Capital market line (CML) is a concept from the capital asset price model that depicts the level of additional return above the risk-free rate for each change in the level of risk.Depicted on a graph where the expected rate is on the Y-axis and the standard deviation is on the X-axis, the CML starts at the risk-free rate on the Y-axis and moves upward from left to right. The line runs to a point, usually depicted with an M, which represents the feasible region for risky assets. This M point is the point at which rational investors would hold a basket of risky assets in the same proportion as their weights in a theoretical efficient market portfolio. When analyzing a portfolio, the CML is preferred over such analysis as the efficient frontier, because the CML takes into account the risk-free assets that are included in the portfolio. The steeper the slope of the CML, the more the expected return must change for each unit of change in the standard deviation. CML analysis is one of the many ways investors allocate their investment portfolios to achieve the maximum amount of expected return for the minimum amount of risk.