Country Risk Premiums

To estimate the equity risk premium for a country, I start with a mature market premium and add an additional cou
Use the look up table in the next worksheet, to look up the statistics for an individual country or region.

Step 1: Estimating mature market risk premium

To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see th
Link to site: http://www.damodaran.com
Historical monthly ERP: https://pages.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls

Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com(You will have to register, but it is free. Look under sovereign
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign

Step 3: Convert the default spread into a country risk premium

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go int
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out th
For simplicity (and since it does not make a big difference), I assume that any country that has a CDS spread lower t
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
prefer not to scale the default spread.

Step 4: Compute a total equity risk premium

Add the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk prem

Step 5: Compute regional averages and regional weighted averages

For the regional averages, I use a simple average of the total and country risk premiums by region
For the weighted averages, I use the World Bank GDP estimates from the most recent year.

If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id
My paper on country risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2SQ9
https://www.youtube.com/watch?v=D3IGn6tH0
premium and add an additional country risk premium, based upon the risk of the country in question.
idual country or region.

premium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spread

rem/ERPbymonth.xls

ces, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the
but it is free. Look under sovereign ratings)
ch ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of ever

y does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadshe

remium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
arket, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the iShares Eme

as a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
untry that has a CDS spread lower than the US will have a zero country risk premium and end up with a total equity risk premiu
s number to get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it

step 3 to get a total equity risk premium.

emiums by region
recent year. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD

ssrn.com/sol3/papers.cfm?abstract_id=4398884
ssrn.com/sol3/papers.cfm?abstract_id=4161010
youtube.com/watch?v=aIRPvY2SQ94
youtube.com/watch?v=D3IGn6tH03c
 download the excel spreadsheet containing the implied premium

er is the CDS spread for the country (if one exists)

gs class, at the start of every year.

heet in this spreadsheet for an alternate estimate.

eviation to the iShares Emerging Market Bond Index standard deviation

h a total equity risk premium equal to the US.

mate, but you can change it to 1, if you would
Mature Marlet Premium

Sovereign Ratings

Default Spreads

Relative Equity Market Volatility

Bottom Line
 Update Notes

The implied equity risk premium for the S&P 500, which is my base premium dropped to 5% in this
update. You can review the calcualtion in this spreadsheet.
(https://pages.stern.nyu.edu/~adamodar/pc/implprem/ERPJuly23.xlsx)

The ratings (Moody's and S&P) have been updated to reflect the most recent ratings.
(See Ratings Worksheet)
The default spreads have dropped as some of the market fears from the start of 2023
have subsdied. The change in default spredas is computed by looking at percentage
changes in sovereign CDS spreads over the period>. (See Default Spreads for
Ratings worksheet)
The biggest change in this update is in this measure. For the last few years, I have
used the coefficient of variation in emerging market bond yields and the standard
deviation of returns in emerging market equities. In this iteration, I have replaced the
former with an emerging market sovereign bond ETF returns, thus creating more
consistency in the calcuatlions. Whiel this change does not create a substantive shift
in the numbers in this iteration, I think it is a more solid basis for computing this value
in future ones.
The combination of a lower base mature market premium and lower sovereign default
spreads has led to lower equity risk premiums across the board, a climb down from
historically high numbers at the start of the year.
To look up the equity risk premium for a country, use this worksheet
Country Angola If you cannot find a country on this lis
or a sovereign CDS spread. Try the PR
Moody's sovereign rating B3 Local currency
S&P sovereign rating B- Local currency
CDS spread 10.47%
Excess CDS spread (over US CDS) 10.04%

Country Default Spread (based on rating) 6.95%

Country Risk Premium (Rating) 9.86%
Equity Risk Premium (Rating) 14.86%

Country Risk Premium (CDS) 14.24%

Equity Risk Premium (CDS) 19.24%

To look up the equity risk premium for a region, use this worksheet
Region Western Europe

Country Risk Premium (simple average)) 1.56%

Total Equity Risk Premium (simple average 6.56%

Country Risk Premium (GDP weighted) 1.37%

Total Equity Risk Premium (GDP weighted 6.37%

To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages

For countries not on the list above, try this frontier market list
Country Zimbabwe

PRS Score 61.25

ERP based on PRS Score 16.38%
f you cannot find a country on this list, it is because that country does not have a sovereign rating
r a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

n the Regional Weighted Averages Worksheet

Country and Equity Risk Premiums
Date of update: 1-Jul-23
Enter the current risk premium for a mature equity market
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody's rating Rating-based Default Spread

Abu Dhabi Middle East Aa2 0.53%
Albania Eastern Europe & Russia B1 4.82%
Andorra (Principality of) Western Europe Baa2 2.04%
Angola Africa B3 6.95%
Argentina Central and South America Ca 12.84%
Armenia Eastern Europe & Russia Ba3 3.85%
Aruba Caribbean Baa2 2.04%
Australia Australia & New Zealand Aaa 0.00%
Austria Western Europe Aa1 0.43%
Azerbaijan Eastern Europe & Russia Ba1 2.68%
Bahamas Caribbean B1 4.82%
Bahrain Middle East B2 5.88%
Bangladesh Asia B1 4.82%
Barbados Caribbean Caa1 8.02%
Belarus Eastern Europe & Russia C 17.50%
Belgium Western Europe Aa3 0.64%
Belize Central and South America Caa2 9.63%
Benin Africa B1 4.82%
Bermuda Caribbean A2 0.91%
Bolivia Central and South America Caa1 8.02%
Bosnia and Herzegovina Eastern Europe & Russia B3 6.95%
Botswana Africa A3 1.28%
Brazil Central and South America Ba2 3.22%
Bulgaria Eastern Europe & Russia Baa1 1.71%
Burkina Faso Africa Caa1 8.02%
Cambodia Asia B2 5.88%
Cameroon Africa B2 5.88%
Canada North America Aaa 0.00%
Cape Verde Africa B3 6.95%
Cayman Islands Caribbean Aa3 0.64%
Chile Central and South America A2 0.91%
China Asia A1 0.75%
Colombia Central and South America Baa2 2.04%
Congo (Democratic Republic of) Africa B3 6.95%
Congo (Republic of) Africa Caa2 9.63%
Cook Islands Australia & New Zealand B2 5.88%
Costa Rica Central and South America B2 5.88%
Côte d'Ivoire Africa Ba3 3.85%
Croatia Eastern Europe & Russia Baa2 2.04%
Cuba Caribbean Ca 12.84%
Curacao Caribbean Baa2 2.04%
Cyprus Western Europe Ba1 2.68%
Czech Republic Eastern Europe & Russia Aa3 0.64%
Denmark Western Europe Aaa 0.00%
Dominican Republic Caribbean Ba3 3.85%
Ecuador Central and South America Caa3 10.70%
Egypt Africa B3 6.95%
El Salvador Central and South America Caa3 10.70%
Estonia Eastern Europe & Russia A1 0.75%
Ethiopia Africa Caa2 9.63%
Fiji Asia B1 4.82%
Finland Western Europe Aa1 0.43%
France Western Europe Aa2 0.53%
Gabon Africa Caa1 8.02%
Georgia Eastern Europe & Russia Ba2 3.22%
Germany Western Europe Aaa 0.00%
Ghana Africa Ca 12.84%
Greece Western Europe Ba3 3.85%
Guatemala Central and South America Ba1 2.68%
Guernsey (States of) Western Europe Aa2 0.53%
Honduras Central and South America B1 4.82%
Hong Kong Asia Aa3 0.64%
Hungary Eastern Europe & Russia Baa2 2.04%
Iceland Western Europe A2 0.91%
India Asia Baa3 2.35%
Indonesia Asia Baa2 2.04%
Iraq Middle East Caa1 8.02%
Ireland Western Europe Aa3 0.64%
Isle of Man Western Europe Aa3 0.64%
Israel Middle East A1 0.75%
Italy Western Europe Baa3 2.35%
Jamaica Caribbean B2 5.88%
Japan Asia A1 0.75%
Jersey (States of) Western Europe Aa3 0.64%
Jordan Middle East B1 4.82%
Kazakhstan Eastern Europe & Russia Baa2 2.04%
Kenya Africa B3 6.95%
Korea Asia Aa2 0.53%
Kuwait Middle East A1 0.75%
Kyrgyzstan Eastern Europe & Russia B3 6.95%
Laos Asia Caa3 10.70%
Latvia Eastern Europe & Russia A3 1.28%
Lebanon Middle East C 17.50%
Liechtenstein Western Europe Aaa 0.00%
Lithuania Eastern Europe & Russia A2 0.91%
Luxembourg Western Europe Aaa 0.00%
Macao Asia Aa3 0.64%
Macedonia Eastern Europe & Russia Ba3 3.85%
Malaysia Asia A3 1.28%
Maldives Asia Caa1 8.02%
Mali Africa Caa2 9.63%
Malta Western Europe A2 0.91%
Mauritius Africa Baa3 2.35%
Mexico Central and South America Baa2 2.04%
Moldova Eastern Europe & Russia B3 6.95%
Mongolia Asia B3 6.95%
Montenegro Eastern Europe & Russia B1 4.82%
Montserrat Caribbean Baa3 2.35%
Morocco Africa Ba1 2.68%
Mozambique Africa Caa2 9.63%
Namibia Africa B1 4.82%
Netherlands Western Europe Aaa 0.00%
New Zealand Australia & New Zealand Aaa 0.00%
Nicaragua Central and South America B3 6.95%
Niger Africa B3 6.95%
Nigeria Africa Caa1 8.02%
Norway Western Europe Aaa 0.00%
Oman Middle East Ba2 3.22%
Pakistan Asia Caa3 10.70%
Panama Central and South America Baa2 2.04%
Papua New Guinea Asia B2 5.88%
Paraguay Central and South America Ba1 2.68%
Peru Central and South America Baa1 1.71%
Philippines Asia Baa2 2.04%
Poland Eastern Europe & Russia A2 0.91%
Portugal Western Europe Baa2 2.04%
Qatar Middle East Aa3 0.64%
Ras Al Khaimah (Emirate of) Middle East A3 1.28%
Romania Eastern Europe & Russia Baa3 2.35%
Russia Eastern Europe & Russia Ca 12.84%
Rwanda Africa B2 5.88%
Saudi Arabia Middle East A1 0.75%
Senegal Africa Ba3 3.85%
Serbia Eastern Europe & Russia Ba2 3.22%
Sharjah Middle East Ba1 2.68%
Singapore Asia Aaa 0.00%
Slovakia Eastern Europe & Russia A2 0.91%
Slovenia Eastern Europe & Russia A3 1.28%
Solomon Islands Asia Caa1 8.02%
South Africa Africa Ba2 3.22%
Spain Western Europe Baa1 1.71%
Sri Lanka Asia Ca 12.84%
St. Maarten Caribbean Ba2 3.22%
St. Vincent & the Grenadines Caribbean B3 6.95%
Suriname Central and South America Caa3 10.70%
Swaziland Africa B3 6.95%
Sweden Western Europe Aaa 0.00%
Switzerland Western Europe Aaa 0.00%
Taiwan Asia Aa3 0.64%
Tajikistan Eastern Europe & Russia B3 6.95%
Tanzania Africa B2 5.88%
Thailand Asia Baa1 1.71%
Togo Africa B3 6.95%
Trinidad and Tobago Caribbean Ba2 3.22%
Tunisia Africa Caa2 9.63%
Turkey Western Europe B3 6.95%
Turks and Caicos Islands Caribbean Baa1 1.71%
Uganda Africa B2 5.88%
Ukraine Eastern Europe & Russia Ca 12.84%
United Arab Emirates Middle East Aa2 0.53%
United Kingdom Western Europe Aa3 0.64%
United States North America Aaa 0.00%
Uruguay Central and South America Baa2 2.04%
Uzbekistan Eastern Europe & Russia Ba3 3.85%
Venezuela Central and South America C 17.50%
Vietnam Asia Ba2 3.22%
Zambia Africa Ca 12.84%
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP
Algeria 68.75 10.46% 5.46%
Brunei 81.75 5.91% 0.91%
Gambia 66 13.35% 8.35%
Guinea 57.5 18.66% 13.66%
Guinea-Bissau 64.5 13.35% 8.35%
Guyana 75 7.43% 2.43%
Haiti 54.5 23.21% 18.21%
Iran 62.75 14.86% 9.86%
Korea, D.P.R. 51 23.21% 18.21%
Liberia 56.25 20.18% 15.18%
Libya 73.75 7.89% 2.89%
Madagascar 62.75 14.86% 9.86%
Malawi 52.75 23.21% 18.21%
Myanmar 56 20.18% 15.18%
Sierra Leone 53 23.21% 18.21%
Somalia 51.5 23.21% 18.21%
Sudan 43 29.82% 24.82%
Syria 48.75 29.82% 24.82%
Yemen, Republic 55.75 20.18% 15.18%
Zimbabwe 61.25 16.38% 11.38%

Rating Default spread in basis points

A1 75
A2 91
A3 128
Aa1 43
Aa2 53
Aa3 64
Aaa 0
B1 482
B2 588
B3 695
Ba1 268
Ba2 322
Ba3 385
Baa1 171
Baa2 204
Baa3 235
C 1750
Ca 1284
Caa1 802
Caa2 963
Caa3 1070
NR NA
 5.00%
Yes
1.42

Total Equity Risk Premium Country Risk Premium Sovereign CDS, net of US Total Equity Risk Premium2
5.75% 0.75% 0.27% 5.38%
11.83% 6.83% NA NA
7.89% 2.89% NA NA
14.86% 9.86% 10.04% 19.24%
23.21% 18.21% NA NA
10.46% 5.46% NA NA
7.89% 2.89% NA NA
5.00% 0.00% 0.00% 5.00%
5.61% 0.61% 0.00% 5.00%
8.80% 3.80% NA NA
11.83% 6.83% NA NA
13.35% 8.35% 2.73% 8.87%
11.83% 6.83% NA NA
16.38% 11.38% NA NA
29.82% 24.82% NA NA
5.91% 0.91% 0.00% 5.00%
18.66% 13.66% NA NA
11.83% 6.83% NA NA
6.28% 1.28% NA NA
16.38% 11.38% NA NA
14.86% 9.86% NA NA
6.82% 1.82% NA NA
9.57% 4.57% 2.45% 8.47%
7.43% 2.43% 0.97% 6.38%
16.38% 11.38% NA NA
13.35% 8.35% NA NA
13.35% 8.35% 6.02% 13.54%
5.00% 0.00% 0.00% 5.00%
14.86% 9.86% NA NA
5.91% 0.91% NA NA
6.28% 1.28% 1.04% 6.48%
6.07% 1.07% 0.57% 5.81%
7.89% 2.89% 3.11% 9.41%
14.86% 9.86% NA NA
18.66% 13.66% NA NA
13.35% 8.35% NA NA
13.35% 8.35% 2.90% 9.11%
10.46% 5.46% NA NA
7.89% 2.89% 0.69% 5.98%
23.21% 18.21% NA NA
7.89% 2.89% NA NA
8.80% 3.80% 0.71% 6.01%
5.91% 0.91% 0.02% 5.03%
5.00% 0.00% 0.00% 5.00%
10.46% 5.46% NA NA
20.18% 15.18% NA NA
14.86% 9.86% 12.76% 23.10%
20.18% 15.18% 14.45% 25.49%
6.07% 1.07% 0.48% 5.68%
18.66% 13.66% 27.93% 44.61%
11.83% 6.83% NA NA
5.61% 0.61% 0.00% 5.00%
5.75% 0.75% 0.00% 5.00%
16.38% 11.38% NA NA
9.57% 4.57% NA NA
5.00% 0.00% 0.00% 5.00%
23.21% 18.21% NA NA
10.46% 5.46% 0.88% 6.25%
8.80% 3.80% NA NA
5.75% 0.75% NA NA
11.83% 6.83% NA NA
5.91% 0.91% 0.11% 5.16%
7.89% 2.89% 1.59% 7.26%
6.28% 1.28% 0.38% 5.54%
8.33% 3.33% 0.99% 6.40%
7.89% 2.89% 1.10% 6.56%
16.38% 11.38% 4.37% 11.20%
5.91% 0.91% 0.00% 5.00%
5.91% 0.91% NA NA
6.07% 1.07% 0.37% 5.52%
8.33% 3.33% 1.02% 6.45%
13.35% 8.35% NA NA
6.07% 1.07% 0.00% 5.00%
5.91% 0.91% NA NA
11.83% 6.83% NA NA
7.89% 2.89% 1.25% 6.77%
14.86% 9.86% 7.42% 15.52%
5.75% 0.75% 0.00% 5.00%
6.07% 1.07% 0.27% 5.38%
14.86% 9.86% NA NA
20.18% 15.18% NA NA
6.82% 1.82% 0.52% 5.74%
29.82% 24.82% NA NA
5.00% 0.00% NA NA
6.28% 1.28% 0.52% 5.74%
5.00% 0.00% NA NA
5.91% 0.91% NA NA
10.46% 5.46% NA NA
6.82% 1.82% 0.57% 5.81%
16.38% 11.38% NA NA
18.66% 13.66% NA NA
6.28% 1.28% NA NA
8.33% 3.33% NA NA
7.89% 2.89% 1.45% 7.06%
14.86% 9.86% NA NA
14.86% 9.86% NA NA
11.83% 6.83% NA NA
8.33% 3.33% NA NA
8.80% 3.80% 1.52% 7.16%
18.66% 13.66% NA NA
11.83% 6.83% NA NA
5.00% 0.00% 0.00% 5.00%
5.00% 0.00% 0.00% 5.00%
14.86% 9.86% 4.77% 11.77%
14.86% 9.86% NA NA
16.38% 11.38% 7.07% 15.03%
5.00% 0.00% 0.00% 5.00%
9.57% 4.57% 1.57% 7.23%
20.18% 15.18% NA NA
7.89% 2.89% 1.29% 6.83%
13.35% 8.35% NA NA
8.80% 3.80% NA NA
7.43% 2.43% 1.03% 6.46%
7.89% 2.89% 1.01% 6.43%
6.28% 1.28% 0.59% 5.84%
7.89% 2.89% 0.28% 5.40%
5.91% 0.91% 0.28% 5.40%
6.82% 1.82% NA NA
8.33% 3.33% 1.90% 7.69%
23.21% 18.21% NA NA
13.35% 8.35% 4.76% 11.75%
6.07% 1.07% 0.46% 5.65%
10.46% 5.46% 4.96% 12.03%
9.57% 4.57% 2.34% 8.32%
8.80% 3.80% NA NA
5.00% 0.00% NA NA
6.28% 1.28% 0.11% 5.16%
6.82% 1.82% 0.28% 5.40%
16.38% 11.38% NA NA
9.57% 4.57% 3.28% 9.65%
7.43% 2.43% 0.36% 5.51%
23.21% 18.21% NA NA
9.57% 4.57% NA NA
14.86% 9.86% NA NA
20.18% 15.18% NA NA
14.86% 9.86% NA NA
5.00% 0.00% 0.00% 5.00%
5.00% 0.00% 0.00% 5.00%
5.91% 0.91% NA NA
 14.86% 9.86% NA NA
13.35% 8.35% NA NA
7.43% 2.43% 0.36% 5.51%
14.86% 9.86% NA NA
9.57% 4.57% NA NA
18.66% 13.66% 7.43% 15.54%
14.86% 9.86% 4.62% 11.55%
7.43% 2.43% NA NA
13.35% 8.35% NA NA
23.21% 18.21% NA NA
5.75% 0.75% NA NA
5.91% 0.91% 0.00% 5.00%
5.00% 0.00% 0.00% 5.00%
7.89% 2.89% 0.52% 5.74%
10.46% 5.46% NA NA
29.82% 24.82% 11.14% 20.80%
9.57% 4.57% 1.30% 6.84%
23.21% 18.21% NA NA

Default Spread
3.85%
0.64%
5.88%
9.63%
5.88%
1.71%
12.84%
6.95%
12.84%
10.70%
2.04%
6.95%
12.84%
10.70%
12.84%
12.84%
17.50%
17.50%
10.70%
8.02%
Country Risk Premium3 Has to be sorted in ascending order
0.38% Rating
Default spread in basis points
NA A1 75
NA A2 91
14.24% A3 128
NA Aa1 43
NA Aa2 53
NA Aa3 64
0.00% Aaa 0
0.00% B1 482
NA B2 588
NA B3 695
3.87% Ba1 268
NA Ba2 322
NA Ba3 385
NA Baa1 171
0.00% Baa2 204
NA Baa3 235
NA C 1750
NA Ca 1284
NA Caa1 802
NA Caa2 963
NA Caa3 1070
3.47% NR NA
 1.38%
NA
NA
8.54%
0.00%
NA
NA
1.48%
0.81%
4.41%
NA
NA
NA
4.11%
NA
0.98%
NA
NA
1.01%
0.03%
0.00%
NA
NA
18.10%
20.49%
0.68%
39.61%
NA
0.00%
 0.00%
NA
NA
0.00%
NA
1.25%
NA
NA
NA
0.16%
2.26%
0.54%
1.40%
1.56%
6.20%
0.00%
NA
0.52%
1.45%
NA
0.00%
NA
NA
1.77%
10.52%
0.00%
0.38%
NA
NA
 0.74%
NA
NA
0.74%
NA
NA
NA
0.81%
NA
NA
NA
NA
2.06%
NA
NA
NA
NA
2.16%
NA
NA
0.00%
0.00%
6.77%
NA
10.03%
0.00%
2.23%
NA
1.83%
 NA
NA
1.46%
1.43%
0.84%
0.40%
0.40%
NA
2.69%
NA
6.75%
0.65%
7.03%
3.32%
NA
NA
0.16%
0.40%
NA
4.65%
0.51%
NA
NA
NA
NA
NA
0.00%
0.00%
NA
 NA
NA
0.51%
NA
NA
10.54%
6.55%
NA
NA
NA
NA
0.00%
0.00%
0.74%
NA
15.80%
1.84%
NA
 Year Std Dev (BMI)
Std Dev (JPM Sov Bond)
REL VOL
7/1/18- 6/30/19 13.49% 5.72% 2.36
7/1/19-6/30/20 21.76% 19.25% 1.13
7/1/20-6/30/21 14.38% 7.41% 1.94
7/1/21-6/30/22 17.88% 10.72% 1.67
7/1/22-6/30/23 13.57% 14.07% 0.96
Average Relative Volatility 16.22% 11.43% 1.42

Index: iShares JP Morgan USD Emerging Markets Bond ETF

Source: Yahoo!
https://finance.yahoo.com/quote/EMB/
Period Five years (June 30, 2018 - June 30, 2023)
Interval Daily

