| Start | Month 1 | Month 2 | Month 3 | Month 4 | Arithmetic Average Return | |||||
| Price | Price | Return | Price | Return | Price | Return | Price | Return | ||
| Stock 1 | $100 | $90 | −10.00% | $105 | 16.67% | $120 | 14.29% | $100 | −16.67% | 0.86% |
| Stock 2 | $100 | $115 | 15.00% | $120 | 4.35% | $99 | −17.50% | $100 | 1.01% | 0.57% |
| Stock 3 | $100 | $95 | −5.00% | $90 | −5.26% | $84 | −6.67% | $100 | 19.05% | 0.42% |
| Stock 4 | $100 | $90 | −10.00% | $105 | 16.67% | $110 | 4.76% | $100 | −9.09% | 0.47% |
| Stock 5 | $100 | $75 | −25.00% | $109 | 45.33% | $93 | −14.68% | $100 | 7.53% | 2.64% |
| Portfolio | $500 | $465 | $529 | $506 | $500 | |||||
| Average Stock Return | −7.00% | 15.55% | −3.96% | 0.37% | 0.99% | |||||
| Arithmetic Portfolio Return | −7.00% | 13.76% | −4.35% | −1.19% | 0.31% | |||||
| Geometric Portfolio Return | 0.00% | |||||||||