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

Reinvest Dividends

Display Income

Factor Regression

Equity Factor Model

Benchmark

Benchmark Ticker

Portfolio Names

Portfolio Name #1

Portfolio Name #2

Portfolio Name #3

Portfolio Assets

Portfolio #1

Portfolio #2

Portfolio #3

Asset 1

Select asset 1

Enter percentage allocation for asset 1 in portfolio 1 %

Enter percentage allocation for asset 1 in portfolio 2 %

Enter percentage allocation for asset 1 in portfolio 3 %

Asset 2

Select asset 2

Enter percentage allocation for asset 2 in portfolio 1 %

Enter percentage allocation for asset 2 in portfolio 2 %

Enter percentage allocation for asset 2 in portfolio 3 %

Asset 3

Select asset 3

Enter percentage allocation for asset 3 in portfolio 1 %

Enter percentage allocation for asset 3 in portfolio 2 %

Enter percentage allocation for asset 3 in portfolio 3 %

Asset 4

Select asset 4

Enter percentage allocation for asset 4 in portfolio 1 %

Enter percentage allocation for asset 4 in portfolio 2 %

Enter percentage allocation for asset 4 in portfolio 3 %

Asset 5

Select asset 5

Enter percentage allocation for asset 5 in portfolio 1 %

Enter percentage allocation for asset 5 in portfolio 2 %

Enter percentage allocation for asset 5 in portfolio 3 %

Asset 6

Select asset 6

Enter percentage allocation for asset 6 in portfolio 1 %

Enter percentage allocation for asset 6 in portfolio 2 %

Enter percentage allocation for asset 6 in portfolio 3 %

Asset 7

Select asset 7

Enter percentage allocation for asset 7 in portfolio 1 %

Enter percentage allocation for asset 7 in portfolio 2 %

Enter percentage allocation for asset 7 in portfolio 3 %

Asset 8

Select asset 8

Enter percentage allocation for asset 8 in portfolio 1 %

Enter percentage allocation for asset 8 in portfolio 2 %

Enter percentage allocation for asset 8 in portfolio 3 %

Asset 9

Select asset 9

Enter percentage allocation for asset 9 in portfolio 1 %

Enter percentage allocation for asset 9 in portfolio 2 %

Enter percentage allocation for asset 9 in portfolio 3 %

Asset 10

Select asset 10

Enter percentage allocation for asset 10 in portfolio 1 %

Enter percentage allocation for asset 10 in portfolio 2 %

Enter percentage allocation for asset 10 in portfolio 3 %

Total

Total allocation for portfolio 1 %

Total allocation for portfolio 2 %

Total allocation for portfolio 3 %

Portfolio Analysis Results (Sep 1999 - Dec 2020)

Note: The time period was constrained by the available data for Vanguard Developed Markets Index Admiral (VTMGX) [Sep 1999 - Feb 2021].

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
DISVX	DFA International Small Cap Value I	100.00%
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Portfolio 2
Ticker	Name	Allocation
EWJ	iShares MSCI Japan ETF	100.00%
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Portfolio 3
Ticker	Name	Allocation
VTMGX	Vanguard Developed Markets Index Admiral	100.00%
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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	$56,376	8.44%	18.44%	66.48%	-41.68%	-57.69%	0.44	0.65	0.79
Portfolio 2	$10,000	$17,296	2.60%	16.73%	38.73%	-30.31%	-57.84%	0.14	0.20	0.67
Portfolio 3	$10,000	$25,824	4.55%	17.13%	38.67%	-41.27%	-57.06%	0.25	0.35	0.88

Trailing Returns

Trailing Returns
Name	Annualized Return						Annualized Volatility
Name	3 Month	1 year	3 year	5 year	10 year	Full	3 year	5 year
Portfolio 1	19.81%	0.81%	-2.20%	5.27%	5.49%	8.44%	23.59%	19.69%
Portfolio 2	14.82%	15.41%	5.76%	8.61%	6.13%	2.60%	15.58%	13.33%
Portfolio 3	16.93%	10.26%	4.81%	8.31%	5.92%	4.55%	18.86%	15.71%
Trailing annualized return and volatility are for full months ending in December 2020 excluding portfolio cashflows.

Notes on results:

Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
The annual results for 1999 are based on monthly returns from September to December
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 (3-month treasury bill)
Stock market correlation is based on the correlation of monthly returns
Drawdown analysis is calculated based on monthly returns excluding cashflows
The results assume annual rebalancing of portfolio assets to match the specified allocation
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		DFA International Small Cap Value I (DISVX)	iShares MSCI Japan ETF (EWJ)	Vanguard Developed Markets Index Admiral (VTMGX)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	DFA International Small Cap Value I (DISVX)	iShares MSCI Japan ETF (EWJ)	Vanguard Developed Markets Index Admiral (VTMGX)
1999	0.72%	-3.86%	$9,614	22.85%	$12,285	18.59%	$11,859	-3.86%	22.85%	18.59%
2000	3.39%	-3.08%	$9,318	-26.39%	$9,042	-14.29%	$10,164	-3.08%	-26.39%	-14.29%
2001	1.55%	-4.59%	$8,890	-30.31%	$6,302	-21.94%	$7,935	-4.59%	-30.31%	-21.94%
2002	2.38%	5.79%	$9,405	-9.86%	$5,681	-15.62%	$6,696	5.79%	-9.86%	-15.62%
2003	1.88%	66.48%	$15,657	38.73%	$7,881	38.67%	$9,284	66.48%	38.73%	38.67%
2004	3.26%	34.80%	$21,106	13.74%	$8,964	20.25%	$11,165	34.80%	13.74%	20.25%
2005	3.42%	23.23%	$26,009	24.34%	$11,145	13.60%	$12,683	23.23%	24.34%	13.60%
2006	2.54%	28.39%	$33,393	5.85%	$11,797	26.27%	$16,014	28.39%	5.85%	26.27%
2007	4.08%	2.95%	$34,377	-5.50%	$11,148	11.15%	$17,801	2.95%	-5.50%	11.15%
2008	0.09%	-41.68%	$20,049	-26.96%	$8,142	-41.27%	$10,454	-41.68%	-26.96%	-41.27%
2009	2.72%	39.51%	$27,971	3.13%	$8,397	28.27%	$13,409	39.51%	3.13%	28.27%
2010	1.50%	18.10%	$33,034	13.59%	$9,538	8.36%	$14,530	18.10%	13.59%	8.36%
2011	2.96%	-17.46%	$27,264	-14.78%	$8,129	-12.51%	$12,712	-17.46%	-14.78%	-12.51%
2012	1.74%	22.26%	$33,333	9.22%	$8,878	18.56%	$15,071	22.26%	9.22%	18.56%
2013	1.50%	32.39%	$44,127	25.97%	$11,183	22.06%	$18,396	32.39%	25.97%	22.06%
2014	0.76%	-4.99%	$41,927	-6.24%	$10,485	-5.66%	$17,355	-4.99%	-6.24%	-5.66%
2015	0.73%	3.99%	$43,599	9.17%	$11,447	-0.18%	$17,323	3.99%	9.17%	-0.18%
2016	2.07%	8.00%	$47,089	2.78%	$11,764	2.45%	$17,748	8.00%	2.78%	2.45%
2017	2.11%	27.98%	$60,264	24.27%	$14,620	26.40%	$22,433	27.98%	24.27%	26.40%
2018	1.91%	-23.31%	$46,217	-14.10%	$12,559	-14.46%	$19,190	-23.31%	-14.10%	-14.46%
2019	2.29%	21.00%	$55,921	19.33%	$14,987	22.05%	$23,421	21.00%	19.33%	22.05%
2020	1.36%	0.81%	$56,376	15.41%	$17,296	10.26%	$25,824	0.81%	15.41%	10.26%
Annual return for 1999 is from 09/01/1999 to 12/31/1999

