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 %

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Asset 2

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Asset 3

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Asset 4

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Asset 5

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Asset 6

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Asset 7

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Asset 8

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Asset 9

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Asset 10

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Asset 11

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Asset 12

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Asset 13

Select asset 13

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Asset 14

Select asset 14

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Asset 15

Select asset 15

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Asset 16

Select asset 16

Enter percentage allocation for asset 16 in portfolio 1 %

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Asset 17

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Asset 18

Select asset 18

Enter percentage allocation for asset 18 in portfolio 1 %

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Asset 19

Select asset 19

Enter percentage allocation for asset 19 in portfolio 1 %

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Asset 20

Select asset 20

Enter percentage allocation for asset 20 in portfolio 1 %

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Enter percentage allocation for asset 20 in portfolio 3 %

Total

Total allocation for portfolio 1 %

Total allocation for portfolio 2 %

Total allocation for portfolio 3 %

Portfolio Analysis Results (May 2009 - Dec 2018)

Note: The time period was constrained by the available data for SPDR Blmbg Convert Secs ETF (CWB) [May 2009 - Jul 2022].

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
TLT	iShares 20+ Year Treasury Bond ETF	8.41%
TIP	iShares TIPS Bond ETF	14.85%
XLY	Consumer Discret Sel Sect SPDR ETF	15.86%
XLP	Consumer Staples Select Sector SPDR ETF	14.36%
XLK	Technology Select Sector SPDR ETF	2.97%
CWB	SPDR Blmbg Convert Secs ETF	14.85%
AAXJ	iShares MSCI All Country Asia ex Jpn ETF	13.85%
GLD	SPDR Gold Shares	14.85%
Save portfolio »

Portfolio 2
Ticker	Name	Allocation
VTI	Vanguard Total Stock Market ETF	43.50%
VGK	Vanguard FTSE Europe ETF	17.50%
VPL	Vanguard FTSE Pacific ETF	9.80%
VWO	Vanguard FTSE Emerging Markets ETF	9.20%
IEF	iShares 7-10 Year Treasury Bond ETF	6.90%
IGOV	iShares International Treasury Bond ETF	13.10%
Save portfolio »

Portfolio 3
Ticker	Name	Allocation
GLD	SPDR Gold Shares	10.00%
VTI	Vanguard Total Stock Market ETF	10.00%
VWO	Vanguard FTSE Emerging Markets ETF	15.00%
VEA	Vanguard FTSE Developed Markets ETF	36.00%
VIG	Vanguard Dividend Appreciation ETF	29.00%
Save portfolio »

Portfolio Returns

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
Portfolio 1	$100,000	$240,861	9.52%	8.03%	23.65%	-3.57%	-7.04%	1.13	2.15	0.80
Portfolio 2	$100,000	$234,568	9.22%	11.39%	28.10%	-7.79%	-16.65%	0.80	1.34	0.94
Portfolio 3	$100,000	$233,611	9.17%	12.66%	33.44%	-8.79%	-18.68%	0.73	1.21	0.91
SPDR S&P 500 ETF Trust	$100,000	$348,183	13.78%	12.41%	32.31%	-4.56%	-16.23%	1.08	1.81	1.00

Trailing Returns

Trailing Returns
Name	Total Return			Annualized Return			Annualized Standard Deviation
Name	3 Month	Year To Date	1 year	3 year	5 year	Full	3 year	5 year
Portfolio 1	-4.85%	-3.57%	-3.57%	6.54%	5.45%	9.52%	6.94%	6.94%
Portfolio 2	-10.02%	-7.79%	-7.79%	6.31%	4.09%	9.22%	8.82%	8.94%
Portfolio 3	-9.68%	-8.79%	-8.79%	7.15%	3.75%	9.17%	9.38%	9.78%
SPDR S&P 500 ETF Trust	-13.52%	-4.56%	-4.56%	9.17%	8.37%	13.78%	10.86%	10.91%
Trailing return and volatility are as of last full calendar month ending December 2018

Notes on results:

IMPORTANT: The projections or other information generated by Portfolio Visualizer regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
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. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. Past performance is not a guarantee of future results.
Asset allocation and diversification strategies do not guarantee a profit or protect against a loss.
Hypothetical returns do not reflect trading costs, transaction fees, commissions, or actual taxes due on investment returns.
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.
Refer to the related documentation sections for more details on terms and definitions, methodology, and data sources.
Portfolio model information represents a blended portfolio consisting of the model's underlying positions and assigned weights provided by the user and rebalanced at the specified schedule. The results were constructed using net of fee mutual fund performance. Portfolio Visualizer does not provide preferential treatment to any specific security or investment.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
Market capitalization refers to the total value of all a company's shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares. Large cap refers to a company with a market capitalization value of more than $10 billion, mid cap refers to a company with a market capitalization value between $2 and $10 billion, and small cap refers to a company with a market capitalization value below $2 billion. For funds and portfolios the equity market capitalization is calculated based on the long position of the equity holdings.
Credit quality measures the ability of a bond issuer to repay a bond's interest and principal in a timely manner. Ratings agencies research the financial health of each bond issuer and assign ratings to the bonds being offered. Lower-rated bonds generally offer higher yields to compensate investors for the additional risk. AAA is the highest possible rating that may be assigned to an issuer's bonds by any of the major credit rating agencies. Bonds rated AAA to AA are known as high-grade bonds, bonds rated A to BBB are known as medium-grade bonds, and bonds rated BB to C are known as non-investment grade bonds. An issuer will receive a rating of D if it is already in default on some of its debt. For funds and portfolios the fixed income credit quality break-down is calculated based on the long position of the fixed income holdings.
A fixed income maturity date refers to the specific date on which the investor's principal will be repaid. Duration measures a bond's or fixed income portfolio's price sensitivity to interest rate changes. If a bond has a duration of 5 years, and interest rates increase by 1%, the bond's price will decline by approximately 5%. Conversely, if a bond has a duration of 5 years and interest rates fall by 1%, the bond's price will increase by approximately 5%. A fixed income portfolio's duration is computed as the weighted average of individual bond durations held in the portfolio.
Compound annualized growth rate (CAGR) is the annualized geometric mean return of the portfolio. It is calculated from the portfolio start and end balance and is thus impacted by any cashflows.
The time-weighted rate of return (TWRR) is a measure of the compound rate of growth in a portfolio. This is calculated from the holding period returns (e.g. monthly returns), and TWRR will thus not be impacted by cashflows. If there are no external cashflows, TWRR will equal CAGR.
The money-weighted rate of return (MWRR) is the internal rate of return (IRR) taking into account cashflows. This is the discount rate at which the present value of cash inflows equals the present value of cash outflows.
Total return is the combined return in income and capital appreciation from investment in an asset. Yield measures the current cash income received from investment in an asset. Bonds provide yield in the form of interest payments and stocks through dividends.
Standard deviation (Stdev) is used to measure the dispersion of returns around the mean and is often used as a measure of risk. A higher standard deviation implies greater the dispersion of data points around the mean.
Sharpe Ratio is a measure of risk-adjusted performance of the portfolio, and it is calculated by dividing the mean monthly excess return of the portfolio over the risk-free rate by the standard deviation of excess return, and the displayed value is annualized.
Sortino Ratio is a measure of risk-adjusted return which is a modification of the Sharpe Ratio. While the latter is the ratio of average returns in excess of a risk-free rate divided by the standard deviation of those excess returns, the Sortino Ratio has the same denominator divided by the standard deviation of returns below the risk-free rate.
Treynor Ratio is a measure of risk-adjusted performance of the portfolio. It is similar to the Sharpe Ratio, but it uses portfolio beta (systematic risk) as the risk metric in the denominator.
Calmar Ratio is a measure of risk-adjusted performance of the portfolio. It is calculated as the annualized return over the past 36 months divided by the maximum drawdown over the past 36 months based on monthly returns.
Risk-free returns are calculated based on the Federal Reserve 3-Month Treasury Bill (secondary market) rates.
Downside deviation measures the downside volatility of the portfolio returns unlike standard deviation, which includes both upside and downside deviations. Downside deviation is calculated based on negative returns that hurt the portfolio performance.
Correlation measures to what degree the returns of the two assets move in relation to each other. Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much. Asset correlations are calculated based on monthly returns.
Skewness is a measure of the asymmetry of the probability distribution or returns from a normal Gaussian distribution shape about its mean. Negative skewness is associated with the left (typically negative returns) tail of the distribution extending further than the right tail; and positive skewness is associated with the right (typically positive returns) tail of the distribution extending further than the left tail.
Excess kurtosis is a measure of whether a data distribution is peaked or flat relative to a normal distribution. Distributions with high kurtosis tend to have a distinct peak near the mean, decline rather rapidly, and have heavy or fat tails.
A drawdown refers to the decline in value of a single investment or an investment portfolio from a relative peak value to a relative trough. A maximum drawdown (Max Drawdown) is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. Drawdown values are calculated based on monthly returns.
Value at Risk (VaR) measures the scale of loss at a given confidence level. If the 5% VaR is -3% the portfolio return is expected to be greater than -3% 95% of the time and less than -3% 5% of the time. Value at Risk can be calculated directly based on historical returns based on a given percentile or analytically based on the mean and standard deviation of the returns.
Conditional Value at Risk (CVaR) measures the scale of the expected loss once the specific Value at Risk (VaR) breakpoint has been breached, i.e., it calculates the average tail loss by taking a weighted average between the value at risk and losses exceeding the value at risk.
Beta is a measure of systematic risk and measures the volatility of a particular investment relative to the market or its benchmark. Alpha measures the active return of the investment compared to the market benchmark return. R-squared is the percentage of a portfolio's movements that can be explained by movements in the selected benchmark index.
Active return is the investment return minus the return of its benchmark. For periods longer than 12 months this is displayed as annualized value, i.e., annualized investment return minus annualized benchmark return.
Tracking error, also known as active risk, is the standard deviation of active return. This is displayed as annualized value based on the standard deviation of monthly active returns.
Information ratio is the active return divided by the tracking error. It measures whether the investment outperformed its benchmark consistently.
Gain/Loss ratio is a measure of downside risk, and it is calculated as the average positive return in up periods divided by the average negative return in down periods.
Upside Capture Ratio measures how well the fund performed relative to the benchmark when the market was up, and Downside Capture Ratio measures how well the fund performed relative to the benchmark when the market was down. An upside capture ratio greater than 100 would indicate that the fund outperformed its benchmark when the market was up, and a downside capture ratio below 100 would indicate that the fund lost less than its benchmark when the market was down. To calculate upside capture ratio a new series from the portfolio returns is constructed by dropping all time periods where the benchmark return is less than equal to zero. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The downside capture ratio is calculated analogously.
All risk measures for the portfolio and portfolio assets are calculated based on monthly returns.
Gross expense ratio reflects the total annual operating expenses paid by each fund. Net expense ratio reflects what investors were charged after waivers, reductions, and reimbursements.
Price to earnings (P/E) ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share. For funds the price to earnings ratio is computed as the weighted average of fund holdings.
The annual results for 2009 are based on monthly returns from May to December.
The results assume monthly rebalancing of portfolio assets to match the specified allocation.
Portfolio cashflows and rebalancing for quarterly and annual periods are aligned with calendar periods.

