Backtest Portfolio Asset Allocation

This portfolio backtesting tool allows you to construct one or more portfolios based on the selected mutual funds, ETFs, and stocks. You can analyze and backtest portfolio returns, risk characteristics, style exposures, and drawdowns. The results cover both returns and fund fundamentals based portfolio style analysis along with risk and return decomposition by each portfolio asset. You can compare up to three different portfolios against the selected benchmark, and you can also specify any periodic contribution or withdrawal cashflows and the preferred portfolio rebalancing strategy.

The related asset class level portfolio modeling tool allows you to analyze and compare asset class level portfolios with a longer time horizon starting from 1972.

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Include YTD

Start Date

End Date

Initial Amount

$ .00

Cashflows

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal Percentage

Frequency

Rebalancing

Absolute Deviation

Relative Deviation

Reinvest Dividends

Display Income

Factor Regression

Equity Factor Model

Benchmark

Benchmark Ticker

Portfolio Names

Portfolio Name #1

Portfolio Name #2

Portfolio Name #3

Portfolio Assets

Portfolio #1

Portfolio #2

Portfolio #3

Asset 1

Select asset 1

Enter percentage allocation for asset 1 in portfolio 1 %

Enter percentage allocation for asset 1 in portfolio 2 %

Enter percentage allocation for asset 1 in portfolio 3 %

Asset 2

Select asset 2

Enter percentage allocation for asset 2 in portfolio 1 %

Enter percentage allocation for asset 2 in portfolio 2 %

Enter percentage allocation for asset 2 in portfolio 3 %

Asset 3

Select asset 3

Enter percentage allocation for asset 3 in portfolio 1 %

Enter percentage allocation for asset 3 in portfolio 2 %

Enter percentage allocation for asset 3 in portfolio 3 %

Asset 4

Select asset 4

Enter percentage allocation for asset 4 in portfolio 1 %

Enter percentage allocation for asset 4 in portfolio 2 %

Enter percentage allocation for asset 4 in portfolio 3 %

Asset 5

Select asset 5

Enter percentage allocation for asset 5 in portfolio 1 %

Enter percentage allocation for asset 5 in portfolio 2 %

Enter percentage allocation for asset 5 in portfolio 3 %

Asset 6

Select asset 6

Enter percentage allocation for asset 6 in portfolio 1 %

Enter percentage allocation for asset 6 in portfolio 2 %

Enter percentage allocation for asset 6 in portfolio 3 %

Asset 7

Select asset 7

Enter percentage allocation for asset 7 in portfolio 1 %

Enter percentage allocation for asset 7 in portfolio 2 %

Enter percentage allocation for asset 7 in portfolio 3 %

Asset 8

Select asset 8

Enter percentage allocation for asset 8 in portfolio 1 %

Enter percentage allocation for asset 8 in portfolio 2 %

Enter percentage allocation for asset 8 in portfolio 3 %

Asset 9

Select asset 9

Enter percentage allocation for asset 9 in portfolio 1 %

Enter percentage allocation for asset 9 in portfolio 2 %

Enter percentage allocation for asset 9 in portfolio 3 %

Asset 10

Select asset 10

Enter percentage allocation for asset 10 in portfolio 1 %

Enter percentage allocation for asset 10 in portfolio 2 %

Enter percentage allocation for asset 10 in portfolio 3 %

Total

Total allocation for portfolio 1 %

Total allocation for portfolio 2 %

Total allocation for portfolio 3 %

Portfolio Analysis Results (Jan 2000 - Dec 2020)

Portfolio Allocations

Int'l equities (VGTSX)
Ticker	Name	Allocation
VGTSX	Vanguard Total Intl Stock Index Inv	100.00%
Save portfolio »

US equities (VTSMX)
Ticker	Name	Allocation
VTSMX	Vanguard Total Stock Mkt Idx Inv	100.00%
Save portfolio »

Long treasurys (VUSTX)
Ticker	Name	Allocation
VUSTX	Vanguard Long-Term Treasury 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	US Mkt Correlation
Int'l equities (VGTSX)	$10,000	$22,812	4.01%	17.47%	40.34%	-44.10%	-58.50%	0.22	0.31	0.88
US equities (VTSMX)	$10,000	$40,991	6.95%	15.67%	33.35%	-37.04%	-50.89%	0.41	0.58	1.00
Long treasurys (VUSTX)	$10,000	$46,544	7.60%	10.89%	29.28%	-13.03%	-16.68%	0.58	1.00	-0.30

Trailing Returns

Trailing Returns
Name	Annualized Return						Annualized Volatility
Name	3 Month	1 year	3 year	5 year	10 year	Full	3 year	5 year
Int'l equities (VGTSX)	16.87%	11.16%	4.92%	9.02%	5.05%	4.01%	18.61%	15.54%
US equities (VTSMX)	14.65%	20.87%	14.37%	15.30%	13.66%	6.95%	19.67%	16.01%
Long treasurys (VUSTX)	-2.65%	18.29%	9.81%	7.79%	7.64%	7.60%	12.59%	11.54%
Trailing annualized return and volatility are for full months ending in December 2020 excluding portfolio cashflows.

