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

Display Income

Reinvest Dividends

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 (Feb 2004 - Dec 2020)

Note: The time period was constrained by the available data for Vanguard Small-Cap Value ETF (VBR) [Feb 2004 - Dec 2020]. You can extend the backtesting period by using Vanguard Small Cap Value Index Inv (VISVX), which is the oldest share class of the fund.

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
VFINX	Vanguard 500 Index Investor	75.00%
VBR	Vanguard Small-Cap Value ETF	25.00%
Save portfolio »

Portfolio 2
Ticker	Name	Allocation
VFINX	Vanguard 500 Index Investor	80.00%
SLYV	SPDR S&P 600 Small Cap Value ETF	20.00%
Save portfolio »

Portfolio 3
Ticker	Name	Allocation
VFINX	Vanguard 500 Index Investor	82.00%
DFSVX	DFA US Small Cap Value I	18.00%
Save portfolio »

Portfolio Returns

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
Portfolio 1	$10,000	$45,420	9.36%	15.41%	33.27%	-35.75%	-51.43%	0.58	0.84	1.00
Portfolio 2	$10,000	$45,492	9.37%	15.32%	33.86%	-36.37%	-51.26%	0.58	0.85	1.00
Portfolio 3	$10,000	$44,243	9.19%	15.44%	33.98%	-36.90%	-52.12%	0.57	0.82	1.00

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	16.42%	15.74%	11.81%	13.88%	12.90%	9.36%	20.20%	16.43%
Portfolio 2	16.24%	15.82%	12.19%	14.31%	13.15%	9.37%	20.19%	16.44%
Portfolio 3	15.82%	16.08%	11.86%	13.83%	12.82%	9.19%	20.23%	16.46%
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 2004 are based on monthly returns from February 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 quarterly 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	Return			Balance			Vanguard 500 Index Investor (VFINX)	Vanguard Small-Cap Value ETF (VBR)	SPDR S&P 600 Small Cap Value ETF (SLYV)	DFA US Small Cap Value I (DFSVX)
Year	Inflation	Portfolio 1	Portfolio 2	Portfolio 3	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard 500 Index Investor (VFINX)	Vanguard Small-Cap Value ETF (VBR)	SPDR S&P 600 Small Cap Value ETF (SLYV)	DFA US Small Cap Value I (DFSVX)
2004	2.75%	11.63%	9.99%	10.66%	$11,163	$10,999	$11,066	8.76%	20.49%	14.91%	19.55%
2005	3.42%	5.16%	4.41%	5.32%	$11,739	$11,484	$11,654	4.77%	6.26%	2.81%	7.79%
2006	2.54%	16.66%	16.52%	16.81%	$13,695	$13,382	$13,614	15.64%	19.49%	19.80%	21.55%
2007	4.08%	2.24%	3.37%	2.40%	$14,001	$13,832	$13,941	5.39%	-6.94%	-4.60%	-10.75%
2008	0.09%	-35.75%	-36.37%	-36.90%	$8,995	$8,801	$8,796	-37.02%	-32.20%	-33.99%	-36.79%
2009	2.72%	27.78%	28.67%	27.93%	$11,494	$11,324	$11,253	26.49%	30.92%	37.04%	33.62%
2010	1.50%	17.42%	16.82%	17.72%	$13,495	$13,228	$13,247	14.91%	25.10%	24.58%	30.90%
2011	2.96%	0.46%	1.29%	0.33%	$13,557	$13,399	$13,290	1.97%	-4.23%	-1.73%	-7.55%
2012	1.74%	16.62%	16.15%	16.89%	$15,811	$15,562	$15,535	15.82%	18.98%	17.38%	21.72%
2013	1.50%	33.27%	33.86%	33.98%	$21,071	$20,831	$20,813	32.18%	36.55%	40.63%	42.38%
2014	0.76%	12.82%	12.23%	11.70%	$23,773	$23,380	$23,248	13.51%	10.55%	6.87%	3.48%
2015	0.73%	-0.26%	-0.31%	-0.40%	$23,711	$23,308	$23,154	1.25%	-4.76%	-6.41%	-7.81%
2016	2.07%	15.00%	15.53%	14.72%	$27,269	$26,928	$26,562	11.82%	24.90%	31.18%	28.26%
2017	2.11%	19.15%	19.64%	19.00%	$32,491	$32,218	$31,608	21.67%	11.80%	11.66%	7.21%
2018	1.91%	-6.48%	-6.14%	-6.44%	$30,386	$30,240	$29,572	-4.52%	-12.26%	-12.76%	-15.13%
2019	2.29%	29.15%	29.89%	28.89%	$39,243	$39,280	$38,115	31.33%	22.77%	24.26%	18.12%
2020	1.27%	15.74%	15.82%	16.08%	$45,420	$45,492	$44,243	18.25%	5.87%	2.71%	2.23%
Annual return for 2004 is from 02/01/2004 to 12/31/2004

