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

Display Income

Reinvest Dividends

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 2007 - Oct 2020)

Note: The time period was constrained by the available data for Vanguard Dividend Appreciation ETF (VIG) [Jun 2006 - Oct 2020].

Portfolio Allocations

Portfolio 1
Ticker	Name	Allocation
VWINX	Vanguard Wellesley Income Inv	100.00%
Save portfolio »

Portfolio 2
Ticker	Name	Allocation
VBILX	Vanguard Interm-Term Bond Index Adm	65.00%
VIG	Vanguard Dividend Appreciation ETF	35.00%
Save portfolio »

Portfolio 3
Ticker	Name	Allocation
VTSMX	Vanguard Total Stock Mkt Idx Inv	35.00%
VBILX	Vanguard Interm-Term Bond Index Adm	65.00%
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	$24,137	6.58%	6.34%	16.39%	-9.84%	-18.82%	0.89	1.37	0.85
Portfolio 2	$10,000	$24,826	6.79%	5.82%	16.99%	-6.08%	-13.90%	1.01	1.55	0.78
Portfolio 3	$10,000	$25,234	6.92%	6.38%	17.35%	-9.71%	-16.97%	0.94	1.43	0.86

Trailing Returns

Trailing Returns
Name	3 Month	YTD	1 year	3 year	5 year	10 year	Full
Portfolio 1	-1.76%	1.41%	3.20%	5.52%	6.32%	7.11%	6.58%
Portfolio 2	0.17%	6.22%	7.78%	7.98%	7.40%	7.11%	6.79%
Portfolio 3	-0.33%	6.51%	8.87%	7.54%	7.18%	7.39%	6.92%
Trailing returns are for full months ending in October 2020 excluding portfolio cashflows.

Notes on results:

Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
The annual results for 2020 are based on monthly returns from January to October
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	Return			Balance			Vanguard Wellesley Income Inv (VWINX)	Vanguard Interm-Term Bond Index Adm (VBILX)	Vanguard Dividend Appreciation ETF (VIG)	Vanguard Total Stock Mkt Idx Inv (VTSMX)
Year	Inflation	Portfolio 1	Portfolio 2	Portfolio 3	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard Wellesley Income Inv (VWINX)	Vanguard Interm-Term Bond Index Adm (VBILX)	Vanguard Dividend Appreciation ETF (VIG)	Vanguard Total Stock Mkt Idx Inv (VTSMX)
2007	4.08%	5.61%	6.97%	6.93%	$10,561	$10,697	$10,693	5.61%	7.70%	5.63%	5.49%
2008	0.09%	-9.84%	-6.08%	-9.71%	$9,521	$10,047	$9,655	-9.84%	5.01%	-26.69%	-37.04%
2009	2.72%	16.02%	11.33%	14.53%	$11,047	$11,185	$11,057	16.02%	6.89%	19.57%	28.70%
2010	1.50%	10.65%	11.33%	12.15%	$12,223	$12,452	$12,401	10.65%	9.49%	14.74%	17.09%
2011	2.96%	9.63%	9.14%	7.32%	$13,400	$13,590	$13,308	9.63%	10.74%	6.16%	0.96%
2012	1.74%	10.06%	8.64%	10.25%	$14,747	$14,764	$14,672	10.06%	7.02%	11.65%	16.25%
2013	1.50%	9.19%	7.86%	9.43%	$16,102	$15,925	$16,056	9.19%	-3.45%	28.87%	33.35%
2014	0.76%	8.07%	8.05%	8.87%	$17,401	$17,207	$17,481	8.07%	6.96%	10.08%	12.43%
2015	0.73%	1.28%	0.15%	0.93%	$17,623	$17,232	$17,643	1.28%	1.27%	-1.95%	0.29%
2016	2.07%	8.08%	6.03%	6.23%	$19,047	$18,271	$18,742	8.08%	2.83%	11.97%	12.53%
2017	2.11%	10.20%	10.28%	9.87%	$20,989	$20,149	$20,592	10.20%	3.85%	22.22%	21.05%
2018	1.91%	-2.57%	-0.84%	-1.95%	$20,449	$19,979	$20,189	-2.57%	-0.17%	-2.08%	-5.26%
2019	2.29%	16.39%	16.99%	17.35%	$23,801	$23,373	$23,691	16.39%	10.18%	29.62%	30.65%
2020	1.29%	1.41%	6.22%	6.51%	$24,137	$24,826	$25,234	1.41%	8.33%	2.30%	3.15%
Annual returns for 2020 are based on partial year data