Notes on results:

Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
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	Int'l equities (VGTSX)		US equities (VTSMX)		Long treasurys (VUSTX)		Vanguard Total Intl Stock Index Inv (VGTSX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Long-Term Treasury Inv (VUSTX)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Vanguard Total Intl Stock Index Inv (VGTSX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Long-Term Treasury Inv (VUSTX)
2000	3.39%	-15.61%	$8,439	-10.57%	$8,943	19.72%	$11,972	-15.61%	-10.57%	19.72%
2001	1.55%	-20.15%	$6,738	-10.97%	$7,962	4.31%	$12,488	-20.15%	-10.97%	4.31%
2002	2.38%	-15.08%	$5,722	-20.96%	$6,293	16.67%	$14,570	-15.08%	-20.96%	16.67%
2003	1.88%	40.34%	$8,030	31.35%	$8,266	2.68%	$14,960	40.34%	31.35%	2.68%
2004	3.26%	20.84%	$9,703	12.51%	$9,301	7.12%	$16,025	20.84%	12.51%	7.12%
2005	3.42%	15.57%	$11,214	5.98%	$9,857	6.61%	$17,084	15.57%	5.98%	6.61%
2006	2.54%	26.64%	$14,201	15.51%	$11,386	1.74%	$17,382	26.64%	15.51%	1.74%
2007	4.08%	15.52%	$16,405	5.49%	$12,011	9.24%	$18,989	15.52%	5.49%	9.24%
2008	0.09%	-44.10%	$9,170	-37.04%	$7,562	22.52%	$23,264	-44.10%	-37.04%	22.52%
2009	2.72%	36.73%	$12,538	28.70%	$9,732	-12.05%	$20,461	36.73%	28.70%	-12.05%
2010	1.50%	11.12%	$13,933	17.09%	$11,396	8.93%	$22,289	11.12%	17.09%	8.93%
2011	2.96%	-14.56%	$11,903	0.96%	$11,506	29.28%	$28,814	-14.56%	0.96%	29.28%
2012	1.74%	18.14%	$14,063	16.25%	$13,376	3.47%	$29,813	18.14%	16.25%	3.47%
2013	1.50%	15.04%	$16,179	33.35%	$17,836	-13.03%	$25,929	15.04%	33.35%	-13.03%
2014	0.76%	-4.24%	$15,493	12.43%	$20,053	25.28%	$32,483	-4.24%	12.43%	25.28%
2015	0.73%	-4.37%	$14,815	0.29%	$20,112	-1.54%	$31,984	-4.37%	0.29%	-1.54%
2016	2.07%	4.65%	$15,505	12.53%	$22,633	1.20%	$32,368	4.65%	12.53%	1.20%
2017	2.11%	27.40%	$19,752	21.05%	$27,398	8.58%	$35,146	27.40%	21.05%	8.58%
2018	1.91%	-14.44%	$16,900	-5.26%	$25,958	-1.90%	$34,477	-14.44%	-5.26%	-1.90%
2019	2.29%	21.43%	$20,521	30.65%	$33,913	14.13%	$39,347	21.43%	30.65%	14.13%
2020	1.36%	11.16%	$22,812	20.87%	$40,991	18.29%	$46,544	11.16%	20.87%	18.29%

