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 #1

Portfolio #2

Portfolio #3

Asset Allocation

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

Total

Portfolio Analysis Results (Jan 2014 - Dec 2022)

Note: The time period was constrained by the available data for American Homes 4 Rent (AMH) [Aug 2013 - Aug 2023].

REIT Heavy RP w/VNQ

Ticker	Name	Allocation
VT	Vanguard Total World Stock ETF	40.00%
TLT	iShares 20+ Year Treasury Bond ETF	20.00%
DBC	Invesco DB Commodity Tracking	10.00%
VNQ	Vanguard Real Estate ETF	30.00%
Save portfolio »

REIT Heavy RP w/NINE REITs

Ticker	Name	Allocation
VT	Vanguard Total World Stock ETF	40.00%
TLT	iShares 20+ Year Treasury Bond ETF	20.00%
DBC	Invesco DB Commodity Tracking	10.00%
AMT	American Tower Corporation (REIT)	4.00%
CCI	Crown Castle Inc	4.00%
EQIX	Equinix, Inc.	4.00%
PSA	Public Storage	3.00%
SBAC	Sba Comms Corp	3.00%
DLR	Digital Realty Trust, Inc.	3.00%
EXR	Extra Space Storage Inc	3.00%
AMH	American Homes 4 Rent	3.00%
CUBE	CubeSmart	3.00%
Save portfolio »

RP with Utilities

Ticker	Name	Allocation
VT	Vanguard Total World Stock ETF	40.00%
TLT	iShares 20+ Year Treasury Bond ETF	20.00%
DBC	Invesco DB Commodity Tracking	10.00%
VPU	Vanguard Utilities ETF	30.00%
Save portfolio »

Performance Summary

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
REIT Heavy RP w/VNQ	$10,000	$16,482	5.71%	11.40%	23.40%	-19.39%	-23.48%	0.47	0.67	0.88
REIT Heavy RP w/NINE REITs	$10,000	$20,017	8.02%	10.43%	25.10%	-20.00%	-22.91%	0.71	1.09	0.82
RP with Utilities	$10,000	$17,949	6.72%	10.04%	22.19%	-11.21%	-16.78%	0.61	0.90	0.83
Vanguard Balanced Index Inv	$10,000	$17,713	6.56%	9.97%	21.67%	-16.97%	-20.85%	0.60	0.89	0.99

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
REIT Heavy RP w/VNQ	5.34%	-19.39%	-19.39%	2.24%	4.13%	5.71%	16.09%	13.73%
REIT Heavy RP w/NINE REITs	3.77%	-20.00%	-20.00%	4.35%	6.05%	8.02%	14.42%	12.41%
RP with Utilities	6.70%	-11.21%	-11.21%	3.94%	5.65%	6.72%	14.09%	11.89%
Vanguard Balanced Index Inv	4.89%	-16.97%	-16.97%	3.27%	5.39%	6.56%	14.34%	12.38%
Trailing return and volatility are as of last calendar month ending December 2022

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.

Annualized Active Return

Active Return Contribution

Rolling Active Return

Up vs. Down Market Performance

REIT Heavy RP w/VNQ vs. Vanguard Balanced Index Inv

Up vs. Down Market Performance - REIT Heavy RP w/VNQ vs. Vanguard Balanced Index Inv
Market Type	Occurrences				Average Active Return
Market Type	Above Benchmark	Below Benchmark	Total	% Above Benchmark	Above Benchmark	Below Benchmark	Total
Up Market	35	40	75	47%	0.94%	-0.84%	-0.01%
Down Market	18	15	33	55%	0.89%	-1.43%	-0.16%
Total	53	55	108	49%	0.93%	-1.00%	-0.05%

REIT Heavy RP w/NINE REITs vs. Vanguard Balanced Index Inv

Up vs. Down Market Performance - REIT Heavy RP w/NINE REITs vs. Vanguard Balanced Index Inv
Market Type	Occurrences				Average Active Return
Market Type	Above Benchmark	Below Benchmark	Total	% Above Benchmark	Above Benchmark	Below Benchmark	Total
Up Market	41	34	75	55%	1.09%	-1.27%	0.02%
Down Market	17	16	33	52%	1.51%	-0.92%	0.33%
Total	58	50	108	54%	1.22%	-1.16%	0.12%

