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 (May 1996 - Dec 2020)

Note: The time period was constrained by the available data for Vanguard Total Intl Stock Index Inv (VGTSX) [May 1996 - Dec 2020].

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
DFSVX	DFA US Small Cap Value I	35.00%
DISVX	DFA International Small Cap Value I	10.00%
DFEMX	DFA Emerging Markets I	10.00%
VTSMX	Vanguard Total Stock Mkt Idx Inv	35.00%
VGTSX	Vanguard Total Intl Stock Index Inv	10.00%
Save portfolio »

Portfolio 2
Ticker	Name	Allocation
VTSMX	Vanguard Total Stock Mkt Idx Inv	70.00%
VGTSX	Vanguard Total Intl Stock Index Inv	30.00%
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	$86,653	9.15%	17.30%	48.46%	-39.34%	-55.32%	0.47	0.68	0.95
Portfolio 2	$10,000	$70,227	8.22%	15.77%	34.05%	-39.16%	-53.26%	0.45	0.64	0.99

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	21.26%	10.67%	6.07%	10.66%	9.17%	9.15%	22.37%	18.26%
Portfolio 2	15.27%	17.96%	11.54%	13.45%	11.13%	8.22%	19.09%	15.53%
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 1996 are based on monthly returns from May 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		DFA US Small Cap Value I (DFSVX)	DFA International Small Cap Value I (DISVX)	DFA Emerging Markets I (DFEMX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Total Intl Stock Index Inv (VGTSX)
Year	Inflation	Return	Balance	Return	Balance	DFA US Small Cap Value I (DFSVX)	DFA International Small Cap Value I (DISVX)	DFA Emerging Markets I (DFEMX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Total Intl Stock Index Inv (VGTSX)
1996	1.47%	7.25%	$10,725	8.56%	$10,856	11.14%	-8.18%	-0.80%	11.94%	0.65%
1997	1.70%	17.37%	$12,587	21.46%	$13,186	30.75%	-22.72%	-18.91%	30.99%	-0.77%
1998	1.61%	6.73%	$13,435	20.97%	$15,950	-7.30%	5.27%	-9.43%	23.26%	15.60%
1999	2.68%	24.97%	$16,789	25.64%	$20,040	13.05%	19.04%	71.70%	23.81%	29.92%
2000	3.39%	-5.33%	$15,894	-12.09%	$17,618	9.01%	-3.08%	-29.15%	-10.57%	-15.61%
2001	1.55%	0.94%	$16,043	-13.72%	$15,201	22.65%	-4.59%	-6.78%	-10.97%	-20.15%
2002	2.38%	-12.45%	$14,045	-19.20%	$12,282	-9.27%	5.79%	-9.45%	-20.96%	-15.08%
2003	1.88%	48.46%	$20,851	34.05%	$16,465	59.40%	66.48%	60.17%	31.35%	40.34%
2004	3.26%	21.82%	$25,402	15.01%	$18,936	25.39%	34.80%	29.93%	12.51%	20.84%
2005	3.42%	11.68%	$28,370	8.86%	$20,613	7.79%	23.23%	29.86%	5.98%	15.57%
2006	2.54%	21.39%	$34,439	18.85%	$24,499	21.55%	28.39%	29.17%	15.51%	26.64%
2007	4.08%	3.61%	$35,682	8.50%	$26,581	-10.75%	2.95%	36.02%	5.49%	15.52%
2008	0.09%	-39.34%	$21,646	-39.16%	$16,173	-36.79%	-41.68%	-49.20%	-37.04%	-44.10%
2009	2.72%	36.61%	$29,571	31.11%	$21,204	33.62%	39.51%	71.77%	28.70%	36.73%
2010	1.50%	21.90%	$36,048	15.30%	$24,448	30.90%	18.10%	21.82%	17.09%	11.12%
2011	2.96%	-7.25%	$33,435	-3.70%	$23,545	-7.55%	-17.46%	-17.41%	0.96%	-14.56%
2012	1.74%	19.25%	$39,870	16.82%	$27,505	21.72%	22.26%	19.16%	16.25%	18.14%
2013	1.50%	30.94%	$52,205	27.86%	$35,167	42.38%	32.39%	-3.12%	33.35%	15.04%
2014	0.76%	4.47%	$54,541	7.43%	$37,780	3.48%	-4.99%	-1.71%	12.43%	-4.24%
2015	0.73%	-4.25%	$52,223	-1.11%	$37,361	-7.81%	3.99%	-15.81%	0.29%	-4.37%
2016	2.07%	16.75%	$60,972	10.17%	$41,161	28.26%	8.00%	12.09%	12.53%	4.65%
