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 2000 - Dec 2016)

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
VTSMX	Vanguard Total Stock Mkt Idx Inv	45.00%
VGTSX	Vanguard Total Intl Stock Index Inv	30.00%
VBMFX	Vanguard Total Bond Market Index Inv	25.00%
Save portfolio »

Portfolio 2
Ticker	Name	Allocation
VGTSX	Vanguard Total Intl Stock Index Inv	25.00%
VFITX	Vanguard Interm-Term Treasury Inv	25.00%
DFSVX	DFA US Small Cap Value I	25.00%
VFINX	Vanguard 500 Index Investor	25.00%
Save portfolio »

Portfolio 3
Ticker	Name	Allocation
VFINX	Vanguard 500 Index Investor	90.00%
VFISX	Vanguard Short-Term Treasury Inv	10.00%
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	$22,111	4.78%	11.58%	27.20%	-28.63%	-41.34%	0.32	0.45	0.97
Portfolio 2	$10,000	$30,006	6.68%	12.00%	32.65%	-26.15%	-41.19%	0.46	0.67	0.96
Portfolio 3	$10,000	$21,131	4.50%	13.20%	28.95%	-32.65%	-46.02%	0.27	0.38	0.99
Vanguard Total Stock Mkt Idx Inv	$10,000	$22,633	4.92%	15.31%	33.35%	-37.04%	-50.89%	0.28	0.39	1.00

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
Portfolio 1	0.50%	7.66%	7.66%	4.04%	8.79%	5.06%	4.78%	8.13%	8.31%
Portfolio 2	3.55%	11.48%	11.48%	4.31%	9.61%	5.56%	6.68%	8.49%	8.62%
Portfolio 3	3.37%	10.73%	10.73%	7.93%	13.13%	6.60%	4.50%	9.62%	9.34%
Vanguard Total Stock Mkt Idx Inv	4.08%	12.53%	12.53%	8.26%	14.49%	7.11%	4.92%	11.02%	10.64%
Trailing return and volatility are as of last full calendar month ending December 2016

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, 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.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
CAGR = Compound Annual Growth Rate
Stdev = Annualized standard deviation of monthly returns
Sharpe and Sortino ratios are calculated and annualized from monthly excess returns over risk free rate (3-month treasury bill)
Stock market correlation is based on the correlation of monthly returns
Drawdown analysis is calculated based on monthly returns excluding cashflows
The results assume annual rebalancing of portfolio assets to match the specified allocation

Annual returns for the configured portfolios
Year	Inflation	Portfolio 1		Portfolio 2		Portfolio 3		Vanguard Total Stock Mkt Idx Inv		Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Total Intl Stock Index Inv (VGTSX)	Vanguard Total Bond Market Index Inv (VBMFX)	Vanguard Interm-Term Treasury Inv (VFITX)	DFA US Small Cap Value I (DFSVX)	Vanguard 500 Index Investor (VFINX)	Vanguard Short-Term Treasury Inv (VFISX)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Total Intl Stock Index Inv (VGTSX)	Vanguard Total Bond Market Index Inv (VBMFX)	Vanguard Interm-Term Treasury Inv (VFITX)	DFA US Small Cap Value I (DFSVX)	Vanguard 500 Index Investor (VFINX)	Vanguard Short-Term Treasury Inv (VFISX)
2000	3.39%	-6.59%	$9,341	-0.41%	$9,959	-7.27%	$9,273	-10.57%	$8,943	-10.57%	-15.61%	11.39%	14.03%	9.01%	-9.06%	8.83%
2001	1.55%	-8.87%	$8,512	-0.49%	$9,910	-10.04%	$8,342	-10.97%	$7,962	-10.97%	-20.15%	8.43%	7.55%	22.65%	-12.02%	7.80%
2002	2.38%	-11.89%	$7,499	-8.09%	$9,109	-19.13%	$6,746	-20.96%	$6,293	-20.96%	-15.08%	8.26%	14.15%	-9.27%	-22.15%	8.02%
2003	1.88%	27.20%	$9,540	32.65%	$12,083	25.89%	$8,493	31.35%	$8,266	31.35%	40.34%	3.97%	2.37%	59.40%	28.50%	2.38%
2004	3.26%	12.94%	$10,774	15.09%	$13,907	9.77%	$9,323	12.51%	$9,301	12.51%	20.84%	4.24%	3.40%	25.39%	10.74%	1.03%
2005	3.42%	7.96%	$11,632	7.61%	$14,965	4.47%	$9,740	5.98%	$9,857	5.98%	15.57%	2.40%	2.32%	7.79%	4.77%	1.77%
2006	2.54%	16.04%	$13,497	16.74%	$17,471	14.45%	$11,148	15.51%	$11,386	15.51%	26.64%	4.27%	3.14%	21.55%	15.64%	3.77%
2007	4.08%	8.86%	$14,693	5.04%	$18,350	5.64%	$11,776	5.49%	$12,011	5.49%	15.52%	6.92%	9.98%	-10.75%	5.39%	7.89%
2008	0.09%	-28.63%	$10,486	-26.15%	$13,553	-32.65%	$7,931	-37.04%	$7,562	-37.04%	-44.10%	5.05%	13.32%	-36.79%	-37.02%	6.68%
2009	2.72%	25.42%	$13,151	23.79%	$16,776	23.98%	$9,833	28.70%	$9,732	28.70%	36.73%	5.93%	-1.69%	33.62%	26.49%	1.44%
2010	1.50%	12.63%	$14,812	16.07%	$19,473	13.69%	$11,179	17.09%	$11,396	17.09%	11.12%	6.42%	7.35%	30.90%	14.91%	2.64%
2011	2.96%	-2.05%	$14,509	-2.59%	$18,969	2.00%	$11,402	0.96%	$11,506	0.96%	-14.56%	7.56%	9.80%	-7.55%	1.97%	2.26%
2012	1.74%	13.77%	$16,507	14.59%	$21,737	14.31%	$13,034	16.25%	$13,376	16.25%	18.14%	4.05%	2.67%	21.72%	15.82%	0.69%
2013	1.50%	18.96%	$19,636	21.63%	$26,438	28.95%	$16,807	33.35%	$17,836	33.35%	15.04%	-2.26%	-3.09%	42.38%	32.18%	-0.10%
2014	0.76%	5.76%	$20,767	4.27%	$27,566	12.23%	$18,862	12.43%	$20,053	12.43%	-4.24%	5.76%	4.32%	3.48%	13.51%	0.71%
2015	0.73%	-1.11%	$20,537	-2.36%	$26,916	1.17%	$19,082	0.29%	$20,112	0.29%	-4.37%	0.30%	1.50%	-7.81%	1.25%	0.45%
2016	2.07%	7.66%	$22,111	11.48%	$30,006	10.73%	$21,131	12.53%	$22,633	12.53%	4.65%	2.50%	1.19%	28.26%	11.82%	0.99%

