Backtest Portfolio Asset Allocation

Portfolio Backtesting Overview

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.

Portfolio Model Configuration

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

Asset 2

Asset 3

Asset 4

Asset 5

Asset 6

Asset 7

Asset 8

Asset 9

Asset 10

Asset 11

Asset 12

Asset 13

Asset 14

Asset 15

Asset 16

Asset 17

Asset 18

Asset 19

Asset 20

Asset 21

Asset 22

Asset 23

Asset 24

Asset 25

Total

Portfolio Analysis Results (Jan 2014 - Feb 2020)

Portfolio 1

Ticker	Name	Allocation
IVV	iShares Core S&P 500 ETF	60.00%
IEF	iShares 7-10 Year Treasury Bond ETF	40.00%
Save portfolio »

Portfolio 2

Ticker	Name	Allocation
VYM	Vanguard High Dividend Yield ETF	5.00%
VEU	Vanguard FTSE All-Wld ex-US ETF	30.00%
USRT	iShares Core US REIT ETF	10.00%
PFF	iShares Preferred&Income Securities ETF	20.00%
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	10.00%
AGG	iShares Core US Aggregate Bond ETF	10.00%
VTI	Vanguard Total Stock Market ETF	15.00%
Save portfolio »

Portfolio 3

Ticker	Name	Allocation
VTI	Vanguard Total Stock Market ETF	6.00%
RPV	Invesco S&P 500 Pure Value ETF	6.00%
IJR	iShares Core S&P Small-Cap ETF	6.00%
SLYV	SPDR S&P 600 Small Cap Value ETF	6.00%
VNQ	Vanguard Real Estate ETF	6.00%
VEA	Vanguard FTSE Developed Markets ETF	6.00%
EFV	iShares MSCI EAFE Value ETF	6.00%
FNDC	Schwab Fundamental Intl Sm Co ETF	6.00%
DLS	WisdomTree International SmallCp Div ETF	6.00%
DGS	WisdomTree Emerging Markets SmCp Div ETF	6.00%
VGSH	Vanguard Short-Term Treasury ETF	12.00%
SPTI	SPDR Portfolio Intmdt Term Trs ETF	20.00%
VTIP	Vanguard Short-Term Infl-Prot Secs ETF	8.00%
Save portfolio »

Performance Summary

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
Portfolio 1	$10,000	$16,182	8.12%	6.67%	21.96%	-2.46%	-7.15%	1.07	1.73	0.95
Portfolio 2	$10,000	$14,055	5.67%	7.43%	20.71%	-7.07%	-8.73%	0.66	1.01	0.90
Portfolio 3	$10,000	$12,595	3.81%	7.04%	15.90%	-7.04%	-8.74%	0.44	0.64	0.93

Portfolio Growth

Annual Returns

Trailing Returns

Trailing Returns
Name	Total Return			Annualized Return			Annualized Standard Deviation
Name	3 Month	Year To Date	1 year	3 year	5 year	Full	3 year	5 year
Portfolio 1	-0.97%	-2.46%	11.29%	8.49%	7.21%	8.12%	7.39%	7.00%
Portfolio 2	-3.31%	-5.39%	5.68%	5.56%	4.66%	5.67%	7.77%	7.75%
Portfolio 3	-4.36%	-6.39%	1.14%	3.50%	3.63%	3.81%	7.69%	7.30%
Trailing return and volatility are as of last full calendar month ending February 2020

Notes and Disclosures

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. For example, if the 95% confidence one-month VaR is 3%, there is 95% confidence that over the next month the portfolio will not lose more than 3%. 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 February.
The results assume annual rebalancing of portfolio assets to match the specified allocation.

Annual Returns

Annual returns for the configured portfolios
Year	Inflation	Portfolio 1		Portfolio 2		Portfolio 3		iShares Core S&P 500 ETF (IVV)	iShares 7-10 Year Treasury Bond ETF (IEF)	Vanguard High Dividend Yield ETF (VYM)	Vanguard FTSE All-Wld ex-US ETF (VEU)	iShares Core US REIT ETF (USRT)	iShares Preferred&Income Securities ETF (PFF)	iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)	iShares Core US Aggregate Bond ETF (AGG)	Vanguard Total Stock Market ETF (VTI)	Invesco S&P 500 Pure Value ETF (RPV)	iShares Core S&P Small-Cap ETF (IJR)	SPDR S&P 600 Small Cap Value ETF (SLYV)	Vanguard Real Estate ETF (VNQ)	Vanguard FTSE Developed Markets ETF (VEA)	iShares MSCI EAFE Value ETF (EFV)	Schwab Fundamental Intl Sm Co ETF (FNDC)	WisdomTree International SmallCp Div ETF (DLS)	WisdomTree Emerging Markets SmCp Div ETF (DGS)	Vanguard Short-Term Treasury ETF (VGSH)	SPDR Portfolio Intmdt Term Trs ETF (SPTI)	Vanguard Short-Term Infl-Prot Secs ETF (VTIP)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	iShares Core S&P 500 ETF (IVV)	iShares 7-10 Year Treasury Bond ETF (IEF)	Vanguard High Dividend Yield ETF (VYM)	Vanguard FTSE All-Wld ex-US ETF (VEU)	iShares Core US REIT ETF (USRT)	iShares Preferred&Income Securities ETF (PFF)	iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)	iShares Core US Aggregate Bond ETF (AGG)	Vanguard Total Stock Market ETF (VTI)	Invesco S&P 500 Pure Value ETF (RPV)	iShares Core S&P Small-Cap ETF (IJR)	SPDR S&P 600 Small Cap Value ETF (SLYV)	Vanguard Real Estate ETF (VNQ)	Vanguard FTSE Developed Markets ETF (VEA)	iShares MSCI EAFE Value ETF (EFV)	Schwab Fundamental Intl Sm Co ETF (FNDC)	WisdomTree International SmallCp Div ETF (DLS)	WisdomTree Emerging Markets SmCp Div ETF (DGS)	Vanguard Short-Term Treasury ETF (VGSH)	SPDR Portfolio Intmdt Term Trs ETF (SPTI)	Vanguard Short-Term Infl-Prot Secs ETF (VTIP)
2014	0.76%	11.77%	$11,177	8.35%	$10,835	2.68%	$10,268	13.56%	9.07%	13.52%	-4.54%	29.12%	14.11%	8.21%	6.00%	12.54%	12.21%	5.85%	6.87%	30.36%	-5.98%	-6.80%	-5.15%	-8.99%	-3.55%	0.46%	2.48%	-1.41%
2015	0.73%	1.38%	$11,331	-0.20%	$10,813	-1.06%	$10,159	1.30%	1.51%	0.28%	-4.78%	3.89%	4.27%	-1.25%	0.48%	0.36%	-8.42%	-2.07%	-6.41%	2.42%	-0.38%	-5.86%	4.91%	7.46%	-16.33%	0.51%	1.59%	0.23%
2016	2.07%	7.70%	$12,203	6.09%	$11,472	8.64%	$11,037	12.16%	1.00%	17.05%	4.91%	7.19%	1.30%	6.21%	2.42%	12.83%	19.31%	26.61%	31.18%	8.60%	2.67%	5.05%	8.75%	6.78%	15.37%	1.10%	0.43%	2.45%
2017	2.11%	14.08%	$13,921	15.43%	$13,242	13.14%	$12,487	21.76%	2.55%	16.42%	27.39%	5.29%	8.10%	7.06%	3.52%	21.21%	17.29%	13.15%	11.66%	4.91%	26.42%	21.25%	29.20%	31.83%	37.46%	0.04%	1.04%	0.82%
2018	1.91%	-2.28%	$13,603	-7.07%	$12,306	-7.04%	$11,608	-4.47%	0.99%	-5.91%	-14.19%	-4.62%	-4.63%	-3.79%	0.33%	-5.21%	-12.30%	-8.49%	-12.76%	-6.02%	-14.75%	-14.66%	-19.13%	-18.92%	-16.50%	1.55%	2.27%	0.56%
2019	2.29%	21.96%	$16,590	20.71%	$14,855	15.90%	$13,455	31.25%	8.03%	24.07%	21.83%	25.96%	15.92%	17.37%	8.45%	30.67%	24.79%	22.82%	24.26%	28.87%	22.62%	15.78%	20.56%	22.21%	18.92%	3.52%	6.01%	4.86%
2020	0.66%	-2.46%	$16,182	-5.39%	$14,055	-6.39%	$12,595	-8.46%	6.53%	-11.96%	-9.79%	-6.80%	-3.43%	3.56%	3.65%	-8.06%	-18.22%	-13.19%	-15.83%	-5.88%	-10.42%	-12.02%	-14.50%	-14.08%	-12.84%	1.45%	4.37%	0.77%
Annual return for 2020 is from 01/01/2020 to 02/29/2020

