Backtest Portfolio Asset Allocation

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

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

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Include YTD

Start Date

End Date

Initial Amount

$ .00

Cashflows

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal Percentage

Frequency

Rebalancing

Absolute Deviation

Relative Deviation

Reinvest Dividends

Display Income

Factor Regression

Equity Factor Model

Benchmark

Benchmark Ticker

Portfolio Names

Portfolio Name #1

Portfolio Name #2

Portfolio Name #3

Portfolio Assets

Portfolio #1

Portfolio #2

Portfolio #3

Asset 1

Select asset 1

Enter percentage allocation for asset 1 in portfolio 1 %

Enter percentage allocation for asset 1 in portfolio 2 %

Enter percentage allocation for asset 1 in portfolio 3 %

Asset 2

Select asset 2

Enter percentage allocation for asset 2 in portfolio 1 %

Enter percentage allocation for asset 2 in portfolio 2 %

Enter percentage allocation for asset 2 in portfolio 3 %

Asset 3

Select asset 3

Enter percentage allocation for asset 3 in portfolio 1 %

Enter percentage allocation for asset 3 in portfolio 2 %

Enter percentage allocation for asset 3 in portfolio 3 %

Asset 4

Select asset 4

Enter percentage allocation for asset 4 in portfolio 1 %

Enter percentage allocation for asset 4 in portfolio 2 %

Enter percentage allocation for asset 4 in portfolio 3 %

Asset 5

Select asset 5

Enter percentage allocation for asset 5 in portfolio 1 %

Enter percentage allocation for asset 5 in portfolio 2 %

Enter percentage allocation for asset 5 in portfolio 3 %

Asset 6

Select asset 6

Enter percentage allocation for asset 6 in portfolio 1 %

Enter percentage allocation for asset 6 in portfolio 2 %

Enter percentage allocation for asset 6 in portfolio 3 %

Asset 7

Select asset 7

Enter percentage allocation for asset 7 in portfolio 1 %

Enter percentage allocation for asset 7 in portfolio 2 %

Enter percentage allocation for asset 7 in portfolio 3 %

Asset 8

Select asset 8

Enter percentage allocation for asset 8 in portfolio 1 %

Enter percentage allocation for asset 8 in portfolio 2 %

Enter percentage allocation for asset 8 in portfolio 3 %

Asset 9

Select asset 9

Enter percentage allocation for asset 9 in portfolio 1 %

Enter percentage allocation for asset 9 in portfolio 2 %

Enter percentage allocation for asset 9 in portfolio 3 %

Asset 10

Select asset 10

Enter percentage allocation for asset 10 in portfolio 1 %

Enter percentage allocation for asset 10 in portfolio 2 %

Enter percentage allocation for asset 10 in portfolio 3 %

Total

Total allocation for portfolio 1 %

Total allocation for portfolio 2 %

Total allocation for portfolio 3 %

Portfolio Analysis Results (Jan 1999 - Dec 2017)

Note: The time period was constrained by the available data for Vanguard Small Cap Value Index Inv (VISVX) [Jun 1998 - Feb 2021].

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
FLPSX	Fidelity Low-Priced Stock	100.00%
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Portfolio 2
Ticker	Name	Allocation
VTSMX	Vanguard Total Stock Mkt Idx Inv	100.00%
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Portfolio 3
Ticker	Name	Allocation
VISVX	Vanguard Small Cap Value Index Inv	100.00%
Save portfolio »

Portfolio Returns

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
Portfolio 1	$10,000	$80,788	11.62%	14.65%	40.85%	-36.17%	-49.17%	0.71	1.07	0.89
Portfolio 2	$10,000	$33,922	6.64%	14.88%	33.35%	-37.04%	-50.89%	0.39	0.55	1.00
Portfolio 3	$10,000	$61,372	10.02%	18.14%	37.19%	-32.05%	-56.13%	0.52	0.77	0.87

Trailing Returns

Trailing Returns
Name	Annualized Return						Annualized Volatility
Name	3 Month	1 year	3 year	5 year	10 year	Full	3 year	5 year
Portfolio 1	6.63%	20.67%	9.29%	13.55%	9.13%	11.62%	8.91%	8.86%
Portfolio 2	6.31%	21.05%	10.96%	15.42%	8.60%	6.64%	10.21%	9.74%
Portfolio 3	4.53%	11.67%	9.85%	14.82%	9.63%	10.02%	12.56%	12.44%
Trailing annualized return and volatility are for full months ending in December 2017 excluding portfolio cashflows.

