Dfa matrix book us_2013 - copy

1,127 views
1,027 views

Published on

Published in: Business, Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,127
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Dfa matrix book us_2013 - copy

  1. 1. Matri x Book 2 013 Historical Return Data—US Dollars
  2. 2. Matr i x Book 2 013 on the cover Decades of financial research underlie our views on the capital markets and form the basis for how we invest. As research progresses, Dimensional continues to evolve—offering new dimensions to investors. Historical Return Data—US Dollars
  3. 3. THE EVOLUTION OF DIMENSIONAL Dimensional evolves as the science of investing are based on four dimensions of expected returns we disregarded it. As it turns out, there hasn’t January effect. In response to that concern, The Fama/French research led us to create our evolves, which explains why we keep such close that have been identified by academic research: been a January effect since we began managing Fama and French did two out-of-sample tests. value strategies, which increase the exposure the overall market (beta), company size (small small cap strategies. This is what happens to First, working with Jim Davis, they collected and to low priced stocks relative to their weight in cap/large cap), relative price (high/low), and most anomalies—they disappear when the analyzed the data in the US from 1926 to 1962. benchmarks used by our clients. Recent research direct profitability (high/low). data set is expanded. Second, they studied the performance of stocks on profitability by Robert Novy-Marx has connection to the academic community. Many, if not most, of the major advances in portfolio management over the last 60 years have come average returns across portfolios and individual identified another measure that appears to Beginning in the mid-1960s, asset pricing models from academic research. have been developed to explain differences in securities. Testing any model eventually produces anomalies, because no model can perfectly describe reality. But eventually, most anomalies We believe that the best way to add value over benchmark returns is by structuring portfolios associated with conventional management, drives the performance of portfolios. model that revealed them. replicated his work, and, once again, we find the results persistent and pervasive around the world. Evaluating the research confidence when patterns are persistent across the pre-1963 data and the non-US data were Using valuation models Our evolution parallels the evolution of research. time periods and pervasive across markets. consistent with the patterns they had observed The finding that firms with high direct The multifactor research of Eugene Fama and in the US returns from 1963 to 1990. More profitability have higher stock returns is not Ken French is a good example. When Fama recent returns continue to support their earlier surprising to most people. But to some, a higher and French first presented their research on conclusions. As a result, we are confident that expected return must mean greater risk. the dimensions of equity returns in 1991, their the size and value factors are, in fact, dimensions evidence was based on US stocks from 1963 of expected returns. In 1981, when we started our firm offering to figure out what structure works best for average returns than could be explained by the them. Often, this involves trading off increased single-factor market model used at the time. expected returns against costs and tracking error. Nevertheless, we felt comfortable launching a small cap fund, because the size effect was so view of investing. These characteristics give than low profitability firms. Our research team has world. They found the return patterns in both was an anomaly. Small cap stocks had higher pervasive, and is consistent with an equilibrium profitability firms have higher average returns in developed and emerging markets around the investment dimensions. We work with clients explains differences in returns, is persistent and is consistent with an equilibrium view of investing. margin as the gauge of profitability, high patterns in returns. As a result, we have more small cap investment strategies, the “size effect” We consider a dimension to be a factor that differences in returns, is persistent and pervasive, and returns. Using a measure of gross operating Data mining is a big concern when we look for Clients vary in their preferences toward these Identifying dimensions of expected returns We consider a dimension to be a factor that explains disappear, get explained away, or sink the pricing around the dimensions of expected returns. Portfolio structure, rather than the tactical shifts meet our standards for a dimension of expected A parallel may be drawn between direct to 1990. Some people wondered if their results profitability and term premiums for fixed income might be due to data mining, similar to the obligations. It is well known that buying 1-month persistent and pervasive. We didn’t have a good explanation for the higher returns, but it seemed reasonable that the smaller the firm, the higher its costs of capital; and the return to an investor Dimensional’s Rich History is the company’s cost of capital. Key breakthroughs in finding and pursuing dimensions of equity returns Not long after we started Dimensional, Don Keim discovered another anomaly, “the January effect.” Relative Price Fama/French research identifies market, size, and value factors as the principal drivers of equity returns. Total Market Solutions Advancement in portfolio design provides value-added, efficient total market solutions that focus on dimensions of higher expected returns. Direct Profitability Research identifies a robust proxy for a new investable dimension of higher expected return—expected profitability. observed in the past to repeat in the future. His research showed that most of the size effect Our fixed income portfolios are structured occurred in January. We could see no sensible Company Size Dimensional offers investors diversified, cost-efficient access to small companies. equilibrium explanation for a January effect, so 1981 1992 2004 2012 Small Cap Strategies Value Strategies Applied Core Equity Strategies Opens the door to new strategies and potential enhancements to existing strategies us confidence that we can expect the relations around two generally accepted dimensions of fixed income expected returns: term (maturity) and credit spread (quality). Our equity portfolios
  4. 4. priced stocks have higher returns than high In our view, the size effect went from being Higher expected returns are the result of having more likely to underperform in the next period; priced stocks because of market mispricing. an anomaly to a dimension of returns in the either higher expected cash flows or a lower price. stocks that have outperformed have a tendency to Interestingly, they use much of the same data Fama/French three-factor model, even though slightly more risky, than 1-month bills. The higher The direct profitability dimension is tied to the continue to outperform. If the momentum effect to support their view that we use to support ours. there is still no robust explanation of why it return for the 3-month maturities is not due to Market that have underperformed in a past period are investors, 3-month bills are less risky, or only Single-Factor Model, 1963 equities—relative price and direct profitability. than buying 3-month Treasuries. For some Advancements in Research numerator and the relative price dimension to were large enough to trade on profitably, then it Clients who want to hire a money manager to exists. Their research also identified the value the denominator. Stated another way, if two would be evidence of market mispricing. capture mispricings have a difficult challenge: effect as a dimension and led to the creation First, they have to be able to identify successful of our value funds. Treasuries produces a lower return, on average, mispricing; it is just the result of market forces. stocks sell at the same price, then the one with Similarly, it is perfectly reasonable that equity higher expected cash flows must have a higher We believe that momentum is a factor affecting markets have dimensions of returns that may expected return. returns, but it is too small and sporadic to actively induce trading. Momentum is stronger be particularly attractive to some investors and not others. Our confidence that we have correctly direct profitability, can be combined to improve which is consistent with our view that it is best it to a basic valuation model, such as the portfolio structure. For example, the explanatory power of direct profitability is fairly weak. rule. Momentum is also quite variable; in 2009, However, when conditioned on the relative it was sharply negative for US stocks. Large Price = Small The best way to add value is to structure portfolios considered a trading cost rather than a trading equation below. Size in small cap stocks than in large cap stocks, identified a dimension goes up if we can connect Size Effect, 1981 These two dimensions, relative price and Expected Cash Flows Discount Rate However, by trading carefully, it is possible managers in advance, and second, they have to The latest research has identified profitability hope that any such managers don’t raise their fees price dimension, the explanatory power becomes much stronger. along the dimensions of expected returns. as a dimension of expected returns, with highly to keep the bulk of any alpha for themselves. profitable firms having higher average returns to use momentum to increase returns. For than can be explained by the three-factor model. The value of a stock or bond is the sum of future example, momentum has explained most of We believe that our philosophy provides a So the evolution of financial science continues. cash flows discounted back to present value. contradictory. They both are structured around the outperformance of our small cap strategies better investment experience. Our approach We are very excited about this new research and For example, the price of a bond is determined Value Effect, 1991 Our growth and value strategies are not the same dimensions of size, relative price, and relative to small cap indices. is transparent and easy to explain because it will incorporate it into the investment policies relies on basic valuation methods and extensive of many of our existing portfolios. We also empirical research, and it is validated by a long have developed new portfolios based on this track record of implementation. research—the first of these were two US growth by the stream of coupon payments and principal relative prices. In our view, value and growth Contrast with conventional management a low-yield bond. are not opposite ends of one dimension, but Dimensional’s investment philosophy is centered two different dimensions. Low and the other focuses on stocks selling at low higher coupon or sell at a lower price than Small focuses on stocks selling at high relative prices, rates. A high-yield bond must either have a Large direct profitability. The difference is that one repayment, discounted back at various interest Size on an equilibrium, or efficient market, view of Looking forward public markets. In this view, the best way to Dimensional will continue to evolve as research add value over conventional benchmarks is to on the dimensions of returns progresses. When structure portfolios along the dimensions of we started the firm in 1981, academic research Generally, the greater the risk of an investment, High Relative Price the higher the discount rate and lower the price. strategies and two international growth strategies. The discount rate is the investment’s expected return. Reworking the equation above to solve Direct Profitability, 2012 Size Large High Momentum is an example of a factor that does expected returns. For equity portfolios, expected used the single-factor market model to explain for expected return gives us: not meet our criteria as a dimension of returns returns are increased by giving greater weight average returns. The size effect was viewed as but still impacts portfolio returns. to small cap, low relative price, and high direct an anomaly because small cap returns were too profitability firms. great to be explained by beta. Nevertheless, we Low Small High High Small Relative Price Low Large Low Direct Profitability Momentum Expected = Returns Expected Cash Flows Price sponsored a small cap fund because the size Research suggests that there is momentum in stock A competing philosophy dominates conventional effect was persistent and pervasive, and because Expressing the relation this way highlights money management. In that view, value can it gave institutional investors a tool to efficiently two of the dimensions of expected returns for be added through tactical shifts. For example, diversify beyond large cap stocks. prices in most markets around the world. Stocks behavioral finance proponents argue that low David Booth Co-Chief Executive Officer, Dimensional Fund Advisors