2017	2.11%	19.09%	$72,610	22.95%	$50,609	7.21%	27.98%	36.57%	21.05%	27.40%
2018	1.91%	-12.27%	$63,699	-8.01%	$46,554	-15.13%	-23.31%	-13.62%	-5.26%	-14.44%
2019	2.29%	22.92%	$78,296	27.88%	$59,535	18.12%	21.00%	16.03%	30.65%	21.43%
2020	1.36%	10.67%	$86,653	17.96%	$70,227	2.23%	0.81%	13.89%	20.87%	11.16%
Annual return for 1996 is from 05/01/1996 to 12/31/1996

Monthly returns for the configured portfolios
Year	Month	Portfolio 1 Return	Portfolio 2 Return	DFA US Small Cap Value I (DFSVX)	DFA International Small Cap Value I (DISVX)	DFA Emerging Markets I (DFEMX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Total Intl Stock Index Inv (VGTSX)
1996	5	2.26%	1.60%	3.90%	0.54%	0.00%	2.66%	-0.88%
1996	6	-1.06%	-0.48%	-2.09%	-1.35%	0.75%	-0.84%	0.39%
1996	7	-5.66%	-4.77%	-6.22%	-4.10%	-8.55%	-5.37%	-3.33%
1996	8	2.97%	2.35%	4.56%	-0.48%	2.81%	3.09%	0.61%
1996	9	3.54%	4.54%	3.33%	0.00%	2.12%	5.38%	2.52%
1996	10	0.33%	0.68%	0.74%	-1.24%	-2.25%	1.43%	-1.18%
1996	11	4.95%	5.95%	4.74%	1.06%	3.54%	6.81%	3.78%
1996	12	0.08%	-1.22%	2.19%	-2.82%	1.32%	-1.27%	-1.09%
1997	1	3.33%	3.11%	2.54%	-2.47%	10.11%	5.46%	-2.37%
1997	2	0.34%	0.44%	0.00%	0.84%	1.23%	-0.11%	1.82%
1997	3	-2.89%	-3.20%	-2.65%	-0.84%	-2.82%	-4.45%	-0.10%
1997	4	0.81%	3.22%	-0.41%	-2.32%	-3.84%	4.50%	0.20%
1997	5	7.59%	6.94%	9.46%	6.69%	4.89%	7.10%	6.54%
1997	6	4.83%	4.66%	6.25%	1.52%	4.12%	4.37%	5.40%
1997	7	4.72%	5.98%	5.98%	-3.88%	0.07%	7.77%	1.59%
1997	8	-2.69%	-5.07%	3.52%	-4.56%	-14.55%	-3.72%	-8.60%
1997	9	5.72%	5.70%	7.69%	-1.85%	4.10%	5.77%	5.51%
1997	10	-4.95%	-4.92%	-3.55%	-3.98%	-14.85%	-3.40%	-9.10%
1997	11	-0.23%	2.18%	-0.85%	-8.41%	-5.32%	3.33%	-1.19%
1997	12	0.34%	1.51%	0.09%	-5.41%	-0.68%	1.70%	0.92%
1998	1	0.55%	1.22%	-1.23%	7.16%	-1.94%	0.44%	3.04%
1998	2	7.88%	7.20%	7.54%	9.96%	9.79%	7.34%	6.88%
1998	3	4.05%	4.50%	4.07%	2.03%	3.51%	5.06%	3.22%
1998	4	0.75%	0.93%	1.93%	-1.75%	-1.65%	1.10%	0.53%
1998	5	-3.65%	-2.35%	-3.83%	-0.95%	-11.52%	-2.71%	-1.51%
1998	6	-0.55%	2.39%	-1.97%	-2.88%	-9.01%	3.54%	-0.27%
1998	7	-3.23%	-1.29%	-7.37%	-3.09%	4.16%	-2.27%	1.08%
1998	8	-16.70%	-15.05%	-18.43%	-10.97%	-25.35%	-15.65%	-13.66%
1998	9	2.94%	4.00%	2.84%	-2.58%	0.31%	6.68%	-2.07%
1998	10	7.33%	8.45%	4.26%	6.18%	16.14%	7.51%	10.77%
1998	11	5.95%	5.93%	5.30%	4.43%	10.12%	6.17%	5.34%
1998	12	3.80%	5.52%	2.32%	-0.59%	2.89%	6.45%	3.26%
1999	1	1.31%	2.37%	1.56%	-2.09%	-2.41%	3.65%	-0.63%
1999	2	-4.47%	-3.27%	-8.24%	-1.28%	0.99%	-3.73%	-2.16%
1999	3	2.78%	4.24%	-1.92%	5.91%	9.05%	3.93%	4.97%
1999	4	8.65%	4.80%	10.68%	10.34%	17.83%	4.68%	5.08%
1999	5	0.22%	-2.89%	4.69%	-0.86%	-0.19%	-2.00%	-5.00%
1999	6	6.10%	4.94%	6.11%	6.59%	9.82%	5.16%	4.39%
1999	7	-0.88%	-1.61%	-0.45%	3.27%	-1.56%	-3.20%	2.27%
1999	8	-1.22%	-0.54%	-2.74%	0.45%	-0.44%	-0.92%	0.33%
1999	9	-2.09%	-1.45%	-2.67%	-0.56%	-3.28%	-2.44%	0.82%
1999	10	1.57%	5.49%	-3.42%	-1.81%	3.85%	6.29%	3.74%
1999	11	3.93%	3.62%	4.53%	-2.19%	9.08%	3.42%	4.08%
1999	12	7.45%	8.14%	5.73%	0.67%	15.20%	7.59%	9.37%
2000	1	-2.66%	-4.79%	-0.75%	-1.56%	-1.55%	-4.18%	-6.22%
2000	2	3.95%	2.63%	9.28%	-2.44%	-2.66%	2.54%	2.83%
2000	3	2.80%	5.03%	0.30%	3.87%	0.59%	5.69%	3.48%
2000	4	-4.82%	-5.27%	-3.51%	-6.25%	-6.45%	-5.21%	-5.41%