Date Closing Price Return

29-Jun-18 84.33
2-Jul-18 84.32 -0.01%
3-Jul-18 84.59 0.32%
5-Jul-18 85.13 0.64%
6-Jul-18 85.86 0.86%
9-Jul-18 86.1 0.28%
10-Jul-18 86.25 0.17%
11-Jul-18 85.9 -0.41%
12-Jul-18 86.06 0.19%
13-Jul-18 86.51 0.52%
16-Jul-18 86.28 -0.27%
17-Jul-18 86.28 0.00%
18-Jul-18 86.2 -0.09%
19-Jul-18 86.18 -0.02%
20-Jul-18 86.1 -0.09%
23-Jul-18 85.99 -0.13%
24-Jul-18 85.91 -0.09%
25-Jul-18 86.68 0.90%
26-Jul-18 86.75 0.08%
27-Jul-18 86.9 0.17%
30-Jul-18 86.66 -0.28%
31-Jul-18 86.5 -0.18%
1-Aug-18 86.13 -0.43%
2-Aug-18 86.06 -0.08%
3-Aug-18 86.25 0.22%
6-Aug-18 86.11 -0.16%
7-Aug-18 85.98 -0.15%
 8-Aug-18 85.98 0.00%
9-Aug-18 85.68 -0.35%
10-Aug-18 84.71 -1.13%
13-Aug-18 84.33 -0.45%
14-Aug-18 84.88 0.65%
15-Aug-18 84.71 -0.20%
16-Aug-18 84.88 0.20%
17-Aug-18 85.22 0.40%
20-Aug-18 85.11 -0.13%
21-Aug-18 85.35 0.28%
22-Aug-18 85.73 0.45%
23-Aug-18 85.3 -0.50%
24-Aug-18 85.53 0.27%
27-Aug-18 85.64 0.13%
28-Aug-18 85.48 -0.19%
29-Aug-18 85.22 -0.30%
30-Aug-18 84.75 -0.55%
31-Aug-18 84.49 -0.31%
4-Sep-18 84.23 -0.31%
5-Sep-18 84.29 0.07%
6-Sep-18 84.66 0.44%
7-Sep-18 84.44 -0.26%
10-Sep-18 84.28 -0.19%
11-Sep-18 84.12 -0.19%
12-Sep-18 84.39 0.32%
13-Sep-18 85.22 0.98%
14-Sep-18 85.31 0.11%
17-Sep-18 85.05 -0.30%
18-Sep-18 84.78 -0.32%
19-Sep-18 85.09 0.37%
20-Sep-18 85.57 0.56%
21-Sep-18 85.75 0.21%
24-Sep-18 85.66 -0.10%
25-Sep-18 85.73 0.08%
26-Sep-18 86.12 0.45%
27-Sep-18 86.42 0.35%
28-Sep-18 86.21 -0.24%
1-Oct-18 86.21 0.00%
2-Oct-18 86.3 0.10%
 3-Oct-18 85.85 -0.52%
4-Oct-18 85.24 -0.71%
5-Oct-18 84.99 -0.29%
8-Oct-18 84.96 -0.04%
9-Oct-18 85 0.05%
10-Oct-18 84.64 -0.42%
11-Oct-18 84.77 0.15%
12-Oct-18 84.96 0.22%
15-Oct-18 84.98 0.02%
16-Oct-18 85.3 0.38%
17-Oct-18 85.1 -0.23%
18-Oct-18 84.78 -0.38%
19-Oct-18 84.68 -0.12%
22-Oct-18 84.59 -0.11%
23-Oct-18 84.62 0.04%
24-Oct-18 84.29 -0.39%
25-Oct-18 84.55 0.31%
26-Oct-18 84.67 0.14%
29-Oct-18 84.31 -0.43%
30-Oct-18 84.39 0.09%
31-Oct-18 84.04 -0.41%
1-Nov-18 84.44 0.48%
2-Nov-18 84.35 -0.11%
5-Nov-18 84.55 0.24%
6-Nov-18 84.44 -0.13%
7-Nov-18 84.65 0.25%
8-Nov-18 84.33 -0.38%
9-Nov-18 84.37 0.05%
12-Nov-18 84.07 -0.36%
13-Nov-18 83.96 -0.13%
14-Nov-18 84.12 0.19%
15-Nov-18 83.77 -0.42%
16-Nov-18 83.9 0.16%
19-Nov-18 83.61 -0.35%
20-Nov-18 82.93 -0.81%
21-Nov-18 83.31 0.46%
23-Nov-18 83.02 -0.35%
26-Nov-18 83.14 0.14%
27-Nov-18 82.56 -0.70%
28-Nov-18 83.59 1.25%
29-Nov-18 83.44 -0.18%
30-Nov-18 83.63 0.23%
3-Dec-18 84.22 0.71%
4-Dec-18 83.97 -0.30%
6-Dec-18 84.22 0.30%
7-Dec-18 84.31 0.11%
10-Dec-18 84.31 0.00%
11-Dec-18 84.36 0.06%
12-Dec-18 84.52 0.19%
13-Dec-18 84.76 0.28%
14-Dec-18 84.77 0.01%
17-Dec-18 84.89 0.14%
18-Dec-18 84.98 0.11%
19-Dec-18 84.86 -0.14%
20-Dec-18 84.71 -0.18%
21-Dec-18 84.44 -0.32%
24-Dec-18 84.4 -0.05%
26-Dec-18 84.52 0.14%
27-Dec-18 84.87 0.41%
28-Dec-18 84.93 0.07%
31-Dec-18 85.22 0.34%
2-Jan-19 85.22 0.00%
3-Jan-19 85.59 0.43%
4-Jan-19 86.23 0.75%
7-Jan-19 86.6 0.43%
8-Jan-19 86.54 -0.07%
9-Jan-19 86.69 0.17%
10-Jan-19 86.54 -0.17%
11-Jan-19 86.55 0.01%
14-Jan-19 86.45 -0.12%
15-Jan-19 86.74 0.34%
16-Jan-19 86.82 0.09%
17-Jan-19 87.11 0.33%
18-Jan-19 87.53 0.48%
22-Jan-19 87.55 0.02%
23-Jan-19 87.99 0.50%
24-Jan-19 88.42 0.49%
25-Jan-19 88.33 -0.10%
 28-Jan-19 87.93 -0.45%
29-Jan-19 88.01 0.09%
30-Jan-19 88.63 0.70%
31-Jan-19 89.3 0.76%
1-Feb-19 89.43 0.15%
4-Feb-19 89.12 -0.35%
5-Feb-19 89.71 0.66%
6-Feb-19 89.25 -0.51%
7-Feb-19 89.09 -0.18%
8-Feb-19 88.69 -0.45%
11-Feb-19 88.49 -0.23%
12-Feb-19 88.82 0.37%
13-Feb-19 88.82 0.00%
14-Feb-19 89.06 0.27%
15-Feb-19 89.13 0.08%
19-Feb-19 89.07 -0.07%
20-Feb-19 89.08 0.01%
21-Feb-19 89.02 -0.07%
22-Feb-19 89.57 0.62%
25-Feb-19 89.43 -0.16%
26-Feb-19 89.69 0.29%
27-Feb-19 89.71 0.02%
28-Feb-19 89.66 -0.06%
1-Mar-19 89.34 -0.36%
4-Mar-19 89.29 -0.06%
5-Mar-19 89.33 0.04%
6-Mar-19 89.25 -0.09%
7-Mar-19 89.05 -0.22%
8-Mar-19 89.3 0.28%
11-Mar-19 89.63 0.37%
12-Mar-19 89.91 0.31%
13-Mar-19 89.93 0.02%
14-Mar-19 89.8 -0.14%
15-Mar-19 90.16 0.40%
18-Mar-19 90.25 0.10%
19-Mar-19 90.31 0.07%
20-Mar-19 91.11 0.89%
21-Mar-19 91.09 -0.02%
22-Mar-19 90.49 -0.66%
25-Mar-19 90.99 0.55%
26-Mar-19 91.07 0.09%
27-Mar-19 90.73 -0.37%
28-Mar-19 90.92 0.21%
29-Mar-19 91.01 0.10%
1-Apr-19 91.17 0.18%
2-Apr-19 91.23 0.07%
3-Apr-19 91.02 -0.23%
4-Apr-19 90.99 -0.03%
5-Apr-19 91.35 0.40%
8-Apr-19 90.99 -0.39%
9-Apr-19 91.04 0.05%
10-Apr-19 91.23 0.21%
11-Apr-19 90.89 -0.37%
12-Apr-19 90.89 0.00%
15-Apr-19 90.94 0.06%
16-Apr-19 90.77 -0.19%
17-Apr-19 90.85 0.09%
18-Apr-19 90.93 0.09%
22-Apr-19 90.86 -0.08%
23-Apr-19 91.13 0.30%
24-Apr-19 90.88 -0.27%
25-Apr-19 91 0.13%
26-Apr-19 90.94 -0.07%
29-Apr-19 91.04 0.11%
30-Apr-19 91.17 0.14%
1-May-19 91.14 -0.03%
2-May-19 91 -0.15%
3-May-19 91.52 0.57%
6-May-19 91.5 -0.02%
7-May-19 91.02 -0.52%
8-May-19 91.12 0.11%
9-May-19 90.84 -0.31%
10-May-19 91.15 0.34%
13-May-19 90.42 -0.80%
14-May-19 90.7 0.31%
15-May-19 91.03 0.36%
16-May-19 91.05 0.02%
17-May-19 90.84 -0.23%
20-May-19 91.25 0.45%
21-May-19 91.36 0.12%
22-May-19 91.31 -0.05%
23-May-19 91.18 -0.14%
24-May-19 91.28 0.11%
28-May-19 91.39 0.12%
29-May-19 91.34 -0.05%
30-May-19 91.62 0.31%
31-May-19 91.62 0.00%
3-Jun-19 91.58 -0.04%
4-Jun-19 92.14 0.61%
5-Jun-19 92.43 0.31%
6-Jun-19 92.78 0.38%
7-Jun-19 93.34 0.60%
10-Jun-19 93.22 -0.13%
11-Jun-19 93.1 -0.13%
12-Jun-19 93.02 -0.09%
13-Jun-19 93.23 0.23%
14-Jun-19 93.16 -0.08%
17-Jun-19 93.2 0.04%
18-Jun-19 94.15 1.02%
19-Jun-19 94.97 0.87%
20-Jun-19 95.39 0.44%
21-Jun-19 94.46 -0.97%
24-Jun-19 94.65 0.20%
25-Jun-19 94.16 -0.52%
26-Jun-19 94.32 0.17%
27-Jun-19 94.71 0.41%
28-Jun-19 94.85 0.15%
1-Jul-19 95.33 0.51%
2-Jul-19 95.5 0.18%
3-Jul-19 95.76 0.27%
5-Jul-19 95.27 -0.51%
8-Jul-19 95.13 -0.15%
9-Jul-19 94.91 -0.23%
10-Jul-19 95.06 0.16%
11-Jul-19 94.78 -0.29%
12-Jul-19 94.97 0.20%
15-Jul-19 95.17 0.21%
 16-Jul-19 95.12 -0.05%
17-Jul-19 95.22 0.11%
18-Jul-19 95.4 0.19%
19-Jul-19 95.26 -0.15%
22-Jul-19 95.59 0.35%
23-Jul-19 95.89 0.31%
24-Jul-19 96.11 0.23%
25-Jul-19 95.96 -0.16%
26-Jul-19 95.91 -0.05%
29-Jul-19 95.91 0.00%
30-Jul-19 95.75 -0.17%
31-Jul-19 95.54 -0.22%
1-Aug-19 95.96 0.44%
2-Aug-19 95.9 -0.06%
5-Aug-19 94.95 -0.99%
6-Aug-19 95.62 0.71%
7-Aug-19 96.1 0.50%
8-Aug-19 96.58 0.50%
9-Aug-19 96.53 -0.05%
12-Aug-19 95.52 -1.05%
13-Aug-19 95.38 -0.15%
14-Aug-19 95.26 -0.13%
15-Aug-19 95.64 0.40%
16-Aug-19 96.18 0.56%
19-Aug-19 95.8 -0.40%
20-Aug-19 95.82 0.02%
21-Aug-19 96.1 0.29%
22-Aug-19 96.15 0.05%
23-Aug-19 96.19 0.04%
26-Aug-19 96.11 -0.08%
27-Aug-19 96.38 0.28%
28-Aug-19 96.49 0.11%
29-Aug-19 96.71 0.23%
30-Aug-19 97.03 0.33%
3-Sep-19 97.25 0.23%
4-Sep-19 97.86 0.63%
5-Sep-19 97.33 -0.54%
6-Sep-19 97.68 0.36%
9-Sep-19 96.88 -0.82%
10-Sep-19 96.16 -0.74%
11-Sep-19 96.26 0.10%
12-Sep-19 96.45 0.20%
13-Sep-19 95.34 -1.15%
16-Sep-19 95.74 0.42%
17-Sep-19 96.05 0.32%
18-Sep-19 96.06 0.01%
19-Sep-19 96.48 0.44%
20-Sep-19 96.91 0.45%
23-Sep-19 96.69 -0.23%
24-Sep-19 96.07 -0.64%
25-Sep-19 95.79 -0.29%
26-Sep-19 95.99 0.21%
27-Sep-19 95.86 -0.14%
30-Sep-19 95.96 0.10%
1-Oct-19 95.5 -0.48%
2-Oct-19 95.49 -0.01%
3-Oct-19 95.95 0.48%
4-Oct-19 96.79 0.88%
7-Oct-19 96.24 -0.57%
8-Oct-19 96.15 -0.09%
9-Oct-19 96.16 0.01%
10-Oct-19 96 -0.17%
11-Oct-19 95.93 -0.07%
14-Oct-19 95.97 0.04%
15-Oct-19 96.18 0.22%
16-Oct-19 96.02 -0.17%
17-Oct-19 96.16 0.15%
18-Oct-19 96.24 0.08%
21-Oct-19 95.9 -0.35%
22-Oct-19 96.24 0.35%
23-Oct-19 96.41 0.18%
24-Oct-19 96.41 0.00%
25-Oct-19 96.39 -0.02%
28-Oct-19 96.23 -0.17%
29-Oct-19 95.98 -0.26%
30-Oct-19 96.08 0.10%
31-Oct-19 96.52 0.46%
1-Nov-19 96.86 0.35%
 4-Nov-19 96.66 -0.21%
5-Nov-19 95.96 -0.72%
6-Nov-19 96 0.04%
7-Nov-19 95.67 -0.34%
8-Nov-19 95.8 0.14%
11-Nov-19 95.73 -0.07%
12-Nov-19 95.53 -0.21%
13-Nov-19 95.39 -0.15%
14-Nov-19 95.89 0.52%
15-Nov-19 95.97 0.08%
18-Nov-19 95.51 -0.48%
19-Nov-19 95.3 -0.22%
20-Nov-19 95.46 0.17%
21-Nov-19 95.47 0.01%
22-Nov-19 95.73 0.27%
25-Nov-19 95.72 -0.01%
26-Nov-19 95.97 0.26%
27-Nov-19 95.84 -0.14%
29-Nov-19 95.6 -0.25%
2-Dec-19 95.21 -0.41%
3-Dec-19 95.4 0.20%
4-Dec-19 95.62 0.23%
5-Dec-19 95.91 0.30%
6-Dec-19 96.1 0.20%
9-Dec-19 96.36 0.27%
10-Dec-19 96.36 0.00%
11-Dec-19 97 0.66%
12-Dec-19 97.01 0.01%
13-Dec-19 97.37 0.37%
16-Dec-19 97.43 0.06%
17-Dec-19 97.79 0.37%
18-Dec-19 97.98 0.19%
19-Dec-19 97.64 -0.35%
20-Dec-19 97.88 0.25%
23-Dec-19 97.99 0.11%
24-Dec-19 98.17 0.18%
26-Dec-19 98.3 0.13%
27-Dec-19 98.57 0.27%
30-Dec-19 98.41 -0.16%
31-Dec-19 98.41 0.00%
2-Jan-20 98.54 0.13%
3-Jan-20 98.29 -0.25%
6-Jan-20 98.09 -0.20%
7-Jan-20 98.24 0.15%
8-Jan-20 98.5 0.26%
9-Jan-20 98.43 -0.07%
10-Jan-20 98.45 0.02%
13-Jan-20 98.54 0.09%
14-Jan-20 98.52 -0.02%
15-Jan-20 98.89 0.38%
16-Jan-20 99.09 0.20%
17-Jan-20 98.97 -0.12%
21-Jan-20 98.89 -0.08%
22-Jan-20 98.96 0.07%
23-Jan-20 98.73 -0.23%
24-Jan-20 98.6 -0.13%
27-Jan-20 98.48 -0.12%
28-Jan-20 98.95 0.48%
29-Jan-20 99.4 0.45%
30-Jan-20 99.33 -0.07%
31-Jan-20 99.63 0.30%
3-Feb-20 99.61 -0.02%
4-Feb-20 99.49 -0.12%
5-Feb-20 99.52 0.03%
6-Feb-20 99.77 0.25%
7-Feb-20 99.77 0.00%
10-Feb-20 99.78 0.01%
11-Feb-20 99.74 -0.04%
12-Feb-20 99.89 0.15%
13-Feb-20 99.91 0.02%
14-Feb-20 100.31 0.40%
18-Feb-20 100.39 0.08%
19-Feb-20 100.59 0.20%
20-Feb-20 100.65 0.06%
21-Feb-20 100.88 0.23%
24-Feb-20 100.44 -0.44%
25-Feb-20 99.82 -0.62%
26-Feb-20 99.77 -0.05%
27-Feb-20 98.52 -1.25%
28-Feb-20 98.39 -0.13%
2-Mar-20 99.18 0.80%
3-Mar-20 100.33 1.16%
4-Mar-20 101.07 0.74%
5-Mar-20 100.18 -0.88%
6-Mar-20 99.77 -0.41%
9-Mar-20 91.69 -8.10%
10-Mar-20 92.75 1.16%
11-Mar-20 88.55 -4.53%
12-Mar-20 84.19 -4.92%
13-Mar-20 86.58 2.84%
16-Mar-20 82.58 -4.62%
17-Mar-20 81.78 -0.97%
18-Mar-20 74.24 -9.22%
19-Mar-20 76.13 2.55%
20-Mar-20 78.82 3.53%
23-Mar-20 79.04 0.28%
24-Mar-20 81.51 3.13%
25-Mar-20 84.78 4.01%
26-Mar-20 86.18 1.65%
27-Mar-20 84.41 -2.05%
30-Mar-20 84.3 -0.13%
31-Mar-20 83.66 -0.76%
1-Apr-20 81.55 -2.52%
2-Apr-20 83.22 2.05%
3-Apr-20 83.07 -0.18%
6-Apr-20 84.75 2.02%
7-Apr-20 85.24 0.58%
8-Apr-20 85.6 0.42%
9-Apr-20 88.07 2.89%
13-Apr-20 87.9 -0.19%
14-Apr-20 88.48 0.66%
15-Apr-20 86.72 -1.99%
16-Apr-20 86.16 -0.65%
17-Apr-20 86.77 0.71%
20-Apr-20 86.22 -0.63%
21-Apr-20 85.01 -1.40%
22-Apr-20 85.08 0.08%
 23-Apr-20 85.49 0.48%
24-Apr-20 85.11 -0.44%
27-Apr-20 84.97 -0.16%
28-Apr-20 85.8 0.98%
29-Apr-20 87.17 1.60%
30-Apr-20 87.33 0.18%
1-May-20 86.95 -0.44%
4-May-20 86.95 0.00%
5-May-20 87.91 1.10%
6-May-20 87.51 -0.46%
7-May-20 88.21 0.80%
8-May-20 88.66 0.51%
11-May-20 89.15 0.55%
12-May-20 88.99 -0.18%
13-May-20 88.46 -0.60%
14-May-20 88.86 0.45%
15-May-20 89.11 0.28%
18-May-20 90.66 1.74%
19-May-20 90.73 0.08%
20-May-20 92.48 1.93%
21-May-20 92.45 -0.03%
22-May-20 92.03 -0.45%
26-May-20 92.6 0.62%
27-May-20 92.76 0.17%
28-May-20 92.49 -0.29%
29-May-20 92.81 0.35%
1-Jun-20 93.26 0.48%
2-Jun-20 94.16 0.97%
3-Jun-20 94.58 0.45%
4-Jun-20 94.13 -0.48%
5-Jun-20 94.9 0.82%
8-Jun-20 95.58 0.72%
9-Jun-20 95.33 -0.26%
10-Jun-20 95.33 0.00%
11-Jun-20 93.15 -2.29%
12-Jun-20 94.23 1.16%
15-Jun-20 94.73 0.53%
16-Jun-20 95.18 0.48%
17-Jun-20 95.05 -0.14%
 18-Jun-20 94.94 -0.12%
19-Jun-20 95.15 0.22%
22-Jun-20 95.32 0.18%
23-Jun-20 95.51 0.20%
24-Jun-20 95.21 -0.31%
25-Jun-20 95.27 0.06%
26-Jun-20 95.08 -0.20%
29-Jun-20 95.2 0.13%
30-Jun-20 95.57 0.39%
1-Jul-20 95.79 0.23%
2-Jul-20 96.3 0.53%
6-Jul-20 96.9 0.62%
7-Jul-20 96.35 -0.57%
8-Jul-20 96.76 0.43%
9-Jul-20 96.34 -0.43%
10-Jul-20 96.33 -0.01%
13-Jul-20 96.14 -0.20%
14-Jul-20 96.37 0.24%
15-Jul-20 96.76 0.40%
16-Jul-20 96.94 0.19%
17-Jul-20 97.16 0.23%
20-Jul-20 97.81 0.67%
21-Jul-20 98.33 0.53%
22-Jul-20 98.62 0.29%
23-Jul-20 98.57 -0.05%
24-Jul-20 98.64 0.07%
27-Jul-20 98.81 0.17%
28-Jul-20 98.48 -0.33%
29-Jul-20 99.05 0.58%
30-Jul-20 99.03 -0.02%
31-Jul-20 99.26 0.23%
3-Aug-20 99.62 0.36%
4-Aug-20 100.13 0.51%
5-Aug-20 100.45 0.32%
6-Aug-20 100.71 0.26%
7-Aug-20 100.5 -0.21%
10-Aug-20 100.65 0.15%
11-Aug-20 100.54 -0.11%
12-Aug-20 100.43 -0.11%
13-Aug-20 100.2 -0.23%
14-Aug-20 99.75 -0.45%
17-Aug-20 99.86 0.11%
18-Aug-20 99.73 -0.13%
19-Aug-20 99.5 -0.23%
20-Aug-20 99.73 0.23%
21-Aug-20 100.05 0.32%
24-Aug-20 100.25 0.20%
25-Aug-20 99.76 -0.49%
26-Aug-20 99.53 -0.23%
27-Aug-20 99.06 -0.47%
28-Aug-20 99.99 0.94%
31-Aug-20 99.98 -0.01%
1-Sep-20 100.65 0.67%
2-Sep-20 101.06 0.41%
3-Sep-20 100.55 -0.50%
4-Sep-20 100.12 -0.43%
8-Sep-20 99.72 -0.40%
9-Sep-20 100.23 0.51%
10-Sep-20 99.94 -0.29%
11-Sep-20 99.98 0.04%
14-Sep-20 100.08 0.10%
15-Sep-20 100.24 0.16%
16-Sep-20 100.01 -0.23%
17-Sep-20 99.59 -0.42%
18-Sep-20 99.13 -0.46%
21-Sep-20 98.16 -0.98%
22-Sep-20 97.96 -0.20%
23-Sep-20 96.69 -1.30%
24-Sep-20 96.95 0.27%
25-Sep-20 97.42 0.48%
28-Sep-20 97.64 0.23%
29-Sep-20 97.42 -0.23%
30-Sep-20 97.9 0.49%
1-Oct-20 98.08 0.18%
2-Oct-20 97.73 -0.36%
5-Oct-20 98.11 0.39%
6-Oct-20 98.18 0.07%
7-Oct-20 98.4 0.22%
 8-Oct-20 99.35 0.97%
9-Oct-20 99.59 0.24%
12-Oct-20 99.85 0.26%
13-Oct-20 99.6 -0.25%
14-Oct-20 99.57 -0.03%
15-Oct-20 99.17 -0.40%
16-Oct-20 99.32 0.15%
19-Oct-20 98.74 -0.58%
20-Oct-20 98.8 0.06%
21-Oct-20 98.29 -0.52%
22-Oct-20 97.83 -0.47%
23-Oct-20 98.29 0.47%
26-Oct-20 97.94 -0.36%
27-Oct-20 98.52 0.59%
28-Oct-20 97.68 -0.85%
29-Oct-20 97.71 0.03%
30-Oct-20 97.45 -0.27%
2-Nov-20 97.61 0.16%
3-Nov-20 98.4 0.81%
4-Nov-20 100.3 1.93%
5-Nov-20 100.68 0.38%
6-Nov-20 100.24 -0.44%
9-Nov-20 100.72 0.48%
10-Nov-20 100.61 -0.11%
11-Nov-20 100.99 0.38%
12-Nov-20 100.8 -0.19%
13-Nov-20 101.19 0.39%
16-Nov-20 101.41 0.22%
17-Nov-20 101.23 -0.18%
18-Nov-20 101.14 -0.09%
19-Nov-20 101.37 0.23%
20-Nov-20 101.45 0.08%
23-Nov-20 101.37 -0.08%
24-Nov-20 101.51 0.14%
25-Nov-20 101.43 -0.08%
27-Nov-20 101.76 0.33%
30-Nov-20 101.56 -0.20%
1-Dec-20 101.82 0.26%
2-Dec-20 101.87 0.05%
 3-Dec-20 102.3 0.42%
4-Dec-20 102.39 0.09%
7-Dec-20 102.37 -0.02%
8-Dec-20 102.2 -0.17%
9-Dec-20 101.95 -0.24%
10-Dec-20 102.46 0.50%
11-Dec-20 102.51 0.05%
14-Dec-20 102.51 0.00%
15-Dec-20 102.86 0.34%
16-Dec-20 102.93 0.07%
17-Dec-20 103.27 0.33%
18-Dec-20 103.13 -0.14%
21-Dec-20 102.84 -0.28%
22-Dec-20 102.96 0.12%
23-Dec-20 103.11 0.15%
24-Dec-20 103.37 0.25%
28-Dec-20 103.4 0.03%
29-Dec-20 103.55 0.15%
30-Dec-20 103.69 0.14%
31-Dec-20 103.75 0.06%
4-Jan-21 103.18 -0.55%
5-Jan-21 103.25 0.07%
6-Jan-21 102.51 -0.72%
7-Jan-21 102.47 -0.04%
8-Jan-21 102.52 0.05%
11-Jan-21 101.72 -0.78%
12-Jan-21 101.24 -0.47%
13-Jan-21 101.71 0.46%
