Question: What was Progressive Corporation's Modigliani Ratio during the period December 21, 2024 to December 01, 2025? (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
2024-12-20,239.97000122070312,5930.85009765625
2024-12-23,241.00999450683597,5974.06982421875
2024-12-24,243.2400054931641,6040.0400390625
2024-12-26,243.19000244140625,6037.58984375
2024-12-27,241.0200042724609,5970.83984375
2024-12-30,239.6000061035156,5906.93994140625
2024-12-31,239.6100006103516,5881.6298828125
2025-01-02,240.6499938964844,5868.5498046875
2025-01-03,242.22000122070312,5942.47021484375
2025-01-06,239.58999633789065,5975.3798828125
2025-01-07,242.27999877929688,5909.02978515625
2025-01-08,243.58999633789065,5918.25
2025-01-10,235.6100006103516,5827.0400390625
2025-01-13,235.77999877929688,5836.22021484375
2025-01-14,239.75999450683597,5842.91015625
2025-01-15,242.47000122070312,5949.91015625
2025-01-16,245.5399932861328,5937.33984375
2025-01-17,243.67999267578125,5996.66015625
2025-01-21,241.00999450683597,6049.240234375
2025-01-22,239.1699981689453,6086.3701171875
2025-01-23,239.50999450683597,6118.7099609375
2025-01-24,238.82000732421875,6101.240234375
2025-01-27,246.91000366210935,6012.27978515625
2025-01-28,245.0500030517578,6067.7001953125
2025-01-29,246.3999938964844,6039.31005859375
2025-01-30,249.22000122070312,6071.169921875
2025-01-31,246.44000244140625,6040.52978515625
2025-02-03,248.9199981689453,5994.56982421875
2025-02-04,248.0,6037.8798828125
2025-02-05,249.0,6061.47998046875
2025-02-06,251.3500061035156,6083.56982421875
2025-02-07,250.6000061035156,6025.990234375
2025-02-10,249.69000244140625,6066.43994140625
2025-02-11,257.57000732421875,6068.5
2025-02-12,256.7900085449219,6051.97021484375
2025-02-13,262.1300048828125,6115.06982421875
2025-02-14,262.6000061035156,6114.6298828125
2025-02-18,263.92999267578125,6129.580078125
2025-02-19,269.6199951171875,6144.14990234375
2025-02-20,267.6700134277344,6117.52001953125
2025-02-21,266.19000244140625,6013.1298828125
2025-02-24,272.6300048828125,5983.25
2025-02-25,278.5199890136719,5955.25
2025-02-26,273.42999267578125,5956.06005859375
2025-02-27,278.7699890136719,5861.56982421875
2025-02-28,282.0,5954.5
2025-03-03,285.0799865722656,5849.72021484375
2025-03-04,283.19000244140625,5778.14990234375
2025-03-05,281.8599853515625,5842.6298828125
2025-03-06,281.1700134277344,5738.52001953125
2025-03-07,279.82000732421875,5770.2001953125
2025-03-10,278.69000244140625,5614.56005859375
2025-03-11,276.94000244140625,5572.06982421875
2025-03-12,277.54998779296875,5599.2998046875
2025-03-13,279.3999938964844,5521.52001953125
2025-03-14,283.69000244140625,5638.93994140625
2025-03-17,291.2200012207031,5675.1201171875
2025-03-18,283.2799987792969,5614.66015625
2025-03-19,273.2900085449219,5675.2900390625
2025-03-20,274.6199951171875,5662.89013671875
2025-03-21,272.8599853515625,5667.56005859375
2025-03-24,274.0,5767.56982421875
2025-03-25,274.42999267578125,5776.64990234375
2025-03-26,272.5400085449219,5712.2001953125
2025-03-27,274.6700134277344,5693.31005859375
2025-03-28,278.8599853515625,5580.93994140625
2025-03-31,283.010009765625,5611.85009765625
2025-04-01,284.2900085449219,5633.06982421875
2025-04-02,281.2300109863281,5670.97021484375
2025-04-03,287.0,5396.52001953125
2025-04-04,257.6400146484375,5074.080078125
2025-04-07,255.2700042724609,5062.25
2025-04-08,260.3800048828125,4982.77001953125
2025-04-09,270.1099853515625,5456.89990234375
2025-04-10,273.17999267578125,5268.0498046875
2025-04-11,275.6400146484375,5363.35986328125