Notes on results:

Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
CAGR = Compound Annual Growth Rate
Stdev = Annualized standard deviation of monthly returns
Sharpe and Sortino ratios are calculated and annualized from monthly excess returns over risk free rate (3-month treasury bill)
Stock market correlation is based on the correlation of monthly returns
Drawdown analysis is calculated based on monthly returns excluding cashflows
The results assume annual rebalancing of portfolio assets to match the specified allocation

Annual returns for the configured portfolios
Year	Inflation	Portfolio 1		Portfolio 2		Portfolio 3		Fidelity Low-Priced Stock (FLPSX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Small Cap Value Index Inv (VISVX)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Fidelity Low-Priced Stock (FLPSX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Small Cap Value Index Inv (VISVX)
1999	2.68%	5.08%	$10,508	23.81%	$12,381	3.35%	$10,335	5.08%	23.81%	3.35%
2000	3.39%	18.83%	$12,486	-10.57%	$11,072	21.88%	$12,596	18.83%	-10.57%	21.88%
2001	1.55%	26.71%	$15,821	-10.97%	$9,858	13.70%	$14,321	26.71%	-10.97%	13.70%
2002	2.38%	-6.18%	$14,843	-20.96%	$7,792	-14.20%	$12,288	-6.18%	-20.96%	-14.20%
2003	1.88%	40.85%	$20,906	31.35%	$10,235	37.19%	$16,858	40.85%	31.35%	37.19%
2004	3.26%	22.24%	$25,556	12.51%	$11,515	23.55%	$20,829	22.24%	12.51%	23.55%
2005	3.42%	8.65%	$27,767	5.98%	$12,204	6.07%	$22,093	8.65%	5.98%	6.07%
2006	2.54%	17.76%	$32,699	15.51%	$14,097	19.24%	$26,345	17.76%	15.51%	19.24%
2007	4.08%	3.16%	$33,733	5.49%	$14,871	-7.07%	$24,482	3.16%	5.49%	-7.07%
2008	0.09%	-36.17%	$21,531	-37.04%	$9,363	-32.05%	$16,634	-36.17%	-37.04%	-32.05%
2009	2.72%	39.08%	$29,945	28.70%	$12,050	30.34%	$21,680	39.08%	28.70%	30.34%
2010	1.50%	20.70%	$36,143	17.09%	$14,110	24.82%	$27,061	20.70%	17.09%	24.82%
2011	2.96%	-0.06%	$36,122	0.96%	$14,246	-4.16%	$25,934	-0.06%	0.96%	-4.16%
2012	1.74%	18.50%	$42,804	16.25%	$16,561	18.56%	$30,749	18.50%	16.25%	18.56%
2013	1.50%	34.31%	$57,491	33.35%	$22,084	36.41%	$41,944	34.31%	33.35%	36.41%
2014	0.76%	7.65%	$61,891	12.43%	$24,829	10.39%	$46,302	7.65%	12.43%	10.39%
2015	0.73%	-0.56%	$61,543	0.29%	$24,902	-4.78%	$44,090	-0.56%	0.29%	-4.78%
2016	2.07%	8.79%	$66,951	12.53%	$28,023	24.65%	$54,958	8.79%	12.53%	24.65%
2017	2.11%	20.67%	$80,788	21.05%	$33,922	11.67%	$61,372	20.67%	21.05%	11.67%

