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["Read me first"]
["1. Equity returns assumed are historical sensex returns computed for each financial year"]
["2. Debt returns are historcial FD returns from RBI website"]
["3. The last few debt returns (in red) have been added by hand as I could not get hold of actual data"]
["4. Rebalancing a porfolio may involve transaction costs especially in SIP mode if the holding period of equity is less than an year"]
["5. Debt instruments are taxable* so the final corpus will be lower in both cases and this tax may impact the benefit of rebalancing"]
["6. The rebalancing shown here is done during the growth phase of the portfolio when the goal if far away"]
["7. Close to goal (2-3 year) the equity component will be gradually or abruptly decreased and pushed to debt"]
["8. The above step does not constitute rebalancing is the sense that it is usually used"]
["9. The tool is only an indicator you would need to make a suitable choice depending on your personal situation."]
["* If the direct tax code comes to effect long term equity investments will also become taxable "]

{"sheet":"Rebalancing Illustration","index":1,"n_rows":27,"n_cols":15,"rows_kept":27,"cut":false,"hidden":false,"merged":[[3,11,3,12],[3,13,3,14],[2,11,2,14],[11,11,11,14],[12,11,12,12],[12,13,12,14]]}
["This is an illustration of portfolio rebalancing as found at"]
["http://www.jagoinvestor.com/2008/07/portfolio-rebalancing-today-i-am-going.html"]
["An investment of 1 lakhs is considered. Of this 30% is invested in equity and 70% in debt instruments",null,null,null,null,null,null,null,null,null,null,"Asset Allocation"]
["No Rebalancing. No futher changes are then made. The money is allowed to grow.",null,null,null,null,null,null,null,null,null,null,"Before investment",null,"After Investment."]
["Year","Sensex","investment","Total Equity",null,"FD","investment","Total FD","Total Corpus","Equity","Debt","Equity","Debt","Equity","Debt"]
[null,"return ",null,null,null,"return"]
[1,0.3,30000,{"$f":"IF(A7=0,0,(C7+D6)*(1+B7))","v":39000},null,0.09,70000,{"$f":"IF(A7=0,0,(G7+H6)*(1+F7))","v":76300},{"$f":"D7+H7","v":115300},{"$f":"IF(A7=0,0,D7/(D7+H7))","v":0.33824804856895058},{"$f":"IF(A7=0,0,H7/(D7+H7))","v":0.66175195143104948},{"$f":"C7/(C7+G7)","v":0.3},{"$f":"G7/(C7+G7)","v":0.7},{"$f":"D7/I7","v":0.33824804856895058},{"$f":"H7/I7","v":0.66175195143104948}]
[2,-0.35,{"$f":"IF(A8=0,0,(D7))","v":39000},{"$f":"IF(A8=0,0,(C8)*(1+B8))","v":25350},null,0.09,{"$f":"IF(A8=0,0,(H7) )","v":76300},{"$f":"IF(A8=0,0,(G8)*(1+F8))","v":83167},{"$f":"D8+H8","v":108517},{"$f":"IF(A8=0,0,D8/(D8+H8))","v":0.2336039514546108},{"$f":"IF(A8=0,0,H8/(D8+H8))","v":0.76639604854538923},{"$f":"C8/(C8+G8)","v":0.33824804856895058},{"$f":"G8/(C8+G8)","v":0.66175195143104948},{"$f":"D8/I8","v":0.2336039514546108},{"$f":"H8/I8","v":0.76639604854538923}]
[3,0.4,{"$f":"IF(A9=0,0,(D8))","v":25350},{"$f":"IF(A9=0,0,(C9)*(1+B9))","v":35490},null,0.09,{"$f":"IF(A9=0,0,(H8) )","v":83167},{"$f":"IF(A9=0,0,(G9)*(1+F9))","v":90652.030000000013},{"$f":"D9+H9","v":126142.03000000001},{"$f":"IF(A9=0,0,D9/(D9+H9))","v":0.28134952323186807},{"$f":"IF(A9=0,0,H9/(D9+H9))","v":0.71865047676813198},0.2336039514546108,0.76639604854538923,0.28134952323186807,0.71865047676813198]
[4,0.6,35490,56784,null,0.09,{"$f":"IF(A10=0,0,(H9) )","v":90652.030000000013},{"$f":"IF(A10=0,0,(G10)*(1+F10))","v":98810.712700000018},{"$f":"D10+H10","v":155594.71270000003},{"$f":"IF(A10=0,0,D10/(D10+H10))","v":0.36494813361354012},{"$f":"IF(A10=0,0,H10/(D10+H10))","v":0.63505186638645983},0.28134952323186807,0.71865047676813198,0.36494813361354012,0.63505186638645983]
[5,-0.3,56784,39748.799999999996,null,0.09,{"$f":"IF(A11=0,0,(H10) )","v":98810.712700000018},{"$f":"IF(A11=0,0,(G11)*(1+F11))","v":107703.67684300002},{"$f":"D11+H11","v":147452.47684300001},{"$f":"IF(A11=0,0,D11/(D11+H11))","v":0.26957024290831355},{"$f":"IF(A11=0,0,H11/(D11+H11))","v":0.73042975709168645},0.36494813361354012,0.63505186638645983,0.26957024290831355,0.73042975709168645]
[null,null,null,null,null,null,null,null,null,null,null,"Asset Allocation"]
["Rebalancing with 30% equity and 70% debt",null,null,null,null,null,null,null,null,null,null,"Before investment",null,"After Investment."]
["Each year 30% of total corpus earned is invested in equity and 70% in debt irrespective of returns earned the previous year",null,null,null,null,null,null,null,null,null,null,"Equity","Debt","Equity","Debt"]
["Year","Sensex","Investment","Total Equity",null,"FD","Investment","Total","Total Corpus","Equity","Debt"]
[null,"return ",null,null,null,"return"]
[1,0.3,30000,{"$f":"IF(A17=0,0,(C17)*(1+B17))","v":39000},null,0.09,70000,{"$f":"IF(A17=0,0,(G17)*(1+F17))","v":76300},{"$f":"D17+H17","v":115300},{"$f":"IF(A17=0,0,D17/(D17+H17))","v":0.33824804856895058},{"$f":"IF(A17=0,0,H17/(D17+H17))","v":0.66175195143104948},{"$f":"C17/(C17+G17)","v":0.3},{"$f":"G17/(C17+G17)","v":0.7},{"$f":"D17/I17","v":0.33824804856895058},{"$f":"H17/I17","v":0.66175195143104948}]
[2,-0.35,{"$f":"IF(A18=0,0,(30%*(D17+H17)))","v":34590},{"$f":"IF(A18=0,0,(C18)*(1+B18))","v":22483.5},null,0.09,{"$f":"IF(A18=0,0,(70%*(H17+D17)))","v":80710},{"$f":"IF(A18=0,0,(G18)*(1+F18))","v":87973.900000000009},{"$f":"D18+H18","v":110457.40000000001},{"$f":"IF(A18=0,0,D18/(D18+H18))","v":0.20354906054279748},{"$f":"IF(A18=0,0,H18/(D18+H18))","v":0.79645093945720247},{"$f":"C18/(C18+G18)","v":0.3},{"$f":"G18/(C18+G18)","v":0.7},{"$f":"D18/I18","v":0.20354906054279748},{"$f":"H18/I18","v":0.79645093945720247}]
[3,0.4,{"$f":"IF(A19=0,0,(30%*(D18+H18)))","v":33137.22},{"$f":"IF(A19=0,0,(C19)*(1+B19))","v":46392.108},null,0.09,{"$f":"IF(A19=0,0,(70%*(H18+D18)))","v":77320.180000000008},{"$f":"IF(A19=0,0,(G19)*(1+F19))","v":84278.996200000009},{"$f":"D19+H19","v":130671.1042},{"$f":"IF(A19=0,0,D19/(D19+H19))","v":0.35502958579881655},{"$f":"IF(A19=0,0,H19/(D19+H19))","v":0.64497041420118351},{"$f":"C19/(C19+G19)","v":0.3},{"$f":"G19/(C19+G19)","v":0.70000000000000007},0.35502958579881655,{"$f":"H19/I19","v":0.64497041420118351}]
[4,0.6,{"$f":"IF(A20=0,0,(30%*(D19+H19)))","v":39201.331259999999},{"$f":"IF(A20=0,0,(C20)*(1+B20))","v":62722.130016000003},null,0.09,{"$f":"IF(A20=0,0,(70%*(H19+D19)))","v":91469.772939999995},{"$f":"IF(A20=0,0,(G20)*(1+F20))","v":99702.052504599997},{"$f":"D20+H20","v":162424.18252060001},{"$f":"IF(A20=0,0,D20/(D20+H20))","v":0.38616251005631536},{"$f":"IF(A20=0,0,H20/(D20+H20))","v":0.61383748994368459},{"$f":"C20/(C20+G20)","v":0.3},{"$f":"G20/(C20+G20)","v":0.7},0.38616251005631536,{"$f":"H20/I20","v":0.61383748994368459}]
[5,-0.3,{"$f":"IF(A21=0,0,(30%*(D20+H20)))","v":48727.254756180002},{"$f":"IF(A21=0,0,(C21)*(1+B21))","v":34109.078329326003},null,0.09,{"$f":"IF(A21=0,0,(70%*(H20+D20)))","v":113696.92776442},{"$f":"IF(A21=0,0,(G21)*(1+F21))","v":123929.65126321782},{"$f":"D21+H21","v":158038.72959254382},{"$f":"IF(A21=0,0,D21/(D21+H21))","v":0.21582733812949639},{"$f":"IF(A21=0,0,H21/(D21+H21))","v":0.78417266187050361},{"$f":"C21/(C21+G21)","v":0.3},{"$f":"G21/(C21+G21)","v":0.7},0.21582733812949639,{"$f":"H21/I21","v":0.78417266187050361}]
[]
["In this case the rebalanced porfolio has done better. "]
["Is rebalancing crucial? It can be most times. The most important thing is what is your expected corpus for a goal. If this amount"]
["is lower then the corpus achieved with no rebalancing than your goal can be achieved."]