Annual returns for the configured portfolios
Year	Inflation	Portfolio 1		Portfolio 2		Portfolio 3		SPDR S&P 500 ETF Trust		iShares 20+ Year Treasury Bond ETF (TLT)	iShares TIPS Bond ETF (TIP)	Consumer Discret Sel Sect SPDR ETF (XLY)	Consumer Staples Select Sector SPDR ETF (XLP)	Technology Select Sector SPDR ETF (XLK)	SPDR Blmbg Convert Secs ETF (CWB)	iShares MSCI All Country Asia ex Jpn ETF (AAXJ)	SPDR Gold Shares (GLD)	Vanguard Total Stock Market ETF (VTI)	Vanguard FTSE Europe ETF (VGK)	Vanguard FTSE Pacific ETF (VPL)	Vanguard FTSE Emerging Markets ETF (VWO)	iShares 7-10 Year Treasury Bond ETF (IEF)	iShares International Treasury Bond ETF (IGOV)	Vanguard FTSE Developed Markets ETF (VEA)	Vanguard Dividend Appreciation ETF (VIG)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Return	Balance	iShares 20+ Year Treasury Bond ETF (TLT)	iShares TIPS Bond ETF (TIP)	Consumer Discret Sel Sect SPDR ETF (XLY)	Consumer Staples Select Sector SPDR ETF (XLP)	Technology Select Sector SPDR ETF (XLK)	SPDR Blmbg Convert Secs ETF (CWB)	iShares MSCI All Country Asia ex Jpn ETF (AAXJ)	SPDR Gold Shares (GLD)	Vanguard Total Stock Market ETF (VTI)	Vanguard FTSE Europe ETF (VGK)	Vanguard FTSE Pacific ETF (VPL)	Vanguard FTSE Emerging Markets ETF (VWO)	iShares 7-10 Year Treasury Bond ETF (IEF)	iShares International Treasury Bond ETF (IGOV)	Vanguard FTSE Developed Markets ETF (VEA)	Vanguard Dividend Appreciation ETF (VIG)
2009	1.27%	23.65%	$123,653	28.10%	$128,096	33.44%	$133,437	29.49%	$129,494	-5.63%	7.14%	29.48%	23.26%	34.49%	30.38%	45.45%	22.96%	30.37%	39.55%	28.80%	50.16%	-2.55%	8.57%	36.00%	25.97%
2010	1.50%	17.59%	$145,409	13.21%	$145,014	15.19%	$153,699	15.06%	$148,992	9.05%	6.14%	27.46%	13.78%	11.39%	14.02%	16.20%	29.27%	17.42%	6.05%	15.58%	19.47%	9.37%	1.78%	8.35%	14.74%
2011	2.96%	5.41%	$153,279	-3.34%	$140,173	-4.43%	$146,893	1.89%	$151,804	33.96%	13.28%	5.99%	14.07%	2.61%	-7.66%	-20.18%	9.57%	0.97%	-11.64%	-13.76%	-18.76%	15.64%	1.58%	-12.30%	6.16%
2012	1.74%	13.80%	$174,427	15.36%	$161,706	15.43%	$169,565	15.99%	$176,080	2.63%	6.39%	23.60%	10.74%	15.30%	15.90%	23.61%	6.60%	16.45%	21.57%	15.91%	19.20%	3.66%	5.29%	18.56%	11.65%
2013	1.50%	5.89%	$184,701	18.71%	$191,955	14.61%	$194,344	32.31%	$232,966	-13.37%	-8.49%	42.73%	26.30%	26.25%	20.50%	1.52%	-28.33%	33.45%	24.38%	17.87%	-4.92%	-6.09%	-1.37%	21.83%	28.87%
2014	0.76%	8.40%	$200,216	3.94%	$199,511	1.74%	$197,726	13.46%	$264,329	27.30%	3.59%	9.46%	15.72%	17.85%	7.70%	2.85%	-2.19%	12.54%	-7.10%	-4.82%	-0.07%	9.07%	-2.22%	-5.98%	10.08%
2015	0.73%	-0.52%	$199,182	-2.14%	$195,239	-3.96%	$189,896	1.25%	$267,638	-1.79%	-1.75%	9.91%	6.89%	5.49%	-0.82%	-10.31%	-10.67%	0.36%	-1.94%	2.03%	-15.81%	1.51%	-7.15%	-0.38%	-1.95%
2016	2.07%	6.85%	$212,831	7.49%	$209,858	8.68%	$206,380	12.00%	$299,758	1.18%	4.68%	5.97%	4.98%	15.02%	10.74%	4.69%	8.03%	12.83%	-0.37%	5.35%	12.21%	1.00%	0.86%	2.67%	11.97%
2017	2.11%	17.36%	$249,769	21.21%	$254,376	24.11%	$256,138	21.70%	$364,807	9.18%	2.92%	22.82%	12.98%	34.25%	15.70%	41.77%	12.81%	21.21%	26.99%	28.86%	31.48%	2.55%	11.38%	26.42%	22.22%
2018	1.91%	-3.57%	$240,861	-7.79%	$234,568	-8.79%	$233,611	-4.56%	$348,183	-1.61%	-1.42%	1.59%	-8.07%	-1.66%	-1.96%	-15.03%	-1.94%	-5.21%	-14.91%	-14.40%	-14.77%	0.99%	-2.60%	-14.75%	-2.08%
Annual return for 2009 is from 05/01/2009 to 12/31/2009

