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Currency [0]/Explanatory TextG5Explanatory Text %0 F Followed Hyperlink   1Good;Good  a%2 Heading 1G Heading 1 I}%O3 Heading 2G Heading 2 I}%?4 Heading 3G Heading 3 I}%235 Heading 49 Heading 4 I}%6( Hyperlink 7InputuInput ̙ ??v% 8 Linked CellK Linked Cell }% 9NeutralANeutral  W%"Normal :Noteb Note   ;OutputwOutput  ???%????????? ???<$Percent =Title1Title I}% >TotalMTotal %OO? Warning Text? Warning Text %XTableStyleMedium9PivotStyleMedium48dq:F ``i̜̙3f3333f3ffff333ff333f33f33BBB\`Explanations and FAQReturns by year)S&P 500 & Raw Data5 T. Bond yield & return:1 T. Bill ratesInflation Rate-Summary for ppt5Home Prices (Raw Data)n Moody's RatesRSheet9Sheet10|Sheet11Sheet12Sheet13;Sheet14ЯSheet15eSheet16  HTML_CodePage= HTML_Control`'Sheet1'!$A$1:$G$85"HTML_Description HTML_Email# HTML_HeaderSheet1( HTML_LastUpdate2/24/99HTML_LineAfter HTML_LineBefore+ HTML_NameAswath Damodaran HTML_OBDlg2 HTML_OBDlg4HTML_OS`AHTML_PathFileMac>Macintosh HD:HomePageStuff:New_Home_Page:datafile:histret.htmlI 0HTML_Title-Historical Returns on Stocks, Bonds and Bills='HTML1_1$[ReturnsHistorical]Sheet1!$A$1:$D$77HTML1_10HTML1_11E.HTML1_12+Zip 100:New_Home_Page:datafile:histret.htmlHTML1_2*HTML1_3ReturnsHistoricalF0HTML1_4-Historical Returns on Stocks, Bonds and Bills&HTML1_5 Ibbotson Data HTML1_62 HTML1_72  HTML1_83/17/97)HTML1_9Aswath Damodaran7!HTML2_1[histret.xls]Sheet1!$A$1:$G$85HTML2_10HTML2_11J3HTML2_120Macintosh HD:New_Home_Page:datafile:histret.htmlHTML2_2+HTML2_3Historical ReturnsF0HTML2_4-Historical Returns on Stocks, Bonds and BillsHTML2_5HTML2_6HTML2_7 HTML2_82/3/98)HTML2_9Aswath Damodaran HTMLCount5f^S AA@A@  yGeometric Average 7Stocks - T. Bills 7Stocks - T. Bonds 7Arithmetic Average 7 Annual Returns on Investments inYear Risk PremiumStocks - T.BillsStocks - T.BondsS&P 500 T.Bond rate DividendsDividend YieldReturn on bondWhat is your riskfree rate?Enter your starting year.Estimate of risk premium based on your inputs:!Value of stocks in starting year:"Value of T.bonds in starting year:)are provided at the bottom of this table.LT 7Stocks - Bills 7Stocks - Bonds 7Standard Error 7"Value of T.Bills in starting year: 7TB3MS Bond used:  7,US treasury 10-year bond at end of each year 7Source: 7#Federal Reserve of St. Louis (FRED) 7 Computation 7To compute the return on a constant maturity bond, I add two components - the promised coupon at the start of the year and the price change due to interest rate changes. 7The return on the 10-year bond for 1928 = 3.17% (Coupon rate promised at the end of 1927) - Price change on a bond with a coupon rate of 3.17%, when the interest rate goes to 3.45%. 7Historical risk premium Jan 1 notes3-month T.BillWEstimates of risk premiums from 1928, over the last 50 years and over the last 10 years Date updated: Created by:(Aswath Damodaran, adamodar@stern.nyu.edu Home Page:http://www.damodaran.com Data website::http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.htmlCompanies in each industry::http://www.stern.nyu.edu/~adamodar/pc/datasets/indname.xlsVariable definitions:Fhttp://www.stern.nyu.edu/~adamodar/New_Home_Page/datafile/variable.htmWhat is this data? US companies Std Error+Customized Geometric risk premium estimatorS&P 500 (includes dividends)Inflation RateS&P 500 (includes dividends)23-month T. Bill (Real)!0-year