["However there is no way of knowing this.  Have a look at the sample data. It seems advantageous more often to rebalance"]
["In this example the rebalanced portfolio is 7% higher. A difference of greater than 5% can be taken as significant."]

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["Enter data only in green cells",null,null,null,null,null,null,"No Rebalancing",null,null,null,null,null,null,null,null,null,null,null,null,"Annual Rebalancing"]
["Enter no of years (max 32)",null,null,15,null,null,null,"Year of","Year","Sensex","investment","Total Corpus",null,"FD","Monthly","Total",null,"Asset Allocation",null,null,"Year of","Year","Sensex","Investment","Total",null,"FD","Monthly","Total",null,"Asset Allocation"]
["Choose a starting year between",null,null,1980,"and",{"$f":"2011-time1+1","v":1997},null,"return",null,"return ",null,null,null,"return",null,null,null,"After Investment",null,null,"return",null,"return ",null,null,null,"return",null,null,null,"After investment"]
["Starting year",null,1997,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Equity","Debt",null,null,null,null,null,null,null,null,null,null,null,"Equity","Debt"]
[null,null,null,null,null,null,null,1980,{"$f":"IF(N3=start-1+time1,0,IF(I3<>0,I3+1,IF(H5=start,1,0)))","v":0},0.34899276658629547,{"$f":"IF(N3=start-1+time1,0,IF(H5=start,cont1*eqper,0))","v":0},{"$f":"IF(I5=0,0,(K5+L3)*(1+J5))","v":0},{"$f":"IF(I5=time1,L5,0)","v":0},7.4999999999999997E-2,{"$f":"IF(N3=start-1+time1,0,IF(H5=start,cont1*bondper,0))","v":0},{"$f":"IF(I5=0,0,(O5+P3)*(1+N5))","v":0},{"$f":"IF(I5=time1,P5,0)","v":0},{"$f":"IF(I5=0,0,L5/(L5+P5))","v":0},{"$f":"IF(I5=0,0,P5/(L5+P5))","v":0},null,1980,{"$f":"IF(AA3=start-1+time1,0,IF(V3<>0,V3+1,IF(U5=start,1,0)))","v":0},0.34899276658629547,{"$f":"IF(AA3=start-1+time1,0,IF(U5=start,cont1*eqper,0))","v":0},{"$f":"IF(V5=0,0,(X5+eqper*(Y3+AC3))*(1+W5))","v":0},{"$f":"IF(V5=time1,Y5,0)","v":0},7.4999999999999997E-2,{"$f":"IF(AA3=start-1+time1,0,IF(U5=start,cont1*bondper,0))","v":0},{"$f":"IF(V5=0,0,(AB5+bondper*(Y3+AC3))*(1+AA5))","v":0},{"$f":"IF(V5=time1,AC5,0)","v":0},{"$f":"IF(V5=0,0,Y5/(Y5+AC5))","v":0},{"$f":"IF(V5=0,0,AC5/(Y5+AC5))","v":0}]
["Lumpsum investment",null,null,100000,null,null,null,{"$f":"H5+1","v":1981},{"$f":"IF(H5=start-1+time1,0,IF(I5<>0,I5+1,IF(H6=start,1,0)))","v":0},0.25524677121771222,{"$f":"IF(N5=start-1+time1,0,IF(H6=start,cont1*eqper,0))","v":0},{"$f":"IF(I6=0,0,(K6+L5)*(1+J6))","v":0},0,0.08,{"$f":"IF(N5=start-1+time1,0,IF(H6=start,cont1*bondper,0))","v":0},{"$f":"IF(I6=0,0,(O6+P5)*(1+N6))","v":0},0,0,0,null,{"$f":"U5+1","v":1981},{"$f":"IF(U5=start-1+time1,0,IF(V5<>0,V5+1,IF(U6=start,1,0)))","v":0},0.25524677121771222,{"$f":"IF(AA5=start-1+time1,0,IF(U6=start,cont1*eqper,0))","v":0},{"$f":"IF(V6=0,0,(X6+eqper*(Y5+AC5))*(1+W6))","v":0},0,0.08,{"$f":"IF(AA5=start-1+time1,0,IF(U6=start,cont1*bondper,0))","v":0},{"$f":"IF(V6=0,0,(AB6+bondper*(Y5+AC5))*(1+AA6))","v":0},0,0,0]
[null,null,null,null,null,null,null,{"$f":"H6+1","v":1982},0,-2.8478250884203839E-2,0,0,0,0.08,0,0,0,0,0,null,{"$f":"U6+1","v":1982},0,-2.8478250884203839E-2,0,0,0,0.08,0,0,0,0,0]
[null,null,null,null,null,null,null,1983,0,0.15989787716892828,0,0,0,0.08,0,0,0,0,0,null,1983,0,0.15989787716892828,0,0,0,0.08,0,0,0,0,0]
["% in equities",0.7,"% in FDs",{"$f":"100%-eqper","v":0.30000000000000004},null,null,null,1984,0,0.44238372803978315,0,0,0,0.08,0,0,0,0,0,null,1984,0,0.44238372803978315,0,0,0,0.08,0,0,0,0,0]
[null,null,null,null,null,null,null,1985,0,0.62242129655796075,0,0,0,8.5000000000000006E-2,0,0,0,0,0,null,1985,0,0.62242129655796075,0,0,0,8.5000000000000006E-2,0,0,0,0,0]
["Total must be 100%",null,null,null,null,null,null,1986,0,-0.11104143805194128,0,0,0,8.5000000000000006E-2,0,0,0,0,0,null,1986,0,-0.11104143805194128,0,0,0,8.5000000000000006E-2,0,0,0,0,0]
[null,null,null,null,null,null,null,1987,0,-0.21943334117093818,0,0,0,0.09,0,0,0,0,0,null,1987,0,-0.21943334117093818,0,0,0,0.09,0,0,0,0,0]
[null,"Equity corpus","Debt Corpus","Total corpus","% Equity","%Debt",null,1988,0,0.79129954564851768,0,0,0,0.09,0,0,0,0,0,null,1988,0,0.79129954564851768,0,0,0,0.09,0,0,0,0,0]
["no rebalancing",{"$f":"MAX(M2:M57)","v":362491.48291077657},{"$f":"MAX(Q2:Q57)","v":92042.934989956833},{"$f":"B14+C14","v":454534.41790073342},{"$f":"B14/D14","v":0.79750062621207651},{"$f":"C14/D14","v":0.20249937378792349},null,1989,0,9.4520739910313803E-2,0,0,0,0.09,0,0,0,0,0,null,1989,0,9.4520739910313803E-2,0,0,0,0.09,0,0,0,0,0]
["annual rebalancing",{"$f":"MAX(Z3:Z58)","v":336354.13647386205},{"$f":"MAX(AD3:AD58)","v":178770.90908955515},{"$f":"B15+C15","v":515125.0455634172},{"$f":"B15/D15","v":0.65295628580042198},{"$f":"C15/D15","v":0.34704371419957797},null,1990,0,0.49538441841111336,0,0,0,0.09,0,0,0,0,0,null,1990,0,0.49538441841111336,0,0,0,0.09,0,0,0,0,0]
["The % equity and debt shown here represents the final asset allocation",null,null,null,null,null,null,1991,0,2.6687586153753942,0,0,0,0.12,0,0,0,0,0,null,1991,0,2.6687586153753942,0,0,0,0.12,0,0,0,0,0]
["% difference bet the two corpuses",null,{"$f":"(D15-D14)/D14","v":0.13330261752789044},null,null,null,null,1992,0,-0.4677899649941657,0,0,0,0.11,0,0,0,0,0,null,1992,0,-0.4677899649941657,0,0,0,0.11,0,0,0,0,0]
["+ve means rebalanced portfolio is higher",null,null,null,null,null,null,1993,0,0.65707382526792135,0,0,0,0.1,0,0,0,0,0,null,1993,0,0.65707382526792135,0,0,0,0.1,0,0,0,0,0]
["Click on the macro to find out the % difference",null,null,null,null,null,null,1994,0,-0.13708160116856616,0,0,0,0.11,0,0,0,0,0,null,1994,0,-0.13708160116856616,0,0,0,0.11,0,0,0,0,0]
["between the two corpuses for all possible ",null,null,null,null,null,null,1995,0,3.2398434816741109E-2,0,0,0,0.12,0,0,0,0,0,null,1995,0,3.2398434816741109E-2,0,0,0,0.12,0,0,0,0,0]
["investment durations between",null,null,null,null,null,null,1996,0,-1.6990384986678749E-3,0,0,0,0.12,0,0,0,0,0,null,1996,0,-1.6990384986678749E-3,0,0,0,0.12,0,0,0,0,0]
[{"$f":"D3","v":1980},"and",{"$f":"F3","v":1997},null,null,null,null,1997,1,0.15824974932235217,70000,81077.482452564655,0,0.11,30000.000000000004,33300.000000000007,0,0.70885877809200426,0.29114122190799563,null,1997,1,0.15824974932235217,70000,81077.482452564655,0,0.11,30000.000000000004,33300.000000000007,0,0.70885877809200426,0.29114122190799563]
["Average % difference bet the two corpuses",null,null,{"$f":"AVERAGE(B26:B48)","v":0.16796447778078721},null,null,null,1998,2,-3.9249887611585633E-2,0,77895.200378471185,0,0.105,0,36796.500000000007,0,0.67917033334953425,0.32082966665046569,null,1998,2,-3.9249887611585633E-2,0,76921.725384703779,0,0.105,0,37916.135433025192,0,0.6698289643934956,0.33017103560650446]