Monthly returns for the configured portfolios
Year	Month	Return			Balance			Vanguard 500 Index Investor (VFINX)	Vanguard Small-Cap Value ETF (VBR)	SPDR S&P 600 Small Cap Value ETF (SLYV)	DFA US Small Cap Value I (DFSVX)
Year	Month	Portfolio 1	Portfolio 2	Portfolio 3	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard 500 Index Investor (VFINX)	Vanguard Small-Cap Value ETF (VBR)	SPDR S&P 600 Small Cap Value ETF (SLYV)	DFA US Small Cap Value I (DFSVX)
2004	2	1.74%	1.73%	1.38%	$10,174	$10,173	$10,138	1.38%	2.85%	3.13%	1.41%
2004	3	-0.73%	-1.06%	-1.07%	$10,101	$10,065	$10,030	-1.51%	1.60%	0.70%	0.94%
2004	4	-2.60%	-2.63%	-1.86%	$9,838	$9,800	$9,843	-1.58%	-5.66%	-6.82%	-3.17%
2004	5	1.53%	1.51%	1.18%	$9,989	$9,948	$9,959	1.36%	2.06%	2.15%	0.38%
2004	6	2.63%	2.27%	2.77%	$10,251	$10,174	$10,235	1.93%	4.79%	3.71%	6.69%
2004	7	-3.36%	-3.67%	-3.67%	$9,906	$9,802	$9,859	-3.31%	-3.51%	-5.08%	-5.33%
2004	8	0.60%	0.46%	0.05%	$9,965	$9,846	$9,864	0.38%	1.24%	0.77%	-1.49%
2004	9	1.68%	1.65%	1.74%	$10,132	$10,009	$10,036	1.07%	3.49%	4.00%	4.93%
2004	10	1.51%	1.57%	1.42%	$10,286	$10,166	$10,178	1.51%	1.51%	1.78%	0.96%
2004	11	5.10%	4.77%	5.11%	$10,810	$10,650	$10,698	4.05%	8.27%	7.64%	10.00%
2004	12	3.26%	3.28%	3.44%	$11,163	$10,999	$11,066	3.39%	2.87%	2.84%	3.62%
2005	1	-2.75%	-3.02%	-2.66%	$10,855	$10,667	$10,772	-2.45%	-3.65%	-5.30%	-3.57%
2005	2	2.17%	2.05%	2.20%	$11,091	$10,885	$11,009	2.09%	2.40%	1.87%	2.70%
2005	3	-1.86%	-1.76%	-1.79%	$10,884	$10,694	$10,812	-1.76%	-2.16%	-1.75%	-1.95%
2005	4	-2.69%	-2.62%	-2.88%	$10,592	$10,414	$10,500	-1.91%	-5.03%	-5.46%	-7.28%
2005	5	4.17%	3.84%	3.77%	$11,033	$10,814	$10,896	3.17%	7.28%	6.64%	6.65%
2005	6	0.99%	0.80%	0.84%	$11,142	$10,901	$10,988	0.13%	3.56%	3.53%	4.17%
2005	7	4.14%	4.19%	4.32%	$11,604	$11,358	$11,462	3.71%	5.46%	6.13%	7.11%
2005	8	-1.19%	-1.11%	-1.05%	$11,466	$11,231	$11,342	-0.91%	-2.01%	-1.89%	-1.67%
2005	9	0.79%	0.86%	0.79%	$11,556	$11,328	$11,432	0.79%	0.77%	1.11%	0.80%
2005	10	-2.06%	-1.83%	-1.90%	$11,318	$11,120	$11,214	-1.68%	-3.22%	-2.45%	-2.92%
2005	11	3.77%	3.82%	3.84%	$11,744	$11,545	$11,645	3.76%	3.78%	4.03%	4.21%
2005	12	-0.04%	-0.52%	0.08%	$11,739	$11,484	$11,654	0.02%	-0.24%	-2.72%	0.34%
2006	1	3.70%	3.58%	3.76%	$12,173	$11,895	$12,092	2.65%	6.85%	7.32%	8.82%
2006	2	0.33%	0.21%	0.15%	$12,213	$11,920	$12,110	0.26%	0.51%	0.02%	-0.35%
2006	3	1.85%	1.76%	2.14%	$12,439	$12,130	$12,370	1.23%	3.64%	3.78%	6.09%
2006	4	0.99%	1.14%	1.27%	$12,562	$12,268	$12,527	1.33%	-0.04%	0.37%	0.98%
2006	5	-3.11%	-3.02%	-3.16%	$12,172	$11,898	$12,130	-2.90%	-3.75%	-3.50%	-4.39%
2006	6	0.34%	0.25%	0.11%	$12,213	$11,928	$12,144	0.13%	1.00%	0.77%	0.05%
2006	7	0.15%	0.19%	-0.18%	$12,232	$11,951	$12,123	0.61%	-1.22%	-1.47%	-3.75%
2006	8	2.30%	2.40%	2.29%	$12,513	$12,238	$12,400	2.36%	2.13%	2.56%	1.95%
2006	9	2.15%	2.10%	2.33%	$12,783	$12,495	$12,689	2.56%	0.89%	0.20%	1.19%
2006	10	3.60%	3.53%	3.64%	$13,243	$12,935	$13,151	3.25%	4.64%	4.63%	5.43%
2006	11	2.24%	2.22%	2.10%	$13,540	$13,223	$13,427	1.89%	3.29%	3.55%	3.03%
2006	12	1.14%	1.20%	1.39%	$13,695	$13,382	$13,614	1.39%	0.42%	0.45%	1.38%
2007	1	1.61%	1.66%	1.62%	$13,916	$13,604	$13,835	1.49%	1.97%	2.33%	2.20%
2007	2	-1.62%	-1.66%	-1.65%	$13,690	$13,377	$13,606	-1.97%	-0.59%	-0.46%	-0.23%
2007	3	0.99%	1.16%	1.11%	$13,825	$13,532	$13,756	1.11%	0.63%	1.33%	1.09%
