Scalable Capital + Dow Jones Crash 02/2018

[olk]

Hallo,

wie haben sich die Scalable Capital Protfolios mit VaR5, VaR10 und VaR15 im Februar 2018 entwickelt?

Im Netz gibt es einen Chart, der Scalable Capital VaR20 mit denen anderer RoboAdvisors vergleicht ... Scalable Capital VaR20 at sich 02/2018 scheinbar nicht so gut bewährt.

Die Werbe-Videos von Scalable Capital vermitteln den Eindruck, daß die verwendeten Modelle solche Turbulenzen rechtzeitig erkennen sollten und entprechend reagiert wird ...

Oliver

[JosefSpa]

Würde mich ebenso interessieren. Charts findet man nur veraltete. Da Scalable aber vermutlich mit Low Volatility ETFs arbeitet dürfte auch der Rückgang entsprechend kleiner gewesen sein.

[kafkaesk93]

vor 2 Stunden schrieb JosefSpa:

Würde mich ebenso interessieren. Charts findet man nur veraltete. Da Scalable aber vermutlich mit Low Volatility ETFs arbeitet dürfte auch der Rückgang entsprechend kleiner gewesen sein.

Nein! "Normale" MCap ETFs.

 

 

[brügge]

Einfach mal unter

 

Scalable Capitals aktuelles ETF-Universum

 

nachsehen.

[olk]

vor 2 Stunden schrieb brügge:

Einfach mal unter

 

Scalable Capitals aktuelles ETF-Universum

 

nachsehen.

Ich hatte nicht nach der Zusammensetzung des Portfolio gefragt, sondern ob die Modelle die Einbrüche im Februar vorhergesehen haben und dadurch die Portfolios weniger verloren haben.

https://www.brokervergleich.de/robo-advisor/echtgeld-test/ : da schneidet Scalable Capitals Var20 schlechter ab

[lunareactor]

Interessantes Thema, aber für die Diskussion wäre es hilfreich, wenn man die existierende Datenpunkte direkt am Anfang verlinkt damit man sich die Daten nicht selbst zusammensuchen muss.

Die Auswertung bezüglich des Flash-Crashs findet man hier: https://www.brokervergleich.de/robo-advisor/echtgeld-test/#spezial

 

Daten für die niedrigeren VaR-Stufen habe ich auch nicht, aber die Berichterstattung lässt ja zumindest vermuten, dass es sie genauso getroffen hat, aber natürlich im verringerten Maße (entsprechend ihrer Aktienquote).

Der Algorithmus passt bei solchen kurzfristigen Beben die Asset Allocation anscheinend nicht an.

 

Hinweise dazu gibt das auf Brokervergleich genannte Interview dem Scalable Capital-Gründer: https://www.brokervergleich.de/scalable-capital/interview-boersencrash-2018/

Zitat

Sie setzen ein dynamisches Risikomanagement ein, das die Portfolios der Kunden überwacht und auf die Situation an den Märkten reagiert. Dennoch konnten wir in der Zeit rund um das Börsenbeben keine Veränderungen in der Asset Allokation feststellen. Warum gab es keine Reaktion?

Unser Risikomanagement reagiert nicht auf jedes Risiko gleich. Wir managen Risiken langfristig, d.h. bei einem echten, messbaren Wechsel in ein anderes Risikoregime wird der Algorithmus tätig. Das war in der jetzigen Korrektur nicht der Fall, denn in der Spitze ist der Volatilitätsindex VIX zwar schlagartig auf 37,3 Punkte gestiegen. Aber in der vergangenen Woche ist er wieder unter die 20-Punkte-Marke gefallen. Das entspricht in etwa seinem historischen Mittel. Die schnelle Erholung in der Folgewoche der Korrektur (ab dem 9. Februar) gibt uns hier Recht. Man sollte also genau unterscheiden zwischen langfristig angelegtem Risikomanagement und sogenannten Stop-Loss-Strategien oder Noise-Trading. Wir reagieren ganz bewusst nicht hektisch auf „Börsenlärm“. Das ist auch nicht besonders sinnvoll. Würden wir die Aktienquote in unseren Portfolios bei jeder kurzfristigen Korrektur schlagartig reduzieren, würden unsere Kunden nur Verluste realisieren und die anschließende Erholung verpassen. Das wäre absolut kontraproduktiv. Übrigens ist es genau dieses Verhalten, das vielen Privatanlegern die Börsenbilanz verhagelt.

