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Month APPLE DJI Apple DJI
Jun-01 1.46 10623.64 66.82 1.67 20000
Jul-01 1.7114 10472.12 18000
Aug-01 1.3321 10392.52 16000
Sep-01 1.2407 9605.51
14000
Oct-01 1.2864 9384.23
12000
Nov-01 1.355 9866.99
Dec-01 1.4564 9811.15 10000
Jan-02 1.4843 9712.27 8000
Feb-02 1.7071 9903.04 6000
Mar-02 1.7821 10607.23 4000
Apr-02 1.8386 10301.32 2000
May-02 1.8007 10289.21
0
Jun-02 1.4357 9474.21

Oct-02

Oct-04

Oct-06

Oct-08

Jun-11

Jun-13
Jun-01
Feb-02

Jun-03
Feb-04

Jun-05
Feb-06

Jun-07
Feb-08

Jun-09
Feb-10
Oct-10

Feb-12
Oct-12

Feb-14
Oct-14
Jul-02 1.2757 8473.11
Aug-02 1.1293 8778.06
Sep-02 1.0357 8380.18 Although both DJI and Apple Stock prices grew in same dir
Oct-02 1.04 8036.03 different for both companies. While DJI during this grew by
Nov-02 1.1393 8579.09
Dec-02 1.0607 8627.4
Jan-03 1.0443 8697.87
Feb-03 1.0479 7908.8
Mar-03 1.0557 7859.71
Apr-03 0.9457 8257.61
May-03 1.3429 8678.97
Jun-03 1.305 9318.96
Jul-03 1.4193 9094.59
Aug-03 1.4079 9321.69
Sep-03 1.5971 9567.34
Oct-03 1.6607 9791.72
Nov-03 1.5329 9768.68
Dec-03 1.4371 10129.56
Jan-04 1.6229 10600.51
Feb-04 1.6429 10627.85
Mar-04 1.8443 10184.67
Apr-04 2.0843 10451.97
May-04 1.9329 10012.87
Jun-04 2.3386 10379.58
Jul-04 2.3 10139.78
Aug-04 2.1986 9954.55
Sep-04 2.5964 10244.49
Oct-04 3.25 9933.38
Nov-04 3.9239 10487.65
Dec-04 4.7569 10705.64
Jan-05 5.0143 10558
Feb-05 6.4379 10834.88
Mar-05 5.8829 10633.07
Apr-05 5.05 10087.51
May-05 5.0786 10252.29
Jun-05 5.4257 10578.65
Jul-05 5.9357 10640.83
Aug-05 6.6071 10513.45
Sep-05 7.3157 10641.94
Oct-05 7.7143 10287.34
Nov-05 9.2786 10674.76
Dec-05 10.1586 10875.59
Jan-06 12.2271 10959.87
Feb-06 10.0814 11120.68
Mar-06 9.1871 11253.24
Apr-06 9.4956 11137.65
May-06 9.2829 11419.89
Jun-06 8.2229 11014.55
Jul-06 7.2386 10739.35
Aug-06 9.7114 11327.12
Sep-06 10.5857 11560.77
Oct-06 10.7714 11980.6
Nov-06 12.23 12305.82
Dec-06 12.5314 12445.52
Jan-07 13.8714 12582.59
Feb-07 12.1186 12767.57
Mar-07 12.7986 12110.41
Apr-07 13.0614 12720.46
May-07 15.3343 13487.53
Jun-07 17.2143 13639.48
Jul-07 19.7286 13950.98
Aug-07 16.7214 12845.78
Sep-07 19.83 13442.52
Oct-07 24.2257 13912.94
Nov-07 23.77 13176.79
Dec-07 27.1986 13339.85
Jan-08 22.8057 12466.16
Feb-08 17.8043 12348.21
Mar-08 18.0871 11951.09
Apr-08 21.9571 12619.27
