Backtest Portfolio Asset Class Allocation

This portfolio backtesting tool allows you to construct a portfolio based on the selected asset class allocation to analyze and backtest portfolio returns, risk characteristics (Sharpe ratio, Sortino ratio), standard deviation, annual returns and rolling returns. The results include a visualization of the portfolio growth chart and rolling returns, CAGR, standard deviation, annual returns and inflation adjusted returns. A periodic contribution or withdrawal can be specified together with the preferred portfolio rebalancing strategy and you can compare the given portfolio allocation against multiple lazy portfolios. You can also use the portfolio backtesting tool to build a portfolio based on specific mutual funds, ETFs and stocks.

Portfolio View

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Initial Amount

$ .00

Periodic Adjustment

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal percentage

Frequency

Rebalancing

Absolute Deviation

Relative Deviation

Benchmark

Benchmark Ticker

Asset Allocation

Select allocation for portfolio 1

Select allocation for portfolio 2

Select allocation for portfolio 3

US Stock Market

Enter US Stock Market allocation for portfolio 1 %

Enter US Stock Market allocation for portfolio 2 %

Enter US Stock Market allocation for portfolio 3 %

US Large Cap

Enter US Large Cap allocation for portfolio 1 %

Enter US Large Cap allocation for portfolio 2 %

Enter US Large Cap allocation for portfolio 3 %

US Large Cap Value

Enter US Large Cap Value allocation for portfolio 1 %

Enter US Large Cap Value allocation for portfolio 2 %

Enter US Large Cap Value allocation for portfolio 3 %

US Large Cap Growth

Enter US Large Cap Growth allocation for portfolio 1 %

Enter US Large Cap Growth allocation for portfolio 2 %

Enter US Large Cap Growth allocation for portfolio 3 %

US Mid Cap

Enter US Mid Cap allocation for portfolio 1 %

Enter US Mid Cap allocation for portfolio 2 %

Enter US Mid Cap allocation for portfolio 3 %

US Mid Cap Value

Enter US Mid Cap Value allocation for portfolio 1 %

Enter US Mid Cap Value allocation for portfolio 2 %

Enter US Mid Cap Value allocation for portfolio 3 %

US Mid Cap Growth

Enter US Mid Cap Growth allocation for portfolio 1 %

Enter US Mid Cap Growth allocation for portfolio 2 %

Enter US Mid Cap Growth allocation for portfolio 3 %

US Small Cap

Enter US Small Cap allocation for portfolio 1 %

Enter US Small Cap allocation for portfolio 2 %

Enter US Small Cap allocation for portfolio 3 %

US Small Cap Value

Enter US Small Cap Value allocation for portfolio 1 %

Enter US Small Cap Value allocation for portfolio 2 %

Enter US Small Cap Value allocation for portfolio 3 %

US Small Cap Growth

Enter US Small Cap Growth allocation for portfolio 1 %

Enter US Small Cap Growth allocation for portfolio 2 %

Enter US Small Cap Growth allocation for portfolio 3 %

US Micro Cap

