| Mutual fund | ADF statistic at level | Test critical values at 1% level of significance | Test critical values at 5% level of significance | Test critical values at 10% level of significance | P-value | ADF statistic at 1st difference | Test critical values at 1% level of significance | Test critical values at 5% level of significance | Test critical values at 10% level of significance | P-value |
|
| f_1 | −2.771123 | −3.544063 | −2.910860 | −2.593090 | 0.068500 | −8.343738 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_2 | −1.518975 | −3.544063 | −2.910860 | −2.593090 | 0.517300 | −7.743742 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_3 | −2.184721 | −3.544063 | −2.910860 | −2.593090 | 0.213900 | −8.101964 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_4 | −2.558827 | −3.544063 | −2.910860 | −2.593090 | 0.107200 | −9.394846 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_5 | −2.009690 | −3.544063 | −2.910860 | −2.593090 | 0.282000 | −7.601256 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_6 | −2.265115 | −3.544063 | −2.910860 | −2.593090 | 0.186500 | −8.062592 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_7 | −2.869932 | −3.544063 | −2.910860 | −2.593090 | 0.054900 | −5.839286 | −3.568308 | −2.921175 | −2.598551 | 0.000000 |
|
| f_8 | −1.322064 | −3.544063 | −2.910860 | −2.593090 | 0.613900 | −7.804268 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_9 | −2.050167 | −3.544063 | −2.910860 | −2.593090 | 0.265300 | −8.206944 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_10 | −2.153083 | −3.544063 | −2.910860 | −2.593090 | 0.225400 | −8.666955 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_11 | −2.064209 | −3.544063 | −2.910860 | −2.593090 | 0.259600 | −8.493626 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_12 | −2.165960 | −3.544063 | −2.910860 | −2.593090 | 0.227100 | −7.332969 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_13 | −2.690280 | −3.544063 | −2.910860 | −2.593090 | 0.081600 | −7.139850 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_14 | −2.127609 | −3.544063 | −2.910860 | −2.593090 | 0.234900 | −8.309649 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_15 | −2.049778 | −3.544063 | −2.910860 | −2.593090 | 0.066000 | −5.787755 | −3.568308 | −2.921175 | −2.598551 | 0.000000 |
|
| f_16 | −2.033060 | −3.544063 | −2.910860 | −2.593090 | 0.067500 | −5.770883 | −3.568308 | −2.921175 | −2.598551 | 0.000000 |
|
| f_17 | −2.765677 | −3.544063 | −2.910860 | −2.593090 | 0.069300 | −8.437351 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_18 | −2.648665 | −3.544063 | −2.910860 | −2.593090 | 0.089100 | −8.130755 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_19 | −2.074736 | −3.544063 | −2.910860 | −2.593090 | 0.073900 | −5.791633 | −3.568308 | −2.921175 | −2.598551 | 0.000000 |
|
| f_20 | −2.034451 | −3.544063 | −2.910860 | −2.593090 | 0.057400 | −5.782584 | −3.568308 | −2.921175 | −2.598551 | 0.000000 |
|
| f_21 | −2.035310 | −3.544063 | −2.910860 | −2.593090 | 0.067300 | −8.050313 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_22 | −2.059742 | −3.544063 | −2.910860 | −2.593090 | 0.065100 | −5.794623 | −3.568308 | −2.921175 | −2.598551 | 0.000000 |
|
| f_23 | −2.889992 | −3.544063 | −2.910860 | −2.593090 | 0.052500 | −8.445508 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_24 | −2.017811 | −3.544063 | −2.910860 | −2.593090 | 0.058900 | −5.785990 | −3.568308 | −2.921175 | −2.598551 | 0.000000 |
|
| f_25 | −2.078674 | −3.544063 | −2.910860 | −2.593090 | 0.063600 | −8.033548 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_26 | −2.023827 | −3.544063 | −2.910860 | −2.593090 | 0.058300 | −8.020354 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_27 | −1.004166 | −3.544063 | −2.910860 | −2.593090 | 0.746500 | −7.659445 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_28 | −0.704624 | −3.544063 | −2.910860 | −2.593090 | 0.837400 | −7.334186 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_29 | −0.670113 | −3.544063 | −2.910860 | −2.593090 | 0.846000 | −7.791967 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_30 | −0.646962 | −3.544063 | −2.910860 | −2.593090 | 0.851600 | −7.039387 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_31 | −0.255373 | −3.544063 | −2.910860 | −2.593090 | 0.924700 | −6.754967 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_32 | −0.945031 | −3.544063 | −2.910860 | −2.593090 | 0.767000 | −7.357812 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_33 | −0.663167 | −3.544063 | −2.910860 | −2.593090 | 0.847700 | −7.690004 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_34 | −0.621744 | −3.544063 | −2.910860 | −2.593090 | 0.857500 | −6.824495 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_35 | −0.368118 | −3.544063 | −2.910860 | −2.593090 | 0.907400 | −6.875377 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_36 | −0.677402 | −3.544063 | −2.910860 | −2.593090 | 0.844200 | −6.868468 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_37 | −0.817272 | −3.544063 | −2.910860 | −2.593090 | 0.806800 | −7.079072 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_38 | −0.586640 | −3.544063 | −2.910860 | −2.593090 | 0.865400 | −6.536958 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_39 | −0.690882 | −3.544063 | −2.910860 | −2.593090 | 0.840900 | −7.935993 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_40 | −0.793372 | −3.544063 | −2.910860 | −2.593090 | 0.813600 | −7.396123 | −3.546099 | −2.911730 | −2.593551 | 0.000000 |
|
| f_41 | −0.507871 | −3.544063 | −2.910860 | −2.593090 | 0.881900 | −6.252981 | −3.546099 | −2.911730 | -2.593551 | 0.000000 |
|