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

Leverage Type

Leverage Ratio

Debt Amount

$ .00

Debt Interest

Maintenance Margin

Leveraged Benchmark

Reinvest Dividends

Display Income

Factor Regression

Equity Factor Model

Benchmark

Benchmark Ticker

Portfolio Names

Portfolio Name #1

Portfolio Name #2

Portfolio Name #3

Portfolio Assets

Portfolio #1

Portfolio #2

Portfolio #3

Asset 1

Select asset 1

Enter percentage allocation for asset 1 in portfolio 1 %

Enter percentage allocation for asset 1 in portfolio 2 %

Enter percentage allocation for asset 1 in portfolio 3 %

Asset 2

Select asset 2

Enter percentage allocation for asset 2 in portfolio 1 %

Enter percentage allocation for asset 2 in portfolio 2 %

Enter percentage allocation for asset 2 in portfolio 3 %

Asset 3

Select asset 3

Enter percentage allocation for asset 3 in portfolio 1 %

Enter percentage allocation for asset 3 in portfolio 2 %

Enter percentage allocation for asset 3 in portfolio 3 %

Asset 4

Select asset 4

Enter percentage allocation for asset 4 in portfolio 1 %

Enter percentage allocation for asset 4 in portfolio 2 %

Enter percentage allocation for asset 4 in portfolio 3 %

Asset 5

Select asset 5

Enter percentage allocation for asset 5 in portfolio 1 %

Enter percentage allocation for asset 5 in portfolio 2 %

Enter percentage allocation for asset 5 in portfolio 3 %

Asset 6

Select asset 6

Enter percentage allocation for asset 6 in portfolio 1 %

Enter percentage allocation for asset 6 in portfolio 2 %

Enter percentage allocation for asset 6 in portfolio 3 %

Asset 7

Select asset 7

Enter percentage allocation for asset 7 in portfolio 1 %

Enter percentage allocation for asset 7 in portfolio 2 %

Enter percentage allocation for asset 7 in portfolio 3 %

Asset 8

Select asset 8

Enter percentage allocation for asset 8 in portfolio 1 %

Enter percentage allocation for asset 8 in portfolio 2 %

Enter percentage allocation for asset 8 in portfolio 3 %

Asset 9

Select asset 9

Enter percentage allocation for asset 9 in portfolio 1 %

Enter percentage allocation for asset 9 in portfolio 2 %

Enter percentage allocation for asset 9 in portfolio 3 %

Asset 10

Select asset 10

Enter percentage allocation for asset 10 in portfolio 1 %

Enter percentage allocation for asset 10 in portfolio 2 %

Enter percentage allocation for asset 10 in portfolio 3 %

Total

Total allocation for portfolio 1 %

Total allocation for portfolio 2 %

Total allocation for portfolio 3 %

Portfolio Analysis Results (Jan 1999 - Mar 2020)

Portfolio Allocations

100% VEIEX
Ticker	Name	Allocation
VEIEX	Vanguard Emerging Mkts Stock Idx Inv	100.00%
Save portfolio »

50/50 with annual rebalancing
Ticker	Name	Allocation
VEIEX	Vanguard Emerging Mkts Stock Idx Inv	50.00%
VISVX	Vanguard Small Cap Value Index Inv	50.00%
Save portfolio »

100% VISVX
Ticker	Name	Allocation
VISVX	Vanguard Small Cap Value Index Inv	100.00%
Save portfolio »

Portfolio Returns

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
100% VEIEX	$10,000	$42,947	7.10%	22.14%	75.98%	-52.81%	-62.70%	0.34	0.50	0.80
50/50 with annual rebalancing	$10,000	$49,888	7.86%	19.14%	53.16%	-42.43%	-57.45%	0.40	0.57	0.90
100% VISVX	$10,000	$42,947	7.10%	19.00%	37.19%	-34.89%	-56.13%	0.36	0.51	0.88

Trailing Returns

Trailing Returns
Name	Total Return			Annualized Return				Annualized Standard Deviation
Name	3 Month	Year To Date	1 year	3 year	5 year	10 year	Full	3 year	5 year
100% VEIEX	-24.59%	-24.59%	-18.60%	-2.94%	-1.32%	0.16%	7.10%	17.33%	17.33%
50/50 with annual rebalancing	-29.74%	-29.74%	-24.07%	-5.58%	-1.56%	3.37%	7.86%	18.53%	16.68%
100% VISVX	-34.89%	-34.89%	-29.55%	-8.47%	-2.16%	6.04%	7.10%	21.84%	19.09%
Trailing return and volatility are as of last full calendar month ending March 2020

Notes on results:

IMPORTANT: The projections or other information generated by Portfolio Visualizer regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
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. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. Past performance is not a guarantee of future results.
Asset allocation and diversification strategies do not guarantee a profit or protect against a loss.
Hypothetical returns do not reflect trading costs, transaction fees, commissions, or actual taxes due on investment returns.
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.
Refer to the related documentation sections for more details on terms and definitions, methodology, and data sources.
Portfolio model information represents a blended portfolio consisting of the model's underlying positions and assigned weights provided by the user and rebalanced at the specified schedule. The results were constructed using net of fee mutual fund performance. Portfolio Visualizer does not provide preferential treatment to any specific security or investment.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
Market capitalization refers to the total value of all a company's shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares. Large cap refers to a company with a market capitalization value of more than $10 billion, mid cap refers to a company with a market capitalization value between $2 and $10 billion, and small cap refers to a company with a market capitalization value below $2 billion. For funds and portfolios the equity market capitalization is calculated based on the long position of the equity holdings.
Credit quality measures the ability of a bond issuer to repay a bond's interest and principal in a timely manner. Ratings agencies research the financial health of each bond issuer and assign ratings to the bonds being offered. Lower-rated bonds generally offer higher yields to compensate investors for the additional risk. AAA is the highest possible rating that may be assigned to an issuer's bonds by any of the major credit rating agencies. Bonds rated AAA to AA are known as high-grade bonds, bonds rated A to BBB are known as medium-grade bonds, and bonds rated BB to C are known as non-investment grade bonds. An issuer will receive a rating of D if it is already in default on some of its debt. For funds and portfolios the fixed income credit quality break-down is calculated based on the long position of the fixed income holdings.
A fixed income maturity date refers to the specific date on which the investor's principal will be repaid. Duration measures a bond's or fixed income portfolio's price sensitivity to interest rate changes. If a bond has a duration of 5 years, and interest rates increase by 1%, the bond's price will decline by approximately 5%. Conversely, if a bond has a duration of 5 years and interest rates fall by 1%, the bond's price will increase by approximately 5%. A fixed income portfolio's duration is computed as the weighted average of individual bond durations held in the portfolio.
Compound annualized growth rate (CAGR) is the annualized geometric mean return of the portfolio. It is calculated from the portfolio start and end balance and is thus impacted by any cashflows.
The time-weighted rate of return (TWRR) is a measure of the compound rate of growth in a portfolio. This is calculated from the holding period returns (e.g. monthly returns), and TWRR will thus not be impacted by cashflows. If there are no external cashflows, TWRR will equal CAGR.
The money-weighted rate of return (MWRR) is the internal rate of return (IRR) taking into account cashflows. This is the discount rate at which the present value of cash inflows equals the present value of cash outflows.
Total return is the combined return in income and capital appreciation from investment in an asset. Yield measures the current cash income received from investment in an asset. Bonds provide yield in the form of interest payments and stocks through dividends.
Standard deviation (Stdev) is used to measure the dispersion of returns around the mean and is often used as a measure of risk. A higher standard deviation implies greater the dispersion of data points around the mean.
Sharpe Ratio is a measure of risk-adjusted performance of the portfolio, and it is calculated by dividing the mean monthly excess return of the portfolio over the risk-free rate by the standard deviation of excess return, and the displayed value is annualized.
Sortino Ratio is a measure of risk-adjusted return which is a modification of the Sharpe Ratio. While the latter is the ratio of average returns in excess of a risk-free rate divided by the standard deviation of those excess returns, the Sortino Ratio has the same denominator divided by the standard deviation of returns below the risk-free rate.
Treynor Ratio is a measure of risk-adjusted performance of the portfolio. It is similar to the Sharpe Ratio, but it uses portfolio beta (systematic risk) as the risk metric in the denominator.
Calmar Ratio is a measure of risk-adjusted performance of the portfolio. It is calculated as the annualized return over the past 36 months divided by the maximum drawdown over the past 36 months based on monthly returns.
Risk-free returns are calculated based on the Federal Reserve 3-Month Treasury Bill (secondary market) rates.
Downside deviation measures the downside volatility of the portfolio returns unlike standard deviation, which includes both upside and downside deviations. Downside deviation is calculated based on negative returns that hurt the portfolio performance.
Correlation measures to what degree the returns of the two assets move in relation to each other. Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much. Asset correlations are calculated based on monthly returns.
Skewness is a measure of the asymmetry of the probability distribution or returns from a normal Gaussian distribution shape about its mean. Negative skewness is associated with the left (typically negative returns) tail of the distribution extending further than the right tail; and positive skewness is associated with the right (typically positive returns) tail of the distribution extending further than the left tail.
Excess kurtosis is a measure of whether a data distribution is peaked or flat relative to a normal distribution. Distributions with high kurtosis tend to have a distinct peak near the mean, decline rather rapidly, and have heavy or fat tails.
A drawdown refers to the decline in value of a single investment or an investment portfolio from a relative peak value to a relative trough. A maximum drawdown (Max Drawdown) is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. Drawdown values are calculated based on monthly returns.
Value at Risk (VaR) measures the scale of loss at a given confidence level. If the 5% VaR is -3% the portfolio return is expected to be greater than -3% 95% of the time and less than -3% 5% of the time. Value at Risk can be calculated directly based on historical returns based on a given percentile or analytically based on the mean and standard deviation of the returns.
Conditional Value at Risk (CVaR) measures the scale of the expected loss once the specific Value at Risk (VaR) breakpoint has been breached, i.e., it calculates the average tail loss by taking a weighted average between the value at risk and losses exceeding the value at risk.
Beta is a measure of systematic risk and measures the volatility of a particular investment relative to the market or its benchmark. Alpha measures the active return of the investment compared to the market benchmark return. R-squared is the percentage of a portfolio's movements that can be explained by movements in the selected benchmark index.
Active return is the investment return minus the return of its benchmark. For periods longer than 12 months this is displayed as annualized value, i.e., annualized investment return minus annualized benchmark return.
Tracking error, also known as active risk, is the standard deviation of active return. This is displayed as annualized value based on the standard deviation of monthly active returns.
Information ratio is the active return divided by the tracking error. It measures whether the investment outperformed its benchmark consistently.
Gain/Loss ratio is a measure of downside risk, and it is calculated as the average positive return in up periods divided by the average negative return in down periods.
Upside Capture Ratio measures how well the fund performed relative to the benchmark when the market was up, and Downside Capture Ratio measures how well the fund performed relative to the benchmark when the market was down. An upside capture ratio greater than 100 would indicate that the fund outperformed its benchmark when the market was up, and a downside capture ratio below 100 would indicate that the fund lost less than its benchmark when the market was down. To calculate upside capture ratio a new series from the portfolio returns is constructed by dropping all time periods where the benchmark return is less than equal to zero. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The downside capture ratio is calculated analogously.
All risk measures for the portfolio and portfolio assets are calculated based on monthly returns.
Gross expense ratio reflects the total annual operating expenses paid by each fund. Net expense ratio reflects what investors were charged after waivers, reductions, and reimbursements.
Price to earnings (P/E) ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share. For funds the price to earnings ratio is computed as the weighted average of fund holdings.
The annual results for 2020 are based on monthly returns from January to March.
The results assume annual rebalancing of portfolio assets to match the specified allocation.

Annual returns for the configured portfolios
Year	Inflation	100% VEIEX		50/50 with annual rebalancing		100% VISVX		Vanguard Emerging Mkts Stock Idx Inv (VEIEX)	Vanguard Small Cap Value Index Inv (VISVX)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Vanguard Emerging Mkts Stock Idx Inv (VEIEX)	Vanguard Small Cap Value Index Inv (VISVX)
1999	2.68%	61.57%	$16,157	32.46%	$13,246	3.35%	$10,335	61.57%	3.35%
2000	3.39%	-27.56%	$11,705	-2.84%	$12,870	21.88%	$12,596	-27.56%	21.88%
2001	1.55%	-2.88%	$11,368	5.41%	$13,566	13.70%	$14,321	-2.88%	13.70%
2002	2.38%	-7.43%	$10,523	-10.81%	$12,099	-14.20%	$12,288	-7.43%	-14.20%
2003	1.88%	57.65%	$16,590	47.42%	$17,837	37.19%	$16,858	57.65%	37.19%
2004	3.26%	26.12%	$20,923	24.84%	$22,266	23.55%	$20,829	26.12%	23.55%
2005	3.42%	32.05%	$27,629	19.06%	$26,511	6.07%	$22,093	32.05%	6.07%
2006	2.54%	29.39%	$35,750	24.32%	$32,958	19.24%	$26,345	29.39%	19.24%
2007	4.08%	38.90%	$49,657	15.91%	$38,203	-7.07%	$24,482	38.90%	-7.07%
2008	0.09%	-52.81%	$23,431	-42.43%	$21,992	-32.05%	$16,634	-52.81%	-32.05%
2009	2.72%	75.98%	$41,233	53.16%	$33,682	30.34%	$21,680	75.98%	30.34%
2010	1.50%	18.86%	$49,010	21.84%	$41,037	24.82%	$27,061	18.86%	24.82%
2011	2.96%	-18.78%	$39,808	-11.47%	$36,330	-4.16%	$25,934	-18.78%	-4.16%
2012	1.74%	18.64%	$47,228	18.60%	$43,089	18.56%	$30,749	18.64%	18.56%
2013	1.50%	-5.19%	$44,776	15.61%	$49,814	36.41%	$41,944	-5.19%	36.41%
2014	0.76%	0.42%	$44,964	5.41%	$52,507	10.39%	$46,302	0.42%	10.39%
2015	0.73%	-15.47%	$38,010	-10.12%	$47,192	-4.78%	$44,090	-15.47%	-4.78%
2016	2.07%	11.50%	$42,380	18.07%	$55,721	24.65%	$54,958	11.50%	24.65%
2017	2.11%	31.15%	$55,583	21.41%	$67,653	11.67%	$61,372	31.15%	11.67%
2018	1.91%	-14.71%	$47,405	-13.53%	$58,502	-12.34%	$53,799	-14.71%	-12.34%
2019	2.29%	20.13%	$56,948	21.37%	$71,004	22.61%	$65,964	20.13%	22.61%
2020	0.44%	-24.59%	$42,947	-29.74%	$49,888	-34.89%	$42,947	-24.59%	-34.89%
Annual return for 2020 is from 01/01/2020 to 03/31/2020

