> For the complete documentation index, see [llms.txt](https://wpahelp.windhamlabs.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://wpahelp.windhamlabs.com/expected-returns.md).

# Expected Returns

- [Historical Returns](https://wpahelp.windhamlabs.com/expected-returns/historical-returns.md): Equally-weighted historical average expected return model
- [Equilibrium Returns](https://wpahelp.windhamlabs.com/expected-returns/equilibrium-returns.md): Using the Capital Asset Pricing Model for estimating returns
- [Implied Returns](https://wpahelp.windhamlabs.com/expected-returns/implied-returns.md): A reverse-optimization expected return model
- [Black-Litterman](https://wpahelp.windhamlabs.com/expected-returns/black-litterman.md): A Bayesian equilibrium expected return model
- [Blend](https://wpahelp.windhamlabs.com/expected-returns/blend-returns.md): Blending different expected return models
- [Estimating Future Value: Arithmetic or Geometric](https://wpahelp.windhamlabs.com/expected-returns/estimating-future-value.md): Why do we use the arithmetic average to estimate expected return (assuming we believe in the historical sample as a good estimator)


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