  5. 5. TABLE OF CONTENTS THE EVOLUTION OF DIMENSIONAL Annualized Rates of Returns (%) How to Use This Book 2 8 9 Total Returns S&P 500 INDEX Fama/French Total US Market Index Dimensional US Adjusted Market 1 Index Dimensional US Adjusted Market 2 Index Dimensional US Adjusted Market Value Index Dimensional US Large CAP Growth Index Dimensional US Small CAP Growth Index Fama/French US Large Value Research Index Fama/French US Small Value Research Index Dimensional US Targeted Value Index Fama/French US Small Cap Index DOW JONES US SELECT REIT INDEX DOW JONES-UBS COMMODITY INDEX Dimensional International Large CAP Growth Index MSCI EAFE INDEX Dimensional INTERNATIONAL ADJUSTED MARKET INDEX Dimensional INTERNATIONAL VECTOR INDEX Fama/French INTERNATIONAL VALUE INDEX Dimensional INTERNATIONAL SMALL CAP GROWTH INDEX Dimensional INTERNATIONAL SMALL CAP INDEX Dimensional INTERNATIONAL SMALL CAP VALUE INDEX MSCI EMERGING MARKETS INDEX Dimensional EMERGING MARKETS ADJUSTED MARKET INDEX Dimensional EMERGING MARKETS GROWTH INDEX ONE-MONTH US TREASURY BILLS LONG-TERM GOVERNMENT BONDS LONG-TERM CORPORATE BONDS BARCLAYS US TIPS INDEX ONE-MONTH CERTIFICATES OF DEPOSIT BARCLAYS US AGGREGATE BOND INDEX BARCLAYS MUNICIPAL BOND INDEX Dimensional US Intermediate Variable Credit Index Dimensional US Intermediate Variable Government/Credit Index Dimensional US Intermediate Variable Maturity Government/Credit INDEX Dimensional Global Intermediate Variable Maturity Index 1926–2012 1927–2012 1928–2012 1928–2012 1928–2012 1975–2012 1975–2012 1927–2012 1927–2012 1928–2012 1927–2012 1978–2012 1992–2012 1992–2012 1970–2012 1994–2012 1994–2012 1975–2012 1992–2012 1970–2012 1982–2012 1988–2012 1994–2012 1996–2012 1926–2012 1926–2012 1926–2012 1998–2012 1966–2012 1976–2012 1980–2012 1974–2012 1974–2012 1977–2012 1985–2012 11 13 15 17 19 20 21 23 25 27 29 30 30 31 31 32 32 33 33 34 34 35 35 35 37 39 41 42 42 43 43 44 44 45 45 1926–2012 1927–2012 1926–2012 1926–2012 1926–2012 1966–2012 1978–2012 1992–2012 47 49 51 53 55 56 57 57 1973–2012 1973–2012 1973–2012 1973–2012 1973–2012 1973–2012 58 60 60 61 61 62 62 Real Returns (Inflation Adjusted) US INFLATION: CHANGES IN US CONSUMER PRICE INDEX Fama/French US Small Cap Index S&P 500 INDEX LONG-TERM GOVERNMENT BONDS ONE-MONTH US TREASURY BILLS ONE-MONTH CERTIFICATES OF DEPOSIT DOW JONES US SELECT REIT INDEX DOW JONES-UBS COMMODITY INDEX Balanced Strategies Balanced Balanced Balanced Balanced Balanced Balanced Balanced Strategies: Weights and Summary Statistics Strategy: Fixed Strategy: Conservative Strategy: Moderate Strategy: Normal Strategy: Aggressive Strategy: Equity GLOBAL STRATEGIES World market capitalization Sources and Descriptions of Data 63 64 66 MATR IX BOOK 2013 7
  6. 6. ANNUALIZED RATES OF RETURNS (%) HOW TO USE THIS BOOK One Year 2012 Five Years 2008–2012 Ten Years 2003–2012 Fifteen Years 1998–2012 Twenty Years 1993–2012 Fifty Years 1963–2012 Eighty Years 1933–2012 S&P 500 Index 16.0 1.7 7.1 4.5 8.2 9.8 11.1 Fama/French Total US Market Index 15.1 2.3 7.9 5.0 8.4 10.0 11.2 Dimensional US Adjusted Market 1 Index 17.1 2.9 8.9 6.1 9.4 11.0 12.2 Dimensional US Adjusted Market 2 Index 17.9 2.9 9.2 6.7 9.9 11.7 12.9 Dimensional US Adjusted Market Value Index 19.3 3.7 10.4 8.2 11.2 13.2 14.2 Dimensional US Large CAP Growth Index 15.3 5.1 7.8 5.3 8.5 — — Dimensional US Small CAP Growth Index 15.6 4.8 10.3 8.3 9.9 — — Fama/French US Large Value Research Index 24.9 -0.8 7.8 5.6 8.6 12.4 14.0 Fama/French US Small Value Research Index 21.9 5.9 12.3 10.9 14.0 16.7 17.6 Dimensional US Targeted Value Index 20.0 6.3 12.5 10.4 13.3 15.1 15.8 Fama/French US Small Cap Index 17.4 5.4 11.4 7.7 10.2 12.4 14.3 Dow Jones US Select REIT Index 17.1 5.1 11.5 9.0 10.9 — — Dow Jones-UBS Commodity Index -1.1 -5.2 4.1 4.0 5.4 — — Dimensional International Large CAP Growth Index 17.9 -1.2 9.9 6.3 7.0 — 17.3 -3.7 8.2 4.4 6.1 — 17.8 -2.2 11.3 7.6 — — 18.1 -1.8 12.1 8.4 — — — Fama/French International Value Index 21.2 -1.5 12.8 9.9 11.4 — — Dimensional International Small CAP Growth Index 20.1 -0.2 13.2 8.5 7.7 — — Dimensional International Small Cap Index 16.8 -1.8 12.4 8.3 7.8 — — Dimensional International Small Cap Value Index 18.2 0.3 14.4 11.1 10.3 — — MSCI Emerging Markets Index 3 The return can be found where the first year’s column meets the last year’s row. In this example, the Fama/French US Large Value Research Index had a compound rate of return of 10.2% per year for the nine-year period. — Dimensional International Vector Index Locate the row for the last year of the interval (2004). 2 Years are labeled at the beginning of each row. — Dimensional International Adjusted Market Index 1 Locate the column for the first year of the interval (1996). Years are labeled at the top and bottom of each column. — MSCI EAFE Index (net dividends) 18.6 -0.6 16.9 9.2 8.8 — — Dimensional Emerging Markets Adjusted Market Index 21.1 1.5 19.9 11.8 — — — Dimensional Emerging Markets Growth Index 19.7 0.8 16.3 8.8 — — — One-Month US Treasury Bills 0.1 0.4 1.7 2.5 3.0 5.2 3.6 Long-Term Government Bonds 3.3 9.3 7.5 7.9 8.6 7.5 5.8 (gross dividends) Long-Term Corporate Bonds 10.7 10.5 7.8 7.9 8.1 7.7 6.2 Barclays US TIPS Index 7.0 7.0 6.7 7.3 — — — One-Month Certificate of Deposit 0.2 0.8 2.0 2.9 3.4 — — Barclays US Aggregate Bond Index 4.2 5.9 5.2 6.0 6.3 — — Barclays Municipal Bond Index 6.8 5.9 5.1 5.4 6.0 — — Dimensional US Intermediate Variable Credit Index 8.8 7.1 5.9 6.4 6.7 — — Dimensional US Intermediate Variable Govt/Credit Index 5.4 5.9 5.1 5.9 6.1 — — Dimensional US Intermediate Variable Maturity Govt/Credit Index 3.9 5.2 4.7 5.6 5.9 — — Dimensional Global Intermediate Variable Maturity Index 4.8 6.2 5.5 6.4 7.1 — — US Consumer Price Index 1.7 1.8 2.4 2.4 2.4 4.1 3.7 DFA Fixed Balanced Strategy Index 1.1 2.5 2.9 4.0 4.5 — — DFA Conservative Balanced Strategy Index 4.7 2.9 4.8 5.1 6.0 — — DFA Moderate Balanced Strategy Index 8.4 3.0 6.6 6.1 7.3 — — 12.1 2.8 8.2 6.9 8.5 — — DFA Normal Balanced Strategy Index DFA Aggressive Balanced Strategy Index 15.8 2.4 9.7 7.6 9.6 — — DFA Equity Balanced Strategy Index 19.6 1.7 11.0 8.1 10.5 — — All returns are in US dollars. For balanced strategy weights, see page 58. For a detailed description of returns series, see page 66. Past performance is no guarantee of future results. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio. 8 For example, to find the annualized compound rate of return for the Fama/French US Large Value Research Index for the interval 1996–2004: D I M E N S I O N A L F U N D A D VI S O R S 2 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1993 1 22.2 1994 7.3 -5.8 1995 16.3 13.4 36.6 1996 15.9 13.8 25.2 14.7 1997 18.1 17.1 25.9 20.8 27.3 1998 18.6 17.8 24.6 20.9 24.1 21.0 1999 15.5 14.4 19.0 14.9 15.0 9.3 -1.3 2000 16.0 15.1 19.0 15.8 16.1 12.6 8.6 19.5 2001 14.1 13.1 16.1 13.0 12.7 9.3 5.6 9.3 0.0 2002 9.4 8.1 9.9 6.6 5.3 1.4 -3.0 -3.6 -13.4 -25.0 2003 11.0 9.9 11.8 9.0 8.3 5.4 2.5 3.5 -1.4 -2.1 27.8 2004 11.7 10.8 12.6 10.2 9.7 7.4 5.2 6.6 3.6 4.8 23.9 20.1 2005 11.7 10.9 12.5 10.4 9.9 7.9 6.2 7.5 5.2 6.6 19.8 16.0 12.0 2006 12.6 11.8 13.5 11.6 11.3 9.6 8.2 9.7 8.1 9.8 20.8 18.6 17.8 24.0 2007 11.9 11.2 12.6 10.9 10.5 9.0 7.7 8.9 7.4 8.7 17.1 14.6 12.8 13.2 3.3 2008 7.7 6.8 7.8 5.9 5.2 3.3 1.7 2.1 0.1 0.1 5.0 1.0 -3.3 -8.0 -20.7 -39.1 2009 8.6 7.8 8.7 7.0 6.4 4.8 3.5 4.0 2.4 2.7 7.4 4.3 1.4 -1.1 -8.2 -13.5 22.9 8.7 7.9 8.8 7.2 6.7 5.2 4.0 4.5 3.1 3.5 7.7 5.1 2.8 1.1 -3.9 -6.2 16.4 7.8 7.0 7.8 6.3 5.7 4.3 3.2 3.5 2.2 2.4 6.0 3.6 1.4 -0.3 -4.5 -6.4 8.1 8.6 7.9 8.7 7.3 6.8 5.6 4.6 5.0 3.9 4.3 7.8 5.7 4.1 3.0 -0.1 -0.8 12.0 2010 10.2 1.4 8.7 2011 -6.8 7.9 2012 24.9 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 3 MATR IX BOOK 2013 9
  7. 7. 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 10 1926 11.6 23.9 30.1 19.2 8.7 -2.5 -3.3 2.5 2.0 5.9 8.1 3.6 5.5 5.1 4.0 3.0 3.9 5.0 5.8 7.1 6.3 6.3 6.3 6.8 7.7 8.3 8.6 8.3 9.6 10.2 10.1 9.4 10.3 10.3 10.0 10.5 9.9 10.2 10.4 10.4 9.9 10.2 10.2 9.8 9.6 9.7 9.9 9.3 8.5 9.0 9.2 8.9 8.9 9.0 9.4 9.1 9.3 9.6 9.5 9.8 10.0 9.9 10.0 10.3 10.1 10.4 10.3 10.3 10.2 10.5 10.7 11.0 11.2 11.3 11.0 10.7 10.2 10.4 10.4 10.4 10.4 10.4 9.6 9.8 9.9 9.8 9.8 1926 1927 37.5 40.5 21.8 8.0 -5.1 -5.6 1.2 0.9 5.2 7.8 3.0 5.1 4.6 3.5 2.4 3.5 4.7 5.5 6.9 6.1 6.1 6.0 6.6 7.5 8.1 8.5 8.1 9.5 10.2 10.1 9.3 10.2 10.3 10.0 10.4 9.9 10.2 10.4 10.4 9.8 10.2 10.2 9.7 9.6 9.7 9.9 9.3 8.4 8.9 9.2 8.8 8.8 9.0 9.4 9.1 9.3 9.5 9.5 9.8 10.0 9.9 10.0 10.3 10.1 10.4 10.3 10.3 10.2 10.5 10.7 11.0 11.2 11.3 11.0 10.7 10.2 10.4 10.4 10.3 10.4 10.3 9.6 9.8 9.8 9.8 9.8 1927 1928 43.6 14.7 -0.4 -13.5 -12.5 -3.8 -3.5 1.8 4.9 0.0 2.5 2.3 1.3 0.3 1.5 2.9 3.8 5.4 4.7 4.7 4.7 5.3 6.4 7.1 7.5 7.1 8.6 9.3 9.2 8.5 9.5 9.5 9.3 9.7 9.2 9.5 9.7 9.8 9.2 9.6 9.6 9.1 9.0 9.1 9.3 8.7 7.8 8.4 8.7 8.3 8.3 8.5 8.9 8.6 8.8 9.1 9.0 9.4 9.5 9.5 9.6 9.9 9.7 10.0 9.9 9.9 9.8 10.2 10.4 10.7 10.9 11.0 10.7 10.4 9.9 10.1 10.1 10.0 10.1 10.0 9.3 9.5 9.6 9.5 9.5 1928 1929 -8.4 -17.1 -27.0 -22.7 -11.2 -9.7 -3.1 0.9 -3.9 -0.9 -0.8 -1.6 -2.4 -1.0 0.6 1.7 3.5 2.8 3.0 3.1 3.8 4.9 5.7 6.2 5.9 7.4 8.2 8.2 7.4 8.5 8.6 8.3 8.8 8.3 8.7 8.9 9.0 8.4 8.8 8.9 8.4 8.3 8.4 8.7 8.1 7.2 7.7 8.1 7.7 7.7 7.9 8.3 8.1 8.3 8.5 8.5 8.9 9.0 9.0 9.1 9.4 9.2 9.5 9.5 9.5 9.4 9.7 9.9 10.2 10.5 10.6 10.3 10.0 9.5 9.7 9.7 9.7 9.7 9.7 8.9 9.1 9.2 9.1 9.2 1929 1930 -24.9 -34.8 -26.9 -11.9 -9.9 -2.2 2.3 -3.3 0.0 -0.1 -1.0 -1.9 -0.4 1.3 2.5 4.3 3.5 3.7 3.8 4.5 5.6 6.4 6.9 6.5 8.1 8.9 8.8 8.0 9.1 9.2 8.9 9.4 8.8 9.2 9.4 9.5 8.9 9.3 9.3 8.9 8.7 8.9 9.1 8.5 7.5 8.1 8.4 8.1 8.1 8.2 8.7 8.4 8.6 8.9 8.8 9.2 9.4 9.3 9.4 9.7 9.5 9.8 9.8 9.8 9.7 10.0 10.2 10.5 10.8 10.9 10.6 10.3 9.7 10.0 10.0 9.9 10.0 9.9 9.2 9.4 9.4 9.3 9.4 1930 1931 -43.3 -27.9 -7.1 -5.7 3.1 7.7 0.2 3.6 3.2 1.8 0.5 2.0 3.7 4.8 6.6 5.6 5.6 5.6 6.3 7.4 8.2 8.6 8.2 9.7 10.5 10.4 9.5 10.6 10.6 10.3 10.8 10.1 10.5 10.6 10.7 10.1 10.4 10.4 9.9 9.7 9.9 10.1 9.4 8.4 9.0 9.3 8.9 8.9 9.1 9.5 9.2 9.4 9.6 9.6 9.9 10.1 10.0 10.1 10.5 10.2 10.5 10.5 10.5 10.3 10.7 10.9 11.2 11.4 11.5 11.2 10.9 10.3 10.5 10.6 10.5 10.5 10.5 9.7 9.9 9.9 9.8 9.9 1931 1932 -8.2 18.9 11.7 19.8 22.5 10.2 13.0 11.2 8.6 6.4 7.6 9.0 9.8 11.5 10.1 9.8 9.6 10.1 11.1 11.7 12.0 11.4 12.9 13.7 13.4 12.3 13.3 13.3 12.8 13.3 12.5 12.8 12.9 12.9 12.2 12.5 12.4 11.8 11.6 11.7 11.9 11.1 10.1 10.6 10.9 10.5 10.4 10.6 11.0 10.6 10.8 11.0 10.9 11.3 11.4 11.3 11.4 11.7 11.5 11.8 11.7 11.7 11.5 11.9 12.0 12.3 12.5 12.7 12.3 11.9 11.4 11.6 11.6 11.5 11.5 11.5 10.6 10.8 10.9 10.8 10.8 1932 S&P 500 INDEX 1933 54.0 23.2 30.9 31.6 14.3 16.9 14.3 11.0 8.2 9.4 10.8 11.5 13.2 11.6 11.2 10.8 11.2 12.3 12.9 13.2 12.4 14.0 14.7 14.4 13.2 14.3 14.2 13.7 14.1 13.2 13.5 13.6 13.6 12.8 13.1 13.1 12.4 12.2 12.2 12.4 11.7 10.6 11.1 11.4 10.9 10.8 11.0 11.4 11.0 11.2 11.5 11.4 11.7 11.8 11.7 11.8 12.1 11.8 12.1 12.1 12.0 11.8 12.2 12.4 12.7 12.9 13.0 12.6 12.2 11.7 11.9 11.9 11.8 11.8 11.7 10.9 11.1 11.1 11.0 11.1 1933 1926–2012: Total Returns (%) 1934 -1.4 20.6 24.9 6.1 10.7 8.7 5.9 3.5 5.3 7.2 8.3 10.4 8.8 8.6 8.4 9.0 10.2 11.0 11.3 10.7 12.4 13.2 12.9 11.8 12.9 12.9 12.4 