Backtest Portfolio Asset Allocation

This online portfolio backtesting tool allows you to construct one or more portfolios based on the selected mutual funds, ETFs and stocks to analyze and backtest portfolio returns, risk characteristics, standard deviation, annual returns and rolling returns. The results include a visualization of the portfolio growth chart and rolling returns, CAGR, standard deviation, Sharpe ratio, Sortino ratio, annual returns and inflation adjusted returns. A periodic contribution or withdrawal can also be specified together with the preferred portfolio rebalancing strategy. You can also analyze and compare asset class based lazy portfolios with a longer time horizon starting from 1972.

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Start Date

End Date

Initial Amount

$ .00

Periodic Adjustment

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal Percentage

Frequency

Rebalancing

Absolute Deviation

Relative Deviation

Display Income

Reinvest Dividends

Benchmark

Benchmark Ticker

Portfolio Assets

Portfolio #1

Portfolio #2

Portfolio #3

Asset 1

Select asset 1

Enter percentage allocation for asset 1 in portfolio 1 %

Enter percentage allocation for asset 1 in portfolio 2 %

Enter percentage allocation for asset 1 in portfolio 3 %

Asset 2

Select asset 2

Enter percentage allocation for asset 2 in portfolio 1 %

Enter percentage allocation for asset 2 in portfolio 2 %

Enter percentage allocation for asset 2 in portfolio 3 %

Asset 3

Select asset 3

Enter percentage allocation for asset 3 in portfolio 1 %

Enter percentage allocation for asset 3 in portfolio 2 %

Enter percentage allocation for asset 3 in portfolio 3 %

Asset 4

Select asset 4

Enter percentage allocation for asset 4 in portfolio 1 %

Enter percentage allocation for asset 4 in portfolio 2 %

Enter percentage allocation for asset 4 in portfolio 3 %

Asset 5

Select asset 5

Enter percentage allocation for asset 5 in portfolio 1 %

Enter percentage allocation for asset 5 in portfolio 2 %

Enter percentage allocation for asset 5 in portfolio 3 %

Asset 6

Select asset 6

Enter percentage allocation for asset 6 in portfolio 1 %

Enter percentage allocation for asset 6 in portfolio 2 %

Enter percentage allocation for asset 6 in portfolio 3 %

Asset 7

Select asset 7

Enter percentage allocation for asset 7 in portfolio 1 %

Enter percentage allocation for asset 7 in portfolio 2 %

Enter percentage allocation for asset 7 in portfolio 3 %

Asset 8

Select asset 8

Enter percentage allocation for asset 8 in portfolio 1 %

Enter percentage allocation for asset 8 in portfolio 2 %

Enter percentage allocation for asset 8 in portfolio 3 %

Asset 9

Select asset 9

Enter percentage allocation for asset 9 in portfolio 1 %

Enter percentage allocation for asset 9 in portfolio 2 %

Enter percentage allocation for asset 9 in portfolio 3 %

Asset 10

Select asset 10

Enter percentage allocation for asset 10 in portfolio 1 %

Enter percentage allocation for asset 10 in portfolio 2 %

Enter percentage allocation for asset 10 in portfolio 3 %

Total

Total allocation for portfolio 1 %

Total allocation for portfolio 2 %

Total allocation for portfolio 3 %

Portfolio Analysis Results (Jan 2008 - Dec 2016)

Note: The time period was automatically adjusted based on the available data (Oct 2007 - Jan 2019) for the selected asset: iShares National Muni Bond ETF (MUB)

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
VTI	Vanguard Total Stock Market ETF	18.00%
VTV	Vanguard Value ETF	18.00%
VOE	Vanguard Mid-Cap Value ETF	5.00%
VBR	Vanguard Small-Cap Value ETF	5.00%
VEA	Vanguard FTSE Developed Markets ETF	41.00%
VWO	Vanguard FTSE Emerging Markets ETF	13.00%
Save portfolio »

Portfolio 2
Ticker	Name	Allocation
VTI	Vanguard Total Stock Market ETF	35.00%
VEA	Vanguard FTSE Developed Markets ETF	22.00%
VWO	Vanguard FTSE Emerging Markets ETF	28.00%
VIG	Vanguard Dividend Appreciation ETF	5.00%
XLE	Energy Select Sector SPDR ETF	5.00%
MUB	iShares National Muni Bond ETF	5.00%
Save portfolio »

Portfolio 3
Ticker	Name	Allocation
VTSAX	Vanguard Total Stock Mkt Idx Adm	100.00%
Save portfolio »

Portfolio Returns

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	TWRR	MWRR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
Portfolio 1	$1,000,000	$945,516	-0.62%	3.52%	2.86%	18.28%	33.42%	-40.05%	-52.24% (-54.15%)	0.27	0.38	0.97
Portfolio 2	$1,000,000	$931,415	-0.79%	3.35%	2.81%	17.57%	39.94%	-39.81%	-49.34% (-51.36%)	0.26	0.37	0.95
Portfolio 3	$1,000,000	$1,318,153	3.12%	7.41%	6.65%	16.36%	33.52%	-36.99%	-48.23% (-50.30%)	0.51	0.73	1.00
^* The number in parenthesis shows the calculated value taking into account the percentage based periodic withdrawals.

Notes on results:

Past performance is not a guarantee of future returns and data and other errors may exist. See Disclaimer and Terms of Use
The entered time period is automatically adjusted based on the available return data for the specified assets
CAGR = Compound Annual Growth Rate
TWRR = Annualized time weighted rate of return
MWRR = Annualized money weighted rate of return (internal rate of return) taking into account the periodic cashflows
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
The backtested results include annual rebalancing of portfolio assets to match the specified allocation
The results use total return and assume that all received dividends and distributions are reinvested. Taxes and transaction fees are not included
Annual withdrawal of 4.00% of portfolio balance is reflected in the CAGR and maximum drawdown shown above
Portfolio cashflows and rebalancing for quarterly and annual periods are aligned with calendar periods.

