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Statistical Measures of Asset Returns – Module 3 – Quant. Methods – CFA® Level I 2025

Download PDF Now: https://www.finquiz.com/cfa/level-1/s... 2025 Prep Packages for the CFA® Program exam offered by FinQuiz Pro (notes, summaries, question bank, mock exams, and formula sheet): Level I: https://www.finquiz.com/cfa/level-1/ Level II: https://www.finquiz.com/cfa/level-2/ Level III: https://www.finquiz.com/cfa/level-3/ 0:00 Introduction & Importance of Data in Finance Why statistics are crucial for CFA Level 1 Using raw data for meaningful investment insights 1:06 Measures of Central Tendency (Mean, Median, Mode) Arithmetic mean, median, and mode basics Handling outliers (trimmed mean, winsorized mean) Real-world example with stock returns 2:43 Weighted Mean, Geometric Mean & Harmonic Mean When to use each mean in finance Portfolio returns (weighted mean) Growth rates over time (geometric mean) Price averaging in investments (harmonic mean) 4:46 Quantiles: Quartiles, Quintiles, Deciles & Percentiles Breaking data into segments How quantiles help interpret investment return distributions 5:50 Measures of Dispersion (Range, MAD, Variance, Std. Dev.) Defining range, mean absolute deviation, variance, standard deviation How these measures assess investment volatility 8:00 Downside Deviation & Coefficient of Variation (CV) Focus on negative returns with downside deviation CV as a measure of relative risk (risk per unit of return) Illustrative example calculations 10:57 Distribution Shape: Skewness Positive (right) skew, negative (left) skew, and symmetric (normal) Mean, median, mode relationships under skew Why skewness matters for assessing return distributions 13:07 Distribution Shape: Kurtosis Leptokurtic vs. mesokurtic vs. platykurtic Excess kurtosis (fat tails vs. thin tails) Impact on extreme return probabilities 17:26 Correlation vs. Covariance Correlation coefficient (range: -1 to +1) Covariance definition & formula Why correlation is more intuitive than covariance 20:00 Limitations of Correlation Analysis Linearity (misses non-linear relationships) Outliers (distorting effects) No causation (correlation ≠ causation) Spurious correlations (false positives) Incomplete story (ignores underlying dynamics) 22:56 Conclusion & CFA Exam Study Tips Recap of key statistical measures for asset returns Practice with real data sets and examples Final motivation for mastering CFA Level 1 content