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

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Enter percentage allocation for asset 2 in portfolio 1 %

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Asset 3

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Enter percentage allocation for asset 3 in portfolio 1 %

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Enter percentage allocation for asset 3 in portfolio 3 %

Asset 4

Select asset 4

Enter percentage allocation for asset 4 in portfolio 1 %

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Asset 5

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Enter percentage allocation for asset 5 in portfolio 1 %

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Asset 6

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Enter percentage allocation for asset 6 in portfolio 1 %

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Asset 7

Select asset 7

Enter percentage allocation for asset 7 in portfolio 1 %

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Enter percentage allocation for asset 7 in portfolio 3 %

Asset 8

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Asset 9

Select asset 9

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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 1993 - Dec 2015)

Note: The time period was automatically adjusted based on the available data (Jan 1993 - Jan 2019) for the selected asset: T. Rowe Price Dividend Growth (PRDGX)

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
VFINX	Vanguard 500 Index Investor	100.00%
Save portfolio »

Portfolio 2
Ticker	Name	Allocation
PRDGX	T. Rowe Price Dividend Growth	25.00%
INUTX	Columbia Dividend Opportunity A	25.00%
FRDPX	Franklin Rising Dividends A	25.00%
VDIGX	Vanguard Dividend Growth Inv	25.00%
Save portfolio »

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	$72,391	8.99%	14.60%	37.45%	-37.02%	-50.97%	0.49	0.71	0.99
Portfolio 2	$10,000	$65,029	8.48%	11.91%	29.87%	-30.49%	-44.94%	0.53	0.78	0.89

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
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
Portfolio cashflows and rebalancing for quarterly and annual periods are aligned with calendar periods.
The annual income is calculated from the difference between monthly total returns and split adjusted monthly price changes. This includes both dividends and capital gains distributions.

Annual returns for the configured portfolios
Year	Inflation	Return		Balance		Income		Vanguard 500 Index Investor (VFINX)	T. Rowe Price Dividend Growth (PRDGX)	Columbia Dividend Opportunity A (INUTX)	Franklin Rising Dividends A (FRDPX)	Vanguard Dividend Growth Inv (VDIGX)
Year	Inflation	Portfolio 1	Portfolio 2	Portfolio 1	Portfolio 2	Portfolio 1	Portfolio 2	Vanguard 500 Index Investor (VFINX)	T. Rowe Price Dividend Growth (PRDGX)	Columbia Dividend Opportunity A (INUTX)	Franklin Rising Dividends A (FRDPX)	Vanguard Dividend Growth Inv (VDIGX)
1993	2.75%	9.89%	12.43%	$10,989	$11,243	2.86% [$286]	6.61% [$661]	9.89%	19.41%	18.77%	-3.50%	15.06%
1994	2.67%	1.18%	-4.66%	$11,118	$10,720	3.16% [$347]	5.29% [$595]	1.18%	2.16%	-7.06%	-5.17%	-8.55%
1995	2.54%	37.45%	29.87%	$15,282	$13,922	3.17% [$352]	4.90% [$525]	37.45%	31.75%	23.47%	30.25%	34.03%
1996	3.32%	22.88%	17.12%	$18,778	$16,306	2.68% [$409]	6.57% [$915]	22.88%	25.36%	14.42%	23.42%	5.28%
1997	1.70%	33.19%	29.31%	$25,010	$21,085	2.78% [$522]	11.88% [$1,936]	33.19%	30.77%	29.04%	32.35%	25.09%
1998	1.61%	28.62%	16.41%	$32,168	$24,545	1.95% [$489]	8.74% [$1,843]	28.62%	15.04%	22.75%	6.03%	21.83%
1999	2.68%	21.07%	-1.84%	$38,945	$24,094	2.13% [$684]	8.46% [$2,077]	21.07%	-2.82%	8.72%	-10.28%	-2.96%
2000	3.39%	-9.06%	16.21%	$35,418	$27,999	0.96% [$375]	4.41% [$1,063]	-9.06%	10.06%	17.02%	18.98%	18.77%
2001	1.55%	-12.02%	-8.24%	$31,160	$25,692	1.05% [$372]	3.66% [$1,025]	-12.02%	-3.64%	-22.98%	13.11%	-19.45%
2002	2.38%	-22.15%	-16.22%	$24,259	$21,526	1.29% [$402]	1.84% [$473]	-22.15%	-18.47%	-21.47%	-1.76%	-23.16%
2003	1.88%	28.50%	23.66%	$31,174	$26,620	1.77% [$430]	1.97% [$424]	28.50%	25.17%	16.59%	23.70%	29.20%
2004	3.26%	10.74%	11.73%	$34,522	$29,743	1.91% [$596]	2.07% [$552]	10.74%	11.90%	13.72%	10.28%	11.01%
2005	3.42%	4.77%	4.33%	$36,170	$31,030	1.79% [$616]	2.70% [$803]	4.77%	3.35%	7.41%	2.32%	4.23%
2006	2.54%	15.64%	19.16%	$41,827	$36,975	1.87% [$678]	4.15% [$1,287]	15.64%	16.45%	23.25%	17.36%	19.58%
2007	4.08%	5.39%	4.12%	$44,081	$38,498	1.92% [$803]	3.77% [$1,394]	5.39%	7.07%	5.36%	-2.95%	7.00%
2008	0.09%	-37.02%	-30.49%	$27,762	$26,759	1.87% [$824]	2.25% [$867]	-37.02%	-33.26%	-35.92%	-27.22%	-25.57%
2009	2.72%	26.49%	23.41%	$35,114	$33,024	2.56% [$710]	2.56% [$685]	26.49%	26.15%	28.71%	17.05%	21.74%
2010	1.50%	14.91%	15.16%	$40,351	$38,029	1.93% [$677]	2.20% [$726]	14.91%	13.26%	16.87%	19.08%	11.42%
2011	2.96%	1.97%	6.68%	$41,145	$40,570	1.95% [$788]	2.17% [$826]	1.97%	3.53%	6.57%	7.21%	9.43%
2012	1.74%	15.82%	12.15%	$47,656	$45,501	2.35% [$966]	2.59% [$1,050]	15.82%	14.85%	13.09%	10.29%	10.39%
2013	1.50%	32.18%	29.24%	$62,989	$58,806	2.26% [$1,077]	3.73% [$1,697]	32.18%	30.35%	25.78%	29.30%	31.53%
2014	0.76%	13.51%	10.91%	$71,498	$65,225	1.95% [$1,230]	6.79% [$3,991]	13.51%	12.34%	9.75%	9.72%	11.85%
2015	0.73%	1.25%	-0.30%	$72,391	$65,029	1.99% [$1,421]	5.81% [$3,788]	1.25%	2.36%	-2.64%	-3.54%	2.62%

