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.

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Portfolio Assets 
Asset 1
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Asset 2
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Asset 3
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Asset 4
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Asset 5
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Asset 6
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Asset 7
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Asset 8
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Asset 9
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Asset 10
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Portfolio Analysis Results (Jan 1993 - Dec 2020)

Portfolio Allocations

Portfolio 1
Ticker Name Allocation
VFINX Vanguard 500 Index Investor 15.00%
VBMFX Vanguard Total Bond Market Index Inv 30.00%
VFITX Vanguard Interm-Term Treasury Inv 30.00%
DFIHX DFA One-Year Fixed-Income I 25.00%
Save portfolio »
Portfolio 2
Ticker Name Allocation
VFINX Vanguard 500 Index Investor 100.00%
Save portfolio »

Portfolio Returns

Portfolio performance statistics
PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioUS Mkt Correlation
Portfolio 1$100,000$480,618 5.77% 3.21%19.30%-1.36%-4.69% 1.041.780.60
Portfolio 2$100,000$1,460,176 10.05% 14.71%37.45%-37.02%-50.97% 0.570.830.99
   

Trailing Returns

Trailing Returns
NameTotal ReturnAnnualized ReturnAnnualized Standard Deviation
3 MonthYTD1 year3 year5 year10 yearFull3 year5 year
Portfolio 12.13%7.86%7.86%5.78%5.14%4.56%5.77%3.30%2.81%
Portfolio 212.12%18.25%18.25%14.03%15.07%13.72%10.05%18.80%15.26%
Trailing return and volatility are as of last full calendar quarter ending December 2020
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 bands based (5.00% absolute, 25.00% relative) rebalancing of portfolio assets to match the specified allocation
Annual returns for the configured portfolios
YearInflationPortfolio 1Portfolio 2Vanguard 500 Index Investor (VFINX)Vanguard Total Bond Market Index Inv (VBMFX)Vanguard Interm-Term Treasury Inv (VFITX)DFA One-Year Fixed-Income I (DFIHX)
ReturnBalanceReturnBalance
19932.75%8.92%$108,9179.89%$109,8929.89%9.68%11.43%4.39%
19942.67%-1.36%$107,4311.18%$111,1851.18%-2.66%-4.33%2.46%
19952.54%19.30%$128,17037.45%$152,81937.45%18.18%20.44%7.98%
19963.32%6.58%$136,59822.88%$187,77922.88%3.58%1.92%5.80%
19971.70%12.38%$153,51433.19%$250,10333.19%9.44%8.96%6.00%
19981.61%11.46%$171,10928.62%$321,67628.62%8.58%10.61%5.70%
19992.68%3.14%$176,48821.07%$389,44821.07%-0.76%-3.52%4.60%
20003.39%7.75%$190,163-9.06%$354,179-9.06%11.39%14.03%6.73%
20011.55%4.78%$199,255-12.02%$311,595-12.02%8.43%7.55%5.76%
20022.38%4.69%$208,610-22.15%$242,592-22.15%8.26%14.15%3.90%
20031.88%6.82%$222,84428.50%$311,73628.50%3.97%2.37%1.61%
20043.26%4.13%$232,04010.74%$345,21710.74%4.24%3.40%0.89%
20053.42%2.73%$238,3714.77%$361,6994.77%2.40%2.32%2.30%
20062.54%5.91%$252,44915.64%$418,27415.64%4.27%3.14%4.78%
20074.08%7.48%$271,3235.39%$440,8065.39%6.92%9.98%5.19%
20080.09%0.83%$273,562-37.02%$277,616-37.02%5.05%13.32%4.02%
20092.72%5.33%$288,14526.49%$351,14526.49%5.93%-1.69%1.92%
20101.50%6.83%$307,82214.91%$403,51314.91%6.42%7.35%1.16%
20112.96%5.69%$325,3371.97%$411,4461.97%7.56%9.80%0.59%
20121.74%4.94%$341,41815.82%$476,55715.82%4.05%2.67%0.93%
20131.50%3.28%$352,62932.18%$629,89132.18%-2.26%-3.09%0.34%
20140.76%5.22%$371,05113.51%$714,98013.51%5.76%4.32%0.26%
20150.73%0.81%$374,0601.25%$723,9051.25%0.30%1.50%0.31%
20162.07%3.16%$385,87811.82%$809,44911.82%2.50%1.19%0.84%
20172.11%5.22%$406,01421.67%$984,83821.67%3.46%1.57%0.94%
20181.91%0.02%$406,107-4.52%$940,283-4.52%-0.13%1.00%1.87%