Monthly returns for the configured portfolios
Year	Month	Portfolio 1 Return	Portfolio 2 Return	Portfolio 3 Return	Fidelity Low-Priced Stock (FLPSX)	Vanguard Total Stock Mkt Idx Inv (VTSMX)	Vanguard Small Cap Value Index Inv (VISVX)
1999	1	-1.01%	3.65%	-1.14%	-1.01%	3.65%	-1.14%
1999	2	-4.55%	-3.73%	-8.10%	-4.55%	-3.73%	-8.10%
1999	3	-1.62%	3.93%	-0.38%	-1.62%	3.93%	-0.38%
1999	4	7.39%	4.68%	8.77%	7.39%	4.68%	8.77%
1999	5	2.72%	-2.00%	3.97%	2.72%	-2.00%	3.97%
1999	6	4.74%	5.16%	6.18%	4.74%	5.16%	6.18%
1999	7	-1.10%	-3.20%	-1.59%	-1.10%	-3.20%	-1.59%
1999	8	-3.96%	-0.92%	-4.19%	-3.96%	-0.92%	-4.19%
1999	9	-2.62%	-2.44%	-1.80%	-2.62%	-2.44%	-1.80%
1999	10	-0.97%	6.29%	-2.40%	-0.97%	6.29%	-2.40%
1999	11	2.52%	3.42%	2.34%	2.52%	3.42%	2.34%
1999	12	4.19%	7.59%	2.83%	4.19%	7.59%	2.83%
2000	1	-2.83%	-4.18%	-5.21%	-2.83%	-4.18%	-5.21%
2000	2	4.27%	2.54%	4.62%	4.27%	2.54%	4.62%
2000	3	3.10%	5.69%	3.92%	3.10%	5.69%	3.92%
2000	4	-1.23%	-5.21%	0.71%	-1.23%	-5.21%	0.71%
2000	5	-0.86%	-3.41%	-1.53%	-0.86%	-3.41%	-1.53%
2000	6	3.02%	4.42%	2.86%	3.02%	4.42%	2.86%
2000	7	0.29%	-1.95%	1.97%	0.29%	-1.95%	1.97%
2000	8	5.89%	7.28%	5.91%	5.89%	7.28%	5.91%
2000	9	0.41%	-4.67%	-0.21%	0.41%	-4.67%	-0.21%
2000	10	0.49%	-2.04%	0.65%	0.49%	-2.04%	0.65%
2000	11	-1.58%	-9.90%	-6.52%	-1.58%	-9.90%	-6.52%
2000	12	6.91%	1.78%	14.34%	6.91%	1.78%	14.34%
2001	1	6.66%	3.83%	7.98%	6.66%	3.83%	7.98%
2001	2	-0.65%	-9.41%	-4.13%	-0.65%	-9.41%	-4.13%
2001	3	-1.92%	-6.72%	-4.16%	-1.92%	-6.72%	-4.16%
2001	4	6.58%	8.16%	6.02%	6.58%	8.16%	6.02%
2001	5	3.40%	1.01%	2.58%	3.40%	1.01%	2.58%
2001	6	2.45%	-1.64%	4.13%	2.45%	-1.64%	4.13%
2001	7	0.33%	-1.71%	-1.16%	0.33%	-1.71%	-1.16%
2001	8	-0.40%	-6.00%	-1.57%	-0.40%	-6.00%	-1.57%
2001	9	-7.23%	-9.00%	-14.31%	-7.23%	-9.00%	-14.31%
2001	10	4.09%	2.52%	4.64%	4.09%	2.52%	4.64%
2001	11	6.28%	7.63%	8.09%	6.28%	7.63%	8.09%
2001	12	5.29%	1.78%	7.30%	5.29%	1.78%	7.30%
2002	1	1.60%	-1.24%	1.85%	1.60%	-1.24%	1.85%
2002	2	-0.61%	-2.05%	-0.29%	-0.61%	-2.05%	-0.29%
2002	3	5.92%	4.38%	8.72%	5.92%	4.38%	8.72%
2002	4	3.27%	-4.90%	4.06%	3.27%	-4.90%	4.06%
2002	5	-0.63%	-1.22%	-3.82%	-0.63%	-1.22%	-3.82%
2002	6	-2.82%	-7.06%	-4.24%	-2.82%	-7.06%	-4.24%
2002	7	-8.72%	-8.02%	-16.20%	-8.72%	-8.02%	-16.20%
2002	8	-0.79%	0.53%	-0.11%	-0.79%	0.53%	-0.11%
2002	9	-8.33%	-10.07%	-7.42%	-8.33%	-10.07%	-7.42%
2002	10	3.79%	7.65%	2.07%	3.79%	7.65%	2.07%
2002	11	6.20%	6.06%	5.36%	6.20%	6.06%	5.36%
2002	12	-3.89%	-5.57%	-2.71%	-3.89%	-5.57%	-2.71%
2003	1	-2.30%	-2.54%	-4.11%	-2.30%	-2.54%	-4.11%
2003	2	-3.46%	-1.69%	-3.67%	-3.46%	-1.69%	-3.67%
2003	3	-0.38%	1.09%	-0.38%	-0.38%	1.09%	-0.38%
2003	4	9.13%	8.21%	9.06%	9.13%	8.21%	9.06%
2003	5	8.14%	6.11%	7.60%	8.14%	6.11%	7.60%
2003	6	2.79%	1.43%	1.74%	2.79%	1.43%	1.74%
2003	7	4.84%	2.36%	4.49%	4.84%	2.36%	4.49%
2003	8	4.16%	2.39%	3.37%	4.16%	2.39%	3.37%
2003	9	-0.64%	-1.15%	-0.49%	-0.64%	-1.15%	-0.49%
