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Returns-Based Style Analysis: An Excel-Based Classroom Exercise

W. Sharpe's (1988, 1992) returns-based style analysis provides an excellent opportunity to use a sophisticated portfolio-analysis tool in the classroom to help illustrate important topics in investment and operations research courses. Students can perform classic returns-based style analysis by creating a spreadsheet model and using the Solver add-in in Microsoft Excel. The technique can also be used to supplement classroom units on performance measurement and style drift in investment courses or to illustrate a finance application in an introductory operations research course. An example analysis using a popular mutual fund is provided as well as the accompanying Excel model.