Monthly returns for the configured portfolios
Year	Month	Portfolio 1		Portfolio 2		Portfolio 3		Vanguard Total Stock Mkt Idx Inv		Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Total Intl Stock Index Inv (VGTSX)	Vanguard Total Bond Market Index Inv (VBMFX)	Vanguard Interm-Term Treasury Inv (VFITX)	DFA US Small Cap Value I (DFSVX)	Vanguard 500 Index Investor (VFINX)	Vanguard Short-Term Treasury Inv (VFISX)
Year	Month	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Total Intl Stock Index Inv (VGTSX)	Vanguard Total Bond Market Index Inv (VBMFX)	Vanguard Interm-Term Treasury Inv (VFITX)	DFA US Small Cap Value I (DFSVX)	Vanguard 500 Index Investor (VFINX)	Vanguard Short-Term Treasury Inv (VFISX)
2000	1	-3.79%	$9,621	-3.12%	$9,688	-4.55%	$9,545	-4.18%	$9,582	-4.18%	-6.22%	-0.17%	-0.46%	-0.75%	-5.03%	-0.22%
2000	2	2.27%	$9,840	2.85%	$9,965	-1.63%	$9,390	2.54%	$9,825	2.54%	2.83%	1.18%	1.00%	9.28%	-1.91%	0.76%
2000	3	3.94%	$10,227	3.72%	$10,335	8.78%	$10,214	5.69%	$10,384	5.69%	3.48%	1.40%	2.04%	0.30%	9.75%	0.70%
2000	4	-4.08%	$9,809	-3.04%	$10,021	-2.68%	$9,940	-5.21%	$9,843	-5.21%	-5.41%	-0.49%	-0.26%	-3.51%	-3.00%	0.19%
2000	5	-2.35%	$9,578	-2.18%	$9,803	-1.80%	$9,761	-3.41%	$9,508	-3.41%	-2.67%	-0.16%	0.16%	-4.16%	-2.04%	0.30%
2000	6	3.77%	$9,940	3.47%	$10,143	2.37%	$9,993	4.42%	$9,928	4.42%	4.27%	2.15%	2.20%	4.98%	2.49%	1.30%
2000	7	-1.94%	$9,747	-1.29%	$10,012	-1.28%	$9,865	-1.95%	$9,734	-1.95%	-4.46%	0.88%	0.62%	-0.10%	-1.50%	0.61%
2000	8	3.93%	$10,130	4.12%	$10,425	5.64%	$10,421	7.28%	$10,443	7.28%	1.00%	1.40%	1.62%	7.40%	6.19%	0.92%
2000	9	-3.34%	$9,792	-2.70%	$10,143	-4.68%	$9,933	-4.67%	$9,955	-4.67%	-5.00%	0.76%	0.89%	-1.85%	-5.29%	0.79%
2000	10	-1.60%	$9,636	-1.56%	$9,985	-0.32%	$9,901	-2.04%	$9,752	-2.04%	-3.03%	0.57%	0.90%	-3.78%	-0.43%	0.60%
2000	11	-5.25%	$9,130	-3.76%	$9,610	-6.91%	$9,217	-9.90%	$8,786	-9.90%	-4.44%	1.58%	2.14%	-5.44%	-7.89%	1.18%
2000	12	2.30%	$9,341	3.64%	$9,959	0.61%	$9,273	1.78%	$8,943	1.78%	3.72%	1.79%	2.39%	7.73%	0.51%	1.38%
2001	1	2.49%	$9,573	4.07%	$10,365	3.32%	$9,581	3.83%	$9,285	3.83%	1.10%	1.76%	1.33%	10.31%	3.55%	1.26%
2001	2	-6.32%	$8,968	-4.32%	$9,917	-8.16%	$8,799	-9.41%	$8,411	-9.41%	-7.61%	0.91%	1.26%	-1.92%	-9.14%	0.80%
2001	3	-4.90%	$8,529	-3.72%	$9,548	-5.59%	$8,307	-6.72%	$7,846	-6.72%	-7.15%	0.54%	0.50%	-2.46%	-6.36%	0.77%
2001	4	5.65%	$9,010	4.94%	$10,020	6.89%	$8,879	8.16%	$8,486	8.16%	7.89%	-0.46%	-1.16%	6.12%	7.77%	0.06%
2001	5	-0.38%	$8,976	1.10%	$10,131	0.63%	$8,934	1.01%	$8,572	1.01%	-3.52%	0.73%	0.22%	6.16%	0.65%	0.44%
2001	6	-1.67%	$8,826	-0.26%	$10,105	-2.15%	$8,743	-1.64%	$8,432	-1.64%	-3.84%	0.52%	0.30%	3.74%	-2.45%	0.33%
2001	7	-0.83%	$8,753	-0.56%	$10,048	-0.74%	$8,678	-1.71%	$8,287	-1.71%	-2.43%	2.23%	2.73%	-1.63%	-1.00%	1.40%
2001	8	-2.98%	$8,492	-2.03%	$9,844	-5.48%	$8,203	-6.00%	$7,790	-6.00%	-2.30%	1.11%	1.11%	-1.34%	-6.27%	0.79%
2001	9	-6.54%	$7,936	-7.77%	$9,079	-6.92%	$7,635	-9.00%	$7,089	-9.00%	-10.73%	0.89%	2.41%	-14.56%	-8.09%	1.68%
2001	10	2.43%	$8,129	2.78%	$9,332	1.79%	$7,772	2.52%	$7,268	2.52%	2.97%	1.86%	2.22%	3.93%	1.90%	1.13%
2001	11	3.72%	$8,431	3.90%	$9,696	6.55%	$8,281	7.63%	$7,822	7.63%	3.56%	-1.34%	-2.32%	7.81%	7.65%	-0.83%
2001	12	0.96%	$8,512	2.21%	$9,910	0.74%	$8,342	1.78%	$7,962	1.78%	1.35%	-0.58%	-1.16%	7.02%	0.87%	-0.27%
2002	1	-1.78%	$8,360	-1.03%	$9,808	-1.28%	$8,235	-1.24%	$7,863	-1.24%	-4.63%	0.69%	0.45%	1.54%	-1.47%	0.44%
2002	2	-0.44%	$8,323	0.02%	$9,810	-1.67%	$8,098	-2.05%	$7,702	-2.05%	0.90%	0.85%	1.29%	-0.16%	-1.94%	0.67%
2002	3	3.26%	$8,594	4.23%	$10,226	3.27%	$8,362	4.38%	$8,039	4.38%	5.71%	-1.46%	-2.30%	9.86%	3.74%	-0.82%
2002	4	-1.66%	$8,452	0.48%	$10,275	-5.31%	$7,918	-4.90%	$7,645	-4.90%	0.42%	1.69%	2.62%	4.53%	-6.07%	1.54%
2002	5	0.03%	$8,455	-0.51%	$10,222	-0.61%	$7,870	-1.22%	$7,552	-1.22%	1.16%	0.80%	1.04%	-3.15%	-0.75%	0.59%
2002	6	-4.30%	$8,091	-2.82%	$9,934	-6.26%	$7,377	-7.06%	$7,019	-7.06%	-4.28%	0.29%	1.72%	-2.07%	-7.13%	0.93%
2002	7	-6.28%	$7,584	-7.69%	$9,170	-6.64%	$6,887	-8.02%	$6,456	-8.02%	-9.80%	0.48%	2.66%	-15.60%	-7.72%	1.54%
2002	8	0.66%	$7,634	0.50%	$9,216	0.68%	$6,934	0.53%	$6,490	0.53%	-0.12%	1.66%	2.42%	-1.25%	0.65%	0.86%
2002	9	-6.91%	$7,106	-5.87%	$8,675	-9.34%	$6,287	-10.07%	$5,837	-10.07%	-10.88%	1.53%	3.03%	-7.28%	-10.87%	1.21%
2002	10	4.45%	$7,423	3.26%	$8,958	7.54%	$6,761	7.65%	$6,283	7.65%	5.70%	-0.61%	-0.70%	1.62%	8.78%	0.02%
2002	11	3.85%	$7,708	4.00%	$9,316	5.01%	$7,099	6.06%	$6,664	6.06%	4.75%	0.02%	-1.32%	8.52%	5.88%	-0.66%
2002	12	-2.71%	$7,499	-2.23%	$9,109	-4.97%	$6,746	-5.57%	$6,293	-5.57%	-3.43%	2.07%	2.58%	-3.58%	-5.89%	1.46%
2003	1	-2.26%	$7,330	-2.58%	$8,874	-2.38%	$6,586	-2.54%	$6,133	-2.54%	-3.76%	0.05%	-0.49%	-3.45%	-2.62%	-0.13%
2003	2	-1.12%	$7,248	-1.54%	$8,737	-1.29%	$6,501	-1.69%	$6,030	-1.69%	-2.42%	1.38%	1.77%	-4.11%	-1.52%	0.68%
2003	3	-0.11%	$7,240	-0.33%	$8,707	0.88%	$6,558	1.09%	$6,095	1.09%	-1.93%	-0.13%	-0.19%	-0.21%	0.96%	0.23%
2003	4	6.71%	$7,726	7.04%	$9,321	7.41%	$7,044	8.21%	$6,595	8.21%	9.70%	0.87%	0.24%	10.56%	8.25%	0.11%
2003	5	5.06%	$8,117	6.47%	$9,924	4.86%	$7,386	6.11%	$6,998	6.11%	6.15%	1.82%	2.74%	11.72%	5.26%	1.05%
2003	6	1.42%	$8,232	1.83%	$10,105	1.14%	$7,471	1.43%	$7,099	1.43%	2.66%	-0.13%	-0.43%	3.65%	1.26%	0.01%
2003	7	1.26%	$8,335	2.20%	$10,327	1.50%	$7,583	2.36%	$7,266	2.36%	3.18%	-3.34%	-3.87%	7.04%	1.74%	-0.91%
2003	8	2.02%	$8,504	2.59%	$10,594	1.76%	$7,716	2.39%	$7,439	2.39%	2.51%	0.61%	0.19%	5.14%	1.93%	0.02%
2003	9	0.92%	$8,582	0.87%	$10,686	-0.88%	$7,649	-1.15%	$7,354	-1.15%	2.78%	2.71%	3.09%	-0.78%	-1.07%	1.15%
2003	10	4.63%	$8,980	5.55%	$11,279	5.10%	$8,039	6.12%	$7,804	6.12%	6.49%	-0.96%	-1.36%	10.00%	5.64%	-0.34%
2003	11	1.38%	$9,104	1.98%	$11,503	0.78%	$8,102	1.38%	$7,912	1.38%	2.13%	0.27%	0.01%	4.16%	0.86%	-0.07%
2003	12	4.79%	$9,540	5.04%	$12,083	4.83%	$8,493	4.48%	$8,266	4.48%	7.80%	0.88%	0.85%	5.33%	5.22%	0.59%
2004	1	1.70%	$9,702	2.28%	$12,358	1.66%	$8,634	2.23%	$8,451	2.23%	1.60%	0.86%	0.81%	4.89%	1.82%	0.22%
2004	2	1.65%	$9,862	1.63%	$12,560	1.30%	$8,746	1.43%	$8,571	1.43%	2.50%	1.03%	1.23%	1.41%	1.38%	0.58%
