Also, in the one 5% plus inflation surge that was in this data set, the CRB index produced a nominal compound return of 1.58% and a real return of minus 3.32%.

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What I do know is that for the limited data set I have, the CRB index produced a nominal compound return of 0.77%, a real return of minus 2.16%, a standard deviation that is twice that of Treasuries, had a twelve month period with a loss of 48.74% and had a 27 year period with a negative compound return.

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Since 2005, the index has grown at an average annual compound rate of 8.4 percent.

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Over that period the Index (not including dividends) had logged a compound annual average return of more than 12 percent.

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Carlson has delivered a 13% compound annual return since then, a percentage point better than the emerging market index and better than double what you would have earned from the collection of high-grade U.S. paper in the Vanguard Total Bond Market Index Fund .

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The long-term results are not very impressive: Over the two full market cycles Pin Oak has averaged a compound annual return of -6%, putting it 8 points behind the 500 index.

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