Enter US Micro Cap allocation for portfolio 1 %

Enter US Micro Cap allocation for portfolio 2 %

Enter US Micro Cap allocation for portfolio 3 %

Global ex-US Stock Market

Enter Global ex-US Stock Market allocation for portfolio 1 %

Enter Global ex-US Stock Market allocation for portfolio 2 %

Enter Global ex-US Stock Market allocation for portfolio 3 %

Intl Developed ex-US Market

Enter Intl Developed ex-US Market allocation for portfolio 1 %

Enter Intl Developed ex-US Market allocation for portfolio 2 %

Enter Intl Developed ex-US Market allocation for portfolio 3 %

International ex-US Small Cap

Enter International ex-US Small Cap allocation for portfolio 1 %

Enter International ex-US Small Cap allocation for portfolio 2 %

Enter International ex-US Small Cap allocation for portfolio 3 %

International ex-US Value

Enter International ex-US Value allocation for portfolio 1 %

Enter International ex-US Value allocation for portfolio 2 %

Enter International ex-US Value allocation for portfolio 3 %

European Stocks

Enter European Stocks allocation for portfolio 1 %

Enter European Stocks allocation for portfolio 2 %

Enter European Stocks allocation for portfolio 3 %

Pacific Stocks

Enter Pacific Stocks allocation for portfolio 1 %

Enter Pacific Stocks allocation for portfolio 2 %

Enter Pacific Stocks allocation for portfolio 3 %

Emerging Markets

Enter Emerging Markets allocation for portfolio 1 %

Enter Emerging Markets allocation for portfolio 2 %

Enter Emerging Markets allocation for portfolio 3 %

Cash

Enter Cash allocation for portfolio 1 %

Enter Cash allocation for portfolio 2 %

Enter Cash allocation for portfolio 3 %

Short Term Treasury

Enter Short Term Treasury allocation for portfolio 1 %

Enter Short Term Treasury allocation for portfolio 2 %

Enter Short Term Treasury allocation for portfolio 3 %

Intermediate Term Treasury

Enter Intermediate Term Treasury allocation for portfolio 1 %

Enter Intermediate Term Treasury allocation for portfolio 2 %

Enter Intermediate Term Treasury allocation for portfolio 3 %

10-year Treasury

Enter 10-year Treasury allocation for portfolio 1 %

Enter 10-year Treasury allocation for portfolio 2 %

Enter 10-year Treasury allocation for portfolio 3 %

Long Term Treasury

Enter Long Term Treasury allocation for portfolio 1 %

Enter Long Term Treasury allocation for portfolio 2 %

Enter Long Term Treasury allocation for portfolio 3 %

Total US Bond Market

Enter Total US Bond Market allocation for portfolio 1 %

Enter Total US Bond Market allocation for portfolio 2 %

Enter Total US Bond Market allocation for portfolio 3 %

TIPS

Enter TIPS allocation for portfolio 1 %

Enter TIPS allocation for portfolio 2 %

Enter TIPS allocation for portfolio 3 %

Global Bonds (Unhedged)

Enter Global Bonds (Unhedged) allocation for portfolio 1 %

Enter Global Bonds (Unhedged) allocation for portfolio 2 %

Enter Global Bonds (Unhedged) allocation for portfolio 3 %

Global Bonds (USD Hedged)

