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

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Asset 27

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Total

Portfolio Analysis Results (Jan 2020 - Dec 2020)

Vanguard Conservative

Ticker	Name	Allocation
VFIJX	Vanguard GNMA Adm	7.00%
VFISX	Vanguard Short-Term Treasury Inv	11.00%
VBILX	Vanguard Interm-Term Bond Index Adm	12.00%
VWIAX	Vanguard Wellesley Income Admiral	15.00%
VWELX	Vanguard Wellington Inv	10.00%
VGSTX	Vanguard STAR Inv	3.00%
VGWAX	Vanguard Global Wellington Admiral	5.00%
IAU	iShares Gold Trust	5.00%
VTABX	Vanguard Total Intl Bd Idx Admiral	5.00%
PRSNX	T. Rowe Price Global Multi-Sector Bd Inv	5.00%
VEMBX	Vanguard Emerging Markets Bond Investor	4.00%
VMNVX	Vanguard Global Minimum Volatility Admr	5.00%
VEMAX	Vanguard Emerging Mkts Stock Idx Adm	4.00%
VPGDX	Vanguard Managed Allocation Investor	9.00%
Save portfolio »

Fidelity Conservative

Ticker	Name	Allocation
IAU	iShares Gold Trust	5.00%
FUMBX	Fidelity Shrt-Term Trs Bd Index	5.00%
CASHX	Cash	5.00%
FIKFX	Fidelity Freedom Index Income Investor	15.00%
FMSDX	Fidelity Multi-Asset Income	10.00%
FIGFX	Fidelity International Growth	5.00%
FIREX	Fidelity Intl Real Estate	5.00%
FRIFX	Fidelity Real Estate Income	5.00%
FTHRX	Fidelity Intermediate Bond	5.00%
FXNAX	Fidelity US Bond Index	5.00%
FGOVX	Fidelity Government Income	10.00%
FWRLX	Fidelity Select Wireless	5.00%
FDEGX	Fidelity Growth Strategies	5.00%
FGBFX	Fidelity Global Credit	5.00%
FEMSX	Fidelity Series Emerging Markets Opps	5.00%
FIPDX	Fidelity Inflation-Prot Bd Index	5.00%
Save portfolio »

Fidelity Moderate

Ticker	Name	Allocation
IAU	iShares Gold Trust	6.00%
FUMBX	Fidelity Shrt-Term Trs Bd Index	10.00%
CASHX	Cash	8.00%
DODIX	Dodge&Cox Income I	20.00%
FIKFX	Fidelity Freedom Index Income Investor	6.00%
FMSDX	Fidelity Multi-Asset Income	4.00%
FSDIX	Fidelity Strategic Dividend&Income	4.00%
FDGRX	Fidelity Growth Company	5.00%
BGAFX	Baron Global Advantage Retail	7.00%
FPHAX	Fidelity Select Pharmaceuticals Port	6.00%
FEMKX	Fidelity Emerging Markets	5.00%
FIGFX	Fidelity International Growth	5.00%
FIREX	Fidelity Intl Real Estate	4.00%
FRIFX	Fidelity Real Estate Income	6.00%
ICLN	iShares Global Clean Energy ETF	4.00%
Save portfolio »

Performance Summary

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Max. Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
Vanguard Conservative	$1,000,000	$1,087,562	8.76%	9.79%	-7.64%	0.85	1.29	0.96
Fidelity Conservative	$1,000,000	$1,122,625	12.26%	10.10%	-7.02%	1.14	1.88	0.96
Fidelity Moderate	$1,000,000	$1,233,716	23.37%	13.23%	-8.50%	1.62	2.88	0.97
Vanguard Wellesley Income Admiral	$1,000,000	$1,085,413	8.54%	11.55%	-8.58%	0.72	1.19	0.95

Portfolio Growth

Annual Returns

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. If the 5% VaR is -3% the portfolio return is expected to be greater than -3% 95% of the time and less than -3% 5% of the time. Value at Risk can be calculated directly based on historical returns based on a given percentile or analytically based on the mean and standard deviation of the returns.
Conditional Value at Risk (CVaR) measures the scale of the expected loss once the specific Value at Risk (VaR) breakpoint has been breached, i.e., it calculates the average tail loss by taking a weighted average between the value at risk and losses exceeding the value at risk.
Beta is a measure of systematic risk and measures the volatility of a particular investment relative to the market or its benchmark. Alpha measures the active return of the investment compared to the market benchmark return. R-squared is the percentage of a portfolio's movements that can be explained by movements in the selected benchmark index.
Active return is the investment return minus the return of its benchmark. For periods longer than 12 months this is displayed as annualized value, i.e., annualized investment return minus annualized benchmark return.
Tracking error, also known as active risk, is the standard deviation of active return. This is displayed as annualized value based on the standard deviation of monthly active returns.
Information ratio is the active return divided by the tracking error. It measures whether the investment outperformed its benchmark consistently.
Gain/Loss ratio is a measure of downside risk, and it is calculated as the average positive return in up periods divided by the average negative return in down periods.
Upside Capture Ratio measures how well the fund performed relative to the benchmark when the market was up, and Downside Capture Ratio measures how well the fund performed relative to the benchmark when the market was down. An upside capture ratio greater than 100 would indicate that the fund outperformed its benchmark when the market was up, and a downside capture ratio below 100 would indicate that the fund lost less than its benchmark when the market was down. To calculate upside capture ratio a new series from the portfolio returns is constructed by dropping all time periods where the benchmark return is less than equal to zero. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The downside capture ratio is calculated analogously.
All risk measures for the portfolio and portfolio assets are calculated based on monthly returns.
Gross expense ratio reflects the total annual operating expenses paid by each fund. Net expense ratio reflects what investors were charged after waivers, reductions, and reimbursements.
Price to earnings (P/E) ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share. For funds the price to earnings ratio is computed as the weighted average of fund holdings.
The results assume annual rebalancing of portfolio assets to match the specified allocation.

