ANF - Detail Report

Quick Overview

Timeframe	C-C DoR σ (Historical)	H-L DoR σ (Historical)	O-C DoR σ (Historical)	5Y ATRP (Avg)	Binomial IV (Period)	Yahoo IV (Period)	1σ Lower (68.27%)	1σ Upper	2σ Lower (95.45%)	2σ Upper
Daily	3.53%	2.59%	2.84%	4.87%	3.25%	3.31%	85.18	90.91	82.46	93.92
Weekly	8.00%	7.25%	8.17%	11.60%	7.16%	7.28%	81.92	94.53	76.26	101.55
Monthly	15.46%	16.27%	16.43%	25.97%	14.91%	15.15%	75.81	102.15	65.31	118.57
Quarterly	29.88%	28.83%	31.07%	50.36%	25.82%	26.24%	67.97	113.92	52.51	147.49
Annual	—	—	—	—	51.64%	52.48%	52.51	147.49	31.33	247.18
Option Time Horizon	—	—	—	—	19.49%	19.81%	72.42	106.94	59.59	129.95

Calculation Notes: Computed at 2026-03-23T16:40 UTC | Reference Contract: Call option expiring 2026-05-15 (52 days) | Spot Price (S): $88.00 | Strike (K): $90.00 (first OTM call ≥ spot) | Observed Mid-Price: $6.2000 (Bid $5.4000 / Ask $7.0000) | Risk-Free Rate (r): 3.73% (1-Month CMT, US Treasury) | Dividend Yield (q): 0.00% | Binomial IV (Annual): 51.64% (CRR binomial tree, American, n=20 steps) | BS IV: 51.97% (European Black-Scholes) | Yahoo IV (Annual): 52.48% → period-scaled as σ_period = σ_annual·√h | Price bands: Upper = S·e^+σ√h, Lower = S·e^−σ√h

Historical Dividend Payouts

Ex-Dividend Date	Amount
2020-03-05	$0.2000
2019-12-05	$0.2000
2019-09-05	$0.2000
2019-06-06	$0.2000
2019-03-07	$0.2000
2018-12-06	$0.2000
2018-09-06	$0.2000
2018-06-07	$0.2000
2018-03-08	$0.2000
2017-11-30	$0.2000
2017-08-30	$0.2000
2017-05-31	$0.2000
2017-03-01	$0.2000
2016-11-30	$0.2000
2016-08-31	$0.2000
2016-06-01	$0.2000
2016-03-02	$0.2000
2015-11-27	$0.2000
2015-08-28	$0.2000
2015-05-29	$0.2000
2015-02-27	$0.2000
2014-11-28	$0.2000
2014-08-28	$0.2000
2014-06-03	$0.2000
2014-03-04	$0.2000
2013-11-27	$0.2000
2013-08-29	$0.2000
2013-05-30	$0.2000
2013-02-28	$0.2000
2012-11-21	$0.1750
2012-08-23	$0.1750
2012-05-24	$0.1750
2012-02-23	$0.1750
2011-11-23	$0.1750
2011-08-25	$0.1750
2011-05-25	$0.1750
2011-02-23	$0.1750
2010-11-23	$0.1750
2010-08-25	$0.1750
2010-05-26	$0.1750
2010-02-24	$0.1750
2009-11-24	$0.1750
2009-08-26	$0.1750
2009-05-27	$0.1750
2009-02-25	$0.1750
2008-11-25	$0.1750
2008-08-27	$0.1750
2008-05-28	$0.1750
2008-02-27	$0.1750
2007-11-30	$0.1750
2007-08-30	$0.1750
2007-06-01	$0.1750
2007-03-02	$0.1750
2006-11-24	$0.1750
2006-08-25	$0.1750
2006-05-25	$0.1750
2006-02-24	$0.1750
2005-11-25	$0.1750
2005-08-26	$0.1750
2005-05-27	$0.1250
2005-02-25	$0.1250
2004-11-26	$0.1250
2004-08-27	$0.1250
2004-05-27	$0.1250
2004-03-05	$0.1250