2000	5	-3.34%	-3.19%	-4.16%	1.54%	-5.56%	-3.41%	-2.67%
2000	6	4.82%	4.38%	4.98%	8.71%	1.99%	4.42%	4.27%
2000	7	-2.03%	-2.69%	-0.10%	-3.72%	-5.86%	-1.95%	-4.46%
2000	8	5.67%	5.48%	7.40%	1.81%	1.04%	7.28%	1.00%
2000	9	-3.68%	-4.76%	-1.85%	-3.20%	-7.19%	-4.67%	-5.00%
2000	10	-3.45%	-2.32%	-3.78%	-5.26%	-6.36%	-2.04%	-3.03%
2000	11	-6.35%	-8.42%	-5.44%	1.29%	-6.30%	-9.90%	-4.44%
2000	12	4.69%	2.33%	7.73%	3.10%	5.31%	1.78%	3.72%
2001	1	6.37%	3.01%	10.31%	2.75%	10.33%	3.83%	1.10%
2001	2	-5.48%	-8.88%	-1.92%	1.02%	-9.09%	-9.41%	-7.61%
2001	3	-5.31%	-6.85%	-2.46%	-5.18%	-9.90%	-6.72%	-7.15%
2001	4	6.91%	8.08%	6.12%	7.46%	4.33%	8.16%	7.89%
2001	5	2.50%	-0.34%	6.16%	0.50%	0.74%	1.01%	-3.52%
2001	6	0.36%	-2.27%	3.74%	-0.86%	-2.11%	-1.64%	-3.84%
2001	7	-1.95%	-1.92%	-1.63%	-2.24%	-3.56%	-1.71%	-2.43%
2001	8	-2.35%	-4.96%	-1.34%	2.16%	0.89%	-6.00%	-2.30%
2001	9	-12.33%	-9.50%	-14.56%	-10.96%	-16.30%	-9.00%	-10.73%
2001	10	3.20%	2.65%	3.93%	2.80%	2.91%	2.52%	2.97%
2001	11	6.90%	6.47%	7.81%	0.54%	10.94%	7.63%	3.56%
2001	12	4.13%	1.66%	7.02%	-1.50%	7.82%	1.78%	1.35%
2002	1	0.10%	-2.26%	1.54%	-0.99%	5.56%	-1.24%	-4.63%
2002	2	-0.42%	-1.18%	-0.16%	3.98%	-1.34%	-2.05%	0.90%
2002	3	6.48%	4.78%	9.86%	4.79%	4.19%	4.38%	5.71%
2002	4	0.58%	-3.29%	4.53%	3.92%	1.01%	-4.90%	0.42%
2002	5	-1.07%	-0.47%	-3.15%	6.28%	-2.49%	-1.22%	1.16%
2002	6	-4.39%	-6.18%	-2.07%	-1.77%	-7.65%	-7.06%	-4.28%
2002	7	-10.47%	-8.60%	-15.60%	-5.29%	-4.86%	-8.02%	-9.80%
2002	8	-0.29%	0.32%	-1.25%	-0.25%	0.35%	0.53%	-0.12%
2002	9	-8.78%	-10.33%	-7.28%	-6.62%	-10.53%	-10.07%	-10.88%
2002	10	3.83%	7.03%	1.62%	-0.95%	4.14%	7.65%	5.70%
2002	11	6.49%	5.65%	8.52%	2.20%	7.45%	6.06%	4.75%
2002	12	-3.70%	-4.90%	-3.58%	1.23%	-4.00%	-5.57%	-3.43%
2003	1	-2.46%	-2.91%	-3.45%	0.27%	-0.12%	-2.54%	-3.76%
2003	2	-2.36%	-1.91%	-4.11%	0.54%	-1.59%	-1.69%	-2.42%
2003	3	-0.15%	0.19%	-0.21%	-0.94%	-1.61%	1.09%	-1.93%
2003	4	9.82%	8.64%	10.56%	9.52%	13.38%	8.21%	9.70%
2003	5	8.58%	6.12%	11.72%	10.06%	7.35%	6.11%	6.15%
2003	6	3.03%	1.79%	3.65%	5.64%	3.84%	1.43%	2.66%
2003	7	4.24%	2.60%	7.04%	4.06%	2.00%	2.36%	3.18%
2003	8	3.96%	2.42%	5.14%	5.54%	4.51%	2.39%	2.51%
2003	9	0.67%	0.02%	-0.78%	5.64%	4.40%	-1.15%	2.78%
2003	10	7.67%	6.23%	10.00%	5.71%	7.63%	6.12%	6.49%
2003	11	2.12%	1.61%	4.16%	0.44%	-1.00%	1.38%	2.13%
2003	12	5.93%	5.50%	5.33%	6.27%	10.51%	4.48%	7.80%
2004	1	3.45%	2.04%	4.89%	6.10%	1.85%	2.23%	1.60%
2004	2	1.99%	1.75%	1.41%	3.07%	4.39%	1.43%	2.50%
2004	3	0.51%	-0.61%	0.94%	4.20%	0.65%	-1.07%	0.45%
2004	4	-3.17%	-2.42%	-3.17%	-3.52%	-6.34%	-2.11%	-3.14%
2004	5	0.41%	1.08%	0.38%	-0.99%	-1.23%	1.35%	0.46%
2004	6	3.98%	2.18%	6.69%	4.55%	1.80%	2.09%	2.40%
2004	7	-3.93%	-3.66%	-5.33%	-3.48%	-0.08%	-3.80%	-3.34%
2004	8	0.05%	0.44%	-1.49%	1.23%	2.78%	0.31%	0.75%
2004	9	3.47%	2.11%	4.93%	2.66%	5.58%	1.74%	2.96%
2004	10	1.86%	2.15%	0.96%	3.26%	2.79%	1.68%	3.24%
2004	11	7.68%	5.47%	10.00%	8.75%	8.70%	4.68%	7.23%
2004	12	4.17%	3.89%	3.62%	5.16%	6.40%	3.63%	4.44%
2005	1	-2.00%	-2.37%	-3.57%	2.79%	0.79%	-2.68%	-1.67%
2005	2	3.38%	2.86%	2.70%	4.74%	7.46%	2.07%	4.68%
2005	3	-2.40%	-2.11%	-1.95%	-0.94%	-6.88%	-1.75%	-2.93%
2005	4	-3.97%	-2.24%	-7.28%	-1.95%	-2.41%	-2.32%	-2.07%
2005	5	3.68%	2.64%	6.65%	-1.49%	2.96%	3.77%	0.08%
