This file was created using the 202609 CRSP database. The 1-month TBill rate data until 202405 are from Ibbotson Associates. Starting from 202406, the 1-month TBill rate is from ICE BofA US 1-Month Treasury Bill Index. The annual TBill return is compounded from the monthly T-bill rates from January to December. ,Mkt-RF,SMB,HML,RF 192607, 2.89, -2.42, -2.75, 0.22 192608, 2.64, -1.44, 4.13, 0.25 192609, 0.38, -1.36, 0.05, 0.23 192610, -3.27, -0.18, 0.78, 0.32 192611, 2.54, -0.17, -0.48, 0.31 192612, 2.62, -0.06, 0.10, 0.28 192701, -0.05, -0.47, 4.76, 0.25 192702, 4.17, -0.23, 3.04, 0.26 192703, 0.14, -2.01, -2.32, 0.30 192704, 0.47, 0.54, 0.62, 0.25 192705, 5.45, 1.49, 5.04, 0.30 192706, -2.38, 0.42, -1.53, 0.26 192707, 7.26, -3.27, -1.13, 0.30 192708, 1.99, -0.77, -3.85, 0.28 192709, 4.77, -3.60, -0.57, 0.21 192710, -4.29, 2.03, -4.47, 0.25 192711, 6.52, 2.78, -0.08, 0.21 192712, 2.09, 0.98, -1.12, 0.22 192801, -0.57, 4.20, -0.71, 0.25 192802, -1.69, -2.06, -0.64, 0.33 192803, 8.79, -0.38, -1.11, 0.29 192804, 4.25, 4.14, 3.25, 0.22 192805, 1.52, 2.70, -3.00, 0.32 192806, -4.90, -3.76, 0.28, 0.31 192807, 0.63, -1.36, -0.54, 0.32 192808, 6.69, -2.04, -2.13, 0.32 192809, 2.87, 2.40, 0.84, 0.27 192810, 1.31, 2.24, -2.14, 0.41 192811, 11.82, -1.82, 2.65, 0.38 192812, 0.40, -0.93, -0.52, 0.06 192901, 4.66, -3.35, -1.22, 0.34 192902, -0.34, -0.33, 1.66, 0.36 192903, -0.85, -4.91, 1.57, 0.34 192904, 1.47, -1.12, 0.93, 0.36 192905, -6.38, -5.44, -1.52, 0.44 192906, 9.70, -2.14, -2.74, 0.52 192907, 4.48, -3.87, 2.67, 0.33 192908, 8.14, -9.75, 0.32, 0.40 192909, -5.45, 1.34, -0.79, 0.35 192910, -20.07, -4.95, 7.54, 0.46 192911, -12.87, -0.88, 5.05, 0.37 192912, 1.28, -4.10, -0.14, 0.37 193001, 5.61, 3.49, -1.03, 0.14 193002, 2.50, 0.28, 0.28, 0.30 193003, 7.09, 3.39, 0.30, 0.35 193004, -2.05, -0.35, -0.37, 0.21 193005, -1.66, -2.10, -0.74, 0.26 193006, -16.08, -3.59, 2.40, 0.27 193007, 4.12, -0.27, -1.70, 0.20 193008, 0.30, -2.16, -0.59, 0.09 193009, -12.81, -2.41, -5.09, 0.22 193010, -8.78, -0.20, -1.09, 0.09 193011, -3.04, 2.46, -3.81, 0.13 193012, -7.86, -4.67, -5.69, 0.14 193101, 6.25, 3.47, 8.24, 0.15 193102, 10.88, 3.45, 1.63, 0.04 193103, -6.35, 2.83, -3.20, 0.13 193104, -10.00, -4.22, -4.33, 0.08 193105, -13.29, 5.22, -6.31, 0.09 193106, 13.93, -5.01, 11.70, 0.08 193107, -6.63, 1.56, -2.30, 0.06 193108, 0.40, -2.05, -1.76, 0.03 193109, -28.74, -1.08, -7.13, 0.03 193110, 7.99, -0.14, 2.88, 0.10 193111, -9.14, 4.41, -5.21, 0.17 193112, -13.52, -0.75, -9.39, 0.12 193201, -1.57, 4.33, 9.86, 0.23 193202, 5.45, -2.60, -1.32, 0.23 193203, -11.30, 2.21, -2.33, 0.16 193204, -17.94, 0.98, 1.98, 0.11 193205, -20.51, 4.41, -4.42, 0.06 193206, -0.77, 0.27, 6.07, 0.02 193207, 33.61, -4.29, 35.52, 0.02 193208, 37.12, 13.46, 34.20, 0.03 193209, -2.94, -2.15, -7.37, 0.03 193210, -13.15, -2.59, -10.47, 0.02 193211, -5.88, 1.83, -13.19, 0.02 193212, 4.42, -8.30, -7.54, 0.01 193301, 1.24, 0.73, 6.46, 0.01 193302, -15.29, -2.63, -2.92, -0.03 193303, 3.06, 3.60, 7.09, 0.04 193304, 38.81, 3.02, 20.10, 0.10 193305, 21.43, 35.96, 18.66, 0.04 193306, 13.10, 8.65, -1.64, 0.02 