Monthly returns for the configured portfolios
Year	Month	Return		Balance		Vanguard 500 Index Investor (VFINX)	T. Rowe Price Dividend Growth (PRDGX)	Columbia Dividend Opportunity A (INUTX)	Franklin Rising Dividends A (FRDPX)	Vanguard Dividend Growth Inv (VDIGX)
Year	Month	Portfolio 1	Portfolio 2	Portfolio 1	Portfolio 2	Vanguard 500 Index Investor (VFINX)	T. Rowe Price Dividend Growth (PRDGX)	Columbia Dividend Opportunity A (INUTX)	Franklin Rising Dividends A (FRDPX)	Vanguard Dividend Growth Inv (VDIGX)
1993	1	0.81%	1.53%	$10,081	$10,153	0.81%	3.00%	2.02%	-0.99%	2.10%
1993	2	1.36%	2.79%	$10,217	$10,436	1.36%	2.43%	4.27%	-1.50%	5.81%
1993	3	2.11%	2.18%	$10,433	$10,664	2.11%	3.23%	2.90%	0.79%	1.70%
1993	4	-2.42%	-1.47%	$10,180	$10,508	-2.42%	-0.83%	-0.86%	-3.54%	-0.84%
1993	5	2.65%	0.75%	$10,450	$10,587	2.65%	1.31%	0.43%	1.24%	0.09%
1993	6	0.27%	1.58%	$10,478	$10,753	0.27%	0.55%	2.90%	-1.14%	3.67%
1993	7	-0.42%	0.99%	$10,433	$10,859	-0.42%	0.00%	1.56%	0.07%	2.15%
1993	8	3.79%	2.83%	$10,828	$11,167	3.79%	3.13%	2.86%	1.64%	3.49%
1993	9	-0.79%	0.57%	$10,742	$11,230	-0.79%	0.18%	2.04%	0.03%	-0.08%
1993	10	2.08%	0.93%	$10,965	$11,334	2.08%	1.89%	0.54%	1.43%	0.00%
1993	11	-1.00%	-2.96%	$10,856	$10,999	-1.00%	-0.53%	-4.55%	-2.56%	-4.04%
1993	12	1.22%	2.22%	$10,989	$11,243	1.22%	3.66%	3.51%	1.12%	0.42%
1994	1	3.38%	1.28%	$11,360	$11,388	3.38%	2.26%	1.16%	1.37%	0.34%
1994	2	-2.71%	-3.65%	$11,052	$10,972	-2.71%	-2.13%	-4.30%	-3.66%	-4.54%
1994	3	-4.39%	-3.54%	$10,567	$10,584	-4.39%	-3.06%	-3.34%	-4.89%	-2.87%
1994	4	1.29%	1.10%	$10,703	$10,701	1.29%	1.54%	1.57%	0.14%	1.14%
1994	5	1.60%	-0.32%	$10,875	$10,667	1.60%	0.71%	-1.54%	1.34%	-1.79%
1994	6	-2.45%	-1.11%	$10,609	$10,548	-2.45%	-1.42%	-1.19%	-0.21%	-1.64%
1994	7	3.28%	2.26%	$10,956	$10,786	3.28%	2.35%	2.57%	0.91%	3.25%
1994	8	4.08%	2.21%	$11,403	$11,024	4.08%	3.00%	1.10%	4.29%	0.38%
1994	9	-2.45%	-1.88%	$11,124	$10,817	-2.45%	-1.46%	-1.60%	-2.33%	-2.17%
1994	10	2.25%	0.53%	$11,374	$10,875	2.25%	1.32%	0.79%	-0.41%	0.39%
1994	11	-3.65%	-2.78%	$10,958	$10,572	-3.65%	-2.68%	-4.10%	-2.46%	-1.86%
1994	12	1.46%	1.40%	$11,118	$10,720	1.46%	1.96%	1.90%	0.98%	0.69%
1995	1	2.58%	2.50%	$11,406	$10,987	2.58%	1.72%	0.84%	2.59%	4.83%
1995	2	3.88%	2.12%	$11,848	$11,220	3.88%	3.47%	0.67%	3.00%	1.34%
1995	3	2.95%	1.49%	$12,198	$11,387	2.95%	2.75%	0.72%	2.16%	0.30%
1995	4	2.94%	1.35%	$12,557	$11,541	2.94%	0.76%	1.17%	0.72%	2.78%
1995	5	3.95%	3.32%	$13,053	$11,924	3.95%	2.94%	2.97%	3.62%	3.73%
1995	6	2.31%	1.30%	$13,355	$12,079	2.31%	1.96%	1.33%	1.10%	0.81%
1995	7	3.30%	1.87%	$13,796	$12,304	3.30%	2.17%	1.60%	2.42%	1.26%
1995	8	0.26%	1.43%	$13,833	$12,481	0.26%	1.26%	1.10%	1.57%	1.78%
1995	9	4.21%	3.89%	$14,415	$12,967	4.21%	3.19%	4.22%	3.53%	4.65%
1995	10	-0.36%	0.32%	$14,363	$13,008	-0.36%	0.45%	-0.15%	-0.92%	1.86%
1995	11	4.38%	3.12%	$14,992	$13,414	4.38%	3.55%	1.97%	5.13%	1.83%
1995	12	1.93%	3.79%	$15,282	$13,922	1.93%	3.73%	4.97%	1.95%	4.59%
1996	1	3.39%	1.70%	$15,799	$14,160	3.39%	2.10%	1.43%	2.03%	1.26%
1996	2	0.92%	-0.27%	$15,945	$14,122	0.92%	1.56%	-1.55%	1.24%	-2.34%
1996	3	0.98%	0.35%	$16,101	$14,172	0.98%	0.77%	1.34%	-0.22%	-0.49%
1996	4	1.46%	0.08%	$16,335	$14,184	1.46%	0.99%	-0.14%	-0.37%	-0.16%
1996	5	2.54%	1.38%	$16,751	$14,380	2.54%	1.89%	0.57%	2.84%	0.16%
1996	6	0.38%	2.22%	$16,815	$14,699	0.38%	0.76%	3.37%	0.99%	3.93%
1996	7	-4.42%	-3.63%	$16,072	$14,165	-4.42%	-2.26%	-4.70%	-3.21%	-4.42%
1996	8	2.10%	1.98%	$16,409	$14,446	2.10%	2.73%	1.74%	2.30%	1.07%
1996	9	5.61%	3.27%	$17,329	$14,918	5.61%	4.84%	2.56%	5.09%	0.32%
1996	10	2.76%	3.22%	$17,806	$15,398	2.76%	2.42%	3.50%	3.05%	4.03%
1996	11	7.56%	5.31%	$19,153	$16,215	7.56%	6.45%	4.33%	6.93%	3.24%
1996	12	-1.96%	0.56%	$18,778	$16,306	-1.96%	0.83%	1.44%	0.94%	-1.12%
1997	1	6.22%	2.13%	$19,945	$16,654	6.22%	3.36%	1.72%	1.96%	1.49%
1997	2	0.79%	1.17%	$20,103	$16,849	0.79%	2.19%	-0.39%	2.72%	0.15%