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of 0.39. Further, an Excess Kurtosis of 10.69 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -10.49%	56	0.76%	0.76%
-10.49% to -7.85%	55	0.74%	1.50%
-7.85% to -5.20%	221	2.98%	4.48%
-5.20% to -2.55%	841	11.34%	15.82%
-2.55% to 0.10%	2582	34.81%	50.63%
0.10% to 2.74%	2488	33.54%	84.17%
2.74% to 5.39%	834	11.24%	95.42%
5.39% to 8.04%	215	2.90%	98.31%
8.04% to 10.69%	62	0.84%	99.15%
Greater than 10.69%	63	0.85%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-3.43%	3.62%	80.10%	68.27%
±2σ	-6.96%	7.15%	95.58%	95.45%
±3σ	-10.49%	10.69%	98.40%	99.73%

Descriptive Statistics

Mean	0.095%
Standard Error	0.041%
Median	0.056%
Mode	0.000%
Standard Deviation	3.530%
Sample Variance	12.462%
Kurtosis	10.69
Skewness	0.39
Range	66.122%
Minimum	-28.582%
Maximum	37.540%
Count	7417

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	2.443%	3758	50.67%	1.238%
Negative	-2.374%	3571	48.15%	-1.143%
Zero	0.000%	88	1.19%	0.000%

Average True Range Percentage (ATRP)

Trading Days	Horizon	Average Daily True Range %
5	1 Week	4.33%
20	1 Month	5.06%
60	1 Quarter	5.17%
250	1 Year	4.99%
750	3 Years	4.64%
1,250	5 Years	4.87%
2,500	10 Years	4.84%
5,000	20 Years	4.33%
12,500	50 Years	4.43%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 3.26. Further, an Excess Kurtosis of 23.58 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -3.57%	0	0.00%	0.00%
-3.57% to -1.63%	0	0.00%	0.00%
-1.63% to 0.31%	0	0.00%	0.00%
0.31% to 2.26%	1244	16.77%	16.77%
2.26% to 4.20%	3379	45.55%	62.32%
4.20% to 6.14%	1679	22.63%	84.96%
6.14% to 8.09%	638	8.60%	93.56%
8.09% to 10.03%	241	3.25%	96.81%
10.03% to 11.97%	120	1.62%	98.42%
Greater than 11.97%	117	1.58%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	1.61%	6.79%	84.13%	68.27%
±2σ	-0.98%	9.38%	96.02%	95.45%
±3σ	-3.57%	11.97%	98.42%	99.73%

Descriptive Statistics

Mean	4.200%
Standard Error	0.030%
Median	3.574%
Mode	2.564%
Standard Deviation	2.591%
Sample Variance	6.715%
Kurtosis	23.58
Skewness	3.26
Range	44.271%
Minimum	0.649%
Maximum	44.920%
Count	7418

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	4.200%	7418	100.00%	4.200%
Negative	0.000%	0	0.00%	0.000%
Zero	0.000%	0	0.00%	0.000%

Open-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of 0.32. Further, an Excess Kurtosis of 4.94 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -8.46%	44	0.59%	0.59%
-8.46% to -6.33%	71	0.96%	1.55%
-6.33% to -4.20%	287	3.87%	5.42%
-4.20% to -2.07%	963	12.98%	18.40%
-2.07% to 0.06%	2395	32.29%	50.69%
0.06% to 2.19%	2309	31.13%	81.81%
2.19% to 4.32%	941	12.69%	94.50%
4.32% to 6.45%	265	3.57%	98.07%
6.45% to 8.57%	100	1.35%	99.42%
Greater than 8.57%	43	0.58%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-2.78%	2.90%	75.69%	68.27%
±2σ	-5.62%	5.74%	95.13%	95.45%
±3σ	-8.46%	8.57%	98.83%	99.73%

Descriptive Statistics

Mean	0.058%
Standard Error	0.033%
Median	0.000%
Mode	0.000%
Standard Deviation	2.839%
Sample Variance	8.057%
Kurtosis	4.94
Skewness	0.32
Range	43.216%
Minimum	-19.701%
Maximum	23.515%
Count	7418

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	2.119%	3705	49.95%	1.058%
Negative	-2.041%	3635	49.00%	-1.000%
Zero	0.000%	78	1.05%	0.000%

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of 0.23. Further, an Excess Kurtosis of 4.20 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -23.54%	11	0.72%	0.72%
-23.54% to -17.53%	23	1.50%	2.21%
-17.53% to -11.53%	41	2.67%	4.88%
-11.53% to -5.53%	182	11.83%	16.71%
-5.53% to 0.48%	532	34.59%	51.30%
0.48% to 6.48%	483	31.40%	82.70%
6.48% to 12.48%	175	11.38%	94.08%
12.48% to 18.48%	62	4.03%	98.11%
18.48% to 24.49%	20	1.30%	99.41%
Greater than 24.49%	9	0.59%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-7.53%	8.48%	77.31%	68.27%
±2σ	-15.53%	16.48%	94.54%	95.45%
±3σ	-23.54%	24.49%	98.70%	99.73%