RP with Utilities vs. Vanguard Balanced Index Inv

Up vs. Down Market Performance - RP with Utilities vs. Vanguard Balanced Index Inv
Market Type	Occurrences				Average Active Return
Market Type	Above Benchmark	Below Benchmark	Total	% Above Benchmark	Above Benchmark	Below Benchmark	Total
Up Market	38	37	75	51%	1.00%	-1.29%	-0.13%
Down Market	19	14	33	58%	1.30%	-0.95%	0.34%
Total	57	51	108	53%	1.10%	-1.20%	0.01%

Annual Returns

Annual returns for the configured portfolios
Year	Inflation	REIT Heavy RP w/VNQ		REIT Heavy RP w/NINE REITs		RP with Utilities		Vanguard Balanced Index Inv		Vanguard Total World Stock ETF (VT)	iShares 20+ Year Treasury Bond ETF (TLT)	Invesco DB Commodity Tracking (DBC)	Vanguard Real Estate ETF (VNQ)	American Tower Corporation (REIT) (AMT)	Crown Castle Inc (CCI)	Equinix, Inc. (EQIX)	Public Storage (PSA)	Sba Comms Corp (SBAC)	Digital Realty Trust, Inc. (DLR)	Extra Space Storage Inc (EXR)	American Homes 4 Rent (AMH)	CubeSmart (CUBE)	Vanguard Utilities ETF (VPU)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard Total World Stock ETF (VT)	iShares 20+ Year Treasury Bond ETF (TLT)	Invesco DB Commodity Tracking (DBC)	Vanguard Real Estate ETF (VNQ)	American Tower Corporation (REIT) (AMT)	Crown Castle Inc (CCI)	Equinix, Inc. (EQIX)	Public Storage (PSA)	Sba Comms Corp (SBAC)	Digital Realty Trust, Inc. (DLR)	Extra Space Storage Inc (EXR)	American Homes 4 Rent (AMH)	CubeSmart (CUBE)	Vanguard Utilities ETF (VPU)
2014	0.76%	13.23%	$11,323	12.42%	$11,242	12.21%	$11,221	9.84%	$10,984	3.67%	27.30%	-28.10%	30.36%	25.76%	9.85%	32.66%	26.84%	23.29%	42.61%	43.96%	6.35%	42.54%	26.99%
2015	0.73%	-3.14%	$10,968	2.91%	$11,568	-5.31%	$10,626	0.37%	$11,025	-1.86%	-1.79%	-27.59%	2.42%	-0.00%	14.33%	42.38%	38.34%	-5.14%	20.12%	55.15%	-0.96%	42.43%	-4.82%
2016	2.07%	8.08%	$11,854	7.99%	$12,493	10.78%	$11,771	8.63%	$11,977	8.51%	1.18%	18.56%	8.60%	11.21%	4.50%	20.70%	-6.90%	-1.72%	34.90%	-9.18%	27.29%	-9.84%	17.60%
2017	2.11%	13.59%	$13,465	19.43%	$14,920	15.86%	$13,638	13.75%	$13,624	24.49%	9.18%	4.86%	4.91%	37.69%	32.93%	29.18%	-2.89%	58.20%	19.77%	17.81%	5.05%	12.72%	12.46%
2018	1.91%	-7.19%	$12,496	-5.63%	$14,080	-4.08%	$13,082	-2.97%	$13,220	-9.76%	-1.61%	-11.62%	-6.02%	13.32%	1.74%	-20.41%	0.63%	-0.90%	-3.04%	7.27%	-8.23%	3.40%	4.37%
2019	2.29%	23.40%	$15,420	25.10%	$17,615	22.19%	$15,985	21.67%	$16,085	26.82%	14.12%	11.84%	28.87%	47.85%	35.46%	68.85%	8.97%	49.30%	16.53%	20.69%	33.12%	14.09%	24.87%
2020	1.36%	8.09%	$16,667	13.80%	$20,047	9.26%	$17,466	16.26%	$18,700	16.61%	18.15%	-7.84%	-4.68%	-0.48%	15.61%	24.23%	12.56%	17.82%	20.46%	13.57%	15.28%	11.64%	-0.76%
2021	7.04%	22.68%	$20,447	24.82%	$25,021	15.74%	$20,214	14.09%	$21,334	18.27%	-4.60%	41.36%	40.52%	32.89%	35.08%	20.27%	66.62%	38.95%	30.66%	100.95%	46.91%	74.62%	17.37%
2022	6.45%	-19.39%	$16,482	-20.00%	$20,017	-11.21%	$17,949	-16.97%	$17,713	-18.01%	-31.24%	19.34%	-26.24%	-25.63%	-32.51%	-21.14%	-20.21%	-27.30%	-40.94%	-32.81%	-29.44%	-26.31%	1.04%

