Backtest Portfolio Asset Allocation

Portfolio Backtesting Overview

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

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

Portfolio Model Configuration

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Include YTD

Start Date

End Date

Initial Amount

$ .00

Cashflows

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal Percentage

Frequency

Rebalancing

Absolute Deviation

Relative Deviation

Leverage Type

Leverage Ratio

Debt Amount

$ .00

Debt Interest

Maintenance Margin

Leveraged Benchmark

Reinvest Dividends

Display Income

Factor Regression

Equity Factor Model

Benchmark

Benchmark Ticker

Portfolio Names

Portfolio Name #1

Portfolio Name #2

Portfolio Name #3

Portfolio Assets

Portfolio #1

Portfolio #2

Portfolio #3

Asset 1

Asset 2

Asset 3

Asset 4

Asset 5

Asset 6

Asset 7

Asset 8

Asset 9

Asset 10

Asset 11

Asset 12

Asset 13

Asset 14

Asset 15

Asset 16

Asset 17

Asset 18

Asset 19

Asset 20

Asset 21

Asset 22

Asset 23

Asset 24

Asset 25

Total

Portfolio Analysis Results (Jan 2013 - Dec 2021)

Note: The time period was constrained by the available data for Phillips 66 (PSX) [May 2012 - May 2023].

Portfolio 1

Ticker	Name	Allocation
NNN	NNN REIT Inc	5.55%
FRT	Federal Realty Investment Trust	5.55%
UHT	Universal Health Realty Income Trust	5.55%
EQC	Equity Commonwealth	5.55%
WPC	W.P. Carey Inc.	5.55%
LTC	LTC Properties, Inc.	5.55%
LNC	Lincoln National Corporation	4.17%
MO	Altria Group	4.17%
ALL	Allstate Corporation	4.17%
F	Ford Motor Company	4.17%
BMY	Bristol-Myers Squibb Company	4.17%
HII	Huntington Ingalls Industries, Inc.	4.17%
TSN	Tyson Foods, Inc.	4.17%
PRU	Prudential Financial, Inc.	4.17%
KMI	Kinder Morgan, Inc.	4.76%
XOM	Exxon Mobil Corporation	4.76%
BP	BP p.l.c.	4.76%
OKE	ONEOK, Inc.	4.76%
VLO	Valero Energy Corporation	4.76%
PSX	Phillips 66	4.76%
WMB	Williams Companies, Inc.	4.76%
Save portfolio »

Performance Summary

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
Portfolio 1	$200,000	$513,815	11.05%	16.72%	36.81%	-21.08%	-34.81%	0.68	1.00	0.83

Portfolio Growth

Annual Returns

Trailing Returns

Trailing Returns
Name	Total Return			Annualized Return			Annualized Standard Deviation
Name	3 Month	Year To Date	1 year	3 year	5 year	Full	3 year	5 year
Portfolio 1	7.30%	31.15%	31.15%	10.29%	5.80%	11.05%	24.38%	20.12%
Trailing return and volatility are as of last full calendar month ending December 2021

Notes and Disclosures

IMPORTANT: The projections or other information generated by Portfolio Visualizer regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. Past performance is not a guarantee of future results.
Asset allocation and diversification strategies do not guarantee a profit or protect against a loss.
Hypothetical returns do not reflect trading costs, transaction fees, commissions, or actual taxes due on investment returns.
The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
Refer to the related documentation sections for more details on terms and definitions, methodology, and data sources.
Portfolio model information represents a blended portfolio consisting of the model's underlying positions and assigned weights provided by the user and rebalanced at the specified schedule. The results were constructed using net of fee mutual fund performance. Portfolio Visualizer does not provide preferential treatment to any specific security or investment.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
Market capitalization refers to the total value of all a company's shares of stock. It is calculated by multiplying the price of a stock by its total number of outstanding shares. Large cap refers to a company with a market capitalization value of more than $10 billion, mid cap refers to a company with a market capitalization value between $2 and $10 billion, and small cap refers to a company with a market capitalization value below $2 billion. For funds and portfolios the equity market capitalization is calculated based on the long position of the equity holdings.
Credit quality measures the ability of a bond issuer to repay a bond's interest and principal in a timely manner. Ratings agencies research the financial health of each bond issuer and assign ratings to the bonds being offered. Lower-rated bonds generally offer higher yields to compensate investors for the additional risk. AAA is the highest possible rating that may be assigned to an issuer's bonds by any of the major credit rating agencies. Bonds rated AAA to AA are known as high-grade bonds, bonds rated A to BBB are known as medium-grade bonds, and bonds rated BB to C are known as non-investment grade bonds. An issuer will receive a rating of D if it is already in default on some of its debt. For funds and portfolios the fixed income credit quality break-down is calculated based on the long position of the fixed income holdings.
A fixed income maturity date refers to the specific date on which the investor's principal will be repaid. Duration measures a bond's or fixed income portfolio's price sensitivity to interest rate changes. If a bond has a duration of 5 years, and interest rates increase by 1%, the bond's price will decline by approximately 5%. Conversely, if a bond has a duration of 5 years and interest rates fall by 1%, the bond's price will increase by approximately 5%. A fixed income portfolio's duration is computed as the weighted average of individual bond durations held in the portfolio.
Compound annualized growth rate (CAGR) is the annualized geometric mean return of the portfolio. It is calculated from the portfolio start and end balance and is thus impacted by any cashflows.
The time-weighted rate of return (TWRR) is a measure of the compound rate of growth in a portfolio. This is calculated from the holding period returns (e.g. monthly returns), and TWRR will thus not be impacted by cashflows. If there are no external cashflows, TWRR will equal CAGR.
The money-weighted rate of return (MWRR) is the internal rate of return (IRR) taking into account cashflows. This is the discount rate at which the present value of cash inflows equals the present value of cash outflows.
Total return is the combined return in income and capital appreciation from investment in an asset. Yield measures the current cash income received from investment in an asset. Bonds provide yield in the form of interest payments and stocks through dividends.
Standard deviation (Stdev) is used to measure the dispersion of returns around the mean and is often used as a measure of risk. A higher standard deviation implies greater the dispersion of data points around the mean.
Sharpe Ratio is a measure of risk-adjusted performance of the portfolio, and it is calculated by dividing the mean monthly excess return of the portfolio over the risk-free rate by the standard deviation of excess return, and the displayed value is annualized.
Sortino Ratio is a measure of risk-adjusted return which is a modification of the Sharpe Ratio. While the latter is the ratio of average returns in excess of a risk-free rate divided by the standard deviation of those excess returns, the Sortino Ratio has the same denominator divided by the standard deviation of returns below the risk-free rate.
Treynor Ratio is a measure of risk-adjusted performance of the portfolio. It is similar to the Sharpe Ratio, but it uses portfolio beta (systematic risk) as the risk metric in the denominator.
Calmar Ratio is a measure of risk-adjusted performance of the portfolio. It is calculated as the annualized return over the past 36 months divided by the maximum drawdown over the past 36 months based on monthly returns.
Risk-free returns are calculated based on the Federal Reserve 3-Month Treasury Bill (secondary market) rates.
Downside deviation measures the downside volatility of the portfolio returns unlike standard deviation, which includes both upside and downside deviations. Downside deviation is calculated based on negative returns that hurt the portfolio performance.
Correlation measures to what degree the returns of the two assets move in relation to each other. Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much. Asset correlations are calculated based on monthly returns.
Skewness is a measure of the asymmetry of the probability distribution or returns from a normal Gaussian distribution shape about its mean. Negative skewness is associated with the left (typically negative returns) tail of the distribution extending further than the right tail; and positive skewness is associated with the right (typically positive returns) tail of the distribution extending further than the left tail.
Excess kurtosis is a measure of whether a data distribution is peaked or flat relative to a normal distribution. Distributions with high kurtosis tend to have a distinct peak near the mean, decline rather rapidly, and have heavy or fat tails.
A drawdown refers to the decline in value of a single investment or an investment portfolio from a relative peak value to a relative trough. A maximum drawdown (Max Drawdown) is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. Drawdown values are calculated based on monthly returns.
Value at Risk (VaR) measures the scale of loss at a given confidence level. For example, if the 95% confidence one-month VaR is 3%, there is 95% confidence that over the next month the portfolio will not lose more than 3%. Value at Risk can be calculated directly based on historical returns based on a given percentile or analytically based on the mean and standard deviation of the returns.
Conditional Value at Risk (CVaR) measures the scale of the expected loss once the specific Value at Risk (VaR) breakpoint has been breached, i.e., it calculates the average tail loss by taking a weighted average between the value at risk and losses exceeding the value at risk.
Beta is a measure of systematic risk and measures the volatility of a particular investment relative to the market or its benchmark. Alpha measures the active return of the investment compared to the market benchmark return. R-squared is the percentage of a portfolio's movements that can be explained by movements in the selected benchmark index.
Active return is the investment return minus the return of its benchmark. For periods longer than 12 months this is displayed as annualized value, i.e., annualized investment return minus annualized benchmark return.
Tracking error, also known as active risk, is the standard deviation of active return. This is displayed as annualized value based on the standard deviation of monthly active returns.
Information ratio is the active return divided by the tracking error. It measures whether the investment outperformed its benchmark consistently.
Gain/Loss ratio is a measure of downside risk, and it is calculated as the average positive return in up periods divided by the average negative return in down periods.
Upside Capture Ratio measures how well the fund performed relative to the benchmark when the market was up, and Downside Capture Ratio measures how well the fund performed relative to the benchmark when the market was down. An upside capture ratio greater than 100 would indicate that the fund outperformed its benchmark when the market was up, and a downside capture ratio below 100 would indicate that the fund lost less than its benchmark when the market was down. To calculate upside capture ratio a new series from the portfolio returns is constructed by dropping all time periods where the benchmark return is less than equal to zero. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The downside capture ratio is calculated analogously.
All risk measures for the portfolio and portfolio assets are calculated based on monthly returns.
Gross expense ratio reflects the total annual operating expenses paid by each fund. Net expense ratio reflects what investors were charged after waivers, reductions, and reimbursements.
Price to earnings (P/E) ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share. For funds the price to earnings ratio is computed as the weighted average of fund holdings.
The results assume annual rebalancing of portfolio assets to match the specified allocation.

