# Capital Allocation Line (CAL) – Excel Template

The Capital Allocation Line (CAL) is a line graph that represents the combinations of expected return and standard deviation of return available to an investor when combining the optimal portfolio of risky assets with the risk-free asset. According to the two-fund separation theorem, every investor should choose a portfolio that lies on the Capital Allocation Line (CAL).

Some other related topics you might be interested to explore are the Efficient Frontier and Optimal Risky Portfolio.

This is an open-access Excel template in XLSX format that will be useful for anyone who wants to work as a Statistician, Financial Analyst, Data Analyst, or Portfolio Manager.

The Capital Allocation Line is among the topics included in the Portfolio Management module of the CFA Level 1 Curriculum.

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