2003	10	6.68%	6.12%	7.06%	6.68%	6.12%	7.06%
2003	11	3.37%	1.38%	3.90%	3.37%	1.38%	3.90%
2003	12	3.26%	4.48%	4.46%	3.26%	4.48%	4.46%
2004	1	2.72%	2.23%	2.70%	2.72%	2.23%	2.70%
2004	2	2.92%	1.43%	2.54%	2.92%	1.43%	2.54%
2004	3	0.14%	-1.07%	1.74%	0.14%	-1.07%	1.74%
2004	4	-2.43%	-2.11%	-5.52%	-2.43%	-2.11%	-5.52%
2004	5	0.28%	1.35%	1.72%	0.28%	1.35%	1.72%
2004	6	3.48%	2.09%	4.99%	3.48%	2.09%	4.99%
2004	7	-3.49%	-3.80%	-3.54%	-3.49%	-3.80%	-3.54%
2004	8	-0.30%	0.31%	1.42%	-0.30%	0.31%	1.42%
2004	9	4.15%	1.74%	3.37%	4.15%	1.74%	3.37%
2004	10	1.37%	1.68%	1.51%	1.37%	1.68%	1.51%
2004	11	7.99%	4.68%	8.08%	7.99%	4.68%	8.08%
2004	12	3.98%	3.63%	3.02%	3.98%	3.63%	3.02%
2005	1	-1.99%	-2.68%	-3.72%	-1.99%	-2.68%	-3.72%
2005	2	3.17%	2.07%	2.30%	3.17%	2.07%	2.30%
2005	3	-2.06%	-1.75%	-1.88%	-2.06%	-1.75%	-1.88%
2005	4	-4.72%	-2.32%	-3.85%	-4.72%	-2.32%	-3.85%
2005	5	4.90%	3.77%	5.39%	4.90%	3.77%	5.39%
2005	6	3.16%	0.81%	3.87%	3.16%	0.81%	3.87%
2005	7	3.84%	4.11%	5.70%	3.84%	4.11%	5.70%
2005	8	-0.09%	-0.94%	-2.13%	-0.09%	-0.94%	-2.13%
2005	9	0.71%	0.86%	0.54%	0.71%	0.86%	0.54%
2005	10	-4.24%	-1.86%	-2.98%	-4.24%	-1.86%	-2.98%
2005	11	4.45%	3.97%	3.77%	4.45%	3.97%	3.77%
2005	12	1.81%	0.14%	-0.43%	1.81%	0.14%	-0.43%
2006	1	6.59%	3.50%	7.07%	6.59%	3.50%	7.07%
2006	2	-0.62%	0.00%	0.13%	-0.62%	0.00%	0.13%
2006	3	2.54%	1.80%	3.58%	2.54%	1.80%	3.58%
2006	4	1.98%	1.11%	0.06%	1.98%	1.11%	0.06%
2006	5	-4.00%	-3.23%	-3.83%	-4.00%	-3.23%	-3.83%
2006	6	-1.20%	0.17%	1.09%	-1.20%	0.17%	1.09%
2006	7	-1.19%	-0.13%	-1.46%	-1.19%	-0.13%	-1.46%
2006	8	1.84%	2.31%	2.32%	1.84%	2.31%	2.32%
2006	9	1.46%	2.27%	0.88%	1.46%	2.27%	0.88%
2006	10	3.49%	3.53%	4.82%	3.49%	3.53%	4.82%
2006	11	4.17%	2.23%	3.04%	4.17%	2.23%	3.04%
2006	12	1.83%	1.13%	0.48%	1.83%	1.13%	0.48%
2007	1	1.22%	1.88%	1.99%	1.22%	1.88%	1.99%
2007	2	-0.27%	-1.61%	-0.58%	-0.27%	-1.61%	-0.58%
2007	3	1.64%	1.11%	0.60%	1.64%	1.11%	0.60%
2007	4	3.27%	4.01%	1.84%	3.27%	4.01%	1.84%
2007	5	3.92%	3.69%	3.67%	3.92%	3.69%	3.67%
2007	6	-0.92%	-1.67%	-2.51%	-0.92%	-1.67%	-2.51%
2007	7	-4.46%	-3.41%	-7.21%	-4.46%	-3.41%	-7.21%
2007	8	-0.71%	1.45%	1.45%	-0.71%	1.45%	1.45%
2007	9	2.70%	3.59%	0.89%	2.70%	3.59%	0.89%
2007	10	3.00%	1.85%	1.35%	3.00%	1.85%	1.35%
2007	11	-6.26%	-4.49%	-6.74%	-6.26%	-4.49%	-6.74%
2007	12	0.53%	-0.60%	-1.42%	0.53%	-0.60%	-1.42%
2008	1	-4.98%	-6.08%	-3.62%	-4.98%	-6.08%	-3.62%
2008	2	-1.00%	-3.07%	-3.15%	-1.00%	-3.07%	-3.15%
2008	3	-1.81%	-0.58%	0.14%	-1.81%	-0.58%	0.14%
2008	4	5.08%	5.02%	4.42%	5.08%	5.02%	4.42%
2008	5	3.51%	2.09%	4.17%	3.51%	2.09%	4.17%
2008	6	-8.74%	-8.19%	-11.56%	-8.74%	-8.19%	-11.56%
2008	7	-1.38%	-0.77%	4.02%	-1.38%	-0.77%	4.02%
2008	8	1.02%	1.58%	3.87%	1.02%	1.58%	3.87%
2008	9	-11.85%	-9.26%	-6.05%	-11.85%	-9.26%	-6.05%
2008	10	-20.00%	-17.63%	-21.09%	-20.00%	-17.63%	-21.09%
2008	11	-8.78%	-7.90%	-10.49%	-8.78%	-7.90%	-10.49%
2008	12	8.61%	1.86%	5.38%	8.61%	1.86%	5.38%
2009	1	-6.40%	-8.26%	-13.03%	-6.40%	-8.26%	-13.03%