12.9 12.1 12.4 12.5 12.5 11.8 12.1 12.1 11.4 11.2 11.3 11.5 10.8 9.7 10.3 10.6 10.1 10.0 10.2 10.6 10.3 10.5 10.7 10.6 11.0 11.2 11.0 11.2 11.5 11.2 11.5 11.5 11.4 11.3 11.6 11.8 12.1 12.4 12.5 12.1 11.7 11.1 11.4 11.4 11.3 11.3 11.3 10.4 10.6 10.7 10.6 10.6 1934 1935 47.7 40.6 8.7 13.9 10.9 7.2 4.3 6.1 8.2 9.3 11.5 9.7 9.4 9.1 9.7 11.0 11.7 12.1 11.4 13.1 13.9 13.6 12.4 13.6 13.5 13.0 13.4 12.6 12.9 13.0 13.0 12.2 12.5 12.5 11.8 11.6 11.7 11.9 11.1 10.0 10.6 10.9 10.4 10.3 10.5 10.9 10.6 10.8 11.0 10.9 11.3 11.4 11.3 11.4 11.7 11.5 11.8 11.7 11.7 11.5 11.9 12.0 12.3 12.6 12.7 12.3 11.9 11.3 11.6 11.6 11.5 11.5 11.4 10.6 10.8 10.8 10.7 10.8 1935 1936 33.9 -6.7 4.5 3.2 0.5 -1.6 1.2 4.0 5.7 8.4 6.8 6.7 6.6 7.4 8.9 9.8 10.3 9.6 11.6 12.5 12.2 11.0 12.3 12.3 11.8 12.3 11.4 11.8 12.0 12.0 11.2 11.6 11.6 10.9 10.7 10.8 11.0 10.3 9.1 9.8 10.1 9.6 9.6 9.8 10.2 9.9 10.1 10.3 10.3 10.7 10.8 10.7 10.8 11.2 10.9 11.2 11.1 11.1 10.9 11.3 11.5 11.9 12.1 12.2 11.9 11.5 10.9 11.1 11.1 11.0 11.1 11.0 10.1 10.4 10.4 10.3 10.4 1936 GROWTH OF $1 1937 -35.0 -7.7 -5.3 -6.5 -7.5 -3.4 0.4 2.6 5.9 4.4 4.5 4.6 5.6 7.3 8.4 9.0 8.3 10.4 11.4 11.2 10.0 11.4 11.4 10.9 11.5 10.7 11.1 11.3 11.3 10.5 10.9 10.9 10.3 10.1 10.2 10.5 9.7 8.5 9.2 9.5 9.1 9.0 9.2 9.7 9.4 9.6 9.9 9.8 10.2 10.4 10.3 10.4 10.8 10.5 10.8 10.8 10.8 10.6 11.0 11.2 11.5 11.8 11.9 11.6 11.2 10.6 10.8 10.8 10.7 10.8 10.7 9.8 10.1 10.1 10.0 10.1 1937 $100,000 1938 31.1 14.3 5.6 1.0 4.6 7.9 9.5 12.6 10.1 9.6 9.2 10.0 11.5 12.4 12.8 11.9 13.9 14.8 14.4 13.0 14.3 14.2 13.5 14.1 13.0 13.4 13.5 13.5 12.6 12.9 12.9 12.1 11.9 12.0 12.1 11.3 10.1 10.7 11.0 10.5 10.4 10.6 11.1 10.7 10.9 11.1 11.0 11.4 11.6 11.5 11.6 11.9 11.6 11.9 11.9 11.8 11.6 12.0 12.2 12.5 12.8 12.9 12.5 12.1 11.5 11.7 11.7 11.6 11.6 11.6 10.7 10.9 10.9 10.8 10.9 1938 1939 -0.4 -5.2 -7.4 -1.1 3.8 6.3 10.1 7.7 7.5 7.3 8.3 10.0 11.1 11.6 10.7 12.9 13.9 13.5 12.1 13.5 13.4 12.8 13.4 12.3 12.7 12.9 12.9 12.0 12.4 12.3 11.6 11.3 11.4 11.6 10.8 9.5 10.2 10.5 10.0 10.0 10.2 10.6 10.2 10.5 10.7 10.6 11.1 11.2 11.1 11.2 11.6 11.3 11.6 11.5 11.5 11.3 11.7 11.9 12.2 12.5 12.6 12.2 11.8 11.2 11.4 11.4 11.3 11.4 11.3 10.4 10.6 10.7 10.5 10.6 1939 $3,530 $10,000 1940 -9.8 -10.7 -1.4 4.9 7.7 12.0 8.9 8.5 8.1 9.2 11.0 12.1 12.5 11.5 13.9 14.9 14.4 12.8 14.3 14.1 13.5 14.0 12.9 13.3 13.5 13.4 12.4 12.8 12.8 12.0 11.7 11.8 12.0 11.1 9.8 10.5 10.8 10.3 10.2 10.4 10.9 10.5 10.8 11.0 10.9 11.3 11.5 11.3 11.4 11.8 11.5 11.8 11.8 11.7 11.5 11.9 12.1 12.5 12.7 12.9 12.5 12.0 11.4 11.6 11.6 11.5 11.6 11.5 10.6 10.8 10.8 10.7 10.8 1940 1941 -11.6 3.2 10.2 12.5 17.0 12.4 11.4 10.6 11.5 13.4 14.3 14.6 13.4 15.8 16.8 16.1 14.3 15.8 15.6 14.8 15.3 14.1 14.5 14.5 14.5 13.4 13.8 13.7 12.8 12.5 12.6 12.8 11.8 10.5 11.1 11.5 10.9 10.8 11.0 11.5 11.1 11.3 11.5 11.4 11.8 12.0 11.8 11.9 12.3 12.0 12.3 12.2 12.2 12.0 12.4 12.6 12.9 13.2 13.3 12.9 12.4 11.8 12.0 12.0 11.9 11.9 11.8 10.9 11.1 11.2 11.0 11.1 1941 $1,000 1942 20.3 23.1 22.0 25.4 17.9 15.7 14.2 14.8 16.6 17.3 17.4 15.7 18.2 19.1 18.2 16.2 17.6 17.3 16.3 16.9 15.5 15.8 15.8 15.7 14.5 14.9 14.7 13.8 13.5 13.5 13.7 12.7 11.2 11.9 12.2 11.6 11.5 11.7 12.2 11.7 11.9 12.2 12.0 12.4 12.6 12.4 12.5 12.9 12.5 12.9 12.7 12.7 12.5 12.9 13.1 13.4 13.6 13.8 13.3 12.9 12.2 12.4 12.4 12.3 12.3 12.2 11.3 11.5 11.5 11.4 11.5 1942 1943 25.9 22.8 27.2 17.3 14.8 13.2 14.0 16.1 16.9 17.1 15.3 18.0 19.0 18.1 15.9 17.5 17.1 16.1 16.7 15.2 15.6 15.6 15.5 14.3 14.7 14.5 13.6 13.2 13.3 13.5 12.4 10.9 11.7 12.0 11.4 11.3 11.4 12.0 11.5 11.7 12.0 11.8 12.3 12.4 12.2 12.3 12.7 12.4 12.7 12.6 12.6 12.3 12.8 12.9 13.3 13.5 13.7 13.2 12.7 12.1 12.3 12.3 12.2 12.2 12.1 11.1 11.4 11.4 11.3 11.3 1943 $100 1944 19.7 27.8 14.5 12.2 10.9 12.1 14.8 15.9 16.1 14.3 17.4 18.5 17.5 15.2 16.9 16.6 15.6 16.2 14.7 15.1 15.2 15.0 13.8 14.2 14.1 13.1 12.8 12.8 13.0 12.0 10.5 11.2 11.6 11.0 10.9 11.1 11.6 11.1 11.4 11.6 11.5 12.0 12.1 11.9 12.1 12.4 12.1 12.4 12.3 12.3 12.1 12.5 12.7 13.1 13.3 13.5 13.0 12.5 11.8 12.1 12.1 12.0 12.0 11.9 10.9 11.1 11.2 11.1 11.1 1944 1945 36.4 12.0 9.8 8.7 10.7 13.9 15.3 15.7 13.7 17.1 18.4 17.3 14.9 16.7 16.4 15.3 16.0 14.4 14.9 14.9 14.8 13.6 14.0 13.9 12.9 12.5 12.6 12.8 11.7 10.2 11.0 11.4 10.7 10.6 10.8 11.4 10.9 11.2 11.4 11.3 11.8 11.9 11.8 11.9 12.3 11.9 12.3 12.2 12.2 11.9 12.4 12.6 12.9 13.2 13.3 12.9 12.4 11.7 12.0 11.9 11.8 11.9 11.8 10.8 11.0 11.1 10.9 11.0 1945 $10 1946 -8.1 -1.4 0.8 5.0 9.9 12.1 13.0 11.2 15.1 16.7 15.7 13.2 15.3 15.1 14.0 14.8 13.3 13.8 13.9 13.8 12.6 13.1 13.0 12.0 11.7 11.8 12.0 10.9 9.4 10.2 10.6 10.0 9.9 10.2 10.7 10.3 10.6 10.9 10.7 11.2 11.4 11.2 11.4 11.8 11.4 11.8 11.7 11.7 11.5 11.9 12.1 12.5 12.8 13.0 12.5 12.0 11.3 11.6 11.6 11.5 11.5 11.4 10.4 10.7 10.7 10.6 10.7 1946 $1 1947 5.7 5.6 9.8 14.9 16.7 17.0 14.2 18.4 19.8 18.4 15.4 17.5 17.1 15.8 16.5 14.8 15.2 15.3 15.1 13.7 14.2 14.0 13.0 12.6 12.6 12.9 11.7 10.1 10.9 11.3 10.7 10.5 10.8 11.3 10.8 11.1 11.4 11.3 11.8 11.9 11.8 11.9 12.3 11.9 12.3 12.2 12.2 11.9 12.4 12.6 13.0 13.3 13.4 12.9 12.4 11.7 12.0 11.9 11.8 11.9 11.8 10.8 11.0 11.0 10.9 11.0 1947 1948 5.5 12.0 18.2 19.6 19.4 15.7 20.4 21.7 19.9 16.4 18.7 18.1 16.6 17.3 15.4 15.8 15.9 15.7 14.2 14.6 14.5 13.3 12.9 12.9 13.2 12.0 10.2 11.1 11.5 10.8 10.7 10.9 11.5 11.0 11.3 11.6 11.4 11.9 12.1 11.9 12.0 12.5 12.1 12.5 12.4 12.3 12.1 12.5 12.7 13.1 13.4 13.5 13.1 12.6 11.8 12.1 12.1 11.9 12.0 11.9 10.8 11.1 11.1 11.0 11.1 1948 1949 18.8 25.1 24.7 23.1 17.9 23.1 24.2 21.9 17.7 20.1 19.3 17.6 18.3 16.1 16.6 16.6 16.3 14.7 15.1 14.9 13.7 13.2 13.3 13.5 12.2 10.4 11.3 11.7 11.0 10.9 11.1 11.7 11.2 11.5 11.8 11.6 12.1 12.3 12.1 12.2 12.6 12.2 12.6 12.5 12.5 12.2 12.7 12.9 13.3 13.6 13.7 13.2 12.7 11.9 12.2 12.2 12.0 12.1 12.0 10.9 11.2 11.2 11.1 11.2 1949 $0 1926 1950 31.7 27.8 24.6 17.6 23.9 25.2 22.3 17.6 20.2 19.4 17.5 18.3 15.9 16.4 16.4 16.2 14.4 14.9 14.7 13.4 13.0 13.0 13.3 12.0 10.1 11.0 11.5 10.7 10.6 10.9 11.5 10.9 11.2 11.6 11.4 11.9 12.1 11.9 12.0 12.5 12.1 12.5 12.4 12.3 12.1 12.6 12.8 13.2 13.5 13.6 13.1 12.6 11.8 12.1 12.1 11.9 12.0 11.9 10.8 11.0 11.1 11.0 11.0 1950 D I M E N S I O N A L F U N D A D VI S O R S 1951 24.0 21.2 13.3 22.0 23.9 20.8 15.7 18.8 18.1 16.2 17.1 14.7 15.3 15.4 15.2 13.4 14.0 13.8 12.5 12.1 12.2 12.5 11.2 9.3 10.3 10.8 10.0 9.9 10.2 10.9 10.3 10.7 11.0 10.9 11.4 11.6 11.4 11.6 12.0 11.6 12.1 11.9 11.9 11.7 12.2 12.4 12.8 13.1 13.3 12.8 12.2 11.4 11.7 11.7 11.6 11.7 11.6 10.5 10.7 10.8 10.6 10.7 1951 2012 Data provided by Standard & Poor’s Index Services Group. 1952 18.4 8.3 21.4 23.9 20.2 14.4 18.1 17.3 15.3 16.4 13.9 14.6 14.7 14.6 12.7 13.4 13.3 11.9 11.5 11.6 12.0 10.6 8.7 9.7 10.3 9.5 9.4 9.7 10.4 9.9 10.2 10.6 10.5 11.1 11.3 11.1 11.2 11.7 11.3 11.8 11.7 11.6 11.4 11.9 12.1 12.6 12.9 13.1 12.6 12.0 11.2 11.5 11.5 11.4 11.5 11.4 10.2 10.5 10.6 10.4 10.5 1952 1953 -1.0 22.9 25.7 20.6 13.6 18.1 17.2 14.9 16.2 13.4 14.3 14.4 14.3 12.4 13.1 13.0 11.6 11.1 11.3 11.7 10.3 8.2 9.4 9.9 9.2 9.1 9.4 10.2 9.6 10.0 10.4 10.2 10.8 11.1 10.9 11.1 11.6 11.1 11.6 11.5 11.5 11.2 11.8 12.0 12.4 12.8 12.9 12.4 11.9 11.1 11.4 11.4 11.3 11.3 11.2 10.1 10.4 10.5 10.3 10.4 1953 1954 52.6 41.7 28.8 17.5 22.3 20.5 17.4 18.6 15.2 15.9 16.0 15.7 13.4 14.2 14.0 12.4 11.9 12.0 12.4 10.9 8.7 9.9 10.4 9.6 9.5 9.8 10.6 10.0 10.4 10.8 10.6 11.2 11.5 11.3 11.4 11.9 11.5 12.0 11.8 11.8 11.5 12.1 12.3 12.8 13.1 13.3 12.7 12.2 11.3 11.7 11.6 11.5 11.6 11.5 10.3 10.6 10.7 10.5 10.6 1954 1955 31.5 18.4 7.7 15.7 15.0 12.4 14.4 11.2 12.4 12.8 12.8 10.7 11.7 11.6 10.1 9.8 10.0 10.5 9.0 6.9 8.2 8.8 8.1 8.0 8.4 9.2 8.7 9.1 9.6 9.4 10.1 10.4 10.2 10.4 10.9 10.5 11.0 10.9 10.9 10.7 11.3 11.5 12.0 12.3 12.5 12.0 11.4 10.6 10.9 10.9 10.8 10.9 10.8 9.7 9.9 10.0 9.9 10.0 1955 1956 6.6 -2.5 10.9 11.1 8.9 11.7 8.5 10.2 10.9 11.1 9.0 10.1 10.2 8.8 8.4 8.8 9.4 7.9 5.7 7.1 7.8 7.1 7.1 7.5 8.4 7.9 8.4 8.8 8.8 9.5 9.7 9.6 9.8 10.4 10.0 10.5 10.4 10.4 10.2 10.8 11.1 11.6 11.9 12.1 11.6 11.0 10.2 10.6 10.6 10.4 10.5 10.4 9.3 9.6 9.7 9.5 9.6 1956 1957 -10.8 13.1 12.7 9.5 12.8 8.9 10.8 11.5 11.6 9.2 10.5 10.5 8.9 8.6 8.9 9.5 7.9 5.7 7.1 7.9 7.1 7.1 7.6 8.5 7.9 8.4 8.9 8.8 9.6 9.8 9.7 9.9 10.5 10.1 10.6 10.5 10.5 10.3 10.9 11.2 11.7 12.1 12.3 11.7 11.1 10.3 10.6 10.6 10.5 10.6 10.5 9.3 9.6 9.7 9.6 9.7 1957 1958 43.4 26.7 17.3 19.6 13.3 14.8 15.1 14.7 11.7 12.9 12.7 10.8 10.2 10.5 11.1 9.2 6.7 8.2 9.0 8.1 8.1 8.5 9.4 8.8 9.3 9.8 9.6 10.4 10.6 10.5 10.7 11.3 10.8 11.3 11.2 11.2 10.9 11.5 11.8 12.3 12.7 12.9 12.3 11.7 10.8 11.2 11.2 11.0 11.1 11.0 9.8 10.1 10.2 10.0 10.1 1958 1959 12.0 6.1 12.6 6.8 9.9 10.9 11.1 8.2 9.9 10.0 8.2 7.8 8.3 9.0 7.3 4.8 6.5 7.4 6.5 6.5 7.1 8.1 7.5 8.1 8.6 8.5 9.3 9.6 9.5 9.7 10.3 9.9 10.5 10.4 10.4 10.1 10.8 11.1 11.6 12.0 12.2 11.7 11.0 10.1 10.5 10.5 10.4 10.5 10.4 9.2 9.5 9.6 9.5 9.6 1959 1960 0.5 12.9 5.2 9.3 10.7 11.0 7.7 9.6 9.8 7.8 7.5 8.0 8.8 7.0 4.3 6.1 7.1 6.2 6.3 6.8 7.9 7.3 7.9 8.5 8.4 9.2 9.5 9.4 9.6 10.3 9.8 10.4 10.3 10.3 10.1 10.7 11.1 11.6 12.0 12.2 11.6 11.0 10.1 10.5 10.5 10.4 10.5 10.4 9.1 9.5 9.6 9.4 9.5 1960 1961 26.9 7.6 12.4 13.5 13.2 9.0 11.0 11.0 8.7 8.2 8.7 9.6 7.5 4.6 6.5 7.5 6.6 6.6 7.2 8.3 7.6 8.2 8.8 8.7 9.6 9.9 9.7 10.0 10.6 10.2 10.8 10.7 10.6 10.4 11.1 11.4 11.9 12.3 12.5 11.9 11.3 10.3 10.7 10.7 10.6 10.7 10.6 9.3 9.6 9.8 9.6 9.7 1961 1962 -8.7 5.9 9.3 10.1 5.7 8.6 8.9 6.6 6.3 7.1 8.1 6.0 3.1 5.2 6.3 5.4 5.5 6.2 7.4 6.8 7.4 8.1 8.0 8.9 9.3 9.1 9.4 10.1 9.6 10.3 10.2 10.2 9.9 10.6 11.0 11.5 12.0 12.2 11.6 10.9 10.0 10.4 10.4 10.3 10.4 10.3 9.0 9.3 9.4 9.3 9.4 1962 1963 22.8 19.6 17.2 9.7 12.4 12.2 9.0 8.3 9.0 9.9 7.4 4.1 6.3 7.5 6.5 6.5 7.1 8.4 7.7 8.3 8.9 8.8 9.7 10.1 9.9 10.1 10.9 10.3 11.0 10.9 10.8 10.5 11.3 11.6 12.2 12.6 12.8 12.2 11.5 10.5 10.9 10.9 10.8 10.9 10.7 9.4 9.7 9.8 9.7 9.8 1963 1964 16.5 14.5 5.6 9.9 10.2 6.8 6.4 7.4 8.6 6.0 2.5 5.1 6.4 5.4 5.5 6.2 7.6 6.9 7.6 8.3 8.2 9.2 9.6 9.4 9.7 10.4 9.9 10.6 10.5 10.5 10.2 10.9 11.3 11.9 12.3 12.5 11.9 11.2 10.2 10.6 10.6 10.5 10.6 10.5 9.1 9.5 9.6 9.4 9.5 1964 1965 12.5 0.6 7.8 8.6 5.0 4.8 6.1 7.7 4.9 1.2 4.1 5.6 4.6 4.7 5.6 7.1 6.3 7.1 7.9 7.8 8.8 9.3 9.1 9.4 10.2 9.7 10.4 10.3 10.3 10.0 10.8 11.1 11.7 12.2 12.4 11.8 11.1 10.0 10.5 10.5 10.3 10.5 10.3 9.0 9.3 9.4 9.3 9.4 1965 1966 -10.0 5.6 7.4 3.2 3.4 5.1 7.0 4.0 0.1 3.3 5.0 3.9 4.1 5.1 6.7 6.0 6.8 7.6 7.6 8.7 9.1 8.9 9.3 10.1 9.6 10.3 10.2 10.2 9.9 10.7 11.1 11.7 12.2 12.4 11.8 11.0 10.0 10.4 10.4 10.3 10.4 10.3 8.9 9.2 9.4 9.2 9.3 1966 1967 24.0 17.4 8.0 7.0 8.4 10.1 6.2 1.4 4.9 6.6 5.3 5.4 6.4 8.0 7.1 8.0 8.8 8.6 9.8 10.2 9.9 10.2 11.1 10.5 11.2 11.1 11.0 10.7 11.5 11.9 12.5 13.0 13.2 12.5 11.7 10.6 11.0 11.0 10.9 11.0 10.8 9.4 9.7 9.9 9.7 9.8 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1968 11.1 0.8 1.9 4.9 7.5 3.5 -1.5 2.7 4.9 3.6 3.9 5.0 6.9 6.0 7.0 7.9 7.8 9.0 9.5 9.3 9.6 10.5 9.9 10.7 10.6 10.5 10.2 11.1 11.5 12.1 12.6 12.9 12.1 11.3 10.2 10.7 10.7 10.5 10.7 10.5 9.0 9.4 9.5 9.4 9.5 1968 1969 -8.5 -2.4 2.9 6.7 2.0 -3.4 1.6 4.1 2.8 3.2 4.5 6.6 5.6 6.7 7.7 7.6 8.9 9.4 9.2 9.5 10.5 9.8 10.7 10.5 10.5 10.2 11.1 11.5 12.2 12.7 12.9 12.2 11.4 10.2 10.7 10.7 10.5 10.7 10.5 9.0 9.4 9.5 9.3 9.5 1969 1970 4.0 9.1 12.3 4.8 -2.3 3.3 6.1 4.3 4.6 5.9 8.0 6.9 7.9 8.9 8.7 10.1 10.6 10.3 10.6 11.6 10.8 11.6 11.5 11.4 11.0 11.9 12.3 13.0 13.5 13.7 12.9 12.0 10.8 11.3 11.3 11.1 11.2 11.1 9.5 9.9 10.0 9.8 9.9 1970 1971 14.3 16.6 5.1 -3.9 3.2 6.4 4.3 4.6 6.1 8.4 7.2 8.3 9.3 9.1 10.5 11.0 10.6 11.0 12.0 11.2 12.0 11.8 11.7 11.3 12.2 12.6 13.3 13.8 14.1 13.2 12.3 11.0 11.5 11.5 11.3 11.4 11.3 9.6 10.0 10.1 9.9 10.1 1971 1972 19.0 0.8 -9.3 0.6 4.9 2.8 3.3 5.1 7.8 6.5 7.7 8.9 8.7 10.2 10.8 10.4 10.8 11.8 11.0 11.9 11.7 11.6 11.1 12.1 12.6 13.3 13.8 14.1 13.2 12.2 10.9 11.4 11.4 11.2 11.4 11.2 9.5 9.9 10.0 9.8 10.0 1972 1973 -14.7 -20.8 -4.9 1.6 -0.2 0.9 3.2 6.5 5.2 6.7 8.0 7.9 9.6 10.2 9.9 10.3 11.4 10.6 11.5 11.3 11.3 10.8 11.8 12.3 13.1 13.6 13.9 13.0 12.0 10.7 11.2 11.2 11.0 11.1 11.0 9.2 9.7 9.8 9.6 9.8 1973 1974 -26.5 0.5 7.7 3.8 4.3 6.6 9.9 7.9 9.4 10.6 10.2 11.9 12.4 11.9 12.2 13.3 12.3 13.2 12.9 12.8 12.2 13.2 13.6 14.4 14.9 15.2 14.2 13.1 11.7 12.2 12.1 11.9 12.0 11.8 10.0 10.4 10.6 10.3 10.5 1974 1975 37.2 30.4 16.4 13.9 14.8 17.5 14.0 14.9 15.7 14.8 16.2 16.4 15.5 15.6 16.6 15.3 16.1 15.6 15.3 14.6 15.6 15.9 