Monthly returns for the configured portfolios
Year	Month	100% VEIEX		50/50 with annual rebalancing		100% VISVX		Vanguard Emerging Mkts Stock Idx Inv (VEIEX)	Vanguard Small Cap Value Index Inv (VISVX)
Year	Month	Return	Balance	Return	Balance	Return	Balance	Vanguard Emerging Mkts Stock Idx Inv (VEIEX)	Vanguard Small Cap Value Index Inv (VISVX)
1999	1	-2.91%	$9,709	-2.03%	$9,797	-1.14%	$9,886	-2.91%	-1.14%
1999	2	2.21%	$9,924	-2.99%	$9,504	-8.10%	$9,085	2.21%	-8.10%
1999	3	11.72%	$11,087	5.94%	$10,069	-0.38%	$9,050	11.72%	-0.38%
1999	4	15.39%	$12,794	12.42%	$11,319	8.77%	$9,844	15.39%	8.77%
1999	5	-4.15%	$12,263	-0.62%	$11,249	3.97%	$10,235	-4.15%	3.97%
1999	6	7.94%	$13,236	7.14%	$12,052	6.18%	$10,867	7.94%	6.18%
1999	7	-3.44%	$12,781	-2.60%	$11,738	-1.59%	$10,695	-3.44%	-1.59%
1999	8	-0.99%	$12,655	-2.45%	$11,451	-4.19%	$10,246	-0.99%	-4.19%
1999	9	-0.50%	$12,592	-1.08%	$11,327	-1.80%	$10,062	-0.50%	-1.80%
1999	10	3.82%	$13,072	1.05%	$11,446	-2.40%	$9,821	3.82%	-2.40%
1999	11	8.12%	$14,134	5.64%	$12,092	2.34%	$10,051	8.12%	2.34%
1999	12	14.31%	$16,157	9.54%	$13,246	2.83%	$10,335	14.31%	2.83%
2000	1	-4.88%	$15,369	-5.04%	$12,578	-5.21%	$9,797	-4.88%	-5.21%
2000	2	3.53%	$15,912	4.07%	$13,091	4.62%	$10,249	3.53%	4.62%
2000	3	-0.90%	$15,769	1.52%	$13,290	3.92%	$10,651	-0.90%	3.92%
2000	4	-7.47%	$14,592	-3.27%	$12,855	0.71%	$10,727	-7.47%	0.71%
2000	5	-5.32%	$13,816	-3.29%	$12,432	-1.53%	$10,563	-5.32%	-1.53%
2000	6	6.27%	$14,682	4.42%	$12,981	2.86%	$10,865	6.27%	2.86%
2000	7	-5.20%	$13,919	-1.35%	$12,806	1.97%	$11,079	-5.20%	1.97%
2000	8	1.49%	$14,126	3.94%	$13,310	5.91%	$11,734	1.49%	5.91%
2000	9	-6.14%	$13,259	-2.79%	$12,939	-0.21%	$11,709	-6.14%	-0.21%
2000	10	-7.61%	$12,250	-2.82%	$12,573	0.65%	$11,784	-7.61%	0.65%
2000	11	-9.82%	$11,047	-7.84%	$11,588	-6.52%	$11,016	-9.82%	-6.52%
2000	12	5.95%	$11,705	11.06%	$12,870	14.34%	$12,596	5.95%	14.34%
2001	1	11.76%	$13,082	9.87%	$14,140	7.98%	$13,601	11.76%	7.98%
2001	2	-8.70%	$11,943	-6.45%	$13,228	-4.13%	$13,040	-8.70%	-4.13%
2001	3	-10.42%	$10,698	-7.27%	$12,267	-4.16%	$12,498	-10.42%	-4.16%
2001	4	9.29%	$11,692	7.59%	$13,198	6.02%	$13,251	9.29%	6.02%
2001	5	1.47%	$11,865	2.04%	$13,467	2.58%	$13,593	1.47%	2.58%
2001	6	-2.12%	$11,613	1.10%	$13,616	4.13%	$14,154	-2.12%	4.13%
2001	7	-6.74%	$10,831	-3.77%	$13,102	-1.16%	$13,990	-6.74%	-1.16%
2001	8	-0.98%	$10,725	-1.30%	$12,931	-1.57%	$13,771	-0.98%	-1.57%
2001	9	-15.57%	$9,054	-14.89%	$11,006	-14.31%	$11,800	-15.57%	-14.31%
2001	10	6.59%	$9,651	5.52%	$11,614	4.64%	$12,347	6.59%	4.64%
2001	11	9.34%	$10,552	8.66%	$12,620	8.09%	$13,347	9.34%	8.09%
2001	12	7.73%	$11,368	7.50%	$13,566	7.30%	$14,321	7.73%	7.30%
2002	1	2.87%	$11,694	2.36%	$13,886	1.85%	$14,586	2.87%	1.85%
2002	2	2.67%	$12,006	1.20%	$14,053	-0.29%	$14,544	2.67%	-0.29%
2002	3	4.52%	$12,550	6.58%	$14,978	8.72%	$15,813	4.52%	8.72%
2002	4	0.32%	$12,590	2.19%	$15,306	4.06%	$16,455	0.32%	4.06%
2002	5	-0.43%	$12,536	-2.15%	$14,976	-3.82%	$15,827	-0.43%	-3.82%
2002	6	-8.23%	$11,504	-6.23%	$14,043	-4.24%	$15,156	-8.23%	-4.24%
2002	7	-8.50%	$10,526	-12.43%	$12,297	-16.20%	$12,702	-8.50%	-16.20%
2002	8	1.42%	$10,675	0.67%	$12,379	-0.11%	$12,687	1.42%	-0.11%
2002	9	-10.69%	$9,534	-9.10%	$11,252	-7.42%	$11,745	-10.69%	-7.42%
2002	10	6.55%	$10,159	4.33%	$11,740	2.07%	$11,988	6.55%	2.07%
2002	11	7.09%	$10,879	6.25%	$12,473	5.36%	$12,630	7.09%	5.36%
2002	12	-3.27%	$10,523	-3.00%	$12,099	-2.71%	$12,288	-3.27%	-2.71%
2003	1	0.13%	$10,537	-1.99%	$11,859	-4.11%	$11,783	0.13%	-4.11%
2003	2	-3.80%	$10,137	-3.74%	$11,416	-3.67%	$11,351	-3.80%	-3.67%
2003	3	-2.04%	$9,930	-1.23%	$11,275	-0.38%	$11,307	-2.04%	-0.38%
2003	4	8.75%	$10,799	8.90%	$12,279	9.06%	$12,331	8.75%	9.06%
2003	5	6.39%	$11,489	6.99%	$13,137	7.60%	$13,269	6.39%	7.60%
2003	6	5.88%	$12,165	3.82%	$13,639	1.74%	$13,500	5.88%	1.74%
2003	7	7.03%	$13,020	5.79%	$14,429	4.49%	$14,105	7.03%	4.49%
2003	8	6.36%	$13,847	4.92%	$15,139	3.37%	$14,581	6.36%	3.37%
2003	9	0.80%	$13,958	0.18%	$15,167	-0.49%	$14,509	0.80%	-0.49%
2003	10	9.09%	$15,226	8.13%	$16,400	7.06%	$15,533	9.09%	7.06%
2003	11	1.09%	$15,392	2.40%	$16,794	3.90%	$16,139	1.09%	3.90%
2003	12	7.78%	$16,590	6.21%	$17,837	4.46%	$16,858	7.78%	4.46%
2004	1	3.12%	$17,108	2.91%	$18,356	2.70%	$17,313	3.12%	2.70%
2004	2	4.17%	$17,822	3.36%	$18,972	2.54%	$17,753	4.17%	2.54%
2004	3	0.39%	$17,892	1.06%	$19,173	1.74%	$18,061	0.39%	1.74%