20192.29%9.72%$445,57531.33%$1,234,84531.33%8.61%6.29%2.44%
20201.36%7.86%$480,61818.25%$1,460,17618.25%7.61%8.21%0.62%
Monthly returns for the configured portfolios
YearMonthPortfolio 1Portfolio 2Vanguard 500 Index Investor (VFINX)Vanguard Total Bond Market Index Inv (VBMFX)Vanguard Interm-Term Treasury Inv (VFITX)DFA One-Year Fixed-Income I (DFIHX)
ReturnBalanceReturnBalance
199311.63%$101,6300.81%$100,8050.81%1.79%2.72%0.63%
199321.66%$103,3191.36%$102,1721.36%1.96%2.53%0.41%
199330.66%$104,0012.11%$104,3262.11%0.37%0.40%0.47%
199340.26%$104,271-2.42%$101,797-2.42%0.74%0.93%0.48%
199350.40%$104,6902.65%$104,4972.65%0.14%-0.15%0.07%
199361.36%$106,1090.27%$104,7770.27%1.80%2.20%0.42%
199370.20%$106,323-0.42%$104,333-0.42%0.61%0.02%0.30%
199381.85%$108,2943.79%$108,2823.79%1.69%2.18%0.47%
199390.28%$108,599-0.79%$107,422-0.79%0.40%0.62%0.37%
1993100.48%$109,1162.08%$109,6542.08%0.30%0.09%0.19%
199311-0.76%$108,289-1.00%$108,563-1.00%-0.97%-1.16%0.18%
1993120.58%$108,9171.22%$109,8921.22%0.48%0.56%0.33%
199411.51%$110,5573.38%$113,6033.38%1.39%1.49%0.50%
19942-1.76%$108,613-2.71%$110,519-2.71%-1.78%-2.46%-0.20%
19943-2.17%$106,257-4.39%$105,669-4.39%-2.30%-2.62%-0.04%
19944-0.35%$105,8841.29%$107,0321.29%-0.83%-0.92%-0.06%
199450.35%$106,2571.63%$108,7741.63%0.00%0.18%0.21%
19946-0.45%$105,774-2.47%$106,088-2.47%-0.18%-0.33%0.33%
199471.70%$107,5773.28%$109,5643.28%1.84%1.70%0.59%
199480.85%$108,4894.08%$114,0304.08%0.14%0.30%0.38%
19949-1.31%$107,068-2.45%$111,241-2.45%-1.44%-1.79%0.17%
1994100.33%$107,4242.25%$113,7402.25%-0.07%-0.26%0.33%
199411-0.76%$106,603-3.65%$109,583-3.65%-0.18%-0.38%-0.07%
1994120.78%$107,4311.46%$111,1851.46%0.80%0.79%0.30%
199511.78%$109,3422.58%$114,0572.58%1.90%1.94%0.94%
199522.26%$111,8133.88%$118,4813.88%2.17%2.58%0.95%
199530.99%$112,9192.95%$121,9812.95%0.67%0.57%0.61%
199541.49%$114,6002.94%$125,5682.94%1.31%1.56%0.65%
199553.49%$118,6003.95%$130,5343.95%3.95%4.74%1.06%
199560.95%$119,7302.31%$133,5512.31%0.66%0.81%0.56%
199570.42%$120,2293.30%$137,9633.30%-0.25%-0.61%0.52%
199580.90%$121,3080.25%$138,3030.25%1.18%1.31%0.50%
199591.38%$122,9804.23%$144,1544.23%0.95%0.90%0.44%
1995101.02%$124,230-0.36%$143,630-0.36%1.47%1.76%0.53%
1995111.84%$126,5174.38%$149,9224.38%1.44%1.82%0.47%
1995121.31%$128,1701.93%$152,8191.93%1.44%1.44%0.47%
199611.10%$129,5763.39%$157,9923.39%0.63%0.69%0.43%
19962-0.97%$128,3150.92%$159,4510.92%-1.76%-2.38%0.39%
19963-0.26%$127,9760.98%$161,0090.98%-0.77%-1.09%0.44%
19964-0.15%$127,7821.46%$163,3541.46%-0.49%-1.03%0.34%
199650.29%$128,1522.54%$167,5102.54%-0.17%-0.44%0.33%
199661.02%$129,4570.38%$168,1510.38%1.27%1.51%0.53%
19967-0.45%$128,872-4.42%$160,718-4.42%0.25%0.14%0.46%
199680.28%$129,2312.10%$164,0872.10%-0.16%-0.35%0.47%
199692.07%$131,9095.61%$173,2875.61%1.70%1.91%0.59%
1996102.00%$134,5502.76%$178,0622.76%2.21%2.48%0.72%
1996112.47%$137,8717.56%$191,5307.56%1.76%2.04%0.58%
199612-0.92%$136,598-1.96%$187,779-1.96%-0.85%-1.45%0.34%
199711.23%$138,2776.22%$199,4526.22%0.25%0.06%0.49%
199720.30%$138,6880.79%$201,0270.79%0.11%0.10%0.41%
19973-1.34%$136,831-4.14%$192,713-4.14%-0.97%-1.30%0.17%
199742.07%$139,6645.96%$204,1905.96%1.49%1.61%0.66%
199751.67%$142,0036.09%$216,6216.09%0.87%0.83%0.48%
199761.58%$144,2454.45%$226,2694.45%1.16%1.00%0.59%
199773.28%$148,9697.97%$244,2937.97%2.80%2.85%0.68%
19978-1.32%$146,999-5.61%$230,590-5.61%-0.85%-0.99%0.29%
199791.81%$149,6645.47%$243,2015.47%1.45%1.47%0.59%
1997100.58%$150,531-3.35%$235,053-3.35%1.45%1.66%0.58%
1997110.93%$151,9274.60%$245,8624.60%0.33%0.31%0.30%
1997121.04%$153,5141.72%$250,1031.72%1.04%1.09%0.59%
199811.23%$155,4021.11%$252,8801.11%1.32%1.73%0.59%
199821.01%$156,9687.19%$271,0687.19%-0.10%-0.38%0.33%