2007	4	3.74%	3.93%	3.95%	$14,343	$14,064	$14,299	4.42%	1.72%	1.98%	1.81%
2007	5	3.57%	3.58%	3.51%	$14,854	$14,568	$14,801	3.48%	3.84%	4.01%	3.65%
2007	6	-1.83%	-1.78%	-1.65%	$14,583	$14,309	$14,556	-1.68%	-2.29%	-2.18%	-1.55%
2007	7	-4.24%	-3.89%	-3.91%	$13,965	$13,753	$13,988	-3.08%	-7.70%	-7.09%	-7.64%
2007	8	1.54%	1.50%	1.11%	$14,180	$13,959	$14,143	1.50%	1.66%	1.49%	-0.76%
2007	9	3.04%	3.23%	3.04%	$14,610	$14,409	$14,573	3.72%	0.87%	1.15%	-0.28%
2007	10	1.58%	1.48%	1.50%	$14,841	$14,622	$14,791	1.58%	1.60%	1.08%	1.11%
2007	11	-4.86%	-4.60%	-5.00%	$14,121	$13,950	$14,052	-4.19%	-6.86%	-6.26%	-8.72%
2007	12	-0.85%	-0.84%	-0.79%	$14,001	$13,832	$13,941	-0.70%	-1.31%	-1.44%	-1.20%
2008	1	-5.48%	-5.58%	-5.64%	$13,233	$13,060	$13,155	-6.02%	-3.88%	-3.84%	-3.94%
2008	2	-3.09%	-3.16%	-3.18%	$12,824	$12,647	$12,737	-3.25%	-2.62%	-2.80%	-2.84%
2008	3	-0.43%	-0.49%	-0.20%	$12,769	$12,585	$12,711	-0.44%	-0.39%	-0.68%	0.84%
2008	4	4.81%	4.69%	4.28%	$13,384	$13,176	$13,255	4.85%	4.68%	4.03%	1.66%
2008	5	2.00%	1.68%	1.79%	$13,652	$13,397	$13,492	1.29%	4.14%	3.23%	4.14%
2008	6	-9.18%	-8.92%	-8.74%	$12,398	$12,202	$12,313	-8.44%	-11.36%	-10.81%	-10.10%
2008	7	0.39%	-0.09%	-0.31%	$12,447	$12,192	$12,275	-0.83%	4.06%	2.90%	2.07%
2008	8	2.00%	1.91%	1.94%	$12,696	$12,425	$12,514	1.45%	3.60%	3.72%	4.15%
2008	9	-7.96%	-8.44%	-8.53%	$11,685	$11,376	$11,447	-8.91%	-5.32%	-6.68%	-6.89%
2008	10	-18.08%	-17.47%	-17.75%	$9,572	$9,388	$9,415	-16.79%	-21.96%	-20.20%	-22.14%
2008	11	-7.74%	-8.24%	-8.17%	$8,831	$8,615	$8,646	-7.17%	-9.56%	-12.69%	-12.99%
2008	12	1.86%	2.16%	1.74%	$8,995	$8,801	$8,796	1.07%	4.46%	7.00%	5.25%
2009	1	-9.41%	-8.94%	-9.47%	$8,149	$8,014	$7,964	-8.41%	-12.39%	-11.04%	-14.28%
2009	2	-11.47%	-11.07%	-11.01%	$7,214	$7,127	$7,087	-10.66%	-14.01%	-12.78%	-12.71%
2009	3	8.78%	8.84%	9.03%	$7,847	$7,756	$7,727	8.76%	8.83%	9.16%	10.40%
2009	4	12.06%	11.60%	11.38%	$8,794	$8,657	$8,606	9.56%	19.56%	19.79%	19.66%
2009	5	5.14%	5.19%	5.15%	$9,246	$9,106	$9,050	5.62%	3.83%	3.64%	3.22%
2009	6	0.14%	0.09%	0.25%	$9,258	$9,115	$9,072	0.22%	-0.09%	-0.38%	0.35%
2009	7	8.35%	8.56%	8.63%	$10,031	$9,895	$9,855	7.58%	10.65%	12.48%	13.44%
2009	8	4.26%	4.16%	3.89%	$10,458	$10,306	$10,239	3.60%	6.18%	6.29%	5.14%
2009	9	4.16%	3.99%	4.21%	$10,893	$10,717	$10,670	3.72%	5.41%	5.00%	6.33%
2009	10	-2.92%	-2.66%	-2.89%	$10,575	$10,432	$10,362	-1.87%	-6.09%	-5.83%	-7.53%
2009	11	5.39%	5.52%	5.49%	$11,145	$11,007	$10,931	5.98%	3.55%	3.59%	3.11%
2009	12	3.13%	2.88%	2.95%	$11,494	$11,324	$11,253	1.95%	6.92%	6.84%	7.92%
2010	1	-3.45%	-3.27%	-3.52%	$11,097	$10,953	$10,856	-3.60%	-2.99%	-1.94%	-3.16%
2010	2	3.57%	3.41%	3.65%	$11,494	$11,327	$11,252	3.09%	5.01%	4.65%	6.15%
2010	3	6.57%	6.38%	6.54%	$12,249	$12,049	$11,988	6.01%	8.20%	7.78%	8.86%
2010	4	2.74%	2.58%	2.75%	$12,585	$12,360	$12,318	1.58%	6.23%	6.57%	8.11%
2010	5	-7.99%	-7.98%	-8.36%	$11,579	$11,373	$11,288	-8.01%	-7.95%	-7.88%	-9.90%
2010	6	-6.00%	-5.91%	-6.15%	$10,885	$10,701	$10,593	-5.24%	-8.16%	-8.46%	-10.14%
2010	7	7.11%	7.16%	7.30%	$11,659	$11,468	$11,367	7.00%	7.46%	7.84%	8.69%
2010	8	-5.07%	-5.14%	-5.23%	$11,068	$10,879	$10,772	-4.53%	-6.66%	-7.55%	-8.38%
2010	9	9.29%	9.28%	9.63%	$12,097	$11,888	$11,809	8.92%	10.43%	10.73%	12.93%
2010	10	3.74%	3.65%	3.86%	$12,549	$12,321	$12,265	3.79%	3.60%	3.09%	4.17%
2010	11	0.57%	0.48%	0.81%	$12,621	$12,380	$12,364	0.00%	2.28%	2.41%	4.49%
