I have no desire to change your belief. I wrote long posts trying to explain my position and to simply demonstrate a better alternative on efficiency. As I expected, you would not understand what I wrote.
Our understanding on efficiency (risk & return) is fundamentally different. You define risk free as signing a contract with a "capital guaranteed" on it whilst I take into consideration the chances of a bank default and the underlying guarantor in the event of default as risk free. Your understanding of FD being capital guaranteed is also untrue. SDIC only insures a maximum of $50,000 SGD. This means that all your eligible accounts maintained with different branches of a full bank or finance company are aggregated and insured up to $50,000 with the same bank or finance company in the event of default.
Sure on yield to maturity, returns are measured differently on the secondary market. Did not want to confuse the readers. And again I think you are misleading the readers as not many people hold 30 year bonds to maturity. People buy bonds because of the immense liquidity on the secondary markets and can be traded for a small profit or loss.
Which is why I do not ever recommending buying into bonds directly for retail players or even AIs with a few million investable cash as the leverage indi players have is just too low, just go into a SGD bond fund instead. Find a top 10% peer group bond fund that buys into local bank,
SIA, Singpost bonds and you are good to go for a 3-4% year on year returns with all the liquidity equivalent of a FD(takes about a week to sell) but with 2-3X more returns. Not to mention almost negligible standard deviation.
Go google United SGD Bond fund and see for yourself the returns and the "volatility" you claim under Standard Deviation. YTM stands at 2.9% with 2.1 years avg maturity.
Oh and this isn't even in the top 10% peer group. Yawns. Back to sleep.