May-08 26.8028 12986.8
Jun-08 25.2628 12269.08
Jul-08 24.6871 11239.28
Aug-08 25.1057 11659.9
Sep-08 19.9828 11059.02
Oct-08 14.5557 8979.26
Nov-08 12.8914 8497.31
Dec-08 13.6329 8924.14
Jan-09 11.7614 8281.22
Feb-09 14.1657 7850.41
Mar-09 13.6314 7216.97
Apr-09 17.35 8125.43
May-09 17.4886 8268.64
Jun-09 19.4786 8504.67
Jul-09 21.0743 8711.82
Aug-09 23.8257 9321.4
Sep-09 25.9814 9791.71
Oct-09 26.8643 9995.91
Nov-09 29.5186 10406.96
Dec-09 27.8614 10441.12
Jan-10 29.4186 10609.65
Feb-10 29.0571 10268.81
Mar-10 32.0643 10685.98
Apr-10 35.3428 11018.66
May-10 36.26 10620.16
Jun-10 38.1786 10409.46
Jul-10 35.7 10097.9
Aug-10 35.3771 10302.01
Sep-10 39.51 10594.83
Oct-10 44.9628 11062.78
Nov-10 43.0843 11023.5
Dec-10 45.8929 11499.25
Jan-11 49.7829 11787.38
Feb-11 51.8757 12288.17
Mar-11 47.1442 11613.3
Apr-11 46.78 12341.83
May-11 47.6142 12548.37
Jun-11 46.4514 11961.52
Jul-11 52.1314 12479.73
Aug-11 54.3543 11405.93
Sep-11 57.2143 11509.09
Oct-11 60.2857 11644.49
Nov-11 54.9671 11905.59
Dec-11 54.4314 11866.39
Jan-12 59.9728 12422.06
Feb-12 71.7443 12904.08
Mar-12 83.6528 13232.62
Apr-12 82.8757 12921.41
May-12 78.0107 12598.55
Jun-12 82.0185 12767.17
Jul-12 86.7013 12727.21
Aug-12 90.9057 13250.11
Sep-12 98.7542 13593.37
Oct-12 92.8274 13551.78
Nov-12 75.3826 12588.31
Dec-12 72.8277 13135.01
Jan-13 72.2985 13511.23
Feb-13 65.7371 13981.76
Mar-13 63.38 14514.11
Apr-13 60.8914 14756.78
May-13 62.0826 15233.22
Jun-13 61.4357 15070.18
Jul-13 61.4564 15451.85
Aug-13 71.7614 15081.47
Sep-13 64.3028 15494.78
Oct-13 71.5877 15373.83
Nov-13 74.9987 15961.7
Dec-13 79.6428 15884.57
Jan-14 79.1785 16417.01
Feb-14 77.7128 16154.39
Mar-14 74.9557 16065.67
Apr-14 74.1442 16424.85
May-14 85.3585 16491.31
Jun-14 92.2 16781.01
Jul-14 94.78 17138.2
Aug-14 97.98 16662.91
Sep-14 100.86 17131.97
Oct-14 96.26 16117.24
Nov-14 114.18 17634.74
Dec-14 106.745 17068.87
Jan-15 105.99 17511.57
Feb-15 127.08 18019.35
Mar-15 124.95 17977.42
Apr-15 126.17 18105.77
May-15 128.77 18272.56
Jun-15 127.6 17904.48
Jul-15 128.51 18120.25
Aug-15 115.96 17477.4
Sep-15 116.41 16739.95
Oct-15 111.04 17215.97
Nov-15 114.175 17483.01
Dec-15 111.34 17749.09
Jan-16 97.13 15988.08
Feb-16 96.64 16196.41
Mar-16 105.97 17325.76
Apr-16 109.85 17897.46
May-16 93.88 17710.71
Jun-16 97.55 17733.1
140

