No.

Portfolio Eighted

Constant

Market

Appreciation of Foreign Exchange

Pandemic

R²

1

Equal Weighted

0.00653

1.3137**

0.2968

0.062**

59.33%

(−6.354)

(−0.989)

(−4.617)

2

Market Capitalization

0.00635

1.274*

1.1623

0.1423**

27.05%

(−2.317)

(−1.457)

(−3.982)

3

Markowitz

0.00736

0.7559**

−0.1215

0.0226**

59.47%

(−6.115)

(−0.677)

(−2.815)