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Case Analysis
Woolworth’s Group Limited and Qube holdings limited
Student’s Name
Institution
Introduction
Financial investment or any other type of investment in the stock market or in any other requires an investor to properly understand a company. The basic principle of evaluation is the financial performance of a company within a given period in a market. Understanding the financial performance would help an investor to make sound decision regarding on whether to invest on a company or not. Therefore, this report presents the evaluated financial performance of business and the analysis of the financial information of Woolworth Group Limited and Qube holdings limited. Woolworth Limited is one of the leading corporations with several stores in Australia and other countries worldwide. It has operated for decades and in 2005, it acquired Metcash Holdings to increase its market share in the market. Though it has faced some challenges in the market, Woolworths performance has been above its competitors in the market. Woolworth has total revenue of $65.669 billion, $2.326 billion, $1.593 billion, at the end of financial year 2018 CITATION Woo17 \l 1033 (Woolworth annual report, 2017). On the other hand Qube Holding Limited is a leading logistic provided in Australia. It was founded in 2010 and since then it has realized constant growth.
Comparative Analysis of corporate governance
Good corporate governance is central to ensure efficient operation of a company. Woolworth practice strict standard to ensure that it maintains its performance in the market. It has board of directors, which is the final decision market of the company. The analysis of its practices established that Woolworth has abided by all ASX recommendation of corporate governance and therefore, it has strict regulations, which everyone stakeholders are required to follow strictly. However, the board of directors of Woolworth serves the interest of shareholders and they are also accountable to shareholders for strategic direction CITATION Ali14 \l 1033 (Klettner, 2014). The board of directors is individuals with various skills and experience in various fields of studies. The board also appoints the CEO of the company and other holders of senior positions in the company. It has both internal and external auditor in charge of conducting financial accountable to ensure that the company operates efficiently. The study also established that the company practice diversification and it has employed people from different background in the society. In terms of remuneration, 60% of employees earned $25, 500 to $50,000 annual salary and the rest of 40% which are the senior managers and directors earned $ 50,000 annually.
Qube Holding Limited practices strict corporate governance well. It has the board of directors, management team and other employees. The boards of directors of Qube Holding Limited are committed to high standard of corporate governance and have a strong believe that high standard corporate governance lays a strong foundation for the performance of the company. It also has a strong foundation for the performance of the company and therefore, it has well structured corporate governance. Comparably, Woolworth Group Limited has best governance, which is well grounded as organizational culture. Though both companies have board of directors, management and policies, Woolworth still has a strong and high standard of corporate governance which has been nurtured to be part of the organization. It is also important to point out that both companies are audited by internal and external auditors and therefore, the financial management are accurate and open for scrutiny CITATION Qub19 \l 1033 (Qube Holdings Limited, 2019). This therefore, helps the company to limit vulnerability in the company which can cause serious financial risk. The board of directors of Woolworth and Qube are selected by the shareholders of the company through a vote. It is therefore, evident that both companies have a lot of similarities when it comes to corporate governance and management structure as well. This is because Qube and Woolworth strictly followed the regulation set by ASX on corporate governance and management of corporate in Australia. However, Woolworth Group Limited as a better corporate governance because its corporate governance is nurtured and adopted as part of the company rather than rules as practice by Qube Holding Limited.
Analyze financial information and evaluate financial performance
The analysis of financial information of Woolworth Group Limited indicates that in last few years, the company has improved its financial performance.
Woolworth Group Limited
The analysis of the financial performance of Woolworth for the last four years indicates that Woolworth has experienced some changes in the market. Since 2014, the liquidity ratio, profitability ratio as increased despite the market challenges which include stiff competition. First, the analysis of the liquidity ratio obtained that Woolworth has a liquidity ratio of 0.78 or 78%. Qube Holding Limited also has improved its performance based on its liquidity ratio. This means that its performance well in the market. Since the liquidity ratio is below one, it means that it does a strong liquidity and therefore, it means that the company performs better than other companies such Qube Holding Limited in the market.
