決算期だから激しくなる、とか、夏だからあがる、などといったアノマリーを探るつもりでやってみた。
グラフが貼り付けられないのが、申し訳ないが、月ごとの有意な母集団平均の差異は認められなかった
つまり、景気動向だとか、マーケットへの資金の流入額（需給バランス）によってその都度偏移するものであるといえる。
季節要因や、決算時期、などといったことは、価格変動を説明するためにわかりやすい論述であるので、使われているだけなのかもしれない。
資金がどのように流れているのか、という需給を読むほうが価格変動を起こす要因を読むことになるだろう。
一応付表としてTOPIXの1年間のボラティリティを表示しておく。
| 2006 | 2005 | 2004 | 2003 |
| 1.55% | 0.53% | 0.74% | 1.03% |
| 1.57% | 0.50% | 0.75% | 1.02% |
| 1.65% | 0.51% | 0.78% | 0.97% |
| 1.64% | 0.51% | 0.78% | 0.97% |
| 1.63% | 0.48% | 0.78% | 0.98% |
| 1.63% | 0.45% | 0.77% | 0.96% |
| 1.65% | 0.43% | 0.78% | 0.94% |
| 1.69% | 0.42% | 0.74% | 0.96% |
| 1.73% | 0.42% | 0.70% | 0.96% |
| 1.57% | 0.44% | 0.75% | 1.06% |
| 1.51% | 0.45% | 0.74% | 1.02% |
| 1.51% | 0.43% | 0.79% | 1.01% |
| 1.43% | 0.45% | 0.90% | 0.96% |
| 1.40% | 0.44% | 1.01% | 0.98% |
| 1.44% | 0.44% | 1.00% | 0.95% |
| 1.41% | 0.43% | 0.99% | 0.94% |
| 1.29% | 0.42% | 0.98% | 0.88% |
| 1.29% | 0.43% | 0.97% | 1.00% |
| 1.29% | 0.44% | 0.96% | 1.04% |
| 1.28% | 0.44% | 0.96% | 0.98% |
| 1.35% | 0.46% | 0.96% | 1.02% |
| 1.35% | 0.45% | 0.86% | 1.02% |
| 1.40% | 0.45% | 0.91% | 1.05% |
| 1.40% | 0.44% | 0.95% | 1.06% |
| 1.31% | 0.45% | 0.95% | 1.08% |
| 1.33% | 0.46% | 0.99% | 1.01% |
| 1.33% | 0.49% | 0.99% | 1.14% |
| 1.24% | 0.48% | 1.00% | 1.30% |
| 1.23% | 0.50% | 1.02% | 1.37% |
| 1.23% | 0.51% | 1.02% | 1.39% |
| 1.23% | 0.51% | 1.03% | 1.39% |
| 1.17% | 0.51% | 1.04% | 1.39% |
| 1.07% | 0.60% | 1.06% | 1.55% |
| 0.98% | 0.61% | 1.05% | 1.55% |
| 0.98% | 0.62% | 0.96% | 1.51% |
| 0.92% | 0.62% | 0.95% | 1.51% |
| 0.96% | 0.60% | 0.95% | 1.51% |
| 0.96% | 0.59% | 0.89% | 1.57% |
| 0.97% | 0.60% | 0.81% | 1.57% |
| 0.94% | 0.59% | 0.81% | 1.56% |
| 0.94% | 0.59% | 0.82% | 1.57% |
| 0.89% | 0.62% | 0.82% | 1.58% |
| 0.90% | 0.63% | 0.89% | 1.52% |
| 0.96% | 0.63% | 0.92% | 1.53% |
| 0.94% | 0.63% | 0.92% | 1.48% |
| 0.86% | 0.69% | 0.91% | 1.45% |
| 0.92% | 0.96% | 0.99% | 1.45% |
| 0.90% | 1.03% | 0.95% | 1.46% |
| 0.89% | 1.04% | 0.95% | 1.49% |
| 0.89% | 1.04% | 1.00% | 1.48% |
| 0.83% | 1.05% | 0.94% | 1.48% |
| 0.99% | 1.03% | 0.94% | 1.43% |
| 0.95% | 1.03% | 0.92% | 1.29% |
| 0.95% | 1.02% | 0.91% | 1.38% |
| 0.95% | 1.02% | 0.92% | 1.36% |
| 0.96% | 1.02% | 0.90% | 1.37% |
| 0.96% | 1.08% | 0.95% | 1.43% |
| 0.98% | 1.04% | 0.98% | 1.21% |
| 0.98% | 1.04% | 1.01% | 1.23% |
| 0.97% | 1.01% | 1.51% | 1.23% |
| 1.01% | 1.01% | 1.51% | 1.23% |
| 0.97% | 1.01% | 1.65% | 1.23% |
| 1.00% | 1.01% | 1.69% | 1.18% |
| 1.00% | 1.01% | 1.66% | 1.20% |
| 1.00% | 1.01% | 1.75% | 1.20% |
| 1.01% | 1.10% | 1.83% | 1.19% |
| 1.04% | 1.09% | 1.93% | 1.16% |
| 1.05% | 1.10% | 1.92% | 1.15% |