1997	3	-4.14%	-2.73%	$19,271	$16,390	-4.14%	-2.70%	-2.12%	-3.11%	-2.96%
1997	4	5.96%	1.58%	$20,419	$16,648	5.96%	2.47%	0.94%	2.50%	0.32%
1997	5	6.09%	5.35%	$21,662	$17,538	6.09%	5.24%	4.81%	7.61%	3.62%
1997	6	4.45%	3.49%	$22,627	$18,150	4.45%	3.97%	3.35%	3.55%	3.04%
1997	7	7.97%	4.81%	$24,429	$19,023	7.97%	5.41%	2.74%	8.54%	2.21%
1997	8	-5.61%	-2.91%	$23,059	$18,469	-5.61%	-3.54%	-4.36%	-2.06%	-1.71%
1997	9	5.47%	5.46%	$24,320	$19,477	5.47%	6.01%	6.47%	5.16%	4.17%
1997	10	-3.35%	-1.05%	$23,505	$19,273	-3.35%	-1.21%	-0.72%	-2.45%	0.44%
1997	11	4.60%	5.15%	$24,586	$20,264	4.60%	3.42%	7.90%	2.40%	7.38%
1997	12	1.72%	4.05%	$25,010	$21,085	1.72%	3.05%	6.16%	2.27%	4.89%
1998	1	1.11%	-0.20%	$25,288	$21,043	1.11%	0.55%	-0.83%	-0.45%	-0.07%
1998	2	7.19%	4.21%	$27,107	$21,929	7.19%	4.94%	2.16%	7.95%	1.80%
1998	3	5.10%	5.69%	$28,490	$23,177	5.10%	4.43%	8.95%	2.75%	6.84%
1998	4	1.01%	-1.56%	$28,777	$22,815	1.01%	-0.32%	-3.14%	-0.41%	-2.38%
1998	5	-1.74%	-1.91%	$28,276	$22,379	-1.74%	-1.65%	-1.23%	-3.83%	-0.90%
1998	6	4.07%	0.97%	$29,427	$22,596	4.07%	1.40%	2.25%	-1.33%	1.56%
1998	7	-1.05%	-2.14%	$29,117	$22,113	-1.05%	-2.07%	-1.45%	-3.40%	-1.67%
1998	8	-14.47%	-8.23%	$24,902	$20,294	-14.47%	-9.98%	-4.94%	-15.88%	-2.42%
1998	9	6.41%	6.72%	$26,499	$21,658	6.41%	5.38%	7.64%	5.00%	8.52%
1998	10	8.16%	4.51%	$28,662	$22,636	8.16%	5.19%	1.56%	10.59%	1.93%
1998	11	6.07%	3.08%	$30,403	$23,333	6.07%	3.94%	2.74%	3.61%	2.14%
1998	12	5.81%	5.20%	$32,168	$24,545	5.81%	3.40%	8.05%	3.93%	5.24%
1999	1	4.20%	-2.43%	$33,520	$23,949	4.20%	-2.50%	-0.32%	-5.27%	-1.63%
1999	2	-3.12%	-2.99%	$32,472	$23,232	-3.12%	-1.58%	-4.13%	-3.54%	-2.70%
1999	3	4.00%	0.28%	$33,770	$23,298	4.00%	1.17%	0.98%	-0.64%	-0.42%
1999	4	3.85%	5.96%	$35,071	$24,687	3.85%	6.09%	4.95%	7.74%	5.16%
1999	5	-2.39%	1.42%	$34,233	$25,036	-2.39%	-1.29%	3.04%	1.04%	2.92%
1999	6	5.56%	1.75%	$36,135	$25,475	5.56%	3.21%	1.24%	3.62%	-0.97%
1999	7	-3.13%	-1.52%	$35,004	$25,088	-3.13%	-2.37%	-1.21%	-1.62%	-0.86%
1999	8	-0.50%	-3.51%	$34,830	$24,207	-0.50%	-2.61%	-3.47%	-4.19%	-3.78%
1999	9	-2.74%	-2.71%	$33,876	$23,550	-2.74%	-3.60%	-0.64%	-5.81%	-0.89%
1999	10	6.33%	3.06%	$36,019	$24,270	6.33%	2.94%	4.49%	0.89%	3.74%
1999	11	2.02%	-1.50%	$36,748	$23,906	2.02%	-0.89%	-0.51%	-1.21%	-3.41%
1999	12	5.98%	0.79%	$38,945	$24,094	5.98%	-0.97%	4.48%	-1.01%	0.29%
2000	1	-5.03%	-0.85%	$36,985	$23,891	-5.03%	-3.02%	0.21%	-4.77%	4.19%
2000	2	-1.91%	-3.13%	$36,280	$23,142	-1.91%	-7.04%	-0.75%	-0.33%	-4.35%
2000	3	9.76%	7.51%	$39,821	$24,880	9.76%	10.16%	4.01%	8.54%	7.62%
2000	4	-3.01%	-1.16%	$38,624	$24,591	-3.01%	0.80%	-3.43%	-0.45%	-1.48%
2000	5	-2.04%	1.31%	$37,837	$24,912	-2.04%	1.84%	-0.75%	1.67%	2.39%
2000	6	2.49%	-2.50%	$38,778	$24,290	2.49%	0.49%	-0.32%	-5.46%	-4.44%
2000	7	-1.49%	-0.48%	$38,200	$24,174	-1.49%	-0.44%	0.11%	-0.95%	-0.63%
2000	8	6.19%	6.26%	$40,564	$25,687	6.19%	3.13%	9.16%	5.80%	7.01%
2000	9	-5.29%	4.09%	$38,419	$26,737	-5.29%	0.62%	7.61%	0.99%	6.85%
2000	10	-0.43%	-0.63%	$38,253	$26,568	-0.43%	2.08%	-3.73%	2.45%	-2.74%
2000	11	-7.88%	-1.57%	$35,240	$26,150	-7.88%	-2.64%	-3.48%	1.61%	-1.67%
2000	12	0.50%	7.07%	$35,418	$27,999	0.50%	4.63%	8.36%	9.54%	5.73%
2001	1	3.55%	-2.70%	$36,673	$27,243	3.55%	0.50%	-6.95%	1.72%	-6.07%
2001	2	-9.14%	-1.30%	$33,322	$26,889	-9.14%	-3.77%	-0.52%	-0.52%	-0.27%
2001	3	-6.36%	-1.17%	$31,204	$26,573	-6.36%	-3.40%	1.22%	-1.83%	-0.54%
2001	4	7.77%	5.43%	$33,629	$28,016	7.77%	5.15%	6.40%	5.05%	5.12%
2001	5	0.65%	0.07%	$33,848	$28,034	0.65%	1.59%	-2.82%	3.54%	-2.23%
2001	6	-2.45%	-3.67%	$33,020	$27,005	-2.45%	-2.53%	-7.45%	0.25%	-5.46%
2001	7	-1.00%	-1.88%	$32,690	$26,499	-1.00%	-0.61%	-4.33%	2.08%	-5.53%
2001	8	-6.27%	-2.10%	$30,639	$25,942	-6.27%	-3.14%	-2.94%	-0.60%	-2.03%
2001	9	-8.09%	-6.21%	$28,160	$24,330	-8.09%	-6.08%	-3.87%	-8.72%	-5.41%
2001	10	1.90%	-0.14%	$28,693	$24,297	1.90%	1.47%	-3.30%	1.54%	-0.85%