Qube Holding Limited
The analysis of financial performance of Qube Holding Limited current ratio is 1.46; Quick ratio is 1.45 and cash ratio of 0.41. It has a strong capital structure and therefore, it been performance well. It is established that Qube Holding has Total Debt to Total Equity of 53.16, total debt to total capital of 34.71, total debt to total asset of 31.73, long time debt to equity of 51.32 and long term debt to total capital of 33.51. It is therefore, means that Qube Holding utilizes assets and liability well to generate revenue. It is not also at risk and therefore, it can still pay for its short and long term liabilities without seeking outside finances. Moreover, the analysis of the profitability ratio indicates a consistent trend as well. Qube Holding has a higher gross margin of 16.4, net margin of 11.79, return on asset of 4.41 and return on equity of 7.07. Qube Holding Limited Return on Invested Capital is 4.93, and return on capital is 3.69 CITATION Qub18 \l 1033 (Qube Holdding Financial , 2018). It means that investors earned return on their investment. This indicates an improved financial of performance of Qube at the end of the financial year 2018 compared to other companies in the stock market. It is also evident that Qube Holding has short strong financial strength.
Beta and standard deviation
The analysis of the stock performance of Qube and Woolworth indicates unique and different performance. The Standard deviation of Qube Holding Limited registered is Std Deviation, 0.052918942 and Woolworth has STD deviation of 0.046473476. However, the Beta for Qube Holding Limited is 1.89143 and Woolworth Group Limited is 2.922. This still indicates that Woolworth Company performs better than Qube in the market. The high Beta and standard deviation means that the company performs better and therefore, there is not financial risk the two companies are likely to face based on the Beta and standard deviation of the market performance
Risk and return associate with Investment
The risk and return on investment are measured based on the stock performance of a company. Investors usually focus on earned return for efficient decision on whether to investment on a stock or not. The benchmark for investment in this case, would be the stock performance of both Qube and Woolworth group Limited. As stated by Campbell, Giglio, Polk and Turley (2018) the performance of a share of a company on the stock market indicates the risk factor in business and whether the investors can realized higher return of investment from their investment. The analysis of Woolworth performance on the stock market indicates that its share prices are up and down and this means that its performance is not stable. In a single day, the stock prices decline and increase and therefore, it means that the company has some vulnerability with does not allow its shares to be stable in the stock market. Therefore, unstable performance in the stock market is a risk which is associated to investment. Most investors would want to invest in a company with stock performance. The current share piece of the company is $ 37.50 and price movement of $0.22 (0.59%). However, Qube Holding Limited share prices are $3.5 and price movement is 0.34%.
Figure 1: Woolworth shares return
In figure 1 above, the graph indicates a slope performance of Woolworth group Limited in the stock market. The performance is up and down every single day, which indicates market vulnerability. This kind of vulnerability translates to high risk, volatile of a market. Therefore, a critical element, which are used for investment benchmark is the return registered from market. The graph above in figure 1, indicates that Woolworth return is low and therefore, from the analysis an investor can be able to make appropriate decision on kind of investment decision to take based on the return made by Woolworth Group Limited.
Figure 2: Figure 1: Qube shares return
e.) Assume you inherited 800,000 which of the two companies would you invest on
Every investor focuses on return and would want to invest on stock with quick and high return. With $800,000 I would invest on Woolworth’s shares for future return. Though the analysis of the earned return of Woolworth indicates that it experiences share fluctuation every day, it has higher return compared to Qube Holding Limited. Woolworth Group Limited has high liquidity ratio and profitability, therefore, the company is not at any financial risk. The debt to equity ratio is also high which means that it can still finance both its short and long term debts without seeking for external support and therefore, it means that investment made to the company would not be exposed to any risk. The share return of the company is high and by investing in the company; there are high chances of earning return without experiencing high loses.
Bibliography
BIBLIOGRAPHY Klettner, A. L. (2014. Corporate Governance Regulation: Assessing the Effectiveness of Soft Law in relation to the Contemporary Role of the Board of Directors . Strategic Management , 2-35.
Qube Holdding Financial . (2018). Qube Holdding Financial Performance. https://www.marketwatch.com/investing/stock/1k1/profile?countrycode=de&iso=xfra , 2-15.
Qube Holdings Limited. (2019). Corporate Governance Statement. https://qube.com.au/wp-content/uploads/2019/08/Corporate-Governance-Statement-FY19-Master-draft-clean-Final-140819.pdf , 2-15.
Woolworth annual report. (2017). 2017 Corporate Governance of the Woolworth group Limited. 2015 , 2-34.
Appendix
Qube
Qube
Woolworth Closing
WoolWorth Return
Portfolio Return
30-Jun-2019
82.780
0.054387976
33.230
0.059292318
#REF!
31-May-2019
78.510
0.053542673
31.370
-0.015070644
#REF!