| 1.05% | 1.10% | 1.94% | 1.12% |
| 1.11% | 1.11% | 1.93% | 1.14% |
| 1.19% | 1.07% | 1.94% | 1.14% |
| 1.18% | 0.80% | 1.93% | 1.19% |
| 1.22% | 0.75% | 1.93% | 1.17% |
| 1.21% | 0.75% | 1.95% | 1.13% |
| 1.21% | 0.74% | 1.91% | 1.13% |
| 1.25% | 0.73% | 1.91% | 1.14% |
| 1.17% | 0.73% | 1.91% | 1.07% |
| 1.20% | 0.73% | 1.92% | 1.03% |
| 1.20% | 0.73% | 1.93% | 0.88% |
| 1.23% | 0.74% | 2.00% | 0.90% |
| 1.28% | 0.76% | 2.00% | 0.90% |
| 1.40% | 0.71% | 1.98% | 0.84% |
| 1.39% | 0.71% | 1.95% | 0.84% |
| 1.38% | 0.71% | 1.94% | 0.80% |
| 1.50% | 0.71% | 1.53% | 0.79% |
| 1.51% | 0.71% | 1.54% | 0.82% |
| 1.57% | 0.72% | 1.44% | 0.86% |
| 1.73% | 0.69% | 1.35% | 0.87% |
| 1.73% | 0.64% | 1.38% | 0.79% |
| 1.70% | 0.64% | 1.17% | 0.78% |
| 1.68% | 0.52% | 1.12% | 0.72% |
| 1.79% | 0.52% | 1.00% | 0.92% |
| 1.78% | 0.55% | 1.02% | 0.90% |
| 1.77% | 0.57% | 0.96% | 0.90% |
| 1.71% | 0.52% | 0.98% | 0.92% |
| 1.69% | 0.52% | 0.93% | 0.92% |
| 1.70% | 0.50% | 0.91% | 0.86% |
| 1.74% | 0.49% | 0.91% | 1.01% |
| 1.74% | 0.49% | 0.93% | 1.00% |
| 1.74% | 0.49% | 0.98% | 1.02% |
| 1.70% | 0.49% | 0.98% | 1.05% |
| 1.72% | 0.50% | 0.99% | 1.05% |
| 1.69% | 0.50% | 0.94% | 1.05% |
| 1.71% | 0.49% | 0.96% | 1.07% |
| 1.67% | 0.48% | 0.87% | 1.26% |
| 1.64% | 0.44% | 0.87% | 1.26% |
| 1.49% | 0.42% | 0.90% | 1.25% |
| 1.53% | 0.42% | 0.89% | 1.26% |
| 1.64% | 0.42% | 0.89% | 1.35% |
| 1.48% | 0.41% | 0.91% | 1.35% |
| 1.64% | 0.44% | 0.94% | 1.34% |
| 1.64% | 0.40% | 0.91% | 1.33% |
| 1.50% | 0.40% | 0.92% | 1.33% |
| 1.52% | 0.43% | 0.88% | 1.33% |
| 1.51% | 0.42% | 0.86% | 1.35% |
| 1.54% | 0.42% | 0.91% | 1.35% |
| 1.44% | 0.43% | 0.91% | 1.29% |
| 1.45% | 0.37% | 0.94% | 1.30% |
| 1.45% | 0.35% | 0.94% | 1.30% |
| 1.45% | 0.37% | 0.90% | 1.28% |
| 1.42% | 0.46% | 0.92% | 1.30% |
| 1.39% | 0.45% | 0.92% | 1.27% |
| 1.36% | 0.51% | 0.93% | 1.10% |
| 1.39% | 0.61% | 0.90% | 1.09% |
| 1.40% | 0.65% | 0.88% | 1.12% |
| 1.39% | 0.64% | 0.93% | 1.05% |
| 1.38% | 0.63% | 0.92% | 1.10% |
| 1.41% | 0.63% | 0.98% | 1.14% |
| 1.38% | 0.63% | 0.97% | 1.14% |
| 1.41% | 0.63% | 0.93% | 0.99% |
| 1.37% | 0.63% | 0.93% | 1.02% |
| 1.36% | 0.69% | 0.94% | 1.03% |
| 1.31% | 0.68% | 0.95% | 1.03% |
| 1.13% | 0.68% | 0.95% | 0.92% |
| 1.13% | 0.70% | 0.94% | 0.94% |
| 0.95% | 0.68% | 0.93% | 0.93% |
| 0.93% | 0.73% | 0.92% | 0.90% |
| 0.97% | 0.75% | 0.91% | 0.92% |
| 0.96% | 0.75% | 0.90% | 0.93% |
| 0.93% | 0.75% | 0.88% | 1.00% |
| 0.93% | 0.75% | 0.85% | 1.00% |
| 0.91% | 0.75% | 0.83% | 0.93% |
| 0.92% | 0.75% | 0.81% | 0.92% |
| 0.91% | 0.76% | 0.87% | 0.94% |
| 0.92% | 0.75% | 0.86% | 0.90% |