Annual Returns

Annual returns for the configured portfolios
Year	Inflation	Portfolio 1 Return	Portfolio 1 Balance	NNN REIT Inc (NNN)	Federal Realty Investment Trust (FRT)	Universal Health Realty Income Trust (UHT)	Equity Commonwealth (EQC)	W.P. Carey Inc. (WPC)	LTC Properties, Inc. (LTC)	Lincoln National Corporation (LNC)	Altria Group (MO)	Allstate Corporation (ALL)	Ford Motor Company (F)	Bristol-Myers Squibb Company (BMY)	Huntington Ingalls Industries, Inc. (HII)	Tyson Foods, Inc. (TSN)	Prudential Financial, Inc. (PRU)	Kinder Morgan, Inc. (KMI)	Exxon Mobil Corporation (XOM)	BP p.l.c. (BP)	ONEOK, Inc. (OKE)	Valero Energy Corporation (VLO)	Phillips 66 (PSX)	Williams Companies, Inc. (WMB)
2013	1.50%	36.81%	$273,616	1.70%	0.39%	-16.39%	54.31%	24.05%	5.56%	102.16%	28.56%	38.57%	22.33%	69.95%	109.35%	73.91%	77.13%	6.20%	20.14%	22.73%	49.65%	64.89%	48.33%	22.79%
2014	0.76%	15.39%	$315,716	36.02%	35.23%	27.17%	11.35%	20.90%	28.53%	13.13%	34.52%	31.23%	3.71%	14.18%	26.13%	20.79%	0.63%	23.28%	-6.07%	-17.60%	-5.32%	0.24%	-4.77%	21.42%
2015	0.73%	-1.23%	$311,820	6.20%	12.31%	9.50%	8.02%	-10.40%	4.80%	-11.56%	23.10%	-9.96%	-5.44%	19.24%	14.32%	34.37%	-7.35%	-62.76%	-12.76%	-12.77%	-47.36%	46.79%	17.12%	-39.22%
2016	2.07%	24.31%	$387,613	14.75%	-0.23%	37.21%	9.05%	6.54%	14.05%	35.04%	20.46%	21.71%	-7.90%	-13.50%	47.17%	16.87%	32.48%	42.67%	19.90%	29.00%	149.37%	0.78%	8.98%	31.37%
2017	2.11%	12.18%	$434,835	2.00%	-3.59%	18.80%	0.89%	23.83%	-2.76%	17.95%	9.45%	43.62%	8.73%	7.72%	29.48%	33.38%	13.64%	-10.57%	-3.80%	20.07%	-2.08%	39.98%	20.96%	2.04%
2018	1.91%	-11.91%	$383,028	17.78%	-8.13%	-14.90%	6.76%	1.00%	1.14%	-32.00%	-27.09%	-19.52%	-34.29%	-12.91%	-18.21%	-32.82%	-26.46%	-11.20%	-15.10%	-4.51%	6.28%	-15.72%	-12.30%	-23.88%
2019	2.29%	29.59%	$496,383	14.78%	12.50%	97.05%	21.66%	28.80%	12.79%	17.94%	7.96%	38.82%	29.61%	27.86%	34.00%	73.87%	20.06%	44.41%	7.25%	5.80%	47.77%	30.36%	33.99%	14.21%
2020	1.36%	-21.08%	$391,765	-19.35%	-30.56%	-43.08%	-5.98%	-6.02%	-7.52%	-11.12%	-10.38%	-0.12%	-3.88%	0.39%	-30.44%	-27.33%	-11.48%	-30.74%	-36.21%	-41.32%	-43.36%	-35.60%	-33.92%	-7.60%
2021	7.04%	31.15%	$513,815	23.03%	65.92%	-3.27%	-5.06%	22.88%	-6.77%	39.44%	24.26%	9.88%	137.50%	2.89%	12.12%	38.49%	45.24%	23.86%	57.64%	36.47%	64.85%	40.33%	8.50%	38.43%

