SPM
3.56% SPP HEPS
5.36%

21 2022
-2.98%

-27.01%

27.30%

SHP SPM
SHP HEPS
27.30%

SHP SPM
SHP HEPS

2022
C % Movement of share prices

I SBK I CPI I
Index Standard Index Capitec Index
2013 17.85% 8.94% 15.78% 1.62% 23.14%
2014 7.59% 10.86% 19.19% -2.26% 12.05%
2015 1.85% -20.89% 12.71% 123.13% 1.53%
2016 -0.08% 33.70% -7.37% 15.61% 3.72%
2017 17.47% 28.94% 3.50% 52.95% 6.99%
2018 -11.37% -8.61% 14.04% 14.82% 0.23%
2019 8.24% -5.87% -3.98% 56.91% -1.59%
2020 4.07% -24.50% -8.86% -0.48% -1.02%
2021 24.07% 10.17% 29.59% 2.98% 18.46%
2022 -0.89% 19.84% 15.05% 54% -1%

Sum: 68.80% 52.58% 89.65% 319.28% 62.65%

No. 10 10 10 10 10
Mean 6.88% 5.26% 8.97% 31.93% 6.27%
Median 5.83% 9.56% 13.38% 15.22% 2.63%
f share prices

SPP I SHP
Spar Index Shoprite
-5.31% 17.41% 23.12%
3.61% 28.72% -16.98%
47.32% 1.69% 12.66%
3.90% 0.79% -4.14%
-13.08% -1.16% 19.88%
10.20% 11.63% 10.65%
3.73% 1.03% -28.53%
0.71% -6.60% -32.35%
3.56% 21.87% 45.75%
-27.01% -0.40% 27.30%

27.63% 74.98% 57.36%

10 10 10
2.76% 7.50% 5.74%
-27.01% 1.36% 11.66%
 % Movement of share prices

(CPI) I SBK I SPP I

Index Capitec Index Standard Index Spar Index
2013 15.78% 1.62% 17.85% 8.94% 23.14% -5.31% 17.41%
2014 19.19% -2.26% 7.59% 10.86% 12.05% 3.61% 28.72%
2015 12.71% 123.13% 1.85% -20.89% 1.53% 47.32% 1.69%
2016 -7.37% 15.61% -0.08% 33.70% 3.72% 3.90% 0.79%
2017 3.50% 52.95% 17.47% 28.94% 6.99% -13.08% -1.16%
2018 14.04% 14.82% -11.37% -8.61% 0.23% 10.20% 11.63%
2019 -3.98% 56.91% 8.24% -5.87% -1.59% 3.73% 1.03%
2020 -8.86% -0.48% 4.07% -24.50% -1.02% 0.71% -6.60%
2021 29.59% 2.98% 24.07% 10.17% 18.46% 3.56% 21.87%
2022 15.05% 54% -0.89% 19.84% -1% -27.01% -0.40%