193307, -9.64, -1.06, 3.30, 0.02 193308, 12.04, -5.16, 3.05, 0.03 193309, -10.65, -0.58, -11.71, 0.02 193310, -8.36, -0.07, -8.49, 0.01 193311, 9.97, -6.37, 2.27, 0.02 193312, 1.82, 0.36, -1.99, 0.02 193401, 12.60, 13.21, 16.20, 0.05 193402, -2.51, 5.05, 1.86, 0.02 193403, 0.09, 2.45, -2.59, 0.02 193404, -1.79, 2.73, -3.83, 0.01 193405, -7.26, -0.31, -5.90, 0.01 193406, 2.71, -2.18, -2.85, 0.01 193407, -10.94, -7.12, -10.76, 0.01 193408, 5.58, 5.55, 0.17, 0.01 193409, -0.24, -1.50, -1.21, 0.01 193410, -1.66, 1.23, -5.00, 0.01 193411, 8.33, 6.60, -2.14, 0.01 193412, 0.36, 3.28, -3.16, 0.01 193501, -3.46, 0.96, -1.77, 0.01 193502, -1.96, 0.32, -7.48, 0.02 193503, -3.71, -3.43, -5.03, 0.01 193504, 9.06, -1.58, 4.37, 0.01 193505, 3.46, -3.20, 2.45, 0.01 193506, 5.93, -2.53, -1.52, 0.01 193507, 7.54, 2.02, 6.58, 0.01 193508, 2.65, 6.01, 6.29, 0.01 193509, 2.62, 1.55, -4.12, 0.01 193510, 7.03, 2.67, -2.33, 0.01 193511, 4.87, 4.65, 12.20, 0.02 193512, 4.55, 0.09, 0.83, 0.01 193601, 6.89, 5.60, 10.95, 0.01 193602, 2.49, 0.84, 4.33, 0.01 193603, 0.96, 0.69, -1.59, 0.02 193604, -8.14, -5.99, -2.28, 0.02 193605, 5.19, 0.89, 2.55, 0.02 193606, 2.40, -3.22, -1.19, 0.03 193607, 6.68, 1.07, 2.53, 0.01 193608, 0.99, 0.61, 3.79, 0.02 193609, 0.97, 3.12, 0.94, 0.01 193610, 7.10, -2.35, 2.51, 0.02 193611, 3.26, 8.70, -1.25, 0.01 193612, 0.20, 3.87, 4.14, 0.00 193701, 3.35, 4.49, 2.78, 0.01 193702, 1.08, 0.64, 4.28, 0.02 193703, -0.26, -1.25, 7.04, 0.01 193704, -7.36, -3.72, -3.46, 0.03 193705, -0.83, -0.69, -3.46, 0.06 193706, -4.23, -3.91, -3.12, 0.03 193707, 8.91, 0.88, 0.81, 0.03 193708, -4.88, 0.45, -2.25, 0.02 193709, -13.62, -7.00, -4.55, 0.04 193710, -9.59, 0.45, -1.52, 0.02 193711, -8.33, -3.56, 0.22, 0.02 193712, -4.29, -7.92, -0.47, 0.00 193801, 0.48, 4.84, -1.53, 0.00 193802, 5.85, 0.41, -1.97, 0.00 193803, -23.91, -4.30, -3.63, -0.01 193804, 14.48, 6.40, 0.45, 0.01 193805, -3.86, -2.47, -0.24, 0.00 193806, 23.89, 4.22, 0.37, 0.00 193807, 7.33, 6.69, 2.28, -0.01 193808, -2.68, -2.48, -4.78, 0.00 193809, 0.83, -2.68, -1.70, 0.02 193810, 7.80, 5.81, 5.04, 0.01 193811, -1.74, -2.55, -1.20, -0.06 193812, 4.16, -1.81, 0.54, 0.00 193901, -5.97, -1.54, -3.92, -0.01 193902, 3.51, 0.61, 2.92, 0.01 193903, -12.03, -4.75, -8.27, -0.01 193904, -0.18, 1.67, -0.30, 0.00 193905, 6.81, 2.80, 0.47, 0.01 193906, -5.33, -1.09, -5.28, 0.01 193907, 10.22, 4.13, 0.31, 0.00 193908, -6.68, -4.69, -2.34, -0.01 193909, 16.89, 20.61, 21.91, 0.01 193910, -0.53, -0.15, -4.71, 0.00 193911, -3.65, -5.18, -6.26, 0.00 193912, 2.93, 0.93, -4.22, 0.00 194001, -2.41, 0.40, -1.10, 0.00 194002, 1.44, 2.22, 0.18, 0.00 194003, 2.05, 1.27, -1.30, 0.00 194004, 0.22, 4.02, -0.26, 0.00 194005, -22.00, -6.60, -3.80, -0.02 194006, 6.69, -1.73, 3.87, 0.00 194007, 3.17, 0.99, -0.75, 0.01 194008, 2.21, -0.18, 0.55, -0.01 194009, 2.39, 3.20, -1.14, 0.00 194010, 3.03, 0.33, 4.65, 0.00 194011, -1.65, 1.98, 0.16, 0.00 194012, 0.69, -2.12, -0.89, 0.00 194101, -4.18, 0.98, 3.83, -0.01 194102, -1.43, -1.56, 0.89, -0.01 194103, 0.84, 0.09, 3.05, 0.01 194104, -5.46, -1.67, 3.41, -0.01 194105, 1.37, -0.64, 