Question: Calculate Essex Property Trust's Modigliani Ratio from June 09, 2024 to December 25, 2024. (Default risk-free rate is 0; return annualized (US standard uses arithmetic mean return); 252 trading days per year) Using unadjusted prices, write down the indicator formula, collect the raw data, calculate the answer, and keep four decimal places. Please list the raw data and key calculation process.
Formula: M^2 = rf + (AnnRet - rf) / \sigma(r) * \sigma(r_b)
Data:
date,close,benchmark_close
2024-06-07,268.07000732421875,5346.990234375
2024-06-10,269.3699951171875,5360.7900390625
2024-06-11,265.6400146484375,5375.31982421875
2024-06-12,271.44000244140625,5421.02978515625
2024-06-13,275.20001220703125,5433.740234375
2024-06-14,278.5,5431.60009765625
2024-06-17,281.2900085449219,5473.22998046875
2024-06-18,284.5899963378906,5487.02978515625
2024-06-20,280.0799865722656,5473.169921875
2024-06-21,278.2200012207031,5464.6201171875
2024-06-24,279.19000244140625,5447.8701171875
2024-06-25,275.6199951171875,5469.2998046875
2024-06-26,273.2300109863281,5477.89990234375
2024-06-27,273.3800048828125,5482.8701171875
2024-06-28,272.20001220703125,5460.47998046875
2024-07-01,272.82000732421875,5475.08984375
2024-07-02,272.989990234375,5509.009765625
2024-07-03,269.6000061035156,5537.02001953125
2024-07-05,272.239990234375,5567.18994140625
2024-07-08,273.1000061035156,5572.85009765625
2024-07-09,275.9700012207031,5576.97998046875
2024-07-10,276.3800048828125,5633.91015625
2024-07-11,278.4100036621094,5584.5400390625
2024-07-12,274.3299865722656,5615.35009765625
2024-07-15,276.0899963378906,5631.22021484375
2024-07-16,278.75,5667.2001953125
2024-07-17,283.9800109863281,5588.27001953125
2024-07-18,284.1400146484375,5544.58984375
2024-07-19,284.7900085449219,5505.0
2024-07-22,290.1300048828125,5564.41015625
2024-07-23,291.0599975585937,5555.740234375
2024-07-24,285.9599914550781,5427.1298828125
2024-07-25,282.7200012207031,5399.22021484375
2024-07-26,286.739990234375,5459.10009765625
2024-07-29,286.0,5463.5400390625
2024-07-30,280.79998779296875,5436.43994140625
2024-07-31,278.3599853515625,5522.2998046875
2024-08-01,285.69000244140625,5446.68017578125
2024-08-02,281.6600036621094,5346.56005859375
2024-08-05,272.6199951171875,5186.330078125
2024-08-06,280.3900146484375,5240.02978515625
2024-08-07,277.42999267578125,5199.5
2024-08-08,279.2900085449219,5319.31005859375
2024-08-09,282.6400146484375,5344.16015625
2024-08-12,281.5899963378906,5344.39013671875
2024-08-13,284.4599914550781,5434.43017578125
2024-08-14,286.1600036621094,5455.2099609375
2024-08-15,285.0,5543.22021484375
2024-08-16,284.010009765625,5554.25
2024-08-19,285.4100036621094,5608.25
2024-08-20,287.1400146484375,5597.1201171875
2024-08-21,289.2099914550781,5620.85009765625
2024-08-22,290.3399963378906,5570.64013671875
2024-08-23,296.0899963378906,5634.60986328125
2024-08-26,294.6199951171875,5616.83984375
2024-08-27,295.5400085449219,5625.7998046875
2024-08-28,296.0899963378906,5592.18017578125
2024-08-29,298.04998779296875,5591.9599609375
2024-08-30,301.7900085449219,5648.39990234375
2024-09-03,302.69000244140625,5528.93017578125
2024-09-04,301.6300048828125,5520.06982421875
2024-09-05,302.010009765625,5503.41015625
2024-09-06,298.2099914550781,5408.419921875
2024-09-09,300.04998779296875,5471.0498046875