Monthly Returns

Monthly returns for the configured portfolios
Year	Month	Portfolio 1 Return	Portfolio 1 Balance	NNN REIT Inc (NNN)	Federal Realty Investment Trust (FRT)	Universal Health Realty Income Trust (UHT)	Equity Commonwealth (EQC)	W.P. Carey Inc. (WPC)	LTC Properties, Inc. (LTC)	Lincoln National Corporation (LNC)	Altria Group (MO)	Allstate Corporation (ALL)	Ford Motor Company (F)	Bristol-Myers Squibb Company (BMY)	Huntington Ingalls Industries, Inc. (HII)	Tyson Foods, Inc. (TSN)	Prudential Financial, Inc. (PRU)	Kinder Morgan, Inc. (KMI)	Exxon Mobil Corporation (XOM)	BP p.l.c. (BP)	ONEOK, Inc. (OKE)	Valero Energy Corporation (VLO)	Phillips 66 (PSX)	Williams Companies, Inc. (WMB)
2013	1	8.37%	$216,730	3.90%	1.76%	8.93%	5.41%	7.63%	6.28%	12.38%	7.12%	9.29%	0.73%	12.08%	2.22%	14.02%	8.53%	7.08%	3.95%	6.92%	10.80%	28.17%	14.07%	7.06%
2013	2	4.50%	$226,478	7.59%	0.34%	3.59%	53.59%	6.16%	3.99%	1.93%	-0.39%	5.40%	-2.63%	2.30%	8.68%	2.71%	-3.31%	-1.04%	0.18%	-8.10%	-4.30%	4.71%	4.45%	-0.97%
2013	3	5.00%	$237,809	4.99%	2.43%	2.14%	-11.13%	14.47%	6.01%	10.39%	3.83%	6.63%	4.28%	11.41%	11.01%	9.48%	6.15%	4.34%	0.63%	4.83%	5.96%	-0.22%	11.13%	9.01%
2013	4	1.60%	$241,620	10.81%	8.30%	-6.90%	0.63%	4.63%	14.57%	4.70%	6.16%	0.39%	4.26%	-2.75%	-0.81%	-0.77%	2.42%	2.07%	-1.24%	2.95%	8.50%	-11.37%	-12.89%	1.79%
2013	5	-1.05%	$239,080	-9.60%	-7.91%	-15.93%	-8.46%	-3.94%	-10.23%	4.85%	-1.12%	-1.57%	15.22%	15.84%	4.58%	1.70%	14.84%	-2.86%	2.37%	-0.36%	-12.11%	10.76%	9.76%	-7.74%
2013	6	-1.87%	$234,618	-4.10%	-3.08%	-3.20%	13.11%	-1.10%	-5.80%	2.27%	-1.88%	-0.25%	-1.34%	-2.87%	2.28%	2.72%	5.89%	0.45%	-0.13%	-2.73%	-8.48%	-14.42%	-11.51%	-6.75%
2013	7	5.03%	$246,422	2.86%	1.59%	0.79%	0.86%	6.73%	-0.60%	14.61%	0.20%	5.94%	9.76%	-2.47%	10.09%	7.55%	8.13%	0.01%	3.76%	-0.72%	28.18%	2.88%	4.40%	5.24%
2013	8	-2.65%	$239,884	-12.46%	-7.61%	-7.73%	6.42%	-6.92%	-7.97%	0.89%	-3.37%	-5.51%	-4.09%	-3.58%	1.99%	5.00%	-4.70%	0.45%	-6.38%	0.97%	-2.16%	-0.06%	-6.66%	6.06%
2013	9	1.48%	$243,424	3.89%	5.03%	5.99%	-10.75%	-0.27%	7.63%	-0.12%	2.80%	5.49%	4.20%	11.01%	6.44%	-2.31%	4.14%	-6.22%	-1.28%	1.77%	3.65%	-3.88%	1.26%	1.36%
2013	10	6.47%	$259,178	9.37%	2.12%	4.90%	12.35%	2.95%	4.33%	8.46%	8.38%	4.97%	2.01%	14.33%	6.16%	-2.16%	4.37%	0.41%	4.16%	10.64%	6.68%	20.56%	11.43%	-1.79%
2013	11	2.97%	$266,888	-7.70%	-0.08%	-3.51%	-2.05%	-5.76%	-1.95%	13.04%	-0.67%	2.75%	-0.18%	-2.17%	15.21%	14.80%	9.70%	0.65%	5.02%	2.33%	2.78%	11.61%	8.68%	-1.37%
2013	12	2.52%	$273,616	-4.47%	-1.28%	-4.03%	-2.35%	-0.72%	-7.66%	0.56%	5.12%	0.50%	-9.66%	4.15%	9.46%	5.59%	3.90%	1.29%	8.26%	3.40%	7.08%	10.24%	10.80%	10.72%
2014	1	0.81%	$275,842	10.83%	7.48%	5.84%	6.63%	-3.70%	7.73%	-6.67%	-8.26%	-6.12%	-2.25%	-5.98%	5.57%	11.78%	-8.49%	-4.39%	-8.93%	-3.54%	10.15%	1.39%	-5.24%	4.98%
2014	2	3.46%	$285,374	8.10%	2.12%	0.42%	10.46%	7.52%	-0.25%	4.37%	2.95%	6.52%	2.87%	7.60%	6.64%	5.68%	0.86%	-6.35%	5.19%	9.21%	-0.70%	-5.61%	2.96%	2.00%
2014	3	0.96%	$288,113	-4.37%	3.80%	0.65%	-3.13%	-4.01%	0.32%	1.08%	4.60%	4.28%	1.36%	-3.38%	1.11%	11.56%	0.08%	2.01%	1.46%	-4.96%	0.19%	10.67%	2.94%	-0.78%
2014	4	1.96%	$293,774	0.62%	2.46%	0.45%	-3.38%	2.35%	3.12%	-3.95%	7.16%	0.65%	4.33%	-2.91%	0.72%	-4.64%	-4.69%	1.83%	4.84%	5.24%	7.66%	7.66%	7.99%	3.92%
2014	5	2.01%	$299,692	2.49%	1.68%	2.03%	3.54%	3.51%	3.32%	-1.13%	3.62%	2.79%	1.80%	-0.70%	-2.88%	1.35%	2.50%	2.24%	-1.17%	0.81%	2.01%	-1.52%	2.51%	11.36%
2014	6	2.08%	$305,918	6.32%	1.83%	1.90%	0.04%	2.61%	-1.33%	7.26%	2.09%	0.79%	4.87%	-2.47%	-5.25%	-11.59%	8.05%	8.60%	0.15%	4.56%	5.57%	-10.62%	-5.14%	25.08%
2014	7	-1.08%	$302,610	-3.25%	0.98%	-3.27%	2.05%	2.07%	-1.40%	2.16%	-3.20%	-0.46%	-0.57%	5.13%	-3.88%	-0.88%	-2.03%	0.38%	-1.73%	-7.17%	-4.52%	1.40%	0.85%	-2.71%
2014	8	4.80%	$317,121	4.41%	2.19%	5.02%	0.07%	3.88%	7.28%	5.06%	6.11%	5.68%	2.29%	0.06%	12.53%	2.49%	3.76%	11.90%	1.23%	-1.11%	8.96%	7.12%	7.93%	4.96%
2014	9	-4.70%	$302,210	-6.92%	-4.37%	-4.25%	-4.35%	-5.24%	-9.51%	-2.65%	7.92%	-0.20%	-15.05%	1.05%	2.06%	3.44%	-1.96%	-4.77%	-5.44%	-8.13%	-6.62%	-14.54%	-6.56%	-5.96%
2014	10	4.63%	$316,204	11.51%	11.26%	16.24%	3.89%	6.19%	14.18%	2.52%	5.22%	5.67%	-3.88%	14.51%	1.54%	2.49%	0.68%	2.10%	2.83%	-1.11%	-9.18%	8.26%	-3.46%	0.29%
2014	11	-0.25%	$315,410	1.08%	0.65%	-0.23%	-4.79%	0.62%	0.05%	3.41%	3.97%	5.52%	11.64%	1.48%	3.35%	5.18%	-3.36%	6.85%	-5.71%	-8.23%	-8.11%	-2.42%	-6.34%	-6.77%
2014	12	0.10%	$315,716	2.18%	1.25%	0.90%	0.94%	4.24%	3.72%	1.84%	-0.95%	3.08%	-1.46%	0.59%	3.20%	-5.31%	6.45%	2.32%	2.11%	-3.05%	-8.07%	1.83%	-1.81%	-12.05%
2015	1	0.82%	$318,300	9.87%	7.73%	11.66%	2.65%	2.44%	9.07%	-13.02%	7.77%	-0.65%	-4.11%	2.10%	3.68%	-2.62%	-16.12%	-1.91%	-5.44%	1.86%	-10.30%	6.83%	-1.92%	-2.40%
2015	2	4.01%	$331,065	-6.07%	-1.21%	-5.40%	0.38%	-4.50%	-4.52%	15.33%	6.01%	1.59%	11.08%	1.08%	21.21%	6.07%	7.31%	-0.10%	2.04%	8.31%	0.52%	17.52%	12.32%	11.81%
2015	3	1.08%	$334,631	1.81%	4.26%	12.02%	0.38%	0.55%	3.46%	-0.31%	-10.25%	0.81%	-1.22%	5.88%	-0.56%	-7.29%	-0.67%	2.56%	-4.00%	-5.62%	8.99%	3.13%	0.18%	4.45%
2015	4	-2.51%	$326,220	-5.29%	-9.20%	-11.72%	-5.05%	-6.65%	-5.16%	-1.34%	0.06%	-2.12%	-1.19%	-0.62%	-6.11%	3.13%	1.61%	3.25%	2.79%	10.36%	0.96%	-10.56%	0.90%	1.19%
2015	5	-0.89%	$323,330	-2.32%	0.60%	-3.54%	2.14%	0.33%	-2.76%	0.92%	2.30%	-2.93%	-3.99%	1.37%	-5.47%	7.72%	4.39%	-3.40%	-1.66%	-2.58%	-12.85%	4.83%	0.44%	-0.18%
2015	6	-1.06%	$319,909	-6.66%	-4.13%	-1.69%	-0.31%	-5.97%	-0.77%	3.88%	-3.44%	-3.64%	-1.05%	3.00%	-9.19%	0.42%	3.44%	-7.47%	-2.35%	-3.62%	-5.82%	5.67%	1.82%	13.70%
2015	7	1.16%	$323,630	7.42%	6.79%	5.40%	2.06%	3.82%	5.87%	-4.56%	11.18%	6.29%	-0.22%	-0.81%	4.28%	4.03%	0.96%	-8.51%	-4.80%	-7.48%	-2.75%	5.43%	-1.32%	-8.56%
2015	8	-6.22%	$303,484	-6.51%	-5.64%	-6.06%	-1.95%	-6.08%	-6.66%	-9.82%	-1.47%	-15.04%	-6.47%	-9.40%	-3.76%	-4.44%	-8.01%	-6.44%	-4.12%	-7.76%	-4.71%	-9.54%	0.13%	-8.16%
2015	9	-1.74%	$298,193	4.37%	6.45%	3.46%	6.03%	2.28%	5.04%	-6.56%	2.62%	-0.07%	-2.16%	0.17%	-4.82%	1.94%	-5.56%	-14.59%	-1.18%	-8.88%	-10.58%	1.28%	-2.82%	-22.45%
2015	10	8.27%	$322,844	5.95%	5.16%	5.86%	5.40%	9.62%	0.83%	13.21%	11.16%	6.25%	10.23%	11.40%	11.94%	2.92%	8.25%	0.66%	11.28%	16.82%	7.29%	9.68%	15.89%	7.03%
2015	11	0.84%	$325,541	1.21%	2.11%	6.04%	-3.80%	-2.37%	-0.07%	2.77%	-4.75%	1.91%	-3.24%	1.61%	9.56%	13.05%	5.76%	-13.82%	-0.43%	-1.48%	-13.09%	9.78%	3.41%	-7.30%
2015	12	-4.21%	$311,820	4.13%	0.35%	-3.87%	0.40%	-3.11%	1.63%	-8.60%	2.05%	-1.07%	-1.67%	3.22%	-3.11%	6.66%	-5.94%	-36.70%	-4.54%	-9.65%	-16.35%	-1.60%	-10.63%	-28.15%
2016	1	-2.14%	$305,138	8.33%	3.24%	1.64%	-3.03%	-1.27%	3.64%	-21.06%	4.98%	-2.40%	-12.40%	-9.64%	0.81%	0.06%	-13.92%	11.16%	-0.13%	3.55%	3.61%	-4.02%	-2.02%	-24.90%
2016	2	-0.01%	$305,114	2.42%	-1.84%	1.99%	-0.97%	-2.68%	0.22%	-7.43%	0.75%	5.26%	4.77%	-0.37%	2.49%	21.62%	-4.68%	9.97%	3.89%	-8.21%	-3.65%	-10.55%	-0.19%	-17.15%
2016	3	6.44%	$324,775	5.05%	6.04%	9.82%	5.97%	11.52%	2.21%	7.31%	2.70%	6.16%	7.91%	3.77%	4.88%	2.95%	9.28%	-1.27%	4.29%	3.75%	24.42%	6.76%	9.07%	4.55%