2005	6	2.39%	0.96%	4.17%	2.35%	2.97%	0.81%	1.30%
2005	7	5.31%	3.98%	7.11%	3.80%	6.41%	4.11%	3.68%
2005	8	-0.17%	0.19%	-1.67%	3.90%	0.61%	-0.94%	2.85%
2005	9	2.13%	2.04%	0.80%	2.34%	7.92%	0.86%	4.73%
2005	10	-2.78%	-2.34%	-2.92%	-2.32%	-5.02%	-1.86%	-3.37%
2005	11	4.04%	3.57%	4.21%	1.86%	7.22%	3.97%	2.67%
2005	12	2.00%	1.68%	0.34%	6.44%	5.76%	0.14%	5.14%
2006	1	6.68%	4.51%	8.82%	7.33%	9.52%	3.50%	6.87%
2006	2	-0.21%	-0.22%	-0.35%	0.21%	-0.31%	0.00%	-0.72%
2006	3	3.72%	2.22%	6.09%	4.77%	1.36%	1.80%	3.17%
2006	4	2.26%	2.35%	0.98%	4.15%	5.96%	1.11%	5.12%
2006	5	-4.80%	-3.62%	-4.39%	-4.80%	-11.57%	-3.23%	-4.45%
2006	6	-0.17%	-0.00%	0.05%	-1.86%	-0.15%	0.17%	-0.38%
2006	7	-1.14%	0.27%	-3.75%	-0.36%	1.83%	-0.13%	1.15%
2006	8	2.31%	2.38%	1.95%	2.55%	3.13%	2.31%	2.53%
2006	9	1.45%	1.63%	1.19%	0.95%	1.35%	2.27%	0.25%
2006	10	4.58%	3.68%	5.43%	4.39%	5.94%	3.53%	4.00%
2006	11	3.35%	2.70%	3.03%	4.83%	6.37%	2.23%	3.73%
2006	12	2.00%	1.75%	1.38%	3.75%	4.03%	1.13%	3.09%
2007	1	1.94%	1.60%	2.20%	2.67%	1.45%	1.88%	0.96%
2007	2	-0.62%	-1.12%	-0.23%	1.81%	-1.58%	-1.61%	0.06%
2007	3	1.94%	1.62%	1.09%	4.35%	4.56%	1.11%	2.80%
2007	4	3.36%	3.98%	1.81%	2.97%	6.34%	4.01%	3.92%
2007	5	3.74%	3.51%	3.65%	1.91%	6.69%	3.69%	3.09%
2007	6	-0.92%	-0.98%	-1.55%	-0.42%	1.63%	-1.67%	0.61%
2007	7	-3.65%	-2.69%	-7.64%	-0.25%	2.37%	-3.41%	-1.06%
2007	8	-0.47%	0.77%	-0.76%	-4.10%	-1.75%	1.45%	-0.72%
2007	9	3.07%	4.46%	-0.28%	2.08%	8.81%	3.59%	6.38%
2007	10	3.37%	3.13%	1.11%	3.94%	10.92%	1.85%	5.90%
2007	11	-6.44%	-4.51%	-8.72%	-8.12%	-6.53%	-4.49%	-4.57%
2007	12	-1.20%	-1.15%	-1.20%	-3.12%	-0.41%	-0.60%	-2.28%
2008	1	-5.90%	-6.82%	-3.94%	-6.60%	-8.74%	-6.08%	-8.55%
2008	2	-1.53%	-2.07%	-2.84%	2.19%	3.17%	-3.07%	0.33%
2008	3	-0.19%	-0.62%	0.84%	0.93%	-3.12%	-0.58%	-0.71%
2008	4	3.76%	5.27%	1.66%	1.70%	7.11%	5.02%	5.85%
2008	5	2.60%	1.92%	4.14%	2.20%	0.58%	2.09%	1.51%
2008	6	-9.21%	-8.43%	-10.10%	-8.74%	-10.29%	-8.19%	-8.99%
2008	7	-0.49%	-1.64%	2.07%	-4.44%	-1.33%	-0.77%	-3.67%
2008	8	0.65%	-0.38%	4.15%	-3.22%	-5.96%	1.58%	-5.10%
2008	9	-9.64%	-10.33%	-6.89%	-14.39%	-13.95%	-9.26%	-13.09%
2008	10	-20.88%	-18.84%	-22.14%	-21.76%	-26.35%	-17.63%	-22.09%
2008	11	-9.57%	-7.48%	-12.99%	-5.55%	-9.09%	-7.90%	-6.29%
2008	12	4.80%	3.52%	5.25%	9.09%	7.79%	1.86%	8.16%
2009	1	-10.69%	-9.37%	-14.28%	-8.43%	-7.65%	-8.26%	-11.96%
2009	2	-10.78%	-10.20%	-12.71%	-10.99%	-6.56%	-10.45%	-9.58%
2009	3	9.70%	8.85%	10.40%	6.52%	14.45%	8.65%	9.31%
2009	4	14.84%	11.25%	19.66%	16.21%	14.77%	10.61%	12.78%
2009	5	7.67%	8.06%	3.22%	13.77%	17.04%	5.38%	14.35%
2009	6	-0.05%	-0.18%	0.35%	-0.33%	-0.88%	0.34%	-1.32%
2009	7	10.50%	8.49%	13.44%	9.31%	11.40%	7.82%	9.96%
2009	8	4.25%	3.59%	5.14%	8.66%	0.34%	3.63%	3.50%
2009	9	5.63%	4.52%	6.33%	4.71%	8.76%	4.23%	5.15%
2009	10	-4.30%	-2.44%	-7.53%	-3.62%	-2.10%	-2.57%	-2.17%
2009	11	4.09%	5.06%	3.11%	0.54%	5.95%	5.63%	3.86%
2009	12	4.31%	2.44%	7.92%	1.17%	3.58%	2.86%	1.53%
2010	1	-3.58%	-3.97%	-3.16%	-1.92%	-5.48%	-3.50%	-5.07%
2010	2	3.38%	2.43%	6.15%	-0.95%	1.21%	3.36%	0.22%
2010	3	7.63%	6.40%	8.86%	8.12%	8.34%	6.27%	6.71%
2010	4	3.73%	1.04%	8.11%	1.26%	0.57%	2.17%	-1.71%
2010	5	-9.62%	-8.79%	-9.90%	-13.46%	-9.33%	-8.00%	-10.78%