Monthly returns for the configured portfolios
Year	Month	Portfolio 1 Return	Portfolio 2 Return	Portfolio 3 Return	DFA International Small Cap Value I (DISVX)	iShares MSCI Japan ETF (EWJ)	Vanguard Developed Markets Index Admiral (VTMGX)
1999	9	-0.56%	4.21%	1.09%	-0.56%	4.21%	1.09%
1999	10	-1.81%	6.28%	3.71%	-1.81%	6.28%	3.71%
1999	11	-2.19%	2.95%	3.86%	-2.19%	2.95%	3.86%
1999	12	0.67%	7.74%	8.90%	0.67%	7.74%	8.90%
2000	1	-1.56%	-5.75%	-6.52%	-1.56%	-5.75%	-6.52%
2000	2	-2.44%	-1.22%	2.86%	-2.44%	-1.22%	2.86%
2000	3	3.87%	8.64%	3.83%	3.87%	8.64%	3.83%
2000	4	-6.25%	-7.58%	-5.36%	-6.25%	-7.58%	-5.36%
2000	5	1.54%	-5.74%	-2.39%	1.54%	-5.74%	-2.39%
2000	6	8.71%	5.65%	3.90%	8.71%	5.65%	3.90%
2000	7	-3.72%	-11.11%	-4.19%	-3.72%	-11.11%	-4.19%
2000	8	1.81%	6.60%	0.91%	1.81%	6.60%	0.91%
2000	9	-3.20%	-4.93%	-4.87%	-3.20%	-4.93%	-4.87%
2000	10	-5.26%	-4.25%	-2.37%	-5.26%	-4.25%	-2.37%
2000	11	1.29%	-7.39%	-3.69%	1.29%	-7.39%	-3.69%
2000	12	3.10%	-1.03%	3.44%	3.10%	-1.03%	3.44%
2001	1	2.75%	-0.56%	-0.10%	2.75%	-0.56%	-0.10%
2001	2	1.02%	-4.27%	-7.50%	1.02%	-4.27%	-7.50%
2001	3	-5.18%	-2.75%	-6.62%	-5.18%	-2.75%	-6.62%
2001	4	7.46%	9.57%	7.66%	7.46%	9.57%	7.66%
2001	5	0.50%	-2.94%	-4.14%	0.50%	-2.94%	-4.14%
2001	6	-0.86%	-6.06%	-4.10%	-0.86%	-6.06%	-4.10%
2001	7	-2.24%	-8.11%	-1.85%	-2.24%	-8.11%	-1.85%
2001	8	2.16%	-2.77%	-2.47%	2.16%	-2.77%	-2.47%
2001	9	-10.96%	-8.10%	-10.25%	-10.96%	-8.10%	-10.25%
2001	10	2.80%	-0.12%	2.55%	2.80%	-0.12%	2.55%
2001	11	0.54%	-0.12%	3.01%	0.54%	-0.12%	3.01%
2001	12	-1.50%	-8.00%	0.71%	-1.50%	-8.00%	0.71%
2002	1	-0.99%	-7.39%	-5.26%	-0.99%	-7.39%	-5.26%
2002	2	3.98%	4.62%	0.68%	3.98%	4.62%	0.68%
2002	3	4.79%	8.97%	5.92%	4.79%	8.97%	5.92%
2002	4	3.92%	3.69%	0.13%	3.92%	3.69%	0.13%
2002	5	6.28%	6.16%	1.78%	6.28%	6.16%	1.78%
2002	6	-1.77%	-5.92%	-3.99%	-1.77%	-5.92%	-3.99%
2002	7	-5.29%	-6.76%	-9.87%	-5.29%	-6.76%	-9.87%
2002	8	-0.25%	-0.64%	-0.29%	-0.25%	-0.64%	-0.29%
2002	9	-6.62%	-6.15%	-10.98%	-6.62%	-6.15%	-10.98%
2002	10	-0.95%	-5.73%	5.52%	-0.95%	-5.73%	5.52%
2002	11	2.20%	3.62%	4.62%	2.20%	3.62%	4.62%
2002	12	1.23%	-2.93%	-3.33%	1.23%	-2.93%	-3.33%
2003	1	0.27%	-2.59%	-4.20%	0.27%	-2.59%	-4.20%
2003	2	0.54%	1.03%	-2.27%	0.54%	1.03%	-2.27%
2003	3	-0.94%	-5.56%	-1.99%	-0.94%	-5.56%	-1.99%
2003	4	9.52%	-0.77%	9.83%	9.52%	-0.77%	9.83%
2003	5	10.06%	5.93%	6.02%	10.06%	5.93%	6.02%
2003	6	5.64%	7.07%	2.47%	5.64%	7.07%	2.47%
2003	7	4.06%	4.54%	2.70%	4.06%	4.54%	2.70%
2003	8	5.54%	9.21%	2.21%	5.54%	9.21%	2.21%
2003	9	5.64%	5.54%	2.98%	5.64%	5.54%	2.98%
2003	10	5.71%	5.48%	6.31%	5.71%	5.48%	6.31%
2003	11	0.44%	-3.03%	2.22%	0.44%	-3.03%	2.22%
2003	12	6.27%	7.61%	7.81%	6.27%	7.61%	7.81%
2004	1	6.10%	0.21%	1.37%	6.10%	0.21%	1.37%
2004	2	3.07%	0.52%	2.36%	3.07%	0.52%	2.36%
2004	3	4.20%	11.95%	0.57%	4.20%	11.95%	0.57%
2004	4	-3.52%	-6.72%	-2.74%	-3.52%	-6.72%	-2.74%
2004	5	-0.99%	-1.48%	0.67%	-0.99%	-1.48%	0.67%
2004	6	4.55%	6.31%	2.68%	4.55%	6.31%	2.68%
2004	7	-3.48%	-7.34%	-3.59%	-3.48%	-7.34%	-3.59%
2004	8	1.23%	1.42%	0.45%	1.23%	1.42%	0.45%
2004	9	2.66%	-2.81%	2.70%	2.66%	-2.81%	2.70%
2004	10	3.26%	2.37%	3.28%	3.26%	2.37%	3.28%
2004	11	8.75%	3.83%	6.89%	8.75%	3.83%	6.89%
2004	12	5.16%	6.35%	4.38%	5.16%	6.35%	4.38%