14-Jan-21 101.41 -0.29%
15-Jan-21 101.53 0.12%
19-Jan-21 101.67 0.14%
20-Jan-21 101.79 0.12%
21-Jan-21 101.86 0.07%
22-Jan-21 101.91 0.05%
25-Jan-21 102.31 0.39%
26-Jan-21 102.18 -0.13%
27-Jan-21 101.7 -0.47%
28-Jan-21 101.92 0.22%
29-Jan-21 101.91 -0.01%
 1-Feb-21 102.41 0.49%
2-Feb-21 102.41 0.00%
3-Feb-21 102.15 -0.25%
4-Feb-21 102.45 0.29%
5-Feb-21 102.56 0.11%
8-Feb-21 102.56 0.00%
9-Feb-21 102.2 -0.35%
10-Feb-21 102.4 0.20%
11-Feb-21 102.47 0.07%
12-Feb-21 101.9 -0.56%
16-Feb-21 100.65 -1.23%
17-Feb-21 101.21 0.56%
18-Feb-21 101.1 -0.11%
19-Feb-21 100.56 -0.53%
22-Feb-21 99.88 -0.68%
23-Feb-21 100 0.12%
24-Feb-21 100.15 0.15%
25-Feb-21 98.36 -1.79%
26-Feb-21 98.8 0.45%
1-Mar-21 99.35 0.56%
2-Mar-21 99.29 -0.06%
3-Mar-21 98.69 -0.60%
4-Mar-21 97.85 -0.85%
5-Mar-21 97.83 -0.02%
8-Mar-21 96.14 -1.73%
9-Mar-21 97.27 1.18%
10-Mar-21 98.22 0.98%
11-Mar-21 98.95 0.74%
12-Mar-21 97.7 -1.26%
15-Mar-21 98.34 0.66%
16-Mar-21 98.69 0.36%
17-Mar-21 99.51 0.83%
18-Mar-21 98.16 -1.36%
19-Mar-21 98.45 0.30%
22-Mar-21 98.67 0.22%
23-Mar-21 98.32 -0.35%
24-Mar-21 98.53 0.21%
25-Mar-21 98.39 -0.14%
26-Mar-21 98.42 0.03%
29-Mar-21 97.91 -0.52%
30-Mar-21 97.96 0.05%
31-Mar-21 98.08 0.12%
1-Apr-21 98.86 0.80%
5-Apr-21 98.74 -0.12%
6-Apr-21 99.07 0.33%
7-Apr-21 98.73 -0.34%
8-Apr-21 99.3 0.58%
9-Apr-21 99.03 -0.27%
12-Apr-21 99.19 0.16%
13-Apr-21 99.72 0.53%
14-Apr-21 99.63 -0.09%
15-Apr-21 100.84 1.21%
16-Apr-21 100.51 -0.33%
19-Apr-21 100.44 -0.07%
20-Apr-21 100.19 -0.25%
21-Apr-21 100.38 0.19%
22-Apr-21 100.53 0.15%
23-Apr-21 100.7 0.17%
26-Apr-21 100.24 -0.46%
27-Apr-21 99.7 -0.54%
28-Apr-21 100.03 0.33%
29-Apr-21 100.15 0.12%
30-Apr-21 100.44 0.29%
3-May-21 100.3 -0.14%
4-May-21 100.39 0.09%
5-May-21 100.53 0.14%
6-May-21 100.72 0.19%
7-May-21 101.17 0.45%
10-May-21 100.94 -0.23%
11-May-21 100.71 -0.23%
12-May-21 99.79 -0.91%
13-May-21 100.31 0.52%
14-May-21 100.84 0.53%
17-May-21 100.78 -0.06%
18-May-21 100.77 -0.01%
19-May-21 100.3 -0.47%
20-May-21 101 0.70%
21-May-21 100.8 -0.20%
24-May-21 100.91 0.11%
25-May-21 101.4 0.49%
26-May-21 101.39 -0.01%
27-May-21 101.2 -0.19%
28-May-21 101.41 0.21%
1-Jun-21 101.54 0.13%
2-Jun-21 101.7 0.16%
3-Jun-21 101.2 -0.49%
4-Jun-21 101.87 0.66%
7-Jun-21 101.64 -0.23%
8-Jun-21 102.04 0.39%
9-Jun-21 102.41 0.36%
10-Jun-21 102.56 0.15%
11-Jun-21 102.68 0.12%
14-Jun-21 102.06 -0.60%
15-Jun-21 102.29 0.23%
16-Jun-21 101.41 -0.86%
17-Jun-21 101.81 0.39%
18-Jun-21 102.11 0.29%
21-Jun-21 102.04 -0.07%
22-Jun-21 102 -0.04%
23-Jun-21 102.11 0.11%
24-Jun-21 102.15 0.04%
25-Jun-21 101.98 -0.17%
28-Jun-21 102.17 0.19%
29-Jun-21 102.14 -0.03%
30-Jun-21 102.28 0.14%
1-Jul-21 102.17 -0.11%
2-Jul-21 102.29 0.12%
6-Jul-21 102.41 0.12%
7-Jul-21 102.56 0.15%
8-Jul-21 102.35 -0.20%
9-Jul-21 102.32 -0.03%
12-Jul-21 102.38 0.06%
13-Jul-21 102.02 -0.35%
14-Jul-21 102.46 0.43%
15-Jul-21 102.78 0.31%
16-Jul-21 102.64 -0.14%
19-Jul-21 102.66 0.02%
 20-Jul-21 102.94 0.27%
21-Jul-21 102.55 -0.38%
22-Jul-21 102.78 0.22%
23-Jul-21 102.78 0.00%
26-Jul-21 102.5 -0.27%
27-Jul-21 102.23 -0.26%
28-Jul-21 102.48 0.24%
29-Jul-21 102.57 0.09%
30-Jul-21 102.85 0.27%
2-Aug-21 102.99 0.14%
3-Aug-21 103.03 0.04%
4-Aug-21 103.08 0.05%
5-Aug-21 103.01 -0.07%
6-Aug-21 102.46 -0.53%
9-Aug-21 102.13 -0.32%
10-Aug-21 102.11 -0.02%
11-Aug-21 102.17 0.06%
12-Aug-21 102.31 0.14%
13-Aug-21 102.79 0.47%
16-Aug-21 102.81 0.02%
17-Aug-21 102.72 -0.09%
18-Aug-21 102.64 -0.08%
19-Aug-21 102.74 0.10%
20-Aug-21 102.59 -0.15%
23-Aug-21 102.98 0.38%
24-Aug-21 103.04 0.06%
25-Aug-21 102.97 -0.07%
26-Aug-21 102.8 -0.17%
27-Aug-21 103.46 0.64%
30-Aug-21 103.74 0.27%
31-Aug-21 103.77 0.03%
1-Sep-21 103.95 0.17%
2-Sep-21 104.24 0.28%
3-Sep-21 103.9 -0.33%
7-Sep-21 103.61 -0.28%
8-Sep-21 103.8 0.18%
9-Sep-21 103.97 0.16%
10-Sep-21 103.64 -0.32%
13-Sep-21 103.78 0.14%
14-Sep-21 103.98 0.19%
15-Sep-21 103.96 -0.02%
16-Sep-21 103.61 -0.34%
17-Sep-21 103.28 -0.32%
20-Sep-21 102.8 -0.46%
21-Sep-21 102.99 0.18%
22-Sep-21 103.05 0.06%
23-Sep-21 102.27 -0.76%
24-Sep-21 101.84 -0.42%
27-Sep-21 101.54 -0.29%
28-Sep-21 100.96 -0.57%
29-Sep-21 101.05 0.09%
30-Sep-21 101.04 -0.01%
1-Oct-21 101.01 -0.03%
4-Oct-21 100.52 -0.49%
5-Oct-21 100.59 0.07%
6-Oct-21 100.38 -0.21%
7-Oct-21 100.49 0.11%
8-Oct-21 100.24 -0.25%
11-Oct-21 99.96 -0.28%
12-Oct-21 100.28 0.32%
13-Oct-21 100.92 0.64%
14-Oct-21 101.35 0.43%
15-Oct-21 101.23 -0.12%
18-Oct-21 100.9 -0.33%
19-Oct-21 100.83 -0.07%
20-Oct-21 100.88 0.05%
21-Oct-21 100.45 -0.43%
22-Oct-21 100.85 0.40%
25-Oct-21 100.92 0.07%
26-Oct-21 101.13 0.21%
27-Oct-21 101.73 0.59%
28-Oct-21 101.54 -0.19%
29-Oct-21 101.2 -0.33%
1-Nov-21 100.92 -0.28%
2-Nov-21 101.05 0.13%
3-Nov-21 100.89 -0.16%
4-Nov-21 101.62 0.72%
5-Nov-21 102.39 0.76%
 8-Nov-21 102.29 -0.10%
9-Nov-21 102.48 0.19%
10-Nov-21 100.98 -1.46%
11-Nov-21 100.98 0.00%
12-Nov-21 101.24 0.26%
15-Nov-21 100.97 -0.27%
16-Nov-21 100.74 -0.23%
17-Nov-21 100.85 0.11%
18-Nov-21 101.11 0.26%
19-Nov-21 101.08 -0.03%
22-Nov-21 100.04 -1.03%
23-Nov-21 99.41 -0.63%
24-Nov-21 99.57 0.16%
26-Nov-21 98.46 -1.11%
29-Nov-21 99.31 0.86%
30-Nov-21 99.29 -0.02%
1-Dec-21 99.98 0.69%
2-Dec-21 100.58 0.60%
3-Dec-21 100.71 0.13%
6-Dec-21 100.8 0.09%
7-Dec-21 101.34 0.54%
8-Dec-21 101.19 -0.15%
9-Dec-21 101.12 -0.07%
10-Dec-21 101.14 0.02%
13-Dec-21 101.56 0.42%
14-Dec-21 101.3 -0.26%
15-Dec-21 100.98 -0.32%
16-Dec-21 101.08 0.10%
17-Dec-21 100.9 -0.18%
20-Dec-21 100.36 -0.54%
21-Dec-21 100.66 0.30%
22-Dec-21 100.77 0.11%
23-Dec-21 100.92 0.15%
27-Dec-21 101.29 0.37%
28-Dec-21 101.2 -0.09%
29-Dec-21 101.09 -0.11%
30-Dec-21 101.57 0.47%
31-Dec-21 101.44 -0.13%
3-Jan-22 100.43 -1.00%
 4-Jan-22 100.38 -0.05%
5-Jan-22 99.42 -0.96%
6-Jan-22 99.33 -0.09%
7-Jan-22 99.13 -0.20%
10-Jan-22 98.8 -0.33%
11-Jan-22 99 0.20%
12-Jan-22 98.8 -0.20%
13-Jan-22 98.46 -0.34%
14-Jan-22 97.6 -0.87%
18-Jan-22 96.7 -0.92%
19-Jan-22 97.35 0.67%
20-Jan-22 97.69 0.35%
21-Jan-22 98.21 0.53%
24-Jan-22 97.55 -0.67%
25-Jan-22 97.7 0.15%
26-Jan-22 97.19 -0.52%
27-Jan-22 97.74 0.57%
28-Jan-22 98.04 0.31%
31-Jan-22 98.02 -0.02%
1-Feb-22 98.27 0.26%
2-Feb-22 98.72 0.46%
3-Feb-22 97.87 -0.86%
4-Feb-22 97.4 -0.48%
7-Feb-22 97.29 -0.11%
8-Feb-22 97.04 -0.26%
9-Feb-22 97.38 0.35%
10-Feb-22 96.11 -1.30%
11-Feb-22 95.55 -0.58%
14-Feb-22 95.91 0.38%
15-Feb-22 96.27 0.38%
16-Feb-22 96.55 0.29%
17-Feb-22 96.11 -0.46%
18-Feb-22 96.14 0.03%
22-Feb-22 94.93 -1.26%
23-Feb-22 93.33 -1.69%
24-Feb-22 92.39 -1.01%
25-Feb-22 93.5 1.20%
28-Feb-22 92.6 -0.96%
1-Mar-22 91.17 -1.54%
 2-Mar-22 90.97 -0.22%
3-Mar-22 90.58 -0.43%
4-Mar-22 88.63 -2.15%
7-Mar-22 87.94 -0.78%
8-Mar-22 88.7 0.86%
9-Mar-22 89.57 0.98%
10-Mar-22 89.7 0.15%
11-Mar-22 89 -0.78%
14-Mar-22 88.82 -0.20%
15-Mar-22 89.35 0.60%
16-Mar-22 91.18 2.05%
17-Mar-22 91.76 0.64%
18-Mar-22 91.38 -0.41%
21-Mar-22 89.78 -1.75%
22-Mar-22 89.62 -0.18%
23-Mar-22 89.7 0.09%
24-Mar-22 90.05 0.39%
25-Mar-22 89.85 -0.22%
28-Mar-22 90.72 0.97%
29-Mar-22 91.61 0.98%
30-Mar-22 91.67 0.07%
31-Mar-22 91.58 -0.10%
1-Apr-22 91.91 0.36%
4-Apr-22 92.27 0.39%
5-Apr-22 90.78 -1.61%
6-Apr-22 90.51 -0.30%
7-Apr-22 90.25 -0.29%
8-Apr-22 89.47 -0.86%
11-Apr-22 88.4 -1.20%
12-Apr-22 88.73 0.37%
13-Apr-22 88.96 0.26%
14-Apr-22 88.13 -0.93%
18-Apr-22 88.08 -0.06%
19-Apr-22 87.74 -0.39%
20-Apr-22 88.34 0.68%
21-Apr-22 87.54 -0.91%
22-Apr-22 86.61 -1.06%
25-Apr-22 87.62 1.17%
26-Apr-22 87.02 -0.68%
 27-Apr-22 86.79 -0.26%
28-Apr-22 86.95 0.18%
29-Apr-22 85.47 -1.70%
2-May-22 85 -0.55%
3-May-22 85.36 0.42%
4-May-22 86.82 1.71%
5-May-22 85.52 -1.50%
6-May-22 84.37 -1.34%
9-May-22 83.62 -0.89%
10-May-22 84.04 0.50%
11-May-22 84.41 0.44%
12-May-22 84.46 0.06%
13-May-22 84.32 -0.17%
16-May-22 83.87 -0.53%
17-May-22 84.17 0.36%
18-May-22 83.63 -0.64%
19-May-22 84.09 0.55%
20-May-22 84.63 0.64%
23-May-22 84.69 0.07%
24-May-22 85.43 0.87%
25-May-22 86.18 0.88%
26-May-22 86.47 0.34%
27-May-22 86.61 0.16%
31-May-22 86.16 -0.52%
1-Jun-22 86.01 -0.17%
2-Jun-22 86.84 0.97%
3-Jun-22 86.25 -0.68%
6-Jun-22 85.12 -1.31%
7-Jun-22 85.62 0.59%
8-Jun-22 84.77 -0.99%
9-Jun-22 84.07 -0.83%
10-Jun-22 82.66 -1.68%
13-Jun-22 80.47 -2.65%
14-Jun-22 80.43 -0.05%
15-Jun-22 82.84 3.00%
16-Jun-22 81 -2.22%
17-Jun-22 81.44 0.54%
21-Jun-22 81.2 -0.29%
22-Jun-22 81.32 0.15%
 23-Jun-22 81.86 0.66%
24-Jun-22 81.97 0.13%
27-Jun-22 80.85 -1.37%
28-Jun-22 80.23 -0.77%
29-Jun-22 80.53 0.37%
30-Jun-22 80.86 0.41%
1-Jul-22 81.99 1.40%
5-Jul-22 81.35 -0.78%
6-Jul-22 80.69 -0.81%
7-Jul-22 80.93 0.30%
8-Jul-22 80.55 -0.47%
11-Jul-22 79.87 -0.84%
12-Jul-22 79.64 -0.29%
13-Jul-22 79.32 -0.40%
14-Jul-22 77.93 -1.75%
15-Jul-22 78.71 1.00%
18-Jul-22 78.75 0.05%
19-Jul-22 79.9 1.46%
20-Jul-22 80.53 0.79%
21-Jul-22 80.98 0.56%
22-Jul-22 81.86 1.09%
25-Jul-22 81.92 0.07%
26-Jul-22 81.16 -0.93%
27-Jul-22 82.38 1.50%
28-Jul-22 83.45 1.30%
29-Jul-22 83.77 0.38%
1-Aug-22 84.15 0.45%
2-Aug-22 82.93 -1.45%
3-Aug-22 84.52 1.92%
4-Aug-22 84.71 0.22%
5-Aug-22 84.53 -0.21%
8-Aug-22 85.79 1.49%
9-Aug-22 84.35 -1.68%
10-Aug-22 85.86 1.79%
11-Aug-22 85.51 -0.41%
12-Aug-22 86.16 0.76%
15-Aug-22 86 -0.19%
16-Aug-22 85.25 -0.87%
17-Aug-22 84.31 -1.10%
18-Aug-22 84.22 -0.11%
19-Aug-22 82.94 -1.52%
22-Aug-22 82.33 -0.74%
23-Aug-22 83.2 1.06%
24-Aug-22 83.12 -0.10%
25-Aug-22 84 1.06%
26-Aug-22 82.69 -1.56%
29-Aug-22 82.19 -0.60%
30-Aug-22 82.16 -0.04%
31-Aug-22 81.51 -0.79%
1-Sep-22 81.31 -0.25%
2-Sep-22 81.59 0.34%
6-Sep-22 80.85 -0.91%
7-Sep-22 82.07 1.51%
8-Sep-22 82.1 0.04%
9-Sep-22 82.6 0.61%
12-Sep-22 82.57 -0.04%
13-Sep-22 81.31 -1.53%
14-Sep-22 81.25 -0.07%
15-Sep-22 81.19 -0.07%
16-Sep-22 80.75 -0.54%
19-Sep-22 81.04 0.36%
20-Sep-22 80.29 -0.93%
21-Sep-22 80.06 -0.29%
22-Sep-22 79.52 -0.67%
23-Sep-22 78.56 -1.21%
26-Sep-22 76.71 -2.35%
27-Sep-22 75.48 -1.60%
28-Sep-22 77.3 2.41%
29-Sep-22 76.32 -1.27%
30-Sep-22 76.15 -0.22%
3-Oct-22 77.3 1.51%
4-Oct-22 78.76 1.89%
5-Oct-22 77.64 -1.42%
6-Oct-22 77.34 -0.39%
7-Oct-22 76.3 -1.34%
10-Oct-22 76.08 -0.29%
11-Oct-22 76.02 -0.08%
12-Oct-22 75.75 -0.36%
13-Oct-22 75.52 -0.30%
14-Oct-22 74.96 -0.74%
17-Oct-22 75.38 0.56%
18-Oct-22 76.18 1.06%
19-Oct-22 75.04 -1.50%
20-Oct-22 74.28 -1.01%
21-Oct-22 75.1 1.10%
24-Oct-22 75.05 -0.07%
25-Oct-22 76.35 1.73%
26-Oct-22 76.85 0.65%
27-Oct-22 77.02 0.22%
28-Oct-22 77.22 0.26%
31-Oct-22 76.02 -1.55%
1-Nov-22 77.49 1.93%
2-Nov-22 76.9 -0.76%
3-Nov-22 76.62 -0.36%
4-Nov-22 77.85 1.61%
7-Nov-22 77.82 -0.04%
8-Nov-22 78.37 0.71%
9-Nov-22 77.31 -1.35%
10-Nov-22 80.86 4.59%
11-Nov-22 80.85 -0.01%
14-Nov-22 80.16 -0.85%
15-Nov-22 81.67 1.88%
16-Nov-22 81.67 0.00%
17-Nov-22 80.93 -0.91%
18-Nov-22 80.93 0.00%
21-Nov-22 80.94 0.01%
22-Nov-22 81.78 1.04%
23-Nov-22 82.32 0.66%
25-Nov-22 82.69 0.45%
28-Nov-22 82.37 -0.39%
29-Nov-22 82.74 0.45%
30-Nov-22 83.68 1.14%
1-Dec-22 85.34 1.98%
2-Dec-22 84.98 -0.42%
5-Dec-22 83.68 -1.53%
6-Dec-22 83.22 -0.55%
7-Dec-22 84.43 1.45%
 8-Dec-22 84.27 -0.19%
9-Dec-22 83.69 -0.69%
12-Dec-22 84 0.37%
13-Dec-22 84.81 0.96%
14-Dec-22 84.68 -0.15%
15-Dec-22 84.23 -0.53%
16-Dec-22 83.79 -0.52%
19-Dec-22 83.34 -0.54%
20-Dec-22 82.92 -0.50%
21-Dec-22 84 1.30%
22-Dec-22 83.57 -0.51%
23-Dec-22 83.12 -0.54%
27-Dec-22 82.62 -0.60%
28-Dec-22 82.32 -0.36%
29-Dec-22 82.96 0.78%
30-Dec-22 82.55 -0.49%
3-Jan-23 82.91 0.44%
4-Jan-23 83.92 1.22%
5-Jan-23 83.16 -0.91%
6-Jan-23 84.63 1.77%
9-Jan-23 84.47 -0.19%
10-Jan-23 83.94 -0.63%
11-Jan-23 84.9 1.14%
12-Jan-23 85.9 1.18%
13-Jan-23 85.7 -0.23%
17-Jan-23 85.79 0.11%
18-Jan-23 86.8 1.18%
19-Jan-23 86.56 -0.28%
20-Jan-23 86.36 -0.23%
23-Jan-23 86.31 -0.06%
24-Jan-23 86.69 0.44%
25-Jan-23 86.63 -0.07%
26-Jan-23 86.63 0.00%
27-Jan-23 86.47 -0.18%
30-Jan-23 85.37 -1.27%
31-Jan-23 85.79 0.49%
1-Feb-23 87.41 1.89%
2-Feb-23 87.7 0.33%
3-Feb-23 86.49 -1.38%
 6-Feb-23 85.27 -1.41%
7-Feb-23 85.35 0.09%
8-Feb-23 85.3 -0.06%
9-Feb-23 84.74 -0.66%
10-Feb-23 84.08 -0.78%
13-Feb-23 84.32 0.29%
14-Feb-23 84.37 0.06%
15-Feb-23 84.12 -0.30%
16-Feb-23 83.57 -0.65%
17-Feb-23 83.6 0.04%
21-Feb-23 82.34 -1.51%
22-Feb-23 82.66 0.39%
23-Feb-23 83.99 1.61%
24-Feb-23 83.41 -0.69%
27-Feb-23 83.83 0.50%
28-Feb-23 83.48 -0.42%
1-Mar-23 82.92 -0.67%
2-Mar-23 82.62 -0.36%
3-Mar-23 83.89 1.54%
6-Mar-23 83.55 -0.41%
7-Mar-23 83.21 -0.41%
8-Mar-23 82.82 -0.47%
9-Mar-23 82.84 0.02%
10-Mar-23 83.61 0.93%
13-Mar-23 83.48 -0.16%
14-Mar-23 83.25 -0.28%
15-Mar-23 83.55 0.36%
16-Mar-23 83.2 -0.42%
17-Mar-23 82.83 -0.44%
20-Mar-23 82.84 0.01%
21-Mar-23 83.43 0.71%
22-Mar-23 84.15 0.86%
23-Mar-23 84.46 0.37%
24-Mar-23 84 -0.54%
27-Mar-23 83.64 -0.43%
28-Mar-23 83.35 -0.35%
29-Mar-23 83.75 0.48%
30-Mar-23 84.33 0.69%
31-Mar-23 84.87 0.64%
 3-Apr-23 85.19 0.38%
4-Apr-23 85.31 0.14%
5-Apr-23 85.13 -0.21%
6-Apr-23 85.04 -0.11%
10-Apr-23 84.6 -0.52%
11-Apr-23 84.69 0.11%
12-Apr-23 84.93 0.28%
13-Apr-23 85.02 0.11%
14-Apr-23 84.84 -0.21%
17-Apr-23 84.3 -0.64%
18-Apr-23 84.28 -0.02%
19-Apr-23 83.88 -0.47%
20-Apr-23 83.78 -0.12%
21-Apr-23 83.79 0.01%
24-Apr-23 84.01 0.26%
25-Apr-23 84.53 0.62%
26-Apr-23 84.3 -0.27%
27-Apr-23 84.32 0.02%
28-Apr-23 85.1 0.93%
1-May-23 84.26 -0.99%
2-May-23 84.62 0.43%
3-May-23 84.88 0.31%
4-May-23 84.46 -0.49%
5-May-23 84.69 0.27%
8-May-23 84.36 -0.39%
9-May-23 84.32 -0.05%
10-May-23 84.78 0.55%
11-May-23 85.05 0.32%
12-May-23 84.52 -0.62%
15-May-23 84.15 -0.44%
16-May-23 83.82 -0.39%
17-May-23 83.83 0.01%
18-May-23 83.49 -0.41%
19-May-23 83.48 -0.01%
22-May-23 83.47 -0.01%
23-May-23 83.57 0.12%
24-May-23 83.43 -0.17%
25-May-23 83.22 -0.25%
26-May-23 83.56 0.41%
30-May-23 84.2 0.77%
31-May-23 84.09 -0.13%
1-Jun-23 84.65 0.67%
2-Jun-23 84.52 -0.15%
5-Jun-23 84.8 0.33%
6-Jun-23 84.95 0.18%
7-Jun-23 84.45 -0.59%
8-Jun-23 84.93 0.57%
9-Jun-23 84.83 -0.12%
12-Jun-23 85.3 0.55%
13-Jun-23 85.17 -0.15%
14-Jun-23 85.35 0.21%
15-Jun-23 85.79 0.52%
16-Jun-23 85.45 -0.40%
20-Jun-23 85.49 0.05%
21-Jun-23 85.94 0.53%
22-Jun-23 85.61 -0.38%
23-Jun-23 85.71 0.12%
26-Jun-23 85.97 0.30%
27-Jun-23 85.97 0.00%
28-Jun-23 86.03 0.07%
29-Jun-23 85.58 -0.52%
30-Jun-23 86.19 0.71%
 Estimation note: Those of you who have followed my attem
5.719% with getting a proxy for returns on emerging market soverei
estimate. I have finally replaced that estimate with a return
deviations are now computed consistently for emerigng equ
variation approach would have yielded a ratio of 1.49 in this