Monthly returns for the configured portfolios
Year	Month	Int'l equities (VGTSX) Return	US equities (VTSMX) Return	Long treasurys (VUSTX) Return	Vanguard Total Intl Stock Index Inv (VGTSX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Long-Term Treasury Inv (VUSTX)
2000	1	-6.22%	-4.18%	1.25%	-6.22%	-4.18%	1.25%
2000	2	2.83%	2.54%	2.96%	2.83%	2.54%	2.96%
2000	3	3.48%	5.69%	3.14%	3.48%	5.69%	3.14%
2000	4	-5.41%	-5.21%	-0.66%	-5.41%	-5.21%	-0.66%
2000	5	-2.67%	-3.41%	-0.46%	-2.67%	-3.41%	-0.46%
2000	6	4.27%	4.42%	2.30%	4.27%	4.42%	2.30%
2000	7	-4.46%	-1.95%	1.49%	-4.46%	-1.95%	1.49%
2000	8	1.00%	7.28%	2.08%	1.00%	7.28%	2.08%
2000	9	-5.00%	-4.67%	-0.85%	-5.00%	-4.67%	-0.85%
2000	10	-3.03%	-2.04%	1.57%	-3.03%	-2.04%	1.57%
2000	11	-4.44%	-9.90%	2.99%	-4.44%	-9.90%	2.99%
2000	12	3.72%	1.78%	2.45%	3.72%	1.78%	2.45%
2001	1	1.10%	3.83%	0.28%	1.10%	3.83%	0.28%
2001	2	-7.61%	-9.41%	1.80%	-7.61%	-9.41%	1.80%
2001	3	-7.15%	-6.72%	-0.60%	-7.15%	-6.72%	-0.60%
2001	4	7.89%	8.16%	-2.56%	7.89%	8.16%	-2.56%
2001	5	-3.52%	1.01%	0.21%	-3.52%	1.01%	0.21%
2001	6	-3.84%	-1.64%	0.76%	-3.84%	-1.64%	0.76%
2001	7	-2.43%	-1.71%	3.61%	-2.43%	-1.71%	3.61%
2001	8	-2.30%	-6.00%	2.02%	-2.30%	-6.00%	2.02%
2001	9	-10.73%	-9.00%	0.88%	-10.73%	-9.00%	0.88%
2001	10	2.97%	2.52%	5.12%	2.97%	2.52%	5.12%
2001	11	3.56%	7.63%	-4.98%	3.56%	7.63%	-4.98%
2001	12	1.35%	1.78%	-1.91%	1.35%	1.78%	-1.91%
2002	1	-4.63%	-1.24%	1.20%	-4.63%	-1.24%	1.20%
2002	2	0.90%	-2.05%	1.24%	0.90%	-2.05%	1.24%
2002	3	5.71%	4.38%	-3.86%	5.71%	4.38%	-3.86%
2002	4	0.42%	-4.90%	3.73%	0.42%	-4.90%	3.73%
2002	5	1.16%	-1.22%	0.39%	1.16%	-1.22%	0.39%
2002	6	-4.28%	-7.06%	1.76%	-4.28%	-7.06%	1.76%
2002	7	-9.80%	-8.02%	2.93%	-9.80%	-8.02%	2.93%
2002	8	-0.12%	0.53%	4.28%	-0.12%	0.53%	4.28%
2002	9	-10.88%	-10.07%	4.02%	-10.88%	-10.07%	4.02%
2002	10	5.70%	7.65%	-2.84%	5.70%	7.65%	-2.84%
2002	11	4.75%	6.06%	-0.98%	4.75%	6.06%	-0.98%
2002	12	-3.43%	-5.57%	4.05%	-3.43%	-5.57%	4.05%
2003	1	-3.76%	-2.54%	-0.45%	-3.76%	-2.54%	-0.45%
2003	2	-2.42%	-1.69%	3.03%	-2.42%	-1.69%	3.03%
2003	3	-1.93%	1.09%	-1.13%	-1.93%	1.09%	-1.13%
2003	4	9.70%	8.21%	0.91%	9.70%	8.21%	0.91%
2003	5	6.15%	6.11%	5.67%	6.15%	6.11%	5.67%
2003	6	2.66%	1.43%	-1.48%	2.66%	1.43%	-1.48%
2003	7	3.18%	2.36%	-8.57%	3.18%	2.36%	-8.57%
2003	8	2.51%	2.39%	1.43%	2.51%	2.39%	1.43%
2003	9	2.78%	-1.15%	5.07%	2.78%	-1.15%	5.07%
2003	10	6.49%	6.12%	-2.58%	6.49%	6.12%	-2.58%
2003	11	2.13%	1.38%	0.31%	2.13%	1.38%	0.31%
2003	12	7.80%	4.48%	1.23%	7.80%	4.48%	1.23%
2004	1	1.60%	2.23%	1.74%	1.60%	2.23%	1.74%
2004	2	2.50%	1.43%	1.96%	2.50%	1.43%	1.96%
2004	3	0.45%	-1.07%	1.45%	0.45%	-1.07%	1.45%
2004	4	-3.14%	-2.11%	-5.52%	-3.14%	-2.11%	-5.52%
2004	5	0.46%	1.35%	-0.56%	0.46%	1.35%	-0.56%
2004	6	2.40%	2.09%	0.87%	2.40%	2.09%	0.87%
2004	7	-3.34%	-3.80%	1.52%	-3.34%	-3.80%	1.52%
2004	8	0.75%	0.31%	3.39%	0.75%	0.31%	3.39%
2004	9	2.96%	1.74%	0.94%	2.96%	1.74%	0.94%
2004	10	3.24%	1.68%	1.46%	3.24%	1.68%	1.46%
2004	11	7.23%	4.68%	-2.25%	7.23%	4.68%	-2.25%
2004	12	4.44%	3.63%	2.22%	4.44%	3.63%	2.22%
2005	1	-1.67%	-2.68%	2.59%	-1.67%	-2.68%	2.59%
2005	2	4.68%	2.07%	-1.24%	4.68%	2.07%	-1.24%