2004	4	-7.90%	$16,478	-6.72%	$17,885	-5.52%	$17,064	-7.90%	-5.52%
2004	5	-0.85%	$16,338	0.45%	$17,965	1.72%	$17,357	-0.85%	1.72%
2004	6	-0.09%	$16,324	2.51%	$18,415	4.99%	$18,223	-0.09%	4.99%
2004	7	-1.80%	$16,030	-2.71%	$17,916	-3.54%	$17,577	-1.80%	-3.54%
2004	8	4.10%	$16,688	2.71%	$18,402	1.42%	$17,826	4.10%	1.42%
2004	9	5.62%	$17,626	4.47%	$19,224	3.37%	$18,428	5.62%	3.37%
2004	10	2.30%	$18,032	1.90%	$19,590	1.51%	$18,707	2.30%	1.51%
2004	11	10.17%	$19,866	9.11%	$21,375	8.08%	$20,218	10.17%	8.08%
2004	12	5.32%	$20,923	4.17%	$22,266	3.02%	$20,829	5.32%	3.02%
2005	1	-0.14%	$20,895	-1.93%	$21,837	-3.72%	$20,053	-0.14%	-3.72%
2005	2	8.87%	$22,747	5.65%	$23,070	2.30%	$20,515	8.87%	2.30%
2005	3	-6.70%	$21,222	-4.41%	$22,053	-1.88%	$20,131	-6.70%	-1.88%
2005	4	-2.89%	$20,609	-3.36%	$21,312	-3.85%	$19,355	-2.89%	-3.85%
2005	5	3.39%	$21,308	4.36%	$22,242	5.39%	$20,399	3.39%	5.39%
2005	6	3.28%	$22,006	3.57%	$23,036	3.87%	$21,189	3.28%	3.87%
2005	7	6.87%	$23,517	6.29%	$24,485	5.70%	$22,397	6.87%	5.70%
2005	8	0.97%	$23,745	-0.55%	$24,352	-2.13%	$21,920	0.97%	-2.13%
2005	9	8.64%	$25,797	4.75%	$25,507	0.54%	$22,039	8.64%	0.54%
2005	10	-6.57%	$24,101	-4.91%	$24,254	-2.98%	$21,383	-6.57%	-2.98%
2005	11	7.98%	$26,026	6.00%	$25,708	3.77%	$22,189	7.98%	3.77%
2005	12	6.16%	$27,629	3.12%	$26,511	-0.43%	$22,093	6.16%	-0.43%
2006	1	11.48%	$30,802	9.28%	$28,971	7.07%	$23,656	11.48%	7.07%
2006	2	-1.46%	$30,353	-0.68%	$28,774	0.13%	$23,687	-1.46%	0.13%
2006	3	1.24%	$30,730	2.40%	$29,463	3.58%	$24,535	1.24%	3.58%
2006	4	7.12%	$32,917	3.59%	$30,522	0.06%	$24,550	7.12%	0.06%
2006	5	-10.74%	$29,382	-7.41%	$28,261	-3.83%	$23,609	-10.74%	-3.83%
2006	6	-0.20%	$29,324	0.45%	$28,388	1.09%	$23,867	-0.20%	1.09%
2006	7	1.19%	$29,672	-0.15%	$28,346	-1.46%	$23,518	1.19%	-1.46%
2006	8	2.05%	$30,281	2.19%	$28,965	2.32%	$24,064	2.05%	2.32%
2006	9	0.72%	$30,498	0.80%	$29,197	0.88%	$24,277	0.72%	0.88%
2006	10	4.75%	$31,947	4.78%	$30,594	4.82%	$25,446	4.75%	4.82%
2006	11	7.44%	$34,323	5.24%	$32,198	3.04%	$26,220	7.44%	3.04%
2006	12	4.16%	$35,750	2.36%	$32,958	0.48%	$26,345	4.16%	0.48%
2007	1	-0.58%	$35,544	0.71%	$33,191	1.99%	$26,870	-0.58%	1.99%
2007	2	-1.28%	$35,087	-0.93%	$32,884	-0.58%	$26,716	-1.28%	-0.58%
2007	3	4.11%	$36,531	2.33%	$33,649	0.60%	$26,875	4.11%	0.60%
2007	4	4.23%	$38,077	3.04%	$34,671	1.84%	$27,369	4.23%	1.84%
2007	5	5.96%	$40,346	4.83%	$36,346	3.67%	$28,375	5.96%	3.67%
2007	6	4.49%	$42,158	1.07%	$36,736	-2.51%	$27,663	4.49%	-2.51%
2007	7	4.30%	$43,969	-1.12%	$36,323	-7.21%	$25,669	4.30%	-7.21%
2007	8	-0.94%	$43,557	0.12%	$36,365	1.45%	$26,040	-0.94%	1.45%
2007	9	10.75%	$48,241	6.34%	$38,670	0.89%	$26,272	10.75%	0.89%
2007	10	12.31%	$54,177	7.65%	$41,628	1.35%	$26,627	12.31%	1.35%
2007	11	-7.99%	$49,847	-7.49%	$38,510	-6.74%	$24,834	-7.99%	-6.74%
2007	12	-0.38%	$49,657	-0.80%	$38,203	-1.42%	$24,482	-0.38%	-1.42%
2008	1	-11.08%	$44,155	-7.35%	$35,396	-3.62%	$23,597	-11.08%	-3.62%
2008	2	4.65%	$46,209	0.59%	$35,606	-3.15%	$22,854	4.65%	-3.15%
2008	3	-3.80%	$44,455	-1.83%	$34,956	0.14%	$22,886	-3.80%	0.14%
2008	4	8.09%	$48,053	6.22%	$37,130	4.42%	$23,898	8.09%	4.42%
2008	5	1.84%	$48,938	3.01%	$38,248	4.17%	$24,894	1.84%	4.17%
2008	6	-10.39%	$43,855	-10.98%	$34,047	-11.56%	$22,016	-10.39%	-11.56%
2008	7	-4.14%	$42,041	-0.02%	$34,040	4.02%	$22,901	-4.14%	4.02%
2008	8	-7.81%	$38,757	-1.68%	$33,468	3.87%	$23,787	-7.81%	3.87%
2008	9	-16.25%	$32,460	-10.59%	$29,923	-6.05%	$22,348	-16.25%	-6.05%
2008	10	-27.67%	$23,479	-23.83%	$22,791	-21.09%	$17,635	-27.67%	-21.09%
2008	11	-7.85%	$21,635	-9.45%	$20,638	-10.49%	$15,784	-7.85%	-10.49%
2008	12	8.30%	$23,431	6.56%	$21,992	5.38%	$16,634	8.30%	5.38%
2009	1	-8.19%	$21,513	-10.61%	$19,659	-13.03%	$14,467	-8.19%	-13.03%
2009	2	-6.07%	$20,207	-9.91%	$17,711	-13.96%	$12,447	-6.07%	-13.96%
2009	3	16.03%	$23,447	12.95%	$20,004	9.39%	$13,616	16.03%	9.39%
2009	4	16.03%	$27,205	17.71%	$23,546	19.76%	$16,306	16.03%	19.76%
2009	5	18.27%	$32,174	11.51%	$26,255	3.50%	$16,877	18.27%	3.50%
2009	6	-2.25%	$31,451	-1.33%	$25,905	-0.10%	$16,861	-2.25%	-0.10%
2009	7	11.55%	$35,084	11.16%	$28,796	10.64%	$18,655	11.55%	10.64%
2009	8	-0.63%	$34,864	2.26%	$29,447	6.12%	$19,796	-0.63%	6.12%
2009	9	9.29%	$38,103	7.62%	$31,689	5.52%	$20,889	9.29%	5.52%
2009	10	-1.36%	$37,584	-3.52%	$30,573	-6.32%	$19,568	-1.36%	-6.32%