Annual returns for the configured portfolios
Year	Inflation	Return			Balance			Adjustment			Vanguard Total Stock Market ETF (VTI)	Vanguard Value ETF (VTV)	Vanguard Mid-Cap Value ETF (VOE)	Vanguard Small-Cap Value ETF (VBR)	Vanguard FTSE Developed Markets ETF (VEA)	Vanguard FTSE Emerging Markets ETF (VWO)	Vanguard Dividend Appreciation ETF (VIG)	Energy Select Sector SPDR ETF (XLE)	iShares National Muni Bond ETF (MUB)	Vanguard Total Stock Mkt Idx Adm (VTSAX)
Year	Inflation	Portfolio 1	Portfolio 2	Portfolio 3	Portfolio 1	Portfolio 2	Portfolio 3	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard Total Stock Market ETF (VTI)	Vanguard Value ETF (VTV)	Vanguard Mid-Cap Value ETF (VOE)	Vanguard Small-Cap Value ETF (VBR)	Vanguard FTSE Developed Markets ETF (VEA)	Vanguard FTSE Emerging Markets ETF (VWO)	Vanguard Dividend Appreciation ETF (VIG)	Energy Select Sector SPDR ETF (XLE)	iShares National Muni Bond ETF (MUB)	Vanguard Total Stock Mkt Idx Adm (VTSAX)
2008	0.09%	-40.05%	-39.81%	-36.99%	$575,560	$577,856	$604,913	-$23,982	-$24,077	-$25,205	-36.98%	-35.87%	-36.65%	-32.20%	-40.65%	-52.49%	-26.69%	-38.97%	1.16%	-36.99%
2009	2.72%	33.42%	39.94%	28.83%	$737,198	$776,308	$748,109	-$30,717	-$32,346	-$31,171	28.89%	19.86%	38.23%	30.92%	27.49%	76.28%	19.57%	21.79%	7.07%	28.83%
2010	1.50%	14.05%	15.22%	17.26%	$807,140	$858,665	$842,113	-$33,631	-$35,778	-$35,088	17.42%	14.54%	21.76%	25.10%	8.35%	19.47%	14.74%	21.78%	0.10%	17.26%
2011	2.96%	-7.34%	-6.52%	1.08%	$717,970	$770,557	$817,178	-$29,915	-$32,107	-$34,049	0.97%	1.11%	-0.40%	-4.23%	-12.30%	-18.76%	6.16%	2.84%	12.98%	1.08%
2012	1.74%	17.55%	16.32%	16.38%	$810,209	$860,452	$913,019	-$33,759	-$35,852	-$38,042	16.45%	15.19%	16.02%	18.98%	18.56%	19.20%	11.65%	5.20%	5.19%	16.38%
2013	1.50%	24.01%	17.72%	33.52%	$964,516	$972,395	$1,170,337	-$40,188	-$40,516	-$48,764	33.45%	33.10%	37.76%	36.55%	21.83%	-4.92%	28.87%	26.25%	-3.44%	33.52%
2014	0.76%	3.39%	3.59%	12.56%	$957,363	$967,042	$1,264,612	-$39,890	-$40,293	-$52,692	12.54%	13.17%	13.96%	10.55%	-5.98%	-0.07%	10.08%	-8.70%	9.35%	12.56%
2015	0.73%	-2.66%	-5.41%	0.39%	$894,665	$878,137	$1,218,733	-$37,278	-$36,589	-$50,781	0.36%	-0.98%	-1.89%	-4.76%	-0.38%	-15.81%	-1.95%	-21.47%	2.91%	0.39%
2016	2.07%	10.09%	10.49%	12.66%	$945,516	$931,415	$1,318,153	-$39,397	-$38,809	-$54,923	12.83%	17.12%	15.40%	24.90%	2.67%	12.21%	11.97%	28.02%	-0.17%	12.66%

