. .. , The potential for diversification and systematic risk. . 63 1.5.1 Diversification and correlations, p.65

. .. Conclusion,

. .. References,

. .. Appendices,

. .. Statistical-measures, 73 1.A.1 The Kolmogorov-Smirnov distance and test. . 73 1.A.2 The Hellinger distance

. , 75 1.B.1 Time series of spot returns and shocks conditional on the 3m-basis, B Conditioning returns on the sign of the basis

. .. , Empirical distributions of returns conditional on the sign of the 3m-basis, p.79

. .. , Computing the moments of the conditional distributions of spot returns, p.85

. .. , Probabilities of shocks conditional on contango and backwardation, p.86

. , 1 PCA results for each subsample, p.91

, Eurodollar-6.10%-2.44% 1.89% 6.34%-14

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