Backtest Portfolio Asset Allocation

This portfolio backtesting tool allows you to construct one or more portfolios based on the selected mutual funds, ETFs, and stocks. You can analyze and backtest portfolio returns, risk characteristics, style exposures, and drawdowns. The results cover both returns and fund fundamentals based portfolio style analysis along with risk and return decomposition by each portfolio asset. You can compare up to three different portfolios against the selected benchmark, and you can also specify any periodic contribution or withdrawal cashflows and the preferred portfolio rebalancing strategy.

The related asset class level portfolio modeling tool allows you to analyze and compare asset class level portfolios with a longer time horizon starting from 1972.

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Include YTD

Start Date

End Date

Initial Amount

$ .00

Cashflows

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal Percentage

Frequency

Rebalancing

Absolute Deviation

Relative Deviation

Leverage Type

Leverage Ratio

Debt Amount

$ .00

Debt Interest

Maintenance Margin

Leveraged Benchmark

Reinvest Dividends

Display Income

Factor Regression

Equity Factor Model

Benchmark

Benchmark Ticker

Portfolio Names

Portfolio Name #1

Portfolio Name #2

Portfolio Name #3

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 constrained by the available data for iShares National Muni Bond ETF (MUB) [Oct 2007 - Sep 2021].

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%)	0.50	0.72	1.00
^* The number in parentheses shows the calculated value taking into account the percentage based periodic withdrawals.

Trailing Returns

Trailing Returns
Name	Annualized Return					Annualized Volatility
Name	3 Month	1 year	3 year	5 year	Full	3 year	5 year
Portfolio 1	1.68%	10.09%	3.48%	10.06%	3.52%	11.22%	11.47%
Portfolio 2	0.15%	10.49%	2.68%	8.19%	3.35%	11.26%	11.28%
Portfolio 3	4.12%	12.66%	8.38%	14.62%	7.41%	11.02%	10.64%
Trailing annualized return and volatility are for full months ending in December 2016 excluding portfolio cashflows.

Notes on results:

Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
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 (3-month treasury bill)
Stock market correlation is based on the correlation of monthly returns
Drawdown analysis is calculated based on monthly returns excluding cashflows
The results assume annual rebalancing of portfolio assets to match the specified allocation
Annual withdrawal of 4.00% of portfolio balance is reflected in the CAGR and maximum drawdown shown above