2009	2	-9.20%	-10.45%	-13.96%	-9.20%	-10.45%	-13.96%
2009	3	8.40%	8.65%	9.39%	8.40%	8.65%	9.39%
2009	4	14.46%	10.61%	19.76%	14.46%	10.61%	19.76%
2009	5	6.32%	5.38%	3.50%	6.32%	5.38%	3.50%
2009	6	-0.08%	0.34%	-0.10%	-0.08%	0.34%	-0.10%
2009	7	8.88%	7.82%	10.64%	8.88%	7.82%	10.64%
2009	8	4.36%	3.63%	6.12%	4.36%	3.63%	6.12%
2009	9	3.85%	4.23%	5.52%	3.85%	4.23%	5.52%
2009	10	-2.83%	-2.57%	-6.32%	-2.83%	-2.57%	-6.32%
2009	11	3.86%	5.63%	3.67%	3.86%	5.63%	3.67%
2009	12	4.24%	2.86%	6.88%	4.24%	2.86%	6.88%
2010	1	-1.63%	-3.50%	-3.06%	-1.63%	-3.50%	-3.06%
2010	2	3.50%	3.36%	5.21%	3.50%	3.36%	5.21%
2010	3	6.43%	6.27%	8.00%	6.43%	6.27%	8.00%
2010	4	2.46%	2.17%	6.19%	2.46%	2.17%	6.19%
2010	5	-7.73%	-8.00%	-7.99%	-7.73%	-8.00%	-7.99%
2010	6	-4.77%	-5.66%	-8.04%	-4.77%	-5.66%	-8.04%
2010	7	6.13%	6.99%	7.43%	6.13%	6.99%	7.43%
2010	8	-4.08%	-4.75%	-6.70%	-4.08%	-4.75%	-6.70%
2010	9	9.56%	9.47%	10.42%	9.56%	9.47%	10.42%
2010	10	3.86%	3.94%	3.57%	3.86%	3.94%	3.57%
2010	11	0.19%	0.58%	2.30%	0.19%	0.58%	2.30%
2010	12	6.60%	6.81%	7.55%	6.60%	6.81%	7.55%
2011	1	1.33%	2.19%	0.62%	1.33%	2.19%	0.62%
2011	2	3.57%	3.60%	4.66%	3.57%	3.60%	4.66%
2011	3	1.19%	0.45%	1.50%	1.19%	0.45%	1.50%
2011	4	4.44%	2.99%	2.40%	4.44%	2.99%	2.40%
2011	5	-1.15%	-1.16%	-2.11%	-1.15%	-1.16%	-2.11%
2011	6	-1.00%	-1.79%	-2.10%	-1.00%	-1.79%	-2.10%
2011	7	-2.38%	-2.28%	-3.45%	-2.38%	-2.28%	-3.45%
2011	8	-6.27%	-5.99%	-8.08%	-6.27%	-5.99%	-8.08%
2011	9	-7.99%	-7.75%	-10.60%	-7.99%	-7.75%	-10.60%
2011	10	11.49%	11.51%	14.34%	11.49%	11.51%	14.34%
2011	11	-1.61%	-0.29%	-0.26%	-1.61%	-0.29%	-0.26%
2011	12	-0.30%	0.80%	1.00%	-0.30%	0.80%	1.00%
2012	1	6.16%	5.08%	6.85%	6.16%	5.08%	6.85%
2012	2	5.01%	4.26%	2.49%	5.01%	4.26%	2.49%
2012	3	2.23%	3.07%	2.35%	2.23%	3.07%	2.35%
2012	4	-1.01%	-0.65%	-0.89%	-1.01%	-0.65%	-0.89%
2012	5	-8.14%	-6.24%	-6.29%	-8.14%	-6.24%	-6.29%
2012	6	3.75%	3.91%	4.28%	3.75%	3.91%	4.28%
2012	7	0.26%	1.03%	-0.43%	0.26%	1.03%	-0.43%
2012	8	4.44%	2.48%	2.95%	4.44%	2.48%	2.95%
2012	9	1.97%	2.58%	2.87%	1.97%	2.58%	2.87%
2012	10	-1.02%	-1.76%	-0.58%	-1.02%	-1.76%	-0.58%
2012	11	1.26%	0.74%	0.82%	1.26%	0.74%	0.82%
2012	12	2.98%	1.19%	3.33%	2.98%	1.19%	3.33%
2013	1	5.04%	5.50%	6.49%	5.04%	5.50%	6.49%
2013	2	0.31%	1.28%	1.78%	0.31%	1.28%	1.78%
2013	3	4.76%	3.88%	4.53%	4.76%	3.88%	4.53%
2013	4	2.87%	1.70%	-0.05%	2.87%	1.70%	-0.05%
2013	5	1.72%	2.32%	3.05%	1.72%	2.32%	3.05%
2013	6	-0.18%	-1.27%	-1.13%	-0.18%	-1.27%	-1.13%
2013	7	5.05%	5.49%	6.68%	5.05%	5.49%	6.68%
2013	8	-1.80%	-2.82%	-4.20%	-1.80%	-2.82%	-4.20%
2013	9	4.70%	3.66%	5.31%	4.70%	3.66%	5.31%
2013	10	3.56%	4.22%	3.89%	3.56%	4.22%	3.89%
2013	11	2.39%	2.88%	2.99%	2.39%	2.88%	2.99%
2013	12	1.72%	2.63%	2.68%	1.72%	2.63%	2.68%
2014	1	-3.36%	-3.11%	-2.83%	-3.36%	-3.11%	-2.83%
2014	2	4.37%	4.73%	5.03%	4.37%	4.73%	5.03%
2014	3	1.14%	0.51%	1.32%	1.14%	0.51%	1.32%
2014	4	-1.19%	0.06%	-1.16%	-1.19%	0.06%	-1.16%