2004	3	-0.15%	$9,847	0.24%	$12,590	-1.33%	$8,630	-1.07%	$8,480	-1.07%	0.45%	0.80%	1.06%	0.94%	-1.51%	0.40%
2004	4	-2.55%	$9,596	-2.80%	$12,238	-1.54%	$8,497	-2.11%	$8,301	-2.11%	-3.14%	-2.61%	-3.25%	-3.17%	-1.58%	-1.20%
2004	5	0.64%	$9,657	0.42%	$12,290	1.21%	$8,600	1.35%	$8,413	1.35%	0.46%	-0.43%	-0.51%	0.38%	1.36%	-0.16%
2004	6	1.81%	$9,832	2.93%	$12,650	1.74%	$8,750	2.09%	$8,588	2.09%	2.40%	0.56%	0.54%	6.69%	1.93%	0.02%
2004	7	-2.50%	$9,586	-2.85%	$12,289	-2.96%	$8,491	-3.80%	$8,262	-3.80%	-3.34%	0.96%	0.91%	-5.33%	-3.31%	0.32%
2004	8	0.85%	$9,667	0.41%	$12,339	0.42%	$8,527	0.31%	$8,287	0.31%	0.75%	1.94%	2.07%	-1.49%	0.38%	0.80%
2004	9	1.71%	$9,832	2.30%	$12,623	0.96%	$8,609	1.74%	$8,432	1.74%	2.96%	0.16%	0.19%	4.93%	1.07%	0.04%
2004	10	1.94%	$10,023	1.65%	$12,832	1.40%	$8,729	1.68%	$8,573	1.68%	3.24%	0.85%	0.91%	0.96%	1.51%	0.33%
2004	11	4.11%	$10,435	5.05%	$13,479	3.58%	$9,042	4.68%	$8,974	4.68%	7.23%	-0.81%	-1.48%	10.00%	4.05%	-0.63%
2004	12	3.25%	$10,774	3.17%	$13,907	3.10%	$9,323	3.63%	$9,301	3.63%	4.44%	0.92%	0.97%	3.62%	3.39%	0.33%
2005	1	-1.54%	$10,608	-1.78%	$13,659	-2.20%	$9,117	-2.68%	$9,052	-2.68%	-1.67%	0.65%	0.56%	-3.57%	-2.45%	0.04%
2005	2	2.16%	$10,838	2.10%	$13,946	1.84%	$9,285	2.07%	$9,239	2.07%	4.68%	-0.63%	-0.98%	2.70%	2.09%	-0.36%
2005	3	-1.80%	$10,643	-1.80%	$13,695	-1.59%	$9,138	-1.75%	$9,078	-1.75%	-2.93%	-0.49%	-0.51%	-1.95%	-1.76%	-0.05%
2005	4	-1.32%	$10,502	-2.35%	$13,373	-1.64%	$8,987	-2.32%	$8,867	-2.32%	-2.07%	1.35%	1.75%	-7.28%	-1.91%	0.72%
2005	5	1.96%	$10,708	2.68%	$13,732	2.88%	$9,247	3.77%	$9,201	3.77%	0.08%	1.05%	1.20%	6.65%	3.17%	0.44%
2005	6	0.89%	$10,803	1.51%	$13,939	0.14%	$9,259	0.81%	$9,276	0.81%	1.30%	0.55%	0.55%	4.17%	0.13%	0.24%
2005	7	2.68%	$11,092	3.24%	$14,391	3.29%	$9,564	4.11%	$9,657	4.11%	3.68%	-0.99%	-1.41%	7.11%	3.71%	-0.41%
2005	8	0.76%	$11,177	0.45%	$14,456	-0.75%	$9,492	-0.94%	$9,565	-0.94%	2.85%	1.36%	1.65%	-1.67%	-0.91%	0.75%
2005	9	1.56%	$11,350	1.32%	$14,646	0.68%	$9,557	0.86%	$9,647	0.86%	4.73%	-1.10%	-1.14%	0.80%	0.79%	-0.31%
2005	10	-2.08%	$11,114	-2.22%	$14,321	-1.52%	$9,411	-1.86%	$9,468	-1.86%	-3.37%	-0.81%	-0.79%	-2.92%	-1.68%	-0.11%
2005	11	2.71%	$11,415	2.79%	$14,720	3.43%	$9,734	3.97%	$9,843	3.97%	2.67%	0.48%	0.48%	4.21%	3.76%	0.39%
2005	12	1.90%	$11,632	1.67%	$14,965	0.06%	$9,740	0.14%	$9,857	0.14%	5.14%	0.99%	1.01%	0.34%	0.02%	0.41%
2006	1	3.61%	$12,052	4.50%	$15,639	2.39%	$9,973	3.50%	$10,202	3.50%	6.87%	-0.11%	-0.34%	8.82%	2.65%	0.14%
2006	2	-0.13%	$12,036	-0.19%	$15,609	0.24%	$9,997	0.00%	$10,202	0.00%	-0.72%	0.37%	0.09%	-0.35%	0.26%	0.01%
2006	3	1.54%	$12,222	2.46%	$15,993	1.12%	$10,108	1.80%	$10,386	1.80%	3.17%	-1.00%	-0.99%	6.09%	1.23%	0.05%
2006	4	2.05%	$12,472	1.82%	$16,283	1.24%	$10,233	1.11%	$10,501	1.11%	5.12%	-0.21%	-0.37%	0.98%	1.33%	0.33%
2006	5	-2.90%	$12,111	-3.05%	$15,787	-2.61%	$9,966	-3.23%	$10,161	-3.23%	-4.45%	-0.09%	0.02%	-4.39%	-2.90%	0.05%
2006	6	-0.02%	$12,108	-0.03%	$15,782	0.14%	$9,980	0.17%	$10,179	0.17%	-0.38%	0.10%	0.10%	0.05%	0.13%	0.25%
2006	7	0.63%	$12,184	-0.22%	$15,747	0.62%	$10,042	-0.13%	$10,166	-0.13%	1.15%	1.35%	1.35%	-3.75%	0.61%	0.76%
2006	8	2.22%	$12,455	2.12%	$16,081	2.20%	$10,263	2.31%	$10,401	2.31%	2.53%	1.64%	1.62%	1.95%	2.36%	0.75%
2006	9	1.28%	$12,614	1.22%	$16,277	2.37%	$10,506	2.27%	$10,636	2.27%	0.25%	0.81%	0.94%	1.19%	2.56%	0.55%
2006	10	3.01%	$12,994	3.37%	$16,826	2.98%	$10,820	3.53%	$11,012	3.53%	4.00%	0.72%	0.57%	5.43%	3.25%	0.46%
2006	11	2.45%	$13,312	2.49%	$17,246	1.76%	$11,011	2.23%	$11,258	2.23%	3.73%	1.11%	1.12%	3.03%	1.89%	0.55%
2006	12	1.39%	$13,497	1.30%	$17,471	1.24%	$11,148	1.13%	$11,386	1.13%	3.09%	-0.48%	-0.98%	1.38%	1.39%	-0.20%
2007	1	1.11%	$13,648	1.10%	$17,663	1.36%	$11,300	1.88%	$11,599	1.88%	0.96%	-0.08%	-0.26%	2.20%	1.49%	0.19%
2007	2	-0.34%	$13,601	-0.08%	$17,649	-1.68%	$11,109	-1.61%	$11,412	-1.61%	0.06%	1.50%	1.86%	-0.23%	-1.97%	0.93%
2007	3	1.34%	$13,784	1.25%	$17,870	1.03%	$11,224	1.11%	$11,539	1.11%	2.80%	0.02%	0.03%	1.09%	1.11%	0.28%
2007	4	3.12%	$14,213	2.68%	$18,349	4.02%	$11,675	4.01%	$12,002	4.01%	3.92%	0.51%	0.57%	1.81%	4.42%	0.46%
2007	5	2.42%	$14,558	2.29%	$18,768	3.10%	$12,037	3.69%	$12,444	3.69%	3.09%	-0.78%	-1.18%	3.65%	3.48%	-0.40%
2007	6	-0.66%	$14,461	-0.70%	$18,637	-1.48%	$11,858	-1.67%	$12,236	-1.67%	0.61%	-0.39%	-0.18%	-1.55%	-1.68%	0.37%
2007	7	-1.67%	$14,219	-2.54%	$18,163	-2.69%	$11,539	-3.41%	$11,819	-3.41%	-1.06%	0.84%	1.81%	-7.64%	-3.08%	1.06%
2007	8	0.74%	$14,324	0.49%	$18,252	1.46%	$11,708	1.45%	$11,991	1.45%	-0.72%	1.34%	1.97%	-0.76%	1.50%	1.15%
2007	9	3.76%	$14,863	2.67%	$18,739	3.43%	$12,109	3.59%	$12,422	3.59%	6.38%	0.72%	0.46%	-0.28%	3.72%	0.74%
2007	10	2.92%	$15,298	2.47%	$19,201	1.47%	$12,287	1.85%	$12,651	1.85%	5.90%	0.93%	0.84%	1.11%	1.58%	0.45%
2007	11	-3.04%	$14,833	-3.47%	$18,535	-3.58%	$11,848	-4.49%	$12,084	-4.49%	-4.57%	1.91%	3.46%	-8.72%	-4.19%	2.16%
2007	12	-0.95%	$14,693	-1.00%	$18,350	-0.60%	$11,776	-0.60%	$12,011	-0.60%	-2.28%	0.22%	0.27%	-1.20%	-0.70%	0.25%
2008	1	-4.88%	$13,976	-3.85%	$17,643	-5.21%	$11,162	-6.08%	$11,280	-6.08%	-8.55%	1.69%	3.10%	-3.94%	-6.02%	2.01%
2008	2	-1.22%	$13,806	-1.06%	$17,456	-2.78%	$10,851	-3.07%	$10,934	-3.07%	0.33%	0.19%	1.35%	-2.84%	-3.25%	1.09%
2008	3	-0.38%	$13,753	0.18%	$17,488	-0.36%	$10,812	-0.58%	$10,870	-0.58%	-0.71%	0.30%	0.93%	0.84%	-0.44%	0.25%
2008	4	3.81%	$14,277	2.37%	$17,902	4.20%	$11,266	5.02%	$11,416	5.02%	5.85%	-0.30%	-2.14%	1.66%	4.85%	-0.96%
2008	5	1.16%	$14,444	1.35%	$18,145	1.10%	$11,390	2.09%	$11,655	2.09%	1.51%	-0.79%	-1.32%	4.14%	1.29%	-0.51%
2008	6	-6.33%	$13,530	-6.62%	$16,943	-7.52%	$10,534	-8.19%	$10,700	-8.19%	-8.99%	-0.01%	0.77%	-10.10%	-8.44%	0.33%
2008	7	-1.40%	$13,341	-0.37%	$16,881	-0.68%	$10,463	-0.77%	$10,618	-0.77%	-3.67%	0.00%	0.77%	2.07%	-0.83%	0.52%
2008	8	-0.56%	$13,266	0.46%	$16,959	1.34%	$10,603	1.58%	$10,786	1.58%	-5.10%	0.70%	0.98%	4.15%	1.45%	0.56%
2008	9	-8.00%	$12,205	-6.65%	$15,831	-7.82%	$9,774	-9.26%	$9,787	-9.26%	-13.09%	-1.10%	0.51%	-6.89%	-8.91%	0.53%