2001	11	7.65%	3.02%	$30,890	$25,030	7.65%	5.80%	-1.77%	6.94%	-0.51%
2001	12	0.87%	2.65%	$31,160	$25,692	0.87%	2.06%	1.30%	3.83%	3.02%
2002	1	-1.47%	-1.79%	$30,700	$25,234	-1.47%	-0.82%	-5.17%	2.30%	-3.45%
2002	2	-1.94%	0.06%	$30,106	$25,249	-1.94%	-0.68%	-1.68%	2.52%	-0.09%
2002	3	3.74%	5.42%	$31,233	$26,617	3.74%	3.96%	5.88%	5.02%	6.90%
2002	4	-6.07%	-2.29%	$29,336	$26,008	-6.07%	-4.37%	-3.78%	1.25%	-2.55%
2002	5	-0.75%	-1.67%	$29,114	$25,574	-0.75%	-0.30%	-3.23%	-0.62%	-2.70%
2002	6	-7.13%	-4.52%	$27,037	$24,419	-7.13%	-6.76%	-3.68%	-3.55%	-4.16%
2002	7	-7.72%	-9.07%	$24,950	$22,204	-7.72%	-7.96%	-10.47%	-6.39%	-11.88%
2002	8	0.65%	1.86%	$25,113	$22,617	0.65%	0.98%	2.20%	1.45%	2.90%
2002	9	-10.87%	-9.78%	$22,382	$20,404	-10.87%	-10.06%	-9.97%	-8.90%	-10.38%
2002	10	8.78%	4.93%	$24,348	$21,409	8.78%	6.50%	4.83%	4.77%	3.64%
2002	11	5.88%	3.26%	$25,778	$22,107	5.88%	5.32%	1.77%	3.21%	2.64%
2002	12	-5.89%	-2.63%	$24,259	$21,526	-5.89%	-4.49%	0.93%	-1.77%	-5.14%
2003	1	-2.62%	-3.34%	$23,622	$20,806	-2.62%	-3.22%	-2.78%	-3.85%	-3.53%
2003	2	-1.52%	-2.28%	$23,264	$20,332	-1.52%	-2.28%	-3.39%	-1.90%	-1.53%
2003	3	0.96%	0.67%	$23,486	$20,469	0.96%	0.81%	2.41%	-0.04%	-0.48%
2003	4	8.25%	7.33%	$25,425	$21,969	8.25%	8.16%	5.10%	8.39%	7.70%
2003	5	5.26%	6.17%	$26,763	$23,324	5.26%	5.86%	6.93%	4.74%	7.15%
2003	6	1.26%	1.23%	$27,100	$23,611	1.26%	0.87%	1.78%	0.19%	2.07%
2003	7	1.74%	0.33%	$27,573	$23,690	1.74%	1.14%	-4.33%	3.67%	0.93%
2003	8	1.93%	1.59%	$28,106	$24,067	1.93%	1.67%	1.01%	1.30%	2.35%
2003	9	-1.07%	-0.20%	$27,805	$24,020	-1.07%	-0.85%	1.63%	-0.55%	-0.90%
2003	10	5.64%	4.59%	$29,373	$25,123	5.64%	5.04%	1.32%	6.95%	4.93%
2003	11	0.86%	1.23%	$29,627	$25,432	0.86%	1.33%	1.30%	0.48%	1.82%
2003	12	5.22%	4.67%	$31,174	$26,620	5.22%	4.75%	5.13%	2.76%	6.07%
2004	1	1.82%	1.25%	$31,741	$26,953	1.82%	1.16%	1.08%	1.15%	1.61%
2004	2	1.38%	1.39%	$32,179	$27,327	1.38%	1.72%	0.30%	1.77%	1.77%
2004	3	-1.51%	-1.34%	$31,692	$26,961	-1.51%	-1.50%	-1.74%	-0.82%	-1.30%
2004	4	-1.58%	-1.66%	$31,192	$26,513	-1.58%	-1.62%	-2.02%	-1.78%	-1.23%
2004	5	1.36%	0.79%	$31,615	$26,723	1.36%	0.82%	0.48%	1.68%	0.18%
2004	6	1.93%	2.18%	$32,225	$27,305	1.93%	2.21%	1.88%	2.22%	2.39%
2004	7	-3.31%	-2.07%	$31,158	$26,741	-3.31%	-2.88%	-0.31%	-2.39%	-2.62%
2004	8	0.38%	1.28%	$31,278	$27,083	0.38%	0.97%	2.20%	1.33%	0.63%
2004	9	1.07%	1.12%	$31,611	$27,386	1.07%	1.25%	1.60%	0.03%	1.61%
2004	10	1.51%	0.96%	$32,090	$27,649	1.51%	1.90%	1.68%	-0.52%	0.79%
2004	11	4.05%	4.31%	$33,389	$28,841	4.05%	4.06%	5.25%	4.27%	3.66%
2004	12	3.39%	3.13%	$34,522	$29,743	3.39%	3.42%	2.76%	3.12%	3.21%
2005	1	-2.45%	-1.89%	$33,674	$29,180	-2.45%	-2.18%	-0.98%	-2.27%	-2.14%
2005	2	2.09%	2.48%	$34,379	$29,902	2.09%	1.61%	4.09%	1.50%	2.69%
2005	3	-1.76%	-1.71%	$33,774	$29,391	-1.76%	-1.36%	-2.11%	-1.72%	-1.64%
2005	4	-1.91%	-1.27%	$33,129	$29,016	-1.91%	-2.23%	-0.42%	-1.82%	-0.67%
2005	5	3.17%	2.03%	$34,178	$29,605	3.17%	2.87%	1.40%	2.21%	1.68%
2005	6	0.13%	0.12%	$34,221	$29,640	0.13%	0.44%	1.57%	-0.67%	-0.91%
2005	7	3.71%	2.89%	$35,490	$30,496	3.71%	3.14%	2.19%	3.14%	3.11%
2005	8	-0.91%	-1.15%	$35,166	$30,145	-0.91%	-1.20%	0.00%	-2.98%	-0.49%
2005	9	0.79%	0.41%	$35,445	$30,270	0.79%	0.26%	1.06%	-0.38%	0.66%
2005	10	-1.68%	-1.21%	$34,850	$29,903	-1.68%	-1.43%	-2.27%	0.45%	-1.46%
2005	11	3.76%	3.18%	$36,162	$30,854	3.76%	3.39%	2.19%	3.90%	3.30%
2005	12	0.02%	0.57%	$36,170	$31,030	0.02%	0.22%	0.64%	1.22%	0.23%
2006	1	2.65%	2.85%	$37,127	$31,913	2.65%	2.06%	3.49%	3.18%	2.66%
2006	2	0.26%	1.21%	$37,224	$32,300	0.26%	0.90%	0.52%	2.24%	1.18%
2006	3	1.23%	1.38%	$37,682	$32,746	1.23%	1.79%	0.69%	1.73%	1.32%
2006	4	1.33%	1.70%	$38,185	$33,301	1.33%	1.69%	3.09%	0.95%	1.07%
2006	5	-2.90%	-2.33%	$37,079	$32,524	-2.90%	-2.25%	-2.50%	-2.54%	-2.04%
2006	6	0.13%	0.02%	$37,126	$32,529	0.13%	-0.55%	0.98%	-0.47%	0.10%
2006	7	0.61%	1.61%	$37,351	$33,052	0.61%	0.30%	3.45%	0.15%	2.50%