199831.07%$158,6435.10%$284,9025.10%0.33%0.14%0.50%
199840.55%$159,5201.01%$287,7731.01%0.51%0.49%0.37%
199850.44%$160,216-1.74%$282,756-1.74%1.02%0.98%0.55%
199861.27%$162,2584.07%$294,2694.07%0.81%0.95%0.38%
199870.09%$162,412-1.05%$291,167-1.05%0.23%0.22%0.57%
19988-0.75%$161,191-14.47%$249,025-14.47%1.90%3.20%0.45%
199892.74%$165,6076.41%$264,9906.41%1.96%3.64%0.46%
1998100.87%$167,0538.16%$286,6248.16%-0.55%-0.77%0.35%
1998111.10%$168,8856.07%$304,0266.07%0.49%-0.35%0.44%
1998121.32%$171,1095.81%$321,6765.81%0.38%0.38%0.55%
199911.24%$173,2374.20%$335,1984.20%0.79%0.65%0.39%
19992-1.93%$169,900-3.12%$324,724-3.12%-1.77%-3.07%0.24%
199931.15%$171,8604.00%$337,7024.00%0.56%0.58%0.50%
199940.99%$173,5693.85%$350,7103.85%0.40%0.28%0.43%
19995-1.04%$171,756-2.39%$342,331-2.39%-0.88%-1.37%0.21%
199960.89%$173,2915.56%$361,3525.56%-0.50%-0.26%0.42%
19997-0.64%$172,182-3.13%$350,041-3.13%-0.39%-0.45%0.32%
19998-0.08%$172,044-0.50%$348,303-0.50%-0.08%-0.07%0.15%
199990.44%$172,804-2.74%$338,763-2.74%1.26%1.08%0.54%
1999101.15%$174,7836.33%$360,1946.33%0.33%0.12%0.45%
1999110.40%$175,4892.02%$367,4812.02%0.02%-0.08%0.48%
1999120.57%$176,4885.98%$389,4485.98%-0.48%-0.94%0.37%
20001-0.94%$174,837-5.03%$369,850-5.03%-0.17%-0.46%0.20%
200020.52%$175,742-1.91%$362,800-1.91%1.18%1.00%0.63%
200032.60%$180,3159.75%$398,1809.75%1.40%2.04%0.50%
20004-0.61%$179,218-3.00%$386,240-3.00%-0.49%-0.26%0.36%
20005-0.22%$178,827-2.04%$378,367-2.04%-0.16%0.16%0.40%
200061.86%$182,1472.49%$387,8062.49%2.15%2.20%0.72%
200070.38%$182,848-1.50%$381,996-1.50%0.88%0.62%0.66%
200081.99%$186,4796.19%$405,6416.19%1.40%1.62%0.61%
20009-0.15%$186,200-5.29%$384,185-5.29%0.76%0.89%0.75%
2000100.50%$187,133-0.43%$382,534-0.43%0.57%0.90%0.49%
2000110.12%$187,351-7.89%$352,370-7.89%1.58%2.14%0.61%
2000121.50%$190,1630.51%$354,1790.51%1.79%2.39%0.59%
200111.60%$193,2023.55%$366,7353.55%1.76%1.33%0.69%
20012-0.45%$192,328-9.14%$333,223-9.14%0.91%1.26%0.51%
20013-0.37%$191,616-6.36%$312,043-6.36%0.54%0.50%0.38%
200140.52%$192,6117.77%$336,2907.77%-0.46%-1.16%0.49%
200150.46%$193,5050.65%$338,4760.65%0.73%0.22%0.34%
200160.03%$193,560-2.45%$330,199-2.45%0.52%0.30%0.31%
200171.57%$196,602-1.00%$326,897-1.00%2.23%2.73%0.57%
200180.06%$196,726-6.27%$306,388-6.27%1.11%1.11%0.45%
200190.03%$196,790-8.09%$281,598-8.09%0.89%2.41%1.02%
2001101.65%$200,0471.90%$286,9341.90%1.86%2.22%0.59%
200111-0.04%$199,9597.65%$308,8967.65%-1.34%-2.32%0.09%
200112-0.35%$199,2550.87%$311,5950.87%-0.58%-1.16%0.17%
200210.17%$199,590-1.47%$307,005-1.47%0.69%0.45%0.19%
200220.45%$200,492-1.94%$301,061-1.94%0.85%1.29%0.38%
20023-0.68%$199,1233.74%$312,3303.74%-1.46%-2.30%-0.35%
200240.52%$200,160-6.07%$293,357-6.07%1.69%2.62%0.61%
200250.55%$201,269-0.75%$291,144-0.75%0.80%1.04%0.41%
20026-0.25%$200,759-7.13%$270,372-7.13%0.29%1.72%0.51%
200270.15%$201,056-7.72%$249,502-7.72%0.48%2.66%0.69%
200281.44%$203,9410.65%$251,1300.65%1.66%2.42%0.30%
200290.23%$204,410-10.87%$223,820-10.87%1.53%3.03%0.30%
2002101.00%$206,4458.78%$243,4788.78%-0.61%-0.70%0.29%
2002110.54%$207,5605.88%$257,7835.88%0.02%-1.32%-0.11%
2002120.51%$208,610-5.89%$242,592-5.89%2.07%2.58%0.62%
20031-0.52%$207,515-2.62%$236,225-2.62%0.05%-0.49%0.10%
200320.77%$209,116-1.52%$232,637-1.52%1.38%1.77%0.29%
200330.09%$209,3010.96%$234,8630.96%-0.13%-0.19%0.15%
200341.65%$212,7648.25%$254,2488.25%0.87%0.24%0.21%
200352.26%$217,5805.26%$267,6315.26%1.82%2.74%0.22%
200360.07%$217,7331.26%$271,0031.26%-0.13%-0.43%0.11%
20037-1.90%$213,6071.74%$275,7291.74%-3.34%-3.87%-0.27%
200380.60%$214,8781.93%$281,0581.93%0.61%0.19%0.09%
200391.60%$218,320-1.07%$278,046-1.07%2.71%3.09%0.49%
2003100.26%$218,8935.64%$293,7325.64%-0.96%-1.36%-0.18%
2003110.24%$219,4270.86%$296,2710.86%0.27%0.01%0.02%
