Walmart Inc.

Monthly rates of return

Walmart Inc. (WMT)
t Date Price(WMT, t) Dividend(WMT, t) R(WMT, t)
Feb 28, 2015 $83.93
1 Mar 31, 2015 $82.25 $0.49 -1.42%
2 Apr 30, 2015 $78.05 -5.11%
3 May 31, 2015 $74.27 $0.49 -4.22%
4 Jun 30, 2015 $70.93 -4.50%
5 Jul 31, 2015 $71.98 1.48%
6 Aug 31, 2015 $64.73 $0.49 -9.39%
7 Sep 30, 2015 $64.84 0.17%
8 Oct 31, 2015 $57.24 -11.72%
9 Nov 30, 2015 $58.84 2.80%
10 Dec 31, 2015 $61.30 $0.49 5.01%
11 Jan 31, 2016 $66.36 8.25%
12 Feb 29, 2016 $66.34 -0.03%
13 Mar 31, 2016 $68.49 $0.50 3.99%
14 Apr 30, 2016 $66.87 -2.37%
15 May 31, 2016 $70.78 $0.50 6.59%
16 Jun 30, 2016 $73.02 3.16%
17 Jul 31, 2016 $72.97 -0.07%
18 Aug 31, 2016 $71.44 $0.50 -1.41%
19 Sep 30, 2016 $72.12 0.95%
20 Oct 31, 2016 $70.02 -2.91%
21 Nov 30, 2016 $70.43 0.59%
22 Dec 31, 2016 $69.12 $0.50 -1.15%
23 Jan 31, 2017 $66.74 -3.44%
24 Feb 28, 2017 $70.93 6.28%
25 Mar 31, 2017 $72.08 $0.51 2.34%
26 Apr 30, 2017 $75.18 4.30%
27 May 31, 2017 $78.60 $0.51 5.23%
28 Jun 30, 2017 $75.68 -3.72%
29 Jul 31, 2017 $79.99 5.70%
30 Aug 31, 2017 $78.07 $0.51 -1.76%
31 Sep 30, 2017 $78.14 0.09%
32 Oct 31, 2017 $87.31 11.74%
33 Nov 30, 2017 $97.23 11.36%
34 Dec 31, 2017 $98.75 $0.51 2.09%
35 Jan 31, 2018 $106.60 7.95%
36 Feb 28, 2018 $90.01 -15.56%
37 Mar 31, 2018 $88.97 $0.52 -0.58%
38 Apr 30, 2018 $88.46 -0.57%
39 May 31, 2018 $82.54 $0.52 -6.10%
40 Jun 30, 2018 $85.65 3.77%
41 Jul 31, 2018 $89.23 4.18%
42 Aug 31, 2018 $95.86 $0.52 8.01%
43 Sep 30, 2018 $93.91 -2.03%
44 Oct 31, 2018 $100.28 6.78%
45 Nov 30, 2018 $97.65 -2.62%
46 Dec 31, 2018 $93.15 $0.52 -4.08%
47 Jan 31, 2019 $95.83 2.88%
48 Feb 28, 2019 $98.99 3.30%
49 Mar 31, 2019 $97.53 $0.53 -0.94%
50 Apr 30, 2019 $102.84 5.44%
51 May 31, 2019 $101.44 $0.53 -0.85%
52 Jun 30, 2019 $110.49 8.92%
53 Jul 31, 2019 $110.38 -0.10%
54 Aug 31, 2019 $114.26 $0.53 4.00%
55 Sep 30, 2019 $118.68 3.87%
56 Oct 31, 2019 $117.26 -1.20%
57 Nov 30, 2019 $119.09 1.56%
58 Dec 31, 2019 $118.84 $0.53 0.24%
59 Jan 31, 2020 $114.49 -3.66%
60 Feb 29, 2020 $107.68 -5.95%
61 Mar 31, 2020 $113.62 $0.54 6.02%
62 Apr 30, 2020 $121.55 6.98%
63 May 31, 2020 $124.06 $0.54 2.51%
64 Jun 30, 2020 $119.78 -3.45%
65 Jul 31, 2020 $129.40 8.03%
66 Aug 31, 2020 $138.85 $0.54 7.72%
67 Sep 30, 2020 $139.91 0.76%
68 Oct 31, 2020 $138.75 -0.83%
69 Nov 30, 2020 $152.79 10.12%
70 Dec 31, 2020 $144.15 $0.54 -5.30%
71 Jan 31, 2021 $140.49 -2.54%
Average (R̅): 1.06%
Standard deviation: 5.23%
 Standard & Poor’s 500 (S&P 500)
Price(S&P 500, t) R(S&P 500, t)
2,104.50
2,067.89 -1.74%
2,085.51 0.85%
2,107.39 1.05%
2,063.11 -2.10%
2,103.84 1.97%
1,972.18 -6.26%
1,920.03 -2.64%
2,079.36 8.30%
2,080.41 0.05%
2,043.94 -1.75%
1,940.24 -5.07%
1,932.23 -0.41%
2,059.74 6.60%
2,065.30 0.27%
2,096.95 1.53%
2,098.86 0.09%
2,173.60 3.56%
2,170.95 -0.12%
2,168.27 -0.12%
2,126.15 -1.94%
2,198.81 3.42%
2,238.83 1.82%
2,278.87 1.79%
2,363.64 3.72%
2,362.72 -0.04%
2,384.20 0.91%
2,411.80 1.16%
2,423.41 0.48%
2,470.30 1.93%
2,471.65 0.05%
2,519.36 1.93%
2,575.26 2.22%
2,647.58 2.81%
2,673.61 0.98%
2,823.81 5.62%
2,713.83 -3.89%
2,640.87 -2.69%
2,648.05 0.27%
2,705.27 2.16%
2,718.37 0.48%
2,816.29 3.60%
2,901.52 3.03%
2,913.98 0.43%
2,711.74 -6.94%
2,760.17 1.79%
2,506.85 -9.18%
2,704.10 7.87%
2,784.49 2.97%
2,834.40 1.79%
2,945.83 3.93%
2,752.06 -6.58%
2,941.76 6.89%
2,980.38 1.31%
2,926.46 -1.81%
2,976.74 1.72%
3,037.56 2.04%
3,140.98 3.40%
3,230.78 2.86%
3,225.52 -0.16%
2,954.22 -8.41%
2,584.59 -12.51%
2,912.43 12.68%
3,044.31 4.53%
3,100.29 1.84%
3,271.12 5.51%
3,500.31 7.01%
3,363.00 -3.92%
3,269.96 -2.77%
3,621.63 10.75%
3,756.07 3.71%
3,714.24 -1.11%
0.89%
4.30%
Walmart Inc.
Calculation of variance and covariance of returns
t Date R(WMT, t) R(S&P 500, t) (R(WMT, t) –
R̅(WMT))2