Monthly Returns

Monthly returns for the configured portfolios
Year	Month	Portfolio 1		Portfolio 2		Portfolio 3		iShares Core S&P 500 ETF (IVV)	iShares 7-10 Year Treasury Bond ETF (IEF)	Vanguard High Dividend Yield ETF (VYM)	Vanguard FTSE All-Wld ex-US ETF (VEU)	iShares Core US REIT ETF (USRT)	iShares Preferred&Income Securities ETF (PFF)	iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)	iShares Core US Aggregate Bond ETF (AGG)	Vanguard Total Stock Market ETF (VTI)	Invesco S&P 500 Pure Value ETF (RPV)	iShares Core S&P Small-Cap ETF (IJR)	SPDR S&P 600 Small Cap Value ETF (SLYV)	Vanguard Real Estate ETF (VNQ)	Vanguard FTSE Developed Markets ETF (VEA)	iShares MSCI EAFE Value ETF (EFV)	Schwab Fundamental Intl Sm Co ETF (FNDC)	WisdomTree International SmallCp Div ETF (DLS)	WisdomTree Emerging Markets SmCp Div ETF (DGS)	Vanguard Short-Term Treasury ETF (VGSH)	SPDR Portfolio Intmdt Term Trs ETF (SPTI)	Vanguard Short-Term Infl-Prot Secs ETF (VTIP)
Year	Month	Return	Balance	Return	Balance	Return	Balance	iShares Core S&P 500 ETF (IVV)	iShares 7-10 Year Treasury Bond ETF (IEF)	Vanguard High Dividend Yield ETF (VYM)	Vanguard FTSE All-Wld ex-US ETF (VEU)	iShares Core US REIT ETF (USRT)	iShares Preferred&Income Securities ETF (PFF)	iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)	iShares Core US Aggregate Bond ETF (AGG)	Vanguard Total Stock Market ETF (VTI)	Invesco S&P 500 Pure Value ETF (RPV)	iShares Core S&P Small-Cap ETF (IJR)	SPDR S&P 600 Small Cap Value ETF (SLYV)	Vanguard Real Estate ETF (VNQ)	Vanguard FTSE Developed Markets ETF (VEA)	iShares MSCI EAFE Value ETF (EFV)	Schwab Fundamental Intl Sm Co ETF (FNDC)	WisdomTree International SmallCp Div ETF (DLS)	WisdomTree Emerging Markets SmCp Div ETF (DGS)	Vanguard Short-Term Treasury ETF (VGSH)	SPDR Portfolio Intmdt Term Trs ETF (SPTI)	Vanguard Short-Term Infl-Prot Secs ETF (VTIP)
2014	1	-0.87%	$9,913	-1.11%	$9,889	-1.76%	$9,824	-3.49%	3.06%	-4.00%	-5.80%	3.68%	2.96%	1.88%	1.54%	-3.17%	-4.04%	-3.70%	-3.76%	4.28%	-5.21%	-4.86%	-3.34%	-2.29%	-6.42%	0.11%	0.83%	0.16%
2014	2	2.81%	$10,192	3.65%	$10,250	3.07%	$10,126	4.56%	0.36%	3.61%	5.63%	4.97%	2.28%	1.14%	0.38%	4.87%	4.48%	4.41%	4.55%	5.07%	5.95%	6.17%	5.26%	5.42%	4.75%	0.06%	0.15%	0.28%
2014	3	0.29%	$10,221	0.69%	$10,321	0.40%	$10,166	0.87%	-0.56%	2.48%	0.46%	0.16%	1.75%	-0.03%	-0.15%	0.51%	3.47%	0.67%	1.23%	0.49%	-0.37%	-0.35%	-0.50%	0.54%	3.37%	-0.15%	-0.44%	-0.44%
2014	4	0.75%	$10,298	1.47%	$10,472	0.41%	$10,207	0.74%	0.76%	2.11%	1.47%	3.15%	1.84%	1.33%	0.82%	0.06%	1.65%	-2.73%	-2.31%	3.29%	1.57%	2.48%	0.39%	-0.80%	0.99%	0.14%	0.29%	0.57%
2014	5	2.10%	$10,514	1.80%	$10,660	1.10%	$10,320	2.28%	1.82%	1.58%	1.92%	3.05%	1.25%	1.51%	1.18%	2.10%	1.63%	0.16%	0.81%	2.40%	1.77%	1.19%	2.00%	1.44%	1.02%	0.14%	0.69%	0.73%
2014	6	1.16%	$10,637	1.20%	$10,788	1.29%	$10,453	2.09%	-0.22%	2.02%	1.68%	0.95%	0.61%	0.01%	-0.06%	2.62%	2.72%	4.77%	3.95%	1.13%	1.04%	1.11%	1.93%	0.51%	1.86%	-0.07%	-0.11%	0.30%
2014	7	-0.93%	$10,538	-0.96%	$10,685	-1.54%	$10,292	-1.40%	-0.22%	-1.67%	-1.47%	0.09%	-0.50%	-0.32%	-0.25%	-1.99%	-3.31%	-5.56%	-5.13%	0.08%	-2.37%	-2.36%	-2.13%	-1.65%	0.29%	0.00%	-0.27%	-0.34%
2014	8	3.14%	$10,868	2.13%	$10,912	1.62%	$10,459	3.97%	1.88%	3.76%	1.01%	3.30%	1.79%	2.00%	1.15%	4.15%	4.57%	4.25%	4.53%	3.04%	0.26%	-0.35%	0.07%	0.08%	3.53%	0.13%	0.71%	-0.08%
2014	9	-1.25%	$10,733	-2.79%	$10,608	-3.16%	$10,128	-1.38%	-1.05%	-1.16%	-4.88%	-5.59%	-0.82%	-1.68%	-0.61%	-2.10%	-3.37%	-5.21%	-6.08%	-6.04%	-4.16%	-4.07%	-5.19%	-6.63%	-6.08%	-0.05%	-0.38%	-1.08%
2014	10	2.05%	$10,953	1.95%	$10,815	1.79%	$10,309	2.39%	1.53%	2.47%	0.20%	8.34%	1.07%	1.23%	1.06%	2.75%	2.40%	6.91%	7.27%	9.94%	-0.35%	-0.79%	-0.26%	-0.44%	-1.64%	0.24%	0.73%	0.08%
2014	11	2.18%	$11,191	1.26%	$10,951	0.11%	$10,321	2.75%	1.29%	3.03%	-0.32%	3.54%	1.24%	0.91%	0.66%	2.48%	1.22%	-0.19%	0.33%	2.00%	0.00%	-0.76%	-1.71%	-2.97%	-1.12%	0.14%	0.44%	-0.16%
2014	12	-0.13%	$11,177	-1.06%	$10,835	-0.51%	$10,268	-0.30%	0.13%	-1.14%	-3.96%	0.80%	-0.12%	-0.02%	0.15%	-0.04%	0.65%	2.89%	2.25%	1.88%	-3.77%	-3.92%	-1.39%	-2.14%	-3.42%	-0.23%	-0.18%	-1.41%