2005	1	2.79%	-3.02%	-1.94%	2.79%	-3.02%	-1.94%
2005	2	4.74%	2.08%	4.24%	4.74%	2.08%	4.24%
2005	3	-0.94%	-2.96%	-2.44%	-0.94%	-2.96%	-2.44%
2005	4	-1.95%	-2.29%	-1.94%	-1.95%	-2.29%	-1.94%
2005	5	-1.49%	-1.27%	-0.40%	-1.49%	-1.27%	-0.40%
2005	6	2.35%	0.20%	1.09%	2.35%	0.20%	1.09%
2005	7	3.80%	1.08%	3.24%	3.80%	1.08%	3.24%
2005	8	3.90%	8.59%	3.24%	3.90%	8.59%	3.24%
2005	9	2.34%	9.52%	4.15%	2.34%	9.52%	4.15%
2005	10	-2.32%	-0.66%	-2.83%	-2.32%	-0.66%	-2.83%
2005	11	1.86%	2.89%	1.82%	1.86%	2.89%	1.82%
2005	12	6.44%	8.97%	5.04%	6.44%	8.97%	5.04%
2006	1	7.33%	3.70%	6.18%	7.33%	3.70%	6.18%
2006	2	0.21%	-1.57%	-0.66%	0.21%	-1.57%	-0.66%
2006	3	4.77%	4.35%	3.58%	4.77%	4.35%	3.58%
2006	4	4.15%	2.78%	4.86%	4.15%	2.78%	4.86%
2006	5	-4.80%	-5.41%	-3.42%	-4.80%	-5.41%	-3.42%
2006	6	-1.86%	-2.57%	-0.31%	-1.86%	-2.57%	-0.31%
2006	7	-0.36%	-0.51%	1.03%	-0.36%	-0.51%	1.03%
2006	8	2.55%	1.03%	2.66%	2.55%	1.03%	2.66%
2006	9	0.95%	-1.24%	0.23%	0.95%	-1.24%	0.23%
2006	10	4.39%	1.99%	3.88%	4.39%	1.99%	3.88%
2006	11	4.83%	0.00%	3.07%	4.83%	0.00%	3.07%
2006	12	3.75%	3.62%	2.85%	3.75%	3.62%	2.85%
2007	1	2.67%	0.70%	1.27%	2.67%	0.70%	1.27%
2007	2	1.81%	3.14%	0.28%	1.81%	3.14%	0.28%
2007	3	4.35%	-1.29%	2.68%	4.35%	-1.29%	2.68%
2007	4	2.97%	-1.99%	3.86%	2.97%	-1.99%	3.86%
2007	5	1.91%	2.24%	2.54%	1.91%	2.24%	2.54%
2007	6	-0.42%	-0.62%	-0.13%	-0.42%	-0.62%	-0.13%
2007	7	-0.25%	-0.55%	-2.17%	-0.25%	-0.55%	-2.17%
2007	8	-4.10%	-2.49%	-0.65%	-4.10%	-2.49%	-0.65%
2007	9	2.08%	1.92%	5.31%	2.08%	1.92%	5.31%
2007	10	3.94%	0.14%	4.48%	3.94%	0.14%	4.48%
2007	11	-8.12%	-2.02%	-3.75%	-8.12%	-2.02%	-3.75%
2007	12	-3.12%	-4.56%	-2.64%	-3.12%	-4.56%	-2.64%
2008	1	-6.60%	-4.29%	-7.79%	-6.60%	-4.29%	-7.79%
2008	2	2.19%	-1.49%	-0.70%	2.19%	-1.49%	-0.70%
2008	3	0.93%	-1.28%	0.11%	0.93%	-1.28%	0.11%
2008	4	1.70%	7.36%	5.24%	1.70%	7.36%	5.24%
2008	5	2.20%	1.96%	1.35%	2.20%	1.96%	1.35%
2008	6	-8.74%	-7.47%	-8.57%	-8.74%	-7.47%	-8.57%
2008	7	-4.44%	-3.77%	-3.49%	-4.44%	-3.77%	-3.49%
2008	8	-3.22%	-4.92%	-4.29%	-3.22%	-4.92%	-4.29%
2008	9	-14.39%	-6.57%	-12.20%	-14.39%	-6.57%	-12.20%
2008	10	-21.76%	-15.57%	-20.52%	-21.76%	-15.57%	-20.52%
2008	11	-5.55%	-3.78%	-5.98%	-5.55%	-3.78%	-5.98%
2008	12	9.09%	11.56%	8.40%	9.09%	11.56%	8.40%
2009	1	-8.43%	-12.00%	-12.81%	-8.43%	-12.00%	-12.81%
2009	2	-10.99%	-12.57%	-10.50%	-10.99%	-12.57%	-10.50%
2009	3	6.52%	7.19%	8.01%	6.52%	7.19%	8.01%
2009	4	16.21%	7.72%	11.96%	16.21%	7.72%	11.96%
2009	5	13.77%	10.11%	13.35%	13.77%	10.11%	13.35%
2009	6	-0.33%	1.18%	-1.18%	-0.33%	1.18%	-1.18%
2009	7	9.31%	4.67%	9.53%	9.31%	4.67%	9.53%
2009	8	8.66%	3.55%	4.65%	8.66%	3.55%	4.65%
2009	9	4.71%	-2.74%	4.06%	4.71%	-2.74%	4.06%
2009	10	-3.62%	-3.92%	-2.36%	-3.62%	-3.92%	-2.36%
2009	11	0.54%	0.10%	3.26%	0.54%	0.10%	3.26%
2009	12	1.17%	2.79%	0.91%	1.17%	2.79%	0.91%
2010	1	-1.92%	1.03%	-4.75%	-1.92%	1.03%	-4.75%
2010	2	-0.95%	1.02%	0.00%	-0.95%	1.02%	0.00%
2010	3	8.12%	5.03%	6.26%	8.12%	5.03%	6.26%
2010	4	1.26%	-0.48%	-2.35%	1.26%	-0.48%	-2.35%
2010	5	-13.46%	-8.47%	-11.18%	-13.46%	-8.47%	-11.18%
2010	6	-2.01%	-2.56%	-1.66%	-2.01%	-2.56%	-1.66%
2010	7	9.73%	4.67%	10.79%	9.73%	4.67%	10.79%
2010	8	-4.67%	-2.60%	-3.63%	-4.67%	-2.60%	-3.63%
2010	9	11.23%	5.44%	10.11%	11.23%	5.44%	10.11%