1 Mar 31, 2015 -1.42% -1.74% 6.16

2 Apr 30, 2015 -5.11% 0.85% 38.08
3 May 31, 2015 -4.22% 1.05% 27.88
4 Jun 30, 2015 -4.50% -2.10% 30.93
5 Jul 31, 2015 1.48% 1.97% 0.17
6 Aug 31, 2015 -9.39% -6.26% 109.33
7 Sep 30, 2015 0.17% -2.64% 0.80
8 Oct 31, 2015 -11.72% 8.30% 163.48
9 Nov 30, 2015 2.80% 0.05% 3.00
10 Dec 31, 2015 5.01% -1.75% 15.59
11 Jan 31, 2016 8.25% -5.07% 51.69
12 Feb 29, 2016 -0.03% -0.41% 1.20
13 Mar 31, 2016 3.99% 6.60% 8.58
14 Apr 30, 2016 -2.37% 0.27% 11.76
15 May 31, 2016 6.59% 1.53% 30.58
16 Jun 30, 2016 3.16% 0.09% 4.41
17 Jul 31, 2016 -0.07% 3.56% 1.28
18 Aug 31, 2016 -1.41% -0.12% 6.13
19 Sep 30, 2016 0.95% -0.12% 0.01
20 Oct 31, 2016 -2.91% -1.94% 15.81
21 Nov 30, 2016 0.59% 3.42% 0.23
22 Dec 31, 2016 -1.15% 1.82% 4.90
23 Jan 31, 2017 -3.44% 1.79% 20.32
24 Feb 28, 2017 6.28% 3.72% 27.18
25 Mar 31, 2017 2.34% -0.04% 1.63
26 Apr 30, 2017 4.30% 0.91% 10.47
27 May 31, 2017 5.23% 1.16% 17.33
28 Jun 30, 2017 -3.72% 0.48% 22.84
29 Jul 31, 2017 5.70% 1.93% 21.44
30 Aug 31, 2017 -1.76% 0.05% 7.99
31 Sep 30, 2017 0.09% 1.93% 0.95
32 Oct 31, 2017 11.74% 2.22% 113.86
33 Nov 30, 2017 11.36% 2.81% 106.03
34 Dec 31, 2017 2.09% 0.98% 1.05
35 Jan 31, 2018 7.95% 5.62% 47.40
36 Feb 28, 2018 -15.56% -3.89% 276.47
37 Mar 31, 2018 -0.58% -2.69% 2.70
38 Apr 30, 2018 -0.57% 0.27% 2.68
39 May 31, 2018 -6.10% 2.16% 51.40
40 Jun 30, 2018 3.77% 0.48% 7.31
41 Jul 31, 2018 4.18% 3.60% 9.70
42 Aug 31, 2018 8.01% 3.03% 48.28
43 Sep 30, 2018 -2.03% 0.43% 9.60
44 Oct 31, 2018 6.78% -6.94% 32.70
45 Nov 30, 2018 -2.62% 1.79% 13.60
46 Dec 31, 2018 -4.08% -9.18% 26.42
47 Jan 31, 2019 2.88% 7.87% 3.29
48 Feb 28, 2019 3.30% 2.97% 4.99
49 Mar 31, 2019 -0.94% 1.79% 4.02
50 Apr 30, 2019 5.44% 3.93% 19.18
51 May 31, 2019 -0.85% -6.58% 3.65
52 Jun 30, 2019 8.92% 6.89% 61.73
53 Jul 31, 2019 -0.10% 1.31% 1.36
54 Aug 31, 2019 4.00% -1.81% 8.59
55 Sep 30, 2019 3.87% 1.72% 7.86
56 Oct 31, 2019 -1.20% 2.04% 5.11