2016	4	2.76%	$333,739	-4.35%	-2.54%	-2.93%	-1.10%	-1.85%	2.93%	11.58%	0.08%	-3.44%	1.55%	12.99%	5.72%	-1.26%	7.50%	0.14%	5.75%	11.27%	23.16%	-8.22%	-5.17%	20.66%
2016	5	2.74%	$342,899	3.59%	0.73%	-2.01%	3.51%	4.94%	0.89%	5.52%	1.48%	3.78%	-0.52%	-0.67%	6.32%	-2.88%	2.99%	1.80%	1.55%	-4.71%	19.64%	-6.06%	-1.35%	14.29%
2016	6	4.67%	$358,900	14.10%	8.72%	8.11%	0.83%	9.84%	11.36%	-15.44%	9.30%	4.12%	-6.82%	3.11%	9.53%	4.72%	-9.98%	3.54%	5.30%	13.09%	9.71%	-6.76%	-1.27%	0.43%
2016	7	2.30%	$367,160	3.69%	2.51%	4.35%	3.06%	4.65%	3.83%	13.39%	-1.83%	-2.32%	1.81%	1.71%	2.71%	10.20%	5.54%	9.27%	-5.11%	-3.13%	-5.61%	2.51%	-4.13%	10.82%
2016	8	0.42%	$368,684	-5.76%	-6.31%	3.22%	4.23%	-8.26%	-2.67%	9.98%	-2.38%	1.41%	-0.47%	-23.29%	-4.01%	2.88%	6.40%	7.48%	-1.18%	0.22%	6.12%	7.08%	3.98%	16.56%
2016	9	0.89%	$371,968	1.50%	-2.57%	3.46%	-3.42%	-1.72%	0.49%	-2.19%	-3.41%	0.32%	-4.21%	-6.05%	-7.11%	-1.19%	2.86%	5.86%	0.16%	3.84%	9.60%	-4.25%	2.68%	10.71%
2016	10	-2.70%	$361,928	-9.37%	-5.65%	-6.85%	-0.03%	-5.87%	-3.25%	5.02%	4.57%	-1.85%	-1.50%	-4.93%	5.18%	-5.12%	3.85%	-11.13%	-4.54%	1.11%	-4.57%	11.77%	0.74%	-4.98%
2016	11	2.88%	$372,337	-6.44%	-3.31%	1.04%	-3.74%	-4.31%	-8.90%	30.58%	-3.31%	3.45%	1.87%	10.86%	11.15%	-19.51%	19.48%	8.66%	5.70%	0.25%	13.42%	4.90%	3.15%	5.14%
2016	12	4.10%	$387,613	3.56%	1.91%	11.76%	3.99%	3.41%	3.76%	3.39%	6.73%	6.01%	1.42%	3.54%	3.04%	8.57%	3.44%	-6.71%	3.39%	6.77%	4.51%	10.98%	4.01%	2.08%
2017	1	-0.83%	$384,383	-0.32%	-1.18%	-5.29%	1.98%	4.82%	-0.26%	2.31%	5.26%	1.47%	3.54%	-15.32%	5.30%	1.80%	1.01%	8.48%	-7.06%	-3.75%	-2.93%	-3.75%	-5.54%	-7.39%
2017	2	2.39%	$393,553	3.76%	0.21%	3.32%	1.36%	1.86%	3.79%	3.93%	5.25%	9.74%	1.38%	15.36%	12.65%	-0.01%	5.88%	-4.61%	-2.17%	-4.05%	-1.92%	4.41%	-3.43%	-1.73%
2017	3	-1.45%	$387,846	-3.58%	-4.41%	1.58%	-0.13%	0.21%	-0.30%	-6.71%	-3.90%	-0.82%	-7.10%	-4.11%	-8.11%	-1.36%	-3.49%	2.02%	0.85%	1.77%	2.57%	-2.44%	1.32%	5.51%
2017	4	0.43%	$389,494	-2.19%	-1.96%	8.14%	2.47%	0.61%	0.26%	1.18%	0.50%	-0.25%	-0.13%	3.83%	0.32%	4.13%	0.33%	-4.53%	-0.44%	-0.58%	-4.00%	-2.53%	0.43%	3.51%
2017	5	-1.94%	$381,924	-9.12%	-6.23%	2.85%	-2.72%	4.20%	1.15%	-1.44%	5.10%	6.21%	-3.05%	-3.75%	-2.23%	-10.42%	-1.33%	-9.06%	-0.48%	7.14%	-5.57%	-3.84%	-3.48%	-6.63%
2017	6	3.65%	$395,868	1.90%	3.79%	11.83%	1.54%	2.71%	7.02%	4.00%	-0.48%	2.87%	0.63%	3.28%	-4.93%	9.23%	3.14%	2.13%	0.29%	-4.15%	4.99%	9.74%	8.65%	6.98%
2017	7	2.41%	$405,424	3.44%	4.94%	-2.59%	-0.06%	3.79%	0.86%	8.56%	-12.76%	2.89%	1.55%	2.82%	10.72%	1.17%	4.71%	7.28%	-0.85%	1.41%	8.45%	2.24%	1.28%	4.95%
2017	8	-1.77%	$398,239	4.63%	-4.30%	-2.28%	-2.03%	0.50%	-5.46%	-7.12%	-2.42%	-0.14%	-1.69%	6.29%	4.11%	0.27%	-9.18%	-5.38%	-3.71%	0.47%	-2.94%	-0.24%	0.92%	-6.45%
2017	9	3.58%	$412,477	-0.41%	-1.35%	0.60%	-1.75%	-0.66%	-3.01%	8.28%	1.09%	1.56%	8.52%	5.39%	5.83%	11.30%	4.15%	-0.78%	7.40%	10.65%	2.31%	12.97%	9.31%	1.96%
2017	10	0.26%	$413,548	-2.41%	-2.97%	-3.02%	-1.15%	1.13%	-0.60%	3.53%	1.26%	2.12%	3.78%	-2.67%	2.82%	3.49%	3.89%	-4.93%	1.67%	5.83%	-2.06%	2.55%	-0.58%	-5.03%
2017	11	3.58%	$428,364	2.22%	9.70%	2.25%	0.03%	4.45%	-1.04%	1.02%	5.62%	9.77%	2.04%	2.48%	4.12%	13.22%	5.59%	-4.86%	0.86%	-0.02%	-3.01%	9.46%	7.93%	1.93%
2017	12	1.51%	$434,835	5.02%	1.21%	1.20%	1.50%	-1.79%	-4.58%	0.42%	6.23%	2.00%	-0.24%	-3.02%	-2.47%	-1.43%	-0.74%	4.88%	0.42%	4.89%	2.99%	7.35%	3.68%	6.06%
2018	1	-1.34%	$429,027	-6.87%	-9.04%	-11.40%	-1.97%	-5.94%	-5.46%	8.15%	-1.50%	-5.67%	-9.96%	2.82%	0.78%	-6.12%	3.34%	0.18%	4.38%	1.81%	11.53%	4.42%	1.24%	2.95%
2018	2	-6.51%	$401,088	-6.15%	-5.68%	-16.81%	-1.64%	-7.55%	-9.39%	-8.01%	-10.51%	-6.59%	-3.28%	5.75%	10.60%	-1.88%	-9.78%	-9.90%	-12.36%	-7.82%	-4.30%	-4.93%	-11.08%	-11.56%
2018	3	1.05%	$405,294	5.42%	2.77%	9.82%	4.25%	5.14%	3.37%	-4.08%	0.09%	3.27%	4.43%	-4.46%	-1.62%	-1.60%	-2.61%	-7.04%	-1.49%	4.32%	1.05%	2.60%	6.14%	-9.33%
2018	4	1.78%	$412,492	-1.91%	-0.22%	-0.28%	1.04%	3.00%	-4.37%	-2.85%	-9.96%	3.19%	2.83%	-17.05%	-5.64%	-4.22%	2.68%	6.36%	4.21%	9.99%	7.20%	19.58%	16.04%	3.50%
2018	5	3.25%	$425,893	8.91%	2.62%	3.74%	0.39%	5.26%	14.35%	-6.16%	-0.66%	-3.97%	2.76%	0.94%	-8.82%	-3.32%	-8.11%	5.44%	5.54%	4.10%	13.18%	10.02%	5.35%	4.39%
2018	6	0.74%	$429,045	6.11%	7.30%	3.95%	1.25%	0.24%	4.35%	-6.09%	3.14%	-2.36%	-4.16%	5.17%	-1.94%	2.05%	-3.44%	5.94%	1.83%	-0.35%	2.45%	-8.56%	-3.59%	2.23%
2018	7	2.28%	$438,848	2.63%	-0.83%	5.20%	2.35%	-1.46%	-0.88%	9.95%	3.33%	4.22%	-8.02%	6.92%	7.50%	-16.27%	7.91%	1.76%	-1.47%	-1.25%	0.87%	6.79%	9.82%	9.74%
2018	8	1.41%	$445,023	3.32%	4.07%	13.28%	-0.56%	1.84%	10.61%	-3.70%	-0.27%	6.22%	-5.58%	3.06%	5.21%	9.47%	-1.74%	-0.45%	-0.63%	-3.56%	-5.29%	0.30%	-3.25%	-0.54%
2018	9	-0.38%	$443,340	-2.76%	-2.40%	-1.55%	0.09%	-1.87%	-4.63%	3.17%	4.40%	-1.86%	-2.43%	2.53%	4.75%	-5.22%	3.12%	0.17%	6.05%	7.51%	2.85%	-3.50%	-4.89%	-7.01%
2018	10	-5.32%	$419,755	5.40%	-1.91%	-13.86%	0.73%	2.64%	-2.61%	-10.62%	7.84%	-3.02%	5.08%	-18.07%	-14.68%	0.66%	-7.44%	-2.86%	-6.28%	-5.92%	-3.23%	-19.92%	-8.78%	-10.52%
2018	11	0.39%	$421,399	7.08%	6.48%	9.53%	6.68%	2.64%	9.04%	4.62%	-15.70%	-6.34%	-1.47%	5.78%	-0.97%	-0.98%	0.98%	0.29%	0.79%	-5.58%	-5.08%	-11.41%	-8.29%	4.07%
2018	12	-9.11%	$383,028	-3.10%	-9.86%	-11.68%	-5.54%	-2.03%	-9.86%	-18.52%	-8.41%	-7.36%	-18.70%	-2.77%	-11.69%	-9.41%	-13.02%	-9.90%	-14.23%	-6.02%	-12.18%	-6.17%	-7.88%	-11.67%
2019	1	12.02%	$429,060	9.70%	12.31%	13.61%	7.83%	14.62%	14.31%	14.77%	-0.08%	6.34%	17.01%	-4.16%	8.48%	15.96%	12.99%	18.99%	7.46%	8.44%	20.66%	17.14%	10.75%	22.13%
2019	2	1.98%	$437,540	-1.16%	0.77%	6.81%	0.90%	-1.36%	-5.98%	6.89%	6.20%	7.98%	-0.34%	4.64%	1.84%	0.19%	5.13%	5.86%	9.04%	5.24%	0.08%	-6.11%	1.84%	-0.89%
2019	3	2.98%	$450,563	6.31%	3.98%	2.61%	0.12%	7.43%	3.55%	-6.11%	11.15%	-0.21%	0.11%	-7.65%	-1.06%	12.60%	-4.14%	4.44%	2.24%	2.51%	8.68%	4.01%	-1.23%	9.12%
2019	4	2.66%	$462,565	-4.09%	-2.90%	7.01%	-2.72%	1.26%	-1.19%	14.34%	-5.40%	5.18%	20.90%	-1.83%	7.42%	8.04%	15.05%	0.55%	-0.64%	0.02%	-1.51%	6.87%	-0.95%	-1.36%
2019	5	-4.89%	$439,957	1.73%	-2.33%	1.17%	2.42%	4.65%	-0.28%	-10.90%	-9.70%	-3.08%	-8.90%	-2.28%	-7.46%	1.67%	-11.72%	0.40%	-10.84%	-5.51%	-6.34%	-21.50%	-13.38%	-6.88%
2019	6	5.28%	$463,191	-0.97%	-0.76%	4.42%	-0.15%	-0.96%	2.45%	8.41%	-1.98%	6.47%	7.46%	-0.04%	9.57%	6.39%	9.33%	4.66%	8.28%	2.41%	8.16%	21.61%	15.77%	7.76%
2019	7	0.80%	$466,917	-0.49%	2.52%	8.51%	3.26%	6.60%	1.36%	1.95%	-0.59%	5.62%	-5.45%	-1.21%	1.58%	-1.54%	0.31%	-0.05%	-2.96%	-4.70%	1.85%	-0.42%	9.64%	-12.13%
2019	8	-1.58%	$459,522	7.48%	-2.12%	4.92%	0.24%	3.77%	6.29%	-19.07%	-7.07%	-4.20%	-3.78%	8.24%	-8.07%	17.51%	-19.98%	-1.70%	-6.76%	-5.48%	3.05%	-10.65%	-2.96%	-4.22%
2019	9	3.55%	$475,826	0.45%	6.19%	7.06%	1.75%	0.81%	5.36%	14.07%	-4.62%	6.14%	-0.11%	5.49%	1.33%	-7.42%	12.31%	1.68%	3.11%	2.81%	3.38%	13.23%	3.82%	3.54%
