Annual returns for six countries in the portfolio.

Sample period 1989-2012

Sample period 1989-1998

Sample period 1999-2008

Country

Sharpe ratio

Treynor ratio

Sharpe ratio

Treynor ratio

Sharpe ratio

Treynor ratio

Malawi

0.3954

2.0613

0.3075

0.0667

0.3982

17.3003

Uruguay

0.6747

0.1036

0.9642

0.1431

0.6067

0.0600

New Zealand

0.6066

0.0773

0.3150

0.0340

1.4116

0.1777

Uganda

0.3025

0.0733

0.2012

0.0258

1.2045

0.1650

Côte d’Ivoire

0.4984

0.2171

0.3960

0.0764

0.6536

0.1740

Argentina

0.7848

0.0976

1.0162

0.0951

0.9140

0.0897

Portfolio

0.7904

0.0920

0.8563

0.0758

1.1064

0.1039