2009	11	5.90%	$39,801	4.95%	$32,087	3.67%	$20,285	5.90%	3.67%
2009	12	3.60%	$41,233	4.97%	$33,682	6.88%	$21,680	3.60%	6.88%
2010	1	-6.25%	$38,654	-4.66%	$32,112	-3.06%	$21,016	-6.25%	-3.06%
2010	2	1.07%	$39,068	3.18%	$33,133	5.21%	$22,112	1.07%	5.21%
2010	3	8.15%	$42,252	8.07%	$35,808	8.00%	$23,881	8.15%	8.00%
2010	4	0.26%	$42,364	3.33%	$37,001	6.19%	$25,359	0.26%	6.19%
2010	5	-9.32%	$38,415	-8.61%	$33,815	-7.99%	$23,333	-9.32%	-7.99%
2010	6	-0.04%	$38,399	-4.33%	$32,351	-8.04%	$21,457	-0.04%	-8.04%
2010	7	9.25%	$41,950	8.31%	$35,039	7.43%	$23,051	9.25%	7.43%
2010	8	-2.24%	$41,010	-4.52%	$33,456	-6.70%	$21,507	-2.24%	-6.70%
2010	9	11.18%	$45,595	10.80%	$37,070	10.42%	$23,749	11.18%	10.42%
2010	10	2.97%	$46,949	3.27%	$38,280	3.57%	$24,596	2.97%	3.57%
2010	11	-2.71%	$45,675	-0.21%	$38,199	2.30%	$25,160	-2.71%	2.30%
2010	12	7.30%	$49,010	7.43%	$41,037	7.55%	$27,061	7.30%	7.55%
2011	1	-2.77%	$47,653	-1.07%	$40,597	0.62%	$27,230	-2.77%	0.62%
2011	2	-0.85%	$47,249	1.95%	$41,389	4.66%	$28,498	-0.85%	4.66%
2011	3	5.57%	$49,882	3.44%	$42,815	1.50%	$28,924	5.57%	1.50%
2011	4	3.47%	$51,610	2.92%	$44,064	2.40%	$29,617	3.47%	2.40%
2011	5	-2.82%	$50,157	-2.46%	$42,981	-2.11%	$28,991	-2.82%	-2.11%
2011	6	-1.51%	$49,397	-1.81%	$42,202	-2.10%	$28,383	-1.51%	-2.10%
2011	7	-0.82%	$48,994	-2.16%	$41,289	-3.45%	$27,402	-0.82%	-3.45%
2011	8	-8.54%	$44,810	-8.31%	$37,859	-8.08%	$25,188	-8.54%	-8.08%
2011	9	-16.19%	$37,557	-13.37%	$32,797	-10.60%	$22,517	-16.19%	-10.60%
2011	10	13.51%	$42,629	13.94%	$37,369	14.34%	$25,746	13.51%	14.34%
2011	11	-3.41%	$41,175	-1.77%	$36,709	-0.26%	$25,678	-3.41%	-0.26%
2011	12	-3.32%	$39,808	-1.03%	$36,330	1.00%	$25,934	-3.32%	1.00%
2012	1	11.12%	$44,233	8.98%	$39,594	6.85%	$27,710	11.12%	6.85%
2012	2	5.56%	$46,693	4.06%	$41,199	2.49%	$28,400	5.56%	2.49%
2012	3	-2.86%	$45,355	-0.35%	$41,057	2.35%	$29,067	-2.86%	2.35%
2012	4	-1.75%	$44,563	-1.32%	$40,514	-0.89%	$28,809	-1.75%	-0.89%
2012	5	-11.08%	$39,626	-8.69%	$36,992	-6.29%	$26,997	-11.08%	-6.29%
2012	6	4.83%	$41,541	4.55%	$38,676	4.28%	$28,153	4.83%	4.28%
2012	7	0.64%	$41,806	0.09%	$38,712	-0.43%	$28,032	0.64%	-0.43%
2012	8	0.43%	$41,987	1.71%	$39,375	2.95%	$28,860	0.43%	2.95%
2012	9	5.32%	$44,220	4.06%	$40,974	2.87%	$29,688	5.32%	2.87%
2012	10	-0.42%	$44,037	-0.50%	$40,769	-0.58%	$29,516	-0.42%	-0.58%
2012	11	1.33%	$44,621	1.07%	$41,205	0.82%	$29,757	1.33%	0.82%
2012	12	5.84%	$47,228	4.57%	$43,089	3.33%	$30,749	5.84%	3.33%
2013	1	0.61%	$47,515	3.55%	$44,619	6.49%	$32,746	0.61%	6.49%
2013	2	-1.74%	$46,688	0.07%	$44,650	1.78%	$33,329	-1.74%	1.78%
2013	3	-1.54%	$45,971	1.64%	$45,381	4.53%	$34,838	-1.54%	4.53%
2013	4	1.32%	$46,578	0.58%	$45,645	-0.05%	$34,820	1.32%	-0.05%
2013	5	-3.73%	$44,840	-0.11%	$45,595	3.05%	$35,881	-3.73%	3.05%
2013	6	-6.14%	$42,087	-3.38%	$44,055	-1.13%	$35,474	-6.14%	-1.13%
2013	7	0.97%	$42,498	4.19%	$45,902	6.68%	$37,843	0.97%	6.68%
2013	8	-3.18%	$41,147	-3.77%	$44,171	-4.20%	$36,252	-3.18%	-4.20%
2013	9	7.15%	$44,091	6.10%	$46,864	5.31%	$38,179	7.15%	5.31%
2013	10	4.65%	$46,141	4.22%	$48,839	3.89%	$39,664	4.65%	3.89%
2013	11	-2.02%	$45,211	0.83%	$49,245	2.99%	$40,848	-2.02%	2.99%
2013	12	-0.96%	$44,776	1.16%	$49,814	2.68%	$41,944	-0.96%	2.68%
2014	1	-7.27%	$41,521	-5.05%	$47,299	-2.83%	$40,757	-7.27%	-2.83%
2014	2	3.42%	$42,941	4.24%	$49,306	5.03%	$42,807	3.42%	5.03%
2014	3	3.86%	$44,599	2.55%	$50,563	1.32%	$43,371	3.86%	1.32%
2014	4	0.51%	$44,824	-0.34%	$50,390	-1.16%	$42,868	0.51%	-1.16%
2014	5	3.72%	$46,490	2.64%	$51,722	1.59%	$43,551	3.72%	1.59%
2014	6	3.00%	$47,885	3.65%	$53,608	4.29%	$45,421	3.00%	4.29%
2014	7	1.46%	$48,585	-1.64%	$52,727	-4.71%	$43,281	1.46%	-4.71%
2014	8	3.57%	$50,319	4.34%	$55,016	5.15%	$45,511	3.57%	5.15%
2014	9	-7.16%	$46,717	-6.42%	$51,485	-5.65%	$42,940	-7.16%	-5.65%
2014	10	2.31%	$47,796	3.61%	$53,345	4.94%	$45,061	2.31%	4.94%
2014	11	-1.00%	$47,318	0.02%	$53,357	1.04%	$45,529	-1.00%	1.04%
2014	12	-4.97%	$44,964	-1.59%	$52,507	1.70%	$46,302	-4.97%	1.70%
2015	1	0.67%	$45,266	-1.32%	$51,813	-3.31%	$44,767	0.67%	-3.31%
2015	2	3.53%	$46,865	4.60%	$54,196	5.71%	$47,325	3.53%	5.71%
2015	3	-2.08%	$45,891	-0.44%	$53,956	1.22%	$47,904	-2.08%	1.22%
2015	4	7.79%	$49,465	3.23%	$55,701	-1.26%	$47,300	7.79%	-1.26%
2015	5	-3.38%	$47,794	-1.10%	$55,088	1.35%	$47,940	-3.38%	1.35%
2015	6	-2.39%	$46,654	-1.92%	$54,028	-1.45%	$47,246	-2.39%	-1.45%
