Table 6 Economic significance Model WTI...

Table 6

Economic significance

Model	WTI								Brent
Model	Returns	Volatility	CER	SP	Returns	Volatility	CER	SP	Returns	Volatility	CER	SP	Returns	Volatility	CER	SP
BRAZIL
Model-1	0.0982	2.5328	−4.8969	−0.0084	0.0983	2.5340	−4.8968	−0.0084	0.0982	2.5328	−4.8969	−0.0084	0.0983	2.5340	−4.8968	−0.0084
Model-2	0.1039	2.6149	−4.8678	−0.0048	0.1040	2.6165	−4.8677	−0.0047	0.1014	2.5687	−4.8916	−0.0064	0.1015	2.5701	−4.8915	−0.0063
Model-3	0.1205	2.5256	−5.0155	0.0056	0.1206	2.5275	−5.0154	0.0057	0.1255	2.6000	−4.8651	0.0086	0.1257	2.6020	−4.8650	0.0087
CHINA
Model-1	0.1050	3.6014	−0.4042	−0.0035	0.1043	3.5949	−0.4049	−0.0039	0.1050	3.6014	−0.4042	−0.0035	0.1043	3.5949	−0.4049	−0.0039
Model-2	0.1287	3.7761	−0.3830	0.0088	0.1278	3.7677	−0.3839	0.0083	0.1364	3.8082	−0.3809	0.0127	0.1355	3.7994	−0.3818	0.0123
Model-3	0.1909	4.3345	−0.3442	0.0381	0.1899	4.3241	−0.3453	0.0376	0.2103	4.4207	−0.3235	0.0469	0.2092	4.4096	−0.3247	0.0465
INDIA
Model-1	0.0739	4.0030	−0.6548	−0.0188	0.0737	4.0014	−0.6550	−0.0190	0.0739	4.0030	−0.6548	−0.0188	0.0737	4.0014	−0.6550	−0.0190
Model-2	0.0915	3.8258	−0.6814	−0.0103	0.0911	3.8230	−0.6817	−0.0105	0.0996	3.9741	−0.6686	−0.0060	0.0992	3.9711	−0.6690	−0.0062
Model-3	0.0592	4.2428	−0.6868	−0.0254	0.0590	4.2412	−0.6870	−0.0255	0.0621	4.2892	−0.7141	−0.0239	0.0617	4.2856	−0.7145	−0.0241
INDONESIA
Model-1	0.0926	3.9009	−0.8471	−0.0096	0.0926	3.9017	−0.8471	−0.0096	0.0926	3.9009	−0.8471	−0.0096	0.0926	3.9017	−0.8471	−0.0096
Model-2	0.0993	3.8681	−0.8400	−0.0063	0.0993	3.8695	−0.8400	−0.0063	0.0963	3.8731	−0.8564	−0.0078	0.0963	3.8747	−0.8564	−0.0078
Model-3	0.0986	3.8473	−0.7229	−0.0067	0.0985	3.8489	−0.7229	−0.0067	0.0942	3.7034	−0.7662	−0.0091	0.0940	3.7035	−0.7663	−0.0092
RUSSIA
Model-1	0.0037	4.8304	−1.2623	−0.0491	0.0035	4.8288	−1.2626	−0.0492	0.0037	4.8304	−1.2623	−0.0491	0.0035	4.8288	−1.2626	−0.0492
Model-2	−0.0108	4.7748	−1.3264	−0.0560	−0.0110	4.7733	−1.3266	−0.0561	−0.0021	4.8478	−1.2696	−0.0516	−0.0023	4.8465	−1.2698	−0.0517
Model-3	−0.0029	4.9472	−1.2573	−0.0515	−0.0032	4.9448	−1.2576	−0.0516	−0.0040	4.9277	−1.2837	−0.0521	−0.0043	4.9254	−1.2840	−0.0522
S_AFRICA
Model-1	0.1351	3.5240	−0.4790	0.0125	0.1354	3.5268	−0.4787	0.0126	0.1351	3.5240	−0.4790	0.0125	0.1354	3.5268	−0.4787	0.0126
Model-2	0.1153	3.4096	−0.5464	0.0020	0.1155	3.4118	−0.5462	0.0021	0.1206	3.5370	−0.5142	0.0048	0.1210	3.5401	−0.5139	0.0050
Model-3	0.1541	3.2386	−0.5544	0.0236	0.1542	3.2399	−0.5543	0.0236	0.1433	3.2680	−0.5603	0.0175	0.1434	3.2696	−0.5602	0.0176
S_KOREA
Model-1	0.1594	4.7148	−1.2531	0.0220	0.1592	4.7129	−1.2533	0.0219	0.1594	4.7148	−1.2531	0.0220	0.1592	4.7129	−1.2533	0.0219
Model-2	0.1571	4.7664	−1.2224	0.0208	0.1569	4.7645	−1.2226	0.0207	0.1619	4.7709	−1.2321	0.0230	0.1617	4.7687	−1.2323	0.0229
Model-3	0.1575	4.6355	−1.2336	0.0213	0.1573	4.6333	−1.2338	0.0212	0.1768	4.5825	−1.2544	0.0305	0.1766	4.5805	−1.2546	0.0304
TURKEY
Model-1	0.0687	1.3292	−1.3057	−0.0372	0.0685	1.3284	−1.3059	−0.0374	0.0687	1.3292	−1.3057	−0.0372	0.0685	1.3284	−1.3059	−0.0374
Model-2	0.0612	1.3235	−1.2980	−0.0438	0.0610	1.3232	−1.2981	−0.0440	0.0703	1.3332	−1.2982	−0.0358	0.0700	1.3322	−1.2984	−0.0360
Model-3	0.0476	1.4636	−1.2552	−0.0529	0.0475	1.4636	−1.2553	−0.0530	0.0450	1.4801	−1.2268	−0.0547	0.0449	1.4797	−1.2269	−0.0549
VIETNAM
Model-1	0.1627	6.0269	−1.3374	0.0208	0.1626	6.0265	−1.3374	0.0208	0.1627	6.0269	−1.3374	0.0208	0.1626	6.0265	−1.3374	0.0208
Model-2	0.1463	6.0827	−1.3740	0.0141	0.1463	6.0827	−1.3740	0.0141	0.1537	6.0287	−1.3603	0.0171	0.1537	6.0287	−1.3603	0.0171
Model-3	0.1466	5.9675	−1.3017	0.0143	0.1464	5.9655	−1.3019	0.0142	0.1229	6.0135	−1.3499	0.0046	0.1228	6.0125	−1.3500	0.0045