[...]

Wir haben die Wertentwicklung von 11 Echtgeld-Depots unter die Lupe genommen. Mit Minus 8,2% hat unser Depot bei Scalable Capital im Zeitraum vom 24.01. bis 09.02.2018 mit Abstand den größten Wertverlust verzeichnet. In der kurzen Erholungsphase danach bis 16.02.2018 hat Scalable Capital dagegen sämtliche getesteten Robo-Advisor und unseren Benchmark aus MSCI World und Barclays Global Aggregate Bond mit einer Performance von Plus 3,6% deutlich geschlagen. Was ist der Grund für die starken Abweichungen?

Wir haben derzeit einen deutlich höheren Aktienanteil in unserem dynamischen 20%-VaR-Portfolio, das bei Brokervergleich.de für den Echtgeldtest verwendet wird, als die anderen Strategien, mit denen ihr uns vergleicht. Konkret sind es derzeit über 80%. Das liegt daran, dass wir die Gewichte der Anlageklassen je Strategie nicht konstant halten, sondern im Zeitablauf an die Risikosituation am Markt anpassen. 2016 lag der Aktienanteil unserer Strategien z.B. noch deutlich unter dem heutigen Niveau, aufgrund der sehr ruhigen Börsenlage konnte aber sukzessive aufgestockt werden. Wir halten die hohe Gewichtung von Aktien auch im aktuellen Umfeld für eine gute Aufstellung und lagen vor dem Kurseinbruch im Januar mit 3,3% weit vor den Konkurrenten. Eine Korrektur wirkt sich auf ein Portfolio mit hohem Aktienanteil aber natürlich stärker aus, dafür erholt es sich jedoch auch viel schneller, wie die Woche nach der Korrektur gezeigt hat.

 

Auf ihrem Blog hat Scalable dazu auch einen Artikel mit ähnlichen Tenor veröffentlicht:

https://de.scalable.capital/boerse/turbulente-phase-an-den-weltboersen

Zitat

Und wie sah die Lage in der aktuellen Korrektur aus? Auch darüber gibt die obige Grafik Auskunft. Man erkennt, dass der jüngste Anstieg der Volatilität sehr abrupt, also ohne Vorbeben, und von einem äußerst niedrigen Niveau aus erfolgte. Nun sind grundsätzlich zwei Entwicklungen denkbar: Entweder es handelt sich um einen kurzfristigen Ausreißer der Kursschwankungen, und der US-Aktienmarkt steuert wieder auf ein ruhigeres Fahrwasser zu. Oder die jüngsten Erschütterungen waren Vorbeben, und es stehen weitere Kursturbulenzen bevor.

Die jüngste Entwicklung deutet (noch) nicht darauf hin, dass sich die Risiken längerfristig auf einem hohen Niveau bewegen. In der Spitze ist der VIX zwar auf 37,3 Punkte gestiegen. Aber in der vergangenen Woche ist der Volatilitätsindex wieder unter die 20-Punkte-Marke gefallen. Das entspricht in etwa seinem historischen Mittel. Es verwundert daher nicht, dass unser Algorithmus die aktuellen Turbulenzen bislang nicht als nachhaltigen Regimewechsel, sondern als kurzfristige Korrektur einstuft und in den ETF-Depots keine risikomindernden Umschichtungen im größeren Stil vorgenommen hat. Die Aktienanteile in vielen Scalable-Capital-Portfolios sind folglich nach wie vor relativ hoch. In den hohen Risikokategorien (VaR 20% bis 25%) liegen sie aktuell zum Beispiel bei gut 80 Prozent. Im langfristigen Durchschnitt weisen diese Kategorien dagegen Aktienquoten zwischen 49 und 56 Prozent auf.