2008	10	-14.20%	$10,472	-14.56%	$13,527	-14.63%	$8,344	-17.63%	$8,061	-17.63%	-22.09%	-2.53%	-1.36%	-22.14%	-16.79%	0.49%
2008	11	-3.56%	$10,100	-3.89%	$13,000	-5.97%	$7,846	-7.90%	$7,424	-7.90%	-6.29%	3.64%	5.58%	-12.99%	-7.17%	1.03%
2008	12	3.82%	$10,486	4.25%	$13,553	1.08%	$7,931	1.86%	$7,562	1.86%	8.16%	3.32%	3.66%	5.25%	1.07%	1.17%
2009	1	-7.48%	$9,702	-9.26%	$12,298	-7.58%	$7,330	-8.26%	$6,938	-8.26%	-11.96%	-0.70%	-2.39%	-14.28%	-8.41%	-0.09%
2009	2	-7.51%	$8,973	-8.17%	$11,293	-9.51%	$6,633	-10.45%	$6,213	-10.45%	-9.58%	-0.42%	-0.58%	-12.71%	-10.66%	-0.01%
2009	3	6.77%	$9,580	7.64%	$12,156	7.82%	$7,152	8.65%	$6,750	8.65%	9.31%	1.48%	3.20%	10.40%	8.76%	0.90%
2009	4	8.41%	$10,386	9.51%	$13,312	8.46%	$7,757	10.61%	$7,466	10.61%	12.78%	0.36%	-1.76%	19.66%	9.56%	-0.25%
2009	5	6.90%	$11,102	5.51%	$14,045	5.06%	$8,150	5.38%	$7,868	5.38%	14.35%	0.85%	-1.10%	3.22%	5.62%	0.21%
2009	6	-0.14%	$11,087	-0.30%	$14,003	0.18%	$8,165	0.34%	$7,895	0.34%	-1.32%	0.54%	-0.37%	0.35%	0.22%	-0.17%
2009	7	6.95%	$11,857	8.03%	$15,127	6.86%	$8,725	7.82%	$8,513	7.82%	9.96%	1.43%	0.60%	13.44%	7.58%	0.22%
2009	8	2.99%	$12,212	3.38%	$15,639	3.30%	$9,013	3.63%	$8,821	3.63%	3.50%	1.01%	0.89%	5.14%	3.60%	0.37%
2009	9	3.84%	$12,681	4.20%	$16,296	3.41%	$9,320	4.23%	$9,194	4.23%	5.15%	1.19%	0.92%	6.33%	3.72%	0.29%
2009	10	-1.78%	$12,455	-3.04%	$15,801	-1.69%	$9,163	-2.57%	$8,958	-2.57%	-2.17%	0.41%	0.25%	-7.53%	-1.87%	0.24%
2009	11	4.09%	$12,964	3.79%	$16,400	5.53%	$9,670	5.63%	$9,462	5.63%	3.86%	1.36%	1.96%	3.11%	5.98%	0.87%
2009	12	1.44%	$13,151	2.29%	$16,776	1.69%	$9,833	2.86%	$9,732	2.86%	1.53%	-1.68%	-3.13%	7.92%	1.95%	-1.13%
2010	1	-2.70%	$12,796	-2.46%	$16,363	-3.15%	$9,523	-3.50%	$9,392	-3.50%	-5.07%	1.57%	1.97%	-3.16%	-3.60%	0.95%
2010	2	1.61%	$13,002	2.45%	$16,764	2.79%	$9,789	3.36%	$9,708	3.36%	0.22%	0.20%	0.40%	6.15%	3.09%	0.19%
2010	3	4.76%	$13,622	5.14%	$17,625	5.37%	$10,314	6.27%	$10,316	6.27%	6.71%	-0.08%	-0.91%	8.86%	6.01%	-0.36%
2010	4	0.76%	$13,725	2.44%	$18,055	1.46%	$10,465	2.17%	$10,541	2.17%	-1.71%	1.06%	1.23%	8.11%	1.58%	0.39%
2010	5	-6.61%	$12,817	-6.83%	$16,822	-7.20%	$9,712	-8.00%	$9,697	-8.00%	-10.78%	0.87%	1.85%	-9.90%	-8.01%	0.48%
2010	6	-2.50%	$12,497	-3.76%	$16,189	-4.64%	$9,261	-5.66%	$9,148	-5.66%	-1.17%	1.61%	2.07%	-10.14%	-5.24%	0.56%
2010	7	6.24%	$13,277	6.55%	$17,249	6.28%	$9,843	6.99%	$9,788	6.99%	10.33%	0.94%	1.07%	8.69%	7.00%	0.38%
2010	8	-2.67%	$12,923	-3.50%	$16,645	-4.03%	$9,446	-4.75%	$9,323	-4.75%	-3.22%	1.48%	2.00%	-8.38%	-4.53%	0.37%
2010	9	7.14%	$13,846	7.89%	$17,958	7.98%	$10,200	9.47%	$10,206	9.47%	10.41%	-0.01%	0.36%	12.93%	8.92%	0.18%
2010	10	2.91%	$14,248	2.97%	$18,490	3.44%	$10,551	3.94%	$10,608	3.94%	3.55%	0.36%	0.45%	4.17%	3.79%	0.26%
2010	11	-1.23%	$14,074	-0.18%	$18,457	-0.03%	$10,548	0.58%	$10,670	0.58%	-4.52%	-0.57%	-0.98%	4.49%	0.00%	-0.30%
2010	12	5.25%	$14,812	5.50%	$19,473	5.98%	$11,179	6.81%	$11,396	6.81%	8.34%	-1.15%	-2.29%	9.18%	6.67%	-0.48%
2011	1	1.21%	$14,992	0.91%	$19,651	2.15%	$11,419	2.19%	$11,645	2.19%	0.70%	0.08%	0.29%	0.31%	2.36%	0.25%
2011	2	2.48%	$15,364	2.99%	$20,239	3.06%	$11,768	3.60%	$12,064	3.60%	2.71%	0.16%	-0.43%	6.28%	3.42%	-0.22%
2011	3	0.08%	$15,376	0.40%	$20,320	0.01%	$11,769	0.45%	$12,118	0.45%	-0.43%	-0.01%	-0.12%	2.05%	0.03%	-0.13%
2011	4	3.26%	$15,877	2.75%	$20,879	2.74%	$12,091	2.99%	$12,481	2.99%	5.24%	1.32%	1.60%	1.26%	2.95%	0.71%
2011	5	-1.10%	$15,703	-1.40%	$20,586	-0.99%	$11,972	-1.16%	$12,336	-1.16%	-2.87%	1.30%	1.77%	-3.12%	-1.15%	0.52%
2011	6	-1.36%	$15,489	-1.30%	$20,319	-1.52%	$11,790	-1.79%	$12,115	-1.79%	-1.51%	-0.39%	-0.16%	-1.81%	-1.67%	-0.04%
2011	7	-1.11%	$15,316	-1.08%	$20,099	-1.80%	$11,578	-2.28%	$11,839	-2.28%	-1.53%	1.58%	2.18%	-2.88%	-2.05%	0.52%
2011	8	-4.85%	$14,574	-5.38%	$19,018	-4.86%	$11,015	-5.99%	$11,129	-5.99%	-8.45%	1.46%	2.70%	-10.58%	-5.45%	0.52%
2011	9	-6.73%	$13,594	-7.44%	$17,604	-6.34%	$10,317	-7.75%	$10,266	-7.75%	-12.29%	0.89%	0.73%	-12.58%	-7.04%	-0.22%
2011	10	7.87%	$14,663	8.43%	$19,087	9.73%	$11,320	11.51%	$11,447	11.51%	10.22%	0.16%	-0.42%	15.82%	10.91%	0.15%
2011	11	-1.00%	$14,516	-0.80%	$18,934	-0.21%	$11,296	-0.29%	$11,415	-0.29%	-2.88%	-0.30%	0.29%	-0.68%	-0.23%	-0.04%
2011	12	-0.05%	$14,509	0.19%	$18,969	0.94%	$11,402	0.80%	$11,506	0.80%	-2.64%	1.08%	1.00%	1.01%	1.02%	0.21%
2012	1	4.69%	$15,189	4.99%	$19,916	4.04%	$11,863	5.08%	$12,090	5.08%	7.27%	0.87%	0.81%	7.43%	4.46%	0.23%
2012	2	3.49%	$15,720	3.04%	$20,521	3.88%	$12,323	4.26%	$12,605	4.26%	5.14%	-0.05%	-0.65%	3.18%	4.31%	-0.14%
2012	3	1.03%	$15,881	1.04%	$20,734	2.97%	$12,688	3.07%	$12,992	3.07%	-0.75%	-0.58%	-0.79%	2.30%	3.28%	-0.13%
2012	4	-0.59%	$15,787	-0.69%	$20,590	-0.55%	$12,618	-0.65%	$12,907	-0.65%	-1.78%	1.14%	1.50%	-1.60%	-0.64%	0.32%
2012	5	-6.05%	$14,832	-5.91%	$19,373	-5.47%	$11,928	-6.24%	$12,102	-6.24%	-11.14%	0.95%	1.24%	-7.12%	-6.02%	0.06%
2012	6	3.55%	$15,359	3.56%	$20,062	3.70%	$12,370	3.91%	$12,575	3.91%	6.03%	0.04%	-0.22%	4.38%	4.11%	-0.13%
2012	7	0.94%	$15,504	0.61%	$20,184	1.27%	$12,527	1.03%	$12,705	1.03%	0.44%	1.39%	0.86%	-0.24%	1.37%	0.29%
2012	8	1.96%	$15,807	2.34%	$20,657	2.04%	$12,783	2.48%	$13,020	2.48%	2.72%	0.03%	0.10%	4.21%	2.24%	0.11%
2012	9	2.30%	$16,170	2.40%	$21,153	2.35%	$13,083	2.58%	$13,356	2.58%	3.62%	0.11%	-0.06%	3.31%	2.58%	0.03%
2012	10	-0.63%	$16,068	-0.63%	$21,019	-1.71%	$12,859	-1.76%	$13,121	-1.76%	0.56%	0.11%	-0.32%	-0.82%	-1.86%	-0.16%
2012	11	0.94%	$16,219	1.22%	$21,276	0.52%	$12,926	0.74%	$13,218	0.74%	1.82%	0.19%	0.62%	1.84%	0.56%	0.12%
2012	12	1.78%	$16,507	2.17%	$21,737	0.83%	$13,034	1.19%	$13,376	1.19%	4.17%	-0.20%	-0.41%	3.72%	0.90%	0.09%
2013	1	3.30%	$17,051	3.58%	$22,516	4.65%	$13,640	5.50%	$14,111	5.50%	3.34%	-0.71%	-0.74%	6.56%	5.18%	-0.06%
2013	2	0.35%	$17,111	0.66%	$22,663	1.22%	$13,807	1.28%	$14,291	1.28%	-1.23%	0.54%	0.71%	1.75%	1.34%	0.12%
2013	3	2.05%	$17,461	2.48%	$23,226	3.39%	$14,274	3.88%	$14,846	3.88%	0.77%	0.08%	0.27%	4.91%	3.74%	0.03%
2013	4	2.06%	$17,821	1.23%	$23,511	1.75%	$14,524	1.70%	$15,099	1.70%	3.58%	0.91%	0.71%	-1.11%	1.91%	0.12%