[null,null,null,null,null,null,null,1999,3,0.33725494390314326,0,104165.74181243659,0,8.5000000000000006E-2,0,39924.202500000007,0,0.72292166056063856,0.27707833943936155,null,1999,3,0.33725494390314326,0,107497.24798803839,0,8.5000000000000006E-2,0,37379.723696170782,0,0.74198988796060683,0.258010112039393]
["Year","% difference",null,null,null,null,null,2000,4,-0.27930849702476163,0,75071.365025335559,0,8.5000000000000006E-2,0,43317.759712500003,0,0.63410693500417248,0.36589306499582758,null,2000,4,-0.27930849702476163,0,73088.121728715632,0,8.5000000000000006E-2,0,47157.454283210092,0,0.60782378988701324,0.39217621011298665]
[1980,9.3734438763234829E-3,null,null,null,null,null,2001,5,-3.7462753649726219E-2,0,72258.984971242739,0,7.4999999999999997E-2,0,46566.591690937501,0,0.60810969322433173,0.39189030677566822,null,2001,5,-3.7462753649726219E-2,0,81018.591934225071,0,7.4999999999999997E-2,0,38779.198263846054,0,0.67629454433400349,0.3237054556659964]
[1981,7.9343337840370967E-2,null,null,null,null,null,2002,6,-0.12124173116001562,0,63498.18054146372,0,4.2500000000000003E-2,0,48545.671837802343,0,0.5667261451036486,0.43327385489635145,null,2002,6,-0.12124173116001562,0,73691.309107718844,0,4.2500000000000003E-2,0,37466.758884446754,0,0.6629416149344427,0.3370583850655573]
[1982,0.14060572876765207,null,null,null,null,null,2003,7,0.8337531816631244,0,116439.99059772858,0,0.04,0,50487.498711314438,0,0.6975483252021849,0.30245167479781515,null,2003,7,0.8337531816631244,0,142685.52259371171,0,0.04,0,34681.317213555674,0,0.80446560782589616,0.19553439217410384]
[1983,0.1050282993428973,null,null,null,null,null,2004,8,0.16138160483669003,0,135231.26314755913,0,5.2499999999999998E-2,0,53138.092393658444,0,0.71790479273561481,0.28209520726438525,null,2004,8,0.16138160483669003,0,144193.40954212341,0,5.2499999999999998E-2,0,56003.579669144689,0,0.72025763279564592,0.27974236720435419]
[1984,0.15549853408509851,null,null,null,null,null,2005,9,0.737303667743754,0,234937.76945987521,0,0.06,0,56326.377937277954,0,0.80661410461729721,0.19338589538270265,null,2005,9,0.737303667743754,0,243462.07453959493,0,0.06,0,63662.642569183263,0,0.79271403757895831,0.20728596242104172]
[1985,0.16866878654888931,null,null,null,null,null,2006,10,0.15887411347517733,0,272263.29930464848,0,6.25E-2,0,59846.776558357829,0,0.81979837135972866,0.18020162864027142,null,2006,10,0.15887411347517733,0,249143.21898602493,0,6.25E-2,0,97896.003578423057,0,0.71791083770007291,0.28208916229992698]
[1986,0.30895824034503178,null,null,null,null,null,2007,11,0.19677787042632777,0,325838.6915370631,0,7.0000000000000007E-2,0,64036.050917442881,0,0.8357522456717873,0.16424775432821265,null,2007,11,0.19677787042632777,0,290730.20321456197,0,7.0000000000000007E-2,0,111399.59044318784,0,0.72297603360869267,0.27702396639130733]
[1987,0.29533706631548962,null,null,null,null,null,2008,12,-0.37942650405256834,0,202206.85592209204,0,0.08,0,69158.934990838316,0,0.74514497660823997,0.25485502339175997,null,2008,12,-0.37942650405256834,0,174685.76431236637,0,0.08,0,130290.05314511097,0,0.57278562532822053,0.42721437467177958]
[1988,0.26191083100086954,null,null,null,null,null,2009,13,0.80532523046814641,0,365049.13876979012,0,0.09,0,75383.239140013771,0,0.82884264890386539,0.17115735109613467,null,2009,13,0.80532523046814641,0,385406.37655704212,0,0.09,0,99727.092308595107,0,0.7944336997779563,0.20556630022204378]
[1989,0.25980942334159857,null,null,null,null,null,2010,14,0.10943116334797741,0,404996.89070454548,0,0.1,0,82921.563054015161,0,0.83005036514759967,0.16994963485240033,null,2010,14,0.10943116334797741,0,376755.53211985051,0,0.1,0,160094.04472566032,0,0.70178975334885918,0.29821024665114071]
[1990,0.24521157849731062,null,null,null,null,null,2011,15,-0.10495242993057337,0,362491.48291077657,362491.48291077657,0.11,0,92042.934989956833,92042.934989956833,0.79750062621207651,0.20249937378792349,null,2011,15,-0.10495242993057337,0,336354.13647386205,336354.13647386205,0.11,0,178770.90908955515,178770.90908955515,0.65295628580042198,0.34704371419957797]
[1991,0.2288179187282858,null,null,null,null,null,"Note 35% returns listed against 1980 actually is the return"]
[1992,0.187813411296786,null,null,null,null,null,"generated in the financial year 1980-1981"]
[1993,6.3615953734341049E-2]
[1994,0.1337963280329581]
[1995,0.12889385224745883]
[1996,0.11737524852491696]
[1997,0.13330261752789044]

{"sheet":"Annual Rebalancing SIP","index":3,"n_rows":43,"n_cols":40,"rows_kept":43,"cut":false,"hidden":false,"merged":[[0,24,0,39],[3,36,3,37],[3,38,3,39],[1,36,1,39],[18,0,18,2],[19,0,19,2],[20,0,20,2],[17,0,17,2],[0,7,0,20],[1,19,1,22],[3,19,3,20],[3,21,3,22]]}
["Enter data only in green cells",null,null,null,null,null,null,"No Rebalancing",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Annual Rebalancing"]
["Enter no of years (max 32)",null,null,15,null,null,null,"Year of","Year","Sensex","Annual","invest. From","Total Equity",null,"FD","Annual","invest. From","Total Debt ",null,"Asset Allocation",null,null,null,null,"Year of","Year","Sensex","Annual","invest. From","Total Equity",null,"FD","Annual","invest. From","Total Debt ",null,"Asset Allocation"]
["Choose a starting year between",null,null,1980,"and",{"$f":"2011-time1+1","v":1997},null,"return",null,"return","investment","Previous","Corpus",null,"return","investment","Previous","Corpus",null,"Equity","Debt","Equity","Debt",null,null,null,"return ","Investment","Previous","Corpus",null,"return","investment","Previous","Corpus",null,"Equity","Debt","Equity","Debt"]
["Starting year",null,1997,null,null,null,null,null,null,null,null,"year",null,null,null,null,"year",null,null,"Prior investment",null,"After investment",null,null,"return",null,null,null,"year",null,null,null,null,"year",null,null,"Prior investment",null,"After investment"]
