Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Apple Inc. (NASDAQ:AAPL)

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Capital Asset Pricing Model (CAPM)

Intermediate level

Rates of Return

Apple Inc., monthly rates of return

Microsoft Excel LibreOffice Calc
Apple Inc. (AAPL) Standard & Poor’s 500 (S&P 500)
t Date PriceAAPL,t1 DividendAAPL,t1 RAAPL,t2 PriceS&P 500,t RS&P 500,t3
Oct 31, 2014
1. Nov 30, 2014
2. Dec 31, 2014
3. Jan 31, 2015
. . . . . . .
. . . . . . .
. . . . . . .
70. Aug 31, 2020
71. Sep 30, 2020
Average:
Standard deviation:
Apple Inc. (AAPL) Standard & Poor’s 500 (S&P 500)
t Date PriceAAPL,t1 DividendAAPL,t1 RAAPL,t2 PriceS&P 500,t RS&P 500,t3
Oct 31, 2014
1. Nov 30, 2014
2. Dec 31, 2014
3. Jan 31, 2015
4. Feb 28, 2015
5. Mar 31, 2015
6. Apr 30, 2015
7. May 31, 2015
8. Jun 30, 2015
9. Jul 31, 2015
10. Aug 31, 2015
11. Sep 30, 2015
12. Oct 31, 2015
13. Nov 30, 2015
14. Dec 31, 2015
15. Jan 31, 2016
16. Feb 29, 2016
17. Mar 31, 2016
18. Apr 30, 2016
19. May 31, 2016
20. Jun 30, 2016
21. Jul 31, 2016
22. Aug 31, 2016
23. Sep 30, 2016
24. Oct 31, 2016
25. Nov 30, 2016
26. Dec 31, 2016
27. Jan 31, 2017
28. Feb 28, 2017
29. Mar 31, 2017
30. Apr 30, 2017
31. May 31, 2017
32. Jun 30, 2017
33. Jul 31, 2017
34. Aug 31, 2017
35. Sep 30, 2017
36. Oct 31, 2017
37. Nov 30, 2017
38. Dec 31, 2017
39. Jan 31, 2018
40. Feb 28, 2018
41. Mar 31, 2018
42. Apr 30, 2018
43. May 31, 2018
44. Jun 30, 2018
45. Jul 31, 2018
46. Aug 31, 2018
47. Sep 30, 2018
48. Oct 31, 2018
49. Nov 30, 2018
50. Dec 31, 2018
51. Jan 31, 2019
52. Feb 28, 2019
53. Mar 31, 2019
54. Apr 30, 2019
55. May 31, 2019
56. Jun 30, 2019
57. Jul 31, 2019
58. Aug 31, 2019
59. Sep 30, 2019
60. Oct 31, 2019
61. Nov 30, 2019
62. Dec 31, 2019
63. Jan 31, 2020
64. Feb 29, 2020
65. Mar 31, 2020
66. Apr 30, 2020
67. May 31, 2020
68. Jun 30, 2020
69. Jul 31, 2020
70. Aug 31, 2020
71. Sep 30, 2020
Average:
Standard deviation:

Show all

1 Data in US$ per share of common stock, adjusted for splits and stock dividends.

2 Rate of return on common stock of AAPL during period t

3 Rate of return on S&P 500 (the market portfolio proxy) during period t


Systematic Risk (β) Estimation

Microsoft Excel LibreOffice Calc
VarianceAAPL
VarianceS&P 500
CovarianceAAPL, S&P 500
Correlation coefficientAAPL, S&P 5001
βAAPL2
αAAPL3

Calculations

1 Correlation coefficientAAPL, S&P 500
= CovarianceAAPL, S&P 500 ÷ (Standard deviationAAPL × Standard deviationS&P 500)
= ÷ ( × )

2 βAAPL
= CovarianceAAPL, S&P 500 ÷ VarianceS&P 500
= ÷

3 αAAPL
= AverageAAPL – βAAPL × AverageS&P 500
= ×


Expected Rate of Return

Microsoft Excel LibreOffice Calc
Assumptions
Rate of return on LT Treasury Composite1 RF
Expected rate of return on market portfolio2 E(RM)
Systematic risk (β) of Apple Inc.’s common stock βAAPL
 
Expected rate of return on Apple Inc.’s common stock3 E(RAAPL)

1 Unweighted average of bid yields on all outstanding fixed-coupon U.S. Treasury bonds neither due or callable in less than 10 years (risk-free rate of return proxy).

2 See details »

3 E(RAAPL) = RF + βAAPL [E(RM) – RF]
= + []
=