Wichtig zu wissen ist dabei: Unser dynamisches Risikomanagement ist darauf ausgerichtet, Schwankungen im Rahmen der Risikovorgaben zu halten und langfristig eine überdurchschnittliche risikoadjustierte Rendite zu erzielen. Es soll dabei nicht auf jeden Volatilitätsausschlag sofort mit hektischen Umschichtungen reagieren.

 

[olk]

Vielen Dank für die links zu den Interview/Blog!

 

Ich frage mich, ob die dynamische Asset Allocation wie von Scalable betrieben (fixes Risiko statt fixe Allocation) noch zu den passiven Anlagestrategien gehört oder nicht.

In einem Artikel über risikoadjustierte, dynamische Asset Allocation stand auch, daß solche Modelle plötzliche Kursabstürze nicht adäquat erkennen können.

[west263]

vor 23 Minuten schrieb olk:

daß solche Modelle plötzliche Kursabstürze nicht adäquat erkennen können.

Wie soll das auch gehen?

Die einzig wirksame Methode, solche plötzlichen Abstürze zu erkennen ist, wenn man seine risikoadjustierte, dynamische Asset Allocation mit seiner Glaskugel koppelt. Nur dann kann ich mir vorstellen, solche Ereignisse rechtzeitig zu erkennen und vorher gegen zu steuern.

[olk]

vor 20 Minuten schrieb west263:

Wie soll das auch gehen?

Die einzig wirksame Methode, solche plötzlichen Abstürze zu erkennen ist, wenn man seine risikoadjustierte, dynamische Asset Allocation mit seiner Glaskugel koppelt. Nur dann kann ich mir vorstellen, solche Ereignisse rechtzeitig zu erkennen und vorher gegen zu steuern.

Ich meine mich zu erinnern, daß das Modell von Scalable die Variation der Schwankungsbreiten untersucht und daraus Schlüße über den Markt und die daraus resultierenden Maßnahmen zieht. Angeblich soll sich so ein Crash ein paar Tage vorher ankündigen.

[Gast240416]

 

 

Falls Deine Erinnerung zutrifft:

Glaubst Du das?

[Yoko]

Ein Crash vorher zu sehen ist schwierig (und oftmals auch nur Glück). Ein Flash-Crash vorher zu sehen, ist fast unmöglich, sofern man nicht über irgendwelche Insider-Informationen besitzt.

Ich würde mir bei Scalable nicht zu viel Hoffnungen machen, dass diese Crashs zuverlässig vorher sehen können. Zuverlässig im Sinne von dass man risikoadjustiert eine Überrendite erhält. Wie Benjamin Graham sagte: In the short run, the market is a voting machine.

 

 

[olk]

Ich bin mir nicht sicher, ob dynamische Allocation (Risiko statisch, Gewichtung zw. WPF + sicherer Anlage variable) vs. statische Allocation (Risiko variable, Gewichtung zw. WPF + sichere Anlage statisch) nicht ebenfalls funktionieren könnte.

Es könnte ja auch sein, daß bei Scalable die Risikobewertung nicht so funktioniert wie erwartet.

[Yoko]

vor einer Stunde schrieb olk:

Ich bin mir nicht sicher, ob dynamische Allocation (Risiko statisch, Gewichtung zw. WPF + sicherer Anlage variable) vs. statische Allocation (Risiko variable, Gewichtung zw. WPF + sichere Anlage statisch) nicht ebenfalls funktionieren könnte.

Es könnte ja auch sein, daß bei Scalable die Risikobewertung nicht so funktioniert wie erwartet.

Die DWS Toprente Dynamik (Riesterrente) fährt ein ähnliches Modell: Je nach Risikoeinschätzung wird zwischen sicherer Anlage und Aktienmarkt hin und her geschoben. Das soll das Risiko auf Verluste minimieren.

In dem entsprechendem Thread hier im Forum sind die meistens mit diesen Umschichtungen eher unzufrieden: Beim Crash wird umgeschichtet und mehr Anleihen gekauft. Bei Börsenhöchstständen werden dann Anleihen verkauft und Aktien gekauft. Viele berichten davon, dass die Umschichtung sich eher negativ auf die Performance ausgewirkt hat im Vergleich zu einer statischen Allocation.