Sum 68.80% 52.58% 62.65% 27.63% 74.98%

No. : 10 10 10 10 10 10 10
Mean: 8.97% 31.93% 6.88% 5.26% 6.27% 2.76% 7.50%

Variance

Standard Deviation

Coefficient of Variation

% Movement of share prices

 % Movement of share prices

ALSI CPI SBK SPP SHP

SPM SPM SPM SPM SPM I less MeanIn
2023/03/31 -2,10% -3,81% -5,87% -2,22% -0,13% -2,73%
2023/02/28 -2,19% -2,08% 5,97% 4,77% -7,33% -2,19%
2023/01/31 8,80% -3,60% 3,24% 21,10% 6,26% 8,80%
2022/12/30 -2,38% -8,19% -6,78% -14,77% -10,36% -2,38%
2022/11/30 12,23% 6,51% 4,86% -14,50% 7,79% 12,23%
2022/10/31 4,62% 22,38% 19,20% 8,64% 7,79% 4,62%
2022/09/30 -5,25% -24,00% -6,02% -8,44% -6,76% -5,25%
2022/08/31 -2,43% 2,59% -4,23% 16,62% 3,78% -2,43%
2022/07/29 4,09% 0,50% 3,11% -2,79% 13,32% 4,09%
2022/06/30 -8,14% -12,03% -13,18% -9,91% -8,24% -8,14%
2022/05/31 -0,47% 1,35% 6,38% -7,35% -5,84% -0,47%
2022/04/29 -4,05% -5,06% -7,76% -2,50% -3,23% -4,05%
2022/03/31 -0,78% 12,88% 11,99% 3,43% 3,34% -0,78%
2022/02/28 2,40% 2,79% 8,85% -2,72% 9,04% 2,40%
2022/01/31 0,81% -1,06% 6,71% 0,92% 0,54% 0,81%
2021/12/31 4,59% 11,89% 8,00% 2,78% 5,94% 4,59%
2021/11/30 4,46% 6,81% -4,28% -16,61% 8,63% 4,46%
2021/10/29 4,95% -6,17% -5,41% -0,73% 1,53% 4,95%
2021/09/30 -4,67% -4,14% -3,72% -5,40% -2,77% -4,67%
2021/08/31 -2,24% 16,66% 20,36% 13,01% 14,62% -2,24%
2021/07/30 4,11% -3,54% -3,18% 1,56% 3,19% 4,11%
2021/06/30 -2,52% 1,18% -5,95% -5,35% 0,54% -2,52%
2021/05/31 1,53% 12,14% 14,97% 4,17% 6,93% 1,53%
2021/04/30 0,68% 4,69% -5,92% -3,39% -7,97% 0,68%
2021/03/31 0,53% 6,06% -5,69% -0,25% 18,07% 0,53%
2021/02/26 5,87% -3,48% 5,64% -1,91% -5,03% 5,87%
2021/01/29 5,16% -3,18% -0,93% 2,38% 0,09% 5,16%
2020/12/31 4,06% 10,58% 4,90% -0,73% 9,57% 4,06%
2020/11/30 10,46% 13,64% 14,21% 10,59% -0,88% 10,46%
2020/10/30 -4,75% 9,89% -1,82% -8,96% -5,66% -4,75%
2020/09/30 -2,18% 24,24% 2,32% 17,31% 23,67% -2,18%
2020/08/31 -0,44% -5,56% -2,78% -2,02% 5,67% -0,44%
2020/07/31 2,50% 2,96% 3,93% -3,85% -1,95% 2,50%
2020/06/30 7,68% 1,53% 2,84% -2,05% 3,07% 7,68%
2020/05/29 0,29% -6,23% -0,51% -0,96% -3,42% 0,29%
2020/04/30 13,14% 2,50% -0,33% -2,68% -14,30% 13,14%
2020/03/31 -12,83% -32,31% -31,00% 10,82% 11,49% -12,83%
2020/02/28 -8,99% -3,43% -5,70% -14,46% -4,22% -8,99%
2020/01/31 -1,76% -6,92% -6,44% -2,93% -7,04% -1,76%
2019/12/31 3,13% 2,04% 1,56% -4,08% -1,75% 3,13%
2019/11/29 -1,91% 3,23% -4,46% 1,42% -5,35% -1,91%
6,64% -0,70% 6,29% 10,41% 2,92%
2020/05/29 0,29% -6,23% -0,51% -0,96% -3,42% 0,29%
2020/04/30 13,14% 2,50% -0,33% -2,68% -14,30% 13,14%
2020/03/31 -12,83% -32,31% -31,00% 10,82% 11,49% -12,83%
2020/02/28 -8,99% -3,43% -5,70% -14,46% -4,22% -8,99%
2020/01/31 -1,76% -6,92% -6,44% -2,93% -7,04% -1,76%
2019/12/31 3,13% 2,04% 1,56% -4,08% -1,75% 3,13%
2019/11/29 -1,91% 3,23% -4,46% 1,42% -5,35% -1,91%
2019/10/31 2,92% 6,64% -0,70% 6,29% 10,41% 2,92%
2019/09/30 -0,79% 17,59% -1,45% 9,88% 8,54% -0,79%
2019/08/30 -2,69% -7,21% -1,28% -5,63% -26,87% -2,69%
2019/07/31 -2,44% -9,14% -8,70% -1,41% -2,00% -2,44%
2019/06/28 4,59% -1,55% -1,05% -2,43% -8,34% 4,59%
2019/05/31 -4,92% -1,31% -0,13% -1,29% -0,20% -4,92%
2019/04/30 3,66% -0,99% 7,43% 1,10% 8,66% 3,66%
2019/03/29 0,82% 3,35% -4,40% -3,92% -7,62% 0,82%
2019/02/28 3,41% 12,01% -0,64% 0,15% 4,92% 3,41%
2019/01/31 2,69% 4,31% 9,05% -3,90% -13,94% 2,69%
2018/12/31 4,09% 1,64% 2,07% 5,99% -3,56% 4,09%
2018/11/30 -3,29% 11,04% 7,26% 11,34% 9,35% -3,29%
2018/10/31 -5,96% -3,28% -6,67% -4,51% -5,92% -5,96%
2018/09/28 -5,05% 2,14% -6,09% -10,18% -6,05% -5,05%
2018/08/31 2,15% 5,38% -8,59% 7,00% -6,28% 2,15%
