Once you know the average return, the standard deviation of each index and the correlation coefficient between each pair of indexes, the rest is math.

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Be careful not to become too enamored with the descriptive name or targeted sector of the portfolio because far too many of them tend to do a predictable standard deviation around a larger market index.

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If you find a deviation, look for a better managed index fund.

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The MSCI Emerging Markets Index is only about a half of a standard deviation from its mean over the same time frame.

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