2003121.56%$222,8445.22%$311,7365.22%0.88%0.85%0.39%
200410.80%$224,6291.82%$317,4131.82%0.86%0.81%0.10%
200420.95%$226,7661.38%$321,7861.38%1.03%1.23%0.26%
200430.37%$227,616-1.51%$316,916-1.51%0.80%1.06%0.18%
20044-2.10%$222,836-1.58%$311,919-1.58%-2.61%-3.25%-0.37%
20045-0.10%$222,6221.36%$316,1541.36%-0.43%-0.51%-0.08%
200460.60%$223,9581.93%$322,2541.93%0.56%0.54%-0.09%
200470.13%$224,241-3.31%$311,585-3.31%0.96%0.91%0.31%
200481.37%$227,3130.38%$312,7770.38%1.94%2.07%0.42%
200490.25%$227,8741.07%$316,1151.07%0.16%0.19%-0.07%
2004100.82%$229,7351.51%$320,9031.51%0.85%0.91%0.24%
200411-0.14%$229,4094.05%$333,8864.05%-0.81%-1.48%-0.23%
2004121.15%$232,0403.39%$345,2173.39%0.92%0.97%0.21%
20051-0.00%$232,029-2.45%$336,744-2.45%0.65%0.56%0.10%
20052-0.15%$231,6912.09%$343,7942.09%-0.63%-0.98%0.05%
20053-0.57%$230,365-1.76%$337,743-1.76%-0.49%-0.51%0.03%
200540.73%$232,043-1.91%$331,286-1.91%1.35%1.75%0.41%
200551.24%$234,9203.17%$341,7793.17%1.05%1.20%0.31%
200560.39%$235,8360.13%$342,2140.13%0.55%0.55%0.16%
20057-0.15%$235,4803.71%$354,8983.71%-0.99%-1.41%-0.02%
200580.86%$237,494-0.91%$351,657-0.91%1.36%1.65%0.44%
20059-0.53%$236,2430.79%$354,4490.79%-1.10%-1.14%0.09%
200510-0.71%$234,576-1.68%$348,500-1.68%-0.81%-0.79%0.18%
2005110.95%$236,7983.76%$361,6193.76%0.48%0.48%0.26%
2005120.66%$238,3710.02%$361,6990.02%0.99%1.01%0.27%
200610.37%$239,2542.65%$371,2672.65%-0.11%-0.34%0.30%
200620.25%$239,8630.26%$372,2430.26%0.37%0.09%0.31%
20063-0.29%$239,1661.23%$376,8241.23%-1.00%-0.99%0.39%
200640.13%$239,4881.33%$381,8481.33%-0.21%-0.37%0.33%
20065-0.42%$238,488-2.90%$370,788-2.90%-0.09%0.02%0.41%
200660.17%$238,8850.13%$371,2620.13%0.10%0.10%0.35%
200671.00%$241,2760.61%$373,5150.61%1.35%1.35%0.43%
200681.46%$244,8002.36%$382,3372.36%1.64%1.62%0.43%
200691.06%$247,3892.56%$392,1382.56%0.81%0.94%0.46%
2006101.04%$249,9683.25%$404,8863.25%0.72%0.57%0.45%
2006111.07%$252,6411.89%$412,5351.89%1.11%1.12%0.36%
200612-0.08%$252,4491.39%$418,2741.39%-0.48%-0.98%0.45%
200710.28%$253,1671.49%$424,5201.49%-0.08%-0.26%0.49%
200720.71%$254,955-1.97%$416,161-1.97%1.50%1.86%0.35%
200730.33%$255,7861.11%$420,7871.11%0.02%0.03%0.49%
200741.19%$258,8364.42%$439,3774.42%0.51%0.57%0.41%
200750.17%$259,2733.48%$454,6543.48%-0.78%-1.18%0.44%
20076-0.32%$258,451-1.68%$447,033-1.68%-0.39%-0.18%0.42%
200770.44%$259,595-3.08%$433,243-3.08%0.84%1.81%0.41%
200781.33%$263,0511.50%$439,7341.50%1.34%1.97%0.45%
200790.97%$265,6113.72%$456,1093.72%0.72%0.46%0.33%
2007100.89%$267,9661.58%$463,3111.58%0.93%0.84%0.49%
2007111.09%$270,885-4.19%$443,913-4.19%1.91%3.46%0.32%
2007120.16%$271,323-0.70%$440,806-0.70%0.22%0.27%0.44%
200810.74%$273,330-6.02%$414,289-6.02%1.69%3.10%0.39%
200820.13%$273,694-3.25%$400,818-3.25%0.19%1.35%0.27%
200830.38%$274,738-0.44%$399,053-0.44%0.30%0.93%0.19%
20084-0.15%$274,3324.85%$418,4244.85%-0.30%-2.14%0.15%
20085-0.44%$273,1201.29%$423,8321.29%-0.79%-1.32%0.21%
20086-0.80%$270,924-8.44%$388,068-8.44%-0.01%0.77%0.31%
200870.20%$271,475-0.83%$384,840-0.83%0.00%0.77%0.23%
200880.76%$273,5411.45%$390,4061.45%0.70%0.98%0.23%
20089-1.37%$269,794-8.91%$355,637-8.91%-1.10%0.51%-0.44%
200810-2.94%$261,850-16.79%$295,917-16.79%-2.53%-1.36%0.69%
2008111.87%$266,742-7.17%$274,685-7.17%3.64%5.58%0.71%
2008122.56%$273,5621.07%$277,6161.07%3.32%3.66%1.04%
20091-2.07%$267,885-8.41%$254,262-8.41%-0.70%-2.39%0.10%
20092-1.68%$263,382-10.66%$227,165-10.66%-0.42%-0.58%-0.10%
200932.58%$270,1778.76%$247,0658.76%1.48%3.20%0.37%
200940.79%$272,3039.56%$270,6819.56%0.36%-1.76%0.30%
200950.76%$274,3625.62%$285,8875.62%0.85%-1.10%0.38%
200960.15%$274,7780.22%$286,5160.22%0.54%-0.37%0.27%
200971.69%$279,4287.58%$308,2287.58%1.43%0.60%0.07%
200981.19%$282,7483.60%$319,3213.60%1.01%0.89%0.32%