Monthly returns for the configured portfolios
Year	Month	Return			Balance			Vanguard Total Stock Market ETF (VTI)	Vanguard Value ETF (VTV)	Vanguard Mid-Cap Value ETF (VOE)	Vanguard Small-Cap Value ETF (VBR)	Vanguard FTSE Developed Markets ETF (VEA)	Vanguard FTSE Emerging Markets ETF (VWO)	Vanguard Dividend Appreciation ETF (VIG)	Energy Select Sector SPDR ETF (XLE)	iShares National Muni Bond ETF (MUB)	Vanguard Total Stock Mkt Idx Adm (VTSAX)
Year	Month	Portfolio 1	Portfolio 2	Portfolio 3	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard Total Stock Market ETF (VTI)	Vanguard Value ETF (VTV)	Vanguard Mid-Cap Value ETF (VOE)	Vanguard Small-Cap Value ETF (VBR)	Vanguard FTSE Developed Markets ETF (VEA)	Vanguard FTSE Emerging Markets ETF (VWO)	Vanguard Dividend Appreciation ETF (VIG)	Energy Select Sector SPDR ETF (XLE)	iShares National Muni Bond ETF (MUB)	Vanguard Total Stock Mkt Idx Adm (VTSAX)
2008	1	-6.54%	-7.17%	-6.08%	$934,585	$928,258	$939,197	-6.17%	-4.73%	-3.69%	-3.88%	-7.39%	-9.02%	-5.27%	-12.29%	0.26%	-6.08%
2008	2	-1.55%	-0.21%	-3.04%	$920,129	$926,325	$910,633	-2.50%	-3.91%	-3.81%	-2.62%	-1.01%	2.88%	-1.55%	9.27%	-4.64%	-3.04%
2008	3	-0.63%	-1.12%	-0.59%	$914,309	$915,905	$905,240	-0.90%	-0.45%	-0.82%	-0.39%	0.38%	-3.68%	2.03%	-2.34%	3.13%	-0.59%
2008	4	5.44%	5.95%	5.02%	$964,073	$970,427	$950,701	4.89%	4.28%	5.27%	4.68%	5.38%	8.43%	2.57%	10.38%	1.55%	5.02%
2008	5	1.38%	1.78%	2.12%	$977,403	$987,740	$970,874	2.02%	-0.57%	3.68%	4.14%	1.21%	1.79%	0.33%	5.20%	0.59%	2.12%
2008	6	-9.07%	-7.76%	-8.20%	$888,710	$911,102	$891,270	-8.12%	-9.53%	-9.82%	-11.36%	-8.68%	-9.81%	-7.86%	3.16%	-1.73%	-8.20%
2008	7	-2.07%	-3.16%	-0.77%	$870,301	$882,282	$884,419	-0.62%	-0.18%	-1.54%	4.06%	-3.47%	-4.72%	1.06%	-15.91%	0.56%	-0.77%
2008	8	-1.73%	-2.29%	1.61%	$855,234	$862,059	$898,693	1.46%	1.63%	3.19%	3.60%	-4.01%	-7.92%	2.08%	0.34%	1.45%	1.61%
2008	9	-10.27%	-11.20%	-9.28%	$767,380	$765,550	$815,323	-9.24%	-6.85%	-9.16%	-5.32%	-11.59%	-15.59%	-6.72%	-14.95%	-3.38%	-9.28%
2008	10	-20.08%	-19.33%	-17.63%	$613,327	$617,544	$671,594	-17.48%	-16.23%	-22.16%	-21.96%	-20.56%	-27.26%	-14.11%	-18.80%	-0.97%	-17.63%
2008	11	-7.34%	-6.64%	-7.86%	$568,312	$576,533	$618,808	-8.01%	-6.65%	-7.71%	-9.56%	-6.62%	-8.65%	-2.55%	-2.18%	-0.54%	-7.86%
2008	12	5.50%	4.41%	1.83%	$575,560	$577,856	$604,913	1.78%	1.51%	5.66%	4.46%	8.97%	7.59%	0.88%	-4.50%	5.28%	1.83%
2009	1	-11.43%	-8.86%	-8.26%	$509,786	$526,630	$554,966	-8.05%	-11.10%	-9.14%	-12.39%	-14.02%	-8.91%	-7.62%	-1.78%	-0.01%	-8.26%
2009	2	-10.06%	-7.64%	-10.45%	$458,521	$486,377	$496,972	-10.53%	-13.56%	-12.07%	-14.01%	-10.08%	-2.38%	-10.52%	-12.34%	0.51%	-10.45%
2009	3	8.95%	8.75%	8.73%	$499,547	$528,957	$540,371	8.26%	8.20%	8.37%	8.83%	8.42%	12.40%	7.03%	3.79%	0.29%	8.73%
2009	4	12.97%	12.32%	10.60%	$564,346	$594,127	$597,650	10.99%	11.02%	16.54%	19.56%	11.82%	17.44%	7.29%	7.82%	2.32%	10.60%
2009	5	10.50%	11.01%	5.33%	$623,628	$659,558	$629,502	5.46%	7.10%	4.18%	3.83%	13.06%	17.89%	4.95%	12.89%	0.07%	5.33%
2009	6	-1.30%	-1.44%	0.37%	$615,527	$650,030	$631,803	0.36%	-1.08%	-0.87%	-0.09%	-1.82%	-2.45%	0.49%	-6.54%	-1.45%	0.37%
2009	7	9.71%	8.95%	7.87%	$675,311	$708,206	$681,504	7.74%	7.96%	10.78%	10.65%	10.57%	10.91%	6.56%	5.35%	1.79%	7.87%
2009	8	3.80%	2.11%	3.63%	$700,976	$723,174	$706,215	3.71%	5.22%	6.63%	6.18%	4.50%	-0.71%	2.41%	1.09%	1.89%	3.63%
2009	9	4.99%	6.03%	4.25%	$735,927	$766,767	$736,248	4.14%	3.23%	5.94%	5.41%	3.94%	9.96%	3.15%	5.84%	3.30%	4.25%