2018/07/31 -0,31% 9,62% 6,24% 3,32% -1,33% -0,31%
2018/06/29 2,59% -0,74% -7,49% -3,80% -5,75% 2,59%
2018/05/31 -3,57% -1,65% -3,23% -8,84% -6,00% -3,57%
2018/04/30 4,98% 2,17% -1,99% 4,39% -1,42% 4,98%
2018/03/29 -4,89% 4,54% 0,40% -7,34% -2,84% -4,89%
2018/02/28 -1,98% 3,98% 8,55% 6,63% 5,35% -1,98%
2018/01/31 0,00% -27,08% 2,56% 0,82% 11,56% 0,00%
2017/12/29 -0,45% 11,49% 13,10% 7,13% -2,92% -0,45%
2017/11/30 1,34% 4,78% 5,49% 14,09% 12,60% 1,34%
2017/10/31 6,12% 9,40% 3,92% -0,43% -2,19% 6,12%
2017/09/29 -1,67% -4,60% -5,75% -1,17% -8,21% -1,67%
2017/08/31 2,38% 4,73% 2,26% 2,36% 11,76% 2,38%
2017/07/31 6,97% 3,59% 13,67% 7,16% 1,15% 6,97%
2017/06/30 -3,64% 6,58% -1,71% -9,84% -4,60% -3,64%
2017/05/31 -0,47% 2,13% -1,23% -5,14% -0,38% -0,47%
2017/04/28 3,38% 0,15% 3,21% 3,40% 8,37% 3,38%
2017/03/31 1,78% 5,02% 0,38% -2,38% 2,30% 1,78%
2017/02/28 -3,11% 3,27% -0,49% -6,30% 5,73% -3,11%
2017/01/31 4,21% 1,01% -5,16% -4,07% 4,40% 4,21%
2016/12/30 0,88% 6,88% 0,50% 4,79% -8,28% 0,88%
2016/11/30 -0,75% -5,07% 5,55% -0,79% -6,06% -0,75%
2016/10/31 -2,62% 6,64% 1,70% -0,63% 3,98% -2,62%
2016/09/30 -1,49% 10,26% 5,66% 0,11% 1,53% -1,49%
2016/08/31 -0,12% -5,35% -3,90% -7,28% -7,28% -0,12%
2016/07/29 1,11% 3,45% 8,41% 2,51% 22,23% 1,11%
2016/06/30 -3,13% 0,00% 3,06% -0,16% 0,86% -3,13%
2016/05/31 1,79% 0,66% -2,90% -4,90% -3,69% 1,79%
2016/04/29 1,35% 3,15% -3,59% 6,91% -1,38% 1,35%
2016/03/31 5,74% 20,89% 21,33% 11,38% 12,56% 5,74%
2016/10/31 -2,62%
2016/09/30 -1,49% 10,26% 5,66% 0,11% 1,53% -1,49%
2016/08/31 -0,12% -5,35% -3,90% -7,28% -7,28% -0,12%
2016/07/29 1,11% 3,45% 8,41% 2,51% 22,23% 1,11%
2016/06/30 -3,13% 0,00% 3,06% -0,16% 0,86% -3,13%
2016/05/31 1,79% 0,66% -2,90% -4,90% -3,69% 1,79%
2016/04/29 1,35% 3,15% -3,59% 6,91% -1,38% 1,35%
2016/03/31 5,74% 20,89% 21,33% 11,38% 12,56% 5,74%
2016/02/29 0,56% -1,46% -2,69% -2,39% 5,74% 0,56%
2016/01/29 -3,06% -10,69% -1,14% -0,58% 1,82% -3,06%
2015/12/31 -1,77% -10,24% -12,58% 1,38% 0,91% -1,77%
2015/11/30 -4,06% 0,25% -9,79% -8,68% -1,41% -4,06%
2015/10/30 7,40% 19,46% 6,61% 7,48% -8,37% 7,40%
2015/09/30 0,23% 3,76% -7,61% -2,63% -3,21% 0,23%
2015/08/31 -4,00% 3,67% -4,05% -3,98% -3,47% -4,00%
2015/07/31 0,48% -3,96% -4,93% 4,33% -3,05% 0,48%
2015/06/30 -0,89% -4,28% 1,31% 1,86% 7,76% -0,89%
2015/05/29 -3,99% -9,53% -9,45% -2,51% -5,40% -3,99%
2015/04/30 4,33% 6,66% 3,93% 1,22% 3,61% 4,33%
2015/03/31 -2,18% 28,05% 10,16% 5,63% -1,04% -2,18%
2015/02/27 4,05% 7,05% -1,36% -3,17% -10,22% 4,05%
2015/01/30 3,01% 12,65% 7,76% 14,33% 9,90% 3,01%
2014/12/31 -0,28% 7,51% 5,35% 2,41% -0,75% -0,28%
2014/11/28 0,38% 8,70% -1,84% 22,15% 6,09% 0,38%
2014/10/31 0,78% 18,95% 6,20% 2,72% 14,15% 0,78%
2014/09/30 -3,18% 15,35% -5,33% -3,67% -5,07% -3,18%
2014/08/29 -0,85% -12,94% -4,66% 5,14% -8,98% -0,85%
2014/07/31 0,88% 9,47% -0,18% -0,33% 5,19% 0,88%
2014/06/30 2,64% 0,22% 2,36% -1,26% -6,67% 2,64%
2014/05/30 1,56% -2,41% 2,59% 2,02% -6,08% 1,56%
2014/04/30 2,30% 16,96% -0,52% 1,63% 10,36% 2,30%
2014/03/31 0,93% 5,85% 12,65% 7,09% 13,00% 0,93%
2014/02/28 4,87% -2,52% 5,35% -5,29% -1,28% 4,87%
2014/01/31 -2,43% -9,49% -9,64% -8,92% -12,99% -2,43%
2013/12/31 2,85% 4,66% 7,27% 1,18% -8,29% 2,85%
2013/11/29 -1,19% -7,01% -5,39% 1,17% -2,71% -1,19%
2013/10/31 3,37% 6,47% 6,37% 6,02% 11,12% 3,37%
2013/09/30 4,27% 8,65% 4,70% 5,16% 2,63% 4,27%
2013/08/30 2,27% 2,70% 3,61% 0,42% -3,42% 2,27%
2013/07/31 4,33% -6,67% -0,87% -4,35% -10,05% 4,33%
2013/06/28 -5,80% 4,33% -0,34% -0,89% 5,27% -5,80%
2013/05/31 8,47% -15,34% -0,21% 2,17% 3,60% 8,47%
2013/04/30 -2,82% 2,02% -5,31% 4,25% -6,95% -2,82%