Index: S&P Emerging BMI Index

Source: S&P
https://www.spglobal.com/spdji/en/indices/equity/sp-emerging-bmi/#overview
Period Five years (June 30, 2018 - June 30, 2023)
Interval Daily
S&P
Emerging
Effective datBMI (USD) Return
6/29/2018 278.66
7/2/2018 276.97 -0.61%
7/3/2018 276.34 -0.23%
7/4/2018 275.95 -0.14%
7/5/2018 275.42 -0.19%
7/6/2018 276.74 0.48%
7/9/2018 280.78 1.46%
7/10/2018 280.99 0.07%
7/11/2018 278.19 -1.00%
7/12/2018 280.21 0.73%
7/13/2018 280.97 0.27%
7/16/2018 279.62 -0.48%
7/17/2018 279.92 0.11%
7/18/2018 279.49 -0.15%
7/19/2018 277.18 -0.83%
7/20/2018 279.6 0.87%
7/23/2018 279.78 0.06%
7/24/2018 283.12 1.19%
7/25/2018 285.36 0.79%
7/26/2018 284.99 -0.13%
7/27/2018 285.8 0.28%
7/30/2018 285.23 -0.20%
7/31/2018 284.45 -0.27%
8/1/2018 284.25 -0.07%
8/2/2018 279.7 -1.60%
8/3/2018 281.25 0.55%
8/6/2018 280.52 -0.26%
 8/7/2018 282.64 0.76%
8/8/2018 282.29 -0.12%
8/9/2018 281.86 -0.15%
8/10/2018 278.02 -1.36%
8/13/2018 272.9 -1.84%
8/14/2018 272.54 -0.13%
8/15/2018 267.17 -1.97%
8/16/2018 267.08 -0.03%
8/17/2018 267.17 0.03%
8/20/2018 270.04 1.07%
8/21/2018 272.32 0.84%
8/22/2018 273.72 0.51%
8/23/2018 272.95 -0.28%
8/24/2018 273.19 0.09%
8/27/2018 278.09 1.79%
8/28/2018 278.17 0.03%
8/29/2018 277.8 -0.13%
8/30/2018 274.1 -1.33%
8/31/2018 273.7 -0.15%
9/3/2018 271.41 -0.84%
9/4/2018 269.06 -0.87%
9/5/2018 264.64 -1.64%
9/6/2018 263.86 -0.29%
9/7/2018 265.2 0.51%
9/10/2018 261.57 -1.37%
9/11/2018 259.38 -0.84%
9/12/2018 259.97 0.23%
9/13/2018 263.45 1.34%
9/14/2018 265.69 0.85%
9/17/2018 263.02 -1.00%
9/18/2018 263.51 0.19%
9/19/2018 266.34 1.07%
9/20/2018 267.5 0.44%
9/21/2018 271.01 1.31%
9/24/2018 268.17 -1.05%
9/25/2018 268.01 -0.06%
9/26/2018 269.22 0.45%
9/27/2018 270.15 0.35%
9/28/2018 269.33 -0.30%
 10/1/2018 269.01 -0.12%
10/2/2018 266.46 -0.95%
10/3/2018 266.85 0.15%
10/4/2018 260.81 -2.26%
10/5/2018 257.9 -1.12%
10/8/2018 256.75 -0.45%
10/9/2018 256.09 -0.26%
10/10/2018 254.23 -0.73%
10/11/2018 247.4 -2.69%
10/12/2018 253.49 2.46%
10/15/2018 251.9 -0.63%
10/16/2018 255.35 1.37%
10/17/2018 254.48 -0.34%
10/18/2018 251.58 -1.14%
10/19/2018 251.23 -0.14%
10/22/2018 254 1.10%
10/23/2018 249.04 -1.95%
10/24/2018 247.05 -0.80%
10/25/2018 246.57 -0.19%
10/26/2018 244.58 -0.81%
10/29/2018 243.42 -0.47%
10/30/2018 243.45 0.01%
10/31/2018 248.62 2.12%
11/1/2018 253.36 1.91%
11/2/2018 258.59 2.06%
11/5/2018 257.86 -0.28%
11/6/2018 257.55 -0.12%
11/7/2018 259.49 0.75%
11/8/2018 257.87 -0.62%
11/9/2018 253.73 -1.61%
11/12/2018 251 -1.08%
11/13/2018 251.24 0.10%
11/14/2018 252.22 0.39%
11/15/2018 255.27 1.21%
11/16/2018 256.94 0.65%
11/19/2018 257.48 0.21%
11/20/2018 253.56 -1.52%
11/21/2018 254.73 0.46%
11/22/2018 254.85 0.05%
11/23/2018 253.18 -0.66%
11/26/2018 254.75 0.62%
11/27/2018 255.45 0.27%
11/28/2018 258.45 1.17%
11/29/2018 260.19 0.67%
11/30/2018 259.87 -0.12%
12/3/2018 264.88 1.93%
12/4/2018 264.15 -0.28%
12/5/2018 261.27 -1.09%
12/6/2018 255.46 -2.22%
12/7/2018 256.07 0.24%
12/10/2018 251.09 -1.94%
12/11/2018 251.83 0.29%
12/12/2018 255.38 1.41%
12/13/2018 256.96 0.62%
12/14/2018 254.06 -1.13%
12/17/2018 252.85 -0.48%
12/18/2018 251.73 -0.44%
12/19/2018 252.69 0.38%
12/20/2018 251.11 -0.63%
12/21/2018 249.83 -0.51%
12/24/2018 248.75 -0.43%
12/25/2018 247.97 -0.31%
12/26/2018 248.35 0.15%
12/27/2018 248.88 0.21%
12/28/2018 251.56 1.08%
12/31/2018 252.6 0.41%
1/1/2019 252.74 0.06%
1/2/2019 250.55 -0.87%
1/3/2019 249.51 -0.42%
1/4/2019 253.63 1.65%
1/7/2019 256.59 1.17%
1/8/2019 256.27 -0.12%
1/9/2019 260.38 1.60%
1/10/2019 261.42 0.40%
1/11/2019 261.73 0.12%
1/14/2019 259.89 -0.70%
1/15/2019 262.46 0.99%
1/16/2019 263.41 0.36%
1/17/2019 263.2 -0.08%
1/18/2019 265.39 0.83%
1/21/2019 265.61 0.08%
1/22/2019 263.61 -0.75%
1/23/2019 263.86 0.09%
1/24/2019 265.69 0.69%
1/25/2019 268.05 0.89%
1/28/2019 266.67 -0.51%
1/29/2019 266.91 0.09%
1/30/2019 268.29 0.52%
1/31/2019 272.09 1.42%
2/1/2019 272.5 0.15%
2/4/2019 271.94 -0.21%
2/5/2019 272.94 0.37%
2/6/2019 272.06 -0.32%
2/7/2019 270.48 -0.58%
2/8/2019 269.61 -0.32%
2/11/2019 269.19 -0.16%
2/12/2019 270.82 0.61%
2/13/2019 270.64 -0.07%
2/14/2019 269.57 -0.40%
2/15/2019 267.96 -0.60%
2/18/2019 269.2 0.46%
2/19/2019 269.65 0.17%
2/20/2019 272.34 1.00%
2/21/2019 272.91 0.21%
2/22/2019 275.04 0.78%
2/25/2019 277.46 0.88%
2/26/2019 276.59 -0.31%
2/27/2019 275.53 -0.38%
2/28/2019 273.74 -0.65%
3/1/2019 274.06 0.12%
3/4/2019 274.85 0.29%
3/5/2019 275.89 0.38%
3/6/2019 276.21 0.12%
3/7/2019 272.92 -1.19%
3/8/2019 270.15 -1.01%
3/11/2019 273.23 1.14%
3/12/2019 275.61 0.87%
3/13/2019 275.86 0.09%
3/14/2019 275.32 -0.20%
3/15/2019 277.61 0.83%
3/18/2019 280.8 1.15%
3/19/2019 281.22 0.15%
3/20/2019 280.43 -0.28%
3/21/2019 280.19 -0.09%
3/22/2019 277.12 -1.10%
3/25/2019 274.82 -0.83%
3/26/2019 275.76 0.34%
3/27/2019 274.21 -0.56%
3/28/2019 274.86 0.24%
3/29/2019 278 1.14%
4/1/2019 280.93 1.05%
4/2/2019 281.16 0.08%
4/3/2019 282.96 0.64%
4/4/2019 283.08 0.04%
4/5/2019 284.28 0.42%
4/8/2019 285.17 0.31%
4/9/2019 286.48 0.46%
4/10/2019 286.99 0.18%
4/11/2019 284.81 -0.76%
4/12/2019 285.02 0.07%
4/15/2019 284.02 -0.35%
4/16/2019 285.97 0.69%
4/17/2019 286.76 0.28%
4/18/2019 286.14 -0.22%
4/19/2019 286.22 0.03%
4/22/2019 285.32 -0.31%
4/23/2019 285.35 0.01%
4/24/2019 284.65 -0.25%
4/25/2019 282.86 -0.63%
4/26/2019 283.43 0.20%
4/29/2019 283.82 0.14%
4/30/2019 283.5 -0.11%
5/1/2019 283.86 0.13%
5/2/2019 283.27 -0.21%
5/3/2019 284.84 0.55%
5/6/2019 278.99 -2.05%
 5/7/2019 277.66 -0.48%
5/8/2019 276.15 -0.54%
5/9/2019 271.4 -1.72%
5/10/2019 272.59 0.44%
5/13/2019 268.06 -1.66%
5/14/2019 267.71 -0.13%
5/15/2019 268.06 0.13%
5/16/2019 267.48 -0.22%
5/17/2019 263.87 -1.35%
5/20/2019 263.5 -0.14%
5/21/2019 264.78 0.49%
5/22/2019 264.58 -0.08%
5/23/2019 260.69 -1.47%
5/24/2019 261.87 0.45%
5/27/2019 262.64 0.29%
5/28/2019 262.7 0.02%
5/29/2019 262.56 -0.05%
5/30/2019 264.84 0.87%
5/31/2019 265.76 0.35%
6/3/2019 267.73 0.74%
6/4/2019 267.11 -0.23%
6/5/2019 266.9 -0.08%
6/6/2019 266.24 -0.25%
6/7/2019 267.62 0.52%
6/10/2019 271.12 1.31%
6/11/2019 273.54 0.89%
6/12/2019 272.01 -0.56%
6/13/2019 271.24 -0.28%
6/14/2019 269.28 -0.72%
6/17/2019 268.17 -0.41%
6/18/2019 271.48 1.23%
6/19/2019 274.57 1.14%
6/20/2019 278.46 1.42%
6/21/2019 278.42 -0.01%
6/24/2019 278.24 -0.06%
6/25/2019 276.15 -0.75%
6/26/2019 277.05 0.33%
6/27/2019 278.94 0.68%
6/28/2019 278.97 0.01%
 7/1/2019 281.63 0.95%
7/2/2019 281.95 0.11%
7/3/2019 281.64 -0.11%
7/4/2019 282.85 0.43%
7/5/2019 281.57 -0.45%
7/8/2019 278.7 -1.02%
7/9/2019 277.64 -0.38%
7/10/2019 279.33 0.61%
7/11/2019 280.61 0.46%
7/12/2019 279.48 -0.40%
7/15/2019 281.27 0.64%
7/16/2019 281.73 0.16%
7/17/2019 280.62 -0.39%
7/18/2019 279.81 -0.29%
7/19/2019 280.6 0.28%
7/22/2019 279.47 -0.40%
7/23/2019 279.62 0.05%
7/24/2019 279.79 0.06%
7/25/2019 279.55 -0.09%
7/26/2019 278.28 -0.45%
7/29/2019 277.91 -0.13%
7/30/2019 276.75 -0.42%
7/31/2019 275.61 -0.41%
8/1/2019 272.25 -1.22%
8/2/2019 266.96 -1.94%
8/5/2019 259.26 -2.88%
8/6/2019 259.7 0.17%
8/7/2019 259.92 0.08%
8/8/2019 263.26 1.29%
8/9/2019 262.2 -0.40%
8/12/2019 260.67 -0.58%
8/13/2019 259.14 -0.59%
8/14/2019 257.42 -0.66%
8/15/2019 256.93 -0.19%
8/16/2019 258.93 0.78%
8/19/2019 260.91 0.76%
8/20/2019 260.98 0.03%
8/21/2019 261.77 0.30%
8/22/2019 259.97 -0.69%
 8/23/2019 259.38 -0.23%
8/26/2019 256.7 -1.03%
8/27/2019 257.5 0.31%
8/28/2019 257.56 0.02%
8/29/2019 259.07 0.59%
8/30/2019 262.46 1.31%
9/2/2019 262.46 0.00%
9/3/2019 259.61 -1.09%
9/4/2019 263.96 1.68%
9/5/2019 266.69 1.03%
9/6/2019 267.9 0.45%
9/9/2019 268.11 0.08%
9/10/2019 267.36 -0.28%
9/11/2019 269.79 0.91%
9/12/2019 271.57 0.66%
9/13/2019 272.89 0.49%
9/16/2019 272.42 -0.17%
9/17/2019 270.17 -0.83%
9/18/2019 270.78 0.23%
9/19/2019 269.13 -0.61%
9/20/2019 270.74 0.60%
9/23/2019 269.63 -0.41%
9/24/2019 268.47 -0.43%
9/25/2019 267.12 -0.50%
9/26/2019 267.94 0.31%
9/27/2019 266.29 -0.62%
9/30/2019 265.49 -0.30%
10/1/2019 264.6 -0.34%
10/2/2019 263.05 -0.59%
10/3/2019 263.95 0.34%
10/4/2019 264.87 0.35%
10/7/2019 264.13 -0.28%
10/8/2019 263.49 -0.24%
10/9/2019 263.48 0.00%
10/10/2019 264.78 0.49%
10/11/2019 268.27 1.32%
10/14/2019 269.52 0.47%
10/15/2019 269.86 0.13%
10/16/2019 270.82 0.36%
10/17/2019 272.41 0.59%
10/18/2019 271.68 -0.27%
10/21/2019 272.54 0.32%
10/22/2019 273.53 0.36%
10/23/2019 272.89 -0.23%
10/24/2019 274.54 0.60%
10/25/2019 274.25 -0.11%
10/28/2019 276.13 0.69%
10/29/2019 276.03 -0.04%
10/30/2019 275.8 -0.08%
10/31/2019 275.7 -0.04%
11/1/2019 277.63 0.70%
11/4/2019 280.93 1.19%
11/5/2019 282.23 0.46%
11/6/2019 281.51 -0.26%
11/7/2019 282.97 0.52%
11/8/2019 280.78 -0.77%
11/11/2019 277.89 -1.03%
11/12/2019 278.21 0.12%
11/13/2019 275.4 -1.01%
11/14/2019 274.89 -0.19%
11/15/2019 276.23 0.49%
11/18/2019 277.09 0.31%
11/19/2019 278.66 0.57%
11/20/2019 277.68 -0.35%
11/21/2019 276.3 -0.50%
11/22/2019 277.19 0.32%
11/25/2019 278.32 0.41%
11/26/2019 277.04 -0.46%
11/27/2019 278.33 0.47%
11/28/2019 277.95 -0.14%
11/29/2019 275.92 -0.73%
12/2/2019 275.92 0.00%
12/3/2019 275.33 -0.21%
12/4/2019 275.61 0.10%
12/5/2019 277.2 0.58%
12/6/2019 278.57 0.49%
12/9/2019 278.99 0.15%
12/10/2019 278.4 -0.21%
12/11/2019 280.7 0.83%
12/12/2019 283.26 0.91%
12/13/2019 286.54 1.16%
12/16/2019 287.16 0.22%
12/17/2019 290.24 1.07%
12/18/2019 292.02 0.61%
12/19/2019 291.46 -0.19%
12/20/2019 291.4 -0.02%
12/23/2019 292.49 0.37%
12/24/2019 292.07 -0.14%
12/25/2019 292.12 0.02%
12/26/2019 292.59 0.16%
12/27/2019 294.52 0.66%
12/30/2019 294.86 0.12%
12/31/2019 294.06 -0.27%
1/1/2020 294.1 0.01%
1/2/2020 298.23 1.40%
1/3/2020 297.17 -0.36%
1/6/2020 294.22 -0.99%
1/7/2020 294.75 0.18%
1/8/2020 293.61 -0.39%
1/9/2020 297.82 1.43%
1/10/2020 298.82 0.34%
1/13/2020 301.32 0.84%
1/14/2020 301.23 -0.03%
1/15/2020 300.07 -0.39%
1/16/2020 300.6 0.18%
1/17/2020 302.11 0.50%
1/20/2020 301.43 -0.23%
1/21/2020 296.95 -1.49%
1/22/2020 298.18 0.41%
1/23/2020 295.55 -0.88%
1/24/2020 294.84 -0.24%
1/27/2020 290.14 -1.59%
1/28/2020 291.15 0.35%
1/29/2020 289.81 -0.46%
1/30/2020 283.4 -2.21%
1/31/2020 281.29 -0.74%
2/3/2020 279.9 -0.49%
 2/4/2020 285.89 2.14%
2/5/2020 287.12 0.43%
2/6/2020 289.37 0.78%
2/7/2020 286.84 -0.87%
2/10/2020 285.51 -0.46%
2/11/2020 288.64 1.10%
2/12/2020 291.18 0.88%
2/13/2020 290.33 -0.29%
2/14/2020 290.05 -0.10%
2/17/2020 290.75 0.24%
2/18/2020 288.17 -0.89%
2/19/2020 290.33 0.75%
2/20/2020 288.73 -0.55%
2/21/2020 286.59 -0.74%
2/24/2020 280.14 -2.25%
2/25/2020 279.68 -0.16%
2/26/2020 276.6 -1.10%
2/27/2020 273.07 -1.28%
2/28/2020 266.59 -2.37%
3/2/2020 268.94 0.88%
3/3/2020 272.01 1.14%
3/4/2020 273.49 0.54%
3/5/2020 273.31 -0.07%
3/6/2020 266.81 -2.38%
3/9/2020 249.58 -6.46%
3/10/2020 253.81 1.69%
3/11/2020 249.68 -1.63%
3/12/2020 232.06 -7.06%
3/13/2020 234.96 1.25%
3/16/2020 218.98 -6.80%
3/17/2020 217.76 -0.56%
3/18/2020 207.3 -4.80%
3/19/2020 203.35 -1.91%
3/20/2020 211.43 3.97%
3/23/2020 199.71 -5.54%
3/24/2020 209.4 4.85%
3/25/2020 217.72 3.97%
3/26/2020 222.85 2.36%
3/27/2020 219.58 -1.47%
3/30/2020 216.78 -1.28%
3/31/2020 220.78 1.85%
4/1/2020 216.35 -2.01%
4/2/2020 218.73 1.10%
4/3/2020 216.77 -0.90%
4/6/2020 221.78 2.31%
4/7/2020 228.48 3.02%
4/8/2020 227.95 -0.23%
4/9/2020 231.52 1.57%
4/10/2020 231.6 0.03%
4/13/2020 230.69 -0.39%
4/14/2020 233.98 1.43%
4/15/2020 231.54 -1.04%
4/16/2020 230.99 -0.24%
4/17/2020 234.23 1.40%
4/20/2020 234.47 0.10%
4/21/2020 228.79 -2.42%
4/22/2020 231.59 1.22%
4/23/2020 232.52 0.40%
4/24/2020 229.45 -1.32%
4/27/2020 233.3 1.68%
4/28/2020 235.31 0.86%
4/29/2020 239.9 1.95%
4/30/2020 241.39 0.62%
5/1/2020 239.2 -0.91%
5/4/2020 232.15 -2.95%
5/5/2020 234.39 0.96%
5/6/2020 234.83 0.19%
5/7/2020 234.54 -0.12%
5/8/2020 238.3 1.60%
5/11/2020 239.36 0.44%
5/12/2020 237.97 -0.58%
5/13/2020 237.79 -0.08%
5/14/2020 235.7 -0.88%
5/15/2020 235.82 0.05%
5/18/2020 238.72 1.23%
5/19/2020 241.44 1.14%
5/20/2020 243.25 0.75%
5/21/2020 242.92 -0.14%
5/22/2020 236.81 -2.52%
5/25/2020 238.6 0.76%
5/26/2020 242.35 1.57%
5/27/2020 242.7 0.14%
5/28/2020 242.42 -0.12%
5/29/2020 243.9 0.61%
6/1/2020 249.33 2.23%
6/2/2020 253.66 1.74%
6/3/2020 258.21 1.79%
6/4/2020 258.38 0.07%
6/5/2020 261.85 1.34%
6/8/2020 263.39 0.59%
6/9/2020 263.62 0.09%
6/10/2020 264.12 0.19%
6/11/2020 259.01 -1.93%
6/12/2020 258.13 -0.34%
6/15/2020 254.1 -1.56%
6/16/2020 259.01 1.93%
6/17/2020 260.51 0.58%
6/18/2020 260.85 0.13%
6/19/2020 262.5 0.63%
6/22/2020 262.77 0.10%
6/23/2020 266.4 1.38%
6/24/2020 264.46 -0.73%
6/25/2020 263.75 -0.27%
6/26/2020 261.81 -0.74%
6/29/2020 261.11 -0.27%
6/30/2020 261.23 0.05%
7/1/2020 262.85 0.62%
7/2/2020 269.22 2.42%
7/3/2020 271.7 0.92%
7/6/2020 278.94 2.66%
7/7/2020 277.2 -0.62%
7/8/2020 281.73 1.63%
7/9/2020 284.11 0.84%
7/10/2020 281.41 -0.95%
7/13/2020 281.77 0.13%
7/14/2020 278.27 -1.24%
7/15/2020 279.57 0.47%
7/16/2020 274.64 -1.76%
7/17/2020 276.79 0.78%
7/20/2020 279.71 1.05%
7/21/2020 284.6 1.75%
7/22/2020 282.72 -0.66%
7/23/2020 282.9 0.06%
7/24/2020 278.11 -1.69%
7/27/2020 280.46 0.84%
7/28/2020 282 0.55%
7/29/2020 283.33 0.47%
7/30/2020 281.89 -0.51%
7/31/2020 281.56 -0.12%
8/3/2020 281.21 -0.12%
8/4/2020 284 0.99%
8/5/2020 287.34 1.18%
8/6/2020 287.59 0.09%
8/7/2020 283.29 -1.50%
8/10/2020 282.4 -0.31%
8/11/2020 283.31 0.32%
8/12/2020 283.63 0.11%
8/13/2020 284.13 0.18%
8/14/2020 283.91 -0.08%
8/17/2020 285.83 0.68%
8/18/2020 288.17 0.82%
8/19/2020 286.83 -0.47%
8/20/2020 282.97 -1.35%
8/21/2020 285.62 0.94%
8/24/2020 289.79 1.46%
8/25/2020 290.89 0.38%
8/26/2020 291.85 0.33%
8/27/2020 291.77 -0.03%
8/28/2020 293.3 0.52%
8/31/2020 288.68 -1.58%
9/1/2020 293.31 1.60%
9/2/2020 293.01 -0.10%
9/3/2020 289.95 -1.04%
9/4/2020 287.88 -0.71%
9/7/2020 286.14 -0.60%
9/8/2020 283.75 -0.84%
 9/9/2020 283.7 -0.02%
9/10/2020 283.08 -0.22%
9/11/2020 284.65 0.55%
9/14/2020 287.67 1.06%
9/15/2020 289.66 0.69%
9/16/2020 290.88 0.42%
9/17/2020 288.68 -0.76%
9/18/2020 288.88 0.07%
9/21/2020 283.63 -1.82%
9/22/2020 282.42 -0.43%
9/23/2020 280.78 -0.58%
9/24/2020 275.86 -1.75%
9/25/2020 276.19 0.12%
9/28/2020 278.96 1.00%
9/29/2020 278.41 -0.20%
9/30/2020 281.88 1.25%
10/1/2020 283.05 0.42%
10/2/2020 282.19 -0.30%
10/5/2020 284.37 0.77%
10/6/2020 287.22 1.00%
10/7/2020 288.2 0.34%
10/8/2020 290.51 0.80%
10/9/2020 292.33 0.63%
10/12/2020 295.73 1.16%
10/13/2020 295.32 -0.14%
10/14/2020 295.6 0.09%
10/15/2020 291.56 -1.37%
10/16/2020 292.97 0.48%
10/19/2020 293.43 0.16%
10/20/2020 295.18 0.60%
10/21/2020 295.88 0.24%
10/22/2020 295.66 -0.07%
10/23/2020 295.77 0.04%
10/26/2020 293.83 -0.66%
10/27/2020 294.45 0.21%
10/28/2020 290.74 -1.26%
10/29/2020 290.9 0.06%
10/30/2020 287.35 -1.22%
11/2/2020 289.59 0.78%
 11/3/2020 291.27 0.58%
11/4/2020 295.15 1.33%
11/5/2020 302.67 2.55%
11/6/2020 305.09 0.80%
11/9/2020 309.39 1.41%
11/10/2020 306.37 -0.98%
11/11/2020 305.26 -0.36%
11/12/2020 306.38 0.37%
11/13/2020 307.75 0.45%
11/16/2020 310.62 0.93%
11/17/2020 310.72 0.03%
11/18/2020 312.36 0.53%
11/19/2020 311.08 -0.41%
11/20/2020 313.57 0.80%
11/23/2020 315.65 0.66%
11/24/2020 317.08 0.45%
11/25/2020 314.9 -0.69%
11/26/2020 317.53 0.84%
11/27/2020 318.28 0.24%
11/30/2020 312.62 -1.78%
12/1/2020 317.3 1.50%
12/2/2020 317.47 0.05%
12/3/2020 319.78 0.73%
12/4/2020 321.8 0.63%
12/7/2020 322.02 0.07%
12/8/2020 323.22 0.37%
12/9/2020 322.69 -0.16%
12/10/2020 322.68 0.00%
12/11/2020 323.02 0.11%
12/14/2020 321.62 -0.43%
12/15/2020 321.77 0.05%
12/16/2020 325.44 1.14%
12/17/2020 328.17 0.84%
12/18/2020 327.2 -0.30%
12/21/2020 323.8 -1.04%
12/22/2020 322.21 -0.49%
12/23/2020 324.62 0.75%
12/24/2020 322.79 -0.56%
12/25/2020 323.16 0.11%
12/28/2020 322.53 -0.19%
12/29/2020 325.84 1.03%
12/30/2020 330.6 1.46%
12/31/2020 331.34 0.22%
1/1/2021 331.57 0.07%
1/4/2021 334.34 0.84%
1/5/2021 337.8 1.03%
1/6/2021 336.87 -0.28%
1/7/2021 337.98 0.33%
1/8/2021 343.78 1.72%
1/11/2021 342.48 -0.38%
1/12/2021 344.33 0.54%
1/13/2021 346.61 0.66%
1/14/2021 348.89 0.66%
1/15/2021 346.19 -0.77%
1/18/2021 347.78 0.46%
1/19/2021 352.56 1.37%
1/20/2021 357.12 1.29%
1/21/2021 357.52 0.11%
1/22/2021 354.69 -0.79%
1/25/2021 357.84 0.89%
1/26/2021 353.68 -1.16%
1/27/2021 349.28 -1.24%
1/28/2021 344.95 -1.24%
1/29/2021 340.73 -1.22%
2/1/2021 347.93 2.11%
2/2/2021 353.35 1.56%
2/3/2021 355.98 0.74%
2/4/2021 355.5 -0.13%
2/5/2021 357.29 0.50%
2/8/2021 359.51 0.62%
2/9/2021 362.25 0.76%
2/10/2021 365.49 0.89%
2/11/2021 367.04 0.42%
2/12/2021 367.4 0.10%
2/15/2021 368.84 0.39%
2/16/2021 369.97 0.31%
2/17/2021 371.45 0.40%
2/18/2021 367.1 -1.17%
2/19/2021 368.17 0.29%
2/22/2021 360.27 -2.15%
2/23/2021 360.55 0.08%
2/24/2021 355.64 -1.36%
2/25/2021 355.86 0.06%
2/26/2021 345.68 -2.86%
3/1/2021 352.43 1.95%
3/2/2021 350.92 -0.43%
3/3/2021 355.27 1.24%
3/4/2021 347.71 -2.13%
3/5/2021 345.69 -0.58%
3/8/2021 337.39 -2.40%
3/9/2021 340.26 0.85%
3/10/2021 342.84 0.76%
3/11/2021 351.1 2.41%
3/12/2021 348.12 -0.85%
3/15/2021 346.23 -0.54%
3/16/2021 348.11 0.54%
3/17/2021 346.81 -0.37%
3/18/2021 347.35 0.16%
3/19/2021 345.31 -0.59%
3/22/2021 345.15 -0.05%
3/23/2021 341.91 -0.94%
3/24/2021 335.12 -1.99%
3/25/2021 332.33 -0.83%
3/26/2021 337 1.41%
3/29/2021 337.71 0.21%
3/30/2021 340.1 0.71%
3/31/2021 339.62 -0.14%
4/1/2021 344.11 1.32%
4/2/2021 344.2 0.03%
4/5/2021 343.95 -0.07%
4/6/2021 345.97 0.59%
4/7/2021 344.33 -0.47%
4/8/2021 345.8 0.43%
4/9/2021 342.87 -0.85%
4/12/2021 340.05 -0.82%
4/13/2021 339.76 -0.09%
4/14/2021 342.53 0.82%
4/15/2021 343.64 0.32%
4/16/2021 346.25 0.76%
4/19/2021 346.6 0.10%
4/20/2021 346.06 -0.16%
4/21/2021 344.58 -0.43%
4/22/2021 345.69 0.32%
4/23/2021 348.69 0.87%
4/26/2021 350.67 0.57%
4/27/2021 351.2 0.15%
4/28/2021 353.08 0.54%
4/29/2021 353.02 -0.02%
4/30/2021 349 -1.14%
5/3/2021 347.17 -0.52%
5/4/2021 344.99 -0.63%
5/5/2021 344.66 -0.10%
5/6/2021 346.65 0.58%
5/7/2021 348.66 0.58%
5/10/2021 347.55 -0.32%
5/11/2021 343.59 -1.14%
5/12/2021 340.16 -1.00%
5/13/2021 335.04 -1.51%
5/14/2021 338.29 0.97%
5/17/2021 339.63 0.40%
5/18/2021 345.37 1.69%
5/19/2021 343.94 -0.41%
5/20/2021 344.45 0.15%
5/21/2021 344.78 0.10%
5/24/2021 344.65 -0.04%
5/25/2021 348.92 1.24%
5/26/2021 350.79 0.54%
5/27/2021 352.03 0.35%
5/28/2021 353.55 0.43%
5/31/2021 357.07 1.00%
6/1/2021 360.55 0.97%
6/2/2021 360.82 0.07%
6/3/2021 359.36 -0.40%
6/4/2021 359.35 0.00%
6/7/2021 359 -0.10%
6/8/2021 358.41 -0.16%
 6/9/2021 357.69 -0.20%
6/10/2021 359.54 0.52%
6/11/2021 359.7 0.04%
6/14/2021 360.42 0.20%
6/15/2021 358.56 -0.52%
6/16/2021 355.87 -0.75%
6/17/2021 354.57 -0.37%
6/18/2021 354.09 -0.14%
6/21/2021 351.85 -0.63%
6/22/2021 350.98 -0.25%
6/23/2021 354.53 1.01%
6/24/2021 356.13 0.45%
6/25/2021 359.35 0.90%
6/28/2021 359.43 0.02%
6/29/2021 358.53 -0.25%
6/30/2021 357.51 -0.28%
7/1/2021 355.92 -0.44%
7/2/2021 353.12 -0.79%
7/5/2021 353.41 0.08%
7/6/2021 350.16 -0.92%
7/7/2021 349.27 -0.25%
7/8/2021 343.35 -1.69%
7/9/2021 345.29 0.57%
7/12/2021 347.23 0.56%
7/13/2021 349.69 0.71%
7/14/2021 349.57 -0.03%
7/15/2021 351.76 0.63%
7/16/2021 349.79 -0.56%
7/19/2021 344.53 -1.50%
7/20/2021 342.95 -0.46%
7/21/2021 343.74 0.23%
7/22/2021 347.03 0.96%
7/23/2021 342.79 -1.22%
7/26/2021 334.85 -2.32%
7/27/2021 327.16 -2.30%
7/28/2021 331.47 1.32%
7/29/2021 338.17 2.02%
7/30/2021 334.62 -1.05%
8/2/2021 338.84 1.26%
 8/3/2021 338.05 -0.23%
8/4/2021 340.17 0.63%
8/5/2021 339.06 -0.33%
8/6/2021 336.9 -0.64%
8/9/2021 337.54 0.19%
8/10/2021 339.36 0.54%
8/11/2021 339.28 -0.02%
8/12/2021 338.21 -0.32%
8/13/2021 336.45 -0.52%
8/16/2021 333.54 -0.86%
8/17/2021 329.49 -1.21%
8/18/2021 330.87 0.42%
8/19/2021 323.88 -2.11%
8/20/2021 321.23 -0.82%
8/23/2021 326.25 1.56%
8/24/2021 333.81 2.32%
8/25/2021 335.47 0.50%
8/26/2021 333.09 -0.71%
8/27/2021 335.25 0.65%
8/30/2021 338.88 1.08%
8/31/2021 343.62 1.40%
9/1/2021 345.15 0.45%
9/2/2021 345.18 0.01%
9/3/2021 346.12 0.27%
9/6/2021 347.97 0.53%
9/7/2021 348.89 0.26%
9/8/2021 345.54 -0.96%
9/9/2021 343.68 -0.54%
9/10/2021 345.63 0.57%
9/13/2021 344.47 -0.34%
9/14/2021 342.42 -0.60%
9/15/2021 340.71 -0.50%
9/16/2021 337.88 -0.83%
9/17/2021 337.68 -0.06%
9/20/2021 331.06 -1.96%
9/21/2021 332.2 0.34%
9/22/2021 333.07 0.26%
9/23/2021 336.36 0.99%
9/24/2021 334.03 -0.69%
 9/27/2021 334.7 0.20%
9/28/2021 332.91 -0.53%
9/29/2021 330.45 -0.74%
9/30/2021 331.89 0.44%
10/1/2021 330.75 -0.34%
10/4/2021 328.07 -0.81%
10/5/2021 329.39 0.40%
10/6/2021 327.22 -0.66%
10/7/2021 333.88 2.04%
10/8/2021 334.74 0.26%
10/11/2021 335.98 0.37%
10/12/2021 333.96 -0.60%
10/13/2021 335.39 0.43%
10/14/2021 336.43 0.31%
10/15/2021 340.73 1.28%
10/18/2021 340.99 0.08%
10/19/2021 343.88 0.85%
10/20/2021 344.52 0.19%
10/21/2021 342.55 -0.57%
10/22/2021 342.18 -0.11%
10/25/2021 342.85 0.20%
10/26/2021 342.14 -0.21%
10/27/2021 339.39 -0.80%
10/28/2021 337.29 -0.62%
10/29/2021 334.9 -0.71%
11/1/2021 335.97 0.32%
11/2/2021 334.32 -0.49%
11/3/2021 335.12 0.24%
11/4/2021 336.3 0.35%
11/5/2021 335.24 -0.32%
11/8/2021 337.32 0.62%
11/9/2021 338.32 0.30%
11/10/2021 338.97 0.19%
11/11/2021 341.22 0.66%
11/12/2021 341.98 0.22%
11/15/2021 342.06 0.02%
11/16/2021 342.54 0.14%
11/17/2021 341.62 -0.27%
11/18/2021 337.38 -1.24%
11/19/2021 337.02 -0.11%
11/22/2021 333.63 -1.01%
11/23/2021 332.5 -0.34%
11/24/2021 332.53 0.01%
11/25/2021 333.41 0.26%
11/26/2021 325.05 -2.51%
11/29/2021 323.91 -0.35%
11/30/2021 322.84 -0.33%
12/1/2021 324.96 0.66%
12/2/2021 326.52 0.48%
12/3/2021 323.44 -0.94%
12/6/2021 322.01 -0.44%
12/7/2021 326.63 1.43%
12/8/2021 328.96 0.71%
12/9/2021 329.87 0.28%
12/10/2021 328.36 -0.46%
12/13/2021 326.16 -0.67%
12/14/2021 324.17 -0.61%
12/15/2021 321.59 -0.80%
12/16/2021 323.85 0.70%
12/17/2021 321.5 -0.73%
12/20/2021 314.64 -2.13%
12/21/2021 319.6 1.58%
12/22/2021 320.72 0.35%
12/23/2021 323.51 0.87%
12/24/2021 323.61 0.03%
12/27/2021 324.19 0.18%
12/28/2021 324.95 0.23%
12/29/2021 322.9 -0.63%
12/30/2021 325.86 0.92%
12/31/2021 327.39 0.47%
1/3/2022 328.07 0.21%
1/4/2022 327.93 -0.04%
1/5/2022 325.46 -0.75%
1/6/2022 324.43 -0.32%
1/7/2022 325.81 0.43%
1/10/2022 328.12 0.71%
1/11/2022 330.92 0.85%
1/12/2022 336.3 1.63%
1/13/2022 334.62 -0.50%
1/14/2022 333.92 -0.21%
1/17/2022 334.06 0.04%
1/18/2022 330.6 -1.04%
1/19/2022 330.67 0.02%
1/20/2022 334.27 1.09%
1/21/2022 330.67 -1.08%
1/24/2022 325.07 -1.69%
1/25/2022 322.73 -0.72%
1/26/2022 322.88 0.05%
1/27/2022 319.26 -1.12%
1/28/2022 318.61 -0.20%
1/31/2022 324.16 1.74%
2/1/2022 325.96 0.56%
2/2/2022 325.51 -0.14%
2/3/2022 324.19 -0.41%
2/4/2022 325.6 0.43%
2/7/2022 325.87 0.08%
2/8/2022 327.07 0.37%
2/9/2022 331.92 1.48%
2/10/2022 333.71 0.54%
2/11/2022 330.42 -0.99%
2/14/2022 325.08 -1.62%
2/15/2022 329.02 1.21%
2/16/2022 332.03 0.91%
2/17/2022 331.18 -0.26%
2/18/2022 328.52 -0.80%
2/21/2022 325.37 -0.96%
2/22/2022 321.67 -1.14%
2/23/2022 321.9 0.07%
2/24/2022 308.29 -4.23%
2/25/2022 313.45 1.67%
2/28/2022 312.85 -0.19%
3/1/2022 314.65 0.58%
3/2/2022 312.51 -0.68%
3/3/2022 312.6 0.03%
3/4/2022 305.89 -2.15%
3/7/2022 296.24 -3.15%
3/8/2022 288.91 -2.47%
 3/9/2022 292.6 1.28%
3/10/2022 294.03 0.49%
3/11/2022 290.22 -1.30%
3/14/2022 282.39 -2.70%
3/15/2022 275.45 -2.46%
3/16/2022 290.45 5.45%
3/17/2022 298.56 2.79%
3/18/2022 300.37 0.61%
3/21/2022 298.5 -0.62%
3/22/2022 302.64 1.39%
3/23/2022 304.24 0.53%
3/24/2022 303.88 -0.12%
3/25/2022 301.17 -0.89%
3/28/2022 301.21 0.01%
3/29/2022 304.05 0.94%
3/30/2022 307.36 1.09%
3/31/2022 304.87 -0.81%
4/1/2022 307.12 0.74%
4/4/2022 311.65 1.47%
4/5/2022 309.92 -0.56%
4/6/2022 307.1 -0.91%
4/7/2022 302.59 -1.47%
4/8/2022 303.61 0.34%
4/11/2022 299.58 -1.33%
4/12/2022 299.17 -0.14%
4/13/2022 300.61 0.48%
4/14/2022 299.93 -0.23%
4/15/2022 299.17 -0.25%
4/18/2022 297.59 -0.53%
4/19/2022 294.92 -0.90%
4/20/2022 294.34 -0.20%
4/21/2022 291.91 -0.83%
4/22/2022 288.94 -1.02%
4/25/2022 281.29 -2.65%
4/26/2022 281.32 0.01%
4/27/2022 281.36 0.01%
4/28/2022 283.63 0.81%
4/29/2022 287.7 1.43%
5/2/2022 287.11 -0.21%
 5/3/2022 286.72 -0.14%
5/4/2022 285.45 -0.44%
5/5/2022 283.43 -0.71%
5/6/2022 276.92 -2.30%
5/9/2022 271.36 -2.01%
5/10/2022 269.69 -0.62%
5/11/2022 270.1 0.15%
5/12/2022 264.84 -1.95%
5/13/2022 269.28 1.68%
5/16/2022 269.9 0.23%
5/17/2022 275.8 2.19%
5/18/2022 275.46 -0.12%
5/19/2022 272.17 -1.19%
5/20/2022 276.56 1.61%
5/23/2022 276.66 0.04%
5/24/2022 272.01 -1.68%
5/25/2022 272.47 0.17%
5/26/2022 274.97 0.92%
5/27/2022 278.9 1.43%
5/30/2022 283.68 1.71%
5/31/2022 286.8 1.10%
6/1/2022 284.32 -0.86%
6/2/2022 284.52 0.07%
6/3/2022 283.41 -0.39%
6/6/2022 286.03 0.92%
6/7/2022 284.61 -0.50%
6/8/2022 287.78 1.11%
6/9/2022 284.72 -1.06%
6/10/2022 281.85 -1.01%
6/13/2022 272.14 -3.45%
6/14/2022 273.59 0.53%
6/15/2022 274.91 0.48%
6/16/2022 270.71 -1.53%
6/17/2022 269.87 -0.31%
6/20/2022 268.97 -0.33%
6/21/2022 273.79 1.79%
6/22/2022 268.32 -2.00%
6/23/2022 269.44 0.42%
6/24/2022 273.15 1.38%
6/27/2022 276.75 1.32%
6/28/2022 276.66 -0.03%
6/29/2022 273.39 -1.18%
6/30/2022 270.16 -1.18%
7/1/2022 268.42 -0.64%
7/4/2022 268.43 0.00%
7/5/2022 267.56 -0.32%
7/6/2022 264.97 -0.97%
7/7/2022 268.51 1.34%
7/8/2022 269.23 0.27%
7/11/2022 264.19 -1.87%
7/12/2022 261.17 -1.14%
7/13/2022 261.8 0.24%
7/14/2022 259.8 -0.76%
7/15/2022 259.3 -0.19%
7/18/2022 263.72 1.70%
7/19/2022 264.4 0.26%
7/20/2022 265.78 0.52%
7/21/2022 266.7 0.35%
7/22/2022 266.48 -0.08%
7/25/2022 265.98 -0.19%
7/26/2022 265.78 -0.08%
7/27/2022 266.66 0.33%
7/28/2022 268.45 0.67%
7/29/2022 267.32 -0.42%
8/1/2022 268.36 0.39%
8/2/2022 265.89 -0.92%
8/3/2022 265.88 0.00%
8/4/2022 267.97 0.79%
8/5/2022 269.67 0.63%
8/8/2022 269.98 0.11%
8/9/2022 269.94 -0.01%
8/10/2022 269.96 0.01%
8/11/2022 273.68 1.38%
8/12/2022 274.43 0.27%
8/15/2022 274.16 -0.10%
8/16/2022 274.03 -0.05%
8/17/2022 274.42 0.14%
8/18/2022 273.38 -0.38%
 8/19/2022 271.13 -0.82%
8/22/2022 269.26 -0.69%
8/23/2022 269.58 0.12%
8/24/2022 268.7 -0.33%
8/25/2022 273.05 1.62%
8/26/2022 273.3 0.09%
8/29/2022 270.16 -1.15%
8/30/2022 270.04 -0.04%
8/31/2022 270.04 0.00%
9/1/2022 266.43 -1.34%
9/2/2022 265.78 -0.24%
9/5/2022 265.18 -0.23%
9/6/2022 264.02 -0.44%
9/7/2022 262.8 -0.46%
9/8/2022 263.1 0.11%
9/9/2022 266.71 1.37%
9/12/2022 269.52 1.05%
9/13/2022 267.82 -0.63%
9/14/2022 264.52 -1.23%
9/15/2022 263.36 -0.44%
9/16/2022 258.71 -1.77%
9/19/2022 257.75 -0.37%
9/20/2022 259.27 0.59%
9/21/2022 255.58 -1.42%
9/22/2022 253.71 -0.73%
9/23/2022 249.03 -1.84%
9/26/2022 244.28 -1.91%
9/27/2022 245.01 0.30%
9/28/2022 241.76 -1.33%
9/29/2022 240.73 -0.43%
9/30/2022 241.86 0.47%
10/3/2022 242.13 0.11%
10/4/2022 247.15 2.07%
10/5/2022 249.7 1.03%
10/6/2022 249.86 0.06%
10/7/2022 246.52 -1.34%
10/10/2022 242.76 -1.53%
10/11/2022 238.05 -1.94%
10/12/2022 238.2 0.06%
10/13/2022 235.74 -1.03%
10/14/2022 237.27 0.65%
10/17/2022 238.83 0.66%
10/18/2022 241.48 1.11%
10/19/2022 237.94 -1.47%
10/20/2022 238.47 0.22%
10/21/2022 238.58 0.05%
10/24/2022 232.55 -2.53%
10/25/2022 232.64 0.04%
10/26/2022 235.08 1.05%
10/27/2022 236.08 0.43%
10/28/2022 232.7 -1.43%
10/31/2022 233.14 0.19%
11/1/2022 237.78 1.99%
11/2/2022 239.09 0.55%
11/3/2022 237.17 -0.80%
11/4/2022 243.36 2.61%
11/7/2022 245.9 1.04%
11/8/2022 245.9 0.00%
11/9/2022 244.96 -0.38%
11/10/2022 243.72 -0.51%
11/11/2022 252.99 3.80%
11/14/2022 254.5 0.60%
11/15/2022 259.58 2.00%
11/16/2022 257.61 -0.76%
11/17/2022 255.93 -0.65%
11/18/2022 255.38 -0.21%
11/21/2022 252.71 -1.05%
11/22/2022 252.28 -0.17%
11/23/2022 253.28 0.40%
11/24/2022 256.19 1.15%
11/25/2022 254.73 -0.57%
11/28/2022 253.35 -0.54%
11/29/2022 258.19 1.91%
11/30/2022 263.56 2.08%
12/1/2022 264.58 0.39%
12/2/2022 264.84 0.10%
12/5/2022 266.39 0.59%
12/6/2022 264.55 -0.69%
 12/7/2022 261.37 -1.20%
12/8/2022 264.12 1.05%
12/9/2022 265 0.33%
12/12/2022 261.68 -1.25%
12/13/2022 262.49 0.31%
12/14/2022 264.1 0.61%
12/15/2022 260.86 -1.23%
12/16/2022 259.95 -0.35%
12/19/2022 259.83 -0.05%
12/20/2022 258.15 -0.65%
12/21/2022 258.75 0.23%
12/22/2022 260.16 0.54%
12/23/2022 258.07 -0.80%
12/26/2022 258.76 0.27%
12/27/2022 259.57 0.31%
12/28/2022 259.97 0.15%
12/29/2022 260.64 0.26%
12/30/2022 260.42 -0.08%
1/2/2023 260.49 0.03%
1/3/2023 262.48 0.76%
1/4/2023 265.35 1.09%
1/5/2023 267.16 0.68%
1/6/2023 268.1 0.35%
1/9/2023 272.96 1.81%
1/10/2023 273.58 0.23%
1/11/2023 274.13 0.20%
1/12/2023 274.59 0.17%
1/13/2023 277.44 1.04%
1/16/2023 277.59 0.05%
1/17/2023 276.54 -0.38%
1/18/2023 277.35 0.29%
1/19/2023 277.03 -0.12%
1/20/2023 279.04 0.73%
1/23/2023 279.8 0.27%
1/24/2023 279.85 0.02%
1/25/2023 279.63 -0.08%
1/26/2023 281.96 0.83%
1/27/2023 280.89 -0.38%
1/30/2023 279.37 -0.54%
1/31/2023 277.65 -0.62%
2/1/2023 280.16 0.90%
2/2/2023 280.39 0.08%
2/3/2023 278.47 -0.68%
2/6/2023 273.5 -1.78%
2/7/2023 273.51 0.00%
2/8/2023 274.32 0.30%
2/9/2023 275.18 0.31%
2/10/2023 272.36 -1.02%
2/13/2023 273.02 0.24%
2/14/2023 273 -0.01%
2/15/2023 271.49 -0.55%
2/16/2023 272.37 0.32%
2/17/2023 269.87 -0.92%
2/20/2023 271.38 0.56%
2/21/2023 268.9 -0.91%
2/22/2023 266.1 -1.04%
2/23/2023 266.82 0.27%
2/24/2023 263.04 -1.42%
2/27/2023 262.44 -0.23%
2/28/2023 261.96 -0.18%
3/1/2023 266.91 1.89%
3/2/2023 266.11 -0.30%
3/3/2023 268.01 0.71%
3/6/2023 269.11 0.41%
3/7/2023 267.35 -0.65%
3/8/2023 266.03 -0.49%
3/9/2023 263.09 -1.11%
3/10/2023 260.03 -1.16%
3/13/2023 260.31 0.11%
3/14/2023 257.08 -1.24%
3/15/2023 256.34 -0.29%
3/16/2023 255.29 -0.41%
3/17/2023 257.3 0.79%
3/20/2023 255.27 -0.79%
3/21/2023 257.87 1.02%
3/22/2023 259.75 0.73%
3/23/2023 263.1 1.29%
3/24/2023 262.02 -0.41%
3/27/2023 260.29 -0.66%
3/28/2023 261.61 0.51%
3/29/2023 264.2 0.99%
3/30/2023 265.65 0.55%
3/31/2023 266.8 0.43%
4/3/2023 267.08 0.10%
4/4/2023 266.65 -0.16%
4/5/2023 266.48 -0.06%
4/6/2023 266.43 -0.02%
4/7/2023 266.53 0.04%
4/10/2023 266.7 0.06%
4/11/2023 268.79 0.78%
4/12/2023 268.49 -0.11%
4/13/2023 269.14 0.24%
4/14/2023 269.76 0.23%
4/17/2023 270.72 0.36%
4/18/2023 270.08 -0.24%
4/19/2023 267.46 -0.97%
4/20/2023 267.21 -0.09%
4/21/2023 264.67 -0.95%
4/24/2023 264.33 -0.13%
4/25/2023 261.2 -1.18%
4/26/2023 262.14 0.36%
4/27/2023 263.25 0.42%
4/28/2023 264.77 0.58%
5/1/2023 264.69 -0.03%
5/2/2023 263.9 -0.30%
5/3/2023 263.07 -0.31%
5/4/2023 264.75 0.64%
5/5/2023 265.84 0.41%
5/8/2023 267.91 0.78%
5/9/2023 265.78 -0.80%
5/10/2023 265.53 -0.09%
5/11/2023 265.05 -0.18%
5/12/2023 264.03 -0.38%
5/15/2023 265.19 0.44%
5/16/2023 265.34 0.06%
5/17/2023 264.23 -0.42%
5/18/2023 264.45 0.08%
5/19/2023 263.67 -0.29%
5/22/2023 264.95 0.49%
5/23/2023 263.52 -0.54%
5/24/2023 261.59 -0.73%
5/25/2023 259.92 -0.64%
5/26/2023 261.86 0.75%
5/29/2023 261.94 0.03%
5/30/2023 261.22 -0.27%
5/31/2023 258.61 -1.00%
6/1/2023 259.74 0.44%
6/2/2023 264.87 1.98%
6/5/2023 265.62 0.28%
6/6/2023 265.96 0.13%
6/7/2023 267.9 0.73%
6/8/2023 267.49 -0.15%
6/9/2023 269.1 0.60%
6/12/2023 269.38 0.10%
6/13/2023 271.41 0.75%
6/14/2023 272.49 0.40%
6/15/2023 274.97 0.91%
6/16/2023 276.52 0.56%
6/19/2023 275.3 -0.44%
6/20/2023 272.67 -0.96%
6/21/2023 271.08 -0.58%
6/22/2023 270 -0.40%
6/23/2023 267.77 -0.83%
6/26/2023 266.78 -0.37%
6/27/2023 268.27 0.56%
6/28/2023 267.87 -0.15%
6/29/2023 267.24 -0.24%
6/30/2023 268.13 0.33%
you who have followed my attempts to estimate the relative equity market volatility know that I have struggled
ns on emerging market sovereign bonds, and have used the coefficient of varation in yields to make that
ced that estimate with a return on an emerging market governemnt bond ETF from iShares. The standard
d consistently for emerigng equities and emerigng government bonds. (Using the old yield coefficient of
ve yielded a ratio of 1.49 in this computation.)