30-Apr-2019
74.520
0.054926387
31.850
0.047697368
0.005815
31-Mar-2019
70.640
-0.044759973
30.400
0.060341821
-0.00331
28-Feb-2019
73.950
0.057788585
28.670
-0.023833844
0.002037
31-Jan-2019
69.910
-0.034258876
29.370
-0.001699524
0.001431
31-Dec-2018
72.390
0.016285273
29.420
0.017289073
0.000529
30-Nov-2018
71.230
0.02888921
28.920
0.017235315
-0.00102
31-Oct-2018
69.230
-0.030527937
28.430
0.012464387
-0.00028
30-Sep-2018
71.410
0.0023863
28.080
-0.007773852
-6.5E-05
31-Aug-2018
71.240
-0.047466239
28.300
-0.059488202
0.000708
31-Jul-2018
74.790
0.026348291
30.090
-0.014089122
0.000172
30-Jun-2018
72.870
0.051515152
30.520
0.072382291
-0.00675
31-May-2018
69.300
-0.035087719
28.460
0.021536253
-0.00123
30-Apr-2018
71.820
-0.006776379
27.860
0.059718524
0.003973
31-Mar-2018
72.310
-0.053410132
26.290
-0.047808765
0.000844
28-Feb-2018
76.390
-0.031444149
27.610
0.024489796
0.001676
31-Jan-2018
78.870
-0.018297237
26.950
-0.012820513
0.00159
31-Dec-2017
80.340
0.011456628
27.300
0.014492754
-5.3E-06
30-Nov-2017
79.430
0.023186912
26.910
0.039799073
-0.00093
31-Oct-2017
77.630
0.031627907
25.880
0.026576755
0.000748
30-Sep-2017
75.250
-0.007255937
25.210
-0.030384615
-0.00138
31-Aug-2017
75.800
-0.094709184
26.000
-0.026217228
-0.00369
31-Jul-2017
83.730
0.011109769
26.700
0.045418951
-0.00146
30-Jun-2017
82.810
0.039673572
25.540
-0.019577735
-0.00324
31-May-2017
79.650
-0.088672769
26.050
-0.030877976
-0.00239
30-Apr-2017
87.400
0.017343732
26.880
0.014339623
0.000407
31-Mar-2017
85.910
0.043610301
26.500
0.028726708
-0.00475
28-Feb-2017
82.320
0.008082292
25.760
0.047154472
0.000816
31-Jan-2017
81.660
-0.009100837
24.600
0.020746888
0.000199
31-Dec-2016
82.410
0.047806739
24.100
0.052861512
0.002879
30-Nov-2016
78.650
0.07167189
22.890
-0.032135307
-0.00132
31-Oct-2016
73.390
0.013674033
23.650
0.016330039
0.001517
30-Sep-2016
72.400
0.008216126
23.270
-0.018557571
0.001185
31-Aug-2016
71.810
-0.071622495
23.710
0.012815036
-0.00077
31-Jul-2016
77.350
0.040069921
23.410
0.120631881
-0.00191
30-Jun-2016
74.370
-0.039519566
20.890
-0.055605787
0.002118
31-May-2016
77.430
0.047909054
22.120
0.000452284
0.001974
30-Apr-2016
73.890
-0.013747998
22.110
0.000452489
0.000518
31-Mar-2016
74.920
0.068149415
22.100
-0.034934498
0.003249
29-Feb-2016
70.140
-0.108427609
22.900
-0.056836903
0.001465
31-Jan-2016
78.670
-0.080205776
24.280
-0.008979592
-0.00515
31-Dec-2015
85.530
0.07679718
24.500
0.035065484
-0.01032
30-Nov-2015
79.430
0.035188323
23.670
-0.018249689
-0.00266
31-Oct-2015
76.730
0.055143014
24.110
-0.029388084
0.003204
30-Sep-2015
72.720
-0.031433138
24.840
-0.059090909
-2.8E-05
31-Aug-2015
75.080
-0.137875363
26.400
-0.076923077
-0.00534
31-Jul-2015
87.087
0.028544579
28.600
0.060830861
-0.00449
30-Jun-2015
84.670
0.00047009
26.960
-0.037142857
0.002792
31-May-2015
84.631
-0.042534038
28.000
-0.050203528
-0.00427
30-Apr-2015
88.390
-0.048501071
29.480
-0.000339098
-1E-05
31-Mar-2015
92.896
0.016100957
29.490
-0.039726473
0.00131
28-Feb-2015
91.424
0.028993619
30.710
-0.033668974
-0.00139