2005	3	-2.93%	-1.75%	-0.76%	-2.93%	-1.75%	-0.76%
2005	4	-2.07%	-2.32%	3.22%	-2.07%	-2.32%	3.22%
2005	5	0.08%	3.77%	2.55%	0.08%	3.77%	2.55%
2005	6	1.30%	0.81%	1.64%	1.30%	0.81%	1.64%
2005	7	3.68%	4.11%	-2.58%	3.68%	4.11%	-2.58%
2005	8	2.85%	-0.94%	2.87%	2.85%	-0.94%	2.87%
2005	9	4.73%	0.86%	-2.78%	4.73%	0.86%	-2.78%
2005	10	-3.37%	-1.86%	-1.74%	-3.37%	-1.86%	-1.74%
2005	11	2.67%	3.97%	0.57%	2.67%	3.97%	0.57%
2005	12	5.14%	0.14%	2.33%	5.14%	0.14%	2.33%
2006	1	6.87%	3.50%	-0.90%	6.87%	3.50%	-0.90%
2006	2	-0.72%	0.00%	0.81%	-0.72%	0.00%	0.81%
2006	3	3.17%	1.80%	-3.39%	3.17%	1.80%	-3.39%
2006	4	5.12%	1.11%	-1.96%	5.12%	1.11%	-1.96%
2006	5	-4.45%	-3.23%	-0.03%	-4.45%	-3.23%	-0.03%
2006	6	-0.38%	0.17%	0.71%	-0.38%	0.17%	0.71%
2006	7	1.15%	-0.13%	1.84%	1.15%	-0.13%	1.84%
2006	8	2.53%	2.31%	2.74%	2.53%	2.31%	2.74%
2006	9	0.25%	2.27%	1.58%	0.25%	2.27%	1.58%
2006	10	4.00%	3.53%	0.77%	4.00%	3.53%	0.77%
2006	11	3.73%	2.23%	1.91%	3.73%	2.23%	1.91%
2006	12	3.09%	1.13%	-2.14%	3.09%	1.13%	-2.14%
2007	1	0.96%	1.88%	-0.85%	0.96%	1.88%	-0.85%
2007	2	0.06%	-1.61%	2.93%	0.06%	-1.61%	2.93%
2007	3	2.80%	1.11%	-1.13%	2.80%	1.11%	-1.13%
2007	4	3.92%	4.01%	0.86%	3.92%	4.01%	0.86%
2007	5	3.09%	3.69%	-1.93%	3.09%	3.69%	-1.93%
2007	6	0.61%	-1.67%	-0.88%	0.61%	-1.67%	-0.88%
2007	7	-1.06%	-3.41%	2.39%	-1.06%	-3.41%	2.39%
2007	8	-0.72%	1.45%	1.97%	-0.72%	1.45%	1.97%
2007	9	6.38%	3.59%	0.21%	6.38%	3.59%	0.21%
2007	10	5.90%	1.85%	1.40%	5.90%	1.85%	1.40%
2007	11	-4.57%	-4.49%	4.59%	-4.57%	-4.49%	4.59%
2007	12	-2.28%	-0.60%	-0.48%	-2.28%	-0.60%	-0.48%
2008	1	-8.55%	-6.08%	2.64%	-8.55%	-6.08%	2.64%
2008	2	0.33%	-3.07%	0.35%	0.33%	-3.07%	0.35%
2008	3	-0.71%	-0.58%	1.02%	-0.71%	-0.58%	1.02%
2008	4	5.85%	5.02%	-1.84%	5.85%	5.02%	-1.84%
2008	5	1.51%	2.09%	-2.13%	1.51%	2.09%	-2.13%
2008	6	-8.99%	-8.19%	1.80%	-8.99%	-8.19%	1.80%
2008	7	-3.67%	-0.77%	0.30%	-3.67%	-0.77%	0.30%
2008	8	-5.10%	1.58%	1.80%	-5.10%	1.58%	1.80%
2008	9	-13.09%	-9.26%	0.28%	-13.09%	-9.26%	0.28%
2008	10	-22.09%	-17.63%	-3.63%	-22.09%	-17.63%	-3.63%
2008	11	-6.29%	-7.90%	12.07%	-6.29%	-7.90%	12.07%
2008	12	8.16%	1.86%	8.87%	8.16%	1.86%	8.87%
2009	1	-11.96%	-8.26%	-8.47%	-11.96%	-8.26%	-8.47%
2009	2	-9.58%	-10.45%	-1.01%	-9.58%	-10.45%	-1.01%
2009	3	9.31%	8.65%	5.27%	9.31%	8.65%	5.27%
2009	4	12.78%	10.61%	-4.99%	12.78%	10.61%	-4.99%
2009	5	14.35%	5.38%	-2.68%	14.35%	5.38%	-2.68%
2009	6	-1.32%	0.34%	0.70%	-1.32%	0.34%	0.70%
2009	7	9.96%	7.82%	0.80%	9.96%	7.82%	0.80%
2009	8	3.50%	3.63%	1.68%	3.50%	3.63%	1.68%
2009	9	5.15%	4.23%	1.98%	5.15%	4.23%	1.98%
2009	10	-2.17%	-2.57%	-1.45%	-2.17%	-2.57%	-1.45%
2009	11	3.86%	5.63%	1.91%	3.86%	5.63%	1.91%
2009	12	1.53%	2.86%	-5.66%	1.53%	2.86%	-5.66%
2010	1	-5.07%	-3.50%	2.66%	-5.07%	-3.50%	2.66%
2010	2	0.22%	3.36%	-0.21%	0.22%	3.36%	-0.21%
2010	3	6.71%	6.27%	-1.51%	6.71%	6.27%	-1.51%
2010	4	-1.71%	2.17%	2.76%	-1.71%	2.17%	2.76%
2010	5	-10.78%	-8.00%	4.23%	-10.78%	-8.00%	4.23%
2010	6	-1.17%	-5.66%	4.67%	-1.17%	-5.66%	4.67%
2010	7	10.33%	6.99%	-0.17%	10.33%	6.99%	-0.17%
2010	8	-3.22%	-4.75%	7.08%	-3.22%	-4.75%	7.08%
2010	9	10.41%	9.47%	-1.82%	10.41%	9.47%	-1.82%
2010	10	3.55%	3.94%	-3.29%	3.55%	3.94%	-3.29%