2015	1	-0.02%	$11,174	0.86%	$10,928	-0.02%	$10,266	-2.90%	4.30%	-2.88%	-0.02%	5.73%	1.32%	3.75%	2.05%	-2.74%	-5.71%	-3.59%	-5.06%	6.85%	0.71%	-0.04%	0.47%	0.32%	0.72%	0.48%	1.60%	1.02%
2015	2	2.26%	$11,427	2.41%	$11,191	2.67%	$10,540	5.65%	-2.47%	4.90%	5.85%	-3.36%	0.97%	-1.42%	-0.89%	5.74%	6.79%	6.01%	6.05%	-3.67%	6.16%	6.43%	6.12%	7.31%	2.81%	-0.22%	-0.99%	-0.21%
2015	3	-0.62%	$11,356	-0.45%	$11,141	-0.15%	$10,524	-1.59%	0.86%	-1.83%	-1.41%	1.29%	0.30%	0.20%	0.38%	-1.16%	-1.83%	1.61%	1.00%	1.74%	-1.22%	-1.86%	-0.80%	-0.71%	-1.03%	0.20%	0.62%	-0.35%
2015	4	0.32%	$11,393	0.93%	$11,244	0.95%	$10,624	0.97%	-0.63%	1.70%	4.74%	-5.33%	0.02%	-1.19%	-0.32%	0.62%	2.26%	-2.30%	-1.92%	-5.85%	3.87%	3.94%	3.64%	5.30%	5.67%	0.10%	-0.21%	0.68%
2015	5	0.61%	$11,463	-0.27%	$11,214	0.12%	$10,637	1.30%	-0.42%	0.37%	-1.04%	0.04%	-0.01%	-1.12%	-0.44%	1.30%	0.13%	1.46%	0.89%	-0.30%	-0.05%	-0.22%	0.43%	0.69%	-2.63%	0.07%	0.11%	-0.08%
2015	6	-1.84%	$11,252	-2.19%	$10,968	-1.42%	$10,486	-1.98%	-1.63%	-2.65%	-2.81%	-4.70%	-1.01%	-1.88%	-1.08%	-1.67%	-2.55%	1.06%	0.50%	-4.68%	-2.91%	-3.23%	-1.41%	-2.69%	-3.84%	0.00%	-0.47%	-0.14%
2015	7	1.92%	$11,469	1.20%	$11,099	-0.07%	$10,479	2.19%	1.52%	1.05%	-0.29%	5.82%	1.36%	0.83%	0.86%	1.70%	-1.46%	-0.83%	-2.97%	5.77%	1.46%	1.41%	-0.32%	-0.03%	-7.31%	0.12%	0.53%	-0.16%
2015	8	-3.68%	$11,046	-4.36%	$10,616	-3.71%	$10,091	-6.14%	0.08%	-5.66%	-7.75%	-5.33%	-0.75%	-0.83%	-0.34%	-6.09%	-5.32%	-5.19%	-4.30%	-6.29%	-7.23%	-7.59%	-4.60%	-5.17%	-8.95%	-0.08%	-0.03%	-0.39%
2015	9	-0.82%	$10,955	-1.48%	$10,459	-1.52%	$9,937	-2.49%	1.58%	-1.56%	-4.04%	1.74%	-0.69%	1.19%	0.81%	-2.92%	-3.86%	-3.53%	-3.81%	3.05%	-4.08%	-5.61%	-3.73%	-2.99%	-1.00%	0.27%	0.77%	-0.06%
2015	10	4.64%	$11,464	4.67%	$10,947	3.53%	$10,287	8.47%	-0.64%	8.41%	6.69%	6.61%	2.16%	0.57%	0.07%	7.91%	7.70%	6.08%	6.35%	5.76%	6.73%	6.24%	5.91%	5.38%	4.07%	-0.15%	-0.36%	0.08%
2015	11	0.06%	$11,471	-0.24%	$10,920	0.01%	$10,289	0.39%	-0.43%	0.22%	-1.32%	-0.38%	0.67%	-0.15%	-0.39%	0.60%	0.60%	2.70%	2.64%	-0.63%	-0.76%	-1.71%	0.30%	0.36%	-2.24%	-0.22%	-0.34%	-0.19%
2015	12	-1.22%	$11,331	-0.98%	$10,813	-1.26%	$10,159	-1.73%	-0.45%	-1.05%	-2.52%	2.75%	-0.10%	-1.08%	-0.19%	-2.13%	-4.46%	-4.74%	-5.08%	1.82%	-2.14%	-2.75%	-0.58%	0.19%	-2.92%	-0.06%	0.39%	0.04%
2016	1	-1.67%	$11,142	-3.17%	$10,470	-3.16%	$9,838	-5.00%	3.33%	-2.82%	-5.60%	-4.35%	-0.98%	0.12%	1.24%	-5.72%	-7.40%	-6.16%	-5.80%	-3.44%	-5.53%	-6.75%	-5.86%	-5.59%	-5.36%	0.58%	1.03%	0.29%
2016	2	0.59%	$11,208	-0.52%	$10,416	0.06%	$9,844	-0.06%	1.49%	0.51%	-2.44%	-0.42%	0.06%	1.05%	0.89%	-0.01%	2.24%	1.09%	2.23%	-0.36%	-3.08%	-3.55%	-1.52%	-1.09%	3.01%	0.09%	0.47%	0.12%
2016	3	3.90%	$11,645	5.70%	$11,010	5.22%	$10,357	6.82%	-0.06%	6.64%	8.31%	9.88%	2.38%	3.62%	0.88%	7.11%	9.22%	8.18%	9.45%	10.48%	7.20%	7.22%	8.59%	8.70%	10.53%	0.16%	0.15%	1.19%
2016	4	0.17%	$11,665	0.85%	$11,104	0.88%	$10,449	0.39%	-0.16%	0.72%	2.11%	-2.57%	0.88%	1.55%	0.26%	0.66%	2.73%	1.20%	1.99%	-2.35%	2.31%	3.23%	2.05%	1.00%	2.20%	0.03%	-0.01%	-0.18%
2016	5	0.96%	$11,777	0.62%	$11,172	0.09%	$10,458	1.69%	-0.10%	1.39%	-0.79%	2.70%	1.54%	-0.51%	0.01%	1.73%	-0.15%	1.61%	0.49%	2.25%	-0.30%	-1.08%	1.32%	1.46%	-4.82%	-0.15%	-0.10%	-0.06%
2016	6	1.39%	$11,941	1.33%	$11,321	0.47%	$10,507	0.25%	3.09%	2.18%	-0.72%	6.29%	1.18%	3.09%	1.94%	0.27%	-1.18%	0.71%	0.49%	6.92%	-2.04%	-4.02%	-2.56%	-5.40%	6.59%	0.71%	1.48%	0.96%
2016	7	2.31%	$12,217	2.79%	$11,636	3.05%	$10,827	3.74%	0.25%	2.35%	4.25%	3.62%	1.39%	1.29%	0.54%	3.98%	4.41%	4.99%	5.41%	4.26%	4.16%	4.12%	5.56%	6.33%	7.10%	-0.12%	0.10%	-0.08%
2016	8	-0.33%	$12,177	-0.18%	$11,616	-0.13%	$10,813	0.13%	-1.01%	-0.30%	0.69%	-3.70%	0.02%	0.18%	-0.21%	0.21%	-0.39%	1.40%	1.19%	-3.76%	0.41%	2.06%	-0.32%	0.20%	0.00%	-0.23%	-0.57%	-0.40%
2016	9	0.10%	$12,189	0.15%	$11,632	0.84%	$10,903	0.01%	0.24%	-0.40%	1.58%	-0.87%	-1.07%	-0.32%	0.05%	0.21%	0.21%	0.64%	0.83%	-1.82%	1.65%	1.16%	3.13%	3.31%	2.27%	0.19%	0.26%	0.83%
2016	10	-1.67%	$11,986	-1.91%	$11,411	-1.66%	$10,722	-1.78%	-1.49%	-1.28%	-1.69%	-5.64%	-0.97%	-1.53%	-0.82%	-2.19%	-1.06%	-4.41%	-3.87%	-5.74%	-2.41%	0.13%	-1.37%	-2.07%	-1.68%	-0.09%	-0.54%	0.02%