2010	12	6.93%	6.85%	7.14%	$13,495	$13,228	$13,247	6.67%	7.69%	7.54%	9.18%
2011	1	1.92%	1.82%	1.99%	$13,754	$13,469	$13,510	2.36%	0.60%	-0.32%	0.31%
2011	2	3.73%	3.53%	3.92%	$14,267	$13,945	$14,040	3.42%	4.70%	4.00%	6.28%
2011	3	0.39%	0.48%	0.39%	$14,323	$14,012	$14,095	0.03%	1.47%	2.35%	2.05%
2011	4	2.80%	2.65%	2.64%	$14,723	$14,384	$14,468	2.95%	2.34%	1.48%	1.26%
2011	5	-1.39%	-1.37%	-1.50%	$14,519	$14,186	$14,251	-1.15%	-2.12%	-2.30%	-3.12%
2011	6	-1.77%	-1.62%	-1.70%	$14,261	$13,957	$14,010	-1.67%	-2.08%	-1.39%	-1.81%
2011	7	-2.37%	-2.19%	-2.20%	$13,924	$13,651	$13,702	-2.05%	-3.32%	-2.76%	-2.88%
2011	8	-6.13%	-6.02%	-6.36%	$13,071	$12,830	$12,830	-5.45%	-8.19%	-8.31%	-10.58%
2011	9	-7.91%	-7.68%	-7.99%	$12,036	$11,845	$11,805	-7.04%	-10.64%	-10.32%	-12.58%
2011	10	11.79%	11.86%	11.80%	$13,456	$13,249	$13,198	10.91%	14.43%	15.62%	15.82%
2011	11	-0.21%	-0.11%	-0.32%	$13,427	$13,235	$13,156	-0.23%	-0.14%	0.37%	-0.68%
2011	12	0.97%	1.24%	1.02%	$13,557	$13,399	$13,290	1.02%	0.82%	2.10%	1.01%
2012	1	5.09%	5.18%	5.00%	$14,247	$14,092	$13,954	4.46%	6.97%	8.02%	7.43%
2012	2	3.86%	3.78%	4.10%	$14,797	$14,625	$14,526	4.31%	2.55%	1.74%	3.18%
2012	3	3.06%	3.22%	3.10%	$15,251	$15,096	$14,977	3.28%	2.41%	2.98%	2.30%
2012	4	-0.73%	-0.88%	-0.81%	$15,140	$14,963	$14,855	-0.64%	-0.99%	-1.87%	-1.60%
2012	5	-6.09%	-6.38%	-6.21%	$14,217	$14,008	$13,932	-6.02%	-6.31%	-7.86%	-7.12%
2012	6	4.20%	4.27%	4.16%	$14,814	$14,605	$14,511	4.11%	4.47%	4.91%	4.38%
2012	7	0.92%	1.04%	1.08%	$14,951	$14,757	$14,668	1.37%	-0.43%	-0.29%	-0.24%
2012	8	2.42%	2.53%	2.59%	$15,313	$15,130	$15,048	2.24%	2.99%	3.71%	4.21%
2012	9	2.63%	2.75%	2.71%	$15,716	$15,546	$15,455	2.58%	2.80%	3.44%	3.31%
2012	10	-1.57%	-1.96%	-1.67%	$15,470	$15,242	$15,197	-1.86%	-0.70%	-2.36%	-0.82%
2012	11	0.67%	0.77%	0.79%	$15,574	$15,359	$15,317	0.56%	1.01%	1.60%	1.84%
2012	12	1.52%	1.33%	1.42%	$15,811	$15,562	$15,535	0.90%	3.34%	3.02%	3.72%
2013	1	5.50%	5.37%	5.43%	$16,680	$16,398	$16,378	5.18%	6.46%	6.13%	6.56%
2013	2	1.41%	1.36%	1.41%	$16,915	$16,621	$16,609	1.34%	1.62%	1.47%	1.75%
2013	3	3.95%	3.79%	3.95%	$17,582	$17,252	$17,266	3.74%	4.56%	4.01%	4.91%
2013	4	1.45%	1.56%	1.37%	$17,837	$17,521	$17,501	1.91%	0.09%	0.16%	-1.11%
2013	5	2.52%	2.71%	2.87%	$18,287	$17,996	$18,003	2.33%	3.11%	4.28%	5.39%
2013	6	-1.33%	-1.24%	-1.23%	$18,044	$17,772	$17,781	-1.35%	-1.27%	-0.82%	-0.70%
2013	7	5.52%	5.54%	5.48%	$19,039	$18,758	$18,755	5.07%	6.85%	7.43%	7.34%
2013	8	-3.23%	-3.01%	-3.14%	$18,424	$18,193	$18,166	-2.91%	-4.17%	-3.38%	-4.17%
2013	9	3.67%	3.84%	3.51%	$19,099	$18,893	$18,803	3.12%	5.30%	6.68%	5.24%
2013	10	4.42%	4.39%	4.39%	$19,944	$19,723	$19,629	4.59%	3.92%	3.63%	3.51%
2013	11	3.00%	3.25%	3.39%	$20,543	$20,364	$20,295	3.03%	2.93%	4.14%	5.08%
2013	12	2.57%	2.29%	2.55%	$21,071	$20,831	$20,813	2.51%	2.74%	1.42%	2.72%
2014	1	-3.30%	-3.53%	-3.77%	$20,376	$20,097	$20,028	-3.47%	-2.78%	-3.76%	-5.14%
2014	2	4.66%	4.56%	4.72%	$21,326	$21,013	$20,973	4.56%	4.97%	4.55%	5.45%
2014	3	0.95%	0.90%	0.89%	$21,528	$21,203	$21,159	0.82%	1.31%	1.23%	1.19%
2014	4	0.26%	0.12%	0.25%	$21,584	$21,227	$21,212	0.72%	-1.13%	-2.31%	-1.93%
2014	5	2.16%	2.04%	2.07%	$22,051	$21,660	$21,651	2.33%	1.64%	0.81%	0.83%
2014	6	2.61%	2.42%	2.47%	$22,626	$22,184	$22,185	2.05%	4.32%	3.95%	4.44%
2014	7	-2.24%	-2.14%	-2.18%	$22,120	$21,710	$21,702	-1.39%	-4.79%	-5.13%	-5.76%
