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Buy and Hold SCL

1.80%
y = 0.5726x - 0.0012
R = 0.1754
0.80%
Buy & Hold Daily Returns

-2.70% -1.70% -0.70%-0.20% 0.30% 1.30%

-1.20%

-2.20%

-3.20%
S&P 500 Daily Returns

Managed Portfolio SCL


6.000%
5.000%
Managed Portfolio Daily Returns

4.000%
3.000%
2.000% y = 0.8264x - 0.0031
1.000% R = 0.0794
0.000%
-1.500% -1.000% -0.500% 0.000%
-1.000% 0.500% 1.000% 1.500% 2.000% 2.500%

-2.000%
-3.000%
-4.000%
-5.000%
S&P 500 Daily Returns
Security characteristic line (SCL) is a regression line, plotting performance of a particular security
or portfolio against that of the market portfolio at every point in time. The SCL is plotted on a
graph where the Y-axis is the excess return on a security over the risk-free return and the X-axis
is the excess return of the market in general. The slope of the SCL is the security's beta, and the
intercept is its alpha. The rate of return is dependent on the standard deviation of the asset's returns
and the slope of the characteristic line, which is represented by the asset's beta.

As the points along the center line is quit scattered if we have a look at the managed portfolio
means that the systematic risk is higher of managed portfolio as compared to buy and hold portfolio
which depicts less scattered points around the line. Buy and hold points are somewhat scattered
but not like managed portfolio.