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 (Jan 1992 - Dec 2020)

Note: The time period was constrained by the available data for Fidelity Diversified International (FDIVX) [Jan 1992 - Dec 2020].

Portfolio Allocations

48% US stock, 12% ex-US stock, 40% bonds
Ticker	Name	Allocation
VFINX	Vanguard 500 Index Investor	48.00%
FDIVX	Fidelity Diversified International	12.00%
VBMFX	Vanguard Total Bond Market Index Inv	40.00%
Save portfolio »

30% US stock, 30% ex-US stock, 40% bonds
Ticker	Name	Allocation
VFINX	Vanguard 500 Index Investor	30.00%
FDIVX	Fidelity Diversified International	30.00%
VBMFX	Vanguard Total Bond Market Index Inv	40.00%
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
48% US stock, 12% ex-US stock, 40% bonds	$10,000	$104,212	8.42%	8.63%	27.40%	-21.17%	-31.70%	0.71	1.05	0.97
30% US stock, 30% ex-US stock, 40% bonds	$10,000	$99,730	8.25%	8.75%	23.90%	-22.65%	-33.09%	0.68	1.01	0.93

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
48% US stock, 12% ex-US stock, 40% bonds	7.44%	14.07%	10.13%	10.29%	9.14%	8.42%	10.95%	8.91%
30% US stock, 30% ex-US stock, 40% bonds	7.36%	14.19%	9.34%	9.39%	8.07%	8.25%	10.61%	8.73%
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.
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

Annual returns for the configured portfolios
Year	Inflation	48% US stock, 12% ex-US stock, 40% bonds		30% US stock, 30% ex-US stock, 40% bonds		Vanguard 500 Index Investor (VFINX)	Fidelity Diversified International (FDIVX)	Vanguard Total Bond Market Index Inv (VBMFX)
Year	Inflation	Return	Balance	Return	Balance	Vanguard 500 Index Investor (VFINX)	Fidelity Diversified International (FDIVX)	Vanguard Total Bond Market Index Inv (VBMFX)
1992	2.90%	4.76%	$10,476	0.94%	$10,094	7.42%	-13.81%	7.14%
1993	2.75%	13.02%	$11,840	17.84%	$11,895	9.89%	36.67%	9.68%
1994	2.67%	-0.37%	$11,797	-0.38%	$11,850	1.18%	1.09%	-2.66%
1995	2.54%	27.40%	$15,030	23.90%	$14,681	37.45%	17.97%	18.18%
1996	3.32%	14.82%	$17,257	14.30%	$16,781	22.88%	20.02%	3.58%
1997	1.70%	21.36%	$20,942	17.85%	$19,777	33.19%	13.72%	9.44%
1998	1.61%	18.90%	$24,899	16.34%	$23,007	28.62%	14.39%	8.58%
1999	2.68%	15.89%	$28,855	21.21%	$27,887	21.07%	50.65%	-0.76%
2000	3.39%	-0.87%	$28,605	-0.85%	$27,651	-9.06%	-8.96%	11.39%
2001	1.55%	-3.96%	$27,472	-4.13%	$26,508	-12.02%	-12.99%	8.43%
2002	2.38%	-8.45%	$25,151	-6.15%	$24,877	-22.15%	-9.37%	8.26%
2003	1.88%	20.36%	$30,270	22.85%	$30,563	28.50%	42.38%	3.97%
2004	3.26%	9.21%	$33,058	10.81%	$33,868	10.74%	19.66%	4.24%
2005	3.42%	5.32%	$34,816	7.56%	$36,428	4.77%	17.23%	2.40%
2006	2.54%	11.92%	$38,965	13.15%	$41,219	15.64%	22.52%	4.27%
2007	4.08%	7.28%	$41,800	9.19%	$45,009	5.39%	16.03%	6.92%
2008	0.09%	-21.17%	$32,950	-22.65%	$34,816	-37.02%	-45.21%	5.05%
2009	2.72%	18.90%	$39,177	19.85%	$41,728	26.49%	31.78%	5.93%
2010	1.50%	10.89%	$43,442	9.94%	$45,875	14.91%	9.65%	6.42%
2011	2.96%	2.31%	$44,447	-0.52%	$45,636	1.97%	-13.78%	7.56%
2012	1.74%	11.54%	$49,578	12.19%	$51,199	15.82%	19.41%	4.05%
2013	1.50%	17.56%	$58,285	16.31%	$59,547	32.18%	25.19%	-2.26%
2014	0.76%	8.40%	$63,183	5.40%	$62,761	13.51%	-3.20%	5.76%
2015	0.73%	1.09%	$63,874	1.43%	$63,659	1.25%	3.12%	0.30%
2016	2.07%	6.22%	$67,850	3.43%	$65,839	11.82%	-3.73%	2.50%
2017	2.11%	14.98%	$78,016	15.88%	$76,296	21.67%	26.65%	3.46%
2018	1.91%	-4.05%	$74,855	-5.98%	$71,732	-4.52%	-15.24%	-0.13%
2019	2.29%	22.04%	$91,356	21.75%	$87,335	31.33%	29.70%	8.61%
2020	1.36%	14.07%	$104,212	14.19%	$99,730	18.25%	18.91%	7.61%