2014	8	4.26%	4.09%	4.30%	$23,062	$22,597	$22,636	3.98%	5.12%	4.53%	5.83%
2014	9	-2.43%	-2.32%	-2.39%	$22,502	$22,072	$22,094	-1.41%	-5.54%	-6.08%	-6.98%
2014	10	3.03%	3.39%	2.82%	$23,184	$22,821	$22,717	2.42%	4.85%	7.27%	4.61%
2014	11	2.28%	2.19%	2.14%	$23,713	$23,322	$23,203	2.68%	1.10%	0.33%	-0.28%
2014	12	0.25%	0.25%	0.19%	$23,773	$23,380	$23,248	-0.26%	1.79%	2.25%	2.29%
2015	1	-3.09%	-3.43%	-3.36%	$23,038	$22,579	$22,466	-3.02%	-3.30%	-5.06%	-4.95%
2015	2	5.72%	5.80%	5.77%	$24,356	$23,888	$23,761	5.74%	5.66%	6.05%	5.90%
2015	3	-0.87%	-1.08%	-1.00%	$24,144	$23,630	$23,524	-1.59%	1.30%	1.00%	1.78%
2015	4	0.39%	0.37%	0.54%	$24,237	$23,718	$23,651	0.95%	-1.30%	-1.92%	-1.34%
2015	5	1.30%	1.20%	1.29%	$24,552	$24,002	$23,955	1.27%	1.37%	0.89%	1.36%
2015	6	-1.83%	-1.46%	-1.58%	$24,103	$23,652	$23,576	-1.93%	-1.51%	0.50%	0.05%
2015	7	1.32%	1.07%	1.05%	$24,422	$23,905	$23,823	2.08%	-0.95%	-2.97%	-3.67%
2015	8	-5.75%	-5.71%	-5.70%	$23,017	$22,540	$22,464	-6.05%	-4.84%	-4.30%	-4.04%
2015	9	-2.76%	-2.74%	-2.84%	$22,383	$21,922	$21,827	-2.48%	-3.58%	-3.81%	-4.51%
2015	10	7.97%	8.01%	7.86%	$24,168	$23,677	$23,542	8.42%	6.63%	6.35%	5.28%
2015	11	0.54%	0.75%	0.79%	$24,298	$23,855	$23,729	0.29%	1.32%	2.64%	3.17%
2015	12	-2.42%	-2.29%	-2.42%	$23,711	$23,308	$23,154	-1.59%	-4.90%	-5.08%	-6.20%
2016	1	-5.32%	-5.14%	-5.37%	$22,449	$22,110	$21,910	-4.98%	-6.37%	-5.80%	-7.18%
2016	2	0.26%	0.33%	0.09%	$22,508	$22,182	$21,929	-0.15%	1.50%	2.23%	1.17%
2016	3	7.32%	7.32%	7.13%	$24,155	$23,805	$23,493	6.78%	8.94%	9.45%	8.77%
2016	4	0.81%	0.70%	0.63%	$24,349	$23,971	$23,641	0.37%	2.10%	1.99%	1.80%
2016	5	1.69%	1.52%	1.54%	$24,760	$24,336	$24,006	1.78%	1.40%	0.49%	0.47%
2016	6	0.22%	0.30%	-0.00%	$24,815	$24,408	$24,005	0.25%	0.15%	0.49%	-1.16%
2016	7	3.92%	4.02%	3.89%	$25,788	$25,390	$24,938	3.68%	4.64%	5.41%	4.85%
2016	8	0.28%	0.35%	0.42%	$25,860	$25,478	$25,043	0.13%	0.73%	1.19%	1.74%
2016	9	0.08%	0.18%	0.23%	$25,881	$25,523	$25,101	0.01%	0.30%	0.83%	1.21%
2016	10	-2.10%	-2.24%	-2.07%	$25,336	$24,951	$24,582	-1.83%	-2.92%	-3.87%	-3.14%
2016	11	5.31%	5.63%	5.69%	$26,682	$26,355	$25,980	3.70%	10.21%	13.49%	14.87%
2016	12	2.20%	2.18%	2.24%	$27,269	$26,928	$26,562	1.96%	2.86%	2.97%	3.41%
2017	1	1.58%	1.29%	1.45%	$27,698	$27,277	$26,947	1.88%	0.65%	-1.06%	-0.53%
2017	2	3.48%	3.45%	3.32%	$28,662	$28,218	$27,842	3.96%	2.01%	1.33%	0.32%
2017	3	-0.10%	-0.04%	-0.11%	$28,633	$28,207	$27,811	0.10%	-0.72%	-0.63%	-1.14%
2017	4	0.86%	0.91%	0.92%	$28,880	$28,464	$28,066	1.02%	0.40%	0.49%	0.46%
2017	5	0.45%	0.70%	0.52%	$29,010	$28,663	$28,210	1.39%	-2.40%	-2.10%	-3.51%
2017	6	1.05%	1.09%	0.95%	$29,316	$28,975	$28,479	0.61%	2.44%	3.07%	2.59%
2017	7	1.79%	1.78%	1.81%	$29,840	$29,489	$28,995	2.04%	1.02%	0.71%	0.77%
2017	8	-0.14%	-0.33%	-0.21%	$29,798	$29,391	$28,933	0.29%	-1.46%	-2.88%	-2.55%
2017	9	2.77%	3.34%	3.08%	$30,622	$30,373	$29,824	2.06%	4.95%	8.71%	7.92%
2017	10	1.95%	1.97%	2.07%	$31,220	$30,971	$30,442	2.32%	0.86%	0.58%	0.96%
2017	11	3.09%	3.21%	2.89%	$32,184	$31,965	$31,323	3.06%	3.17%	3.82%	2.12%
2017	12	0.95%	0.79%	0.91%	$32,491	$32,218	$31,608	1.10%	0.50%	-0.46%	0.03%
2018	1	4.77%	4.85%	4.95%	$34,039	$33,783	$33,175	5.71%	1.93%	1.42%	1.50%
2018	2	-3.95%	-3.79%	-3.87%	$32,696	$32,502	$31,892	-3.69%	-4.74%	-4.19%	-4.68%
2018	3	-1.74%	-1.79%	-1.95%	$32,126	$31,920	$31,269	-2.56%	0.82%	1.42%	0.93%
2018	4	0.38%	0.64%	0.54%	$32,248	$32,126	$31,439	0.37%	0.40%	1.72%	1.32%