2014	5	1.38%	2.17%	1.59%	1.38%	2.17%	1.59%
2014	6	2.63%	2.54%	4.29%	2.63%	2.54%	4.29%
2014	7	-1.64%	-1.98%	-4.71%	-1.64%	-1.98%	-4.71%
2014	8	3.41%	4.18%	5.15%	3.41%	4.18%	5.15%
2014	9	-3.15%	-2.14%	-5.65%	-3.15%	-2.14%	-5.65%
2014	10	2.23%	2.74%	4.94%	2.23%	2.74%	4.94%
2014	11	1.54%	2.41%	1.04%	1.54%	2.41%	1.04%
2014	12	0.36%	-0.01%	1.70%	0.36%	-0.01%	1.70%
2015	1	-3.08%	-2.77%	-3.31%	-3.08%	-2.77%	-3.31%
2015	2	6.04%	5.76%	5.71%	6.04%	5.76%	5.71%
2015	3	-0.97%	-1.04%	1.22%	-0.97%	-1.04%	1.22%
2015	4	2.13%	0.42%	-1.26%	2.13%	0.42%	-1.26%
2015	5	1.07%	1.39%	1.35%	1.07%	1.39%	1.35%
2015	6	-0.70%	-1.71%	-1.45%	-0.70%	-1.71%	-1.45%
2015	7	0.44%	1.63%	-1.01%	0.44%	1.63%	-1.01%
2015	8	-3.82%	-6.03%	-4.81%	-3.82%	-6.03%	-4.81%
2015	9	-2.91%	-2.93%	-3.58%	-2.91%	-2.93%	-3.58%
2015	10	3.97%	7.84%	6.59%	3.97%	7.84%	6.59%
2015	11	0.41%	0.54%	1.33%	0.41%	0.54%	1.33%
2015	12	-2.65%	-2.03%	-4.90%	-2.65%	-2.03%	-4.90%
2016	1	-5.34%	-5.67%	-6.46%	-5.34%	-5.67%	-6.46%
2016	2	0.71%	-0.04%	1.58%	0.71%	-0.04%	1.58%
2016	3	5.93%	7.01%	8.91%	5.93%	7.01%	8.91%
2016	4	-0.31%	0.63%	2.05%	-0.31%	0.63%	2.05%
2016	5	0.94%	1.79%	1.44%	0.94%	1.79%	1.44%
2016	6	-1.24%	0.23%	0.08%	-1.24%	0.23%	0.08%
2016	7	3.44%	3.95%	4.68%	3.44%	3.95%	4.68%
2016	8	0.34%	0.26%	0.72%	0.34%	0.26%	0.72%
2016	9	1.09%	0.15%	0.31%	1.09%	0.15%	0.31%
2016	10	-2.58%	-2.21%	-3.01%	-2.58%	-2.21%	-3.01%
2016	11	5.45%	4.44%	10.26%	5.45%	4.44%	10.26%
2016	12	0.57%	1.92%	2.82%	0.57%	1.92%	2.82%
2017	1	1.17%	1.91%	0.66%	1.17%	1.91%	0.66%
2017	2	2.16%	3.71%	2.06%	2.16%	3.71%	2.06%
2017	3	0.92%	0.07%	-0.78%	0.92%	0.07%	-0.78%
2017	4	1.53%	1.05%	0.44%	1.53%	1.05%	0.44%
2017	5	1.11%	1.01%	-2.37%	1.11%	1.01%	-2.37%
2017	6	0.62%	0.92%	2.40%	0.62%	0.92%	2.40%
2017	7	2.01%	1.87%	0.95%	2.01%	1.87%	0.95%
2017	8	0.18%	0.15%	-1.44%	0.18%	0.15%	-1.44%
2017	9	2.77%	2.45%	4.91%	2.77%	2.45%	4.91%
2017	10	1.70%	2.16%	0.85%	1.70%	2.16%	0.85%
2017	11	2.92%	3.04%	3.14%	2.92%	3.04%	3.14%
2017	12	1.88%	0.99%	0.50%	1.88%	0.99%	0.50%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2	Portfolio 3
Large-cap Value	11.22%	37.54%	12.32%
Large-cap Growth	5.17%	42.98%	0.00%
Mid-cap Value	12.12%	5.17%	30.32%
Mid-cap Growth	25.99%	7.91%	0.00%
Small-cap Value	15.16%	3.07%	55.91%
Small-cap Growth	0.02%	2.07%	0.00%
Global ex-US Developed Markets	15.78%	0.76%	1.45%
Emerging Markets	6.40%	0.51%	0.00%
Corporate Bonds	8.14%	0.00%	0.00%
Long-Term Treasuries	0.00%	0.00%	0.00%
Intermediate-Term Treasuries	0.00%	0.00%	0.00%
Short-Term Treasuries	0.00%	0.00%	0.00%
R Squared	95.81%	99.88%	98.23%
Style analysis is based on monthly returns from April 2005 to December 2017 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	Fees	P/E	Return Contribution	Risk Contribution
FLPSX	Fidelity Low-Priced Stock	Mid-Cap Value	100.00%	1.53%	0.78%	13.50	$70,788	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Holdings Based Style Analysis for Portfolio 2