2009	10	-2.93%	-2.27%	-2.61%	$714,332	$749,361	$717,066	-2.63%	-2.65%	-4.81%	-6.09%	-2.77%	-2.41%	-0.43%	2.47%	-2.61%	-2.61%
2009	11	5.26%	5.54%	5.66%	$751,928	$790,890	$757,686	5.69%	6.06%	5.69%	3.55%	4.11%	7.18%	5.79%	2.84%	0.52%	5.66%
2009	12	2.13%	2.25%	2.85%	$737,198	$776,308	$748,109	2.86%	1.22%	5.37%	6.92%	0.79%	3.10%	0.73%	0.88%	0.38%	2.85%
2010	1	-4.45%	-4.65%	-3.46%	$704,384	$740,243	$722,218	-3.57%	-2.45%	-2.28%	-2.99%	-5.44%	-6.73%	-2.30%	-4.40%	0.38%	-3.46%
2010	2	2.14%	2.21%	3.36%	$719,484	$756,637	$746,474	3.44%	2.62%	4.75%	5.01%	0.74%	1.88%	2.42%	3.01%	0.84%	3.36%
2010	3	6.66%	6.26%	6.26%	$767,428	$803,976	$793,216	6.40%	6.15%	7.01%	8.20%	6.30%	8.19%	4.62%	2.82%	-0.06%	6.26%
2010	4	0.13%	0.50%	2.21%	$768,437	$807,958	$810,728	2.18%	1.78%	3.93%	6.23%	-2.77%	-0.21%	2.17%	4.16%	1.14%	2.21%
2010	5	-9.42%	-8.72%	-8.00%	$696,065	$737,522	$745,880	-7.88%	-7.77%	-7.45%	-7.95%	-11.53%	-9.18%	-7.24%	-11.45%	0.83%	-8.00%
2010	6	-3.66%	-3.20%	-5.67%	$670,562	$713,923	$703,570	-5.83%	-5.16%	-6.27%	-8.16%	-1.81%	-0.55%	-4.34%	-5.93%	-0.34%	-5.67%
2010	7	9.17%	8.59%	7.03%	$732,038	$775,243	$753,059	7.02%	6.63%	6.73%	7.46%	11.66%	10.21%	6.38%	8.37%	1.41%	7.03%
2010	8	-4.02%	-3.44%	-4.75%	$702,612	$748,553	$717,317	-4.71%	-4.24%	-5.13%	-6.66%	-3.58%	-2.56%	-3.44%	-4.90%	2.16%	-4.75%
2010	9	9.49%	9.51%	9.50%	$769,317	$819,724	$785,438	9.45%	7.56%	9.22%	10.43%	9.66%	11.42%	8.31%	10.00%	-0.04%	9.50%
2010	10	3.63%	3.53%	3.94%	$797,208	$848,699	$816,392	4.03%	2.73%	3.45%	3.60%	4.06%	3.10%	2.83%	5.67%	-0.81%	3.94%
2010	11	-2.22%	-1.53%	0.58%	$779,506	$835,746	$821,090	0.51%	-0.62%	0.36%	2.28%	-4.90%	-2.84%	0.30%	5.86%	-2.79%	0.58%
2010	12	7.86%	7.02%	6.83%	$807,140	$858,665	$842,113	6.96%	7.97%	7.38%	7.69%	8.44%	7.56%	5.34%	9.32%	-2.51%	6.83%
2011	1	1.47%	0.65%	2.19%	$818,980	$864,225	$860,519	2.05%	2.85%	2.38%	0.60%	2.16%	-3.45%	1.43%	7.18%	-0.18%	2.19%
2011	2	3.31%	2.76%	3.63%	$846,112	$888,079	$891,728	3.70%	4.03%	3.72%	4.70%	3.66%	-0.17%	3.41%	7.37%	2.30%	3.63%
2011	3	-0.17%	1.11%	0.45%	$844,647	$897,967	$895,708	0.42%	-0.03%	1.29%	1.47%	-2.50%	5.47%	1.06%	1.88%	-1.20%	0.45%
2011	4	4.27%	3.65%	2.99%	$880,742	$930,780	$922,494	2.90%	2.96%	2.91%	2.34%	6.19%	3.37%	3.49%	0.92%	2.77%	2.99%
2011	5	-2.06%	-1.96%	-1.16%	$862,640	$912,573	$911,779	-1.06%	-1.37%	-0.55%	-2.12%	-2.70%	-2.94%	-1.27%	-4.19%	2.33%	-1.16%
2011	6	-1.60%	-1.32%	-1.79%	$848,870	$900,483	$895,495	-1.79%	-2.12%	-3.02%	-2.08%	-1.22%	-1.00%	-0.77%	-1.92%	-0.13%	-1.79%
2011	7	-2.47%	-1.57%	-2.22%	$827,902	$886,340	$875,589	-2.27%	-3.50%	-3.89%	-3.32%	-2.39%	-0.62%	-3.46%	1.46%	0.55%	-2.22%
2011	8	-7.59%	-7.04%	-6.02%	$765,079	$823,923	$822,866	-6.09%	-5.90%	-6.56%	-8.19%	-8.58%	-9.09%	-3.20%	-10.22%	3.39%	-6.02%
2011	9	-10.54%	-11.14%	-7.75%	$684,466	$732,167	$759,086	-7.57%	-6.85%	-8.70%	-10.64%	-11.33%	-18.44%	-6.26%	-14.42%	-0.04%	-7.75%
2011	10	11.23%	11.66%	11.54%	$761,316	$817,532	$846,704	11.37%	10.27%	12.37%	14.43%	9.76%	15.91%	9.60%	19.14%	-0.53%	11.54%
2011	11	-1.21%	-0.78%	-0.29%	$752,107	$811,120	$844,270	-0.37%	-0.56%	0.15%	-0.14%	-2.09%	-1.71%	1.87%	1.66%	0.64%	-0.29%
2011	12	-0.56%	-1.04%	0.82%	$717,970	$770,557	$817,178	0.98%	2.53%	1.10%	0.82%	-2.12%	-4.17%	1.00%	-2.05%	2.50%	0.82%
2012	1	5.85%	6.45%	5.08%	$759,976	$820,244	$858,690	5.07%	3.47%	5.23%	6.97%	5.62%	10.78%	2.60%	2.26%	3.53%	5.08%
2012	2	4.48%	4.47%	4.26%	$794,050	$856,929	$895,241	4.22%	3.89%	3.62%	2.55%	4.88%	5.43%	2.76%	5.93%	-1.07%	4.26%