Annual returns for the configured portfolios
Year	Inflation	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)
Year	Inflation	Return	Balance	Cashflow	Return	Balance	Cashflow	Return	Balance	Cashflow	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%	$575,560	-$23,982	-39.81%	$577,856	-$24,077	-36.99%	$604,913	-$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%	$737,198	-$30,717	39.94%	$776,308	-$32,346	28.83%	$748,109	-$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%	$807,140	-$33,631	15.22%	$858,665	-$35,778	17.26%	$842,113	-$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%	$717,970	-$29,915	-6.52%	$770,557	-$32,107	1.08%	$817,178	-$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%	$810,209	-$33,759	16.32%	$860,452	-$35,852	16.38%	$913,019	-$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%	$964,516	-$40,188	17.72%	$972,395	-$40,516	33.52%	$1,170,337	-$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%	$957,363	-$39,890	3.59%	$967,042	-$40,293	12.56%	$1,264,612	-$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%	$894,665	-$37,278	-5.41%	$878,137	-$36,589	0.39%	$1,218,733	-$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%	$945,516	-$39,397	10.49%	$931,415	-$38,809	12.66%	$1,318,153	-$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	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)
Year	Month	Return	Balance	Return	Balance	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)
2008	1	-6.54%	$934,585	-7.17%	$928,258	-6.08%	$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%	$920,129	-0.21%	$926,325	-3.04%	$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%	$914,309	-1.12%	$915,905	-0.59%	$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%	$964,073	5.95%	$970,427	5.02%	$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%	$977,403	1.78%	$987,740	2.12%	$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%	$888,710	-7.76%	$911,102	-8.20%	$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%	$870,301	-3.16%	$882,282	-0.77%	$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%	$855,234	-2.29%	$862,059	1.61%	$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%	$767,380	-11.20%	$765,550	-9.28%	$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%	$613,327	-19.33%	$617,544	-17.63%	$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%	$568,312	-6.64%	$576,533	-7.86%	$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%	$575,560	4.41%	$577,856	1.83%	$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%	$509,786	-8.86%	$526,630	-8.26%	$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%	$458,521	-7.64%	$486,377	-10.45%	$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%	$499,547	8.75%	$528,957	8.73%	$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%	$564,346	12.32%	$594,127	10.60%	$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%	$623,628	11.01%	$659,558	5.33%	$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%	$615,527	-1.44%	$650,030	0.37%	$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%	$675,311	8.95%	$708,206	7.87%	$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%	$700,976	2.11%	$723,174	3.63%	$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%	$735,927	6.03%	$766,767	4.25%	$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%	$714,332	-2.27%	$749,361	-2.61%	$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%	$751,928	5.54%	$790,890	5.66%	$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%	$737,198	2.25%	$776,308	2.85%	$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%	$704,384	-4.65%	$740,243	-3.46%	$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%	$719,484	2.21%	$756,637	3.36%	$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%	$767,428	6.26%	$803,976	6.26%	$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%	$768,437	0.50%	$807,958	2.21%	$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%	$696,065	-8.72%	$737,522	-8.00%	$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%	$670,562	-3.20%	$713,923	-5.67%	$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%	$732,038	8.59%	$775,243	7.03%	$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%	$702,612	-3.44%	$748,553	-4.75%	$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%	$769,317	9.51%	$819,724	9.50%	$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%	$797,208	3.53%	$848,699	3.94%	$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%	$779,506	-1.53%	$835,746	0.58%	$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%	$807,140	7.02%	$858,665	6.83%	$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%	$818,980	0.65%	$864,225	2.19%	$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%	$846,112	2.76%	$888,079	3.63%	$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%	$844,647	1.11%	$897,967	0.45%	$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%	$880,742	3.65%	$930,780	2.99%	$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%	$862,640	-1.96%	$912,573	-1.16%	$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%	$848,870	-1.32%	$900,483	-1.79%	$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%	$827,902	-1.57%	$886,340	-2.22%	$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%	$765,079	-7.04%	$823,923	-6.02%	$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%	$684,466	-11.14%	$732,167	-7.75%	$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%	$761,316	11.66%	$817,532	11.54%	$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%	$752,107	-0.78%	$811,120	-0.29%	$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%	$717,970	-1.04%	$770,557	0.82%	$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%	$759,976	6.45%	$820,244	5.08%	$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%	$794,050	4.47%	$856,929	4.26%	$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%	$802,289	0.24%	$858,967	3.07%	$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%	$789,331	-1.36%	$847,321	-0.63%	$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%	$719,985	-8.33%	$776,728	-6.23%	$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%	$759,255	4.63%	$812,700	3.94%	$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%	$763,236	0.85%	$819,632	1.03%	$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%	$781,558	1.97%	$835,778	2.51%	$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%	$804,766	3.19%	$862,464	2.58%	$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%	$804,000	-0.72%	$856,279	-1.76%	$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%	$815,108	1.33%	$867,645	0.74%	$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%	$810,209	3.30%	$860,452	1.22%	$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%	$845,742	3.51%	$890,655	5.50%	$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%	$844,640	-0.33%	$887,749	1.28%	$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%	$864,082	1.60%	$901,943	3.91%	$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%	$891,154	2.35%	$923,147	1.70%	$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%	$885,744	-1.01%	$913,836	2.35%	$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%	$865,341	-2.79%	$888,329	-1.24%	$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%	$908,324	4.07%	$924,444	5.46%	$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%	$883,895	-2.67%	$899,766	-2.80%	$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%	$933,360	5.42%	$948,526	3.67%	$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%	$969,729	3.90%	$985,496	4.25%	$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%	$985,298	1.08%	$996,183	2.88%	$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%	$964,516	1.68%	$972,395	2.66%	$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%	$918,852	-5.03%	$923,498	-3.11%	$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%	$964,545	4.47%	$964,800	4.75%	$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%	$975,350	1.48%	$979,110	0.52%	$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%	$983,964	0.99%	$988,788	0.06%	$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%	$1,002,824	2.20%	$1,010,590	2.17%	$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%	$1,023,026	2.38%	$1,034,659	2.57%	$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%	$1,005,242	-1.16%	$1,022,671	-1.98%	$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%	$1,029,895	2.96%	$1,052,938	4.18%	$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%	$991,861	-4.14%	$1,009,396	-2.11%	$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%	$1,006,091	1.52%	$1,024,787	2.74%	$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%	$1,016,087	0.35%	$1,028,371	2.43%	$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%	$957,363	-2.05%	$967,042	0.00%	$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%	$945,426	-1.17%	$955,691	-2.77%	$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%	$999,076	5.11%	$1,004,555	5.76%	$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%	$987,573	-1.41%	$990,387	-1.01%	$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%	$1,015,527	3.44%	$1,024,418	0.42%	$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%	$1,016,057	-0.84%	$1,015,810	1.39%	$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%	$991,329	-2.27%	$992,774	-1.70%	$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%	$994,125	-1.04%	$982,422	1.65%	$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%	$926,040	-6.98%	$913,861	-6.00%	$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%	$894,555	-3.12%	$885,360	-2.94%	$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%	$956,404	6.62%	$944,006	7.86%	$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%	$953,697	-0.51%	$939,231	0.56%	$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%	$894,665	-2.61%	$878,137	-2.04%	$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%	$844,899	-5.08%	$833,529	-5.65%	$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%	$835,195	-0.85%	$826,427	-0.04%	$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%	$901,422	8.45%	$896,256	7.03%	$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%	$915,974	1.49%	$909,575	0.65%	$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%	$916,781	-0.39%	$906,002	1.77%	$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%	$917,787	1.39%	$918,618	0.25%	$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%	$954,837	3.78%	$953,318	3.95%	$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%	$959,758	0.48%	$957,901	0.28%	$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%	$968,622	1.14%	$968,796	0.15%	$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%	$951,450	-1.45%	$954,736	-2.21%	$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%	$966,210	0.40%	$958,522	4.45%	$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%	$945,516	1.22%	$931,415	1.93%	$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