2019	10	2.72%	$488,756	5.37%	-0.10%	15.98%	4.49%	2.86%	1.60%	-5.73%	9.51%	-2.08%	-4.66%	14.07%	6.55%	-3.89%	1.32%	-1.84%	-4.31%	-0.21%	-5.24%	13.77%	14.08%	-7.27%
2019	11	0.67%	$492,023	-5.38%	-2.90%	-0.03%	2.08%	-9.39%	-9.35%	4.55%	10.96%	5.10%	5.47%	-0.75%	11.98%	9.08%	3.82%	-1.85%	2.07%	0.25%	3.07%	-0.63%	-1.05%	1.84%
2019	12	0.89%	$496,383	-3.80%	-1.73%	-0.95%	-0.06%	-2.79%	-3.95%	-0.07%	2.10%	0.99%	2.65%	12.73%	-0.31%	1.28%	0.13%	7.96%	2.42%	0.86%	6.50%	-1.93%	-2.89%	6.15%
2020	1	-2.58%	$483,591	5.39%	-2.88%	5.10%	-0.12%	5.10%	3.52%	-7.06%	-4.77%	5.42%	-3.56%	-1.24%	4.03%	-9.24%	-2.86%	-0.24%	-10.98%	-4.27%	0.18%	-9.97%	-17.99%	-12.77%
2020	2	-11.84%	$426,338	-9.20%	-6.94%	-12.67%	-4.06%	-7.98%	-2.50%	-16.69%	-15.06%	-10.76%	-21.09%	-6.18%	-20.88%	-17.41%	-16.18%	-8.15%	-15.99%	-11.89%	-10.89%	-20.51%	-17.25%	-7.93%
2020	3	-24.10%	$323,570	-36.70%	-35.23%	-5.40%	0.79%	-23.66%	-30.60%	-42.01%	-1.73%	-12.85%	-30.60%	-5.62%	-11.35%	-14.68%	-30.89%	-27.39%	-26.19%	-22.05%	-67.31%	-31.53%	-28.33%	-23.49%
2020	4	13.73%	$367,994	3.01%	11.61%	6.10%	7.06%	13.26%	15.88%	36.34%	1.50%	10.89%	5.38%	9.99%	5.05%	7.47%	19.62%	9.41%	22.39%	-2.42%	41.87%	39.66%	36.38%	36.89%
2020	5	0.68%	$370,510	-3.83%	-4.04%	-12.69%	-0.74%	-8.92%	3.95%	6.94%	-0.51%	-3.32%	12.18%	-1.79%	4.97%	-0.53%	-0.35%	5.62%	-0.22%	-0.22%	22.59%	6.94%	8.31%	5.47%
2020	6	-1.53%	$364,825	13.03%	7.95%	-14.24%	-4.45%	14.68%	2.85%	-3.01%	2.67%	-0.84%	6.48%	-1.54%	-12.71%	-2.82%	-0.10%	-3.99%	-1.65%	0.78%	-9.46%	-11.73%	-8.13%	-4.85%
2020	7	-2.04%	$357,398	1.38%	-10.46%	-12.47%	-1.96%	5.50%	-0.89%	2.54%	4.84%	-2.68%	8.72%	0.52%	-0.45%	2.91%	4.06%	-5.32%	-5.90%	-5.49%	-13.17%	-4.40%	-13.74%	0.58%
2020	8	-0.06%	$357,186	-0.03%	3.85%	-4.11%	-0.57%	-2.80%	-1.26%	-3.27%	6.29%	-0.91%	3.18%	6.03%	-12.19%	2.88%	8.65%	-1.99%	-3.21%	-3.76%	-1.54%	-4.77%	-4.36%	8.52%
2020	9	-7.02%	$332,116	-2.62%	-5.98%	-13.68%	-4.01%	-4.56%	-3.94%	-13.09%	-9.89%	1.23%	-2.35%	-3.07%	-7.11%	-5.29%	-6.27%	-10.78%	-14.05%	-16.58%	-5.46%	-17.63%	-11.34%	-3.47%
2020	10	-2.20%	$324,796	-5.76%	-6.35%	-6.18%	-0.79%	-3.91%	-4.78%	13.29%	-6.63%	-5.73%	16.07%	-2.32%	4.78%	-3.78%	0.79%	-1.35%	-4.98%	-11.34%	15.22%	-10.87%	-9.99%	-2.34%
2020	11	16.40%	$378,073	17.78%	26.81%	13.02%	0.34%	10.54%	12.78%	34.53%	10.39%	15.92%	17.46%	6.76%	9.37%	14.70%	19.81%	20.84%	19.65%	28.87%	23.69%	41.78%	31.70%	9.33%
2020	12	3.62%	$391,765	8.54%	-1.19%	7.41%	2.90%	3.51%	5.56%	6.54%	5.06%	7.41%	-3.19%	0.19%	6.42%	-1.17%	3.24%	-4.94%	8.10%	4.91%	7.00%	5.21%	15.45%	-2.70%
2021	1	0.95%	$395,479	-3.46%	2.87%	-7.14%	4.51%	-5.92%	-0.23%	-8.84%	0.20%	-2.50%	19.80%	-0.97%	-7.71%	-0.20%	0.27%	4.92%	8.78%	8.28%	6.21%	-0.25%	-3.06%	5.89%
2021	2	10.97%	$438,882	12.41%	15.54%	3.80%	-1.05%	3.22%	6.36%	25.02%	6.13%	-0.54%	11.11%	-0.16%	12.51%	5.92%	12.36%	4.40%	23.34%	11.40%	11.20%	38.47%	23.83%	7.58%
2021	3	5.23%	$461,856	0.52%	1.25%	10.49%	-1.45%	4.77%	2.44%	9.50%	19.38%	8.57%	4.70%	3.73%	17.02%	9.80%	5.05%	13.27%	2.69%	-0.25%	14.38%	-6.99%	-1.82%	5.50%
2021	4	3.20%	$476,634	6.51%	11.23%	-1.22%	3.60%	5.84%	2.39%	3.68%	-6.67%	10.36%	-5.80%	-1.12%	3.14%	4.24%	10.16%	4.00%	2.53%	3.33%	5.23%	3.30%	-0.77%	2.83%
2021	5	4.46%	$497,875	-0.15%	1.33%	3.36%	-4.72%	0.75%	-7.43%	8.83%	3.08%	7.74%	25.91%	5.29%	2.37%	3.22%	7.74%	7.57%	3.45%	5.49%	0.76%	10.02%	5.20%	8.13%
2021	6	-0.78%	$493,970	1.14%	3.38%	-10.16%	-4.52%	0.28%	-1.53%	-9.96%	-1.40%	-3.95%	2.27%	1.67%	-2.53%	-7.22%	-4.21%	-0.60%	8.07%	0.72%	5.50%	-2.89%	1.90%	2.29%
2021	7	-3.21%	$478,095	5.38%	0.31%	-2.92%	0.34%	8.13%	-0.94%	-1.28%	0.76%	-0.30%	-6.12%	2.32%	-2.67%	-3.12%	-2.14%	-3.18%	-8.73%	-8.48%	-4.92%	-14.23%	-14.44%	-5.65%
2021	8	0.17%	$478,886	-2.58%	3.61%	-0.87%	0.19%	-3.19%	-8.32%	11.41%	4.56%	4.65%	-6.59%	-1.49%	0.09%	10.50%	6.75%	-6.39%	-3.86%	2.45%	1.06%	0.53%	-1.94%	-1.44%
2021	9	-0.01%	$478,841	-9.28%	-2.22%	-5.52%	-1.37%	-5.17%	-7.64%	0.15%	-7.69%	-5.89%	8.67%	-10.77%	-5.44%	0.53%	-0.64%	2.83%	7.89%	11.73%	10.42%	6.42%	-1.49%	6.85%
2021	10	5.30%	$504,208	6.23%	2.00%	3.08%	-0.19%	5.57%	1.09%	5.56%	-3.10%	-2.86%	20.62%	-1.30%	5.01%	1.30%	4.61%	1.73%	9.61%	5.34%	11.32%	9.58%	6.78%	8.29%
2021	11	-4.14%	$483,344	-2.78%	1.93%	-2.28%	-1.85%	-0.99%	0.24%	-8.07%	-3.33%	-11.46%	12.93%	-8.17%	-11.89%	-0.69%	-6.08%	-7.70%	-5.91%	-8.75%	-5.94%	-12.28%	-6.40%	-4.63%
2021	12	6.30%	$513,815	9.00%	12.00%	8.13%	1.77%	8.85%	8.10%	2.91%	13.27%	8.21%	8.23%	16.26%	5.20%	10.39%	5.85%	2.59%	2.26%	2.58%	-1.80%	12.20%	4.76%	-1.30%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	Portfolio 1
Large-cap Value	19.44%
Large-cap Growth	0.00%
Mid-cap Value	58.06%
Mid-cap Growth	0.00%
Small-cap Value	11.63%
Small-cap Growth	0.00%
Global ex-US Developed Markets	0.48%
Emerging Markets	0.00%
Corporate Bonds	0.00%
Long-Term Treasuries	10.39%
Intermediate-Term Treasuries	0.00%
Short-Term Treasuries	0.00%
R Squared	84.29%
Style analysis is based on monthly returns from January 2013 to December 2021 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	TTM Yield	Contribution
Ticker	Name	Category	Weight	TTM Yield	Return	Risk
NNN	NNN REIT Inc	Real Estate / REIT - Retail	5.55%	5.10%	$16,837	4.95%
FRT	Federal Realty Investment Trust	Real Estate / REIT - Retail	5.55%	4.73%	$13,344	5.74%
UHT	Universal Health Realty Income Trust	Real Estate / REIT - Healthcare Facilities	5.55%	6.28%	$18,913	4.69%
EQC	Equity Commonwealth	Real Estate / REIT - Office	5.55%	25.37%	$14,404	1.55%
WPC	W.P. Carey Inc.	Real Estate / REIT - Diversified	5.55%	6.02%	$19,958	4.22%
LTC	LTC Properties, Inc.	Real Estate / REIT - Healthcare Facilities	5.55%	6.91%	$7,079	4.76%
LNC	Lincoln National Corporation	Financial Services / Insurance - Life	4.17%	8.00%	$17,159	6.88%
MO	Altria Group	Consumer Defensive / Tobacco	4.17%	8.21%	$11,723	1.99%
ALL	Allstate Corporation	Financial Services / Insurance - Property & Casualty	4.17%	3.16%	$19,590	3.11%
F	Ford Motor Company	Consumer Cyclical / Auto Manufacturers	4.17%	10.09%	$22,123	4.12%
BMY	Bristol-Myers Squibb Company	Healthcare / Drug Manufacturers - General	4.17%	3.38%	$12,140	2.12%
HII	Huntington Ingalls Industries, Inc.	Industrials / Aerospace & Defense	4.17%	2.36%	$22,694	3.51%
TSN	Tyson Foods, Inc.	Consumer Defensive / Farm Products	4.17%	3.70%	$27,130	2.87%
PRU	Prudential Financial, Inc.	Financial Services / Insurance - Life	4.17%	5.90%	$15,386	4.87%
KMI	Kinder Morgan, Inc.	Energy / Oil & Gas Midstream	4.76%	6.67%	$1,540	4.59%
XOM	Exxon Mobil Corporation	Energy / Oil & Gas Integrated	4.76%	3.41%	$1,854	5.49%
BP	BP p.l.c.	Energy / Oil & Gas Integrated	4.76%	4.25%	$3,126	4.55%
OKE	ONEOK, Inc.	Energy / Oil & Gas Midstream	4.76%	6.44%	$30,592	8.36%
VLO	Valero Energy Corporation	Energy / Oil & Gas Refining & Marketing	4.76%	3.66%	$22,125	8.78%
PSX	Phillips 66	Energy / Oil & Gas Refining & Marketing	4.76%	4.16%	$8,976	7.14%
WMB	Williams Companies, Inc.	Energy / Oil & Gas Midstream	4.76%	5.70%	$7,121	5.71%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Risk and Return Metrics