Model	WTI								Brent
Model	Returns	Volatility	CER	SP	Returns	Volatility	CER	SP	Returns	Volatility	CER	SP	Returns	Volatility	CER	SP
BRAZIL
Model-1	0.0982	2.5328	−4.8969	−0.0084	0.0983	2.5340	−4.8968	−0.0084	0.0982	2.5328	−4.8969	−0.0084	0.0983	2.5340	−4.8968	−0.0084
Model-2	0.1039	2.6149	−4.8678	−0.0048	0.1040	2.6165	−4.8677	−0.0047	0.1014	2.5687	−4.8916	−0.0064	0.1015	2.5701	−4.8915	−0.0063
Model-3	0.1205	2.5256	−5.0155	0.0056	0.1206	2.5275	−5.0154	0.0057	0.1255	2.6000	−4.8651	0.0086	0.1257	2.6020	−4.8650	0.0087
CHINA
Model-1	0.1050	3.6014	−0.4042	−0.0035	0.1043	3.5949	−0.4049	−0.0039	0.1050	3.6014	−0.4042	−0.0035	0.1043	3.5949	−0.4049	−0.0039
Model-2	0.1287	3.7761	−0.3830	0.0088	0.1278	3.7677	−0.3839	0.0083	0.1364	3.8082	−0.3809	0.0127	0.1355	3.7994	−0.3818	0.0123
Model-3	0.1909	4.3345	−0.3442	0.0381	0.1899	4.3241	−0.3453	0.0376	0.2103	4.4207	−0.3235	0.0469	0.2092	4.4096	−0.3247	0.0465
INDIA
Model-1	0.0739	4.0030	−0.6548	−0.0188	0.0737	4.0014	−0.6550	−0.0190	0.0739	4.0030	−0.6548	−0.0188	0.0737	4.0014	−0.6550	−0.0190
Model-2	0.0915	3.8258	−0.6814	−0.0103	0.0911	3.8230	−0.6817	−0.0105	0.0996	3.9741	−0.6686	−0.0060	0.0992	3.9711	−0.6690	−0.0062
Model-3	0.0592	4.2428	−0.6868	−0.0254	0.0590	4.2412	−0.6870	−0.0255	0.0621	4.2892	−0.7141	−0.0239	0.0617	4.2856	−0.7145	−0.0241
INDONESIA
Model-1	0.0926	3.9009	−0.8471	−0.0096	0.0926	3.9017	−0.8471	−0.0096	0.0926	3.9009	−0.8471	−0.0096	0.0926	3.9017	−0.8471	−0.0096
Model-2	0.0993	3.8681	−0.8400	−0.0063	0.0993	3.8695	−0.8400	−0.0063	0.0963	3.8731	−0.8564	−0.0078	0.0963	3.8747	−0.8564	−0.0078
Model-3	0.0986	3.8473	−0.7229	−0.0067	0.0985	3.8489	−0.7229	−0.0067	0.0942	3.7034	−0.7662	−0.0091	0.0940	3.7035	−0.7663	−0.0092
RUSSIA
Model-1	0.0037	4.8304	−1.2623	−0.0491	0.0035	4.8288	−1.2626	−0.0492	0.0037	4.8304	−1.2623	−0.0491	0.0035	4.8288	−1.2626	−0.0492
Model-2	−0.0108	4.7748	−1.3264	−0.0560	−0.0110	4.7733	−1.3266	−0.0561	−0.0021	4.8478	−1.2696	−0.0516	−0.0023	4.8465	−1.2698	−0.0517