Enter Global Bonds (USD Hedged) allocation for portfolio 1 %

Enter Global Bonds (USD Hedged) allocation for portfolio 2 %

Enter Global Bonds (USD Hedged) allocation for portfolio 3 %

Short-Term Investment Grade

Enter Short-Term Investment Grade allocation for portfolio 1 %

Enter Short-Term Investment Grade allocation for portfolio 2 %

Enter Short-Term Investment Grade allocation for portfolio 3 %

Corporate Bonds

Enter Corporate Bonds allocation for portfolio 1 %

Enter Corporate Bonds allocation for portfolio 2 %

Enter Corporate Bonds allocation for portfolio 3 %

Long-Term Corporate Bonds

Enter Long-Term Corporate Bonds allocation for portfolio 1 %

Enter Long-Term Corporate Bonds allocation for portfolio 2 %

Enter Long-Term Corporate Bonds allocation for portfolio 3 %

High Yield Corporate Bonds

Enter High Yield Corporate Bonds allocation for portfolio 1 %

Enter High Yield Corporate Bonds allocation for portfolio 2 %

Enter High Yield Corporate Bonds allocation for portfolio 3 %

Short-Term Tax-Exempt

Enter Short-Term Tax-Exempt allocation for portfolio 1 %

Enter Short-Term Tax-Exempt allocation for portfolio 2 %

Enter Short-Term Tax-Exempt allocation for portfolio 3 %

Intermediate-Term Tax-Exempt

Enter Intermediate-Term Tax-Exempt allocation for portfolio 1 %

Enter Intermediate-Term Tax-Exempt allocation for portfolio 2 %

Enter Intermediate-Term Tax-Exempt allocation for portfolio 3 %

Long-Term Tax-Exempt

Enter Long-Term Tax-Exempt allocation for portfolio 1 %

Enter Long-Term Tax-Exempt allocation for portfolio 2 %

Enter Long-Term Tax-Exempt allocation for portfolio 3 %

REIT

Enter REIT allocation for portfolio 1 %

Enter REIT allocation for portfolio 2 %

Enter REIT allocation for portfolio 3 %

Gold

Enter Gold allocation for portfolio 1 %

Enter Gold allocation for portfolio 2 %

Enter Gold allocation for portfolio 3 %

Precious Metals

Enter Precious Metals allocation for portfolio 1 %

Enter Precious Metals allocation for portfolio 2 %

Enter Precious Metals allocation for portfolio 3 %

Commodities

Enter Commodities allocation for portfolio 1 %

Enter Commodities allocation for portfolio 2 %

Enter Commodities allocation for portfolio 3 %

Total

Total allocation for portfolio 1 %

Total allocation for portfolio 2 %

Total allocation for portfolio 3 %

Portfolio Analysis Results (Jan 1972 - Jul 2019)

Portfolio Allocations

Portfolio 1
Asset Class	Allocation
US Stock Market	100.00%
Save asset allocation »

Portfolio 2
Asset Class	Allocation
Intermediate Term Treasury	100.00%
Save asset allocation »

Portfolio 3
Asset Class	Allocation
US Stock Market	50.00%
Intermediate Term Treasury	50.00%
Save asset allocation »

Portfolio Returns

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
Portfolio 1	$10,000	$1,083,437	10.35%	15.40%	37.82%	-37.04%	-50.89%	0.42	0.61	1.00
Portfolio 2	$10,000	$247,837	6.98%	5.82%	31.13%	-4.33%	-10.70%	0.42	0.65	0.07
Portfolio 3	$10,000	$606,007	9.01%	8.41%	27.97%	-14.60%	-24.12%	0.53	0.81	0.94

Notes on results:

Past performance is not a guarantee of future returns. See Disclaimer and Terms of Use
The entered time period is automatically adjusted based on the available return data for the specified assets
The annual results for 2019 are based on full calendar months from January to July
CAGR = Compound Annual Growth Rate
Stdev = Annualized standard deviation of monthly returns
Sharpe and Sortino ratios are calculated and annualized from monthly excess returns over risk free rate (1-month treasury bill)
Stock market correlation is based on the correlation of monthly returns
Drawdowns are calculated based on monthly returns excluding cashflows
The backtested results include monthly rebalancing of portfolio assets to match the specified allocation
The results use total return and assume that all dividends and distributions are reinvested. Taxes and transaction fees are not included
Portfolio cashflows and rebalancing for quarterly and annual periods are aligned with calendar periods.