16.6 17.1 17.2 16.1 14.9 13.3 13.8 13.7 13.4 13.5 13.3 11.3 11.7 11.8 11.5 11.7 1975 1976 23.8 7.2 7.0 9.8 13.9 10.6 12.1 13.3 12.5 14.3 14.7 13.9 14.1 15.3 13.9 14.9 14.5 14.2 13.5 14.6 15.0 15.8 16.3 16.5 15.3 14.1 12.5 13.1 13.0 12.7 12.8 12.6 10.6 11.1 11.2 10.9 11.0 1976 1977 -7.2 -0.5 5.4 11.6 8.1 10.2 11.9 11.2 13.3 13.8 13.0 13.3 14.6 13.3 14.3 13.9 13.7 13.0 14.1 14.6 15.4 16.0 16.2 15.0 13.8 12.1 12.7 12.6 12.4 12.5 12.2 10.2 10.7 10.8 10.6 10.7 1977 1978 6.6 12.3 18.7 12.3 14.0 15.4 14.1 16.2 16.4 15.3 15.4 16.7 15.0 16.1 15.5 15.1 14.3 15.4 15.8 16.6 17.2 17.4 16.1 14.7 13.0 13.5 13.4 13.1 13.2 13.0 10.8 11.3 11.4 11.1 11.3 1978 1979 18.4 25.2 14.2 16.0 17.3 15.4 17.6 17.7 16.3 16.3 17.6 15.7 16.8 16.1 15.7 14.8 16.0 16.4 17.2 17.7 17.9 16.5 15.1 13.3 13.8 13.7 13.4 13.5 13.2 11.0 11.5 11.6 11.3 11.4 1979 1980 32.4 12.2 15.2 17.0 14.8 17.5 17.6 16.0 16.1 17.5 15.5 16.7 16.0 15.5 14.5 15.8 16.2 17.1 17.7 17.9 16.4 15.0 13.0 13.6 13.5 13.2 13.3 13.0 10.7 11.2 11.4 11.1 11.2 1980 1981 -4.9 7.4 12.3 10.7 14.7 15.3 13.8 14.2 16.0 13.9 15.3 14.7 14.3 13.3 14.8 15.3 16.3 16.9 17.2 15.7 14.2 12.2 12.9 12.8 12.5 12.6 12.3 10.0 10.6 10.7 10.4 10.6 1981 1982 21.4 22.0 16.5 20.2 19.9 17.3 17.2 18.9 16.2 17.6 16.7 16.1 14.9 16.4 16.8 17.8 18.4 18.5 16.9 15.2 13.1 13.8 13.7 13.3 13.4 13.1 10.6 11.2 11.3 11.0 11.1 1982 1983 22.5 14.1 19.8 19.5 16.5 16.5 18.6 15.6 17.2 16.2 15.6 14.4 16.0 16.5 17.5 18.2 18.4 16.6 14.9 12.7 13.4 13.3 12.9 13.0 12.7 10.2 10.8 11.0 10.6 10.8 1983 1984 6.3 18.5 18.5 15.0 15.4 17.9 14.7 16.5 15.5 14.9 13.6 15.5 16.0 17.2 17.9 18.1 16.3 14.5 12.2 13.0 12.9 12.5 12.7 12.3 9.8 10.4 10.5 10.2 10.4 1984 1985 32.2 25.1 18.1 17.8 20.4 16.1 18.1 16.7 16.0 14.4 16.3 16.9 18.1 18.8 18.9 17.0 15.0 12.6 13.4 13.2 12.8 13.0 12.6 9.9 10.5 10.7 10.4 10.6 1985 1986 18.5 11.7 13.3 17.6 13.2 15.9 14.7 14.1 12.6 14.9 15.6 17.0 17.8 18.0 16.0 14.0 11.5 12.4 12.3 11.9 12.1 11.8 9.0 9.7 9.9 9.6 9.9 1986 1987 5.2 10.9 17.4 11.9 15.4 14.0 13.5 11.9 14.5 15.3 16.8 17.8 18.0 15.8 13.7 11.1 12.0 12.0 11.6 11.8 11.5 8.6 9.4 9.6 9.3 9.5 1987 1988 16.8 23.9 14.2 18.0 15.9 14.9 12.8 15.7 16.5 18.1 19.0 19.1 16.7 14.4 11.5 12.5 12.4 12.0 12.2 11.8 8.8 9.6 9.8 9.5 9.7 1988 1989 31.5 12.9 18.5 15.7 14.5 12.2 15.5 16.4 18.2 19.2 19.4 16.7 14.2 11.1 12.2 12.1 11.7 11.9 11.6 8.4 9.2 9.5 9.1 9.4 1989 1990 -3.1 12.4 10.8 10.6 8.7 13.1 14.4 16.6 17.9 18.2 15.4 12.9 9.7 10.9 10.9 10.5 10.9 10.5 7.3 8.2 8.5 8.2 8.6 1990 1991 30.5 18.5 15.6 11.9 16.6 17.6 19.8 20.8 20.9 17.5 14.4 10.8 12.1 12.0 11.5 11.8 11.4 7.9 8.8 9.1 8.8 9.1 1991 1992 7.6 8.8 6.3 13.4 15.2 18.1 19.5 19.7 16.1 12.9 9.2 10.7 10.7 10.3 10.6 10.3 6.7 7.7 8.1 7.8 8.2 1992 MATR IX BOOK 2013 1993 10.1 5.6 15.3 17.2 20.3 21.6 21.5 17.2 13.5 9.3 11.0 11.0 10.5 10.9 10.5 6.7 7.8 8.1 7.8 8.2 1993 1994 1.3 18.1 19.7 23.0 24.1 23.6 18.3 14.0 9.3 11.1 11.0 10.5 10.9 10.5 6.5 7.6 8.0 7.7 8.1 1994 1995 37.6 30.1 31.2 30.5 28.6 21.3 15.9 10.3 12.2 12.1 11.4 11.8 11.3 6.8 8.0 8.5 8.1 8.5 1995 1996 23.0 28.1 28.2 26.4 18.3 12.7 6.9 9.4 9.5 9.1 9.7 9.3 4.8 6.2 6.8 6.5 7.0 1996 1997 33.4 30.9 27.6 17.2 10.7 4.4 7.6 8.0 7.6 8.4 8.2 3.4 5.0 5.7 5.5 6.1 1997 1998 28.6 24.8 12.3 5.7 -0.6 3.8 4.8 4.8 6.0 5.9 1.0 2.9 3.8 3.7 4.5 1998 1999 21.0 4.9 -1.0 -6.8 -0.6 1.3 1.8 3.4 3.7 -1.4 0.9 2.0 2.0 2.9 1999 2000 -9.1 -10.5 -14.6 -5.3 -2.3 -1.1 1.1 1.7 -3.6 -0.9 0.4 0.6 1.7 2000 2001 -11.9 -17.2 -4.1 -0.5 0.5 2.9 3.3 -2.9 0.0 1.4 1.5 2.6 2001 2002 -22.1 0.1 3.6 3.9 6.2 6.1 -1.5 1.6 3.0 2.9 4.0 2002 2003 28.7 19.5 14.4 14.7 12.8 2.4 5.5 6.7 6.2 7.1 2003 2004 10.9 7.9 10.4 9.2 -2.2 2.1 3.9 3.6 4.9 2004 2005 4.9 10.2 8.6 -5.2 0.4 2.7 2.6 4.2 2005 2006 15.8 10.5 -8.4 -0.7 2.3 2.3 4.1 2006 2007 5.5 -18.5 -5.6 -0.8 -0.2 2.3 2007 2008 -37.0 -10.7 -2.9 -1.6 1.7 2008 2009 26.5 2010 20.6 15.1 2011 14.1 8.4 2.1 2012 14.6 10.9 8.8 16.0 2009 2010 2011 2012 11
  8. 8. 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 12 1927 34.0 36.0 17.1 3.6 -8.3 -8.3 -1.1 -0.4 3.8 6.4 1.8 3.8 3.7 2.9 2.0 2.8 4.2 5.1 6.6 5.9 5.8 5.6 6.2 7.1 7.6 7.9 7.6 8.9 9.4 9.4 8.7 9.7 9.7 9.5 9.9 9.4 9.7 9.8 9.9 9.4 9.8 9.9 9.4 9.2 9.4 9.5 8.9 7.9 8.5 8.8 8.6 8.6 8.8 9.2 9.0 9.2 9.4 9.4 9.7 9.8 9.7 9.8 10.1 9.8 10.2 10.2 10.2 10.0 10.4 10.5 10.8 11.0 11.2 10.8 10.5 10.0 10.3 10.3 10.2 10.3 10.2 9.5 9.7 9.8 9.7 9.8 1927 1928 38.1 9.5 -4.9 -16.6 -15.0 -5.9 -4.5 0.6 3.7 -1.0 1.4 1.5 0.8 0.0 1.0 2.5 3.6 5.2 4.6 4.6 4.5 5.1 6.1 6.7 6.9 6.7 8.0 8.6 8.6 7.9 9.0 9.1 8.8 9.3 8.7 9.0 9.2 9.4 8.9 9.3 9.4 8.9 8.7 8.9 9.0 8.4 7.4 8.0 8.4 8.1 8.1 8.4 8.8 8.6 8.8 9.0 9.0 9.3 9.5 9.3 9.5 9.8 9.5 9.8 9.8 9.9 9.7 10.1 10.2 10.5 10.7 10.9 10.5 10.2 9.7 10.0 10.0 10.0 10.0 10.0 9.2 9.4 9.5 9.4 9.5 1928 1929 -13.2 -21.1 -29.5 -24.8 -12.9 -10.2 -3.9 0.1 -4.5 -1.7 -1.3 -1.8 -2.4 -1.2 0.5 1.7 3.6 3.0 3.1 3.0 3.8 4.8 5.5 5.8 5.6 7.0 7.6 7.7 7.0 8.1 8.2 8.0 8.5 8.0 8.3 8.5 8.7 8.2 8.6 8.8 8.3 8.1 8.3 8.4 7.8 6.9 7.4 7.8 7.6 7.6 7.9 8.3 8.1 8.3 8.6 8.5 8.9 9.0 8.9 9.0 9.3 9.1 9.4 9.4 9.5 9.3 9.7 9.9 10.1 10.3 10.5 10.2 9.9 9.4 9.6 9.7 9.6 9.7 9.6 8.9 9.1 9.2 9.1 9.2 1929 1930 -28.3 -36.5 -28.3 -12.8 -9.6 -2.2 2.1 -3.4 -0.4 0.0 -0.7 -1.5 -0.2 1.6 2.8 4.7 4.1 4.0 3.9 4.7 5.8 6.4 6.7 6.4 7.9 8.5 8.5 7.8 8.9 9.0 8.8 9.3 8.7 9.0 9.2 9.4 8.8 9.3 9.4 8.9 8.7 8.8 9.0 8.3 7.3 7.9 8.3 8.1 8.1 8.4 8.8 8.6 8.8 9.0 9.0 9.3 9.5 9.3 9.5 9.8 9.5 9.9 9.9 9.9 9.7 10.1 10.2 10.5 10.7 10.9 10.6 10.2 9.7 10.0 10.0 10.0 10.0 10.0 9.2 9.4 9.5 9.4 9.5 1930 1931 -43.7 -28.2 -7.0 -4.2 4.0 8.3 0.8 3.8 3.7 2.6 1.4 2.5 4.3 5.5 7.4 6.5 6.3 6.1 6.8 7.8 8.4 8.7 8.3 9.8 10.4 10.3 9.4 10.6 10.6 10.3 10.8 10.1 10.4 10.6 10.7 10.1 10.5 10.6 10.0 9.8 9.9 10.1 9.4 8.3 8.9 9.3 9.0 9.0 9.3 9.7 9.4 9.7 9.9 9.8 10.2 10.3 10.1 10.3 10.6 10.3 10.6 10.6 10.6 10.4 10.8 11.0 11.2 11.4 11.6 11.2 10.9 10.4 10.6 10.7 10.6 10.7 10.6 9.8 10.0 10.1 10.0 10.1 1931 1932 -8.5 19.6 14.4 21.3 23.5 11.1 13.3 12.0 9.7 7.5 8.3 9.8 10.7 12.5 11.1 10.7 10.1 10.7 11.6 12.0 12.1 11.6 13.0 13.5 13.3 12.3 13.4 13.3 12.9 13.3 12.5 12.8 12.9 12.9 12.2 12.6 12.7 12.0 11.7 11.8 11.9 11.1 10.0 10.6 10.9 10.6 10.5 10.8 11.2 10.9 11.1 11.3 11.2 11.6 11.6 11.5 11.6 11.9 11.5 11.9 11.8 11.8 11.6 12.0 12.1 12.4 12.6 12.7 12.4 12.0 11.4 11.7 11.7 11.6 11.7 11.6 10.8 11.0 11.1 10.9 11.0 1932 1933 56.4 27.9 33.2 33.1 15.5 17.4 15.3 12.2 9.5 10.1 11.7 12.5 14.3 12.7 12.1 11.4 11.9 12.8 13.2 13.3 12.6 14.1 14.6 14.3 13.2 14.3 14.2 13.7 14.2 13.3 13.5 13.6 13.6 12.9 13.3 13.3 12.6 12.3 12.4 12.5 11.6 10.5 11.1 11.4 11.1 11.0 11.2 11.7 11.3 11.5 11.7 11.6 12.0 12.1 11.9 12.0 12.2 11.9 12.3 12.2 12.2 12.0 12.3 12.5 12.7 12.9 13.1 12.7 12.3 11.7 12.0 12.0 11.9 12.0 11.9 11.0 11.3 11.3 11.2 11.2 1933 Fama/French Total US Market Index 1934 4.6 22.9 26.1 7.0 10.9 9.5 7.0 4.7 5.9 8.0 9.1 11.3 9.9 9.4 8.9 9.6 10.7 11.2 11.3 10.8 12.4 13.0 12.8 11.7 12.9 12.9 12.4 12.9 12.0 12.3 12.4 12.5 11.8 12.2 12.3 11.6 11.3 11.4 11.5 10.7 9.6 10.2 10.5 10.2 10.1 10.4 10.9 10.6 10.8 11.0 10.9 11.3 11.4 11.2 11.3 11.6 11.2 11.6 11.6 11.6 11.4 11.7 11.9 12.2 12.4 12.5 12.1 11.8 11.2 11.5 11.5 11.4 11.5 11.4 10.5 10.8 10.8 10.7 10.8 1934 1935 44.5 38.4 7.8 12.5 10.6 7.4 4.7 6.1 8.4 9.6 11.9 10.3 9.8 9.3 10.0 11.1 11.6 11.7 11.1 12.8 13.4 13.1 12.0 13.2 13.2 12.7 13.2 12.3 12.6 12.7 12.8 12.0 12.5 12.5 11.8 11.5 11.6 11.7 10.9 9.7 10.3 10.7 10.3 10.3 10.6 11.0 10.7 10.9 11.1 11.0 11.4 11.5 11.3 11.4 11.7 11.4 11.7 11.7 11.7 11.5 11.9 12.0 12.3 12.5 12.7 12.3 11.9 11.3 11.6 11.6 11.5 11.5 11.5 10.6 10.8 10.9 10.8 10.9 1935 1927–2012: Total Returns (%) 1936 32.6 -6.8 3.6 3.4 1.2 -0.7 1.5 4.5 6.3 9.1 7.7 7.3 6.9 7.8 9.2 9.8 10.1 9.5 11.3 12.0 11.8 10.7 12.0 12.1 11.6 12.1 11.3 11.6 11.7 11.8 11.1 11.6 11.7 11.0 10.7 10.8 11.0 10.1 8.9 9.6 9.9 9.6 9.6 9.9 10.4 10.0 10.3 10.5 10.4 10.8 10.9 10.7 10.9 11.2 10.8 11.2 11.2 11.2 11.0 11.4 11.5 11.8 12.0 12.2 11.8 11.4 10.9 11.1 11.2 11.1 11.1 11.1 10.2 10.4 10.5 10.4 10.5 1936 1937 -34.5 -8.5 -4.8 -5.4 -6.3 -2.9 1.0 3.4 6.8 5.5 5.3 5.0 6.1 7.7 8.5 8.8 8.3 10.3 11.0 10.9 9.8 11.2 11.2 10.8 11.4 10.5 10.9 11.1 11.2 10.5 11.0 11.1 10.4 10.1 10.2 10.4 9.5 8.3 9.0 9.4 9.1 9.1 9.4 9.9 9.6 9.8 10.1 10.0 10.4 10.5 10.4 10.5 10.8 10.5 10.9 10.9 10.9 10.7 11.1 11.2 11.5 11.7 11.9 11.5 11.1 10.6 10.9 10.9 10.8 10.9 10.8 9.9 10.2 10.3 10.1 10.2 1937 1938 27.9 14.8 7.0 2.4 5.0 8.6 10.4 13.5 11.2 10.4 9.6 10.5 11.9 12.5 12.5 11.7 13.7 14.3 14.0 12.6 14.0 14.0 13.4 13.9 12.8 13.2 13.3 13.3 12.5 13.0 13.0 12.2 11.8 11.9 12.1 11.1 9.8 10.5 10.9 10.5 10.5 10.8 11.2 10.9 11.1 11.4 11.2 11.6 11.7 11.5 11.6 11.9 11.6 12.0 11.9 11.9 11.7 12.1 12.2 12.5 12.7 12.9 12.5 12.1 11.5 11.7 11.7 11.7 11.7 11.6 10.7 11.0 11.1 10.9 11.0 1938 GROWTH OF $1 1939 3.0 -2.1 -4.9 0.0 5.1 7.7 11.6 9.3 8.6 8.0 9.0 10.6 11.3 11.5 10.7 12.9 13.6 13.3 11.9 13.4 13.3 12.7 13.3 12.3 12.6 12.7 12.8 11.9 12.5 12.5 11.7 11.3 11.5 11.6 10.7 9.4 10.1 10.5 10.1 10.1 10.4 10.9 10.5 10.7 11.0 10.9 11.3 11.4 11.2 11.3 11.7 11.3 11.7 11.7 11.6 11.4 11.8 12.0 12.3 12.5 12.7 12.2 11.8 11.2 11.5 11.5 11.4 11.5 11.4 10.5 10.7 10.8 10.7 10.8 1939 $100,000 1940 -6.9 -8.5 -1.0 5.7 8.7 13.1 10.2 9.4 8.5 9.7 11.3 12.1 12.2 11.3 13.6 14.3 13.9 12.4 13.9 13.9 13.2 13.8 12.7 13.0 13.1 13.2 12.3 12.8 12.9 12.0 11.6 11.8 11.9 10.9 9.6 10.3 10.7 10.3 10.2 10.6 11.1 10.7 10.9 11.2 11.1 11.5 11.6 11.4 11.5 11.8 11.5 11.9 11.8 11.8 11.6 12.0 12.1 12.5 12.6 12.8 12.4 12.0 11.4 11.6 11.7 11.6 11.6 11.5 10.6 10.9 11.0 10.8 10.9 1940 1941 -10.1 2.1 10.3 13.0 17.6 13.3 11.9 10.6 11.7 13.3 14.0 13.9 12.9 15.2 15.8 15.4 13.7 15.2 15.1 14.3 14.9 13.7 14.0 14.1 14.1 13.1 13.6 13.7 12.7 12.3 12.4 12.6 11.5 10.1 10.8 11.2 10.8 10.7 11.1 11.6 11.2 11.4 11.7 11.5 11.9 12.0 11.8 11.9 12.3 11.9 12.3 12.2 12.2 12.0 12.4 12.5 12.8 13.0 13.2 12.8 12.3 11.7 12.0 12.0 11.9 11.9 11.8 10.9 11.1 11.2 11.1 11.1 1941 $2,996 $10,000 1942 16.0 22.1 21.9 25.8 18.7 16.1 14.0 14.8 16.3 16.7 16.4 15.0 17.4 18.0 17.3 15.4 16.9 16.7 15.8 16.3 14.9 15.2 15.3 15.2 14.2 14.7 14.6 13.6 13.2 13.3 13.4 12.2 10.8 11.5 11.9 11.4 11.4 11.7 12.2 11.8 12.0 12.2 12.1 12.5 12.6 12.3 12.5 12.8 12.4 12.8 12.7 12.7 12.4 12.8 13.0 13.3 13.5 13.7 13.2 12.7 12.1 12.4 12.4 12.3 12.3 12.2 11.2 11.5 11.6 11.4 11.5 1942 $1,000 1943 28.6 25.0 29.2 19.4 16.1 13.6 14.6 16.3 16.8 16.5 14.9 17.5 18.1 17.4 15.3 17.0 16.7 15.8 16.3 14.9 15.2 15.2 15.2 14.1 14.6 14.6 13.5 13.1 13.2 13.3 12.1 10.6 11.3 11.8 11.3 11.2 11.6 12.1 11.7 11.9 12.1 12.0 12.4 12.5 12.3 12.4 12.7 12.3 12.7 12.6 12.6 12.4 12.8 12.9 13.2 13.4 13.6 13.1 12.7 12.0 12.3 12.3 12.2 12.3 12.1 11.2 11.4 11.5 11.4 11.4 1943 1944 21.4 29.5 16.5 13.2 10.9 12.4 14.7 15.4 15.2 13.7 16.6 17.3 16.6 14.4 16.2 16.0 15.1 15.7 14.2 14.5 14.6 14.6 13.5 14.1 14.1 13.0 12.5 12.7 12.8 11.6 10.1 10.8 11.3 10.8 10.8 11.1 11.7 11.2 11.5 11.8 11.6 12.1 12.2 11.9 12.0 12.4 12.0 12.4 12.3 12.3 12.1 12.5 12.6 13.0 13.2 13.4 12.9 12.4 11.7 12.1 12.1 12.0 12.0 11.9 10.9 11.2 11.3 11.1 11.2 1944 $100 1945 38.0 14.1 10.5 8.4 10.7 13.6 14.6 14.4 12.8 16.1 16.9 16.2 13.9 15.9 15.7 14.7 15.4 13.8 14.2 14.3 14.3 13.1 13.7 13.8 12.7 12.2 12.3 12.5 11.3 9.7 10.5 11.0 10.5 10.5 10.8 11.4 11.0 11.2 11.5 11.4 11.8 11.9 11.7 11.8 12.2 11.8 12.2 12.2 12.1 11.9 12.3 12.5 12.8 13.0 13.2 12.7 12.3 11.6 11.9 11.9 11.8 11.9 11.8 10.8 11.0 11.1 11.0 11.0 1945 1946 -5.7 -1.1 0.0 4.7 9.3 11.1 11.4 10.0 13.9 15.0 14.4 12.1 14.3 14.2 13.3 14.1 12.5 13.0 13.2 13.2 12.1 12.8 12.8 11.7 11.3 11.5 11.6 10.4 8.8 9.7 10.2 9.8 9.7 10.1 10.7 10.3 10.6 10.9 10.8 11.2 11.4 11.1 11.3 11.7 11.2 11.7 11.7 11.7 11.4 11.9 12.0 12.4 12.6 12.8 12.3 11.9 11.2 11.5 11.5 11.4 11.5 11.4 10.4 10.7 10.8 10.6 10.7 1946 $10 1947 3.7 2.9 8.4 13.3 14.8 14.6 12.5 16.6 17.5 16.6 13.9 16.2 15.9 14.8 15.5 13.8 14.2 14.3 14.3 13.0 13.7 13.7 12.6 12.0 12.2 12.4 11.1 9.4 10.3 10.8 10.3 10.3 10.6 11.2 10.8 11.1 11.4 11.2 11.7 11.8 11.6 11.7 12.1 11.7 12.1 12.1 12.1 11.8 12.2 12.4 12.8 13.0 13.2 12.7 12.2 11.5 11.8 11.8 11.7 11.8 11.7 10.7 10.9 11.0 10.9 10.9 1947 1948 2.1 10.9 16.8 17.7 16.9 14.0 18.6 19.4 18.1 14.9 17.4 17.0 15.7 16.4 14.5 14.9 15.0 14.9 13.6 14.2 14.2 13.0 12.4 12.6 12.7 11.4 9.6 10.5 11.0 10.5 10.5 10.9 11.5 11.0 11.3 11.6 11.4 11.9 12.1 11.8 11.9 12.3 11.8 12.3 12.3 12.2 12.0 12.4 12.6 13.0 13.2 13.4 12.9 12.4 11.6 12.0 12.0 11.9 11.9 11.8 10.8 11.1 11.2 11.0 11.1 1948 $1 1949 20.3 24.8 23.4 20.9 16.5 21.5 22.1 20.3 16.4 19.0 18.4 16.9 17.6 15.4 15.8 15.8 15.7 14.2 14.9 14.9 13.5 12.9 13.0 13.2 11.8 9.9 10.8 11.4 10.8 10.8 11.2 11.8 11.3 11.6 11.9 11.7 12.2 12.3 12.0 12.2 12.6 12.1 12.6 12.5 12.5 12.2 12.7 12.8 13.2 13.4 13.6 13.1 12.6 11.8 12.2 12.2 12.1 12.1 12.0 10.9 11.2 11.3 11.1 11.2 1949 1950 29.5 25.0 21.0 15.6 21.8 22.4 20.3 16.0 18.9 18.2 16.6 17.4 15.1 15.5 15.5 15.5 13.9 14.6 14.6 13.2 12.6 12.7 12.9 11.4 9.5 10.5 11.1 10.5 10.4 10.9 11.5 11.0 11.3 11.7 11.5 12.0 12.1 11.8 12.0 12.4 11.9 12.4 12.3 12.3 12.0 12.5 12.7 13.0 13.3 13.5 12.9 12.4 11.7 12.0 12.0 11.9 12.0 11.9 10.8 11.1 11.2 11.0 11.1 1950 1951 20.6 17.0 11.3 19.9 21.0 18.8 14.1 17.6 17.1 15.3 16.4 13.9 14.5 14.6 14.6 13.0 13.8 13.8 12.4 11.8 12.0 12.2 10.7 8.7 9.8 10.4 9.9 9.8 10.3 11.0 10.5 10.8 11.2 11.0 11.5 11.7 11.4 11.6 12.0 11.5 12.0 12.0 11.9 11.6 12.1 12.3 12.7 12.9 13.2 12.6 12.1 11.4 11.7 11.7 11.6 11.7 11.6 10.5 10.8 10.9 10.7 10.8 1951 D I M E N S I O N A L F U N D A D VI S O R S $0 1927 1952 13.5 6.9 19.7 21.1 18.4 13.1 17.2 16.6 14.8 15.9 13.4 14.0 14.1 14.2 12.5 13.4 13.4 12.0 11.3 11.6 11.8 10.3 8.3 9.4 10.0 9.5 9.4 9.9 10.7 10.2 10.5 10.9 10.7 11.3 11.4 11.1 11.3 11.8 11.3 11.8 11.7 11.7 11.4 12.0 12.2 12.5 12.8 13.0 12.5 12.0 11.2 11.5 11.6 11.5 11.5 11.4 10.3 10.6 10.7 10.6 10.6 1952 1953 0.7 22.9 23.7 19.7 13.0 17.8 17.1 14.9 16.2 13.3 14.0 14.2 14.2 12.4 13.4 13.4 11.9 11.2 11.5 11.7 10.1 8.0 9.2 9.9 9.3 9.3 9.8 10.6 10.0 10.4 10.8 10.6 11.2 11.4 11.1 11.3 11.7 11.2 11.8 11.7 11.7 11.4 11.9 12.1 12.5 12.8 13.0 12.5 11.9 11.1 11.5 11.5 11.4 11.5 11.4 10.3 10.6 10.7 10.5 10.6 1953 2012 Data provided by Fama/French. 