2025-04-14,278.5599975585937,5405.97021484375
2025-04-15,276.1099853515625,5396.6298828125
2025-04-16,275.1300048828125,5275.7001953125
2025-04-17,265.45001220703125,5282.7001953125
2025-04-21,257.4100036621094,5158.2001953125
2025-04-22,265.0799865722656,5287.759765625
2025-04-23,265.0299987792969,5375.85986328125
2025-04-24,265.19000244140625,5484.77001953125
2025-04-25,265.010009765625,5525.2099609375
2025-04-28,269.5799865722656,5528.75
2025-04-29,276.3099975585937,5560.830078125
2025-04-30,281.739990234375,5569.06005859375
2025-05-01,277.6600036621094,5604.14013671875
2025-05-02,282.8099975585937,5686.669921875
2025-05-05,282.1600036621094,5650.3798828125
2025-05-06,283.6600036621094,5606.91015625
2025-05-07,286.3800048828125,5631.27978515625
2025-05-08,283.9200134277344,5663.93994140625
2025-05-09,284.510009765625,5659.91015625
2025-05-12,280.25,5844.18994140625
2025-05-13,282.5899963378906,5886.5498046875
2025-05-14,278.1700134277344,5892.580078125
2025-05-15,281.1499938964844,5916.93017578125
2025-05-16,286.0299987792969,5958.3798828125
2025-05-19,288.239990234375,5963.60009765625
2025-05-20,285.6300048828125,5940.4599609375
2025-05-21,281.0,5844.60986328125
2025-05-22,277.1199951171875,5842.009765625
2025-05-23,277.29998779296875,5802.81982421875
2025-05-27,278.75,5921.5400390625
2025-05-28,277.0299987792969,5888.5498046875
2025-05-29,277.29998779296875,5912.169921875
2025-05-30,284.92999267578125,5911.68994140625
2025-06-02,288.739990234375,5935.93994140625
2025-06-03,287.25,5970.3701171875
2025-06-04,282.1700134277344,5970.81005859375
2025-06-05,280.20001220703125,5939.2998046875
2025-06-06,279.32000732421875,6000.35986328125
2025-06-09,271.3099975585937,6005.8798828125
2025-06-10,265.489990234375,6038.81005859375
2025-06-11,263.2200012207031,6022.240234375
2025-06-12,268.4200134277344,6045.259765625
2025-06-13,267.8500061035156,5976.97021484375
2025-06-16,266.42999267578125,6033.10986328125
2025-06-17,265.7699890136719,5982.72021484375
2025-06-18,260.3299865722656,5980.8701171875
2025-06-20,262.010009765625,5967.83984375
2025-06-23,266.3800048828125,6025.169921875
2025-06-24,266.010009765625,6092.18017578125
2025-06-25,259.6700134277344,6092.16015625
2025-06-26,261.6199951171875,6141.02001953125
2025-06-27,263.989990234375,6173.06982421875
2025-06-30,266.8599853515625,6204.9501953125
2025-07-01,264.29998779296875,6198.009765625
2025-07-02,257.79998779296875,6227.419921875
2025-07-03,261.6600036621094,6279.35009765625
2025-07-07,253.5399932861328,6229.97998046875
2025-07-08,251.63999938964844,6225.52001953125
2025-07-09,250.41000366210935,6263.259765625
2025-07-10,249.3800048828125,6280.4599609375
2025-07-11,244.97999572753903,6259.75
2025-07-14,247.3699951171875,6268.56005859375
2025-07-15,242.1999969482422,6243.759765625
2025-07-16,246.4600067138672,6263.7001953125
2025-07-17,247.2700042724609,6297.35986328125
2025-07-18,246.41000366210935,6296.7900390625
2025-07-21,245.1300048828125,6305.60009765625
2025-07-22,247.3699951171875,6309.6201171875
2025-07-23,247.52999877929688,6358.91015625
2025-07-24,247.3800048828125,6363.35009765625
2025-07-25,250.1000061035156,6388.64013671875
2025-07-28,240.97000122070312,6389.77001953125
2025-07-29,241.4900054931641,6370.85986328125
2025-07-30,241.7100067138672,6362.89990234375
2025-07-31,242.0399932861328,6339.39013671875
2025-08-01,241.08999633789065,6238.009765625
2025-08-04,241.5800018310547,6329.93994140625
2025-08-05,242.94000244140625,6299.18994140625
2025-08-06,247.5200042724609,6345.06005859375
2025-08-07,245.30999755859372,6340.0
