Anomaly Lab: The CAPM on Trial

FIN 30600 · Investment Theory — Topic 5 · §1–2 · Notre Dame

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Anomaly Lab

Sort (decile portfolios)

D1 = lowest decile, D10 = highest, value-weighted, rebalanced per Ken French's methodology.

Factor model
Sample window

Calendar years, inclusive; the data starts 1963-07 and ends 2026-05. The window is held to at least 5 years (the end year clamps up if needed).

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Decile portfolios D1–D10

Where does the return come from?

actual avg. excess return

Information ratio — does an anomaly fund help a market investor?

Source: Ken French data library, value-weighted decile portfolios, monthly 07/1963–05/2026 (202605 CRSP vintage); the deck tables use a 2023 vintage — small differences are data revisions, not errors.