2010	10	3.13%	1.31%	3.87%	3.13%	1.31%	3.87%
2010	11	-2.85%	2.50%	-5.11%	-2.85%	2.50%	-5.11%
2010	12	12.32%	6.96%	8.33%	12.32%	6.96%	8.33%
2011	1	2.09%	0.18%	2.25%	2.09%	0.18%	2.25%
2011	2	2.90%	5.49%	3.55%	2.90%	5.49%	3.55%
2011	3	0.50%	-10.49%	-2.59%	0.50%	-10.49%	-2.59%
2011	4	4.30%	2.03%	6.37%	4.30%	2.03%	6.37%
2011	5	-3.43%	-2.47%	-2.83%	-3.43%	-2.47%	-2.83%
2011	6	-2.18%	2.44%	-1.30%	-2.18%	2.44%	-1.30%
2011	7	-1.92%	2.68%	-1.97%	-1.92%	2.68%	-1.97%
2011	8	-9.51%	-8.03%	-8.96%	-9.51%	-8.03%	-8.96%
2011	9	-11.80%	-3.96%	-10.40%	-11.80%	-3.96%	-10.40%
2011	10	7.61%	-0.63%	9.34%	7.61%	-0.63%	9.34%
2011	11	-3.23%	0.32%	-2.63%	-3.23%	0.32%	-2.63%
2011	12	-2.66%	-2.26%	-2.33%	-2.66%	-2.26%	-2.33%
2012	1	10.01%	4.83%	5.82%	10.01%	4.83%	5.82%
2012	2	5.96%	4.61%	5.12%	5.96%	4.61%	5.12%
2012	3	0.13%	1.90%	0.22%	0.13%	1.90%	0.22%
2012	4	-2.78%	-4.32%	-2.29%	-2.78%	-4.32%	-2.29%
2012	5	-12.72%	-8.73%	-11.26%	-12.72%	-8.73%	-11.26%
2012	6	4.93%	6.88%	7.19%	4.93%	6.88%	7.19%
2012	7	-0.29%	-4.46%	0.30%	-0.29%	-4.46%	0.30%
2012	8	3.67%	0.78%	3.15%	3.67%	0.78%	3.15%
2012	9	4.67%	1.21%	2.82%	4.67%	1.21%	2.82%
2012	10	0.93%	-1.20%	1.14%	0.93%	-1.20%	1.14%
2012	11	1.39%	2.98%	2.43%	1.39%	2.98%	2.43%
2012	12	6.24%	5.61%	3.85%	6.24%	5.61%	3.85%
2013	1	5.13%	2.26%	4.44%	5.13%	2.26%	4.44%
2013	2	0.60%	2.41%	-1.36%	0.60%	2.41%	-1.36%
2013	3	2.04%	5.78%	1.48%	2.04%	5.78%	1.48%
2013	4	2.84%	8.33%	5.12%	2.84%	8.33%	5.12%
2013	5	-1.97%	-7.35%	-3.00%	-1.97%	-7.35%	-3.00%
2013	6	-3.04%	3.94%	-2.88%	-3.04%	3.94%	-2.88%
2013	7	7.46%	0.00%	5.34%	7.46%	0.00%	5.34%
2013	8	-1.23%	-3.12%	-1.41%	-1.23%	-3.12%	-1.41%
2013	9	9.69%	9.66%	7.52%	9.69%	9.66%	7.52%
2013	10	4.18%	-0.08%	3.23%	4.18%	-0.08%	3.23%
2013	11	0.15%	1.26%	0.69%	0.15%	1.26%	0.69%
2013	12	3.33%	1.41%	1.59%	3.33%	1.41%	1.59%
2014	1	-1.38%	-6.67%	-4.57%	-1.38%	-6.67%	-4.57%
2014	2	6.88%	2.47%	5.73%	6.88%	2.47%	5.73%
2014	3	0.65%	-2.41%	-0.42%	0.65%	-2.41%	-0.42%
2014	4	-0.42%	-2.21%	1.51%	-0.42%	-2.21%	1.51%
2014	5	0.79%	4.51%	1.63%	0.79%	4.51%	1.63%
2014	6	1.57%	4.68%	1.06%	1.57%	4.68%	1.06%
2014	7	-3.51%	-0.33%	-2.27%	-3.51%	-0.33%	-2.27%
2014	8	0.66%	-1.67%	0.30%	0.66%	-1.67%	0.30%
2014	9	-5.82%	-0.25%	-4.19%	-5.82%	-0.25%	-4.19%
2014	10	-2.20%	2.46%	-0.47%	-2.20%	2.46%	-0.47%
2014	11	-0.72%	-3.65%	0.08%	-0.72%	-3.65%	0.08%
2014	12	-1.10%	-2.70%	-3.73%	-1.10%	-2.70%	-3.73%
2015	1	-0.65%	2.22%	0.90%	-0.65%	2.22%	0.90%
2015	2	7.47%	7.48%	5.94%	7.47%	7.48%	5.94%
2015	3	-1.96%	1.46%	-1.26%	-1.96%	1.46%	-1.26%
2015	4	5.03%	2.63%	4.07%	5.03%	2.63%	4.07%
2015	5	1.56%	1.48%	-0.15%	1.56%	1.48%	-0.15%
2015	6	-1.39%	-1.34%	-2.79%	-1.39%	-1.34%	-2.79%
2015	7	-1.23%	0.94%	1.25%	-1.23%	0.94%	1.25%
2015	8	-4.27%	-6.26%	-7.28%	-4.27%	-6.26%	-7.28%
2015	9	-3.99%	-5.78%	-4.08%	-3.99%	-5.78%	-4.08%
2015	10	5.25%	7.88%	6.82%	5.25%	7.88%	6.82%
2015	11	-0.77%	0.49%	-0.90%	-0.77%	0.49%	-0.90%
2015	12	-0.39%	-1.39%	-1.81%	-0.39%	-1.39%	-1.81%
2016	1	-7.39%	-5.12%	-5.75%	-7.39%	-5.12%	-5.75%
2016	2	-0.87%	-5.30%	-2.96%	-0.87%	-5.30%	-2.96%
2016	3	8.04%	4.78%	7.13%	8.04%	4.78%	7.13%
2016	4	3.41%	0.09%	2.43%	3.41%	0.09%	2.43%
2016	5	-0.79%	3.24%	-0.42%	-0.79%	3.24%	-0.42%
2016	6	-5.61%	-1.68%	-2.25%	-5.61%	-1.68%	-2.25%
