$d_1^{\ast }$

$z_1^{\ast }$

$z_2^{\ast }$

$z_3^{\ast }$

$z_4^{\ast }$

Average return

OR

Average return

OR

Average return

OR

Average return

OR

${\mathcal{P}}_{\text{mrvc}}$

−0.1456

0.6350

−0.1350

0.6762

−0.1227

0.7173

−0.1137

0.7483

${\mathcal{P}}_{\text{mrvc}}^{\text{rmt}}$

−0.1450

0.6329

−0.1240

0.6874

−0.1125

0.7246

−0.1043

0.7512

${\mathcal{P}}_{\text{mvc}}^{\text{rmt}}$

−0.1713

0.5884

−0.1708

0.5891

−0.1708

0.5893

−0.1707

0.5896

$d_2^{\ast }$

$z_1^{\ast }$

$z_2^{\ast }$

$z_3^{\ast }$

$z_4^{\ast }$

Average return

OR

Average return

OR

Average return

OR

Average return

OR

${\mathcal{P}}_{\text{mrvc}}$

−0.1174

0.7259

−0.1107

0.7492

−0.1146

0.7547

−0.1201

0.7585

${\mathcal{P}}_{\text{mrvc}}^{\text{rmt}}$

−0.1138

0.7332

−0.1037

0.7638

−0.1009

0.7777

−0.1025

0.6757

${\mathcal{P}}_{\text{mvc}}^{\text{rmt}}$

−0.1394

0.6699

−0.1335

0.675

−0.1365

0.6723

−0.1331

0.7827

$d_3^{\ast }$

$z_1^{\ast }$

$z_2^{\ast }$

$z_3^{\ast }$

$z_4^{\ast }$

Average return

OR

Average return

OR

Average return

OR

Average return

OR

${\mathcal{P}}_{\text{mrvc}}$

−0.1436

0.7645

−0.1450

0.7723

−0.1424

0.7856

−0.1372

0.7996

${\mathcal{P}}_{\text{mrvc}}^{\text{rmt}}$

−0.1252

0.7834

−0.1248

0.7990

−0.1197

0.8125

−0.1183

0.8202

${\mathcal{P}}_{\text{mvc}}^{\text{rmt}}$

−0.1324

0.7822

−0.1250

0.7825

−0.1271

0.7809

−0.1250

0.7826

$d_4^{\ast }$

$z_1^{\ast }$

$z_2^{\ast }$

$z_3^{\ast }$

$z_4^{\ast }$

Average return

OR

Average return

OR

Average return

OR

Average return

OR

${\mathcal{P}}_{\text{mrvc}}$

−0.2038

0.7667

−0.2012

0.7703

−0.1978

0.7759

−0.1950

0.7809

${\mathcal{P}}_{\text{mrvc}}^{\text{rmt}}$

−0.1864

0.7791

−0.1795

0.7831

−0.1776

0.7846

−0.1770

0.7851

${\mathcal{P}}_{\text{mvc}}^{\text{rmt}}$

−0.2013

0.7686

−0.1994

0.7714

−0.1998

0.7731

−0.1996

0.7751