200991.25%$286,2863.72%$331,1893.72%1.19%0.92%0.20%
200910-0.07%$286,093-1.87%$325,004-1.87%0.41%0.25%0.07%
2009111.98%$291,7485.98%$344,4435.98%1.36%1.96%0.27%
200912-1.23%$288,1451.95%$351,1451.95%-1.68%-3.13%-0.35%
201010.55%$289,727-3.60%$338,490-3.60%1.57%1.97%0.29%
201020.69%$291,7353.09%$348,9563.09%0.20%0.40%0.14%
201030.65%$293,6366.01%$369,9406.01%-0.08%-0.91%-0.04%
201040.96%$296,4691.58%$375,7781.58%1.06%1.23%0.06%
20105-0.52%$294,913-8.01%$345,697-8.01%0.87%1.85%0.05%
201060.36%$295,988-5.24%$327,584-5.24%1.61%2.07%0.24%
201071.69%$300,9897.00%$350,5027.00%0.94%1.07%0.16%
201080.41%$302,216-4.53%$334,625-4.53%1.48%2.00%0.15%
201091.43%$306,5388.92%$364,4708.92%-0.01%0.36%0.05%
2010100.88%$309,2423.79%$378,2773.79%0.36%0.45%0.15%
201011-0.51%$307,6740.00%$378,2770.00%-0.57%-0.98%-0.14%
2010120.05%$307,8226.67%$403,5136.67%-1.15%-2.29%0.04%
201110.54%$309,4942.36%$413,0252.36%0.08%0.29%0.10%
201120.53%$311,1503.42%$427,1353.42%0.16%-0.43%0.03%
20113-0.02%$311,0910.03%$427,2440.03%-0.01%-0.12%0.06%
201141.46%$315,6262.95%$439,8392.95%1.32%1.60%0.23%
201150.73%$317,937-1.15%$434,801-1.15%1.30%1.77%0.14%
20116-0.48%$316,406-1.67%$427,530-1.67%-0.39%-0.16%-0.05%
201170.79%$318,904-2.05%$418,779-2.05%1.58%2.18%0.14%
201180.32%$319,930-5.45%$395,970-5.45%1.46%2.70%0.04%
20119-0.67%$317,800-7.04%$368,084-7.04%0.89%0.73%-0.06%
2011101.61%$322,91610.91%$408,25610.91%0.16%-0.42%0.05%
201111-0.06%$322,730-0.23%$407,302-0.23%-0.30%0.29%-0.06%
2011120.81%$325,3371.02%$411,4461.02%1.08%1.00%-0.03%
201211.33%$329,6724.46%$429,8164.46%0.87%0.81%0.29%
201220.54%$331,4514.31%$448,3274.31%-0.05%-0.65%0.04%
201230.18%$332,0463.28%$463,0393.28%-0.58%-0.79%0.05%
201240.71%$334,398-0.64%$460,078-0.64%1.14%1.50%0.14%
20125-0.44%$332,917-6.02%$432,391-6.02%0.95%1.24%-0.05%
201260.68%$335,1834.11%$450,1584.11%0.04%-0.22%0.14%
201270.97%$338,4251.37%$456,3251.37%1.39%0.86%0.15%
201280.45%$339,9452.24%$466,5432.24%0.03%0.10%0.04%
201290.49%$341,6232.58%$478,5642.58%0.11%-0.06%0.05%
201210-0.40%$340,264-1.86%$469,665-1.86%0.11%-0.32%0.04%
2012110.36%$341,4740.56%$472,2950.56%0.19%0.62%0.04%
201212-0.02%$341,4180.90%$476,5570.90%-0.20%-0.41%0.02%
201310.54%$343,2485.18%$501,2245.18%-0.71%-0.74%0.10%
201320.58%$345,2451.34%$507,9351.34%0.54%0.71%0.02%
201330.68%$347,5903.74%$526,9253.74%0.08%0.27%0.03%
201340.79%$350,3431.91%$536,9821.91%0.91%0.71%0.04%
20135-0.71%$347,8532.33%$549,4802.33%-1.71%-1.84%-0.07%
20136-1.18%$343,749-1.35%$542,059-1.35%-1.65%-1.62%0.03%
201370.92%$346,9255.07%$569,5545.07%0.20%0.13%0.03%
20138-0.97%$343,567-2.91%$552,969-2.91%-0.64%-1.02%0.03%
201391.26%$347,8863.12%$570,2313.12%0.96%1.47%0.13%
2013101.15%$351,8904.59%$596,3844.59%0.78%0.49%0.04%
2013110.39%$353,2653.03%$614,4453.03%-0.35%-0.14%0.02%
201312-0.18%$352,6292.51%$629,8912.51%-0.65%-1.49%-0.05%
201410.31%$353,706-3.47%$608,039-3.47%1.54%1.67%0.10%
201421.03%$357,3554.56%$635,7704.56%0.48%0.21%0.11%
20143-0.08%$357,0680.82%$641,0080.82%-0.15%-0.60%-0.07%
201440.50%$358,8620.72%$645,6490.72%0.77%0.49%0.02%
201451.06%$362,6592.33%$660,7252.33%1.05%1.03%0.12%
201460.36%$363,9702.05%$674,2822.05%0.11%-0.13%-0.07%
20147-0.40%$362,528-1.39%$664,923-1.39%-0.26%-0.39%0.02%
201481.25%$367,0473.98%$691,3983.98%1.13%1.03%0.02%
20149-0.62%$364,764-1.41%$681,631-1.41%-0.72%-0.66%0.03%
2014100.99%$368,3802.42%$698,1482.42%0.94%1.12%0.03%
2014110.89%$371,6562.68%$716,8752.68%0.65%0.84%0.12%
201412-0.16%$371,051-0.26%$714,980-0.26%0.09%-0.35%-0.17%
201511.08%$375,043-3.02%$693,405-3.02%2.31%2.70%0.19%
201520.05%$375,2465.74%$733,2045.74%-1.08%-1.59%0.02%
201530.11%$375,646-1.59%$721,519-1.59%0.41%0.76%0.03%
20154-0.02%$375,5810.95%$728,3670.95%-0.36%-0.21%0.03%
