Table 6 Average yearly teturn differences—unhedged minus hedged portfolios

1980–2016

−0.77

1.53

1.27

1980–2007

0.18

2.24

3.21

1980–2003

−0.30

2.50

3.04

2008–2016

−3.76

−0.71

−4.77

1980–1985

−3.25

8.68

1.51

1985–1990

−0.30

−8.19

3.22

1990–1995

−2.09

−4.37

−2.43

1995–2000

0.48

7.92

7.78

2000–2005

1.14

−1.09

1.21

2005–2010

−2.06

−1.06

−3.39

2010–2016

−3.71

0.01

−3.06