Monthly Returns

Monthly returns for the configured portfolios
Year	Month	REIT Heavy RP w/VNQ		REIT Heavy RP w/NINE REITs		RP with Utilities		Vanguard Balanced Index Inv		Vanguard Total World Stock ETF (VT)	iShares 20+ Year Treasury Bond ETF (TLT)	Invesco DB Commodity Tracking (DBC)	Vanguard Real Estate ETF (VNQ)	American Tower Corporation (REIT) (AMT)	Crown Castle Inc (CCI)	Equinix, Inc. (EQIX)	Public Storage (PSA)	Sba Comms Corp (SBAC)	Digital Realty Trust, Inc. (DLR)	Extra Space Storage Inc (EXR)	American Homes 4 Rent (AMH)	CubeSmart (CUBE)	Vanguard Utilities ETF (VPU)
Year	Month	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard Total World Stock ETF (VT)	iShares 20+ Year Treasury Bond ETF (TLT)	Invesco DB Commodity Tracking (DBC)	Vanguard Real Estate ETF (VNQ)	American Tower Corporation (REIT) (AMT)	Crown Castle Inc (CCI)	Equinix, Inc. (EQIX)	Public Storage (PSA)	Sba Comms Corp (SBAC)	Digital Realty Trust, Inc. (DLR)	Extra Space Storage Inc (EXR)	American Homes 4 Rent (AMH)	CubeSmart (CUBE)	Vanguard Utilities ETF (VPU)
2014	1	0.46%	$10,046	0.07%	$10,007	0.00%	$10,000	-1.24%	$9,876	-4.44%	6.30%	-3.04%	4.28%	1.33%	-3.36%	4.37%	4.70%	3.24%	3.81%	8.38%	2.96%	3.39%	2.75%
2014	2	4.16%	$10,464	3.88%	$10,395	3.61%	$10,362	3.02%	$10,174	5.21%	0.52%	5.02%	5.07%	0.73%	6.96%	2.57%	7.24%	2.61%	6.22%	7.53%	-1.80%	6.25%	3.32%
2014	3	0.49%	$10,514	0.03%	$10,398	1.33%	$10,499	0.21%	$10,196	0.48%	0.73%	-0.04%	0.49%	0.49%	-2.34%	-2.70%	0.54%	-4.42%	-0.45%	-0.40%	2.32%	-1.24%	3.23%
2014	4	1.85%	$10,709	1.46%	$10,550	1.99%	$10,709	0.36%	$10,232	0.74%	2.10%	1.11%	3.29%	2.42%	-1.42%	1.61%	4.17%	-1.32%	0.60%	7.87%	-3.95%	8.39%	3.75%
2014	5	2.01%	$10,924	2.76%	$10,841	1.01%	$10,817	1.71%	$10,407	2.05%	2.95%	-1.44%	2.40%	7.32%	5.50%	5.83%	-1.78%	13.08%	7.68%	0.04%	9.78%	-1.94%	-0.73%
2014	6	1.35%	$11,072	1.44%	$10,997	2.42%	$11,079	1.57%	$10,571	2.21%	-0.25%	2.11%	1.13%	0.78%	-2.76%	5.71%	0.22%	0.79%	2.91%	2.62%	1.08%	1.14%	4.55%
2014	7	-0.95%	$10,966	-0.25%	$10,970	-3.20%	$10,724	-1.28%	$10,435	-1.75%	0.67%	-4.74%	0.08%	4.90%	-0.11%	2.11%	0.15%	4.53%	10.41%	-2.85%	2.59%	-0.60%	-6.95%
2014	8	2.86%	$11,280	2.71%	$11,268	3.51%	$11,100	2.95%	$10,743	2.65%	4.72%	-1.15%	3.04%	4.46%	7.19%	1.74%	2.08%	3.14%	1.34%	1.88%	-1.87%	2.14%	5.15%