Annual Returns

Annual returns for the configured portfolios
Year	Inflation	Vanguard Conservative		Fidelity Conservative		Fidelity Moderate		Vanguard Wellesley Income Admiral		Vanguard GNMA Adm (VFIJX)	Vanguard Short-Term Treasury Inv (VFISX)	Vanguard Interm-Term Bond Index Adm (VBILX)	Vanguard Wellesley Income Admiral (VWIAX)	Vanguard Wellington Inv (VWELX)	Vanguard STAR Inv (VGSTX)	Vanguard Global Wellington Admiral (VGWAX)	iShares Gold Trust (IAU)	Vanguard Total Intl Bd Idx Admiral (VTABX)	T. Rowe Price Global Multi-Sector Bd Inv (PRSNX)	Vanguard Emerging Markets Bond Investor (VEMBX)	Vanguard Global Minimum Volatility Admr (VMNVX)	Vanguard Emerging Mkts Stock Idx Adm (VEMAX)	Vanguard Managed Allocation Investor (VPGDX)	Fidelity Shrt-Term Trs Bd Index (FUMBX)	Cash (CASHX)	Fidelity Freedom Index Income Investor (FIKFX)	Fidelity Multi-Asset Income (FMSDX)	Fidelity International Growth (FIGFX)	Fidelity Intl Real Estate (FIREX)	Fidelity Real Estate Income (FRIFX)	Fidelity Intermediate Bond (FTHRX)	Fidelity US Bond Index (FXNAX)	Fidelity Government Income (FGOVX)	Fidelity Select Wireless (FWRLX)	Fidelity Growth Strategies (FDEGX)	Fidelity Global Credit (FGBFX)	Fidelity Series Emerging Markets Opps (FEMSX)	Fidelity Inflation-Prot Bd Index (FIPDX)	Dodge&Cox Income I (DODIX)	Fidelity Strategic Dividend&Income (FSDIX)	Fidelity Growth Company (FDGRX)	Baron Global Advantage Retail (BGAFX)	Fidelity Select Pharmaceuticals Port (FPHAX)	Fidelity Emerging Markets (FEMKX)	iShares Global Clean Energy ETF (ICLN)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard GNMA Adm (VFIJX)	Vanguard Short-Term Treasury Inv (VFISX)	Vanguard Interm-Term Bond Index Adm (VBILX)	Vanguard Wellesley Income Admiral (VWIAX)	Vanguard Wellington Inv (VWELX)	Vanguard STAR Inv (VGSTX)	Vanguard Global Wellington Admiral (VGWAX)	iShares Gold Trust (IAU)	Vanguard Total Intl Bd Idx Admiral (VTABX)	T. Rowe Price Global Multi-Sector Bd Inv (PRSNX)	Vanguard Emerging Markets Bond Investor (VEMBX)	Vanguard Global Minimum Volatility Admr (VMNVX)	Vanguard Emerging Mkts Stock Idx Adm (VEMAX)	Vanguard Managed Allocation Investor (VPGDX)	Fidelity Shrt-Term Trs Bd Index (FUMBX)	Cash (CASHX)	Fidelity Freedom Index Income Investor (FIKFX)	Fidelity Multi-Asset Income (FMSDX)	Fidelity International Growth (FIGFX)	Fidelity Intl Real Estate (FIREX)	Fidelity Real Estate Income (FRIFX)	Fidelity Intermediate Bond (FTHRX)	Fidelity US Bond Index (FXNAX)	Fidelity Government Income (FGOVX)	Fidelity Select Wireless (FWRLX)	Fidelity Growth Strategies (FDEGX)	Fidelity Global Credit (FGBFX)	Fidelity Series Emerging Markets Opps (FEMSX)	Fidelity Inflation-Prot Bd Index (FIPDX)	Dodge&Cox Income I (DODIX)	Fidelity Strategic Dividend&Income (FSDIX)	Fidelity Growth Company (FDGRX)	Baron Global Advantage Retail (BGAFX)	Fidelity Select Pharmaceuticals Port (FPHAX)	Fidelity Emerging Markets (FEMKX)	iShares Global Clean Energy ETF (ICLN)
2020	1.36%	8.76%	$1,087,562	12.26%	$1,122,625	23.37%	$1,233,716	8.54%	$1,085,413	3.83%	3.96%	9.80%	8.54%	10.60%	21.43%	7.51%	25.03%	4.54%	8.15%	14.98%	-3.94%	15.24%	6.89%	4.40%	0.44%	8.54%	16.55%	16.95%	5.70%	-1.08%	7.21%	7.80%	6.79%	33.09%	29.41%	8.36%	24.72%	10.90%	9.45%	11.25%	67.51%	79.01%	11.07%	32.54%	141.80%