merging-bmi/#overview
 Data
Region Average of Adj. Default SpreaAverage of Country Risk Premi
Africa 6.80% 9.64%
Asia 4.14% 5.87%
Australia & New Zealand 1.96% 2.78%
Caribbean 4.18% 5.92%
Central and South America 6.16% 8.74%
Eastern Europe & Russia 4.37% 6.20%
Middle East 3.64% 5.17%
North America 0.00% 0.00%
Western Europe 1.10% 1.56%
Total Result 4.30% 6.09%
Average of Equity Risk Premi Average of Corporate Tax Rate
14.64% 26.38%
10.87% 23.77%
7.78% 28.81%
10.92% 17.37%
13.74% 28.30%
11.20% 16.11%
10.17% 11.54%
5.00% 25.00%
6.56% 19.57%
11.09% 21.33%
Country GDP (in billions) Moody's rating Adj. Default Spread
Angola 106713.62 B3 6.95%
Benin 17401.75 B1 4.82%
Botswana 20352.32 A3 1.28%
Burkina Faso 18884.62 Caa1 8.02%
Cameroon 44341.65 B2 5.88%
Cape Verde 1936.00 B3 6.95%
Congo (Democratic Republic 58065.95 B3 6.95%
Congo (Republic of) 14616.00 Caa2 9.63%
Côte d'Ivoire 70018.72 Ba3 3.85%
Egypt 476747.72 B3 6.95%
Ethiopia 126783.47 Caa2 9.63%
Gabon 21071.74 Caa1 8.02%
Ghana 72838.80 Ca 12.84%
Kenya 113420.01 B3 6.95%
Mali 18827.18 Caa2 9.63%
Mauritius 12898.31 Baa3 2.35%
Morocco 134181.59 Ba1 2.68%
Mozambique 17851.49 Caa2 9.63%
Namibia 12607.44 B1 4.82%
Niger 13969.61 B3 6.95%
Nigeria 477386.12 Caa1 8.02%
Rwanda 13312.80 B2 5.88%
Senegal 27684.43 Ba3 3.85%
South Africa 405869.72 Ba2 3.22%
Swaziland 4854.17 B3 6.95%
Tanzania 75709.29 B2 5.88%
Togo 8126.44 B3 6.95%
Tunisia 46664.95 Caa2 9.63%
Uganda 45559.20 B2 5.88%
Zambia 29784.45 Ca 12.84%
Africa 2508479.53 6.53%
Bangladesh 460201.00 B1 4.82%
Cambodia 29956.77 B2 5.88%
China 17963170.52 A1 0.75%
Fiji 4943.25 B1 4.82%
Hong Kong 359838.60 Aa3 0.64%
India 3385089.88 Baa3 2.35%
Indonesia 1319100.22 Baa2 2.04%
Japan 4231141.20 A1 0.75%
Korea 1665245.54 Aa2 0.53%
Laos 15724.38 Caa3 10.70%
Macao 21979.48 Aa3 0.64%
Malaysia 406305.92 A3 1.28%
Maldives 6189.87 Caa1 8.02%
Mongolia 16810.88 B3 6.95%
Pakistan 376532.75 Caa3 10.70%
Papua New Guinea 30633.44 B2 5.88%
Philippines 404284.33 Baa2 2.04%
Singapore 466788.54 Aaa 0.00%
Solomon Islands 1595.71 Caa1 8.02%
Sri Lanka 74403.58 Ca 12.84%
Taiwan 761690.00 Aa3 0.64%
Thailand 495340.59 Baa1 1.71%
Vietnam 408802.38 Ba2 3.22%
Asia 32905768.8373545 1.23%
Australia 1675418.67 Aaa 0.00%
Cook Islands 1414.00 B2 5.88%
New Zealand 247234.05 Aaa 0.00%
Australia & New Zealand 1924066.71880636 0.00%
Aruba 3126.02 Baa2 2.04%
Bahamas 11210.00 B1 4.82%
Barbados 5637.91 Caa1 8.02%
Bermuda 7550.50 A2 0.91%
Cayman Islands 6028.37 Aa3 0.64%
Cuba 545217.90 Ca 12.84%
Curacao 2699.61 Baa2 2.04%
Dominican Republic 113641.86 Ba3 3.85%
Jamaica 17097.76 B2 5.88%
Montserrat 16199.00 Baa3 2.35%
St. Maarten 11900.00 Ba2 3.22%
St. Vincent & the Grenadines 8100.00 B3 6.95%
Trinidad and Tobago 27899.08 Ba2 3.22%
Turks and Caicos Islands 1138.81 Baa1 1.71%
Caribbean 777446.829297369 10.14%
Argentina 632770.28 Ca 12.84%
Belize 2824.08 Caa2 9.63%
Bolivia 43068.89 Caa1 8.02%
Brazil 1920095.56 Ba2 3.22%
Chile 301025.25 A2 0.91%
Colombia 343939.45 Baa2 2.04%
Costa Rica 68380.84 B2 5.88%
Ecuador 115049.48 Caa3 10.70%
El Salvador 32488.72 Caa3 10.70%
Guatemala 95003.33 Ba1 2.68%
Honduras 31717.70 B1 4.82%
Mexico 1414187.19 Baa2 2.04%
Nicaragua 15671.58 B3 6.95%
Panama 76522.51 Baa2 2.04%
Paraguay 41722.30 Ba1 2.68%
Peru 242631.55 Baa1 1.71%
Suriname 3620.66 Caa3 10.70%
Uruguay 71177.15 Baa2 2.04%
Venezuela 98400.00 C 17.50%
Central and South America 5550296.51136277 4.25%
Albania 18882.10 B1 4.82%
Armenia 19502.78 Ba3 3.85%
Azerbaijan 78721.06 Ba1 2.68%
Belarus 72793.46 C 17.50%
Bosnia and Herzegovina 24527.51 B3 6.95%
Bulgaria 89040.40 Baa1 1.71%
Croatia 70964.61 Baa2 2.04%
Czech Republic 290923.53 Aa3 0.64%
Estonia 38100.81 A1 0.75%
Georgia 24605.38 Ba2 3.22%
Hungary 178788.57 Baa2 2.04%
Kazakhstan 220623.00 Baa2 2.04%
Kyrgyzstan 10930.64 B3 6.95%
Latvia 41153.91 A3 1.28%
Lithuania 70334.30 A2 0.91%
Macedonia 13563.13 Ba3 3.85%
Moldova 14420.95 B3 6.95%
Montenegro 6095.98 B1 4.82%
Poland 688176.61 A2 0.91%
Romania 301261.58 Baa3 2.35%
Russia 2240422.44 Ca 12.84%
Serbia 63501.75 Ba2 3.22%
Slovakia 115468.80 A2 0.91%
Slovenia 62117.77 A3 1.28%
Tajikistan 10492.12 B3 6.95%
Ukraine 160502.74 Ca 12.84%
Uzbekistan 80391.85 Ba3 3.85%
Eastern Europe & Russia 5006307.78 7.30%
Abu Dhabi 299500.00 Aa2 0.53%
Bahrain 44390.82 B2 5.88%
Iraq 264182.17 Caa1 8.02%
Israel 522033.45 A1 0.75%
Jordan 47451.50 B1 4.82%
Kuwait 184558.27 A1 0.75%
Lebanon 23131.94 C 17.50%
Oman 114667.36 Ba2 3.22%
Qatar 237295.58 Aa3 0.64%
Ras Al Khaimah (Emirate of) 11000.00 A3 1.28%
Saudi Arabia 1108148.98 A1 0.75%
Sharjah 24800.00 Ba1 2.68%
United Arab Emirates 507534.92 Aa2 0.53%
Middle East 3388694.99 1.60%
Canada 2139840.02 Aaa 0.00%
United States 25462700.00 Aaa 0.00%
North America 27602540.0236738 0.00%
Andorra (Principality of) 3330.00 Baa2 2.04%
Austria 471400.07 Aa1 0.43%
Belgium 578604.10 Aa3 0.64%
Cyprus 28439.05 Ba1 2.68%
Denmark 395403.91 Aaa 0.00%
Finland 280825.96 Aa1 0.43%
France 2782905.33 Aa2 0.53%
Germany 4072191.74 Aaa 0.00%
Greece 219065.87 Ba3 3.85%
Guernsey (States of) 3446.00 Aa2 0.53%
Iceland 27841.65 A2 0.91%
Ireland 529244.87 Aa3 0.64%
Isle of Man 6684.23 Aa3 0.64%
Italy 2010431.60 Baa3 2.35%
Jersey (States of) 4890.00 Aa3 0.64%
Liechtenstein 7186.43 Aaa 0.00%
Luxembourg 82274.81 Aaa 0.00%
Malta 17765.27 A2 0.91%
Netherlands 991114.64 Aaa 0.00%
Norway 579267.37 Aaa 0.00%
Portugal 251945.38 Baa2 2.04%
Spain 1397509.27 Baa1 1.71%
Sweden 585939.17 Aaa 0.00%
Switzerland 807706.04 Aaa 0.00%
Turkey 905987.82 B3 6.95%
United Kingdom 3070667.73 Aa3 0.64%
Western Europe 20112068.2904464 0.96%

Region Weighted Average: ERP Weighted Average: CRP

Weighted Average: Default Spreads
Africa 14.26% 9.26% 6.53%
Asia 6.74% 1.74% 1.23%
Australia & New Zealand 5.01% 0.01% 0.00%
Caribbean 19.38% 14.38% 10.14%
Central and South America 11.03% 6.03% 4.25%
Eastern Europe & Russia 15.35% 10.35% 7.30%
Middle East 7.26% 2.26% 1.60%
North America 5.00% 0.00% 0.00%
Western Europe 6.37% 1.37% 0.96%
Global 7.13% 2.13% 1.50%

For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 10.24% 3.69% 20.18%
Australia, NZ & Canada 5.00% 0.00% 27.25%
Latin America & Caribbean 12.06% 4.98% 30.94%
Japan 6.07% 0.75% 23.20%
US 5.00% 0.00% 25.00%
Europe 6.37% 0.96% 24.76%
Emerging Markets 8.93% 2.77% 24.54%
Small Asia (No India, China & J 8.05% 2.15% 23.33%
India 8.33% 2.35% 30.00%
China 6.07% 0.75% 25.00%
Global 7.13% 1.50% 24.75%
Equity Risk Premium Country Risk Premium Corporate Tax Rate
14.86% 9.86% 25.00%
11.83% 6.83% 30.00%
6.82% 1.82% 22.00%
16.38% 11.38% 28.00%
13.35% 8.35% 33.00%
14.86% 9.86% 0.00%
14.86% 9.86% 30.00%
18.66% 13.66% 28.00%
10.46% 5.46% 25.00%
14.86% 9.86% 22.50%
18.66% 13.66% 30.00%
16.38% 11.38% 30.00%
23.21% 18.21% 25.00%
14.86% 9.86% 30.00%
18.66% 13.66% 22.81%
8.33% 3.33% 15.00%
8.80% 3.80% 31.00%
18.66% 13.66% 32.00%
11.83% 6.83% 32.00%
14.86% 9.86% 22.81%
16.38% 11.38% 30.00%
13.35% 8.35% 30.00%
10.46% 5.46% 30.00%
9.57% 4.57% 27.00%
14.86% 9.86% 27.50%
13.35% 8.35% 30.00%
14.86% 9.86% 22.81%
18.66% 13.66% 15.00%
13.35% 8.35% 30.00%
23.21% 18.21% 35.00%
14.26% 9.26% 27.19%
11.83% 6.83% 32.50%
13.35% 8.35% 20.00%
6.07% 1.07% 25.00%
11.83% 6.83% 20.00%
5.91% 0.91% 16.50%
8.33% 3.33% 30.00%
7.89% 2.89% 22.00%
6.07% 1.07% 23.20%
5.75% 0.75% 25.00%
 20.18% 15.18% 22.81%
5.91% 0.91% 22.81%
6.82% 1.82% 24.00%
16.38% 11.38% 22.81%
14.86% 9.86% 25.00%
20.18% 15.18% 29.00%
13.35% 8.35% 30.00%
7.89% 2.89% 25.00%
5.00% 0.00% 17.00%
16.38% 11.38% 30.00%
23.21% 18.21% 24.00%
5.91% 0.91% 20.00%
7.43% 2.43% 20.00%
9.57% 4.57% 20.00%
6.74% 1.74% 24.84%
5.00% 0.00% 30.00%
13.35% 8.35% 28.43%
5.00% 0.00% 28.00%
5.01% 0.01% 29.74%
7.89% 2.89% 25.00%
11.83% 6.83% 0.00%
16.38% 11.38% 5.50%
6.28% 1.28% 0.00%
5.91% 0.91% 0.00%
23.21% 18.21% 27.18%
7.89% 2.89% 22.00%
10.46% 5.46% 27.00%
13.35% 8.35% 25.00%
8.33% 3.33% 27.18%
9.57% 4.57% 27.18%
14.86% 9.86% 27.18%
9.57% 4.57% 30.00%
7.43% 2.43% 0.00%
19.38% 14.38% 26.12%
23.21% 18.21% 35.00%
18.66% 13.66% 27.18%
16.38% 11.38% 25.00%
9.57% 4.57% 34.00%
6.28% 1.28% 27.00%
7.89% 2.89% 35.00%
13.35% 8.35% 30.00%
 20.18% 15.18% 25.00%
20.18% 15.18% 30.00%
8.80% 3.80% 25.00%
11.83% 6.83% 25.00%
7.89% 2.89% 30.00%
14.86% 9.86% 30.00%
7.89% 2.89% 25.00%
8.80% 3.80% 10.00%
7.43% 2.43% 29.50%
20.18% 15.18% 36.00%
7.89% 2.89% 25.00%
29.82% 24.82% 34.00%
11.03% 6.03% 31.61%
11.83% 6.83% 15.00%
10.46% 5.46% 18.00%
8.80% 3.80% 20.00%
29.82% 24.82% 18.00%
14.86% 9.86% 10.00%
7.43% 2.43% 10.00%
7.89% 2.89% 18.00%
5.91% 0.91% 19.00%
6.07% 1.07% 20.00%
9.57% 4.57% 15.00%
7.89% 2.89% 9.00%
7.89% 2.89% 20.00%
14.86% 9.86% 10.00%
6.82% 1.82% 20.00%
6.28% 1.28% 15.00%
10.46% 5.46% 10.00%
14.86% 9.86% 12.00%
11.83% 6.83% 15.00%
6.28% 1.28% 19.00%
8.33% 3.33% 16.00%
23.21% 18.21% 20.00%
9.57% 4.57% 15.00%
6.28% 1.28% 21.00%
6.82% 1.82% 19.00%
14.86% 9.86% 18.00%
23.21% 18.21% 18.00%
10.46% 5.46% 15.00%
15.35% 10.35% 18.49%
 5.75% 0.75% 15.00%
13.35% 8.35% 0.00%
16.38% 11.38% 15.00%
6.07% 1.07% 23.00%
11.83% 6.83% 20.00%
6.07% 1.07% 15.00%
29.82% 24.82% 17.00%
9.57% 4.57% 15.00%
5.91% 0.91% 10.00%
6.82% 1.82% 0.00%
6.07% 1.07% 20.00%
8.80% 3.80% 0.00%
5.75% 0.75% 0.00%
7.26% 2.26% 15.00%
5.00% 0.00% 25.00%
5.00% 0.00% 25.00%
5.00% 0.00% 25.00%
7.89% 2.89% 18.98%
5.61% 0.61% 24.00%
5.91% 0.91% 25.00%
8.80% 3.80% 12.50%
5.00% 0.00% 22.00%
5.61% 0.61% 20.00%
5.75% 0.75% 25.00%
5.00% 0.00% 30.00%
10.46% 5.46% 22.00%
5.75% 0.75% 0.00%
6.28% 1.28% 20.00%
5.91% 0.91% 12.50%
5.91% 0.91% 0.00%
8.33% 3.33% 24.00%
5.91% 0.91% 0.00%
5.00% 0.00% 12.50%
5.00% 0.00% 24.94%
6.28% 1.28% 35.00%
5.00% 0.00% 25.80%
5.00% 0.00% 22.00%
7.89% 2.89% 21.00%
7.43% 2.43% 25.00%
5.00% 0.00% 20.60%
5.00% 0.00% 18.00%
 14.86% 9.86% 23.00%
5.91% 0.91% 25.00%
6.37% 1.37% 24.76%

Tax Rate Total GDP Weight

27.19% 2508479.53369191 2.51%
24.84% 32905768.8373545 32.98%
29.74% 1924066.71880636 1.93%
26.12% 777446.829297369 0.78%
31.61% 5550296.51136277 5.56%
18.49% 5006307.78497444 5.02%
15.00% 3388694.99150124 3.40%
25.00% 27602540.0236738 27.66%
24.76% 20112068.2904464 20.16%
24.75% 99775669.5211088
Region GDP Weight Weight*Default Spread
Africa 4.25% 0.30%
Africa 0.69% 0.03%
Africa 0.81% 0.01%
Africa 0.75% 0.06%
Africa 1.77% 0.10%
Africa 0.08% 0.01%
Africa 2.31% 0.16%
Africa 0.58% 0.06%
Africa 2.79% 0.11%
Africa 19.01% 1.32%
Africa 5.05% 0.49%
Africa 0.84% 0.07%
Africa 2.90% 0.37%
Africa 4.52% 0.31%
Africa 0.75% 0.07%
Africa 0.51% 0.01%
Africa 5.35% 0.14%
Africa 0.71% 0.07%
Africa 0.50% 0.02%
Africa 0.56% 0.04%
Africa 19.03% 1.53%
Africa 0.53% 0.03%
Africa 1.10% 0.04%
Africa 16.18% 0.52%
Africa 0.19% 0.01%
Africa 3.02% 0.18%
Africa 0.32% 0.02%
Africa 1.86% 0.18%
Africa 1.82% 0.11%
Africa 1.19% 0.15%
100.00%
Asia 1.40% 0.07%
Asia 0.09% 0.01%
Asia 54.59% 0.41%
Asia 0.02% 0.00%
Asia 1.09% 0.01%
Asia 10.29% 0.24%
Asia 4.01% 0.08%
Asia 12.86% 0.10%
Asia 5.06% 0.03%
Asia 0.05% 0.01%
Asia 0.07% 0.00%
Asia 1.23% 0.02%
Asia 0.02% 0.00%
Asia 0.05% 0.00%
Asia 1.14% 0.12%
Asia 0.09% 0.01%
Asia 1.23% 0.03%
Asia 1.42% 0.00%
Asia 0.00% 0.00%
Asia 0.23% 0.03%
Asia 2.31% 0.01%
Asia 1.51% 0.03%
Asia 1.24% 0.04%
100.00%
Australia & New Zealand 87.08% 0.00%
Australia & New Zealand 0.07% 0.00%
Australia & New Zealand 12.85% 0.00%
100.00%
Caribbean 0.40% 0.01%
Caribbean 1.44% 0.07%
Caribbean 0.73% 0.06%
Caribbean 0.97% 0.01%
Caribbean 0.78% 0.00%
Caribbean 70.13% 9.00%
Caribbean 0.35% 0.01%
Caribbean 14.62% 0.56%
Caribbean 2.20% 0.13%
Caribbean 2.08% 0.05%
Caribbean 1.53% 0.05%
Caribbean 1.04% 0.07%
Caribbean 3.59% 0.12%
Caribbean 0.15% 0.00%
100.00%
Central and South America 11.40% 1.46%
Central and South America 0.05% 0.00%
Central and South America 0.78% 0.06%
Central and South America 34.59% 1.11%
Central and South America 5.42% 0.05%
Central and South America 6.20% 0.13%
Central and South America 1.23% 0.07%
Central and South America 2.07% 0.22%
Central and South America 0.59% 0.06%
Central and South America 1.71% 0.05%
Central and South America 0.57% 0.03%
Central and South America 25.48% 0.52%
Central and South America 0.28% 0.02%
Central and South America 1.38% 0.03%
Central and South America 0.75% 0.02%
Central and South America 4.37% 0.07%
Central and South America 0.07% 0.01%
Central and South America 1.28% 0.03%
Central and South America 1.77% 0.31%
100.00%
Eastern Europe & Russia 0.38% 0.02%
Eastern Europe & Russia 0.39% 0.01%
Eastern Europe & Russia 1.57% 0.04%
Eastern Europe & Russia 1.45% 0.25%
Eastern Europe & Russia 0.49% 0.03%
Eastern Europe & Russia 1.78% 0.03%
Eastern Europe & Russia 1.42% 0.03%
Eastern Europe & Russia 5.81% 0.04%
Eastern Europe & Russia 0.76% 0.01%
Eastern Europe & Russia 0.49% 0.02%
Eastern Europe & Russia 3.57% 0.07%
Eastern Europe & Russia 4.41% 0.09%
Eastern Europe & Russia 0.22% 0.02%
Eastern Europe & Russia 0.82% 0.01%
Eastern Europe & Russia 1.40% 0.01%
Eastern Europe & Russia 0.27% 0.01%
Eastern Europe & Russia 0.29% 0.02%
Eastern Europe & Russia 0.12% 0.01%
Eastern Europe & Russia 13.75% 0.12%
Eastern Europe & Russia 6.02% 0.14%
Eastern Europe & Russia 44.75% 5.74%
Eastern Europe & Russia 1.27% 0.04%
Eastern Europe & Russia 2.31% 0.02%
Eastern Europe & Russia 1.24% 0.02%
Eastern Europe & Russia 0.21% 0.01%
Eastern Europe & Russia 3.21% 0.41%
Eastern Europe & Russia 1.61% 0.06%
100.00%
Middle East 8.84% 0.05%
Middle East 1.31% 0.08%
Middle East 7.80% 0.63%
Middle East 15.41% 0.12%
Middle East 1.40% 0.07%
Middle East 5.45% 0.04%
Middle East 0.68% 0.12%
Middle East 3.38% 0.11%
Middle East 7.00% 0.04%
Middle East 0.32% 0.00%
Middle East 32.70% 0.25%
Middle East 0.73% 0.02%
Middle East 14.98% 0.08%
100.00%
North America 7.75% 0.00%
North America 92.25% 0.00%

Western Europe 0.02% 0.00%

Western Europe 2.34% 0.01%
Western Europe 2.88% 0.02%
Western Europe 0.14% 0.00%
Western Europe 1.97% 0.00%
Western Europe 1.40% 0.01%
Western Europe 13.84% 0.07%
Western Europe 20.25% 0.00%
Western Europe 1.09% 0.04%
Western Europe 0.02% 0.00%
Western Europe 0.14% 0.00%
Western Europe 2.63% 0.02%
Western Europe 0.03% 0.00%
Western Europe 10.00% 0.24%
Western Europe 0.02% 0.00%
Western Europe 0.04% 0.00%
Western Europe 0.41% 0.00%
Western Europe 0.09% 0.00%
Western Europe 4.93% 0.00%
Western Europe 2.88% 0.00%
Western Europe 1.25% 0.03%
Western Europe 6.95% 0.12%
Western Europe 2.91% 0.00%
Western Europe 4.02% 0.00%
Western Europe 4.50% 0.31%
Western Europe 15.27% 0.10%
100.00%

Weight *ERP Weight*CRP Weight*Default Spread

0.36% 0.23% 0.16%
2.22% 0.57% 0.41%
0.10% 0.00% 0.00%
0.15% 0.11% 0.08%
0.61% 0.34% 0.24%
0.77% 0.52% 0.37%
0.25% 0.08% 0.05%
1.38% 0.00% 0.00%
1.28% 0.28% 0.19%
Weight*ERP Weight*CRP Weight * Tax Rate
0.63% 0.42% 1.06%
0.08% 0.05% 0.21%
0.06% 0.01% 0.18%
0.12% 0.09% 0.21%
0.24% 0.15% 0.58%
0.01% 0.01% 0.00%
0.34% 0.23% 0.69%
0.11% 0.08% 0.16%
0.29% 0.15% 0.70%
2.82% 1.87% 4.28%
0.94% 0.69% 1.52%
0.14% 0.10% 0.25%
0.67% 0.53% 0.73%
0.67% 0.45% 1.36%
0.14% 0.10% 0.17%
0.04% 0.02% 0.08%
0.47% 0.20% 1.66%
0.13% 0.10% 0.23%
0.06% 0.03% 0.16%
0.08% 0.05% 0.13%
3.12% 2.17% 5.71%
0.07% 0.04% 0.16%
0.12% 0.06% 0.33%
1.55% 0.74% 4.37%
0.03% 0.02% 0.05%
0.40% 0.25% 0.91%
0.05% 0.03% 0.07%
0.35% 0.25% 0.28%
0.24% 0.15% 0.54%
0.28% 0.22% 0.42%

0.17% 0.10% 0.45%

0.01% 0.01% 0.02%
3.31% 0.58% 13.65%
0.00% 0.00% 0.00%
0.06% 0.01% 0.18%
0.86% 0.34% 3.09%
0.32% 0.12% 0.88%
0.78% 0.14% 2.98%
0.29% 0.04% 1.27%
 0.01% 0.01% 0.01%
0.00% 0.00% 0.02%
0.08% 0.02% 0.30%
0.00% 0.00% 0.00%
0.01% 0.01% 0.01%
0.23% 0.17% 0.33%
0.01% 0.01% 0.03%
0.10% 0.04% 0.31%
0.07% 0.00% 0.24%
0.00% 0.00% 0.00%
0.05% 0.04% 0.05%
0.14% 0.02% 0.46%
0.11% 0.04% 0.30%
0.12% 0.06% 0.25%

4.35% 0.00% 26.12%

0.01% 0.01% 0.02%
0.64% 0.00% 3.60%

0.03% 0.01% 0.10%

0.17% 0.10% 0.00%
0.12% 0.08% 0.04%
0.06% 0.01% 0.00%
0.05% 0.01% 0.00%
16.27% 12.77% 19.06%
0.03% 0.01% 0.08%
1.53% 0.80% 3.95%
0.29% 0.18% 0.55%
0.17% 0.07% 0.57%
0.15% 0.07% 0.42%
0.15% 0.10% 0.28%
0.34% 0.16% 1.08%
0.01% 0.00% 0.00%
14.38%
2.65% 2.08% 3.99%
0.01% 0.01% 0.01%
0.13% 0.09% 0.19%
3.31% 1.58% 11.76%
0.34% 0.07% 1.46%
0.49% 0.18% 2.17%
0.16% 0.10% 0.37%
 0.42% 0.31% 0.52%
0.12% 0.09% 0.18%
0.15% 0.07% 0.43%
0.07% 0.04% 0.14%
2.01% 0.74% 7.64%
0.04% 0.03% 0.08%
0.11% 0.04% 0.34%
0.07% 0.03% 0.08%
0.32% 0.11% 1.29%
0.01% 0.01% 0.02%
0.10% 0.04% 0.32%
0.53% 0.44% 0.60%

0.04% 0.03% 0.06%

0.04% 0.02% 0.07%
0.14% 0.06% 0.31%
0.43% 0.36% 0.26%
0.07% 0.05% 0.05%
0.13% 0.04% 0.18%
0.11% 0.04% 0.26%
0.34% 0.05% 1.10%
0.05% 0.01% 0.15%
0.05% 0.02% 0.07%
0.28% 0.10% 0.32%
0.35% 0.13% 0.88%
0.03% 0.02% 0.02%
0.06% 0.01% 0.16%
0.09% 0.02% 0.21%
0.03% 0.01% 0.03%
0.04% 0.03% 0.03%
0.01% 0.01% 0.02%
0.86% 0.18% 2.61%
0.50% 0.20% 0.96%
10.39% 8.15% 8.95%
0.12% 0.06% 0.19%
0.14% 0.03% 0.48%
0.08% 0.02% 0.24%
0.03% 0.02% 0.04%
0.74% 0.58% 0.58%
0.17% 0.09% 0.24%
0.51% 0.07% 1.33%
0.17% 0.11% 0.00%
1.28% 0.89% 1.17%
0.94% 0.16% 3.54%
0.17% 0.10% 0.28%
0.33% 0.06% 0.82%
0.20% 0.17% 0.12%
0.32% 0.15% 0.51%
0.41% 0.06% 0.70%
0.02% 0.01% 0.00%
1.98% 0.35% 6.54%
0.06% 0.03% 0.00%
0.86% 0.11% 0.00%

0.39% 0.00% 1.94%

4.61% 0.00% 23.06%

0.00% 0.00% 0.00%

0.13% 0.01% 0.56%
0.17% 0.03% 0.72%
0.01% 0.01% 0.02%
0.10% 0.00% 0.43%
0.08% 0.01% 0.28%
0.80% 0.10% 3.46%
1.01% 0.00% 6.07%
0.11% 0.06% 0.24%
0.00% 0.00% 0.00%
0.01% 0.00% 0.03%
0.16% 0.02% 0.33%
0.00% 0.00% 0.00%
0.83% 0.33% 2.40%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.02% 0.00% 0.10%
0.01% 0.00% 0.03%
0.25% 0.00% 1.27%
0.14% 0.00% 0.63%
0.10% 0.04% 0.26%
0.52% 0.17% 1.74%
0.15% 0.00% 0.60%
0.20% 0.00% 0.72%
 0.67% 0.44% 1.04%
0.90% 0.14% 3.82%