0.61, 0.00 194106, 5.83, 1.31, 0.61, 0.00 194107, 5.87, 5.74, 7.24, 0.03 194108, -0.17, -0.43, -1.10, 0.01 194109, -0.88, -0.98, -0.27, 0.01 194110, -5.26, -2.07, 1.63, 0.00 194111, -1.95, -1.08, -0.60, 0.00 194112, -4.88, -2.86, -5.94, 0.01 194201, 0.79, 7.45, 10.10, 0.02 194202, -2.46, 1.74, -1.15, 0.01 194203, -6.60, 1.87, -0.61, 0.01 194204, -4.37, -0.44, 2.09, 0.01 194205, 5.96, -3.20, -2.67, 0.03 194206, 2.68, -1.28, 0.43, 0.02 194207, 3.51, -0.15, 2.41, 0.03 194208, 1.80, -0.08, 1.33, 0.03 194209, 2.62, 0.64, 2.39, 0.03 194210, 6.82, 1.75, 6.47, 0.03 194211, 0.13, -1.49, -4.23, 0.03 194212, 5.14, -2.55, 0.55, 0.03 194301, 7.13, 8.81, 8.23, 0.03 194302, 6.16, 4.84, 6.52, 0.03 194303, 6.03, 5.07, 5.49, 0.03 194304, 0.81, 2.07, 5.86, 0.03 194305, 5.75, 4.40, 3.28, 0.02 194306, 1.82, -1.03, -0.75, 0.03 194307, -4.78, -2.31, -2.23, 0.03 194308, 1.30, -0.64, -0.47, 0.03 194309, 2.40, 1.30, 1.42, 0.03 194310, -1.15, 0.60, 1.68, 0.03 194311, -5.93, -1.57, -3.99, 0.03 194312, 6.37, 3.10, 2.90, 0.03 194401, 1.74, 2.61, 2.29, 0.03 194402, 0.37, -0.08, 0.85, 0.03 194403, 2.46, 1.65, 3.35, 0.02 194404, -1.69, -1.31, -1.06, 0.03 194405, 5.08, 1.68, 1.03, 0.03 194406, 5.51, 4.11, 1.89, 0.03 194407, -1.49, 0.58, -0.42, 0.03 194408, 1.56, 2.37, -1.44, 0.03 194409, 0.02, 0.48, -1.20, 0.02 194410, 0.16, -0.16, -0.36, 0.03 194411, 1.71, 0.35, 2.38, 0.03 194412, 4.04, 2.23, 5.87, 0.02 194501, 2.01, 2.45, 0.68, 0.03 194502, 6.23, 1.62, 4.43, 0.02 194503, -3.91, -1.66, -1.57, 0.02 194504, 7.80, 0.48, 3.11, 0.03 194505, 1.74, 1.53, 0.34, 0.03 194506, 0.39, 3.14, 4.27, 0.02 194507, -2.17, -1.45, -2.73, 0.03 194508, 6.22, 1.60, -4.40, 0.03 194509, 4.77, 1.74, 0.46, 0.03 194510, 3.89, 2.36, 2.14, 0.03 194511, 5.40, 4.18, 4.35, 0.02 194512, 1.19, 2.16, -2.40, 0.03 194601, 6.24, 3.98, 2.28, 0.03 194602, -5.84, -0.68, -1.27, 0.03 194603, 5.88, 0.30, -0.37, 0.03 194604, 4.23, 2.37, 0.46, 0.03 194605, 3.94, 1.48, 1.10, 0.03 194606, -3.89, -1.55, -0.53, 0.03 194607, -2.69, -1.91, 0.05, 0.03 194608, -6.46, -1.80, 0.60, 0.03 194609, -10.18, -4.43, -1.97, 0.03 194610, -1.44, 0.17, 3.45, 0.03 194611, -0.02, -0.37, 1.53, 0.03 194612, 4.97, 0.00, -1.41, 0.03 194701, 1.25, 2.20, -0.74, 0.03 194702, -1.09, 0.70, 0.14, 0.03 194703, -1.68, -1.60, 0.61, 0.03 194704, -4.80, -3.97, 0.85, 0.03 194705, -0.96, -3.27, 0.32, 0.03 194706, 5.30, -0.33, -0.64, 0.03 194707, 4.13, 1.47, 2.76, 0.03 194708, -1.74, 0.33, 0.14, 0.03 194709, -0.54, 1.62, 1.36, 0.06 194710, 2.47, 0.52, 0.11, 0.06 194711, -1.99, -1.69, 1.07, 0.06 194712, 3.01, -2.47, 3.74, 0.08 194801, -3.93, 2.52, 1.38, 0.07 194802, -4.38, -1.70, 0.05, 0.07 194803, 8.11, 0.12, 4.52, 0.09 194804, 3.65, -1.64, 4.12, 0.08 194805, 7.32, 0.87, -1.27, 0.08 194806, -0.11, -1.78, 2.84, 0.09 194807, -5.08, -0.38, 0.11, 0.08 194808, 0.24, -1.13, 0.29, 0.09 194809, -2.99, -1.27, -1.77, 0.04 194810, 5.96, -1.48, 0.58, 0.04 194811, -9.34, -0.61, -4.15, 0.04 194812, 3.26, -2.85, -1.95, 0.04 194901, 0.23, 1.71, 1.25, 0.10 194902, -2.93, -1.87, -0.89, 0.09 194903, 4.05, 2.48, 1.31, 0.10 194904, -1.87, -0.92, -1.12, 0.09 194905, -2.98, -0.78, -2.39, 