2016	11	0.52%	$12,048	-1.09%	$11,286	1.27%	$10,858	3.67%	-4.23%	4.23%	-2.13%	-1.09%	-3.33%	-3.17%	-2.57%	4.49%	8.51%	12.52%	13.49%	-1.68%	-1.51%	-0.58%	-1.56%	-1.36%	-4.56%	-0.46%	-1.82%	-0.58%
2016	12	1.28%	$12,203	1.64%	$11,472	1.65%	$11,037	2.14%	-0.12%	2.97%	1.93%	4.31%	0.31%	0.84%	0.25%	1.98%	1.73%	3.39%	2.97%	4.82%	2.45%	3.87%	1.76%	2.07%	0.45%	0.40%	0.00%	0.34%
2017	1	1.14%	$12,342	2.05%	$11,707	1.42%	$11,194	1.75%	0.22%	-0.04%	4.14%	0.14%	2.39%	0.15%	0.21%	1.86%	1.15%	-0.58%	-1.06%	-0.19%	3.67%	2.86%	3.98%	4.48%	6.39%	-0.20%	0.25%	0.47%
2017	2	2.69%	$12,673	2.07%	$11,949	1.49%	$11,360	3.98%	0.72%	3.58%	1.26%	3.48%	2.09%	1.32%	0.65%	3.69%	4.19%	1.61%	1.33%	3.51%	1.06%	0.35%	1.56%	2.30%	4.23%	0.05%	0.19%	0.04%
2017	3	0.10%	$12,686	0.74%	$12,038	0.57%	$11,425	0.12%	0.08%	-0.30%	2.99%	-2.26%	0.50%	-0.29%	-0.05%	0.06%	-2.51%	-0.10%	-0.63%	-2.42%	3.06%	3.14%	2.20%	2.19%	3.48%	0.06%	0.12%	0.12%
2017	4	1.02%	$12,816	1.29%	$12,193	1.02%	$11,542	0.97%	1.11%	-0.08%	2.09%	0.25%	1.30%	1.19%	0.91%	1.06%	0.02%	0.91%	0.49%	0.24%	2.21%	2.17%	3.04%	3.60%	0.74%	0.16%	0.51%	-0.02%
2017	5	1.17%	$12,966	1.35%	$12,358	0.57%	$11,608	1.39%	0.83%	0.36%	3.05%	-0.80%	0.55%	1.33%	0.69%	1.01%	-1.02%	-2.09%	-2.10%	-0.72%	3.41%	2.14%	2.53%	2.68%	1.28%	0.10%	0.39%	-0.02%
2017	6	0.21%	$12,994	0.76%	$12,452	0.91%	$11,714	0.67%	-0.51%	1.13%	0.51%	2.09%	0.80%	0.48%	-0.02%	0.95%	2.74%	2.91%	3.07%	2.23%	0.64%	0.77%	1.21%	1.25%	1.13%	-0.06%	-0.28%	-0.44%
2017	7	1.42%	$13,179	1.80%	$12,676	1.66%	$11,909	2.07%	0.38%	1.61%	3.38%	1.36%	0.66%	0.77%	0.33%	1.88%	2.22%	1.00%	0.71%	1.24%	2.88%	3.08%	3.27%	3.83%	4.33%	0.17%	0.35%	0.26%
2017	8	0.72%	$13,274	0.31%	$12,716	-0.05%	$11,903	0.27%	1.46%	-0.18%	0.64%	-0.48%	-0.06%	0.68%	0.94%	0.15%	-2.12%	-2.46%	-2.88%	-0.26%	0.02%	-0.53%	0.53%	0.28%	3.06%	0.20%	0.58%	0.28%
2017	9	0.70%	$13,368	1.03%	$12,846	1.94%	$12,133	2.04%	-1.44%	3.02%	1.84%	0.13%	-0.16%	-0.05%	-0.57%	2.44%	3.74%	7.79%	8.71%	-0.11%	2.52%	3.00%	2.53%	2.88%	1.06%	-0.16%	-0.59%	-0.10%
2017	10	1.38%	$13,552	0.92%	$12,964	0.64%	$12,211	2.32%	-0.19%	1.74%	1.95%	-0.95%	-0.37%	0.19%	0.10%	2.17%	1.48%	0.86%	0.58%	-1.07%	1.77%	0.71%	1.75%	1.35%	0.59%	-0.13%	-0.13%	0.18%
2017	11	1.86%	$13,805	1.17%	$13,116	1.19%	$12,356	3.12%	-0.28%	3.07%	0.63%	2.60%	0.68%	-0.12%	-0.15%	3.03%	4.68%	3.50%	3.82%	2.66%	0.86%	0.75%	0.93%	0.35%	0.26%	-0.17%	-0.24%	-0.12%
2017	12	0.84%	$13,921	0.96%	$13,242	1.06%	$12,487	1.21%	0.18%	1.49%	2.05%	-0.25%	-0.52%	1.22%	0.44%	1.16%	1.82%	-0.52%	-0.46%	-0.14%	1.65%	1.08%	2.42%	2.86%	5.93%	-0.02%	-0.11%	0.17%
2018	1	2.55%	$14,276	1.82%	$13,482	1.87%	$12,721	5.69%	-2.15%	4.11%	5.70%	-4.11%	-1.18%	-1.23%	-1.13%	5.23%	4.54%	2.51%	1.42%	-4.25%	4.75%	5.71%	4.23%	4.34%	6.96%	-0.32%	-0.96%	-0.35%
2018	2	-2.71%	$13,890	-3.47%	$13,015	-2.92%	$12,349	-3.80%	-0.93%	-4.72%	-5.31%	-7.71%	0.27%	-2.24%	-1.01%	-3.76%	-4.63%	-3.81%	-4.19%	-7.68%	-5.11%	-5.33%	-4.19%	-4.07%	-4.28%	-0.04%	-0.28%	-0.06%
2018	3	-1.06%	$13,743	0.02%	$13,018	0.29%	$12,385	-2.47%	1.16%	-2.17%	-0.44%	3.75%	0.54%	0.56%	0.67%	-1.95%	-1.76%	1.99%	1.42%	3.88%	-0.40%	-1.27%	-0.25%	-0.37%	1.22%	0.18%	0.47%	0.60%
2018	4	-0.29%	$13,702	-0.01%	$13,017	0.31%	$12,423	0.35%	-1.28%	0.13%	0.57%	1.44%	-0.70%	-1.57%	-0.94%	0.45%	2.71%	1.05%	1.72%	0.82%	1.27%	2.35%	0.75%	-0.13%	-3.33%	-0.17%	-0.57%	-0.04%
2018	5	1.85%	$13,956	0.54%	$13,087	0.75%	$12,515	2.41%	0.99%	1.60%	-1.99%	4.00%	0.81%	0.52%	0.66%	2.72%	-0.78%	6.45%	5.83%	3.68%	-1.43%	-4.12%	-1.27%	-1.24%	-1.09%	0.38%	0.81%	0.31%
2018	6	0.43%	$14,016	0.21%	$13,115	-0.43%	$12,462	0.59%	0.20%	-0.29%	-2.14%	4.42%	1.76%	-0.49%	0.10%	0.70%	0.30%	1.04%	0.89%	4.20%	-1.67%	-1.42%	-2.13%	-3.00%	-6.48%	-0.01%	-0.01%	0.21%
2018	7	2.08%	$14,308	1.80%	$13,351	1.29%	$12,623	3.75%	-0.53%	4.09%	2.89%	0.71%	0.19%	1.34%	-0.03%	3.32%	3.47%	3.24%	2.61%	0.60%	2.28%	3.04%	0.72%	1.13%	2.31%	-0.04%	-0.31%	-0.16%
2018	8	2.39%	$14,651	0.56%	$13,426	0.52%	$12,688	3.23%	1.01%	1.11%	-2.34%	3.03%	1.41%	0.02%	0.57%	3.43%	2.00%	4.82%	3.14%	2.58%	-1.73%	-3.84%	-1.82%	-1.86%	-3.24%	0.36%	0.70%	0.47%