120

100

80
DJI
60 APPL
E
40

20

0
Oct-08

Jun-11

Jun-13

Jun-15
Feb-08

Jun-09
Feb-10
Oct-10

Feb-12
Oct-12

Feb-14
Oct-14

Feb-16

ck prices grew in same direction and follow similar direction in uptrend journey but the growth has been very
hile DJI during this grew by 1.67 times, Apple stock price grew by whopping 66.82 times.
Month APPLE DJI Continuous Return Upto Nov 2007
Jun-01 1.46 10623.64 APPLE DJI APPLE DJI
Jul-01 1.7114 10472.12 15.9% -1.4% Min Return -25.1% -11.2%
Aug-01 1.3321 10392.52 -25.1% -0.8% Max Return 35.1% 7.1%
Sep-01 1.2407 9605.51 -7.1% -7.9% Interval 6.0% 1.8%
Oct-01 1.2864 9384.23 3.6% -2.3%
Nov-01 1.355 9866.99 5.2% 5.0% Apple Frequency DJI
Dec-01 1.4564 9811.15 7.2% -0.6% -25.06% 1 -11.17%
Jan-02 1.4843 9712.27 1.9% -1.0% -19.0% 2 -9.3%
Feb-02 1.7071 9903.04 14.0% 1.9% -13.0% 3 -7.5%
Mar-02 1.7821 10607.23 4.3% 6.9% -7.0% 12 -5.7%
Apr-02 1.8386 10301.32 3.1% -2.9% -1.0% 8 -3.9%
May-02 1.8007 10289.21 -2.1% -0.1% 5.0% 15 -2.0%
Jun-02 1.4357 9474.21 -22.7% -8.3% 11.0% 14 -0.2%
Jul-02 1.2757 8473.11 -11.8% -11.2% 17.0% 11 1.6%
Aug-02 1.1293 8778.06 -12.2% 3.5% 23.0% 8 3.5%
Sep-02 1.0357 8380.18 -8.7% -4.6% 29.1% 1 5.3%
Oct-02 1.04 8036.03 0.4% -4.2% 35.1% 2 7.1%
Nov-02 1.1393 8579.09 9.1% 6.5%
Dec-02 1.0607 8627.4 -7.1% 0.6% Histogram - Apple Returns (upto Nov 2007)
Jan-03 1.0443 8697.87 -1.6% 0.8%
16 15
Feb-03 1.0479 7908.8 0.3% -9.5% 14
14
Mar-03 1.0557 7859.71 0.7% -0.6% 12
Apr-03 0.9457 8257.61 -11.0% 4.9% 12 11
May-03 1.3429 8678.97 35.1% 5.0% 10
8 8
Jun-03 1.305 9318.96 -2.9% 7.1% 8
Jul-03 1.4193 9094.59 8.4% -2.4% 6
Aug-03 1.4079 9321.69 -0.8% 2.5%
4 3
Sep-03 1.5971 9567.34 12.6% 2.6% 2
2 1 1
Oct-03 1.6607 9791.72 3.9% 2.3%
Nov-03 1.5329 9768.68 -8.0% -0.2% -
Dec-03 1.4371 10129.56 -6.5% 3.6% 6% 4% 3 % 2% 1% 1 % 2% 3 % 4 % 5%
5 .0 9.0 3.0 7.0 1.0 5.0 1.0 7.0 3.0 9.0 5.
Jan-04 1.6229 10600.51 12.2% 4.5% -2 -1 -1 - - 1 1 2 2 3
Feb-04 1.6429 10627.85 1.2% 0.3% While mean returns for the period Dec 2007 onwards
Mar-04 1.8443 10184.67 11.6% -4.3% Apple reduced in period beyond Dec 2007 but during
gap reduced during Dec 2007 and onwards. While sta
Apr-04 2.0843 10451.97 12.2% 2.6% for both periods: In case of Apple the skewness durin
May-04 1.9329 10012.87 -7.5% -4.3% 1. During the period Dec 2007 and onwards while App
Jun-04 2.3386 10379.58 19.1% 3.6%
Jul-04 2.3 10139.78 -1.7% -2.3%
Aug-04 2.1986 9954.55 -4.5% -1.8%
Sep-04 2.5964 10244.49 16.6% 2.9%
Oct-04 3.25 9933.38 22.5% -3.1%
Nov-04 3.9239 10487.65 18.8% 5.4%
Dec-04 4.7569 10705.64 19.3% 2.1%
Jan-05 5.0143 10558 5.3% -1.4%