0.10 194906, 0.10, -0.86, -1.65, 0.10 194907, 5.54, 0.55, 0.39, 0.09 194908, 2.59, 0.14, -0.59, 0.09 194909, 3.09, 1.05, 0.23, 0.09 194910, 3.14, 1.03, -0.49, 0.09 194911, 1.81, -0.94, -0.90, 0.08 194912, 5.14, 2.08, 1.73, 0.09 195001, 1.70, 3.34, 0.15, 0.09 195002, 1.48, 0.02, -0.79, 0.09 195003, 1.26, -1.43, -2.78, 0.10 195004, 3.94, 2.00, 1.33, 0.09 195005, 4.32, -2.13, 0.47, 0.10 195006, -5.96, -2.41, -0.79, 0.10 195007, 1.37, 0.54, 13.69, 0.10 195008, 4.86, 0.74, -1.37, 0.10 195009, 4.82, 0.59, -1.10, 0.10 195010, -0.19, -0.66, 1.36, 0.12 195011, 2.74, -0.89, 3.19, 0.11 195012, 5.57, 1.53, 7.27, 0.11 195101, 5.70, 1.67, 3.79, 0.13 195102, 1.40, 0.14, -2.79, 0.10 195103, -2.16, -0.66, -4.26, 0.11 195104, 4.86, -1.48, 3.26, 0.13 195105, -2.36, -0.08, -1.42, 0.12 195106, -2.63, -1.96, -3.98, 0.12 195107, 6.95, -2.05, 2.00, 0.13 195108, 4.29, 0.95, -0.17, 0.13 195109, 0.70, 1.86, 0.62, 0.12 195110, -2.53, -0.23, 0.18, 0.16 195111, 0.58, -0.33, -0.08, 0.11 195112, 3.33, -2.24, -1.55, 0.12 195201, 1.45, -0.65, 1.48, 0.15 195202, -2.64, 0.85, -0.62, 0.12 195203, 4.44, -2.97, 2.23, 0.11 195204, -4.97, 0.49, -0.03, 0.12 195205, 3.20, -1.00, 0.02, 0.13 195206, 3.84, -1.63, 1.24, 0.15 195207, 0.91, -0.41, -0.32, 0.15 195208, -0.77, 1.15, 0.09, 0.15 195209, -2.04, 1.09, -1.42, 0.16 195210, -0.66, -1.03, -0.55, 0.14 195211, 5.96, -0.72, 1.02, 0.10 195212, 2.93, -1.51, 0.19, 0.16 195301, -0.34, 3.54, 1.28, 0.16 195302, -0.27, 2.22, -0.05, 0.14 195303, -1.44, -0.21, -0.84, 0.18 195304, -2.83, 0.26, 1.55, 0.16 195305, 0.51, -0.05, 0.25, 0.17 195306, -1.89, -1.89, -0.50, 0.18 195307, 2.40, -1.04, -0.25, 0.15 195308, -4.56, 0.37, -3.52, 0.17 195309, 0.21, -0.85, -2.44, 0.16 195310, 4.60, -1.36, -0.19, 0.13 195311, 2.84, -1.30, -0.15, 0.08 195312, 0.02, -0.85, -2.83, 0.13 195401, 5.13, 0.50, 3.45, 0.11 195402, 1.67, -0.18, -0.27, 0.07 195403, 3.66, -0.50, -1.45, 0.08 195404, 4.27, 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0.26, 0.45 198710, -23.19, -8.27, 4.18, 0.60 198711, -7.76, 2.68, 3.14, 0.35 198712, 6.82, 0.03, -4.42, 0.39 198801, 4.21, -0.75, 4.93, 0.29 198802, 4.77, 3.33, -1.53, 0.46 198803, -2.26, 6.01, 0.86, 0.44 198804, 0.57, 0.91, 1.51, 0.46 198805, -0.27, -2.54, 2.44, 0.51 198806, 4.78, 2.02, -1.35, 0.49 198807, -1.25, -0.24, 2.18, 0.51 198808, -3.31, 0.08, 2.16, 0.59 198809, 3.31, -1.37, -0.79, 0.62 198810, 1.16, -2.94, 2.00, 0.61 198811, -2.27, -1.66, 1.44, 0.57 198812, 1.48, 1.91, -1.83, 0.63 198901, 6.07, -2.20, 0.59, 0.55 198902, -2.23, 2.83, 1.01, 0.61 198903, 1.57, 0.70, 0.52, 0.67 198904, 4.35, -0.65, -1.44, 0.67 198905, 3.28, -0.08, -0.90, 0.79 198906, -1.33, -0.95, 2.23, 0.71 198907, 7.18, -4.11, -2.80, 0.70 198908, 1.43, 0.57, 0.62, 0.74 198909, -0.76, 0.30, -1.27, 0.65 198910, -3.65, -3.24, -1.16, 0.68 198911, 1.04, -1.19, -1.13, 0.69 198912, 1.18, -2.37, 0.15, 0.61 199001, -7.80, -1.14, 0.83, 0.57 199002, 1.12, 0.97, 0.65, 0.57 199003, 1.83, 1.47, -2.90, 0.64 199004, -3.36, 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199211, 4.14, 3.68, -1.52, 0.23 199212, 1.53, 1.65, 2.64, 0.28 199301, 0.93, 1.89, 5.90, 0.23 199302, 