2014	9	-4.29%	$10,796	-3.12%	$10,916	-3.20%	$10,745	-1.57%	$10,574	-3.34%	-2.11%	-7.23%	-6.04%	-4.68%	1.73%	-2.65%	-4.56%	0.55%	-3.20%	-1.27%	-5.27%	-2.64%	-2.65%
2014	10	3.79%	$11,206	2.65%	$11,206	3.27%	$11,096	2.09%	$10,795	0.94%	2.81%	-3.88%	9.94%	4.13%	-2.99%	2.08%	11.16%	1.29%	10.60%	12.78%	3.79%	17.07%	8.37%
2014	11	1.12%	$11,331	1.92%	$11,422	0.71%	$11,176	1.74%	$10,983	1.26%	2.97%	-8.51%	2.00%	7.70%	6.36%	8.75%	1.78%	8.31%	1.86%	1.91%	-1.88%	2.33%	0.81%
2014	12	-0.07%	$11,323	-1.58%	$11,242	0.41%	$11,221	0.01%	$10,984	-1.99%	3.25%	-9.65%	1.88%	-5.50%	-4.25%	-0.19%	-0.73%	-8.97%	-4.48%	-0.27%	-0.70%	3.19%	3.43%
2015	1	2.80%	$11,640	2.27%	$11,497	1.40%	$11,378	-0.77%	$10,899	-1.63%	9.82%	-5.69%	6.85%	-1.92%	9.92%	-4.35%	8.65%	5.36%	10.02%	12.55%	-2.00%	11.64%	2.18%
2015	2	0.23%	$11,666	1.24%	$11,641	-0.40%	$11,332	2.95%	$11,221	5.95%	-6.14%	4.43%	-3.67%	2.26%	-0.23%	3.38%	-1.80%	6.86%	-8.99%	-0.33%	0.00%	-5.84%	-5.94%
2015	3	-0.33%	$11,628	-0.92%	$11,533	-1.06%	$11,212	-0.44%	$11,172	-1.21%	1.10%	-6.05%	1.74%	-5.03%	-3.46%	4.63%	0.70%	-6.10%	0.68%	3.46%	-0.53%	4.79%	-0.69%
2015	4	-0.82%	$11,533	0.99%	$11,647	0.81%	$11,303	0.10%	$11,183	2.55%	-3.43%	7.15%	-5.85%	0.84%	1.20%	9.91%	-4.68%	-1.09%	-3.87%	-2.43%	2.05%	-4.47%	-0.64%
2015	5	-0.73%	$11,449	-0.19%	$11,625	-0.54%	$11,242	0.63%	$11,254	0.33%	-2.37%	-3.17%	-0.30%	-1.84%	-2.37%	5.40%	3.00%	-3.46%	4.15%	6.22%	-1.18%	3.12%	0.37%
2015	6	-2.93%	$11,114	-2.11%	$11,380	-3.31%	$10,870	-1.42%	$11,094	-2.22%	-4.07%	1.64%	-4.68%	1.02%	-0.56%	-5.25%	-3.87%	2.83%	2.29%	-6.05%	-3.61%	-1.97%	-6.07%
2015	7	1.49%	$11,279	1.74%	$11,578	1.35%	$11,016	1.31%	$11,240	0.50%	4.55%	-12.61%	5.77%	1.95%	2.00%	9.81%	11.29%	5.00%	-3.61%	12.73%	3.18%	12.95%	5.47%
2015	8	-4.81%	$10,736	-3.39%	$11,185	-4.01%	$10,574	-3.72%	$10,821	-6.63%	-0.69%	-0.25%	-6.29%	-3.07%	1.81%	-2.64%	-1.91%	-2.09%	-1.48%	-0.05%	-3.44%	-3.33%	-3.60%
2015	9	-0.53%	$10,680	-1.13%	$11,059	-0.65%	$10,505	-1.45%	$10,665	-3.71%	1.97%	-3.44%	3.05%	-4.08%	-4.43%	1.35%	6.03%	-11.39%	4.58%	5.86%	0.95%	8.23%	2.71%
2015	10	4.59%	$11,170	5.69%	$11,688	3.44%	$10,867	4.61%	$11,156	7.29%	-0.41%	0.33%	5.76%	16.20%	8.36%	12.89%	8.43%	13.63%	13.23%	2.70%	2.61%	2.24%	1.95%
2015	11	-0.96%	$11,063	-0.64%	$11,613	-1.41%	$10,714	0.24%	$11,182	-0.08%	-0.87%	-6.64%	-0.63%	-2.79%	0.53%	-0.06%	4.62%	-11.65%	-2.50%	5.69%	1.70%	4.67%	-2.13%