Monthly returns for the configured portfolios
Year	Month	Portfolio 1		Portfolio 2		Portfolio 3		SPDR S&P 500 ETF Trust		iShares 20+ Year Treasury Bond ETF (TLT)	iShares TIPS Bond ETF (TIP)	Consumer Discret Sel Sect SPDR ETF (XLY)	Consumer Staples Select Sector SPDR ETF (XLP)	Technology Select Sector SPDR ETF (XLK)	SPDR Blmbg Convert Secs ETF (CWB)	iShares MSCI All Country Asia ex Jpn ETF (AAXJ)	SPDR Gold Shares (GLD)	Vanguard Total Stock Market ETF (VTI)	Vanguard FTSE Europe ETF (VGK)	Vanguard FTSE Pacific ETF (VPL)	Vanguard FTSE Emerging Markets ETF (VWO)	iShares 7-10 Year Treasury Bond ETF (IEF)	iShares International Treasury Bond ETF (IGOV)	Vanguard FTSE Developed Markets ETF (VEA)	Vanguard Dividend Appreciation ETF (VIG)
Year	Month	Return	Balance	Return	Balance	Return	Balance	Return	Balance	iShares 20+ Year Treasury Bond ETF (TLT)	iShares TIPS Bond ETF (TIP)	Consumer Discret Sel Sect SPDR ETF (XLY)	Consumer Staples Select Sector SPDR ETF (XLP)	Technology Select Sector SPDR ETF (XLK)	SPDR Blmbg Convert Secs ETF (CWB)	iShares MSCI All Country Asia ex Jpn ETF (AAXJ)	SPDR Gold Shares (GLD)	Vanguard Total Stock Market ETF (VTI)	Vanguard FTSE Europe ETF (VGK)	Vanguard FTSE Pacific ETF (VPL)	Vanguard FTSE Emerging Markets ETF (VWO)	iShares 7-10 Year Treasury Bond ETF (IEF)	iShares International Treasury Bond ETF (IGOV)	Vanguard FTSE Developed Markets ETF (VEA)	Vanguard Dividend Appreciation ETF (VIG)
2009	5	4.94%	$104,942	8.19%	$108,187	10.39%	$110,388	5.85%	$105,845	-3.69%	2.00%	-0.73%	5.09%	2.32%	3.62%	15.99%	10.23%	5.46%	14.27%	11.97%	17.89%	-2.08%	4.88%	13.06%	4.95%
2009	6	-0.38%	$104,548	-0.41%	$107,742	-1.37%	$108,880	-0.07%	$105,774	0.76%	0.20%	0.25%	0.21%	3.63%	3.08%	-2.37%	-5.22%	0.36%	-2.35%	0.87%	-2.45%	-0.55%	0.15%	-1.82%	0.49%
2009	7	6.13%	$110,953	7.53%	$115,857	8.36%	$117,979	7.46%	$113,665	0.58%	0.09%	9.49%	6.66%	8.18%	6.55%	14.69%	2.38%	7.74%	11.35%	7.37%	10.91%	0.83%	3.03%	10.57%	6.56%
2009	8	1.01%	$112,068	3.02%	$119,351	2.59%	$121,033	3.69%	$117,864	2.24%	0.84%	3.52%	1.22%	1.62%	2.96%	-3.88%	0.05%	3.71%	5.48%	3.24%	-0.71%	0.77%	1.04%	4.50%	2.41%
2009	9	4.85%	$117,509	4.16%	$124,316	4.82%	$126,871	3.55%	$122,043	2.46%	2.02%	5.35%	3.30%	4.63%	4.41%	9.86%	5.84%	4.14%	4.82%	1.95%	9.96%	1.12%	2.53%	3.94%	3.15%
2009	10	-0.40%	$117,039	-2.18%	$121,602	-1.37%	$125,127	-1.92%	$119,696	-2.62%	1.14%	-2.37%	1.45%	-1.25%	-1.01%	-3.96%	3.72%	-2.63%	-2.58%	-3.21%	-2.41%	-0.14%	-0.31%	-2.77%	-0.43%
2009	11	5.80%	$123,831	4.61%	$127,212	6.08%	$132,739	6.16%	$127,070	1.21%	2.80%	6.71%	3.68%	5.53%	4.33%	7.13%	12.79%	5.69%	4.53%	2.08%	7.18%	2.02%	2.60%	4.11%	5.79%
2009	12	-0.14%	$123,653	0.70%	$128,096	0.53%	$133,437	1.91%	$129,494	-6.34%	-2.09%	4.58%	-0.22%	5.80%	3.20%	3.08%	-7.20%	2.86%	-0.24%	2.13%	3.10%	-4.40%	-5.32%	0.79%	0.73%
2010	1	-1.93%	$121,261	-3.42%	$123,715	-4.12%	$127,941	-3.63%	$124,788	2.69%	1.53%	-2.89%	-1.02%	-8.59%	-2.94%	-6.53%	-1.26%	-3.57%	-6.27%	-1.85%	-6.73%	2.37%	-1.03%	-5.44%	-2.30%
2010	2	2.31%	$124,060	1.82%	$125,964	1.92%	$130,403	3.12%	$128,680	-0.34%	-1.30%	5.57%	3.17%	3.48%	2.93%	1.21%	3.27%	3.44%	-0.55%	2.28%	1.88%	0.33%	-0.02%	0.74%	2.42%
2010	3	3.44%	$128,325	5.02%	$132,291	5.43%	$137,484	6.09%	$136,517	-2.06%	-0.01%	7.81%	3.77%	6.84%	4.30%	7.63%	-0.44%	6.40%	6.51%	5.94%	8.19%	-1.06%	-1.23%	6.30%	4.62%
2010	4	2.62%	$131,690	0.09%	$132,413	0.41%	$138,042	1.55%	$138,629	3.32%	2.52%	6.03%	-1.07%	1.26%	1.35%	0.41%	5.88%	2.18%	-3.80%	-1.10%	-0.21%	1.65%	-1.36%	-2.77%	2.17%
2010	5	-3.19%	$127,483	-7.50%	$122,482	-8.11%	$126,850	-7.95%	$127,614	5.11%	0.19%	-7.04%	-4.63%	-7.48%	-6.50%	-8.22%	3.05%	-7.88%	-11.75%	-9.60%	-9.18%	2.93%	-3.30%	-11.53%	-7.24%
2010	6	-1.26%	$125,878	-2.81%	$119,038	-2.34%	$123,880	-5.17%	$121,011	5.80%	1.28%	-9.72%	-2.53%	-5.40%	-1.75%	0.28%	2.36%	-5.83%	-1.64%	-2.54%	-0.55%	3.05%	0.77%	-1.81%	-4.34%
2010	7	3.27%	$129,992	8.00%	$128,562	7.77%	$133,511	6.83%	$129,276	-0.95%	-0.24%	7.93%	5.80%	7.45%	4.98%	7.85%	-5.09%	7.02%	14.18%	7.55%	10.21%	0.91%	5.52%	11.66%	6.38%
2010	8	0.28%	$130,362	-3.00%	$124,706	-2.57%	$130,079	-4.50%	$123,461	8.40%	1.94%	-3.98%	-1.85%	-5.61%	-0.44%	-3.10%	5.71%	-4.71%	-4.58%	-2.42%	-2.56%	3.36%	0.70%	-3.58%	-3.44%
2010	9	5.79%	$137,908	8.53%	$135,343	9.02%	$141,814	8.96%	$134,517	-2.51%	0.79%	11.02%	6.04%	11.66%	4.48%	11.17%	4.78%	9.45%	11.26%	7.89%	11.42%	-0.00%	4.76%	9.66%	8.31%
2010	10	2.96%	$141,994	3.27%	$139,766	3.52%	$146,802	3.82%	$139,656	-4.47%	2.47%	5.54%	3.19%	5.78%	3.43%	2.94%	3.68%	4.03%	4.89%	1.99%	3.10%	-0.01%	1.39%	4.06%	2.83%
2010	11	-0.22%	$141,685	-2.29%	$136,569	-1.84%	$144,100	0.00%	$139,656	-1.69%	-1.69%	2.52%	-1.56%	-1.64%	0.33%	-2.26%	2.11%	0.51%	-7.81%	0.64%	-2.84%	-0.90%	-6.74%	-4.90%	0.30%
2010	12	2.63%	$145,409	6.18%	$145,014	6.66%	$153,699	6.68%	$148,992	-3.68%	-1.38%	4.09%	4.40%	5.55%	3.73%	5.65%	2.44%	6.96%	9.13%	7.32%	7.56%	-3.43%	2.91%	8.44%	5.34%
2011	1	-1.72%	$142,901	1.34%	$146,954	0.24%	$154,067	2.33%	$152,463	-3.08%	0.02%	-0.61%	-1.47%	3.18%	1.10%	-3.39%	-6.38%	2.05%	3.69%	-0.12%	-3.45%	-0.02%	1.01%	2.16%	1.43%
2011	2	2.53%	$146,520	2.64%	$150,838	3.25%	$159,072	3.47%	$157,759	1.65%	0.72%	6.00%	2.91%	2.19%	1.88%	-2.29%	6.00%	3.70%	3.12%	4.27%	-0.17%	-0.21%	0.77%	3.66%	3.41%
2011	3	1.11%	$148,153	0.01%	$150,849	0.43%	$159,755	0.01%	$157,776	0.03%	1.19%	-0.58%	1.24%	-1.55%	0.01%	4.74%	1.60%	0.42%	-1.03%	-6.01%	5.47%	-0.15%	0.78%	-2.50%	1.06%
2011	4	4.00%	$154,082	4.04%	$156,943	4.93%	$167,634	2.90%	$162,345	2.34%	2.38%	3.84%	5.35%	2.61%	1.76%	2.95%	8.94%	2.90%	8.32%	3.51%	3.37%	1.84%	4.15%	6.19%	3.49%
2011	5	0.14%	$154,306	-1.56%	$154,487	-2.07%	$164,168	-1.12%	$160,525	3.42%	0.27%	-0.27%	2.51%	-1.05%	0.01%	-1.47%	-1.79%	-1.06%	-2.84%	-2.87%	-2.94%	2.51%	-1.73%	-2.70%	-1.27%
2011	6	-1.56%	$151,897	-1.17%	$152,685	-1.23%	$162,141	-1.69%	$157,814	-2.33%	0.75%	-0.22%	-2.67%	-2.48%	-2.45%	-1.87%	-2.43%	-1.79%	-2.09%	0.73%	-1.00%	-0.51%	0.26%	-1.22%	-0.77%
2011	7	1.51%	$154,184	-1.30%	$150,696	-1.34%	$159,964	-2.00%	$154,657	4.42%	3.90%	-1.39%	-1.28%	0.43%	-2.51%	0.50%	8.42%	-2.27%	-4.60%	0.97%	-0.62%	3.17%	1.76%	-2.39%	-3.46%
2011	8	-0.45%	$153,484	-5.17%	$142,901	-4.76%	$152,347	-5.50%	$146,155	9.66%	0.64%	-5.25%	0.19%	-5.31%	-5.75%	-9.88%	12.27%	-6.09%	-9.28%	-6.57%	-9.09%	4.65%	1.97%	-8.58%	-3.20%
2011	9	-5.40%	$145,194	-8.46%	$130,808	-10.52%	$136,316	-6.94%	$136,005	13.20%	-0.01%	-6.90%	-3.30%	-3.07%	-5.79%	-16.95%	-11.06%	-7.57%	-12.24%	-9.15%	-18.44%	2.24%	-4.48%	-11.33%	-6.26%
2011	10	6.85%	$155,134	9.10%	$142,714	10.41%	$150,501	10.91%	$150,849	-3.84%	2.07%	11.93%	4.65%	10.21%	7.21%	14.84%	5.87%	11.37%	12.42%	5.43%	15.91%	-1.29%	0.60%	9.76%	9.60%
2011	11	0.03%	$155,187	-1.46%	$140,636	-0.34%	$149,997	-0.41%	$150,236	1.98%	0.52%	-0.72%	2.77%	-1.50%	-2.80%	-2.04%	1.67%	-0.37%	-2.87%	-0.51%	-1.71%	0.58%	-4.77%	-2.09%	1.87%
2011	12	-1.23%	$153,279	-0.33%	$140,173	-2.07%	$146,893	1.04%	$151,804	3.44%	0.16%	1.31%	2.77%	-0.23%	0.11%	-4.15%	-10.66%	0.98%	-2.31%	-3.23%	-4.17%	1.99%	1.63%	-2.12%	1.00%
2012	1	5.28%	$161,374	4.70%	$146,758	6.04%	$155,764	4.64%	$158,844	-0.33%	2.29%	5.89%	-1.42%	6.21%	6.22%	10.38%	11.40%	5.07%	5.45%	6.66%	10.78%	0.86%	-1.27%	5.62%	2.60%
2012	2	2.02%	$164,636	3.97%	$152,591	3.50%	$161,216	4.34%	$165,739	-2.59%	-0.58%	4.53%	3.75%	7.10%	3.58%	5.54%	-2.96%	4.22%	5.42%	4.18%	5.43%	-1.10%	2.72%	4.88%	2.76%
2012	3	0.34%	$165,197	0.90%	$153,961	0.51%	$162,033	3.22%	$171,069	-4.23%	-0.86%	4.72%	3.10%	4.51%	0.64%	-2.91%	-1.32%	3.06%	0.07%	0.49%	-2.60%	-1.59%	-1.10%	0.33%	2.09%
2012	4	0.48%	$165,985	-0.79%	$152,751	-1.35%	$159,848	-0.67%	$169,927	4.83%	1.78%	1.15%	0.29%	-1.13%	-2.05%	-0.43%	-0.15%	-0.64%	-2.50%	-2.24%	-2.09%	2.51%	1.27%	-2.38%	-0.34%