Annual returns for the configured portfolios
Year	Inflation	Return			Balance			US Stock Market	Intermediate Term Treasury
Year	Inflation	Portfolio 1	Portfolio 2	Portfolio 3	Portfolio 1	Portfolio 2	Portfolio 3	US Stock Market	Intermediate Term Treasury
1972	3.41%	17.62%	2.72%	10.01%	$11,762	$10,272	$11,001	17.62%	2.72%
1973	8.71%	-18.18%	4.47%	-7.12%	$9,623	$10,732	$10,218	-18.18%	4.47%
1974	12.34%	-27.81%	5.70%	-11.92%	$6,947	$11,343	$9,000	-27.81%	5.70%
1975	6.94%	37.82%	7.36%	22.17%	$9,574	$12,178	$10,996	37.82%	7.36%
1976	4.86%	26.47%	13.75%	20.25%	$12,108	$13,852	$13,222	26.47%	13.75%
1977	6.70%	-3.36%	1.04%	-1.12%	$11,701	$13,996	$13,074	-3.36%	1.04%
1978	9.02%	8.45%	1.15%	5.06%	$12,691	$14,156	$13,735	8.45%	1.15%
1979	13.29%	24.25%	5.35%	14.58%	$15,768	$14,914	$15,738	24.25%	5.35%
1980	12.52%	33.15%	2.88%	18.02%	$20,995	$15,344	$18,575	33.15%	2.88%
1981	8.92%	-4.15%	9.41%	2.58%	$20,124	$16,788	$19,054	-4.15%	9.41%
1982	3.83%	20.50%	31.13%	26.04%	$24,249	$22,015	$24,016	20.50%	31.13%
1983	3.79%	22.66%	5.22%	13.75%	$29,743	$23,165	$27,317	22.66%	5.22%
1984	3.95%	2.19%	15.01%	8.67%	$30,394	$26,643	$29,686	2.19%	15.01%
1985	3.80%	31.27%	22.24%	26.88%	$39,898	$32,570	$37,666	31.27%	22.24%
1986	1.10%	14.57%	15.10%	15.12%	$45,713	$37,489	$43,361	14.57%	15.10%
1987	4.43%	2.61%	1.55%	3.56%	$46,908	$38,072	$44,905	2.61%	1.55%
1988	4.42%	17.32%	5.26%	11.18%	$55,031	$40,073	$49,926	17.32%	5.26%
1989	4.65%	28.12%	14.52%	21.32%	$70,505	$45,892	$60,573	28.12%	14.52%
1990	6.11%	-6.08%	9.46%	1.69%	$66,220	$50,234	$61,596	-6.08%	9.46%
1991	3.06%	32.39%	15.97%	24.19%	$87,670	$58,255	$76,497	32.39%	15.97%
1992	2.90%	9.11%	7.78%	8.53%	$95,654	$62,786	$83,022	9.11%	7.78%
1993	2.75%	10.62%	11.43%	11.09%	$105,817	$69,964	$92,229	10.62%	11.43%
1994	2.67%	-0.17%	-4.33%	-2.21%	$105,638	$66,937	$90,190	-0.17%	-4.33%
1995	2.54%	35.79%	20.44%	27.97%	$143,441	$80,620	$115,417	35.79%	20.44%
1996	3.32%	20.96%	1.92%	11.21%	$173,510	$82,166	$128,356	20.96%	1.92%
1997	1.70%	30.99%	8.96%	19.73%	$227,288	$89,529	$153,684	30.99%	8.96%
1998	1.61%	23.26%	10.61%	17.73%	$280,165	$99,024	$180,935	23.26%	10.61%
1999	2.68%	23.81%	-3.52%	9.57%	$346,880	$95,536	$198,257	23.81%	-3.52%
2000	3.39%	-10.57%	14.03%	1.37%	$310,199	$108,942	$200,975	-10.57%	14.03%
2001	1.55%	-10.97%	7.55%	-1.43%	$276,183	$117,164	$198,108	-10.97%	7.55%
2002	2.38%	-20.96%	14.15%	-4.18%	$218,293	$133,742	$189,820	-20.96%	14.15%
2003	1.88%	31.35%	2.37%	16.28%	$286,736	$136,908	$220,717	31.35%	2.37%
2004	3.26%	12.52%	3.40%	7.98%	$322,624	$141,567	$238,329	12.52%	3.40%
2005	3.42%	5.98%	2.31%	4.26%	$341,918	$144,843	$248,480	5.98%	2.31%
2006	2.54%	15.51%	3.14%	9.22%	$394,954	$149,386	$271,394	15.51%	3.14%
2007	4.08%	5.49%	9.98%	7.92%	$416,635	$164,294	$292,897	5.49%	9.98%
2008	0.09%	-37.04%	13.32%	-14.60%	$262,323	$186,178	$250,138	-37.04%	13.32%
2009	2.72%	28.70%	-1.69%	13.15%	$337,604	$183,023	$283,040	28.70%	-1.69%
2010	1.50%	17.09%	7.35%	12.82%	$395,313	$196,474	$319,330	17.09%	7.35%
2011	2.96%	0.96%	9.79%	5.73%	$399,116	$215,708	$337,618	0.96%	9.79%
2012	1.74%	16.25%	2.67%	9.46%	$463,985	$221,476	$369,559	16.25%	2.67%
2013	1.50%	33.35%	-3.09%	13.88%	$618,722	$214,638	$420,865	33.35%	-3.09%
2014	0.76%	12.43%	4.32%	8.39%	$695,625	$223,905	$456,193	12.43%	4.32%
2015	0.73%	0.29%	1.50%	1.16%	$697,654	$227,269	$461,504	0.29%	1.50%
2016	2.07%	12.53%	1.19%	6.96%	$785,093	$229,963	$493,631	12.53%	1.19%
2017	2.11%	21.05%	1.58%	10.95%	$950,367	$233,599	$547,703	21.05%	1.58%
2018	1.91%	-5.26%	1.00%	-1.83%	$900,414	$235,942	$537,697	-5.26%	1.00%
2019	2.12%	20.33%	5.04%	12.70%	$1,083,437	$247,837	$606,007	20.33%	5.04%
Annual returns for 2019 are based on partial year data