Einfach mal die entsprechenden Threads durchblättern.

[lunareactor]

Das würde ich nicht verwechseln. DWS nutzt das CPPI-Modell (https://www.investopedia.com/terms/c/cppi.asp) mit der Zielsetzung die Einzahlungen als Floor abzusichern, während Scalable versucht das Risiko gemessen am VaR konstant zu halten, aber keinen Floor besitzt.

 

Meiner Meinung nach sind diese Modelle nicht miteinander vergleichbar. Der Floor hat bei CPPI dazu geführt, dass die vollständigen Umschichtungen zur Unzeit durchgeführt wurden und die darauffolgenen Erholungen nicht mitgemacht wurden.

 

Nichtsdestotrotz kann so ein VaR-basiertes Risikomanagement natürlich keine Wunder vollbringen. In den Interviews wird das ja auch ganz gut beschrieben. Flash-Crashs und politisch motivierte kurze Beben wird und will ein algorithmusbasiertes Risikomanagement im Regelfall nicht erkennen. Dafür soll es dann bei mittel- und langfristigen Änderungen der Risikofaktoren greifen. Wie gut das funktioniert wird man vermutlich erst im nächsten "richtigen" Crash sehen.

[lunareactor]

Was allerdings sehr interessant wäre, wäre ein Langzeitvergleich von Fonds/Zertifikaten oder ähnlichen Anlageprodukten, die schon in der Vergangenheit ein VaR-basiertes Risikomanagement genutzt haben.

Bisher konnte ich außer ein paar theoretischen Betrachtungen/Backtests allerdings nichts konkretes finden. Kennt jemand ein solchen Produkt, das die Performancewerte veröffentlicht?

[barbaz]

 

Falls jemand seinen eigenen Backtest machen möchte, hier ist die historischen Allokation von Scalable für 25%VaR (könnten natürlich manipuliert sein)