Monthly returns for the configured portfolios
Year	Month	Return			Balance			Vanguard Wellesley Income Inv (VWINX)	Vanguard Interm-Term Bond Index Adm (VBILX)	Vanguard Dividend Appreciation ETF (VIG)	Vanguard Total Stock Mkt Idx Inv (VTSMX)
Year	Month	Portfolio 1	Portfolio 2	Portfolio 3	Portfolio 1	Portfolio 2	Portfolio 3	Vanguard Wellesley Income Inv (VWINX)	Vanguard Interm-Term Bond Index Adm (VBILX)	Vanguard Dividend Appreciation ETF (VIG)	Vanguard Total Stock Mkt Idx Inv (VTSMX)
2007	1	0.32%	0.38%	0.49%	$10,032	$10,038	$10,049	0.32%	-0.26%	1.56%	1.88%
2007	2	0.91%	0.71%	0.76%	$10,124	$10,109	$10,125	0.91%	2.06%	-1.74%	-1.61%
2007	3	0.63%	-0.07%	0.22%	$10,188	$10,103	$10,147	0.63%	-0.25%	0.28%	1.11%
2007	4	1.73%	1.93%	1.80%	$10,364	$10,298	$10,329	1.73%	0.61%	4.44%	4.01%
2007	5	0.45%	0.15%	0.59%	$10,410	$10,314	$10,390	0.45%	-1.13%	2.48%	3.69%
2007	6	-1.19%	-0.88%	-0.91%	$10,286	$10,223	$10,296	-1.19%	-0.47%	-1.60%	-1.67%
2007	7	-0.73%	-0.25%	-0.59%	$10,211	$10,197	$10,235	-0.73%	1.03%	-2.52%	-3.41%
2007	8	1.42%	1.92%	1.62%	$10,356	$10,393	$10,401	1.42%	1.72%	2.30%	1.45%
2007	9	1.72%	1.61%	1.67%	$10,534	$10,561	$10,574	1.72%	0.61%	3.43%	3.59%
2007	10	0.94%	0.53%	1.31%	$10,633	$10,616	$10,713	0.94%	1.01%	-0.33%	1.85%
2007	11	-0.18%	0.85%	-0.07%	$10,614	$10,706	$10,706	-0.18%	2.45%	-2.03%	-4.49%
2007	12	-0.50%	-0.08%	-0.12%	$10,561	$10,697	$10,693	-0.50%	0.13%	-0.49%	-0.60%
2008	1	-0.82%	-0.21%	-0.50%	$10,473	$10,675	$10,640	-0.82%	2.51%	-5.27%	-6.08%
2008	2	-1.29%	-0.07%	-0.57%	$10,338	$10,667	$10,578	-1.29%	0.66%	-1.55%	-3.07%
2008	3	0.38%	0.68%	-0.17%	$10,377	$10,740	$10,561	0.38%	0.03%	2.03%	-0.58%
2008	4	1.18%	0.30%	1.05%	$10,499	$10,772	$10,672	1.18%	-0.83%	2.57%	5.02%
2008	5	-0.56%	-0.74%	-0.17%	$10,441	$10,691	$10,654	-0.56%	-1.30%	0.33%	2.09%
2008	6	-3.41%	-2.74%	-2.84%	$10,085	$10,398	$10,351	-3.41%	-0.08%	-7.86%	-8.19%
2008	7	0.15%	0.37%	-0.23%	$10,099	$10,436	$10,327	0.15%	0.03%	1.06%	-0.77%
2008	8	0.78%	1.16%	0.99%	$10,179	$10,557	$10,429	0.78%	0.71%	2.08%	1.58%
2008	9	-3.47%	-4.47%	-5.27%	$9,825	$10,084	$9,880	-3.47%	-3.37%	-6.72%	-9.26%
2008	10	-7.19%	-7.46%	-8.41%	$9,119	$9,332	$9,049	-7.19%	-4.30%	-14.11%	-17.63%
2008	11	0.33%	3.31%	2.00%	$9,149	$9,641	$9,230	0.33%	5.81%	-2.55%	-7.90%
2008	12	4.07%	4.21%	4.60%	$9,521	$10,047	$9,655	4.07%	5.52%	0.88%	1.86%
2009	1	-4.62%	-3.52%	-3.75%	$9,081	$9,693	$9,293	-4.62%	-1.32%	-7.62%	-8.26%
2009	2	-4.96%	-4.31%	-4.28%	$8,631	$9,275	$8,896	-4.96%	-1.19%	-10.52%	-10.45%
2009	3	2.94%	3.43%	3.93%	$8,884	$9,593	$9,245	2.94%	1.79%	7.03%	8.65%
2009	4	3.54%	2.50%	3.59%	$9,199	$9,832	$9,577	3.54%	0.19%	7.29%	10.61%
2009	5	4.39%	2.26%	2.45%	$9,603	$10,055	$9,812	4.39%	0.88%	4.95%	5.38%
2009	6	1.25%	0.87%	0.81%	$9,723	$10,142	$9,891	1.25%	1.07%	0.49%	0.34%
2009	7	5.68%	3.98%	4.47%	$10,275	$10,545	$10,333	5.68%	2.61%	6.56%	7.82%
2009	8	2.32%	1.71%	2.17%	$10,514	$10,726	$10,558	2.32%	1.33%	2.41%	3.63%
2009	9	1.87%	2.02%	2.45%	$10,710	$10,943	$10,816	1.87%	1.39%	3.15%	4.23%
2009	10	-0.05%	0.20%	-0.63%	$10,705	$10,965	$10,749	-0.05%	0.56%	-0.43%	-2.57%
2009	11	3.20%	3.38%	3.36%	$11,048	$11,336	$11,110	3.20%	2.02%	5.79%	5.63%
2009	12	-0.01%	-1.33%	-0.48%	$11,047	$11,185	$11,057	-0.01%	-2.53%	0.73%	2.86%
