If the benchmark portfolio is perfectly copied, the home bias would carry the value 0. A negative number of the home bias indicates that domestic investors invest more heavily in the securities of a particular country or group of countries than is indicated by the global benchmark portfolio.
Home bias in German equity portfolios overall home bias  100  home bias vis-à-vis non-EMU countries  50  0  -50 euro area bias  -100  -150 1998  1999  2000  2001  2002  2003  2004  2005  2006  2007  Note: Equity portfolios include investment certificates.