2015	7	-6.81%	$43,479	-3.93%	$51,905	-1.01%	$46,770	-6.81%	-1.01%
2015	8	-9.32%	$39,425	-7.02%	$48,263	-4.81%	$44,521	-9.32%	-4.81%
2015	9	-3.25%	$38,146	-3.42%	$46,611	-3.58%	$42,926	-3.25%	-3.58%
2015	10	5.57%	$40,272	6.10%	$49,456	6.59%	$45,753	5.57%	6.59%
2015	11	-3.25%	$38,963	-0.85%	$49,037	1.33%	$46,363	-3.25%	1.33%
2015	12	-2.45%	$38,010	-3.76%	$47,192	-4.90%	$44,090	-2.45%	-4.90%
2016	1	-6.05%	$35,709	-6.26%	$44,240	-6.46%	$41,243	-6.05%	-6.46%
2016	2	-0.87%	$35,399	0.35%	$44,396	1.58%	$41,894	-0.87%	1.58%
2016	3	13.04%	$40,016	10.95%	$49,259	8.91%	$45,625	13.04%	8.91%
2016	4	0.78%	$40,327	1.41%	$49,952	2.05%	$46,559	0.78%	2.05%
2016	5	-3.40%	$38,956	-0.98%	$49,460	1.44%	$47,231	-3.40%	1.44%
2016	6	5.04%	$40,921	2.51%	$50,700	0.08%	$47,267	5.04%	0.08%
2016	7	4.67%	$42,834	4.67%	$53,070	4.68%	$49,477	4.67%	4.68%
2016	8	1.67%	$43,551	1.20%	$53,705	0.72%	$49,833	1.67%	0.72%
2016	9	1.27%	$44,104	0.79%	$54,131	0.31%	$49,986	1.27%	0.31%
2016	10	0.63%	$44,383	-1.17%	$53,498	-3.01%	$48,480	0.63%	-3.01%
2016	11	-4.36%	$42,448	2.73%	$54,957	10.26%	$53,452	-4.36%	10.26%
2016	12	-0.16%	$42,380	1.39%	$55,721	2.82%	$54,958	-0.16%	2.82%
2017	1	4.94%	$44,472	2.80%	$57,279	0.66%	$55,318	4.94%	0.66%
2017	2	3.28%	$45,930	2.68%	$58,814	2.06%	$56,455	3.28%	2.06%
2017	3	2.25%	$46,965	0.78%	$59,271	-0.78%	$56,014	2.25%	-0.78%
2017	4	1.39%	$47,620	0.94%	$59,826	0.44%	$56,261	1.39%	0.44%
2017	5	1.22%	$48,200	-0.49%	$59,533	-2.37%	$54,929	1.22%	-2.37%
2017	6	0.78%	$48,575	1.54%	$60,447	2.40%	$56,247	0.78%	2.40%
2017	7	5.35%	$51,172	3.27%	$62,426	0.95%	$56,781	5.35%	0.95%
2017	8	3.05%	$52,734	0.98%	$63,037	-1.44%	$55,961	3.05%	-1.44%
2017	9	-0.78%	$52,321	1.78%	$64,159	4.91%	$58,710	-0.78%	4.91%
2017	10	2.44%	$53,597	1.70%	$65,250	0.85%	$59,209	2.44%	0.85%
2017	11	0.21%	$53,711	1.56%	$66,268	3.14%	$61,068	0.21%	3.14%
2017	12	3.49%	$55,583	2.09%	$67,653	0.50%	$61,372	3.49%	0.50%
2018	1	8.39%	$60,247	5.19%	$71,161	1.98%	$62,587	8.39%	1.98%
2018	2	-4.73%	$57,399	-4.75%	$67,780	-4.78%	$59,598	-4.73%	-4.78%
2018	3	-1.22%	$56,697	-0.23%	$67,622	0.82%	$60,086	-1.22%	0.82%
2018	4	-2.03%	$55,549	-0.86%	$67,040	0.35%	$60,299	-2.03%	0.35%
2018	5	-2.86%	$53,960	0.79%	$67,568	4.50%	$63,010	-2.86%	4.50%
2018	6	-4.50%	$51,529	-2.01%	$66,207	0.34%	$63,225	-4.50%	0.34%
2018	7	3.18%	$53,166	2.83%	$68,081	2.52%	$64,818	3.18%	2.52%
2018	8	-3.55%	$51,279	-0.43%	$67,789	2.40%	$66,373	-3.55%	2.40%
2018	9	-1.31%	$50,609	-1.54%	$66,747	-1.74%	$65,221	-1.31%	-1.74%
2018	10	-7.58%	$46,773	-8.35%	$61,172	-9.01%	$59,341	-7.58%	-9.01%
2018	11	4.45%	$48,856	3.34%	$63,215	2.37%	$60,748	4.45%	2.37%
2018	12	-2.97%	$47,405	-7.46%	$58,502	-11.44%	$53,799	-2.97%	-11.44%
2019	1	8.52%	$51,442	9.85%	$64,265	11.19%	$59,818	8.52%	11.19%
2019	2	0.65%	$51,775	2.32%	$65,754	3.95%	$62,179	0.65%	3.95%
2019	3	1.90%	$52,761	-0.08%	$65,703	-1.95%	$60,965	1.90%	-1.95%
2019	4	2.08%	$53,861	3.01%	$67,681	3.92%	$63,355	2.08%	3.92%
2019	5	-6.45%	$50,386	-7.28%	$62,755	-8.08%	$58,239	-6.45%	-8.08%
2019	6	5.42%	$53,120	6.10%	$66,581	6.76%	$62,174	5.42%	6.76%
2019	7	-1.19%	$52,487	-0.20%	$66,450	0.77%	$62,650	-1.19%	0.77%
2019	8	-3.76%	$50,512	-4.61%	$63,384	-5.42%	$59,254	-3.76%	-5.42%
2019	9	1.33%	$51,183	2.64%	$65,059	3.91%	$61,572	1.33%	3.91%
2019	10	3.87%	$53,162	2.74%	$66,844	1.68%	$62,609	3.87%	1.68%
2019	11	0.15%	$53,242	1.35%	$67,750	2.52%	$64,184	0.15%	2.52%
2019	12	6.96%	$56,948	4.80%	$71,004	2.77%	$65,964	6.96%	2.77%
2020	1	-5.05%	$54,074	-4.23%	$68,003	-3.41%	$63,716	-5.05%	-3.41%
2020	2	-3.71%	$52,071	-6.98%	$63,253	-10.21%	$57,212	-3.71%	-10.21%
2020	3	-17.52%	$42,947	-21.13%	$49,888	-24.93%	$42,947	-17.52%	-24.93%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	100% VEIEX	50/50 with annual rebalancing	100% VISVX
Large-cap Value	0.00%	6.92%	11.66%
Large-cap Growth	1.09%	0.00%	0.00%
Mid-cap Value	0.00%	16.56%	32.26%
Mid-cap Growth	0.00%	1.93%	0.57%
Small-cap Value	0.00%	24.42%	53.73%
Small-cap Growth	0.00%	0.00%	0.00%
Global ex-US Developed Markets	1.90%	2.16%	1.55%
Emerging Markets	96.28%	48.01%	0.23%
Corporate Bonds	0.00%	0.00%	0.00%
Long-Term Treasuries	0.74%	0.00%	0.00%
Intermediate-Term Treasuries	0.00%	0.00%	0.00%
Short-Term Treasuries	0.00%	0.00%	0.00%
R Squared	98.64%	99.12%	98.46%
Style analysis is based on monthly returns from April 2005 to March 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 100% VEIEX