201550.04%$375,7171.27%$737,6361.27%-0.45%-0.12%0.03%
20156-0.82%$372,628-1.93%$723,378-1.93%-1.01%-0.74%0.03%
201570.82%$375,6672.08%$738,4262.08%0.76%0.85%0.03%
20158-1.09%$371,558-6.05%$693,776-6.05%-0.36%-0.03%-0.06%
201590.25%$372,470-2.48%$676,537-2.48%0.76%1.19%0.14%
2015101.11%$376,5978.42%$733,5208.42%0.01%-0.47%0.04%
201511-0.18%$375,9030.29%$735,6210.29%-0.27%-0.39%-0.13%
201512-0.49%$374,060-1.59%$723,905-1.59%-0.38%-0.38%-0.05%
201610.41%$375,612-4.98%$687,879-4.98%1.43%2.36%0.24%
201620.44%$377,257-0.15%$686,881-0.15%0.66%0.82%0.04%
201631.39%$382,5076.78%$733,4206.78%0.94%0.22%0.17%
201640.14%$383,0620.37%$736,1610.37%0.38%-0.13%0.05%
201650.21%$383,8631.78%$749,2861.78%0.01%-0.21%-0.04%
201661.33%$388,9500.25%$751,1590.25%1.94%2.05%0.35%
201670.77%$391,9593.68%$778,7743.68%0.64%0.04%-0.04%
20168-0.26%$390,9560.13%$779,7820.13%-0.17%-0.72%-0.03%
201690.08%$391,2500.01%$779,8460.01%-0.09%0.29%0.06%
201610-0.74%$388,342-1.83%$765,551-1.83%-0.81%-0.73%0.07%
201611-1.04%$384,3203.70%$793,8693.70%-2.64%-2.65%-0.12%
2016120.41%$385,8781.96%$809,4491.96%0.24%-0.05%0.08%
201710.53%$387,9401.88%$824,6921.88%0.29%0.30%0.16%
201721.01%$391,8583.96%$857,3733.96%0.66%0.39%0.07%
201730.04%$392,0070.10%$858,2310.10%-0.07%0.07%0.09%
201740.65%$394,5591.02%$866,9681.02%0.76%0.77%0.08%
201750.64%$397,0881.39%$879,0521.39%0.67%0.59%0.09%
20176-0.00%$397,0840.61%$884,4280.61%0.01%-0.47%0.10%
201770.63%$399,5732.04%$902,4922.04%0.39%0.42%0.10%
201780.58%$401,8970.29%$905,1400.29%0.85%0.86%0.11%
20179-0.01%$401,8612.06%$923,7782.06%-0.54%-0.83%0.08%
2017100.41%$403,4992.32%$945,1872.32%0.11%-0.21%0.01%
2017110.29%$404,6563.06%$974,1033.06%-0.17%-0.39%-0.02%
2017120.34%$406,0141.10%$984,8381.10%0.44%0.07%0.05%
201810.09%$406,3905.71%$1,041,0985.71%-1.09%-1.56%-0.02%
20182-1.05%$402,127-3.69%$1,002,634-3.69%-1.03%-0.49%0.01%
201830.03%$402,247-2.56%$977,012-2.56%0.63%0.75%0.13%
20184-0.45%$400,4380.37%$980,6590.37%-0.83%-0.92%0.04%
201850.87%$403,9162.39%$1,004,1422.39%0.61%0.76%0.35%
201860.15%$404,5250.61%$1,010,2170.61%0.03%0.11%0.06%
201870.55%$406,7303.71%$1,047,6893.71%0.03%-0.35%0.18%
201880.98%$410,7053.25%$1,081,7003.25%0.52%0.77%0.27%
20189-0.29%$409,5220.55%$1,087,6960.55%-0.54%-0.82%0.06%
201810-1.37%$403,898-6.85%$1,013,200-6.85%-0.73%-0.06%0.09%
2018110.84%$407,2972.03%$1,033,7342.03%0.53%0.96%0.31%
201812-0.29%$406,107-9.04%$940,283-9.04%1.80%1.90%0.37%
201911.72%$413,0798.00%$1,015,5258.00%1.01%0.58%0.21%
201920.45%$414,9363.20%$1,048,0273.20%-0.06%-0.26%0.17%
201931.51%$421,1991.94%$1,068,3241.94%1.96%1.78%0.38%
201940.70%$424,1684.04%$1,111,4964.04%0.04%-0.05%0.20%
201950.12%$424,667-6.36%$1,040,754-6.36%1.83%2.05%0.19%
201961.80%$432,3087.03%$1,113,9497.03%1.15%1.02%0.18%
201970.31%$433,6281.43%$1,129,8331.43%0.23%-0.16%0.21%
201981.36%$439,520-1.59%$1,111,856-1.59%2.78%2.48%0.28%
20199-0.05%$439,2981.86%$1,132,5241.86%-0.60%-0.70%0.15%
2019100.52%$441,5672.15%$1,156,9302.15%0.21%0.16%0.20%
2019110.51%$443,8083.62%$1,198,8153.62%-0.06%-0.37%0.11%
2019120.40%$445,5753.01%$1,234,8453.01%-0.15%-0.36%0.12%
202011.30%$451,355-0.05%$1,234,224-0.05%2.11%2.19%0.19%
20202-0.28%$450,085-8.24%$1,132,508-8.24%1.71%2.12%0.13%
20203-1.48%$443,423-12.37%$992,393-12.37%-0.59%2.27%0.04%
202042.53%$454,63312.81%$1,119,55612.81%1.69%0.46%0.12%
202051.07%$459,5064.76%$1,172,8014.76%0.54%0.42%0.13%
202060.61%$462,3211.98%$1,195,9961.98%0.70%0.30%-0.06%
202071.56%$469,5115.63%$1,263,2955.63%1.55%0.49%0.03%
202080.86%$473,5667.18%$1,353,9607.18%-1.02%-0.22%0.01%
20209-0.63%$470,597-3.81%$1,302,366-3.81%0.08%0.16%0.01%
202010-0.83%$466,681-2.67%$1,267,576-2.67%-0.61%-0.59%0.00%
2020112.31%$477,43910.94%$1,406,19310.94%1.11%0.23%0.01%
2020120.67%$480,6183.84%$1,460,1763.84%0.15%0.14%0.01%