2012	5	-3.21%	$160,657	-6.96%	$142,112	-8.14%	$146,830	-6.01%	$159,722	9.03%	1.95%	-5.50%	-1.17%	-6.34%	-4.95%	-9.77%	-6.34%	-6.23%	-11.97%	-9.55%	-10.67%	2.87%	-3.38%	-11.17%	-4.37%
2012	6	2.00%	$163,874	4.42%	$148,398	4.54%	$153,496	4.05%	$166,195	-1.68%	-0.67%	1.93%	3.64%	3.26%	2.06%	4.78%	2.35%	4.05%	8.27%	6.66%	5.02%	-0.42%	0.97%	6.98%	2.18%
2012	7	1.29%	$165,995	0.60%	$149,293	0.86%	$154,817	1.18%	$168,161	3.82%	1.75%	-0.55%	2.47%	1.84%	1.13%	0.70%	0.84%	0.88%	0.33%	-0.90%	0.20%	1.40%	1.05%	0.25%	1.96%
2012	8	1.75%	$168,898	2.41%	$152,890	2.54%	$158,744	2.51%	$172,374	-1.32%	-0.25%	4.62%	-0.48%	4.20%	2.31%	0.23%	4.94%	2.70%	4.68%	1.11%	0.25%	-0.12%	2.23%	3.29%	1.90%
2012	9	2.57%	$173,242	2.46%	$156,646	3.00%	$163,511	2.54%	$176,744	-2.53%	0.51%	3.08%	1.76%	1.53%	2.73%	5.95%	4.67%	2.49%	2.94%	1.77%	5.31%	-0.35%	1.68%	2.64%	1.87%
2012	10	-0.95%	$171,595	-0.34%	$156,120	-0.54%	$162,630	-1.82%	$173,527	-0.48%	0.62%	-1.54%	-1.23%	-6.36%	0.23%	0.07%	-2.94%	-1.81%	1.77%	0.32%	-0.55%	-0.40%	1.43%	1.06%	-1.26%
2012	11	1.53%	$174,224	1.09%	$157,825	1.62%	$165,257	0.57%	$174,510	1.38%	0.56%	3.17%	1.84%	0.90%	0.96%	3.37%	-0.47%	0.77%	2.48%	2.57%	1.28%	0.98%	-0.88%	2.71%	1.44%
2012	12	0.12%	$174,427	2.46%	$161,706	2.61%	$169,565	0.90%	$176,080	-2.49%	-0.82%	0.46%	-2.07%	-0.39%	2.43%	4.93%	-2.43%	1.29%	4.30%	4.89%	7.06%	-0.94%	0.62%	4.24%	0.47%
2013	1	1.77%	$177,520	3.35%	$167,119	3.60%	$175,668	5.12%	$185,094	-3.19%	-0.52%	5.67%	5.64%	1.91%	2.95%	-0.08%	-0.51%	5.42%	4.28%	3.11%	0.07%	-1.29%	0.16%	3.83%	5.93%
2013	2	0.13%	$177,748	-0.33%	$166,570	-0.81%	$174,242	1.28%	$187,455	1.24%	0.19%	1.60%	3.31%	0.78%	0.54%	-0.58%	-5.09%	1.28%	-3.40%	2.02%	-2.36%	1.13%	-2.67%	-1.15%	1.16%
2013	3	1.72%	$180,799	1.97%	$169,845	1.71%	$177,219	3.80%	$194,574	-0.42%	0.21%	4.38%	4.93%	2.58%	2.29%	-1.73%	0.95%	3.95%	0.33%	3.57%	-1.27%	0.29%	-0.47%	1.19%	3.38%
2013	4	0.91%	$182,452	2.62%	$174,292	2.07%	$180,884	1.92%	$198,312	4.68%	0.79%	3.04%	2.94%	1.75%	1.72%	2.27%	-7.56%	1.61%	4.54%	5.43%	2.00%	1.52%	2.32%	5.22%	1.67%
2013	5	-2.12%	$178,584	-0.78%	$172,932	-1.87%	$177,496	2.36%	$202,995	-6.76%	-4.19%	2.77%	-2.17%	2.79%	2.06%	-3.77%	-6.20%	2.44%	0.02%	-7.70%	-5.07%	-3.11%	-3.14%	-2.97%	1.15%
2013	6	-3.50%	$172,336	-2.39%	$168,794	-3.48%	$171,315	-1.34%	$200,282	-3.27%	-3.80%	0.82%	-0.31%	-2.89%	-2.27%	-4.90%	-11.06%	-1.43%	-4.42%	-0.38%	-5.33%	-2.55%	-2.24%	-2.77%	-1.51%
2013	7	3.58%	$178,510	4.39%	$176,200	4.86%	$179,642	5.17%	$210,632	-2.26%	0.90%	5.27%	4.34%	3.73%	4.60%	2.04%	7.43%	5.75%	7.63%	1.86%	0.70%	-0.35%	2.53%	5.20%	5.41%
2013	8	-1.17%	$176,419	-2.23%	$172,272	-1.91%	$176,213	-3.00%	$204,315	-1.34%	-1.83%	-2.85%	-4.54%	-1.04%	-0.80%	-2.22%	5.20%	-3.03%	-1.47%	-1.48%	-3.43%	-1.42%	-0.73%	-1.60%	-3.57%
2013	9	2.07%	$180,076	4.99%	$180,860	4.98%	$184,989	3.17%	$210,788	0.66%	1.76%	5.42%	1.38%	2.54%	2.79%	6.64%	-4.78%	3.90%	7.18%	8.76%	7.27%	1.85%	2.89%	7.85%	3.97%
2013	10	2.79%	$185,097	3.38%	$186,969	3.41%	$191,289	4.63%	$220,549	1.43%	0.34%	4.59%	6.41%	5.02%	2.78%	3.31%	-0.34%	4.27%	4.18%	1.60%	4.34%	0.78%	1.38%	3.21%	4.17%
2013	11	0.02%	$185,136	1.07%	$188,967	0.49%	$192,225	2.96%	$227,085	-2.70%	-1.06%	3.45%	1.56%	3.09%	1.00%	1.53%	-5.51%	2.70%	1.02%	0.03%	-0.93%	-0.88%	-1.09%	0.66%	2.32%
2013	12	-0.24%	$184,701	1.58%	$191,955	1.10%	$194,344	2.59%	$232,966	-1.87%	-1.45%	2.28%	0.69%	3.53%	1.32%	-0.43%	-3.79%	2.73%	2.94%	0.61%	-0.28%	-2.09%	-0.08%	1.90%	1.96%
2014	1	-1.25%	$182,396	-3.34%	$185,543	-4.57%	$185,467	-3.52%	$224,754	6.30%	2.10%	-6.00%	-5.17%	-2.57%	1.20%	-7.26%	3.42%	-3.17%	-4.57%	-6.82%	-8.43%	3.06%	0.55%	-5.21%	-5.01%
2014	2	3.99%	$189,674	4.41%	$193,722	5.16%	$195,039	4.55%	$234,984	0.52%	0.44%	6.40%	3.90%	4.39%	4.68%	3.97%	6.27%	4.87%	7.34%	4.03%	3.24%	0.36%	2.21%	5.95%	4.90%
2014	3	-0.67%	$188,395	0.49%	$194,664	0.53%	$196,069	0.83%	$236,937	0.73%	-0.53%	-2.87%	2.19%	0.43%	-1.93%	1.62%	-3.14%	0.51%	-0.65%	-0.37%	4.62%	-0.56%	0.22%	-0.37%	0.79%
2014	4	0.85%	$189,995	0.80%	$196,222	1.05%	$198,125	0.70%	$238,584	2.10%	1.32%	-1.36%	2.74%	0.28%	0.63%	0.90%	0.49%	0.06%	2.65%	-0.07%	0.89%	0.76%	1.40%	1.57%	1.01%
2014	5	1.73%	$193,287	1.77%	$199,701	1.47%	$201,040	2.32%	$244,121	2.95%	2.00%	2.88%	1.81%	3.76%	2.06%	3.66%	-3.05%	2.10%	0.78%	3.22%	3.10%	1.82%	-0.03%	1.77%	1.61%
2014	6	1.95%	$197,063	1.85%	$203,394	2.18%	$205,416	2.06%	$249,158	-0.25%	0.37%	1.94%	-0.25%	1.87%	2.29%	2.26%	6.32%	2.62%	-0.08%	2.91%	3.17%	-0.22%	1.21%	1.04%	1.49%
2014	7	-0.95%	$195,190	-1.60%	$200,137	-2.17%	$200,956	-1.34%	$245,810	0.67%	-0.09%	-1.27%	-3.32%	1.69%	-1.50%	2.87%	-3.63%	-1.99%	-4.32%	0.92%	1.37%	-0.22%	-1.36%	-2.37%	-3.31%
2014	8	2.75%	$200,565	2.40%	$204,937	2.18%	$205,343	3.95%	$255,511	4.72%	0.61%	4.45%	4.61%	3.28%	3.24%	1.91%	0.38%	4.15%	0.73%	-0.45%	3.84%	1.88%	0.19%	0.26%	3.65%
2014	9	-3.19%	$194,176	-3.36%	$198,055	-3.69%	$197,762	-1.38%	$251,987	-2.11%	-2.59%	-2.77%	0.59%	-0.52%	-2.74%	-6.70%	-6.18%	-2.10%	-3.98%	-4.68%	-7.18%	-1.05%	-4.25%	-4.16%	-1.00%
2014	10	1.24%	$196,591	1.39%	$200,798	0.95%	$199,632	2.36%	$257,921	2.81%	0.90%	2.11%	3.55%	1.60%	0.54%	2.56%	-3.05%	2.75%	-1.90%	3.07%	2.23%	1.53%	-0.68%	-0.35%	2.65%
2014	11	2.18%	$200,881	0.97%	$202,752	0.97%	$201,561	2.75%	$265,007	2.97%	0.16%	5.45%	5.54%	4.81%	1.20%	0.00%	-0.49%	2.48%	2.07%	-3.78%	-1.10%	1.29%	-0.65%	0.00%	3.22%
2014	12	-0.33%	$200,216	-1.60%	$199,511	-1.90%	$197,726	-0.26%	$264,329	3.25%	-1.05%	0.89%	-0.93%	-2.18%	-1.93%	-2.16%	1.31%	-0.04%	-4.69%	-2.24%	-4.69%	0.13%	-0.90%	-3.77%	0.11%
2015	1	1.89%	$203,997	-1.08%	$197,366	-0.16%	$197,416	-2.96%	$256,497	9.82%	3.23%	-2.99%	-0.97%	-3.51%	-1.43%	1.61%	8.69%	-2.74%	0.52%	1.18%	-0.20%	4.30%	-2.82%	0.71%	-3.38%
2015	2	1.59%	$207,241	4.31%	$205,870	4.52%	$206,338	5.62%	$270,913	-6.14%	-1.29%	8.54%	4.14%	7.99%	3.75%	3.10%	-5.91%	5.74%	6.09%	6.07%	4.66%	-2.47%	-0.82%	6.16%	5.59%
2015	3	-0.73%	$205,724	-1.23%	$203,335	-1.73%	$202,760	-1.57%	$266,648	1.10%	-0.48%	-0.49%	-1.95%	-3.44%	-0.07%	0.27%	-2.15%	-1.16%	-2.43%	0.59%	-2.05%	0.86%	-1.76%	-1.22%	-2.27%
2015	4	0.86%	$207,503	2.28%	$207,976	2.49%	$207,803	0.98%	$269,270	-3.43%	0.68%	-0.05%	-0.76%	2.75%	1.50%	6.42%	-0.17%	0.62%	4.24%	3.46%	7.41%	-0.63%	2.25%	3.87%	-0.21%
2015	5	-0.02%	$207,461	-0.26%	$207,436	-0.09%	$207,622	1.29%	$272,732	-2.37%	-1.01%	1.31%	0.87%	1.86%	1.89%	-3.05%	0.56%	1.30%	0.28%	-0.58%	-3.55%	-0.42%	-3.52%	-0.05%	0.96%
2015	6	-2.03%	$203,240	-1.96%	$203,370	-2.48%	$202,465	-2.03%	$267,198	-4.07%	-1.02%	0.56%	-1.83%	-4.11%	-3.13%	-3.99%	-1.52%	-1.67%	-3.28%	-2.47%	-2.54%	-1.63%	-0.53%	-2.91%	-2.54%
2015	7	0.27%	$203,783	0.69%	$204,770	-0.28%	$201,904	2.26%	$273,234	4.55%	0.54%	4.89%	5.69%	2.85%	-0.47%	-5.92%	-6.62%	1.70%	2.67%	-0.54%	-6.26%	1.52%	0.04%	1.46%	2.16%
2015	8	-3.48%	$196,698	-5.45%	$193,602	-6.02%	$189,742	-6.10%	$256,580	-0.69%	-0.95%	-6.53%	-5.96%	-5.52%	-2.60%	-10.01%	3.71%	-6.09%	-7.02%	-7.68%	-9.86%	0.08%	0.60%	-7.23%	-5.87%
2015	9	-0.76%	$195,201	-2.42%	$188,911	-2.91%	$184,227	-2.54%	$250,055	1.97%	-0.52%	-0.58%	0.40%	-1.34%	-2.38%	-1.11%	-1.80%	-2.92%	-4.12%	-3.85%	-2.88%	1.58%	0.79%	-4.08%	-1.84%
2015	10	4.56%	$204,092	5.60%	$199,495	6.19%	$195,633	8.51%	$271,324	-0.41%	0.30%	9.04%	5.70%	10.48%	4.45%	7.09%	2.28%	7.91%	5.90%	7.56%	5.29%	-0.64%	-0.42%	6.73%	6.74%
2015	11	-1.59%	$200,842	-0.53%	$198,447	-1.16%	$193,371	0.37%	$272,316	-0.87%	-0.14%	-0.23%	-0.92%	0.71%	-0.67%	-1.79%	-6.75%	0.60%	-1.25%	0.03%	-2.30%	-0.43%	-2.53%	-0.76%	0.27%
2015	12	-0.83%	$199,182	-1.62%	$195,239	-1.80%	$189,896	-1.72%	$267,638	-0.30%	-1.01%	-2.84%	2.93%	-2.07%	-1.35%	-2.12%	-0.45%	-2.13%	-2.62%	-0.81%	-3.44%	-0.45%	1.49%	-2.14%	-0.87%
2016	1	-1.09%	$197,014	-4.19%	$187,052	-3.55%	$183,160	-4.98%	$254,313	5.57%	1.57%	-5.18%	0.53%	-3.71%	-5.31%	-6.85%	5.41%	-5.72%	-5.55%	-5.96%	-5.75%	3.33%	1.16%	-5.53%	-2.29%