"DATE","EQUITIES","COMMODITIES","REAL_ESTATE","CORPORATE_BONDS","COVERED_BONDS","GOVERNMENT_BONDS","CASH"
2000-06-06,0.421,0.088,0.06,0.039,0.0,0.386,0.007
2000-07-04,0.41,0.089,0.061,0.039,0.0,0.389,0.012
2000-08-01,0.373,0.087,0.087,0.04,0.0,0.409,0.004
2000-09-05,0.37,0.093,0.088,0.039,0.0,0.407,0.003
2000-10-03,0.354,0.096,0.088,0.041,0.0,0.415,0.007
2000-11-07,0.234,0.097,0.087,0.138,0.0,0.44,0.004
2000-12-05,0.222,0.097,0.089,0.14,0.0,0.449,0.003
2001-01-02,0.196,0.083,0.077,0.151,0.034,0.451,0.008
2001-02-06,0.14,0.072,0.077,0.171,0.135,0.403,0.003
2001-03-06,0.132,0.071,0.078,0.173,0.136,0.408,0.003
2001-04-03,0.12,0.069,0.074,0.178,0.135,0.416,0.008
2001-05-02,0.117,0.039,0.054,0.281,0.132,0.376,0.002
2001-06-05,0.091,0.038,0.056,0.304,0.127,0.383,0.002
2001-07-03,0.088,0.036,0.07,0.332,0.092,0.379,0.002
2001-08-07,0.072,0.019,0.069,0.37,0.096,0.371,0.004
2001-09-04,0.068,0.019,0.04,0.398,0.133,0.339,0.003
2001-10-02,0.06,0.017,0.036,0.331,0.191,0.361,0.004
2001-11-06,0.063,0.016,0.035,0.332,0.187,0.362,0.004
2001-12-04,0.066,0.016,0.037,0.331,0.186,0.361,0.003
2002-01-02,0.148,0.016,0.037,0.296,0.161,0.334,0.007
2002-02-05,0.288,0.016,0.021,0.264,0.116,0.293,0.002
2002-03-05,0.324,0.017,0.022,0.221,0.096,0.318,0.002
2002-04-02,0.329,0.019,0.022,0.217,0.095,0.314,0.005
2002-05-07,0.426,0.018,0.056,0.163,0.073,0.263,0.002
2002-06-04,0.447,0.018,0.057,0.151,0.075,0.25,0.003
2002-07-02,0.439,0.019,0.057,0.15,0.097,0.229,0.01
2002-08-06,0.35,0.02,0.054,0.128,0.16,0.282,0.007
2002-09-03,0.29,0.019,0.043,0.1,0.214,0.328,0.005
2002-10-01,0.273,0.021,0.042,0.103,0.217,0.335,0.009
2002-11-05,0.231,0.039,0.042,0.067,0.215,0.404,0.002
2002-12-03,0.175,0.04,0.024,0.067,0.279,0.412,0.003
2003-01-02,0.165,0.042,0.023,0.067,0.281,0.415,0.008
2003-02-04,0.142,0.043,0.022,0.185,0.2,0.405,0.003
2003-03-04,0.112,0.044,0.022,0.241,0.148,0.431,0.003
2003-04-01,0.11,0.041,0.022,0.242,0.147,0.433,0.006
2003-05-06,0.107,0.038,0.006,0.288,0.161,0.397,0.003
2003-06-03,0.107,0.039,0.006,0.288,0.16,0.397,0.003
2003-07-01,0.157,0.039,0.006,0.319,0.103,0.371,0.006
2003-08-05,0.281,0.04,0.007,0.303,0.101,0.266,0.002
2003-09-02,0.377,0.023,0.032,0.268,0.071,0.228,0.001
2003-10-07,0.393,0.022,0.032,0.275,0.072,0.2,0.004
2003-11-04,0.513,0.022,0.032,0.222,0.051,0.159,0.002
2003-12-02,0.56,0.022,0.046,0.216,0.039,0.116,0.002
2004-01-06,0.577,0.022,0.044,0.202,0.038,0.113,0.005
2004-02-03,0.637,0.022,0.046,0.164,0.038,0.091,0.002
2004-03-02,0.672,0.023,0.072,0.137,0.021,0.073,0.002
2004-04-06,0.67,0.023,0.071,0.136,0.021,0.073,0.004
2004-05-04,0.669,0.045,0.07,0.117,0.022,0.075,0.002
2004-06-01,0.679,0.047,0.073,0.12,0.022,0.054,0.005
2004-07-06,0.675,0.044,0.074,0.12,0.022,0.054,0.01
2004-08-03,0.671,0.046,0.076,0.121,0.022,0.055,0.01