2012	3	1.04%	0.24%	3.07%	$802,289	$858,967	$922,710	3.06%	2.84%	2.00%	2.41%	0.33%	-2.60%	2.09%	-3.81%	-0.82%	3.07%
2012	4	-1.62%	-1.36%	-0.63%	$789,331	$847,321	$916,941	-0.64%	-0.92%	-0.77%	-0.99%	-2.38%	-2.09%	-0.34%	-0.71%	0.87%	-0.63%
2012	5	-8.79%	-8.33%	-6.23%	$719,985	$776,728	$859,780	-6.23%	-5.91%	-6.75%	-6.31%	-11.17%	-10.67%	-4.37%	-10.68%	1.20%	-6.23%
2012	6	5.45%	4.63%	3.94%	$759,255	$812,700	$893,649	4.05%	4.79%	3.37%	4.47%	6.98%	5.02%	2.18%	4.80%	-0.71%	3.94%
2012	7	0.52%	0.85%	1.03%	$763,236	$819,632	$902,873	0.88%	1.18%	0.78%	-0.43%	0.25%	0.20%	1.96%	4.94%	2.07%	1.03%
2012	8	2.40%	1.97%	2.51%	$781,558	$835,778	$925,537	2.70%	1.48%	2.51%	2.99%	3.29%	0.25%	1.90%	2.70%	-0.15%	2.51%
2012	9	2.97%	3.19%	2.58%	$804,766	$862,464	$949,376	2.49%	2.90%	2.03%	2.80%	2.64%	5.31%	1.87%	3.12%	0.57%	2.58%
2012	10	-0.10%	-0.72%	-1.76%	$804,000	$856,279	$932,692	-1.81%	-0.39%	-0.14%	-0.70%	1.06%	-0.55%	-1.26%	-2.03%	0.47%	-1.76%
2012	11	1.38%	1.33%	0.74%	$815,108	$867,645	$939,577	0.77%	-0.74%	1.23%	1.01%	2.71%	1.28%	1.44%	-1.22%	1.85%	0.74%
2012	12	3.54%	3.30%	1.22%	$810,209	$860,452	$913,019	1.29%	2.12%	2.36%	3.34%	4.24%	7.06%	0.47%	1.02%	-2.58%	1.22%
2013	1	4.39%	3.51%	5.50%	$845,742	$890,655	$963,216	5.42%	6.36%	7.26%	6.46%	3.83%	0.07%	5.93%	8.30%	0.81%	5.50%
2013	2	-0.13%	-0.33%	1.28%	$844,640	$887,749	$975,509	1.28%	1.31%	1.47%	1.62%	-1.15%	-2.36%	1.16%	0.44%	0.53%	1.28%
2013	3	2.30%	1.60%	3.91%	$864,082	$901,943	$1,013,660	3.95%	4.04%	5.00%	4.56%	1.19%	-1.27%	3.38%	2.54%	-1.31%	3.91%
2013	4	3.13%	2.35%	1.70%	$891,154	$923,147	$1,030,897	1.61%	2.21%	1.70%	0.09%	5.22%	2.00%	1.67%	-1.31%	1.75%	1.70%
2013	5	-0.61%	-1.01%	2.35%	$885,744	$913,836	$1,055,081	2.44%	2.58%	1.87%	3.11%	-2.97%	-5.07%	1.15%	2.85%	-3.05%	2.35%
2013	6	-2.30%	-2.79%	-1.24%	$865,341	$888,329	$1,041,963	-1.43%	-1.02%	-1.35%	-1.27%	-2.77%	-5.33%	-1.51%	-2.27%	-2.69%	-1.24%
2013	7	4.97%	4.07%	5.46%	$908,324	$924,444	$1,098,831	5.75%	5.38%	5.64%	6.85%	5.20%	0.70%	5.41%	5.26%	-0.80%	5.46%
2013	8	-2.69%	-2.67%	-2.80%	$883,895	$899,766	$1,068,071	-3.03%	-3.68%	-2.92%	-4.17%	-1.60%	-3.43%	-3.57%	-1.03%	-1.72%	-2.80%
2013	9	5.60%	5.42%	3.67%	$933,360	$948,526	$1,107,265	3.90%	2.29%	3.99%	5.30%	7.85%	7.27%	3.97%	2.12%	2.80%	3.67%
2013	10	3.90%	3.90%	4.25%	$969,729	$985,496	$1,154,277	4.27%	4.59%	4.53%	3.92%	3.21%	4.34%	4.17%	4.20%	1.21%	4.25%
2013	11	1.61%	1.08%	2.88%	$985,298	$996,183	$1,187,524	2.70%	3.18%	2.90%	2.93%	0.66%	-0.93%	2.32%	0.06%	-0.47%	2.88%
2013	12	1.97%	1.68%	2.66%	$964,516	$972,395	$1,170,337	2.73%	2.09%	2.83%	2.74%	1.90%	-0.28%	1.96%	2.87%	-0.41%	2.66%
2014	1	-4.73%	-5.03%	-3.11%	$918,852	$923,498	$1,133,991	-3.17%	-3.69%	-2.58%	-2.78%	-5.21%	-8.43%	-5.01%	-5.80%	2.56%	-3.11%
2014	2	4.97%	4.47%	4.75%	$964,545	$964,800	$1,187,883	4.87%	3.97%	5.39%	4.97%	5.95%	3.24%	4.90%	5.12%	1.05%	4.75%
2014	3	1.12%	1.48%	0.52%	$975,350	$979,110	$1,194,086	0.51%	2.69%	1.15%	1.31%	-0.37%	4.62%	0.79%	2.11%	0.08%	0.52%
2014	4	0.88%	0.99%	0.06%	$983,964	$988,788	$1,194,841	0.06%	0.86%	0.41%	-1.13%	1.57%	0.89%	1.01%	5.25%	1.24%	0.06%
2014	5	1.92%	2.20%	2.17%	$1,002,824	$1,010,590	$1,220,772	2.10%	1.38%	1.71%	1.64%	1.77%	3.10%	1.61%	1.67%	1.12%	2.17%
2014	6	2.01%	2.38%	2.57%	$1,023,026	$1,034,659	$1,252,119	2.62%	1.92%	2.78%	4.32%	1.04%	3.17%	1.49%	5.51%	-0.16%	2.57%
2014	7	-1.74%	-1.16%	-1.98%	$1,005,242	$1,022,671	$1,227,345	-1.99%	-1.20%	-2.60%	-4.79%	-2.37%	1.37%	-3.31%	-3.47%	0.45%	-1.98%
2014	8	2.45%	2.96%	4.18%	$1,029,895	$1,052,938	$1,278,663	4.15%	3.44%	3.86%	5.12%	0.26%	3.84%	3.65%	2.18%	1.26%	4.18%