1954 50.1 37.2 26.8 16.3 21.6 20.1 17.1 18.3 14.8 15.4 15.5 15.4 13.4 14.4 14.3 12.6 11.9 12.1 12.3 10.6 8.4 9.6 10.3 9.7 9.6 10.2 10.9 10.4 10.8 11.1 10.9 11.6 11.7 11.4 11.6 12.0 11.5 12.1 12.0 12.0 11.7 12.2 12.4 12.8 13.1 13.3 12.7 12.2 11.4 11.7 11.7 11.6 11.7 11.6 10.4 10.7 10.9 10.7 10.8 1954 1955 25.3 16.5 6.9 15.3 14.8 12.4 14.4 11.0 12.1 12.5 12.7 10.7 12.0 12.1 10.5 9.8 10.2 10.5 8.8 6.6 8.0 8.8 8.2 8.2 8.8 9.7 9.1 9.6 10.0 9.8 10.5 10.7 10.4 10.6 11.1 10.6 11.2 11.1 11.1 10.8 11.4 11.6 12.1 12.3 12.6 12.0 11.5 10.7 11.1 11.1 11.0 11.1 11.0 9.8 10.1 10.3 10.1 10.2 1955 1956 8.3 -1.3 12.2 12.3 9.9 12.6 9.1 10.6 11.2 11.5 9.5 10.9 11.2 9.5 8.9 9.3 9.7 8.0 5.7 7.2 8.0 7.5 7.5 8.2 9.1 8.6 9.0 9.5 9.3 10.0 10.2 10.0 10.2 10.7 10.2 10.8 10.8 10.8 10.5 11.1 11.3 11.8 12.0 12.3 11.7 11.2 10.4 10.8 10.8 10.7 10.8 10.7 9.5 9.9 10.0 9.8 9.9 1956 1957 -10.1 14.2 13.7 10.4 13.5 9.3 10.9 11.5 11.9 9.6 11.2 11.4 9.6 8.9 9.4 9.8 8.0 5.6 7.1 8.0 7.5 7.5 8.2 9.1 8.6 9.0 9.5 9.4 10.1 10.3 10.0 10.3 10.8 10.2 10.9 10.9 10.9 10.6 11.2 11.4 11.9 12.1 12.4 11.8 11.3 10.4 10.8 10.9 10.8 10.9 10.7 9.6 9.9 10.0 9.9 10.0 1957 1958 45.0 27.9 18.2 20.3 13.6 14.8 15.0 15.0 12.0 13.6 13.6 11.4 10.5 10.9 11.3 9.2 6.6 8.1 9.1 8.4 8.4 9.1 10.0 9.4 9.9 10.4 10.2 10.9 11.1 10.8 11.0 11.5 10.9 11.6 11.5 11.5 11.2 11.8 12.0 12.5 12.7 13.0 12.4 11.8 10.9 11.3 11.4 11.2 11.3 11.2 10.0 10.3 10.5 10.3 10.4 1958 1959 12.8 6.7 13.1 6.9 9.6 10.7 11.2 8.5 10.5 10.9 8.7 8.1 8.7 9.2 7.2 4.6 6.3 7.3 6.8 6.8 7.6 8.7 8.1 8.6 9.2 9.0 9.8 10.0 9.7 10.0 10.6 10.0 10.7 10.7 10.7 10.4 11.0 11.3 11.7 12.0 12.3 11.7 11.1 10.3 10.7 10.7 10.6 10.7 10.6 9.4 9.7 9.9 9.7 9.8 1959 1960 0.9 13.2 5.1 8.8 10.3 11.0 7.9 10.3 10.7 8.3 7.6 8.3 8.9 6.8 4.0 5.9 7.0 6.5 6.5 7.3 8.5 7.9 8.4 9.0 8.9 9.7 9.9 9.6 9.9 10.5 9.9 10.6 10.6 10.6 10.3 10.9 11.2 11.7 12.0 12.3 11.7 11.1 10.2 10.7 10.7 10.6 10.7 10.6 9.3 9.7 9.8 9.7 9.8 1960 1961 27.0 7.2 11.6 12.7 13.1 9.1 11.6 12.0 9.2 8.3 9.0 9.6 7.2 4.3 6.2 7.4 6.8 6.9 7.7 8.8 8.2 8.8 9.4 9.2 10.0 10.3 10.0 10.2 10.8 10.2 10.9 10.9 10.9 10.6 11.2 11.5 12.0 12.3 12.6 12.0 11.3 10.4 10.9 10.9 10.8 10.9 10.8 9.5 9.9 10.0 9.8 9.9 1961 1962 -9.6 4.6 8.3 9.9 5.8 9.3 10.0 7.2 6.4 7.4 8.2 5.7 2.7 4.9 6.2 5.6 5.8 6.7 8.0 7.4 8.0 8.6 8.5 9.4 9.7 9.4 9.7 10.3 9.7 10.4 10.4 10.5 10.1 10.8 11.1 11.6 11.9 12.3 11.6 11.0 10.1 10.5 10.6 10.5 10.6 10.5 9.2 9.5 9.7 9.5 9.6 1962 1963 21.0 18.6 17.2 10.1 13.5 13.6 9.8 8.6 9.4 10.1 7.3 3.8 6.1 7.5 6.7 6.8 7.8 9.0 8.3 9.0 9.6 9.4 10.3 10.6 10.2 10.5 11.1 10.5 11.2 11.2 11.2 10.8 11.5 11.8 12.3 12.6 12.9 12.2 11.6 10.6 11.1 11.1 11.0 11.1 10.9 9.6 10.0 10.1 9.9 10.0 1963 1964 16.2 15.3 6.7 11.7 12.2 8.0 7.0 8.1 9.0 6.0 2.4 4.9 6.5 5.8 5.9 7.0 8.4 7.7 8.4 9.1 8.9 9.8 10.1 9.8 10.1 10.7 10.1 10.9 10.8 10.9 10.5 11.2 11.5 12.1 12.4 12.7 12.0 11.3 10.3 10.8 10.9 10.7 10.9 10.7 9.4 9.8 9.9 9.7 9.8 1964 1965 14.5 2.2 10.2 11.2 6.4 5.5 6.9 8.1 4.9 1.1 4.0 5.7 5.0 5.2 6.4 7.9 7.2 7.9 8.7 8.5 9.5 9.8 9.5 9.8 10.5 9.8 10.7 10.7 10.7 10.3 11.1 11.4 11.9 12.3 12.6 11.9 11.2 10.2 10.7 10.7 10.6 10.7 10.6 9.2 9.6 9.8 9.6 9.7 1965 1966 -8.8 8.1 10.1 4.5 3.8 5.7 7.2 3.7 -0.3 3.0 5.0 4.3 4.6 5.8 7.5 6.8 7.6 8.4 8.2 9.3 9.6 9.3 9.6 10.4 9.7 10.5 10.5 10.5 10.2 10.9 11.3 11.8 12.2 12.6 11.8 11.1 10.1 10.6 10.6 10.5 10.6 10.5 9.1 9.5 9.7 9.5 9.6 1966 1967 28.2 21.0 9.4 7.2 8.9 10.2 5.7 0.8 4.4 6.4 5.5 5.8 7.0 8.7 7.9 8.7 9.5 9.2 10.3 10.6 10.2 10.6 11.3 10.5 11.4 11.3 11.3 10.9 11.7 12.0 12.6 12.9 13.3 12.5 11.7 10.7 11.2 11.2 11.1 11.2 11.0 9.6 10.0 10.1 9.9 10.0 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1968 14.2 1.0 1.0 4.6 6.9 2.3 -2.6 1.7 4.3 3.5 3.9 5.4 7.4 6.6 7.5 8.4 8.2 9.4 9.8 9.4 9.8 10.6 9.8 10.7 10.7 10.7 10.3 11.1 11.5 12.1 12.5 12.8 12.0 11.3 10.2 10.7 10.8 10.6 10.8 10.6 9.1 9.6 9.8 9.6 9.7 1968 1969 -10.6 -5.1 1.5 5.1 0.1 -5.2 0.1 3.1 2.4 2.9 4.7 6.8 6.0 7.0 8.0 7.8 9.2 9.6 9.1 9.6 10.4 9.6 10.6 10.6 10.6 10.2 11.0 11.4 12.0 12.4 12.8 12.0 11.2 10.1 10.6 10.7 10.6 10.7 10.5 9.0 9.5 9.7 9.4 9.6 1969 1970 0.9 8.2 11.0 3.0 -4.1 2.0 5.2 4.1 4.6 6.4 8.6 7.5 8.5 9.5 9.2 10.5 10.9 10.4 10.7 11.6 10.7 11.7 11.6 11.6 11.1 12.0 12.3 12.9 13.3 13.7 12.8 12.0 10.8 11.3 11.4 11.2 11.3 11.2 9.6 10.0 10.2 10.0 10.1 1970 1971 16.0 16.4 3.7 -5.2 2.2 5.9 4.6 5.1 7.0 9.4 8.1 9.2 10.2 9.8 11.2 11.5 10.9 11.3 12.2 11.2 12.2 12.1 12.1 11.5 12.4 12.8 13.4 13.8 14.1 13.2 12.3 11.1 11.7 11.7 11.5 11.6 11.5 9.8 10.3 10.4 10.2 10.3 1971 1972 16.8 -2.0 -11.4 -1.0 4.0 2.8 3.6 5.9 8.6 7.4 8.6 9.7 9.4 10.9 11.2 10.6 11.0 12.0 10.9 12.0 11.9 11.9 11.3 12.3 12.6 13.3 13.7 14.1 13.1 12.2 10.9 11.5 11.5 11.4 11.5 11.3 9.6 10.1 10.3 10.1 10.2 1972 1973 -17.8 -22.9 -6.3 1.1 0.2 1.5 4.4 7.7 6.4 7.8 9.1 8.8 10.4 10.8 10.2 10.7 11.7 10.6 11.8 11.7 11.7 11.1 12.1 12.5 13.2 13.6 14.0 13.0 12.1 10.8 11.4 11.4 11.2 11.3 11.2 9.5 9.9 10.1 9.9 10.0 1973 1974 -27.7 -0.1 8.2 5.3 5.9 8.7 11.9 9.9 11.1 12.2 11.6 13.2 13.4 12.6 12.9 13.8 12.6 13.7 13.5 13.4 12.7 13.7 14.0 14.7 15.1 15.4 14.3 13.3 11.9 12.5 12.5 12.3 12.4 12.2 10.3 10.8 11.0 10.7 10.8 1974 1975 38.1 32.4 19.4 16.5 17.9 20.3 16.6 17.2 17.9 16.5 17.9 17.8 16.5 16.6 17.3 15.7 16.8 16.4 16.1 15.2 16.2 16.4 17.0 17.3 17.6 16.4 15.2 13.7 14.2 14.2 13.9 13.9 13.7 11.7 12.2 12.3 12.0 12.1 1975 1976 27.0 10.9 10.0 13.3 17.1 13.4 14.5 15.5 14.3 16.0 16.1 14.8 15.0 16.0 14.4 15.5 15.2 15.0 14.1 15.2 15.5 16.1 16.5 16.8 15.6 14.4 12.8 13.5 13.4 13.2 13.2 13.0 11.0 11.5 11.7 11.4 11.5 1976 1977 -3.1 2.4 9.1 14.7 10.8 12.5 14.0 12.8 14.8 15.0 13.8 14.1 15.2 13.5 14.8 14.5 14.3 13.5 14.6 14.9 15.6 16.0 16.4 15.1 13.9 12.3 13.0 12.9 12.7 12.8 12.6 10.5 11.1 11.3 11.0 11.1 1977 1978 8.2 15.7 21.3 14.6 15.9 17.1 15.3 17.3 17.2 15.6 15.8 16.8 14.9 16.2 15.8 15.5 14.5 15.6 15.9 16.7 17.0 17.4 16.0 14.7 13.0 13.7 13.6 13.3 13.4 13.1 11.0 11.5 11.7 11.4 11.5 1978 1979 23.7 28.4 16.8 17.9 19.0 16.5 18.7 18.4 16.4 16.6 17.7 15.5 16.9 16.3 16.0 14.9 16.1 16.4 17.1 17.5 17.8 16.3 15.0 13.2 13.9 13.8 13.5 13.6 13.3 11.1 11.7 11.8 11.5 11.6 1979 1980 33.4 13.5 16.1 17.8 15.1 17.8 17.7 15.6 15.8 17.1 14.8 16.3 15.8 15.5 14.3 15.6 16.0 16.8 17.2 17.5 16.0 14.6 12.8 13.5 13.4 13.1 13.2 12.9 10.7 11.3 11.5 11.1 11.2 1980 1981 -3.3 8.3 13.1 11.0 15.0 15.2 13.2 13.8 15.4 13.0 14.9 14.4 14.2 13.1 14.5 15.0 15.9 16.3 16.7 15.2 13.8 11.9 12.7 12.7 12.4 12.5 12.2 10.0 10.6 10.8 10.5 10.6 1981 1982 21.3 22.3 16.2 20.1 19.4 16.3 16.5 18.0 15.0 16.9 16.2 15.8 14.5 15.9 16.3 17.2 17.6 18.0 16.3 14.7 12.7 13.5 13.4 13.1 13.2 12.9 10.5 11.1 11.3 11.0 11.1 1982 1983 23.2 13.8 19.6 18.9 15.3 15.7 17.5 14.3 16.4 15.7 15.3 13.9 15.5 15.9 16.9 17.4 17.8 16.0 14.4 12.3 13.1 13.1 12.8 12.9 12.6 10.1 10.7 11.0 10.6 10.8 1983 1984 5.0 17.9 17.5 13.4 14.3 16.6 13.0 15.5 14.9 14.5 13.1 14.9 15.4 16.5 17.0 17.5 15.6 13.9 11.7 12.6 12.6 12.3 12.4 12.1 9.6 10.3 10.6 10.2 10.4 1984 1985 32.4 24.2 16.3 16.7 19.0 14.4 17.1 16.2 15.6 14.0 15.9 16.3 17.4 17.9 18.3 16.3 14.5 12.1 13.1 13.0 12.7 12.8 12.5 9.8 10.5 10.8 10.4 10.6 1985 1986 16.6 9.0 11.9 15.9 11.2 14.8 14.1 13.7 12.1 14.3 14.9 16.2 16.8 17.4 15.3 13.4 11.0 12.1 12.1 11.8 11.9 11.6 8.9 9.7 10.0 9.6 9.8 1986 1987 2.0 9.6 15.7 9.8 14.4 13.7 13.3 11.5 14.1 14.8 16.2 16.9 17.5 15.2 13.2 10.7 11.8 11.8 11.5 11.7 11.4 8.6 9.4 9.7 9.4 9.6 1987 1988 17.9 23.3 12.6 17.8 16.2 15.3 13.0 15.7 16.3 17.7 18.3 18.8 16.2 14.1 11.3 12.5 12.4 12.1 12.2 11.9 8.9 9.7 10.1 9.7 9.9 1988 1989 28.9 10.1 17.7 15.7 14.8 12.2 15.4 16.1 17.7 18.4 18.9 16.1 13.8 10.8 12.1 12.1 11.7 11.9 11.6 8.5 9.4 9.7 9.3 9.6 1989 1990 -6.0 12.5 11.6 11.5 9.1 13.3 14.4 16.4 17.2 18.0 15.0 12.6 9.5 11.0 11.0 10.7 11.0 10.7 7.5 8.5 8.9 8.5 8.8 1990 1991 34.7 21.7 18.1 13.2 17.6 18.2 20.0 20.5 21.0 17.4 14.5 10.9 12.4 12.4 12.0 12.2 11.8 8.3 9.3 9.7 9.3 9.5 1991 1992 9.9 10.6 6.9 13.6 15.2 17.7 18.6 19.4 15.6 12.6 9.0 10.7 10.8 10.5 10.8 10.5 6.9 8.0 8.5 8.1 8.5 1992 MATR IX BOOK 2013 1993 11.3 5.4 14.9 16.5 19.3 20.1 20.8 16.3 12.9 8.9 10.8 10.9 10.5 10.9 10.5 6.7 7.9 8.5 8.0 8.4 1993 1994 -0.2 16.8 18.3 21.4 22.0 22.5 17.0 13.1 8.7 10.8 10.9 10.5 10.8 10.5 6.4 7.7 8.3 7.9 8.2 1994 1995 36.6 28.8 29.6 28.3 27.6 20.2 15.2 9.8 12.1 12.0 11.5 11.8 11.3 6.9 8.3 8.8 8.4 8.7 1995 1996 21.4 26.3 25.6 25.4 17.2 11.9 6.4 9.3 9.6 9.3 9.8 9.4 4.9 6.5 7.2 6.8 7.3 1996 1997 31.3 27.7 26.8 16.1 10.1 4.1 7.7 8.2 8.0 8.7 8.4 3.6 5.4 6.3 5.9 6.5 1997 1998 24.3 24.6 11.4 5.4 -0.6 4.2 5.2 5.4 6.4 6.3 1.4 3.5 4.5 4.3 5.0 1998 1999 24.9 5.5 -0.3 -6.0 0.6 2.4 2.9 4.4 4.5 -0.6 1.8 3.0 2.9 3.7 1999 2000 -10.8 -10.9 -14.5 -4.7 -1.6 -0.4 1.8 2.2 -3.1 -0.3 1.3 1.2 2.2 2000 2001 -10.9 -16.3 -2.6 0.8 1.9 4.0 4.2 -2.1 1.0 2.6 2.4 3.4 2001 2002 -21.3 1.8 5.1 5.4 7.3 7.0 -0.7 2.6 4.2 3.9 4.8 2002 2003 31.8 21.4 16.1 15.9 13.8 3.2 6.5 7.9 7.1 7.9 2003 2004 11.9 9.0 11.1 9.7 -1.8 2.8 4.8 4.4 5.5 2004 2005 6.2 10.7 8.9 -4.9 1.1 3.7 3.3 4.7 2005 2006 15.4 10.3 -8.3 -0.1 3.2 2.9 4.5 2006 2007 5.5 -18.3 -4.8 0.4 0.5 2.8 2007 2008 -36.7 -9.6 -1.2 -0.7 2.3 2008 2009 29.1 2010 23.3 17.8 2011 15.4 9.1 1.0 2012 15.3 11.0 7.8 15.1 2009 2010 2011 2012 13