Monthly Returns

Monthly returns for the configured portfolios
Year	Month	Vanguard Conservative		Fidelity Conservative		Fidelity Moderate		Vanguard Wellesley Income Admiral		Vanguard GNMA Adm (VFIJX)	Vanguard Short-Term Treasury Inv (VFISX)	Vanguard Interm-Term Bond Index Adm (VBILX)	Vanguard Wellesley Income Admiral (VWIAX)	Vanguard Wellington Inv (VWELX)	Vanguard STAR Inv (VGSTX)	Vanguard Global Wellington Admiral (VGWAX)	iShares Gold Trust (IAU)	Vanguard Total Intl Bd Idx Admiral (VTABX)	T. Rowe Price Global Multi-Sector Bd Inv (PRSNX)	Vanguard Emerging Markets Bond Investor (VEMBX)	Vanguard Global Minimum Volatility Admr (VMNVX)	Vanguard Emerging Mkts Stock Idx Adm (VEMAX)	Vanguard Managed Allocation Investor (VPGDX)	Fidelity Shrt-Term Trs Bd Index (FUMBX)	Cash (CASHX)	Fidelity Freedom Index Income Investor (FIKFX)	Fidelity Multi-Asset Income (FMSDX)	Fidelity International Growth (FIGFX)	Fidelity Intl Real Estate (FIREX)	Fidelity Real Estate Income (FRIFX)	Fidelity Intermediate Bond (FTHRX)	Fidelity US Bond Index (FXNAX)	Fidelity Government Income (FGOVX)	Fidelity Select Wireless (FWRLX)	Fidelity Growth Strategies (FDEGX)	Fidelity Global Credit (FGBFX)	Fidelity Series Emerging Markets Opps (FEMSX)	Fidelity Inflation-Prot Bd Index (FIPDX)	Dodge&Cox Income I (DODIX)	Fidelity Strategic Dividend&Income (FSDIX)	Fidelity Growth Company (FDGRX)	Baron Global Advantage Retail (BGAFX)	Fidelity Select Pharmaceuticals Port (FPHAX)	Fidelity Emerging Markets (FEMKX)	iShares Global Clean Energy ETF (ICLN)
Year	Month	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard GNMA Adm (VFIJX)	Vanguard Short-Term Treasury Inv (VFISX)	Vanguard Interm-Term Bond Index Adm (VBILX)	Vanguard Wellesley Income Admiral (VWIAX)	Vanguard Wellington Inv (VWELX)	Vanguard STAR Inv (VGSTX)	Vanguard Global Wellington Admiral (VGWAX)	iShares Gold Trust (IAU)	Vanguard Total Intl Bd Idx Admiral (VTABX)	T. Rowe Price Global Multi-Sector Bd Inv (PRSNX)	Vanguard Emerging Markets Bond Investor (VEMBX)	Vanguard Global Minimum Volatility Admr (VMNVX)	Vanguard Emerging Mkts Stock Idx Adm (VEMAX)	Vanguard Managed Allocation Investor (VPGDX)	Fidelity Shrt-Term Trs Bd Index (FUMBX)	Cash (CASHX)	Fidelity Freedom Index Income Investor (FIKFX)	Fidelity Multi-Asset Income (FMSDX)	Fidelity International Growth (FIGFX)	Fidelity Intl Real Estate (FIREX)	Fidelity Real Estate Income (FRIFX)	Fidelity Intermediate Bond (FTHRX)	Fidelity US Bond Index (FXNAX)	Fidelity Government Income (FGOVX)	Fidelity Select Wireless (FWRLX)	Fidelity Growth Strategies (FDEGX)	Fidelity Global Credit (FGBFX)	Fidelity Series Emerging Markets Opps (FEMSX)	Fidelity Inflation-Prot Bd Index (FIPDX)	Dodge&Cox Income I (DODIX)	Fidelity Strategic Dividend&Income (FSDIX)	Fidelity Growth Company (FDGRX)	Baron Global Advantage Retail (BGAFX)	Fidelity Select Pharmaceuticals Port (FPHAX)	Fidelity Emerging Markets (FEMKX)	iShares Global Clean Energy ETF (ICLN)
2020	1	0.79%	$1,007,888	0.87%	$1,008,716	1.24%	$1,012,385	1.28%	$1,012,844	0.49%	0.60%	2.59%	1.28%	0.35%	0.18%	-0.96%	4.62%	1.98%	0.92%	1.49%	1.03%	-5.03%	-1.04%	0.91%	0.13%	1.01%	-1.13%	-0.88%	0.46%	1.44%	1.65%	2.08%	2.18%	0.09%	1.68%	2.60%	-4.70%	2.22%	1.57%	-0.45%	2.76%	6.10%	-0.60%	-3.35%	3.15%
2020	2	-1.74%	$990,384	-1.34%	$995,181	-1.45%	$997,720	-2.45%	$988,063	0.96%	1.04%	1.94%	-2.45%	-5.33%	-3.80%	-4.61%	-0.66%	0.68%	-0.60%	0.19%	-7.49%	-3.68%	-4.29%	1.18%	0.13%	-0.33%	-3.42%	-6.02%	-6.12%	-2.76%	1.25%	1.76%	2.10%	-4.72%	-5.74%	0.91%	-3.97%	1.00%	0.91%	-6.12%	-4.42%	-0.36%	-6.30%	-3.08%	3.63%
2020	3	-6.01%	$930,893	-5.75%	$937,929	-7.15%	$926,333	-6.29%	$925,914	1.52%	1.01%	-1.42%	-6.29%	-9.25%	-9.75%	-10.62%	0.00%	-2.46%	-9.25%	-11.79%	-15.38%	-17.52%	-11.34%	1.82%	0.10%	-2.74%	-6.73%	-11.52%	-15.00%	-24.52%	-2.54%	-0.20%	2.41%	-8.79%	-13.34%	-9.55%	-17.53%	-1.31%	-3.11%	-11.30%	-10.25%	-12.66%	-3.36%	-13.71%	-23.96%
2020	4	4.40%	$971,854	4.61%	$981,135	6.28%	$984,518	5.71%	$978,784	0.56%	0.22%	2.18%	5.71%	7.98%	8.75%	6.61%	6.90%	1.54%	4.26%	3.50%	7.61%	9.27%	5.77%	0.03%	0.01%	3.04%	6.83%	7.84%	5.75%	8.82%	2.27%	1.66%	0.63%	10.71%	13.35%	5.67%	9.12%	2.47%	2.97%	9.18%	18.37%	14.16%	12.05%	9.38%	12.67%
2020	5	2.14%	$992,655	2.30%	$1,003,681	3.97%	$1,023,606	2.13%	$999,657	0.08%	0.38%	1.26%	2.13%	2.82%	4.18%	2.92%	2.61%	0.17%	3.54%	7.92%	3.44%	2.37%	2.59%	0.20%	0.01%	1.22%	3.44%	5.37%	2.99%	2.87%	1.16%	0.43%	-0.19%	7.02%	8.77%	1.80%	4.18%	0.60%	1.62%	3.31%	10.18%	17.33%	3.02%	4.30%	10.78%
2020	6	1.30%	$1,005,574	1.75%	$1,021,241	2.84%	$1,052,655	0.47%	$1,004,331	-0.12%	0.09%	1.15%	0.47%	0.86%	3.01%	1.25%	2.78%	0.47%	2.16%	3.97%	0.04%	7.19%	1.84%	0.01%	0.01%	0.97%	0.57%	3.89%	1.06%	4.38%	1.15%	0.65%	0.07%	4.99%	2.05%	2.08%	8.31%	1.06%	1.28%	0.56%	7.78%	9.22%	0.68%	8.56%	5.49%
2020	7	3.02%	$1,035,895	3.48%	$1,056,756	4.42%	$1,099,156	2.81%	$1,032,566	-0.15%	0.18%	1.46%	2.81%	4.60%	4.39%	2.82%	11.01%	1.03%	2.61%	3.86%	2.66%	8.37%	3.48%	0.19%	0.01%	1.86%	5.23%	4.65%	3.66%	2.88%	1.14%	1.42%	0.89%	6.86%	6.87%	2.61%	7.82%	2.27%	2.06%	4.99%	8.12%	7.28%	1.56%	9.46%	15.02%
2020	8	1.06%	$1,046,868	1.43%	$1,071,878	3.15%	$1,133,728	0.21%	$1,034,714	0.03%	0.19%	-0.53%	0.21%	3.29%	3.72%	3.30%	-0.48%	-0.74%	1.15%	1.36%	2.32%	2.28%	2.99%	-0.09%	0.01%	0.73%	3.56%	5.06%	4.03%	2.16%	-0.00%	-0.89%	-0.99%	6.42%	2.43%	-0.50%	2.95%	0.93%	-0.27%	3.38%	12.61%	5.65%	1.87%	4.33%	19.03%
2020	9	-1.04%	$1,035,966	-1.07%	$1,060,365	-0.59%	$1,127,048	-0.68%	$1,027,654	-0.06%	0.06%	0.09%	-0.68%	-1.97%	-1.88%	-1.96%	-4.16%	0.81%	-0.32%	-1.57%	-2.12%	-1.67%	-1.76%	-0.01%	0.01%	-0.59%	-2.22%	-0.70%	-0.47%	-0.75%	-0.01%	-0.08%	0.15%	-4.64%	-1.57%	0.00%	-1.41%	-0.35%	-0.30%	-2.82%	-3.32%	-0.27%	-0.65%	-1.30%	7.88%
2020	10	-0.69%	$1,028,868	-0.94%	$1,050,409	-0.75%	$1,118,587	-1.28%	$1,014,521	-0.05%	-0.06%	-0.62%	-1.28%	-1.49%	-0.96%	-2.31%	-0.56%	0.42%	0.63%	0.27%	-2.89%	1.95%	-1.17%	-0.10%	0.01%	-0.82%	-1.64%	-4.26%	-3.13%	-0.81%	-0.13%	-0.52%	-0.81%	-2.84%	-0.76%	0.05%	2.43%	-0.71%	-0.07%	-1.84%	-2.86%	-0.69%	-6.17%	2.05%	5.79%
2020	11	3.68%	$1,066,722	4.21%	$1,094,616	5.96%	$1,185,295	5.73%	$1,072,617	0.09%	0.11%	1.04%	5.73%	7.46%	9.72%	9.77%	-5.25%	0.25%	2.29%	3.82%	5.99%	8.23%	7.67%	0.08%	0.01%	3.00%	8.49%	9.57%	10.38%	6.97%	0.68%	1.12%	0.33%	12.02%	10.12%	2.32%	10.47%	1.20%	1.98%	9.81%	13.94%	11.68%	7.93%	6.91%	20.30%
2020	12	1.95%	$1,087,562	2.56%	$1,122,625	4.09%	$1,233,716	1.19%	$1,085,413	0.43%	0.08%	0.31%	1.19%	2.20%	3.62%	2.62%	6.96%	0.36%	1.16%	2.34%	3.08%	5.93%	3.38%	0.12%	0.01%	1.02%	3.56%	4.96%	4.37%	2.73%	0.44%	0.15%	-0.12%	4.23%	5.18%	0.82%	8.38%	1.10%	0.56%	4.07%	3.74%	5.70%	2.00%	7.66%	20.23%