2010	11	-4.52%	0.58%	-1.60%	-4.52%	0.58%	-1.60%
2010	12	8.34%	6.81%	-3.58%	8.34%	6.81%	-3.58%
2011	1	0.70%	2.19%	-2.38%	0.70%	2.19%	-2.38%
2011	2	2.71%	3.60%	1.24%	2.71%	3.60%	1.24%
2011	3	-0.43%	0.45%	0.02%	-0.43%	0.45%	0.02%
2011	4	5.24%	2.99%	2.04%	5.24%	2.99%	2.04%
2011	5	-2.87%	-1.16%	3.29%	-2.87%	-1.16%	3.29%
2011	6	-1.51%	-1.79%	-2.00%	-1.51%	-1.79%	-2.00%
2011	7	-1.53%	-2.28%	4.18%	-1.53%	-2.28%	4.18%
2011	8	-8.45%	-5.99%	8.68%	-8.45%	-5.99%	8.68%
2011	9	-12.29%	-7.75%	10.16%	-12.29%	-7.75%	10.16%
2011	10	10.22%	11.51%	-3.34%	10.22%	11.51%	-3.34%
2011	11	-2.88%	-0.29%	1.82%	-2.88%	-0.29%	1.82%
2011	12	-2.64%	0.80%	3.13%	-2.64%	0.80%	3.13%
2012	1	7.27%	5.08%	0.08%	7.27%	5.08%	0.08%
2012	2	5.14%	4.26%	-2.11%	5.14%	4.26%	-2.11%
2012	3	-0.75%	3.07%	-3.77%	-0.75%	3.07%	-3.77%
2012	4	-1.78%	-0.65%	4.37%	-1.78%	-0.65%	4.37%
2012	5	-11.14%	-6.24%	7.79%	-11.14%	-6.24%	7.79%
2012	6	6.03%	3.91%	-1.44%	6.03%	3.91%	-1.44%
2012	7	0.44%	1.03%	3.32%	0.44%	1.03%	3.32%
2012	8	2.72%	2.48%	-1.06%	2.72%	2.48%	-1.06%
2012	9	3.62%	2.58%	-2.10%	3.62%	2.58%	-2.10%
2012	10	0.56%	-1.76%	-0.43%	0.56%	-1.76%	-0.43%
2012	11	1.82%	0.74%	1.35%	1.82%	0.74%	1.35%
2012	12	4.17%	1.19%	-1.99%	4.17%	1.19%	-1.99%
2013	1	3.34%	5.50%	-3.27%	3.34%	5.50%	-3.27%
2013	2	-1.23%	1.28%	1.26%	-1.23%	1.28%	1.26%
2013	3	0.77%	3.88%	0.03%	0.77%	3.88%	0.03%
2013	4	3.58%	1.70%	3.87%	3.58%	1.70%	3.87%
2013	5	-2.95%	2.32%	-6.23%	-2.95%	2.32%	-6.23%
2013	6	-3.75%	-1.27%	-3.26%	-3.75%	-1.27%	-3.26%
2013	7	4.56%	5.49%	-1.93%	4.56%	5.49%	-1.93%
2013	8	-1.63%	-2.82%	-1.28%	-1.63%	-2.82%	-1.28%
2013	9	7.21%	3.66%	0.88%	7.21%	3.66%	0.88%
2013	10	3.41%	4.22%	1.32%	3.41%	4.22%	1.32%
2013	11	0.12%	2.88%	-2.49%	0.12%	2.88%	-2.49%
2013	12	1.25%	2.63%	-2.37%	1.25%	2.63%	-2.37%
2014	1	-4.78%	-3.11%	6.26%	-4.78%	-3.11%	6.26%
2014	2	5.39%	4.73%	0.60%	5.39%	4.73%	0.60%
2014	3	0.41%	0.51%	0.63%	0.41%	0.51%	0.63%
2014	4	1.31%	0.06%	1.82%	1.31%	0.06%	1.82%
2014	5	1.88%	2.17%	2.73%	1.88%	2.17%	2.73%
2014	6	1.74%	2.54%	-0.16%	1.74%	2.54%	-0.16%
2014	7	-1.61%	-1.98%	0.59%	-1.61%	-1.98%	0.59%
2014	8	1.05%	4.18%	4.23%	1.05%	4.18%	4.23%
2014	9	-5.01%	-2.14%	-1.99%	-5.01%	-2.14%	-1.99%
2014	10	-0.31%	2.74%	2.61%	-0.31%	2.74%	2.61%
2014	11	-0.25%	2.41%	2.86%	-0.25%	2.41%	2.86%
2014	12	-3.65%	-0.01%	2.82%	-3.65%	-0.01%	2.82%
2015	1	0.13%	-2.77%	8.97%	0.13%	-2.77%	8.97%
2015	2	5.52%	5.76%	-5.66%	5.52%	5.76%	-5.66%
2015	3	-1.54%	-1.04%	1.13%	-1.54%	-1.04%	1.13%
2015	4	5.08%	0.42%	-3.07%	5.08%	0.42%	-3.07%
2015	5	-0.94%	1.39%	-2.16%	-0.94%	1.39%	-2.16%
2015	6	-2.69%	-1.71%	-3.73%	-2.69%	-1.71%	-3.73%
2015	7	-0.80%	1.63%	4.21%	-0.80%	1.63%	4.21%
2015	8	-7.29%	-6.03%	-0.71%	-7.29%	-6.03%	-0.71%
2015	9	-3.90%	-2.93%	1.91%	-3.90%	-2.93%	1.91%
2015	10	6.26%	7.84%	-0.48%	6.26%	7.84%	-0.48%
2015	11	-1.32%	0.54%	-0.81%	-1.32%	0.54%	-0.81%
2015	12	-2.07%	-2.03%	-0.34%	-2.07%	-2.03%	-0.34%
2016	1	-5.59%	-5.67%	5.24%	-5.59%	-5.67%	5.24%
2016	2	-2.27%	-0.04%	2.86%	-2.27%	-0.04%	2.86%
2016	3	8.19%	7.01%	0.05%	8.19%	7.01%	0.05%
2016	4	2.22%	0.63%	-0.63%	2.22%	0.63%	-0.63%
2016	5	-1.02%	1.79%	0.69%	-1.02%	1.79%	0.69%
2016	6	-0.94%	0.23%	6.57%	-0.94%	0.23%	6.57%