Monthly returns for the configured portfolios
Year	Month	48% US stock, 12% ex-US stock, 40% bonds Return	30% US stock, 30% ex-US stock, 40% bonds Return	Vanguard 500 Index Investor (VFINX)	Fidelity Diversified International (FDIVX)	Vanguard Total Bond Market Index Inv (VBMFX)
1992	1	-1.70%	-1.72%	-1.88%	-1.99%	-1.39%
1992	2	0.63%	0.07%	1.24%	-1.83%	0.62%
1992	3	-1.78%	-2.42%	-1.93%	-5.58%	-0.50%
1992	4	1.81%	1.49%	2.91%	1.09%	0.71%
1992	5	1.59%	2.46%	0.48%	5.52%	1.84%
1992	6	-0.44%	-0.55%	-1.49%	-2.15%	1.31%
1992	7	2.29%	0.95%	4.04%	-3.67%	1.91%
1992	8	-0.41%	0.25%	-2.07%	1.74%	0.98%
1992	9	0.83%	0.26%	1.17%	-2.25%	1.26%
1992	10	-1.14%	-2.43%	0.33%	-7.44%	-1.22%
1992	11	1.64%	1.06%	3.40%	0.00%	-0.02%
1992	12	1.45%	1.65%	1.21%	2.49%	1.48%
1993	1	1.38%	1.66%	0.81%	2.33%	1.79%
1993	2	1.85%	2.22%	1.36%	3.42%	1.96%
1993	3	2.14%	3.23%	2.11%	8.05%	0.37%
1993	4	-0.06%	1.54%	-2.42%	6.12%	0.74%
1993	5	1.63%	1.63%	2.65%	2.50%	0.14%
1993	6	0.44%	-0.19%	0.27%	-2.81%	1.80%
1993	7	0.46%	1.13%	-0.42%	3.09%	0.61%
1993	8	3.14%	3.43%	3.79%	5.15%	1.69%
1993	9	-0.40%	-0.53%	-0.79%	-1.34%	0.40%
1993	10	1.39%	1.43%	2.08%	2.17%	0.30%
1993	11	-1.37%	-1.91%	-1.00%	-3.71%	-0.97%
1993	12	1.79%	3.02%	1.22%	7.45%	0.48%
1994	1	3.08%	3.82%	3.38%	7.50%	1.39%
1994	2	-2.26%	-2.13%	-2.71%	-2.00%	-1.78%
1994	3	-3.41%	-3.20%	-4.39%	-3.19%	-2.30%
1994	4	0.52%	0.65%	1.29%	1.94%	-0.83%
1994	5	0.76%	0.43%	1.63%	-0.17%	0.00%
1994	6	-1.43%	-1.23%	-2.47%	-1.33%	-0.18%
1994	7	2.73%	2.77%	3.28%	3.45%	1.84%
1994	8	2.33%	2.06%	4.08%	2.52%	0.14%
1994	9	-2.11%	-2.19%	-2.45%	-2.86%	-1.44%
1994	10	1.29%	1.22%	2.25%	1.80%	-0.07%
1994	11	-2.55%	-2.88%	-3.65%	-5.38%	-0.18%
1994	12	0.96%	0.59%	1.46%	-0.54%	0.80%
1995	1	1.45%	0.15%	2.58%	-4.60%	1.90%
1995	2	2.89%	2.42%	3.88%	1.21%	2.17%
1995	3	2.26%	2.57%	2.95%	4.86%	0.67%
1995	4	2.32%	2.35%	2.94%	3.15%	1.31%
1995	5	3.60%	3.05%	3.95%	0.85%	3.95%
1995	6	1.58%	1.43%	2.31%	1.51%	0.66%
1995	7	2.28%	2.80%	3.30%	6.46%	-0.25%
1995	8	0.39%	0.07%	0.25%	-1.56%	1.18%
1995	9	2.72%	2.28%	4.23%	1.90%	0.95%
1995	10	0.21%	0.06%	-0.36%	-1.32%	1.47%
1995	11	2.89%	2.28%	4.38%	1.02%	1.44%
1995	12	1.94%	2.23%	1.93%	3.66%	1.44%
1996	1	2.24%	2.17%	3.39%	2.99%	0.63%
1996	2	-0.24%	-0.39%	0.92%	0.08%	-1.76%
1996	3	0.42%	0.61%	0.98%	1.99%	-0.77%
1996	4	0.97%	1.37%	1.46%	3.60%	-0.49%
1996	5	1.32%	1.04%	2.54%	1.01%	-0.17%
1996	6	0.78%	0.89%	0.38%	0.93%	1.27%
1996	7	-2.52%	-2.29%	-4.42%	-3.19%	0.25%
1996	8	1.18%	1.10%	2.10%	1.69%	-0.16%
1996	9	3.80%	3.32%	5.61%	3.03%	1.70%
1996	10	2.29%	1.89%	2.76%	0.63%	2.21%
1996	11	5.16%	4.78%	7.56%	5.56%	1.76%
1996	12	-1.28%	-0.85%	-1.96%	0.33%	-0.85%
1997	1	3.16%	2.17%	6.22%	0.68%	0.25%
1997	2	0.63%	0.79%	0.79%	1.69%	0.11%
1997	3	-2.41%	-1.63%	-4.14%	0.13%	-0.97%
1997	4	3.52%	2.50%	5.96%	0.33%	1.49%
1997	5	4.10%	4.12%	6.09%	6.28%	0.87%
1997	6	3.31%	3.41%	4.45%	5.10%	1.16%
1997	7	5.45%	4.48%	7.97%	2.84%	2.80%
1997	8	-3.95%	-3.98%	-5.61%	-5.93%	-0.85%