2015	12	-0.86%	$10,968	-0.38%	$11,568	-0.82%	$10,626	-1.41%	$11,025	-2.19%	-0.30%	-5.85%	1.82%	-1.94%	1.66%	2.57%	3.91%	-0.09%	6.14%	6.05%	-0.40%	5.86%	2.16%
2016	1	-2.70%	$10,672	-1.75%	$11,366	-0.26%	$10,599	-2.81%	$10,715	-5.87%	5.57%	-4.34%	-3.44%	-2.69%	-0.29%	2.70%	2.37%	-5.51%	5.90%	2.81%	-10.02%	2.19%	4.69%
2016	2	0.11%	$10,684	-0.79%	$11,277	0.77%	$10,681	0.28%	$10,746	-1.11%	3.09%	-0.23%	-0.36%	-2.27%	0.35%	-2.22%	-1.61%	-4.42%	-1.26%	-9.42%	-6.60%	-4.44%	1.78%
2016	3	6.55%	$11,383	6.37%	$11,996	5.93%	$11,314	4.59%	$11,239	7.98%	-0.09%	4.24%	10.48%	11.03%	1.04%	9.54%	11.28%	5.56%	13.06%	14.54%	13.93%	12.08%	8.17%
2016	4	0.44%	$11,434	0.35%	$12,037	0.50%	$11,371	0.54%	$11,299	1.01%	-0.74%	9.71%	-2.35%	2.95%	0.44%	-0.11%	-11.25%	2.87%	-0.58%	-9.11%	-0.50%	-11.08%	-1.95%
2016	5	1.19%	$11,569	2.36%	$12,322	1.02%	$11,487	1.04%	$11,417	0.65%	0.81%	0.89%	2.25%	0.86%	4.52%	10.14%	3.64%	-3.53%	8.49%	9.44%	15.93%	7.53%	1.63%
2016	6	3.91%	$12,021	4.09%	$12,825	4.22%	$11,971	0.93%	$11,523	-0.18%	6.93%	4.35%	6.92%	7.93%	12.75%	7.11%	1.50%	8.59%	15.19%	0.42%	11.98%	-2.35%	7.67%
2016	7	2.58%	$12,332	0.68%	$12,913	0.93%	$12,083	2.64%	$11,828	4.15%	2.10%	-6.97%	4.26%	1.90%	-4.34%	-3.83%	-6.52%	6.54%	-4.16%	-7.05%	5.96%	-3.79%	-0.89%
2016	8	-1.20%	$12,184	-0.94%	$12,792	-1.76%	$11,870	0.06%	$11,835	0.35%	-1.01%	0.77%	-3.76%	-2.06%	-2.33%	-0.66%	-6.27%	-0.74%	-5.14%	-6.36%	0.78%	-7.34%	-5.43%
2016	9	-0.16%	$12,165	0.21%	$12,819	0.56%	$11,936	0.08%	$11,844	0.79%	-1.51%	4.31%	-1.82%	0.44%	0.37%	-2.28%	0.46%	-1.74%	-1.06%	-0.41%	-0.82%	-0.24%	0.51%
2016	10	-3.45%	$11,745	-2.35%	$12,518	-1.41%	$11,767	-1.68%	$11,645	-1.97%	-4.38%	-0.33%	-5.74%	3.41%	-3.42%	-0.82%	-4.22%	1.00%	-3.80%	-7.88%	-2.45%	-4.37%	0.90%
2016	11	-1.55%	$11,563	-2.87%	$12,159	-2.47%	$11,477	1.61%	$11,833	1.19%	-8.21%	1.67%	-1.68%	-12.73%	-8.28%	-4.68%	-2.07%	-12.64%	-1.18%	-4.09%	-0.19%	-5.45%	-4.54%
2016	12	2.51%	$11,854	2.74%	$12,493	2.56%	$11,771	1.21%	$11,977	1.81%	-0.46%	4.14%	4.82%	3.90%	5.11%	5.51%	7.77%	4.35%	7.39%	11.28%	-0.18%	9.71%	4.81%
2017	1	1.25%	$12,002	1.61%	$12,694	1.66%	$11,966	1.25%	$12,127	3.00%	0.81%	-0.57%	-0.19%	-2.06%	1.22%	7.71%	-3.80%	1.94%	9.54%	-6.72%	6.20%	-6.13%	1.17%