2016	2	2.16%	$201,263	-0.44%	$186,229	0.26%	$183,638	-0.08%	$254,103	3.09%	1.22%	0.45%	0.32%	-0.65%	0.80%	-0.88%	10.93%	-0.01%	-3.23%	-3.51%	-0.32%	1.49%	3.05%	-3.08%	1.13%
2016	3	4.40%	$210,127	6.77%	$198,830	6.95%	$196,394	6.72%	$271,190	-0.09%	1.67%	6.70%	4.74%	8.82%	5.32%	10.79%	-0.84%	7.11%	7.03%	7.72%	12.72%	-0.06%	3.97%	7.20%	6.28%
2016	4	0.37%	$210,894	1.12%	$201,054	1.46%	$199,271	0.39%	$272,259	-0.74%	0.21%	0.13%	-1.43%	-5.03%	0.87%	-1.13%	5.11%	0.66%	2.76%	0.47%	1.01%	-0.16%	1.68%	2.31%	-0.33%
2016	5	-0.72%	$209,379	0.16%	$201,385	-0.76%	$197,761	1.70%	$276,891	0.81%	-0.64%	0.05%	0.69%	4.89%	1.00%	-1.30%	-6.14%	1.73%	-0.50%	1.06%	-3.24%	-0.10%	-2.30%	-0.30%	0.95%
2016	6	3.32%	$216,333	0.51%	$202,408	1.62%	$200,959	0.35%	$277,859	6.93%	2.25%	-1.14%	5.36%	-1.37%	0.54%	3.21%	8.97%	0.27%	-4.04%	0.14%	4.93%	3.09%	3.17%	-2.04%	2.37%
2016	7	2.80%	$222,383	3.56%	$209,614	3.53%	$208,051	3.65%	$287,993	2.10%	0.64%	4.56%	-0.82%	7.10%	4.47%	5.41%	1.98%	3.98%	3.47%	5.76%	5.14%	0.25%	1.29%	4.16%	2.29%
2016	8	-0.47%	$221,349	0.07%	$209,760	-0.04%	$207,972	0.12%	$288,337	-1.01%	-0.34%	-1.30%	-0.59%	1.16%	1.07%	1.80%	-3.26%	0.21%	0.68%	0.19%	0.78%	-1.01%	-1.22%	0.41%	0.01%
2016	9	0.50%	$222,451	0.84%	$211,513	0.71%	$209,445	0.01%	$288,360	-1.51%	0.75%	-0.27%	-1.54%	2.10%	1.20%	3.14%	0.69%	0.21%	0.80%	2.97%	2.05%	0.24%	0.84%	1.65%	-0.97%
2016	10	-1.93%	$218,152	-2.29%	$206,672	-1.89%	$205,483	-1.73%	$283,360	-4.38%	-0.54%	-2.42%	-0.77%	-0.75%	-1.10%	-2.64%	-2.94%	-2.19%	-3.53%	-0.92%	0.32%	-1.49%	-4.23%	-2.41%	-1.93%
2016	11	-2.44%	$212,839	0.06%	$206,795	-0.67%	$204,099	3.68%	$293,799	-8.21%	-2.07%	4.80%	-4.20%	0.17%	0.50%	-3.12%	-8.36%	4.49%	-2.34%	-1.37%	-4.05%	-4.23%	-5.23%	-1.51%	2.98%
2016	12	-0.00%	$212,831	1.48%	$209,858	1.12%	$206,380	2.03%	$299,758	-0.46%	-0.04%	0.04%	2.99%	2.26%	1.26%	-2.64%	-1.91%	1.98%	4.92%	-0.57%	-0.74%	-0.12%	-0.85%	2.45%	1.17%
2017	1	3.47%	$220,225	2.53%	$215,171	3.42%	$213,443	1.79%	$305,122	0.81%	0.89%	4.21%	1.70%	3.56%	2.87%	7.39%	5.42%	1.86%	2.96%	4.92%	5.76%	0.22%	1.37%	3.67%	1.76%
2017	2	2.47%	$225,653	2.17%	$219,848	2.66%	$219,119	3.93%	$317,111	1.59%	0.41%	1.82%	4.77%	4.53%	2.07%	2.76%	3.18%	3.69%	0.59%	2.15%	2.25%	0.72%	-0.03%	1.06%	4.33%
2017	3	0.88%	$227,642	1.30%	$222,713	1.47%	$222,339	0.13%	$317,510	-0.65%	0.00%	2.13%	-0.42%	2.23%	0.84%	3.83%	-0.43%	0.06%	4.43%	1.79%	2.84%	0.08%	0.47%	3.06%	-0.07%
2017	4	1.58%	$231,249	1.67%	$226,439	1.81%	$226,363	0.99%	$320,662	1.57%	0.45%	2.40%	1.10%	2.01%	1.70%	2.02%	1.73%	1.06%	3.90%	0.76%	1.56%	1.11%	1.79%	2.21%	1.72%
2017	5	1.49%	$234,696	1.96%	$230,883	1.92%	$230,713	1.41%	$325,187	1.89%	-0.04%	1.10%	2.65%	3.95%	0.91%	3.97%	-0.12%	1.01%	4.91%	2.21%	0.99%	0.83%	2.28%	3.41%	1.57%
2017	6	-0.59%	$233,311	0.62%	$232,304	0.32%	$231,443	0.64%	$327,260	0.79%	-0.87%	-1.26%	-2.25%	-2.81%	1.31%	1.46%	-2.16%	0.95%	-0.51%	1.72%	0.85%	-0.51%	0.62%	0.64%	0.28%
2017	7	2.04%	$238,070	2.52%	$238,158	2.47%	$237,159	2.06%	$333,986	-0.66%	0.46%	1.93%	0.69%	4.46%	3.02%	5.03%	2.31%	1.88%	2.83%	2.75%	5.34%	0.38%	3.21%	2.88%	0.73%
2017	8	0.98%	$240,392	0.61%	$239,621	0.79%	$239,027	0.29%	$334,961	3.41%	1.04%	-1.86%	-1.10%	2.92%	0.25%	1.74%	4.20%	0.15%	0.07%	0.16%	3.00%	1.46%	1.10%	0.02%	-0.36%
2017	9	-0.65%	$238,841	1.42%	$243,022	1.43%	$242,441	2.01%	$341,708	-2.32%	-0.70%	0.82%	-0.72%	0.82%	0.50%	0.21%	-3.37%	2.44%	3.21%	1.14%	-0.49%	-1.44%	-1.30%	2.52%	2.38%
2017	10	1.06%	$241,365	1.53%	$246,732	1.75%	$246,694	2.36%	$349,760	-0.04%	0.24%	2.12%	-1.65%	6.51%	1.69%	4.28%	-0.75%	2.17%	0.46%	4.33%	2.43%	-0.19%	-1.02%	1.77%	2.10%
2017	11	1.82%	$245,757	1.69%	$250,909	1.90%	$251,378	3.06%	$360,450	0.74%	0.09%	5.07%	5.58%	1.41%	-0.09%	0.42%	0.36%	3.03%	-0.05%	2.23%	-0.34%	-0.28%	1.64%	0.86%	4.48%
2017	12	1.63%	$249,769	1.38%	$254,376	1.89%	$256,138	1.21%	$364,807	1.81%	0.93%	2.46%	2.24%	0.54%	-0.33%	2.53%	2.11%	1.16%	1.53%	1.56%	3.70%	0.18%	0.79%	1.65%	1.44%
2018	1	3.74%	$259,103	4.70%	$266,334	5.30%	$269,701	5.64%	$385,367	-3.26%	-0.85%	9.24%	1.63%	7.04%	5.04%	7.21%	3.23%	5.23%	5.63%	4.75%	8.56%	-2.15%	2.56%	4.75%	5.02%
2018	2	-3.58%	$249,819	-3.76%	$256,332	-4.40%	$257,848	-3.64%	$371,355	-3.04%	-1.03%	-3.47%	-7.63%	-0.41%	-2.39%	-6.16%	-2.08%	-3.76%	-6.15%	-4.01%	-5.36%	-0.93%	-0.72%	-5.11%	-4.03%
2018	3	0.01%	$249,836	-0.68%	$254,581	-0.70%	$256,050	-2.74%	$361,174	2.86%	1.01%	-2.38%	-0.91%	-3.73%	-0.00%	1.03%	0.63%	-1.95%	-0.36%	-0.32%	-0.21%	1.16%	1.53%	-0.40%	-1.35%
2018	4	-0.80%	$247,825	-0.06%	$254,429	-0.28%	$255,334	0.52%	$363,041	-2.09%	-0.13%	2.38%	-4.14%	0.06%	-0.16%	-1.65%	-0.95%	0.45%	2.15%	0.34%	-2.77%	-1.28%	-2.46%	1.27%	-0.93%
2018	5	0.85%	$249,933	0.25%	$255,055	-0.20%	$254,823	2.43%	$371,866	2.01%	0.33%	1.99%	-1.57%	6.78%	3.80%	-0.33%	-1.20%	2.72%	-2.42%	-1.11%	-2.34%	0.99%	-1.97%	-1.43%	1.77%
2018	6	0.07%	$250,098	-0.64%	$253,432	-1.52%	$250,943	0.58%	$374,007	0.65%	0.65%	3.62%	4.56%	-0.26%	-0.35%	-5.17%	-3.61%	0.70%	-1.26%	-2.61%	-4.79%	0.20%	-0.28%	-1.67%	0.30%
2018	7	0.73%	$251,917	2.38%	$259,459	2.89%	$258,184	3.70%	$387,862	-1.44%	-0.53%	1.80%	3.96%	2.09%	0.52%	1.93%	-2.24%	3.32%	3.40%	0.80%	3.98%	-0.53%	-0.53%	2.28%	4.68%
2018	8	0.99%	$254,421	0.49%	$260,718	-0.31%	$257,382	3.19%	$400,243	1.31%	0.65%	5.10%	0.39%	6.60%	2.36%	-2.22%	-2.14%	3.43%	-2.83%	-0.95%	-4.19%	1.01%	-0.80%	-1.73%	2.80%
2018	9	-0.51%	$253,132	-0.01%	$260,689	0.49%	$258,655	0.59%	$402,624	-2.86%	-0.97%	0.53%	0.99%	-0.02%	-0.61%	-1.15%	-0.66%	0.20%	0.07%	2.11%	-1.35%	-1.20%	-0.82%	0.71%	1.68%
2018	10	-4.19%	$242,526	-6.50%	$243,751	-6.62%	$241,539	-6.91%	$374,801	-2.93%	-1.52%	-10.10%	2.00%	-8.00%	-6.64%	-10.79%	2.12%	-7.41%	-7.90%	-9.90%	-7.66%	-0.30%	-1.50%	-8.60%	-6.36%
2018	11	2.14%	$247,723	1.59%	$247,638	2.34%	$247,197	1.85%	$381,753	1.79%	0.48%	2.48%	2.27%	-1.96%	2.55%	6.00%	0.34%	2.01%	-0.68%	2.42%	4.83%	1.33%	0.48%	0.51%	4.14%
2018	12	-2.77%	$240,861	-5.28%	$234,568	-5.50%	$233,611	-8.79%	$348,183	5.85%	0.53%	-7.95%	-8.91%	-8.36%	-5.43%	-3.47%	4.94%	-9.16%	-4.84%	-6.06%	-3.34%	2.80%	2.00%	-5.67%	-8.73%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2	Portfolio 3	SPDR S&P 500 ETF Trust
Large-cap Value	1.91%	15.22%	15.57%	46.94%
Large-cap Growth	26.24%	18.99%	14.20%	52.96%
Mid-cap Value	0.00%	4.64%	0.00%	0.00%
Mid-cap Growth	9.01%	0.00%	5.44%	0.00%
Small-cap Value	0.00%	0.56%	0.00%	0.00%
Small-cap Growth	0.00%	0.75%	0.00%	0.00%
Global ex-US Developed Markets	0.00%	32.50%	30.96%	0.00%
Emerging Markets	20.79%	10.85%	22.37%	0.02%
Corporate Bonds	0.00%	3.14%	0.00%	0.00%
Long-Term Treasuries	6.98%	0.00%	0.28%	0.00%
Intermediate-Term Treasuries	35.07%	10.71%	11.18%	0.09%
Short-Term Treasuries	0.00%	2.64%	0.00%	0.00%
R Squared	90.60%	99.51%	98.22%	99.95%
Style analysis is based on monthly returns from May 2009 to December 2018 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		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
TLT	iShares 20+ Year Treasury Bond ETF	Long Government	8.41%	3.16%	1.97%	0.15%	0.15%		18.13	$8,168	-1.02%
TIP	iShares TIPS Bond ETF	Inflation-Protected Bond	14.85%	10.00%	6.38%	0.19%	0.19%		6.84	$6,440	3.89%
XLY	Consumer Discret Sel Sect SPDR ETF	Consumer Cyclical	15.86%	0.73%	0.71%	0.10%	0.10%	22.35		$45,110	21.85%
XLP	Consumer Staples Select Sector SPDR ETF	Consumer Defensive	14.36%	2.38%	2.42%	0.10%	0.10%	23.00		$26,457	12.85%
XLK	Technology Select Sector SPDR ETF	Technology	2.97%	0.86%	0.83%	0.10%	0.10%	23.17		$7,955	3.80%
CWB	SPDR Blmbg Convert Secs ETF	Convertibles	14.85%	4.33%	2.45%	0.40%	0.40%		2.18	$23,676	14.49%
AAXJ	iShares MSCI All Country Asia ex Jpn ETF	Pacific/Asia ex-Japan Stk	13.85%	1.38%	2.77%	0.69%	0.69%	12.05		$16,212	27.12%
GLD	SPDR Gold Shares	Commodities Focused	14.85%			0.40%	0.40%			$6,843	17.02%
			100.00%	3.07%	2.35%	0.29%	0.29%	19.57	7.52	$140,861	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Portfolio 2

