data.xlsx
Sheet1
| Year | Month | UMD | HML |
| 1990 | 1 | -3.28 | 0.83 |
| 1990 | 2 | -0.52 | 0.65 |
| 1990 | 3 | 1.65 | -2.9 |
| 1990 | 4 | 2.4 | -2.53 |
| 1990 | 5 | 3.05 | -3.77 |
| 1990 | 6 | 2.42 | -1.98 |
| 1990 | 7 | 5.93 | -0.01 |
| 1990 | 8 | 1.79 | 1.63 |
| 1990 | 9 | 5.53 | 0.74 |
| 1990 | 10 | 6.74 | 0.29 |
| 1990 | 11 | -5.6 | -3.11 |
| 1990 | 12 | 0.16 | -1.56 |
| 1991 | 1 | -6.51 | -1.84 |
| 1991 | 2 | -4.72 | -0.54 |
| 1991 | 3 | 2.81 | -1.24 |
| 1991 | 4 | -2.4 | 1.4 |
| 1991 | 5 | -0.1 | -0.56 |
| 1991 | 6 | 0.46 | 1.21 |
| 1991 | 7 | 4.32 | -1.27 |
| 1991 | 8 | 1.62 | -0.8 |
| 1991 | 9 | 1.73 | -0.98 |
| 1991 | 10 | 3.21 | -0.44 |
| 1991 | 11 | 1.27 | -1.91 |
| 1991 | 12 | 8.28 | -4.04 |
| 1992 | 1 | -2.46 | 4.5 |
| 1992 | 2 | -0.59 | 6.36 |
| 1992 | 3 | -0.36 | 3.66 |
| 1992 | 4 | -2.6 | 4.28 |
| 1992 | 5 | 0.1 | 1.27 |
| 1992 | 6 | -0.6 | 3.41 |
| 1992 | 7 | 1.43 | -0.53 |
| 1992 | 8 | -0.52 | -1.04 |
| 1992 | 9 | 1.43 | -0.21 |
| 1992 | 10 | 2.71 | -2.1 |
| 1992 | 11 | -0.33 | -1.48 |
| 1992 | 12 | 4.47 | 2.51 |
| 1993 | 1 | 4.83 | 5.89 |
| 1993 | 2 | 3.1 | 6.42 |
| 1993 | 3 | 3.74 | 1.24 |
| 1993 | 4 | 0.33 | 2.61 |
| 1993 | 5 | 0.29 | -3.42 |
| 1993 | 6 | 4.58 | 2.61 |
| 1993 | 7 | 3.24 | 3.24 |
| 1993 | 8 | 2.58 | -0.44 |
| 1993 | 9 | 3.41 | -0.45 |
| 1993 | 10 | -2.67 | -1.55 |
| 1993 | 11 | -4.71 | -0.26 |
| 1993 | 12 | 2.29 | 0.57 |
| 1994 | 1 | 0.01 | 2.09 |
| 1994 | 2 | -0.29 | -1.43 |
| 1994 | 3 | -1.32 | 1.31 |
| 1994 | 4 | 0.41 | 1.66 |
| 1994 | 5 | -2.15 | 0.18 |
| 1994 | 6 | -0.83 | 1.68 |
| 1994 | 7 | 0.19 | 0.99 |
| 1994 | 8 | 1.54 | -3.45 |
| 1994 | 9 | 1.32 | -1.78 |
| 1994 | 10 | 1.42 | -2.36 |
| 1994 | 11 | -0.2 | -0.04 |
| 1994 | 12 | 3.5 | 0.28 |
| 1995 | 1 | -1.82 | 1.66 |
| 1995 | 2 | -0.35 | 0.39 |
| 1995 | 3 | 0.36 | -2.04 |
| 1995 | 4 | 1.83 | 1.73 |
| 1995 | 5 | -0.44 | 1.91 |
| 1995 | 6 | 2.89 | -2.97 |
| 1995 | 7 | 2.54 | -2.24 |
| 1995 | 8 | 0.09 | 1.96 |
| 1995 | 9 | 2.71 | -0.93 |
| 1995 | 10 | 4.12 | -0.06 |
| 1995 | 11 | -0.64 | 0.32 |
| 1995 | 12 | 2.53 | 1.4 |
| 1996 | 1 | 0.57 | 0.39 |
| 1996 | 2 | 0.58 | -2.32 |
| 1996 | 3 | -1.88 | 1.27 |
| 1996 | 4 | -0.91 | -4.06 |
| 1996 | 5 | 1.57 | -1.39 |
| 1996 | 6 | 1 | 1.92 |