1997	9	4.16%	4.39%	5.47%	6.91%	1.45%
1997	10	-1.86%	-2.17%	-3.35%	-5.21%	1.45%
1997	11	2.39%	1.38%	4.60%	-0.84%	0.33%
1997	12	1.49%	1.50%	1.72%	1.82%	1.04%
1998	1	1.41%	1.74%	1.11%	2.91%	1.32%
1998	2	4.04%	3.70%	7.19%	5.24%	-0.10%
1998	3	3.21%	3.13%	5.10%	4.64%	0.33%
1998	4	1.07%	1.43%	1.01%	2.95%	0.51%
1998	5	-0.48%	-0.13%	-1.74%	0.11%	1.02%
1998	6	2.24%	1.35%	4.07%	-0.64%	0.81%
1998	7	-0.31%	0.10%	-1.05%	1.12%	0.23%
1998	8	-8.38%	-8.42%	-14.47%	-14.63%	1.90%
1998	9	3.70%	2.41%	6.41%	-0.93%	1.96%
1998	10	4.53%	4.37%	8.16%	7.50%	-0.55%
1998	11	3.68%	3.32%	6.07%	4.18%	0.49%
1998	12	3.43%	2.88%	5.81%	2.91%	0.38%
1999	1	2.48%	1.95%	4.20%	1.24%	0.79%
1999	2	-2.56%	-2.52%	-3.12%	-2.90%	-1.77%
1999	3	2.69%	2.77%	4.00%	4.48%	0.56%
1999	4	2.62%	2.79%	3.85%	4.78%	0.40%
1999	5	-1.96%	-2.18%	-2.39%	-3.57%	-0.88%
1999	6	3.24%	3.25%	5.56%	5.66%	-0.50%
1999	7	-1.45%	-0.45%	-3.13%	2.21%	-0.39%
1999	8	-0.08%	0.30%	-0.50%	1.51%	-0.08%
1999	9	-0.69%	0.12%	-2.74%	1.54%	1.26%
1999	10	3.76%	3.40%	6.33%	4.25%	0.33%
1999	11	2.29%	3.76%	2.02%	9.51%	0.02%
1999	12	4.83%	6.58%	5.98%	14.23%	-0.48%
2000	1	-3.29%	-3.58%	-5.03%	-6.67%	-0.17%
2000	2	0.47%	2.13%	-1.91%	7.61%	1.18%
2000	3	5.05%	3.30%	9.75%	-0.16%	1.40%
2000	4	-2.40%	-3.02%	-3.00%	-6.50%	-0.49%
2000	5	-1.25%	-1.20%	-2.04%	-1.83%	-0.16%
2000	6	2.58%	2.93%	2.49%	4.54%	2.15%
2000	7	-0.51%	-0.49%	-1.50%	-1.42%	0.88%
2000	8	3.76%	3.10%	6.19%	2.43%	1.40%
2000	9	-2.69%	-2.45%	-5.29%	-4.10%	0.76%
2000	10	-0.37%	-0.92%	-0.43%	-3.73%	0.57%
2000	11	-3.29%	-2.38%	-7.89%	-2.70%	1.58%
2000	12	1.49%	2.11%	0.51%	4.32%	1.79%
2001	1	2.41%	1.78%	3.55%	0.05%	1.76%
2001	2	-4.70%	-4.00%	-9.14%	-5.33%	0.91%
2001	3	-3.51%	-3.60%	-6.36%	-6.83%	0.54%
2001	4	3.90%	3.50%	7.77%	5.42%	-0.46%
2001	5	0.50%	0.23%	0.65%	-0.93%	0.73%
2001	6	-1.13%	-1.01%	-2.45%	-1.83%	0.52%
2001	7	0.27%	0.10%	-1.00%	-2.02%	2.23%
2001	8	-2.45%	-1.50%	-6.27%	-0.72%	1.11%
2001	9	-4.19%	-4.45%	-8.09%	-9.58%	0.89%
2001	10	2.04%	2.28%	1.90%	3.44%	1.86%
2001	11	2.99%	2.42%	7.65%	3.99%	-1.34%
2001	12	0.30%	0.42%	0.87%	1.65%	-0.58%
2002	1	-0.83%	-1.17%	-1.47%	-3.35%	0.69%
2002	2	-0.37%	0.29%	-1.94%	1.79%	0.85%
2002	3	1.65%	1.73%	3.74%	4.16%	-1.46%
2002	4	-1.96%	-0.45%	-6.07%	2.25%	1.69%
2002	5	0.18%	0.58%	-0.75%	1.50%	0.80%
2002	6	-3.51%	-2.81%	-7.13%	-3.01%	0.29%
2002	7	-4.48%	-5.02%	-7.72%	-10.06%	0.48%
2002	8	1.13%	1.14%	0.65%	0.79%	1.66%
2002	9	-4.93%	-4.68%	-10.87%	-8.63%	1.53%
2002	10	3.60%	2.87%	8.78%	3.68%	-0.61%
2002	11	2.85%	2.50%	5.88%	3.49%	0.02%
2002	12	-1.70%	-0.95%	-5.89%	-1.13%	2.07%
2003	1	-1.53%	-1.50%	-2.62%	-2.45%	0.05%
2003	2	-0.41%	-0.51%	-1.52%	-2.09%	1.38%
2003	3	0.24%	-0.16%	0.96%	-1.34%	-0.13%
2003	4	5.22%	5.22%	8.25%	8.35%	0.87%
2003	5	4.16%	4.54%	5.26%	7.42%	1.82%
2003	6	0.92%	1.21%	1.26%	2.87%	-0.13%
2003	7	-0.13%	-0.03%	1.74%	2.27%	-3.34%
2003	8	1.70%	2.08%	1.93%	3.94%	0.61%
2003	9	0.85%	1.64%	-1.07%	3.06%	2.71%
2003	10	3.15%	3.13%	5.64%	5.37%	-0.96%