[null,null,null,null,null,null,null,1980,{"$f":"IF(H4=start-1+time1,0,IF(I4<>0,I4+1,IF(H5=start,1,0)))","v":0},0.34899276658629547,{"$f":"IF(I5=0,0,IF(O4=start-1+time1,0,IF(K4<>0,K4*(1+inca),IF(H5=start,12*cont1*eqper,0))))","v":0},{"$f":"IF(I5=1,0,IF(I5=0,0,M4))","v":0},{"$f":"IF(I5=0,0,IF(I5=1,K5*(1+J5),(L5+K5)*(1+J5)))","v":0},{"$f":"IF(I5=time1,M5,0)","v":0},7.4999999999999997E-2,{"$f":"IF(I5=0,0,IF(O4=start-1+time1,0,IF(K4<>0,K4*(1+inca),IF(H5=start,12*cont1*bondper,0))))","v":0},{"$f":"IF(I5=1,0,IF(I5=0,0,R4))","v":0},{"$f":"IF(I5=0,0,IF(I5=1,P5*(1+O5),(Q5+P5)*(1+O5)))","v":0},{"$f":"IF(I5=time1,R5,0)","v":0},{"$f":"IF(I5=0,0,(K5+L5)/(K5+L5+P5+Q5))","v":0},{"$f":"IF(I5=0,0,(P5+Q5)/(K5+L5+P5+Q5))","v":0},{"$f":"IF(I5=0,0,M5/(M5+R5))","v":0},{"$f":"IF(I5=0,0,R5/(M5+R5))","v":0},null,1980,{"$f":"IF(AF4=start-1+time1,0,IF(Z4<>0,Z4+1,IF(Y5=start,1,0)))","v":0},0.34899276658629547,{"$f":"IF(Z5=0,0,IF(AF4=start-1+time1,0,IF(AB4<>0,AB4*(1+inca),IF(Y5=start,12*cont1*eqper,0))))","v":0},{"$f":"IF(Z5=1,0,IF(Z5=0,0,eqper*(AD4+AI4)))","v":0},{"$f":"IF(Z5=0,0,(AB5+AC5)*(1+AA5))","v":0},{"$f":"IF(Z5=time1,AD5,0)","v":0},7.4999999999999997E-2,{"$f":"IF(Z5=0,0,IF(AF4=start-1+time1,0,IF(AG4<>0,AG4*(1+inca),IF(Y5=start,12*cont1*bondper,0))))","v":0},{"$f":"IF(Z5=1,0,IF(Z5=0,0,bondper*(AD4+AI4)))","v":0},{"$f":"IF(Z5=0,0,(AG5+AH5)*(1+AF5))","v":0},{"$f":"IF(Z5=time1,AI5,0)","v":0},{"$f":"IF(Z5=0,0,(AB5+AC5)/(AB5+AC5+AG5+AH5))","v":0},{"$f":"IF(Z5=0,0,(AG5+AH5)/(AB5+AC5+AG5+AH5))","v":0},{"$f":"IF(Z5=0,0,AD5/(AD5+AI5))","v":0},{"$f":"IF(Z5=0,0,AI5/(AD5+AI5))","v":0}]
["monthly contribution in 1st year",null,null,25000,null,null,null,{"$f":"H5+1","v":1981},0,0.25524677121771222,0,{"$f":"IF(I6=1,0,IF(I6=0,0,M5))","v":0},{"$f":"IF(I6=0,0,IF(I6=1,K6*(1+J6),(L6+K6)*(1+J6)))","v":0},0,0.08,0,{"$f":"IF(I6=1,0,IF(I6=0,0,R5))","v":0},{"$f":"IF(I6=0,0,IF(I6=1,P6*(1+O6),(Q6+P6)*(1+O6)))","v":0},0,{"$f":"IF(I6=0,0,(K6+L6)/(K6+L6+P6+Q6))","v":0},{"$f":"IF(I6=0,0,(P6+Q6)/(K6+L6+P6+Q6))","v":0},0,0,null,{"$f":"Y5+1","v":1981},{"$f":"IF(Y5=start-1+time1,0,IF(Z5<>0,Z5+1,IF(Y6=start,1,0)))","v":0},0.25524677121771222,0,0,{"$f":"IF(Z6=0,0,(AB6+AC6)*(1+AA6))","v":0},0,0.08,{"$f":"IF(Z6=0,0,IF(AF5=start-1+time1,0,IF(AG5<>0,AG5*(1+inca),IF(Y6=start,12*cont1*bondper,0))))","v":0},0,{"$f":"IF(Z6=0,0,(AG6+AH6)*(1+AF6))","v":0},0,{"$f":"IF(Z6=0,0,(AB6+AC6)/(AB6+AC6+AG6+AH6))","v":0},{"$f":"IF(Z6=0,0,(AG6+AH6)/(AB6+AC6+AG6+AH6))","v":0},{"$f":"IF(Z6=0,0,AD6/(AD6+AI6))","v":0},{"$f":"IF(Z6=0,0,AI6/(AD6+AI6))","v":0}]
["% increase or","decrease each year",null,null,null,null,null,{"$f":"H6+1","v":1982},0,-2.8478250884203839E-2,0,0,0,0,0.08,0,0,0,0,0,0,0,0,null,{"$f":"Y6+1","v":1982},0,-2.8478250884203839E-2,0,0,0,0,0.08,{"$f":"IF(Z7=0,0,IF(AF6=start-1+time1,0,IF(AG6<>0,AG6*(1+inca),IF(Y7=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,1983,0,0.15989787716892828,0,0,0,0,0.08,0,0,0,0,0,0,0,0,null,1983,0,0.15989787716892828,0,0,0,0,0.08,{"$f":"IF(Z8=0,0,IF(AF7=start-1+time1,0,IF(AG7<>0,AG7*(1+inca),IF(Y8=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["% in equities",0.5,"% in FDs",{"$f":"100%-eqper","v":0.5},null,null,null,1984,0,0.44238372803978315,0,0,0,{"$f":"IF(I9=time1,M9,0)","v":0},0.08,0,0,0,0,0,0,0,0,null,1984,0,0.44238372803978315,0,0,0,{"$f":"IF(Z9=time1,AD9,0)","v":0},0.08,{"$f":"IF(Z9=0,0,IF(AF8=start-1+time1,0,IF(AG8<>0,AG8*(1+inca),IF(Y9=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,1985,0,0.62242129655796075,0,0,0,{"$f":"IF(I10=time1,M10,0)","v":0},8.5000000000000006E-2,0,0,0,0,0,0,0,0,null,1985,0,0.62242129655796075,0,0,0,{"$f":"IF(Z10=time1,AD10,0)","v":0},8.5000000000000006E-2,{"$f":"IF(Z10=0,0,IF(AF9=start-1+time1,0,IF(AG9<>0,AG9*(1+inca),IF(Y10=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["Total must be 100%",null,null,null,null,null,null,1986,0,-0.11104143805194128,0,0,0,0,8.5000000000000006E-2,0,0,0,0,0,0,0,0,null,1986,0,-0.11104143805194128,0,0,0,{"$f":"IF(Z11=time1,AD11,0)","v":0},8.5000000000000006E-2,{"$f":"IF(Z11=0,0,IF(AF10=start-1+time1,0,IF(AG10<>0,AG10*(1+inca),IF(Y11=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,1987,0,-0.21943334117093818,0,0,0,0,0.09,0,0,0,0,0,0,0,0,null,1987,0,-0.21943334117093818,0,0,0,0,0.09,{"$f":"IF(Z12=0,0,IF(AF11=start-1+time1,0,IF(AG11<>0,AG11*(1+inca),IF(Y12=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
[null,"Equity corpus","Debt Corpus","Total corpus","% Equity","%Debt",null,1988,0,0.79129954564851768,0,0,0,0,0.09,0,0,0,0,0,0,0,0,null,1988,0,0.79129954564851768,0,0,0,0,0.09,{"$f":"IF(Z13=0,0,IF(AF12=start-1+time1,0,IF(AG12<>0,AG12*(1+inca),IF(Y13=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["no rebalancing",{"$f":"MAX(N2:N57)","v":7019694.0072451765},{"$f":"MAX(S2:S57)","v":4269446.9581053648},{"$f":"B14+C14","v":11289140.965350542},{"$f":"B14/D14","v":0.62180940328325562},{"$f":"C14/D14","v":0.37819059671674432},null,1989,0,9.4520739910313803E-2,0,0,0,0,0.09,0,0,0,0,0,0,0,0,null,1989,0,9.4520739910313803E-2,0,0,0,0,0.09,{"$f":"IF(Z14=0,0,IF(AF13=start-1+time1,0,IF(AG13<>0,AG13*(1+inca),IF(Y14=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["annual rebalancing",{"$f":"MAX(AE4:AE58)","v":5501455.4073348492},{"$f":"MAX(AJ4:AJ58)","v":6822671.4493711311},{"$f":"B15+C15","v":12324126.85670598},{"$f":"B15/D15","v":0.44639717452610594},{"$f":"C15/D15","v":0.55360282547389406},null,1990,0,0.49538441841111336,0,0,0,0,0.09,0,0,0,0,0,0,0,0,null,1990,0,0.49538441841111336,0,0,0,0,0.09,{"$f":"IF(Z15=0,0,IF(AF14=start-1+time1,0,IF(AG14<>0,AG14*(1+inca),IF(Y15=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["The % equity and debt shown here represents the final asset allocation",null,null,null,null,null,null,1991,0,2.6687586153753942,0,0,0,0,0.12,0,0,0,0,0,0,0,0,null,1991,0,2.6687586153753942,0,0,0,0,0.12,{"$f":"IF(Z16=0,0,IF(AF15=start-1+time1,0,IF(AG15<>0,AG15*(1+inca),IF(Y16=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["% difference bet the two corpuses",null,{"$f":"(D15-D14)/D14","v":9.167977391123848E-2},"if started at",{"$f":"start","v":1997},null,null,1992,0,-0.4677899649941657,0,0,0,0,0.11,0,0,0,0,0,0,0,0,null,1992,0,-0.4677899649941657,0,0,0,0,0.11,{"$f":"IF(Z17=0,0,IF(AF16=start-1+time1,0,IF(AG16<>0,AG16*(1+inca),IF(Y17=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["+ve means rebalanced portfolio is higher",null,null,null,null,null,null,1993,0,0.65707382526792135,0,0,0,0,0.1,0,0,0,0,0,0,0,0,null,1993,0,0.65707382526792135,0,0,0,0,0.1,{"$f":"IF(Z18=0,0,IF(AF17=start-1+time1,0,IF(AG17<>0,AG17*(1+inca),IF(Y18=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["Click on the macro to find out the % difference",null,null,null,null,null,null,1994,0,-0.13708160116856616,0,0,0,0,0.11,0,0,0,0,0,0,0,0,null,1994,0,-0.13708160116856616,0,0,0,0,0.11,{"$f":"IF(Z19=0,0,IF(AF18=start-1+time1,0,IF(AG18<>0,AG18*(1+inca),IF(Y19=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["between the two corpuses for all possible ",null,null,null,null,null,null,1995,0,3.2398434816741109E-2,0,0,0,0,0.12,0,0,0,0,0,0,0,0,null,1995,0,3.2398434816741109E-2,0,0,0,0,0.12,{"$f":"IF(Z20=0,0,IF(AF19=start-1+time1,0,IF(AG19<>0,AG19*(1+inca),IF(Y20=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
