Is Minimum-variance Investing Really Worth the While? An Analysis with Robust Performance Inference Patrick Behr, André Güttler, Felix Miebs. There are two interesting portfolios on the efficient frontier: the tangency portfolio and the minimum-variance portfolio. The minimum-variance portfolio is interesting because it does not require computation of expected asset returns, but only of the covariance matrix, which is more stable. Many researchers have estimated the performance of this portfolio and compared it to other portfolios and identified an advantage in terms of performance for this portfolio. More...