0.12, -3.39, 6.48, 0.22 199303, 2.32, 0.29, 1.26, 0.25 199304, -3.05, -0.62, 2.55, 0.24 199305, 2.89, 2.06, -3.46, 0.22 199306, 0.30, -0.30, 2.64, 0.25 199307, -0.34, 0.96, 2.87, 0.24 199308, 3.72, 0.12, 0.18, 0.25 199309, -0.12, 3.07, -0.24, 0.26 199310, 1.42, 1.99, -2.78, 0.22 199311, -1.87, -1.26, -0.78, 0.25 199312, 1.65, 1.18, 0.25, 0.23 199401, 2.87, 0.34, 1.10, 0.25 199402, -2.55, 2.76, -1.52, 0.21 199403, -4.79, -1.08, 1.67, 0.27 199404, 0.68, -0.93, 1.66, 0.27 199405, 0.58, -2.08, 0.60, 0.32 199406, -3.04, -0.42, 1.77, 0.31 199407, 2.82, -1.77, 0.59, 0.28 199408, 4.02, 1.53, -2.60, 0.37 199409, -2.28, 3.03, -1.79, 0.37 199410, 1.35, -2.16, -1.67, 0.38 199411, -4.03, 0.33, -0.74, 0.37 199412, 0.86, 0.15, -0.10, 0.44 199501, 1.80, -3.49, 2.58, 0.42 199502, 3.63, -0.57, 0.98, 0.40 199503, 2.19, -0.18, -2.16, 0.46 199504, 2.11, -0.52, 1.67, 0.44 199505, 2.90, -2.53, 2.28, 0.54 199506, 2.72, 3.14, -2.52, 0.47 199507, 3.71, 2.11, -1.57, 0.45 199508, 0.55, 1.31, 2.68, 0.47 199509, 3.36, -2.17, -0.11, 0.43 199510, -1.51, -3.81, -0.48, 0.47 199511, 3.96, -1.12, 0.52, 0.42 199512, 1.04, 0.66, 0.24, 0.49 199601, 2.26, -2.82, 0.45, 0.43 199602, 1.33, 1.78, -1.05, 0.39 199603, 0.74, 1.44, 0.42, 0.39 199604, 2.06, 5.20, -3.96, 0.46 199605, 2.36, 3.21, -0.91, 0.42 199606, -1.13, -4.00, 2.33, 0.40 199607, -5.96, -4.31, 5.19, 0.45 199608, 2.77, 2.45, -0.80, 0.41 199609, 5.01, -1.02, -2.75, 0.44 199610, 0.87, -4.39, 4.87, 0.42 199611, 6.25, -4.02, 1.38, 0.41 199612, -1.70, 3.13, 1.27, 0.46 199701, 4.96, -1.94, -1.43, 0.45 199702, -0.48, -3.17, 5.62, 0.39 199703, -5.02, -0.33, 3.37, 0.43 199704, 4.04, -5.76, 0.03, 0.43 199705, 6.73, 5.13, -4.13, 0.49 199706, 4.10, 1.19, 1.47, 0.37 199707, 7.31, -2.73, 0.13, 0.43 199708, -4.10, 7.15, 1.13, 0.41 199709, 5.34, 2.54, 0.24, 0.44 199710, -3.80, -0.71, 2.33, 0.42 199711, 2.99, -5.11, 1.22, 0.39 199712, 1.33, -2.48, 3.74, 0.48 199801, 0.15, -1.01, -1.68, 0.43 199802, 7.03, 0.13, -0.93, 0.39 199803, 4.76, -1.19, 1.38, 0.39 199804, 0.74, 0.06, 1.03, 0.43 199805, -3.07, -3.40, 3.41, 0.40 199806, 3.19, -3.17, -2.03, 0.41 199807, -2.42, -4.82, -1.81, 0.40 199808, -16.05, -5.46, 3.59, 0.43 199809, 6.19, 0.00, -3.51, 0.46 199810, 6.98, -2.97, -2.37, 0.32 199811, 6.07, 1.22, -3.17, 0.31 199812, 6.15, -0.47, -4.25, 0.38 199901, 3.48, 0.66, -4.42, 0.35 199902, -4.08, -5.99, 1.89, 0.35 199903, 3.48, -3.87, -2.56, 0.43 199904, 4.34, 3.88, 2.38, 0.37 199905, -2.46, 3.34, 2.50, 0.34 199906, 4.77, 3.21, -3.22, 0.40 199907, -3.49, 2.49, -0.18, 0.38 199908, -1.37, -0.94, -1.92, 0.39 199909, -2.77, 3.13, -2.90, 0.39 199910, 6.09, -6.93, -2.88, 0.39 199911, 3.41, 6.84, -5.65, 0.36 199912, 7.66, 6.52, -7.67, 0.44 200001, -4.74, 5.12, -1.10, 0.41 200002, 2.46, 21.34, -9.73, 0.43 200003, 5.21, -17.39, 8.48, 0.47 200004, -6.39, -6.03, 6.45, 0.46 200005, -4.39, -6.07, 4.58, 0.50 200006, 4.68, 12.69, -8.03, 0.40 200007, -2.48, 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0.01 201011, 0.59, 3.67, -0.90, 0.01 201012, 6.82, 0.72, 3.56, 0.01 201101, 1.98, -2.29, 0.61, 0.01 201102, 3.48, 1.50, 1.18, 0.01 201103, 0.45, 2.49, -1.84, 