Holdings Based Style Analysis for 100% VEIEX
Ticker	Name	Category	Weight	TTM Yield	Expense Ratio		P/E	Contribution
Ticker	Name	Category	Weight	TTM Yield	Net	Gross	P/E	Return	Risk
VEIEX	Vanguard Emerging Mkts Stock Idx Inv	Diversified Emerging Mkts	100.00%	3.08%	0.29%	0.29%	11.57	$32,947	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Holdings Based Style Analysis for 50/50 with annual rebalancing

Holdings Based Style Analysis for 50/50 with annual rebalancing
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Return	Risk
VEIEX	Vanguard Emerging Mkts Stock Idx Inv	Diversified Emerging Mkts	50.00%		3.08%	0.29%	0.29%	11.57	$19,733	54.48%
VISVX	Vanguard Small Cap Value Index Inv	Small Value	50.00%	1.60%	1.98%	0.19%	0.19%	11.51	$20,155	45.52%
			100.00%	0.80%	2.53%	0.24%	0.24%	11.54	$39,888	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Holdings Based Style Analysis for 100% VISVX

Holdings Based Style Analysis for 100% VISVX
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Return	Risk
VISVX	Vanguard Small Cap Value Index Inv	Small Value	100.00%	1.60%	1.98%	0.19%	0.19%	11.51	$32,947	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fund fundamentals data as of 07/06/2022. (c) 2022 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	100% VEIEX	50/50 with annual rebalancing	100% VISVX
Arithmetic Mean (monthly)	0.78%	0.79%	0.73%
Arithmetic Mean (annualized)	9.77%	9.87%	9.09%
Geometric Mean (monthly)	0.57%	0.63%	0.57%
Geometric Mean (annualized)	7.10%	7.86%	7.10%
Standard Deviation (monthly)	6.39%	5.52%	5.48%
Standard Deviation (annualized)	22.14%	19.14%	19.00%
Downside Deviation (monthly)	4.27%	3.79%	3.90%
Maximum Drawdown	-62.70%	-57.45%	-56.13%
Stock Market Correlation	0.80	0.90	0.88
Beta^(*)	1.16	1.13	1.10
Alpha (annualized)	1.43%	1.72%	1.22%
R²	63.61%	80.85%	77.57%
Sharpe Ratio	0.34	0.40	0.36
Sortino Ratio	0.50	0.57	0.51
Treynor Ratio (%)	6.53	6.78	6.32
Calmar Ratio	-0.10	-0.19	-0.24
Active Return	1.29%	2.04%	1.29%
Tracking Error	13.57%	8.61%	9.12%
Information Ratio	0.09	0.24	0.14
Skewness	-0.38	-0.64	-0.82
Excess Kurtosis	1.35	2.18	3.02
Historical Value-at-Risk (5%)	-9.32%	-8.43%	-8.09%
Analytical Value-at-Risk (5%)	-9.73%	-8.30%	-8.29%
Conditional Value-at-Risk (5%)	-13.60%	-12.59%	-13.46%
Upside Capture Ratio (%)	121.21	118.97	112.34
Downside Capture Ratio (%)	115.44	109.90	106.86
Safe Withdrawal Rate	10.18%	10.57%	8.99%
Perpetual Withdrawal Rate	4.67%	5.34%	4.67%
Positive Periods	142 out of 255 (55.69%)	150 out of 255 (58.82%)	160 out of 255 (62.75%)
Gain/Loss Ratio	1.09	1.02	0.85
^* 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	100% VEIEX	50/50 with annual rebalancing	100% VISVX
Dotcom Crash	Mar 2000	Oct 2002	-43.10%	-26.49%	-28.62%
Subprime Crisis	Nov 2007	Mar 2009	-62.70%	-57.45%	-53.25%
COVID-19 Start	Jan 2020	Mar 2020	-24.59%	-29.74%	-34.89%