57 Nov 30, 2019 1.56% 3.40% 0.25
58 Dec 31, 2019 0.24% 2.86% 0.69
59 Jan 31, 2020 -3.66% -0.16% 22.33
60 Feb 29, 2020 -5.95% -8.41% 49.18
61 Mar 31, 2020 6.02% -12.51% 24.53
62 Apr 30, 2020 6.98% 12.68% 34.98
63 May 31, 2020 2.51% 4.53% 2.09
64 Jun 30, 2020 -3.45% 1.84% 20.38
65 Jul 31, 2020 8.03% 5.51% 48.54
66 Aug 31, 2020 7.72% 7.01% 44.30
67 Sep 30, 2020 0.76% -3.92% 0.09
68 Oct 31, 2020 -0.83% -2.77% 3.59
69 Nov 30, 2020 10.12% 10.75% 81.98
70 Dec 31, 2020 -5.30% 3.71% 40.53
71 Jan 31, 2021 -2.54% -1.11% 12.99
Total (Σ): 1,917.60
(R(S&P 500, t) – (R(WMT, t) –
R̅(S&P 500))2 R̅(WMT)) × (R(S&P
500, t) – R̅(S&P
500))
6.94 6.54
— 0.26
0.02 -0.82
8.98 16.66
1.17 0.45
51.16 74.79
12.52 3.17
54.81 -94.66
0.71 -1.46
7.01 -10.46
35.62 -42.91
1.71 1.43
32.54 16.71
0.39 2.14
0.41 3.53
0.65 -1.69
7.11 -3.02
1.03 2.52
1.04 0.11
8.05 11.28
6.36 -1.21
0.86 -2.05
0.80 -4.03
7.98 14.73
0.87 -1.19
— 0.05
0.07 1.09
0.17 1.98
1.08 4.82
0.71 2.38
1.07 -1.01
1.75 14.13
3.66 19.70
0.01 0.09
22.31 32.52
22.94 79.64
12.84 5.88
0.39 1.02
1.60 -9.08
0.17 -1.11
7.33 8.43
 4.54 14.81
0.22 1.44
61.39 -44.80
0.79 -3.29
101.45 51.78
48.63 12.64
4.32 4.64
0.81 -1.80
9.22 13.30
55.84 14.28
35.98 47.13
0.17 -0.49
7.31 -7.92
0.68 2.31
1.32 -2.60
6.30 1.25
3.86 -1.63
1.12 5.00
86.60 65.26
179.74 -66.41
139.00 69.73
13.20 5.25
0.89 -4.26
21.30 32.15
37.35 40.68
23.21 1.45
13.41 6.93
97.22 89.27
7.94 -17.94
4.03 7.24
1,292.68 486.77
Walmart Inc.
Systematic risk (β) estimation
Variance(WMT) 27.39
Variance(S&P 500) 18.47
Covariance(WMT, S&P 500) 6.95
Correlation coefficient(WMT, S&P 500) 0.31
β(WMT) 0.38
α(WMT) 0.73%
Walmart Inc.
Expected rate of return

Assumptions
Rate of return on LT Treasury Composite R(F)
Expected rate of return on market portfolio E[R(M)]
Systematic risk (β) of Walmart Inc.’s common stock β(WMT)

Expected rate of return on Walmart Inc.’s common stock E[R(WMT)]

 2.16%
11.73%
0.38

5.76%