| 1.00% | 0.70% | 0.82% | 0.90% |
| 1.01% | 0.73% | 0.85% | 0.89% |
| 0.96% | 0.71% | 0.84% | 0.99% |
| 0.93% | 0.65% | 0.85% | 1.02% |
| 0.91% | 0.64% | 0.85% | 1.05% |
| 0.93% | 0.64% | 0.85% | 1.05% |
| 0.93% | 0.71% | 0.85% | 1.02% |
| 0.88% | 0.71% | 0.76% | 1.02% |
| 0.92% | 0.71% | 0.73% | 1.17% |
| 0.87% | 0.80% | 0.72% | 1.16% |
| 0.89% | 0.82% | 0.75% | 1.25% |
| 0.87% | 0.84% | 0.73% | 1.24% |
| 0.86% | 0.89% | 0.73% | 1.25% |
| 1.01% | 0.94% | 0.72% | 1.25% |
| 1.02% | 0.93% | 0.77% | 1.26% |
| 1.01% | 0.93% | 0.79% | 1.36% |
| 1.02% | 0.91% | 0.88% | 1.36% |
| 0.99% | 1.10% | 0.87% | 1.35% |
| 0.99% | 1.09% | 0.88% | 1.34% |
| 1.07% | 1.17% | 0.88% | 1.33% |
| 1.04% | 1.18% | 0.87% | 1.33% |
| 1.03% | 1.18% | 0.90% | 1.36% |
| 1.03% | 1.19% | 0.87% | 1.37% |
| 1.03% | 1.19% | 0.84% | 1.38% |
| 1.04% | 1.18% | 0.84% | 1.39% |
| 1.00% | 1.20% | 0.84% | 1.35% |
| 1.00% | 1.18% | 0.84% | 1.36% |
| 0.95% | 1.18% | 0.87% | 1.31% |
| 0.94% | 1.19% | 0.84% | 1.33% |
| 0.94% | 1.19% | 0.85% | 1.67% |
| 0.94% | 1.20% | 0.86% | 1.66% |
| 0.94% | 1.17% | 0.86% | 1.67% |
| 0.95% | 1.18% | 0.86% | 1.69% |
| 0.90% | 1.22% | 0.92% | 1.63% |
| 0.92% | 1.20% | 0.92% | 1.63% |
| 0.98% | 1.18% | 0.90% | 1.56% |
| 0.97% | 1.16% | 0.94% | 1.63% |
| 0.96% | 1.11% | 0.94% | 1.62% |
| 0.81% | 1.08% | 0.96% | 1.71% |
| 0.80% | 1.10% | 0.95% | 1.71% |
| 0.79% | 1.09% | 0.90% | 1.64% |
| 0.81% | 1.07% | 0.80% | 1.69% |
| 0.81% | 0.92% | 0.81% | 1.69% |
| 0.79% | 0.93% | 0.84% | 1.71% |
| 0.68% | 0.83% | 0.92% | 1.69% |
| 0.78% | 0.88% | 0.92% | 1.81% |
| 0.79% | 0.90% | 0.89% | 1.77% |
| 0.78% | 0.89% | 0.89% | 1.76% |
| 0.78% | 0.88% | 0.86% | 1.83% |
| 0.89% | 0.90% | 0.93% | 1.81% |
| 0.85% | 0.86% | 0.93% | 1.85% |
| 0.90% | 0.86% | 0.92% | 1.86% |
| 0.91% | 0.87% | 0.88% | 1.86% |
| 0.94% | 0.86% | 0.89% | 1.84% |
| 0.94% | 0.87% | 0.89% | 1.57% |
| 0.98% | 0.89% | 0.87% | 1.56% |
| 1.03% | 0.89% | 0.93% | 1.56% |
| 1.03% | 0.89% | 0.93% | 1.55% |
| 1.02% | 0.85% | 0.90% | 1.53% |
| 1.01% | 0.90% | 0.91% | 1.59% |
| 0.97% | 0.93% | 0.91% | 1.59% |
| 0.97% | 0.94% | 0.90% | 1.51% |
| 0.98% | 0.94% | 0.89% | 1.53% |
| 0.99% | 1.01% | 0.87% | 1.46% |
| 0.99% | 1.03% | 0.90% | 1.54% |
| 0.99% | 1.03% | 0.90% | 1.56% |
| 0.96% | 1.03% | 0.90% | 1.51% |
| 0.95% | 1.03% | 0.89% | 1.51% |
| 0.95% | 1.03% | 0.87% | 1.52% |
| 0.97% | 1.03% | 0.80% | 1.50% |
| 0.94% | 1.00% | 0.80% | 1.32% |
| 0.94% | 1.00% | 0.82% | 1.32% |
| 0.92% | 1.00% | 0.82% | 1.23% |
| 0.92% | 1.00% | 0.82% | 1.19% |
| 0.72% | 1.01% | 0.72% | 1.22% |
| 0.71% | 0.73% | ||
| 0.69% | |||
| 0.64% |
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