Holdings Based Style Analysis for Portfolio 2
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VTI	Vanguard Total Stock Market ETF	Large Blend	43.50%	1.56%	1.47%	0.03%	0.03%	17.66		$92,401	46.16%
VGK	Vanguard FTSE Europe ETF	Europe Stock	17.50%		4.07%	0.08%	0.08%	12.08		$17,610	25.52%
VPL	Vanguard FTSE Pacific ETF	Diversified Pacific/Asia	9.80%		3.65%	0.08%	0.08%	11.81		$10,604	10.88%
VWO	Vanguard FTSE Emerging Markets ETF	Diversified Emerging Mkts	9.20%		3.37%	0.08%	0.08%	11.15		$7,691	13.71%
IEF	iShares 7-10 Year Treasury Bond ETF	Long Government	6.90%	2.86%	1.19%	0.15%	0.15%		7.96	$3,819	-1.07%
IGOV	iShares International Treasury Bond ETF	Global Bond	13.10%	1.46%	0.47%	0.35%	0.35%		8.46	$2,444	4.80%
			100.00%	1.07%	2.16%	0.10%	0.10%	14.97	8.29	$134,568	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		Expense Ratio		P/E	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Return	Risk
GLD	SPDR Gold Shares	Commodities Focused	10.00%			0.40%	0.40%		$4,856	4.18%
VTI	Vanguard Total Stock Market ETF	Large Blend	10.00%	1.56%	1.47%	0.03%	0.03%	17.66	$21,607	9.22%
VWO	Vanguard FTSE Emerging Markets ETF	Diversified Emerging Mkts	15.00%		3.37%	0.08%	0.08%	11.15	$12,557	20.80%
VEA	Vanguard FTSE Developed Markets ETF	Foreign Large Blend	36.00%		3.69%	0.05%	0.05%	11.96	$36,556	42.70%
VIG	Vanguard Dividend Appreciation ETF	Large Blend	29.00%	1.93%	1.87%	0.06%	0.06%	19.38	$58,036	23.10%
			100.00%	0.72%	2.52%	0.09%	0.09%	14.85	$133,611	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fund fundamentals data as of 08/05/2022. (c) 2022 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	SPDR S&P 500 ETF Trust
Arithmetic Mean (monthly)	0.79%	0.79%	0.80%	1.14%
Arithmetic Mean (annualized)	9.87%	9.92%	10.03%	14.64%
Geometric Mean (monthly)	0.76%	0.74%	0.73%	1.08%
Geometric Mean (annualized)	9.52%	9.22%	9.17%	13.78%
Standard Deviation (monthly)	2.32%	3.29%	3.66%	3.58%
Standard Deviation (annualized)	8.03%	11.39%	12.66%	12.41%
Downside Deviation (monthly)	1.20%	1.95%	2.18%	2.11%
Maximum Drawdown	-7.04%	-16.65%	-18.68%	-16.23%
Stock Market Correlation	0.80	0.94	0.91	1.00
Beta^(*)	0.52	0.86	0.93	1.00
Alpha (annualized)	2.33%	-2.39%	-3.18%	0.00%
R²	63.92%	88.72%	83.13%	100.00%
Sharpe Ratio	1.13	0.80	0.73	1.08
Sortino Ratio	2.15	1.34	1.21	1.81
Treynor Ratio (%)	17.53	10.55	9.92	13.37
Calmar Ratio	0.93	0.53	0.53	0.68
Active Return	-4.26%	-4.56%	-4.60%	N/A
Tracking Error	7.69%	4.18%	5.27%	N/A
Information Ratio	-0.55	-1.09	-0.87	N/A
Skewness	0.10	-0.10	-0.06	-0.32
Excess Kurtosis	0.12	0.62	0.86	0.50
Historical Value-at-Risk (5%)	-3.20%	-5.20%	-4.95%	-5.62%
Analytical Value-at-Risk (5%)	-3.01%	-4.59%	-5.19%	-4.75%
Conditional Value-at-Risk (5%)	-3.89%	-6.69%	-7.49%	-7.12%
Upside Capture Ratio (%)	53.97	78.49	81.76	100.00
Downside Capture Ratio (%)	42.59	92.58	99.53	100.00
Safe Withdrawal Rate	16.62%	16.38%	16.69%	19.55%
Perpetual Withdrawal Rate	6.90%	6.66%	6.62%	10.27%
Positive Periods	73 out of 116 (62.93%)	73 out of 116 (62.93%)	69 out of 116 (59.48%)	81 out of 116 (69.83%)
Gain/Loss Ratio	1.42	1.11	1.22	0.95
^* SPDR S&P 500 ETF Trust is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Feb 2018	Dec 2018	11 months				-7.04%
2	May 2015	Sep 2015	5 months	Mar 2016	6 months	11 months	-5.93%
3	Jun 2011	Sep 2011	4 months	Oct 2011	1 month	5 months	-5.90%
4	May 2013	Jun 2013	2 months	Oct 2013	4 months	6 months	-5.54%
5	May 2010	Jun 2010	2 months	Sep 2010	3 months	5 months	-4.41%
6	Oct 2016	Dec 2016	3 months	Feb 2017	2 months	5 months	-4.32%
7	May 2012	May 2012	1 month	Jul 2012	2 months	3 months	-3.21%
8	Sep 2014	Sep 2014	1 month	Nov 2014	2 months	3 months	-3.19%
9	Dec 2009	Jan 2010	2 months	Feb 2010	1 month	3 months	-2.08%
10	Jan 2011	Jan 2011	1 month	Feb 2011	1 month	2 months	-1.72%
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	May 2011	Sep 2011	5 months	Nov 2012	1 year 2 months	1 year 7 months	-16.65%
2	Feb 2018	Dec 2018	11 months				-11.93%
3	May 2015	Feb 2016	10 months	Jul 2016	5 months	1 year 3 months	-10.46%
4	May 2010	Jun 2010	2 months	Sep 2010	3 months	5 months	-10.10%
5	Sep 2014	Jan 2015	5 months	Feb 2015	1 month	6 months	-3.69%
6	Jan 2010	Jan 2010	1 month	Mar 2010	2 months	3 months	-3.42%
7	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-3.34%
8	May 2013	Jun 2013	2 months	Jul 2013	1 month	3 months	-3.15%
9	Oct 2016	Oct 2016	1 month	Jan 2017	3 months	4 months	-2.29%
10	Nov 2010	Nov 2010	1 month	Dec 2010	1 month	2 months	-2.29%
Worst 10 drawdowns included above