Holdings Based Style Analysis for Vanguard Conservative

Holdings Based Style Analysis for Vanguard Conservative
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VFIJX	Vanguard GNMA Adm	Intermediate Government	7.00%	3.46%	2.77%	0.11%	0.11%		6.38	$2,681	-0.76%
VFISX	Vanguard Short-Term Treasury Inv	Short Government	11.00%	4.39%	2.40%	0.20%	0.20%		2.28	$4,354	-0.86%
VBILX	Vanguard Interm-Term Bond Index Adm	Intermediate Core Bond	12.00%	4.38%	2.46%	0.07%	0.07%		6.29	$11,755	2.99%
VWIAX	Vanguard Wellesley Income Admiral	30% to 50% Equity	15.00%	4.08%	3.11%	0.16%	0.16%	15.67	6.76	$12,812	16.63%
VWELX	Vanguard Wellington Inv	50% to 70% Equity	10.00%	2.57%	2.12%	0.24%	0.24%	18.69	6.75	$10,600	16.66%
VGSTX	Vanguard STAR Inv	50% to 70% Equity	3.00%	1.96%	1.89%	0.31%	0.31%	17.24	7.62	$6,428	5.42%
VGWAX	Vanguard Global Wellington Admiral	Global Allocation	5.00%		1.98%	0.32%	0.32%	14.63	5.91	$3,755	8.73%
IAU	iShares Gold Trust	Commodities Focused	5.00%			0.25%	0.25%			$12,517	3.22%
VTABX	Vanguard Total Intl Bd Idx Admiral	Global Bond-USD Hedged	5.00%	2.96%	1.55%	0.11%	0.11%		7.42	$2,269	1.23%
PRSNX	T. Rowe Price Global Multi-Sector Bd Inv	Global Bond-USD Hedged	5.00%	3.07%	3.35%	0.65%	0.65%	23.29	7.29	$4,073	5.51%
VEMBX	Vanguard Emerging Markets Bond Investor	Emerging Markets Bond	4.00%	6.94%	5.87%	0.55%	0.55%		6.14	$5,993	5.78%
VMNVX	Vanguard Global Minimum Volatility Admr	Global Large-Stock Blend	5.00%		2.55%	0.14%	0.14%	17.35		-$1,972	10.54%
VEMAX	Vanguard Emerging Mkts Stock Idx Adm	Diversified Emerging Mkts	4.00%		4.01%	0.14%	0.14%	11.26		$6,096	9.70%
VPGDX	Vanguard Managed Allocation Investor	50% to 70% Equity	9.00%	3.04%	2.88%	0.31%	0.31%	14.31	5.22	$6,200	15.21%
			100.00%	3.03%	2.61%	0.22%	0.22%	16.50	5.95	$87,562	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Fidelity Conservative

Holdings Based Style Analysis for Fidelity Conservative
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
IAU	iShares Gold Trust	Commodities Focused	5.00%			0.25%	0.25%			$12,517	3.21%
FUMBX	Fidelity Shrt-Term Trs Bd Index	Short Government	5.00%	4.43%	1.20%	0.03%	0.03%		2.54	$2,198	-0.71%
CASHX	Cash	Cash	5.00%		4.74%				0.00	$220	-0.05%
FIKFX	Fidelity Freedom Index Income Investor	Target-Date Retirement	15.00%		2.88%	0.12%	0.12%	15.75	5.45	$12,814	7.99%
FMSDX	Fidelity Multi-Asset Income	30% to 50% Equity	10.00%	3.83%	4.00%	0.75%	0.75%	16.63	3.00	$16,552	14.33%
FIGFX	Fidelity International Growth	Foreign Large Growth	5.00%		0.21%	1.01%	1.01%	27.16		$8,477	9.96%
FIREX	Fidelity Intl Real Estate	Global Real Estate	5.00%	1.92%	0.41%	0.95%	0.95%	8.27		$2,848	10.32%
FRIFX	Fidelity Real Estate Income	Real Estate	5.00%	6.07%	3.87%	0.71%	0.71%	25.15		-$541	12.89%
FTHRX	Fidelity Intermediate Bond	Intermediate Core Bond	5.00%	4.39%	2.21%	0.45%	0.45%		3.75	$3,605	1.58%
FXNAX	Fidelity US Bond Index	Intermediate Core Bond	5.00%	4.19%	2.50%	0.03%	0.03%		6.24	$3,900	0.63%
FGOVX	Fidelity Government Income	Intermediate Government	10.00%	3.67%	1.73%	0.45%	0.45%		6.17	$6,794	-1.62%
FWRLX	Fidelity Select Wireless	Communications	5.00%		0.84%	0.77%	0.77%	14.26		$16,544	10.47%
FDEGX	Fidelity Growth Strategies	Mid-Cap Growth	5.00%			0.83%	0.83%	21.58		$14,706	11.81%
FGBFX	Fidelity Global Credit	Global Bond-USD Hedged	5.00%	5.22%	5.68%	0.50%	0.50%		6.78	$4,179	5.25%
FEMSX	Fidelity Series Emerging Markets Opps	Diversified Emerging Mkts	5.00%		2.34%	0.01%	0.03%	11.10		$12,362	12.36%
FIPDX	Fidelity Inflation-Prot Bd Index	Inflation-Protected Bond	5.00%	-2.40%	8.82%	0.05%	0.05%		6.63	$5,450	1.58%
			100.00%	1.94%	2.65%	0.44%	0.44%	17.09	4.66	$122,625	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Fidelity Moderate

Holdings Based Style Analysis for Fidelity Moderate
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
IAU	iShares Gold Trust	Commodities Focused	6.00%			0.25%	0.25%			$15,021	2.72%
FUMBX	Fidelity Shrt-Term Trs Bd Index	Short Government	10.00%	4.43%	1.20%	0.03%	0.03%		2.54	$4,397	-1.20%
CASHX	Cash	Cash	8.00%		4.74%				0.00	$352	-0.07%
DODIX	Dodge&Cox Income I	Intermediate Core-Plus Bond	20.00%		2.80%	0.41%	0.41%		5.50	$18,903	7.26%
FIKFX	Fidelity Freedom Index Income Investor	Target-Date Retirement	6.00%		2.88%	0.12%	0.12%	15.75	5.45	$5,126	2.51%
FMSDX	Fidelity Multi-Asset Income	30% to 50% Equity	4.00%	3.83%	4.00%	0.75%	0.75%	16.63	3.00	$6,621	4.59%
FSDIX	Fidelity Strategic Dividend&Income	70% to 85% Equity	4.00%	2.68%	2.55%	0.68%	0.68%	19.88	3.99	$4,500	6.30%
FDGRX	Fidelity Growth Company	Large Growth	5.00%			0.86%	0.86%	25.01		$33,753	10.60%
BGAFX	Baron Global Advantage Retail	Global Large-Stock Growth	7.00%			1.15%	1.15%			$55,307	13.74%
FPHAX	Fidelity Select Pharmaceuticals Port	Health	6.00%		1.34%	0.75%	0.75%	24.81		$6,642	6.57%
FEMKX	Fidelity Emerging Markets	Diversified Emerging Mkts	5.00%		0.73%	0.90%	0.90%	19.58		$16,269	8.49%
FIGFX	Fidelity International Growth	Foreign Large Growth	5.00%		0.21%	1.01%	1.01%	27.16		$8,477	8.10%
FIREX	Fidelity Intl Real Estate	Global Real Estate	4.00%	1.92%	0.41%	0.95%	0.95%	8.27		$2,279	6.69%
FRIFX	Fidelity Real Estate Income	Real Estate	6.00%	6.07%	3.87%	0.71%	0.71%	25.15		-$650	12.42%
ICLN	iShares Global Clean Energy ETF	Miscellaneous Sector	4.00%	0.95%	0.92%	0.40%	0.40%	23.04		$56,721	11.27%
			100.00%	1.18%	1.91%	0.57%	0.57%	20.90	3.77	$233,716	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Fund fundamentals data as of 03/24/2023. (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	Vanguard Conservative	Fidelity Conservative	Fidelity Moderate	Vanguard Wellesley Income Admiral
Arithmetic Mean (monthly)	0.74%	1.01%	1.83%	0.74%
Arithmetic Mean (annualized)	9.24%	12.79%	24.35%	9.20%
Geometric Mean (monthly)	0.70%	0.97%	1.77%	0.69%
Geometric Mean (annualized)	8.76%	12.26%	23.37%	8.54%
Standard Deviation (monthly)	2.83%	2.91%	3.82%	3.33%
Standard Deviation (annualized)	9.79%	10.10%	13.23%	11.55%
Downside Deviation (monthly)	1.84%	1.75%	2.13%	1.99%
Maximum Drawdown	-7.64%	-7.02%	-8.50%	-8.58%
Stock Market Correlation	0.96	0.96	0.97	0.95
Beta^(*)	0.82	0.84	1.09	1.00
Alpha (annualized)	1.61%	4.66%	12.38%	0.00%
R²	93.90%	92.55%	90.26%	100.00%
Sharpe Ratio	0.85	1.14	1.62	0.72
Sortino Ratio	1.29	1.88	2.88	1.19
Treynor Ratio (%)	10.26	13.86	19.82	8.40
Active Return	0.21%	3.72%	14.83%	N/A
Tracking Error	3.18%	3.31%	4.25%	N/A
Information Ratio	0.07	1.12	3.49	N/A
Skewness	-1.16	-1.05	-1.16	-0.39
Excess Kurtosis	1.91	1.36	1.53	0.83
Historical Value-at-Risk (5%)	-3.66%	-3.33%	-4.02%	-4.18%
Analytical Value-at-Risk (5%)	-3.83%	-3.69%	-4.25%	-4.75%
Conditional Value-at-Risk (5%)	-6.01%	-5.75%	-7.15%	-6.29%
Upside Capture Ratio (%)	93.92	109.99	173.77	100.00
Downside Capture Ratio (%)	89.01	85.66	93.78	100.00
Safe Withdrawal Rate	100.00%	100.00%	100.00%	100.00%
Perpetual Withdrawal Rate	6.80%	9.71%	17.84%	6.61%
Positive Periods	8 out of 12 (66.67%)	8 out of 12 (66.67%)	8 out of 12 (66.67%)	8 out of 12 (66.67%)
Gain/Loss Ratio	0.97	1.16	1.61	0.91
^* Vanguard Wellesley Income Admiral is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns

Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Vanguard Conservative	Fidelity Conservative	Fidelity Moderate	Vanguard Wellesley Income Admiral
COVID-19 Start	Jan 2020	Mar 2020	-7.64%	-7.02%	-8.50%	-8.58%

Drawdowns for Vanguard Conservative

Drawdowns for Vanguard Conservative
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Feb 2020	Mar 2020	2 months	Jul 2020	4 months	6 months	-7.64%
2	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-1.72%

Drawdowns for Fidelity Conservative

Drawdowns for Fidelity Conservative
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Feb 2020	Mar 2020	2 months	Jun 2020	3 months	5 months	-7.02%
2	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-2.00%

Drawdowns for Fidelity Moderate

Drawdowns for Fidelity Moderate
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Feb 2020	Mar 2020	2 months	May 2020	2 months	4 months	-8.50%
2	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-1.34%

Drawdowns for Vanguard Wellesley Income Admiral

Drawdowns for Vanguard Wellesley Income Admiral
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Feb 2020	Mar 2020	2 months	Jul 2020	4 months	6 months	-8.58%
2	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-1.95%

Portfolio Assets

Performance statistics for portfolio components
Ticker	Name	CAGR	Stdev	Max Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
VFIJX	Vanguard GNMA Adm	3.83%	1.76%	-0.35%	2.04	14.35	-0.58
VFISX	Vanguard Short-Term Treasury Inv	3.96%	1.27%	-0.06%	3.08	47.63	-0.64
VBILX	Vanguard Interm-Term Bond Index Adm	9.80%	4.27%	-1.42%	2.13	5.21	0.40
VWIAX	Vanguard Wellesley Income Admiral	8.54%	11.55%	-8.58%	0.72	1.19	0.95
VWELX	Vanguard Wellington Inv	10.60%	17.29%	-14.09%	0.64	1.00	0.99
VGSTX	Vanguard STAR Inv	21.43%	18.69%	-13.18%	1.10	1.92	0.99
VGWAX	Vanguard Global Wellington Admiral	7.51%	18.47%	-15.56%	0.45	0.69	0.98
IAU	iShares Gold Trust	25.03%	16.58%	-10.13%	1.41	3.43	0.27
VTABX	Vanguard Total Intl Bd Idx Admiral	4.54%	3.91%	-2.46%	1.04	1.53	0.44
PRSNX	T. Rowe Price Global Multi-Sector Bd Inv	8.15%	11.97%	-9.80%	0.67	0.86	0.84
VEMBX	Vanguard Emerging Markets Bond Investor	14.98%	16.57%	-11.79%	0.90	1.24	0.77
VMNVX	Vanguard Global Minimum Volatility Admr	-3.94%	21.76%	-21.72%	-0.10	-0.12	0.96
VEMAX	Vanguard Emerging Mkts Stock Idx Adm	15.24%	26.58%	-24.55%	0.65	0.92	0.87
VPGDX	Vanguard Managed Allocation Investor	6.89%	17.53%	-16.02%	0.44	0.62	0.97
FUMBX	Fidelity Shrt-Term Trs Bd Index	4.40%	2.11%	-0.20%	1.99	26.10	-0.74
CASHX	Cash	0.44%	0.17%	0.00%	N/A	N/A	-0.67
FIKFX	Fidelity Freedom Index Income Investor	8.54%	5.67%	-3.06%	1.38	2.59	0.94
FMSDX	Fidelity Multi-Asset Income	16.55%	15.73%	-10.94%	1.02	1.94	0.97
FIGFX	Fidelity International Growth	16.95%	21.66%	-17.58%	0.80	1.26	0.97
FIREX	Fidelity Intl Real Estate	5.70%	22.57%	-20.20%	0.33	0.45	0.95
FRIFX	Fidelity Real Estate Income	-1.08%	29.27%	-26.60%	0.10	0.12	0.85
FTHRX	Fidelity Intermediate Bond	7.21%	4.23%	-2.54%	1.56	2.50	0.63
FXNAX	Fidelity US Bond Index	7.80%	3.37%	-1.48%	2.17	6.56	0.20
FGOVX	Fidelity Government Income	6.79%	3.95%	-1.64%	1.64	4.75	-0.53
FWRLX	Fidelity Select Wireless	33.09%	23.05%	-13.10%	1.33	2.68	0.97
FDEGX	Fidelity Growth Strategies	29.41%	25.34%	-18.32%	1.12	1.93	0.96
FGBFX	Fidelity Global Credit	8.36%	12.58%	-9.55%	0.66	0.87	0.76
FEMSX	Fidelity Series Emerging Markets Opps	24.72%	27.95%	-24.53%	0.91	1.36	0.88
FIPDX	Fidelity Inflation-Prot Bd Index	10.90%	4.10%	-1.31%	2.44	6.14	0.68
DODIX	Dodge&Cox Income I	9.45%	5.50%	-3.11%	1.58	2.70	0.77
FSDIX	Fidelity Strategic Dividend&Income	11.25%	21.08%	-17.10%	0.58	0.92	0.99
FDGRX	Fidelity Growth Company	67.51%	29.89%	-14.21%	1.87	4.64	0.97
BGAFX	Baron Global Advantage Retail	79.01%	27.75%	-12.98%	2.25	4.90	0.87
FPHAX	Fidelity Select Pharmaceuticals Port	11.07%	18.25%	-10.00%	0.63	1.21	0.86
FEMKX	Fidelity Emerging Markets	32.54%	23.99%	-19.16%	1.28	2.10	0.87
ICLN	iShares Global Clean Energy ETF	141.80%	41.46%	-23.96%	2.39	4.14	0.83