Descriptive Statistics

Mean	0.476%
Standard Error	0.204%
Median	0.254%
Mode	0.000%
Standard Deviation	8.004%
Sample Variance	64.065%
Kurtosis	4.20
Skewness	0.23
Range	93.207%
Minimum	-37.895%
Maximum	55.312%
Count	1538

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	5.958%	796	51.76%	3.084%
Negative	-5.456%	735	47.79%	-2.607%
Zero	0.000%	7	0.46%	0.000%

Average True Range Percentage (ATRP)

Weeks	Horizon	Average Weekly True Range %
4	1 Month	11.51%
12	1 Quarter	11.77%
52	1 Year	12.53%
156	3 Years	11.42%
260	5 Years	11.60%
520	10 Years	11.53%
1,040	20 Years	10.26%
2,600	50 Years	10.66%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 2.40. Further, an Excess Kurtosis of 9.40 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -10.44%	0	0.00%	0.00%
-10.44% to -5.00%	0	0.00%	0.00%
-5.00% to 0.45%	0	0.00%	0.00%
0.45% to 5.89%	292	18.97%	18.97%
5.89% to 11.33%	679	44.12%	63.09%
11.33% to 16.77%	331	21.51%	84.60%
16.77% to 22.21%	120	7.80%	92.40%
22.21% to 27.65%	60	3.90%	96.30%
27.65% to 33.09%	26	1.69%	97.99%
Greater than 33.09%	31	2.01%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	4.07%	18.58%	83.17%	68.27%
±2σ	-3.18%	25.84%	94.93%	95.45%
±3σ	-10.44%	33.09%	97.99%	99.73%

Descriptive Statistics

Mean	11.329%
Standard Error	0.185%
Median	9.409%
Mode	6.298%
Standard Deviation	7.255%
Sample Variance	52.637%
Kurtosis	9.40
Skewness	2.40
Range	69.597%
Minimum	2.333%
Maximum	71.930%
Count	1539

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	11.329%	1539	100.00%	11.329%
Negative	0.000%	0	0.00%	0.000%
Zero	0.000%	0	0.00%	0.000%

Open-to-Close Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 1.33. Further, an Excess Kurtosis of 7.39 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -24.21%	4	0.26%	0.26%
-24.21% to -18.08%	15	0.97%	1.23%
-18.08% to -11.96%	52	3.38%	4.61%
-11.96% to -5.84%	201	13.06%	17.67%
-5.84% to 0.29%	542	35.22%	52.89%
0.29% to 6.41%	486	31.58%	84.47%
6.41% to 12.54%	157	10.20%	94.67%
12.54% to 18.66%	44	2.86%	97.53%
18.66% to 24.79%	21	1.36%	98.90%
Greater than 24.79%	17	1.10%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-7.88%	8.46%	78.69%	68.27%
±2σ	-16.04%	16.62%	95.39%	95.45%
±3σ	-24.21%	24.79%	98.64%	99.73%

Descriptive Statistics

Mean	0.289%
Standard Error	0.208%
Median	-0.184%
Mode	0.000%
Standard Deviation	8.166%
Sample Variance	66.692%
Kurtosis	7.39
Skewness	1.33
Range	91.388%
Minimum	-28.676%
Maximum	62.712%
Count	1539

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	6.083%	753	48.93%	2.976%
Negative	-5.310%	779	50.62%	-2.688%
Zero	0.000%	7	0.46%	0.000%

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of 0.22. Further, an Excess Kurtosis of 0.60 proves the distribution possesses Normal Tails (Mesokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -44.52%	0	0.00%	0.00%
-44.52% to -32.92%	4	1.13%	1.13%
-32.92% to -21.33%	16	4.52%	5.65%
-21.33% to -9.73%	55	15.54%	21.19%
-9.73% to 1.86%	111	31.36%	52.54%
1.86% to 13.46%	95	26.84%	79.38%
13.46% to 25.05%	48	13.56%	92.94%
25.05% to 36.64%	18	5.08%	98.02%
36.64% to 48.24%	5	1.41%	99.44%
Greater than 48.24%	2	0.56%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-13.60%	17.32%	71.75%	68.27%
±2σ	-29.06%	32.78%	94.07%	95.45%
±3σ	-44.52%	48.24%	99.44%	99.73%