2018	9	-0.11%	$14,634	-0.51%	$13,357	-0.68%	$12,603	0.54%	-1.20%	0.40%	0.44%	-2.60%	-1.71%	-0.14%	-0.62%	0.20%	-0.49%	-3.08%	-2.98%	-2.64%	0.71%	2.04%	0.15%	0.21%	-1.54%	-0.15%	-0.71%	-0.22%
2018	10	-4.41%	$13,989	-4.86%	$12,708	-4.92%	$11,983	-6.82%	-0.30%	-4.40%	-8.30%	-3.06%	-2.24%	-2.05%	-0.64%	-7.41%	-5.62%	-10.53%	-10.09%	-2.93%	-8.60%	-7.07%	-9.59%	-8.73%	-10.10%	0.12%	-0.07%	-0.43%
2018	11	1.69%	$14,225	0.97%	$12,832	1.21%	$12,128	1.92%	1.33%	3.56%	1.47%	4.86%	-2.23%	-0.36%	0.52%	2.01%	0.57%	1.60%	0.68%	4.67%	0.51%	0.44%	0.35%	0.34%	5.46%	0.40%	0.96%	0.04%
2018	12	-4.38%	$13,603	-4.10%	$12,306	-4.29%	$11,608	-8.86%	2.80%	-8.64%	-4.94%	-8.21%	-1.53%	1.86%	2.22%	-9.16%	-12.11%	-12.19%	-12.30%	-7.96%	-5.67%	-5.38%	-7.18%	-6.70%	-2.49%	0.83%	2.26%	0.20%
2019	1	5.02%	$14,285	6.59%	$13,116	5.81%	$12,283	7.92%	0.65%	6.10%	7.57%	11.75%	5.64%	3.37%	0.91%	8.54%	11.26%	10.63%	12.19%	11.85%	7.47%	6.50%	8.08%	7.51%	10.50%	0.20%	0.29%	0.75%
2019	2	1.79%	$14,541	1.40%	$13,300	1.38%	$12,452	3.23%	-0.52%	3.77%	1.63%	0.84%	0.58%	-0.20%	-0.11%	3.56%	1.94%	4.34%	4.17%	0.70%	2.33%	1.74%	1.86%	1.90%	0.17%	0.07%	-0.23%	-0.02%
2019	3	2.19%	$14,860	1.65%	$13,520	0.35%	$12,496	1.92%	2.66%	0.53%	1.00%	3.22%	1.46%	2.93%	2.12%	1.42%	-1.63%	-3.26%	-3.80%	4.21%	0.60%	-0.24%	-0.45%	-0.11%	1.81%	0.62%	1.75%	0.85%
2019	4	2.30%	$15,201	1.74%	$13,756	1.84%	$12,725	4.00%	-0.52%	2.84%	2.85%	-0.25%	0.68%	0.44%	-0.20%	3.93%	5.19%	3.86%	4.20%	-0.16%	2.84%	2.48%	2.57%	2.66%	1.49%	0.23%	-0.14%	0.47%
2019	5	-2.88%	$14,764	-2.64%	$13,393	-3.46%	$12,285	-6.30%	3.05%	-6.31%	-5.54%	0.17%	0.25%	1.65%	1.91%	-6.45%	-9.32%	-8.69%	-9.92%	0.14%	-5.21%	-6.21%	-5.99%	-5.31%	-6.04%	0.78%	2.06%	0.55%
2019	6	4.72%	$15,461	3.99%	$13,927	3.81%	$12,753	6.95%	1.22%	6.65%	5.89%	1.39%	1.31%	3.25%	1.10%	7.08%	8.75%	7.34%	7.71%	1.54%	5.86%	5.34%	4.75%	3.50%	6.22%	0.45%	0.95%	0.63%
2019	7	0.96%	$15,610	0.23%	$13,959	-0.30%	$12,715	1.52%	0.04%	0.72%	-1.80%	1.17%	1.80%	0.25%	0.18%	1.41%	0.54%	1.19%	1.19%	1.70%	-2.04%	-2.77%	-2.08%	-2.72%	-1.42%	-0.06%	-0.06%	0.02%
2019	8	0.43%	$15,677	-0.04%	$13,953	-1.16%	$12,567	-1.66%	3.95%	-2.10%	-2.44%	3.34%	0.60%	3.88%	2.78%	-2.08%	-5.80%	-4.58%	-5.13%	3.75%	-1.88%	-3.47%	-2.45%	-3.04%	-4.03%	0.81%	2.46%	0.51%
2019	9	0.74%	$15,793	1.62%	$14,179	1.96%	$12,813	1.95%	-1.19%	3.90%	2.82%	2.98%	0.75%	-0.76%	-0.61%	1.78%	6.00%	3.37%	5.61%	1.93%	3.16%	4.99%	3.05%	4.19%	1.20%	-0.17%	-0.68%	-0.19%
2019	10	1.42%	$16,017	1.69%	$14,419	1.71%	$13,032	2.16%	0.19%	1.05%	3.45%	1.44%	0.43%	0.44%	0.21%	2.11%	0.99%	2.03%	1.99%	1.13%	3.21%	3.46%	4.04%	4.55%	2.69%	0.36%	0.28%	0.27%
2019	11	2.02%	$16,341	0.81%	$14,536	1.05%	$13,169	3.64%	-0.69%	2.34%	1.05%	-1.54%	-0.44%	0.47%	-0.03%	3.79%	3.86%	3.01%	2.75%	-1.30%	1.34%	0.47%	2.10%	2.64%	-0.18%	-0.03%	-0.50%	0.02%
2019	12	1.53%	$16,590	2.19%	$14,855	2.17%	$13,455	2.92%	-0.93%	2.97%	4.17%	-0.61%	1.92%	0.53%	-0.05%	2.80%	2.40%	3.00%	2.89%	0.76%	3.57%	3.28%	4.18%	5.27%	6.16%	0.21%	-0.27%	0.90%
2020	1	1.39%	$16,820	-0.29%	$14,811	-1.85%	$13,206	0.00%	3.47%	-2.51%	-3.40%	1.12%	1.52%	2.45%	2.03%	-0.06%	-5.95%	-4.02%	-6.35%	1.23%	-3.00%	-4.25%	-5.14%	-4.63%	-7.49%	0.56%	2.17%	0.37%
2020	2	-3.79%	$16,182	-5.11%	$14,055	-4.63%	$12,595	-8.46%	2.96%	-9.70%	-6.61%	-7.83%	-4.87%	1.09%	1.58%	-8.00%	-13.05%	-9.56%	-10.12%	-7.03%	-7.65%	-8.12%	-9.86%	-9.91%	-5.79%	0.89%	2.16%	0.40%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2	Portfolio 3
Large-cap Value	28.48%	11.83%	3.01%
Large-cap Growth	31.58%	10.24%	0.92%
Mid-cap Value	0.00%	9.94%	10.15%
Mid-cap Growth	0.09%	0.00%	1.65%
Small-cap Value	0.00%	0.00%	11.38%
Small-cap Growth	0.03%	0.00%	0.27%
Global ex-US Developed Markets	0.10%	26.68%	23.98%
Emerging Markets	0.00%	3.93%	6.25%
Corporate Bonds	0.00%	18.03%	4.80%
Long-Term Treasuries	0.49%	4.80%	2.08%
Intermediate-Term Treasuries	39.22%	14.56%	5.75%
Short-Term Treasuries	0.00%	0.00%	29.75%
R Squared	99.95%	97.17%	98.61%
Style analysis is based on monthly returns from January 2014 to February 2020 and uses total portfolio return with monthly rebalancing. Returns based style analysis aims to explain the portfolio returns based on asset class exposures, it does not identify the actual portfolio holdings.