2003	11	0.84%	1.13%	0.86%	2.28%	0.27%
2003	12	3.91%	4.27%	5.22%	6.88%	0.88%
2004	1	1.42%	1.40%	1.82%	1.70%	0.86%
2004	2	1.49%	1.87%	1.38%	3.47%	1.03%
2004	3	-0.24%	0.29%	-1.51%	1.42%	0.80%
2004	4	-2.21%	-2.53%	-1.58%	-3.34%	-2.61%
2004	5	0.52%	0.33%	1.36%	0.32%	-0.43%
2004	6	1.30%	1.18%	1.93%	1.24%	0.56%
2004	7	-1.71%	-1.83%	-3.31%	-3.92%	0.96%
2004	8	1.05%	1.10%	0.38%	0.70%	1.94%
2004	9	1.00%	1.46%	1.07%	3.60%	0.16%
2004	10	1.42%	1.69%	1.51%	2.96%	0.85%
2004	11	2.38%	2.81%	4.05%	6.29%	-0.81%
2004	12	2.53%	2.68%	3.39%	4.12%	0.92%
2005	1	-1.13%	-1.00%	-2.45%	-1.75%	0.65%
2005	2	1.25%	1.65%	2.09%	4.34%	-0.63%
2005	3	-1.32%	-1.43%	-1.76%	-2.32%	-0.49%
2005	4	-0.61%	-0.63%	-1.91%	-2.02%	1.35%
2005	5	2.00%	1.55%	3.17%	0.64%	1.05%
2005	6	0.50%	0.81%	0.13%	1.84%	0.55%
2005	7	1.78%	1.77%	3.71%	3.61%	-0.99%
2005	8	0.51%	1.29%	-0.91%	3.38%	1.36%
2005	9	0.37%	0.88%	0.79%	3.47%	-1.10%
2005	10	-1.57%	-1.92%	-1.68%	-3.51%	-0.81%
2005	11	2.43%	2.40%	3.76%	3.54%	0.48%
2005	12	1.07%	2.06%	0.02%	5.28%	0.99%
2006	1	2.07%	2.86%	2.65%	7.04%	-0.11%
2006	2	0.08%	-0.25%	0.26%	-1.52%	0.37%
2006	3	0.70%	1.22%	1.23%	4.02%	-1.00%
2006	4	1.13%	1.72%	1.33%	4.40%	-0.21%
2006	5	-2.07%	-2.44%	-2.90%	-4.72%	-0.09%
2006	6	0.01%	-0.15%	0.13%	-0.73%	0.10%
2006	7	0.89%	0.87%	0.61%	0.54%	1.35%
2006	8	2.11%	2.15%	2.36%	2.57%	1.64%
2006	9	1.55%	1.06%	2.56%	-0.06%	0.81%
2006	10	2.30%	2.36%	3.25%	3.50%	0.72%
2006	11	1.78%	2.06%	1.89%	3.38%	1.11%
2006	12	0.84%	1.08%	1.39%	2.62%	-0.48%
2007	1	0.80%	0.70%	1.49%	0.95%	-0.08%
2007	2	-0.44%	-0.21%	-1.97%	-0.70%	1.50%
2007	3	0.88%	1.19%	1.11%	2.83%	0.02%
2007	4	2.95%	3.10%	4.42%	5.20%	0.51%
2007	5	1.72%	1.60%	3.48%	2.75%	-0.78%
2007	6	-1.01%	-0.75%	-1.68%	-0.29%	-0.39%
2007	7	-1.29%	-0.88%	-3.08%	-0.83%	0.84%
2007	8	1.12%	0.66%	1.50%	-0.96%	1.34%
2007	9	2.92%	3.50%	3.72%	6.77%	0.72%
2007	10	1.83%	2.58%	1.58%	5.48%	0.93%
2007	11	-1.89%	-1.97%	-4.19%	-4.38%	1.91%
2007	12	-0.41%	-0.52%	-0.70%	-1.26%	0.22%
2008	1	-3.32%	-3.91%	-6.02%	-9.27%	1.69%
2008	2	-1.33%	-0.62%	-3.25%	0.91%	0.19%
2008	3	-0.22%	-0.37%	-0.44%	-1.29%	0.30%
2008	4	2.76%	2.93%	4.85%	5.88%	-0.30%
2008	5	0.51%	0.63%	1.29%	1.99%	-0.79%
2008	6	-4.85%	-4.68%	-8.44%	-7.45%	-0.01%
2008	7	-0.87%	-1.46%	-0.83%	-4.25%	0.00%
2008	8	0.49%	-0.45%	1.45%	-4.17%	0.70%
2008	9	-6.01%	-6.76%	-8.91%	-13.73%	-1.10%
2008	10	-10.85%	-11.67%	-16.79%	-23.03%	-2.53%
2008	11	-1.80%	-1.74%	-7.17%	-7.88%	3.64%
2008	12	2.82%	3.73%	1.07%	8.07%	3.32%
2009	1	-5.54%	-5.87%	-8.41%	-10.23%	-0.70%
2009	2	-6.12%	-5.76%	-10.66%	-8.65%	-0.42%
2009	3	5.38%	5.18%	8.76%	7.54%	1.48%
2009	4	5.72%	5.89%	9.56%	10.60%	0.36%
2009	5	4.57%	5.92%	5.62%	13.20%	0.85%
2009	6	0.07%	-0.33%	0.22%	-1.89%	0.54%
2009	7	5.31%	5.56%	7.58%	8.84%	1.43%
2009	8	2.58%	2.53%	3.60%	3.31%	1.01%
2009	9	2.90%	3.10%	3.72%	4.69%	1.19%
2009	10	-1.06%	-1.11%	-1.87%	-2.08%	0.41%
2009	11	3.97%	3.56%	5.98%	3.80%	1.36%
2009	12	0.59%	0.55%	1.95%	1.67%	-1.68%