2017	2	2.43%	$12,293	3.18%	$13,098	2.86%	$12,309	2.48%	$12,427	2.69%	1.59%	-0.19%	3.51%	10.91%	6.49%	-1.79%	5.80%	9.98%	0.34%	9.91%	6.69%	8.44%	4.95%
2017	3	-0.56%	$12,224	0.41%	$13,152	0.14%	$12,327	0.02%	$12,429	1.48%	-0.65%	-3.24%	-2.42%	5.88%	2.05%	6.46%	-2.87%	3.97%	-0.60%	-5.06%	-3.19%	-3.73%	-0.06%
2017	4	0.81%	$12,323	1.38%	$13,333	0.93%	$12,441	0.93%	$12,545	1.63%	1.57%	-2.70%	0.24%	4.14%	0.16%	4.33%	-4.35%	5.08%	7.94%	1.53%	0.39%	-2.39%	0.67%
2017	5	0.85%	$12,428	2.24%	$13,632	2.26%	$12,722	0.89%	$12,658	1.95%	1.89%	-1.42%	-0.72%	4.17%	7.45%	6.07%	2.85%	9.24%	2.92%	2.57%	-2.52%	-1.50%	4.00%
2017	6	0.98%	$12,550	-0.03%	$13,629	-0.40%	$12,671	0.55%	$12,728	0.63%	0.79%	-0.96%	2.23%	1.35%	-0.53%	-2.69%	-2.23%	-2.37%	-3.66%	1.73%	0.67%	-2.60%	-2.37%
2017	7	1.70%	$12,763	1.96%	$13,896	2.12%	$12,940	1.28%	$12,891	2.65%	-0.66%	4.08%	1.24%	3.03%	0.40%	5.03%	-1.42%	1.96%	2.12%	1.92%	1.95%	2.58%	2.65%
2017	8	0.81%	$12,866	2.11%	$14,189	1.74%	$13,166	0.42%	$12,945	0.42%	3.41%	0.40%	-0.26%	8.60%	7.81%	4.38%	-0.11%	11.63%	2.60%	-2.35%	-3.69%	-0.04%	2.90%
2017	9	0.57%	$12,940	-0.19%	$14,162	-0.16%	$13,144	1.26%	$13,108	2.11%	-2.32%	1.99%	-0.11%	-7.23%	-6.97%	-4.72%	5.22%	-6.19%	0.76%	3.97%	-1.81%	6.41%	-2.44%
2017	10	0.95%	$13,063	2.30%	$14,489	2.40%	$13,460	1.31%	$13,280	2.11%	-0.04%	3.96%	-1.07%	5.11%	7.10%	3.85%	-3.15%	9.11%	0.09%	2.09%	-1.98%	4.85%	3.91%
2017	11	1.80%	$13,298	1.91%	$14,765	1.90%	$13,716	1.79%	$13,518	1.90%	0.74%	0.94%	2.66%	0.18%	5.53%	0.63%	2.83%	8.00%	-1.47%	4.62%	0.94%	4.85%	2.89%
2017	12	1.26%	$13,465	1.05%	$14,920	-0.57%	$13,638	0.78%	$13,624	1.60%	1.81%	2.78%	-0.14%	-0.39%	-0.83%	-2.43%	-1.01%	-3.76%	-1.61%	3.37%	1.91%	2.38%	-5.90%
2018	1	0.56%	$13,540	1.60%	$15,158	0.90%	$13,760	2.71%	$13,993	5.48%	-3.26%	2.95%	-4.25%	3.53%	1.59%	0.43%	-6.33%	6.82%	-1.71%	-4.54%	-4.81%	-4.81%	-3.13%
2018	2	-4.94%	$12,871	-4.44%	$14,486	-3.92%	$13,220	-2.61%	$13,628	-4.44%	-3.04%	-2.92%	-7.68%	-5.67%	-2.40%	-13.36%	-0.67%	-9.87%	-10.10%	1.88%	-7.70%	-2.62%	-4.11%
2018	3	1.33%	$13,043	1.64%	$14,724	1.41%	$13,407	-0.93%	$13,500	-1.29%	2.86%	2.29%	3.88%	4.31%	0.55%	6.64%	4.10%	8.68%	5.71%	3.65%	4.91%	6.30%	4.02%
2018	4	0.35%	$13,089	-0.36%	$14,671	0.84%	$13,520	-0.09%	$13,489	0.42%	-2.09%	3.42%	0.82%	-5.67%	-7.97%	0.63%	0.69%	-6.25%	0.29%	2.55%	0.60%	4.40%	2.47%