2010	1	-0.29%	0.53%	0.11%	$11,014	$11,245	$11,070	-0.29%	2.06%	-2.30%	-3.50%
2010	2	1.08%	1.05%	1.36%	$11,134	$11,362	$11,220	1.08%	0.34%	2.42%	3.36%
2010	3	1.99%	1.48%	2.04%	$11,355	$11,530	$11,449	1.99%	-0.18%	4.62%	6.27%
2010	4	1.49%	1.78%	1.78%	$11,525	$11,735	$11,652	1.49%	1.56%	2.17%	2.17%
2010	5	-2.71%	-1.82%	-2.12%	$11,213	$11,521	$11,405	-2.71%	1.19%	-7.24%	-8.00%
2010	6	0.19%	0.21%	-0.25%	$11,234	$11,545	$11,377	0.19%	2.52%	-4.34%	-5.66%
2010	7	3.49%	3.13%	3.31%	$11,627	$11,906	$11,754	3.49%	1.58%	6.38%	6.99%
2010	8	0.86%	0.54%	0.11%	$11,726	$11,970	$11,767	0.86%	2.52%	-3.44%	-4.75%
2010	9	2.70%	3.04%	3.37%	$12,043	$12,334	$12,164	2.70%	0.57%	8.31%	9.47%
2010	10	0.88%	1.28%	1.64%	$12,149	$12,491	$12,364	0.88%	0.49%	2.83%	3.94%
2010	11	-0.92%	-0.59%	-0.50%	$12,038	$12,417	$12,303	-0.92%	-1.05%	0.30%	0.58%
2010	12	1.54%	0.28%	0.79%	$12,223	$12,452	$12,401	1.54%	-2.37%	5.34%	6.81%
2011	1	0.65%	0.72%	0.98%	$12,302	$12,541	$12,523	0.65%	0.34%	1.43%	2.19%
2011	2	1.88%	1.23%	1.30%	$12,533	$12,695	$12,685	1.88%	0.04%	3.41%	3.60%
2011	3	0.14%	0.31%	0.09%	$12,551	$12,735	$12,697	0.14%	-0.11%	1.06%	0.45%
2011	4	2.58%	2.46%	2.27%	$12,874	$13,047	$12,986	2.58%	1.86%	3.49%	2.99%
2011	5	0.84%	0.76%	0.80%	$12,982	$13,147	$13,090	0.84%	1.94%	-1.27%	-1.16%
2011	6	-1.06%	-0.58%	-0.94%	$12,845	$13,071	$12,967	-1.06%	-0.47%	-0.77%	-1.79%
2011	7	0.04%	0.50%	0.93%	$12,850	$13,136	$13,087	0.04%	2.71%	-3.46%	-2.28%
2011	8	-0.27%	0.24%	-0.73%	$12,816	$13,166	$12,992	-0.27%	2.04%	-3.20%	-5.99%
2011	9	-1.46%	-1.82%	-2.27%	$12,629	$12,927	$12,697	-1.46%	0.39%	-6.26%	-7.75%
2011	10	4.03%	3.31%	3.81%	$13,138	$13,355	$13,181	4.03%	0.39%	9.60%	11.51%
2011	11	-0.53%	0.21%	-0.52%	$13,069	$13,383	$13,113	-0.53%	-0.64%	1.87%	-0.29%
2011	12	2.53%	1.55%	1.49%	$13,400	$13,590	$13,308	2.53%	1.83%	1.00%	0.80%
2012	1	1.88%	1.98%	2.85%	$13,651	$13,859	$13,688	1.88%	1.65%	2.60%	5.08%
2012	2	1.28%	0.93%	1.48%	$13,826	$13,988	$13,890	1.28%	-0.07%	2.76%	4.26%
2012	3	0.46%	0.15%	0.54%	$13,890	$14,009	$13,965	0.46%	-0.93%	2.09%	3.07%
2012	4	0.93%	1.03%	0.88%	$14,020	$14,153	$14,088	0.93%	1.81%	-0.34%	-0.65%
2012	5	-1.43%	-0.70%	-1.45%	$13,819	$14,054	$13,884	-1.43%	1.37%	-4.37%	-6.24%
2012	6	2.00%	0.82%	1.44%	$14,095	$14,169	$14,084	2.00%	0.10%	2.18%	3.91%
2012	7	2.44%	1.83%	1.50%	$14,440	$14,429	$14,296	2.44%	1.77%	1.96%	1.03%
2012	8	0.53%	0.84%	1.06%	$14,517	$14,550	$14,447	0.53%	0.26%	1.90%	2.48%
2012	9	0.86%	0.93%	1.20%	$14,642	$14,686	$14,621	0.86%	0.41%	1.87%	2.58%
2012	10	0.25%	-0.29%	-0.49%	$14,678	$14,643	$14,549	0.25%	0.25%	-1.26%	-1.76%
2012	11	0.29%	0.88%	0.63%	$14,719	$14,772	$14,641	0.29%	0.57%	1.44%	0.74%
2012	12	0.19%	-0.06%	0.21%	$14,747	$14,764	$14,672	0.19%	-0.35%	0.47%	1.19%
2013	1	1.45%	1.47%	1.32%	$14,961	$14,981	$14,866	1.45%	-0.93%	5.93%	5.50%
2013	2	1.23%	1.05%	1.09%	$15,145	$15,138	$15,028	1.23%	0.99%	1.16%	1.28%
2013	3	1.26%	1.42%	1.60%	$15,336	$15,353	$15,269	1.26%	0.29%	3.38%	3.88%
2013	4	1.97%	1.46%	1.47%	$15,638	$15,577	$15,493	1.97%	1.33%	1.67%	1.70%
2013	5	-0.87%	-1.09%	-0.65%	$15,502	$15,407	$15,393	-0.87%	-2.43%	1.15%	2.32%
2013	6	-1.59%	-2.34%	-2.24%	$15,255	$15,047	$15,048	-1.59%	-2.85%	-1.51%	-1.27%