T.Bonds Aaa Bond Rate Baa Bond RateReturn on Aaa Return on Baa Returns on Real EstateStocks - Baa Corp BondBaa Corp Bonds$Arithmetic Average Historical Return#Geometric Average Historical ReturnDateFrom fig2.1Revised2011.xlsAnnual Real Returns on*Value of $100 invested at start of 1928 inAnnual Risk Premium%Arithmetic Average Annual Real Return9Historical returns: Stocks, Bonds & T.Bills with premiumsChg in House Price US T. Bond Baa Corporate BondS&P 500 (includes dividends)33-month T.Bill4 US T. Bond5 Baa Corporate Bond6FRED Graph ObservationsFederal Reserve Economic Data!Link: https://fred.stlouisfed.org*Help: https://fred.stlouisfed.org/help-faqEconomic Research Division!Federal Reserve Bank of St. Louis CSUSHPINSAS&P/Case-Shiller U.S. National Home Price Index, Percent Change from Year Ago of (Index Jan 2000=100), Annual, Not Seasonally AdjustedFrequency: Annualobservation_date.Home Price data from Robert Shiller's website.V3-Month Treasury Bill: Secondary Market Rate, Percent, Annual, Not Seasonally AdjustedMy objective in this spreadsheet is to compute the annual returns you would have earned on major financial asset classses, on an annual basis, inclusive of both cash payout during the year and the price appreciation.End GameExplanations, by asset classStocks (Large Cap)XI use the S&P 500, which was created in 1957, and then back fill the data using other indices of large market cap companies that existed prior. Each year, I compute the dividend yield by dividing the dividends paid by the index at the end of the prior year and then add the price chage in the index, as a percent of the index in the prior year. US T.BondI use the 10-year US treasury bond, since it is the only longer maturity bond with an uninterrupted history going back in time. For the data, I use the yields on a constant-maturrity 10-year bond, which can be found on FRED (the Federal Reserve website). I convert the yield into a return, by repricing the bond, issued at par at the prior year's yield, with the new yield, while keeping the maturity constant at 10 years. Thus, if the yield goes from 2.5% to 3%, I first price a 2.5%, 10 year coupon bond with a 3% interest rate, and subtract this number from the par value of the bond which is $1000. That gives me the price change. Adding the 3% coupon for the current year gives me the total return. US T.BillCPIAUCNSConsumer Price Index for All Urban Consumers: All Items in U.S. City Average, Percent Change from Year Ago of (Index 1982-1984=100), Annual, Not Seasonally Adjusted I use the 3-month US treasury bill, again choosing it over the 6-month because of longevity. I get the T.Bill rate at the end of each year from FRED and use it as my erturn, since there should be no price change in this security. I use the average T.Bill rate over the course of the year.8I use the CPI for all urban consumers, reported on FRED. Real ReturnsFor each of the data series. I computre a real return by removing the inflatin for the year from the nominal return, using (1+ Nominal Rate)/ (1+Inflation Rate) -1.Arithmetic Average ReturnGeometric Average ReturnVA simple average of the annual returns over the specified period (10 yrs, 50 yrs etc.)The risk premium is the difference in the annualized return on stocks and the annualized return on T.Bonds and on T.Bills over the specified