2010	1	-1.73%	-2.02%	-3.60%	-5.21%	1.57%
2010	2	1.52%	0.95%	3.09%	-0.15%	0.20%
2010	3	3.56%	3.59%	6.01%	6.30%	-0.08%
2010	4	1.02%	0.48%	1.58%	-1.46%	1.06%
2010	5	-4.80%	-5.20%	-8.01%	-10.55%	0.87%
2010	6	-2.05%	-1.48%	-5.24%	-2.13%	1.61%
2010	7	4.63%	5.00%	7.00%	9.42%	0.94%
2010	8	-1.93%	-1.76%	-4.53%	-3.69%	1.48%
2010	9	5.26%	5.54%	8.92%	10.74%	-0.01%
2010	10	2.40%	2.43%	3.79%	3.98%	0.36%
2010	11	-0.62%	-1.21%	0.00%	-3.32%	-0.57%
2010	12	3.64%	3.79%	6.67%	7.69%	-1.15%
2011	1	1.29%	1.06%	2.36%	1.06%	0.08%
2011	2	2.11%	2.09%	3.42%	3.28%	0.16%
2011	3	-0.13%	-0.34%	0.03%	-1.14%	-0.01%
2011	4	2.63%	3.11%	2.95%	5.59%	1.32%
2011	5	-0.50%	-0.93%	-1.15%	-3.50%	1.30%
2011	6	-1.18%	-1.20%	-1.67%	-1.77%	-0.39%
2011	7	-0.44%	-0.17%	-2.05%	-0.55%	1.58%
2011	8	-3.06%	-3.63%	-5.45%	-8.69%	1.46%
2011	9	-4.30%	-5.18%	-7.04%	-12.34%	0.89%
2011	10	6.15%	6.07%	10.91%	10.89%	0.16%
2011	11	-0.54%	-0.97%	-0.23%	-2.84%	-0.30%
2011	12	0.66%	0.06%	1.02%	-2.67%	1.08%
2012	1	3.24%	3.56%	4.46%	6.23%	0.87%
2012	2	2.73%	2.93%	4.31%	5.35%	-0.05%
2012	3	1.48%	0.98%	3.28%	0.63%	-0.58%
2012	4	-0.04%	-0.13%	-0.64%	-1.11%	1.14%
2012	5	-3.86%	-4.56%	-6.02%	-9.78%	0.95%
2012	6	2.65%	2.87%	4.11%	5.42%	0.04%
2012	7	1.35%	1.32%	1.37%	1.18%	1.39%
2012	8	1.43%	1.49%	2.24%	2.60%	0.03%
2012	9	1.73%	1.88%	2.58%	3.39%	0.11%
2012	10	-0.87%	-0.48%	-1.86%	0.21%	0.11%
2012	11	0.65%	1.01%	0.56%	2.44%	0.19%
2012	12	0.67%	0.94%	0.90%	2.33%	-0.20%
2013	1	2.64%	2.37%	5.18%	3.67%	-0.71%
2013	2	0.68%	0.15%	1.34%	-1.55%	0.54%
2013	3	2.15%	1.88%	3.74%	2.29%	0.08%
2013	4	1.87%	2.37%	1.91%	4.73%	0.91%
2013	5	0.31%	-0.46%	2.33%	-1.80%	-1.71%
2013	6	-1.58%	-1.75%	-1.35%	-2.30%	-1.65%
2013	7	3.35%	3.43%	5.07%	5.67%	0.20%
2013	8	-2.08%	-2.04%	-2.91%	-2.74%	-0.64%
2013	9	2.83%	3.57%	3.12%	7.19%	0.96%
2013	10	3.13%	2.96%	4.59%	3.73%	0.78%
2013	11	1.71%	1.48%	3.03%	1.87%	-0.35%
2013	12	1.44%	1.43%	2.51%	2.52%	-0.65%
2014	1	-1.58%	-1.76%	-3.47%	-4.47%	1.54%
2014	2	2.99%	3.16%	4.56%	5.53%	0.48%
2014	3	0.14%	-0.30%	0.82%	-1.61%	-0.15%
2014	4	0.71%	0.65%	0.72%	0.41%	0.77%
2014	5	1.80%	1.78%	2.33%	2.20%	1.05%
2014	6	1.18%	1.04%	2.05%	1.25%	0.11%
2014	7	-1.05%	-1.22%	-1.39%	-2.34%	-0.26%
2014	8	2.45%	1.83%	3.98%	0.54%	1.13%
2014	9	-1.35%	-1.67%	-1.41%	-3.27%	-0.72%
2014	10	1.59%	1.21%	2.42%	0.25%	0.94%
2014	11	1.74%	1.49%	2.68%	1.33%	0.65%
2014	12	-0.39%	-0.79%	-0.26%	-2.64%	0.09%
2015	1	-0.42%	0.29%	-3.02%	0.90%	2.31%
2015	2	2.97%	3.03%	5.74%	5.98%	-1.08%
2015	3	-0.67%	-0.48%	-1.59%	-0.54%	0.41%
2015	4	0.59%	0.85%	0.95%	2.29%	-0.36%
2015	5	0.64%	0.71%	1.27%	1.63%	-0.45%
2015	6	-1.54%	-1.50%	-1.93%	-1.71%	-1.01%
2015	7	1.59%	1.64%	2.08%	2.30%	0.76%
2015	8	-3.98%	-4.23%	-6.05%	-7.21%	-0.36%
2015	9	-1.45%	-1.86%	-2.48%	-4.67%	0.76%
2015	10	4.71%	4.38%	8.42%	6.46%	0.01%
2015	11	0.00%	-0.10%	0.29%	-0.25%	-0.27%
2015	12	-1.07%	-1.01%	-1.59%	-1.26%	-0.38%
2016	1	-2.57%	-2.81%	-4.98%	-6.30%	1.43%
2016	2	-0.05%	-0.42%	-0.15%	-2.25%	0.66%