2013	5	-0.18%	$17,789	0.85%	$23,712	2.09%	$14,827	2.32%	$15,449	2.32%	-2.95%	-1.71%	-1.84%	5.39%	2.33%	-0.34%
2013	6	-2.07%	$17,420	-1.80%	$23,284	-1.25%	$14,641	-1.27%	$15,253	-1.27%	-3.75%	-1.65%	-1.62%	-0.70%	-1.35%	-0.26%
2013	7	4.00%	$18,118	4.45%	$24,320	4.63%	$15,319	5.49%	$16,089	5.49%	4.56%	0.20%	0.13%	7.34%	5.07%	0.12%
2013	8	-2.00%	$17,756	-2.56%	$23,699	-2.68%	$14,909	-2.82%	$15,635	-2.82%	-1.63%	-0.64%	-1.02%	-4.17%	-2.91%	-0.16%
2013	9	4.07%	$18,478	4.30%	$24,719	2.89%	$15,339	3.66%	$16,208	3.66%	7.21%	0.96%	1.47%	5.24%	3.12%	0.40%
2013	10	3.23%	$19,075	3.12%	$25,490	4.21%	$15,984	4.22%	$16,892	4.22%	3.41%	0.78%	0.49%	3.51%	4.59%	0.13%
2013	11	1.38%	$19,338	2.24%	$26,059	2.79%	$16,431	2.88%	$17,379	2.88%	0.12%	-0.35%	-0.14%	5.08%	3.03%	0.13%
2013	12	1.54%	$19,636	1.45%	$26,438	2.29%	$16,807	2.63%	$17,836	2.63%	1.25%	-0.65%	-1.49%	2.72%	2.51%	-0.33%
2014	1	-2.45%	$19,155	-2.93%	$25,663	-3.09%	$16,287	-3.11%	$17,282	-3.11%	-4.78%	1.54%	1.67%	-5.14%	-3.47%	0.32%
2014	2	3.82%	$19,887	3.84%	$26,650	4.09%	$16,954	4.73%	$18,100	4.73%	5.39%	0.48%	0.21%	5.45%	4.56%	0.03%
2014	3	0.32%	$19,950	0.45%	$26,770	0.72%	$17,076	0.51%	$18,193	0.51%	0.41%	-0.15%	-0.60%	1.19%	0.82%	-0.21%
2014	4	0.61%	$20,072	0.15%	$26,810	0.67%	$17,191	0.06%	$18,205	0.06%	1.31%	0.77%	0.49%	-1.93%	0.72%	0.23%
2014	5	1.80%	$20,434	1.52%	$27,219	2.12%	$17,555	2.17%	$18,600	2.17%	1.88%	1.05%	1.03%	0.83%	2.33%	0.13%
2014	6	1.69%	$20,780	2.01%	$27,765	1.86%	$17,882	2.54%	$19,072	2.54%	1.74%	0.11%	-0.13%	4.44%	2.05%	0.04%
2014	7	-1.45%	$20,480	-2.29%	$27,130	-1.27%	$17,654	-1.98%	$18,694	-1.98%	-1.61%	-0.26%	-0.39%	-5.76%	-1.39%	-0.14%
2014	8	2.49%	$20,989	2.95%	$27,929	3.61%	$18,292	4.18%	$19,476	4.18%	1.05%	1.13%	1.03%	5.83%	3.98%	0.14%
2014	9	-2.64%	$20,435	-3.50%	$26,953	-1.30%	$18,056	-2.14%	$19,060	-2.14%	-5.01%	-0.72%	-0.66%	-6.98%	-1.41%	-0.14%
2014	10	1.41%	$20,724	1.95%	$27,478	2.23%	$18,458	2.74%	$19,582	2.74%	-0.31%	0.94%	1.12%	4.61%	2.42%	0.33%
2014	11	1.22%	$20,977	0.80%	$27,697	2.46%	$18,911	2.41%	$20,054	2.41%	-0.25%	0.65%	0.84%	-0.28%	2.68%	0.23%
2014	12	-1.00%	$20,767	-0.47%	$27,566	-0.26%	$18,862	-0.01%	$20,053	-0.01%	-3.65%	0.09%	-0.35%	2.29%	-0.26%	-0.24%
2015	1	-0.63%	$20,636	-1.28%	$27,212	-2.65%	$18,361	-2.77%	$19,497	-2.77%	0.13%	2.31%	2.70%	-4.95%	-3.02%	0.61%
2015	2	3.93%	$21,446	3.82%	$28,251	5.10%	$19,298	5.76%	$20,621	5.76%	5.52%	-1.08%	-1.59%	5.90%	5.74%	-0.42%
2015	3	-0.84%	$21,267	-0.17%	$28,202	-1.41%	$19,027	-1.04%	$20,407	-1.04%	-1.54%	0.41%	0.76%	1.78%	-1.59%	0.33%
2015	4	1.65%	$21,617	1.14%	$28,523	0.86%	$19,190	0.42%	$20,493	0.42%	5.08%	-0.36%	-0.21%	-1.34%	0.95%	0.05%
2015	5	0.21%	$21,662	0.37%	$28,628	1.15%	$19,412	1.39%	$20,778	1.39%	-0.94%	-0.45%	-0.12%	1.36%	1.27%	0.06%
2015	6	-1.85%	$21,262	-1.35%	$28,241	-1.75%	$19,072	-1.71%	$20,423	-1.71%	-2.69%	-1.01%	-0.74%	0.05%	-1.93%	-0.04%
2015	7	0.67%	$21,404	-0.40%	$28,128	1.89%	$19,433	1.63%	$20,756	1.63%	-0.80%	0.76%	0.85%	-3.67%	2.08%	0.15%
2015	8	-5.03%	$20,328	-4.38%	$26,895	-5.47%	$18,370	-6.03%	$19,505	-6.03%	-7.29%	-0.36%	-0.03%	-4.04%	-6.05%	-0.13%
2015	9	-2.28%	$19,865	-2.37%	$26,257	-2.18%	$17,969	-2.93%	$18,933	-2.93%	-3.90%	0.76%	1.19%	-4.51%	-2.48%	0.43%
2015	10	5.32%	$20,921	4.75%	$27,504	7.52%	$19,320	7.84%	$20,418	7.84%	6.26%	0.01%	-0.47%	5.28%	8.42%	-0.13%
2015	11	-0.21%	$20,877	0.40%	$27,615	0.23%	$19,363	0.54%	$20,529	0.54%	-1.32%	-0.27%	-0.39%	3.17%	0.29%	-0.31%
2015	12	-1.63%	$20,537	-2.53%	$26,916	-1.45%	$19,082	-2.03%	$20,112	-2.03%	-2.07%	-0.38%	-0.38%	-6.20%	-1.59%	-0.16%
2016	1	-3.87%	$19,742	-3.85%	$25,880	-4.40%	$18,243	-5.67%	$18,972	-5.67%	-5.59%	1.43%	2.36%	-7.18%	-4.98%	0.82%
2016	2	-0.51%	$19,641	-0.09%	$25,856	-0.11%	$18,222	-0.04%	$18,964	-0.04%	-2.27%	0.66%	0.82%	1.17%	-0.15%	0.15%
2016	3	5.73%	$20,767	5.84%	$27,366	6.09%	$19,332	7.01%	$20,293	7.01%	8.19%	0.94%	0.22%	8.77%	6.78%	0.26%
2016	4	1.04%	$20,982	1.06%	$27,656	0.33%	$19,396	0.63%	$20,420	0.63%	2.22%	0.38%	-0.13%	1.80%	0.37%	-0.03%
2016	5	0.50%	$21,087	0.26%	$27,727	1.60%	$19,706	1.79%	$20,786	1.79%	-1.02%	0.01%	-0.21%	0.47%	1.78%	-0.10%
2016	6	0.31%	$21,153	0.05%	$27,740	0.30%	$19,764	0.23%	$20,833	0.23%	-0.94%	1.94%	2.05%	-1.16%	0.25%	0.75%
2016	7	3.24%	$21,837	3.22%	$28,634	3.31%	$20,418	3.95%	$21,656	3.95%	4.41%	0.64%	0.04%	4.85%	3.68%	-0.10%
2016	8	0.29%	$21,901	0.48%	$28,771	0.09%	$20,436	0.26%	$21,712	0.26%	0.74%	-0.17%	-0.72%	1.74%	0.13%	-0.29%
2016	9	0.45%	$22,000	0.72%	$28,978	0.03%	$20,442	0.15%	$21,745	0.15%	1.37%	-0.09%	0.29%	1.21%	0.01%	0.23%
2016	10	-1.72%	$21,622	-1.87%	$28,435	-1.67%	$20,100	-2.21%	$21,263	-2.21%	-1.72%	-0.81%	-0.73%	-3.14%	-1.83%	-0.12%
2016	11	0.70%	$21,774	3.54%	$29,441	3.29%	$20,761	4.44%	$22,206	4.44%	-2.15%	-2.64%	-2.65%	14.87%	3.70%	-0.58%
2016	12	1.54%	$22,111	1.92%	$30,006	1.78%	$21,131	1.92%	$22,633	1.92%	2.02%	0.24%	-0.05%	3.41%	1.96%	-0.00%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard Total Stock Mkt Idx Inv
Large-cap Value	15.22%	15.21%	42.91%	37.82%
Large-cap Growth	21.60%	7.66%	46.85%	42.44%
Mid-cap Value	6.26%	4.10%	0.00%	4.89%
Mid-cap Growth	2.64%	4.77%	0.00%	8.20%
Small-cap Value	0.00%	19.90%	0.00%	3.29%
Small-cap Growth	0.00%	0.00%	0.00%	2.12%
Global ex-US Developed Markets	22.37%	20.37%	0.00%	0.86%
Emerging Markets	7.11%	5.18%	0.06%	0.36%
Corporate Bonds	5.47%	0.00%	0.00%	0.00%
Long-Term Treasuries	0.00%	0.00%	0.00%	0.00%
Intermediate-Term Treasuries	5.91%	12.40%	1.24%	0.00%
Short-Term Treasuries	13.42%	10.42%	8.95%	0.00%
R Squared	99.79%	99.49%	99.91%	99.88%
Style analysis is based on monthly returns from April 2005 to December 2016 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		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VTSMX	Vanguard Total Stock Mkt Idx Inv	Large Blend	45.00%	1.04%	1.11%	0.14%	0.14%	24.00		$7,094	56.35%
VGTSX	Vanguard Total Intl Stock Index Inv	Foreign Large Blend	30.00%		2.99%	0.17%	0.17%	14.63		$2,449	43.33%
VBMFX	Vanguard Total Bond Market Index Inv	Intermediate Core Bond	25.00%	1.47%	1.79%	0.15%	0.15%		6.84	$2,567	0.32%
			100.00%	0.84%	1.84%	0.15%	0.15%	20.25	6.84	$12,111	100.00%