2014	9	-3.69%	-4.14%	-2.11%	$991,861	$1,009,396	$1,251,730	-2.10%	-1.28%	-3.47%	-5.54%	-4.16%	-7.18%	-1.00%	-7.75%	-0.08%	-2.11%
2014	10	1.43%	1.52%	2.74%	$1,006,091	$1,024,787	$1,286,013	2.75%	1.80%	3.56%	4.85%	-0.35%	2.23%	2.65%	-3.53%	0.55%	2.74%
2014	11	0.99%	0.35%	2.43%	$1,016,087	$1,028,371	$1,317,249	2.48%	2.47%	2.72%	1.10%	0.00%	-1.10%	3.22%	-8.69%	0.12%	2.43%
2014	12	-1.85%	-2.05%	0.00%	$957,363	$967,042	$1,264,612	-0.04%	0.35%	0.65%	1.79%	-3.77%	-4.69%	0.11%	-0.23%	0.81%	0.00%
2015	1	-1.25%	-1.17%	-2.77%	$945,426	$955,691	$1,229,565	-2.74%	-4.10%	-2.37%	-3.30%	0.71%	-0.20%	-3.38%	-4.56%	1.60%	-2.77%
2015	2	5.67%	5.11%	5.76%	$999,076	$1,004,555	$1,300,393	5.74%	5.31%	5.35%	5.66%	6.16%	4.66%	5.59%	4.59%	-1.12%	5.76%
2015	3	-1.15%	-1.41%	-1.01%	$987,573	$990,387	$1,287,272	-1.16%	-1.32%	-0.05%	1.30%	-1.22%	-2.05%	-2.27%	-1.16%	0.22%	-1.01%
2015	4	2.83%	3.44%	0.42%	$1,015,527	$1,024,418	$1,292,689	0.62%	1.28%	-0.29%	-1.30%	3.87%	7.41%	-0.21%	6.57%	-0.71%	0.42%
2015	5	0.05%	-0.84%	1.39%	$1,016,057	$1,015,810	$1,310,664	1.30%	1.18%	1.20%	1.37%	-0.05%	-3.55%	0.96%	-5.19%	-0.49%	1.39%
2015	6	-2.43%	-2.27%	-1.70%	$991,329	$992,774	$1,288,350	-1.67%	-2.24%	-2.34%	-1.51%	-2.91%	-2.54%	-2.54%	-3.48%	-0.34%	-1.70%
2015	7	0.28%	-1.04%	1.65%	$994,125	$982,422	$1,309,617	1.70%	1.02%	0.94%	-0.95%	1.46%	-6.26%	2.16%	-7.69%	1.12%	1.65%
2015	8	-6.85%	-6.98%	-6.00%	$926,040	$913,861	$1,230,980	-6.09%	-5.84%	-4.41%	-4.84%	-7.23%	-9.86%	-5.87%	-4.25%	-0.11%	-6.00%
2015	9	-3.40%	-3.12%	-2.94%	$894,555	$885,360	$1,194,741	-2.92%	-2.54%	-3.40%	-3.58%	-4.08%	-2.88%	-1.84%	-7.18%	0.86%	-2.94%
2015	10	6.91%	6.62%	7.86%	$956,404	$944,006	$1,288,690	7.91%	7.65%	6.31%	6.63%	6.73%	5.29%	6.74%	11.16%	0.36%	7.86%
2015	11	-0.28%	-0.51%	0.56%	$953,697	$939,231	$1,295,898	0.60%	0.54%	0.62%	1.32%	-0.76%	-2.30%	0.27%	-0.01%	0.50%	0.56%
2015	12	-2.28%	-2.61%	-2.04%	$894,665	$878,137	$1,218,733	-2.13%	-1.15%	-2.87%	-4.90%	-2.14%	-3.44%	-0.87%	-10.50%	1.02%	-2.04%
2016	1	-5.56%	-5.08%	-5.65%	$844,899	$833,529	$1,149,866	-5.72%	-4.76%	-6.86%	-6.37%	-5.53%	-5.75%	-2.29%	-3.50%	0.77%	-5.65%
2016	2	-1.15%	-0.85%	-0.04%	$835,195	$826,427	$1,149,386	-0.01%	0.10%	1.36%	1.50%	-3.08%	-0.32%	1.13%	-2.80%	0.02%	-0.04%
2016	3	7.93%	8.45%	7.03%	$901,422	$896,256	$1,230,230	7.11%	6.70%	7.76%	8.94%	7.20%	12.72%	6.28%	10.16%	0.44%	7.03%
2016	4	1.61%	1.49%	0.65%	$915,974	$909,575	$1,238,185	0.66%	1.52%	0.99%	2.10%	2.31%	1.01%	-0.33%	9.06%	0.67%	0.65%
2016	5	0.09%	-0.39%	1.77%	$916,781	$906,002	$1,260,124	1.73%	1.06%	1.44%	1.40%	-0.30%	-3.24%	0.95%	-0.93%	0.28%	1.77%
2016	6	0.11%	1.39%	0.25%	$917,787	$918,618	$1,263,263	0.27%	1.13%	0.32%	0.15%	-2.04%	4.93%	2.37%	2.71%	1.61%	0.25%
2016	7	4.04%	3.78%	3.95%	$954,837	$953,318	$1,313,144	3.98%	2.81%	4.19%	4.64%	4.16%	5.14%	2.29%	-1.26%	-0.04%	3.95%
2016	8	0.52%	0.48%	0.28%	$959,758	$957,901	$1,316,776	0.21%	0.68%	0.93%	0.73%	0.41%	0.78%	0.01%	1.68%	0.13%	0.28%
2016	9	0.92%	1.14%	0.15%	$968,622	$968,796	$1,318,802	0.21%	-0.46%	0.43%	0.30%	1.65%	2.05%	-0.97%	3.69%	-0.56%	0.15%
2016	10	-1.77%	-1.45%	-2.21%	$951,450	$954,736	$1,289,603	-2.19%	-1.09%	-2.42%	-2.92%	-2.41%	0.32%	-1.93%	-2.82%	-0.96%	-2.21%
2016	11	1.55%	0.40%	4.45%	$966,210	$958,522	$1,347,027	4.49%	6.00%	5.94%	10.21%	-1.51%	-4.05%	2.98%	8.47%	-4.10%	4.45%
2016	12	1.94%	1.22%	1.93%	$945,516	$931,415	$1,318,153	1.98%	2.73%	1.10%	2.86%	2.45%	-0.74%	1.17%	1.73%	1.72%	1.93%
^* End-of-month balance includes the annual contribution/withdrawal

