Table 1: Summary Analysis of Data
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| | | Market | Monthly | Monthly | Monthly | Correlation with | Correlation with | IFC Investables | Beta With | IFC Investables | | Conditional Beta | Conditional |
| | | Capitalization | Arithmetic | Geometric | Standard | World Market | World Market | with World Market | World Market | with World Market | Conditional | (Log(CCR)- | Beta With |
| | | Millions US$ | Mean Return | Mean Return | Deviation | Full Sample | Last Five Years | Last Five Years | Last Five Years | Last Five Years | Beta With | Ave(Log CCR))* | World Market |
| Country | Source | Sample Start | March 1995 | Annualized | Annualized | Annualized | Monthly | Monthly | Monthly | Monthly | Monthly | World Market | World Market | March 1995 |
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| Argentina | IFC | October 1979 | $17,939 | 42.0% | 7.9% | 93.1% | -0.01 | 0.12 | 0.12 | 1.80 | 0.54 | 0.19 | -1.62 | -0.19 |
| Australia | MSCI | October 1979 | $120,148 | 15.1% | 12.3% | 26.6% | 0.52 | 0.49 | | 1.27 | | 0.82 | 1.08 | 0.70 |
| Austria | MSCI | October 1979 | $18,222 | 13.8% | 11.1% | 25.2% | 0.30 | 0.54 | | 0.62 | | 0.55 | -14.98 | 0.25 |
| Belgium | MSCI | October 1979 | $53,215 | 17.6% | 16.9% | 21.2% | 0.62 | 0.72 | | 0.53 | | 0.99 | -5.51 | 0.98 |
| Brazil | IFC | October 1979 | $81,800 | 33.1% | 14.0% | 64.0% | 0.09 | 0.19 | 0.16 | 0.68 | 0.85 | -0.05 | -2.87 | 0.32 |
| Canada | MSCI | October 1979 | $178,656 | 9.7% | 8.1% | 19.6% | 0.69 | 0.55 | | 0.75 | | 0.71 | 4.64 | 0.41 |
| Chile | IFC | October 1979 | $45,500 | 24.9% | 21.8% | 32.0% | 0.07 | 0.12 | 0.15 | 0.45 | 0.30 | 0.20 | -2.19 | -0.62 |
| China | IFC | April 1993 | $28,407 | 6.3% | -18.8% | 86.6% | 0.05 | 0.05 | 0.17 | 0.35 | 0.69 | 7.57 | 269.63 | 8.29 |
| Colombia | IFC | October 1985 | $10,620 | 39.7% | 41.6% | 31.4% | 0.06 | 0.08 | 0.08 | -0.19 | 0.29 | -0.08 | 2.74 | 0.33 |
| Denmark | MSCI | October 1979 | $36,785 | 15.4% | 14.5% | 20.1% | 0.51 | 0.63 | | 0.70 | | 0.57 | -9.54 | -0.14 |
| Finland | MSCI | April 1988 | $25,685 | 8.1% | 6.4% | 26.8% | 0.47 | 0.51 | | 1.66 | | 2.69 | -31.81 | 4.95 |
| France | MSCI | October 1979 | $299,756 | 15.0% | 13.0% | 23.4% | 0.65 | 0.73 | | 1.06 | | 1.19 | -10.34 | 0.81 |
| Germany | MSCI | October 1979 | $311,842 | 14.1% | 12.5% | 22.4% | 0.56 | 0.66 | | 0.67 | | 0.87 | -4.76 | 1.04 |
| Greece | IFC | October 1979 | $9,799 | 7.9% | 1.4% | 37.9% | 0.17 | 0.18 | 0.18 | 0.62 | 0.58 | 0.38 | -6.80 | 0.67 |
| Hong Kong | MSCI | October 1979 | $141,414 | 24.2% | 19.5% | 33.9% | 0.43 | 0.47 | | 1.36 | | 0.84 | 1.60 | 0.77 |
| Hungary | IFC | April 1993 | $759 | -3.5% | -10.1% | 41.5% | 0.45 | 0.45 | 0.47 | 1.68 | 2.34 | -7.93 | -323.95 | -14.00 |
| India | IFC | October 1979 | $71,904 | 17.4% | 14.1% | 29.5% | -0.05 | -0.16 | 0.01 | -0.09 | 0.04 | -0.81 | 6.24 | -1.35 |
| Indonesia | IFC | October 1990 | $21,841 | 3.3% | -1.4% | 30.8% | 0.12 | 0.25 | 0.15 | 0.92 | 0.39 | 1.88 | 32.87 | 2.65 |
| Ireland | MSCI | April 1988 | $13,187 | 13.7% | 12.0% | 22.6% | 0.69 | 0.77 | | 1.17 | | 0.62 | 2.47 | 0.76 |
| Italy | MSCI | October 1979 | $97,527 | 15.2% | 12.8% | 27.7% | 0.47 | 0.44 | | 0.64 | | 1.69 | -16.14 | 2.38 |
| Japan | MSCI | October 1979 | $2,098,944 | 17.8% | 16.0% | 25.1% | 0.74 | 0.83 | | 1.87 | | 1.45 | -12.34 | 1.89 |