Feb-05 6.4379 10834.88 25.0% 2.6%
Mar-05 5.8829 10633.07 -9.0% -1.9%
Apr-05 5.05 10087.51 -15.3% -5.3%
May-05 5.0786 10252.29 0.6% 1.6%
Jun-05 5.4257 10578.65 6.6% 3.1%
Jul-05 5.9357 10640.83 9.0% 0.6%
Aug-05 6.6071 10513.45 10.7% -1.2%
Sep-05 7.3157 10641.94 10.2% 1.2%
Oct-05 7.7143 10287.34 5.3% -3.4%
Nov-05 9.2786 10674.76 18.5% 3.7%
Dec-05 10.1586 10875.59 9.1% 1.9%
Jan-06 12.2271 10959.87 18.5% 0.8%
Feb-06 10.0814 11120.68 -19.3% 1.5%
Mar-06 9.1871 11253.24 -9.3% 1.2%
Apr-06 9.4956 11137.65 3.3% -1.0%
May-06 9.2829 11419.89 -2.3% 2.5%
Jun-06 8.2229 11014.55 -12.1% -3.6%
Jul-06 7.2386 10739.35 -12.7% -2.5%
Aug-06 9.7114 11327.12 29.4% 5.3%
Sep-06 10.5857 11560.77 8.6% 2.0%
Oct-06 10.7714 11980.6 1.7% 3.6%
Nov-06 12.23 12305.82 12.7% 2.7%
Dec-06 12.5314 12445.52 2.4% 1.1%
Jan-07 13.8714 12582.59 10.2% 1.1%
Feb-07 12.1186 12767.57 -13.5% 1.5%
Mar-07 12.7986 12110.41 5.5% -5.3%
Apr-07 13.0614 12720.46 2.0% 4.9%
May-07 15.3343 13487.53 16.0% 5.9%
Jun-07 17.2143 13639.48 11.6% 1.1%
Jul-07 19.7286 13950.98 13.6% 2.3%
Aug-07 16.7214 12845.78 -16.5% -8.3%
Sep-07 19.83 13442.52 17.1% 4.5%
Oct-07 24.2257 13912.94 20.0% 3.4%
Nov-07 23.77 13176.79 -1.9% -5.4%
Dec-07 27.1986 13339.85 13.5% 1.2%
Jan-08 22.8057 12466.16 -17.6% -6.8%
Feb-08 17.8043 12348.21 -24.8% -1.0%
Mar-08 18.0871 11951.09 1.6% -3.3%
Apr-08 21.9571 12619.27 19.4% 5.4%
May-08 26.8028 12986.8 19.9% 2.9%
Jun-08 25.2628 12269.08 -5.9% -5.7%
Jul-08 24.6871 11239.28 -2.3% -8.8%
Aug-08 25.1057 11659.9 1.7% 3.7%
Sep-08 19.9828 11059.02 -22.8% -5.3%
Oct-08 14.5557 8979.26 -31.7% -20.8%
Nov-08 12.8914 8497.31 -12.1% -5.5%
Dec-08 13.6329 8924.14 5.6% 4.9%
Jan-09 11.7614 8281.22 -14.8% -7.5%
Feb-09 14.1657 7850.41 18.6% -5.3%
Mar-09 13.6314 7216.97 -3.8% -8.4%
Apr-09 17.35 8125.43 24.1% 11.9%
May-09 17.4886 8268.64 0.8% 1.7%
Jun-09 19.4786 8504.67 10.8% 2.8%
Jul-09 21.0743 8711.82 7.9% 2.4%
Aug-09 23.8257 9321.4 12.3% 6.8%
Sep-09 25.9814 9791.71 8.7% 4.9%
Oct-09 26.8643 9995.91 3.3% 2.1%
Nov-09 29.5186 10406.96 9.4% 4.0%
Dec-09 27.8614 10441.12 -5.8% 0.3%
Jan-10 29.4186 10609.65 5.4% 1.6%
Feb-10 29.0571 10268.81 -1.2% -3.3%
Mar-10 32.0643 10685.98 9.8% 4.0%
Apr-10 35.3428 11018.66 9.7% 3.1%
May-10 36.26 10620.16 2.6% -3.7%
Jun-10 38.1786 10409.46 5.2% -2.0%
Jul-10 35.7 10097.9 -6.7% -3.0%
Aug-10 35.3771 10302.01 -0.9% 2.0%
Sep-10 39.51 10594.83 11.0% 2.8%
Oct-10 44.9628 11062.78 12.9% 4.3%
Nov-10 43.0843 11023.5 -4.3% -0.4%
Dec-10 45.8929 11499.25 6.3% 4.2%
Jan-11 49.7829 11787.38 8.1% 2.5%
Feb-11 51.8757 12288.17 4.1% 4.2%
Mar-11 47.1442 11613.3 -9.6% -5.6%