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
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VGTSX	Vanguard Total Intl Stock Index Inv	Foreign Large Blend	25.00%		2.99%	0.17%	0.17%	14.63		$2,886	33.96%
VFITX	Vanguard Interm-Term Treasury Inv	Intermediate Government	25.00%	0.93%	0.91%	0.20%	0.20%		4.94	$3,447	-1.83%
DFSVX	DFA US Small Cap Value I	Small Value	25.00%		1.38%	0.39%	0.39%	11.35		$8,594	39.43%
VFINX	Vanguard 500 Index Investor	Large Blend	25.00%	1.10%	1.15%	0.14%	0.14%	25.16		$5,079	28.44%
			100.00%	0.51%	1.61%	0.23%	0.23%	17.04	4.94	$20,006	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Portfolio 3

Holdings Based Style Analysis for Portfolio 3
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VFINX	Vanguard 500 Index Investor	Large Blend	90.00%	1.10%	1.15%	0.14%	0.14%	25.16		$10,550	100.45%
VFISX	Vanguard Short-Term Treasury Inv	Short Government	10.00%	0.27%	0.32%	0.20%	0.20%		1.94	$581	-0.45%
			100.00%	1.02%	1.07%	0.15%	0.15%	25.16	1.94	$11,131	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Fund fundamentals data as of 01/19/2022. (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	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard Total Stock Mkt Idx Inv
Arithmetic Mean (monthly)	0.45%	0.60%	0.44%	0.50%
Arithmetic Mean (annualized)	5.48%	7.45%	5.42%	6.17%
Geometric Mean (monthly)	0.39%	0.54%	0.37%	0.40%
Geometric Mean (annualized)	4.78%	6.68%	4.50%	4.92%
Standard Deviation (monthly)	3.34%	3.46%	3.81%	4.42%
Standard Deviation (annualized)	11.58%	12.00%	13.20%	15.31%
Downside Deviation (monthly)	2.31%	2.34%	2.65%	3.11%
Max. Drawdown	-41.34%	-41.19%	-46.02%	-50.89%
US Market Correlation	0.97	0.96	0.99	1.00
Beta^(*)	0.73	0.75	0.85	1.00
Alpha (annualized)	0.96%	2.71%	0.17%	0.00%
R²	93.81%	91.50%	97.74%	100.00%
Sharpe Ratio	0.32	0.46	0.27	0.28
Sortino Ratio	0.45	0.67	0.38	0.39
Treynor Ratio (%)	5.05	7.40	4.26	4.34
Calmar Ratio	0.43	0.45	1.05	0.93
Active Return	-0.14%	1.75%	-0.42%	N/A
Tracking Error	5.01%	5.19%	3.01%	N/A
Information Ratio	-0.03	0.34	-0.14	N/A
Skewness	-0.64	-0.65	-0.51	-0.60
Excess Kurtosis	1.44	1.65	0.95	1.04
Historical Value-at-Risk (5%)	-6.24%	-5.79%	-6.59%	-7.99%
Analytical Value-at-Risk (5%)	-5.18%	-5.22%	-5.88%	-6.77%
Conditional Value-at-Risk (5%)	-7.54%	-7.89%	-8.38%	-9.84%
Upside Capture Ratio (%)	74.19	81.56	83.60	100.00
Downside Capture Ratio (%)	72.76	71.74	84.75	100.00
Safe Withdrawal Rate	6.17%	7.77%	5.25%	5.23%
Perpetual Withdrawal Rate	2.51%	4.25%	2.26%	2.65%
Positive Periods	120 out of 204 (58.82%)	126 out of 204 (61.76%)	125 out of 204 (61.27%)	125 out of 204 (61.27%)
Gain/Loss Ratio	0.99	0.97	0.85	0.83
^* Vanguard Total Stock Mkt Idx Inv is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard Total Stock Mkt Idx Inv
Dotcom Crash	Mar 2000	Oct 2002	-30.52%	-16.79%	-39.67%	-44.11%
Subprime Crisis	Nov 2007	Mar 2009	-41.34%	-41.19%	-46.02%	-50.89%