Returns Based Style Analysis

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 January 2008 to December 2016 and uses total portfolio return with monthly rebalancing. Returns based style analysis aims to explain the portfolio returns based on asset class exposures, it does not identify the actual portfolio holdings.

Holdings Based Style Analysis for Portfolio 1

Holdings Based Style Analysis for Portfolio 1
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
VTI	Vanguard Total Stock Market ETF	Large Blend	18.00%	1.28%	0.03%	24.25	$100,998	15.53%
VTV	Vanguard Value ETF	Large Value	18.00%	2.25%	0.04%	17.73	$93,526	15.18%
VOE	Vanguard Mid-Cap Value ETF	Mid-Cap Value	5.00%	1.84%	0.07%	16.83	$34,302	4.81%
VBR	Vanguard Small-Cap Value ETF	Small Value	5.00%	1.67%	0.07%	14.72	$35,914	5.15%
VEA	Vanguard FTSE Developed Markets ETF	Foreign Large Blend	41.00%	2.50%	0.05%	16.50	-$5,475	43.67%
VWO	Vanguard FTSE Emerging Markets ETF	Diversified Emerging Mkts	13.00%	2.25%	0.10%	14.44	-$4,993	15.68%
			100.00%	2.13%	0.05%	17.77	$254,272	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Holdings Based Style Analysis for Portfolio 2

Holdings Based Style Analysis for Portfolio 2
Ticker	Name	Category	Weight	Yield	Fees	P/E	Duration	Return Contribution	Risk Contribution
VTI	Vanguard Total Stock Market ETF	Large Blend	35.00%	1.28%	0.03%	24.25		$207,704	30.75%
VEA	Vanguard FTSE Developed Markets ETF	Foreign Large Blend	22.00%	2.50%	0.05%	16.50		$876	23.94%
VWO	Vanguard FTSE Emerging Markets ETF	Diversified Emerging Mkts	28.00%	2.25%	0.10%	14.44		-$9,698	36.39%
VIG	Vanguard Dividend Appreciation ETF	Large Blend	5.00%	1.66%	0.06%	24.90		$26,799	3.53%
XLE	Energy Select Sector SPDR ETF	Equity Energy	5.00%	4.15%	0.12%	37.99		$7,472	5.13%
MUB	iShares National Muni Bond ETF	Muni National Interm	5.00%	1.91%	0.07%		5.92	$14,630	0.27%
			100.00%	2.01%	0.06%	20.32	5.92	$247,783	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Portfolio 3