Holdings Based Style Analysis for Portfolio 2
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
VTSMX	Vanguard Total Stock Mkt Idx Inv	Large Blend	100.00%	1.27%	0.14%	27.11	$23,922	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Maturity

Holdings Based Style Analysis for Portfolio 3

Holdings Based Style Analysis for Portfolio 3
Ticker	Name	Category	Weight	Yield	Fees	P/E	Return Contribution	Risk Contribution
VISVX	Vanguard Small Cap Value Index Inv	Small Value	100.00%	1.70%	0.19%	18.30	$51,372	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fund fundamentals data as of 03/05/2021. (c) 2021 Morningstar. All Rights Reserved. The fund fundamentals information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio return and risk metrics
Metric	Portfolio 1	Portfolio 2	Portfolio 3
Arithmetic Mean (monthly)	1.01%	0.63%	0.94%
Arithmetic Mean (annualized)	12.83%	7.83%	11.85%
Geometric Mean (monthly)	0.92%	0.54%	0.80%
Geometric Mean (annualized)	11.62%	6.64%	10.02%
Volatility (monthly)	4.23%	4.30%	5.24%
Volatility (annualized)	14.65%	14.88%	18.14%
Downside Deviation (monthly)	2.73%	2.97%	3.51%
Max. Drawdown	-49.17%	-50.89%	-56.13%
US Market Correlation	0.89	1.00	0.87
Beta^(*)	0.88	1.00	1.06
Alpha (annualized)	5.49%	0.00%	3.23%
R²	79.41%	100.00%	75.63%
Sharpe Ratio	0.71	0.39	0.52
Sortino Ratio	1.07	0.55	0.77
Treynor Ratio (%)	11.81	5.79	8.94
Calmar Ratio	0.89	1.23	0.70
Active Return	4.98%	0.00%	3.38%
Tracking Error	6.90%	0.00%	9.00%
Information Ratio	0.72	0.01	0.38
Skewness	-0.71	-0.64	-0.54
Excess Kurtosis	2.69	1.18	2.20
Historical Value-at-Risk (5%)	-6.36%	-7.85%	-7.79%
Analytical Value-at-Risk (5%)	-5.95%	-6.44%	-7.67%
Conditional Value-at-Risk (5%)	-9.42%	-9.67%	-11.96%
Upside Capture Ratio (%)	102.84	100.00	115.48
Downside Capture Ratio (%)	78.20	100.00	100.48
Safe Withdrawal Rate	11.54%	5.84%	9.44%
Perpetual Withdrawal Rate	8.47%	4.19%	7.13%
Positive Periods	143 out of 228 (62.72%)	144 out of 228 (63.16%)	143 out of 228 (62.72%)
Gain/Loss Ratio	1.11	0.84	0.95
^* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Portfolio 1	Portfolio 2	Portfolio 3
Dotcom Crash	Mar 2000	Oct 2002	-19.83%	-44.11%	-28.62%
Subprime Crisis	Nov 2007	Mar 2009	-48.88%	-50.89%	-53.25%

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jun 2007	Feb 2009	1 year 9 months	Dec 2010	1 year 10 months	3 years 7 months	-49.17%
2	May 2002	Mar 2003	11 months	Jul 2003	4 months	1 year 3 months	-20.20%
3	May 2011	Sep 2011	5 months	Feb 2012	5 months	10 months	-17.61%
4	Jun 2015	Jan 2016	8 months	Nov 2016	10 months	1 year 6 months	-10.40%
5	Apr 2012	May 2012	2 months	Sep 2012	4 months	6 months	-9.06%
6	Jul 1999	Oct 1999	4 months	Mar 2000	5 months	9 months	-8.40%
7	Aug 2001	Sep 2001	2 months	Nov 2001	2 months	4 months	-7.60%
8	Jan 1999	Mar 1999	3 months	May 1999	2 months	5 months	-7.05%
9	Mar 2005	Apr 2005	2 months	Jun 2005	2 months	4 months	-6.68%
10	May 2006	Jul 2006	3 months	Oct 2006	3 months	6 months	-6.28%
Worst 10 drawdowns included above