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VFIJX	VFISX	VBILX	VWIAX	VWELX	VGSTX	VGWAX	IAU	VTABX	PRSNX	VEMBX	VMNVX	VEMAX	VPGDX	FUMBX	CASHX	FIKFX	FMSDX	FIGFX	FIREX	FRIFX	FTHRX	FXNAX	FGOVX	FWRLX	FDEGX	FGBFX	FEMSX	FIPDX	DODIX	FSDIX	FDGRX	BGAFX	FPHAX	FEMKX	ICLN	Vanguard Conservative	Fidelity Conservative	Fidelity Moderate	Vanguard Wellesley Income Admiral
VFIJX	Vanguard GNMA Adm	1.00	0.86	-0.12	-0.54	-0.60	-0.60	-0.61	-0.04	-0.44	-0.73	-0.70	-0.66	-0.74	-0.68	0.89	0.75	-0.48	-0.53	-0.64	-0.69	-0.72	-0.40	0.16	0.76	-0.52	-0.58	-0.59	-0.73	-0.24	-0.48	-0.58	-0.49	-0.57	-0.22	-0.73	-0.71	-0.62	-0.60	-0.62	-0.54
VFISX	Vanguard Short-Term Treasury Inv	0.86	1.00	0.10	-0.56	-0.65	-0.64	-0.64	-0.06	-0.32	-0.63	-0.53	-0.68	-0.76	-0.71	0.94	0.89	-0.47	-0.58	-0.66	-0.69	-0.66	-0.24	0.32	0.85	-0.53	-0.61	-0.49	-0.77	-0.14	-0.35	-0.65	-0.50	-0.47	-0.39	-0.75	-0.69	-0.62	-0.59	-0.62	-0.56
VBILX	Vanguard Interm-Term Bond Index Adm	-0.12	0.10	1.00	0.60	0.46	0.47	0.43	0.41	0.82	0.63	0.62	0.51	0.41	0.43	-0.06	0.21	0.67	0.38	0.41	0.44	0.61	0.91	0.92	0.32	0.43	0.54	0.79	0.37	0.84	0.86	0.43	0.45	0.63	0.37	0.38	0.34	0.59	0.59	0.54	0.60
VWIAX	Vanguard Wellesley Income Admiral	-0.54	-0.56	0.60	1.00	0.97	0.97	0.96	0.28	0.63	0.86	0.80	0.95	0.85	0.94	-0.65	-0.53	0.98	0.93	0.92	0.94	0.88	0.75	0.45	-0.34	0.92	0.97	0.85	0.84	0.75	0.89	0.97	0.89	0.89	0.85	0.82	0.78	0.97	0.96	0.95	1.00
VWELX	Vanguard Wellington Inv	-0.60	-0.65	0.46	0.97	1.00	0.99	0.98	0.31	0.51	0.85	0.78	0.97	0.88	0.97	-0.73	-0.65	0.96	0.97	0.96	0.96	0.87	0.67	0.27	-0.49	0.96	0.97	0.79	0.88	0.72	0.81	0.99	0.95	0.87	0.85	0.87	0.83	0.97	0.97	0.97	0.97
VGSTX	Vanguard STAR Inv	-0.60	-0.64	0.47	0.97	0.99	1.00	0.99	0.25	0.49	0.87	0.82	0.96	0.91	0.99	-0.74	-0.65	0.96	0.97	0.97	0.96	0.89	0.68	0.27	-0.51	0.97	0.97	0.80	0.92	0.69	0.82	0.99	0.95	0.90	0.83	0.90	0.85	0.98	0.98	0.98	0.97
VGWAX	Vanguard Global Wellington Admiral	-0.61	-0.64	0.43	0.96	0.98	0.99	1.00	0.16	0.46	0.84	0.80	0.95	0.88	0.99	-0.74	-0.65	0.95	0.97	0.98	0.98	0.88	0.64	0.23	-0.52	0.96	0.95	0.77	0.90	0.65	0.79	0.99	0.93	0.87	0.82	0.87	0.87	0.95	0.96	0.97	0.96
IAU	iShares Gold Trust	-0.04	-0.06	0.41	0.28	0.31	0.25	0.16	1.00	0.36	0.32	0.30	0.31	0.32	0.23	-0.05	-0.05	0.34	0.29	0.25	0.17	0.22	0.42	0.38	0.12	0.31	0.36	0.35	0.28	0.61	0.41	0.29	0.29	0.31	0.24	0.41	0.16	0.39	0.40	0.36	0.28
VTABX	Vanguard Total Intl Bd Idx Admiral	-0.44	-0.32	0.82	0.63	0.51	0.49	0.46	0.36	1.00	0.75	0.65	0.62	0.55	0.52	-0.42	-0.06	0.61	0.37	0.43	0.54	0.76	0.88	0.67	-0.02	0.35	0.58	0.89	0.51	0.72	0.82	0.48	0.37	0.56	0.27	0.50	0.52	0.64	0.61	0.57	0.63
PRSNX	T. Rowe Price Global Multi-Sector Bd Inv	-0.73	-0.63	0.63	0.86	0.85	0.87	0.84	0.32	0.75	1.00	0.96	0.92	0.90	0.90	-0.79	-0.56	0.86	0.78	0.84	0.87	0.98	0.87	0.34	-0.53	0.79	0.90	0.95	0.89	0.71	0.91	0.84	0.80	0.91	0.56	0.89	0.85	0.93	0.91	0.91	0.86
VEMBX	Vanguard Emerging Markets Bond Investor	-0.70	-0.53	0.62	0.80	0.78	0.82	0.80	0.30	0.65	0.96	1.00	0.86	0.84	0.85	-0.70	-0.51	0.81	0.75	0.82	0.83	0.91	0.83	0.33	-0.50	0.78	0.85	0.88	0.85	0.65	0.87	0.78	0.75	0.94	0.48	0.84	0.81	0.88	0.87	0.88	0.80
VMNVX	Vanguard Global Minimum Volatility Admr	-0.66	-0.68	0.51	0.95	0.97	0.96	0.95	0.31	0.62	0.92	0.86	1.00	0.88	0.97	-0.78	-0.63	0.93	0.92	0.96	0.97	0.93	0.74	0.27	-0.53	0.91	0.97	0.86	0.89	0.72	0.84	0.97	0.90	0.91	0.78	0.87	0.88	0.98	0.97	0.98	0.95
VEMAX	Vanguard Emerging Mkts Stock Idx Adm	-0.74	-0.76	0.41	0.85	0.88	0.91	0.88	0.32	0.55	0.90	0.84	0.88	1.00	0.94	-0.85	-0.75	0.85	0.86	0.88	0.88	0.91	0.69	0.19	-0.62	0.85	0.88	0.83	0.99	0.62	0.80	0.89	0.80	0.80	0.62	0.99	0.87	0.92	0.92	0.92	0.85
VPGDX	Vanguard Managed Allocation Investor	-0.68	-0.71	0.43	0.94	0.97	0.99	0.99	0.23	0.52	0.90	0.85	0.97	0.94	1.00	-0.81	-0.69	0.94	0.96	0.97	0.98	0.92	0.68	0.21	-0.58	0.94	0.95	0.82	0.95	0.67	0.81	0.98	0.91	0.88	0.76	0.93	0.91	0.97	0.97	0.98	0.94
FUMBX	Fidelity Shrt-Term Trs Bd Index	0.89	0.94	-0.06	-0.65	-0.73	-0.74	-0.74	-0.05	-0.42	-0.79	-0.70	-0.78	-0.85	-0.81	1.00	0.89	-0.58	-0.67	-0.76	-0.78	-0.80	-0.43	0.23	0.89	-0.64	-0.72	-0.65	-0.86	-0.27	-0.51	-0.73	-0.64	-0.64	-0.45	-0.84	-0.82	-0.73	-0.70	-0.74	-0.65
CASHX	Cash	0.75	0.89	0.21	-0.53	-0.65	-0.65	-0.65	-0.05	-0.06	-0.56	-0.51	-0.63	-0.75	-0.69	0.89	1.00	-0.45	-0.65	-0.70	-0.65	-0.55	-0.13	0.43	0.88	-0.61	-0.63	-0.36	-0.76	-0.04	-0.29	-0.66	-0.57	-0.51	-0.51	-0.76	-0.65	-0.59	-0.58	-0.62	-0.53
FIKFX	Fidelity Freedom Index Income Investor	-0.48	-0.47	0.67	0.98	0.96	0.96	0.95	0.34	0.61	0.86	0.81	0.93	0.85	0.94	-0.58	-0.45	1.00	0.93	0.93	0.92	0.88	0.79	0.51	-0.27	0.94	0.95	0.86	0.84	0.84	0.91	0.95	0.92	0.90	0.83	0.83	0.78	0.97	0.98	0.96	0.98