  9. 9. 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 14 1928 37.3 7.9 -7.5 -19.5 -17.3 -6.5 -4.9 0.4 3.8 -1.2 1.2 1.2 0.5 -0.1 1.0 2.8 4.1 6.0 5.3 5.2 5.0 5.6 6.7 7.2 7.4 7.1 8.5 9.0 9.0 8.2 9.4 9.5 9.2 9.7 9.1 9.4 9.6 9.8 9.3 9.9 10.1 9.5 9.2 9.4 9.5 8.7 7.8 8.4 8.9 8.7 8.8 9.1 9.5 9.3 9.6 9.9 9.7 10.1 10.2 10.0 10.2 10.4 10.1 10.4 10.5 10.5 10.4 10.7 10.9 11.1 11.2 11.3 11.1 10.9 10.4 10.7 10.8 10.7 10.8 10.7 9.9 10.2 10.3 10.1 10.2 1928 1929 -15.3 -24.1 -32.7 -27.1 -13.5 -10.6 -4.0 0.3 -4.8 -1.8 -1.6 -2.0 -2.6 -1.2 0.8 2.3 4.4 3.8 3.7 3.6 4.3 5.5 6.0 6.3 6.0 7.5 8.1 8.1 7.3 8.5 8.7 8.4 9.0 8.3 8.7 8.9 9.2 8.7 9.3 9.5 8.9 8.6 8.8 8.9 8.1 7.2 7.9 8.4 8.2 8.3 8.6 9.0 8.9 9.1 9.4 9.3 9.7 9.8 9.6 9.8 10.0 9.7 10.1 10.1 10.2 10.0 10.4 10.5 10.8 10.9 11.0 10.8 10.6 10.1 10.4 10.5 10.4 10.5 10.4 9.6 9.9 10.0 9.9 9.9 1929 1930 -32.1 -40.0 -30.7 -13.0 -9.6 -2.0 2.7 -3.4 -0.2 -0.1 -0.7 -1.4 0.0 2.1 3.6 5.8 5.0 4.9 4.7 5.4 6.6 7.1 7.4 7.0 8.6 9.1 9.1 8.3 9.5 9.6 9.3 9.8 9.1 9.5 9.7 9.9 9.4 10.0 10.3 9.5 9.3 9.5 9.6 8.7 7.8 8.4 8.9 8.8 8.8 9.2 9.6 9.4 9.6 9.9 9.8 10.2 10.3 10.1 10.3 10.5 10.1 10.5 10.6 10.6 10.5 10.8 10.9 11.2 11.3 11.4 11.2 11.0 10.5 10.8 10.8 10.8 10.9 10.8 10.0 10.2 10.3 10.2 10.3 1930 1931 -46.9 -30.0 -5.5 -2.9 5.4 10.0 1.6 4.7 4.2 3.1 2.0 3.3 5.4 6.7 8.9 7.9 7.6 7.2 7.9 9.0 9.5 9.6 9.2 10.7 11.2 11.1 10.1 11.3 11.4 11.0 11.5 10.8 11.1 11.2 11.4 10.9 11.5 11.7 10.9 10.6 10.7 10.8 9.9 8.9 9.6 10.1 9.9 9.9 10.2 10.6 10.4 10.7 10.9 10.8 11.2 11.2 11.0 11.2 11.4 11.0 11.4 11.4 11.5 11.3 11.6 11.8 12.0 12.1 12.2 12.0 11.7 11.2 11.5 11.6 11.5 11.6 11.5 10.7 10.9 11.0 10.9 10.9 1931 1932 -7.7 26.1 18.8 25.2 27.3 13.2 15.4 13.4 11.0 8.9 9.7 11.6 12.6 14.7 13.1 12.5 11.7 12.2 13.2 13.5 13.5 12.8 14.3 14.7 14.4 13.3 14.4 14.4 13.9 14.3 13.4 13.6 13.7 13.9 13.2 13.8 13.9 13.1 12.7 12.8 12.8 11.8 10.8 11.4 11.8 11.6 11.6 11.9 12.3 12.0 12.3 12.5 12.3 12.7 12.7 12.5 12.6 12.9 12.4 12.8 12.8 12.8 12.6 12.9 13.1 13.3 13.4 13.5 13.2 12.9 12.4 12.7 12.7 12.6 12.7 12.6 11.7 12.0 12.1 11.9 12.0 1932 1933 72.2 34.7 38.6 38.0 17.9 19.8 16.8 13.6 10.9 11.6 13.5 14.5 16.6 14.8 14.0 13.1 13.5 14.5 14.8 14.7 13.9 15.4 15.8 15.4 14.2 15.4 15.3 14.7 15.2 14.2 14.4 14.5 14.6 13.9 14.5 14.6 13.7 13.3 13.4 13.4 12.4 11.2 11.9 12.3 12.1 12.1 12.4 12.7 12.5 12.7 13.0 12.8 13.1 13.2 12.9 13.0 13.3 12.8 13.2 13.2 13.2 13.0 13.3 13.4 13.7 13.7 13.8 13.6 13.3 12.7 13.0 13.0 13.0 13.0 12.9 12.0 12.2 12.3 12.2 12.2 1933 Dimensional US Adjusted Market 1 Index 1934 5.4 24.3 28.1 7.3 11.4 9.5 7.0 4.9 6.4 8.9 10.3 12.9 11.2 10.6 9.9 10.6 11.8 12.2 12.2 11.6 13.2 13.7 13.4 12.3 13.6 13.5 13.0 13.5 12.6 12.9 13.0 13.2 12.5 13.1 13.3 12.4 12.0 12.1 12.2 11.2 10.1 10.7 11.2 11.0 11.0 11.3 11.7 11.5 11.7 12.0 11.8 12.2 12.3 12.0 12.2 12.4 12.0 12.4 12.4 12.4 12.2 12.5 12.7 12.9 13.0 13.1 12.9 12.6 12.0 12.3 12.4 12.3 12.4 12.2 11.4 11.6 11.7 11.5 11.6 1934 1935 46.7 41.3 7.9 13.0 10.3 7.3 4.9 6.5 9.3 10.8 13.6 11.8 11.1 10.3 10.9 12.2 12.6 12.6 11.9 13.7 14.1 13.8 12.6 13.9 13.9 13.3 13.8 12.9 13.1 13.3 13.5 12.7 13.3 13.5 12.6 12.2 12.3 12.4 11.3 10.2 10.9 11.4 11.1 11.1 11.5 11.9 11.6 11.9 12.2 12.0 12.3 12.4 12.2 12.3 12.5 12.1 12.5 12.5 12.5 12.3 12.7 12.8 13.1 13.1 13.3 13.0 12.7 12.1 12.4 12.5 12.4 12.5 12.3 11.4 11.7 11.8 11.6 11.7 1935 1928–2012: Total Returns (%) 1936 36.1 -7.5 3.6 2.8 0.8 -0.8 1.8 5.3 7.5 10.7 9.0 8.5 7.9 8.7 10.2 10.8 10.9 10.2 12.1 12.7 12.5 11.2 12.7 12.7 12.2 12.7 11.8 12.1 12.3 12.5 11.8 12.4 12.7 11.7 11.4 11.5 11.6 10.5 9.4 10.1 10.6 10.4 10.4 10.8 11.2 11.0 11.2 11.5 11.4 11.7 11.8 11.6 11.7 12.0 11.6 12.0 12.0 12.0 11.8 12.2 12.3 12.6 12.7 12.8 12.5 12.2 11.7 12.0 12.0 12.0 12.0 11.9 11.0 11.3 11.4 11.2 11.3 1936 1937 -37.1 -9.6 -6.4 -6.5 -6.9 -3.0 1.5 4.3 8.2 6.6 6.3 5.8 6.9 8.6 9.3 9.5 8.9 10.9 11.6 11.4 10.2 11.7 11.8 11.3 11.9 10.9 11.3 11.5 11.7 11.0 11.7 12.0 11.1 10.7 10.9 10.9 9.9 8.7 9.5 10.1 9.8 9.9 10.3 10.7 10.5 10.7 11.1 10.9 11.3 11.4 11.1 11.3 11.6 11.2 11.6 11.6 11.6 11.4 11.8 12.0 12.2 12.3 12.5 12.2 11.9 11.3 11.7 11.7 11.7 11.7 11.6 10.7 11.0 11.1 10.9 11.0 1937 GROWTH OF $1 1938 29.9 14.1 6.7 2.7 5.7 9.9 12.1 15.8 13.1 12.0 10.9 11.7 13.2 13.7 13.6 12.7 14.7 15.2 14.8 13.3 14.8 14.7 14.1 14.6 13.5 13.8 13.9 14.1 13.2 13.9 14.1 13.0 12.6 12.7 12.7 11.6 10.4 11.1 11.6 11.4 11.4 11.7 12.2 11.9 12.1 12.4 12.2 12.6 12.7 12.4 12.6 12.8 12.4 12.8 12.8 12.8 12.6 12.9 13.0 13.3 13.4 13.5 13.2 12.9 12.3 12.6 12.7 12.6 12.7 12.5 11.6 11.9 12.0 11.8 11.9 1938 $100,000 1939 0.2 -3.3 -5.1 0.4 6.3 9.4 13.9 11.1 10.2 9.2 10.2 11.9 12.5 12.5 11.6 13.8 14.3 14.0 12.5 14.1 14.0 13.4 14.0 12.8 13.2 13.3 13.5 12.7 13.4 13.6 12.5 12.1 12.2 12.3 11.1 9.9 10.7 11.2 10.9 10.9 11.3 11.8 11.5 11.8 12.1 11.9 12.3 12.3 12.1 12.3 12.5 12.0 12.5 12.5 12.5 12.3 12.6 12.8 13.1 13.1 13.3 13.0 12.7 12.1 12.4 12.4 12.4 12.4 12.3 11.3 11.6 11.7 11.6 11.6 1939 1940 -6.7 -7.6 0.5 7.9 11.4 16.3 12.8 11.5 10.3 11.2 13.1 13.6 13.5 12.5 14.8 15.3 14.9 13.2 14.9 14.8 14.1 14.6 13.4 13.7 13.9 14.1 13.2 13.9 14.1 13.0 12.5 12.6 12.7 11.5 10.2 11.0 11.5 11.2 11.2 11.6 12.1 11.8 12.0 12.4 12.2 12.6 12.6 12.3 12.5 12.8 12.3 12.7 12.7 12.7 12.5 12.9 13.0 13.3 13.4 13.5 13.2 12.9 12.3 12.6 12.6 12.6 12.6 12.5 11.5 11.8 11.9 11.7 11.8 1940 $3,925 $10,000 1941 -8.6 4.2 13.3 16.4 21.6 16.4 14.4 12.6 13.4 15.3 15.6 15.4 14.1 16.5 16.9 16.4 14.5 16.2 16.0 15.2 15.8 14.4 14.7 14.8 15.0 14.0 14.7 14.9 13.7 13.2 13.3 13.3 12.1 10.7 11.5 12.1 11.8 11.7 12.1 12.6 12.3 12.5 12.9 12.6 13.0 13.1 12.8 13.0 13.2 12.7 13.1 13.1 13.1 12.9 13.3 13.4 13.7 13.7 13.9 13.6 13.2 12.6 12.9 13.0 12.9 12.9 12.8 11.8 12.1 12.2 12.0 12.1 1941 1942 18.8 26.1 26.1 30.6 22.1 18.7 16.0 16.5 18.3 18.4 17.9 16.2 18.7 19.0 18.3 16.1 17.9 17.6 16.6 17.2 15.7 15.9 15.9 16.1 15.0 15.7 15.9 14.6 14.1 14.1 14.1 12.8 11.3 12.2 12.7 12.4 12.4 12.7 13.2 12.9 13.1 13.4 13.2 13.6 13.6 13.3 13.5 13.7 13.2 13.6 13.6 13.6 13.3 13.7 13.8 14.1 14.2 14.3 14.0 13.6 13.0 13.3 13.3 13.3 13.3 13.1 12.1 12.4 12.5 12.3 12.4 1942 $1,000 1943 33.8 30.0 34.7 23.0 18.7 15.5 16.2 18.2 18.3 17.8 16.0 18.7 19.0 18.2 16.0 17.8 17.5 16.5 17.1 15.5 15.8 15.8 16.0 14.9 15.6 15.8 14.5 13.9 14.0 14.0 12.6 11.1 12.0 12.5 12.2 12.2 12.6 13.0 12.7 13.0 13.3 13.0 13.5 13.5 13.2 13.3 13.6 13.1 13.5 13.5 13.5 13.2 13.6 13.8 14.1 14.1 14.2 13.9 13.5 12.9 13.2 13.3 13.2 13.2 13.1 12.0 12.3 12.4 12.2 12.3 1943 1944 26.2 35.2 19.6 15.2 12.1 13.5 16.1 16.5 16.1 14.3 17.4 17.9 17.1 14.8 16.8 16.6 15.6 16.2 14.6 14.9 15.0 15.2 14.1 14.9 15.1 13.8 13.2 13.3 13.3 12.0 10.4 11.3 12.0 11.6 11.6 12.0 12.5 12.2 12.5 12.8 12.6 13.0 13.1 12.8 12.9 13.2 12.7 13.1 13.1 13.1 12.9 13.3 13.4 13.7 13.8 13.9 13.6 13.2 12.6 12.9 13.0 12.9 12.9 12.8 11.7 12.0 12.1 11.9 12.0 1944 $100 1945 44.8 16.4 11.8 8.9 11.1 14.5 15.2 14.9 13.1 16.5 17.1 16.4 13.9 16.1 16.0 14.9 15.6 14.0 14.4 14.5 14.7 13.6 14.4 14.7 13.3 12.7 12.9 12.9 11.5 10.0 10.9 11.5 11.2 11.2 11.7 12.2 11.8 12.1 12.5 12.3 12.7 12.8 12.5 12.6 12.9 12.4 12.9 12.9 12.9 12.6 13.0 13.2 13.5 13.5 13.7 13.4 13.0 12.3 12.7 12.7 12.7 12.7 12.6 11.5 11.8 11.9 11.7 11.8 1945 1946 -6.5 -1.8 -1.0 4.0 9.3 10.9 11.2 9.6 13.8 14.7 14.1 11.7 14.2 14.1 13.2 14.0 12.4 12.9 13.1 13.4 12.3 13.2 13.5 12.2 11.6 11.8 11.9 10.5 8.9 9.9 10.6 10.3 10.3 10.8 11.4 11.0 11.4 11.8 11.5 12.0 12.1 11.8 12.0 12.3 11.8 12.2 12.3 12.3 12.0 12.5 12.6 13.0 13.0 13.2 12.9 12.5 11.8 12.2 12.3 12.2 12.2 12.1 11.1 11.4 11.5 11.3 11.4 1946 $10 1947 3.1 1.9 7.7 13.6 14.7 14.4 12.1 16.6 17.3 16.4 13.5 16.1 15.9 14.7 15.5 13.7 14.1 14.3 14.5 13.3 14.3 14.5 13.0 12.4 12.6 12.6 11.1 9.5 10.5 11.2 10.9 10.9 11.4 11.9 11.6 11.9 12.3 12.0 12.5 12.6 12.3 12.5 12.8 12.2 12.7 12.7 12.7 12.5 12.9 13.0 13.4 13.4 13.6 13.3 12.9 12.2 12.6 12.6 12.5 12.6 12.4 11.4 11.7 11.8 11.6 11.7 1947 1948 0.7 10.1 17.4 17.8 16.8 13.7 18.7 19.2 17.9 14.6 17.4 17.0 15.7 16.5 14.5 14.8 15.0 15.2 13.9 14.8 15.1 13.5 12.9 13.0 13.0 11.5 9.8 10.8 11.5 11.2 11.2 11.6 12.2 11.8 12.2 12.6 12.3 12.8 12.8 12.5 12.7 13.0 12.4 12.9 12.9 13.0 12.7 13.1 13.3 13.6 13.7 13.8 13.5 13.1 12.4 12.8 12.8 12.7 12.8 12.6 11.5 11.8 12.0 11.7 11.8 1948 $1 1949 20.4 26.7 24.2 21.2 16.5 21.9 22.1 20.3 16.3 19.2 18.6 17.0 17.8 15.5 15.9 15.9 16.1 14.6 15.6 15.9 14.2 13.5 13.6 13.6 11.9 10.1 11.2 11.9 11.6 11.5 12.0 12.6 12.2 12.5 12.9 12.6 13.1 13.2 12.8 13.0 13.3 12.7 13.2 13.2 13.3 12.9 13.4 13.5 13.9 13.9 14.1 13.7 13.3 12.6 13.0 13.0 12.9 13.0 12.8 11.7 12.0 12.1 11.9 12.0 1949 1950 33.3 26.1 21.5 15.6 22.3 22.4 20.3 15.8 19.1 18.5 16.7 17.6 15.2 15.5 15.6 15.9 14.3 15.4 15.6 13.9 13.1 13.3 13.3 11.6 9.7 10.9 11.6 11.3 11.2 11.7 12.3 12.0 12.3 12.7 12.4 12.9 13.0 12.6 12.8 13.2 12.5 13.1 13.1 13.1 12.8 13.2 13.4 13.7 13.8 14.0 13.6 13.2 12.5 12.9 12.9 12.8 12.9 12.7 11.6 11.9 12.0 11.8 11.9 1950 1951 19.3 16.0 10.2 19.6 20.3 18.2 13.4 17.4 16.9 15.2 16.2 13.8 14.3 14.5 14.8 13.2 14.4 14.7 12.9 12.2 12.4 12.5 10.7 8.8 10.0 10.9 10.5 10.5 11.1 11.7 11.3 11.7 12.1 11.9 12.4 12.5 12.1 12.3 12.7 12.1 12.6 12.6 12.7 12.4 12.8 13.0 13.4 13.4 13.6 13.2 12.8 12.1 12.5 12.5 12.5 12.5 12.4 11.2 11.6 11.7 11.5 11.6 1951 $0 1928 1952 12.9 5.9 19.7 20.6 18.0 12.5 17.1 16.6 14.7 15.9 13.3 13.9 14.1 14.5 12.8 14.1 14.5 12.6 11.8 12.1 12.1 10.3 8.4 9.7 10.5 10.2 10.2 10.8 11.4 11.1 11.5 11.9 11.6 12.2 12.3 11.9 12.2 12.5 11.9 12.4 12.5 12.5 12.2 12.7 12.9 13.2 13.3 13.5 13.1 12.7 12.0 12.4 12.4 12.3 12.4 12.2 11.1 11.4 11.6 11.4 11.4 1952 D I M E N S I O N A L F U N D A D VI S O R S 1953 -0.6 23.3 23.2 19.4 12.4 17.8 17.2 14.9 16.3 13.3 14.0 14.2 14.6 12.8 14.2 14.6 12.6 11.8 12.0 12.1 10.2 8.2 9.5 10.4 10.1 10.1 10.7 11.4 11.0 11.4 11.9 11.6 12.2 12.3 11.9 12.1 12.5 11.9 12.4 12.5 12.5 12.2 12.7 12.9 13.2 13.3 13.5 13.1 12.7 11.9 12.4 12.4 12.3 12.4 12.2 11.1 11.4 11.5 11.3 11.4 1953 2012 Index data compiled by Dimensional. 1954 53.1 37.3 26.9 15.9 21.9 20.4 17.4 18.6 15.0 15.5 15.7 16.0 13.9 15.3 15.6 13.4 12.6 12.8 12.8 10.8 8.7 10.0 10.9 10.5 10.6 11.2 11.9 11.4 11.9 12.3 12.0 12.6 12.7 12.3 12.5 12.9 12.2 12.8 12.8 12.8 12.5 13.0 13.2 13.6 13.6 13.8 13.4 13.0 12.2 12.6 12.7 12.6 12.7 12.5 11.3 11.6 11.8 11.5 11.6 1954 1955 23.1 15.5 5.7 15.2 14.8 12.3 14.3 10.9 12.0 12.5 13.1 11.2 12.9 13.3 11.2 10.4 10.8 10.9 8.9 6.8 8.3 9.3 9.0 9.1 9.8 10.5 10.1 10.6 11.1 10.9 11.5 11.6 11.3 11.5 11.9 11.3 11.9 11.9 12.0 11.6 12.2 12.4 12.8 12.9 13.1 12.7 12.3 11.5 11.9 12.0 11.9 12.0 11.8 10.6 11.0 11.1 10.9 11.0 1955 1956 8.4 -2.1 12.7 12.8 10.2 13.0 9.3 10.7 11.3 12.1 10.1 12.0 12.6 10.4 9.6 10.1 10.3 8.2 6.0 7.6 8.7 8.4 8.5 9.2 10.1 9.7 10.2 10.7 10.5 11.1 11.3 10.9 11.2 11.6 10.9 11.6 11.6 11.7 11.4 11.9 12.1 12.6 12.6 12.9 12.5 12.0 11.2 11.7 11.8 11.7 11.8 11.6 10.4 10.8 10.9 10.7 10.8 1956 1957 -11.5 14.9 14.3 10.7 13.9 9.4 11.0 11.7 12.5 10.3 12.4 13.0 10.6 9.7 10.2 10.4 8.2 5.9 7.6 8.7 8.4 8.5 9.3 10.1 9.7 10.2 10.8 10.5 11.2 11.4 11.0 11.3 11.7 11.0 11.7 11.7 11.8 11.5 12.0 12.2 12.7 12.8 13.0 12.6 12.1 11.3 11.8 11.9 11.8 11.9 11.7 10.4 10.8 11.0 10.8 10.9 1957 1958 49.1 29.9 19.3 21.3 14.2 15.3 15.5 16.0 13.0 15.1 15.5 12.6 11.5 11.9 12.0 9.6 7.0 8.7 9.9 9.5 9.6 10.3 11.2 10.7 11.2 11.8 11.5 12.1 12.2 11.8 12.1 12.5 11.8 12.4 12.5 12.5 12.1 12.7 12.9 13.3 13.4 13.6 13.2 12.7 11.9 12.4 12.4 12.3 12.4 12.2 10.9 11.3 11.5 11.2 11.3 1958 1959 13.3 6.7 13.3 6.8 9.5 10.7 11.9 9.2 11.8 12.6 9.8 8.9 9.5 9.7 7.3 4.8 6.7 8.1 7.7 7.9 8.8 9.7 9.3 9.9 10.5 10.2 11.0 11.1 10.7 11.0 11.5 10.8 11.5 11.5 11.6 11.3 11.9 12.1 12.6 12.6 12.9 12.4 12.0 11.2 11.7 11.7 11.6 11.7 11.6 10.3 10.7 10.8 10.6 10.7 1959 1960 0.5 13.3 4.8 8.6 10.2 11.7 8.6 11.7 12.6 9.4 8.5 9.2 9.5 6.9 4.3 6.4 7.8 7.4 7.6 8.5 9.5 9.1 9.7 10.4 10.1 10.9 11.0 10.6 11.0 11.4 10.7 11.4 11.5 11.6 11.2 11.8 12.1 12.5 12.6 12.9 12.4 12.0 11.1 11.6 11.7 11.6 11.7 11.5 10.2 10.6 10.8 10.6 10.7 1960 1961 27.6 7.0 11.4 12.8 14.0 10.0 13.3 14.2 10.5 9.3 10.0 10.3 7.4 4.5 6.8 8.3 7.9 8.0 9.0 10.0 9.5 10.2 10.8 10.5 11.3 11.5 11.0 11.4 11.8 11.1 11.8 11.9 11.9 11.5 12.2 12.4 12.9 13.0 13.2 12.7 12.3 11.4 11.9 12.0 11.9 12.0 11.8 10.4 10.8 11.0 10.8 10.9 1961 1962 -10.3 4.1 8.2 10.9 6.8 11.1 12.4 8.5 7.5 8.4 8.8 5.9 2.9 5.4 7.1 6.7 7.0 8.0 9.2 8.7 9.4 10.1 9.8 10.7 10.9 10.4 10.8 11.3 10.5 11.3 11.4 11.5 11.1 11.7 12.0 12.5 12.6 12.8 12.4 11.9 11.0 11.5 11.6 11.5 11.6 11.4 10.1 10.5 10.7 10.5 10.6 1962 1963 20.7 18.8 19.0 11.6 16.0 16.7 11.5 9.9 10.7 10.9 7.5 4.1 6.7 8.4 8.0 8.1 9.2 10.4 9.8 10.5 11.2 10.8 11.7 11.8 11.4 11.7 12.2 11.4 12.1 12.2 12.2 11.8 12.5 12.7 13.2 13.3 13.5 13.1 12.5 11.6 12.1 12.2 12.1 12.2 12.0 10.6 11.0 11.2 10.9 11.0 1963 1964 17.0 18.1 8.7 14.8 15.9 10.0 8.5 9.5 9.9 6.3 2.7 5.6 7.5 7.1 7.4 8.5 9.8 9.2 10.0 10.8 10.4 11.3 11.5 11.0 11.4 11.9 11.0 11.8 11.9 12.0 11.6 12.2 12.5 13.0 13.1 13.4 12.9 12.3 11.4 11.9 12.0 11.9 12.0 11.8 10.4 10.8 11.0 10.7 10.9 1964 1965 19.3 4.8 14.1 15.6 8.7 7.1 8.4 9.0 5.1 1.4 4.6 6.8 6.4 6.7 8.0 9.3 8.8 9.6 10.4 10.1 11.0 11.2 10.7 11.1 11.7 10.8 11.7 11.7 11.8 11.4 12.1 12.4 12.9 13.0 13.3 12.7 12.2 11.2 11.8 11.9 11.8 11.9 11.7 10.2 10.7 10.9 10.6 10.7 1965 1966 -7.9 11.6 14.4 6.2 4.8 6.7 7.6 3.5 -0.4 3.3 5.7 5.4 5.8 7.2 8.7 8.2 9.0 10.0 9.6 10.6 10.9 10.4 10.8 11.4 10.5 11.4 11.4 11.5 11.1 11.8 12.1 12.7 12.8 13.1 12.6 12.0 11.0 11.6 11.7 11.6 11.7 11.5 10.0 10.5 10.7 10.4 10.6 1966 1967 35.3 27.4 11.4 8.2 9.9 10.5 5.2 0.6 4.6 7.2 6.7 7.0 8.5 10.0 9.3 10.2 11.1 10.7 11.7 11.9 11.3 11.7 12.3 11.3 12.2 12.3 12.3 11.9 12.6 12.9 13.4 13.5 13.8 13.2 12.7 11.6 12.2 12.3 12.1 12.2 12.0 10.5 10.9 11.1 10.9 11.0 1967 1968 20.0 1.0 0.5 4.3 6.1 0.9 -3.6 1.3 4.4 4.2 4.8 6.5 8.3 7.7 8.7 9.8 9.4 10.5 10.8 10.2 10.7 11.4 10.4 11.4 11.4 11.5 11.1 11.9 12.2 12.8 12.9 13.2 12.6 12.0 11.0 11.6 11.7 11.6 11.7 11.5 9.9 10.4 10.6 10.4 10.5 