2018	5	2.93%	3.09%	3.10%	$33,192	$33,118	$32,414	2.39%	4.52%	5.83%	6.29%
2018	6	0.54%	0.66%	0.50%	$33,372	$33,338	$32,577	0.61%	0.36%	0.89%	0.06%
2018	7	3.40%	3.49%	3.33%	$34,508	$34,501	$33,663	3.71%	2.49%	2.61%	1.61%
2018	8	3.04%	3.22%	3.17%	$35,557	$35,613	$34,731	3.25%	2.41%	3.14%	2.84%
2018	9	0.01%	-0.15%	-0.11%	$35,559	$35,562	$34,694	0.55%	-1.67%	-2.98%	-3.19%
2018	10	-7.40%	-7.50%	-7.31%	$32,928	$32,895	$32,158	-6.85%	-9.05%	-10.09%	-9.41%
2018	11	2.11%	1.77%	1.83%	$33,621	$33,476	$32,747	2.03%	2.35%	0.68%	0.91%
2018	12	-9.62%	-9.67%	-9.69%	$30,386	$30,240	$29,572	-9.04%	-11.41%	-12.30%	-12.79%
2019	1	8.79%	8.84%	8.72%	$33,057	$32,913	$32,152	8.00%	11.16%	12.19%	12.00%
2019	2	3.40%	3.40%	3.21%	$34,182	$34,032	$33,185	3.20%	3.99%	4.17%	3.27%
2019	3	0.95%	0.74%	0.90%	$34,505	$34,286	$33,483	1.94%	-1.92%	-3.80%	-3.66%
2019	4	4.01%	4.07%	4.04%	$35,888	$35,682	$34,836	4.04%	3.91%	4.20%	4.04%
2019	5	-6.81%	-7.08%	-7.29%	$33,445	$33,157	$32,296	-6.36%	-8.13%	-9.92%	-11.52%
2019	6	6.99%	7.16%	7.16%	$35,782	$35,532	$34,608	7.03%	6.84%	7.71%	7.77%
2019	7	1.26%	1.38%	1.24%	$36,232	$36,022	$35,037	1.43%	0.75%	1.19%	0.39%
2019	8	-2.55%	-2.30%	-2.73%	$35,309	$35,194	$34,079	-1.59%	-5.44%	-5.13%	-8.00%
2019	9	2.37%	2.59%	2.55%	$36,146	$36,104	$34,948	1.86%	3.98%	5.61%	5.96%
2019	10	2.05%	2.12%	2.10%	$36,888	$36,871	$35,681	2.15%	1.75%	1.99%	1.83%
2019	11	3.34%	3.45%	3.54%	$38,118	$38,142	$36,944	3.62%	2.48%	2.75%	3.17%
2019	12	2.95%	2.98%	3.17%	$39,243	$39,280	$38,115	3.01%	2.78%	2.89%	3.92%
2020	1	-0.88%	-1.31%	-1.28%	$38,897	$38,765	$37,627	-0.05%	-3.37%	-6.35%	-6.88%
2020	2	-8.71%	-8.60%	-8.67%	$35,508	$35,432	$34,363	-8.24%	-10.18%	-10.12%	-10.79%
2020	3	-15.42%	-14.84%	-14.73%	$30,033	$30,175	$29,301	-12.37%	-25.08%	-25.58%	-26.60%
2020	4	12.89%	13.01%	13.35%	$33,903	$34,100	$33,214	12.81%	13.11%	13.78%	15.81%
2020	5	4.77%	4.30%	4.40%	$35,519	$35,568	$34,677	4.76%	4.80%	2.52%	2.85%
2020	6	2.00%	2.30%	2.10%	$36,228	$36,387	$35,404	1.98%	2.05%	3.63%	2.65%
2020	7	5.04%	5.03%	5.19%	$38,055	$38,218	$37,243	5.63%	3.29%	2.65%	3.21%
2020	8	6.55%	6.76%	6.89%	$40,548	$40,803	$39,810	7.18%	4.63%	5.06%	5.58%
2020	9	-3.79%	-4.08%	-4.04%	$39,013	$39,136	$38,201	-3.81%	-3.71%	-5.23%	-5.13%
2020	10	-1.22%	-1.39%	-1.48%	$38,537	$38,591	$37,637	-2.67%	3.14%	3.71%	3.95%
2020	11	12.63%	12.66%	12.26%	$43,404	$43,478	$42,249	10.94%	17.42%	19.15%	17.89%
2020	12	4.64%	4.63%	4.72%	$45,420	$45,492	$44,243	3.84%	6.80%	7.41%	8.25%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2	Portfolio 3
Large-cap Value	39.33%	38.35%	38.82%
Large-cap Growth	38.59%	42.21%	40.64%
Mid-cap Value	8.55%	2.48%	1.95%
Mid-cap Growth	0.87%	0.02%	2.10%
Small-cap Value	11.02%	16.73%	16.02%
Small-cap Growth	1.51%	0.00%	0.00%
Global ex-US Developed Markets	0.00%	0.00%	0.00%
Emerging Markets	0.15%	0.21%	0.46%
Corporate Bonds	0.00%	0.00%	0.00%
Long-Term Treasuries	0.00%	0.00%	0.00%
Intermediate-Term Treasuries	0.00%	0.00%	0.00%
Short-Term Treasuries	0.00%	0.00%	0.00%
R Squared	99.82%	99.88%	99.79%
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
VFINX	Vanguard 500 Index Investor	Large Blend	75.00%	1.39%	0.14%	28.33	$27,442	69.74%
VBR	Vanguard Small-Cap Value ETF	Small Value	25.00%	1.84%	0.07%	18.52	$7,978	30.26%
			100.00%	1.50%	0.12%	25.88	$35,420	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Maturity