2006	8	2.36%	2.55%	$38,234	$33,893	2.36%	1.97%	1.85%	3.87%	2.51%
2006	9	2.56%	2.10%	$39,214	$34,607	2.56%	2.82%	1.46%	2.40%	1.78%
2006	10	3.25%	2.89%	$40,489	$35,606	3.25%	2.88%	3.49%	2.26%	2.92%
2006	11	1.89%	1.86%	$41,254	$36,269	1.89%	1.76%	2.21%	1.83%	1.63%
2006	12	1.39%	1.95%	$41,827	$36,975	1.39%	2.07%	2.53%	0.66%	2.51%
2007	1	1.49%	1.45%	$42,452	$37,512	1.49%	1.58%	1.34%	1.73%	1.17%
2007	2	-1.97%	-1.63%	$41,616	$36,900	-1.97%	-1.59%	-0.99%	-1.97%	-1.97%
2007	3	1.11%	1.02%	$42,079	$37,277	1.11%	0.91%	2.69%	-0.36%	0.83%
2007	4	4.42%	3.90%	$43,938	$38,731	4.42%	4.77%	3.60%	2.64%	4.60%
2007	5	3.48%	3.65%	$45,465	$40,144	3.48%	3.76%	3.48%	3.88%	3.48%
2007	6	-1.68%	-1.10%	$44,703	$39,704	-1.68%	-0.83%	-1.09%	-1.39%	-1.07%
2007	7	-3.08%	-3.42%	$43,324	$38,347	-3.08%	-3.48%	-3.94%	-3.66%	-2.59%
2007	8	1.50%	1.25%	$43,973	$38,827	1.50%	0.84%	1.73%	1.66%	0.80%
2007	9	3.72%	2.94%	$45,611	$39,969	3.72%	3.32%	2.81%	2.13%	3.49%
2007	10	1.58%	0.69%	$46,331	$40,245	1.58%	1.61%	2.08%	-1.73%	0.70%
2007	11	-4.19%	-3.24%	$44,391	$38,942	-4.19%	-3.20%	-4.17%	-3.69%	-1.90%
2007	12	-0.70%	-1.14%	$44,081	$38,498	-0.70%	-0.43%	-1.87%	-1.85%	-0.46%
2008	1	-6.02%	-4.75%	$41,429	$36,670	-6.02%	-4.90%	-5.34%	-3.29%	-5.46%
2008	2	-3.25%	-2.67%	$40,082	$35,691	-3.25%	-3.38%	-3.45%	-2.45%	-1.39%
2008	3	-0.44%	0.24%	$39,905	$35,775	-0.44%	0.42%	-1.83%	1.45%	0.85%
2008	4	4.85%	3.53%	$41,842	$37,037	4.85%	4.06%	3.79%	2.73%	3.57%
2008	5	1.29%	1.56%	$42,383	$37,613	1.29%	1.54%	1.18%	1.60%	1.89%
2008	6	-8.44%	-7.98%	$38,807	$34,610	-8.44%	-6.99%	-9.17%	-9.39%	-6.43%
2008	7	-0.83%	0.64%	$38,484	$34,831	-0.83%	0.22%	-0.52%	2.36%	0.43%
2008	8	1.45%	1.27%	$39,041	$35,271	1.45%	1.45%	0.78%	0.58%	2.21%
2008	9	-8.91%	-7.23%	$35,564	$32,720	-8.91%	-8.82%	-6.97%	-7.39%	-5.78%
2008	10	-16.79%	-14.91%	$29,592	$27,842	-16.79%	-17.34%	-14.73%	-12.83%	-14.79%
2008	11	-7.17%	-5.66%	$27,469	$26,268	-7.17%	-5.89%	-7.57%	-5.84%	-3.56%
2008	12	1.07%	1.87%	$27,762	$26,759	1.07%	2.06%	1.84%	2.75%	0.88%
2009	1	-8.41%	-8.55%	$25,426	$24,471	-8.41%	-7.09%	-10.27%	-10.90%	-5.96%
2009	2	-10.66%	-9.45%	$22,716	$22,158	-10.66%	-8.41%	-10.06%	-10.17%	-9.21%
2009	3	8.76%	7.96%	$24,706	$23,921	8.76%	7.32%	8.36%	8.82%	7.40%
2009	4	9.56%	8.28%	$27,068	$25,901	9.56%	10.33%	8.42%	8.58%	5.81%
2009	5	5.62%	5.16%	$28,589	$27,237	5.62%	4.71%	6.44%	4.11%	5.40%
2009	6	0.22%	0.24%	$28,652	$27,304	0.22%	0.40%	0.61%	0.85%	-0.87%
2009	7	7.58%	6.66%	$30,823	$29,122	7.58%	5.83%	9.14%	6.64%	5.05%
2009	8	3.60%	3.26%	$31,932	$30,071	3.60%	3.06%	3.94%	3.12%	2.92%
2009	9	3.72%	3.19%	$33,119	$31,032	3.72%	3.44%	3.69%	2.18%	3.42%
2009	10	-1.87%	-1.22%	$32,500	$30,652	-1.87%	-1.39%	-1.54%	-1.87%	-0.08%
2009	11	5.98%	6.00%	$34,444	$32,490	5.98%	5.47%	6.26%	5.64%	6.62%
2009	12	1.95%	1.64%	$35,114	$33,024	1.95%	1.48%	3.00%	1.20%	0.82%
2010	1	-3.60%	-2.76%	$33,849	$32,111	-3.60%	-3.03%	-3.90%	-1.47%	-2.66%
2010	2	3.09%	2.25%	$34,896	$32,834	3.09%	2.47%	1.95%	3.02%	1.56%
2010	3	6.01%	5.27%	$36,994	$34,564	6.01%	5.36%	6.05%	5.29%	4.38%
2010	4	1.58%	1.68%	$37,578	$35,146	1.58%	2.01%	0.42%	2.65%	1.62%
2010	5	-8.01%	-7.36%	$34,570	$32,557	-8.01%	-8.58%	-7.82%	-5.52%	-7.60%
2010	6	-5.24%	-4.22%	$32,758	$31,184	-5.24%	-4.98%	-3.54%	-4.39%	-3.94%
2010	7	7.00%	6.75%	$35,050	$33,288	7.00%	6.47%	8.08%	6.36%	6.10%
2010	8	-4.53%	-3.09%	$33,463	$32,259	-4.53%	-4.48%	-1.91%	-2.75%	-3.26%
2010	9	8.92%	8.23%	$36,447	$34,914	8.92%	8.28%	8.61%	8.07%	7.95%
2010	10	3.79%	3.11%	$37,828	$36,000	3.79%	3.38%	3.62%	2.72%	2.75%
2010	11	0.00%	-0.25%	$37,828	$35,909	0.00%	0.37%	-0.81%	-0.06%	-0.51%
2010	12	6.67%	5.90%	$40,351	$38,029	6.67%	6.84%	6.43%	4.71%	5.69%
2011	1	2.36%	1.26%	$41,302	$38,509	2.36%	2.10%	0.90%	-0.03%	2.09%
2011	2	3.42%	3.35%	$42,713	$39,798	3.42%	3.77%	3.82%	3.50%	2.32%
2011	3	0.03%	0.83%	$42,724	$40,130	0.03%	-0.04%	2.48%	0.50%	0.40%