No: 120 120 120 120 120 = Sum

Mean: 0,63% 2,18% 0,58% 0,41% 0,48% '= Variance 0
'=Standard Deviation
'=Coefficient of variatio
No: 120 120 120 120 120 = Sum
Mean: 0,63% 2,18% 0,58% 0,41% 0,48% '= Variance 0
'=Standard Deviation
'=Coefficient of variatio
 Banking Sector
Variance, Standard Deviation and Coefficie

SHP
Shoprite I less Mean Index Squared CPI less Mean CPI Squared
23.12% 6.81% 0.463761% -30.31% 9.187%
-16.98% 19.19% 3.682561% -34.19% 11.690%
12.66% 12.71% 1.615441% 91.20% 83.174%
-4.14% -7.37% 0.543169% -16.32% 2.663%
19.88% 3.50% 0.122500% 21.02% 4.418%
10.65% 14.04% 1.971216% -17.11% 2.928%
-28.53% -3.98% 0.158404% 24.98% 6.240%
-32.35% -8.86% 0.784996% -32.41% 10.504%
45.75% 29.59% 8.755681% -28.95% 8.381%
27.30% 15.05% 2.265025% 22.07% 4.871%
= Sum 20.362754% 144.056%
57.36% '= Variance 2.036275% 16.006%
10 '=Standard Deviation 14.269812% 40.008%
5.74% '=Coefficient of variation 159.083748% 125.298%

Variance is a measurement of the spread between numbers in a data set.

In particular, it measures the degree of dispersion of data around the sample's me
Investors use variance to see how much risk an investment carries and whether it
Variance is also used in finance to compare the relative performance of each asse
The square root of the variance is the standard deviation

Standard deviation measures the dispersion of a dataset relative to its mean.