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
VFINX	Vanguard 500 Index Investor	Large Blend	80.00%	1.39%	0.14%	28.33	$29,042	74.90%
SLYV	SPDR S&P 600 Small Cap Value ETF	Small Value	20.00%	1.76%	0.15%	18.24	$6,450	25.10%
			100.00%	1.46%	0.14%	26.31	$35,492	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Maturity

Holdings Based Style Analysis for Portfolio 3

Holdings Based Style Analysis for Portfolio 3
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
VFINX	Vanguard 500 Index Investor	Large Blend	82.00%	1.39%	0.14%	28.33	$29,317	76.17%
DFSVX	DFA US Small Cap Value I	Small Value	18.00%	1.96%	0.51%	13.07	$4,926	23.83%
			100.00%	1.49%	0.21%	25.58	$34,243	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Maturity

Fund fundamentals data as of 01/22/2021. (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)	0.85%	0.85%	0.84%
Arithmetic Mean (annualized)	10.67%	10.66%	10.50%
Geometric Mean (monthly)	0.75%	0.75%	0.74%
Geometric Mean (annualized)	9.36%	9.37%	9.19%
Volatility (monthly)	4.45%	4.42%	4.46%
Volatility (annualized)	15.41%	15.32%	15.44%
Downside Deviation (monthly)	3.03%	2.99%	3.03%
Max. Drawdown	-51.43%	-51.26%	-52.12%
US Market Correlation	1.00	1.00	1.00
Beta^(*)	1.02	1.02	1.02
Alpha (annualized)	-0.56%	-0.51%	-0.74%
R²	99.37%	99.41%	99.45%
Sharpe Ratio	0.58	0.58	0.57
Sortino Ratio	0.84	0.85	0.82
Treynor Ratio (%)	8.73	8.78	8.56
Calmar Ratio	0.50	0.53	0.51
Active Return	-0.43%	-0.42%	-0.60%
Tracking Error	1.27%	1.20%	1.20%
Information Ratio	-0.33	-0.35	-0.49
Skewness	-0.72	-0.66	-0.67
Excess Kurtosis	2.41	2.16	2.13
Historical Value-at-Risk (5%)	-7.71%	-7.66%	-7.92%
Analytical Value-at-Risk (5%)	-6.46%	-6.41%	-6.49%
Conditional Value-at-Risk (5%)	-10.32%	-10.17%	-10.28%
Upside Capture Ratio (%)	100.30	100.05	100.46
Downside Capture Ratio (%)	102.84	102.41	103.92
Safe Withdrawal Rate	8.38%	8.26%	8.24%
Perpetual Withdrawal Rate	6.67%	6.68%	6.52%
Positive Periods	139 out of 203 (68.47%)	137 out of 203 (67.49%)	136 out of 203 (67.00%)
Gain/Loss Ratio	0.77	0.80	0.81
^* 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
Subprime Crisis	Nov 2007	Mar 2009	-51.39%	-51.26%	-52.09%