Apr-11 46.78 12341.83 -0.8% 6.1%
May-11 47.6142 12548.37 1.8% 1.7%
Jun-11 46.4514 11961.52 -2.5% -4.8%
Jul-11 52.1314 12479.73 11.5% 4.2%
Aug-11 54.3543 11405.93 4.2% -9.0%
Sep-11 57.2143 11509.09 5.1% 0.9%
Oct-11 60.2857 11644.49 5.2% 1.2%
Nov-11 54.9671 11905.59 -9.2% 2.2%
Dec-11 54.4314 11866.39 -1.0% -0.3%
Jan-12 59.9728 12422.06 9.7% 4.6%
Feb-12 71.7443 12904.08 17.9% 3.8%
Mar-12 83.6528 13232.62 15.4% 2.5%
Apr-12 82.8757 12921.41 -0.9% -2.4%
May-12 78.0107 12598.55 -6.0% -2.5%
Jun-12 82.0185 12767.17 5.0% 1.3%
Jul-12 86.7013 12727.21 5.6% -0.3%
Aug-12 90.9057 13250.11 4.7% 4.0%
Sep-12 98.7542 13593.37 8.3% 2.6%
Oct-12 92.8274 13551.78 -6.2% -0.3%
Nov-12 75.3826 12588.31 -20.8% -7.4%
Dec-12 72.8277 13135.01 -3.4% 4.3%
Jan-13 72.2985 13511.23 -0.7% 2.8%
Feb-13 65.7371 13981.76 -9.5% 3.4%
Mar-13 63.38 14514.11 -3.7% 3.7%
Apr-13 60.8914 14756.78 -4.0% 1.7%
May-13 62.0826 15233.22 1.9% 3.2%
Jun-13 61.4357 15070.18 -1.0% -1.1%
Jul-13 61.4564 15451.85 0.0% 2.5%
Aug-13 71.7614 15081.47 15.5% -2.4%
Sep-13 64.3028 15494.78 -11.0% 2.7%
Oct-13 71.5877 15373.83 10.7% -0.8%
Nov-13 74.9987 15961.7 4.7% 3.8%
Dec-13 79.6428 15884.57 6.0% -0.5%
Jan-14 79.1785 16417.01 -0.6% 3.3%
Feb-14 77.7128 16154.39 -1.9% -1.6%
Mar-14 74.9557 16065.67 -3.6% -0.6%
Apr-14 74.1442 16424.85 -1.1% 2.2%
May-14 85.3585 16491.31 14.1% 0.4%
Jun-14 92.2 16781.01 7.7% 1.7%
Jul-14 94.78 17138.2 2.8% 2.1%
Aug-14 97.98 16662.91 3.3% -2.8%
Sep-14 100.86 17131.97 2.9% 2.8%
Oct-14 96.26 16117.24 -4.7% -6.1%
Nov-14 114.18 17634.74 17.1% 9.0%
Dec-14 106.745 17068.87 -6.7% -3.3%
Jan-15 105.99 17511.57 -0.7% 2.6%
Feb-15 127.08 18019.35 18.1% 2.9%
Mar-15 124.95 17977.42 -1.7% -0.2%
Apr-15 126.17 18105.77 1.0% 0.7%
May-15 128.77 18272.56 2.0% 0.9%
Jun-15 127.6 17904.48 -0.9% -2.0%
Jul-15 128.51 18120.25 0.7% 1.2%
Aug-15 115.96 17477.4 -10.3% -3.6%
Sep-15 116.41 16739.95 0.4% -4.3%
Oct-15 111.04 17215.97 -4.7% 2.8%
Nov-15 114.175 17483.01 2.8% 1.5%
Dec-15 111.34 17749.09 -2.5% 1.5%
Jan-16 97.13 15988.08 -13.7% -10.4%
Feb-16 96.64 16196.41 -0.5% 1.3%
Mar-16 105.97 17325.76 9.2% 6.7%
Apr-16 109.85 17897.46 3.6% 3.2%
May-16 93.88 17710.71 -15.7% -1.0%
Jun-16 97.55 17733.1 3.8% 0.1%
Descriptive Stats (Up to Nov 2007)
Metrics Apple DJI
Mean 3.62% 0.28%
Standard Error 1.38% 0.45%
Median 3.62% 1.12%
Frequency Mode #N/A #N/A
1 Standard Deviation 12.15% 3.97%
1 Sample Variance 1.48% 0.16%
3 Kurtosis -0.16 0.24
- Scenes -0.03 -0.69
7 Range 60.12% 18.28%
8 Minimum -25.1% -11.2%
11 Maximum 35.1% 7.1%
14 Sum 2.79 0.22
15 Count 77.00 77.00
11 Confidence Level(95.0%) 2.76% 0.90%
6