Drawdowns for 100% VEIEX

Drawdowns for 100% VEIEX (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Dec 2017	8 years 10 months	10 years 2 months	-62.70%
2	Jan 2000	Sep 2001	1 year 9 months	Dec 2003	2 years 3 months	4 years	-43.96%
3	Feb 2018	Mar 2020	2 years 2 months				-28.72%
4	May 2006	Jun 2006	2 months	Nov 2006	5 months	7 months	-10.92%
5	Apr 2004	Jul 2004	4 months	Oct 2004	3 months	7 months	-10.41%
6	Mar 2005	Apr 2005	2 months	Jul 2005	3 months	5 months	-9.40%
7	Oct 2005	Oct 2005	1 month	Nov 2005	1 month	2 months	-6.57%
8	Jul 1999	Sep 1999	3 months	Nov 1999	2 months	5 months	-4.87%
9	May 1999	May 1999	1 month	Jun 1999	1 month	2 months	-4.15%
10	Jan 1999	Jan 1999	1 month	Mar 1999	2 months	3 months	-2.91%
Worst 10 drawdowns included above

Drawdowns for 50/50 with annual rebalancing

Drawdowns for 50/50 with annual rebalancing (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Mar 2011	2 years 1 month	3 years 5 months	-57.45%
2	Feb 2018	Mar 2020	2 years 2 months				-29.89%
3	May 2002	Sep 2002	5 months	Oct 2003	1 year 1 month	1 year 6 months	-26.49%
4	May 2011	Sep 2011	5 months	Jan 2013	1 year 4 months	1 year 9 months	-25.57%
5	Feb 2001	Sep 2001	8 months	Mar 2002	6 months	1 year 2 months	-22.17%
6	May 2015	Jan 2016	9 months	Dec 2016	11 months	1 year 8 months	-20.58%
7	Sep 2000	Nov 2000	3 months	Jan 2001	2 months	5 months	-12.94%
8	Mar 2005	Apr 2005	2 months	Jul 2005	3 months	5 months	-7.62%
9	May 2006	May 2006	1 month	Oct 2006	5 months	6 months	-7.41%
10	Apr 2004	Apr 2004	1 month	Sep 2004	5 months	6 months	-6.72%
Worst 10 drawdowns included above

Drawdowns for 100% VISVX

Drawdowns for 100% VISVX (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jun 2007	Feb 2009	1 year 9 months	Feb 2011	2 years	3 years 9 months	-56.13%
2	Sep 2018	Mar 2020	1 year 7 months				-35.29%
3	May 2002	Mar 2003	11 months	Dec 2003	9 months	1 year 8 months	-31.28%
4	May 2011	Sep 2011	5 months	Sep 2012	1 year	1 year 5 months	-23.97%
5	Jul 2001	Sep 2001	3 months	Dec 2001	3 months	6 months	-16.63%
6	Jun 2015	Jan 2016	8 months	Jul 2016	6 months	1 year 2 months	-13.97%
7	Jul 1999	Jan 2000	7 months	Jul 2000	6 months	1 year 1 month	-9.85%
8	Jan 1999	Mar 1999	3 months	May 1999	2 months	5 months	-9.50%
9	Feb 2001	Mar 2001	2 months	Jun 2001	3 months	5 months	-8.11%
10	Jan 2005	Apr 2005	4 months	Jun 2005	2 months	6 months	-7.07%
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	Market Correlation
VEIEX	Vanguard Emerging Mkts Stock Idx Inv	7.10%	22.14%	75.98%	-52.81%	-62.70%	0.34	0.50	0.80
VISVX	Vanguard Small Cap Value Index Inv	7.10%	19.00%	37.19%	-34.89%	-56.13%	0.36	0.51	0.88

Portfolio Asset Performance

Performance of portfolio assets
Name	Total Return			Annualized Return			Expense Ratio
Name	3 Month	Year To Date	1 year	3 year	5 year	10 year	Net	Gross
Vanguard Emerging Mkts Stock Idx Inv	-24.59%	-24.59%	-18.60%	-2.94%	-1.32%	0.16%	0.29%	0.29%
Vanguard Small Cap Value Index Inv	-34.89%	-34.89%	-29.55%	-8.47%	-2.16%	6.04%	0.19%	0.19%
Trailing returns as of last calendar month ending March 2020

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VEIEX	VISVX	100% VEIEX	50/50 with annual rebalancing	100% VISVX
VEIEX	Vanguard Emerging Mkts Stock Idx Inv	1.00	0.72	1.00	0.94	0.72
VISVX	Vanguard Small Cap Value Index Inv	0.72	1.00	0.72	0.92	1.00

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	100% VEIEX	50/50 with annual rebalancing	100% VISVX
VEIEX	Vanguard Emerging Mkts Stock Idx Inv	$32,947	$19,733
VISVX	Vanguard Small Cap Value Index Inv		$20,155	$32,947
Return attribution decomposes portfolio gains into its constituent parts and identifies the contribution to returns by each of the assets.

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	100% VEIEX	50/50 with annual rebalancing	100% VISVX
VEIEX	Vanguard Emerging Mkts Stock Idx Inv	100.00%	54.48%
VISVX	Vanguard Small Cap Value Index Inv		45.52%	100.00%
Risk attribution decomposes portfolio risk into its constituent parts and identifies the contribution to overall volatility by each of the assets.

Annual Asset Returns

Rolling returns summary
Roll Period	100% VEIEX			50/50 with annual rebalancing			100% VISVX
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low
1 year	10.86%	93.34%	-56.66%	11.10%	87.07%	-50.26%	10.87%	77.65%	-45.54%
3 years	8.99%	45.72%	-14.29%	9.95%	37.74%	-14.94%	9.94%	31.65%	-19.30%
5 years	9.23%	39.76%	-5.61%	10.09%	28.81%	-1.56%	9.86%	28.02%	-6.86%
7 years	9.12%	24.02%	-1.77%	9.96%	18.72%	1.36%	9.55%	18.93%	-2.20%
10 years	8.49%	16.64%	-0.11%	9.30%	14.94%	3.37%	8.70%	17.45%	3.20%
15 years	8.93%	12.33%	4.81%	9.96%	12.69%	5.59%	9.60%	11.78%	5.18%