31-Jan-2015
88.848
0.042965558
31.780
0.035853977
-0.00073
31-Dec-2014
85.187
0.061075322
30.680
-0.014138817
0.002247
30-Nov-2014
80.284
0.002982107
31.120
-0.135555556
-0.00473
31-Oct-2014
80.045
0.068933457
36.000
0.051401869
0.003483
30-Sep-2014
74.883
-0.0741515
34.240
-0.053097345
0.006977
31-Aug-2014
80.881
-0.029014925
36.160
-0.021380244
-0.0031
31-Jul-2014
83.298
0.035484669
36.950
0.049119818
-0.00524
30-Jun-2014
80.443
-0.008702047
35.220
-0.061550759
0.001568
31-May-2014
81.149
0.03409379
37.530
0.00562701
0.001486
30-Apr-2014
78.474
0.018853306
37.320
0.044792833
-0.00292
31-Mar-2014
77.022
0.037235467
35.720
-0.009703355
0.001215
28-Feb-2014
74.257
0.005792806
36.070
0.058702671
0.002739
31-Jan-2014
73.829
-0.045886889
34.070
0.006499261
-0.00177
31-Dec-2013
77.380
-0.000257003
33.850
0.004749184
0.000277
30-Nov-2013
77.400
0.022870662
33.690
-0.034670487
-0.00127
31-Oct-2013
75.669
0.068389271
34.900
-0.002857143
-3.1E-05
30-Sep-2013
70.825
-0.022377814
35.000
-0.018783291
0.000139
31-Aug-2013
72.447
-0.018461124
35.670
0.070528211
-0.00146
31-Jul-2013
73.809
0.072708875
33.320
0.015544041
-0.00192
30-Jun-2013
68.806
0.034699372
32.810
-0.005757576
-0.00105
31-May-2013
66.499
-0.089720899
33.000
-0.093655589
-0.00798
30-Apr-2013
73.053
0.079988237
36.410
0.077537733
0.002329
31-Mar-2013
67.643
0.011000446
33.790
-0.032636702
0.00207
28-Feb-2013
66.907
0.043754849
34.930
0.118117798
0.012658
31-Jan-2013
64.102
0.036506915
31.240
0.065121036
-0.00172
31-Dec-2012
61.844
0.04171553
29.330
0.00170765
0.002027
30-Nov-2012
59.368
0.033593074
29.280
-0.016128338
0.000176
31-Oct-2012
57.438
0.035502959
29.760
0.022600834
0.00152
30-Sep-2012
55.469
0.018816222
29.102
-0.029034436
0.0011
31-Aug-2012
54.444
-0.048496437
29.972
0.036751838
-0.00089
31-Jul-2012
57.219
0.083427495
28.910
0.066044776
-0.00035
30-Jun-2012
52.813
0.074898785
27.119
0.013615734
-0.00313
31-May-2012
49.133
-0.049451607
26.755
0.019275251
-0.00285
30-Apr-2012
51.689
0.037325349
26.249
-0.001539646
0.002775
31-Mar-2012
49.829
0.013554522
26.289
0.02647175
-0.00016
29-Feb-2012
49.163
-0.02427951
25.611
0.0209762
-0.00094
31-Jan-2012
50.386
0.0292564
25.085
-0.012350598
6.96E-05
31-Dec-2011
48.954
0.038396624
25.399
0.019496344
-0.00052
30-Nov-2011
47.144
-0.03795413
24.913
0.03401932
-0.00153
31-Oct-2011
49.004
0.081668496
24.093
-0.042236525
0.002312
30-Sep-2011
45.304
-0.055371215
25.156
-0.014274385
0.001616
31-Aug-2011
47.960
-0.021311143
25.520
-0.063845583
0.000956
31-Jul-2011
49.004
-0.05793499
27.261
-0.029189189
0.003625
30-Jun-2011
52.018
0.033188463
28.080
0.012404232
-0.0015
31-May-2011
50.347
-0.057531186
27.736
0.033949453
0.002342
30-Apr-2011
53.420
0.025
26.825
-0.013764881
0.000659
31-Mar-2011
52.117
-0.013368481
27.200
0
0.000769
28-Feb-2011
52.823
0.012390393
27.200
0.006741573
0.000217
31-Jan-2011
52.177
0.033287374
27.018
-0.010011123
-0.00045
31-Dec-2010
50.496
0.051574151
27.291
0.006343284
0.000682
30-Nov-2010
48.019
-0.012678937
27.119
-0.054673721
0.000125
31-Oct-2010
48.636
-0.044361931