period.EA compounded average of the returns over the period. This is most simply computed by dividing the value you would have at the end of the period by the value at the beginning and then computing the compouded average. To compute the cumulated value on both stocks and bonds, I assume that dividends/coupons get reinvested back.FAQ#How precise are the annual numbers?xSince the S&P and US treasuries are liquid and the underlying data is widely dispersed, the annual numbers are reliable.'How good as the averages as predictors?mThe returns, especially on stocks and bonds, are noisy, with up years and down years. The averages that have been computed come with error, and I have computed standard errros in each of the numbers (especially the risk premiums). Note that even with the longest data series, there is substantial standard error and it becomes explosively large for shorter periods.dWhy do you keep the maturity of the 10-year bond unchanged, when you compute the return on the bond?Normally, when you buy a 10-year bond and hold it for a year, you will end up with a 9-year bond. While I could compute the return using a 9-year maturity, and the answer will be fairly close to what I report, I want to keep the 10-year rmaturity going for consistency in my risk premium computation. Put simply, think of the return on the 10-year bond as the one you would have if the coupon changed, but the maturity is reset to 10 year at the end of the year.Used indicated dividendSMoody's Seasoned Aaa Corporate Bond Yield, Percent, Annual, Not Seasonally AdjustedAAA% RateBAASMoody's Seasoned Baa Corporate Bond Yield, Percent, Annual, Not Seasonally AdjustedEnd of October 2019 1928-2020 1971-2020 2011-2020Aaa & Baa Corporate BondI obtain the yield on a Moody's Aaa and Baa corporate bond yields from FRED and then compute the return on the bond, using the same approach that I use for the US T.Bond.S TAUoVOXYA([r[9\{] F^ _ sa gj-okpcc PK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭V%`~h?z[[yaߕKm&UB5^|+Rtjm%Iig3221$%ks3 567bӶA| 9O$'BD\C?hٟ`-+& anm ӊi{;[p8+z@:Y4;AIrV=888;k^ᶇ ]w{ނ~o ?x OOơQA̤x|UW(DC]LzS%T# PPSQRi~D<&YvӸ}"D)9 ~$ 1M7g.'*@̗j#&/Ō2[ePҽJmQ۲bkJǗ&wDEz̐Km|ޔ7_WU4$׶wq!z)س9hA3n:Yb*bqQS$s.kl[ߕ!QYv6,65\X/gH%Rrۻ if1Tq\j\IҸUm^lH/3C·S*NNݎ Q\O}ȷ&\f,ugFkQ B35s2 uB~6 N׌'~eqn,E43e9' &tk*)UaYp8ULRX e1G 뾭3#fW3圣aA}Dq,':V,軂XXzIQU7ϜSv=S#m5)ʀ]?Ƞ(|*YtO7..ԥ^oiJju_~n^uĖU)[݂7: pmukMR8xq]c VLs b~a*,yJpGwLUC鞦{ܠ &Cʙ|Պ%cɮ4vD\Icl6{Uӗp!NNldNJLϱgJW9 [EvI6=q9%\]v:=CU;'OEZ>"x$xFY/Ӟ :u~uVm .:7~ UN(q / I{2ǡ cv5Iy|`E\׉nlN8SFy̘H!Փ4b0rl0mT@iuۥ=%id2ŇidϵA 3,"5:H諶%r,34kfB_(xh4Yт*!зq BQadZ>,21rƦ!W.Y.toM F)݋,GZ_j+#{Զ PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!9V#theme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK]  ZO   dMbP?_*+%&ffffff?'ffffff?(?)?"333333?333333?&<3U } } T TT@ 8T T   T @@TTTTTTTT ] \  ^ _ ` a b c f   5 g h i j l k n  m  o  p q r s t u        6> @ ggD ZO  ycBCr  dMbP?_*+%@&A Page &P&?'?(?)?M d"d??&U } E} E} m E}  E}  E} $ E}  E} $ E} m E} E} E}  E}  B}  Ey@@@@@@T |N@ @ @ @ @ @T T T @@@@@@@@@@@@@@ {%~ @ |& ' |0 H  1ggg |( ) |* + |, - }. / M3MMMMMM E K _$````a E~ K @ b ccccd  L EK Y@5D  d D %mBfB EK Y@G5D  d D %mBfB EK Y@>5D  d D %mBfB EXZͨ?GDST IDnD DnD DnD DnD LDnD DnD DnD DnD B   E   F D ~ ~4 ~# ~J ~K ~L ~M ~N ~O      m>  m!  5 6 7 8 ?~ \ @6]$?t ? 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