2013	7	2.04%	2.35%	2.40%	$15,566	$15,401	$15,408	2.04%	0.43%	5.41%	5.49%
2013	8	-1.87%	-2.17%	-1.88%	$15,274	$15,067	$15,119	-1.87%	-1.25%	-3.57%	-2.82%
2013	9	1.63%	2.52%	2.41%	$15,523	$15,447	$15,484	1.63%	1.59%	3.97%	3.66%
2013	10	2.10%	2.29%	2.33%	$15,848	$15,800	$15,844	2.10%	1.05%	4.17%	4.22%
2013	11	0.79%	0.72%	0.96%	$15,973	$15,913	$15,996	0.79%	-0.37%	2.32%	2.88%
2013	12	0.81%	0.07%	0.37%	$16,102	$15,925	$16,056	0.81%	-1.24%	1.96%	2.63%
2014	1	-0.36%	-0.29%	0.37%	$16,044	$15,878	$16,116	-0.36%	2.25%	-5.01%	-3.11%
2014	2	2.06%	2.02%	1.98%	$16,374	$16,198	$16,435	2.06%	0.58%	4.90%	4.73%
2014	3	0.92%	0.06%	-0.03%	$16,525	$16,208	$16,430	0.92%	-0.32%	0.79%	0.51%
2014	4	1.19%	0.91%	0.58%	$16,721	$16,356	$16,526	1.19%	0.86%	1.01%	0.06%
2014	5	1.21%	1.58%	1.78%	$16,924	$16,615	$16,820	1.21%	1.57%	1.61%	2.17%
2014	6	0.78%	0.50%	0.87%	$17,055	$16,697	$16,966	0.78%	-0.03%	1.49%	2.54%
2014	7	-1.00%	-1.34%	-0.88%	$16,884	$16,474	$16,816	-1.00%	-0.28%	-3.31%	-1.98%
2014	8	1.99%	2.15%	2.36%	$17,220	$16,829	$17,213	1.99%	1.38%	3.65%	4.18%
2014	9	-1.25%	-1.05%	-1.45%	$17,004	$16,652	$16,963	-1.25%	-1.07%	-1.00%	-2.14%
2014	10	1.17%	1.71%	1.75%	$17,203	$16,937	$17,259	1.17%	1.20%	2.65%	2.74%
2014	11	1.31%	1.73%	1.46%	$17,429	$17,229	$17,511	1.31%	0.92%	3.22%	2.41%
2014	12	-0.16%	-0.13%	-0.17%	$17,401	$17,207	$17,481	-0.16%	-0.26%	0.11%	-0.01%
2015	1	0.55%	0.96%	1.17%	$17,496	$17,371	$17,685	0.55%	3.29%	-3.38%	-2.77%
2015	2	0.82%	0.88%	0.95%	$17,639	$17,524	$17,853	0.82%	-1.49%	5.59%	5.76%
2015	3	-0.10%	-0.35%	0.08%	$17,621	$17,463	$17,868	-0.10%	0.69%	-2.27%	-1.04%
2015	4	0.51%	-0.21%	0.01%	$17,710	$17,427	$17,869	0.51%	-0.21%	-0.21%	0.42%
2015	5	-0.12%	0.08%	0.24%	$17,690	$17,441	$17,913	-0.12%	-0.38%	0.96%	1.39%
2015	6	-2.06%	-1.75%	-1.47%	$17,325	$17,135	$17,649	-2.06%	-1.34%	-2.54%	-1.71%
2015	7	1.23%	1.36%	1.18%	$17,539	$17,368	$17,858	1.23%	0.94%	2.16%	1.63%
2015	8	-2.16%	-2.28%	-2.38%	$17,160	$16,971	$17,432	-2.16%	-0.38%	-5.87%	-6.03%
2015	9	0.11%	0.18%	-0.22%	$17,179	$17,002	$17,394	0.11%	1.19%	-1.84%	-2.93%
2015	10	3.40%	2.18%	2.58%	$17,763	$17,372	$17,843	3.40%	-0.04%	6.74%	7.84%
2015	11	0.00%	-0.11%	-0.01%	$17,763	$17,353	$17,841	0.00%	-0.31%	0.27%	0.54%
2015	12	-0.79%	-0.70%	-1.11%	$17,623	$17,232	$17,643	-0.79%	-0.61%	-0.87%	-2.03%
2016	1	-0.20%	0.45%	-0.74%	$17,587	$17,308	$17,513	-0.20%	1.92%	-2.29%	-5.67%
2016	2	0.45%	1.04%	0.65%	$17,666	$17,489	$17,627	0.45%	1.00%	1.13%	-0.04%
2016	3	3.52%	2.86%	3.04%	$18,287	$17,989	$18,164	3.52%	1.09%	6.28%	7.01%
2016	4	0.91%	0.19%	0.52%	$18,453	$18,022	$18,259	0.91%	0.47%	-0.33%	0.63%
2016	5	0.59%	0.20%	0.48%	$18,562	$18,057	$18,346	0.59%	-0.21%	0.95%	1.79%
2016	6	2.18%	2.42%	1.68%	$18,967	$18,495	$18,654	2.18%	2.45%	2.37%	0.23%
2016	7	1.38%	1.27%	1.83%	$19,229	$18,731	$18,994	1.38%	0.72%	2.29%	3.95%
2016	8	0.00%	-0.35%	-0.26%	$19,229	$18,666	$18,944	0.00%	-0.54%	0.01%	0.26%
2016	9	-0.32%	-0.22%	0.18%	$19,168	$18,625	$18,979	-0.32%	0.20%	-0.97%	0.15%
2016	10	-1.22%	-1.26%	-1.36%	$18,933	$18,391	$18,722	-1.22%	-0.89%	-1.93%	-2.21%
2016	11	-0.74%	-1.14%	-0.65%	$18,794	$18,181	$18,600	-0.74%	-3.38%	2.98%	4.44%
2016	12	1.35%	0.49%	0.76%	$19,047	$18,271	$18,742	1.35%	0.10%	1.17%	1.92%