28.687
-0.016990291
-0.0024
30-Sep-2010
50.894
0.017296223
29.183
0.038904899
-0.00235
31-Aug-2010
50.028
-0.042998478
28.090
0.076386196
0.00061
31-Jul-2010
52.276
0.080592105
26.097
-0.045521836
-0.00038
30-Jun-2010
48.377
-0.053143858
27.342
0.013883677
0.003346
31-May-2010
51.093
-0.122030422
26.967
-0.016605166
-0.00908
30-Apr-2010
58.194
0.039438621
27.422
-0.032142857
-0.00254
31-Mar-2010
55.986
0.043954006
28.333
0.043219076
-0.00608
28-Feb-2010
53.629
0.012962615
27.159
0.037896365
-0.00071
31-Jan-2010
52.943
-0.029535096
26.168
-0.076428571
-0.0046
31-Dec-2009
54.554
0.038825758
28.333
-0.001782531
0.000436
30-Nov-2009
52.515
0.010526316
28.384
-0.02025847
0.001237
31-Oct-2009
51.968
0.009661836
28.971
-0.021196581
0.000413
30-Sep-2009
51.471
0.125
29.598
0.043897216
0.000426
31-Aug-2009
45.752
0.074766355
28.353
0.028256881
0.000123
31-Jul-2009
42.569
0.097435897
27.574
0.033763278
0.013662
30-Jun-2009
38.789
0.109846329
26.674
0.039842209
0.009339
31-May-2009
34.950
0.000854457
25.652
-0.051272455
-0.00165
30-Apr-2009
34.920
0.010941549
27.038
0.068372651
0.003926
31-Mar-2009
34.542
0.165436242
25.308
-0.043228768
0.002358
28-Feb-2009
29.639
0.107806691
26.451
-0.05631769
-0.00267
31-Jan-2009
26.755
-0.069204152
28.030
0.038620172
-0.01312
31-Dec-2008
28.744
-0.15224406
26.987
-0.004850746
-0.01614
30-Nov-2008
33.906
-0.154094293
27.119
-0.035971223
0.009275
31-Oct-2008
40.082
-0.054434538
28.131
0.022058824
0.00818
30-Sep-2008
42.390
0.005188679
27.524
-0.04090268
0.000672
31-Aug-2008
42.171
0.066666667
28.697
0.125396825
-0.00086
31-Jul-2008
39.535
-0.010455564
25.500
0.030674847
-0.00131
30-Jun-2008
39.953
-0.050803403
24.741
-0.117965368
-0.01818
31-May-2008
42.091
-0.056410256
28.050
-0.034146341
-0.00046
30-Apr-2008
44.608
0.072709878
29.042
-0.010344828
-0.00247
31-Mar-2008
41.584
-0.007595538
29.345
0.000344947
0.000417
29-Feb-2008
41.902
-0.147165992
29.335
0.006597222
-0.01077
31-Jan-2008
49.133
-0.164128596
29.143
-0.152691968
0.001194
31-Dec-2007
58.781
-0.009220453
34.394
0.004135894
0.001384
30-Nov-2007
59.328
-0.030081301
34.253
0.011958146
0.003111
31-Oct-2007
61.168
0.090618904
33.848
0.125883541
-0.00031
30-Sep-2007
56.085
0.022484134
30.064
-0.007018717
-0.00076
31-Aug-2007
54.852
0.016402506
30.276
0.096372298
0.013618
31-Jul-2007
53.967
-0.017918552
27.615
0.010740741
-0.00048
30-Jun-2007
54.952
-0.002707581
27.321
-0.018538713
-0.00183
31-May-2007
55.101
0.050037908
27.837
-0.027915194
-0.0012
30-Apr-2007
52.475
0.049741345
28.637
0.040823832
-0.00089
31-Mar-2007
49.989
0.006004804
27.514
-0.000367647
0.000311
28-Feb-2007
49.690
-0.001598721
27.524
0.145263158
0.005851
31-Jan-2007
49.770
0.011317704
24.033
-0.006276151
7.03E-05
31-Dec-2006
49.213
0.04322159
24.184
0.086363636
0.012476
30-Nov-2006
47.174
-0.005660377
22.262
0.063315611
-0.00046
31-Oct-2006
47.442
0.042622951
20.936
0.021224087
0.003675
30-Sep-2006
45.503
0.000656168
20.501
-0.021256039
-0.00135
31-Aug-2006
45.473
0.020535714
20.946
0.087184874
0.002726
31-Jul-2006
44.558
0.008781806
19.267