2016	7	4.41%	3.95%	2.01%	4.41%	3.95%	2.01%
2016	8	0.74%	0.26%	-1.00%	0.74%	0.26%	-1.00%
2016	9	1.37%	0.15%	-1.32%	1.37%	0.15%	-1.32%
2016	10	-1.72%	-2.21%	-4.23%	-1.72%	-2.21%	-4.23%
2016	11	-2.15%	4.44%	-7.86%	-2.15%	4.44%	-7.86%
2016	12	2.02%	1.92%	-0.35%	2.02%	1.92%	-0.35%
2017	1	3.87%	1.91%	0.65%	3.87%	1.91%	0.65%
2017	2	1.50%	3.71%	1.57%	1.50%	3.71%	1.57%
2017	3	2.82%	0.07%	-0.59%	2.82%	0.07%	-0.59%
2017	4	2.20%	1.05%	1.58%	2.20%	1.05%	1.58%
2017	5	3.01%	1.01%	1.73%	3.01%	1.01%	1.73%
2017	6	0.52%	0.92%	0.63%	0.52%	0.92%	0.63%
2017	7	3.42%	1.87%	-0.59%	3.42%	1.87%	-0.59%
2017	8	0.64%	0.15%	3.27%	0.64%	0.15%	3.27%
2017	9	1.81%	2.45%	-2.27%	1.81%	2.45%	-2.27%
2017	10	1.94%	2.16%	-0.02%	1.94%	2.16%	-0.02%
2017	11	0.78%	3.04%	0.63%	0.78%	3.04%	0.63%
2017	12	2.01%	0.99%	1.78%	2.01%	0.99%	1.78%
2018	1	5.59%	5.31%	-3.40%	5.59%	5.31%	-3.40%
2018	2	-5.14%	-3.72%	-2.89%	-5.14%	-3.72%	-2.89%
2018	3	-0.64%	-1.99%	2.75%	-0.64%	-1.99%	2.75%
2018	4	0.83%	0.38%	-2.04%	0.83%	0.38%	-2.04%
2018	5	-1.92%	2.79%	1.79%	-1.92%	2.79%	1.79%
2018	6	-2.08%	0.68%	0.66%	-2.08%	0.68%	0.66%
2018	7	2.48%	3.34%	-1.28%	2.48%	3.34%	-1.28%
2018	8	-2.19%	3.44%	1.18%	-2.19%	3.44%	1.18%
2018	9	0.30%	0.16%	-2.74%	0.30%	0.16%	-2.74%
2018	10	-8.35%	-7.40%	-2.82%	-8.35%	-7.40%	-2.82%
2018	11	1.26%	2.06%	1.78%	1.26%	2.06%	1.78%
2018	12	-4.85%	-9.29%	5.50%	-4.85%	-9.29%	5.50%
2019	1	7.58%	8.59%	0.49%	7.58%	8.59%	0.49%
2019	2	1.72%	3.50%	-1.31%	1.72%	3.50%	-1.31%
2019	3	0.72%	1.44%	5.47%	0.72%	1.44%	5.47%
2019	4	2.76%	3.98%	-1.88%	2.76%	3.98%	-1.88%
2019	5	-5.55%	-6.45%	6.65%	-5.55%	-6.45%	6.65%
2019	6	5.83%	6.97%	1.01%	5.83%	6.97%	1.01%
2019	7	-1.89%	1.44%	0.22%	-1.89%	1.44%	0.22%
2019	8	-2.35%	-2.03%	10.68%	-2.35%	-2.03%	10.68%
2019	9	2.72%	1.70%	-2.62%	2.72%	1.70%	-2.62%
2019	10	3.38%	2.10%	-1.10%	3.38%	2.10%	-1.10%
2019	11	1.11%	3.77%	-0.39%	1.11%	3.77%	-0.39%
2019	12	4.27%	2.85%	-3.00%	4.27%	2.85%	-3.00%
2020	1	-3.30%	-0.08%	7.29%	-3.30%	-0.08%	7.29%
2020	2	-6.72%	-8.18%	6.58%	-6.72%	-8.18%	6.58%
2020	3	-16.11%	-13.78%	5.67%	-16.11%	-13.78%	5.67%
2020	4	8.09%	13.25%	1.81%	8.09%	13.25%	1.81%
2020	5	4.80%	5.38%	-1.67%	4.80%	5.38%	-1.67%
2020	6	4.24%	2.28%	0.40%	4.24%	2.28%	0.40%
2020	7	4.10%	5.64%	4.17%	4.10%	5.64%	4.17%
2020	8	4.31%	7.18%	-4.71%	4.31%	7.18%	-4.71%
2020	9	-1.96%	-3.57%	0.78%	-1.96%	-3.57%	0.78%
2020	10	-2.21%	-2.16%	-3.19%	-2.21%	-2.16%	-3.19%
2020	11	12.93%	12.19%	1.53%	12.93%	12.19%	1.53%
2020	12	5.82%	4.45%	-0.95%	5.82%	4.45%	-0.95%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Int'l equities (VGTSX)	US equities (VTSMX)	Long treasurys (VUSTX)
Large-cap Value	0.00%	35.23%	0.00%
Large-cap Growth	0.43%	46.60%	0.06%
Mid-cap Value	3.24%	4.20%	0.00%
Mid-cap Growth	0.00%	6.58%	0.16%
Small-cap Value	0.00%	3.71%	0.00%
Small-cap Growth	0.00%	2.72%	0.00%
Global ex-US Developed Markets	72.82%	0.68%	0.00%
Emerging Markets	22.20%	0.28%	1.20%
Corporate Bonds	1.31%	0.00%	0.00%
Long-Term Treasuries	0.00%	0.00%	76.38%
Intermediate-Term Treasuries	0.00%	0.00%	22.21%
Short-Term Treasuries	0.00%	0.00%	0.00%
R Squared	99.46%	99.84%	98.16%
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 Int'l equities (VGTSX)