Descriptive Statistics

Mean	1.861%
Standard Error	0.822%
Median	1.369%
Mode	-10.204%
Standard Deviation	15.459%
Sample Variance	238.973%
Kurtosis	0.60
Skewness	0.22
Range	92.788%
Minimum	-42.121%
Maximum	50.667%
Count	354

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	12.882%	189	53.39%	6.878%
Negative	-10.828%	164	46.33%	-5.016%
Zero	0.000%	1	0.28%	0.000%

Average True Range Percentage (ATRP)

Months	Horizon	Average Monthly True Range %
3	1 Quarter	22.80%
12	1 Year	27.59%
36	3 Years	26.62%
60	5 Years	25.97%
120	10 Years	26.06%
240	20 Years	22.61%
600	50 Years	23.52%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 2.03. Further, an Excess Kurtosis of 5.63 proves the distribution possesses Extreme Fat Tails (Frequent Outliers, Leptokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -21.52%	0	0.00%	0.00%
-21.52% to -9.32%	0	0.00%	0.00%
-9.32% to 2.89%	0	0.00%	0.00%
2.89% to 15.09%	64	18.03%	18.03%
15.09% to 27.30%	165	46.48%	64.51%
27.30% to 39.50%	67	18.87%	83.38%
39.50% to 51.71%	30	8.45%	91.83%
51.71% to 63.91%	14	3.94%	95.77%
63.91% to 76.12%	8	2.25%	98.03%
Greater than 76.12%	7	1.97%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	11.02%	43.57%	81.97%	68.27%
±2σ	-5.25%	59.85%	95.21%	95.45%
±3σ	-21.52%	76.12%	98.03%	99.73%

Descriptive Statistics

Mean	27.298%
Standard Error	0.864%
Median	22.747%
Mode	25.797%
Standard Deviation	16.274%
Sample Variance	264.838%
Kurtosis	5.63
Skewness	2.03
Range	112.936%
Minimum	6.464%
Maximum	119.400%
Count	355

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	27.298%	355	100.00%	27.298%
Negative	0.000%	0	0.00%	0.000%
Zero	0.000%	0	0.00%	0.000%

Open-to-Close Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 1.10. Further, an Excess Kurtosis of 2.72 proves the distribution possesses Fat Tails (Higher Outlier Risk).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -48.60%	0	0.00%	0.00%
-48.60% to -36.27%	0	0.00%	0.00%
-36.27% to -23.95%	15	4.23%	4.23%
-23.95% to -11.62%	55	15.49%	19.72%
-11.62% to 0.70%	132	37.18%	56.90%
0.70% to 13.03%	92	25.92%	82.82%
13.03% to 25.35%	37	10.42%	93.24%
25.35% to 37.68%	14	3.94%	97.18%
37.68% to 50.00%	6	1.69%	98.87%
Greater than 50.00%	4	1.13%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-15.73%	17.14%	74.65%	68.27%
±2σ	-32.17%	33.57%	95.21%	95.45%
±3σ	-48.60%	50.00%	98.87%	99.73%

Descriptive Statistics

Mean	0.702%
Standard Error	0.872%
Median	-0.861%
Mode	-1.652%
Standard Deviation	16.434%
Sample Variance	270.075%
Kurtosis	2.72
Skewness	1.10
Range	106.714%
Minimum	-33.036%
Maximum	73.678%
Count	355

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	13.595%	167	47.04%	6.395%
Negative	-10.808%	187	52.68%	-5.693%
Zero	0.000%	1	0.28%	0.000%

Close-to-Close Returns

Gram-Charlier Analysis: Data reveals Fairly Symmetrical with a Skewness factor of 0.40. Further, an Excess Kurtosis of -0.24 proves the distribution possesses Normal Tails (Mesokurtic).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -83.31%	0	0.00%	0.00%
-83.31% to -60.90%	0	0.00%	0.00%
-60.90% to -38.49%	5	4.24%	4.24%
-38.49% to -16.08%	21	17.80%	22.03%
-16.08% to 6.33%	40	33.90%	55.93%
6.33% to 28.74%	26	22.03%	77.97%
28.74% to 51.15%	15	12.71%	90.68%
51.15% to 73.56%	10	8.47%	99.15%
73.56% to 95.97%	1	0.85%	100.00%
Greater than 95.97%	0	0.00%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-23.55%	36.21%	66.10%	68.27%
±2σ	-53.43%	66.09%	97.46%	95.45%
±3σ	-83.31%	95.97%	100.00%	99.73%