Returns Based Style Analysis

Returns Based Style Analysis
Style CategoryPortfolio 1Portfolio 2
Large-cap Value4.88%46.05%
Large-cap Growth9.40%53.95%
Mid-cap Value1.49%0.00%
Mid-cap Growth0.00%0.00%
Small-cap Value0.00%0.00%
Small-cap Growth0.00%0.00%
Global ex-US Developed Markets0.17%0.00%
Emerging Markets0.76%0.00%
Corporate Bonds5.47%0.00%
Long-Term Treasuries0.00%0.00%
Intermediate-Term Treasuries26.18%0.00%
Short-Term Treasuries51.64%0.00%
R Squared98.01%99.91%
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
TickerNameCategoryWeightYieldExpense RatioP/EDurationContribution
SECTTMNetGrossReturnRisk
VFINXVanguard 500 Index InvestorLarge Blend15.00%1.12%1.16%0.14%0.14%24.91$130,90543.05%
VBMFXVanguard Total Bond Market Index InvIntermediate Core Bond30.00%1.42%1.79%0.15%0.15%6.83$104,75725.61%
VFITXVanguard Interm-Term Treasury InvIntermediate Government30.00%1.01%0.85%0.20%0.20%4.94$103,66128.20%
DFIHXDFA One-Year Fixed-Income IUltrashort Bond25.00%0.12%0.01%0.17%0.17%0.11$41,2953.14%
100.00%0.93%0.97%0.17%0.17%24.914.19$380,618100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Portfolio 2

Holdings Based Style Analysis for Portfolio 2
TickerNameCategoryWeightYieldExpense RatioP/EContribution
SECTTMNetGrossReturnRisk
VFINXVanguard 500 Index InvestorLarge Blend100.00%1.12%1.16%0.14%0.14%24.91$1,360,176100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fund fundamentals data as of 12/03/2021. (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
MetricPortfolio 1Portfolio 2
Arithmetic Mean (monthly)0.47%0.89%
Arithmetic Mean (annualized)5.82%11.25%
Geometric Mean (monthly)0.47%0.80%
Geometric Mean (annualized)5.77%10.05%
Standard Deviation (monthly)0.93%4.25%
Standard Deviation (annualized)3.21%14.71%
Downside Deviation (monthly)0.46%2.82%
Max. Drawdown-4.69%-50.97%
US Market Correlation0.600.99
Beta(*)0.130.96
Alpha (annualized)4.29%0.28%
R236.26%97.90%
Sharpe Ratio1.040.57
Sortino Ratio1.780.83
Treynor Ratio (%)25.978.68
Calmar Ratio3.290.71
Active Return-4.35%-0.07%
Tracking Error13.44%2.21%
Information Ratio-0.32-0.03
Skewness-0.19-0.64
Excess Kurtosis0.901.33
Historical Value-at-Risk (5%)-1.06%-7.07%
Analytical Value-at-Risk (5%)-1.06%-6.09%
Conditional Value-at-Risk (5%)-1.66%-9.61%
Upside Capture Ratio (%)21.9196.20
Downside Capture Ratio (%)4.2295.44
Safe Withdrawal Rate6.10%9.02%
Perpetual Withdrawal Rate3.38%7.14%
Positive Periods246 out of 336 (73.21%)223 out of 336 (66.37%)
Gain/Loss Ratio1.350.86
* 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 PeriodStartEndPortfolio 1Portfolio 2
Asian CrisisJul 1997Jan 1998-1.32%-5.61%
Russian Debt DefaultJul 1998Oct 1998-0.75%-15.38%
Dotcom CrashMar 2000Oct 2002-0.83%-44.82%
Subprime CrisisNov 2007Mar 2009-4.69%-50.97%
COVID-19 StartJan 2020Mar 2020-1.76%-19.63%

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Apr 2008Oct 20087 monthsJun 20098 months1 year 3 months-4.69%
2Feb 1994Jun 19945 monthsFeb 19958 months1 year 1 month-4.33%
3Apr 2004May 20042 monthsSep 20044 months6 months-2.19%
4Aug 2016Nov 20164 monthsMar 20174 months8 months-1.95%
5May 2013Aug 20134 monthsOct 20132 months6 months-1.93%
6Feb 1999Feb 19991 monthApr 19992 months3 months-1.93%
7Jul 2003Jul 20031 monthSep 20032 months3 months-1.90%
8Feb 2020Mar 20202 monthsApr 20201 month3 months-1.76%
9Sep 2018Oct 20182 monthsJan 20193 months5 months-1.66%
10Feb 2018Apr 20183 monthsJul 20183 months6 months-1.46%
Worst 10 drawdowns included above

Drawdowns for Portfolio 2

Drawdowns for Portfolio 2 (worst 10)
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Nov 2007Feb 20091 year 4 monthsAug 20123 years 6 months4 years 10 months-50.97%
2Sep 2000Sep 20022 years 1 monthNov 20064 years 2 months6 years 3 months-44.82%
3Jan 2020Mar 20203 monthsJul 20204 months7 months-19.63%
4Jul 1998Aug 19982 monthsNov 19983 months5 months-15.38%
5Oct 2018Dec 20183 monthsApr 20194 months7 months-13.55%
6Aug 2015Sep 20152 monthsMay 20168 months10 months-8.38%
7Feb 1994Mar 19942 monthsAug 19945 months7 months-6.98%
8Jan 2000Feb 20002 monthsMar 20001 month3 months-6.84%
9Sep 2020Oct 20202 monthsNov 20201 month3 months-6.38%
10May 2019May 20191 monthJun 20191 month2 months-6.36%
Worst 10 drawdowns included above

Portfolio Assets

Performance statistics for portfolio components
TickerNameCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioUS Mkt Correlation
VFINXVanguard 500 Index Investor10.05%14.71%37.45%-37.02%-50.97%0.570.830.99
VBMFXVanguard Total Bond Market Index Inv5.30%3.54%18.18%-2.66%-5.01%0.821.370.01
VFITXVanguard Interm-Term Treasury Inv5.37%4.62%20.44%-4.33%-6.47%0.651.09-0.19
DFIHXDFA One-Year Fixed-Income I2.99%0.84%7.98%0.26%-0.53%0.981.82-0.03

