| Period | Mean GBM | Mean VG | t-Value | p-Value |
| In-Sample | 52.63% | 46.78% | 2.87 | 0.01 |
| Out-Sample | 51.70% | 53.25% | −0.42 | 0.68 |
| All Periods | 52.33% | 48.86% | 2.00 | 0.05 |