Portfolio return and risk metrics
Metric	Portfolio 1
Arithmetic Mean (monthly)	1.00%
Arithmetic Mean (annualized)	12.64%
Geometric Mean (monthly)	0.88%
Geometric Mean (annualized)	11.05%
Standard Deviation (monthly)	4.83%
Standard Deviation (annualized)	16.72%
Downside Deviation (monthly)	3.22%
Maximum Drawdown	-34.81%
Stock Market Correlation	0.83
Beta^(*)	1.00
Alpha (annualized)	-4.10%
R²	68.66%
Sharpe Ratio	0.68
Sortino Ratio	1.00
Treynor Ratio (%)	11.28
Calmar Ratio	0.30
Active Return	-5.10%
Tracking Error	9.36%
Information Ratio	-0.54
Skewness	-0.98
Excess Kurtosis	7.29
Historical Value-at-Risk (5%)	5.91%
Analytical Value-at-Risk (5%)	7.13%
Conditional Value-at-Risk (5%)	10.80%
Upside Capture Ratio (%)	83.44
Downside Capture Ratio (%)	104.52
Safe Withdrawal Rate	19.38%
Perpetual Withdrawal Rate	7.99%
Positive Periods	70 out of 108 (64.81%)
Gain/Loss Ratio	1.00
^* US stock market is used as the benchmark for calculations. Value-at-risk metrics are monthly values.