FMSDX	Fidelity Multi-Asset Income	-0.53	-0.58	0.38	0.93	0.97	0.97	0.97	0.29	0.37	0.78	0.75	0.92	0.86	0.96	-0.67	-0.65	0.93	1.00	0.96	0.93	0.79	0.57	0.23	-0.47	0.97	0.94	0.70	0.87	0.67	0.75	0.99	0.93	0.83	0.84	0.86	0.83	0.94	0.95	0.95	0.93
FIGFX	Fidelity International Growth	-0.64	-0.66	0.41	0.92	0.96	0.97	0.98	0.25	0.43	0.84	0.82	0.96	0.88	0.97	-0.76	-0.70	0.93	0.96	1.00	0.97	0.87	0.63	0.18	-0.55	0.96	0.94	0.75	0.90	0.66	0.76	0.97	0.93	0.90	0.83	0.89	0.86	0.95	0.96	0.98	0.92
FIREX	Fidelity Intl Real Estate	-0.69	-0.69	0.44	0.94	0.96	0.96	0.98	0.17	0.54	0.87	0.83	0.97	0.88	0.98	-0.78	-0.65	0.92	0.93	0.97	1.00	0.91	0.66	0.22	-0.55	0.91	0.93	0.80	0.90	0.67	0.78	0.96	0.87	0.86	0.75	0.87	0.92	0.95	0.95	0.97	0.94
FRIFX	Fidelity Real Estate Income	-0.72	-0.66	0.61	0.88	0.87	0.89	0.88	0.22	0.76	0.98	0.91	0.93	0.91	0.92	-0.80	-0.55	0.88	0.79	0.87	0.91	1.00	0.85	0.34	-0.52	0.79	0.88	0.95	0.91	0.71	0.89	0.86	0.80	0.87	0.59	0.88	0.89	0.93	0.92	0.92	0.88
FTHRX	Fidelity Intermediate Bond	-0.40	-0.24	0.91	0.75	0.67	0.68	0.64	0.42	0.88	0.87	0.83	0.74	0.69	0.68	-0.43	-0.13	0.79	0.57	0.63	0.66	0.85	1.00	0.71	-0.08	0.61	0.74	0.96	0.66	0.86	0.95	0.64	0.65	0.80	0.47	0.66	0.61	0.79	0.78	0.75	0.75
FXNAX	Fidelity US Bond Index	0.16	0.32	0.92	0.45	0.27	0.27	0.23	0.38	0.67	0.34	0.33	0.27	0.19	0.21	0.23	0.43	0.51	0.23	0.18	0.22	0.34	0.71	1.00	0.61	0.25	0.32	0.56	0.15	0.74	0.69	0.25	0.24	0.37	0.27	0.15	0.08	0.38	0.39	0.31	0.45
FGOVX	Fidelity Government Income	0.76	0.85	0.32	-0.34	-0.49	-0.51	-0.52	0.12	-0.02	-0.53	-0.50	-0.53	-0.62	-0.58	0.89	0.88	-0.27	-0.47	-0.55	-0.55	-0.52	-0.08	0.61	1.00	-0.45	-0.47	-0.30	-0.65	0.09	-0.15	-0.50	-0.45	-0.42	-0.23	-0.63	-0.65	-0.45	-0.43	-0.49	-0.34
FWRLX	Fidelity Select Wireless	-0.52	-0.53	0.43	0.92	0.96	0.97	0.96	0.31	0.35	0.79	0.78	0.91	0.85	0.94	-0.64	-0.61	0.94	0.97	0.96	0.91	0.79	0.61	0.25	-0.45	1.00	0.93	0.70	0.86	0.69	0.77	0.96	0.97	0.89	0.85	0.86	0.77	0.93	0.95	0.95	0.92
FDEGX	Fidelity Growth Strategies	-0.58	-0.61	0.54	0.97	0.97	0.97	0.95	0.36	0.58	0.90	0.85	0.97	0.88	0.95	-0.72	-0.63	0.95	0.94	0.94	0.93	0.88	0.74	0.32	-0.47	0.93	1.00	0.84	0.88	0.71	0.86	0.97	0.91	0.93	0.83	0.87	0.81	0.98	0.97	0.97	0.97
FGBFX	Fidelity Global Credit	-0.59	-0.49	0.79	0.85	0.79	0.80	0.77	0.35	0.89	0.95	0.88	0.86	0.83	0.82	-0.65	-0.36	0.86	0.70	0.75	0.80	0.95	0.96	0.56	-0.30	0.70	0.84	1.00	0.80	0.80	0.96	0.77	0.72	0.84	0.54	0.80	0.76	0.89	0.87	0.85	0.85
FEMSX	Fidelity Series Emerging Markets Opps	-0.73	-0.77	0.37	0.84	0.88	0.92	0.90	0.28	0.51	0.89	0.85	0.89	0.99	0.95	-0.86	-0.76	0.84	0.87	0.90	0.90	0.91	0.66	0.15	-0.65	0.86	0.88	0.80	1.00	0.58	0.78	0.90	0.80	0.81	0.63	0.98	0.88	0.92	0.92	0.93	0.84
FIPDX	Fidelity Inflation-Prot Bd Index	-0.24	-0.14	0.84	0.75	0.72	0.69	0.65	0.61	0.72	0.71	0.65	0.72	0.62	0.67	-0.27	-0.04	0.84	0.67	0.66	0.67	0.71	0.86	0.74	0.09	0.69	0.71	0.80	0.58	1.00	0.86	0.69	0.71	0.70	0.59	0.63	0.58	0.79	0.80	0.76	0.75
DODIX	Dodge&Cox Income I	-0.48	-0.35	0.86	0.89	0.81	0.82	0.79	0.41	0.82	0.91	0.87	0.84	0.80	0.81	-0.51	-0.29	0.91	0.75	0.76	0.78	0.89	0.95	0.69	-0.15	0.77	0.86	0.96	0.78	0.86	1.00	0.80	0.76	0.87	0.61	0.77	0.68	0.90	0.89	0.86	0.89
FSDIX	Fidelity Strategic Dividend&Income	-0.58	-0.65	0.43	0.97	0.99	0.99	0.99	0.29	0.48	0.84	0.78	0.97	0.89	0.98	-0.73	-0.66	0.95	0.99	0.97	0.96	0.86	0.64	0.25	-0.50	0.96	0.97	0.77	0.90	0.69	0.80	1.00	0.93	0.86	0.85	0.88	0.85	0.97	0.97	0.97	0.97
FDGRX	Fidelity Growth Company	-0.49	-0.50	0.45	0.89	0.95	0.95	0.93	0.29	0.37	0.80	0.75	0.90	0.80	0.91	-0.64	-0.57	0.92	0.93	0.93	0.87	0.80	0.65	0.24	-0.45	0.97	0.91	0.72	0.80	0.71	0.76	0.93	1.00	0.89	0.87	0.81	0.73	0.91	0.91	0.93	0.89
BGAFX	Baron Global Advantage Retail	-0.57	-0.47	0.63	0.89	0.87	0.90	0.87	0.31	0.56	0.91	0.94	0.91	0.80	0.88	-0.64	-0.51	0.90	0.83	0.90	0.86	0.87	0.80	0.37	-0.42	0.89	0.93	0.84	0.81	0.70	0.87	0.86	0.89	1.00	0.73	0.81	0.74	0.92	0.91	0.92	0.89
FPHAX	Fidelity Select Pharmaceuticals Port	-0.22	-0.39	0.37	0.85	0.85	0.83	0.82	0.24	0.27	0.56	0.48	0.78	0.62	0.76	-0.45	-0.51	0.83	0.84	0.83	0.75	0.59	0.47	0.27	-0.23	0.85	0.83	0.54	0.63	0.59	0.61	0.85	0.87	0.73	1.00	0.62	0.53	0.77	0.78	0.78	0.85
FEMKX	Fidelity Emerging Markets	-0.73	-0.75	0.38	0.82	0.87	0.90	0.87	0.41	0.50	0.89	0.84	0.87	0.99	0.93	-0.84	-0.76	0.83	0.86	0.89	0.87	0.88	0.66	0.15	-0.63	0.86	0.87	0.80	0.98	0.63	0.77	0.88	0.81	0.81	0.62	1.00	0.86	0.91	0.92	0.92	0.82
ICLN	iShares Global Clean Energy ETF	-0.71	-0.69	0.34	0.78	0.83	0.85	0.87	0.16	0.52	0.85	0.81	0.88	0.87	0.91	-0.82	-0.65	0.78	0.83	0.86	0.92	0.89	0.61	0.08	-0.65	0.77	0.81	0.76	0.88	0.58	0.68	0.85	0.73	0.74	0.53	0.86	1.00	0.86	0.86	0.89	0.78