2017	1	0.27%	0.88%	0.93%	$19,099	$18,431	$18,916	0.27%	0.40%	1.76%	1.91%
2017	2	1.96%	2.06%	1.84%	$19,473	$18,811	$19,265	1.96%	0.82%	4.33%	3.71%
2017	3	-0.04%	0.00%	0.05%	$19,466	$18,811	$19,275	-0.04%	0.05%	-0.07%	0.07%
2017	4	0.70%	1.33%	1.08%	$19,601	$19,061	$19,484	0.70%	1.10%	1.72%	1.05%
2017	5	1.15%	1.10%	0.90%	$19,827	$19,271	$19,659	1.15%	0.84%	1.57%	1.01%
2017	6	0.41%	-0.10%	0.13%	$19,909	$19,252	$19,685	0.41%	-0.31%	0.28%	0.92%
2017	7	0.88%	0.69%	1.10%	$20,084	$19,384	$19,901	0.88%	0.66%	0.73%	1.87%
2017	8	0.53%	0.51%	0.69%	$20,190	$19,483	$20,039	0.53%	1.01%	-0.36%	0.15%
2017	9	0.84%	0.34%	0.37%	$20,360	$19,548	$20,112	0.84%	-0.82%	2.38%	2.45%
2017	10	0.90%	0.86%	0.89%	$20,543	$19,716	$20,291	0.90%	0.14%	2.10%	2.16%
2017	11	1.08%	1.43%	0.90%	$20,765	$19,998	$20,473	1.08%	-0.40%	4.48%	3.04%
2017	12	1.08%	0.75%	0.58%	$20,989	$20,149	$20,592	1.08%	0.32%	1.44%	0.99%
2018	1	0.56%	0.76%	0.86%	$21,106	$20,301	$20,768	0.56%	-1.54%	5.02%	5.31%
2018	2	-2.73%	-2.08%	-1.97%	$20,530	$19,879	$20,360	-2.73%	-0.96%	-4.03%	-3.72%
2018	3	-0.27%	-0.15%	-0.39%	$20,474	$19,849	$20,281	-0.27%	0.51%	-1.35%	-1.99%
2018	4	-0.50%	-0.94%	-0.48%	$20,372	$19,663	$20,185	-0.50%	-0.94%	-0.93%	0.38%
2018	5	0.65%	1.08%	1.45%	$20,505	$19,874	$20,476	0.65%	0.70%	1.77%	2.79%
2018	6	0.16%	0.08%	0.22%	$20,538	$19,891	$20,522	0.16%	-0.04%	0.30%	0.68%
2018	7	2.04%	1.71%	1.25%	$20,957	$20,231	$20,778	2.04%	0.06%	4.68%	3.34%
2018	8	0.57%	1.53%	1.77%	$21,075	$20,541	$21,147	0.57%	0.79%	2.80%	3.44%
2018	9	-0.23%	0.20%	-0.36%	$21,027	$20,582	$21,071	-0.23%	-0.67%	1.68%	0.16%
2018	10	-2.27%	-2.70%	-3.10%	$20,550	$20,027	$20,418	-2.27%	-0.48%	-6.36%	-7.40%
2018	11	1.63%	1.89%	1.14%	$20,884	$20,406	$20,650	1.63%	0.62%	4.14%	2.06%
2018	12	-2.08%	-2.09%	-2.23%	$20,449	$19,979	$20,189	-2.08%	1.82%	-8.73%	-9.29%
2019	1	3.23%	3.20%	3.99%	$21,111	$20,619	$20,996	3.23%	1.52%	6.32%	8.59%
2019	2	1.51%	1.62%	1.25%	$21,429	$20,953	$21,259	1.51%	-0.04%	4.58%	3.50%
2019	3	1.88%	1.88%	1.99%	$21,831	$21,347	$21,681	1.88%	2.32%	1.14%	1.44%
2019	4	1.08%	1.41%	1.52%	$22,067	$21,648	$22,010	1.08%	0.06%	3.72%	3.98%
2019	5	-0.65%	-0.44%	-1.15%	$21,924	$21,553	$21,756	-0.65%	2.10%	-4.63%	-6.45%
2019	6	3.14%	3.37%	3.49%	$22,613	$22,280	$22,515	3.14%	1.53%	6.63%	6.97%
2019	7	0.49%	0.98%	0.68%	$22,724	$22,497	$22,668	0.49%	0.23%	2.23%	1.44%
2019	8	1.68%	2.02%	1.04%	$23,106	$22,951	$22,905	1.68%	2.88%	0.59%	-2.03%
2019	9	0.59%	0.10%	0.18%	$23,243	$22,974	$22,945	0.59%	-0.70%	1.45%	1.70%
2019	10	0.63%	0.26%	1.02%	$23,388	$23,033	$23,179	0.63%	0.39%	0.03%	2.10%
2019	11	0.62%	0.74%	1.23%	$23,533	$23,204	$23,464	0.62%	-0.29%	2.45%	3.77%
2019	12	1.14%	0.73%	0.97%	$23,801	$23,373	$23,691	1.14%	-0.20%	2.22%	2.85%
2020	1	1.28%	1.89%	1.66%	$24,106	$23,813	$24,085	1.28%	2.59%	0.57%	-0.08%
2020	2	-2.46%	-1.61%	-1.54%	$23,514	$23,429	$23,713	-2.46%	1.94%	-8.34%	-8.18%
2020	3	-6.28%	-4.06%	-5.38%	$22,036	$22,478	$22,436	-6.28%	-1.42%	-9.62%	-13.78%
2020	4	5.70%	4.52%	5.42%	$23,292	$23,494	$23,652	5.70%	2.18%	9.88%	13.25%
2020	5	2.11%	2.00%	2.55%	$23,784	$23,964	$24,255	2.11%	1.26%	3.60%	5.38%
2020	6	0.47%	0.81%	1.52%	$23,896	$24,157	$24,623	0.47%	1.15%	0.08%	2.28%
2020	7	2.81%	2.59%	2.82%	$24,568	$24,783	$25,317	2.81%	1.46%	4.98%	5.64%