| Jordan | IFC | October 1979 | $3,093 | 9.2% | 8.0% | 17.5% | 0.13 | 0.20 | 0.23 | 0.07 | 0.25 | 0.03 | -1.76 | 0.50 |
| Malaysia | IFC | October 1985 | $138,774 | 16.6% | 13.6% | 27.4% | 0.41 | 0.47 | 0.46 | 0.73 | 0.90 | 0.38 | -15.92 | -1.29 |
| Mexico | IFC | October 1979 | $47,962 | 20.8% | 9.1% | 46.5% | 0.24 | 0.29 | 0.30 | 0.92 | 0.80 | 1.38 | -4.78 | 0.87 |
| Netherlands | MSCI | October 1979 | $182,581 | 18.6% | 18.5% | 18.0% | 0.75 | 0.77 | | 0.97 | | 0.86 | -0.25 | 0.86 |
| New Zealand | MSCI | April 1988 | $18,906 | 9.2% | 7.8% | 25.4% | 0.39 | 0.56 | | 1.61 | | 0.62 | -9.32 | 1.56 |
| Nigeria | IFC | October 1985 | $654 | 10.5% | -5.8% | 54.6% | 0.09 | 0.13 | N/A | 0.86 | N/A | -0.77 | 1.16 | -0.82 |
| Norway | MSCI | October 1979 | $19,010 | 14.1% | 11.2% | 27.9% | 0.56 | 0.58 | | 1.37 | | 0.73 | 3.05 | 0.87 |
| Pakistan | IFC | October 1985 | $7,758 | 19.1% | 17.7% | 24.3% | 0.01 | 0.01 | -0.03 | -0.28 | -0.12 | -0.17 | 0.63 | -0.16 |
| Peru | IFC | April 1993 | $5,266 | 30.2% | 24.1% | 40.2% | 0.38 | 0.38 | 0.36 | 1.36 | 1.31 | -7.34 | -29.00 | -14.09 |
| Philippines | IFC | October 1985 | $30,043 | 42.9% | 43.0% | 37.4% | 0.32 | 0.34 | 0.24 | 0.68 | 0.67 | 1.72 | -1.04 | 1.41 |
| Poland | IFC | April 1993 | $1,713 | 97.3% | 77.2% | 96.3% | 0.45 | 0.45 | 0.45 | 3.90 | 3.90 | -7.75 | -259.67 | -36.01 |
| Portugal | IFC | October 1986 | $11,662 | 32.6% | 26.6% | 44.7% | 0.41 | 0.62 | 0.58 | 1.03 | 0.95 | 2.09 | -25.72 | -0.55 |
| Singapore | MSCI | October 1979 | $55,835 | 16.1% | 13.4% | 25.7% | 0.53 | 0.70 | | 0.95 | | 0.61 | -20.23 | -0.39 |
| South Africa | IFC | April 1993 | $140,934 | 43.8% | 46.8% | 26.7% | 0.33 | 0.33 | 0.34 | 0.80 | 0.82 | 3.49 | -134.66 | 0.83 |
| South Korea | IFC | October 1979 | $123,159 | 16.0% | 12.2% | 30.6% | 0.23 | 0.35 | 0.15 | 0.26 | 0.38 | 1.06 | -1.20 | 0.93 |
| Spain | MSCI | October 1979 | $73,334 | 15.3% | 13.7% | 24.1% | 0.56 | 0.71 | | 1.42 | | 1.19 | -2.00 | 1.11 |
| Sri Lanka | IFC | April 1993 | $1,648 | 18.9% | 13.7% | 34.1% | 0.01 | 0.01 | 0.10 | 0.02 | 0.30 | -11.40 | -121.59 | -24.91 |
| Sweden | MSCI | October 1979 | $76,728 | 21.6% | 21.1% | 24.0% | 0.59 | 0.72 | | 1.66 | | 1.37 | -12.55 | 2.05 |
| Switzerland | MSCI | October 1979 | $240,254 | 14.2% | 13.1% | 19.2% | 0.69 | 0.78 | | 0.77 | | 1.00 | -3.62 | 1.08 |
| Taiwan | IFC | October 1985 | $147,472 | 35.8% | 25.9% | 51.3% | 0.22 | 0.33 | 0.28 | 1.11 | 0.97 | 2.22 | 15.24 | 2.78 |
| Thailand | IFC | October 1979 | $90,882 | 22.1% | 20.1% | 27.1% | 0.27 | 0.34 | 0.34 | 0.32 | 0.83 | 0.46 | 4.00 | 0.89 |
| Turkey | IFC | October 1987 | $19,541 | 45.1% | 23.4% | 73.1% | 0.06 | 0.05 | 0.04 | 0.08 | 0.18 | 0.71 | -70.87 | 1.37 |
| United Kingdom | MSCI | October 1979 | $779,121 | 16.4% | 15.1% | 21.5% | 0.76 | 0.80 | | 1.14 | | 0.86 | 6.79 | 0.83 |
| United States | MSCI | October 1979 | $3,030,838 | 14.8% | 14.7% | 15.0% | 0.77 | 0.70 | | 0.43 | | 0.84 | -0.39 | 0.85 |
| Venezuela | IFC | October 1985 | $2,992 | 21.7% | 11.5% | 46.1% | -0.08 | -0.02 | -0.05 | 0.47 | -0.20 | -1.23 | 9.17 | -1.34 |
| Zimbabwe | IFC | October 1979 | $1,179 | 13.3% | 7.4% | 35.3% | 0.08 | 0.11 | 0.07 | 0.69 | 0.25 | 0.00 | -3.68 | -0.61 |
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