2016	3	4.24%	4.09%	6.78%	5.98%	0.94%
2016	4	0.40%	0.45%	0.37%	0.62%	0.38%
2016	5	1.01%	0.93%	1.78%	1.34%	0.01%
2016	6	0.42%	-0.35%	0.25%	-4.15%	1.94%
2016	7	2.52%	2.63%	3.68%	4.42%	0.64%
2016	8	0.11%	0.26%	0.13%	1.01%	-0.17%
2016	9	0.08%	0.25%	0.01%	1.00%	-0.09%
2016	10	-1.59%	-1.83%	-1.83%	-3.25%	-0.81%
2016	11	0.38%	-0.84%	3.70%	-3.15%	-2.64%
2016	12	1.26%	1.19%	1.96%	1.67%	0.24%
2017	1	1.38%	1.58%	1.88%	3.00%	0.29%
2017	2	2.38%	1.97%	3.96%	1.69%	0.66%
2017	3	0.39%	0.93%	0.10%	3.07%	-0.07%
2017	4	1.31%	1.89%	1.02%	4.14%	0.76%
2017	5	1.43%	1.90%	1.39%	3.87%	0.67%
2017	6	0.25%	0.05%	0.61%	-0.44%	0.01%
2017	7	1.58%	1.83%	2.04%	3.33%	0.39%
2017	8	0.46%	0.38%	0.29%	-0.07%	0.85%
2017	9	1.04%	0.99%	2.06%	1.75%	-0.54%
2017	10	1.42%	1.32%	2.32%	1.75%	0.11%
2017	11	1.56%	1.12%	3.06%	0.72%	-0.17%
2017	12	0.87%	0.89%	1.10%	1.17%	0.44%
2018	1	2.95%	2.90%	5.71%	5.42%	-1.09%
2018	2	-2.88%	-3.19%	-3.69%	-5.38%	-1.03%
2018	3	-1.18%	-0.98%	-2.56%	-1.48%	0.63%
2018	4	-0.06%	0.01%	0.37%	0.76%	-0.83%
2018	5	1.35%	0.85%	2.39%	-0.38%	0.61%
2018	6	0.15%	-0.19%	0.61%	-1.32%	0.03%
2018	7	2.08%	1.78%	3.71%	2.10%	0.03%
2018	8	1.73%	1.01%	3.25%	-0.73%	0.52%
2018	9	0.08%	-0.02%	0.55%	0.05%	-0.54%
2018	10	-4.85%	-5.29%	-6.85%	-9.59%	-0.73%
2018	11	1.27%	1.00%	2.03%	0.50%	0.53%
2018	12	-4.43%	-3.71%	-9.04%	-5.52%	1.80%
2019	1	4.91%	4.47%	8.00%	5.56%	1.01%
2019	2	1.99%	2.07%	3.20%	3.62%	-0.06%
2019	3	1.92%	1.87%	1.94%	1.70%	1.96%
2019	4	2.49%	2.42%	4.04%	3.69%	0.04%
2019	5	-3.05%	-2.60%	-6.36%	-4.00%	1.83%
2019	6	4.67%	4.53%	7.03%	6.31%	1.15%
2019	7	0.68%	0.22%	1.43%	-0.99%	0.23%
2019	8	0.14%	0.31%	-1.59%	-0.73%	2.78%
2019	9	0.92%	0.92%	1.86%	1.88%	-0.60%
2019	10	1.61%	1.88%	2.15%	3.65%	0.21%
2019	11	2.05%	1.73%	3.62%	1.97%	-0.06%
2019	12	2.00%	2.20%	3.01%	4.11%	-0.15%
2020	1	0.68%	0.47%	-0.05%	-1.21%	2.11%
2020	2	-3.97%	-3.61%	-8.24%	-6.25%	1.71%
2020	3	-7.37%	-7.47%	-12.37%	-12.90%	-0.59%
2020	4	7.24%	6.57%	12.81%	8.66%	1.69%
2020	5	3.04%	3.23%	4.76%	5.94%	0.54%
2020	6	1.83%	2.43%	1.98%	5.50%	0.70%
2020	7	3.82%	3.68%	5.63%	4.84%	1.55%
2020	8	3.48%	3.03%	7.18%	4.57%	-1.02%
2020	9	-1.92%	-1.38%	-3.81%	-0.83%	0.08%
2020	10	-1.95%	-2.11%	-2.67%	-3.55%	-0.61%
2020	11	6.83%	6.70%	10.94%	10.17%	1.11%
2020	12	2.56%	2.78%	3.84%	5.06%	0.15%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	48% US stock, 12% ex-US stock, 40% bonds	30% US stock, 30% ex-US stock, 40% bonds
Large-cap Value	18.65%	5.43%
Large-cap Growth	30.72%	25.61%
Mid-cap Value	0.00%	0.00%
Mid-cap Growth	1.46%	3.81%
Small-cap Value	0.00%	0.00%
Small-cap Growth	0.00%	0.00%
Global ex-US Developed Markets	8.48%	22.63%
Emerging Markets	2.13%	3.71%
Corporate Bonds	6.46%	7.13%
Long-Term Treasuries	1.36%	1.93%
Intermediate-Term Treasuries	10.14%	7.45%
Short-Term Treasuries	20.60%	22.30%
R Squared	99.64%	99.13%
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 48% US stock, 12% ex-US stock, 40% bonds

