| ERA | Risk Measure | Investors | Weights | Average Std. Dev. | ||||||||||||
| MVaR | Protect | Stable | Markow | S&P500 | S&P500 Growth | S&P500 Value | S&P400 | S&P400 Growth | S&P400 Value | S&P600 | S&P600 Growth | S&P600 Value | Corp. Bond | |||
| Defensive (ERA = 50%) | Var. | 73% | 46% | 50% | 50% | 0.04 | 0.04 | 0.12 | 0.05 | 0.05 | 0.12 | 0.12 | 0.05 | 0.15 | 0.27 | 8.2% |
| BellC=5 | 72% | 45% | 50% | 50% | 0.03 | 0.00 | 0.19 | 0.003 | 0.00 | 0.18 | 0.09 | 0.02 | 0.20 | 0.29 | 3.7% | |
| BellC=34 | 76% | 50% | 55% | 55% | 0.03 | 0.00 | 0.17 | 0.003 | 0.00 | 0.17 | 0.12 | 0.04 | 0.20 | 0.27 | 4.2% | |
| MVaR | 50% | 19% | 23% | 23% | 0.01 | 0.01 | 0.10 | 0.02 | 0.03 | 0.08 | 0.07 | 0.04 | 0.13 | 0.51 | 7.0% | |
| Median (ERA = 75%) | Var. | 89% | 74% | 76% | 75% | 0.05 | 0.04 | 0.13 | 0.07 | 0.06 | 0.13 | 0.16 | 0.09 | 0.15 | 0.12 | 8.4% |
| BellC=5 | 88% | 72% | 75% | 74% | 0.04 | 0.00 | 0.20 | 0.02 | 0.00 | 0.18 | 0.17 | 0.04 | 0.20 | 0.15 | 4.2% | |
| BellC=34 | 89% | 75% | 78% | 77% | 0.03 | 0.00 | 0.18 | 0.02 | 0.00 | 0.18 | 0.18 | 0.07 | 0.20 | 0.14 | 4.4% | |
| MVaR | 75% | 48% | 54% | 53% | 0.03 | 0.02 | 0.12 | 0.04 | 0.05 | 0.12 | 0.13 | 0.07 | 0.16 | 0.25 | 7.9% | |
| Aggressive (ERA = 100%) | Var. | 101% | 103% | 101% | 100% | 0.02 | 0.05 | 0.17 | 0.05 | 0.04 | 0.15 | 0.16 | 0.14 | 0.19 | 0.04 | 6.5% |
| BellC=5 | 100% | 100% | 100% | 99% | 0.00 | 0.02 | 0.20 | 0.01 | 0.04 | 0.19 | 0.16 | 0.14 | 0.20 | 0.05 | 3.9% | |
| BellC=34 | 100% | 100% | 99% | 97% | 0.01 | 0.001 | 0.18 | 0.02 | 0.01 | 0.19 | 0.18 | 0.16 | 0.20 | 0.05 | 3.4% | |
| MVaR | 100% | 99% | 98% | 96% | 0.03 | 0.02 | 0.15 | 0.08 | 0.06 | 0.16 | 0.17 | 0.13 | 0.17 | 0.03 | 6.9% | |