2004-09-07,0.606,0.058,0.105,0.119,0.022,0.087,0.003
2004-10-05,0.586,0.061,0.101,0.102,0.021,0.126,0.003
2004-11-02,0.585,0.059,0.103,0.104,0.022,0.125,0.002
2004-12-07,0.649,0.053,0.104,0.076,0.022,0.093,0.003
2005-01-04,0.651,0.053,0.104,0.074,0.021,0.092,0.006
2005-02-01,0.726,0.039,0.101,0.051,0.006,0.076,0.001
2005-03-01,0.735,0.04,0.11,0.049,0.006,0.059,0.002
2005-04-05,0.752,0.043,0.096,0.039,0.006,0.06,0.005
2005-05-03,0.746,0.041,0.101,0.04,0.006,0.062,0.005
2005-06-07,0.749,0.041,0.102,0.037,0.006,0.061,0.004
2005-07-05,0.744,0.042,0.103,0.036,0.005,0.06,0.009
2005-08-02,0.752,0.041,0.102,0.035,0.005,0.057,0.008
2005-09-06,0.753,0.041,0.1,0.035,0.005,0.057,0.008
2005-10-04,0.754,0.041,0.096,0.011,0.005,0.088,0.006
2005-11-01,0.749,0.041,0.098,0.011,0.005,0.091,0.006
2005-12-06,0.804,0.04,0.064,0.01,0.005,0.076,0.002
2006-01-03,0.805,0.039,0.063,0.01,0.004,0.073,0.005
2006-02-07,0.811,0.038,0.063,0.01,0.004,0.07,0.004
2006-03-07,0.808,0.037,0.066,0.01,0.004,0.071,0.004
2006-04-04,0.842,0.026,0.078,0.009,0.004,0.038,0.002
2006-05-02,0.847,0.027,0.075,0.009,0.004,0.037,0.002
2006-06-06,0.833,0.028,0.081,0.01,0.005,0.04,0.002
2006-07-04,0.718,0.029,0.069,0.069,0.063,0.04,0.013
2006-08-01,0.639,0.029,0.072,0.071,0.131,0.041,0.017
2006-09-05,0.654,0.027,0.097,0.069,0.096,0.041,0.015
2006-10-03,0.652,0.025,0.099,0.069,0.096,0.042,0.017
2006-11-07,0.7,0.025,0.099,0.044,0.081,0.04,0.011
2006-12-05,0.698,0.024,0.101,0.045,0.082,0.039,0.011
2007-01-02,0.762,0.023,0.1,0.029,0.039,0.038,0.009
2007-02-06,0.758,0.022,0.107,0.029,0.038,0.038,0.008
2007-03-06,0.753,0.024,0.105,0.03,0.04,0.04,0.008
2007-04-03,0.779,0.009,0.102,0.029,0.038,0.038,0.005
2007-05-02,0.785,0.009,0.098,0.028,0.037,0.036,0.006
2007-06-05,0.802,0.009,0.096,0.027,0.023,0.035,0.009
2007-07-03,0.806,0.009,0.09,0.027,0.022,0.034,0.012
2007-08-07,0.828,0.009,0.073,0.029,0.024,0.025,0.013
2007-09-04,0.793,0.009,0.046,0.028,0.023,0.085,0.016
2007-10-02,0.732,0.029,0.044,0.027,0.022,0.133,0.013
2007-11-06,0.734,0.031,0.042,0.027,0.022,0.13,0.014
2007-12-04,0.699,0.03,0.025,0.009,0.053,0.175,0.009
2008-01-02,0.697,0.032,0.025,0.009,0.052,0.174,0.012
2008-02-05,0.55,0.035,0.024,0.009,0.095,0.278,0.009
2008-03-04,0.54,0.039,0.024,0.009,0.098,0.282,0.008
2008-04-01,0.429,0.038,0.025,0.009,0.16,0.331,0.008
2008-05-06,0.351,0.041,0.012,0.009,0.226,0.345,0.016
2008-06-03,0.415,0.076,0.011,0.009,0.193,0.274,0.022
2008-07-01,0.385,0.087,0.01,0.009,0.198,0.285,0.026
2008-08-05,0.328,0.076,0.011,0.043,0.256,0.257,0.029
2008-09-02,0.255,0.06,0.011,0.069,0.228,0.35,0.027
2008-10-07,0.214,0.056,0.01,0.065,0.238,0.384,0.032
2008-11-04,0.207,0.052,0.009,0.069,0.244,0.394,0.025
2008-12-02,0.165,0.034,0.007,0.092,0.193,0.487,0.021
2009-01-06,0.183,0.034,0.008,0.096,0.192,0.464,0.023