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	Feb 2011	2 years	3 years 4 months	-41.34%
2	Apr 2000	Sep 2002	2 years 6 months	Nov 2004	2 years 2 months	4 years 8 months	-30.52%
3	May 2011	Sep 2011	5 months	Mar 2012	6 months	11 months	-14.38%
4	Jun 2015	Feb 2016	9 months	Jul 2016	5 months	1 year 2 months	-9.33%
5	Apr 2012	May 2012	2 months	Sep 2012	4 months	6 months	-6.60%
6	Jan 2000	Jan 2000	1 month	Mar 2000	2 months	3 months	-3.79%
7	Mar 2005	Apr 2005	2 months	Jul 2005	3 months	5 months	-3.09%
8	May 2006	Jun 2006	2 months	Sep 2006	3 months	5 months	-2.92%
9	Sep 2014	Sep 2014	1 month	Feb 2015	5 months	6 months	-2.64%
10	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-2.45%
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	Dec 2010	1 year 10 months	3 years 2 months	-41.19%
2	Sep 2000	Sep 2002	2 years 1 month	Aug 2003	11 months	3 years	-16.79%
3	May 2011	Sep 2011	5 months	Sep 2012	1 year	1 year 5 months	-15.69%
4	Jun 2015	Feb 2016	9 months	Jul 2016	5 months	1 year 2 months	-9.68%
5	Apr 2000	May 2000	2 months	Aug 2000	3 months	5 months	-5.15%
6	Mar 2005	Apr 2005	2 months	Jul 2005	3 months	5 months	-4.11%
7	Sep 2014	Sep 2014	1 month	Feb 2015	5 months	6 months	-3.50%
8	May 2006	Jul 2006	3 months	Oct 2006	3 months	6 months	-3.29%
9	Jun 2007	Jul 2007	2 months	Oct 2007	3 months	5 months	-3.22%
10	Jan 2000	Jan 2000	1 month	Mar 2000	2 months	3 months	-3.12%
Worst 10 drawdowns included above