2020	8	0.22%	1.67%	2.05%	$24,621	$25,197	$25,835	0.22%	-0.53%	6.16%	7.18%
2020	9	-0.70%	-0.30%	-1.19%	$24,449	$25,122	$25,527	-0.70%	0.09%	-1.05%	-3.57%
2020	10	-1.27%	-1.18%	-1.15%	$24,137	$24,826	$25,234	-1.27%	-0.62%	-2.27%	-2.16%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1	Portfolio 2	Portfolio 3
Large-cap Value	23.62%	12.73%	6.82%
Large-cap Growth	8.53%	17.71%	20.14%
Mid-cap Value	0.00%	3.05%	8.19%
Mid-cap Growth	0.00%	0.00%	0.61%
Small-cap Value	0.00%	0.00%	0.00%
Small-cap Growth	0.00%	0.00%	0.00%
Global ex-US Developed Markets	2.90%	0.00%	0.52%
Emerging Markets	0.40%	0.76%	1.96%
Corporate Bonds	22.24%	12.72%	16.39%
Long-Term Treasuries	7.02%	0.00%	0.00%
Intermediate-Term Treasuries	9.00%	44.34%	34.22%
Short-Term Treasuries	26.29%	8.69%	11.15%
R Squared	94.04%	95.29%	98.51%
Style analysis is based on monthly returns from Jan 2007 to Oct 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	ER	P/E	Duration	Return Contribution	Risk Contribution
VWINX	Vanguard Wellesley Income Inv	30% to 50% Equity	100.00%	0.23%	17.93	8.18	$14,137	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	ER	P/E	Duration	Return Contribution	Risk Contribution
VBILX	Vanguard Interm-Term Bond Index Adm	Intermediate Core Bond	65.00%	0.07%		6.52	$7,348	33.35%
VIG	Vanguard Dividend Appreciation ETF	Large Blend	35.00%	0.06%	25.81		$7,477	66.65%
			100.00%	0.07%	25.81	6.52	$14,826	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	ER	P/E	Duration	Return Contribution	Risk Contribution
VTSMX	Vanguard Total Stock Mkt Idx Inv	Large Blend	35.00%	0.14%	25.00		$7,868	73.99%
VBILX	Vanguard Interm-Term Bond Index Adm	Intermediate Core Bond	65.00%	0.07%		6.52	$7,367	26.01%
			100.00%	0.09%	25.00	6.52	$15,234	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Fund fundamentals data as of 11/25/2020. (c) 2020 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)	0.55%	0.56%	0.58%
Arithmetic Mean (annualized)	6.79%	6.97%	7.14%
Geometric Mean (monthly)	0.53%	0.55%	0.56%
Geometric Mean (annualized)	6.58%	6.79%	6.92%
Volatility (monthly)	1.83%	1.68%	1.84%
Volatility (annualized)	6.34%	5.82%	6.38%
Downside Deviation (monthly)	1.17%	1.07%	1.19%
Max. Drawdown	-18.82%	-13.90%	-16.97%
US Market Correlation	0.85	0.78	0.86
Beta^(*)	0.34	0.28	0.35
Alpha (annualized)	3.40%	4.08%	3.65%
R²	71.92%	60.62%	74.75%
Sharpe Ratio	0.89	1.01	0.94
Sortino Ratio	1.37	1.55	1.43
Treynor Ratio (%)	16.90	20.68	17.43
Calmar Ratio	0.64	1.42	1.10
Active Return	-1.87%	-1.66%	-1.53%
Tracking Error	11.07%	11.97%	10.89%
Information Ratio	-0.17	-0.14	-0.14
Skewness	-0.80	-1.01	-1.04
Excess Kurtosis	3.20	3.28	3.92
Historical Value-at-Risk (5%)	-2.62%	-2.32%	-2.34%
Analytical Value-at-Risk (5%)	-2.46%	-2.23%	-2.52%
Conditional Value-at-Risk (5%)	-4.42%	-3.95%	-4.43%
Upside Capture Ratio (%)	38.98	34.78	40.18
Downside Capture Ratio (%)	26.64	18.75	26.58
Safe Withdrawal Rate	10.05%	10.06%	10.06%
Perpetual Withdrawal Rate	4.71%	4.91%	5.03%
Positive Periods	114 out of 166 (68.67%)	118 out of 166 (71.08%)	114 out of 166 (68.67%)
Gain/Loss Ratio	0.99	1.00	1.06
^* 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
Subprime Crisis	Nov 2007	Mar 2009	-18.82%	-13.90%	-16.97%