Portfolio Asset Performance

Performance of portfolio assets
NameTotal ReturnAnnualized ReturnExpense Ratio
Quarter to DateYear To Date1 year3 year5 year10 yearNetGross
Vanguard 500 Index Investor12.12%18.25%18.25%14.03%15.07%13.72%0.14%0.14%
Vanguard Total Bond Market Index Inv0.64%7.61%7.61%5.29%4.36%3.69%0.15%0.15%
Vanguard Interm-Term Treasury Inv-0.23%8.21%8.21%5.12%3.61%3.28%0.20%0.20%
DFA One-Year Fixed-Income I0.03%0.62%0.62%1.64%1.34%0.91%0.17%0.17%
Trailing returns as of last calendar quarter ending December 2020

Monthly Correlations

Correlations for the portfolio assets
TickerNameVFINXVBMFXVFITXDFIHXPortfolio 1Portfolio 2
VFINXVanguard 500 Index Investor1.000.03-0.17-0.020.621.00
VBMFXVanguard Total Bond Market Index Inv0.031.000.920.550.770.03
VFITXVanguard Interm-Term Treasury Inv-0.170.921.000.550.65-0.17
DFIHXDFA One-Year Fixed-Income I-0.020.550.551.000.48-0.02

Portfolio Return Decomposition

Portfolio return decomposition
TickerNamePortfolio 1Portfolio 2
VFINXVanguard 500 Index Investor$130,905$1,360,176
VBMFXVanguard Total Bond Market Index Inv$104,757
VFITXVanguard Interm-Term Treasury Inv$103,661
DFIHXDFA One-Year Fixed-Income I$41,295

Portfolio Risk Decomposition

Portfolio risk decomposition
TickerNamePortfolio 1Portfolio 2
VFINXVanguard 500 Index Investor43.05%100.00%
VBMFXVanguard Total Bond Market Index Inv25.61%
VFITXVanguard Interm-Term Treasury Inv28.20%
DFIHXDFA One-Year Fixed-Income I3.14%

Annual Asset Returns

Rolling returns summary
Roll PeriodPortfolio 1Portfolio 2
AverageHighLowAverageHighLow
1 year5.68%19.30%-3.77%10.91%53.61%-43.32%
3 years5.64%12.63%2.16%10.10%32.68%-16.14%
5 years5.55%10.48%2.71%9.16%28.49%-6.73%
7 years5.44%9.40%3.22%8.17%21.44%-3.94%
10 years5.37%8.00%3.85%7.26%16.52%-3.51%
15 years5.32%6.94%4.08%6.77%10.40%3.64%

Portfolio 1 Rebalancing Events

Rebalancing dates for portfolio 1
#DateAllocation
103/31/1996Vanguard 500 Index Investor (VFINX): 18.87%
Vanguard Total Bond Market Index Inv (VBMFX): 29.02%
Vanguard Interm-Term Treasury Inv (VFITX): 29.26%
DFA One-Year Fixed-Income I (DFIHX): 22.85%
207/31/1997Vanguard 500 Index Investor (VFINX): 19.55%
Vanguard Total Bond Market Index Inv (VBMFX): 28.80%
Vanguard Interm-Term Treasury Inv (VFITX): 28.42%
DFA One-Year Fixed-Income I (DFIHX): 23.23%
306/30/1999Vanguard 500 Index Investor (VFINX): 19.07%
Vanguard Total Bond Market Index Inv (VBMFX): 28.56%
Vanguard Interm-Term Treasury Inv (VFITX): 28.60%
DFA One-Year Fixed-Income I (DFIHX): 23.77%
408/31/2001Vanguard 500 Index Investor (VFINX): 11.20%
Vanguard Total Bond Market Index Inv (VBMFX): 31.87%
Vanguard Interm-Term Treasury Inv (VFITX): 31.96%
DFA One-Year Fixed-Income I (DFIHX): 24.97%
509/30/2002Vanguard 500 Index Investor (VFINX): 10.55%
Vanguard Total Bond Market Index Inv (VBMFX): 31.05%
Vanguard Interm-Term Treasury Inv (VFITX): 33.14%
DFA One-Year Fixed-Income I (DFIHX): 25.26%
612/31/2003Vanguard 500 Index Investor (VFINX): 19.16%
Vanguard Total Bond Market Index Inv (VBMFX): 29.03%
Vanguard Interm-Term Treasury Inv (VFITX): 28.31%
DFA One-Year Fixed-Income I (DFIHX): 23.49%
705/31/2007Vanguard 500 Index Investor (VFINX): 18.80%
Vanguard Total Bond Market Index Inv (VBMFX): 29.03%
Vanguard Interm-Term Treasury Inv (VFITX): 28.41%
DFA One-Year Fixed-Income I (DFIHX): 23.75%
810/31/2008Vanguard 500 Index Investor (VFINX): 9.67%
Vanguard Total Bond Market Index Inv (VBMFX): 30.80%
Vanguard Interm-Term Treasury Inv (VFITX): 33.49%
DFA One-Year Fixed-Income I (DFIHX): 26.04%
901/31/2013Vanguard 500 Index Investor (VFINX): 19.38%
Vanguard Total Bond Market Index Inv (VBMFX): 30.70%
Vanguard Interm-Term Treasury Inv (VFITX): 29.58%
DFA One-Year Fixed-Income I (DFIHX): 20.33%
1006/30/2014Vanguard 500 Index Investor (VFINX): 19.03%
Vanguard Total Bond Market Index Inv (VBMFX): 28.92%
Vanguard Interm-Term Treasury Inv (VFITX): 28.36%
DFA One-Year Fixed-Income I (DFIHX): 23.68%
1110/31/2017Vanguard 500 Index Investor (VFINX): 18.97%
Vanguard Total Bond Market Index Inv (VBMFX): 29.23%
Vanguard Interm-Term Treasury Inv (VFITX): 28.77%
DFA One-Year Fixed-Income I (DFIHX): 23.03%
1211/30/2020Vanguard 500 Index Investor (VFINX): 18.86%
Vanguard Total Bond Market Index Inv (VBMFX): 29.63%
Vanguard Interm-Term Treasury Inv (VFITX): 29.32%
DFA One-Year Fixed-Income I (DFIHX): 22.19%

Portfolio 2 Rebalancing Events