It is calculated as the square root of the variance.
Standard deviation, in finance, is often used as a measure of a relative riskiness of
A volatile stock has a high standard deviation, while the deviation of a stable blue
As a downside, the standard deviation calculates all uncertainty as risk, even whe

The co-efficient of variation (CV) is a statistical measure of the relative dispersion

It represents the ratio of the standard deviation to the mean.
The CV is useful for comparing the degree of variation from one data series to ano
In finance, the co-efficient of variation allows investors to determine how much v
The lower the ratio of the standard deviation to mean return, the better risk-retu

Monthly Obser
Variance, Standard Deviation a
 Monthly Obser
Variance, Standard Deviation a

I less MeanIndex Squared CPI less Mean

CPI Squared SBK less Mean SBK Squared S
-2,73% 0,0744% -5,99% 0,3586% -6,45% 0,416155%
-2,19% 0,0481% -2,08% 0,0432% 5,97% 0,356972%
8,80% 0,7743% -3,60% 0,1293% 3,24% 0,105115%
-2,38% 0,0566% -8,19% 0,6703% -6,78% 0,460136%
12,23% 1,4966% 6,51% 0,4238% 4,86% 0,236638%
4,62% 0,2136% 22,38% 5,0089% 19,20% 3,686933%
-5,25% 0,2756% -24,00% 5,7623% -6,02% 0,362841%
-2,43% 0,0592% 2,59% 0,0669% -4,23% 0,178529%
4,09% 0,1676% 0,50% 0,0025% 3,11% 0,096489%
-8,14% 0,6633% -12,03% 1,4475% -13,18% 1,736343%
-0,47% 0,0022% 1,35% 0,0183% 6,38% 0,407166%
-4,05% 0,1642% -5,06% 0,2556% -7,76% 0,602682%
-0,78% 0,0061% 12,88% 1,6592% 11,99% 1,437522%
2,40% 0,0578% 2,79% 0,0776% 8,85% 0,784080%
0,81% 0,0065% -1,06% 0,0113% 6,71% 0,450752%
4,59% 0,2106% 11,89% 1,4143% 8,00% 0,639852%
4,46% 0,1991% 6,81% 0,4637% -4,28% 0,182779%
4,95% 0,2452% -6,17% 0,3812% -5,41% 0,292980%
-4,67% 0,2177% -4,14% 0,1715% -3,72% 0,138283%
-2,24% 0,0500% 16,66% 2,7742% 20,36% 4,147017%
4,11% 0,1688% -3,54% 0,1254% -3,18% 0,101224%
-2,52% 0,0637% 1,18% 0,0139% -5,95% 0,353765%
1,53% 0,0235% 12,14% 1,4732% 14,97% 2,241999%
0,68% 0,0046% 4,69% 0,2198% -5,92% 0,349949%
0,53% 0,0028% 6,06% 0,3669% -5,69% 0,323958%
5,87% 0,3443% -3,48% 0,1213% 5,64% 0,318028%
5,16% 0,2659% -3,18% 0,1013% -0,93% 0,008622%
4,06% 0,1647% 10,58% 1,1204% 4,90% 0,240435%
10,46% 1,0945% 13,64% 1,8611% 14,21% 2,018559%
-4,75% 0,2261% 9,89% 0,9786% -1,82% 0,033248%
-2,18% 0,0477% 24,24% 5,8744% 2,32% 0,053838%
-0,44% 0,0019% -5,56% 0,3087% -2,78% 0,077317%
2,50% 0,0625% 2,96% 0,0876% 3,93% 0,154686%
7,68% 0,5905% 1,53% 0,0234% 2,84% 0,080895%
0,29% 0,0008% -6,23% 0,3886% -0,51% 0,002592%
13,14% 1,7268% 2,50% 0,0625% -0,33% 0,001101%
-12,83% 1,6459% -32,31% 10,4375% -31,00% 9,607913%
-8,99% 0,8081% -3,43% 0,1176% -5,70% 0,325164%
-1,76% 0,0310% -6,92% 0,4784% -6,44% 0,414751%
3,13% 0,0983% 2,04% 0,0416% 1,56% 0,024232%
-1,91% 0,0364% 3,23% 0,1041% -4,46% 0,198568%
2,92% 0,0852% 6,64% 0,4415% -0,70% 0,004877%
 0,29% 0,0008% -6,23% 0,3886% -0,51% 0,002592%
13,14% 1,7268% 2,50% 0,0625% -0,33% 0,001101%
-12,83% 1,6459% -32,31% 10,4375% -31,00% 9,607913%
-8,99% 0,8081% -3,43% 0,1176% -5,70% 0,325164%
-1,76% 0,0310% -6,92% 0,4784% -6,44% 0,414751%
3,13% 0,0983% 2,04% 0,0416% 1,56% 0,024232%
-1,91% 0,0364% 3,23% 0,1041% -4,46% 0,198568%
2,92% 0,0852% 6,64% 0,4415% -0,70% 0,004877%
-0,79% 0,0062% 17,59% 3,0924% -1,45% 0,021021%
-2,69% 0,0721% -7,21% 0,5201% -1,28% 0,016267%
-2,44% 0,0595% -9,14% 0,8359% -8,70% 0,757759%
4,59% 0,2105% -1,55% 0,0241% -1,05% 0,010952%
-4,92% 0,2418% -1,31% 0,0171% -0,13% 0,000158%
3,66% 0,1339% -0,99% 0,0097% 7,43% 0,552644%
0,82% 0,0068% 3,35% 0,1123% -4,40% 0,193807%
3,41% 0,1161% 12,01% 1,4421% -0,64% 0,004044%
2,69% 0,0725% 4,31% 0,1856% 9,05% 0,819804%
4,09% 0,1674% 1,64% 0,0268% 2,07% 0,042697%
-3,29% 0,1084% 11,04% 1,2179% 7,26% 0,527275%
-5,96% 0,3551% -3,28% 0,1074% -6,67% 0,444698%
-5,05% 0,2546% 2,14% 0,0459% -6,09% 0,370351%
2,15% 0,0463% 5,38% 0,2898% -8,59% 0,737821%
-0,31% 0,0010% 9,62% 0,9261% 6,24% 0,389852%
2,59% 0,0670% -0,74% 0,0054% -7,49% 0,560693%
-3,57% 0,1274% -1,65% 0,0273% -3,23% 0,104253%
4,98% 0,2478% 2,17% 0,0471% -1,99% 0,039752%
-4,89% 0,2389% 4,54% 0,2060% 0,40% 0,001595%
-1,98% 0,0394% 3,98% 0,1584% 8,55% 0,730477%
0,00% 0,0000% -27,08% 7,3349% 2,56% 0,065303%
-0,45% 0,0020% 11,49% 1,3206% 13,10% 1,715646%
1,34% 0,0181% 4,78% 0,2287% 5,49% 0,301160%
6,12% 0,3743% 9,40% 0,8840% 3,92% 0,153855%
-1,67% 0,0278% -4,60% 0,2117% -5,75% 0,330129%
2,38% 0,0567% 4,73% 0,2242% 2,26% 0,051068%
6,97% 0,4856% 3,59% 0,1288% 13,67% 1,868638%
-3,64% 0,1328% 6,58% 0,4326% -1,71% 0,029105%
-0,47% 0,0022% 2,13% 0,0454% -1,23% 0,015049%
3,38% 0,1145% 0,15% 0,0002% 3,21% 0,102846%
1,78% 0,0317% 5,02% 0,2517% 0,38% 0,001422%
-3,11% 0,0968% 3,27% 0,1072% -0,49% 0,002434%
4,21% 0,1776% 1,01% 0,0102% -5,16% 0,266236%
0,88% 0,0078% 6,88% 0,4727% 0,50% 0,002467%
-0,75% 0,0057% -5,07% 0,2568% 5,55% 0,308038%
-2,62% 0,0685% 6,64% 0,4404% 1,70% 0,028866%
-1,49% 0,0221% 10,26% 1,0533% 5,66% 0,319870%
-0,12% 0,0001% -5,35% 0,2861% -3,90% 0,152469%
1,11% 0,0123% 3,45% 0,1187% 8,41% 0,707547%
-3,13% 0,0980% 0,00% 0,0000% 3,06% 0,093404%
1,79% 0,0320% 0,66% 0,0044% -2,90% 0,084378%
1,35% 0,0183% 3,15% 0,0990% -3,59% 0,129096%
5,74% 0,3291% 20,89% 4,3649% 21,33% 4,549600%
 -1,49% 0,0221% 10,26% 1,0533% 5,66% 0,319870%
-0,12% 0,0001% -5,35% 0,2861% -3,90% 0,152469%
1,11% 0,0123% 3,45% 0,1187% 8,41% 0,707547%
-3,13% 0,0980% 0,00% 0,0000% 3,06% 0,093404%
1,79% 0,0320% 0,66% 0,0044% -2,90% 0,084378%
1,35% 0,0183% 3,15% 0,0990% -3,59% 0,129096%
5,74% 0,3291% 20,89% 4,3649% 21,33% 4,549600%
0,56% 0,0031% -1,46% 0,0212% -2,69% 0,072435%
-3,06% 0,0937% -10,69% 1,1423% -1,14% 0,012918%
-1,77% 0,0314% -10,24% 1,0486% -12,58% 1,583752%
-4,06% 0,1651% 0,25% 0,0006% -9,79% 0,958339%
7,40% 0,5471% 19,46% 3,7873% 6,61% 0,437558%
0,23% 0,0005% 3,76% 0,1413% -7,61% 0,579149%
-4,00% 0,1598% 3,67% 0,1350% -4,05% 0,163635%
0,48% 0,0023% -3,96% 0,1571% -4,93% 0,242656%
-0,89% 0,0079% -4,28% 0,1834% 1,31% 0,017143%
-3,99% 0,1588% -9,53% 0,9073% -9,45% 0,893057%
4,33% 0,1873% 6,66% 0,4442% 3,93% 0,154337%
-2,18% 0,0475% 28,05% 7,8687% 10,16% 1,031588%
4,05% 0,1642% 7,05% 0,4970% -1,36% 0,018622%
3,01% 0,0904% 12,65% 1,5995% 7,76% 0,602820%
-0,28% 0,0008% 7,51% 0,5635% 5,35% 0,285699%
0,38% 0,0014% 8,70% 0,7567% -1,84% 0,033776%
0,78% 0,0061% 18,95% 3,5908% 6,20% 0,384372%
-3,18% 0,1014% 15,35% 2,3563% -5,33% 0,283672%
-0,85% 0,0072% -12,94% 1,6737% -4,66% 0,216842%
0,88% 0,0078% 9,47% 0,8968% -0,18% 0,000322%
2,64% 0,0699% 0,22% 0,0005% 2,36% 0,055931%
1,56% 0,0244% -2,41% 0,0580% 2,59% 0,066846%
2,30% 0,0529% 16,96% 2,8752% -0,52% 0,002691%
0,93% 0,0087% 5,85% 0,3423% 12,65% 1,601033%
4,87% 0,2369% -2,52% 0,0635% 5,35% 0,286516%
-2,43% 0,0591% -9,49% 0,9011% -9,64% 0,928389%
2,85% 0,0811% 4,66% 0,2170% 7,27% 0,528378%
-1,19% 0,0142% -7,01% 0,4913% -5,39% 0,290240%
3,37% 0,1139% 6,47% 0,4183% 6,37% 0,406156%
4,27% 0,1824% 8,65% 0,7480% 4,70% 0,220777%
2,27% 0,0513% 2,70% 0,0731% 3,61% 0,130359%
4,33% 0,1877% -6,67% 0,4447% -0,87% 0,007571%
-5,80% 0,3368% 4,33% 0,1875% -0,34% 0,001154%
8,47% 0,7177% -15,34% 2,3532% -0,21% 0,000458%
-2,82% 0,0798% 2,02% 0,0409% -5,31% 0,282274%

