Rebalancing

Not Rebalancing

${\delta }_t$

$r_t$

${\delta }_t$

$r_t$

${\delta }_t$

2.110e−04

4.165e−08

1.718e−04

−1.693e−08

$r_t$

4.165e−08

4.018e−08

−1.693e−08

4.020e−08