2016	7	7.20%	4.87%	4.41%	7.20%	4.87%	4.41%
2016	8	0.37%	1.82%	0.51%	0.37%	1.82%	0.51%
2016	9	2.74%	2.12%	1.40%	2.74%	2.12%	1.40%
2016	10	-0.82%	0.72%	-2.33%	-0.82%	0.72%	-2.33%
2016	11	-0.57%	-1.25%	-1.53%	-0.57%	-1.25%	-1.53%
2016	12	3.15%	-0.92%	2.49%	3.15%	-0.92%	2.49%
2017	1	4.31%	3.50%	3.66%	4.31%	3.50%	3.66%
2017	2	1.31%	1.31%	0.99%	1.31%	1.31%	0.99%
2017	3	1.94%	0.53%	3.00%	1.94%	0.53%	3.00%
2017	4	2.54%	0.70%	2.30%	2.54%	0.70%	2.30%
2017	5	1.86%	2.76%	3.41%	1.86%	2.76%	3.41%
2017	6	1.81%	1.32%	0.57%	1.81%	1.32%	0.57%
2017	7	3.77%	2.07%	2.94%	3.77%	2.07%	2.94%
2017	8	0.49%	-0.09%	0.07%	0.49%	-0.09%	0.07%
2017	9	3.18%	1.83%	2.40%	3.18%	1.83%	2.40%
2017	10	0.86%	5.28%	1.87%	0.86%	5.28%	1.87%
2017	11	0.09%	2.15%	0.85%	0.09%	2.15%	0.85%
2017	12	2.86%	0.70%	1.68%	2.86%	0.70%	1.68%
2018	1	4.40%	5.02%	4.86%	4.40%	5.02%	4.86%
2018	2	-4.92%	-2.97%	-5.23%	-4.92%	-2.97%	-5.23%
2018	3	-1.54%	-0.64%	-0.47%	-1.54%	-0.64%	-0.47%
2018	4	2.00%	-0.07%	1.55%	2.00%	-0.07%	1.55%
2018	5	-2.88%	-1.48%	-1.60%	-2.88%	-1.48%	-1.60%
2018	6	-2.56%	-2.30%	-1.53%	-2.56%	-2.30%	-1.53%
2018	7	1.57%	1.07%	2.32%	1.57%	1.07%	2.32%
2018	8	-2.95%	-0.53%	-1.91%	-2.95%	-0.53%	-1.91%
2018	9	0.46%	3.45%	0.73%	0.46%	3.45%	0.73%
2018	10	-9.93%	-8.95%	-8.49%	-9.93%	-8.95%	-8.49%
2018	11	-1.87%	0.91%	0.39%	-1.87%	0.91%	0.39%
2018	12	-7.13%	-7.69%	-5.37%	-7.13%	-7.69%	-5.37%
2019	1	7.51%	7.08%	7.36%	7.51%	7.08%	7.36%
2019	2	2.68%	0.15%	2.18%	2.68%	0.15%	2.18%
2019	3	-1.58%	0.66%	0.42%	-1.58%	0.66%	0.42%
2019	4	3.32%	1.28%	2.90%	3.32%	1.28%	2.90%
2019	5	-7.81%	-4.87%	-5.26%	-7.81%	-4.87%	-5.26%
2019	6	5.15%	4.47%	5.93%	5.15%	4.47%	5.93%
2019	7	-1.56%	-0.42%	-2.09%	-1.56%	-0.42%	-2.09%
2019	8	-2.54%	-0.79%	-1.91%	-2.54%	-0.79%	-1.91%
2019	9	3.65%	5.23%	3.09%	3.65%	5.23%	3.09%
2019	10	4.38%	3.42%	3.26%	4.38%	3.42%	3.26%
2019	11	1.67%	1.28%	1.40%	1.67%	1.28%	1.40%
2019	12	5.36%	0.86%	3.49%	5.36%	0.86%	3.49%
2020	1	-5.27%	-2.52%	-2.76%	-5.27%	-2.52%	-2.76%
2020	2	-9.38%	-8.29%	-7.56%	-9.38%	-8.29%	-7.56%
2020	3	-22.76%	-6.74%	-15.44%	-22.76%	-6.74%	-15.44%
2020	4	11.22%	4.80%	7.57%	11.22%	4.80%	7.57%
2020	5	4.98%	7.05%	5.56%	4.98%	7.05%	5.56%
2020	6	2.25%	-0.09%	3.40%	2.25%	-0.09%	3.40%
2020	7	2.36%	-1.07%	2.64%	2.36%	-1.07%	2.64%
2020	8	6.52%	6.79%	5.07%	6.52%	6.79%	5.07%
2020	9	-2.51%	1.81%	-2.01%	-2.51%	1.81%	-2.01%
2020	10	-3.51%	-1.41%	-3.73%	-3.51%	-1.41%	-3.73%
2020	11	15.72%	10.56%	14.78%	15.72%	10.56%	14.78%
2020	12	7.31%	5.33%	5.81%	7.31%	5.33%	5.81%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 3
Large-cap Value	0.00%	0.00%
Large-cap Growth	0.00%	0.13%
Mid-cap Value	11.26%	2.87%
Mid-cap Growth	0.00%	0.00%
Small-cap Value	7.84%	0.00%
Small-cap Growth	0.00%	0.00%
Global ex-US Developed Markets	74.00%	94.52%
Emerging Markets	6.90%	2.07%
Corporate Bonds	0.00%	0.41%
Long-Term Treasuries	0.00%	0.00%
Intermediate-Term Treasuries	0.00%	0.00%
Short-Term Treasuries	0.00%	0.00%
R Squared	90.86%	99.54%
Style analysis is based on monthly returns from April 2005 to December 2020 and uses total portfolio return with monthly rebalancing. Returns based style analysis aims to explain the portfolio returns based on asset class exposures, it does not identify the actual portfolio holdings.

