| ARCH | GARCH | EGARCH | ||||||
| ARCH(q) | AIC | −2ℓ | GARCH(p, q) | AIC | −2ℓ | EGARCH(p, q) | AIC | −2ℓ |
| ARCH(1) | −2.28 | 248.29 | GARCH(1, 1) | −2.33 | 254.12 | EGARCH(1, 1) | −3.12 | 343.22 |
| ARCH(2) | −2.27 | 247.95 | GARCH(1, 2) | −2.34 | 256.21 | EGARCH(1, 2) | −3.15 | 347.36 |
| ARCH(3) | −2.26 | 248.33 | GARCH(2, 1) | −2.32 | 254.25 | EGARCH(2, 1) | −3.13 | 346.39 |
| ARCH(4) | −2.25 | 247.70 | GARCH(2, 2) | −2.33 | 256.21 | EGARCH(2, 2) | −3.14 | 348.02 |
| ARCH(12)* | −2.75 | 309.68 | GARCH(12, 1)* | −2.74 | 309.68 | EGARCH(12, 1)* | −3.21 | 374.76 |