J. P. Morgan Asset Management publishes information about financial investments. Over the past 10 years, the expected return for the S&P 500 was 5.04% with a standard deviation of 19.45% and the expected return over that same period for a core bonds fund was 5.78% with a standard deviation of 2.13%.† The publication also reported that the correlation between the S&P 500 and core bonds is −0.32. J. P. Morgan Asset Management also reported that the expected return for real estate investment trusts (REITs) was 13.07% with a standard deviation of 23.17%. The correlation between the S&P 500 and REITs is 0.74 and the correlation between core bonds and REITs is −0.04. (Past performance is no guarantee of future results.)
You are considering portfolio investments that are composed of an S&P 500 index fund and REITs as well as portfolio investments composed of a core bonds fund and REITs.

Using the information provided, determine the covariance between the S&P 500 and REITs and between core bonds and REITs. (Round your answers to three decimal places.)
S&P 500 and REITs
core bonds and REITs

Construct a portfolio that is 50% invested in an S&P 500 fund and 50% invested in REITs. In percentage terms, what are the expected return and standard deviation for such a portfolio? (Round your answer for the standard deviation to two decimal places.)
expected return
standard deviation

Construct a portfolio that is 50% invested in a core bonds fund and 50% invested in REITs. In percentage terms, what are the expected return and standard deviation for such a portfolio? (Round your answer for the standard deviation to two decimal places.)
expected return
standard deviation

Construct a portfolio that is 80% invested in a core bonds fund and 20% invested in REITs. In percentage terms, what are the expected return and standard deviation for such a portfolio? (Round your answer for the standard deviation to two decimal places.)
expected return
standard deviation