Weight* Tax Rate

0.68%
8.19%
0.57%
0.20%
1.76%
0.93%
0.51%
6.92%
4.99%
Country GDP (in millions) in 2022 Moody's rating Sovereign CDS
Abu Dhabi 299500.00 Aa2 0.70%
Albania 18882.10 B1 NA
Andorra (Principality of) 3330.00 Baa2 NA
Angola 106713.62 B3 10.47%
Argentina 632770.28 Ca NA
Armenia 19502.78 Ba3 NA
Aruba 3126.02 Baa2 NA
Australia 1675418.67 Aaa 0.33%
Austria 471400.07 Aa1 0.20%
Azerbaijan 78721.06 Ba1 NA
Bahamas 11210.00 B1 NA
Bahrain 44390.82 B2 3.16%
Bangladesh 460201.00 B1 NA
Barbados 5637.91 Caa1 NA
Belarus 72793.46 C NA
Belgium 578604.10 Aa3 0.31%
Belize 2824.08 Caa2 NA
Benin 17401.75 B1 NA
Bermuda 7550.50 A2 NA
Bolivia 43068.89 Caa1 NA
Bosnia and Herzegovina 24527.51 B3 NA
Botswana 20352.32 A3 NA
Brazil 1920095.56 Ba2 2.88%
Bulgaria 89040.40 Baa1 1.40%
Burkina Faso 18884.62 Caa1 NA
Cambodia 29956.77 B2 NA
Cameroon 44341.65 B2 6.45%
Canada 2139840.02 Aaa 0.41%
Cape Verde 1936.00 B3 NA
Cayman Islands 6028.37 Aa3 NA
Chile 301025.25 A2 1.47%
China 17963170.52 A1 1.00%
Colombia 343939.45 Baa2 3.54%
Congo (Democratic Republi 58065.95 B3 NA
Congo (Republic of) 14616.00 Caa2 NA
Cook Islands 1414.00 B2 NA
Costa Rica 68380.84 B2 3.33%
Côte d'Ivoire 70018.72 Ba3 NA
Croatia 70964.61 Baa2 1.12%
Cuba 545217.90 Ca NA
Curacao 2699.61 Baa2 NA
Cyprus 28439.05 Ba1 1.14%
Czech Republic 290923.53 Aa3 0.45%
Denmark 395403.91 Aaa 0.19%
Dominican Republic 113641.86 Ba3 NA
Ecuador 115049.48 Caa3 NA
Egypt 476747.72 B3 13.19%
El Salvador 32488.72 Caa3 14.88%
Estonia 38100.81 A1 0.91%
Ethiopia 126783.47 Caa2 28.36%
Fiji 4943.25 B1 NA
Finland 280825.96 Aa1 0.26%
France 2782905.33 Aa2 0.41%
Gabon 21071.74 Caa1 NA
Georgia 24605.38 Ba2 NA
Germany 4072191.74 Aaa 0.22%
Ghana 72838.80 Ca NA
Greece 219065.87 Ba3 1.31%
Guatemala 95003.33 Ba1 NA
Guernsey (States of) 3446.00 Aa2 NA
Honduras 31717.70 B1 NA
Hong Kong 359838.60 Aa3 0.54%
Hungary 178788.57 Baa2 2.02%
Iceland 27841.65 A2 0.81%
India 3385089.88 Baa3 1.42%
Indonesia 1319100.22 Baa2 1.53%
Iraq 264182.17 Caa1 4.80%
Ireland 529244.87 Aa3 0.36%
Isle of Man 6684.23 Aa3 NA
Israel 522033.45 A1 0.80%
Italy 2010431.60 Baa3 1.45%
Jamaica 17097.76 B2 NA
Japan 4231141.20 A1 0.26%
Jersey (States of) 4890.00 Aa3 NA
Jordan 47451.50 B1 NA
Kazakhstan 220623.00 Baa2 1.68%
Kenya 113420.01 B3 7.85%
Korea 1665245.54 Aa2 0.41%
Kuwait 184558.27 A1 0.70%
Kyrgyzstan 10930.64 B3 NA
Laos 15724.38 Caa3 NA
Latvia 41153.91 A3 0.95%
Lebanon 23131.94 C NA
Liechtenstein 7186.43 Aaa NA
Lithuania 70334.30 A2 0.95%
Luxembourg 82274.81 Aaa NA
Macao 21979.48 Aa3 NA
Macedonia 13563.13 Ba3 NA
Malaysia 406305.92 A3 1.00%
Maldives 6189.87 Caa1 NA
Mali 18827.18 Caa2 NA
Malta 17765.27 A2 NA
Mauritius 12898.31 Baa3 NA
Mexico 1414187.19 Baa2 1.88%
Moldova 14420.95 B3 NA
Mongolia 16810.88 B3 NA
Montenegro 6095.98 B1 NA
Montserrat 16199.00 Baa3 NA
Morocco 134181.59 Ba1 1.95%
Mozambique 17851.49 Caa2 NA
Namibia 12607.44 B1 NA
Netherlands 991114.64 Aaa 0.21%
New Zealand 247234.05 Aaa 0.35%
Nicaragua 15671.58 B3 5.20%
Niger 13969.61 B3 NA
Nigeria 477386.12 Caa1 7.50%
Norway 579267.37 Aaa 0.23%
Oman 114667.36 Ba2 2.00%
Pakistan 376532.75 Caa3 NA
Panama 76522.51 Baa2 1.72%
Papua New Guinea 30633.44 B2 NA
Paraguay 41722.30 Ba1 NA
Peru 242631.55 Baa1 1.46%
Philippines 404284.33 Baa2 1.44%
Poland 688176.61 A2 1.02%
Portugal 251945.38 Baa2 0.71%
Qatar 237295.58 Aa3 0.71%
Ras Al Khaimah (Emirate o 11000.00 A3 NA
Romania 301261.58 Baa3 2.33%
Russia 2240422.44 Ca NA
Rwanda 13312.80 B2 5.19%
Saudi Arabia 1108148.98 A1 0.89%
Senegal 27684.43 Ba3 5.39%
Serbia 63501.75 Ba2 2.77%
Sharjah 24800.00 Ba1 NA
Singapore 466788.54 Aaa NA
Slovakia 115468.80 A2 0.54%
Slovenia 62117.77 A3 0.71%
Solomon Islands 1595.71 Caa1 NA
South Africa 405869.72 Ba2 3.71%
Spain 1397509.27 Baa1 0.79%
Sri Lanka 74403.58 Ca NA
St. Maarten 11900.00 Ba2 NA
St. Vincent & the Grenadin 8100.00 B3 NA
Suriname 3620.66 Caa3 NA
Swaziland 4854.17 B3 NA
Sweden 585939.17 Aaa 0.24%
Switzerland 807706.04 Aaa 0.28%
Taiwan 761690.00 Aa3 NA
Tajikistan 10492.12 B3 NA
Tanzania 75709.29 B2 NA
Thailand 495340.59 Baa1 0.79%
Togo 8126.44 B3 NA
Trinidad and Tobago 27899.08 Ba2 NA
Tunisia 46664.95 Caa2 7.86%
Turkey 905987.82 B3 5.05%
Turks and Caicos Islands 1138.81 Baa1 NA
Uganda 45559.20 B2 NA
Ukraine 160502.74 Ca NA
United Arab Emirates 507534.92 Aa2 NA
United Kingdom 3070667.73 Aa3 0.40%
United States 25462700.00 Aaa 0.43%
Uruguay 71177.15 Baa2 0.95%
Uzbekistan 80391.85 Ba3 NA
Venezuela 98400.00 C 11.57%
Vietnam 408802.38 Ba2 1.73%
Zambia 29784.45 Ca NA
Adj. Default Spread Equity Risk PremiumCountry Risk Premium Corporate Tax Rate
0.53% 5.75% 0.75% 15.00%
4.82% 11.83% 6.83% 15.00%
2.04% 7.89% 2.89% 18.98%
6.95% 14.86% 9.86% 25.00%
12.84% 23.21% 18.21% 35.00%
3.85% 10.46% 5.46% 18.00%
2.04% 7.89% 2.89% 25.00%
0.00% 5.00% 0.00% 30.00%
0.43% 5.61% 0.61% 24.00%
2.68% 8.80% 3.80% 20.00%
4.82% 11.83% 6.83% 0.00%
5.88% 13.35% 8.35% 0.00%
4.82% 11.83% 6.83% 32.50%
8.02% 16.38% 11.38% 5.50%
17.50% 29.82% 24.82% 18.00%
0.64% 5.91% 0.91% 25.00%
9.63% 18.66% 13.66% 27.18%
4.82% 11.83% 6.83% 30.00%
0.91% 6.28% 1.28% 0.00%
8.02% 16.38% 11.38% 25.00%
6.95% 14.86% 9.86% 10.00%
1.28% 6.82% 1.82% 22.00%
3.22% 9.57% 4.57% 34.00%
1.71% 7.43% 2.43% 10.00%
8.02% 16.38% 11.38% 28.00%
5.88% 13.35% 8.35% 20.00%
5.88% 13.35% 8.35% 33.00%
0.00% 5.00% 0.00% 25.00%
6.95% 14.86% 9.86% 0.00%
0.64% 5.91% 0.91% 0.00%
0.91% 6.28% 1.28% 27.00%
0.75% 6.07% 1.07% 25.00%
2.04% 7.89% 2.89% 35.00%
6.95% 14.86% 9.86% 30.00%
9.63% 18.66% 13.66% 28.00%
5.88% 13.35% 8.35% 28.43%
5.88% 13.35% 8.35% 30.00%
3.85% 10.46% 5.46% 25.00%
2.04% 7.89% 2.89% 18.00%
12.84% 23.21% 18.21% 27.18%
2.04% 7.89% 2.89% 22.00%
2.68% 8.80% 3.80% 12.50%
0.64% 5.91% 0.91% 19.00%
0.00% 5.00% 0.00% 22.00%
3.85% 10.46% 5.46% 27.00%
10.70% 20.18% 15.18% 25.00%
6.95% 14.86% 9.86% 22.50%
10.70% 20.18% 15.18% 30.00%
0.75% 6.07% 1.07% 20.00%
9.63% 18.66% 13.66% 30.00%
4.82% 11.83% 6.83% 20.00%
0.43% 5.61% 0.61% 20.00%
0.53% 5.75% 0.75% 25.00%
8.02% 16.38% 11.38% 30.00%
3.22% 9.57% 4.57% 15.00%
0.00% 5.00% 0.00% 30.00%
12.84% 23.21% 18.21% 25.00%
3.85% 10.46% 5.46% 22.00%
2.68% 8.80% 3.80% 25.00%
0.53% 5.75% 0.75% 0.00%
4.82% 11.83% 6.83% 25.00%
0.64% 5.91% 0.91% 16.50%
2.04% 7.89% 2.89% 9.00%
0.91% 6.28% 1.28% 20.00%
2.35% 8.33% 3.33% 30.00%
2.04% 7.89% 2.89% 22.00%
8.02% 16.38% 11.38% 15.00%
0.64% 5.91% 0.91% 12.50%
0.64% 5.91% 0.91% 0.00%
0.75% 6.07% 1.07% 23.00%
2.35% 8.33% 3.33% 24.00%
5.88% 13.35% 8.35% 25.00%
0.75% 6.07% 1.07% 23.20%
0.64% 5.91% 0.91% 0.00%
4.82% 11.83% 6.83% 20.00%
2.04% 7.89% 2.89% 20.00%
6.95% 14.86% 9.86% 30.00%
0.53% 5.75% 0.75% 25.00%
0.75% 6.07% 1.07% 15.00%
6.95% 14.86% 9.86% 10.00%
10.70% 20.18% 15.18% 22.81%
1.28% 6.82% 1.82% 20.00%
17.50% 29.82% 24.82% 17.00%
0.00% 5.00% 0.00% 12.50%
0.91% 6.28% 1.28% 15.00%
0.00% 5.00% 0.00% 24.94%
0.64% 5.91% 0.91% 22.81%
3.85% 10.46% 5.46% 10.00%
1.28% 6.82% 1.82% 24.00%
8.02% 16.38% 11.38% 22.81%
9.63% 18.66% 13.66% 22.81%
0.91% 6.28% 1.28% 35.00%
2.35% 8.33% 3.33% 15.00%
2.04% 7.89% 2.89% 30.00%
6.95% 14.86% 9.86% 12.00%
6.95% 14.86% 9.86% 25.00%
4.82% 11.83% 6.83% 15.00%
2.35% 8.33% 3.33% 27.18%
2.68% 8.80% 3.80% 31.00%
9.63% 18.66% 13.66% 32.00%
4.82% 11.83% 6.83% 32.00%
0.00% 5.00% 0.00% 25.80%
0.00% 5.00% 0.00% 28.00%
6.95% 14.86% 9.86% 30.00%
6.95% 14.86% 9.86% 22.81%
8.02% 16.38% 11.38% 30.00%
0.00% 5.00% 0.00% 22.00%
3.22% 9.57% 4.57% 15.00%
10.70% 20.18% 15.18% 29.00%
2.04% 7.89% 2.89% 25.00%
5.88% 13.35% 8.35% 30.00%
2.68% 8.80% 3.80% 10.00%
1.71% 7.43% 2.43% 29.50%
2.04% 7.89% 2.89% 25.00%
0.91% 6.28% 1.28% 19.00%
2.04% 7.89% 2.89% 21.00%
0.64% 5.91% 0.91% 10.00%
1.28% 6.82% 1.82% 0.00%
2.35% 8.33% 3.33% 16.00%
12.84% 23.21% 18.21% 20.00%
5.88% 13.35% 8.35% 30.00%
0.75% 6.07% 1.07% 20.00%
3.85% 10.46% 5.46% 30.00%
3.22% 9.57% 4.57% 15.00%
2.68% 8.80% 3.80% 0.00%
0.00% 5.00% 0.00% 17.00%
0.91% 6.28% 1.28% 21.00%
1.28% 6.82% 1.82% 19.00%
8.02% 16.38% 11.38% 30.00%
3.22% 9.57% 4.57% 27.00%
1.71% 7.43% 2.43% 25.00%
12.84% 23.21% 18.21% 24.00%
3.22% 9.57% 4.57% 27.18%
6.95% 14.86% 9.86% 27.18%
10.70% 20.18% 15.18% 36.00%
6.95% 14.86% 9.86% 27.50%
0.00% 5.00% 0.00% 20.60%
0.00% 5.00% 0.00% 18.00%
0.64% 5.91% 0.91% 20.00%
6.95% 14.86% 9.86% 18.00%
5.88% 13.35% 8.35% 30.00%
1.71% 7.43% 2.43% 20.00%
6.95% 14.86% 9.86% 22.81%
3.22% 9.57% 4.57% 30.00%
9.63% 18.66% 13.66% 15.00%
6.95% 14.86% 9.86% 23.00%
1.71% 7.43% 2.43% 0.00%
5.88% 13.35% 8.35% 30.00%
12.84% 23.21% 18.21% 18.00%
0.53% 5.75% 0.75% 0.00%
0.64% 5.91% 0.91% 25.00%
0.00% 5.00% 0.00% 25.00%
2.04% 7.89% 2.89% 25.00%
3.85% 10.46% 5.46% 15.00%
17.50% 29.82% 24.82% 34.00%
3.22% 9.57% 4.57% 20.00%
12.84% 23.21% 18.21% 35.00%
Region
Middle East
Eastern Europe & Russia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Caribbean
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Africa
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Africa
North America
Africa
Caribbean
Central and South America
Asia
Central and South America
Africa
Africa
Australia & New Zealand
Central and South America
Africa
Eastern Europe & Russia
Caribbean
Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Western Europe
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Middle East
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Asia
Africa
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Middle East
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Asia
Africa
Western Europe
Asia
Caribbean
Caribbean
Central and South America
Africa
Western Europe
Western Europe
Asia
Eastern Europe & Russia
Africa
Asia
Africa
Caribbean
Africa
Western Europe
Caribbean
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Eastern Europe & Russia
Central and South America
Asia
Africa
Country S&P Rating Moody's rating
Abu Dhabi AA+ Aa2
Albania B+ B1
Andorra (Principality of) BBB+ Baa2
Angola B- B3
Argentina CCC- Ca
Armenia B+ Ba3
Aruba BBB Baa2
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba1
Bahamas B+ B1
Bahrain B+ B2
Bangladesh BB- B1
Barbados B- Caa1
Belarus NA C
Belgium AA Aa3
Belize B- Caa2
Benin B+ B1
Bermuda A+ A2
Bolivia B- Caa1
Bosnia and Herzegovina B B3
Botswana BBB+ A3
Brazil BB- Ba2
Bulgaria BBB Baa1
Burkina Faso CCC+ Caa1
Cambodia NA B2
Cameroon B- B2
Canada AAA Aaa
Cape Verde B- B3
Cayman Islands NA Aa3
Chile A A2
China A+ A1
Colombia BB+ Baa2
Congo (Democratic Republic o B- B3
Congo (Republic of) CCC+ Caa2
Cook Islands B B2
Costa Rica B+ B2
Côte d'Ivoire BB- Ba3
Croatia BBB+ Baa2
Cuba 0 Ca
Curacao BBB Baa2
Cyprus BBB Ba1
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB Ba3
Ecuador B- Caa3
Egypt B B3
El Salvador CCC+ Caa3
Estonia AA- A1
Ethiopia CCC Caa2
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon NA Caa1
Georgia BB Ba2
Germany AAA Aaa
Ghana NA Ca
Greece BB+ Ba3
Guatemala BB Ba1
Guernsey (States of) AA Aa2
Honduras BB- B1
Hong Kong AA+ Aa3
Hungary BBB- Baa2
Iceland A A2
India BBB- Baa3
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA Aa3
Isle of Man N/A Aa3
Israel AA- A1
Italy BBB Baa3
Jamaica B+ B2
Japan A+ A1
Jersey (States of) AA- Aa3
Jordan B+ B1
Kazakhstan BBB- Baa2
Kenya B B3
Korea AA Aa2
Kuwait A+ A1
Kyrgyzstan NA B3
Laos NA Caa3
Latvia A+ A3
Lebanon D C
Liechtenstein AAA Aaa
Lithuania A+ A2
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Maldives NR Caa1
Mali NR Caa2
Malta A- A2
Mauritius NR Baa3
Mexico BBB Baa2
Moldova NR B3
Mongolia B B3
Montenegro B B1
Montserrat BBB- Baa3
Morocco BB+ Ba1
Mozambique CCC+ Caa2
Namibia NR B1
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B B3
Niger NR B3
Nigeria B- Caa1
Norway AAA Aaa
Oman BB Ba2
Pakistan CCC+ Caa3
Panama BBB Baa2
Papua New Guinea B- B2
Paraguay BB Ba1
Peru BBB Baa1
Philippines BBB+ Baa2
Poland A- A2
Portugal BBB+ Baa2
Qatar AA Aa3
Ras Al Khaimah (Emirate of) A- A3
Romania BBB- Baa3
Russia NR Ca
Rwanda B+ B2
Saudi Arabia A A1
Senegal B+ Ba3
Serbia BB+ Ba2
Sharjah NA Ba1
Singapore AAA Aaa
Slovakia A+ A2
Slovenia AA- A3
Solomon Islands 0 Caa1
South Africa BB- Ba2
Spain A Baa1
Sri Lanka NA Ca
St. Maarten NA Ba2
St. Vincent & the Grenadines NA B3
Suriname Na Caa3
Swaziland NA B3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA+ Aa3
Tajikistan B- B3
Tanzania NA B2
Thailand BBB+ Baa1
Togo B B3
Trinidad and Tobago BBB- Ba2
Tunisia NA Caa2
Turkey B B3
Turks and Caicos Islands BBB+ Baa1
Uganda B B2
Ukraine CCC Ca
United Arab Emirates AA Aa2
United Kingdom AA Aa3
United States AA+ Aaa
Uruguay BBB+ Baa2
Uzbekistan BB- Ba3
Venezuela NA C
Vietnam BB+ Ba2
Zambia NA Ca
 GOVERNMENT BOND RATINGS
In local currency
S&P: These are the S&P sovereign local currency ratings
Moody's: These are the Moody's local currency rating
In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
Moody's equivalent rating for these countries.
S&P Moody's
A A2
A- A3
A+ A1
AA Aa2
AA- Aa3
AA+ Aa1
AAA Aaa
B B2
B- B3
B+ B1
BB Ba2
BB- Ba3
BB+ Ba1
BBB Baa2
BBB- Baa3
BBB+ Baa1
C C2
C- C3
C+ C1
CC Ca2
CC- Ca3
CC+ Ca1
CCC Caa2
CCC- Caa3
CCC+ Caa1
table is used to estimate the
Country Region
Abu Dhabi Middle East
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria Western Europe
Azerbaijan Eastern Europe & Russia
Bahamas Caribbean
Bahrain Middle East
Bangladesh Asia
Barbados Caribbean
Belarus Eastern Europe & Russia
Belgium Western Europe
Belize Central and South America
Benin Africa
Bermuda Caribbean
Bolivia Central and South America
Bosnia and Herzegovina Eastern Europe & Russia
Botswana Africa
Brazil Central and South America
Bulgaria Eastern Europe & Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada North America
Cape Verde Africa
Cayman Islands Caribbean
Chile Central and South America
China Asia
Colombia Central and South America
Congo (Democratic Republic of) Africa
Congo (Republic of) Africa
Cook Islands Australia & New Zealand
Costa Rica Central and South America
Côte d'Ivoire Africa
Croatia Eastern Europe & Russia
Cuba Caribbean
Curacao Caribbean
Cyprus Western Europe
Czech Republic Eastern Europe & Russia
Democratic Republic of Congo Africa
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
Laos Asia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Maldives Asia
Mali Africa
Malta Western Europe
Mauritius Africa
Mexico Central and South America
Moldova Eastern Europe & Russia
Mongolia Asia
Montenegro Eastern Europe & Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands Western Europe
New Zealand Australia & New Zealand
Nicaragua Central and South America
Niger Africa
Nigeria Africa
Norway Western Europe
Oman Middle East
Pakistan Asia
Panama Central and South America
Papua New Guinea Asia
Paraguay Central and South America
Peru Central and South America
Philippines Asia
Poland Eastern Europe & Russia
Portugal Western Europe
Qatar Middle East
Ras Al Kaminah Middle East
Republic of the Congo Africa
Romania Eastern Europe & Russia
Russia Eastern Europe & Russia
Rwanda Africa
Saudi Arabia Middle East
Senegal Africa
Serbia Eastern Europe & Russia
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
Solomon Islands Asia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the Grenadines Caribbean
Suriname Central and South America
Swaziland Africa
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Tajikistan Eastern Europe & Russia
Tanzania Africa
Thailand Asia
Togo Africa
Trinidad and Tobago Caribbean
Tunisia Africa
Turkey Western Europe
Turkmenistan Eastern Europe & Russia
Turks and Caicos Caribbean
Uganda Africa
Ukraine Eastern Europe & Russia
United Arab Emirates Middle East
United Kingdom Western Europe
United States North America
Uruguay Central and South America
Uzbekistan Eastern Europe & Russia
Venezuela Central and South America
Vietnam Asia
Zambia Africa
 Moody's
Default Spread Updated Default Country 12/31/2022 6/30/2023
Rating (1/1/23) Spread (6/30/23)
rating
A1 86 75 Abu Dhabi Aa2 0.78% 0.70%
A2 104 91 Algeria NA 1.73% 1.59%
A3 147 128 Angola B3 6.55% 10.47%
Aa1 49 43 Australia Aaa 0.34% 0.33%
Aa2 60 53 Austria Aa1 0.24% 0.20%
Aa3 73 64 Bahrain B2 2.78% 3.16%
Aaa 0 0 Belgium Aa3 0.37% 0.31%
B1 551 482 Brazil Ba2 3.52% 2.88%
B2 673 588 Bulgaria Baa2 1.50% 1.40%
B3 795 695 Cameroon B2 6.68% 6.45%
Ba1 306 268 Canada Aaa 0.36% 0.41%
Ba2 368 322 Chile A1 1.76% 1.47%
Ba3 440 385 China A1 1.11% 1.00%
Baa1 196 171 Colombia Baa2 3.65% 3.54%
Baa2 233 204 Costa Rica B1 4.35% 3.33%
Baa3 269 235 Croatia Ba2 1.34% 1.12%
Ca 1468 1284 Cyprus Ba2 1.33% 1.14%
Caa1 917 802 Czech Republic A1 0.62% 0.45%
Caa2 1102 963 Denmark Aaa 0.23% 0.19%
Caa3 1224 1070 Dubai Aa2 1.26% 1.26%
NR NA NA Ecuador Caa3 16.93% NA
Egypt B2 8.01% 13.19%
El Salvador B3 27.46% 14.88%
Estonia A1 1.76% 0.91%
Finland Aa1 0.34% 0.26%
France Aa2 0.42% 0.41%
Germany Aaa 0.28% 0.22%
Greece B1 1.97% 1.31%
Guatemala Ba1 2.28% NA
Hong Kong Aa2 0.71% 0.54%
Hungary Baa3 2.43% 2.02%
Iceland A3 0.73% 0.81%
India Baa2 1.67% 1.42%
Indonesia Baa2 1.75% 1.53%
Iraq Caa1 4.69% 4.80%
Ireland A2 0.43% 0.36%
Israel A1 0.67% 0.80%
Italy Baa3 1.84% 1.45%
Japan A1 0.31% 0.26%
Kazakhstan Baa3 2.70% 1.68%
Kenya B2 7.60% 7.85%
Korea Aa2 0.68% 0.41%
Kuwait Aa2 0.79% 0.70%
Latvia A3 1.37% 0.95%
Lithuania A3 1.45% 0.95%
Malaysia A3 1.24% 1.00%
Mexico A3 2.11% 1.88%
Morocco Ba1 2.53% 1.95%
Namibia B1 3.84% 2.43%
Netherlands Aaa 0.26% 0.21%
New Zealand Aaa 0.39% 0.35%
Nicaragua B3 6.27% 5.20%
Nigeria B2 8.52% 7.50%
Norway Aaa 0.28% 0.23%
Oman Ba1 2.37% 2.00%
Pakistan B3 NA NA
Panama Baa1 1.79% 1.72%
Peru A3 1.94% 1.46%
Philippines Baa2 1.64% 1.44%
Poland A2 1.45% 1.02%
Portugal Baa3 0.81% 0.71%
Qatar Aa3 0.79% 0.71%
Romania Baa3 3.17% 2.33%
Russia Baa3 6.21% NA
Rwanda B2 5.42% 5.19%
Saudi Arabia A1 0.96% 0.89%
Senegal Ba3 5.39% 5.39%
Serbia Ba3 2.93% 2.77%
Slovakia A2 0.75% 0.54%
Slovenia Baa1 1.00% 0.71%
South Africa Baa3 3.51% 3.71%
Spain Baa1 0.82% 0.79%
Sweden Aaa 0.26% 0.24%
Switzerland Aaa 0.17% 0.28%
Thailand Baa1 0.87% 0.79%
Tunisia B2 8.69% 7.86%
Turkey B1 5.30% 5.05%
United Kingdom Aa2 0.36% 0.40%
United States Aaa 0.32% 0.43%
Uruguay Baa2 1.43% 0.95%
Vietnam Ba3 2.07% 1.73%
Average
Median
CDS %
Country 6/30/2023
Change
-10.26% Abu Dhabi 0.70%
-8.09% Algeria 1.59%
59.85% Angola 10.47%
-2.94% Argentina NA
-16.67% Australia 0.33%
13.67% Austria 0.20%
-16.22% Bahrain 3.16%
-18.18% Belgium 0.31%
-6.67% Brazil 2.88%
-3.44% Bulgaria 1.40%
13.89% Cameroon 6.45%
-16.48% Canada 0.41%
-9.91% Chile 1.47%
-3.01% China 1.00%
-23.45% Colombia 3.54%
-16.42% Costa Rica 3.33%
-14.29% Croatia 1.12%
-27.42% Cyprus 1.14%
-17.39% Czech Republ 0.45%
0.00% Denmark 0.19%
NA Dubai 1.26%
64.67% Ecuador NA
-45.81% Egypt 13.19%
-48.30% El Salvador 14.88%
-23.53% Estonia 0.91%
-2.38% Ethiopia 28.36%
-21.43% Finland 0.26%
-33.50% France 0.41%
NA Germany 0.22%
-23.94% Greece 1.31%
-16.87% Guatamela 2.42%
10.96% Hong Kong 0.54%
-14.97% Hungary 2.02%
-12.57% Iceland 0.81%
2.35% India 1.42%
-16.28% Indonesia 1.53%
19.40% Iraq 4.80%
-21.20% Ireland 0.36%
-16.13% Israel 0.80%
-37.78% Italy 1.45%
3.29% Japan 0.26%
-39.71% Kazakhstan 1.68%
-11.39% Kenya 7.85%
-30.66% Korea 0.41%
-34.48% Kuwait 0.70%
-19.35% Latvia 0.95%
-10.90% Lebanon NA
-22.92% Lithuania 0.95%
-36.72% Malaysia 1.00%
-19.23% Mexico 1.88%
-10.26% Morocco 1.95%
-17.07% Namibia 2.43%
-11.97% Netherlands 0.21%
-17.86% New Zealand 0.35%
-15.61% Nicaragua 5.20%
NA Nigeria 7.50%
-3.91% Norway 0.23%
-24.74% Oman 2.00%
-12.20% Pakistan NA
-29.66% Panama 1.72%
-12.35% Peru 1.46%
-10.13% Philippines 1.44%
-26.50% Poland 1.02%
NA Portugal 0.71%
-4.24% Qatar 0.71%
-7.29% Romania 2.33%
0.00% Russia NA
-5.46% Rwanda 5.19%
-28.00% Saudi Arabia 0.89%
-29.00% Senegal 5.39%
5.70% Serbia 2.77%
-3.66% Slovakia 0.54%
-7.69% Slovenia 0.71%
64.71% South Africa 3.71%
-9.20% Spain 0.79%
-9.55% Sri Lanka NA
-4.72% Sweden 0.24%
11.11% Switzerland 0.28%
34.38% Thailand 0.79%
-33.57% Tunisia 7.86%
-16.43% Turkey 5.05%
-10.62% Ukraine NA
-12.57% United King 0.40%
United State 0.43%
Uruguay 0.95%
Venezuela 11.57%
Vietnam 1.73%
Zambia NA
Country Moody's rating CDS Spread (6/30/23)
Abu Dhabi Aa2 0.70%
Albania B1 NA
Andorra (Principality of) Baa2 NA
Angola B3 10.47%
Argentina Ca NA
Armenia Ba3 NA
Aruba Baa2 NA
Australia Aaa 0.33%
Austria Aa1 0.20%
Azerbaijan Ba1 NA
Bahamas B1 NA
Bahrain B2 3.16%
Bangladesh B1 NA
Barbados Caa1 NA
Belarus C NA
Belgium Aa3 0.31%
Belize Caa2 NA
Benin B1 NA
Bermuda A2 NA
Bolivia Caa1 NA
Bosnia and Herzegovina B3 NA
Botswana A3 NA
Brazil Ba2 2.88%
Bulgaria Baa1 1.40%
Burkina Faso Caa1 NA
Cambodia B2 NA
Cameroon B2 6.45%
Canada Aaa 0.41%
Cape Verde B3 NA
Cayman Islands Aa3 NA
Chile A2 1.47%
China A1 1.00%
Colombia Baa2 3.54%
Congo (Democratic Republic o B3 NA
Congo (Republic of) Caa2 NA
Cook Islands B2 NA
Costa Rica B2 3.33%
Côte d'Ivoire Ba3 NA
Croatia Baa2 1.12%
Cuba Ca NA
Curacao Baa2 NA
Cyprus Ba1 1.14%
Czech Republic Aa3 0.45%
Denmark Aaa 0.19%
Dominican Republic Ba3 NA
Ecuador Caa3 NA
Egypt B3 13.19%
El Salvador Caa3 14.88%
Estonia A1 0.91%
Ethiopia Caa2 28.36%
Fiji B1 NA
Finland Aa1 0.26%
France Aa2 0.41%
Gabon Caa1 NA
Georgia Ba2 NA
Germany Aaa 0.22%
Ghana Ca NA
Greece Ba3 1.31%
Guatemala Ba1 NA
Guernsey (States of) Aa2 NA
Honduras B1 NA
Hong Kong Aa3 0.54%
Hungary Baa2 2.02%
Iceland A2 0.81%
India Baa3 1.42%
Indonesia Baa2 1.53%
Iraq Caa1 4.80%
Ireland Aa3 0.36%
Isle of Man Aa3 NA
Israel A1 0.80%
Italy Baa3 1.45%
Jamaica B2 NA
Japan A1 0.26%
Jersey (States of) Aa3 NA
Jordan B1 NA
Kazakhstan Baa2 1.68%
Kenya B3 7.85%
Korea Aa2 0.41%
Kuwait A1 0.70%
Kyrgyzstan B3 NA
Laos Caa3 NA
Latvia A3 0.95%
Lebanon C NA
Liechtenstein Aaa NA
Lithuania A2 0.95%
Luxembourg Aaa NA
Macao Aa3 NA
Macedonia Ba3 NA
Malaysia A3 1.00%
Maldives Caa1 NA
Mali Caa2 NA
Malta A2 NA
Mauritius Baa3 NA
Mexico Baa2 1.88%
Moldova B3 NA
Mongolia B3 NA
Montenegro B1 NA
Montserrat Baa3 NA
Morocco Ba1 1.95%
Mozambique Caa2 NA
Namibia B1 NA
Netherlands Aaa 0.21%
New Zealand Aaa 0.35%
Nicaragua B3 5.20%
Niger B3 NA
Nigeria Caa1 7.50%
Norway Aaa 0.23%
Oman Ba2 2.00%
Pakistan Caa3 NA
Panama Baa2 1.72%
Papua New Guinea B2 NA
Paraguay Ba1 NA
Peru Baa1 1.46%
Philippines Baa2 1.44%
Poland A2 1.02%
Portugal Baa2 0.71%
Qatar Aa3 0.71%
Ras Al Khaimah (Emirate of) A3 NA
Romania Baa3 2.33%
Russia Ca NA
Rwanda B2 5.19%
Saudi Arabia A1 0.89%
Senegal Ba3 5.39%
Serbia Ba2 2.77%
Sharjah Ba1 NA
Singapore Aaa NA
Slovakia A2 0.54%
Slovenia A3 0.71%
Solomon Islands Caa1 NA
South Africa Ba2 3.71%
Spain Baa1 0.79%
Sri Lanka Ca NA
St. Maarten Ba2 NA
St. Vincent & the Grenadines B3 NA
Suriname Caa3 NA
Swaziland B3 NA
Sweden Aaa 0.24%
Switzerland Aaa 0.28%
Taiwan Aa3 NA
Tajikistan B3 NA
Tanzania B2 NA
Thailand Baa1 0.79%
Togo B3 NA
Trinidad and Tobago Ba2 NA
Tunisia Caa2 7.86%
Turkey B3 5.05%
Turks and Caicos Islands Baa1 NA
Uganda B2 NA
Ukraine Ca NA
United Arab Emirates Aa2 NA
United Kingdom Aa3 0.40%
United States Aaa 0.43%
Uruguay Baa2 0.95%
Uzbekistan Ba3 NA
Venezuela C 11.57%
Vietnam Ba2 1.73%
Zambia Ca NA
CDS Spread adj for US
0.27%
NA
NA
10.04%
NA
NA
NA
0.00%
0.00%
NA
NA
2.73%
NA
NA
NA
0.00%
NA
NA
NA
NA
NA
NA Country
2.45% Abu Dhabi
0.97% Algeria
NA Angola
NA Argentina
6.02% Australia
0.00% Austria
NA Bahrain
NA Belgium
1.04% Brazil
0.57% Bulgaria
3.11% Cameroon
NA Canada
NA Chile
NA China
2.90% Colombia
NA Costa Rica
0.69% Croatia
 NA Cyprus
NA Czech Republic
0.71% Denmark
0.02% Dubai
0.00% Ecuador
NA Egypt
NA El Salvador
12.76% Estonia
14.45% Ethiopia
0.48% Finland
27.93% France
NA Germany
0.00% Greece
0.00% Guatamela
NA Hong Kong
NA Hungary
0.00% Iceland
NA India
0.88% Indonesia
NA Iraq
NA Ireland
NA Israel
0.11% Italy
1.59% Japan
0.38% Kazakhstan
0.99% Kenya
1.10% Korea
4.37% Kuwait
0.00% Latvia
NA Lebanon
0.37% Lithuania
1.02% Malaysia
NA Mexico
0.00% Morocco
NA Namibia
NA Netherlands
1.25% New Zealand
7.42% Nicaragua
0.00% Nigeria
0.27% Norway
NA Oman
 NA Pakistan
0.52% Panama
NA Peru
NA Philippines
0.52% Poland
NA Portugal
NA Qatar
NA Romania
0.57% Russia
NA Rwanda
NA Saudi Arabia
NA Senegal
NA Serbia
1.45% Slovakia
NA Slovenia
NA South Africa
NA Spain
NA Sri Lanka
1.52% Sweden
NA Switzerland
NA Thailand
0.00% Tunisia
0.00% Turkey
4.77% Ukraine
NA United Kingdom
7.07% United States
0.00% Uruguay
1.57% Venezuela
NA Vietnam
1.29% Zambia
NA
NA
1.03%
1.01%
0.59%
0.28%
0.28%
NA
1.90%
NA
4.76%
0.46%
4.96%
2.34%
NA
NA
0.11%
0.28%
NA
3.28%
0.36%
NA
NA
NA
NA
NA
0.00%
0.00%
NA
NA
NA
0.36%
NA
NA
7.43%
4.62%
NA
NA
NA
NA
0.00%
0.00%
0.52%
NA
11.14%
1.30%
NA
 CDS Spread
6/30/2023 net of US
0.70% 0.27%
1.59% 1.16%
10.47% 10.04%
NA #VALUE!
0.33% 0.00%
0.20% 0.00%
3.16% 2.73%
0.31% 0.00%
2.88% 2.45%
1.40% 0.97%
6.45% 6.02%
0.41% 0.00%
1.47% 1.04%
1.00% 0.57%
3.54% 3.11%
3.33% 2.90%
1.12% 0.69%
1.14% 0.71%
0.45% 0.02%
0.19% 0.00%
1.26% 0.83%
NA #VALUE!
13.19% 12.76%
14.88% 14.45%
0.91% 0.48%
28.36% 27.93%
0.26% 0.00%
0.41% 0.00%
0.22% 0.00%
1.31% 0.88%
2.42% 1.99%
0.54% 0.11%
2.02% 1.59%
0.81% 0.38%
1.42% 0.99%
1.53% 1.10%
4.80% 4.37%
0.36% 0.00%
0.80% 0.37%
1.45% 1.02%
0.26% 0.00%
1.68% 1.25%
7.85% 7.42%
0.41% 0.00%
0.70% 0.27%
0.95% 0.52%
NA NA
0.95% 0.52%
1.00% 0.57%
1.88% 1.45%
1.95% 1.52%
2.43% 2.00%
0.21% 0.00%
0.35% 0.00%
5.20% 4.77%
7.50% 7.07%
0.23% 0.00%
2.00% 1.57%
 NA NA
1.72% 1.29%
1.46% 1.03%
1.44% 1.01%
1.02% 0.59%
0.71% 0.28%
0.71% 0.28%
2.33% 1.90%
NA NA
5.19% 4.76%
0.89% 0.46%
5.39% 4.96%
2.77% 2.34%
0.54% 0.11%
0.71% 0.28%
3.71% 3.28%
0.79% 0.36%
NA NA
0.24% 0.00%
0.28% 0.00%
0.79% 0.36%
7.86% 7.43%
5.05% 4.62%
NA NA
0.40% 0.00%
0.43% 0.00%
0.95% 0.52%
11.57% 11.14%
1.73% 1.30%
NA NA
Date: Feb-22