2009-02-03,0.165,0.031,0.007,0.098,0.194,0.482,0.023
2009-03-03,0.079,0.021,0.006,0.169,0.197,0.513,0.016
2009-04-07,0.094,0.022,0.007,0.162,0.198,0.502,0.016
2009-05-05,0.103,0.022,0.007,0.164,0.195,0.502,0.008
2009-06-02,0.177,0.013,0.008,0.145,0.148,0.499,0.01
2009-07-07,0.228,0.012,0.007,0.187,0.134,0.419,0.012
2009-08-04,0.299,0.013,0.008,0.238,0.11,0.328,0.004
2009-09-01,0.347,0.012,0.008,0.272,0.076,0.28,0.005
2009-10-06,0.428,0.012,0.008,0.242,0.076,0.231,0.003
2009-11-03,0.525,0.012,0.019,0.212,0.053,0.177,0.002
2009-12-01,0.532,0.012,0.019,0.209,0.052,0.173,0.002
2010-01-05,0.614,0.013,0.046,0.168,0.035,0.118,0.007
2010-02-02,0.602,0.012,0.046,0.173,0.036,0.123,0.008
2010-03-02,0.606,0.012,0.047,0.17,0.024,0.14,0.002
2010-04-06,0.601,0.012,0.066,0.162,0.023,0.133,0.002
2010-05-04,0.685,0.012,0.066,0.121,0.023,0.09,0.004
2010-06-01,0.592,0.012,0.067,0.16,0.013,0.153,0.002
2010-07-06,0.482,0.012,0.065,0.191,0.013,0.235,0.002
2010-08-03,0.495,0.012,0.069,0.185,0.013,0.223,0.004
2010-09-07,0.421,0.001,0.07,0.184,0.012,0.309,0.003
2010-10-05,0.433,0.001,0.07,0.181,0.013,0.299,0.003
2010-11-02,0.513,0.001,0.071,0.151,0.013,0.249,0.002
2010-12-07,0.523,0.001,0.07,0.146,0.012,0.244,0.003
2011-01-04,0.611,0.015,0.071,0.101,0.012,0.187,0.003
2011-02-01,0.675,0.015,0.058,0.085,0.012,0.15,0.006
2011-03-01,0.708,0.038,0.047,0.07,0.0,0.134,0.002
2011-04-05,0.709,0.038,0.047,0.069,0.0,0.134,0.002
2011-05-03,0.743,0.065,0.03,0.075,0.0,0.082,0.005
2011-06-07,0.734,0.064,0.031,0.078,0.0,0.088,0.005
2011-07-05,0.668,0.046,0.031,0.102,0.063,0.086,0.005
2011-08-02,0.65,0.048,0.031,0.107,0.065,0.092,0.007
2011-09-06,0.586,0.037,0.032,0.095,0.072,0.176,0.002
2011-10-04,0.475,0.035,0.029,0.132,0.073,0.254,0.002
2011-11-01,0.404,0.034,0.031,0.166,0.07,0.289,0.005
2011-12-06,0.344,0.017,0.031,0.198,0.048,0.361,0.002
2012-01-03,0.342,0.017,0.032,0.185,0.046,0.374,0.004
2012-02-07,0.372,0.016,0.032,0.16,0.034,0.382,0.004
2012-03-06,0.464,0.016,0.032,0.134,0.034,0.317,0.002
2012-04-03,0.477,0.016,0.032,0.131,0.034,0.307,0.003
2012-05-02,0.562,0.016,0.045,0.105,0.019,0.249,0.005
2012-06-05,0.533,0.015,0.045,0.11,0.019,0.272,0.005
2012-07-03,0.426,0.015,0.046,0.173,0.018,0.318,0.004
2012-08-07,0.363,0.005,0.063,0.21,0.018,0.34,0.002
2012-09-04,0.375,0.005,0.063,0.193,0.018,0.342,0.003
2012-10-02,0.465,0.005,0.062,0.158,0.019,0.289,0.002
2012-11-06,0.548,0.004,0.063,0.126,0.0,0.256,0.003
2012-12-04,0.55,0.004,0.062,0.124,0.0,0.256,0.004
2013-01-02,0.599,0.004,0.051,0.126,0.0,0.217,0.003
2013-02-05,0.603,0.004,0.051,0.125,0.0,0.212,0.006
2013-03-05,0.68,0.004,0.051,0.098,0.014,0.148,0.004
2013-04-02,0.726,0.004,0.052,0.07,0.014,0.132,0.002
2013-05-07,0.762,0.004,0.061,0.058,0.014,0.097,0.003
2013-06-04,0.766,0.004,0.058,0.058,0.015,0.096,0.003
