Table 2.

Descriptive statistics for World and US benchmark indices.

	Returns				Volatility
	Mean	St. Dev	Max	Min	Mean	St. Dev	Max	Min
World	−0.61%	2.71%	5.75%	−10.44%	0.07%	0.11%	0.48%	0.00%
USA	−0.44%	3.79%	10.76%	−13.84%	0.47%	2.56%	20.36%	0.00%
UTI	−0.23%	3.89%	12.68%	−11.75%	0.15%	0.27%	1.01%	0.00%
BM	−0.58%	3.73%	11.36%	−11.47%	0.19%	0.31%	1.29%	0.01%
CGD	−0.35%	3.19%	7.67%	−10.54%	0.10%	0.17%	0.86%	0.00%
CSV	−0.35%	3.13%	7.25%	−11.72%	1.12%	7.43%	59.06%	0.00%
FIN	−0.40%	4.36%	13.38%	−15.01%	0.21%	0.38%	2.09%	0.00%
HEALTH	−0.28%	3.05%	7.33%	−10.82%	1.71%	9.01%	64.48%	0.01%
PHARM	−0.25%	2.72%	6.75%	−8.42%	0.14%	0.38%	2.87%	0.01%
TELE	−0.31%	2.79%	7.90%	−8.57%	0.36%	1.72%	13.63%	0.00%
INDU	−0.49%	3.83%	11.39%	−13.32%	0.17%	0.28%	1.43%	0.00%
TRAN	−0.55%	3.81%	11.77%	−12.26%	0.13%	0.16%	0.55%	0.00%
AIR	−1.06%	5.93%	18.80%	−22.70%	4.82%	30.55%	242.15%	0.02%
BANK	−0.80%	4.94%	14.43%	−16.54%	0.25%	0.40%	1.51%	0.00%
AUTO	−0.29%	5.80%	16.91%	−17.88%	0.29%	0.25%	0.92%	0.02%
OIL	−1.20%	5.38%	14.87%	−23.18%	0.24%	0.30%	1.05%	0.00%
TECH	−0.25%	3.84%	10.70%	−14.60%	0.13%	0.18%	0.68%	0.00%
CHEM	−0.59%	3.85%	10.50%	−12.64%	0.24%	0.49%	2.48%	0.00%
HOTEL	−0.92%	4.29%	10.00%	−15.81%	0.19%	0.24%	0.95%	0.01%
MEDIA	−0.53%	3.51%	9.14%	−10.72%	0.15%	0.23%	1.13%	0.00%
RETAIL	−0.17%	2.91%	6.69%	−10.97%	0.10%	0.20%	1.11%	0.00%
DELVR	−0.31%	3.18%	8.68%	−10.23%	0.09%	0.10%	0.35%	0.00%
FOOD	−0.33%	3.10%	7.84%	−10.56%	0.09%	0.16%	0.69%	0.00%
INSU	−0.77%	5.46%	16.57%	−18.87%	0.27%	0.45%	2.23%	0.00%
TRAVEL	−0.74%	4.34%	14.32%	−15.48%	0.17%	0.23%	0.94%	0.00%