Ryan Shen-Hoover writing in the Cheetah Index asks the question:
Would a portfolio consisting of equal allocations to each of these 10 African markets be exposed to unacceptable levels of risk? To find out, I back-tested such a portfolio and compared it to the S&P500 and EEM using the most recent 16 months of returns.
The S&P500 returned an average of –0.04% per month with a 3.42% standard deviation. The Emerging Market Index posted better returns of 1.71% but was more volatile with a 6.31% standard deviation. Our Africa portfolio returned 2.90% with a 2.36% deviation. Better returns and less volatility. Could Africa be an investor’s safest and most rewarding bet?
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