2010	6	-6.08%	-4.42%	-10.14%	-2.01%	0.15%	-5.66%	-1.17%
2010	7	8.36%	7.95%	8.69%	9.73%	8.78%	6.99%	10.33%
2010	8	-5.67%	-4.30%	-8.38%	-4.67%	-2.34%	-4.75%	-3.22%
2010	9	11.15%	9.75%	12.93%	11.23%	11.34%	9.47%	10.41%
2010	10	3.80%	3.82%	4.17%	3.13%	2.97%	3.94%	3.55%
2010	11	0.87%	-0.94%	4.49%	-2.85%	-2.23%	0.58%	-4.52%
2010	12	8.48%	7.25%	9.18%	12.32%	8.09%	6.81%	8.34%
2011	1	0.89%	1.74%	0.31%	2.09%	-2.61%	2.19%	0.70%
2011	2	3.95%	3.33%	6.28%	2.90%	-0.74%	3.60%	2.71%
2011	3	1.41%	0.19%	2.05%	0.50%	5.53%	0.45%	-0.43%
2011	4	2.76%	3.65%	1.26%	4.30%	3.48%	2.99%	5.24%
2011	5	-2.41%	-1.67%	-3.12%	-3.43%	-2.78%	-1.16%	-2.87%
2011	6	-1.75%	-1.70%	-1.81%	-2.18%	-1.22%	-1.79%	-1.51%
2011	7	-2.24%	-2.06%	-2.88%	-1.92%	-0.81%	-2.28%	-1.53%
2011	8	-8.39%	-6.72%	-10.58%	-9.51%	-8.12%	-5.99%	-8.45%
2011	9	-10.97%	-9.07%	-12.58%	-11.80%	-15.14%	-7.75%	-12.29%
2011	10	12.53%	11.14%	15.82%	7.61%	12.44%	11.51%	10.22%
2011	11	-1.25%	-1.01%	-0.68%	-3.23%	-3.49%	-0.29%	-2.88%
2011	12	-0.11%	-0.14%	1.01%	-2.66%	-2.95%	0.80%	-2.64%
2012	1	7.18%	5.74%	7.43%	10.01%	10.73%	5.08%	7.27%
2012	2	4.26%	4.53%	3.18%	5.96%	5.40%	4.26%	5.14%
2012	3	1.51%	1.90%	2.30%	0.13%	-2.63%	3.07%	-0.75%
2012	4	-1.43%	-0.99%	-1.60%	-2.78%	-1.81%	-0.65%	-1.78%
2012	5	-8.14%	-7.69%	-7.12%	-12.72%	-10.78%	-6.24%	-11.14%
2012	6	4.47%	4.51%	4.38%	4.93%	4.89%	3.91%	6.03%
2012	7	0.38%	0.86%	-0.24%	-0.29%	0.81%	1.03%	0.44%
2012	8	3.04%	2.55%	4.21%	3.67%	0.60%	2.48%	2.72%
2012	9	3.43%	2.88%	3.31%	4.67%	5.58%	2.58%	3.62%
2012	10	-0.82%	-1.08%	-0.82%	0.93%	-0.57%	-1.76%	0.56%
2012	11	1.36%	1.06%	1.84%	1.39%	1.30%	0.74%	1.82%
2012	12	3.34%	2.08%	3.72%	6.24%	5.81%	1.19%	4.17%
2013	1	5.12%	4.85%	6.56%	5.13%	0.51%	5.50%	3.34%
2013	2	0.90%	0.54%	1.75%	0.60%	-1.19%	1.28%	-1.23%
2013	3	3.27%	2.98%	4.91%	2.04%	-1.45%	3.88%	0.77%
2013	4	0.91%	2.23%	-1.11%	2.84%	1.08%	1.70%	3.58%
2013	5	1.98%	0.80%	5.39%	-1.97%	-3.27%	2.32%	-2.95%
2013	6	-1.89%	-1.96%	-0.70%	-3.04%	-6.30%	-1.27%	-3.75%
2013	7	5.95%	5.23%	7.34%	7.46%	1.43%	5.49%	4.56%
2013	8	-3.04%	-2.50%	-4.17%	-1.23%	-2.38%	-2.82%	-1.63%
2013	9	5.44%	4.63%	5.24%	9.69%	7.13%	3.66%	7.21%
2013	10	3.90%	4.00%	3.51%	4.18%	4.53%	4.22%	3.41%
2013	11	2.81%	2.11%	5.08%	0.15%	-1.52%	2.88%	0.12%
2013	12	2.33%	2.25%	2.72%	3.33%	-1.06%	2.63%	1.25%
2014	1	-4.20%	-3.61%	-5.14%	-1.38%	-6.97%	-3.11%	-4.78%
2014	2	5.16%	4.93%	5.45%	6.88%	3.60%	4.73%	5.39%
2014	3	1.03%	0.48%	1.19%	0.65%	3.48%	0.51%	0.41%
2014	4	-0.50%	0.43%	-1.93%	-0.42%	0.58%	0.06%	1.31%
2014	5	1.66%	2.09%	0.83%	0.79%	3.38%	2.17%	1.88%
2014	6	3.02%	2.30%	4.44%	1.57%	2.75%	2.54%	1.74%
2014	7	-3.09%	-1.87%	-5.76%	-3.51%	1.16%	-1.98%	-1.61%
2014	8	3.94%	3.25%	5.83%	0.66%	3.09%	4.18%	1.05%
2014	9	-4.98%	-2.98%	-6.98%	-5.82%	-7.39%	-2.14%	-5.01%
2014	10	2.42%	1.87%	4.61%	-2.20%	1.06%	2.74%	-0.31%
2014	11	0.60%	1.67%	-0.28%	-0.72%	-1.01%	2.41%	-0.25%
2014	12	-0.12%	-1.01%	2.29%	-1.10%	-4.52%	-0.01%	-3.65%
2015	1	-2.69%	-1.90%	-4.95%	-0.65%	0.64%	-2.77%	0.13%
2015	2	5.67%	5.69%	5.90%	7.47%	3.02%	5.76%	5.52%
2015	3	-0.33%	-1.19%	1.78%	-1.96%	-2.12%	-1.04%	-1.54%
2015	4	1.37%	1.84%	-1.34%	5.03%	6.65%	0.42%	5.08%
2015	5	0.59%	0.66%	1.36%	1.56%	-4.02%	1.39%	-0.94%
2015	6	-1.25%	-2.01%	0.05%	-1.39%	-2.44%	-1.71%	-2.69%