Drawdowns for Portfolio 3

Drawdowns for Portfolio 3 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Feb 2012	3 years	4 years 4 months	-46.02%
2	Sep 2000	Sep 2002	2 years 1 month	Sep 2006	4 years	6 years 1 month	-39.67%
3	Aug 2015	Sep 2015	2 months	May 2016	8 months	10 months	-7.53%
4	Jan 2000	Feb 2000	2 months	Mar 2000	1 month	3 months	-6.10%
5	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-5.99%
6	Apr 2000	May 2000	2 months	Aug 2000	3 months	5 months	-4.43%
7	Jun 2007	Jul 2007	2 months	Sep 2007	2 months	4 months	-4.13%
8	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-3.09%
9	Dec 2014	Jan 2015	2 months	Feb 2015	1 month	3 months	-2.91%
10	Aug 2013	Aug 2013	1 month	Sep 2013	1 month	2 months	-2.68%
Worst 10 drawdowns included above

Drawdowns for Vanguard Total Stock Mkt Idx Inv

Drawdowns for Vanguard Total Stock Mkt Idx Inv (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Mar 2012	3 years 1 month	4 years 5 months	-50.89%
2	Sep 2000	Sep 2002	2 years 1 month	Apr 2006	3 years 7 months	5 years 8 months	-44.11%
3	Jun 2015	Sep 2015	4 months	May 2016	8 months	1 year	-8.88%
4	Apr 2000	May 2000	2 months	Aug 2000	3 months	5 months	-8.44%
5	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-6.85%
6	Jun 2007	Jul 2007	2 months	Oct 2007	3 months	5 months	-5.02%
7	Jan 2000	Jan 2000	1 month	Mar 2000	2 months	3 months	-4.18%
8	May 2006	May 2006	1 month	Sep 2006	4 months	5 months	-3.23%
9	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-3.11%
10	Aug 2013	Aug 2013	1 month	Sep 2013	1 month	2 months	-2.82%
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
VTSMX	Vanguard Total Stock Mkt Idx Inv	4.92%	15.31%	33.35%	-37.04%	-50.89%	0.28	0.39	1.00
VGTSX	Vanguard Total Intl Stock Index Inv	2.61%	17.75%	40.34%	-44.10%	-58.50%	0.14	0.20	0.88
VBMFX	Vanguard Total Bond Market Index Inv	4.96%	3.52%	11.39%	-2.26%	-3.99%	0.93	1.55	-0.09
VFITX	Vanguard Interm-Term Treasury Inv	5.30%	4.78%	14.15%	-3.09%	-4.30%	0.77	1.31	-0.30
DFSVX	DFA US Small Cap Value I	11.27%	20.77%	59.40%	-36.79%	-61.18%	0.54	0.82	0.87
VFINX	Vanguard 500 Index Investor	4.40%	14.87%	32.18%	-37.02%	-50.97%	0.25	0.35	0.99
VFISX	Vanguard Short-Term Treasury Inv	3.32%	1.86%	8.83%	-0.10%	-1.46%	0.94	1.76	-0.34

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 Total Stock Mkt Idx Inv	4.08%	12.53%	12.53%	8.26%	14.49%	7.11%	0.14%	0.14%
Vanguard Total Intl Stock Index Inv	-1.89%	4.65%	4.65%	-1.41%	5.43%	0.88%	0.17%	0.17%
Vanguard Total Bond Market Index Inv	-3.19%	2.50%	2.50%	2.83%	2.03%	4.18%	0.15%	0.15%
Vanguard Interm-Term Treasury Inv	-3.42%	1.19%	1.19%	2.33%	1.29%	4.41%	0.20%	0.20%
DFA US Small Cap Value I	15.06%	28.26%	28.26%	6.96%	16.22%	6.82%	0.39%	0.39%
Vanguard 500 Index Investor	3.80%	11.82%	11.82%	8.72%	14.49%	6.82%	0.14%	0.14%
Vanguard Short-Term Treasury Inv	-0.70%	0.99%	0.99%	0.72%	0.55%	2.33%	0.20%	0.20%
Trailing returns as of last calendar month ending December 2016

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VTSMX	VGTSX	VBMFX	VFITX	DFSVX	VFINX	VFISX	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard Total Stock Mkt Idx Inv
VTSMX	Vanguard Total Stock Mkt Idx Inv	1.00	0.88	-0.09	-0.30	0.87	0.99	-0.34	0.97	0.96	0.99	1.00
VGTSX	Vanguard Total Intl Stock Index Inv	0.88	1.00	0.04	-0.18	0.78	0.87	-0.22	0.96	0.94	0.87	0.88
VBMFX	Vanguard Total Bond Market Index Inv	-0.09	0.04	1.00	0.91	-0.13	-0.09	0.76	0.04	0.02	-0.08	-0.09
VFITX	Vanguard Interm-Term Treasury Inv	-0.30	-0.18	0.91	1.00	-0.31	-0.29	0.88	-0.18	-0.19	-0.28	-0.30
DFSVX	DFA US Small Cap Value I	0.87	0.78	-0.13	-0.31	1.00	0.83	-0.31	0.85	0.93	0.83	0.87
VFINX	Vanguard 500 Index Investor	0.99	0.87	-0.09	-0.29	0.83	1.00	-0.34	0.96	0.94	1.00	0.99
VFISX	Vanguard Short-Term Treasury Inv	-0.34	-0.22	0.76	0.88	-0.31	-0.34	1.00	-0.23	-0.22	-0.32	-0.34

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
VTSMX	Vanguard Total Stock Mkt Idx Inv	$7,094
VGTSX	Vanguard Total Intl Stock Index Inv	$2,449	$2,886
VBMFX	Vanguard Total Bond Market Index Inv	$2,567
VFITX	Vanguard Interm-Term Treasury Inv		$3,447
DFSVX	DFA US Small Cap Value I		$8,594
VFINX	Vanguard 500 Index Investor		$5,079	$10,550
VFISX	Vanguard Short-Term Treasury Inv			$581
Return attribution decomposes portfolio gains into its constituent parts and identifies the contribution to returns by each of the holdings.

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
VTSMX	Vanguard Total Stock Mkt Idx Inv	56.35%
VGTSX	Vanguard Total Intl Stock Index Inv	43.33%	33.96%
VBMFX	Vanguard Total Bond Market Index Inv	0.32%
VFITX	Vanguard Interm-Term Treasury Inv		-1.83%
DFSVX	DFA US Small Cap Value I		39.43%
VFINX	Vanguard 500 Index Investor		28.44%	100.45%
VFISX	Vanguard Short-Term Treasury Inv			-0.45%
Risk attribution decomposes portfolio risk into its constituent parts and identifies the contribution to overall volatility by each of the holdings.

Annual Asset Returns

Rolling returns summary
Roll Period	Portfolio 1			Portfolio 2			Portfolio 3			Vanguard Total Stock Mkt Idx Inv
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low	Average	High	Low
1 year	5.91%	44.90%	-35.01%	7.56%	48.44%	-35.31%	5.69%	47.58%	-38.87%	6.51%	56.25%	-43.18%
3 years	6.54%	20.55%	-10.88%	7.83%	22.46%	-10.23%	6.11%	22.93%	-13.73%	6.95%	26.60%	-16.27%
5 years	6.69%	17.25%	-1.87%	7.81%	18.73%	-2.10%	6.06%	20.64%	-5.38%	6.85%	23.85%	-6.23%
7 years	6.25%	11.84%	1.08%	7.23%	12.56%	2.03%	5.37%	15.53%	-2.81%	6.01%	17.28%	-3.02%
10 years	6.22%	9.20%	2.32%	7.18%	10.31%	4.79%	5.31%	8.09%	-0.98%	5.94%	9.31%	-1.13%
15 years	5.67%	7.03%	4.75%	7.12%	8.04%	6.29%	5.13%	6.79%	3.85%	5.74%	7.76%	4.25%