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1969 -14.9 -8.1 -0.4 2.9 -2.5 -7.0 -1.1 2.6 2.6 3.3 5.3 7.3 6.8 7.9 9.1 8.7 10.0 10.3 9.7 10.3 11.0 9.9 11.0 11.1 11.2 10.7 11.6 11.9 12.5 12.7 13.0 12.4 11.8 10.7 11.4 11.5 11.4 11.5 11.3 9.7 10.2 10.4 10.1 10.3 1969 1970 -0.6 7.7 9.6 0.8 -5.4 1.4 5.4 5.0 5.6 7.6 9.6 8.8 9.9 11.1 10.5 11.8 12.0 11.3 11.8 12.5 11.3 12.3 12.4 12.5 11.9 12.7 13.1 13.7 13.8 14.0 13.4 12.8 11.6 12.3 12.3 12.2 12.3 12.1 10.4 10.9 11.1 10.8 11.0 1970 1971 16.8 15.1 1.3 -6.5 1.8 6.5 5.8 6.4 8.6 10.7 9.7 10.9 12.0 11.4 12.6 12.8 12.0 12.5 13.2 11.9 13.0 13.0 13.1 12.5 13.3 13.6 14.2 14.3 14.6 13.9 13.2 12.0 12.7 12.7 12.6 12.7 12.4 10.7 11.2 11.4 11.1 11.3 1971 1972 13.4 -5.6 -13.2 -1.6 4.5 4.1 5.0 7.6 10.0 9.1 10.3 11.6 11.0 12.4 12.6 11.8 12.3 13.0 11.7 12.8 12.8 12.9 12.3 13.2 13.5 14.1 14.2 14.5 13.8 13.1 11.9 12.6 12.6 12.5 12.6 12.3 10.6 11.1 11.3 11.0 11.1 1972 1973 -21.4 -24.1 -6.2 2.4 2.3 3.7 6.8 9.6 8.6 10.0 11.5 10.8 12.3 12.5 11.7 12.2 13.0 11.6 12.8 12.8 12.9 12.2 13.2 13.5 14.2 14.2 14.5 13.8 13.1 11.8 12.5 12.6 12.4 12.6 12.3 10.5 11.0 11.2 10.9 11.1 1973 1974 -26.6 2.5 11.9 9.3 9.6 12.4 15.0 13.1 14.2 15.4 14.3 15.7 15.6 14.5 14.9 15.6 13.9 15.1 15.0 14.9 14.2 15.1 15.3 15.9 16.0 16.2 15.4 14.6 13.2 13.9 13.9 13.7 13.8 13.5 11.6 12.1 12.3 11.9 12.1 1974 1975 43.1 38.2 24.8 21.1 22.4 23.9 20.3 20.7 21.4 19.5 20.5 20.1 18.5 18.6 19.1 17.1 18.2 17.9 17.7 16.7 17.5 17.7 18.3 18.2 18.4 17.4 16.5 15.0 15.6 15.6 15.3 15.4 15.0 12.9 13.4 13.6 13.2 13.3 1975 1976 33.4 16.5 14.6 17.7 20.4 16.8 17.8 18.9 17.1 18.5 18.2 16.6 16.9 17.6 15.5 16.7 16.6 16.4 15.5 16.4 16.6 17.3 17.2 17.4 16.5 15.6 14.0 14.8 14.8 14.5 14.6 14.2 12.1 12.7 12.9 12.5 12.6 1976 1977 1.8 6.1 12.9 17.3 13.8 15.4 17.0 15.2 16.9 16.8 15.2 15.6 16.4 14.3 15.7 15.6 15.5 14.5 15.6 15.8 16.5 16.5 16.8 15.8 14.9 13.3 14.1 14.1 13.9 14.0 13.6 11.5 12.1 12.3 11.9 12.1 1977 1978 10.7 18.9 23.0 17.0 18.3 19.7 17.3 19.0 18.6 16.6 17.0 17.7 15.4 16.8 16.6 16.4 15.3 16.4 16.6 17.3 17.3 17.5 16.5 15.5 13.8 14.6 14.6 14.4 14.4 14.0 11.9 12.4 12.7 12.3 12.4 1978 1979 27.7 29.7 19.2 20.3 21.6 18.4 20.2 19.6 17.3 17.6 18.4 15.8 17.3 17.0 16.8 15.6 16.7 17.0 17.7 17.6 17.8 16.8 15.7 14.0 14.8 14.8 14.5 14.6 14.2 11.9 12.5 12.7 12.3 12.4 1979 1980 31.7 15.1 18.0 20.2 16.6 19.0 18.5 16.1 16.6 17.5 14.7 16.4 16.2 16.0 14.9 16.1 16.4 17.2 17.1 17.4 16.3 15.2 13.4 14.3 14.3 14.0 14.1 13.7 11.4 12.0 12.3 11.8 12.0 1980 1981 0.6 11.6 16.5 13.1 16.6 16.4 14.0 14.8 16.0 13.2 15.1 15.0 14.9 13.8 15.1 15.5 16.3 16.4 16.7 15.5 14.5 12.6 13.6 13.6 13.4 13.5 13.1 10.7 11.4 11.7 11.3 11.4 1981 1982 23.9 25.4 17.6 21.0 19.9 16.4 17.0 18.1 14.7 16.7 16.4 16.2 14.8 16.2 16.5 17.4 17.4 17.6 16.4 15.2 13.2 14.2 14.2 13.9 14.0 13.6 11.1 11.8 12.1 11.6 11.8 1982 1983 27.0 14.6 20.1 18.9 15.0 15.9 17.3 13.6 15.9 15.7 15.5 14.1 15.6 16.0 17.0 17.0 17.3 16.0 14.8 12.7 13.8 13.8 13.5 13.6 13.2 10.6 11.4 11.7 11.2 11.4 1983 1984 3.4 16.8 16.3 12.2 13.8 15.8 11.8 14.6 14.5 14.4 13.0 14.7 15.2 16.3 16.3 16.7 15.4 14.1 12.0 13.1 13.2 12.9 13.1 12.7 10.0 10.8 11.2 10.7 10.9 1984 1985 31.9 23.4 15.2 16.5 18.4 13.2 16.3 15.9 15.7 14.0 15.8 16.3 17.4 17.3 17.6 16.2 14.8 12.5 13.7 13.7 13.4 13.5 13.1 10.3 11.1 11.5 11.0 11.2 1985 1986 15.5 7.7 11.8 15.3 9.8 13.9 13.8 13.9 12.2 14.3 14.9 16.2 16.3 16.7 15.2 13.8 11.5 12.7 12.8 12.6 12.7 12.3 9.5 10.3 10.7 10.3 10.5 1986 1987 0.5 10.1 15.3 8.4 13.6 13.6 13.6 11.8 14.2 14.9 16.3 16.3 16.8 15.2 13.7 11.2 12.6 12.7 12.4 12.6 12.2 9.2 10.1 10.5 10.1 10.3 1987 1988 20.6 23.5 11.3 17.1 16.4 16.0 13.5 16.1 16.6 18.0 17.9 18.2 16.4 14.7 12.0 13.4 13.5 13.1 13.3 12.8 9.6 10.6 11.0 10.5 10.7 1988 1989 26.4 6.9 16.0 15.3 15.1 12.4 15.4 16.1 17.7 17.6 18.0 16.0 14.2 11.4 12.9 13.0 12.7 12.9 12.4 9.1 10.1 10.6 10.1 10.3 1989 1990 -9.7 11.1 11.9 12.4 9.8 13.7 14.7 16.7 16.7 17.2 15.1 13.3 10.3 12.0 12.2 11.9 12.1 11.6 8.3 9.4 9.9 9.4 9.7 1990 1991 36.6 24.5 20.9 15.3 19.0 19.4 21.0 20.5 20.7 18.0 15.6 12.2 13.9 13.9 13.5 13.7 13.0 9.4 10.5 10.9 10.4 10.7 1991 1992 13.5 13.7 8.9 15.0 16.2 18.6 18.3 18.8 16.1 13.7 10.2 12.2 12.4 12.0 12.3 11.7 8.0 9.2 9.7 9.2 9.6 1992 1993 14.0 6.7 15.5 16.9 19.7 19.1 19.6 16.4 13.8 9.8 12.0 12.3 11.9 12.2 11.6 7.6 8.9 9.5 9.0 9.4 1993 MATR IX BOOK 2013 1994 -0.2 16.3 17.9 21.1 20.2 20.5 16.7 13.7 9.4 11.8 12.1 11.7 12.0 11.4 7.2 8.6 9.3 8.7 9.1 1994 1995 35.4 28.2 29.2 25.9 25.2 19.8 15.9 10.7 13.3 13.4 12.8 13.1 12.4 7.8 9.2 9.9 9.2 9.7 1995 1996 21.3 26.2 22.9 22.7 16.9 12.9 7.5 10.8 11.2 10.8 11.3 10.6 5.9 7.6 8.4 7.8 8.3 1996 1997 31.2 23.7 23.2 15.8 11.3 5.4 9.3 10.0 9.7 10.3 9.7 4.7 6.6 7.5 6.9 7.5 1997 1998 16.5 19.4 11.1 6.8 0.8 6.1 7.3 7.3 8.2 7.8 2.6 4.7 5.9 5.4 6.1 1998 1999 22.2 8.5 3.7 -2.8 4.1 5.8 6.0 7.2 6.8 1.3 3.7 5.0 4.6 5.4 1999 2000 -3.7 -4.4 -9.9 0.0 2.8 3.5 5.2 5.0 -0.8 2.0 3.6 3.2 4.2 2000 2001 -5.2 2002 -12.8 -19.9 2003 1.2 4.6 36.6 2004 4.4 7.9 25.1 14.7 2005 5.0 7.7 18.9 11.0 7.4 2006 6.8 9.4 18.2 12.7 11.7 16.2 2007 6.4 8.4 15.2 10.4 9.0 9.8 3.7 2008 -0.5 0.2 4.0 -1.5 -5.2 -9.0 -19.5 -37.5 2009 2.7 3.7 7.6 3.5 1.3 -0.1 -5.0 -9.1 32.2 2010 4.3 5.5 9.1 5.7 4.3 3.7 0.8 -0.2 26.1 20.4 2011 3.9 4.8 8.0 4.9 3.5 2.9 0.4 -0.3 16.4 9.3 -0.8 2012 4.9 5.9 8.9 6.2 5.1 4.8 3.0 2.9 16.6 11.8 7.8 17.1 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 15
  10. 10. 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 16 1928 35.5 6.9 -8.7 -21.4 -18.8 -6.9 -5.2 0.1 3.9 -1.4 1.1 0.9 0.4 -0.2 1.1 3.0 4.4 6.4 5.7 5.6 5.3 5.9 7.1 7.5 7.7 7.3 8.8 9.3 9.3 8.4 9.6 9.7 9.4 9.9 9.3 9.6 9.8 10.1 9.6 10.3 10.6 9.8 9.6 9.7 9.7 8.9 8.1 8.8 9.3 9.2 9.3 9.6 10.0 9.9 10.1 10.4 10.3 10.6 10.7 10.5 10.7 10.9 10.5 10.9 10.9 11.0 10.8 11.2 11.3 11.6 11.6 11.7 11.5 11.4 10.9 11.2 11.3 11.3 11.3 11.2 10.4 10.7 10.8 10.6 10.7 1928 1929 -15.7 -25.1 -34.4 -28.5 -13.6 -10.7 -4.1 0.5 -4.8 -1.8 -1.8 -2.1 -2.5 -1.0 1.1 2.7 4.9 4.2 4.2 4.0 4.6 5.9 6.5 6.7 6.3 7.9 8.4 8.4 7.6 8.8 9.0 8.7 9.2 8.6 8.9 9.2 9.5 9.0 9.7 10.0 9.3 9.0 9.2 9.2 8.4 7.5 8.2 8.8 8.7 8.8 9.2 9.6 9.4 9.7 10.0 9.9 10.3 10.3 10.1 10.3 10.6 10.1 10.5 10.6 10.7 10.5 10.8 11.0 11.3 11.2 11.4 11.2 11.1 10.6 10.9 11.0 11.0 11.1 10.9 10.1 10.4 10.5 10.3 10.4 1929 1930 -33.5 -42.2 -32.4 -13.1 -9.7 -2.0 3.0 -3.3 -0.1 -0.2 -0.8 -1.3 0.2 2.5 4.0 6.4 5.6 5.4 5.1 5.8 7.1 7.6 7.8 7.4 9.0 9.5 9.4 8.5 9.8 9.9 9.6 10.1 9.4 9.8 10.0 10.3 9.8 10.5 10.8 10.0 9.7 9.9 9.9 9.0 8.1 8.8 9.4 9.3 9.4 9.7 10.1 10.0 10.2 10.6 10.4 10.8 10.9 10.6 10.8 11.1 10.6 11.0 11.1 11.2 11.0 11.3 11.4 11.7 11.7 11.8 11.7 11.5 11.0 11.4 11.4 11.4 11.5 11.3 10.5 10.7 10.9 10.7 10.8 1930 1931 -49.8 -31.8 -5.0 -2.5 5.9 10.8 1.9 5.1 4.4 3.3 2.3 3.7 5.9 7.4 9.7 8.6 8.3 7.8 8.4 9.7 10.1 10.2 9.6 11.2 11.7 11.5 10.5 11.8 11.8 11.4 11.9 11.1 11.4 11.6 11.9 11.3 12.0 12.3 11.4 11.1 11.2 11.2 10.3 9.3 10.0 10.6 10.5 10.5 10.9 11.3 11.1 11.3 11.6 11.5 11.8 11.9 11.6 11.8 12.0 11.6 11.9 12.0 12.1 11.9 12.2 12.3 12.6 12.5 12.7 12.5 12.3 11.8 12.1 12.2 12.1 12.2 12.1 11.2 11.5 11.6 11.4 11.5 1931 1932 -7.4 30.6 21.6 27.6 29.8 14.7 16.8 14.3 11.9 9.8 10.7 12.7 13.9 16.0 14.4 13.6 12.8 13.1 14.3 14.5 14.4 13.6 15.2 15.4 15.2 13.9 15.1 15.1 14.5 14.9 14.0 14.2 14.3 14.6 13.9 14.5 14.8 13.7 13.4 13.4 13.4 12.4 11.3 12.0 12.6 12.4 12.4 12.7 13.1 12.9 13.1 13.4 13.2 13.5 13.5 13.2 13.4 13.6 13.1 13.4 13.5 13.5 13.3 13.6 13.7 14.0 13.9 14.0 13.8 13.6 13.1 13.4 13.4 13.4 13.4 13.3 12.4 12.6 12.7 12.5 12.6 1932 1933 84.3 39.4 42.0 41.3 19.7 21.4 17.8 14.6 11.9 12.7 14.8 15.9 18.1 16.1 15.2 14.2 14.5 15.6 15.8 15.6 14.7 16.3 16.5 16.2 14.9 16.1 16.0 15.4 15.8 14.8 15.0 15.1 15.3 14.6 15.2 15.4 14.4 14.0 14.0 14.0 12.9 11.8 12.5 13.1 12.9 12.8 13.2 13.5 13.3 13.5 13.8 13.6 13.9 13.9 13.7 13.8 14.0 13.5 13.8 13.9 13.9 13.7 14.0 14.1 14.3 14.3 14.4 14.2 13.9 13.4 13.7 13.8 13.7 13.7 13.6 12.7 12.9 13.0 12.8 12.9 1933 Dimensional US Adjusted Market 2 Index 1934 5.4 24.6 29.3 7.5 11.7 9.4 7.1 5.2 6.7 9.4 11.1 13.8 12.1 11.4 10.6 11.1 12.5 12.8 12.8 12.0 13.8 14.1 13.9 12.6 14.0 14.0 13.4 13.9 13.0 13.2 13.4 13.6 12.9 13.6 13.9 12.9 12.5 12.6 12.6 11.5 10.4 11.2 11.8 11.6 11.6 12.0 12.4 12.2 12.4 12.7 12.5 12.9 12.9 12.6 12.8 13.0 12.5 12.9 12.9 13.0 12.8 13.1 13.2 13.5 13.4 13.5 13.3 13.1 12.6 12.9 13.0 12.9 13.0 12.8 11.9 12.2 12.3 12.1 12.2 1934 1935 47.2 43.2 8.2 13.3 10.2 7.3 5.1 6.9 9.9 11.7 14.6 12.6 11.9 11.0 11.5 12.9 13.3 13.2 12.4 14.2 14.6 14.3 13.0 14.4 14.3 13.7 14.2 13.2 13.5 13.6 13.9 13.2 13.9 14.2 13.1 12.7 12.8 12.8 11.7 10.6 11.3 11.9 11.8 11.8 12.2 12.5 12.3 12.6 12.9 12.7 13.0 13.1 12.8 13.0 13.2 12.6 13.0 13.1 13.1 12.9 13.2 13.3 13.6 13.6 13.7 13.5 13.2 12.7 13.1 13.1 13.0 13.1 12.9 12.0 12.3 12.4 12.2 12.3 1935 1928–2012: Total Returns (%) 1936 39.3 -7.2 3.8 2.5 0.8 -0.6 2.1 6.0 8.3 11.7 9.9 9.4 8.6 9.3 11.0 11.4 11.5 10.7 12.7 13.1 12.9 11.6 13.1 13.1 12.6 13.1 12.2 12.5 12.6 12.9 12.2 13.0 13.3 12.2 11.8 12.0 11.9 10.9 9.8 10.6 11.2 11.0 11.1 11.5 11.9 11.7 11.9 12.3 12.1 12.4 12.5 12.2 12.4 12.6 12.1 12.5 12.5 12.6 12.4 12.7 12.9 13.1 13.1 13.2 13.0 12.8 12.3 12.6 12.7 12.6 12.7 12.5 11.6 11.9 12.0 11.8 11.9 1936 1937 -38.2 -10.4 -7.5 -7.1 -7.1 -3.0 1.9 4.9 9.0 7.4 7.0 6.4 7.3 9.2 9.8 9.9 9.2 11.4 11.9 11.8 10.4 12.1 12.1 11.6 12.2 11.2 11.6 11.8 12.1 11.4 12.2 12.6 11.5 11.1 11.3 11.3 10.2 9.1 9.9 10.6 10.4 10.5 10.9 11.3 11.1 11.4 11.7 11.6 11.9 12.0 11.7 11.9 12.2 11.7 12.0 12.1 12.2 12.0 12.3 12.5 12.7 12.7 12.8 12.6 12.4 11.9 12.3 12.3 12.3 12.3 12.2 11.2 11.5 11.7 11.5 11.5 1937 GROWTH OF $1 1938 30.0 13.2 6.5 2.9 6.1 10.8 13.2 17.0 14.2 13.0 11.7 12.4 14.1 14.4 14.3 13.2 15.3 15.7 15.3 13.7 15.3 15.2 14.5 15.0 13.9 14.1 14.3 14.5 13.7 14.5 14.8 13.6 13.1 13.2 13.2 12.0 10.8 11.6 12.2 12.0 12.0 12.4 12.8 12.6 12.9 13.2 13.0 13.3 13.4 13.1 13.2 13.4 12.9 13.3 13.3 13.4 13.1 13.5 13.6 13.9 13.8 13.9 13.7 13.5 12.9 13.3 13.3 13.2 13.3 13.1 12.2 12.4 12.6 12.3 12.4 1938 $100,000 1939 -1.4 -3.6 -4.8 0.9 7.3 10.6 15.3 12.3 11.3 10.1 10.9 12.8 13.3 13.2 12.1 14.5 14.9 14.5 12.9 14.6 14.5 13.8 14.4 13.2 13.5 13.7 14.0 13.2 14.0 14.3 13.1 12.6 12.7 12.7 11.5 10.3 11.1 11.8 11.6 11.6 12.0 12.5 12.2 12.5 12.8 12.6 13.0 13.0 12.7 12.9 13.1 12.6 13.0 13.0 13.1 12.9 13.2 13.4 13.6 13.6 13.7 13.5 13.2 12.7 13.0 13.1 13.0 13.1 12.9 11.9 12.2 12.3 12.1 12.2 1939 1940 -5.8 -6.5 1.7 9.6 13.2 18.3 14.4 13.0 11.4 12.2 14.2 14.6 14.4 13.2 15.6 16.0 15.5 13.7 15.5 15.4 14.6 15.2 13.9 14.2 14.4 14.6 13.7 14.6 14.9 13.6 13.1 13.2 13.1 11.9 10.6 11.5 12.2 12.0 12.0 12.4 12.8 12.6 12.8 13.2 13.0 13.3 13.4 13.1 13.2 13.5 12.9 13.3 13.3 13.4 13.1 13.5 13.6 13.9 13.9 14.0 13.7 13.5 12.9 13.3 13.3 13.3 13.3 13.1 12.1 12.4 12.5 12.3 12.4 1940 $5,659 $10,000 1941 -7.2 5.6 15.2 18.5 23.9 18.2 15.9 13.8 14.4 16.4 16.6 16.3 14.8 17.3 17.6 17.0 15.0 16.8 16.6 15.7 16.3 14.9 15.2 15.3 15.6 14.6 15.4 15.7 14.3 13.8 13.9 13.8 12.5 11.2 12.0 12.7 12.5 12.5 12.9 13.3 13.1 13.3 13.7 13.4 13.8 13.8 13.5 13.7 13.9 13.3 13.7 13.7 13.8 13.5 13.9 14.0 14.3 14.2 14.3 14.1 13.8 13.2 13.6 13.7 13.6 13.6 13.4 12.4 12.7 12.8 12.6 12.7 1941 1942 20.2 28.4 28.6 33.1 24.0 20.3 17.1 17.4 19.4 19.3 18.7 16.8 19.4 19.6 18.9 16.6 18.4 18.1 17.1 17.6 16.1 16.3 16.4 16.6 15.5 16.4 16.6 15.2 14.6 14.7 14.5 13.2 11.8 12.7 13.3 13.1 13.1 13.5 13.9 13.6 13.9 14.2 14.0 14.3 14.3 14.0 14.2 14.4 13.8 14.2 14.2 14.2 14.0 14.3 14.4 14.7 14.6 14.7 14.5 14.2 13.6 14.0 14.0 13.9 14.0 13.8 12.8 13.0 13.1 12.9 13.0 1942 $1,000 1943 37.0 32.9 37.7 25.0 20.3 16.6 17.0 19.3 19.2 18.5 16.5 19.4 19.6 18.8 16.3 18.3 18.0 16.9 17.5 15.9 16.1 16.2 16.5 15.3 16.2 16.5 15.0 14.4 14.5 14.4 13.0 11.5 12.4 13.1 12.9 12.9 13.3 13.8 13.5 13.7 14.1 13.8 14.2 14.2 13.9 14.0 14.3 13.6 14.0 14.1 14.1 13.8 14.2 14.3 14.6 14.5 14.6 14.4 14.1 13.5 13.9 13.9 13.8 13.9 13.7 12.6 12.9 13.0 12.8 12.9 1943 1944 28.9 38.1 21.2 16.5 12.9 14.0 17.0 17.2 16.6 14.6 17.9 18.2 17.5 15.0 17.1 16.9 15.8 16.5 14.9 15.2 15.3 15.6 14.5 15.4 15.7 14.2 13.7 13.7 13.7 12.2 10.8 11.7 12.5 12.3 12.3 12.7 13.2 12.9 13.2 13.6 13.3 13.7 13.7 13.4 13.6 13.8 13.2 13.6 13.7 13.7 13.4 13.8 13.9 14.2 14.2 14.3 14.0 13.8 13.1 13.5 13.6 13.5 13.6 13.4 12.3 12.6 12.7 12.5 12.6 1944 $100 1945 47.9 17.6 12.6 9.3 11.2 15.1 15.6 15.2 13.1 16.8 17.3 16.6 14.0 16.3 16.1 15.0 15.8 14.1 14.5 14.6 15.0 13.9 14.9 15.2 13.7 13.1 