Drawdowns

Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Portfolio 1
COVID-19 Start	Jan 2020	Mar 2020	-34.81%

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2020	Mar 2020	3 months	May 2021	1 year 2 months	1 year 5 months	-34.81%
2	Sep 2018	Dec 2018	4 months	Mar 2019	3 months	7 months	-13.93%
3	Apr 2015	Sep 2015	6 months	May 2016	8 months	1 year 2 months	-10.89%
4	Jan 2018	Feb 2018	2 months	Jul 2018	5 months	7 months	-7.76%
5	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-4.89%
6	Sep 2014	Sep 2014	1 month	Jan 2015	4 months	5 months	-4.70%
7	Nov 2021	Nov 2021	1 month	Dec 2021	1 month	2 months	-4.14%
8	Jun 2021	Jul 2021	2 months	Oct 2021	3 months	5 months	-3.97%
9	Mar 2017	May 2017	3 months	Jun 2017	1 month	4 months	-2.96%
10	May 2013	Jun 2013	2 months	Jul 2013	1 month	3 months	-2.90%
Worst 10 drawdowns included above

Portfolio Assets

Performance statistics for portfolio components
Ticker	Name	CAGR	Stdev	Best Year	Worst Year	Max Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
NNN	NNN REIT Inc	9.73%	24.36%	36.02%	-19.35%	-45.38%	0.49	0.69	0.42
FRT	Federal Realty Investment Trust	6.39%	23.19%	65.92%	-30.56%	-53.14%	0.36	0.53	0.54
UHT	Universal Health Realty Income Trust	6.43%	25.28%	97.05%	-43.08%	-55.38%	0.35	0.51	0.36
EQC	Equity Commonwealth	10.05%	22.34%	54.31%	-5.98%	-18.14%	0.49	1.31	0.10
WPC	W.P. Carey Inc.	11.50%	20.17%	28.80%	-10.40%	-34.96%	0.61	0.96	0.53
LTC	LTC Properties, Inc.	5.00%	22.75%	28.53%	-7.52%	-39.01%	0.30	0.44	0.46
LNC	Lincoln National Corporation	13.81%	37.35%	102.16%	-32.00%	-66.70%	0.52	0.82	0.76
MO	Altria Group	10.52%	21.31%	34.52%	-27.09%	-40.81%	0.55	0.84	0.37
ALL	Allstate Corporation	14.97%	18.31%	43.62%	-19.52%	-23.90%	0.82	1.34	0.66
F	Ford Motor Company	9.88%	29.14%	137.50%	-34.29%	-61.74%	0.45	0.71	0.54
BMY	Bristol-Myers Squibb Company	10.62%	24.23%	69.95%	-13.50%	-35.26%	0.51	0.79	0.42
HII	Huntington Ingalls Industries, Inc.	19.36%	25.20%	109.35%	-30.44%	-45.17%	0.81	1.30	0.54
TSN	Tyson Foods, Inc.	20.03%	25.56%	73.91%	-32.82%	-37.13%	0.82	1.38	0.36
PRU	Prudential Financial, Inc.	12.22%	27.65%	77.13%	-26.46%	-51.93%	0.54	0.78	0.79
KMI	Kinder Morgan, Inc.	-4.13%	26.63%	44.41%	-62.76%	-64.60%	-0.04	-0.05	0.49
XOM	Exxon Mobil Corporation	0.43%	24.10%	57.64%	-36.21%	-58.35%	0.11	0.16	0.69
BP	BP p.l.c.	1.12%	24.40%	36.47%	-41.32%	-61.67%	0.14	0.21	0.51
OKE	ONEOK, Inc.	11.53%	40.92%	149.37%	-47.36%	-70.87%	0.51	0.75	0.60
VLO	Valero Energy Corporation	14.56%	41.16%	64.89%	-35.60%	-64.60%	0.51	0.88	0.62
PSX	Phillips 66	6.99%	32.67%	48.33%	-33.92%	-58.71%	0.35	0.57	0.65
WMB	Williams Companies, Inc.	3.40%	33.75%	38.43%	-39.22%	-71.11%	0.25	0.37	0.58

Portfolio Asset Performance

Performance of portfolio assets
Name	Total Return			Annualized Return
Name	3 Month	Year To Date	1 year	3 year	5 year
NNN REIT Inc	12.58%	23.03%	23.03%	4.43%	6.47%
Federal Realty Investment Trust	16.44%	65.92%	65.92%	9.03%	2.80%
Universal Health Realty Income Trust	8.91%	-3.27%	-3.27%	2.76%	1.87%
Equity Commonwealth	-0.31%	-5.06%	-5.06%	2.79%	3.18%
W.P. Carey Inc.	13.78%	22.88%	22.88%	14.15%	13.22%
LTC Properties, Inc.	9.55%	-6.77%	-6.77%	-0.93%	-0.89%
Lincoln National Corporation	-0.14%	39.44%	39.44%	13.49%	3.23%
Altria Group	6.11%	24.26%	24.26%	6.33%	-0.83%
Allstate Corporation	-6.93%	9.88%	9.88%	15.07%	11.98%
Ford Motor Company	47.43%	137.50%	137.50%	43.56%	16.15%
Bristol-Myers Squibb Company	5.37%	2.89%	2.89%	9.72%	4.38%
Huntington Ingalls Industries, Inc.	-2.66%	12.12%	12.12%	1.48%	2.05%
Tyson Foods, Inc.	11.06%	38.49%	38.49%	20.50%	9.41%
Prudential Financial, Inc.	3.99%	45.24%	45.24%	15.57%	5.22%
Kinder Morgan, Inc.	-3.67%	23.86%	23.86%	7.40%	-0.32%
Exxon Mobil Corporation	5.46%	57.64%	57.64%	2.55%	-2.51%
BP p.l.c.	-1.40%	36.47%	36.47%	-5.38%	-0.58%
ONEOK, Inc.	2.82%	64.85%	64.85%	11.33%	7.50%
Valero Energy Corporation	7.85%	40.33%	40.33%	5.61%	6.80%
Phillips 66	4.71%	8.50%	8.50%	-1.33%	0.38%
Williams Companies, Inc.	1.93%	38.43%	38.43%	13.47%	2.56%
Trailing returns as of last calendar month ending December 2021