Model-3	−0.0029	4.9472	−1.2573	−0.0515	−0.0032	4.9448	−1.2576	−0.0516	−0.0040	4.9277	−1.2837	−0.0521	−0.0043	4.9254	−1.2840	−0.0522
S_AFRICA
Model-1	0.1351	3.5240	−0.4790	0.0125	0.1354	3.5268	−0.4787	0.0126	0.1351	3.5240	−0.4790	0.0125	0.1354	3.5268	−0.4787	0.0126
Model-2	0.1153	3.4096	−0.5464	0.0020	0.1155	3.4118	−0.5462	0.0021	0.1206	3.5370	−0.5142	0.0048	0.1210	3.5401	−0.5139	0.0050
Model-3	0.1541	3.2386	−0.5544	0.0236	0.1542	3.2399	−0.5543	0.0236	0.1433	3.2680	−0.5603	0.0175	0.1434	3.2696	−0.5602	0.0176
S_KOREA
Model-1	0.1594	4.7148	−1.2531	0.0220	0.1592	4.7129	−1.2533	0.0219	0.1594	4.7148	−1.2531	0.0220	0.1592	4.7129	−1.2533	0.0219
Model-2	0.1571	4.7664	−1.2224	0.0208	0.1569	4.7645	−1.2226	0.0207	0.1619	4.7709	−1.2321	0.0230	0.1617	4.7687	−1.2323	0.0229
Model-3	0.1575	4.6355	−1.2336	0.0213	0.1573	4.6333	−1.2338	0.0212	0.1768	4.5825	−1.2544	0.0305	0.1766	4.5805	−1.2546	0.0304
TURKEY
Model-1	0.0687	1.3292	−1.3057	−0.0372	0.0685	1.3284	−1.3059	−0.0374	0.0687	1.3292	−1.3057	−0.0372	0.0685	1.3284	−1.3059	−0.0374
Model-2	0.0612	1.3235	−1.2980	−0.0438	0.0610	1.3232	−1.2981	−0.0440	0.0703	1.3332	−1.2982	−0.0358	0.0700	1.3322	−1.2984	−0.0360
Model-3	0.0476	1.4636	−1.2552	−0.0529	0.0475	1.4636	−1.2553	−0.0530	0.0450	1.4801	−1.2268	−0.0547	0.0449	1.4797	−1.2269	−0.0549
VIETNAM
Model-1	0.1627	6.0269	−1.3374	0.0208	0.1626	6.0265	−1.3374	0.0208	0.1627	6.0269	−1.3374	0.0208	0.1626	6.0265	−1.3374	0.0208
Model-2	0.1463	6.0827	−1.3740	0.0141	0.1463	6.0827	−1.3740	0.0141	0.1537	6.0287	−1.3603	0.0171	0.1537	6.0287	−1.3603	0.0171
Model-3	0.1466	5.9675	−1.3017	0.0143	0.1464	5.9655	−1.3019	0.0142	0.1229	6.0135	−1.3499	0.0046	0.1228	6.0125	−1.3500	0.0045

Note(s): CER – certainty equivalent returns, SP – Sharpe ratio. Models with the highest returns, CER and SP; and least volatility are adjudged to yield the highest economic gains

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