["investment durations between",null,null,null,null,null,null,1996,0,-1.6990384986678749E-3,0,0,0,0,0.12,0,0,0,0,0,0,0,0,null,1996,0,-1.6990384986678749E-3,0,0,0,0,0.12,{"$f":"IF(Z21=0,0,IF(AF20=start-1+time1,0,IF(AG20<>0,AG20*(1+inca),IF(Y21=start,12*cont1*bondper,0))))","v":0},0,0,0,0,0,0,0]
[{"$f":"D3","v":1980},"and",{"$f":"F3","v":1997},null,null,null,null,1997,1,0.15824974932235217,150000,0,173737.46239835283,0,0.11,150000,0,166500.00000000003,0,0.5,0.5,0.51063589874456439,0.48936410125543567,null,1997,1,0.15824974932235217,150000,0,173737.46239835283,0,0.11,{"$f":"IF(Z22=0,0,IF(AF21=start-1+time1,0,IF(AG21<>0,AG21*(1+inca),IF(Y22=start,12*cont1*bondper,0))))","v":150000},0,166500.00000000003,0,0.5,0.5,0.51063589874456439,0.48936410125543567]
["Average % difference bet the two corpuses",null,null,{"$f":"AVERAGE(B26:B48)","v":0.13054108980519613},null,null,null,1998,2,-3.9249887611585633E-2,150000,173737.46239835283,311030.80338355753,0,0.105,150000,166500.00000000003,349732.5,0,0.50565217034570342,0.49434782965429652,0.47071440225398148,0.52928559774601847,null,1998,2,-3.9249887611585633E-2,150000,170118.73119917643,307554.1069772453,0,0.105,{"$f":"IF(Z23=0,0,IF(AF22=start-1+time1,0,IF(AG22<>0,AG22*(1+inca),IF(Y23=start,12*cont1*bondper,0))))","v":150000},170118.73119917643,353731.19797508989,0,0.5,0.5,0.46508534920402245,0.53491465079597755]
[null,null,null,null,null,null,null,1999,3,0.33725494390314326,150000,311030.80338355753,616515.72111630032,0,8.5000000000000006E-2,150000,349732.5,542209.76249999995,0,0.47985888070446425,0.52014111929553575,0.53206365945469525,0.46793634054530464,null,1999,3,0.33725494390314326,150000,330642.6524761676,642741.76327447558,0,8.5000000000000006E-2,{"$f":"IF(Z24=0,0,IF(AF23=start-1+time1,0,IF(AG23<>0,AG23*(1+inca),IF(Y24=start,12*cont1*bondper,0))))","v":150000},330642.6524761676,521497.27793664183,0,0.50000000000000011,0.50000000000000011,0.5520702712441713,0.44792972875582859]
["Year","% difference",null,null,null,null,null,2000,4,-0.27930849702476163,150000,616515.72111630032,552421.36710545514,0,8.5000000000000006E-2,150000,542209.76249999995,751047.59231249988,0,0.52546947984760284,0.47453052015239705,0.42380860941416726,0.57619139058583269,null,2000,4,-0.27930849702476163,150000,582119.52060555876,527632.31766273116,0,8.5000000000000006E-2,{"$f":"IF(Z25=0,0,IF(AF24=start-1+time1,0,IF(AG24<>0,AG24*(1+inca),IF(Y25=start,12*cont1*bondper,0))))","v":150000},582119.52060555876,794349.67985703121,0,0.5,0.5,0.39912216554586144,0.60087783445413867]
[1980,7.7421755545598839E-2,null,null,null,null,null,2001,5,-3.7462753649726219E-2,150000,552421.36710545514,676106.72847127961,0,7.4999999999999997E-2,150000,751047.59231249988,968626.16173593735,0,0.43806358893310154,0.5619364110668984,0.4110738786199491,0.58892612138005085,null,2001,5,-3.7462753649726219E-2,150000,660990.99875988113,780609.04276119429,0,7.4999999999999997E-2,{"$f":"IF(Z26=0,0,IF(AF25=start-1+time1,0,IF(AG25<>0,AG25*(1+inca),IF(Y26=start,12*cont1*bondper,0))))","v":150000},660990.99875988113,871815.32366687222,0,0.5,0.5,0.4724022827432543,0.52759771725674576]
[1981,0.12649156826310287,null,null,null,null,null,2002,6,-0.12124173116001562,150000,676106.72847127961,725948.11858848471,0,4.2500000000000003E-2,150000,968626.16173593735,1166167.7736097148,0,0.42479187379982836,0.5752081262001717,0.3836700075200476,0.61632999247995246,null,2002,6,-0.12124173116001562,150000,826212.18321403326,857854.52814166562,0,4.2500000000000003E-2,{"$f":"IF(Z27=0,0,IF(AF26=start-1+time1,0,IF(AG26<>0,AG26*(1+inca),IF(Y27=start,12*cont1*bondper,0))))","v":150000},826212.18321403326,1017701.2010006297,0,0.5,0.5,0.45738685063438161,0.54261314936561844]
[1982,0.16898280245444378,null,null,null,null,null,2003,7,0.8337531816631244,150000,725948.11858848471,1606272.6494334615,0,0.04,150000,1166167.7736097148,1368814.4845541033,0,0.3995902414220015,0.60040975857799861,0.53990776642583382,0.46009223357416623,null,2003,7,0.8337531816631244,150000,937777.8645711476,1994716.1201000609,0,0.04,{"$f":"IF(Z28=0,0,IF(AF27=start-1+time1,0,IF(AG27<>0,AG27*(1+inca),IF(Y28=start,12*cont1*bondper,0))))","v":150000},937777.8645711476,1131288.9791539935,0,0.5,0.5,0.63810392394307092,0.36189607605692914]
[1983,0.15814623125018631,null,null,null,null,null,2004,8,0.16138160483669003,150000,1606272.6494334615,2039702.7481298191,0,5.2499999999999998E-2,150000,1368814.4845541033,1598552.2449931938,0,0.53625219042496775,0.46374780957503225,0.56062666085396473,0.43937333914603532,null,2004,8,0.16138160483669003,150000,1563002.5496270272,1989449.6501751787,0,5.2499999999999998E-2,{"$f":"IF(Z29=0,0,IF(AF28=start-1+time1,0,IF(AG28<>0,AG28*(1+inca),IF(Y29=start,12*cont1*bondper,0))))","v":150000},1563002.5496270272,1802935.1834824462,0,0.5,0.5,0.52459065665454174,0.4754093433454582]
[1984,0.19836173589813128,null,null,null,null,null,2005,9,0.737303667743754,150000,2039702.7481298191,3804178.6155945119,0,0.06,150000,1598552.2449931938,1853465.3796927854,0,0.55600837222411492,0.44399162777588513,0.67239625164879857,0.32760374835120143,null,2005,9,0.737303667743754,150000,1896192.4168288126,3554857.5906661521,0,0.06,{"$f":"IF(Z30=0,0,IF(AF29=start-1+time1,0,IF(AG29<>0,AG29*(1+inca),IF(Y30=start,12*cont1*bondper,0))))","v":150000},1896192.4168288126,2168963.9618385416,0,0.5,0.5,0.62106366490593645,0.37893633509406349]
[1985,0.16774350294017182,null,null,null,null,null,2006,10,0.15887411347517733,150000,3804178.6155945119,4582395.2376695937,0,6.25E-2,150000,1853465.3796927854,2128681.9659235845,0,0.66371515631387246,0.3362848436861276,0.68281068726435357,0.31718931273564649,null,2006,10,0.15887411347517733,150000,2861910.776252347,3490425.4306957717,0,6.25E-2,{"$f":"IF(Z31=0,0,IF(AF30=start-1+time1,0,IF(AG30<>0,AG30*(1+inca),IF(Y31=start,12*cont1*bondper,0))))","v":150000},2861910.776252347,3200155.1997681186,0,0.5,0.5,0.52169245443407253,0.47830754556592736]
[1986,0.23356791040514169,null,null,null,null,null,2007,11,0.19677787042632777,150000,4582395.2376695937,5663625.8945539119,0,7.0000000000000007E-2,150000,2128681.9659235845,2438189.7035382357,0,0.67498832208611836,0.32501167791388175,0.69905638137303538,0.3009436186269645,null,2007,11,0.19677787042632777,150000,3345290.3152319454,4183086.0999850556,0,7.0000000000000007E-2,{"$f":"IF(Z32=0,0,IF(AF31=start-1+time1,0,IF(AG31<>0,AG31*(1+inca),IF(Y32=start,12*cont1*bondper,0))))","v":150000},3345290.3152319454,3739960.6372981817,0,0.5,0.5,0.52796433476794169,0.47203566523205825]