Holdings Based Style Analysis for Portfolio 1

Holdings Based Style Analysis for Portfolio 1
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
DISVX	DFA International Small Cap Value I	Foreign Small/Mid Value	100.00%	1.87%	0.64%	13.67	$46,376	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Holdings Based Style Analysis for Portfolio 2

Holdings Based Style Analysis for Portfolio 2
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
EWJ	iShares MSCI Japan ETF	Japan Stock	100.00%	1.05%	0.51%	20.96	$7,296	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Holdings Based Style Analysis for Portfolio 3

Holdings Based Style Analysis for Portfolio 3
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
VTMGX	Vanguard Developed Markets Index Admiral	Foreign Large Blend	100.00%	2.04%	0.07%	20.40	$15,824	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fund fundamentals data as of 02/26/2021. (c) 2021 Morningstar. All Rights Reserved. The fund fundamentals information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio return and risk metrics
Metric	Portfolio 1	Portfolio 2	Portfolio 3
Arithmetic Mean (monthly)	0.82%	0.33%	0.50%
Arithmetic Mean (annualized)	10.33%	4.05%	6.11%
Geometric Mean (monthly)	0.68%	0.21%	0.37%
Geometric Mean (annualized)	8.44%	2.60%	4.55%
Volatility (monthly)	5.32%	4.83%	4.95%
Volatility (annualized)	18.44%	16.73%	17.13%
Downside Deviation (monthly)	3.62%	3.32%	3.47%
Max. Drawdown	-57.69%	-57.84%	-57.06%
US Market Correlation	0.79	0.67	0.88
Beta^(*)	0.92	0.72	0.96
Alpha (annualized)	1.98%	-2.17%	-2.29%
R²	61.70%	45.39%	77.82%
Sharpe Ratio	0.44	0.14	0.25
Sortino Ratio	0.65	0.20	0.35
Treynor Ratio (%)	8.91	3.24	4.46
Calmar Ratio	-0.05	0.31	0.20
Active Return	0.89%	-4.95%	-3.01%
Tracking Error	11.48%	13.13%	8.09%
Information Ratio	0.08	-0.38	-0.37
Skewness	-0.68	-0.21	-0.55
Excess Kurtosis	2.63	0.02	1.48
Historical Value-at-Risk (5%)	-8.20%	-7.77%	-8.51%
Analytical Value-at-Risk (5%)	-7.93%	-7.61%	-7.64%
Conditional Value-at-Risk (5%)	-12.68%	-9.88%	-11.77%
Upside Capture Ratio (%)	92.97	62.95	89.05
Downside Capture Ratio (%)	87.57	79.44	101.83
Safe Withdrawal Rate	8.52%	3.54%	4.91%
Perpetual Withdrawal Rate	5.67%	0.47%	2.27%
Positive Periods	152 out of 256 (59.38%)	137 out of 256 (53.52%)	150 out of 256 (58.59%)
Gain/Loss Ratio	1.04	1.02	0.91
^* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Portfolio 1	Portfolio 2	Portfolio 3
Dotcom Crash	Mar 2000	Oct 2002	-14.18%	-54.55%	-47.00%
Subprime Crisis	Nov 2007	Mar 2009	-57.69%	-47.46%	-57.06%