2011	4	2.95%	3.60%	$43,984	$41,573	2.95%	2.90%	3.50%	4.36%	3.65%
2011	5	-1.15%	-0.14%	$43,480	$41,514	-1.15%	-0.52%	-0.23%	0.00%	0.19%
2011	6	-1.67%	-1.31%	$42,753	$40,971	-1.67%	-1.37%	-2.06%	-1.12%	-0.66%
2011	7	-2.05%	-3.02%	$41,878	$39,735	-2.05%	-2.84%	-3.37%	-2.81%	-3.05%
2011	8	-5.45%	-3.47%	$39,597	$38,358	-5.45%	-5.00%	-3.24%	-3.09%	-2.55%
2011	9	-7.04%	-5.58%	$36,808	$36,217	-7.04%	-6.42%	-6.17%	-5.42%	-4.33%
2011	10	10.91%	9.61%	$40,826	$39,697	10.91%	10.86%	9.70%	9.39%	8.55%
2011	11	-0.23%	0.66%	$40,730	$39,960	-0.23%	0.13%	0.25%	0.99%	1.26%
2011	12	1.02%	1.53%	$41,145	$40,570	1.02%	1.00%	1.76%	1.52%	1.81%
2012	1	4.46%	2.91%	$42,982	$41,750	4.46%	3.90%	2.50%	2.70%	2.53%
2012	2	4.31%	2.86%	$44,833	$42,945	4.31%	3.01%	4.27%	1.51%	2.66%
2012	3	3.28%	2.44%	$46,304	$43,994	3.28%	2.92%	1.63%	2.95%	2.28%
2012	4	-0.64%	-0.20%	$46,008	$43,904	-0.64%	0.08%	-0.23%	-0.67%	0.00%
2012	5	-6.02%	-4.96%	$43,239	$41,726	-6.02%	-5.54%	-5.46%	-3.69%	-5.12%
2012	6	4.11%	3.42%	$45,016	$43,154	4.11%	3.77%	4.22%	1.62%	4.08%
2012	7	1.37%	1.33%	$45,632	$43,730	1.37%	1.36%	2.26%	0.72%	0.99%
2012	8	2.24%	1.27%	$46,654	$44,286	2.24%	1.81%	0.70%	1.04%	1.53%
2012	9	2.58%	2.18%	$47,856	$45,250	2.58%	2.36%	2.20%	2.46%	1.68%
2012	10	-1.86%	-1.18%	$46,967	$44,717	-1.86%	-0.95%	-0.91%	-1.69%	-1.18%
2012	11	0.56%	0.82%	$47,230	$45,085	0.56%	0.73%	0.11%	2.26%	0.24%
2012	12	0.90%	0.92%	$47,656	$45,501	0.90%	0.84%	1.45%	0.85%	0.55%
2013	1	5.18%	5.29%	$50,122	$47,909	5.18%	5.28%	5.52%	5.08%	5.29%
2013	2	1.34%	1.54%	$50,794	$48,648	1.34%	1.41%	0.98%	2.19%	1.60%
2013	3	3.74%	3.68%	$52,693	$50,439	3.74%	3.49%	3.93%	3.55%	3.76%
2013	4	1.91%	2.01%	$53,698	$51,454	1.91%	1.76%	2.19%	1.02%	3.09%
2013	5	2.33%	1.23%	$54,948	$52,089	2.33%	1.69%	0.10%	1.88%	1.26%
2013	6	-1.35%	-0.68%	$54,206	$51,734	-1.35%	-0.70%	-0.59%	-0.88%	-0.56%
2013	7	5.07%	4.67%	$56,955	$54,151	5.07%	4.58%	4.12%	5.83%	4.16%
2013	8	-2.91%	-3.01%	$55,297	$52,521	-2.91%	-3.09%	-3.27%	-3.06%	-2.63%
2013	9	3.12%	3.21%	$57,023	$54,205	3.12%	3.65%	2.76%	3.29%	3.12%
2013	10	4.59%	3.94%	$59,638	$56,342	4.59%	4.02%	4.21%	3.87%	3.68%
2013	11	3.03%	2.40%	$61,445	$57,692	3.03%	2.72%	1.44%	2.10%	3.30%
2013	12	2.51%	1.93%	$62,989	$58,806	2.51%	2.30%	2.08%	1.44%	1.91%
2014	1	-3.47%	-3.90%	$60,804	$56,515	-3.47%	-3.48%	-3.64%	-4.21%	-4.26%
2014	2	4.56%	4.42%	$63,577	$59,015	4.56%	4.13%	3.98%	4.85%	4.74%
2014	3	0.82%	1.32%	$64,101	$59,796	0.82%	0.98%	1.88%	0.85%	1.60%
2014	4	0.72%	0.59%	$64,565	$60,147	0.72%	-0.44%	2.04%	0.33%	0.41%
2014	5	2.33%	1.65%	$66,072	$61,141	2.33%	2.60%	1.43%	1.36%	1.24%
2014	6	2.05%	1.61%	$67,428	$62,124	2.05%	1.75%	2.08%	1.60%	0.99%
2014	7	-1.39%	-2.13%	$66,492	$60,801	-1.39%	-2.18%	-1.85%	-2.63%	-1.86%
2014	8	3.98%	3.45%	$69,140	$62,897	3.98%	3.39%	3.20%	3.42%	3.78%
2014	9	-1.41%	-1.11%	$68,163	$62,198	-1.41%	-1.04%	-1.00%	-1.93%	-0.49%
2014	10	2.42%	2.33%	$69,815	$63,650	2.42%	2.81%	1.02%	2.78%	2.77%
2014	11	2.68%	2.77%	$71,688	$65,413	2.68%	3.34%	2.02%	2.90%	2.82%
2014	12	-0.26%	-0.29%	$71,498	$65,225	-0.26%	0.15%	-1.53%	0.41%	-0.16%
2015	1	-3.02%	-2.84%	$69,341	$63,375	-3.02%	-2.91%	-1.58%	-4.17%	-2.69%
2015	2	5.74%	5.06%	$73,320	$66,581	5.74%	5.99%	3.64%	5.69%	4.94%
2015	3	-1.59%	-1.62%	$72,152	$65,505	-1.59%	-1.10%	-2.96%	-1.17%	-1.24%
2015	4	0.95%	0.75%	$72,837	$65,997	0.95%	-0.14%	2.90%	0.33%	-0.04%
2015	5	1.27%	0.99%	$73,764	$66,648	1.27%	1.73%	0.00%	1.40%	0.83%
2015	6	-1.93%	-2.39%	$72,338	$65,058	-1.93%	-1.97%	-3.18%	-2.09%	-2.31%
2015	7	2.08%	1.62%	$73,843	$66,110	2.08%	1.96%	0.65%	0.27%	3.58%
2015	8	-6.04%	-6.02%	$69,381	$62,132	-6.04%	-5.73%	-6.05%	-6.25%	-6.04%
2015	9	-2.49%	-1.85%	$67,654	$60,983	-2.49%	-2.00%	-1.94%	-2.89%	-0.60%
2015	10	8.42%	8.17%	$73,352	$65,967	8.42%	7.76%	8.88%	8.53%	7.58%
2015	11	0.29%	0.11%	$73,562	$66,037	0.29%	0.76%	-0.76%	0.00%	0.39%
2015	12	-1.59%	-1.53%	$72,391	$65,029	-1.59%	-1.24%	-1.47%	-2.36%	-1.08%