Drawdowns for Portfolio 3

Drawdowns for Portfolio 3 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	May 2011	Sep 2011	5 months	Dec 2012	1 year 3 months	1 year 8 months	-18.68%
2	Feb 2018	Dec 2018	11 months				-13.38%
3	May 2015	Jan 2016	9 months	Jul 2016	6 months	1 year 3 months	-11.86%
4	May 2010	Jun 2010	2 months	Sep 2010	3 months	5 months	-10.26%
5	May 2013	Jun 2013	2 months	Sep 2013	3 months	5 months	-5.29%
6	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-4.57%
7	Jan 2010	Jan 2010	1 month	Mar 2010	2 months	3 months	-4.12%
8	Jul 2014	Jan 2015	7 months	Feb 2015	1 month	8 months	-3.89%
9	Oct 2016	Nov 2016	2 months	Jan 2017	2 months	4 months	-2.55%
10	Nov 2010	Nov 2010	1 month	Dec 2010	1 month	2 months	-1.84%
Worst 10 drawdowns included above

Drawdowns for SPDR S&P 500 ETF Trust

Drawdowns for SPDR S&P 500 ETF Trust (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	May 2011	Sep 2011	5 months	Feb 2012	5 months	10 months	-16.23%
2	Oct 2018	Dec 2018	3 months				-13.52%
3	May 2010	Jun 2010	2 months	Oct 2010	4 months	6 months	-12.71%
4	Aug 2015	Sep 2015	2 months	May 2016	8 months	10 months	-8.48%
5	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-6.63%
6	Feb 2018	Mar 2018	2 months	Jul 2018	4 months	6 months	-6.28%
7	Jan 2010	Jan 2010	1 month	Mar 2010	2 months	3 months	-3.63%
8	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-3.52%
9	Dec 2014	Jan 2015	2 months	Feb 2015	1 month	3 months	-3.21%
10	Aug 2013	Aug 2013	1 month	Sep 2013	1 month	2 months	-3.00%
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	Market Correlation
TLT	iShares 20+ Year Treasury Bond ETF	5.42%	12.43%	33.96%	-13.37%	-18.03%	0.46	0.80	-0.47
TIP	iShares TIPS Bond ETF	3.20%	4.56%	13.28%	-8.49%	-9.24%	0.63	1.00	0.02
XLY	Consumer Discret Sel Sect SPDR ETF	17.89%	14.54%	42.73%	1.59%	-16.07%	1.18	2.11	0.92
XLP	Consumer Staples Select Sector SPDR ETF	12.11%	10.78%	26.30%	-8.07%	-13.63%	1.08	1.87	0.66
XLK	Technology Select Sector SPDR ETF	16.07%	14.37%	34.49%	-1.66%	-17.37%	1.09	1.93	0.87
CWB	SPDR Blmbg Convert Secs ETF	10.27%	9.63%	30.38%	-7.66%	-15.56%	1.03	1.68	0.90
AAXJ	iShares MSCI All Country Asia ex Jpn ETF	7.26%	18.47%	45.45%	-20.18%	-27.27%	0.45	0.72	0.75
GLD	SPDR Gold Shares	3.46%	17.11%	29.27%	-28.33%	-42.91%	0.26	0.41	0.06
VTI	Vanguard Total Stock Market ETF	13.89%	12.86%	33.45%	-5.21%	-17.58%	1.05	1.75	1.00
VGK	Vanguard FTSE Europe ETF	7.09%	17.62%	39.55%	-14.91%	-27.74%	0.46	0.73	0.82
VPL	Vanguard FTSE Pacific ETF	7.32%	14.20%	28.86%	-14.40%	-18.42%	0.54	0.82	0.79
VWO	Vanguard FTSE Emerging Markets ETF	5.95%	19.19%	50.16%	-18.76%	-30.74%	0.38	0.61	0.74
IEF	iShares 7-10 Year Treasury Bond ETF	3.46%	5.70%	15.64%	-6.09%	-7.60%	0.56	0.92	-0.42
IGOV	iShares International Treasury Bond ETF	1.53%	7.75%	11.38%	-7.15%	-15.34%	0.19	0.26	0.31
VEA	Vanguard FTSE Developed Markets ETF	7.06%	15.66%	36.00%	-14.75%	-23.95%	0.49	0.77	0.85
VIG	Vanguard Dividend Appreciation ETF	12.76%	11.31%	28.87%	-2.08%	-14.18%	1.09	1.83	0.96