(upto Nov 2007) Histogram - DJI Returns (upto Nov 2007)


15 16 15
14 14
14
11 12 11 11
10
8 8
8 7
6
6
4 3
2
1 2 1 1
-
-
% % 3 % 4 % 5% 7 % 7 % 4 % 1 % 8 % 5 % 0 3 % 2 0 % 63 % 4 6 % 29 % 1 1 %
01 0 2 0 0 0 0 .1 .3 .5 .6 .8 . . 1. 3. 5. 7.
5. 11 . 1 7 . 2 3 . 29 . 3 5 . 1 -9 -7 -5 -3 -2 -0
-1
e period Dec 2007 onwards reduced in case of Apple relative to period prior and up to Nov 2007, the same remain constant in case of DJI. H
eyond Dec 2007 but during both period it was higher than DJI. While median return declined in case of Apple during the period Dec 2007 a
07 and onwards. While standard deviation reduced from 12.15% to 9.86% in case of Apple, the same increased from 3.97% to 4.54% in cas
Apple the skewness during and upto Nov 2007 was at (-) 0.03 or closer to zero indicating that returns were broadly symmetrical while in c
007 and onwards while Apple skeness turned asymetrical with more frequency of lower returns (skewness at (-)0.51), in case of DJI it turne
Dec 2007 Onwards
APPLE DJI
Min Return -31.7% -20.8%
Max Retur 24.1% 11.9%
Interval 5.6% 3.3%

Apple Frequency DJI Frequency


-31.69% 1 -20.83% 1
-26.1% - -17.6% -
-20.5% 3 -14.3% -
-14.9% 2 -11.0% -
-9.4% 7 -7.8% 4
-3.8% 12 -4.5% 10
1.8% 28 -1.2% 14
7.4% 23 2.0% 30
13.0% 16 5.3% 38
18.5% 7 8.6% 4
24.1% 4 11.9% 2