2013-07-02,0.793,0.004,0.058,0.045,0.014,0.08,0.005
2013-08-06,0.795,0.004,0.056,0.043,0.014,0.077,0.01
2013-09-03,0.796,0.004,0.054,0.044,0.014,0.077,0.01
2013-10-01,0.85,0.004,0.039,0.042,0.014,0.043,0.007
2013-11-05,0.868,0.004,0.039,0.027,0.014,0.042,0.006
2013-12-03,0.872,0.004,0.036,0.026,0.014,0.041,0.006
2014-01-02,0.874,0.004,0.036,0.026,0.014,0.04,0.007
2014-02-04,0.836,0.004,0.017,0.027,0.043,0.069,0.004
2014-03-04,0.842,0.004,0.017,0.026,0.042,0.066,0.003
2014-04-01,0.841,0.004,0.017,0.026,0.042,0.066,0.004
2014-05-06,0.789,0.033,0.018,0.027,0.042,0.088,0.003
2014-06-03,0.771,0.032,0.048,0.026,0.018,0.102,0.003
2014-07-01,0.77,0.032,0.049,0.026,0.018,0.101,0.005
2014-08-05,0.792,0.032,0.05,0.027,0.018,0.079,0.003
2014-09-02,0.79,0.031,0.083,0.013,0.018,0.063,0.002
2014-10-07,0.811,0.019,0.083,0.014,0.018,0.052,0.003
2014-11-04,0.71,0.018,0.067,0.068,0.018,0.117,0.003
2014-12-02,0.712,0.017,0.068,0.066,0.018,0.116,0.003
2015-01-06,0.675,0.016,0.072,0.07,0.018,0.145,0.005
2015-02-03,0.583,0.015,0.098,0.069,0.004,0.227,0.004
2015-03-03,0.595,0.015,0.095,0.067,0.004,0.221,0.004
2015-04-07,0.62,0.015,0.095,0.067,0.003,0.196,0.003
2015-05-05,0.669,0.005,0.092,0.067,0.004,0.161,0.003
2015-06-02,0.67,0.005,0.092,0.066,0.004,0.161,0.003
2015-07-07,0.74,0.005,0.059,0.052,0.004,0.136,0.004
2015-08-04,0.742,0.005,0.06,0.051,0.004,0.134,0.005
2015-09-01,0.731,0.005,0.041,0.037,0.004,0.174,0.007
2015-10-06,0.619,0.005,0.043,0.037,0.08,0.208,0.008
2015-11-03,0.512,0.005,0.044,0.036,0.093,0.303,0.007
2015-12-01,0.516,0.005,0.043,0.037,0.091,0.3,0.008
2016-01-05,0.504,0.004,0.044,0.037,0.094,0.308,0.008
2016-02-02,0.479,0.004,0.043,0.075,0.069,0.322,0.008
2016-03-01,0.381,0.004,0.044,0.075,0.096,0.394,0.006
2016-04-05,0.374,0.004,0.046,0.076,0.098,0.394,0.009
2016-05-03,0.38,0.004,0.063,0.095,0.097,0.356,0.004
2016-06-07,0.383,0.005,0.063,0.123,0.072,0.349,0.006
2016-07-05,0.352,0.033,0.092,0.164,0.05,0.307,0.002
2016-08-02,0.36,0.03,0.094,0.161,0.049,0.3,0.006
2016-09-06,0.496,0.03,0.091,0.114,0.034,0.233,0.002
2016-10-04,0.498,0.032,0.088,0.113,0.034,0.233,0.003
2016-11-01,0.601,0.032,0.07,0.082,0.034,0.179,0.002
2016-12-06,0.615,0.034,0.07,0.081,0.022,0.175,0.002
2017-01-03,0.683,0.034,0.05,0.065,0.022,0.143,0.004
2017-02-07,0.706,0.033,0.049,0.064,0.021,0.122,0.005
2017-03-07,0.752,0.052,0.032,0.035,0.021,0.106,0.002
2017-04-04,0.779,0.05,0.032,0.035,0.009,0.092,0.002
2017-05-02,0.781,0.048,0.032,0.035,0.009,0.092,0.003
2017-06-06,0.81,0.032,0.032,0.035,0.009,0.08,0.003
2017-07-04,0.824,0.032,0.032,0.021,0.009,0.079,0.003
2017-08-01,0.825,0.032,0.031,0.021,0.009,0.078,0.005
2017-09-05,0.742,0.019,0.018,0.151,0.009,0.058,0.003
2017-10-04,0.749,0.018,0.017,0.146,0.009,0.057,0.004
2017-11-01,0.767,0.019,0.017,0.131,0.009,0.056,0.002