Country Std deviation in Equities (weekly) sBond

Algeria NA NA
Angola NA NA
Argentina 53.16% NA
Bahrain 12.76% NA
Bangladesh 13.55% NA
Bosnia 15.69% NA
Botswana 2.91% NA
Brazil 45.37% 26.62%
Bulgaria 19.80% 5.37%
Cameroon NA NA
Chile 35.37% 31.58%
China 25.06% NA
Colombia 37.17% 31.13%
Costa Rica 19.85% NA
Croatia 22.53% NA
Cyprus 19.12% 4.83%
Czech
25.16% 4.64%
Republic
Egypt 25.49% NA
El Salvador NA NA
Estonia 20.67% NA
Ghana 12.93% NA
Greece 43.44% 26.37%
Guatemela NA NA
Hungary 29.53% 31.76%
India 33.13% 10.74%
Indonesia 27.23% 13.94%
Iraq NA NA
Israel 26.63% 47.43%
Italy 33.16% 15.55%
Jamaica 8.81% NA
Jordan 9.77% NA
Kazakhastan NA NA
Kenya 19.39% NA
Kuwait 28.60% NA
Laos 9.15% NA
Latvia 25.92% NA
Lebanon 15.14% 12.99%
Lithuania 16.49% 16.98%
Macedonia 25.53% NA
Malaysia 19.59% 7.04%
Malta 14.30% NA
Mauritius 23.46% NA
Mexico 25.12% 17.21%
Mongolia 18.99% NA
Montenegro 16.30% NA
Morocco 20.15% NA
Namibia 8.95% NA
Nigeria 18.29% 20.56%
Oman 11.35% NA
Pakistan 26.57% 14.04%
Palestine 8.35% NA
Panama 10.82% NA
Peru 21.56% 24.77%
Philippines 33.62% 29.83%
Qatar 18.63% NA
Romania 24.24% 23.64%
Russia 25.91% 17.26%
Rwanda NA NA
Saudi Arabia 17.96% 27.96%
Senegal NA NA
Serbia 10.74% NA
Singapore 22.75% NA
Slovakia 21.07% NA
Slovenia 20.75% 5.00%
South Africa 29.99% 17.86%
Sri Lanka 26.71% NA
Taiwan 21.51% NA
Tanzania 10.61% NA
Thailand 30.12% 31.01%
Tunisia 10.57% NA
Turkey 26.30% 16.22%
UAE 28.20% NA
Ukraine 5.97% 13.34%
Uruguay NA NA
US 33.85% NA
Venezuela 64.98% NA
Vietnam 26.12% NA
Zambia NA NA
Average
Median
Median
sEquity/ sBond s (CDS) CDS CV(CDS) sEquity/ sCDS
NA 0.17% 1.10% 15.45% NA
NA 0.68% 7.50% 9.07% NA
NA 3.70% 19.55% 18.93% 2.81
NA 0.45% 3.18% 14.15% 0.90
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
1.70 0.38% 2.15% 17.67% 2.57
3.69 0.43% 0.70% 61.43% 0.32
NA 0.34% 5.87% 5.79% NA
1.12 0.31% 0.90% 34.44% 1.03
NA 0.51% 0.56% 91.07% 0.28
1.19 0.41% 1.52% 26.97% 1.38
NA 0.39% 6.13% 6.36% 3.12
NA 0.35% 1.28% 27.34% 0.82
3.96 0.49% 1.19% 41.18% 0.46

5.42 0.43% 0.51% 84.31% 0.30

NA 0.37% 4.08% 9.07% 2.81

NA 0.50% 7.78% 6.43% NA
NA 0.52% 0.70% 74.29% 0.28
NA 0.54% 5.08% 10.63% 1.22
1.65 0.33% 1.61% 20.50% 2.12
NA 0.27% 2.15% 12.56% NA
0.93 0.22% 0.94% 23.40% 1.26
3.08 0.38% 1.24% 30.65% 1.08
1.95 0.41% 1.28% 32.03% 0.85
NA 0.47% 6.98% 6.73% NA
0.56 0.32% 0.77% 41.56% 0.64
2.13 0.35% 1.43% 24.48% 1.35
NA NA NA NA NA
NA NA NA NA NA
NA 0.32% 0.99% 32.32% NA
NA 0.34% 4.06% 8.37% 2.32
NA 0.25% 0.75% 33.33% 0.86
NA NA NA NA NA
NA 0.11% 0.93% 11.83% 2.19
1.17 NA NA NA NA
0.97 0.12% 0.90% 13.33% 1.24
NA NA NA NA NA
2.78 0.45% 0.70% 64.29% 0.30
NA NA NA NA NA
NA NA NA NA NA
1.46 0.43% 1.45% 29.66% 0.85
NA NA NA NA NA
NA NA NA NA NA
NA 0.36% 1.56% 23.08% 0.87
NA NA NA NA NA
0.89 0.40% 3.59% 11.14% 1.64
NA 0.32% 3.90% 8.21% 1.38
1.89 0.27% 4.51% 5.99% 4.44
NA NA NA NA NA
NA 0.32% 0.95% 33.68% 0.32
0.87 0.32% 1.04% 30.77% 0.70
1.13 0.42% 0.67% 62.69% 0.54
NA 0.45% 0.74% 60.81% 0.31
1.03 0.43% 1.22% 35.25% 0.69
1.50 0.56% 1.47% 38.10% 0.68
NA 0.47% 3.72% 12.63% NA
0.64 0.47% 1.12% 41.96% 0.43
NA 0.54% 2.94% 18.37% NA
NA 0.16% 1.61% 9.94% 1.08
NA NA NA NA NA
NA 0.22% 0.79% 27.85% 0.76
4.15 0.21% 1.06% 19.81% 1.05
1.68 0.26% 2.93% 8.87% 3.38
NA 0.48% 12.19% 3.94% 6.78
NA NA NA NA NA
NA NA NA NA NA
0.97 0.37% 0.62% 59.68% 0.50
NA 0.48% 4.85% 9.90% 1.07
1.62 0.52% 3.31% 15.71% 1.67
NA NA NA NA NA
0.45 0.36% 4.18% 8.61% 0.69
NA 0.58% 1.27% 45.67% NA
NA NA NA NA NA
NA NA NA NA NA
NA 0.32% 1.49% 21.48% 1.22
NA 0.54% NA NA NA
1.81 1.35
1.48 1.03
1.49 1.03
Country GDP (in millions) in 2022
Abu Dhabi 299500
Albania 18882 Source: World Bank
Andorra (Principality of) 3330 Year 2022
Angola 106714
Argentina 632770
Armenia 19503
Aruba 3126
Australia 1675419
Austria 471400
Azerbaijan 78721
Bahamas 11210
Bahrain 44391
Bangladesh 460201
Barbados 5638
Belarus 72793
Belgium 578604
Belize 2824
Benin 17402
Bermuda 7551
Bolivia 43069
Bosnia and Herzegovina 24528
Botswana 20352
Brazil 1920096
Bulgaria 89040
Burkina Faso 18885
Cambodia 29957
Cameroon 44342
Canada 2139840
Cape Verde 1936
Cayman Islands 6028
Chile 301025
China 17963171
Colombia 343939
Congo (Democratic Republic of 58066
Congo (Republic of) 14616
Cook Islands 1414
Costa Rica 68381
Côte d'Ivoire 70019
Croatia 70965
Cuba 545218
Curacao 2700
Cyprus 28439
Czech Republic 290924
Denmark 395404
Dominican Republic 113642
Ecuador 115049
Egypt 476748
El Salvador 32489
Estonia 38101
Ethiopia 126783
Fiji 4943
Finland 280826
France 2782905
Gabon 21072
Georgia 24605
Germany 4072192
Ghana 72839
Greece 219066
Guatemala 95003
Guernsey (States of) 3446
Honduras 31718
Hong Kong 359839
Hungary 178789
Iceland 27842
India 3385090
Indonesia 1319100
Iraq 264182
Ireland 529245
Isle of Man 6684
Israel 522033
Italy 2010432
Jamaica 17098
Japan 4231141
Jersey (States of) 4890
Jordan 47451
Kazakhstan 220623
Kenya 113420
Korea 1665246
Kuwait 184558
Kyrgyzstan 10931
Laos 15724
Latvia 41154
Lebanon 23132
Liechtenstein 7186
Lithuania 70334
Luxembourg 82275
Macao 21979
Macedonia 13563
Malaysia 406306
Maldives 6190
Mali 18827
Malta 17765
Mauritius 12898
Mexico 1414187
Moldova 14421
Mongolia 16811
Montenegro 6096
Montserrat 16199
Morocco 134182
Mozambique 17851
Namibia 12607
Netherlands 991115
New Zealand 247234
Nicaragua 15672
Niger 13970
Nigeria 477386
Norway 579267
Oman 114667
Pakistan 376533
Panama 76523
Papua New Guinea 30633
Paraguay 41722
Peru 242632
Philippines 404284
Poland 688177
Portugal 251945
Qatar 237296
Ras Al Khaimah (Emirate of) 11000
Romania 301262
Russia 2240422
Rwanda 13313
Saudi Arabia 1108149
Senegal 27684
Serbia 63502
Sharjah 24800
Singapore 466789
Slovakia 115469
Slovenia 62118
Solomon Islands 1596
South Africa 405870
Spain 1397509
Sri Lanka 74404
St. Maarten 11900
St. Vincent & the Grenadines 8100
Suriname 3621
Swaziland 4854
Sweden 585939
Switzerland 807706
Taiwan 761690
Tajikistan 10492
Tanzania 75709
Thailand 495341
Togo 8126
Trinidad and Tobago 27899
Tunisia 46665
Turkey 905988
Turks and Caicos Islands 1139
Uganda 45559
Ukraine 160503
United Arab Emirates 507535
United Kingdom 3070668
United States of America 25462700
Uruguay 71177
Uzbekistan 80392
Venezuela 98400
Vietnam 408802
Zambia 29784

Algeria 191913
Brunei 14010
Gambia 2038
Guinea 21228
Guinea-Bissau 1634
Guyana 15358
Haiti 20254
Iran 388544
Korea, D.P.R. 28500
Liberia 4001
Libya 45752
Madagascar 14955
Malawi 13165
Myanmar 59364
Sierra Leone 3970
Somalia 8126
Sudan 51662
Syria 11159
Yemen, Republic 21610
Zimbabwe 20678
Country Name 2022

Afghanistan 14583.1352366

Africa Eastern and Southern 1169483.73419

Africa Western and Central 877863.284874

Albania 18882.0955179

Algeria 191912.889421

American Samoa 709

Andorra 3352.03273704

Angola 106713.618735

Antigua and Barbuda 1757.6037037

Arab World 3557557.25627

Argentina 632770.284409

Armenia 19502.7839879

Aruba 3126.01938547

Australia 1675418.66507

Austria 471400.066091

Azerbaijan 78721.0588235

Bahamas, The 12897.4

Bahrain 44390.8204787

Bangladesh 460201.000095

Barbados 5637.91451464

Belarus 72793.4575884

Belgium 578604.103123

Belize 2824.0818362

Benin 17401.7463093

Bermuda 7550.5

Bhutan 2539.55132748

Bolivia 43068.8856729

Bosnia and Herzegovina 24527.5072878

Botswana 20352.3221571

Brazil 1920095.561

British Virgin Islands 0

Brunei Darussalam 16681.5316457

Bulgaria 89040.3984064

Burkina Faso 18884.6196134

Burundi 3073.41467784

Cabo Verde 2314.81679206

Cambodia 29956.7695294

Cameroon 44341.6465092

Canada 2139840.02367

Caribbean small states 92935.645973

Cayman Islands 6028.37354147

Central African Republic 2382.61861536

Central Europe and the Baltic 1946330.89713

Chad 12704.1498
Channel Islands 11735.6622198

Chile 301025.249438

China 17963170.5211

Colombia 343939.445259

Comoros 1242.51940728

Congo, Dem. Rep. 58065.9535733

Congo, Rep. 14615.5322101

Costa Rica 68380.8383163

Côte d'Ivoire 70018.7150167

Croatia 70964.6064646

Cuba 545217.9

Curacao 2699.6124581

Cyprus 28439.0527409

Czechia 290923.534701

Denmark 395403.906582

Djibouti 3515.10907546

Dominica 612.048148148

Dominican Republic 113641.857434

Early-demographic dividend 14029514.1291

East Asia & Pacific 30655246.0303

East Asia & Pacific (excludin 21189324.4091

East Asia & Pacific (IDA & IBR 21162883.2

Ecuador 115049.476

Egypt, Arab Rep. 476747.720365

El Salvador 32488.72

Equatorial Guinea 11813.9084478

Eritrea 0

Estonia 38100.8129585

Eswatini 4854.16764
Ethiopia 126783.472501

Euro area 14040893.5466

Europe & Central Asia 25192037.5948

Europe & Central Asia (exclu 4124699.98083

Europe & Central Asia (IDA & 5185102.78
European Union 16641391.9238

Faroe Islands 3649.87868023

Fiji 4943.24820004
Finland 280825.957768

Fragile and conflict affected s 1891789.70661

France 2782905.32562

French Polynesia 6080.35930529

Gabon 21071.7392279

Gambia, The 2273.06086314

Georgia 24605.3754201

Germany 4072191.73609

Ghana 72838.7987877

Gibraltar 0

Greece 219065.872466

Greenland 3235.81619507

Grenada 1256.41318519

Guam 6123

Guatemala 95003.3333812

Guinea 21227.7493887

Guinea-Bissau 1633.55909207

Guyana 15357.5370683

Haiti 20253.5518852

Heavily indebted poor countri 970109.981804

High income 61535768.8808

Honduras 31717.7001153

Hong Kong SAR, China 359838.598806

Hungary 178788.572068

IBRD only 37635709.3958

Iceland 27841.6480444

IDA & IBRD total 40448776.4906

IDA blend 1173302.85013

IDA only 1639926.05756

IDA total 2813266.14456

India 3385089.88194

Indonesia 1319100.22039

Iran, Islamic Rep. 388544.46814

Iraq 264182.173793

Ireland 529244.870223

Isle of Man 6684.22926853

Israel 522033.446212

Italy 2010431.59847

Jamaica 17097.7607452

Japan 4231141.20186

Jordan 47451.4998592
Kazakhstan 220623.001967

Kenya 113420.008179

Kiribati 223.352943188

Korea, Dem. People's Rep. 0

Korea, Rep. 1665245.53859

Kosovo 9429.1562
Kuwait 184558.274289

Kyrgyz Republic 10930.6449152

Lao PDR 15724.3837832

Late-demographic dividend 28078790.0592

Latin America & Caribbean 6748778.26349

Latin America & Caribbean (e 5784017.99658

Latin America & the Caribbea 5945540.33
Latvia 41153.9126629

Least developed countries: UN 1416759.8084

Lebanon 23131.9415568

Lesotho 2553.4597628

Liberia 4001.04715

Libya 45752.336036

Liechtenstein 7186.42878312

Lithuania 70334.2990084

Low & middle income 39131343.0776

Low income 521634.375509

Lower middle income 8109649.83166

Luxembourg 82274.8122509

Macao SAR, China 21979.4755606

Madagascar 14954.9676044

Malawi 13164.6676269

Malaysia 406305.924656

Maldives 6189.86540823

Mali 18827.1765323

Malta 17765.2700148

Marshall Islands 279.6679

Mauritania 10375.4606804

Mauritius 12898.3070891

Mexico 1414187.19399

Micronesia, Fed. Sts. 427.094119111

Middle East & North Africa 4414423.06562

Middle East & North Africa (e 1676993.02817

Middle East & North Africa (I 1657891.41
Middle income 38607082.9134
Moldova 14420.9478836

Monaco 8596.15657364

Mongolia 16810.8833609

Montenegro 6095.9788677

Morocco 134181.58777

Mozambique 17851.4914277

Myanmar 59364.3625406

Namibia 12607.4369759

Nauru 150.922211044

Nepal 40828.2473025

Netherlands 991114.635529

New Caledonia 10071.3497072

New Zealand 247234.053739

Nicaragua 15671.583878

Niger 13969.6055825

Nigeria 477386.120636

North America 27610090.5237

North Macedonia 13563.1320572

Northern Mariana Islands 858

Norway 579267.365866

Not classified 0

OECD members 59596537.2751

Oman 114667.360208

Other small states 529870.61639

Pacific island small states 10226.0249196

Pakistan 376532.751807

Palau 217.8

Panama 76522.5117806

Papua New Guinea 30633.4442946

Paraguay 41722.2953621

Peru 242631.549613

Philippines 404284.327312

Poland 688176.605955

Portugal 251945.377529

Post-demographic dividend 56446942.0409

Pre-demographic dividend 1612324.66816

Puerto Rico 113434.8

Qatar 237295.575171

Romania 301261.582924

Russian Federation 2240422.4384

Rwanda 13312.7967652
Samoa 832.421565
San Marino 1855.3828331
Sao Tome and Principe 546.680342
Saudi Arabia 1108148.97822

Senegal 27684.4302445

Serbia 63501.7487
Seychelles 1588.40648
Sierra Leone 3970.3438523
Singapore 466788.53965
Sint Maarten (Dutch part) 1571.56425
Slovak Republic 115468.804
Slovenia 62117.768
Small states 633046.576
Solomon Islands 1595.71078431

Somalia 8126.1056
South Africa 405869.718
South Asia 4361631.458
South Asia (IDA & IBRD) 4361631.46
South Sudan 0
Spain 1397509.27205

Sri Lanka 74403.5783634

St. Kitts and Nevis 961.563259259

St. Lucia 2065.02755556

St. Martin (French part) 0

St. Vincent and the Grenadin 948.558503

Sub-Saharan Africa 2047347.02
Sub-Saharan Africa (excludin 2045758.61
Sub-Saharan Africa (IDA & IBR2047347.02
Sudan 51662.241775
Suriname 3620.65512
Sweden 585939.17
Switzerland 807706.035352

Syrian Arab Republic 11159.274

Tajikistan 10492.1234
Tanzania 75709.2891
Thailand 495340.593
Timor-Leste 3163.32463
Togo 8126.43948
Tonga 469.228124
Trinidad and Tobago 27899.0823
Tunisia 46664.949
Turkiye 905987.824
Turkmenistan 45610.5714
Turks and Caicos Islands 1138.80888
Tuvalu 60.3493911
Uganda 45559.202
Ukraine 160502.739
United Arab Emirates 507534.921715

United Kingdom 3070667.73236

United States 25462700

Upper middle income 30495971.8
Uruguay 71177.1462
Uzbekistan 80391.8539
Vanuatu 983.582865
Venezuela, RB 0
Vietnam 408802.379
Virgin Islands (U.S.) 4204
West Bank and Gaza 19111.9

World 101002997
Yemen, Rep. 0
Zambia 29784.4541
Zimbabwe 20678.0556
Country S&P Rating
Moody's Rating
Abu Dhabi AA+ Aa2
Albania B+ B1
Andorra (Principality of) BBB+ Baa2
Angola B- B3
Argentina CCC- Ca
Armenia B+ Ba3
Aruba BBB NA
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba1
Bahamas B+ B1
Bahrain B+ B2
Bangladesh BB- B1
Barbados B- Caa1
Belarus NA C
Belgium AA Aa3
Belize B- Caa2
Benin B+ B1
Bermuda A+ A2
Bolivia B- Caa1
Bosnia and Herzegovina B B3
Botswana BBB+ A3
Brazil BB- Ba2
Bulgaria BBB Baa1
Burkina Faso CCC+ NA
Cambodia NA B2
Cameroon B- B2
Canada AAA Aaa
Cape Verde B- NA
Cayman Islands NA Aa3
Chile A A2
China A+ A1
Colombia BB+ Baa2
Congo (Democratic Republic of) B- B3
Congo (Republic of) CCC+ Caa2
Cook Islands B NA
Costa Rica B+ B2
Côte d'Ivoire BB- Ba3
Croatia BBB+ Baa2
Cuba 0 Ca
Curacao BBB- NA
Cyprus BBB Ba1
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB Ba3
Ecuador B- Caa3
Egypt B B3
El Salvador CCC+ Caa3
Estonia AA- A1
Ethiopia CCC Caa2
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon NA Caa1
Georgia BB Ba2
Germany AAA Aaa
Ghana NA Ca
Greece BB+ Ba3
Guatemala BB Ba1
Guernsey (States of) AA NA
Honduras BB- B1
Hong Kong AA+ Aa3
Hungary BBB- Baa2
Iceland A A2
India BBB- Baa3
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA Aa3
Isle of Man N/A Aa3
Israel AA- A1
Italy BBB Baa3
Jamaica B+ B2
Japan A+ A1
Jersey (States of) AA- NA
Jordan B+ B1
Kazakhstan BBB- Baa2
Kenya B B3
Korea AA Aa2
Kuwait A+ A1
Kyrgyzstan NA B3
Laos NA Caa3
Latvia A+ A3
Lebanon D C
Liechtenstein AAA NA
Lithuania A+ A2
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- NA
Malaysia A- A3
Maldives NR Caa1
Mali NR Caa2
Malta A- A2
Mauritius NR Baa3
Mexico BBB Baa2
Moldova NR B3
Mongolia B B3
Montenegro B B1
Montserrat BBB- NA
Morocco BB+ Ba1
Mozambique CCC+ Caa2
Namibia NR B1
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B B3
Niger NR B3
Nigeria B- Caa1
Norway AAA Aaa
Oman BB Ba2
Pakistan CCC+ Caa3
Panama BBB Baa2
Papua New Guinea B- B2
Paraguay BB Ba1
Peru BBB Baa1
Philippines BBB+ Baa2
Poland A- A2
Portugal BBB+ Baa2
Qatar AA Aa3
Ras Al Khaimah (Emirate of) A- A3
Romania BBB- Baa3
Russia NR Ca
Rwanda B+ B2
Saudi Arabia A A1
Senegal B+ Ba3
Serbia BB+ Ba2
Sharjah NA Ba1
Singapore AAA Aaa
Slovakia A+ A2
Slovenia AA- A3
Solomon Islands 0 Caa1
South Africa BB- Ba2
Spain A Baa1
Sri Lanka NA Ca
St. Maarten NA Ba2
St. Vincent & the Grenadines NA B3
Suriname Na Caa3
Swaziland NA B3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA+ Aa3
Tajikistan B- B3
Tanzania NA B2
Thailand BBB+ Baa1
Togo B B3
Trinidad and Tobago BBB- Ba2
Tunisia NA Caa2
Turkey B B3
Turks and Caicos Islands BBB+ Baa1
Uganda B B2
Ukraine CCC Ca
United Arab Emirates AA Aa2
United Kingdom AA Aa3
United States AA+ Aaa
Uruguay BBB+ Baa2
Uzbekistan BB- Ba3
Venezuela NA C
Vietnam BB+ Ba2
Zambia NA Ca
Country Moody's S&P
Abu Dhabi Aa2 AA+
Albania B1 B+
Andorra Baa2 BBB+
Angola B3 B-
Argentina Ca CCC-
Armenia Ba3 B+
Aruba NA BBB
Australia Aaa AAA
Austria Aa1 AA+
Azerbaijan Ba1 BB+
Bahamas B1 B+
Bahrain B2 B+
Bangladesh B1 BB-
Barbados Caa1 B-
Belarus C NA
Belgium Aa3 AA
Belize Caa2 B-
Benin B1 B+
Bermuda A2 A+
Bolivia Caa1 B-
Bosnia and Herzegovina B3 B
Botswana A3 BBB+
Brazil Ba2 BB-
Bulgaria Baa1 BBB
Burkina Faso NA CCC+
Cambodia B2 NA
Cameroon B2 B-
Canada Aaa AAA
Cape Verde NA B-
Cayman Islands Aa3 NA
Chile A2 A
China A1 A+
Colombia Baa2 BB+

Congo (Democratic Republic of) B3 B-

Congo (Republic of) Caa2 CCC+

Cook Islands NA B
Costa Rica B2 B+
Cote d'Ivoire Ba3 BB-
Croatia Baa2 BBB+
Cuba Ca

Curacao NA BBB-
Cyprus Ba1 BBB
Czech Republic Aa3 AA-
Denmark Aaa AAA
Dominican Republic Ba3 BB
Ecuador Caa3 B-
Egypt B3 B
El Salvador Caa3 CCC+
Estonia A1 AA-
Ethiopia Caa2 CCC
Fiji B1 B+
Finland Aa1 AA+
France Aa2 AA
Gabon Caa1 NA
Georgia Ba2 BB
Germany Aaa AAA
Ghana Ca NA
Greece Ba3 BB+
Guatemala Ba1 BB
Guernsey (Channel Islands) NA AA
Honduras B1 BB-
Hong Kong Aa3 AA+
Hungary Baa2 BBB-
Iceland A2 A
India Baa3 BBB-
Indonesia Baa2 BBB
Iraq Caa1 B-
Ireland Aa3 AA
Isle of Man Aa3 N/A
Israel A1 AA-
Italy Baa3 BBB
Jamaica B2 B+
Japan A1 A+
Jersey (Channel Islands) NA AA-
Jordan B1 B+
Kazakhstan Baa2 BBB-
Kenya B3 B
Korea Aa2 AA
Kuwait A1 A+
Kyrgyz Republic B3 NA
Laos Caa3 NA
Latvia A3 A+
Lebanon C D
Liechtenstein NA AAA
Lithuania A2 A+
Luxembourg Aaa AAA
Macao Aa3 NA
Macedonia NA BB-
Malaysia A3 A-
Maldives Caa1 NR
Mali Caa2 NR
Malta A2 A-
Mauritius Baa3 NR
Mexico Baa2 BBB
Moldova B3 NR
Mongolia B3 B
Montenegro B1 B
Montserrat NA BBB-
Morocco Ba1 BB+
Mozambique Caa2 CCC+
Namibia B1 NR
Netherlands Aaa AAA
New Zealand Aaa AA+
Nicaragua B3 B
Niger B3 NR
Nigeria Caa1 B-
Norway Aaa AAA
Oman Ba2 BB
Pakistan Caa3 CCC+
Panama Baa2 BBB
Papua New Guinea B2 B-
Paraguay Ba1 BB
Peru Baa1 BBB
Philippines Baa2 BBB+
Poland A2 A-
Portugal Baa2 BBB+
Qatar Aa3 AA

Ras Al Khaimah (Emirate of) NA A

Romania Baa3 BBB-
Russia Ca NR
Rwanda B2 B+
Saudi Arabia A1 A
Senegal Ba3 B+
Serbia Ba2 BB+
Sharjah Ba1 NA
Singapore Aaa AAA
Slovakia A2 A+
Slovenia A3 AA-
Solomon Islands Caa1
South Africa Ba2 BB-
Spain Baa1 A
Sri Lanka Ca NA
Sint Maarten Ba2 NA
St. Vincent & the Grenadines B3 NA
Suriname Caa3 Na
eSwatini B3 NA
Sweden Aaa AAA
Switzerland Aaa AAA
Taiwan Aa3 AA+
Tajikistan B3 B-
Tanzania B2 NA
Thailand Baa1 BBB+
Togo B3 B
Trinidad and Tobago Ba2 BBB-
Tunisia Caa2 NA
Turkey B3 B

Turks and Caicos Islands NA BBB+

Uganda B2 B
Ukraine Ca CCC
United Arab Emirates Aa2 AA
United Kingdom Aa3 AA
United States of America Aaa AA+
Uruguay Baa2 BBB+
Uzbekistan Ba3 BB-
Venezuela C NA
Vietnam Ba2 BB+
Zambia Ca NA
Country FC LC S&P
Abu Dhabi Aa2 Aa2 Albania B+
Albania B1 B1 Andorra BBB+
Andorra Baa2 Baa2 Angola B-
Angola B3 B3 Argentina CCC-
Argentina Ca Ca Armenia B+
Armenia Ba3 Ba3 Aruba BBB
Australia Aaa Aaa Australia AAA
Austria Aa1 Aa1 Austria AA+
Azerbaijan Ba1 Ba1 Azerbaijan BB+
Bahamas B1 B1 Bahamas B+
Bahamas-Offshore Banks - - Bahrain B+
Bahrain B2 B2 Bangladesh BB-
Bahrain-Offshore Banks [1] - - Barbados B-
Bangladesh B1 B1 Belarus NA
Barbados Caa1 Caa1 Belgium AA
Belarus C C Belize B-
Belgium Aa3 Aa3 Benin B+
Belize Caa2 Caa2 Bermuda A+
Benin B1 B1 Bolivia B-
Bermuda A2 A2 B
Bosnia and Herzegovina
Bolivia Caa1 Caa1 Botswana BBB+
Bosnia and Herzegovina B3 B3 Brazil BB-
Botswana A3 A3 Bulgaria BBB
Brazil Ba2 Ba2 Burkina Faso CCC+
Bulgaria Baa1 Baa1 Cambodia N/A
Cambodia B2 B2 Cameroon B-
Cameroon B2 B2 Canada AAA
Canada Aaa Aaa Cape Verde B-
Cayman Islands Aa3 Aa3 Cayman Islands
Cayman Islands-Offshore Bank - - Chile A
Chile A2 A2 China A+
China A1 A1 Colombia BB+
Colombia Baa2 Baa2 Congo B-
Costa Rica B2 B2 Costa Rica B+
Cote d'Ivoire Ba3 Ba3 Croatia BBB+
Croatia Baa2 Baa2 Cuba
Cuba Ca Ca Cyprus BBB
Cyprus Ba1 Ba1 AA-
Czech Republic
Czech Republic Aa3 Aa3 Denmark AAA
Democratic Republic of the Co B3 B3 BB
Dominican Republic
Denmark Aaa Aaa Ecuador B-
Dominican Republic Ba3 Ba3 Egypt B
Ecuador Caa3 - El Salvador CCC+
Egypt B3 B3 Estonia AA-
El Salvador Caa3 - #N/A Ethiopia CCC
Estonia A1 A1 AA
European Union
eSwatini B3 B3 Fiji B+
Ethiopia Caa2 Caa2 Finland AA+
Fiji B1 B1 France AA
Finland Aa1 Aa1 Gabon N/A
France Aa2 Aa2 Georgia BB
Gabon Caa1 Caa1 Germany AAA
Georgia Ba2 Ba2 Ghana NA
Germany Aaa Aaa Greece BB+
Ghana Ca Caa3 Grenada SD
Greece Ba3 Ba3 Guatemala BB
Guatemala Ba1 Ba1 Honduras BB-
Guernsey (Channel Islands) - - Hong Kong AA+
Honduras B1 B1 Hungary BBB-
Hong Kong SAR, China Aa3 Aa3 Iceland A
Hungary Baa2 Baa2 India BBB-
Iceland A2 A2 Indonesia BBB
India Baa3 Baa3 Iraq B-
Indonesia Baa2 Baa2 Ireland AA
Iraq Caa1 Caa1 Isle of Man N/A
Ireland Aa3 Aa3 Israel AA-
Isle of Man Aa3 Aa3 Italy BBB
Israel A1 A1 Ivory Coast BB-
Italy Baa3 Baa3 Jamaica B+
Jamaica B2 B2 Japan A+
Japan A1 A1 Jordan B+
Jersey (Channel Islands) - - Kazakhstan BBB-
Jordan B1 B1 Kenya B
Kazakhstan Baa2 Baa2 Kuwait A+
Kenya B3 B3 Kyrgyzstan NR
Korea Aa2 Aa2 Laos
Kuwait A1 A1 Latvia A+
Kyrgyz Republic B3 B3 Lebanon D
Laos Caa3 Caa3 Lesotho
Latvia A3 A3 AAA
Liechtenstein
Lebanon C C Lithuania A+
Liechtenstein - - Luxembourg AAA
Lithuania A2 A2 Macau
Luxembourg Aaa Aaa Macedonia BB-
Macao SAR, China Aa3 Aa3 Madagascar B-
Malaysia A3 A3 Malaysia A-
Maldives Caa1 Caa1 Maldives
Mali Caa2 Caa2 Mali
Malta A2 A2 Malta A-
Mauritius Baa3 Baa3 Mauritius
Mexico Baa2 Baa2 Mexico BBB
Moldova B3 B3 Moldova
Mongolia B3 B3 Mongolia B
Montenegro B1 - Montenegro B
Morocco Ba1 Ba1 Montserrat BBB-
Mozambique Caa2 Caa2 Morocco BB+
Namibia B1 B1 Mozambique CCC+
Netherlands Aaa Aaa Namibia
New Zealand Aaa Aaa Netherlands AAA
Nicaragua B3 B3 New Zealand AA+
Niger B3 B3 Nicaragua B
Nigeria Caa1 Caa1 Niger
Norway Aaa Aaa Nigeria B-
Oman Ba2 Ba2 Norway AAA
Pakistan Caa3 Caa3 Oman BB
Panama Baa2 - Pakistan CCC+
Panama-Offshore Banks - - Panama BBB
Papua New Guinea B2 B2 B-
Papua New Guinea
Paraguay Ba1 Ba1 Paraguay BB
Peru Baa1 Baa1 Peru BBB
Philippines Baa2 Baa2 Philippines BBB+
Poland A2 A2 Poland A-
Portugal Baa2 Baa2 Portugal BBB+
Qatar Aa3 Aa3 Puerto Rico D
Republic of the Congo Caa2 Caa2 Qatar AA
Romania Baa3 Baa3 CCC+
Republic of the Congo
Russia WR WR Romania BBB-
Rwanda B2 B2 Russia NR
Saudi Arabia A1 A1 Rwanda B+
Senegal Ba3 Ba3 San Marino
Serbia Ba2 Ba2 Saudi Arabia A
Sharjah Ba1 Ba1 Senegal B+
Singapore Aaa Aaa Serbia BB+
Slovakia A2 A2 Seychelles
Slovenia A3 A3 Singapore AAA
Solomon Islands Caa1 Caa1 Slovakia A+
South Africa Ba2 Ba2 Slovenia AA-
Spain Baa1 Baa1 Solomon Islands
Sri Lanka Ca - South Africa BB-
Sint Maarten WR WR South Korea AA
St. Vincent & the Grenadines B3 B3 Spain A
Suriname Caa3 Caa3 Sri Lanka NA
Sweden Aaa Aaa St Vincent and the Grenadines
Switzerland Aaa Aaa Suriname NA
Taiwan, China Aa3 Aa3 Swaziland
Tajikistan B3 B3 Sweden AAA
Tanzania B2 B2 Switzerland AAA
Thailand Baa1 Baa1 Taiwan AA+
Togo B3 B3 Tajikistan B-
Trinidad and Tobago Ba2 Ba2 Tanzania
Tunisia Caa2 Caa2 Thailand BBB+
Turkiye B3 B3 Togo B
Uganda B2 B2 BBB-
Trinidad and Tobago
Ukraine Ca Ca Tunisia N/A
United Arab Emirates Aa2 Aa2 Turkey B
United Kingdom Aa3 Aa3 Turkmenistan
United States of America Aaa Aaa Uganda B
Uzbekistan Ba3 Ba3 Ukraine CCC
Uruguay Baa2 Baa2 AA
United Arab Emirates
Venezuela C WR AA
United Kingdom
Vietnam Ba2 Ba2 United StatesAA+
Zambia Ca Ca Uruguay BBB+
Uzbekistan BB-