Portfolio return and risk metrics
Metric	Portfolio 1	Portfolio 2	Portfolio 3
Arithmetic Mean (monthly)	0.92%	0.58%	0.75%
Arithmetic Mean (annualized)	11.66%	7.16%	9.39%
Geometric Mean (monthly)	0.82%	0.56%	0.72%
Geometric Mean (annualized)	10.35%	6.98%	9.01%
Volatility (monthly)	4.44%	1.68%	2.43%
Volatility (annualized)	15.40%	5.82%	8.41%
Downside Deviation (monthly)	2.89%	0.87%	1.39%
Max. Drawdown	-50.89%	-10.70%	-24.12%
US Market Correlation	1.00	0.07	0.94
Beta^(*)	1.00	0.03	0.51
Alpha (annualized)	0.00%	6.65%	3.33%
R²	100.00%	0.45%	88.09%
Sharpe Ratio	0.42	0.42	0.53
Sortino Ratio	0.61	0.65	0.81
Treynor Ratio (%)	6.54	94.16	8.72
Calmar Ratio	0.91	0.27	1.16
Active Return	0.00%	-3.37%	-1.34%
Tracking Error	0.00%	16.09%	8.04%
Information Ratio	N/A	-0.21	-0.17
Skewness	-0.55	0.41	-0.17
Excess Kurtosis	2.17	4.05	1.39
Historical Value-at-Risk (5%)	-7.03%	-2.13%	-3.37%
Analytical Value-at-Risk (5%)	-6.39%	-2.18%	-3.24%
Conditional Value-at-Risk (5%)	-9.96%	-2.98%	-4.79%
Upside Capture Ratio (%)	100.00	16.01	56.36
Downside Capture Ratio (%)	100.00	-14.70	44.09
Safe Withdrawal Rate	4.34%	3.46%	4.15%
Perpetual Withdrawal Rate	5.89%	2.89%	4.72%
Positive Periods	357 out of 571 (62.52%)	373 out of 571 (65.32%)	374 out of 571 (65.50%)
Gain/Loss Ratio	1.03	1.38	1.19
^* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Portfolio 1	Portfolio 2	Portfolio 3
Oil Crisis	Oct 1973	Mar 1974	-12.61%	-2.16%	-6.59%
Black Monday Period	Sep 1987	Nov 1987	-29.34%	-2.01%	-13.91%
Asian Crisis	Jul 1997	Jan 1998	-3.72%	-0.99%	-2.36%
Russian Debt Default	Jul 1998	Oct 1998	-17.57%	-0.77%	-7.19%
Dotcom Crash	Mar 2000	Oct 2002	-44.11%	-4.03%	-13.35%
Subprime Crisis	Nov 2007	Mar 2009	-50.89%	-3.43%	-24.12%

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Mar 2012	3 years 1 month	4 years 5 months	-50.89%
2	Jan 1973	Sep 1974	1 year 9 months	Dec 1976	2 years 3 months	4 years	-45.86%
3	Sep 2000	Sep 2002	2 years 1 month	Apr 2006	3 years 7 months	5 years 8 months	-44.11%
4	Sep 1987	Nov 1987	3 months	May 1989	1 year 6 months	1 year 9 months	-29.34%
5	Dec 1980	Jul 1982	1 year 8 months	Oct 1982	3 months	1 year 11 months	-17.85%
6	Jul 1998	Aug 1998	2 months	Nov 1998	3 months	5 months	-17.57%
7	Jun 1990	Oct 1990	5 months	Feb 1991	4 months	9 months	-16.20%
8	Oct 2018	Dec 2018	3 months	Apr 2019	4 months	7 months	-14.28%
9	Mar 1980	Mar 1980	1 month	Jun 1980	3 months	4 months	-11.98%
10	Sep 1978	Oct 1978	2 months	Mar 1979	5 months	7 months	-11.64%
Worst 10 drawdowns included above