Drawdowns for Portfolio 2

Drawdowns for Portfolio 2 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Mar 2012	3 years 1 month	4 years 5 months	-50.89%
2	Sep 2000	Sep 2002	2 years 1 month	Apr 2006	3 years 7 months	5 years 8 months	-44.11%
3	Jun 2015	Sep 2015	4 months	May 2016	8 months	1 year	-8.88%
4	Apr 2000	May 2000	2 months	Aug 2000	3 months	5 months	-8.44%
5	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-6.85%
6	Jul 1999	Sep 1999	3 months	Nov 1999	2 months	5 months	-6.42%
7	Jun 2007	Jul 2007	2 months	Oct 2007	3 months	5 months	-5.02%
8	Jan 2000	Jan 2000	1 month	Mar 2000	2 months	3 months	-4.18%
9	Feb 1999	Feb 1999	1 month	Mar 1999	1 month	2 months	-3.73%
10	May 2006	May 2006	1 month	Sep 2006	4 months	5 months	-3.23%
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	Jun 2007	Feb 2009	1 year 9 months	Feb 2011	2 years	3 years 9 months	-56.13%
2	May 2002	Mar 2003	11 months	Dec 2003	9 months	1 year 8 months	-31.28%
3	May 2011	Sep 2011	5 months	Sep 2012	1 year	1 year 5 months	-23.97%
4	Jul 2001	Sep 2001	3 months	Dec 2001	3 months	6 months	-16.63%
5	Jun 2015	Jan 2016	8 months	Jul 2016	6 months	1 year 2 months	-13.97%
6	Jul 1999	Jan 2000	7 months	Jul 2000	6 months	1 year 1 month	-9.85%
7	Jan 1999	Mar 1999	3 months	May 1999	2 months	5 months	-9.50%
8	Feb 2001	Mar 2001	2 months	Jun 2001	3 months	5 months	-8.11%
9	Jan 2005	Apr 2005	4 months	Jun 2005	2 months	6 months	-7.07%
10	Nov 2000	Nov 2000	1 month	Dec 2000	1 month	2 months	-6.52%
Worst 10 drawdowns included above

Portfolio Assets

Performance statistics for portfolio components
Ticker	Name	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
FLPSX	Fidelity Low-Priced Stock	11.62%	14.65%	40.85%	-36.17%	-49.17%	0.71	1.07	0.89
VTSMX	Vanguard Total Stock Mkt Idx Inv	6.64%	14.88%	33.35%	-37.04%	-50.89%	0.39	0.55	1.00
VISVX	Vanguard Small Cap Value Index Inv	10.02%	18.14%	37.19%	-32.05%	-56.13%	0.52	0.77	0.87

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	FLPSX	VTSMX	VISVX	Portfolio 1	Portfolio 2	Portfolio 3
FLPSX	Fidelity Low-Priced Stock	1.00	0.89	0.94	1.00	0.89	0.94
VTSMX	Vanguard Total Stock Mkt Idx Inv	0.89	1.00	0.87	0.89	1.00	0.87
VISVX	Vanguard Small Cap Value Index Inv	0.94	0.87	1.00	0.94	0.87	1.00

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
FLPSX	Fidelity Low-Priced Stock	$70,788
VTSMX	Vanguard Total Stock Mkt Idx Inv		$23,922
VISVX	Vanguard Small Cap Value Index Inv			$51,372

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
FLPSX	Fidelity Low-Priced Stock	100.00%
VTSMX	Vanguard Total Stock Mkt Idx Inv		100.00%
VISVX	Vanguard Small Cap Value Index Inv			100.00%

Annual Asset 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	13.10%	66.61%	-42.33%	7.66%	56.25%	-43.18%	11.89%	77.65%	-45.54%
3 years	11.82%	30.07%	-14.63%	6.32%	26.60%	-16.27%	10.15%	31.65%	-19.30%
5 years	11.71%	25.95%	-3.71%	6.87%	23.85%	-6.23%	10.11%	28.02%	-6.86%
7 years	10.83%	18.85%	1.96%	6.40%	17.28%	-3.02%	9.19%	18.93%	-2.20%
10 years	9.62%	12.98%	6.83%	5.38%	9.31%	-2.57%	7.88%	11.91%	3.20%
15 years	11.51%	13.07%	9.79%	6.41%	10.41%	4.25%	9.82%	11.32%	7.68%