0.01 201104, 2.90, -0.42, -2.44, 0.00 201105, -1.27, -0.73, -1.85, 0.00 201106, -1.74, -0.27, -0.20, 0.00 201107, -2.35, -1.18, -0.90, 0.00 201108, -5.96, -2.96, -2.43, 0.01 201109, -7.58, -3.12, -1.53, 0.00 201110, 11.33, 3.05, 0.06, 0.00 201111, -0.27, -0.18, -0.52, 0.00 201112, 0.75, -0.56, 1.54, 0.00 201201, 5.05, 2.01, -0.93, 0.00 201202, 4.42, -1.84, 0.42, 0.00 201203, 3.12, -0.63, 1.19, 0.00 201204, -0.85, -0.37, -0.77, 0.00 201205, -6.17, 0.12, -0.95, 0.01 201206, 3.89, 0.72, 0.55, 0.00 201207, 0.79, -2.76, -0.06, 0.00 201208, 2.54, 0.48, 1.25, 0.01 201209, 2.73, 0.45, 1.63, 0.01 201210, -1.76, -1.10, 3.52, 0.01 201211, 0.78, 0.60, -0.87, 0.01 201212, 1.18, 1.49, 3.52, 0.01 201301, 5.57, 0.28, 1.01, 0.00 201302, 1.28, -0.29, 0.18, 0.00 201303, 4.04, 0.83, -0.21, 0.00 201304, 1.56, -2.37, 0.46, 0.00 201305, 2.80, 1.67, 2.71, 0.00 201306, -1.20, 1.31, -0.04, 0.00 201307, 5.65, 1.82, 0.57, 0.00 201308, -2.71, 0.32, -2.73, 0.00 201309, 3.77, 2.89, -1.18, 0.00 201310, 4.17, -1.56, 1.22, 0.00 201311, 3.11, 1.31, 0.19, 0.00 201312, 2.81, -0.44, 0.00, 0.00 201401, -3.32, 0.93, -1.99, 0.00 201402, 4.66, 0.36, -0.35, 0.00 201403, 0.43, -1.86, 4.90, 0.00 201404, -0.18, -4.18, 1.22, 0.00 201405, 2.05, -1.85, -0.10, 0.00 201406, 2.60, 3.05, -0.71, 0.00 201407, -2.03, -4.17, -0.08, 0.00 201408, 4.24, 0.40, -0.58, 0.00 201409, -1.96, -3.60, -1.47, 0.00 201410, 2.51, 4.02, -1.67, 0.00 201411, 2.56, -2.05, -3.13, 0.00 201412, -0.05, 2.52, 2.11, 0.00 201501, -3.10, -0.61, -3.48, 0.00 201502, 6.13, 0.64, -1.75, 0.00 201503, -1.11, 3.06, -0.38, 0.00 201504, 0.59, -2.98, 1.81, 0.00 201505, 1.37, 0.96, -1.10, 0.00 201506, -1.52, 2.95, -0.80, 0.00 201507, 1.57, -4.17, -4.16, 0.00 201508, -6.02, 0.37, 2.75, 0.00 201509, -3.06, -2.63, 0.55, 0.00 201510, 7.75, -1.91, -0.46, 0.00 201511, 0.57, 3.58, -0.43, 0.00 201512, -2.15, -2.80, -2.57, 0.01 201601, -5.74, -3.40, 2.08, 0.01 201602, -0.06, 0.73, -0.61, 0.02 201603, 6.95, 0.75, 1.23, 0.02 201604, 0.92, 0.77, 3.22, 0.01 201605, 1.78, -0.18, -1.62, 0.01 201606, -0.03, 0.60, -1.49, 0.02 201607, 3.94, 2.47, -1.27, 0.02 201608, 0.49, 1.19, 3.17, 0.02 201609, 0.27, 2.09, -1.22, 0.02 201610, -2.01, -4.41, 4.10, 0.02 201611, 4.86, 5.60, 8.32, 0.01 201612, 1.81, 0.13, 3.50, 0.03 201701, 1.94, -1.16, -2.74, 0.04 201702, 3.55, -2.13, -1.52, 0.04 201703, 0.17, 1.13, -3.33, 0.03 201704, 1.08, 0.68, -2.08, 0.05 201705, 1.07, -2.51, -3.82, 0.06 201706, 0.79, 2.22, 1.51, 0.06 201707, 1.88, -1.45, -0.23, 0.07 201708, 0.18, -1.67, -2.13, 0.09 201709, 2.49, 4.45, 3.15, 0.09 201710, 2.26, -1.93, 0.13, 0.09 201711, 3.12, -0.60, -0.09, 0.08 201712, 1.06, -1.32, 0.05, 0.09 201801, 5.58, -3.16, -1.32, 0.11 201802, -3.64, 0.27, -1.10, 0.11 201803, -2.35, 4.05, -0.21, 0.12 201804, 0.27, 1.09, 0.53, 0.14 201805, 2.66, 5.24, -3.14, 0.14 201806, 0.49, 1.11, -2.33, 0.14 201807, 3.20, -2.22, 0.47, 0.16 201808, 3.45, 1.17, -3.93, 0.16 201809, 0.06, -2.29, -1.68, 0.15 201810, -7.65, -4.67, 3.43, 0.19 201811, 1.71, -0.72, 0.34, 0.18 201812, -9.55, -2.33, -1.88, 0.19 201901, 8.37, 2.73, -0.40, 0.21 201902, 3.42, 2.05, -2.66, 0.18 201903, 