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	Sep 2013	4 years 7 months	5 years 11 months	-57.69%
2	Feb 2018	Mar 2020	2 years 2 months				-41.06%
3	Jul 2014	Feb 2016	1 year 8 months	Jan 2017	11 months	2 years 7 months	-16.13%
4	Jun 2002	Oct 2002	5 months	May 2003	7 months	1 year	-14.18%
5	Sep 1999	Sep 2001	2 years 1 month	May 2002	8 months	2 years 9 months	-12.68%
6	May 2006	Jul 2006	3 months	Oct 2006	3 months	6 months	-6.91%
7	Jun 2007	Aug 2007	3 months	Oct 2007	2 months	5 months	-4.75%
8	Apr 2004	May 2004	2 months	Sep 2004	4 months	6 months	-4.47%
9	Mar 2005	May 2005	3 months	Jul 2005	2 months	5 months	-4.32%
10	Oct 2005	Oct 2005	1 month	Dec 2005	2 months	3 months	-2.32%
Worst 10 drawdowns included above

Drawdowns for Portfolio 2

Drawdowns for Portfolio 2
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Apr 2000	Apr 2003	3 years 1 month	Apr 2017	14 years	17 years 1 month	-57.84%
2	Feb 2018	Mar 2020	2 years 2 months	Nov 2020	8 months	2 years 10 months	-18.62%
3	Jan 2000	Feb 2000	2 months	Mar 2000	1 month	3 months	-6.90%
4	Aug 2017	Aug 2017	1 month	Sep 2017	1 month	2 months	-0.09%

Drawdowns for Portfolio 3

Drawdowns for Portfolio 3
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	May 2014	5 years 3 months	6 years 7 months	-57.06%
2	Jan 2000	Mar 2003	3 years 3 months	Sep 2005	2 years 6 months	5 years 9 months	-48.19%
3	Feb 2018	Mar 2020	2 years 2 months	Nov 2020	8 months	2 years 10 months	-24.32%
4	Jul 2014	Feb 2016	1 year 8 months	Apr 2017	1 year 2 months	2 years 10 months	-17.78%
5	May 2006	Jun 2006	2 months	Sep 2006	3 months	5 months	-3.73%
6	Jun 2007	Aug 2007	3 months	Sep 2007	1 month	4 months	-2.93%
7	Oct 2005	Oct 2005	1 month	Dec 2005	2 months	3 months	-2.83%
8	Feb 2006	Feb 2006	1 month	Mar 2006	1 month	2 months	-0.66%

Portfolio Assets

Performance statistics for portfolio components
Ticker	Name	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
DISVX	DFA International Small Cap Value I	8.44%	18.44%	66.48%	-41.68%	-57.69%	0.44	0.65	0.79
EWJ	iShares MSCI Japan ETF	2.60%	16.73%	38.73%	-30.31%	-57.84%	0.14	0.20	0.67
VTMGX	Vanguard Developed Markets Index Admiral	4.55%	17.13%	38.67%	-41.27%	-57.06%	0.25	0.35	0.88

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	DISVX	EWJ	VTMGX	Portfolio 1	Portfolio 2	Portfolio 3
DISVX	DFA International Small Cap Value I	1.00	0.74	0.91	1.00	0.74	0.91
EWJ	iShares MSCI Japan ETF	0.74	1.00	0.79	0.74	1.00	0.79
VTMGX	Vanguard Developed Markets Index Admiral	0.91	0.79	1.00	0.91	0.79	1.00

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
DISVX	DFA International Small Cap Value I	$46,376
EWJ	iShares MSCI Japan ETF		$7,296
VTMGX	Vanguard Developed Markets Index Admiral			$15,824

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
DISVX	DFA International Small Cap Value I	100.00%
EWJ	iShares MSCI Japan ETF		100.00%
VTMGX	Vanguard Developed Markets Index Admiral			100.00%

Annual Asset Returns

Rolling returns summary
Roll Period	Portfolio 1			Portfolio 2			Portfolio 3
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low
1 year	10.61%	89.97%	-50.20%	2.98%	68.30%	-40.40%	5.31%	57.71%	-49.95%
3 years	10.31%	46.13%	-16.40%	3.19%	32.55%	-24.82%	5.17%	31.15%	-19.64%
5 years	10.32%	33.55%	-6.71%	3.45%	16.28%	-8.13%	5.52%	23.71%	-7.13%
7 years	9.49%	23.28%	0.43%	3.00%	8.74%	-3.39%	5.24%	11.99%	-0.76%
10 years	8.66%	14.37%	2.35%	2.40%	7.96%	-3.73%	4.72%	9.94%	0.19%
15 years	9.53%	13.49%	3.38%	3.17%	7.16%	-1.05%	5.29%	9.05%	2.57%