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	NNN	FRT	UHT	EQC	WPC	LTC	LNC	MO	ALL	F	BMY	HII	TSN	PRU	KMI	XOM	BP	OKE	VLO	PSX	WMB	Portfolio 1
NNN	NNN REIT Inc	1.00	0.81	0.48	0.22	0.78	0.80	0.21	0.28	0.43	0.27	0.22	0.19	0.29	0.18	0.34	0.37	0.35	0.42	0.29	0.31	0.15	0.63
FRT	Federal Realty Investment Trust	0.81	1.00	0.52	0.14	0.68	0.77	0.44	0.28	0.53	0.39	0.24	0.27	0.40	0.42	0.44	0.57	0.45	0.52	0.52	0.49	0.31	0.77
UHT	Universal Health Realty Income Trust	0.48	0.52	1.00	0.26	0.46	0.57	0.25	0.26	0.54	0.08	0.29	0.32	0.28	0.22	0.29	0.32	0.26	0.23	0.40	0.40	0.21	0.58
EQC	Equity Commonwealth	0.22	0.14	0.26	1.00	0.20	0.19	0.08	0.03	0.15	-0.04	0.02	0.12	0.09	0.00	0.04	0.08	-0.03	0.04	0.13	0.10	0.07	0.22
WPC	W.P. Carey Inc.	0.78	0.68	0.46	0.20	1.00	0.70	0.33	0.28	0.55	0.32	0.24	0.21	0.27	0.32	0.37	0.39	0.34	0.42	0.30	0.37	0.25	0.65
LTC	LTC Properties, Inc.	0.80	0.77	0.57	0.19	0.70	1.00	0.28	0.19	0.41	0.26	0.23	0.17	0.30	0.22	0.36	0.39	0.28	0.49	0.38	0.36	0.28	0.65
LNC	Lincoln National Corporation	0.21	0.44	0.25	0.08	0.33	0.28	1.00	0.18	0.54	0.55	0.29	0.57	0.24	0.90	0.48	0.67	0.47	0.62	0.65	0.63	0.60	0.76
MO	Altria Group	0.28	0.28	0.26	0.03	0.28	0.19	0.18	1.00	0.45	0.17	0.22	0.34	0.28	0.21	0.15	0.33	0.34	0.10	0.25	0.28	0.06	0.39
ALL	Allstate Corporation	0.43	0.53	0.54	0.15	0.55	0.41	0.54	0.45	1.00	0.32	0.33	0.53	0.37	0.60	0.38	0.48	0.40	0.38	0.50	0.52	0.25	0.70
F	Ford Motor Company	0.27	0.39	0.08	-0.04	0.32	0.26	0.55	0.17	0.32	1.00	0.10	0.31	0.33	0.56	0.39	0.52	0.41	0.46	0.42	0.40	0.37	0.58
BMY	Bristol-Myers Squibb Company	0.22	0.24	0.29	0.02	0.24	0.23	0.29	0.22	0.33	0.10	1.00	0.38	0.09	0.30	0.02	0.25	0.16	0.09	0.26	0.25	0.14	0.36
HII	Huntington Ingalls Industries, Inc.	0.19	0.27	0.32	0.12	0.21	0.17	0.57	0.34	0.53	0.31	0.38	1.00	0.33	0.50	0.27	0.42	0.34	0.36	0.47	0.45	0.20	0.58
TSN	Tyson Foods, Inc.	0.29	0.40	0.28	0.09	0.27	0.30	0.24	0.28	0.37	0.33	0.09	0.33	1.00	0.22	0.21	0.31	0.20	0.20	0.34	0.32	0.14	0.46
PRU	Prudential Financial, Inc.	0.18	0.42	0.22	0.00	0.32	0.22	0.90	0.21	0.60	0.56	0.30	0.50	0.22	1.00	0.44	0.66	0.48	0.53	0.62	0.60	0.56	0.73
KMI	Kinder Morgan, Inc.	0.34	0.44	0.29	0.04	0.37	0.36	0.48	0.15	0.38	0.39	0.02	0.27	0.21	0.44	1.00	0.53	0.48	0.62	0.36	0.44	0.57	0.62
XOM	Exxon Mobil Corporation	0.37	0.57	0.32	0.08	0.39	0.39	0.67	0.33	0.48	0.52	0.25	0.42	0.31	0.66	0.53	1.00	0.73	0.66	0.69	0.78	0.52	0.82
BP	BP p.l.c.	0.35	0.45	0.26	-0.03	0.34	0.28	0.47	0.34	0.40	0.41	0.16	0.34	0.20	0.48	0.48	0.73	1.00	0.52	0.56	0.60	0.44	0.67
OKE	ONEOK, Inc.	0.42	0.52	0.23	0.04	0.42	0.49	0.62	0.10	0.38	0.46	0.09	0.36	0.20	0.53	0.62	0.66	0.52	1.00	0.47	0.59	0.65	0.74
VLO	Valero Energy Corporation	0.29	0.52	0.40	0.13	0.30	0.38	0.65	0.25	0.50	0.42	0.26	0.47	0.34	0.62	0.36	0.69	0.56	0.47	1.00	0.87	0.43	0.77
PSX	Phillips 66	0.31	0.49	0.40	0.10	0.37	0.36	0.63	0.28	0.52	0.40	0.25	0.45	0.32	0.60	0.44	0.78	0.60	0.59	0.87	1.00	0.49	0.79
WMB	Williams Companies, Inc.	0.15	0.31	0.21	0.07	0.25	0.28	0.60	0.06	0.25	0.37	0.14	0.20	0.14	0.56	0.57	0.52	0.44	0.65	0.43	0.49	1.00	0.61

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Portfolio 1
NNN	NNN REIT Inc	$16,837
FRT	Federal Realty Investment Trust	$13,344
UHT	Universal Health Realty Income Trust	$18,913
EQC	Equity Commonwealth	$14,404
WPC	W.P. Carey Inc.	$19,958
LTC	LTC Properties, Inc.	$7,079
LNC	Lincoln National Corporation	$17,159
MO	Altria Group	$11,723
ALL	Allstate Corporation	$19,590
F	Ford Motor Company	$22,123
BMY	Bristol-Myers Squibb Company	$12,140
HII	Huntington Ingalls Industries, Inc.	$22,694
TSN	Tyson Foods, Inc.	$27,130
PRU	Prudential Financial, Inc.	$15,386
KMI	Kinder Morgan, Inc.	$1,540
XOM	Exxon Mobil Corporation	$1,854
BP	BP p.l.c.	$3,126
OKE	ONEOK, Inc.	$30,592
VLO	Valero Energy Corporation	$22,125
PSX	Phillips 66	$8,976
WMB	Williams Companies, Inc.	$7,121
Return attribution decomposes portfolio gains into its constituent parts and identifies the contribution to returns by each of the assets.

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Portfolio 1
NNN	NNN REIT Inc	4.95%
FRT	Federal Realty Investment Trust	5.74%
UHT	Universal Health Realty Income Trust	4.69%
EQC	Equity Commonwealth	1.55%
WPC	W.P. Carey Inc.	4.22%
LTC	LTC Properties, Inc.	4.76%
LNC	Lincoln National Corporation	6.88%
MO	Altria Group	1.99%
ALL	Allstate Corporation	3.11%
F	Ford Motor Company	4.12%
BMY	Bristol-Myers Squibb Company	2.12%
HII	Huntington Ingalls Industries, Inc.	3.51%
TSN	Tyson Foods, Inc.	2.87%
PRU	Prudential Financial, Inc.	4.87%
KMI	Kinder Morgan, Inc.	4.59%
XOM	Exxon Mobil Corporation	5.49%
BP	BP p.l.c.	4.55%
OKE	ONEOK, Inc.	8.36%
VLO	Valero Energy Corporation	8.78%
PSX	Phillips 66	7.14%
WMB	Williams Companies, Inc.	5.71%
Risk attribution decomposes portfolio risk into its constituent parts and identifies the contribution to overall volatility by each of the assets.

Annual Asset Returns

Rolling Returns

Rolling returns summary
Roll Period	Average	High	Low
1 year	10.37%	55.24%	-33.55%
3 years	7.44%	15.96%	-7.74%
5 years	7.67%	16.80%	-0.67%
7 years	6.76%	13.87%	3.28%

Backtest Portfolio Asset Allocation

Portfolio Backtesting Overview

Portfolio Model Configuration

Portfolio Analysis Results (Jan 2013 - Dec 2021)

Portfolio 1

Performance Summary

Portfolio Growth

Annual Returns

Trailing Returns

Annual Returns

Monthly Returns

Returns Based Style Analysis

Holdings Based Style Analysis for Portfolio 1

Asset Allocation

Equity Market Capitalization

Equity Sectors

Risk and Return Metrics

Drawdowns

Historical Market Stress Periods

Drawdowns for Portfolio 1

Portfolio Assets

Portfolio Asset Performance

Monthly Correlations

Portfolio Return Decomposition

Portfolio Risk Decomposition

Annual Asset Returns

Rolling Returns

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years