1.10, -3.06, -4.16, 0.19 201904, 3.97, -1.69, 2.13, 0.21 201905, -6.92, -1.22, -2.36, 0.21 201906, 6.99, 0.10, -0.72, 0.18 201907, 1.23, -1.96, 0.50, 0.19 201908, -2.55, -2.39, -4.77, 0.16 201909, 1.41, -0.97, 6.76, 0.18 201910, 2.07, 0.27, -1.92, 0.15 201911, 3.87, 0.72, -2.00, 0.12 201912, 2.77, 0.76, 1.73, 0.14 202001, -0.11, -3.10, -6.22, 0.13 202002, -8.15, 1.08, -3.82, 0.12 202003, -13.37, -4.69, -13.83, 0.12 202004, 13.60, 2.50, -1.34, 0.00 202005, 5.57, 2.40, -5.00, 0.01 202006, 2.45, 2.67, -2.17, 0.01 202007, 5.83, -2.35, -1.44, 0.01 202008, 7.62, -0.20, -3.02, 0.01 202009, -3.64, 0.06, -2.72, 0.01 202010, -2.08, 4.34, 4.25, 0.01 202011, 12.45, 5.81, 2.09, 0.01 202012, 4.63, 5.01, -1.68, 0.01 202101, -0.07, 7.14, 3.22, 0.00 202102, 2.81, 2.02, 7.20, 0.00 202103, 3.17, -2.33, 7.35, 0.00 202104, 4.95, -3.19, -1.02, 0.00 202105, 0.30, -0.20, 7.04, 0.00 202106, 2.74, 1.70, -7.86, 0.00 202107, 1.34, -3.93, -1.80, 0.00 202108, 2.94, -0.32, -0.23, 0.00 202109, -4.40, 0.66, 5.12, 0.00 202110, 6.63, -2.26, -0.53, 0.00 202111, -1.58, -1.31, -0.37, 0.00 202112, 3.23, -1.63, 3.25, 0.01 202201, -6.16, -5.93, 12.86, 0.00 202202, -2.28, 2.16, 3.06, 0.00 202203, 3.08, -1.55, -1.90, 0.00 202204, -9.41, -1.35, 6.18, 0.00 202205, -0.34, -1.84, 8.44, 0.03 202206, -8.40, 2.07, -6.00, 0.06 202207, 9.57, 2.86, -4.13, 0.08 202208, -3.77, 1.41, 0.18, 0.19 202209, -9.34, -0.76, 0.03, 0.19 202210, 7.85, 0.01, 7.97, 0.23 202211, 4.65, -3.57, 1.48, 0.29 202212, -6.38, -0.76, 1.34, 0.33 202301, 6.61, 5.01, -3.94, 0.35 202302, -2.57, 1.05, -0.80, 0.34 202303, 2.48, -5.48, -9.05, 0.36 202304, 0.62, -3.37, -0.12, 0.35 202305, 0.34, 1.60, -7.79, 0.36 202306, 6.46, 1.49, -0.13, 0.40 202307, 3.21, 2.05, 4.06, 0.45 202308, -2.36, -3.13, -1.15, 0.45 202309, -5.23, -2.50, 1.50, 0.43 202310, -3.15, -3.87, 0.22, 0.47 202311, 8.88, -0.11, 1.66, 0.44 202312, 4.85, 6.28, 4.87, 0.43 202401, 0.73, -5.04, -2.37, 0.47 202402, 5.07, -0.26, -3.43, 0.42 202403, 2.84, -2.50, 4.16, 0.43 202404, -4.65, -2.38, -0.45, 0.47 202405, 4.33, 0.53, -1.33, 0.44 202406, 2.80, -3.00, -3.36, 0.41 202407, 1.22, 6.81, 5.57, 0.45 202408, 1.60, -3.49, -1.13, 0.48 202409, 1.72, -0.13, -2.73, 0.40 202410, -1.00, -0.95, 0.91, 0.39 202411, 6.49, 4.49, 0.38, 0.40 202412, -3.17, -2.70, -2.97, 0.37 202501, 2.80, -2.00, 1.76, 0.37 202502, -2.44, -5.77, 4.84, 0.33 202503, -6.39, -2.72, 2.87, 0.34 202504, -0.84, -0.57, -3.29, 0.35 202505, 6.06, 0.61, -2.81, 0.38 202506, 4.86, 0.71, -1.43, 0.34 202507, 1.98, 0.30, -1.34, 0.34 202508, 1.84, 3.80, 4.37, 0.38 202509, 3.39, -1.83, -1.05, 0.33 202510, 1.96, -0.57, -3.18, 0.37 202511, -0.13, 0.40, 3.76, 0.30 202512, -0.36, -1.04, 2.40, 0.34 202601, 1.03, 2.18, 3.80, 0.30 202602, -1.17, 0.16, 2.80, 0.28 202603, -5.18, 0.44, 3.29, 0.29 202604, 9.95, 0.19, -1.37, 0.29 202605, 4.91, -1.59, -2.31, 0.31 202606, -1.07, 3.39, 3.58, 0.29 202607, -0.61, -1.92, 2.11, 0.33 202608, 2.56, 0.34, -3.54, 0.29 202609, -1.07, -3.16, -1.55, 0.31 Annual Factors: January-December ,Mkt-RF,SMB,HML,RF 1927, 29.44, -3.05, -3.36, 3.12 1928, 35.56, 3.73, -5.26, 3.56 1929, -19.58, -30.68, 11.86, 4.75 