2015	7	-1.56%	0.88%	-3.67%	-1.23%	-6.45%	1.63%	-0.80%
2015	8	-5.50%	-6.41%	-4.04%	-4.27%	-8.28%	-6.03%	-7.29%
2015	9	-3.67%	-3.22%	-4.51%	-3.99%	-2.72%	-2.93%	-3.90%
2015	10	6.36%	7.37%	5.28%	5.25%	6.03%	7.84%	6.26%
2015	11	0.74%	-0.01%	3.17%	-0.77%	-3.47%	0.54%	-1.32%
2015	12	-3.37%	-2.04%	-6.20%	-0.39%	-2.76%	-2.03%	-2.07%
2016	1	-6.22%	-5.65%	-7.18%	-7.39%	-4.26%	-5.67%	-5.59%
2016	2	0.01%	-0.71%	1.17%	-0.87%	-0.61%	-0.04%	-2.27%
2016	3	8.47%	7.36%	8.77%	8.04%	13.19%	7.01%	8.19%
2016	4	1.46%	1.10%	1.80%	3.41%	0.59%	0.63%	2.22%
2016	5	0.19%	0.95%	0.47%	-0.79%	-3.94%	1.79%	-1.02%
2016	6	-0.44%	-0.12%	-1.16%	-5.61%	5.29%	0.23%	-0.94%
2016	7	4.74%	4.09%	4.85%	7.20%	5.12%	3.95%	4.41%
2016	8	0.93%	0.40%	1.74%	0.37%	1.19%	0.26%	0.74%
2016	9	1.01%	0.51%	1.21%	2.74%	1.25%	0.15%	1.37%
2016	10	-2.10%	-2.07%	-3.14%	-0.82%	0.21%	-2.21%	-1.72%
2016	11	5.91%	2.47%	14.87%	-0.57%	-5.22%	4.44%	-2.15%
2016	12	2.42%	1.95%	3.41%	3.15%	0.00%	1.92%	2.02%
2017	1	1.90%	2.50%	-0.53%	4.31%	5.98%	1.91%	3.87%
2017	2	2.04%	3.04%	0.32%	1.31%	3.32%	3.71%	1.50%
2017	3	0.46%	0.89%	-1.14%	1.94%	3.21%	0.07%	2.82%
2017	4	1.22%	1.40%	0.46%	2.54%	1.91%	1.05%	2.20%
2017	5	0.04%	1.62%	-3.51%	1.86%	2.98%	1.01%	3.01%
2017	6	1.50%	0.80%	2.59%	1.81%	0.93%	0.92%	0.52%
2017	7	2.26%	2.35%	0.77%	3.77%	5.28%	1.87%	3.42%
2017	8	-0.39%	0.30%	-2.55%	0.49%	2.07%	0.15%	0.64%
2017	9	3.74%	2.25%	7.92%	3.18%	-0.98%	2.45%	1.81%
2017	10	1.75%	2.09%	0.96%	0.86%	3.39%	2.16%	1.94%
2017	11	1.88%	2.33%	2.12%	0.09%	0.30%	3.04%	0.78%
2017	12	1.26%	1.31%	0.03%	2.86%	3.38%	0.99%	2.01%
2018	1	4.13%	5.39%	1.50%	4.40%	7.52%	5.31%	5.59%
2018	2	-4.42%	-4.14%	-4.68%	-4.92%	-4.79%	-3.72%	-5.14%
2018	3	-0.66%	-1.59%	0.93%	-1.54%	-0.51%	-1.99%	-0.64%
2018	4	0.74%	0.51%	1.32%	2.00%	-1.29%	0.38%	0.83%
2018	5	2.29%	1.37%	6.29%	-2.88%	-3.95%	2.79%	-1.92%
2018	6	-0.59%	-0.13%	0.06%	-2.56%	-4.25%	0.68%	-2.08%
2018	7	2.49%	3.09%	1.61%	1.57%	3.60%	3.34%	2.48%
2018	8	1.57%	1.84%	2.84%	-2.95%	-2.30%	3.44%	-2.19%
2018	9	-1.14%	0.20%	-3.19%	0.46%	-1.19%	0.16%	0.30%
2018	10	-8.52%	-7.66%	-9.41%	-9.93%	-8.35%	-7.40%	-8.35%
2018	11	1.43%	1.84%	0.91%	-1.87%	4.36%	2.06%	1.26%
2018	12	-9.29%	-8.10%	-12.79%	-7.13%	-2.32%	-9.29%	-4.85%
2019	1	9.53%	8.28%	12.00%	7.51%	8.18%	8.59%	7.58%
2019	2	2.73%	2.97%	3.27%	2.68%	-0.90%	3.50%	1.72%
2019	3	-0.81%	1.23%	-3.66%	-1.58%	0.90%	1.44%	0.72%
2019	4	3.58%	3.62%	4.04%	3.32%	1.58%	3.98%	2.76%
2019	5	-8.23%	-6.19%	-11.52%	-7.81%	-5.96%	-6.45%	-5.55%
2019	6	6.81%	6.63%	7.77%	5.15%	5.58%	6.97%	5.83%
2019	7	0.09%	0.47%	0.39%	-1.56%	-2.46%	1.44%	-1.89%
2019	8	-4.34%	-2.12%	-8.00%	-2.54%	-4.03%	-2.03%	-2.35%
2019	9	3.48%	1.99%	5.96%	3.65%	2.56%	1.70%	2.72%
2019	10	2.53%	2.46%	1.83%	4.38%	4.00%	2.10%	3.38%
2019	11	2.69%	3.01%	3.17%	1.67%	-0.51%	3.77%	1.11%
2019	12	3.98%	3.25%	3.92%	5.36%	7.05%	2.85%	4.27%
2020	1	-3.91%	-1.04%	-6.88%	-5.27%	-6.13%	-0.08%	-3.30%
2020	2	-8.71%	-7.75%	-10.79%	-9.38%	-4.89%	-8.18%	-6.72%
2020	3	-19.61%	-14.47%	-26.60%	-22.76%	-18.38%	-13.78%	-16.11%
2020	4	12.99%	11.75%	15.81%	11.22%	10.45%	13.25%	8.09%
2020	5	4.12%	5.22%	2.85%	4.98%	1.66%	5.38%	4.80%
2020	6	3.02%	2.83%	2.65%	2.25%	6.58%	2.28%	4.24%
2020	7	4.70%	5.20%	3.21%	2.36%	8.27%	5.64%	4.10%