2025-08-08,246.50999450683597,6389.4501953125
2025-08-11,244.8800048828125,6373.4501953125
2025-08-12,243.0399932861328,6445.759765625
2025-08-13,249.19000244140625,6466.580078125
2025-08-14,250.9499969482422,6468.5400390625
2025-08-15,247.1499938964844,6449.7998046875
2025-08-18,247.08999633789065,6449.14990234375
2025-08-19,250.63999938964844,6411.3701171875
2025-08-20,252.67999267578125,6395.77978515625
2025-08-21,248.9499969482422,6370.169921875
2025-08-22,249.2100067138672,6466.91015625
2025-08-25,244.08999633789065,6439.31982421875
2025-08-26,246.02999877929688,6465.93994140625
2025-08-27,244.69000244140625,6481.39990234375
2025-08-28,246.1100006103516,6501.85986328125
2025-08-29,247.05999755859372,6460.259765625
2025-09-02,245.8600006103516,6415.5400390625
2025-09-03,246.72000122070312,6448.259765625
2025-09-04,249.00999450683597,6502.080078125
2025-09-05,243.8600006103516,6481.5
2025-09-08,245.94000244140625,6495.14990234375
2025-09-09,243.25999450683597,6512.60986328125
2025-09-10,246.41000366210935,6532.0400390625
2025-09-11,248.8000030517578,6587.47021484375
2025-09-12,248.27999877929688,6584.2900390625
2025-09-15,245.6499938964844,6615.27978515625
2025-09-16,244.97000122070312,6606.759765625
2025-09-17,243.6100006103516,6600.35009765625
2025-09-18,242.0,6631.9599609375
2025-09-19,242.33999633789065,6664.35986328125
2025-09-22,241.1499938964844,6693.75
2025-09-23,238.6100006103516,6656.919921875
2025-09-24,240.0,6637.97021484375
2025-09-25,242.19000244140625,6604.72021484375
2025-09-26,243.47999572753903,6643.7001953125
2025-09-29,244.3999938964844,6661.2099609375
2025-09-30,246.9499969482422,6688.4599609375
2025-10-01,246.4600067138672,6711.2001953125
2025-10-02,243.5,6715.35009765625
2025-10-03,245.6999969482422,6715.7900390625
2025-10-06,240.5,6740.27978515625
2025-10-07,243.88999938964844,6714.58984375
2025-10-08,243.05999755859372,6753.72021484375
2025-10-09,242.16000366210935,6735.10986328125
2025-10-10,240.0,6552.509765625
2025-10-13,236.27999877929688,6654.72021484375
2025-10-14,240.3999938964844,6644.31005859375
2025-10-15,226.5,6671.06005859375
2025-10-16,221.7400054931641,6629.06982421875
2025-10-17,225.6100006103516,6664.009765625
2025-10-20,219.3800048828125,6735.1298828125
2025-10-21,221.6000061035156,6735.35009765625
2025-10-22,222.6300048828125,6699.39990234375
2025-10-23,220.58999633789065,6738.43994140625
2025-10-24,219.08999633789065,6791.68994140625
2025-10-27,216.58999633789065,6875.16015625
2025-10-28,211.91000366210935,6890.89013671875
2025-10-29,207.97000122070312,6890.58984375
2025-10-30,206.97000122070312,6822.33984375
2025-10-31,206.0,6840.2001953125
2025-11-03,203.6999969482422,6851.97021484375
2025-11-04,209.58999633789065,6771.5498046875
2025-11-05,208.94000244140625,6796.2900390625
2025-11-06,209.6100006103516,6720.31982421875
2025-11-07,217.2700042724609,6728.7998046875
2025-11-10,217.52999877929688,6832.43017578125
2025-11-11,219.91000366210935,6846.60986328125
2025-11-12,221.8699951171875,6850.919921875
2025-11-13,223.1499938964844,6737.490234375
2025-11-14,225.17999267578125,6734.10986328125
2025-11-17,225.3500061035156,6672.41015625
2025-11-18,224.8800048828125,6617.31982421875
2025-11-19,222.92999267578125,6642.16015625
2025-11-20,226.0,6538.759765625
2025-11-21,226.91000366210935,6602.990234375
2025-11-24,225.0800018310547,6705.1201171875
2025-11-25,226.41000366210935,6765.8798828125
2025-11-26,229.1499938964844,6812.60986328125
2025-11-28,228.7899932861328,6849.08984375
2025-12-01,227.82000732421875,6812.6298828125

Indicator data:
Answer: -0.0195