Table 4 Investment performance by Latin... | Emerald Publishing

Table 4

Investment performance by Latin American artistic style, S&P 500 and US 10-year Government bonds (USD real returns)

Yearly returns/style	Abstract-geometric	Abstract-informal	Conceptual	Costumbrism	Cubism	Figurative	Muralism	Landscape	Surrealism	Nineteenth century	Avant garde	S&P 500	US Bonds
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
	1971–2014	1971–2014	1996–2014	1971–2014	1981–2014	1971–2014	1971–2014	1971–2014	1971–2014	1971–2014	1971–2014	1971–2014	1971–2014
Arithmetic mean return (%)	9.99	3.54	18.41	14.76	12.95	2.39	1.35	0.01	0.12	5.35	5.10	7.57	5.48
Geometric mean return (%)	1.97	−0.70	10.33	0.91	2.02	−1.14	−0.73	−3.37	−2.20	−1.77	−3.60	5.86	0.72
Standard deviation (%)	47.19	31.34	59.01	53.13	52.03	28.65	21.10	27.97	21.72	39.94	44.99	17.37	8.96
Sharpe ratio	0.20	0.09	0.30	0.26	0.23	0.06	0.03	−0.03	−0.03	0.12	0.10	0.39	0.53

Yearly returns/style	Abstract-geometric	Abstract-informal	Conceptual	Costumbrism	Cubism	Figurative	Muralism	Landscape	Surrealism	Nineteenth century	Avant garde	S&P 500	US Bonds
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)
	1971–2014	1971–2014	1996–2014	1971–2014	1981–2014	1971–2014	1971–2014	1971–2014	1971–2014	1971–2014	1971–2014	1971–2014	1971–2014
Arithmetic mean return (%)	9.99	3.54	18.41	14.76	12.95	2.39	1.35	0.01	0.12	5.35	5.10	7.57	5.48
Geometric mean return (%)	1.97	−0.70	10.33	0.91	2.02	−1.14	−0.73	−3.37	−2.20	−1.77	−3.60	5.86	0.72
Standard deviation (%)	47.19	31.34	59.01	53.13	52.03	28.65	21.10	27.97	21.72	39.94	44.99	17.37	8.96
Sharpe ratio	0.20	0.09	0.30	0.26	0.23	0.06	0.03	−0.03	−0.03	0.12	0.10	0.39	0.53

Source(s): Bloomberg and own calculations