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Read the original assumptions
The CSV shows the five original raw return pairs, a hypothetical constant 0.1% risk-free return and the corresponding asset/benchmark excess returns. It does not fetch or claim a current market risk-free rate.
Subtract a compatible same-period return
For a constant subtraction, centered deviations stay unchanged and slope remains 2.1. The original raw intercept 1.2% becomes 1.31% in the transformed excess fit. Both records retain their own basis labels.
Review a changing risk-free series
If the risk-free return varies by period, replace each row’s value with its matched input and refit. The slope can change; the constant-rate intercept identity is not a universal shortcut for such records.
Keep the appraisal context
An excess intercept can be interpreted in a specified CAPM-relative model, but the arithmetic does not establish a correct market proxy, statistical significance or skill. The worksheet is a static teaching record with no automatic formulas.