Holdings Based Style Analysis for Portfolio 1

Holdings Based Style Analysis for Portfolio 1
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
IVV	iShares Core S&P 500 ETF	Large Blend	60.00%	1.58%	1.57%	0.03%	0.03%	20.68		$4,656	102.66%
IEF	iShares 7-10 Year Treasury Bond ETF	Long Government	40.00%	3.34%	2.16%	0.15%	0.15%		7.68	$1,526	-2.66%
			100.00%	2.28%	1.81%	0.08%	0.08%	20.68	7.68	$6,182	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
VYM	Vanguard High Dividend Yield ETF	Large Value	5.00%	3.11%	3.09%	0.06%	0.06%	14.61		$276	6.65%
VEU	Vanguard FTSE All-Wld ex-US ETF	Foreign Large Blend	30.00%		2.89%	0.08%	0.08%	13.07		$616	45.66%
USRT	iShares Core US REIT ETF	Real Estate	10.00%	3.30%	3.45%	0.08%	0.08%	26.32		$629	12.75%
PFF	iShares Preferred&Income Securities ETF	Preferred Stock	20.00%	6.36%	6.46%	0.45%	0.45%			$756	9.64%
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	Corporate Bond	10.00%	4.95%	3.44%	0.14%	0.14%		8.35	$433	2.92%
AGG	iShares Core US Aggregate Bond ETF	Intermediate Core Bond	10.00%	3.82%	2.57%	0.03%	0.04%		6.37	$294	0.34%
VTI	Vanguard Total Stock Market ETF	Large Blend	15.00%	1.55%	1.58%	0.03%	0.03%	20.09		$1,050	22.04%
			100.00%	2.87%	3.50%	0.15%	0.15%	17.16	7.36	$4,055	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
VTI	Vanguard Total Stock Market ETF	Large Blend	6.00%	1.55%	1.58%	0.03%	0.03%	20.09		$406	9.64%
RPV	Invesco S&P 500 Pure Value ETF	Large Value	6.00%	2.42%	2.68%	0.35%	0.35%	10.00		$187	12.14%
IJR	iShares Core S&P Small-Cap ETF	Small Blend	6.00%	1.74%	1.59%	0.06%	0.06%	11.81		$260	11.86%
SLYV	SPDR S&P 600 Small Cap Value ETF	Small Value	6.00%	2.25%	1.77%	0.15%	0.15%	11.21		$215	12.54%
VNQ	Vanguard Real Estate ETF	Real Estate	6.00%		4.10%	0.12%	0.12%	27.50		$391	6.94%
VEA	Vanguard FTSE Developed Markets ETF	Foreign Large Blend	6.00%		2.81%	0.05%	0.05%	13.49		$116	9.57%
EFV	iShares MSCI EAFE Value ETF	Foreign Large Value	6.00%	3.46%	3.82%	0.34%	0.34%	9.75		-$2.24	9.57%
FNDC	Schwab Fundamental Intl Sm Co ETF	Foreign Small/Mid Value	6.00%	2.37%	1.84%	0.39%	0.39%	11.00		$129	9.91%
DLS	WisdomTree International SmallCp Div ETF	Foreign Small/Mid Value	6.00%	4.07%	5.26%	0.58%	0.58%	8.91		$143	9.91%
DGS	WisdomTree Emerging Markets SmCp Div ETF	Diversified Emerging Mkts	6.00%	5.13%	5.04%	0.58%	0.58%	7.72		$124	10.47%
VGSH	Vanguard Short-Term Treasury ETF	Short Government	12.00%	4.18%	1.70%	0.04%	0.04%		1.89	$121	-0.48%
SPTI	SPDR Portfolio Intmdt Term Trs ETF	Intermediate Government	20.00%	3.51%	1.80%	0.06%	0.06%		5.11	$428	-2.57%
VTIP	Vanguard Short-Term Infl-Prot Secs ETF	Inflation-Protected Bond	8.00%	1.57%	5.72%	0.04%	0.04%		2.44	$76.81	0.50%
			100.00%	2.71%	2.85%	0.18%	0.18%	13.15	3.61	$2,595	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Fund fundamentals data as of 05/31/2023. (c) 2023 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.

Risk and Return Metrics

Portfolio return and risk metrics
Metric	Portfolio 1	Portfolio 2	Portfolio 3
Arithmetic Mean (monthly)	0.67%	0.48%	0.33%
Arithmetic Mean (annualized)	8.35%	5.96%	4.07%
Geometric Mean (monthly)	0.65%	0.46%	0.31%
Geometric Mean (annualized)	8.12%	5.67%	3.81%
Standard Deviation (monthly)	1.93%	2.15%	2.03%
Standard Deviation (annualized)	6.67%	7.43%	7.04%
Downside Deviation (monthly)	1.15%	1.37%	1.37%
Maximum Drawdown	-7.15%	-8.73%	-8.74%
Stock Market Correlation	0.95	0.90	0.93
Beta^(*)	0.52	0.56	0.54
Alpha (annualized)	2.92%	0.37%	-1.33%
R²	90.11%	81.63%	87.14%
Sharpe Ratio	1.07	0.66	0.44
Sortino Ratio	1.73	1.01	0.64
Treynor Ratio (%)	13.65	8.84	5.70
Calmar Ratio	1.19	0.64	0.40
Active Return	-1.33%	-3.77%	-5.63%
Tracking Error	6.12%	6.24%	6.06%
Information Ratio	-0.22	-0.60	-0.93
Skewness	-0.52	-0.28	-0.35
Excess Kurtosis	0.83	1.32	1.00
Historical Value-at-Risk (5%)	3.16%	3.69%	3.55%
Analytical Value-at-Risk (5%)	2.44%	3.02%	2.99%
Conditional Value-at-Risk (5%)	4.07%	4.61%	4.38%
Upside Capture Ratio (%)	59.95	56.12	49.17
Downside Capture Ratio (%)	45.47	58.19	61.07
Safe Withdrawal Rate	20.56%	19.27%	18.14%
Perpetual Withdrawal Rate	6.09%	3.86%	2.08%
Positive Periods	53 out of 74 (71.62%)	49 out of 74 (66.22%)	49 out of 74 (66.22%)
Gain/Loss Ratio	0.96	0.93	0.79
^* US stock market is used as the benchmark for calculations. Value-at-risk metrics are monthly values.

Drawdowns

Historical Market Stress Periods

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Sep 2018	Dec 2018	4 months	Mar 2019	3 months	7 months	-7.15%
2	Aug 2015	Sep 2015	2 months	Nov 2015	2 months	4 months	-4.48%
3	Feb 2018	Apr 2018	3 months	Jul 2018	3 months	6 months	-4.02%
4	Feb 2020	Feb 2020	1 month				-3.79%
5	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-2.88%
6	Dec 2015	Jan 2016	2 months	Mar 2016	2 months	4 months	-2.87%
7	Aug 2016	Oct 2016	3 months	Jan 2017	3 months	6 months	-1.89%
8	Jun 2015	Jun 2015	1 month	Jul 2015	1 month	2 months	-1.84%
9	Sep 2014	Sep 2014	1 month	Oct 2014	1 month	2 months	-1.25%
10	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-0.93%
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	Feb 2018	Dec 2018	11 months	Mar 2019	3 months	1 year 2 months	-8.73%
2	May 2015	Feb 2016	10 months	Jun 2016	4 months	1 year 2 months	-7.37%
3	Jan 2020	Feb 2020	2 months				-5.39%
4	Aug 2016	Nov 2016	4 months	Jan 2017	2 months	6 months	-3.01%
5	Sep 2014	Sep 2014	1 month	Nov 2014	2 months	3 months	-2.79%
6	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-2.64%
7	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-1.11%
8	Dec 2014	Dec 2014	1 month	Feb 2015	2 months	3 months	-1.06%
9	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-0.96%
10	Mar 2015	Mar 2015	1 month	Apr 2015	1 month	2 months	-0.45%
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	Feb 2018	Dec 2018	11 months	Apr 2019	4 months	1 year 3 months	-8.74%
2	Jun 2015	Jan 2016	8 months	Jul 2016	6 months	1 year 2 months	-7.51%
3	Jan 2020	Feb 2020	2 months				-6.39%
4	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-3.46%
5	Sep 2014	Sep 2014	1 month	Feb 2015	5 months	6 months	-3.16%
6	Jan 2014	Jan 2014	1 month	Feb 2014	1 month	2 months	-1.76%
7	Oct 2016	Oct 2016	1 month	Dec 2016	2 months	3 months	-1.66%
8	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-1.54%
9	Jul 2019	Aug 2019	2 months	Sep 2019	1 month	3 months	-1.46%
10	Mar 2015	Mar 2015	1 month	Apr 2015	1 month	2 months	-0.15%
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
IVV	iShares Core S&P 500 ETF	10.03%	11.84%	31.25%	-8.46%	-13.45%	0.79	1.20	1.00
IEF	iShares 7-10 Year Treasury Bond ETF	4.77%	5.38%	9.07%	0.99%	-7.18%	0.73	1.35	-0.38
VYM	Vanguard High Dividend Yield ETF	7.86%	11.36%	24.07%	-11.96%	-11.96%	0.65	0.95	0.95
VEU	Vanguard FTSE All-Wld ex-US ETF	2.23%	12.40%	27.39%	-14.19%	-20.36%	0.17	0.24	0.83
USRT	iShares Core US REIT ETF	8.94%	13.55%	29.12%	-6.80%	-13.40%	0.63	1.02	0.55
PFF	iShares Preferred&Income Securities ETF	5.50%	5.13%	15.92%	-4.63%	-7.50%	0.89	1.43	0.52
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	5.86%	5.01%	17.37%	-3.79%	-5.54%	0.99	1.86	0.14
AGG	iShares Core US Aggregate Bond ETF	4.00%	3.18%	8.45%	0.33%	-3.52%	0.98	1.84	-0.22
VTI	Vanguard Total Stock Market ETF	9.59%	12.08%	30.67%	-8.06%	-14.20%	0.75	1.12	1.00
RPV	Invesco S&P 500 Pure Value ETF	4.18%	15.80%	24.79%	-18.22%	-18.22%	0.28	0.40	0.92
IJR	iShares Core S&P Small-Cap ETF	6.20%	16.13%	26.61%	-13.19%	-22.64%	0.40	0.58	0.88
SLYV	SPDR S&P 600 Small Cap Value ETF	4.82%	17.04%	31.18%	-15.83%	-22.98%	0.31	0.45	0.86
VNQ	Vanguard Real Estate ETF	9.34%	13.92%	30.36%	-6.02%	-14.88%	0.65	1.06	0.51
VEA	Vanguard FTSE Developed Markets ETF	2.13%	12.14%	26.42%	-14.75%	-18.62%	0.16	0.23	0.85
EFV	iShares MSCI EAFE Value ETF	-0.46%	12.89%	21.25%	-14.66%	-25.23%	-0.04	-0.06	0.79
FNDC	Schwab Fundamental Intl Sm Co ETF	2.52%	12.47%	29.20%	-19.13%	-22.41%	0.19	0.27	0.84
DLS	WisdomTree International SmallCp Div ETF	2.61%	12.96%	31.83%	-18.92%	-22.29%	0.19	0.28	0.79
DGS	WisdomTree Emerging Markets SmCp Div ETF	1.67%	15.35%	37.46%	-16.50%	-30.15%	0.13	0.18	0.65
VGSH	Vanguard Short-Term Treasury ETF	1.39%	0.98%	3.52%	0.04%	-0.82%	0.54	1.00	-0.38
SPTI	SPDR Portfolio Intmdt Term Trs ETF	2.94%	2.78%	6.01%	0.43%	-2.95%	0.75	1.50	-0.41
VTIP	Vanguard Short-Term Infl-Prot Secs ETF	1.33%	1.56%	4.86%	-1.41%	-2.96%	0.29	0.44	0.12