1930, -31.14, -5.53, -11.76, 2.41 1931, -44.84, 3.21, -13.92, 1.07 1932, -9.60, 5.17, 11.49, 0.96 1933, 56.49, 44.61, 31.28, 0.30 1934, 3.09, 25.82, -27.15, 0.16 1935, 44.87, 10.60, 10.11, 0.17 1936, 31.98, 18.03, 34.57, 0.18 1937, -35.01, -14.14, -3.73, 0.31 1938, 28.22, 9.33, -11.78, -0.02 1939, 2.50, 5.72, -18.73, 0.02 1940, -7.20, 1.21, -1.59, 0.00 1941, -10.58, -3.84, 11.19, 0.06 1942, 16.21, 4.98, 19.69, 0.27 1943, 28.01, 33.44, 38.70, 0.35 1944, 21.02, 18.12, 16.24, 0.33 1945, 38.42, 25.95, 11.20, 0.33 1946, -6.74, -3.63, 3.08, 0.35 1947, 2.94, -6.98, 9.72, 0.50 1948, 1.04, -9.22, 3.65, 0.81 1949, 19.08, 3.81, -4.21, 1.10 1950, 28.84, 0.76, 27.06, 1.20 1951, 19.20, -5.26, -6.11, 1.49 1952, 11.81, -6.75, 3.53, 1.66 1953, -1.10, -1.17, -7.71, 1.82 1954, 49.45, -2.20, 26.18, 0.86 1955, 23.78, -6.35, 5.23, 1.57 1956, 5.87, -0.90, -2.04, 2.46 1957, -13.16, -2.72, -6.24, 3.14 1958, 43.43, 14.52, 13.45, 1.54 1959, 9.77, 5.37, 1.78, 2.95 1960, -1.47, -3.06, -4.28, 2.66 1961, 24.85, 1.06, 5.36, 2.13 1962, -12.92, -7.95, 8.78, 2.73 1963, 17.84, -6.02, 15.38, 3.12 1964, 12.55, -1.09, 9.72, 3.54 1965, 10.52, 21.81, 7.42, 3.93 1966, -13.55, 2.88, -1.09, 4.76 1967, 24.50, 50.10, -8.27, 4.21 1968, 8.91, 24.25, 18.17, 5.21 1969, -17.52, -13.94, -10.03, 6.58 1970, -6.43, -11.79, 21.41, 6.52 1971, 11.78, 5.70, -10.94, 4.39 1972, 13.07, -12.16, 1.46, 3.84 1973, -26.25, -23.36, 17.50, 6.93 1974, -35.82, -0.64, 9.65, 8.00 1975, 32.55, 14.99, 9.36, 5.80 1976, 21.90, 14.66, 24.26, 5.08 1977, -8.25, 22.74, 7.52, 5.12 1978, 1.06, 14.30, 0.52, 7.18 1979, 13.07, 20.87, -2.37, 10.38 1980, 21.96, 5.30, -24.14, 11.24 1981, -17.97, 6.72, 24.88, 14.71 1982, 10.93, 8.20, 12.99, 10.54 1983, 13.74, 13.94, 20.43, 8.80 1984, -5.99, -8.27, 18.80, 9.85 1985, 24.91, -0.02, 0.89, 7.72 1986, 10.27, -9.56, 9.55, 6.16 1987, -3.84, -10.82, -1.26, 5.47 1988, 11.63, 5.43, 14.65, 6.35 1989, 20.45, -12.61, -4.29, 8.37 1990, -13.86, -13.92, -10.11, 7.81 1991, 29.22, 16.08, -14.64, 5.60 1992, 6.27, 7.67, 24.34, 3.51 1993, 8.26, 6.55, 17.06, 2.90 1994, -4.05, -0.36, -0.83, 3.90 1995, 31.25, -9.81, 5.71, 5.60 1996, 16.00, -4.64, 8.65, 5.21 1997, 26.00, -7.83, 18.29, 5.26 1998, 19.39, -24.95, -10.71, 4.86 1999, 20.55, 13.74, -28.60, 4.68 2000, -17.48, -4.17, 45.37, 5.89 2001, -15.03, 17.75, 19.09, 3.83 2002, -22.77, 3.97, 8.67, 1.65 2003, 30.67, 26.32, 4.64, 1.02 2004, 10.75, 4.34, 7.64, 1.20 2005, 3.13, -2.56, 9.52, 2.98 2006, 10.57, 0.11, 11.72, 4.80 2007, 1.07, -7.61, -16.82, 4.66 2008, -38.25, 2.52, 1.19, 1.60 2009, 28.55, 8.83, -8.20, 0.10 2010, 17.32, 13.87, -5.34, 0.12 2011, 0.48, -5.72, -8.31, 0.04 2012, 16.30, -1.26, 10.00, 0.06 2013, 35.16, 7.61, 2.59, 0.02 2014, 11.74, -7.69, -1.85, 0.02 2015, 0.20, -3.85, -9.48, 0.02 2016, 13.36, 6.57, 22.80, 0.20 2017, 21.50, -5.21, -13.42, 0.80 2018, -6.82, -3.13, -9.63, 1.81 2019, 28.43, -6.48, -10.36, 2.14 2020, 23.59, 13.48, -46.94, 0.44 2021, 23.87, -3.79, 25.60, 0.04 2022, -21.32, -6.99, 25.70, 1.42 2023, 21.75, -3.53, -13.98, 4.95 2024, 19.76, -11.31, -8.43, 5.26 2025, 13.30, -10.79, 8.71, 4.25 Copyright 2026 Eugene F. Fama and Kenneth R. French