| 1996 | 7 | -0.11 | 4.36 |
| 1996 | 8 | -0.01 | -0.58 |
| 1996 | 9 | 2.69 | -3.75 |
| 1996 | 10 | 3.92 | 4.79 |
| 1996 | 11 | -2.22 | 0.15 |
| 1996 | 12 | 0.61 | 1.01 |
| 1997 | 1 | 1.95 | -2.36 |
| 1997 | 2 | -2.04 | 4.67 |
| 1997 | 3 | 0.96 | 3.85 |
| 1997 | 4 | 4.92 | -1.03 |
| 1997 | 5 | -5.16 | -4.37 |
| 1997 | 6 | 2.62 | 0.76 |
| 1997 | 7 | 3.81 | -0.13 |
| 1997 | 8 | -2.55 | 1.36 |
| 1997 | 9 | 1.44 | -0.22 |
| 1997 | 10 | -0.39 | 2.2 |
| 1997 | 11 | 0.3 | 0.98 |
| 1997 | 12 | 3.97 | 3.82 |
| 1998 | 1 | 0.1 | -2.05 |
| 1998 | 2 | -1.13 | -0.91 |
| 1998 | 3 | 2.15 | 1.25 |
| 1998 | 4 | 0.77 | 0.34 |
| 1998 | 5 | 1.87 | 4.13 |
| 1998 | 6 | 7.28 | -2.17 |
| 1998 | 7 | 3.68 | -1.17 |
| 1998 | 8 | 1.9 | 5.17 |
| 1998 | 9 | -0.71 | -3.8 |
| 1998 | 10 | -5.36 | -2.67 |
| 1998 | 11 | 1.16 | -3.52 |
| 1998 | 12 | 9.06 | -4.68 |
| 1999 | 1 | 3.05 | -5.6 |
| 1999 | 2 | -0.13 | 1.62 |
| 1999 | 3 | -1.29 | -2.89 |
| 1999 | 4 | -9.08 | 2.37 |
| 1999 | 5 | -5.28 | 2.67 |
| 1999 | 6 | 4.88 | -4.19 |
| 1999 | 7 | 1.58 | 0.5 |
| 1999 | 8 | 3 | -0.88 |
| 1999 | 9 | 6.45 | -2.99 |
| 1999 | 10 | 5.49 | -3.13 |
| 1999 | 11 | 5.68 | -8.01 |
| 1999 | 12 | 13.21 | -9.4 |
| 2000 | 1 | 1.88 | 0.06 |
| 2000 | 2 | 18.38 | -13.11 |
| 2000 | 3 | -6.8 | 7.97 |
| 2000 | 4 | -8.52 | 9.29 |
| 2000 | 5 | -9.06 | 3.87 |
| 2000 | 6 | 16.5 | -10.18 |
| 2000 | 7 | -0.12 | 8.55 |
| 2000 | 8 | 5.7 | -1.29 |
| 2000 | 9 | 2.15 | 6.82 |
| 2000 | 10 | -4.63 | 4.7 |
| 2000 | 11 | -2.44 | 12.29 |
| 2000 | 12 | 6.73 | 6.11 |
| 2001 | 1 | -25.01 | -5.66 |
| 2001 | 2 | 12.48 | 13.91 |
| 2001 | 3 | 8.38 | 6.22 |
| 2001 | 4 | -8.12 | -4.38 |
| 2001 | 5 | 2.17 | 2.83 |
| 2001 | 6 | 0.34 | -2.28 |
| 2001 | 7 | 5.5 | 5.56 |
| 2001 | 8 | 5.54 | 3.28 |
| 2001 | 9 | 11.55 | 1.82 |
| 2001 | 10 | -8.38 | -7.15 |
| 2001 | 11 | -8.57 | 0.69 |
| 2001 | 12 | -0.03 | 0.47 |
| 2002 | 1 | 3.76 | 3.39 |
| 2002 | 2 | 6.79 | 3.89 |
| 2002 | 3 | -1.64 | 1.12 |
| 2002 | 4 | 7.98 | 4.21 |
| 2002 | 5 | 3.04 | 2.55 |
| 2002 | 6 | 6.14 | 1.5 |
| 2002 | 7 | 3.38 | -3.62 |
| 2002 | 8 | 1.75 | 2.29 |
| 2002 | 9 | 9.15 | 1.31 |
| 2002 | 10 | -5.46 | -6.45 |
| 2002 | 11 | -16.28 | -1.59 |
| 2002 | 12 | 9.62 | 3.88 |
| 2003 | 1 | 1.58 | -0.82 |