Portfolio Returns Based Style Analysis

Portfolio Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2
Large-cap Value	47.54%	49.80%
Large-cap Growth	52.01%	37.74%
Mid-cap Value	0.00%	0.00%
Mid-cap Growth	0.00%	0.00%
Small-cap Value	0.00%	0.00%
Small-cap Growth	0.00%	0.00%
Global ex-US Developed Markets	0.00%	0.85%
Emerging Markets	0.07%	0.00%
Corporate Bonds	0.00%	0.00%
Long-Term Treasuries	0.00%	3.82%
Intermediate-Term Treasuries	0.39%	1.67%
Short-Term Treasuries	0.00%	6.10%
R Squared	99.90%	98.35%
Style analysis is based on monthly returns from Apr 2005 to Dec 2015 and uses total portfolio return with monthly rebalancing.

Holdings Based Exposures for Portfolio 1

Holdings Based Exposures for Portfolio 1
Ticker	Name	Category	Duration	ER	Weight	Return Contribution	Risk Contribution
VFINX	Vanguard 500 Index Investor	Large Blend		0.14%	100.00%	$62,391	100.00%

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	ER	Weight	Return Contribution	Risk Contribution
PRDGX	T. Rowe Price Dividend Growth	Large Blend	0.64%	25.00%	$14,780	25.33%
INUTX	Columbia Dividend Opportunity A	Large Value	0.98%	25.00%	$12,755	25.85%
FRDPX	Franklin Rising Dividends A	Large Blend	0.90%	25.00%	$13,563	24.99%
VDIGX	Vanguard Dividend Growth Inv	Large Blend	0.26%	25.00%	$13,931	23.83%