[1987,0.2091251719766902,null,null,null,null,null,2008,12,-0.37942650405256834,150000,5663625.8945539119,3607782.1455138354,0,0.08,150000,2438189.7035382357,2795244.8798212949,0,0.69194876115515414,0.30805123884484586,0.56344946401737328,0.43655053598262666,null,2008,12,-0.37942650405256834,150000,3961523.3686416186,2551502.4305474898,0,0.08,{"$f":"IF(Z33=0,0,IF(AF32=start-1+time1,0,IF(AG32<>0,AG32*(1+inca),IF(Y33=start,12*cont1*bondper,0))))","v":150000},3961523.3686416186,4440445.2381329481,0,0.5,0.5,0.36492012690206882,0.63507987309793112]
[1988,0.1732216228652744,null,null,null,null,null,2009,13,0.80532523046814641,150000,3607782.1455138354,6784018.9178988505,0,0.09,150000,2795244.8798212949,3210316.9190052119,0,0.5606097262193207,0.43939027378067924,0.67878636745914389,0.32121363254085622,null,2009,13,0.80532523046814641,150000,3495973.8343402189,6582168.5527610872,0,0.09,{"$f":"IF(Z34=0,0,IF(AF33=start-1+time1,0,IF(AG33<>0,AG33*(1+inca),IF(Y34=start,12*cont1*bondper,0))))","v":150000},3495973.8343402189,3974111.479430839,0,0.5,0.5,0.62353106706987882,0.37646893293012107]
[1989,0.18645511262710007,null,null,null,null,null,2010,14,0.10943116334797741,150000,6784018.9178988505,7692816.6747614052,0,0.1,150000,3210316.9190052119,3696348.6109057334,0,0.67357613232717306,0.32642386767282694,0.67545043748223965,0.3245495625177604,null,2010,14,0.10943116334797741,150000,5278140.0160959633,6022147.6928730533,0,0.1,{"$f":"IF(Z35=0,0,IF(AF34=start-1+time1,0,IF(AG34<>0,AG34*(1+inca),IF(Y35=start,12*cont1*bondper,0))))","v":150000},5278140.0160959633,5970954.0177055597,0,0.5,0.5,0.50213429671501653,0.49786570328498347]
[1990,0.14918368023234435,null,null,null,null,null,2011,15,-0.10495242993057337,150000,7692816.6747614052,7019694.0072451765,7019694.0072451765,0.11,150000,3696348.6109057334,4269446.9581053648,4269446.9581053648,0.67094753843356147,0.32905246156643853,0.62180940328325562,0.37819059671674432,null,2011,15,-0.10495242993057337,150000,5996550.8552893065,5501455.4073348492,5501455.4073348492,0.11,{"$f":"IF(Z36=0,0,IF(AF35=start-1+time1,0,IF(AG35<>0,AG35*(1+inca),IF(Y36=start,12*cont1*bondper,0))))","v":150000},5996550.8552893065,6822671.4493711311,6822671.4493711311,0.5,0.5,0.44639717452610594,0.55360282547389406]
[1991,9.7853676586866195E-2,null,null,null,null,null,"Note 35% returns listed against 1980 actually is the return"]
[1992,4.874316573627048E-2,null,null,null,null,null,"generated in the financial year 1980-1981"]
[1993,1.4818852702242905E-2]
[1994,0.11125187491674095]
[1995,7.4583417708813243E-2]
[1996,6.2107760473172367E-2]
[1997,9.167977391123848E-2]

{"sheet":"Annual Rebalancing Retirement","index":4,"n_rows":50,"n_cols":36,"rows_kept":50,"cut":false,"hidden":false,"merged":[[1,34,1,35],[0,7,0,20],[2,19,2,20],[1,19,1,20],[0,22,0,35],[25,0,25,2],[26,0,26,2],[24,0,24,2],[17,0,17,2],[3,34,3,35]]}
["Enter data only in green cells",null,null,null,null,null,null,"No Rebalancing",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Annual Rebalancing"]
["Enter no of years (max 32)",null,null,15,null,null,null,"Year of","Year","Sensex","Annual","invest. From","Total Equity",null,"FD","Annual","invest. From","Total Debt ",null,"Asset Allocation",null,null,"Year of","Year","Sensex","Annual","invest. From","Total Equity",null,"FD","Annual","invest. From","Total Debt ",null,"Asset Allocation"]
["Choose a starting year between",null,null,1980,"and",{"$f":"2011-time1+1","v":1997},null,"return",null,"return",null,"previous",null,null,"return",null,"previous",null,null,"After investment",null,null,null,null,"return ","Investment","Previous","Corpus",null,"return","investment","Previous","Corpus",null,"Equity","Debt"]
["Starting year",null,1997,null,null,null,null,null,null,null,null,"year",null,null,null,null,"year",null,null,"Equity","Debt",null,null,null,null,null,"year",null,null,null,null,"year",null,null,"After investment"]
["monthly contribution in 1st year",null,null,10000,null,null,null,1980,{"$f":"IF(O4=start-1+time1,0,IF(I4<>0,I4+1,IF(H5=start,1,0)))","v":0},0.34899276658629547,{"$f":"IF(O4=start-1+time1,0,IF(K4<>0,K4*(1+inca),IF(H5=start,cont1*eqper,0)))","v":0},{"$f":"IF(I5=0,0,K5*12)","v":0},{"$f":"IF(I5=0,0,(L5+M4)*(1+J5))","v":0},{"$f":"IF(I5=time1,M5,0)","v":0},7.4999999999999997E-2,{"$f":"IF(O4=start-1+time1,0,IF(K4<>0,K4*(1+inca),IF(H5=start,cont1*bondper,0)))","v":0},{"$f":"IF(I5=0,0,P5*12)","v":0},{"$f":"IF(I5=0,0,(Q5+R4)*(1+O5))","v":0},{"$f":"IF(I5=time1,R5,0)","v":0},{"$f":"IF(I5=0,0,M5/(M5+R5))","v":0},{"$f":"IF(I5=0,0,R5/(M5+R5))","v":0},null,1980,{"$f":"IF(AD4=start-1+time1,0,IF(X4<>0,X4+1,IF(W5=start,1,0)))","v":0},0.34899276658629547,{"$f":"IF(AD4=start-1+time1,0,IF(Z4<>0,Z4*(1+inca),IF(W5=start,cont1*eqper,0)))","v":0},{"$f":"IF(X5=0,0,Z5*12)","v":0},{"$f":"IF(X5=0,0,(AA5+AB4)*(1+Y5))","v":0},{"$f":"IF(X5=time1,AB5,0)","v":0},7.4999999999999997E-2,{"$f":"IF(AD4=start-1+time1,0,IF(Z4<>0,Z4*(1+inca),IF(W5=start,cont1*bondper,0)))","v":0},{"$f":"IF(X5=0,0,AE5*12)","v":0},{"$f":"IF(X5=0,0,(AF5+AG4)*(1+AD5))","v":0},{"$f":"IF(X5=time1,AG5,0)","v":0},{"$f":"IF(X5=0,0,AB5/(AB5+AG5))","v":0},{"$f":"IF(X5=0,0,AG5/(AB5+AG5))","v":0}]
["% increase or","decrease each year",null,0,null,null,null,{"$f":"H5+1","v":1981},{"$f":"IF(H5=start-1+time1,0,IF(I5<>0,I5+1,IF(H6=start,1,0)))","v":0},0.25524677121771222,{"$f":"IF(O5=start-1+time1,0,IF(K5<>0,K5*(1+inca),IF(H6=start,cont1*eqper,0)))","v":0},{"$f":"IF(I6=0,0,K6*12)","v":0},{"$f":"IF(I6=0,0,(L6+M5)*(1+J6))","v":0},0,0.08,{"$f":"IF(O5=start-1+time1,0,IF(K5<>0,K5*(1+inca),IF(H6=start,cont1*bondper,0)))","v":0},0,{"$f":"IF(I6=0,0,(Q6+R5)*(1+O6))","v":0},0,{"$f":"IF(I6=0,0,M6/(M6+R6))","v":0},{"$f":"IF(I6=0,0,R6/(M6+R6))","v":0},null,{"$f":"W5+1","v":1981},{"$f":"IF(W5=start-1+time1,0,IF(X5<>0,X5+1,IF(W6=start,1,0)))","v":0},0.25524677121771222,0,{"$f":"IF(X6=0,0,Z6*12)","v":0},{"$f":"IF(X6=0,0,(AA6+eqper*(AB5+AG5))*(1+Y6))","v":0},0,0.08,0,0,{"$f":"IF(X6=0,0,(AF6+bondper*(AG5+AB5))*(1+AD6))","v":0},0,{"$f":"IF(X6=0,0,AB6/(AB6+AG6))","v":0},{"$f":"IF(X6=0,0,AG6/(AB6+AG6))","v":0}]
["% in equities",0.5,"% in FDs (debt)",{"$f":"100%-eqper","v":0.5},null,null,null,{"$f":"H6+1","v":1982},0,-2.8478250884203839E-2,0,0,0,0,0.08,0,0,0,0,0,0,null,{"$f":"W6+1","v":1982},0,-2.8478250884203839E-2,0,0,0,0,0.08,0,0,0,0,0,0]
["Total must be 100%",null,null,null,null,null,null,1983,0,0.15989787716892828,0,0,0,0,0.08,0,0,0,0,0,0,null,1983,0,0.15989787716892828,0,0,0,0,0.08,0,0,0,0,0,0]
["Enter a rate of inflation during retirement",null,null,0.08,null,null,null,1984,0,0.44238372803978315,0,0,0,{"$f":"IF(I9=time1,M9,0)","v":0},0.08,0,0,0,0,0,0,null,1984,0,0.44238372803978315,0,0,0,{"$f":"IF(X9=time1,AB9,0)","v":0},0.08,0,0,0,0,0,0]