| 2003 | 2 | 1.25 | -1.45 |
| 2003 | 3 | 1.52 | -1.58 |
| 2003 | 4 | -9.42 | -0.09 |
| 2003 | 5 | -10.76 | 0.09 |
| 2003 | 6 | -1.02 | 0.71 |
| 2003 | 7 | -0.29 | -2.04 |
| 2003 | 8 | -0.54 | 1.76 |
| 2003 | 9 | -0.19 | 0.93 |
| 2003 | 10 | 3.75 | 1.69 |
| 2003 | 11 | 1.63 | 1.39 |
| 2003 | 12 | -5.69 | 2.78 |
| 2004 | 1 | 2.59 | 1.66 |
| 2004 | 2 | -1.1 | 0.44 |
| 2004 | 3 | 0.2 | -0.05 |
| 2004 | 4 | -5.36 | -1.67 |
| 2004 | 5 | 1.65 | -0.26 |
| 2004 | 6 | 2.07 | 1.63 |
| 2004 | 7 | -2.3 | 4.56 |
| 2004 | 8 | -1.5 | 1.24 |
| 2004 | 9 | 5.26 | 0.47 |
| 2004 | 10 | -1.49 | -0.82 |
| 2004 | 11 | 3.22 | 1.94 |
| 2004 | 12 | -2.83 | -0.37 |
| 2005 | 1 | 3.12 | 2.73 |
| 2005 | 2 | 3.21 | 2.84 |
| 2005 | 3 | 0.54 | 1.7 |
| 2005 | 4 | -0.81 | -0.45 |
| 2005 | 5 | 0.39 | -1.21 |
| 2005 | 6 | 2.06 | 2.79 |
| 2005 | 7 | 0.04 | -0.47 |
| 2005 | 8 | 2.24 | 1.47 |
| 2005 | 9 | 3.5 | 1.11 |
| 2005 | 10 | -1.31 | -0.67 |
| 2005 | 11 | 0.35 | -1.85 |
| 2005 | 12 | 0.74 | 0.5 |
| 2006 | 1 | 2.76 | 1.17 |
| 2006 | 2 | -1.82 | -0.85 |
| 2006 | 3 | 1.24 | -0.14 |
| 2006 | 4 | 0.66 | 3.06 |
| 2006 | 5 | -3.7 | 2.79 |
| 2006 | 6 | 1.49 | 1.49 |
| 2006 | 7 | -2.19 | 3.42 |
| 2006 | 8 | -3.47 | -1.78 |
| 2006 | 9 | -0.93 | -0.5 |
| 2006 | 10 | -0.26 | 0.52 |
| 2006 | 11 | -1.03 | 0.53 |
| 2006 | 12 | 0.84 | 2.55 |
| 2007 | 1 | 0.24 | -0.05 |
| 2007 | 2 | -1.33 | 0.23 |
| 2007 | 3 | 2.47 | 0.37 |
| 2007 | 4 | -0.16 | -0.99 |
| 2007 | 5 | -0.27 | -0.17 |
| 2007 | 6 | 0.3 | -1.03 |
| 2007 | 7 | 2.79 | -2.99 |
| 2007 | 8 | 0.09 | -2.32 |
| 2007 | 9 | 4.64 | -2.11 |
| 2007 | 10 | 4.87 | -2.11 |
| 2007 | 11 | 0.9 | -1.02 |
| 2007 | 12 | 6.54 | -0.01 |
| 2008 | 1 | -7.81 | 3.05 |
| 2008 | 2 | 6.11 | 0.01 |
| 2008 | 3 | 4.08 | 0.24 |
| 2008 | 4 | -0.2 | -0.03 |
| 2008 | 5 | 3.22 | -0.41 |
| 2008 | 6 | 12.45 | -1.02 |
| 2008 | 7 | -5.2 | 3.64 |
| 2008 | 8 | -4.05 | 1.61 |
| 2008 | 9 | 0.33 | 4.36 |
| 2008 | 10 | 7.78 | -2.96 |
| 2008 | 11 | 7.22 | -5.02 |
| 2008 | 12 | -5.05 | -1.19 |
| 2009 | 1 | -1.92 | -9.67 |
| 2009 | 2 | 4.17 | -6.9 |
| 2009 | 3 | -11.53 | 2.54 |
| 2009 | 4 | -34.58 | 5.22 |
| 2009 | 5 | -12.33 | 0.58 |
| 2009 | 6 | 5.31 | -2.39 |
| 2009 | 7 | -5.41 | 4.73 |
| 2009 | 8 | -8.9 | 7.65 |