Portfolio Asset Performance

Performance of portfolio assets
Name	Total Return			Annualized Return		Expense Ratio
Name	3 Month	Year To Date	1 year	3 year	5 year	Net	Gross
iShares 20+ Year Treasury Bond ETF	4.59%	-1.61%	-1.61%	2.82%	6.33%	0.15%	0.15%
iShares TIPS Bond ETF	-0.52%	-1.42%	-1.42%	2.03%	1.57%	0.19%	0.19%
Consumer Discret Sel Sect SPDR ETF	-15.20%	1.59%	1.59%	9.76%	9.73%	0.10%	0.10%
Consumer Staples Select Sector SPDR ETF	-4.97%	-8.07%	-8.07%	2.93%	6.17%	0.10%	0.10%
Technology Select Sector SPDR ETF	-17.35%	-1.66%	-1.66%	14.94%	13.55%	0.10%	0.10%
SPDR Blmbg Convert Secs ETF	-9.45%	-1.96%	-1.96%	7.90%	6.06%	0.40%	0.40%
iShares MSCI All Country Asia ex Jpn ETF	-8.72%	-15.03%	-15.03%	8.04%	3.07%	0.69%	0.69%
SPDR Gold Shares	7.53%	-1.94%	-1.94%	6.12%	0.87%	0.40%	0.40%
Vanguard Total Stock Market ETF	-14.20%	-5.21%	-5.21%	9.04%	7.92%	0.03%	0.03%
Vanguard FTSE Europe ETF	-12.95%	-14.91%	-14.91%	2.49%	-0.39%	0.08%	0.08%
Vanguard FTSE Pacific ETF	-13.31%	-14.40%	-14.40%	5.14%	2.45%	0.08%	0.08%
Vanguard FTSE Emerging Markets ETF	-6.43%	-14.77%	-14.77%	7.94%	1.13%	0.08%	0.08%
iShares 7-10 Year Treasury Bond ETF	3.86%	0.99%	0.99%	1.51%	2.98%	0.15%	0.15%
iShares International Treasury Bond ETF	0.96%	-2.60%	-2.60%	3.04%	-0.13%	0.35%	0.35%
Vanguard FTSE Developed Markets ETF	-13.34%	-14.75%	-14.75%	3.43%	0.72%	0.05%	0.05%
Vanguard Dividend Appreciation ETF	-11.00%	-2.08%	-2.08%	10.25%	7.66%	0.06%	0.06%
Trailing returns as of last calendar month ending December 2018

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	TLT	TIP	XLY	XLP	XLK	CWB	AAXJ	GLD	VTI	VGK	VPL	VWO	IEF	IGOV	VEA	VIG	Portfolio 1	Portfolio 2	Portfolio 3	SPDR S&P 500 ETF Trust
TLT	iShares 20+ Year Treasury Bond ETF	1.00	0.55	-0.41	-0.09	-0.38	-0.39	-0.30	0.20	-0.47	-0.42	-0.36	-0.34	0.89	0.08	-0.42	-0.39	-0.08	-0.40	-0.38	-0.46
TIP	iShares TIPS Bond ETF	0.55	1.00	0.01	0.15	0.01	0.11	0.27	0.53	0.02	0.11	0.14	0.26	0.69	0.42	0.13	0.06	0.46	0.16	0.21	0.02
XLY	Consumer Discret Sel Sect SPDR ETF	-0.41	0.01	1.00	0.61	0.83	0.82	0.65	0.03	0.92	0.71	0.71	0.63	-0.35	0.24	0.75	0.89	0.76	0.84	0.80	0.91
XLP	Consumer Staples Select Sector SPDR ETF	-0.09	0.15	0.61	1.00	0.55	0.51	0.47	0.09	0.66	0.58	0.51	0.50	-0.04	0.37	0.58	0.77	0.67	0.65	0.65	0.69
XLK	Technology Select Sector SPDR ETF	-0.38	0.01	0.83	0.55	1.00	0.83	0.67	0.01	0.87	0.72	0.69	0.65	-0.35	0.26	0.75	0.81	0.71	0.82	0.78	0.89
CWB	SPDR Blmbg Convert Secs ETF	-0.39	0.11	0.82	0.51	0.83	1.00	0.79	0.15	0.90	0.81	0.78	0.77	-0.32	0.38	0.84	0.83	0.81	0.90	0.88	0.89
AAXJ	iShares MSCI All Country Asia ex Jpn ETF	-0.30	0.27	0.65	0.47	0.67	0.79	1.00	0.30	0.75	0.80	0.83	0.97	-0.20	0.51	0.85	0.71	0.85	0.87	0.90	0.75
GLD	SPDR Gold Shares	0.20	0.53	0.03	0.09	0.01	0.15	0.30	1.00	0.06	0.17	0.13	0.33	0.33	0.43	0.16	0.09	0.54	0.19	0.31	0.06
VTI	Vanguard Total Stock Market ETF	-0.47	0.02	0.92	0.66	0.87	0.90	0.75	0.06	1.00	0.82	0.79	0.74	-0.42	0.31	0.86	0.96	0.80	0.94	0.91	1.00
VGK	Vanguard FTSE Europe ETF	-0.42	0.11	0.71	0.58	0.72	0.81	0.80	0.17	0.82	1.00	0.83	0.82	-0.32	0.57	0.98	0.79	0.76	0.94	0.93	0.83
VPL	Vanguard FTSE Pacific ETF	-0.36	0.14	0.71	0.51	0.69	0.78	0.83	0.13	0.79	0.83	1.00	0.83	-0.30	0.42	0.92	0.75	0.75	0.89	0.89	0.79
VWO	Vanguard FTSE Emerging Markets ETF	-0.34	0.26	0.63	0.50	0.65	0.77	0.97	0.33	0.74	0.82	0.83	1.00	-0.23	0.55	0.86	0.71	0.84	0.88	0.91	0.75
IEF	iShares 7-10 Year Treasury Bond ETF	0.89	0.69	-0.35	-0.04	-0.35	-0.32	-0.20	0.33	-0.42	-0.32	-0.30	-0.23	1.00	0.22	-0.33	-0.33	0.04	-0.31	-0.28	-0.41
IGOV	iShares International Treasury Bond ETF	0.08	0.42	0.24	0.37	0.26	0.38	0.51	0.43	0.31	0.57	0.42	0.55	0.22	1.00	0.54	0.35	0.57	0.54	0.55	0.33
VEA	Vanguard FTSE Developed Markets ETF	-0.42	0.13	0.75	0.58	0.75	0.84	0.85	0.16	0.86	0.98	0.92	0.86	-0.33	0.54	1.00	0.81	0.79	0.97	0.96	0.86
VIG	Vanguard Dividend Appreciation ETF	-0.39	0.06	0.89	0.77	0.81	0.83	0.71	0.09	0.96	0.79	0.75	0.71	-0.33	0.35	0.81	1.00	0.80	0.91	0.89	0.96

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
TLT	iShares 20+ Year Treasury Bond ETF	$8,168
TIP	iShares TIPS Bond ETF	$6,440
XLY	Consumer Discret Sel Sect SPDR ETF	$45,110
XLP	Consumer Staples Select Sector SPDR ETF	$26,457
XLK	Technology Select Sector SPDR ETF	$7,955
CWB	SPDR Blmbg Convert Secs ETF	$23,676
AAXJ	iShares MSCI All Country Asia ex Jpn ETF	$16,212
GLD	SPDR Gold Shares	$6,843		$4,856
VTI	Vanguard Total Stock Market ETF		$92,401	$21,607
VGK	Vanguard FTSE Europe ETF		$17,610
VPL	Vanguard FTSE Pacific ETF		$10,604
VWO	Vanguard FTSE Emerging Markets ETF		$7,691	$12,557
IEF	iShares 7-10 Year Treasury Bond ETF		$3,819
IGOV	iShares International Treasury Bond ETF		$2,444
VEA	Vanguard FTSE Developed Markets ETF			$36,556
VIG	Vanguard Dividend Appreciation ETF			$58,036
Return attribution decomposes portfolio gains into its constituent parts and identifies the contribution to returns by each of the assets.

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
TLT	iShares 20+ Year Treasury Bond ETF	-1.02%
TIP	iShares TIPS Bond ETF	3.89%
XLY	Consumer Discret Sel Sect SPDR ETF	21.85%
XLP	Consumer Staples Select Sector SPDR ETF	12.85%
XLK	Technology Select Sector SPDR ETF	3.80%
CWB	SPDR Blmbg Convert Secs ETF	14.49%
AAXJ	iShares MSCI All Country Asia ex Jpn ETF	27.12%
GLD	SPDR Gold Shares	17.02%		4.18%
VTI	Vanguard Total Stock Market ETF		46.16%	9.22%
VGK	Vanguard FTSE Europe ETF		25.52%
VPL	Vanguard FTSE Pacific ETF		10.88%
VWO	Vanguard FTSE Emerging Markets ETF		13.71%	20.80%
IEF	iShares 7-10 Year Treasury Bond ETF		-1.07%
IGOV	iShares International Treasury Bond ETF		4.80%
VEA	Vanguard FTSE Developed Markets ETF			42.70%
VIG	Vanguard Dividend Appreciation ETF			23.10%
Risk attribution decomposes portfolio risk into its constituent parts and identifies the contribution to overall volatility by each of the assets.

Annual Asset Returns

Rolling returns summary
Roll Period	Portfolio 1			Portfolio 2			Portfolio 3			SPDR S&P 500 ETF Trust
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low	Average	High	Low
1 year	9.40%	31.69%	-3.57%	9.37%	32.41%	-9.54%	9.11%	38.04%	-11.00%	14.42%	38.63%	-6.20%
3 years	8.40%	18.40%	3.53%	8.39%	15.17%	3.02%	7.63%	16.92%	1.40%	13.83%	22.82%	8.71%
5 years	8.16%	13.70%	5.45%	8.61%	14.43%	4.09%	7.65%	14.65%	2.91%	14.27%	18.99%	8.37%
7 years	8.51%	11.25%	6.59%	8.48%	10.49%	7.15%	7.77%	10.35%	6.20%	13.88%	16.77%	12.18%