13.2 13.1 11.7 10.2 11.2 12.0 11.8 11.8 12.3 12.8 12.5 12.8 13.2 12.9 13.4 13.4 13.0 13.2 13.5 12.9 13.3 13.4 13.4 13.1 13.5 13.7 14.0 13.9 14.0 13.8 13.5 12.9 13.3 13.3 13.3 13.3 13.1 12.1 12.4 12.5 12.3 12.3 1945 1946 -6.5 -1.8 -1.2 3.5 9.5 10.9 11.1 9.4 13.8 14.6 14.1 11.5 14.2 14.1 13.1 14.0 12.4 12.9 13.1 13.6 12.5 13.5 14.0 12.4 11.9 12.1 12.0 10.6 9.1 10.2 11.0 10.8 10.9 11.4 11.9 11.6 12.0 12.4 12.2 12.6 12.7 12.3 12.5 12.8 12.2 12.6 12.7 12.8 12.5 12.9 13.1 13.4 13.4 13.5 13.2 13.0 12.3 12.8 12.8 12.8 12.8 12.6 11.6 11.9 12.0 11.8 11.9 1946 $10 1947 3.2 1.5 7.1 13.9 14.8 14.4 11.9 16.6 17.2 16.3 13.3 16.1 15.9 14.7 15.5 13.7 14.1 14.3 14.7 13.5 14.6 15.0 13.3 12.7 12.9 12.8 11.3 9.7 10.8 11.7 11.4 11.4 12.0 12.5 12.2 12.5 13.0 12.7 13.1 13.2 12.8 13.0 13.3 12.7 13.1 13.2 13.3 13.0 13.4 13.5 13.8 13.8 13.9 13.7 13.4 12.7 13.2 13.2 13.1 13.2 13.0 11.9 12.2 12.3 12.1 12.2 1947 1948 -0.2 9.1 17.6 17.9 16.8 13.4 18.7 19.1 17.9 14.4 17.4 17.0 15.6 16.5 14.4 14.8 15.0 15.4 14.1 15.2 15.6 13.8 13.2 13.3 13.2 11.6 10.0 11.1 12.0 11.7 11.7 12.3 12.8 12.5 12.8 13.2 13.0 13.4 13.4 13.1 13.3 13.6 12.9 13.4 13.4 13.5 13.2 13.6 13.7 14.1 14.0 14.1 13.9 13.6 12.9 13.3 13.4 13.3 13.4 13.2 12.0 12.3 12.5 12.2 12.3 1948 $1 1949 19.2 27.7 24.6 21.4 16.4 22.1 22.1 20.4 16.1 19.3 18.7 17.0 17.8 15.6 15.9 16.0 16.4 14.9 16.1 16.4 14.5 13.8 13.9 13.8 12.1 10.4 11.5 12.4 12.1 12.1 12.7 13.2 12.9 13.2 13.7 13.4 13.8 13.8 13.4 13.7 13.9 13.2 13.7 13.7 13.8 13.5 13.9 14.1 14.4 14.3 14.4 14.1 13.9 13.2 13.6 13.6 13.5 13.6 13.4 12.3 12.6 12.7 12.5 12.5 1949 1950 36.7 27.3 22.2 15.6 22.7 22.6 20.5 15.7 19.3 18.7 16.8 17.7 15.3 15.7 15.8 16.2 14.7 15.9 16.3 14.3 13.6 13.7 13.6 11.8 10.0 11.2 12.2 11.9 11.9 12.5 13.0 12.7 13.0 13.5 13.2 13.7 13.7 13.3 13.5 13.8 13.1 13.6 13.6 13.7 13.4 13.8 13.9 14.3 14.2 14.3 14.0 13.8 13.0 13.5 13.5 13.4 13.5 13.3 12.1 12.5 12.6 12.3 12.4 1950 1951 18.6 15.5 9.4 19.5 20.0 18.0 13.0 17.3 16.8 15.0 16.1 13.7 14.2 14.5 15.0 13.4 14.8 15.3 13.2 12.5 12.7 12.6 10.8 9.0 10.3 11.3 11.1 11.1 11.7 12.3 12.0 12.4 12.9 12.6 13.1 13.1 12.7 13.0 13.2 12.5 13.0 13.1 13.2 12.9 13.3 13.5 13.8 13.8 13.9 13.6 13.3 12.6 13.1 13.2 13.1 13.1 12.9 11.8 12.1 12.2 12.0 12.1 1951 $0 1928 1952 12.5 5.0 19.8 20.3 17.9 12.1 17.1 16.6 14.6 15.9 13.2 13.8 14.1 14.7 13.1 14.5 15.1 12.9 12.2 12.4 12.3 10.5 8.6 10.0 11.0 10.8 10.8 11.5 12.1 11.8 12.2 12.7 12.4 12.9 13.0 12.6 12.8 13.1 12.4 12.9 13.0 13.1 12.7 13.2 13.4 13.7 13.7 13.8 13.5 13.2 12.5 13.0 13.1 13.0 13.0 12.8 11.6 12.0 12.1 11.9 12.0 1952 D I M E N S I O N A L F U N D A D VI S O R S 1953 -1.9 23.6 23.0 19.3 12.0 17.9 17.2 14.9 16.3 13.3 14.0 14.3 14.9 13.1 14.7 15.2 13.0 12.2 12.4 12.3 10.4 8.5 9.9 11.0 10.7 10.8 11.4 12.1 11.8 12.2 12.7 12.4 12.9 13.0 12.6 12.8 13.1 12.4 12.9 13.0 13.1 12.8 13.2 13.4 13.8 13.7 13.8 13.6 13.3 12.5 13.0 13.1 13.0 13.1 12.8 11.6 12.0 12.1 11.9 12.0 1953 2012 Index data compiled by Dimensional. 1954 55.8 37.8 27.4 15.8 22.3 20.7 17.5 18.8 15.1 15.7 15.9 16.4 14.4 16.0 16.5 14.0 13.1 13.3 13.1 11.0 9.0 10.5 11.6 11.3 11.3 12.0 12.7 12.3 12.7 13.2 12.9 13.4 13.5 13.0 13.3 13.6 12.8 13.3 13.4 13.5 13.1 13.6 13.8 14.1 14.1 14.2 13.9 13.6 12.8 13.3 13.4 13.3 13.4 13.1 11.9 12.2 12.4 12.1 12.2 1954 1955 21.9 15.2 4.9 15.1 14.7 12.1 14.3 10.9 11.9 12.5 13.4 11.5 13.4 14.1 11.6 10.8 11.1 11.1 9.1 7.1 8.7 9.9 9.7 9.8 10.5 11.3 10.9 11.4 12.0 11.7 12.3 12.3 11.9 12.2 12.6 11.8 12.4 12.5 12.6 12.2 12.7 12.9 13.3 13.3 13.4 13.1 12.8 12.1 12.6 12.7 12.6 12.7 12.4 11.2 11.6 11.7 11.5 11.6 1955 1956 8.9 -2.7 12.9 13.0 10.3 13.0 9.4 10.7 11.5 12.6 10.6 12.7 13.5 10.9 10.1 10.5 10.5 8.4 6.3 8.0 9.4 9.1 9.3 10.1 10.9 10.5 11.0 11.6 11.3 11.9 12.0 11.6 11.9 12.3 11.5 12.1 12.2 12.3 12.0 12.5 12.7 13.1 13.1 13.2 13.0 12.6 11.9 12.4 12.5 12.4 12.5 12.3 11.0 11.4 11.6 11.3 11.4 1956 1957 -13.0 15.0 14.4 10.6 13.9 9.4 11.0 11.8 13.0 10.7 13.0 13.9 11.1 10.2 10.6 10.6 8.4 6.2 8.0 9.4 9.1 9.3 10.1 10.9 10.6 11.1 11.7 11.4 12.1 12.1 11.7 12.0 12.4 11.6 12.2 12.3 12.4 12.1 12.6 12.8 13.2 13.2 13.3 13.0 12.7 11.9 12.5 12.6 12.5 12.6 12.3 11.1 11.4 11.6 11.3 11.5 1957 1958 52.1 31.2 19.8 21.8 14.6 15.6 15.9 16.7 13.7 16.0 16.7 13.4 12.3 12.5 12.4 9.9 7.4 9.3 10.7 10.4 10.5 11.3 12.1 11.7 12.2 12.8 12.4 13.1 13.1 12.7 13.0 13.3 12.4 13.1 13.1 13.2 12.9 13.4 13.6 14.0 13.9 14.0 13.7 13.4 12.6 13.1 13.2 13.1 13.2 12.9 11.6 12.0 12.1 11.9 12.0 1958 1959 13.2 6.4 13.1 6.8 9.4 10.8 12.4 9.7 12.6 13.7 10.4 9.4 10.0 10.0 7.5 5.1 7.2 8.8 8.5 8.7 9.7 10.6 10.2 10.8 11.5 11.1 11.8 11.9 11.5 11.8 12.2 11.4 12.0 12.2 12.3 11.9 12.5 12.7 13.1 13.1 13.3 13.0 12.6 11.8 12.4 12.5 12.4 12.5 12.2 10.9 11.3 11.5 11.2 11.3 1959 1960 0.0 13.1 4.7 8.5 10.3 12.3 9.2 12.5 13.7 10.1 9.1 9.7 9.8 7.1 4.6 6.8 8.5 8.3 8.5 9.5 10.4 10.1 10.7 11.4 11.1 11.8 11.9 11.4 11.8 12.2 11.3 12.0 12.1 12.3 11.9 12.5 12.7 13.1 13.1 13.3 13.0 12.6 11.8 12.4 12.4 12.3 12.4 12.2 10.8 11.2 11.4 11.2 11.3 1960 1961 28.0 7.1 11.5 13.1 14.9 10.8 14.4 15.6 11.3 10.1 10.6 10.7 7.7 4.9 7.3 9.1 8.8 9.0 10.0 11.0 10.6 11.2 11.9 11.6 12.3 12.4 11.9 12.2 12.6 11.7 12.4 12.5 12.7 12.3 12.8 13.1 13.5 13.4 13.6 13.3 12.9 12.1 12.7 12.7 12.6 12.7 12.5 11.1 11.5 11.7 11.4 11.5 1961 1962 -10.3 4.1 8.5 11.8 7.7 12.3 13.9 9.3 8.2 9.0 9.2 6.2 3.4 6.0 7.9 7.7 8.0 9.1 10.2 9.8 10.4 11.2 10.9 11.7 11.8 11.3 11.7 12.1 11.2 11.9 12.1 12.2 11.8 12.4 12.7 13.1 13.1 13.3 12.9 12.6 11.7 12.3 12.4 12.3 12.4 12.2 10.8 11.2 11.4 11.1 11.2 1962 1963 20.8 19.4 20.4 12.7 17.5 18.5 12.5 10.8 11.4 11.4 7.8 4.6 7.3 9.3 9.0 9.2 10.4 11.4 11.0 11.6 12.4 12.0 12.7 12.8 12.3 12.6 13.1 12.1 12.8 12.9 13.0 12.6 13.2 13.4 13.9 13.8 14.0 13.6 13.2 12.3 12.9 13.0 12.9 13.0 12.7 11.3 11.7 11.9 11.6 11.7 1963 1964 17.9 20.1 10.1 16.7 18.1 11.2 9.5 10.3 10.4 6.6 3.2 6.3 8.5 8.2 8.5 9.7 10.9 10.4 11.1 12.0 11.6 12.4 12.5 11.9 12.3 12.8 11.7 12.5 12.6 12.8 12.3 13.0 13.2 13.7 13.6 13.8 13.4 13.1 12.1 12.7 12.8 12.7 12.8 12.5 11.1 11.5 11.7 11.4 11.5 1964 1965 22.4 6.4 16.2 18.1 9.9 8.1 9.2 9.5 5.4 1.9 5.3 7.8 7.5 7.9 9.2 10.5 10.0 10.8 11.7 11.2 12.1 12.3 11.7 12.1 12.6 11.5 12.3 12.4 12.6 12.1 12.8 13.1 13.6 13.5 13.7 13.3 12.9 12.0 12.6 12.7 12.6 12.7 12.4 10.9 11.3 11.6 11.3 11.4 1965 1966 -7.5 13.3 16.8 6.9 5.5 7.2 7.7 3.4 -0.2 3.7 6.5 6.4 6.8 8.3 9.7 9.3 10.1 11.1 10.7 11.6 11.8 11.2 11.7 12.2 11.1 12.0 12.1 12.3 11.8 12.5 12.8 13.3 13.2 13.4 13.1 12.7 11.7 12.4 12.5 12.4 12.5 12.2 10.7 11.1 11.3 11.0 11.2 1966 1967 38.8 31.2 12.2 9.0 10.4 10.5 5.1 0.8 5.0 8.0 7.7 8.1 9.7 11.1 10.5 11.3 12.3 11.8 12.8 12.9 12.2 12.6 13.1 11.9 12.8 12.9 13.1 12.6 13.3 13.5 14.1 13.9 14.1 13.7 13.3 12.3 13.0 13.0 12.9 13.0 12.7 11.1 11.6 11.8 11.5 11.6 1967 1968 24.0 0.9 0.5 4.2 5.6 0.3 -3.8 1.4 5.1 5.0 5.7 7.5 9.2 8.7 9.7 10.9 10.4 11.5 11.6 11.0 11.5 12.1 10.9 11.8 12.0 12.2 11.7 12.5 12.7 13.3 13.2 13.4 13.1 12.6 11.6 12.3 12.4 12.3 12.4 12.1 10.5 11.0 11.2 10.9 11.1 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1969 -17.9 -9.5 -1.6 1.4 -3.8 -7.7 -1.4 2.9 3.1 4.0 6.1 8.0 7.6 8.7 10.0 9.6 10.8 11.0 10.4 10.9 11.5 10.3 11.3 11.5 11.7 11.2 12.1 12.4 13.0 12.9 13.1 12.7 12.3 11.3 12.0 12.1 12.0 12.1 11.9 10.2 10.7 11.0 10.6 10.8 1969 1970 -0.2 7.7 8.8 0.1 -5.6 1.6 6.3 6.1 6.8 8.9 10.8 10.1 11.1 12.3 11.7 12.9 13.0 12.2 12.7 13.3 11.9 12.9 13.0 13.2 12.6 13.4 13.7 14.3 14.1 14.3 13.9 13.4 12.3 13.0 13.1 13.0 13.1 12.8 11.0 11.5 11.8 11.4 11.6 1970 1971 16.2 13.7 0.2 -6.8 2.0 7.4 7.0 7.7 10.0 11.9 11.1 12.1 13.4 12.6 13.8 13.9 13.0 13.5 14.0 12.5 13.6 13.7 13.8 13.2 14.0 14.3 14.8 14.7 14.9 14.4 13.9 12.7 13.5 13.5 13.4 13.5 13.1 11.4 11.9 12.1 11.7 11.9 1971 1972 11.2 -7.0 -13.5 -1.3 5.7 5.6 6.5 9.2 11.5 10.6 11.8 13.1 12.4 13.6 13.7 12.8 13.3 13.9 12.4 13.4 13.5 13.7 13.0 13.9 14.2 14.8 14.6 14.8 14.3 13.8 12.6 13.4 13.5 13.3 13.4 13.1 11.2 11.7 12.0 11.6 11.8 1972 1973 -22.2 -23.7 -5.1 4.4 4.5 5.7 8.9 11.5 10.5 11.8 13.3 12.5 13.8 13.9 12.9 13.4 14.1 12.4 13.5 13.7 13.8 13.1 14.0 14.3 14.9 14.7 15.0 14.4 13.9 12.6 13.4 13.5 13.4 13.5 13.1 11.2 11.8 12.0 11.6 11.8 1973 1974 -25.1 4.8 15.2 12.5 12.4 15.2 17.4 15.4 16.4 17.7 16.3 17.5 17.3 15.9 16.3 16.8 14.9 16.0 16.0 16.0 15.2 16.0 16.2 16.8 16.5 16.7 16.1 15.5 14.1 14.9 14.9 14.7 14.8 14.4 12.4 12.9 13.1 12.7 12.8 1974 1975 46.6 42.8 28.8 24.4 25.6 26.5 22.8 23.0 23.7 21.5 22.4 21.7 19.9 20.0 20.3 18.0 19.0 18.8 18.7 17.7 18.4 18.6 19.1 18.7 18.8 18.1 17.3 15.8 16.6 16.6 16.3 16.3 15.8 13.7 14.2 14.4 13.9 14.0 1975 1976 39.1 20.7 17.8 20.8 22.8 19.2 19.9 21.1 19.0 20.2 19.7 17.9 18.2 18.6 16.3 17.4 17.3 17.3 16.3 17.2 17.4 18.0 17.6 17.7 17.0 16.3 14.8 15.6 15.7 15.4 15.5 15.0 12.8 13.4 13.6 13.2 13.3 1976 1977 4.7 8.4 15.2 19.1 15.6 17.0 18.7 16.7 18.3 17.9 16.1 16.6 17.2 14.8 16.1 16.1 16.1 15.2 16.1 16.4 17.0 16.7 16.9 16.2 15.5 14.0 14.8 14.9 14.6 14.7 14.3 12.1 12.7 12.9 12.5 12.6 1977 1978 12.2 20.9 24.3 18.5 19.7 21.3 18.5 20.1 19.5 17.3 17.8 18.3 15.6 17.0 16.9 16.9 15.8 16.8 17.0 17.7 17.3 17.5 16.7 16.0 14.3 15.2 15.3 15.0 15.1 14.6 12.4 12.9 13.2 12.7 12.9 1978 1979 30.3 30.8 20.6 21.6 23.2 19.6 21.2 20.4 17.9 18.3 18.9 15.9 17.3 17.2 17.2 16.0 17.1 17.3 18.0 17.6 17.7 16.9 16.1 14.4 15.4 15.4 15.1 15.2 14.7 12.4 13.0 13.2 12.7 12.9 1979 1980 31.3 16.1 18.8 21.4 17.6 19.8 19.0 16.4 17.1 17.8 14.7 16.3 16.3 16.3 15.1 16.3 16.6 17.3 17.0 17.1 16.3 15.5 13.8 14.8 14.8 14.6 14.7 14.2 11.8 12.4 12.7 12.2 12.4 1980 1981 2.7 13.0 18.3 14.4 17.6 17.1 14.5 15.4 16.4 13.2 15.1 15.1 15.3 14.1 15.4 15.7 16.6 16.2 16.4 15.6 14.8 13.1 14.1 14.2 14.0 14.1 13.6 11.2 11.8 12.2 11.7 11.9 1981 1982 24.4 27.0 18.6 21.7 20.2 16.5 17.3 18.2 14.4 16.4 16.3 16.4 15.0 16.3 16.6 17.5 17.1 17.3 16.4 15.5 13.6 14.7 14.7 14.4 14.6 14.0 11.5 12.2 12.5 12.0 12.2 1982 1983 29.7 15.7 20.8 19.2 15.0 16.2 17.4 13.2 15.5 15.5 15.7 14.2 15.7 16.1 17.0 16.6 16.8 15.9 15.0 13.1 14.2 14.3 14.0 14.2 13.6 11.0 11.7 12.1 11.6 11.8 1983 1984 3.3 16.5 15.9 11.6 13.7 15.4 11.0 13.8 14.1 14.3 12.9 14.6 15.1 16.2 15.8 16.1 15.2 14.3 12.2 13.5 13.6 13.4 13.5 13.0 10.3 11.1 11.5 11.0 11.2 1984 1985 31.5 22.8 14.6 16.5 18.0 12.4 15.4 15.5 15.6 14.0 15.7 16.2 17.2 16.8 17.0 16.0 14.9 12.8 14.1 14.2 13.9 14.0 13.5 10.6 11.4 11.8 11.3 11.5 1985 1986 14.7 6.9 11.8 14.9 8.9 13.0 13.4 13.8 12.2 14.3 14.9 16.1 15.7 16.0 15.0 14.0 11.8 13.2 13.3 13.1 13.3 12.7 9.8 10.7 11.1 10.6 10.8 1986 1987 -0.3 10.4 14.9 7.5 12.6 13.2 13.7 11.8 14.2 14.9 16.3 15.8 16.1 15.0 13.9 11.6 13.1 13.3 13.0 13.2 12.6 9.6 10.5 10.9 10.4 10.7 1987 1988 22.3 23.4 10.2 16.1 16.1 16.2 13.7 16.2 16.7 18.1 17.4 17.6 16.3 15.0 12.4 14.0 14.1 13.8 14.0 13.3 10.1 11.0 11.5 10.9 11.1 1988 1989 24.5 4.6 14.1 14.6 15.0 12.3 15.3 16.0 17.6 16.9 17.2 15.8 14.5 11.7 13.4 13.6 13.3 13.5 12.8 9.5 10.5 11.0 10.4 10.7 1989 1990 -12.1 9.2 11.4 12.7 10.0 13.8 14.9 16.8 16.1 16.5 15.0 13.7 10.8 12.7 12.9 12.6 12.9 12.2 8.8 9.8 10.4 9.8 10.1 1990 1991 35.7 25.4 22.5 16.4 19.9 20.1 21.6 20.2 20.2 18.2 16.4 13.0 14.9 15.0 14.5 14.7 13.8 10.0 11.1 11.6 11.0 11.3 1991 1992 15.9 16.3 10.6 16.2 17.2 19.4 18.1 18.4 16.4 14.6 11.1 13.3 13.5 13.1 13.4 12.6 8.7 9.9 10.5 9.8 10.2 1992 1993 16.8 8.0 16.3 17.5 20.1 18.4 18.7 16.4 14.4 10.6 13.0 13.3 12.9 13.2 12.4 8.3 9.6 10.2 9.5 9.9 1993 MATR IX BOOK 2013 1994 -0.2 16.1 17.8 20.9 18.8 19.0 16.4 14.1 10.0 12.7 13.0 12.6 12.9 12.1 7.7 9.1 9.8 9.1 9.6 1994 1995 35.0 28.0 28.9 24.1 23.3 19.4 16.3 11.3 14.2 14.4 13.8 14.1 13.1 8.3 9.8 10.5 9.7 10.2 1995 1996 21.3 26.0 20.6 20.6 16.5 13.5 8.3 11.8 12.3 11.9 12.4 11.4 6.5 8.2 9.0 8.3 8.8 1996 1997 30.8 20.3 20.3 15.3 12.0 6.2 10.5 11.2 10.9 11.5 10.6 5.3 7.2 8.2 7.5 8.1 1997 1998 10.6 15.4 10.5 7.7 1.9 7.5 8.7 8.6 9.6 8.7 3.3 5.5 6.6 6.0 6.7 1998 1999 20.4 2000 10.5 1.5 2001 6.8 0.6 -0.2 2002 -0.2 -6.2 -9.8 -18.4 2003 6.9 3.7 4.5 6.9 40.2 2004 8.4 6.1 7.3 10.0 27.7 16.3 2005 8.3 6.4 7.4 9.5 20.7 12.0 7.9 2006 9.4 7.9 9.1 11.0 19.9 13.9 12.6 17.5 2007 8.5 7.1 7.9 9.4 16.0 10.6 8.8 9.2 1.4 2008 2.6 0.8 0.7 0.8 4.4 -1.5 -5.6 -9.7 -20.8 -38.2 2009 5.0 3.6 3.8 4.3 8.1 3.5 1.1 -0.6 -5.9 -9.4 32.7 2010 6.3 5.1 5.5 6.1 9.7 5.9 4.3 3.6 0.3 0.0 27.2 21.8 2011 5.6 4.5 4.8 5.3 8.3 4.9 3.4 2.6 -0.1 -0.5 16.6 9.2 -2.1 2012 6.5 5.5 5.8 6.4 9.2 6.3 5.1 4.7 2.7 2.9 16.9 12.1 7.5 17.9 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 17

×