["rate of interest you expect corpus to earn during retirement",null,null,0.08,null,null,null,1985,0,0.62242129655796075,0,0,0,{"$f":"IF(I10=time1,M10,0)","v":0},8.5000000000000006E-2,0,0,0,0,0,0,null,1985,0,0.62242129655796075,0,0,0,{"$f":"IF(X10=time1,AB10,0)","v":0},8.5000000000000006E-2,0,0,0,0,0,0]
["Enter the pension amt which will cover monthly expenses",null,null,40000,"(enter present expenses to try)",null,null,1986,0,-0.11104143805194128,0,0,0,0,8.5000000000000006E-2,0,0,0,0,0,0,null,1986,0,-0.11104143805194128,0,0,0,{"$f":"IF(X11=time1,AB11,0)","v":0},8.5000000000000006E-2,0,0,0,0,0,0]
[null,null,null,null,null,null,null,1987,0,-0.21943334117093818,0,0,0,0,0.09,0,0,0,0,0,0,null,1987,0,-0.21943334117093818,0,0,0,0,0.09,0,0,0,0,0,0]
[null,"Equity corpus","Debt Corpus","Total corpus","% Equity","%Debt",null,1988,0,0.79129954564851768,0,0,0,0,0.09,0,0,0,0,0,0,null,1988,0,0.79129954564851768,0,0,0,0,0.09,0,0,0,0,0,0]
["no rebalancing",{"$f":"MAX(N4:N57)","v":2807877.6028980715},{"$f":"MAX(S4:S57)","v":1707778.7832421456},{"$f":"B14+C14","v":4515656.3861402171},{"$f":"B14/D14","v":0.62180940328325573},{"$f":"C14/D14","v":0.37819059671674427},null,1989,0,9.4520739910313803E-2,0,0,0,0,0.09,0,0,0,0,0,0,null,1989,0,9.4520739910313803E-2,0,0,0,0,0.09,0,0,0,0,0,0]
["annual rebalancing",{"$f":"MAX(AC4:AC60)","v":2200582.1629339396},{"$f":"MAX(AH4:AH60)","v":2729068.5797484517},{"$f":"B15+C15","v":4929650.7426823918},{"$f":"B15/D15","v":0.446397174526106},{"$f":"C15/D15","v":0.55360282547389394},null,1990,0,0.49538441841111336,0,0,0,0,0.09,0,0,0,0,0,0,null,1990,0,0.49538441841111336,0,0,0,0,0.09,0,0,0,0,0,0]
["The % equity and debt shown here represents the final asset allocation",null,null,null,null,null,null,1991,0,2.6687586153753942,0,0,0,0,0.12,0,0,0,0,0,0,null,1991,0,2.6687586153753942,0,0,0,0,0.12,0,0,0,0,0,0]
["% difference bet the two corpuses",null,{"$f":"(D15-D14)/D14","v":9.1679773911238341E-2},null,null,null,null,1992,0,-0.4677899649941657,0,0,0,0,0.11,0,0,0,0,0,0,null,1992,0,-0.4677899649941657,0,0,0,0,0.11,0,0,0,0,0,0]
["+ve means rebalanced portfolio is higher",null,null,null,null,null,null,1993,0,0.65707382526792135,0,0,0,0,0.1,0,0,0,0,0,0,null,1993,0,0.65707382526792135,0,0,0,0,0.1,0,0,0,0,0,0]
[null,null,null,null,null,null,null,1994,0,-0.13708160116856616,0,0,0,0,0.11,0,0,0,0,0,0,null,1994,0,-0.13708160116856616,0,0,0,0,0.11,0,0,0,0,0,0]
["no rebalancing",{"$f":"NPER((1+rate)/(1+inf)-1,-exp*12,corp1,,1)","v":9.4076174711254517},null,"No of years corpus will last",null,null,null,1995,0,3.2398434816741109E-2,0,0,0,0,0.12,0,0,0,0,0,0,null,1995,0,3.2398434816741109E-2,0,0,0,0,0.12,0,0,0,0,0,0]
["annual rebalancing",{"$f":"NPER((1+rate)/(1+inf)-1,-exp*12,corp2,,1)","v":10.27010571392165},"Examples are availabe in the 'Sample Data and analysis sheet'",null,null,null,null,1996,0,-1.6990384986678749E-3,0,0,0,0,0.12,0,0,0,0,0,0,null,1996,0,-1.6990384986678749E-3,0,0,0,0,0.12,0,0,0,0,0,0]
["Here we assume we are saving for retirment and detemine the no of years ",null,null,null,null,null,null,1997,1,0.15824974932235217,5000,60000,69494.984959341135,0,0.11,5000,60000,66600,0,0.5106358987445645,0.48936410125543567,null,1997,1,0.15824974932235217,5000,60000,69494.984959341135,0,0.11,5000,60000,66600,0,0.5106358987445645,0.48936410125543567]
["the corpus will last from both approaches",null,null,null,null,null,null,1998,2,-3.9249887611585633E-2,5000,60000,124412.32135342302,0,0.105,5000,60000,139893,0,0.47071440225398153,0.52928559774601847,null,1998,2,-3.9249887611585633E-2,5000,60000,123021.64279089813,0,0.105,5000,60000,141492.47919003596,0,0.46508534920402256,0.53491465079597755]
[null,null,null,null,null,null,null,1999,3,0.33725494390314326,5000,60000,246606.28844652014,0,8.5000000000000006E-2,5000,60000,216883.905,0,0.53206365945469525,0.4679363405453047,null,1999,3,0.33725494390314326,5000,60000,257096.70530979021,0,8.5000000000000006E-2,5000,60000,208598.91117465671,0,0.55207027124417141,0.44792972875582865]
["Click on the macro to find out the % difference",null,null,null,null,null,null,2000,4,-0.27930849702476163,5000,60000,220968.54684218203,0,8.5000000000000006E-2,5000,60000,300419.03692500002,0,0.42380860941416715,0.5761913905858328,null,2000,4,-0.27930849702476163,5000,60000,211052.9270650924,0,8.5000000000000006E-2,5000,60000,317739.87194281246,0,0.39912216554586138,0.60087783445413867]
["between the two corpuses for all possible ",null,null,null,null,null,null,2001,5,-3.7462753649726219E-2,5000,60000,270442.69138851186,0,7.4999999999999997E-2,5000,60000,387450.464694375,0,0.4110738786199491,0.58892612138005085,null,2001,5,-3.7462753649726219E-2,5000,60000,312243.61710447771,0,7.4999999999999997E-2,5000,60000,348726.12946674885,0,0.47240228274325435,0.52759771725674576]
["investment durations between",null,null,null,null,null,null,2002,6,-0.12124173116001562,5000,60000,290379.24743539392,0,4.2500000000000003E-2,5000,60000,466467.10944388591,0,0.3836700075200476,0.61632999247995246,null,2002,6,-0.12124173116001562,5000,60000,343141.8112566662,0,4.2500000000000003E-2,5000,60000,407080.48040025181,0,0.45738685063438156,0.54261314936561844]
[{"$f":"D3","v":1980},"and",{"$f":"F3","v":1997},null,null,null,null,2003,7,0.8337531816631244,5000,60000,642509.05977338471,0,0.04,5000,60000,547525.79382164148,0,0.53990776642583371,0.46009223357416618,null,2003,7,0.8337531816631244,5000,60000,797886.44804002438,0,0.04,5000,60000,452515.59166159737,0,0.63810392394307092,0.36189607605692908]
[null,null,null,null,null,null,null,2004,8,0.16138160483669003,5000,60000,815881.09925192781,0,5.2499999999999998E-2,5000,60000,639420.89799727767,0,0.56062666085396462,0.43937333914603527,null,2004,8,0.16138160483669003,5000,60000,795779.86007007142,0,5.2499999999999998E-2,5000,60000,721174.0733929784,0,0.52459065665454185,0.4754093433454582]
["Average % difference bet. Corpuses",null,{"$f":"AVERAGE(B33:B64)","v":0.13054108980519619},null,null,null,null,2005,9,0.737303667743754,5000,60000,1521671.4462378051,0,0.06,5000,60000,741386.15187711432,0,0.67239625164879857,0.32760374835120137,null,2005,9,0.737303667743754,5000,60000,1421943.0362664605,0,0.06,5000,60000,867585.58473541646,0,0.62106366490593645,0.37893633509406355]
["Average no of additional years the rebalanced corpus will last",null,null,{"$f":"AVERAGE(C33:C64)","v":1.51723769672042},null,null,null,2006,10,0.15887411347517733,5000,60000,1832958.0950678377,0,6.25E-2,5000,60000,851472.78636943398,0,0.68281068726435346,0.31718931273564649,null,2006,10,0.15887411347517733,5000,60000,1396170.1722783081,0,6.25E-2,5000,60000,1280062.0799072471,0,0.52169245443407253,0.47830754556592747]