Asset Allocation

Equity Market Capitalization

Equity Sectors

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
Arithmetic Mean (monthly)	0.81%	0.74%
Arithmetic Mean (annualized)	10.16%	9.25%
Geometric Mean (monthly)	0.72%	0.68%
Geometric Mean (annualized)	8.99%	8.48%
Volatility (monthly)	4.22%	3.44%
Volatility (annualized)	14.60%	11.91%
Downside Deviation (monthly)	2.83%	2.25%
Max. Drawdown	-50.97%	-44.94%
US Market Correlation	0.99	0.89
Beta^(*)	0.96	0.71
Alpha (annualized)	0.26%	1.93%
R²	97.53%	79.28%
Sharpe Ratio	0.49	0.53
Sortino Ratio	0.71	0.78
Treynor Ratio (%)	7.40	8.90
Calmar Ratio	1.78	1.49
Active Return	-0.04%	-0.54%
Tracking Error	2.36%	6.95%
Information Ratio	-0.02	-0.08
Skewness	-0.68	-0.64
Excess Kurtosis	1.28	1.76
Historical Value-at-Risk (5%)	-7.14%	-5.05%
Analytical Value-at-Risk (5%)	-6.12%	-4.91%
Conditional Value-at-Risk (5%)	-9.74%	-8.16%
Upside Capture Ratio (%)	96.01	73.49
Downside Capture Ratio (%)	95.26	68.40
Sustainable Withdrawal Rate	9.77%	8.70%
Positive Periods	177 out of 276 (64.13%)	179 out of 276 (64.86%)
Gain/Loss Ratio	0.90	0.94
^* 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
Asian Crisis	Jul 1997	Jan 1998	-5.61%	-2.91%
Russian Debt Default	Jul 1998	Oct 1998	-15.38%	-10.19%
Dotcom Crash	Mar 2000	Oct 2002	-44.82%	-27.22%
Subprime Crisis	Nov 2007	Mar 2009	-50.97%	-44.94%

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	Aug 2012	3 years 6 months	4 years 10 months	-50.97%
2	Sep 2000	Sep 2002	2 years 1 month	Nov 2006	4 years 2 months	6 years 3 months	-44.82%
3	Jul 1998	Aug 1998	2 months	Nov 1998	3 months	5 months	-15.38%
4	Aug 2015	Sep 2015	2 months				-8.38%
5	Feb 1994	Mar 1994	2 months	Aug 1994	5 months	7 months	-6.98%
6	Jan 2000	Feb 2000	2 months	Mar 2000	1 month	3 months	-6.84%
7	Jul 1999	Sep 1999	3 months	Nov 1999	2 months	5 months	-6.25%
8	Aug 1997	Aug 1997	1 month	Nov 1997	3 months	4 months	-5.61%
9	Apr 2000	May 2000	2 months	Aug 2000	3 months	5 months	-4.98%
10	Jun 2007	Jul 2007	2 months	Sep 2007	2 months	4 months	-4.71%
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	Nov 2007	Feb 2009	1 year 4 months	Apr 2011	2 years 2 months	3 years 6 months	-44.94%
2	Jun 2001	Feb 2003	1 year 9 months	Nov 2004	1 year 9 months	3 years 6 months	-27.47%
3	May 2011	Sep 2011	5 months	Jan 2012	4 months	9 months	-12.88%
4	Apr 1998	Aug 1998	5 months	Nov 1998	3 months	8 months	-12.44%
5	Jul 1999	Feb 2000	8 months	Aug 2000	6 months	1 year 2 months	-9.16%
6	Jun 2015	Sep 2015	4 months				-8.50%
7	Feb 1994	Jun 1994	5 months	Apr 1995	10 months	1 year 3 months	-7.38%
8	Jan 1999	Feb 1999	2 months	Apr 1999	2 months	4 months	-5.35%
9	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-5.15%
10	Jan 2001	Mar 2001	3 months	Apr 2001	1 month	4 months	-5.09%
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
VFINX	Vanguard 500 Index Investor	8.99%	14.60%	37.45%	-37.02%	-50.97%	0.49	0.71	0.99
PRDGX	T. Rowe Price Dividend Growth	9.35%	12.57%	31.75%	-33.26%	-45.26%	0.57	0.83	0.92
INUTX	Columbia Dividend Opportunity A	7.68%	13.15%	29.04%	-35.92%	-51.37%	0.44	0.64	0.80
FRDPX	Franklin Rising Dividends A	8.40%	12.99%	32.35%	-27.22%	-46.63%	0.49	0.72	0.85
VDIGX	Vanguard Dividend Growth Inv	7.85%	12.03%	34.03%	-25.57%	-41.48%	0.48	0.70	0.77

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VFINX	PRDGX	INUTX	FRDPX	VDIGX	Portfolio 1	Portfolio 2
VFINX	Vanguard 500 Index Investor	-	0.94	0.80	0.86	0.78	1.00	0.90
PRDGX	T. Rowe Price Dividend Growth	0.94	-	0.84	0.90	0.86	0.94	0.96
INUTX	Columbia Dividend Opportunity A	0.80	0.84	-	0.76	0.92	0.80	0.94
FRDPX	Franklin Rising Dividends A	0.86	0.90	0.76	-	0.78	0.86	0.92
VDIGX	Vanguard Dividend Growth Inv	0.78	0.86	0.92	0.78	-	0.78	0.94

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2
VFINX	Vanguard 500 Index Investor	$62,391
PRDGX	T. Rowe Price Dividend Growth		$14,780
INUTX	Columbia Dividend Opportunity A		$12,755
FRDPX	Franklin Rising Dividends A		$13,563
VDIGX	Vanguard Dividend Growth Inv		$13,931

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2
VFINX	Vanguard 500 Index Investor	100.00%
PRDGX	T. Rowe Price Dividend Growth		25.33%
INUTX	Columbia Dividend Opportunity A		25.85%
FRDPX	Franklin Rising Dividends A		24.99%
VDIGX	Vanguard Dividend Growth Inv		23.83%

Annual Asset Returns

Rolling returns summary
Roll Period	Portfolio 1			Portfolio 2
Roll Period	Average	High	Low	Average	High	Low
1 year	10.66%	37.45%	-37.02%	9.57%	29.87%	-30.49%
3 years	9.97%	31.03%	-14.60%	9.15%	25.29%	-4.82%
5 years	8.64%	28.49%	-2.38%	8.32%	17.58%	0.10%
7 years	7.20%	21.44%	-1.64%	7.30%	13.92%	0.58%
10 years	6.15%	12.00%	-1.46%	6.75%	10.74%	0.87%
15 years	6.09%	10.40%	4.13%	6.69%	9.40%	5.26%
Result statistics are based on annualized rolling returns over full calendar year periods