2020	8	5.69%	6.37%	5.58%	6.52%	1.02%	7.18%	4.31%
2020	9	-3.49%	-3.13%	-5.13%	-2.51%	-0.70%	-3.57%	-1.96%
2020	10	-0.11%	-2.17%	3.95%	-3.51%	1.47%	-2.16%	-2.21%
2020	11	14.09%	12.40%	17.89%	15.72%	9.88%	12.19%	12.93%
2020	12	6.40%	4.83%	8.25%	7.31%	7.85%	4.45%	5.82%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2
Large-cap Value	11.02%	23.36%
Large-cap Growth	8.61%	34.06%
Mid-cap Value	11.03%	6.02%
Mid-cap Growth	5.86%	4.00%
Small-cap Value	33.50%	2.44%
Small-cap Growth	0.00%	0.70%
Global ex-US Developed Markets	17.58%	22.70%
Emerging Markets	12.40%	6.72%
Corporate Bonds	0.00%	0.00%
Long-Term Treasuries	0.00%	0.00%
Intermediate-Term Treasuries	0.00%	0.00%
Short-Term Treasuries	0.00%	0.00%
R Squared	99.26%	99.85%
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
DFSVX	DFA US Small Cap Value I	Small Value	35.00%	1.96%	0.51%	13.07	$24,729	40.73%
DISVX	DFA International Small Cap Value I	Foreign Small/Mid Value	10.00%	1.84%	0.64%	13.18	$6,220	8.97%
DFEMX	DFA Emerging Markets I	Diversified Emerging Mkts	10.00%	1.45%	0.43%	15.91	$7,541	10.82%
VTSMX	Vanguard Total Stock Mkt Idx Inv	Large Blend	35.00%	1.28%	0.14%	27.94	$32,828	30.43%
VGTSX	Vanguard Total Intl Stock Index Inv	Foreign Large Blend	10.00%	2.05%	0.17%	19.77	$5,335	9.06%
			100.00%	1.67%	0.35%	19.24	$76,653	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
VTSMX	Vanguard Total Stock Mkt Idx Inv	Large Blend	70.00%	1.28%	0.14%	27.94	$48,504	69.42%
VGTSX	Vanguard Total Intl Stock Index Inv	Foreign Large Blend	30.00%	2.05%	0.17%	19.77	$11,723	30.58%
			100.00%	1.51%	0.15%	25.49	$60,227	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

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	Portfolio 1	Portfolio 2
Arithmetic Mean (monthly)	0.86%	0.77%
Arithmetic Mean (annualized)	10.81%	9.59%
Geometric Mean (monthly)	0.73%	0.66%
Geometric Mean (annualized)	9.15%	8.22%
Volatility (monthly)	4.99%	4.55%
Volatility (annualized)	17.30%	15.77%
Downside Deviation (monthly)	3.43%	3.13%
Max. Drawdown	-55.32%	-53.26%
US Market Correlation	0.95	0.99
Beta^(*)	1.04	0.98
Alpha (annualized)	-0.35%	-0.91%
R²	90.24%	97.37%
Sharpe Ratio	0.47	0.45
Sortino Ratio	0.68	0.64
Treynor Ratio (%)	7.94	7.24
Calmar Ratio	0.21	0.53
Active Return	-0.25%	-1.18%
Tracking Error	5.43%	2.58%
Information Ratio	-0.05	-0.46
Skewness	-0.75	-0.70
Excess Kurtosis	2.22	1.52
Historical Value-at-Risk (5%)	-8.57%	-7.84%
Analytical Value-at-Risk (5%)	-7.37%	-6.72%
Conditional Value-at-Risk (5%)	-11.82%	-10.56%
Upside Capture Ratio (%)	102.57	95.46
Downside Capture Ratio (%)	104.28	100.08
Safe Withdrawal Rate	8.40%	7.04%
Perpetual Withdrawal Rate	6.38%	5.59%
Positive Periods	185 out of 296 (62.50%)	186 out of 296 (62.84%)
Gain/Loss Ratio	0.95	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
Asian Crisis	Jul 1997	Jan 1998	-5.16%	-5.07%
Russian Debt Default	Jul 1998	Oct 1998	-19.39%	-16.15%
Dotcom Crash	Mar 2000	Oct 2002	-24.47%	-44.46%
Subprime Crisis	Nov 2007	Mar 2009	-55.32%	-53.26%

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	Apr 2011	2 years 2 months	3 years 6 months	-55.32%
2	Jan 2020	Mar 2020	3 months	Nov 2020	8 months	11 months	-29.48%
