Portfolio Efficient Frontier
Two-asset mean-variance with the correlation term, 21 portfolios, and the minimum-variance and maximum-Sharpe points marked.
Portfolio Efficient Frontier is a free Excel workbook: 3 sheets, 111 live formulas and realistic sample data throughout, 12 KB as .xlsx.
The formulas are printed on this page, unedited, so you can check the method before downloading anything. Swap in your own numbers and the whole file recalculates — which is the part no chat window can hand you. Opens in Excel, Google Sheets, Numbers and LibreOffice; no add-in and no macro.
A look inside
This is a real slice of the Frontier sheet from the actual file — not a screenshot, and not a mock-up. Cells shown in violet are live formulas, exactly as they arrive.
| # | Weight A | Weight B | Expected return | Std deviation | Sharpe ratio | Marker |
|---|---|---|---|---|---|---|
| 2 | 0.0% | =1-A2 | =A2*Inputs!$B$2+B2*Inputs!$B$4 | =SQRT(A2^2*Inputs!$B$3^2+B2^2*Inputs!$B$5^2+… | =(C2-Inputs!$B$7)/D2 | =IF(D2=MIN($D$2:$D$22),"Min variance",IF(E2=… |
| 3 | 5.0% | =1-A3 | =A3*Inputs!$B$2+B3*Inputs!$B$4 | =SQRT(A3^2*Inputs!$B$3^2+B3^2*Inputs!$B$5^2+… | =(C3-Inputs!$B$7)/D3 | =IF(D3=MIN($D$2:$D$22),"Min variance",IF(E3=… |
| 4 | 10.0% | =1-A4 | =A4*Inputs!$B$2+B4*Inputs!$B$4 | =SQRT(A4^2*Inputs!$B$3^2+B4^2*Inputs!$B$5^2+… | =(C4-Inputs!$B$7)/D4 | =IF(D4=MIN($D$2:$D$22),"Min variance",IF(E4=… |
| 5 | 15.0% | =1-A5 | =A5*Inputs!$B$2+B5*Inputs!$B$4 | =SQRT(A5^2*Inputs!$B$3^2+B5^2*Inputs!$B$5^2+… | =(C5-Inputs!$B$7)/D5 | =IF(D5=MIN($D$2:$D$22),"Min variance",IF(E5=… |
| 6 | 20.0% | =1-A6 | =A6*Inputs!$B$2+B6*Inputs!$B$4 | =SQRT(A6^2*Inputs!$B$3^2+B6^2*Inputs!$B$5^2+… | =(C6-Inputs!$B$7)/D6 | =IF(D6=MIN($D$2:$D$22),"Min variance",IF(E6=… |
| 7 | 25.0% | =1-A7 | =A7*Inputs!$B$2+B7*Inputs!$B$4 | =SQRT(A7^2*Inputs!$B$3^2+B7^2*Inputs!$B$5^2+… | =(C7-Inputs!$B$7)/D7 | =IF(D7=MIN($D$2:$D$22),"Min variance",IF(E7=… |
| 8 | 30.0% | =1-A8 | =A8*Inputs!$B$2+B8*Inputs!$B$4 | =SQRT(A8^2*Inputs!$B$3^2+B8^2*Inputs!$B$5^2+… | =(C8-Inputs!$B$7)/D8 | =IF(D8=MIN($D$2:$D$22),"Min variance",IF(E8=… |
| 9 | 35.0% | =1-A9 | =A9*Inputs!$B$2+B9*Inputs!$B$4 | =SQRT(A9^2*Inputs!$B$3^2+B9^2*Inputs!$B$5^2+… | =(C9-Inputs!$B$7)/D9 | =IF(D9=MIN($D$2:$D$22),"Min variance",IF(E9=… |
What’s in the file
What it explains
- The correlation term is the whole point
- Diversification is free return
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