-0.055086849
0.001177
30-Jun-2006
44.170
0.02848541
20.390
0.083333333
0.00785
31-May-2006
42.947
-0.081276596
18.821
-0.003215434
-0.00054
30-Apr-2006
46.746
0.037527594
18.882
-0.009028147
0.000317
31-Mar-2006
45.055
0.010033445
19.054
0.023369565
-0.00089
28-Feb-2006
44.608
0.004479283
18.619
0.066666667
-0.00043
31-Jan-2006
44.409
0.044444444
17.455
0.023738872
0.001001
31-Dec-2005
42.519
0.022727273
17.051
-0.009406232
-0.00053
30-Nov-2005
41.574
0.075102881
17.212
0.041641151
0.004326
31-Oct-2005
38.670
0.012236397
16.524
-0.018039687
0.000448
30-Sep-2005
38.203
0.027005348
16.828
0.023384615
0.003002
31-Aug-2005
37.198
-0.04249872
16.443
-0.009146341
-0.00036
31-Jul-2005
38.849
0.029249012
16.595
-0.006662629
0.000634
30-Jun-2005
37.745
0.024291498
16.706
0.027380212
-0.00128
31-May-2005
36.850
0.0195377
16.261
0.051013734
0.000232
30-Apr-2005
36.144
0.039473684
15.472
-0.047352025
-0.00034
31-Mar-2005
34.771
-0.035053823
16.241
0.031491003
0.000922
28-Feb-2005
36.034
0.080847255
15.745
0.066483893
4.32E-05
31-Jan-2005
33.339
0.04423676
14.764
-0.027981346
-0.00243
31-Dec-2004
31.927
0.021967526
15.189
0.000666667
0.00182
30-Nov-2004
31.240
-0.021495327
15.179
0.121076233
-0.00434
31-Oct-2004
31.927
0.063265982
13.539
-0.017621145
0.001378
30-Sep-2004
30.027
-0.000331126
13.782
0.076679842
0.009291
31-Aug-2004
30.037
-0.032671365
12.801
0.080273271
-0.00348
31-Jul-2004
31.051
-0.041743401
11.849
0.027192982
0.002099
30-Jun-2004
32.404
0.000921659
11.536
-0.0264731
-0.00216
31-May-2004
32.374
0.0416
11.849
-0.007627119
-0.00194
30-Apr-2004
31.081
-0.061561562
11.940
-0.004219409
5.5E-05
31-Mar-2004
33.120
0.051136364
11.991
0.010230179
0.002049
29-Feb-2004
31.509
0.038348083
11.870
-0.000851789
-0.00236
31-Jan-2004
30.345
0.035993209
11.880
-0.005084746
0.001789
31-Dec-2003
29.291
0.067028986
11.940
0.040564374
0.002536
30-Nov-2003
27.451
0.003636364
11.475
0.019784173
3.03E-05
31-Oct-2003
27.352
-0.007220217
11.252
-0.051194539
-0.00256
30-Sep-2003
27.550
-0.012477718
11.859
-0.003401361
-0.00011
31-Aug-2003
27.899
-0.060301508
11.900
-0.003389831
0.000609
31-Jul-2003
29.689
0.010152284
11.940
-0.057507987
6.89E-05
30-Jun-2003
29.390
0.046388102
12.669
0.022040816
-0.00287
31-May-2003
28.088
0.037472447
12.396
-0.051857585
0.003363
30-Apr-2003
27.073
0.044913628
13.074
0.056418643
0.003327
31-Mar-2003
25.909
0.061532192
12.376
0.05704408
-0.00065
28-Feb-2003
24.407
-0.052875338
11.708
-0.030988275
-0.00412
31-Jan-2003
25.770
-0.04037037
12.082
0.047368421
0.000218
31-Dec-2002
26.854
-0.005524862
11.536
0.007067138
7.31E-05
30-Nov-2002
27.003
-0.106907895
11.455
-0.080422421
0.000506
31-Oct-2002
30.236
0.00862641
12.456
0.000813008
-4.2E-05
30-Sep-2002
29.977
-0.023647554
12.446
0.025
0.000518
31-Aug-2002
30.703
-0.009624639
12.143
0
31-Jul-2002
31.002
Average
0.006270268
0.006041533
#REF!
Variance
0.002800414
0.002159784
#REF!
Std Deviation
0.052918942
0.046473476
#REF!
Covariance
0.000735356
#DIV/0!
Correlation
0.300487378
#DIV/0!
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