2018	5	1.97%	$13,346	1.35%	$14,869	0.80%	$13,628	1.93%	$13,749	0.57%	2.01%	2.68%	3.68%	1.47%	3.25%	-5.13%	4.99%	-1.35%	1.69%	7.43%	-1.39%	3.60%	-0.31%
2018	6	0.89%	$13,465	1.53%	$15,097	0.39%	$13,682	0.40%	$13,804	-0.60%	0.65%	-1.94%	4.20%	4.77%	4.60%	8.33%	8.08%	4.46%	4.80%	4.61%	11.61%	6.62%	2.42%
2018	7	0.79%	$13,572	0.51%	$15,175	1.12%	$13,834	2.01%	$14,081	2.88%	-1.44%	-2.43%	0.60%	2.82%	2.79%	2.18%	-3.98%	-4.16%	8.82%	-5.85%	-0.18%	-5.77%	1.67%
2018	8	1.45%	$13,768	0.85%	$15,304	1.02%	$13,976	2.31%	$14,406	0.86%	1.31%	0.75%	2.58%	0.59%	2.89%	-0.19%	-2.41%	-1.91%	2.36%	-1.87%	4.79%	0.63%	1.15%
2018	9	-0.96%	$13,636	-1.16%	$15,127	-0.28%	$13,937	-0.13%	$14,387	0.08%	-2.86%	3.39%	-2.64%	-2.02%	-1.46%	-0.74%	-4.24%	3.48%	-8.75%	-5.14%	-5.44%	-5.63%	-0.38%
2018	10	-5.22%	$12,924	-4.73%	$14,412	-3.95%	$13,386	-4.76%	$13,702	-7.82%	-2.93%	-5.62%	-2.93%	7.23%	-2.33%	-12.51%	1.90%	0.96%	-8.20%	3.95%	-3.75%	1.58%	1.17%
2018	11	1.41%	$13,106	1.59%	$14,641	1.24%	$13,552	1.48%	$13,905	1.73%	1.79%	-9.85%	4.67%	5.57%	5.66%	2.33%	3.79%	5.33%	11.41%	6.57%	-1.14%	7.45%	3.92%
2018	12	-4.65%	$12,496	-3.83%	$14,080	-3.47%	$13,082	-4.93%	$13,220	-7.22%	5.85%	-3.99%	-7.96%	-3.32%	-4.53%	-8.49%	-4.19%	-5.22%	-6.57%	-4.90%	-4.46%	-6.84%	-4.15%
2019	1	7.54%	$13,438	6.56%	$15,005	5.10%	$13,749	5.55%	$13,953	7.99%	0.38%	7.11%	11.85%	9.26%	7.76%	11.75%	4.99%	12.75%	1.68%	8.99%	11.39%	7.88%	3.72%
2019	2	1.37%	$13,623	1.57%	$15,240	2.33%	$14,069	2.10%	$14,246	2.82%	-1.38%	2.84%	0.70%	1.92%	1.44%	8.11%	-0.48%	-1.08%	4.41%	-2.71%	-1.22%	-1.00%	3.88%
2019	3	2.71%	$13,993	3.70%	$15,804	2.28%	$14,390	1.65%	$14,480	1.06%	5.57%	-0.38%	4.21%	11.87%	8.77%	7.00%	3.92%	10.58%	6.18%	7.14%	4.26%	5.61%	2.83%
2019	4	1.09%	$14,145	1.35%	$16,017	1.42%	$14,594	2.39%	$14,827	3.47%	-1.99%	1.19%	-0.16%	-0.44%	-1.73%	0.34%	1.56%	2.04%	-1.08%	1.75%	5.55%	-0.41%	0.86%
2019	5	-1.75%	$13,897	-0.26%	$15,976	-2.09%	$14,290	-3.21%	$14,351	-5.97%	6.84%	-5.97%	0.14%	6.90%	3.36%	7.38%	7.55%	6.22%	0.01%	3.35%	1.79%	5.67%	-0.87%
2019	6	3.55%	$14,390	3.34%	$16,510	4.13%	$14,880	4.63%	$15,016	6.37%	0.95%	3.97%	1.54%	-1.65%	1.11%	3.81%	0.95%	3.90%	0.97%	-0.16%	-0.21%	0.12%	3.33%
2019	7	0.47%	$14,457	0.68%	$16,623	-0.12%	$14,861	0.97%	$15,162	0.00%	0.26%	-1.14%	1.70%	3.51%	2.23%	-0.43%	1.93%	9.15%	-2.91%	5.93%	-0.41%	1.53%	-0.21%