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Sep 2009	7 months	1 year 11 months	-18.82%
2	Feb 2020	Mar 2020	2 months	Jul 2020	4 months	6 months	-8.59%
3	Feb 2018	Apr 2018	3 months	Jan 2019	9 months	1 year	-3.48%
4	May 2015	Aug 2015	4 months	Oct 2015	2 months	6 months	-3.11%
5	Jun 2011	Sep 2011	4 months	Oct 2011	1 month	5 months	-2.72%
6	May 2010	May 2010	1 month	Jul 2010	2 months	3 months	-2.71%
7	May 2013	Jun 2013	2 months	Oct 2013	4 months	6 months	-2.45%
8	Sep 2016	Nov 2016	3 months	Feb 2017	3 months	6 months	-2.26%
9	Sep 2020	Oct 2020	2 months				-1.97%
10	Jun 2007	Jul 2007	2 months	Sep 2007	2 months	4 months	-1.91%
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	May 2008	Feb 2009	10 months	Sep 2009	7 months	1 year 5 months	-13.90%
2	Feb 2020	Mar 2020	2 months	May 2020	2 months	4 months	-5.61%
3	May 2013	Jun 2013	2 months	Oct 2013	4 months	6 months	-3.40%
4	Mar 2015	Aug 2015	6 months	Mar 2016	7 months	1 year 1 month	-3.16%
5	Feb 2018	Apr 2018	3 months	Aug 2018	4 months	7 months	-3.15%
6	Aug 2016	Nov 2016	4 months	Feb 2017	3 months	7 months	-2.93%
7	Oct 2018	Dec 2018	3 months	Jan 2019	1 month	4 months	-2.93%
8	Sep 2011	Sep 2011	1 month	Oct 2011	1 month	2 months	-1.82%
9	May 2010	May 2010	1 month	Jul 2010	2 months	3 months	-1.82%
10	Sep 2020	Oct 2020	2 months				-1.48%
Worst 10 drawdowns included above