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jun 2007	Feb 2009	1 year 9 months	Mar 2012	3 years 1 month	4 years 10 months	-51.43%
2	Jan 2020	Mar 2020	3 months	Aug 2020	5 months	8 months	-23.47%
3	Oct 2018	Dec 2018	3 months	Apr 2019	4 months	7 months	-14.55%
4	Jun 2015	Sep 2015	4 months	May 2016	8 months	1 year	-8.83%
5	May 2019	May 2019	1 month	Jul 2019	2 months	3 months	-6.81%
6	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-6.78%
7	Feb 2018	Mar 2018	2 months	Jul 2018	4 months	6 months	-5.62%
8	Jan 2005	Apr 2005	4 months	Jul 2005	3 months	7 months	-5.11%
9	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-4.96%
10	Jul 2004	Jul 2004	1 month	Oct 2004	3 months	4 months	-3.36%
Worst 10 drawdowns included above

Drawdowns for Portfolio 2

Drawdowns for Portfolio 2 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Feb 2012	3 years	4 years 4 months	-51.26%
2	Jan 2020	Mar 2020	3 months	Aug 2020	5 months	8 months	-23.18%
3	Sep 2018	Dec 2018	4 months	Apr 2019	4 months	8 months	-15.09%
4	Jun 2015	Sep 2015	4 months	May 2016	8 months	1 year	-8.67%
5	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-7.21%
6	May 2019	May 2019	1 month	Jul 2019	2 months	3 months	-7.08%
7	Jun 2007	Jul 2007	2 months	Oct 2007	3 months	5 months	-5.59%
8	Feb 2018	Mar 2018	2 months	Jul 2018	4 months	6 months	-5.51%
9	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-5.42%
10	Jan 2005	Apr 2005	4 months	Jul 2005	3 months	7 months	-5.32%
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	Jun 2007	Feb 2009	1 year 9 months	Mar 2012	3 years 1 month	4 years 10 months	-52.12%
2	Jan 2020	Mar 2020	3 months	Aug 2020	5 months	8 months	-23.12%
3	Sep 2018	Dec 2018	4 months	Apr 2019	4 months	8 months	-14.85%
4	Jun 2015	Sep 2015	4 months	May 2016	8 months	1 year	-8.88%
5	May 2019	May 2019	1 month	Jul 2019	2 months	3 months	-7.29%
6	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-6.98%
7	Feb 2018	Mar 2018	2 months	Jul 2018	4 months	6 months	-5.74%
8	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-5.46%
9	Jan 2005	Apr 2005	4 months	Jul 2005	3 months	7 months	-5.11%
10	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-3.77%
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	9.44%	14.45%	32.18%	-37.02%	-50.97%	0.61	0.90	1.00
VBR	Vanguard Small-Cap Value ETF	8.74%	19.44%	36.55%	-32.20%	-55.89%	0.47	0.66	0.94
SLYV	SPDR S&P 600 Small Cap Value ETF	8.58%	20.43%	40.63%	-33.99%	-55.37%	0.45	0.65	0.92
DFSVX	DFA US Small Cap Value I	7.37%	21.86%	42.38%	-36.79%	-61.18%	0.38	0.54	0.91

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VFINX	VBR	SLYV	DFSVX	Portfolio 1	Portfolio 2	Portfolio 3
VFINX	Vanguard 500 Index Investor	1.00	0.92	0.90	0.89	0.99	0.99	0.99
VBR	Vanguard Small-Cap Value ETF	0.92	1.00	0.99	0.98	0.96	0.96	0.95
SLYV	SPDR S&P 600 Small Cap Value ETF	0.90	0.99	1.00	0.99	0.94	0.94	0.94
DFSVX	DFA US Small Cap Value I	0.89	0.98	0.99	1.00	0.93	0.93	0.94

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
VFINX	Vanguard 500 Index Investor	$27,442	$29,042	$29,317
VBR	Vanguard Small-Cap Value ETF	$7,978
SLYV	SPDR S&P 600 Small Cap Value ETF		$6,450
DFSVX	DFA US Small Cap Value I			$4,926

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
VFINX	Vanguard 500 Index Investor	69.74%	74.90%	76.17%
VBR	Vanguard Small-Cap Value ETF	30.26%
SLYV	SPDR S&P 600 Small Cap Value ETF		25.10%
DFSVX	DFA US Small Cap Value I			23.83%

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	9.73%	59.32%	-43.74%	9.80%	58.93%	-43.65%	9.64%	58.77%	-44.36%
3 years	8.86%	27.06%	-16.09%	8.98%	27.08%	-15.76%	8.72%	27.03%	-16.35%
5 years	8.76%	24.21%	-6.65%	8.86%	24.14%	-6.87%	8.58%	24.23%	-6.91%
7 years	9.76%	17.65%	2.49%	9.84%	17.61%	2.44%	9.61%	17.51%	2.35%
10 years	9.72%	16.83%	6.30%	9.80%	16.92%	6.40%	9.56%	16.69%	6.12%
15 years	8.55%	9.44%	7.00%	8.65%	9.61%	7.16%	8.40%	9.30%	6.87%