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	Net	Gross
iShares Core S&P 500 ETF	-5.78%	-8.46%	7.85%	9.73%	9.13%	0.03%	0.03%
iShares 7-10 Year Treasury Bond ETF	5.54%	6.53%	14.94%	5.69%	3.74%	0.15%	0.15%
Vanguard High Dividend Yield ETF	-9.34%	-11.96%	-0.79%	4.94%	6.63%	0.06%	0.06%
Vanguard FTSE All-Wld ex-US ETF	-6.03%	-9.79%	0.53%	4.44%	2.55%	0.08%	0.08%
iShares Core US REIT ETF	-7.36%	-6.80%	4.18%	4.39%	5.14%	0.08%	0.08%
iShares Preferred&Income Securities ETF	-1.58%	-3.43%	5.36%	3.35%	3.57%	0.45%	0.45%
iShares iBoxx $ Invmt Grade Corp Bd ETF	4.11%	3.56%	17.83%	7.26%	5.12%	0.14%	0.14%
iShares Core US Aggregate Bond ETF	3.60%	3.65%	11.52%	5.00%	3.50%	0.03%	0.04%
Vanguard Total Stock Market ETF	-5.48%	-8.06%	6.89%	9.33%	8.73%	0.03%	0.03%
Invesco S&P 500 Pure Value ETF	-16.25%	-18.22%	-10.02%	-0.13%	2.64%	0.35%	0.35%
iShares Core S&P Small-Cap ETF	-10.58%	-13.19%	-7.64%	3.00%	6.01%	0.06%	0.06%
SPDR S&P 600 Small Cap Value ETF	-13.39%	-15.83%	-10.51%	0.54%	4.44%	0.15%	0.15%
Vanguard Real Estate ETF	-5.17%	-5.88%	7.69%	5.00%	5.26%	0.12%	0.12%
Vanguard FTSE Developed Markets ETF	-7.22%	-10.42%	-0.11%	4.16%	2.52%	0.05%	0.05%
iShares MSCI EAFE Value ETF	-9.13%	-12.02%	-5.99%	0.70%	-0.40%	0.34%	0.34%
Schwab Fundamental Intl Sm Co ETF	-10.93%	-14.50%	-6.36%	0.66%	2.88%	0.39%	0.39%
WisdomTree International SmallCp Div ETF	-9.55%	-14.08%	-4.15%	1.64%	3.65%	0.58%	0.58%
WisdomTree Emerging Markets SmCp Div ETF	-7.47%	-12.84%	-6.36%	2.37%	2.09%	0.58%	0.58%
Vanguard Short-Term Treasury ETF	1.67%	1.45%	4.74%	2.23%	1.58%	0.04%	0.04%
SPDR Portfolio Intmdt Term Trs ETF	4.09%	4.37%	10.58%	4.41%	3.01%	0.06%	0.06%
Vanguard Short-Term Infl-Prot Secs ETF	1.68%	0.77%	4.90%	2.15%	1.76%	0.04%	0.04%
Trailing returns as of last calendar month ending February 2020