Portfolio Returns Based Style Analysis

Portfolio Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2	Portfolio 3
Large-cap Value	25.24%	12.08%	38.23%
Large-cap Growth	9.09%	20.74%	42.33%
Mid-cap Value	6.23%	8.25%	5.63%
Mid-cap Growth	0.63%	1.19%	7.90%
Small-cap Value	2.47%	0.00%	2.04%
Small-cap Growth	1.14%	0.00%	2.86%
Global ex-US Developed Markets	41.45%	22.62%	0.72%
Emerging Markets	13.41%	29.72%	0.28%
Corporate Bonds	0.20%	0.26%	0.00%
Long-Term Treasuries	0.15%	0.00%	0.00%
Intermediate-Term Treasuries	0.00%	0.00%	0.00%
Short-Term Treasuries	0.00%	5.14%	0.00%
R Squared	99.94%	99.85%	99.90%
Style analysis is based on monthly returns from Jan 2008 to Dec 2016 and uses total portfolio return with monthly rebalancing.

Holdings Based Exposures for Portfolio 1

Holdings Based Exposures for Portfolio 1
Ticker	Name	Category	ER	Weight	Return Contribution	Risk Contribution
VTI	Vanguard Total Stock Market ETF	Large Blend	0.04%	18.00%	$100,998	15.53%
VTV	Vanguard Value ETF	Large Value	0.05%	18.00%	$93,526	15.18%
VOE	Vanguard Mid-Cap Value ETF	Mid-Cap Value	0.07%	5.00%	$34,302	4.81%
VBR	Vanguard Small-Cap Value ETF	Small Value	0.07%	5.00%	$35,914	5.15%
VEA	Vanguard FTSE Developed Markets ETF	Foreign Large Blend	0.07%	41.00%	-$5,475	43.67%
VWO	Vanguard FTSE Emerging Markets ETF	Diversified Emerging Mkts	0.14%	13.00%	-$4,993	15.68%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Maturity

Holdings Based Exposures for Portfolio 2

Holdings Based Exposures for Portfolio 2
Ticker	Name	Category	Duration	ER	Weight	Return Contribution	Risk Contribution
VTI	Vanguard Total Stock Market ETF	Large Blend		0.04%	35.00%	$207,704	30.75%
VEA	Vanguard FTSE Developed Markets ETF	Foreign Large Blend		0.07%	22.00%	$876	23.94%
VWO	Vanguard FTSE Emerging Markets ETF	Diversified Emerging Mkts		0.14%	28.00%	-$9,698	36.39%
VIG	Vanguard Dividend Appreciation ETF	Large Blend		0.08%	5.00%	$26,799	3.53%
XLE	Energy Select Sector SPDR ETF	Equity Energy		0.13%	5.00%	$7,472	5.13%
MUB	iShares National Muni Bond ETF	Muni National Interm	6.16	0.07%	5.00%	$14,630	0.27%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Exposures for Portfolio 3

Holdings Based Exposures for Portfolio 3
Ticker	Name	Category	Duration	ER	Weight	Return Contribution	Risk Contribution
VTSAX	Vanguard Total Stock Mkt Idx Adm	Large Blend		0.04%	100.00%	$688,869	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Maturity

Fund fundamentals data as of 02/05/2019. © 2019 Morningstar. All Rights Reserved. The fund fundamentals information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio return and risk metrics
Metric	Portfolio 1	Portfolio 2	Portfolio 3
Arithmetic Mean (monthly)	0.43%	0.40%	0.71%
Arithmetic Mean (annualized)	5.28%	4.96%	8.86%
Geometric Mean (monthly)	0.29%	0.27%	0.60%
Geometric Mean (annualized)	3.52%	3.35%	7.41%
Volatility (monthly)	5.28%	5.07%	4.72%
Volatility (annualized)	18.28%	17.57%	16.36%
Downside Deviation (monthly)	3.74%	3.55%	3.28%
Max. Drawdown	-52.24%	-49.34%	-48.23%
US Market Correlation	0.97	0.95	1.00
Beta^(*)	1.08	1.02	1.00
Alpha (annualized)	-3.92%	-3.74%	0.11%
R²	93.24%	90.31%	100.00%
Sharpe Ratio	0.27	0.26	0.51
Sortino Ratio	0.38	0.37	0.73
Treynor Ratio (%)	4.56	4.52	8.28
Calmar Ratio	0.24	0.17	0.95
Active Return	-3.77%	-3.95%	0.12%
Tracking Error	4.93%	5.48%	0.07%
Information Ratio	-0.77	-0.72	1.78
Skewness	-0.60	-0.51	-0.72
Excess Kurtosis	1.63	1.68	1.52
Historical Value-at-Risk (5%)	-9.77%	-8.54%	-8.11%
Analytical Value-at-Risk (5%)	-8.24%	-7.98%	-7.06%
Conditional Value-at-Risk (5%)	-12.47%	-11.85%	-10.76%
Upside Capture Ratio (%)	95.91	89.94	100.36
Downside Capture Ratio (%)	112.88	107.09	99.85
Sustainable Withdrawal Rate	10.00%	10.29%	11.47%
Positive Periods	61 out of 108 (56.48%)	59 out of 108 (54.63%)	70 out of 108 (64.81%)
Gain/Loss Ratio	0.96	1.03	0.80
^* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2008	Feb 2009	1 year 2 months	May 2014	5 years 3 months	6 years 5 months	-54.15%
2	Sep 2014	Feb 2016	1 year 6 months				-18.90%
3	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-1.74%

Drawdowns for Portfolio 2

Drawdowns for Portfolio 2
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2008	Feb 2009	1 year 2 months	May 2014	5 years 3 months	6 years 5 months	-51.36%
2	Sep 2014	Feb 2016	1 year 6 months				-21.51%
3	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-1.16%