["Year","% difference","Additional years",null,null,null,null,2007,11,0.19677787042632777,5000,60000,2265450.3578215651,0,7.0000000000000007E-2,5000,60000,975275.88141529437,0,0.6990563813730355,0.3009436186269645,null,2007,11,0.19677787042632777,5000,60000,1673234.4399940218,0,7.0000000000000007E-2,5000,60000,1495984.2549192721,0,0.52796433476794169,0.4720356652320582]
[1980,7.7421755545599047E-2,1.6016376064194127,null,null,null,null,2008,12,-0.37942650405256834,5000,60000,1443112.8582055345,0,0.08,5000,60000,1118097.951928518,0,0.56344946401737339,0.43655053598262666,null,2008,12,-0.37942650405256834,5000,60000,1020600.9722189957,0,0.08,5000,60000,1776178.0952531791,0,0.36492012690206882,0.63507987309793124]
[1981,0.12649156826310309,2.302727130285362,null,null,null,null,2009,13,0.80532523046814641,5000,60000,2713607.567159541,0,0.09,5000,60000,1284126.7676020847,0,0.67878636745914389,0.32121363254085611,null,2009,13,0.80532523046814641,5000,60000,2632867.4211044344,0,0.09,5000,60000,1589644.5917723353,0,0.62353106706987893,0.37646893293012113]
[1982,0.16898280245444364,2.7044824694709924,null,null,null,null,2010,14,0.10943116334797741,5000,60000,3077126.6699045631,0,0.1,5000,60000,1478539.4443622932,0,0.67545043748223965,0.32454956251776029,null,2010,14,0.10943116334797741,5000,60000,2408859.0771492207,0,0.1,5000,60000,2388381.6070822235,0,0.50213429671501653,0.49786570328498353]
[1983,0.15814623125018584,2.5015724642585102,null,null,null,null,2011,15,-0.10495242993057337,5000,60000,2807877.6028980715,2807877.6028980715,0.11,5000,60000,1707778.7832421456,1707778.7832421456,0.62180940328325573,0.37819059671674427,null,2011,15,-0.10495242993057337,5000,60000,2200582.1629339396,2200582.1629339396,0.11,5000,60000,2729068.5797484517,2729068.5797484517,0.446397174526106,0.55360282547389394]
[1984,0.19836173589813155,2.6444518726327306,null,null,null,null,"Note 35% returns listed against 1980 actually is the return"]
[1985,0.16774350294017171,2.3251580566044741,null,null,null,null,"generated in the financial year 1980-1981"]
[1986,0.23356791040514163,2.3401165081963313]
[1987,0.20912517197669059,1.8988760348430773]
[1988,0.17322162286527495,1.3243728583179291]
[1989,0.1864551126271001,1.6432678599185007]
[1990,0.14918368023234418,1.2600863965704612]
[1991,9.7853676586866348E-2,0.99644088747356285]
[1992,4.8743165736270348E-2,0.48033468274336855]
[1993,1.4818852702243051E-2,0.15886921768807838]
[1994,0.11125187491674099,0.83161375442450947]
[1995,7.4583417708813396E-2,0.77544530905536391]
[1996,6.2107760473172749E-2,0.65833718926868912]
[1997,9.1679773911238341E-2,0.86248824279619818]

{"sheet":"Sample Data and analysis","index":5,"n_rows":43,"n_cols":9,"rows_kept":43,"cut":false,"hidden":false,"merged":[]}
["SIP amt ",10000,null,"Lumpsum investment of 100000",null,null,"SIP amt ",10000,"inflation at 8%"]
["duration 10 years",null,null,"duration 10 years",null,null,"duration 20 years",null,"rate of inflation at 8%"]
["equity ",0.5,null,"equity ",0.5,null,"equity ",0.5,"pension is 40000"]
["debt",0.5,null,"debt",0.5,null,"debt",0.5]
["start year","% diff bet the corpuses",null,"start year","% diff bet the corpuses",null,"start year","% diff bet the corpuses","no of years rebalanced corpus will last longer"]
[1980,1.4999999999999999E-2,null,1980,-0.03,null,1980,0.11,4]
[{"$f":"A6+1","v":1981},-1.2999999999999999E-2,null,{"$f":"D6+1","v":1981},-0.04,null,{"$f":"G6+1","v":1981},0.25700000000000001,6]
[1982,-0.157,null,1982,-0.2,null,1982,0.27700000000000002,6]
[1983,0.14099999999999999,null,1983,7.0000000000000007E-2,null,1983,0.28699999999999998,5]
[1984,0.06,null,1984,-0.03,null,1984,0.25,5]
[1985,0.158,null,1985,0.16,null,1985,0.23300000000000001,5]
[1986,0.17,null,1986,0.28000000000000003,null,1986,0.14000000000000001,4]
[1987,0.16600000000000001,null,1987,0.25,null,1987,0.1,3]
[1988,0.13500000000000001,null,1988,0.12,null,1988,0.06,2]
[1989,0.14199999999999999,null,1989,0.26,null,1989,0.23,4]
[1990,0.106,null,1990,0.22,null,1990,0.16,3]
[1991,7.1999999999999995E-2,null,1991,0.34,null,1991,0.14000000000000001,3]
[1992,-4.0000000000000001E-3,null,1992,-0.04,null,1992,0.14000000000000001,3]
[1993,-1.7999999999999999E-2,null,1993,0.02]
[1994,5.8000000000000003E-2,null,1994,0.06,null,"Average",{"$f":"AVERAGE(H6:H18)","v":0.18338461538461545},{"$f":"AVERAGE(I6:I18)","v":4.0769230769230766}]
[1995,5.1999999999999998E-2,null,1995,0.08,null,"Std Dev",{"$f":"STDEV(H6:H18)","v":7.5137139575510353E-2},{"$f":"STDEV(I6:I18)","v":1.2557559782549625}]
[1996,2.1000000000000001E-2,null,1996,0.08]
[1997,-3.0000000000000001E-3,null,1997,0.05,null,"longer the duration higher is the benefit of rebalancing: 18% avg for 20 years compared to 5% for 10 years (more data though)"]
[1998,-0.03,null,1998,0.04,null,"Although large % difference variations does not lead to a big differnece"]
[1999,7.4999999999999997E-2,null,1999,0.14000000000000001,null,"in the no of extra years rebalancing adds to the folio"]
[2000,2.9000000000000001E-2,null,2000,0.13,null,"an average of 4 extra years is still significant"]
[2001,1.4E-2,null,2001,0.02,null,"I would think a % difference of less 5% should not make much"]
[2002,4.7E-2,null,2002,0.05,null,"of a difference to your financial goals"]
["+ve % means rebalanced portfolio is higher",null,null,null,null,null,"However we are using historical data and you will know if "]
["Average",{"$f":"AVERAGE(B6:B28)","v":5.3739130434782602E-2},null,"Average",{"$f":"AVERAGE(E6:E28)","v":8.8260869565217406E-2},null,"rebalancing has a made a difference only if you do it"]
["Std Dev",{"$f":"STDEV(B6:B28)","v":7.8323465305049578E-2},null,"Std Dev",{"$f":"STDEV(E6:E28)","v":0.12496007267461813},null,"It certainly can't hurt and is most likely to benefit you"]
[]
["As expected benefits of rebalancing are higher for lumpsum investments. On an average the rebalanced portfolio"]
["is 9% higher than the folio with no rebalancing. For SIP invesments it is 5% higher."]
["The standard deviation for lumpsum investment is 12% which means the spead in individuals nos is higher"]
[]
["A 5% higher corpus due to rebalancing a portfolio with SIP instruments is good"]
["But is it significant? This is tougher to answer."]
["If during the process of goal planning you had taken precautions to"]
["underestimate interest rates and overestimate inflation "]
["your extimated corpus is likely to be lower than the corpus obtained"]
["with no rebalancing. If so you don’t care about rebalancing"]
["There is no way to know unless you rebalance so might as well give it a shot. It can’t hurt!"]