Holdings Based Style Analysis for Portfolio 3
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
VTSAX	Vanguard Total Stock Mkt Idx Adm	Large Blend	100.00%	1.28%	0.04%	24.25	$688,869	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fund fundamentals data as of 10/21/2021. (c) 2021 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	0.50
Sortino Ratio	0.38	0.37	0.72
Treynor Ratio (%)	4.53	4.49	8.25
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%)	-9.30%	-8.13%	-7.95%
Analytical Value-at-Risk (5%)	-8.24%	-7.98%	-7.06%
Conditional Value-at-Risk (5%)	-11.96%	-11.26%	-10.30%
Upside Capture Ratio (%)	95.91	89.94	100.36
Downside Capture Ratio (%)	112.88	107.09	99.85
Safe Withdrawal Rate	10.00%	10.29%	11.47%
Perpetual Withdrawal Rate	1.90%	1.73%	5.45%
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	Jan 2013	3 years 11 months	5 years 1 month	-52.24%
2	Jun 2015	Feb 2016	9 months	Dec 2016	10 months	1 year 7 months	-14.38%
3	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-4.73%
4	Sep 2014	Jan 2015	5 months	Feb 2015	1 month	6 months	-4.38%
5	May 2013	Jun 2013	2 months	Jul 2013	1 month	3 months	-2.90%
6	Aug 2013	Aug 2013	1 month	Sep 2013	1 month	2 months	-2.69%
7	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-1.74%
8	Mar 2015	Mar 2015	1 month	Apr 2015	1 month	2 months	-1.15%
9	Feb 2013	Feb 2013	1 month	Mar 2013	1 month	2 months	-0.13%

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	Feb 2011	2 years	3 years 2 months	-49.34%
2	May 2011	Sep 2011	5 months	Dec 2012	1 year 3 months	1 year 8 months	-21.34%
3	May 2015	Feb 2016	10 months				-15.97%
4	Sep 2014	Jan 2015	5 months	Apr 2015	3 months	8 months	-5.45%
5	Jan 2014	Jan 2014	1 month	Mar 2014	2 months	3 months	-5.03%
6	May 2013	Jun 2013	2 months	Jul 2013	1 month	3 months	-3.77%
7	Aug 2013	Aug 2013	1 month	Sep 2013	1 month	2 months	-2.67%
8	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-1.16%
9	Feb 2013	Feb 2013	1 month	Mar 2013	1 month	2 months	-0.33%

Drawdowns for Portfolio 3

Drawdowns for Portfolio 3 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2008	Feb 2009	1 year 2 months	Feb 2011	2 years	3 years 2 months	-48.23%
2	May 2011	Sep 2011	5 months	Feb 2012	5 months	10 months	-17.71%
3	Jun 2015	Sep 2015	4 months	May 2016	8 months	1 year	-8.84%
4	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-6.82%
5	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-3.11%
6	Aug 2013	Aug 2013	1 month	Sep 2013	1 month	2 months	-2.80%
7	Jan 2015	Jan 2015	1 month	Feb 2015	1 month	2 months	-2.77%
8	Oct 2016	Oct 2016	1 month	Nov 2016	1 month	2 months	-2.21%
9	Sep 2014	Sep 2014	1 month	Oct 2014	1 month	2 months	-2.11%
10	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-1.98%
Worst 10 drawdowns included above

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%	0.50	0.73	1.00
VTV	Vanguard Value ETF	6.69%	16.22%	33.10%	-35.87%	-50.72%	0.46	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%	0.53	0.78	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	0.79	0.97
XLE	Energy Select Sector SPDR ETF	1.42%	22.76%	28.02%	-38.97%	-53.13%	0.16	0.23	0.75
MUB	iShares National Muni Bond ETF	3.79%	5.59%	12.98%	-3.44%	-8.79%	0.64	1.00	0.12
VTSAX	Vanguard Total Stock Mkt Idx Adm	7.41%	16.36%	33.52%	-36.99%	-48.23%	0.50	0.72	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	1.00	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	1.00	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	1.00	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	1.00	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	1.00	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	1.00	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	1.00	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	1.00	-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	1.00	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	1.00	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	7.29%	63.45%	-48.09%	6.96%	62.05%	-45.31%	10.91%	56.46%	-43.15%
3 years	9.20%	25.09%	-3.01%	8.54%	25.81%	-0.99%	13.61%	26.75%	-1.63%
5 years	9.29%	20.87%	-0.13%	8.51%	19.46%	1.08%	13.77%	24.00%	2.29%
7 years	8.32%	13.48%	3.52%	7.83%	12.36%	3.67%	12.54%	17.42%	7.72%