Venezuela N/A
Vietnam BB+
Zambia NA
Country Tax Rate Looked up for 2022 Country
Abu Dhabi 15.00% 0.15 Afghanistan
Albania 15.00% 0.15 Albania
Andorra (Principality of) 18.98% 0.1898 Algeria
Angola 25.00% 0.25 Andorra
Argentina 35.00% 0.35 Angola
Armenia 18.00% 0.18 Anguilla
Aruba 25.00% 0.25 Antigua and Barbuda
Australia 30.00% 0.3 Argentina
Austria 24.00% 0.24 Armenia
Azerbaijan 20.00% 0.2 Aruba
Bahamas 0.00% 0 Australia
Bahrain 0.00% 0 Austria
Bangladesh 32.50% 0.325 Azerbaijan
Barbados 5.50% 0.055 Bahamas
Belarus 18.00% 0.18 Bahrain
Belgium 25.00% 0.25 Bangladesh
Belize 27.18% 0.2718 Barbados
Benin 30.00% 0.3 Belarus
Bermuda 0.00% 0 Belgium
Bolivia 25.00% 0.25 Benin
Bosnia and Herzegovina 10.00% 0.1 Bermuda
Botswana 22.00% 0.22 Bolivia
Brazil 34.00% 0.34 Bonaire, Saint Eustatius a
Bulgaria 10.00% 0.1 Bosnia and Herzegovina
Burkina Faso 28.00% 0.28 Botswana
Cambodia 20.00% 0.2 Brazil
Cameroon 33.00% 0.33 Brunei Darussalam
Canada 25.00% 0.25 Bulgaria
Cape Verde 0.00% 0 Burkina Faso
Cayman Islands 0.00% 0 Burundi
Chile 27.00% 0.27 Cambodia
China 25.00% 0.25 Cameroon
Colombia 35.00% 0.35 Canada
Congo (Democratic Republic of) 30.00% 0.30 Cayman Islands
Congo (Republic of) 28.00% 0.28 Chile
Cook Islands 28.43% 0.2843 China
Costa Rica 30.00% 0.3 Colombia
Côte d'Ivoire 25.00% 0.25 Congo
Croatia 18.00% 0.18 Congo (Democratic Republi
Cuba 27.18% 0.2718 Costa Rica
Curacao 22.00% 0.22 Croatia
Cyprus 12.50% 0.125 Curacao
Czech Republic 19.00% 0.19 Cyprus
Denmark 22.00% 0.22 Czech Republic
Dominican Republic 27.00% 0.27 Denmark
Ecuador 25.00% 0.25 Djibouti
Egypt 22.50% 0.225 Dominica
El Salvador 30.00% 0.3 Dominican Republic
Estonia 20.00% 0.2 Ecuador
Ethiopia 30.00% 0.3 Egypt
Fiji 20.00% 0.2 El Salvador
Finland 20.00% 0.2 Estonia
France 25.00% 0.25 Ethiopia
Gabon 30.00% 0.3 Fiji
Georgia 15.00% 0.15 Finland
Germany 30.00% 0.3 France
Ghana 25.00% 0.25 Gabon
Greece 22.00% 0.22 Gambia
Guatemala 25.00% 0.25 Georgia
Guernsey (States of) 0.00% 0 Germany
Honduras 25.00% 0.25 Ghana
Hong Kong 16.50% 0.165 Gibraltar
Hungary 9.00% 0.09 Greece
Iceland 20.00% 0.2 Grenada
India 30.00% 0.3 Guatemala
Indonesia 22.00% 0.22 Guernsey
Iraq 15.00% 0.15 Honduras
Ireland 12.50% 0.125 Hong Kong SAR
Isle of Man 0.00% 0 Hungary
Israel 23.00% 0.23 Iceland
Italy 24.00% 0.24 India
Jamaica 25.00% 0.25 Indonesia
Japan 23.20% 0.232 Iraq
Jersey (States of) 0.00% 0 Ireland
Jordan 20.00% 0.2 Isle of Man
Kazakhstan 20.00% 0.2 Israel
Kenya 30.00% 0.3 Italy
Korea 25.00% 0.25 Ivory Coast
Kuwait 15.00% 0.15 Jamaica
Kyrgyzstan 10.00% 0.1 Japan
Laos 22.81% 0.2281 Jersey
Latvia 20.00% 0.2 Jordan
Lebanon 17.00% 0.17 Kazakhstan
Liechtenstein 12.50% 0.125 Kenya
Lithuania 15.00% 0.15 Korea, Republic of
Luxembourg 24.94% 0.2494 Kuwait
Macao 22.81% 0.2281 Kyrgyzstan
Macedonia 10.00% 0.1 Latvia
Malaysia 24.00% 0.24 Lebanon
Maldives 22.81% 0.2281 Libya
Mali 22.81% 0.2281 Liechtenstein
Malta 35.00% 0.35 Lithuania
Mauritius 15.00% 0.15 Luxembourg
Mexico 30.00% 0.3 Macau
Moldova 12.00% 0.12 Macedonia
Mongolia 25.00% 0.25 Madagascar
Montenegro 15.00% 0.15 Malawi
Montserrat 27.18% 0.2718 Malaysia
Morocco 31.00% 0.31 Malta
Mozambique 32.00% 0.32 Mauritania
Namibia 32.00% 0.32 Mauritius
Netherlands 25.80% 0.258 Mexico
New Zealand 28.00% 0.28 Moldova
Nicaragua 30.00% 0.3 Monaco
Niger 22.81% 0.2281 Mongolia
Nigeria 30.00% 0.3 Montenegro
Norway 22.00% 0.22 Morocco
Oman 15.00% 0.15 Mozambique
Pakistan 29.00% 0.29 Myanmar
Panama 25.00% 0.25 Namibia
Papua New Guinea 30.00% 0.3 Netherlands
Paraguay 10.00% 0.1 New Zealand
Peru 29.50% 0.295 Nicaragua
Philippines 25.00% 0.25 Nigeria
Poland 19.00% 0.19 Norway
Portugal 21.00% 0.21 Oman
Qatar 10.00% 0.1 Pakistan
Ras Al Khaimah (Emirate of) 0.00% 0 Palestinian Territory
Romania 16.00% 0.16 Panama
Russia 20.00% 0.2 Papua New Guinea
Rwanda 30.00% 0.3 Paraguay
Saudi Arabia 20.00% 0.2 Peru
Senegal 30.00% 0.3 Philippines
Serbia 15.00% 0.15 Poland
Sharjah 0.00% 0 Portugal
Singapore 17.00% 0.17 Qatar
Slovakia 21.00% 0.21 Romania
Slovenia 19.00% 0.19 Russia
Solomon Islands 30.00% 0.3 Rwanda
South Africa 27.00% 0.27 Saint Kitts and Nevis
Spain 25.00% 0.25 Saint Lucia
Sri Lanka 24.00% 0.24 Saint Vincent and the Gre
St. Maarten 27.18% 0.2718 Samoa
St. Vincent & the Grenadines 27.18% 0.2718 Saudi Arabia
Suriname 36.00% 0.36 Senegal
Swaziland 27.50% 0.275 Serbia
Sweden 20.60% 0.206 Sierra Leone
Switzerland 18.00% 0.18 Singapore
Taiwan 20.00% 0.2 Sint Maarten (Dutch part)
Tajikistan 18.00% 0.18 Slovakia
Tanzania 30.00% 0.3 Slovenia
Thailand 20.00% 0.2 Solomon Islands
Togo 22.81% 0.2281 South Africa
Trinidad and Tobago 30.00% 0.3 Spain
Tunisia 15.00% 0.15 Sri Lanka
Turkey 23.00% 0.23 St Maarten
Turks and Caicos Islands 0.00% 0 Sudan
Uganda 30.00% 0.3 Suriname
Ukraine 18.00% 0.18 Swaziland
United Arab Emirates 0.00% 0 Sweden
United Kingdom 25.00% 0.25 Switzerland
United States 25.00% 0.25 Syria
Uruguay 25.00% 0.25 Taiwan
Uzbekistan 15.00% 0.15 Tajikistan
Venezuela 34.00% 0.34 Tanzania
Vietnam 20.00% 0.2 Thailand
Zambia 35.00% 0.35 Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Yemen
Zambia
Zimbabwe
 2022 Region Average Tax Rate
20.00% Europe average 18.98%
15.00% Global average 23.64%
26.00% Latin America average 27.18%
10.00% North America average 26.75%
25.00% Oceania average 28.43%
0.00% OECD average 22.81%
25.00% South America average 27.18%
35.00%
18.00%
25.00%
30.00%
24.00%
20.00%
0.00%
0.00%
32.50%
5.50%
18.00%
25.00%
30.00%
0.00%
25.00%
25.00%
10.00%
22.00%
34.00%
18.50%
10.00%
28.00%
30.00%
20.00%
33.00%
25.00%
0.00%
27.00%
25.00%
35.00%
28.00%
30.00%
30.00%
18.00%
22.00%
12.50%
19.00%
22.00%
25.00%
25.00%
27.00%
25.00%
22.50%
30.00%
20.00%
30.00%
20.00%
20.00%
25.00%
30.00%
27.00%
15.00%
30.00%
25.00%
10.00%
22.00%
28.00%
25.00%
0.00%
25.00%
16.50%
9.00%
20.00%
30.00%
22.00%
15.00%
12.50%
0.00%
23.00%
24.00%
25.00%
25.00%
23.20%
0.00%
20.00%
20.00%
30.00%
25.00%
15.00%
10.00%
20.00%
17.00%
24.00%
12.50%
15.00%
24.94%
12.00%
10.00%
20.00%
30.00%
24.00%
35.00%
25.00%
15.00%
30.00%
12.00%
33.00%
25.00%
15.00%
31.00%
32.00%
22.00%
32.00%
25.80%
28.00%
30.00%
30.00%
22.00%
15.00%
29.00%
15.00%
25.00%
30.00%
10.00%
29.50%
25.00%
19.00%
21.00%
10.00%
16.00%
20.00%
30.00%
33.00%
30.00%
30.00%
27.00%
20.00%
30.00%
15.00%
30.00%
17.00%
35.00%
21.00%
19.00%
30.00%
27.00%
25.00%
24.00%
35.00%
35.00%
36.00%
27.50%
20.60%
18.00%
28.00%
20.00%
18.00%
30.00%
20.00%
30.00%
15.00%
23.00%
20.00%
0.00%
30.00%
18.00%
0.00%
25.00%
25.00%
25.00%
15.00%
0.00%
34.00%
20.00%
20.00%
35.00%
24.72%
Country PRS Score Total Equity Risk Premiu Rating-based Default Spr
Abu Dhabi #N/A 5.75% 0.53%
Albania 65.25 11.83% 4.82%
Andorra (Principality of) #N/A 7.89% 2.04%
Angola 66.25 14.86% 6.95%
Argentina 60.50 23.21% 12.84%
Armenia 60.75 10.46% 3.85%
Aruba #N/A 7.89% 2.04%
Australia 80.50 5.00% 0.00%
Austria 78.75 5.61% 0.43%
Azerbaijan 73.00 8.80% 2.68%
Bahamas 74.50 11.83% 4.82%
Bahrain 68.50 13.35% 5.88%
Bangladesh 62.75 11.83% 4.82%
Barbados #N/A 16.38% 8.02%
Belarus 60.75 29.82% 17.50%
Belgium 75.00 5.91% 0.64%
Belize #N/A 18.66% 9.63%
Benin #N/A 11.83% 4.82%
Bermuda #N/A 6.28% 0.91%
Bolivia 64.00 16.38% 8.02%
Bosnia and Herzegovina #N/A 14.86% 6.95%
Botswana 79.25 6.82% 1.28%
Brazil 70.00 9.57% 3.22%
Bulgaria 71.75 7.43% 1.71%
Burkina Faso 59.25 16.38% 8.02%
Cambodia #N/A 13.35% 5.88%
Cameroon 61.50 13.35% 5.88%
Canada 81.25 5.00% 0.00%
Cape Verde #N/A 14.86% 6.95%
Cayman Islands #N/A 5.91% 0.64%
Chile 70.50 6.28% 0.91%
China #N/A 6.07% 0.75%
Colombia 63.50 7.89% 2.04%
Congo (Democratic Republic of) 60.50 14.86% 6.95%
Congo (Republic of) 68.30 18.66% 9.63%
Cook Islands #N/A 13.35% 5.88%
Costa Rica 71.50 13.35% 5.88%
Côte d'Ivoire 63.50 10.46% 3.85%
Croatia 74.00 7.89% 2.04%
Cuba 69.00 23.21% 12.84%
Curacao #N/A 7.89% 2.04%
Cyprus 71.00 8.80% 2.68%
Czech Republic 75.75 5.91% 0.64%
Denmark 84.50 5.00% 0.00%
Dominican Republic 71.75 10.46% 3.85%
Ecuador 67.75 20.18% 10.70%
Egypt 55.75 14.86% 6.95%
El Salvador 66.00 20.18% 10.70%
Estonia 70.50 6.07% 0.75%
Ethiopia 59.25 18.66% 9.63%
Fiji #N/A 11.83% 4.82%
Finland 78.50 5.61% 0.43%
France 71.75 5.75% 0.53%
Gabon 69.25 16.38% 8.02%
Georgia #N/A 9.57% 3.22%
Germany 79.25 5.00% 0.00%
Ghana 60.75 23.21% 12.84%
Greece 69.00 10.46% 3.85%
Guatemala 70.50 8.80% 2.68%
Guernsey (States of) #N/A 5.75% 0.53%
Honduras 67.00 11.83% 4.82%
Hong Kong 78.75 5.91% 0.64%
Hungary 73.00 7.89% 2.04%
Iceland 79.75 6.28% 0.91%
India 70.25 8.33% 2.35%
Indonesia 69.75 7.89% 2.04%
Iraq 69.25 16.38% 8.02%
Ireland 82.75 5.91% 0.64%
Isle of Man #N/A 5.91% 0.64%
Israel 74.00 6.07% 0.75%
Italy 74.50 8.33% 2.35%
Jamaica 72.25 13.35% 5.88%
Japan 80.25 6.07% 0.75%
Jersey (States of) #N/A 5.91% 0.64%
Jordan 65.25 11.83% 4.82%
Kazakhstan 77.00 7.89% 2.04%
Kenya 57.00 14.86% 6.95%
Korea 77.80 5.75% 0.53%
Kuwait 81.50 6.07% 0.75%
Kyrgyzstan #N/A 14.86% 6.95%
Latvia 72.00 6.82% 1.28%
Lebanon 35.00 29.82% 17.50%
Liechtenstein #N/A 5.00% 0.00%
Lithuania 69.50 6.28% 0.91%
Luxembourg 85.50 5.00% 0.00%
Macao #N/A 5.91% 0.64%
Macedonia #N/A 10.46% 3.85%
Malaysia 75.75 6.82% 1.28%
Maldives #N/A 16.38% 8.02%
Mali 58.00 18.66% 9.63%
Malta 73.50 6.28% 0.91%
Mauritius #N/A 8.33% 2.35%
Mexico 66.75 7.89% 2.04%
Moldova 58.25 14.86% 6.95%
Mongolia 65.25 14.86% 6.95%
Montenegro #N/A 11.83% 4.82%
Montserrat #N/A 8.33% 2.35%
Morocco 66.25 8.80% 2.68%
Mozambique 54.50 18.66% 9.63%
Namibia 68.00 11.83% 4.82%
Netherlands 80.25 5.00% 0.00%
New Zealand 77.50 5.00% 0.00%
Nicaragua 63.50 14.86% 6.95%
Niger 52.75 14.86% 6.95%
Nigeria 58.50 16.38% 8.02%
Norway 86.75 5.00% 0.00%
Oman 76.50 9.57% 3.22%
Pakistan 48.75 20.18% 10.70%
Panama 73.75 7.89% 2.04%
Papua New Guinea 69.25 13.35% 5.88%
Paraguay 63.75 8.80% 2.68%
Peru 69.25 7.43% 1.71%
Philippines 71.00 7.89% 2.04%
Poland 70.75 6.28% 0.91%
Portugal 75.50 7.89% 2.04%
Qatar 80.75 5.91% 0.64%
Ras Al Khaimah (Emirate of) #N/A 6.82% 1.28%
Romania 67.25 8.33% 2.35%
Russia 68.75 23.21% 12.84%
Rwanda #N/A 13.35% 5.88%
Saudi Arabia 84.25 6.07% 0.75%
Senegal 58.25 10.46% 3.85%
Serbia #N/A 9.57% 3.22%
Sharjah #N/A 8.80% 2.68%
Singapore 84.75 5.00% 0.00%
Slovakia 69.25 6.28% 0.91%
Slovenia 74.00 6.82% 1.28%
Solomon Islands #N/A 16.38% 8.02%
South Africa 66.75 9.57% 3.22%
Spain 71.75 7.43% 1.71%
Sri Lanka 52.50 23.21% 12.84%
St. Maarten #N/A 9.57% 3.22%
St. Vincent & the Grenadines #N/A 14.86% 6.95%
Suriname 56.50 20.18% 10.70%
Swaziland #N/A 14.86% 6.95%
Sweden 80.00 5.00% 0.00%
Switzerland 87.25 5.00% 0.00%
Taiwan 84.75 5.91% 0.64%
Tajikistan #N/A 14.86% 6.95%
Tanzania 65.25 13.35% 5.88%
Thailand 69.50 7.43% 1.71%
Togo 62.75 14.86% 6.95%
Trinidad and Tobago #N/A 9.57% 3.22%
Tunisia 60.75 18.66% 9.63%
Turkey 57.25 14.86% 6.95%
Turks and Caicos Islands #N/A 7.43% 1.71%
Uganda 60.00 13.35% 5.88%
Ukraine 52.25 23.21% 12.84%
United Arab Emirates 81.75 5.75% 0.53%
United Kingdom 74.50 5.91% 0.64%
United States 69.75 5.00% 0.00%
Uruguay 75.50 7.89% 2.04%
Uzbekistan 72.50 10.46% 3.85%
Venezuela 59.75 29.82% 17.50%
Vietnam 71.50 9.57% 3.22%
Zambia 62.75 23.21% 12.84%

Algeria 68.75 3.85%

Brunei 81.75 0.64%
Gambia 66.00 5.88%
Guinea 57.50 9.63%
Guinea-Bissau 64.50 5.88%
Guyana 75.00 1.71%
Haiti 54.50 12.84%
Iran 62.75 6.95%
Korea, D.P.R. 51.00 12.84%
Liberia 56.25 10.70%
Libya 73.75 2.04%
Madagascar 62.75 6.95%
Malawi 52.75 12.84%
Myanmar 56.00 10.70%
Russia 68.75 3.85%
Sierra Leone 53.00 12.84%
Somalia 51.50 12.84%
Sudan 43.00 17.50%
Syria 48.75 17.50%
Yemen, Republic 55.75 10.70%
Zimbabwe 61.25 8.02%
Final ERP Tax Rate CRP PRS Score
5.75% 15.00% 0.75% More than
11.83% 15.00% 6.83% 0
7.89% 18.98% 2.89% 50.001
14.86% 25.00% 9.86% 55.001
23.21% 35.00% 18.21% 57.001
10.46% 18.00% 5.46% 60.001
7.89% 25.00% 2.89% 62.001
5.00% 30.00% 0.00% 64.001
5.61% 24.00% 0.61% 66.001
8.80% 20.00% 3.80% 68.001
11.83% 0.00% 6.83% 69.001
13.35% 0.00% 8.35% 72.001
11.83% 32.50% 6.83% 74.001
16.38% 5.50% 11.38% 76.001
29.82% 18.00% 24.82% 80.001
5.91% 25.00% 0.91% 82.501
18.66% 27.18% 13.66% 85.001
11.83% 30.00% 6.83%
6.28% 0.00% 1.28% Rating
16.38% 25.00% 11.38% Aaa
14.86% 10.00% 9.86% Aa1
6.82% 22.00% 1.82% Aa2
9.57% 34.00% 4.57% Aa3
7.43% 10.00% 2.43% A1
16.38% 28.00% 11.38% A2
13.35% 20.00% 8.35% A3
13.35% 33.00% 8.35% Baa1
5.00% 25.00% 0.00% Baa2
14.86% 0.00% 9.86% Baa3
5.91% 0.00% 0.91% Ba1
6.28% 27.00% 1.28% Ba2
6.07% 25.00% 1.07% Ba3
7.89% 35.00% 2.89% B1
14.86% 30.00% 9.86% B2
18.66% 28.00% 13.66% B3
13.35% 28.43% 8.35% Caa1
13.35% 30.00% 8.35% Caa2
10.46% 25.00% 5.46% Caa3
7.89% 18.00% 2.89% Ca
23.21% 27.18% 18.21% C
7.89% 22.00% 2.89%
8.80% 12.50% 3.80%
5.91% 19.00% 0.91%
5.00% 22.00% 0.00%
10.46% 27.00% 5.46%
20.18% 25.00% 15.18%
14.86% 22.50% 9.86%
20.18% 30.00% 15.18%
6.07% 20.00% 1.07%
18.66% 30.00% 13.66%
11.83% 20.00% 6.83%
5.61% 20.00% 0.61%
5.75% 25.00% 0.75%
16.38% 30.00% 11.38%
9.57% 15.00% 4.57%
5.00% 30.00% 0.00%
23.21% 25.00% 18.21%
10.46% 22.00% 5.46%
8.80% 25.00% 3.80%
5.75% 0.00% 0.75%
11.83% 25.00% 6.83%
5.91% 16.50% 0.91%
7.89% 9.00% 2.89%
6.28% 20.00% 1.28%
8.33% 30.00% 3.33%
7.89% 22.00% 2.89%
16.38% 15.00% 11.38%
5.91% 12.50% 0.91%
5.91% 0.00% 0.91%
6.07% 23.00% 1.07%
8.33% 24.00% 3.33%
13.35% 25.00% 8.35%
6.07% 23.20% 1.07%
5.91% 0.00% 0.91%
11.83% 20.00% 6.83%
7.89% 20.00% 2.89%
14.86% 30.00% 9.86%
5.75% 25.00% 0.75%
6.07% 15.00% 1.07%
14.86% 10.00% 9.86%
6.82% 20.00% 1.82%
29.82% 17.00% 24.82%
5.00% 12.50% 0.00%
6.28% 15.00% 1.28%
5.00% 24.94% 0.00%
5.91% 22.81% 0.91%
10.46% 10.00% 5.46%
6.82% 24.00% 1.82%
16.38% 22.81% 11.38%
18.66% 22.81% 13.66%
6.28% 35.00% 1.28%
8.33% 15.00% 3.33%
7.89% 30.00% 2.89%
14.86% 12.00% 9.86%
14.86% 25.00% 9.86%
11.83% 15.00% 6.83%
8.33% 27.18% 3.33%
8.80% 31.00% 3.80%
18.66% 32.00% 13.66%
11.83% 32.00% 6.83%
5.00% 25.80% 0.00%
5.00% 28.00% 0.00%
14.86% 30.00% 9.86%
14.86% 22.81% 9.86%
16.38% 30.00% 11.38%
5.00% 22.00% 0.00%
9.57% 15.00% 4.57%
20.18% 29.00% 15.18%
7.89% 25.00% 2.89%
13.35% 30.00% 8.35%
8.80% 10.00% 3.80%
7.43% 29.50% 2.43%
7.89% 25.00% 2.89%
6.28% 19.00% 1.28%
7.89% 21.00% 2.89%
5.91% 10.00% 0.91%
6.82% 0.00% 1.82%
8.33% 16.00% 3.33%
23.21% 20.00% 18.21%
13.35% 30.00% 8.35%
6.07% 20.00% 1.07%
10.46% 30.00% 5.46%
9.57% 15.00% 4.57%
8.80% 0.00% 3.80%
5.00% 17.00% 0.00%
6.28% 21.00% 1.28%
6.82% 19.00% 1.82%
16.38% 30.00% 11.38%
9.57% 27.00% 4.57%
7.43% 25.00% 2.43%
23.21% 24.00% 18.21%
9.57% 27.18% 4.57%
14.86% 27.18% 9.86%
20.18% 36.00% 15.18%
14.86% 27.50% 9.86%
5.00% 20.60% 0.00%
5.00% 18.00% 0.00%
5.91% 20.00% 0.91%
14.86% 18.00% 9.86%
13.35% 30.00% 8.35%
7.43% 20.00% 2.43%
14.86% 22.81% 9.86%
9.57% 30.00% 4.57%
18.66% 15.00% 13.66%
14.86% 23.00% 9.86%
7.43% 0.00% 2.43%
13.35% 30.00% 8.35%
23.21% 18.00% 18.21%
5.75% 0.00% 0.75%
5.91% 25.00% 0.91%
5.00% 25.00% 0.00%
7.89% 25.00% 2.89%
10.46% 15.00% 5.46%
29.82% 34.00% 24.82%
9.57% 20.00% 4.57%
23.21% 35.00% 18.21%

10.46% 26.00% 5.46%

5.91% 18.50% 0.91%
13.35% 31.00% 8.35%
18.66% 29.15% 13.66%
13.35% 29.15% 8.35%
7.43% 18.64% 2.43%
23.21% 18.64% 18.21%
14.86% 20.23% 9.86%
23.21% 23.10% 18.21%
20.18% 29.15% 15.18%
7.89% 20.00% 2.89%
14.86% 20.00% 9.86%
23.21% 30.00% 18.21%
20.18% 25.00% 15.18%
10.46% 25.00% 5.46%
23.21% 30.00% 18.21%
23.21% 29.15% 18.21%
29.82% 35.00% 24.82%
29.82% 28.00% 24.82%
20.18% 20.00% 15.18%
16.38% 25.00% 11.38%
PRS Score Country PRS
Less than ERP Default Spread Albania 65.3
50.000 29.82% 17.50% Below Ca Algeria 68.8
55.000 23.21% 12.84% Ca Angola 66.3
57.000 20.18% 10.70% Caa3 Argentina 60.5
60.000 18.66% 9.63% Caa2 Armenia 60.8
62.000 16.38% 8.02% Caa1 Australia 80.5
64.000 14.86% 6.95% B3 Austria 78.8
66.000 13.35% 5.88% B2 Azerbaijan 73.0
68.000 11.83% 4.82% B1 Bahamas 74.5
69.000 10.46% 3.85% Ba3 Bahrain 68.5
72.000 9.57% 3.22% Ba2 Bangladesh 62.8
74.000 7.89% 2.04% Baa2 Belarus 60.8
76.000 7.43% 1.71% Baa1 Belgium 75.0
80.000 6.28% 0.91% A2 Bolivia 64.0
82.500 5.91% 0.64% Aa3 Botswana 79.3
85.000 5.61% 0.43% Aa1 Brazil 70.0
90.000 5.00% 0.00% Aaa Brunei 81.8
Bulgaria 71.8
Updated Default Spread (12/31/22) Burkina Faso 59.3
0.00% Cameroon 61.5
0.43% Canada 81.3
0.53% Chile 70.5
0.64% China, Peoples' 71.8
0.75% Colombia 63.5
0.91% Congo, Dem. R 60.5
1.28% Congo, Republ 68.3
1.71% Costa Rica 71.5
2.04% Cote d'Ivoire 63.5
2.35% Croatia 74.0
2.68% Cuba 69.0
3.22% Cyprus 71.0
3.85% Czech Republi 75.8
4.82% Denmark 84.5
5.88% Dominican Rep 71.8
6.95% Ecuador 67.8
8.02% Egypt 55.8
9.63% El Salvador 66.0
10.70% Estonia 70.5
12.84% Ethiopia 59.3
17.50% Finland 78.5
France 71.8
Gabon 69.3
Gambia 66.0
Germany 79.3
Ghana 60.8
Greece 69.0
Guatemala 70.5
Guinea 57.5
Guinea-Bissau 64.5
Guyana 75.0
Haiti 54.5
Honduras 67.0
Hong Kong 78.8
Hungary 73.0
Iceland 79.8
India 70.3
Indonesia 69.8
Iran 62.8
Iraq 69.3
Ireland 82.8
Israel 74.0
Italy 74.5
Jamaica 72.3
Japan 80.3
Jordan 65.3
Kazakhstan 77.0
Kenya 57.0
Korea, D.P.R. 51.0
Korea, Republi 79.3
Kuwait 81.5
Latvia 72.0
Lebanon 35.0
Liberia 56.3
Libya 73.8
Lithuania 69.5
Luxembourg 85.5
Madagascar 62.8
Malawi 52.8
Malaysia 75.8
Mali 58.0
Malta 73.5
Mexico 66.8
Moldova 58.3
Mongolia 65.3
Morocco 66.3
Mozambique 54.5
Myanmar 56.0
Namibia 68.0
Netherlands 80.3
New Zealand 77.5
Nicaragua 63.5
Niger 52.8
Nigeria 58.5
Norway 86.8
Oman 76.5
Pakistan 48.8
Panama 73.8
Papua New Gui 69.3
Paraguay 63.8
Peru 69.3
Philippines 71.0
Poland 70.8
Portugal 75.5
Qatar 80.8
Romania 67.3
Russia 68.8
Saudi Arabia 84.3
Senegal 58.3
Serbia 66.5
Sierra Leone 53.0
Singapore 84.8
Slovakia 69.3
Slovenia 74.0
Somalia 51.5
South Africa 66.8
Spain 71.8
Sri Lanka 52.5
Sudan 43.0
Suriname 56.5
Sweden 80.0
Switzerland 87.3
Syria 48.8
 Taiwan 84.8
Tanzania 65.3
Thailand 69.5
Togo 62.8
Trinidad & To 76.8
Tunisia 60.8
Turkey 57.3
Uganda 60.0
Ukraine 52.3
United Arab Em 81.8
United Kingdo 74.5
United States 69.8
Uruguay 75.5
Uzbekistan 72.5
Venezuela 59.8
Vietnam 71.5
Yemen, Republ 55.8
Zambia 62.8
Zimbabwe 61.3

Row Labels Average of Corporate Tax Rate

Africa 29.15%
Asia 23.10%
Australia & New Zealan 19.33%
Caribbean 18.64%
Central and South Amer 27.93%
Eastern Europe & Russi 16.69%
Middle East 20.23%
North America 25.75%
Western Europe 20.02%
Updating Sequence
1. Relative Risk Worksheet
2. Sovereign Ratings
3. CDS Worksheet
4. Default Spreads
5. PRS Worksheet
6. Country GDP
7. Country tax rates
8. Regional Weighted averages