um 21,1697% 110,4473% 64,040997%

ariance 0,000051% 0,9281% 0,538160%
andard Deviation 0,0715% 9,6339% 7,335936%
oefficient of variation
11,4293% 441,8805% ##########
um 21,1697% 110,4473% 64,040997%
ariance 0,000051% 0,9281% 0,538160%
andard Deviation 0,0715% 9,6339% 7,335936%
oefficient of variation
11,4293% 441,8805% ##########
anking Sector
rd Deviation and Coefficient of Variation

I less Mean Index Squared SBK less Mean SBK Squared I less Mean Index Squared
10.97% 1.20% 3.68% 0.14% 16.88% 2.85%
0.71% 0.01% 5.60% 0.31% 5.79% 0.33%
-5.03% 0.25% -26.15% 6.84% -4.74% 0.22%
-6.96% 0.48% 28.44% 8.09% -2.55% 0.06%
10.59% 1.12% 23.68% 5.61% 0.73% 0.01%
-18.25% 3.33% -13.87% 1.92% -6.04% 0.36%
1.36% 0.02% -11.13% 1.24% -7.86% 0.62%
-2.81% 0.08% -29.76% 8.86% -7.29% 0.53%
17.19% 2.95% 4.91% 0.24% 12.20% 1.49%
-7.77% 0.60% 14.58% 2.13% -7.13% 0.51%
10.05% 35.37% 6.98%
1.01% 3.93% 0.70%
10.03% 19.82% 8.36%
145.74% 377.02% 133.39%

umbers in a data set.

data around the sample's mean.
tment carries and whether it will be profitable.
ve performance of each asset in a portfolio to achieve the best
tion

aset relative to its mean.

sure of a relative riskiness of an asset.

he deviation of a stable blue-chip stock is usually rather low.
ncertainty as risk, even when it’s in the investor's favor—such as above-average returns.

ure of the relative dispersion of data points in a data series around the mean.
e mean.
n from one data series to another, even if the means are drastically different from one another.
rs to determine how much volatility, or risk, is assumed in comparison to the amount of return expected from inve
n return, the better risk-return tradeoff.

Monthly Observations
andard Deviation and Coefficient of Variation
 Monthly Observations
andard Deviation and Coefficient of Variation