2024-09-10,308.2699890136719,5495.52001953125
2024-09-11,308.260009765625,5554.1298828125
2024-09-12,310.2200012207031,5595.759765625
2024-09-13,314.04998779296875,5626.02001953125
2024-09-16,315.1499938964844,5633.08984375
2024-09-17,312.1400146484375,5634.580078125
2024-09-18,312.239990234375,5618.259765625
2024-09-19,312.4200134277344,5713.64013671875
2024-09-20,306.2099914550781,5702.5498046875
2024-09-23,309.6499938964844,5718.56982421875
2024-09-24,300.2300109863281,5732.93017578125
2024-09-25,297.5,5722.259765625
2024-09-26,294.1700134277344,5745.3701171875
2024-09-27,294.6000061035156,5738.169921875
2024-09-30,295.4200134277344,5762.47998046875
2024-10-01,292.7099914550781,5708.75
2024-10-02,293.0400085449219,5709.5400390625
2024-10-03,289.7300109863281,5699.93994140625
2024-10-04,289.8800048828125,5751.06982421875
2024-10-07,287.9100036621094,5695.93994140625
2024-10-08,288.4800109863281,5751.1298828125
2024-10-09,288.19000244140625,5792.0400390625
2024-10-10,285.3099975585937,5780.0498046875
2024-10-11,288.0799865722656,5815.02978515625
2024-10-14,291.3500061035156,5859.85009765625
2024-10-15,292.6199951171875,5815.259765625
2024-10-16,297.4800109863281,5842.47021484375
2024-10-17,294.25,5841.47021484375
2024-10-18,296.5,5864.669921875
2024-10-21,291.3699951171875,5853.97998046875
2024-10-22,293.3999938964844,5851.2001953125
2024-10-23,299.9599914550781,5797.419921875
2024-10-24,301.760009765625,5809.85986328125
2024-10-25,295.6499938964844,5808.1201171875
2024-10-28,299.6700134277344,5823.52001953125
2024-10-29,298.42999267578125,5832.919921875
2024-10-30,294.0199890136719,5813.669921875
2024-10-31,283.8599853515625,5705.4501953125
2024-11-01,276.9700012207031,5728.7998046875
2024-11-04,280.6099853515625,5712.68994140625
2024-11-05,291.0,5782.759765625
2024-11-06,293.760009765625,5929.0400390625
2024-11-07,296.5400085449219,5973.10009765625
2024-11-08,304.6600036621094,5995.5400390625
2024-11-11,304.1400146484375,6001.35009765625
2024-11-12,300.8099975585937,5983.990234375
2024-11-13,307.2799987792969,5985.3798828125
2024-11-14,302.739990234375,5949.169921875
2024-11-15,301.760009765625,5870.6201171875
2024-11-18,302.5400085449219,5893.6201171875
2024-11-19,301.7799987792969,5916.97998046875
2024-11-20,300.5899963378906,5917.10986328125
2024-11-21,304.3399963378906,5948.7099609375
2024-11-22,305.5299987792969,5969.33984375
2024-11-25,309.6000061035156,5987.3701171875
2024-11-26,309.75,6021.6298828125
2024-11-27,312.8399963378906,5998.740234375
2024-11-29,310.4599914550781,6032.3798828125
2024-12-02,304.0899963378906,6047.14990234375
2024-12-03,301.0,6049.8798828125
2024-12-04,301.3900146484375,6086.490234375
2024-12-05,299.6700134277344,6075.10986328125
2024-12-06,300.1000061035156,6090.27001953125
2024-12-09,301.0,6052.85009765625
2024-12-10,297.6300048828125,6034.91015625
2024-12-11,298.0400085449219,6084.18994140625
2024-12-12,302.29998779296875,6051.25
2024-12-13,299.7900085449219,6051.08984375
2024-12-16,299.04998779296875,6074.080078125
2024-12-17,294.1000061035156,6050.60986328125
2024-12-18,283.989990234375,5872.16015625
2024-12-19,279.010009765625,5867.080078125
2024-12-20,283.760009765625,5930.85009765625
2024-12-23,284.3299865722656,5974.06982421875
2024-12-24,286.7900085449219,6040.0400390625

Indicator data:
Answer: 0.0965