3	Apr 2000	Sep 2002	2 years 6 months	Aug 2003	11 months	3 years 5 months	-24.47%
4	May 2011	Sep 2011	5 months	Dec 2012	1 year 3 months	1 year 8 months	-23.55%
5	May 1998	Aug 1998	4 months	Apr 1999	8 months	1 year	-22.76%
6	Sep 2018	Dec 2018	4 months	Dec 2019	1 year	1 year 4 months	-16.79%
7	Jun 2015	Jan 2016	8 months	Sep 2016	8 months	1 year 4 months	-14.08%
8	Jun 1996	Jul 1996	2 months	Nov 1996	4 months	6 months	-6.66%
9	Mar 2005	Apr 2005	2 months	Jul 2005	3 months	5 months	-6.27%
10	May 2006	Jul 2006	3 months	Oct 2006	3 months	6 months	-6.05%
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	Jan 2013	3 years 11 months	5 years 3 months	-53.26%
2	Apr 2000	Sep 2002	2 years 6 months	Dec 2005	3 years 3 months	5 years 9 months	-44.46%
3	Jan 2020	Mar 2020	3 months	Aug 2020	5 months	8 months	-21.92%
4	May 1998	Aug 1998	4 months	Nov 1998	3 months	7 months	-16.16%
5	Oct 2018	Dec 2018	3 months	Apr 2019	4 months	7 months	-13.57%
6	Jun 2015	Feb 2016	9 months	Jul 2016	5 months	1 year 2 months	-11.78%
7	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-6.19%
8	Feb 2018	Mar 2018	2 months	Aug 2018	5 months	7 months	-5.67%
9	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-5.23%
10	Jun 1996	Jul 1996	2 months	Sep 1996	2 months	4 months	-5.23%
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
DFSVX	DFA US Small Cap Value I	9.91%	21.21%	59.40%	-36.79%	-61.18%	0.46	0.66	0.86
DISVX	DFA International Small Cap Value I	6.92%	18.11%	66.48%	-41.68%	-57.69%	0.35	0.50	0.74
DFEMX	DFA Emerging Markets I	6.92%	22.06%	71.77%	-49.20%	-59.19%	0.32	0.46	0.78
VTSMX	Vanguard Total Stock Mkt Idx Inv	9.40%	15.86%	33.35%	-37.04%	-50.89%	0.52	0.75	1.00
VGTSX	Vanguard Total Intl Stock Index Inv	5.11%	17.23%	40.34%	-44.10%	-58.50%	0.26	0.36	0.86

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	DFSVX	DISVX	DFEMX	VTSMX	VGTSX	Portfolio 1	Portfolio 2
DFSVX	DFA US Small Cap Value I	1.00	0.77	0.71	0.86	0.77	0.95	0.86
DISVX	DFA International Small Cap Value I	0.77	1.00	0.79	0.74	0.89	0.86	0.81
DFEMX	DFA Emerging Markets I	0.71	0.79	1.00	0.78	0.89	0.85	0.84
VTSMX	Vanguard Total Stock Mkt Idx Inv	0.86	0.74	0.78	1.00	0.86	0.95	0.99
VGTSX	Vanguard Total Intl Stock Index Inv	0.77	0.89	0.89	0.86	1.00	0.91	0.93

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2
DFSVX	DFA US Small Cap Value I	$24,729
DISVX	DFA International Small Cap Value I	$6,220
DFEMX	DFA Emerging Markets I	$7,541
VTSMX	Vanguard Total Stock Mkt Idx Inv	$32,828	$48,504
VGTSX	Vanguard Total Intl Stock Index Inv	$5,335	$11,723

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2
DFSVX	DFA US Small Cap Value I	40.73%
DISVX	DFA International Small Cap Value I	8.97%
DFEMX	DFA Emerging Markets I	10.82%
VTSMX	Vanguard Total Stock Mkt Idx Inv	30.43%	69.42%
VGTSX	Vanguard Total Intl Stock Index Inv	9.06%	30.58%

Annual Asset Returns

Rolling returns summary
Roll Period	Portfolio 1			Portfolio 2
Roll Period	Average	High	Low	Average	High	Low
1 year	10.01%	70.90%	-47.83%	8.97%	58.44%	-45.73%
3 years	8.95%	32.87%	-17.03%	7.36%	25.50%	-17.09%
5 years	8.64%	24.98%	-4.75%	6.48%	21.99%	-5.09%
7 years	8.93%	16.08%	1.09%	6.73%	14.99%	-1.55%
10 years	8.66%	15.31%	2.87%	6.61%	14.71%	-1.80%
15 years	8.68%	12.06%	5.39%	6.60%	10.50%	4.06%