| 2009 | 9 | -5 | 1.35 |
| 2009 | 10 | 2.64 | -4.35 |
| 2009 | 11 | 0.32 | 0.23 |
| 2009 | 12 | 2.94 | 0.72 |
| 2010 | 1 | -5.36 | 0.61 |
| 2010 | 2 | 3.61 | 2.74 |
| 2010 | 3 | 3.68 | 2.01 |
| 2010 | 4 | 3.21 | 3.12 |
| 2010 | 5 | -0.19 | -2.32 |
| 2010 | 6 | -2.98 | -4.27 |
| 2010 | 7 | 1.94 | 0.04 |
| 2010 | 8 | -0.15 | -1.51 |
| 2010 | 9 | 1.36 | -2.94 |
| 2010 | 10 | 1.25 | -2.23 |
| 2010 | 11 | 2.51 | -0.58 |
| 2010 | 12 | -3.19 | 3.47 |
| 2011 | 1 | -0.33 | 0.68 |
| 2011 | 2 | 2.07 | 1.73 |
| 2011 | 3 | 3.55 | -1.16 |
| 2011 | 4 | 0.07 | -2.15 |
| 2011 | 5 | -0.59 | -2.12 |
| 2011 | 6 | 1.75 | -0.26 |
| 2011 | 7 | 0.03 | -1.18 |
| 2011 | 8 | -0.3 | -1.58 |
| 2011 | 9 | -2.58 | -0.98 |
| 2011 | 10 | -1.45 | -0.96 |
| 2011 | 11 | 3.98 | -0.18 |
| 2011 | 12 | 1.87 | 1.57 |
| 2012 | 1 | -7.95 | -2.14 |
| 2012 | 2 | -0.28 | 0.01 |
| 2012 | 3 | 1.49 | -0.06 |
| 2012 | 4 | 3.84 | -0.2 |
| 2012 | 5 | 6.64 | 0.08 |
| 2012 | 6 | -1.13 | 0.54 |
| 2012 | 7 | 3.06 | 0.01 |
| 2012 | 8 | -2.44 | 0.6 |
| 2012 | 9 | -1.03 | 1.56 |
| 2012 | 10 | 0.12 | 4.16 |
| 2012 | 11 | 0.35 | -1.12 |
| 2012 | 12 | -2.92 | 3.26 |
| 2013 | 1 | -1.91 | 1.34 |
| 2013 | 2 | 1.37 | 0.28 |
| 2013 | 3 | 1.95 | -0.07 |
| 2013 | 4 | 0.28 | 0.35 |
| 2013 | 5 | -1.92 | 1.33 |
| 2013 | 6 | 0.63 | -0.4 |
| 2013 | 7 | 1.76 | 0.71 |
| 2013 | 8 | 0.05 | -2.48 |
| 2013 | 9 | 2.98 | -1.57 |
| 2013 | 10 | 0.14 | 1.36 |
| 2013 | 11 | 0.45 | -0.38 |
| 2013 | 12 | 0.06 | -0.2 |
| 2014 | 1 | 1.65 | -1.88 |
| 2014 | 2 | 2.09 | -0.49 |
| 2014 | 3 | -3.25 | 4.6 |
| 2014 | 4 | -3.9 | 1.62 |
| 2014 | 5 | 1.02 | -0.38 |
| 2014 | 6 | 0.7 | -0.6 |
| 2014 | 7 | -0.26 | 0.04 |
| 2014 | 8 | 0.77 | -0.76 |
| 2014 | 9 | 0.49 | -1.68 |
| 2014 | 10 | 0.07 | -1.81 |
| 2014 | 11 | 1.02 | -3.37 |
| 2014 | 12 | 1.04 | 1.56 |
| 2015 | 1 | 3.76 | -3.06 |
| 2015 | 2 | -2.88 | -2.16 |
| 2015 | 3 | 3.02 | -0.73 |
| 2015 | 4 | -7.41 | 2.13 |
| 2015 | 5 | 5.92 | -1.9 |
| 2015 | 6 | 3.05 | -1.04 |
| 2015 | 7 | 10.24 | -4.49 |
| 2015 | 8 | -2.16 | 2.88 |
| 2015 | 9 | 5.26 | 0.73 |
| 2015 | 10 | -3.92 | -0.32 |
| 2015 | 11 | 2.43 | -1.23 |
| 2015 | 12 | 3.38 | -2.07 |
| 2016 | 1 | 1.43 | 3.13 |
| 2016 | 2 | -4.03 | -0.03 |
| 2016 | 3 | -5.1 | 1.3 |