Descriptive Statistics

Mean	6.330%
Standard Error	2.751%
Median	3.208%
Mode	-51.520%
Standard Deviation	29.879%
Sample Variance	892.765%
Kurtosis	-0.24
Skewness	0.40
Range	144.906%
Minimum	-51.520%
Maximum	93.386%
Count	118

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	26.995%	66	55.93%	15.099%
Negative	-19.899%	52	44.07%	-8.769%
Zero	0.000%	0	0.00%	0.000%

Average True Range Percentage (ATRP)

Quarters	Horizon	Average Quarterly True Range %
4	1 Year	53.97%
12	3 Years	54.73%
20	5 Years	50.36%
40	10 Years	51.10%
80	20 Years	42.97%
200	50 Years	43.54%

High-to-Low Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 1.18. Further, an Excess Kurtosis of 1.08 proves the distribution possesses Fat Tails (Higher Outlier Risk).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -30.98%	0	0.00%	0.00%
-30.98% to -9.35%	0	0.00%	0.00%
-9.35% to 12.27%	0	0.00%	0.00%
12.27% to 33.89%	30	25.21%	25.21%
33.89% to 55.51%	39	32.77%	57.98%
55.51% to 77.13%	27	22.69%	80.67%
77.13% to 98.75%	11	9.24%	89.92%
98.75% to 120.37%	7	5.88%	95.80%
120.37% to 141.99%	4	3.36%	99.16%
Greater than 141.99%	1	0.84%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	26.68%	84.34%	75.63%	68.27%
±2σ	-2.15%	113.16%	94.96%	95.45%
±3σ	-30.97%	141.99%	99.16%	99.73%

Descriptive Statistics

Mean	55.509%
Standard Error	2.643%
Median	47.855%
Mode	17.987%
Standard Deviation	28.828%
Sample Variance	831.047%
Kurtosis	1.08
Skewness	1.18
Range	125.491%
Minimum	17.987%
Maximum	143.478%
Count	119

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	55.509%	119	100.00%	55.509%
Negative	0.000%	0	0.00%	0.000%
Zero	0.000%	0	0.00%	0.000%

Open-to-Close Returns

Gram-Charlier Analysis: Data reveals Highly Right Skewed (Extreme Positive Tail Risk) with a Skewness factor of 1.06. Further, an Excess Kurtosis of 1.27 proves the distribution possesses Fat Tails (Higher Outlier Risk).

Bin Distribution Over Raw Range

Bin / Range	Frequency	Prob	Cum. Prob
Less than -90.63%	0	0.00%	0.00%
-90.63% to -67.33%	0	0.00%	0.00%
-67.33% to -44.02%	1	0.84%	0.84%
-44.02% to -20.72%	27	22.69%	23.53%
-20.72% to 2.58%	42	35.29%	58.82%
2.58% to 25.88%	28	23.53%	82.35%
25.88% to 49.18%	9	7.56%	89.92%
49.18% to 72.48%	8	6.72%	96.64%
72.48% to 95.78%	3	2.52%	99.16%
Greater than 95.78%	1	0.84%	100.00%

Standard Deviation Interval Analysis

SD	Lower Bnd	Upper Bnd	Actual %	Normal %
±1σ	-28.49%	33.65%	73.11%	68.27%
±2σ	-59.56%	64.72%	95.80%	95.45%
±3σ	-90.63%	95.78%	99.16%	99.73%

Descriptive Statistics

Mean	2.578%
Standard Error	2.848%
Median	-2.375%
Mode	0.000%
Standard Deviation	31.069%
Sample Variance	965.313%
Kurtosis	1.27
Skewness	1.06
Range	153.682%
Minimum	-46.987%
Maximum	106.695%
Count	119

Frequency Breakdown

Category	Avg Return	Count	Probability	Freq Adj Return
Positive	29.538%	52	43.70%	12.907%
Negative	-18.912%	65	54.62%	-10.330%
Zero	0.000%	2	1.68%	0.000%

ANF Deep Analytical Report