Holdings Based Style Analysis for 48% US stock, 12% ex-US stock, 40% bonds
Ticker	Name	Category	Weight	Yield	Fees	P/E	Duration	Return Contribution	Risk Contribution
VFINX	Vanguard 500 Index Investor	Large Blend	48.00%	1.39%	0.14%	28.33		$59,800	77.47%
FDIVX	Fidelity Diversified International	Foreign Large Growth	12.00%	0.04%	1.05%	27.61		$12,857	19.16%
VBMFX	Vanguard Total Bond Market Index Inv	Intermediate Core Bond	40.00%	1.01%	0.15%		6.68	$21,555	3.38%
			100.00%	1.08%	0.25%	28.18	6.68	$94,212	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for 30% US stock, 30% ex-US stock, 40% bonds

Holdings Based Style Analysis for 30% US stock, 30% ex-US stock, 40% bonds
Ticker	Name	Category	Weight	Yield	Fees	P/E	Duration	Return Contribution	Risk Contribution
VFINX	Vanguard 500 Index Investor	Large Blend	30.00%	1.39%	0.14%	28.33		$36,868	45.41%
FDIVX	Fidelity Diversified International	Foreign Large Growth	30.00%	0.04%	1.05%	27.61		$31,364	51.09%
VBMFX	Vanguard Total Bond Market Index Inv	Intermediate Core Bond	40.00%	1.01%	0.15%		6.68	$21,499	3.50%
			100.00%	0.83%	0.42%	27.97	6.68	$89,730	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Fund fundamentals data as of 01/26/2021. (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	48% US stock, 12% ex-US stock, 40% bonds	30% US stock, 30% ex-US stock, 40% bonds
Arithmetic Mean (monthly)	0.71%	0.70%
Arithmetic Mean (annualized)	8.82%	8.67%
Geometric Mean (monthly)	0.68%	0.66%
Geometric Mean (annualized)	8.42%	8.25%
Volatility (monthly)	2.49%	2.53%
Volatility (annualized)	8.63%	8.75%
Downside Deviation (monthly)	1.58%	1.63%
Max. Drawdown	-31.70%	-33.09%
US Market Correlation	0.97	0.93
Beta^(*)	0.56	0.55
Alpha (annualized)	2.46%	2.47%
R²	93.45%	86.45%
Sharpe Ratio	0.71	0.68
Sortino Ratio	1.05	1.01
Treynor Ratio (%)	10.90	10.91
Calmar Ratio	0.92	0.86
Active Return	-1.67%	-1.83%
Tracking Error	6.94%	7.51%
Information Ratio	-0.24	-0.24
Skewness	-0.72	-0.79
Excess Kurtosis	1.63	1.95
Historical Value-at-Risk (5%)	-3.92%	-3.84%
Analytical Value-at-Risk (5%)	-3.46%	-3.54%
Conditional Value-at-Risk (5%)	-5.43%	-5.62%
Upside Capture Ratio (%)	60.17	58.69
Downside Capture Ratio (%)	52.34	50.92
Safe Withdrawal Rate	7.71%	7.67%
Perpetual Withdrawal Rate	5.72%	5.58%
Positive Periods	235 out of 348 (67.53%)	231 out of 348 (66.38%)
Gain/Loss Ratio	0.99	1.02
^* 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	48% US stock, 12% ex-US stock, 40% bonds	30% US stock, 30% ex-US stock, 40% bonds
Asian Crisis	Jul 1997	Jan 1998	-3.95%	-3.98%
Russian Debt Default	Jul 1998	Oct 1998	-8.66%	-8.42%
Dotcom Crash	Mar 2000	Oct 2002	-20.12%	-17.01%
Subprime Crisis	Nov 2007	Mar 2009	-31.70%	-33.09%