Holdings Based Style Analysis for Int'l equities (VGTSX)
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
VGTSX	Vanguard Total Intl Stock Index Inv	Foreign Large Blend	100.00%	2.05%	0.17%	19.77	$12,812	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Holdings Based Style Analysis for US equities (VTSMX)

Holdings Based Style Analysis for US equities (VTSMX)
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
VTSMX	Vanguard Total Stock Mkt Idx Inv	Large Blend	100.00%	1.28%	0.14%	27.94	$30,991	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Holdings Based Style Analysis for Long treasurys (VUSTX)

Holdings Based Style Analysis for Long treasurys (VUSTX)
Ticker	Name	Category	Weight	Yield	Fees	Duration	Return Contribution	Risk Contribution
VUSTX	Vanguard Long-Term Treasury Inv	Long Government	100.00%	1.51%	0.20%	18.49	$36,544	100.00%

Asset Allocation

Fixed Income Credit Quality

Fixed Income Maturity

Fund fundamentals data as of 01/26/2021. (c) 2021 Morningstar. All Rights Reserved. The fund fundamentals information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio return and risk metrics
Metric	Int'l equities (VGTSX)	US equities (VTSMX)	Long treasurys (VUSTX)
Arithmetic Mean (monthly)	0.46%	0.66%	0.66%
Arithmetic Mean (annualized)	5.63%	8.28%	8.22%
Geometric Mean (monthly)	0.33%	0.56%	0.61%
Geometric Mean (annualized)	4.01%	6.95%	7.60%
Volatility (monthly)	5.04%	4.52%	3.14%
Volatility (annualized)	17.47%	15.67%	10.89%
Downside Deviation (monthly)	3.57%	3.12%	1.78%
Max. Drawdown	-58.50%	-50.89%	-16.68%
US Market Correlation	0.88	1.00	-0.30
Beta^(*)	0.98	1.00	-0.21
Alpha (annualized)	-2.36%	0.00%	9.61%
R²	77.85%	100.00%	9.23%
Sharpe Ratio	0.22	0.41	0.58
Sortino Ratio	0.31	0.58	1.00
Treynor Ratio (%)	3.96	6.38	-30.00
Calmar Ratio	0.19	0.69	1.13
Active Return	-2.94%	-0.00%	0.65%
Tracking Error	8.23%	0.00%	21.63%
Information Ratio	-0.36	-0.00	0.03
Skewness	-0.60	-0.57	0.35
Excess Kurtosis	1.74	1.19	1.27
Historical Value-at-Risk (5%)	-8.50%	-8.01%	-3.75%
Analytical Value-at-Risk (5%)	-7.84%	-6.78%	-4.51%
Conditional Value-at-Risk (5%)	-12.00%	-10.11%	-5.73%
Upside Capture Ratio (%)	91.39	100.00	-1.10
Downside Capture Ratio (%)	104.39	100.00	-48.22
Safe Withdrawal Rate	4.56%	4.75%	8.33%
Perpetual Withdrawal Rate	1.83%	4.53%	5.11%
Positive Periods	148 out of 252 (58.73%)	162 out of 252 (64.29%)	150 out of 252 (59.52%)
Gain/Loss Ratio	0.89	0.80	1.18
^* 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	Int'l equities (VGTSX)	US equities (VTSMX)	Long treasurys (VUSTX)
Dotcom Crash	Mar 2000	Oct 2002	-46.38%	-44.11%	-8.18%
Subprime Crisis	Nov 2007	Mar 2009	-58.50%	-50.89%	-9.39%

Drawdowns for Int'l equities (VGTSX)