Histogram - Apple Returns (Dec 2007 Onwards) Histogram - DJI Returns (Dec 2007 Onwards)
30 28 40
35
25 23
30
20
25
16
15 20
12
15 1
10 10
7 7 10
5 3 4 4
2 5
1 1
- -
- - - -
% 1% 3 % 5% 6% 8% 0% 8% 6 % 4% 2% % % % % % 9 % 2 %
6 9 1 5 9 .3 3.7 1.8 7.3 2.9 8.5 4.1 83 5 6 3 0 0 3
.7
6
.4 .2
1. 26. 20. 14. -9 - 0. 7. 4. 1. -7 -4 -1
-3 - - - 1 1 2 -2 -1 -1 -1
remain constant in case of DJI. However, Apple continues outperform DJI between both periods. Standard Error remained constant in case
ple during the period Dec 2007 and onwards the same has increased for DJI. However, median returns for Apple was higher than DJI during
eased from 3.97% to 4.54% in case of DJI. Hence DJI's volatility increased and Apple's reduced during the period Dec 2007 and Onwards. Lo
e broadly symmetrical while in case of DJI it was asymmetrical with a long tail on left side (more lower returns) given the negative value at
at (-)0.51), in case of DJI it turned significantly asymetrical with values crossing (-) 1.2.
Descriptive Stats (Dec 2007 Onwards)
Metrics Apple DJI
Mean 1.37% 0.29%
Standard Error 0.97% 0.45%
Median 1.68% 1.51%
Mode #N/A #N/A
Standard Deviation 9.86% 4.54%
Sample Variance 0.97% 0.21%
Kurtosis 1.03 3.86
Skewness -0.51 -1.24
Range 55.81% 32.69%
Minimum -31.7% -20.8%
Maximum 24.1% 11.9%
Sum 1.41 0.30
Count 103.00 103.00
Confidence Level(95.0%) 1.93% 0.89%

Histogram - DJI Returns (Dec 2007 Onwards)


40 38
35
30
30
25
20
15 14
10
10
5 4 4
1 2
-
- - -
% % % % % 9 % 2 % % % % 6 %
83 5 6 3 0 0 3
.7
6
.4 .2 05 32 59 .8
0. 7. 4. 1. -7 -4 -1 2. 5. 8. 11
-2 -1 -1 -1
oth periods. Standard Error remained constant in case of DJI while in case of
median returns for Apple was higher than DJI during both periods but the
educed during the period Dec 2007 and Onwards. Looking at the skewness
side (more lower returns) given the negative value at (-) 0.69 or closer to (-)
.
Upto Nov 2007 Dec 2007 Onwards
Apple DJI Apple DJI
Sample Mean 3.62% 0.28% 1.37% 0.29%
Confidence Level at 95% 2.76% 0.90% 1.93% 0.89%

Lower Confidence Interval 0.87% -0.62% -0.56% -0.60%


Upper Confidence Interval 6.38% 1.18% 3.30% 1.18%
Probability of getting a negative return on Apple Stock on a day selected at random
Upto Nov 2007 Dec 2007 Onwards
Apple Apple
Sample Mean 3.62% 1.37%
Standard Deviations 12.15% 9.86%
X Value 0.00% 0.00%
Z Value -0.30 -0.14

Probability of getting negative return or return less than 0% will be the area under the standard normal curve which is to the le

Probability 38.3% 44.5%

Brief Note
While mean returns for the period Dec 2007 onwards reduced in case of Apple relative to period prior and up to Nov 2007, the
during and upto Nov 2007 was at (-) 0.03 or closer to zero indicating that returns were broadly symmetrical but during the per
(-)0.51). The same is reflected in probability of getting negative return turning higher in the period Dec 2007 and onwards com

Returns in case of DJI were more volatile, as indicated by rise in standard deviation during Dec 2007 and onwards, and became
during the period Dec 2007 onwards.
normal curve which is to the left of Z. This is equivalent to value of (-)0.30 and (-)0.14 in the Z table respectively

prior and up to Nov 2007, the standard deviation or volatility reduced from 12.15% to 9.86% in case of Apple. In case of Apple the skewne
mmetrical but during the period Dec 2007 and onwards Apple's skeness turned asymetrical with more frequency of lower returns (skewne
d Dec 2007 and onwards compared to prior periods.

07 and onwards, and became more and more asymmetrical with higher more frequency of negative returns as seen by rise in negative ske
case of Apple the skewness
y of lower returns (skewness at

een by rise in negative skewness