Drawdowns for Portfolio 3

Drawdowns for Portfolio 3
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2008	Feb 2009	1 year 2 months	Mar 2013	4 years 1 month	5 years 3 months	-50.30%
2	Dec 2014	Feb 2016	1 year 3 months	Sep 2016	7 months	1 year 10 months	-12.74%
3	Dec 2013	Jan 2014	2 months	Feb 2014	1 month	3 months	-4.51%
4	Aug 2013	Aug 2013	1 month	Sep 2013	1 month	2 months	-2.80%
5	Oct 2016	Oct 2016	1 month	Nov 2016	1 month	2 months	-2.21%
6	Dec 2016	Dec 2016	1 month				-2.14%
7	Sep 2014	Sep 2014	1 month	Oct 2014	1 month	2 months	-2.11%
8	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-1.98%
9	Jun 2013	Jun 2013	1 month	Jul 2013	1 month	2 months	-1.24%

Portfolio Assets

Performance statistics for portfolio components
Ticker	Name	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
VTI	Vanguard Total Stock Market ETF	7.44%	16.36%	33.45%	-36.98%	-48.15%	0.51	0.73	1.00
VTV	Vanguard Value ETF	6.69%	16.22%	33.10%	-35.87%	-50.72%	0.47	0.66	0.98
VOE	Vanguard Mid-Cap Value ETF	9.10%	18.55%	38.23%	-36.65%	-49.53%	0.55	0.80	0.98
VBR	Vanguard Small-Cap Value ETF	9.55%	20.62%	36.55%	-32.20%	-49.75%	0.54	0.79	0.95
VEA	Vanguard FTSE Developed Markets ETF	-0.02%	19.94%	27.49%	-40.65%	-54.11%	0.09	0.12	0.90
VWO	Vanguard FTSE Emerging Markets ETF	-1.54%	24.20%	76.28%	-52.49%	-57.75%	0.05	0.07	0.82
VIG	Vanguard Dividend Appreciation ETF	7.12%	13.67%	28.87%	-26.69%	-39.40%	0.55	0.80	0.97
XLE	Energy Select Sector SPDR ETF	1.42%	22.76%	28.02%	-38.97%	-53.13%	0.17	0.23	0.75
MUB	iShares National Muni Bond ETF	3.79%	5.59%	12.98%	-3.44%	-8.79%	0.65	1.01	0.12
VTSAX	Vanguard Total Stock Mkt Idx Adm	7.41%	16.36%	33.52%	-36.99%	-48.23%	0.51	0.73	1.00

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VTI	VTV	VOE	VBR	VEA	VWO	VIG	XLE	MUB	VTSAX	Portfolio 1	Portfolio 2	Portfolio 3
VTI	Vanguard Total Stock Market ETF	-	0.98	0.98	0.95	0.90	0.82	0.96	0.75	0.12	1.00	0.97	0.95	1.00
VTV	Vanguard Value ETF	0.98	-	0.96	0.94	0.89	0.78	0.96	0.72	0.10	0.98	0.95	0.92	0.98
VOE	Vanguard Mid-Cap Value ETF	0.98	0.96	-	0.98	0.88	0.81	0.93	0.72	0.18	0.98	0.95	0.93	0.98
VBR	Vanguard Small-Cap Value ETF	0.95	0.94	0.98	-	0.83	0.77	0.91	0.69	0.11	0.95	0.91	0.89	0.95
VEA	Vanguard FTSE Developed Markets ETF	0.90	0.89	0.88	0.83	-	0.89	0.87	0.73	0.20	0.90	0.98	0.97	0.90
VWO	Vanguard FTSE Emerging Markets ETF	0.82	0.78	0.81	0.77	0.89	-	0.78	0.74	0.18	0.82	0.91	0.95	0.82
VIG	Vanguard Dividend Appreciation ETF	0.96	0.96	0.93	0.91	0.87	0.78	-	0.72	0.14	0.97	0.93	0.91	0.97
XLE	Energy Select Sector SPDR ETF	0.75	0.72	0.72	0.69	0.73	0.74	0.72	-	-0.09	0.75	0.76	0.80	0.75
MUB	iShares National Muni Bond ETF	0.12	0.10	0.18	0.11	0.20	0.18	0.14	-0.09	-	0.12	0.17	0.17	0.12
VTSAX	Vanguard Total Stock Mkt Idx Adm	1.00	0.98	0.98	0.95	0.90	0.82	0.97	0.75	0.12	-	0.97	0.95	1.00

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
VTI	Vanguard Total Stock Market ETF	$100,998	$207,704
VTV	Vanguard Value ETF	$93,526
VOE	Vanguard Mid-Cap Value ETF	$34,302
VBR	Vanguard Small-Cap Value ETF	$35,914
VEA	Vanguard FTSE Developed Markets ETF	-$5,475	$876
VWO	Vanguard FTSE Emerging Markets ETF	-$4,993	-$9,698
VIG	Vanguard Dividend Appreciation ETF		$26,799
XLE	Energy Select Sector SPDR ETF		$7,472
MUB	iShares National Muni Bond ETF		$14,630
VTSAX	Vanguard Total Stock Mkt Idx Adm			$688,869

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
VTI	Vanguard Total Stock Market ETF	15.53%	30.75%
VTV	Vanguard Value ETF	15.18%
VOE	Vanguard Mid-Cap Value ETF	4.81%
VBR	Vanguard Small-Cap Value ETF	5.15%
VEA	Vanguard FTSE Developed Markets ETF	43.67%	23.94%
VWO	Vanguard FTSE Emerging Markets ETF	15.68%	36.39%
VIG	Vanguard Dividend Appreciation ETF		3.53%
XLE	Energy Select Sector SPDR ETF		5.13%
MUB	iShares National Muni Bond ETF		0.27%
VTSAX	Vanguard Total Stock Mkt Idx Adm			100.00%

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	5.83%	33.42%	-40.05%	5.73%	39.94%	-39.81%	9.52%	33.52%	-36.99%
3 years	7.56%	14.65%	-3.01%	7.14%	14.65%	-0.99%	12.09%	20.49%	-1.63%
5 years	8.30%	15.50%	-0.13%	7.67%	15.59%	1.08%	12.73%	18.86%	2.29%
7 years	7.47%	10.94%	3.52%	7.06%	10.58%	3.67%	11.93%	15.13%	7.72%
Result statistics are based on annualized rolling returns over full calendar year periods