Drawdowns for Portfolio 2

Drawdowns for Portfolio 2 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jul 1979	Feb 1980	8 months	Apr 1980	2 months	10 months	-10.70%
2	Jul 1980	Aug 1981	1 year 2 months	Nov 1981	3 months	1 year 5 months	-8.66%
3	Feb 1994	Nov 1994	10 months	Apr 1995	5 months	1 year 3 months	-6.47%
4	Mar 1987	Sep 1987	7 months	Dec 1987	3 months	10 months	-5.46%
5	Feb 1996	May 1996	4 months	Oct 1996	5 months	9 months	-4.86%
6	Oct 1998	Jan 2000	1 year 4 months	Jun 2000	5 months	1 year 9 months	-4.67%
7	Feb 1984	May 1984	4 months	Jul 1984	2 months	6 months	-4.66%
8	Aug 2016	Apr 2018	1 year 9 months	Mar 2019	11 months	2 years 8 months	-4.48%
9	May 2013	Aug 2013	4 months	Nov 2014	1 year 3 months	1 year 7 months	-4.30%
10	Jun 2003	Jul 2003	2 months	Feb 2004	7 months	9 months	-4.29%
Worst 10 drawdowns included above

Drawdowns for Portfolio 3

Drawdowns for Portfolio 3 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Apr 2010	1 year 2 months	2 years 6 months	-24.12%
2	Jan 1973	Sep 1974	1 year 9 months	Jan 1976	1 year 4 months	3 years 1 month	-23.76%
3	Sep 1987	Nov 1987	3 months	Oct 1988	11 months	1 year 2 months	-13.91%
4	Sep 2000	Sep 2002	2 years 1 month	Oct 2003	1 year 1 month	3 years 2 months	-13.35%
5	Feb 1980	Mar 1980	2 months	May 1980	2 months	4 months	-8.60%
6	Jun 1981	Sep 1981	4 months	Nov 1981	2 months	6 months	-7.83%
7	Jul 1998	Aug 1998	2 months	Oct 1998	2 months	4 months	-7.19%
8	Aug 1990	Sep 1990	2 months	Jan 1991	4 months	6 months	-6.98%
9	Feb 1994	Jun 1994	5 months	Feb 1995	8 months	1 year 1 month	-6.72%
10	Sep 1978	Oct 1978	2 months	Mar 1979	5 months	7 months	-6.61%
Worst 10 drawdowns included above

Portfolio Assets

Performance statistics for portfolio components
Name	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
US Stock Market	10.35%	15.40%	37.82%	-37.04%	-50.89%	0.42	0.61	1.00
Intermediate Term Treasury	6.98%	5.82%	31.13%	-4.33%	-10.70%	0.42	0.65	0.07

Monthly Correlations

Correlations for the portfolio assets
Name	US Stock Market	Intermediate Term Treasury	Portfolio 1	Portfolio 2	Portfolio 3
US Stock Market	-	0.07	1.00	0.07	0.94
Intermediate Term Treasury	0.07	-	0.07	1.00	0.41

Portfolio Return Decomposition

Portfolio return decomposition
Name	Portfolio 1	Portfolio 2	Portfolio 3
US Stock Market	$1,073,437		$404,811
Intermediate Term Treasury		$237,837	$191,196

Portfolio Risk Decomposition

Portfolio risk decomposition
Name	Portfolio 1	Portfolio 2	Portfolio 3
US Stock Market	100.00%		85.91%
Intermediate Term Treasury		100.00%	14.09%

Annual Asset Returns

Rolling returns summary
Roll Period	Portfolio 1			Portfolio 2			Portfolio 3
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low
1 year	11.55%	37.82%	-37.04%	7.18%	31.13%	-4.33%	9.28%	27.97%	-14.60%
3 years	10.78%	29.10%	-14.31%	7.25%	17.41%	0.86%	9.24%	19.44%	-3.45%
5 years	11.11%	26.84%	-1.76%	7.41%	17.43%	1.07%	9.54%	17.88%	2.53%
7 years	11.08%	20.21%	-0.73%	7.54%	14.07%	1.29%	9.63%	15.58%	3.39%
10 years	10.99%	17.67%	-0.66%	7.83%	13.25%	2.40%	9.75%	14.91%	3.29%
15 years	11.09%	17.62%	4.75%	8.00%	11.69%	3.70%	9.89%	13.56%	5.70%
Result statistics are based on annualized rolling returns over full calendar year periods