Drawdowns for Portfolio 3

Drawdowns for Portfolio 3 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Sep 2009	7 months	1 year 11 months	-16.97%
2	Feb 2020	Mar 2020	2 months	May 2020	2 months	4 months	-6.84%
3	Sep 2018	Dec 2018	4 months	Feb 2019	2 months	6 months	-4.53%
4	Jun 2011	Sep 2011	4 months	Oct 2011	1 month	5 months	-3.00%
5	Jun 2015	Sep 2015	4 months	Mar 2016	6 months	10 months	-2.89%
6	May 2013	Jun 2013	2 months	Oct 2013	4 months	6 months	-2.88%
7	Feb 2018	Apr 2018	3 months	Jul 2018	3 months	6 months	-2.81%
8	May 2010	Jun 2010	2 months	Jul 2010	1 month	3 months	-2.36%
9	Sep 2020	Oct 2020	2 months				-2.32%
10	Aug 2016	Nov 2016	4 months	Feb 2017	3 months	7 months	-2.08%
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
VWINX	Vanguard Wellesley Income Inv	6.58%	6.34%	16.39%	-9.84%	-18.82%	0.89	1.37	0.85
VBILX	Vanguard Interm-Term Bond Index Adm	5.46%	4.88%	10.74%	-3.45%	-8.88%	0.94	1.66	0.04
VIG	Vanguard Dividend Appreciation ETF	8.55%	13.36%	29.62%	-26.69%	-41.11%	0.62	0.89	0.96
VTSMX	Vanguard Total Stock Mkt Idx Inv	8.45%	15.93%	33.35%	-37.04%	-50.89%	0.54	0.77	1.00

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VWINX	VBILX	VIG	VTSMX	Portfolio 1	Portfolio 2	Portfolio 3
VWINX	Vanguard Wellesley Income Inv	1.00	0.47	0.87	0.85	1.00	0.94	0.95
VBILX	Vanguard Interm-Term Bond Index Adm	0.47	1.00	0.09	0.04	0.47	0.62	0.53
VIG	Vanguard Dividend Appreciation ETF	0.87	0.09	1.00	0.96	0.87	0.84	0.86
VTSMX	Vanguard Total Stock Mkt Idx Inv	0.85	0.04	0.96	1.00	0.85	0.78	0.86

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
VWINX	Vanguard Wellesley Income Inv	$14,137
VBILX	Vanguard Interm-Term Bond Index Adm		$7,348	$7,367
VIG	Vanguard Dividend Appreciation ETF		$7,477
VTSMX	Vanguard Total Stock Mkt Idx Inv			$7,868

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1	Portfolio 2	Portfolio 3
VWINX	Vanguard Wellesley Income Inv	100.00%
VBILX	Vanguard Interm-Term Bond Index Adm		33.35%	26.01%
VIG	Vanguard Dividend Appreciation ETF		66.65%
VTSMX	Vanguard Total Stock Mkt Idx Inv			73.99%

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	7.13%	16.39%	-9.84%	6.91%	16.99%	-6.08%	7.09%	17.35%	-9.71%
3 years	7.31%	12.07%	3.37%	6.82%	10.59%	3.80%	7.10%	11.29%	3.41%
5 years	7.45%	11.08%	4.90%	6.87%	9.65%	4.64%	7.23%	10.71%	4.69%
7 years	7.58%	9.19%	6.22%	6.96%	8.01%	5.66%	7.40%	8.99%	6.14%
10 years	7.42%	7.98%	6.66%	6.88%	7.65%	6.21%	7.21%	7.92%	6.48%
Result statistics are based on annualized rolling returns over full calendar year periods