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	IVV	IEF	VYM	VEU	USRT	PFF	LQD	AGG	VTI	RPV	IJR	SLYV	VNQ	VEA	EFV	FNDC	DLS	DGS	VGSH	SPTI	VTIP	Portfolio 1	Portfolio 2	Portfolio 3
IVV	iShares Core S&P 500 ETF	1.00	-0.37	0.96	0.84	0.54	0.52	0.14	-0.21	1.00	0.91	0.84	0.82	0.50	0.85	0.80	0.83	0.79	0.65	-0.38	-0.41	0.11	0.95	0.91	0.92
IEF	iShares 7-10 Year Treasury Bond ETF	-0.37	1.00	-0.41	-0.30	0.28	0.19	0.74	0.95	-0.38	-0.54	-0.45	-0.47	0.32	-0.31	-0.43	-0.37	-0.38	-0.12	0.82	0.94	0.48	-0.08	-0.10	-0.28
VYM	Vanguard High Dividend Yield ETF	0.96	-0.41	1.00	0.81	0.54	0.45	0.09	-0.26	0.95	0.93	0.83	0.83	0.50	0.82	0.79	0.80	0.75	0.66	-0.40	-0.46	0.08	0.90	0.87	0.90
VEU	Vanguard FTSE All-Wld ex-US ETF	0.84	-0.30	0.81	1.00	0.40	0.47	0.24	-0.11	0.83	0.78	0.65	0.65	0.38	0.99	0.96	0.95	0.93	0.86	-0.25	-0.31	0.32	0.80	0.91	0.92
USRT	iShares Core US REIT ETF	0.54	0.28	0.54	0.40	1.00	0.66	0.54	0.36	0.55	0.45	0.51	0.49	0.99	0.43	0.33	0.43	0.38	0.34	0.10	0.18	0.36	0.66	0.70	0.61
PFF	iShares Preferred&Income Securities ETF	0.52	0.19	0.45	0.47	0.66	1.00	0.50	0.31	0.52	0.44	0.39	0.38	0.65	0.50	0.41	0.52	0.49	0.40	-0.04	0.08	0.34	0.61	0.70	0.56
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	0.14	0.74	0.09	0.24	0.54	0.50	1.00	0.87	0.14	-0.00	0.01	0.00	0.58	0.22	0.11	0.16	0.13	0.35	0.61	0.69	0.58	0.39	0.43	0.27
AGG	iShares Core US Aggregate Bond ETF	-0.21	0.95	-0.26	-0.11	0.36	0.31	0.87	1.00	-0.22	-0.39	-0.33	-0.36	0.41	-0.13	-0.25	-0.20	-0.21	0.04	0.82	0.93	0.55	0.08	0.08	-0.11
VTI	Vanguard Total Stock Market ETF	1.00	-0.38	0.95	0.83	0.55	0.52	0.14	-0.22	1.00	0.92	0.88	0.86	0.51	0.85	0.79	0.84	0.79	0.65	-0.38	-0.41	0.12	0.95	0.90	0.93
RPV	Invesco S&P 500 Pure Value ETF	0.91	-0.54	0.93	0.78	0.45	0.44	-0.00	-0.39	0.92	1.00	0.88	0.90	0.41	0.79	0.79	0.81	0.77	0.64	-0.54	-0.59	0.01	0.81	0.81	0.90
IJR	iShares Core S&P Small-Cap ETF	0.84	-0.45	0.83	0.65	0.51	0.39	0.01	-0.33	0.88	0.88	1.00	0.99	0.48	0.67	0.63	0.71	0.67	0.51	-0.42	-0.48	0.01	0.76	0.74	0.86
SLYV	SPDR S&P 600 Small Cap Value ETF	0.82	-0.47	0.83	0.65	0.49	0.38	0.00	-0.36	0.86	0.90	0.99	1.00	0.46	0.67	0.64	0.72	0.67	0.53	-0.45	-0.51	0.01	0.74	0.73	0.86
VNQ	Vanguard Real Estate ETF	0.50	0.32	0.50	0.38	0.99	0.65	0.58	0.41	0.51	0.41	0.48	0.46	1.00	0.40	0.30	0.40	0.35	0.34	0.15	0.22	0.37	0.63	0.68	0.58
VEA	Vanguard FTSE Developed Markets ETF	0.85	-0.31	0.82	0.99	0.43	0.50	0.22	-0.13	0.85	0.79	0.67	0.67	0.40	1.00	0.97	0.96	0.94	0.79	-0.28	-0.33	0.29	0.81	0.92	0.92
EFV	iShares MSCI EAFE Value ETF	0.80	-0.43	0.79	0.96	0.33	0.41	0.11	-0.25	0.79	0.79	0.63	0.64	0.30	0.97	1.00	0.93	0.91	0.74	-0.37	-0.44	0.19	0.72	0.84	0.87
FNDC	Schwab Fundamental Intl Sm Co ETF	0.83	-0.37	0.80	0.95	0.43	0.52	0.16	-0.20	0.84	0.81	0.71	0.72	0.40	0.96	0.93	1.00	0.98	0.79	-0.38	-0.41	0.25	0.77	0.89	0.93
DLS	WisdomTree International SmallCp Div ETF	0.79	-0.38	0.75	0.93	0.38	0.49	0.13	-0.21	0.79	0.77	0.67	0.67	0.35	0.94	0.91	0.98	1.00	0.77	-0.38	-0.41	0.24	0.73	0.85	0.90
DGS	WisdomTree Emerging Markets SmCp Div ETF	0.65	-0.12	0.66	0.86	0.34	0.40	0.35	0.04	0.65	0.64	0.51	0.53	0.34	0.79	0.74	0.79	0.77	1.00	-0.09	-0.14	0.39	0.66	0.78	0.80
VGSH	Vanguard Short-Term Treasury ETF	-0.38	0.82	-0.40	-0.25	0.10	-0.04	0.61	0.82	-0.38	-0.54	-0.42	-0.45	0.15	-0.28	-0.37	-0.38	-0.38	-0.09	1.00	0.91	0.58	-0.15	-0.16	-0.28
SPTI	SPDR Portfolio Intmdt Term Trs ETF	-0.41	0.94	-0.46	-0.31	0.18	0.08	0.69	0.93	-0.41	-0.59	-0.48	-0.51	0.22	-0.33	-0.44	-0.41	-0.41	-0.14	0.91	1.00	0.50	-0.14	-0.16	-0.32
VTIP	Vanguard Short-Term Infl-Prot Secs ETF	0.11	0.48	0.08	0.32	0.36	0.34	0.58	0.55	0.12	0.01	0.01	0.01	0.37	0.29	0.19	0.25	0.24	0.39	0.58	0.50	1.00	0.27	0.37	0.28

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
IVV	iShares Core S&P 500 ETF	$4,656
IEF	iShares 7-10 Year Treasury Bond ETF	$1,526
VYM	Vanguard High Dividend Yield ETF		$276
VEU	Vanguard FTSE All-Wld ex-US ETF		$616
USRT	iShares Core US REIT ETF		$629
PFF	iShares Preferred&Income Securities ETF		$756
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF		$433
AGG	iShares Core US Aggregate Bond ETF		$294
VTI	Vanguard Total Stock Market ETF		$1,050	$406
RPV	Invesco S&P 500 Pure Value ETF			$187
IJR	iShares Core S&P Small-Cap ETF			$260
SLYV	SPDR S&P 600 Small Cap Value ETF			$215
VNQ	Vanguard Real Estate ETF			$391
VEA	Vanguard FTSE Developed Markets ETF			$116
EFV	iShares MSCI EAFE Value ETF			-$2.24
FNDC	Schwab Fundamental Intl Sm Co ETF			$129
DLS	WisdomTree International SmallCp Div ETF			$143
DGS	WisdomTree Emerging Markets SmCp Div ETF			$124
VGSH	Vanguard Short-Term Treasury ETF			$121
SPTI	SPDR Portfolio Intmdt Term Trs ETF			$428
VTIP	Vanguard Short-Term Infl-Prot Secs ETF			$76.81
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	Portfolio 1	Portfolio 2	Portfolio 3
IVV	iShares Core S&P 500 ETF	102.66%
IEF	iShares 7-10 Year Treasury Bond ETF	-2.66%
VYM	Vanguard High Dividend Yield ETF		6.65%
VEU	Vanguard FTSE All-Wld ex-US ETF		45.66%
USRT	iShares Core US REIT ETF		12.75%
PFF	iShares Preferred&Income Securities ETF		9.64%
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF		2.92%
AGG	iShares Core US Aggregate Bond ETF		0.34%
VTI	Vanguard Total Stock Market ETF		22.04%	9.64%
RPV	Invesco S&P 500 Pure Value ETF			12.14%
IJR	iShares Core S&P Small-Cap ETF			11.86%
SLYV	SPDR S&P 600 Small Cap Value ETF			12.54%
VNQ	Vanguard Real Estate ETF			6.94%
VEA	Vanguard FTSE Developed Markets ETF			9.57%
EFV	iShares MSCI EAFE Value ETF			9.57%
FNDC	Schwab Fundamental Intl Sm Co ETF			9.91%
DLS	WisdomTree International SmallCp Div ETF			9.91%
DGS	WisdomTree Emerging Markets SmCp Div ETF			10.47%
VGSH	Vanguard Short-Term Treasury ETF			-0.48%
SPTI	SPDR Portfolio Intmdt Term Trs ETF			-2.57%
VTIP	Vanguard Short-Term Infl-Prot Secs ETF			0.50%
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

Rolling returns summary
Roll Period	Portfolio 1			Portfolio 2			Portfolio 3
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low
1 year	8.15%	21.96%	-2.28%	5.90%	20.71%	-7.07%	4.57%	15.90%	-7.04%
3 years	8.10%	10.87%	6.28%	6.37%	9.00%	4.40%	5.69%	8.24%	3.34%
5 years	7.70%	8.52%	6.35%	5.48%	6.51%	4.24%	4.34%	5.55%	3.03%

Backtest Portfolio Asset Allocation

Portfolio Backtesting Overview

Portfolio Model Configuration

Portfolio Analysis Results (Jan 2014 - Feb 2020)

Portfolio 1

Portfolio 2

Portfolio 3

Performance Summary

Portfolio Growth

Annual Returns

Trailing Returns

Annual Returns

Monthly Returns

Returns Based Style Analysis

Holdings Based Style Analysis for Portfolio 1

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Portfolio 2

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Portfolio 3

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Risk and Return Metrics

Drawdowns

Historical Market Stress Periods

Drawdowns for Portfolio 1

Drawdowns for Portfolio 2

Drawdowns for Portfolio 3

Portfolio Assets

Portfolio Asset Performance

Monthly Correlations

Portfolio Return Decomposition

Portfolio Risk Decomposition

Annual Asset Returns

Rolling Returns

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years