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Vanguard Conservative	Fidelity Conservative	Fidelity Moderate
VFIJX	Vanguard GNMA Adm	$2,681
VFISX	Vanguard Short-Term Treasury Inv	$4,354
VBILX	Vanguard Interm-Term Bond Index Adm	$11,755
VWIAX	Vanguard Wellesley Income Admiral	$12,812
VWELX	Vanguard Wellington Inv	$10,600
VGSTX	Vanguard STAR Inv	$6,428
VGWAX	Vanguard Global Wellington Admiral	$3,755
IAU	iShares Gold Trust	$12,517	$12,517	$15,021
VTABX	Vanguard Total Intl Bd Idx Admiral	$2,269
PRSNX	T. Rowe Price Global Multi-Sector Bd Inv	$4,073
VEMBX	Vanguard Emerging Markets Bond Investor	$5,993
VMNVX	Vanguard Global Minimum Volatility Admr	-$1,972
VEMAX	Vanguard Emerging Mkts Stock Idx Adm	$6,096
VPGDX	Vanguard Managed Allocation Investor	$6,200
FUMBX	Fidelity Shrt-Term Trs Bd Index		$2,198	$4,397
CASHX	Cash		$220	$352
FIKFX	Fidelity Freedom Index Income Investor		$12,814	$5,126
FMSDX	Fidelity Multi-Asset Income		$16,552	$6,621
FIGFX	Fidelity International Growth		$8,477	$8,477
FIREX	Fidelity Intl Real Estate		$2,848	$2,279
FRIFX	Fidelity Real Estate Income		-$541	-$650
FTHRX	Fidelity Intermediate Bond		$3,605
FXNAX	Fidelity US Bond Index		$3,900
FGOVX	Fidelity Government Income		$6,794
FWRLX	Fidelity Select Wireless		$16,544
FDEGX	Fidelity Growth Strategies		$14,706
FGBFX	Fidelity Global Credit		$4,179
FEMSX	Fidelity Series Emerging Markets Opps		$12,362
FIPDX	Fidelity Inflation-Prot Bd Index		$5,450
DODIX	Dodge&Cox Income I			$18,903
FSDIX	Fidelity Strategic Dividend&Income			$4,500
FDGRX	Fidelity Growth Company			$33,753
BGAFX	Baron Global Advantage Retail			$55,307
FPHAX	Fidelity Select Pharmaceuticals Port			$6,642
FEMKX	Fidelity Emerging Markets			$16,269
ICLN	iShares Global Clean Energy ETF			$56,721
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	Vanguard Conservative	Fidelity Conservative	Fidelity Moderate
VFIJX	Vanguard GNMA Adm	-0.76%
VFISX	Vanguard Short-Term Treasury Inv	-0.86%
VBILX	Vanguard Interm-Term Bond Index Adm	2.99%
VWIAX	Vanguard Wellesley Income Admiral	16.63%
VWELX	Vanguard Wellington Inv	16.66%
VGSTX	Vanguard STAR Inv	5.42%
VGWAX	Vanguard Global Wellington Admiral	8.73%
IAU	iShares Gold Trust	3.22%	3.21%	2.72%
VTABX	Vanguard Total Intl Bd Idx Admiral	1.23%
PRSNX	T. Rowe Price Global Multi-Sector Bd Inv	5.51%
VEMBX	Vanguard Emerging Markets Bond Investor	5.78%
VMNVX	Vanguard Global Minimum Volatility Admr	10.54%
VEMAX	Vanguard Emerging Mkts Stock Idx Adm	9.70%
VPGDX	Vanguard Managed Allocation Investor	15.21%
FUMBX	Fidelity Shrt-Term Trs Bd Index		-0.71%	-1.20%
CASHX	Cash		-0.05%	-0.07%
FIKFX	Fidelity Freedom Index Income Investor		7.99%	2.51%
FMSDX	Fidelity Multi-Asset Income		14.33%	4.59%
FIGFX	Fidelity International Growth		9.96%	8.10%
FIREX	Fidelity Intl Real Estate		10.32%	6.69%
FRIFX	Fidelity Real Estate Income		12.89%	12.42%
FTHRX	Fidelity Intermediate Bond		1.58%
FXNAX	Fidelity US Bond Index		0.63%
FGOVX	Fidelity Government Income		-1.62%
FWRLX	Fidelity Select Wireless		10.47%
FDEGX	Fidelity Growth Strategies		11.81%
FGBFX	Fidelity Global Credit		5.25%
FEMSX	Fidelity Series Emerging Markets Opps		12.36%
FIPDX	Fidelity Inflation-Prot Bd Index		1.58%
DODIX	Dodge&Cox Income I			7.26%
FSDIX	Fidelity Strategic Dividend&Income			6.30%
FDGRX	Fidelity Growth Company			10.60%
BGAFX	Baron Global Advantage Retail			13.74%
FPHAX	Fidelity Select Pharmaceuticals Port			6.57%
FEMKX	Fidelity Emerging Markets			8.49%
ICLN	iShares Global Clean Energy ETF			11.27%
Risk attribution decomposes portfolio risk into its constituent parts and identifies the contribution to overall volatility by each of the assets.

Backtest Portfolio Asset Allocation

Portfolio Backtesting Overview

Portfolio Model Configuration

Portfolio Analysis Results (Jan 2020 - Dec 2020)

Vanguard Conservative

Fidelity Conservative

Fidelity Moderate

Performance Summary

Portfolio Growth

Annual Returns

Annual Returns

Monthly Returns

Holdings Based Style Analysis for Vanguard Conservative

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Fidelity Conservative

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for Fidelity Moderate

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 Vanguard Conservative

Drawdowns for Fidelity Conservative

Drawdowns for Fidelity Moderate

Drawdowns for Vanguard Wellesley Income Admiral

Portfolio Assets

Monthly Correlations

Portfolio Return Decomposition

Portfolio Risk Decomposition

Annual Asset Returns