SBK Squared SPP less MeanSPP Squared SHP less Mean SHP Squared
0,416155% -2,63% 0,069088% -0,61% 0,003665%
0,356972% 4,77% 0,227087% -7,33% 0,537151%
0,105115% 21,10% 4,452658% 6,26% 0,391455%
0,460136% -14,77% 2,181704% -10,36% 1,073326%
0,236638% -14,50% 2,101802% 7,79% 0,606787%
3,686933% 8,64% 0,746942% 7,79% 0,607306%
0,362841% -8,44% 0,712837% -6,76% 0,456867%
0,178529% 16,62% 2,763727% 3,78% 0,143010%
0,096489% -2,79% 0,078102% 13,32% 1,774545%
1,736343% -9,91% 0,981690% -8,24% 0,678309%
0,407166% -7,35% 0,540043% -5,84% 0,341323%
0,602682% -2,50% 0,062419% -3,23% 0,104217%
1,437522% 3,43% 0,117735% 3,34% 0,111889%
0,784080% -2,72% 0,073741% 9,04% 0,817655%
0,450752% 0,92% 0,008492% 0,54% 0,002927%
0,639852% 2,78% 0,077274% 5,94% 0,353360%
0,182779% -16,61% 2,757869% 8,63% 0,745474%
0,292980% -0,73% 0,005375% 1,53% 0,023497%
0,138283% -5,40% 0,291495% -2,77% 0,076951%
4,147017% 13,01% 1,693738% 14,62% 2,137356%
0,101224% 1,56% 0,024476% 3,19% 0,101821%
0,353765% -5,35% 0,285980% 0,54% 0,002882%
2,241999% 4,17% 0,173876% 6,93% 0,480241%
0,349949% -3,39% 0,114662% -7,97% 0,635974%
0,323958% -0,25% 0,000610% 18,07% 3,266404%
0,318028% -1,91% 0,036352% -5,03% 0,253150%
0,008622% 2,38% 0,056869% 0,09% 0,000073%
0,240435% -0,73% 0,005300% 9,57% 0,916210%
2,018559% 10,59% 1,121035% -0,88% 0,007821%
0,033248% -8,96% 0,803512% -5,66% 0,320821%
0,053838% 17,31% 2,997786% 23,67% 5,600397%
0,077317% -2,02% 0,040976% 5,67% 0,321585%
0,154686% -3,85% 0,147929% -1,95% 0,038037%
0,080895% -2,05% 0,041992% 3,07% 0,094455%
0,002592% -0,96% 0,009129% -3,42% 0,116719%
0,001101% -2,68% 0,071797% -14,30% 2,043756%
9,607913% 10,82% 1,171410% 11,49% 1,319671%
0,325164% -14,46% 2,090507% -4,22% 0,178089%
0,414751% -2,93% 0,085937% -7,04% 0,495083%
0,024232% -4,08% 0,166800% -1,75% 0,030549%
0,198568% 1,42% 0,020262% -5,35% 0,286665%
0,004877% 6,29% 0,396001% 10,41% 1,084220%
0,002592% -0,96% 0,009129% -3,42% 0,116719%
0,001101% -2,68% 0,071797% -14,30% 2,043756%
9,607913% 10,82% 1,171410% 11,49% 1,319671%
0,325164% -14,46% 2,090507% -4,22% 0,178089%
0,414751% -2,93% 0,085937% -7,04% 0,495083%
0,024232% -4,08% 0,166800% -1,75% 0,030549%
0,198568% 1,42% 0,020262% -5,35% 0,286665%
0,004877% 6,29% 0,396001% 10,41% 1,084220%
0,021021% 9,88% 0,976780% 8,54% 0,729415%
0,016267% -5,63% 0,316941% -26,87% 7,218526%
0,757759% -1,41% 0,019816% -2,00% 0,040173%
0,010952% -2,43% 0,059222% -8,34% 0,695091%
0,000158% -1,29% 0,016740% -0,20% 0,000389%
0,552644% 1,10% 0,012207% 8,66% 0,749342%
0,193807% -3,92% 0,153341% -7,62% 0,581218%
0,004044% 0,15% 0,000226% 4,92% 0,241969%
0,819804% -3,90% 0,152382% -13,94% 1,942223%
0,042697% 5,99% 0,359008% -3,56% 0,126415%
0,527275% 11,34% 1,286069% 9,35% 0,874427%
0,444698% -4,51% 0,203192% -5,92% 0,350731%
0,370351% -10,18% 1,036423% -6,05% 0,366500%
0,737821% 7,00% 0,490687% -6,28% 0,394944%
0,389852% 3,32% 0,110369% -1,33% 0,017639%
0,560693% -3,80% 0,144617% -5,75% 0,330673%
0,104253% -8,84% 0,782110% -6,00% 0,359518%
0,039752% 4,39% 0,192618% -1,42% 0,020089%
0,001595% -7,34% 0,538404% -2,84% 0,080593%
0,730477% 6,63% 0,440119% 5,35% 0,286610%
0,065303% 0,82% 0,006746% 11,56% 1,335337%
1,715646% 7,13% 0,508163% -2,92% 0,085438%
0,301160% 14,09% 1,985260% 12,60% 1,586684%
0,153855% -0,43% 0,001857% -2,19% 0,047942%
0,330129% -1,17% 0,013580% -8,21% 0,673712%
0,051068% 2,36% 0,055766% 11,76% 1,382094%
1,868638% 7,16% 0,513188% 1,15% 0,013307%
0,029105% -9,84% 0,967274% -4,60% 0,211864%
0,015049% -5,14% 0,264125% -0,38% 0,001454%
0,102846% 3,40% 0,115411% 8,37% 0,700196%
0,001422% -2,38% 0,056423% 2,30% 0,052833%
0,002434% -6,30% 0,396801% 5,73% 0,327900%
0,266236% -4,07% 0,165559% 4,40% 0,193382%
0,002467% 4,79% 0,229590% -8,28% 0,685705%
0,308038% -0,79% 0,006168% -6,06% 0,367273%
0,028866% -0,63% 0,004028% 3,98% 0,158100%
0,319870% 0,11% 0,000131% 1,53% 0,023506%
0,152469% -7,28% 0,530306% -7,28% 0,529967%
0,707547% 2,51% 0,063245% 22,23% 4,943618%
0,093404% -0,16% 0,000266% 0,86% 0,007310%
0,084378% -4,90% 0,239881% -3,69% 0,136231%
0,129096% 6,91% 0,477418% -1,38% 0,018949%
4,549600% 11,38% 1,296126% 12,56% 1,578751%
 0,319870% 0,11% 0,000131% 1,53% 0,023506%
0,152469% -7,28% 0,530306% -7,28% 0,529967%
0,707547% 2,51% 0,063245% 22,23% 4,943618%
0,093404% -0,16% 0,000266% 0,86% 0,007310%
0,084378% -4,90% 0,239881% -3,69% 0,136231%
0,129096% 6,91% 0,477418% -1,38% 0,018949%
4,549600% 11,38% 1,296126% 12,56% 1,578751%
0,072435% -2,39% 0,057006% 5,74% 0,329245%
0,012918% -0,58% 0,003378% 1,82% 0,033192%
1,583752% 1,38% 0,019106% 0,91% 0,008256%
0,958339% -8,68% 0,752611% -1,41% 0,019873%
0,437558% 7,48% 0,559666% -8,37% 0,701177%
0,579149% -2,63% 0,069252% -3,21% 0,102959%
0,163635% -3,98% 0,158194% -3,47% 0,120139%
0,242656% 4,33% 0,187385% -3,05% 0,093315%
0,017143% 1,86% 0,034530% 7,76% 0,601754%
0,893057% -2,51% 0,063156% -5,40% 0,291549%
0,154337% 1,22% 0,014856% 3,61% 0,130315%
1,031588% 5,63% 0,316465% -1,04% 0,010861%
0,018622% -3,17% 0,100203% -10,22% 1,044840%
0,602820% 14,33% 2,054752% 9,90% 0,980599%
0,285699% 2,41% 0,058167% -0,75% 0,005613%
0,033776% 22,15% 4,905784% 6,09% 0,370835%
0,384372% 2,72% 0,073734% 14,15% 2,003083%
0,283672% -3,67% 0,134994% -5,07% 0,257344%
0,216842% 5,14% 0,263898% -8,98% 0,805661%
0,000322% -0,33% 0,001086% 5,19% 0,269186%
0,055931% -1,26% 0,015924% -6,67% 0,444444%
0,066846% 2,02% 0,040978% -6,08% 0,370221%
0,002691% 1,63% 0,026548% 10,36% 1,072890%
1,601033% 7,09% 0,503303% 13,00% 1,691034%
0,286516% -5,29% 0,280022% -1,28% 0,016267%
0,928389% -8,92% 0,795207% -12,99% 1,686831%
0,528378% 1,18% 0,014033% -8,29% 0,686854%
0,290240% 1,17% 0,013626% -2,71% 0,073412%
0,406156% 6,02% 0,362778% 11,12% 1,237555%
0,220777% 5,16% 0,266534% 2,63% 0,069218%
0,130359% 0,42% 0,001749% -3,42% 0,116693%
0,007571% -4,35% 0,189257% -10,05% 1,009727%
0,001154% -0,89% 0,007957% 5,27% 0,277323%
0,000458% 2,17% 0,047036% 3,60% 0,129886%
0,282274% 4,25% 0,180552% -6,95% 0,483436%

64,040997% 57,569325% 76,595313%

0,538160% 0,483776% 0,643658%
7,335936% 6,955400% 8,022831%
########## ########## 1672,799800%
64,040997% 57,569325% 76,595313%
0,538160% 0,483776% 0,643658%
7,335936% 6,955400% 8,022831%
########## ########## 1672,799800%
Food and Retail Sector
Variance, Standard Deviation and Coefficient of Variation