Drawdowns for 48% US stock, 12% ex-US stock, 40% bonds

Drawdowns for 48% US stock, 12% ex-US stock, 40% bonds (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Dec 2010	1 year 10 months	3 years 2 months	-31.70%
2	Sep 2000	Sep 2002	2 years 1 month	Dec 2003	1 year 3 months	3 years 4 months	-20.12%
3	Feb 2020	Mar 2020	2 months	Jun 2020	3 months	5 months	-11.05%
4	May 2011	Sep 2011	5 months	Feb 2012	5 months	10 months	-9.19%
5	Jul 1998	Aug 1998	2 months	Nov 1998	3 months	5 months	-8.66%
6	Oct 2018	Dec 2018	3 months	Mar 2019	3 months	6 months	-7.91%
7	Feb 1994	Jun 1994	5 months	Feb 1995	8 months	1 year 1 month	-5.75%
8	Aug 2015	Sep 2015	2 months	May 2016	8 months	10 months	-5.37%
9	Feb 2018	Apr 2018	3 months	Aug 2018	4 months	7 months	-4.08%
10	Aug 1997	Aug 1997	1 month	Sep 1997	1 month	2 months	-3.95%
Worst 10 drawdowns included above

Drawdowns for 30% US stock, 30% ex-US stock, 40% bonds

Drawdowns for 30% US stock, 30% ex-US stock, 40% bonds (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Jan 2011	1 year 11 months	3 years 3 months	-33.09%
2	Sep 2000	Sep 2002	2 years 1 month	Oct 2003	1 year 1 month	3 years 2 months	-17.01%
3	Feb 2020	Mar 2020	2 months	Jun 2020	3 months	5 months	-10.81%
4	May 2011	Sep 2011	5 months	Feb 2012	5 months	10 months	-10.71%
5	Feb 2018	Dec 2018	11 months	Apr 2019	4 months	1 year 3 months	-8.63%
6	Aug 1998	Aug 1998	1 month	Nov 1998	3 months	4 months	-8.42%
7	Aug 2015	Feb 2016	7 months	Jul 2016	5 months	1 year	-6.11%
8	Feb 1994	Jun 1994	5 months	Mar 1995	9 months	1 year 2 months	-5.40%
9	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-4.68%
10	Apr 2000	May 2000	2 months	Aug 2000	3 months	5 months	-4.19%
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	9.96%	14.52%	37.45%	-37.02%	-50.97%	0.56	0.83	0.99
FDIVX	Fidelity Diversified International	8.60%	15.98%	50.65%	-45.21%	-57.57%	0.45	0.64	0.83
VBMFX	Vanguard Total Bond Market Index Inv	5.36%	3.55%	18.18%	-2.66%	-5.01%	0.82	1.37	0.01

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VFINX	FDIVX	VBMFX	48% US stock, 12% ex-US stock, 40% bonds	30% US stock, 30% ex-US stock, 40% bonds
VFINX	Vanguard 500 Index Investor	1.00	0.81	0.03	0.97	0.93
FDIVX	Fidelity Diversified International	0.81	1.00	0.08	0.87	0.95
VBMFX	Vanguard Total Bond Market Index Inv	0.03	0.08	1.00	0.21	0.22

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	48% US stock, 12% ex-US stock, 40% bonds	30% US stock, 30% ex-US stock, 40% bonds
VFINX	Vanguard 500 Index Investor	$59,800	$36,868
FDIVX	Fidelity Diversified International	$12,857	$31,364
VBMFX	Vanguard Total Bond Market Index Inv	$21,555	$21,499

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	48% US stock, 12% ex-US stock, 40% bonds	30% US stock, 30% ex-US stock, 40% bonds
VFINX	Vanguard 500 Index Investor	77.47%	45.41%
FDIVX	Fidelity Diversified International	19.16%	51.09%
VBMFX	Vanguard Total Bond Market Index Inv	3.38%	3.50%

Annual Asset Returns

Rolling returns summary
Roll Period	48% US stock, 12% ex-US stock, 40% bonds			30% US stock, 30% ex-US stock, 40% bonds
Roll Period	Average	High	Low	Average	High	Low
1 year	8.72%	33.78%	-26.72%	8.61%	33.65%	-28.15%
3 years	8.33%	21.90%	-6.34%	8.15%	19.95%	-6.16%
5 years	8.11%	19.59%	-1.28%	7.99%	18.67%	-0.44%
7 years	7.76%	15.57%	1.06%	7.75%	15.62%	2.34%
10 years	7.19%	11.00%	1.63%	7.32%	11.07%	3.05%
15 years	7.02%	10.06%	5.01%	7.26%	10.86%	5.36%