Drawdowns for Int'l equities (VGTSX)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	May 2017	8 years 3 months	9 years 7 months	-58.50%
2	Jan 2000	Mar 2003	3 years 3 months	Aug 2005	2 years 5 months	5 years 8 months	-47.30%
3	Feb 2018	Mar 2020	2 years 2 months	Nov 2020	8 months	2 years 10 months	-25.55%
4	May 2006	Jun 2006	2 months	Oct 2006	4 months	6 months	-4.81%
5	Oct 2005	Oct 2005	1 month	Dec 2005	2 months	3 months	-3.37%
6	Jul 2007	Aug 2007	2 months	Sep 2007	1 month	3 months	-1.77%
7	Feb 2006	Feb 2006	1 month	Mar 2006	1 month	2 months	-0.72%

Drawdowns for US equities (VTSMX)

Drawdowns for US equities (VTSMX) (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	Jan 2020	Mar 2020	3 months	Jul 2020	4 months	7 months	-20.89%
4	Oct 2018	Dec 2018	3 months	Apr 2019	4 months	7 months	-14.28%
5	Jun 2015	Sep 2015	4 months	May 2016	8 months	1 year	-8.88%
6	Apr 2000	May 2000	2 months	Aug 2000	3 months	5 months	-8.44%
7	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-6.85%
8	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-6.45%
9	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-5.65%
10	Feb 2018	Mar 2018	2 months	Jul 2018	4 months	6 months	-5.64%
Worst 10 drawdowns included above

Drawdowns for Long treasurys (VUSTX)

Drawdowns for Long treasurys (VUSTX) (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Aug 2012	Dec 2013	1 year 5 months	Nov 2014	11 months	2 years 4 months	-16.68%
2	Aug 2016	Oct 2018	2 years 3 months	May 2019	7 months	2 years 10 months	-14.79%
3	Feb 2015	Jun 2015	5 months	Jun 2016	1 year	1 year 5 months	-12.89%
4	Sep 2010	Jan 2011	5 months	Aug 2011	7 months	1 year	-12.05%
5	Jan 2009	Dec 2009	1 year	Aug 2010	8 months	1 year 8 months	-12.05%
6	Jun 2003	Jul 2003	2 months	Sep 2004	1 year 2 months	1 year 4 months	-9.93%
7	Nov 2001	Mar 2002	5 months	Jul 2002	4 months	9 months	-8.18%
8	Aug 2020	Oct 2020	3 months				-7.03%
9	Sep 2005	May 2006	9 months	Oct 2006	5 months	1 year 2 months	-7.00%
10	Sep 2019	Dec 2019	4 months	Feb 2020	2 months	6 months	-6.95%
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
VGTSX	Vanguard Total Intl Stock Index Inv	4.01%	17.47%	40.34%	-44.10%	-58.50%	0.22	0.31	0.88
VTSMX	Vanguard Total Stock Mkt Idx Inv	6.95%	15.67%	33.35%	-37.04%	-50.89%	0.41	0.58	1.00
VUSTX	Vanguard Long-Term Treasury Inv	7.60%	10.89%	29.28%	-13.03%	-16.68%	0.58	1.00	-0.30

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VGTSX	VTSMX	VUSTX	Int'l equities (VGTSX)	US equities (VTSMX)	Long treasurys (VUSTX)
VGTSX	Vanguard Total Intl Stock Index Inv	1.00	0.88	-0.24	1.00	0.88	-0.24
VTSMX	Vanguard Total Stock Mkt Idx Inv	0.88	1.00	-0.30	0.88	1.00	-0.30
VUSTX	Vanguard Long-Term Treasury Inv	-0.24	-0.30	1.00	-0.24	-0.30	1.00

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Int'l equities (VGTSX)	US equities (VTSMX)	Long treasurys (VUSTX)
VGTSX	Vanguard Total Intl Stock Index Inv	$12,812
VTSMX	Vanguard Total Stock Mkt Idx Inv		$30,991
VUSTX	Vanguard Long-Term Treasury Inv			$36,544

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Int'l equities (VGTSX)	US equities (VTSMX)	Long treasurys (VUSTX)
VGTSX	Vanguard Total Intl Stock Index Inv	100.00%
VTSMX	Vanguard Total Stock Mkt Idx Inv		100.00%
VUSTX	Vanguard Long-Term Treasury Inv			100.00%

Annual Asset Returns

Rolling returns summary
Roll Period	Int'l equities (VGTSX)			US equities (VTSMX)			Long treasurys (VUSTX)
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low
1 year	5.76%	63.40%	-51.50%	7.83%	56.25%	-43.18%	8.00%	36.79%	-13.45%
3 years	5.74%	32.56%	-19.17%	7.97%	26.60%	-16.27%	6.77%	14.32%	-1.38%
5 years	5.85%	25.48%	-5.94%	8.14%	23.85%	-6.23%	6.67%	12.07%	1.79%
7 years	5.41%	13.43%	-1.24%	8.02%	17.28%	-3.02%	6.73%	9.41%	2.19%
10 years	5.00%	10.62%	0.88%	7.93%	16.73%	-1.13%	6.92%	9.08%	4.01%
15 years	5.54%	9.28%	2.96%	7.96%	10.87%	4.25%	6.68%	8.70%	5.22%