SPP less Mean SPP Squared I less Mean Index Squared SHP less Mean SHP Squared
-8.075500% 0.6521% 9.91% 0.9825% 17.38% 3.0220%
0.850800% 0.0072% 21.22% 4.5037% -22.72% 5.1602%
44.553000% 19.8497% -5.81% 0.3373% 6.92% 0.4794%
1.139000% 0.0130% -6.71% 0.4497% -9.88% 0.9754%
-15.841700% 2.5096% -8.66% 0.7496% 14.14% 2.0005%
7.437000% 0.5531% 4.13% 0.1707% 4.91% 0.2415%
0.967000% 0.0094% -6.47% 0.4184% -34.27% 11.7416%
-2.053000% 0.0421% -14.10% 1.9875% -38.09% 14.5054%
0.797000% 0.0064% 14.37% 2.0655% 40.01% 16.0112%
-29.773000% 8.8643% -7.90% 0.6238% 21.56% 4.6501%
32.5069% 12.2888% 58.7873%
3.6119% 1.2289% 6.5319%
19.0049% 11.0855% 25.5576%
687.8371% 147.8459% 445.5651%
ared
3665%
7151%
1455%
3326%
6787%
7306%
6867%
3010%
4545%
8309%
1323%
4217%
1889%
7655%
2927%
3360%
5474%
3497%
6951%
7356%
1821%
2882%
0241%
5974%
6404%
3150%
0073%
6210%
7821%
0821%
0397%
1585%
8037%
4455%
6719%
3756%
9671%
8089%
5083%
0549%
6665%
4220%
6719%
3756%
9671%
8089%
5083%
0549%
6665%
4220%
9415%
8526%
0173%
5091%
0389%
9342%
1218%
1969%
2223%
6415%
4427%
0731%
6500%
4944%
7639%
0673%
9518%
0089%
0593%
6610%
5337%
5438%
6684%
7942%
3712%
2094%
3307%
1864%
1454%
0196%
2833%
7900%
3382%
5705%
7273%
8100%
3506%
9967%
3618%
7310%
6231%
8949%
8751%
3506%
9967%
3618%
7310%
6231%
8949%
8751%
9245%
3192%
8256%
9873%
1177%
2959%
0139%
3315%
1754%
1549%
0315%
0861%
4840%
0599%
5613%
0835%
3083%
7344%
5661%
9186%
4444%
0221%
2890%
1034%
6267%
6831%
6854%
3412%
7555%
9218%
6693%
9727%
7323%
9886%
3436%

5313%
3658%
2831%
9800%
5313%
3658%
2831%
9800%
 % Movement of share prices Variance, Standard Deviation and Coefficient of Variation

I SBK I CPI I SPP I SHP Banking Sector Food and Retail Sector
Index Standard Index Capitec Index Spar Index Shoprite I less Mean CPI less Mean Product I, CPI I less Mean SBK less Mean Product I;SBK I less Mean SPP less Mean Product I; SPP I less Mean SHP less Mean Product I;SHP
2013 17.85% 8.94% 15.78% 1.62% 23.14% -5.31% 17.41% 23.12% 6.81% -30.31% -0.2064111 10.97% 3.68% 0.004039 16.88% -8.08% -0.013627 9.91% 17.38% 0.017231
2014 7.59% 10.86% 19.19% -2.26% 12.05% 3.61% 28.72% -16.98% 19.19% -34.19% -0.06561061 0.71% 5.60% 0.000398 5.79% 0.85% 0.000492 21.22% -22.72% -0.048208
2015 1.85% -20.89% 12.71% 123.13% 1.53% 47.32% 1.69% 12.66% 12.71% 91.20% 0.1159152 -5.03% -26.15% 0.013152 -4.74% 44.55% -0.021096 -5.81% 6.92% -0.004021
2016 -0.08% 33.70% -7.37% 15.61% 3.72% 3.90% 0.79% -4.14% -7.37% -16.32% 0.01202784 -6.96% 28.44% -0.019796 -2.55% 1.14% -0.000290 -6.71% -9.88% 0.006623
2017 17.47% 28.94% 3.50% 52.95% 6.99% -13.08% -1.16% 19.88% 3.50% 21.02% 0.007357 10.59% 23.68% 0.025079 0.73% -15.84% -0.001149 -8.66% 14.14% -0.012246
2018 -11.37% -8.61% 14.04% 14.82% 0.23% 10.20% 11.63% 10.65% 14.04% -17.11% -0.02397111 -18.25% -13.87% 0.025309 -6.04% 7.44% -0.004488 4.13% 4.91% 0.002030
2019 8.24% -5.87% -3.98% 56.91% -1.59% 3.73% 1.03% -28.53% -3.98% 24.98% -0.00994204 1.36% -11.13% -0.001513 -7.86% 0.97% -0.000760 -6.47% -34.27% 0.022163
2020 4.07% -24.50% -8.86% -0.48% -1.02% 0.71% -6.60% -32.35% -8.86% -32.41% 0.02871526 -2.81% -29.76% 0.008362 -7.29% -2.05% 0.001496 -14.10% -38.09% 0.053694
2021 24.07% 10.17% 29.59% 2.98% 18.46% 3.56% 21.87% 45.75% 29.59% -28.95% -0.08566305 17.19% 4.91% 0.008444 12.20% 0.80% 0.000972 14.37% 40.01% 0.057508
2022 -0.89% 19.84% 15.05% 54% -1% -27.01% -0.40% 27.30% 15.05% 22.07% 0.03321535 -7.77% 14.58% -0.011330 -7.13% -29.77% 0.021218 -7.90% 21.56% -0.017031
Sum: -0.19436726 0.052144 -0.017232 0.077743
Sum: 68.80% 52.58% 89.65% 319.28% 62.65% 27.63% 74.98% 57.36% Covariance: -0.021596362222 0.005794 -0.001915 0.008638
No. 10 10 10 10 10 10 10 10 Product SD of I and CPI: 0.04411918 0.019879 0.015888 0.062025
Mean 6.88% 5.26% 8.97% 31.93% 6.27% 2.76% 7.50% 5.74% Correlation Coeffiecient: -0.489500535192 0.291446 -0.120509 0.139268

Covariance is a statistical tool used to determine the relationship between the movements of two random variables.
When two stocks tend to move together, they are seen as having a positive covariance; when they move inversely, the  covariance is negative.
Covariance is different from the correlation coefficient, a measure of the strength of a correlative relationship.
Covariance is an important tool in modern portfolio theory for determining what securities to put in a portfolio.
Risk and volatility can be reduced in a portfolio by pairing assets that have a negative covariance.

Correlation coefficients are used to assess the strength of associations between data variables.
The most common, called a Pearson correlation coefficient, measures the strength and the direction of a linear relationship between two variables.
Values always range from -1 for a perfectly inverse, or negative, relationship to 1 for a perfectly positive correlation.
Values at, or close to, zero indicate no linear relationship or a very weak correlation.
The coefficient values required to signal a meaningful association depend on the application.