2019	8	2.02%	$14,749	3.56%	$17,215	2.31%	$15,205	-0.11%	$15,146	-2.10%	11.04%	-4.63%	3.75%	8.78%	8.94%	11.29%	9.05%	7.08%	8.11%	8.48%	5.66%	5.71%	4.83%
2019	9	1.06%	$14,905	-0.20%	$17,180	1.71%	$15,465	0.80%	$15,267	2.28%	-2.68%	1.42%	1.93%	-3.53%	-3.47%	3.69%	-6.61%	-8.11%	5.90%	-3.44%	1.42%	-1.87%	4.08%
2019	10	1.40%	$15,113	0.16%	$17,207	0.77%	$15,584	1.39%	$15,478	2.79%	-1.11%	1.93%	1.13%	-1.38%	-0.16%	-1.74%	-9.14%	-0.21%	-2.13%	-3.89%	2.24%	-9.17%	-0.86%
2019	11	0.50%	$15,189	0.12%	$17,227	0.32%	$15,634	2.24%	$15,824	2.56%	-0.41%	-0.13%	-1.30%	-1.86%	-3.70%	0.45%	-5.47%	-1.59%	-4.79%	-5.54%	0.91%	-2.71%	-1.98%
2019	12	1.52%	$15,420	2.25%	$17,615	2.25%	$15,985	1.64%	$16,085	3.45%	-3.20%	5.85%	0.76%	7.85%	7.32%	2.97%	2.07%	1.91%	-0.07%	0.47%	-1.68%	3.15%	3.11%
2020	1	0.43%	$15,486	0.98%	$17,787	1.89%	$16,287	0.82%	$16,216	-1.56%	7.69%	-8.59%	1.23%	0.84%	5.41%	1.03%	5.07%	3.56%	2.71%	4.79%	4.27%	0.60%	6.10%
2020	2	-4.14%	$14,844	-3.04%	$17,246	-5.11%	$15,455	-4.22%	$15,531	-7.22%	6.63%	-6.65%	-7.03%	-2.13%	-4.37%	-2.46%	-6.54%	6.22%	-2.34%	-9.32%	-5.27%	-4.42%	-9.99%
2020	3	-11.31%	$13,165	-5.52%	$16,294	-8.58%	$14,129	-8.48%	$14,214	-14.76%	6.38%	-17.34%	-19.42%	-3.99%	1.62%	9.04%	-4.13%	2.02%	16.66%	-3.69%	-10.22%	-10.41%	-10.09%
2020	4	6.26%	$13,990	4.89%	$17,090	4.68%	$14,790	8.55%	$15,429	10.37%	1.22%	-3.11%	8.96%	9.77%	10.41%	8.11%	-6.63%	7.39%	7.62%	-7.85%	4.05%	-5.94%	3.23%
2020	5	2.57%	$14,350	4.00%	$17,774	3.30%	$15,278	3.45%	$15,962	5.21%	-1.76%	8.07%	1.73%	8.47%	7.98%	3.74%	9.32%	8.52%	-3.97%	9.64%	4.56%	12.94%	4.31%
2020	6	2.29%	$14,678	1.12%	$17,973	0.18%	$15,306	1.73%	$16,238	3.07%	0.34%	4.50%	2.41%	0.57%	-2.07%	0.67%	-4.39%	-5.16%	-0.19%	-3.64%	6.77%	-4.01%	-4.86%
2020	7	4.61%	$15,355	5.52%	$18,965	5.60%	$16,163	3.99%	$16,885	5.29%	4.44%	5.12%	3.64%	1.10%	-0.39%	11.84%	4.16%	4.57%	12.97%	11.88%	7.81%	9.93%	7.24%
2020	8	1.57%	$15,597	1.32%	$19,215	0.72%	$16,279	3.86%	$17,537	6.01%	-5.05%	4.64%	0.44%	-4.68%	-2.07%	0.89%	6.26%	-1.60%	-3.05%	3.11%	-1.24%	6.57%	-2.54%
2020	9	-2.03%	$15,281	-1.15%	$18,993	-1.15%	$16,092	-2.12%	$17,166	-2.92%	0.77%	-3.55%	-2.68%	-2.52%	2.75%	-3.75%	5.79%	4.05%	-4.98%	1.22%	-0.39%	3.23%	0.58%
2020	10	-2.72%	$14,865	-2.36%	$18,545	-0.55%	$16,004	-1.48%	$16,912	-2.05%	-3.39%	-3.14%	-3.00%	-5.00%	-6.19%	-3.80%	2.85%	-8.83%	-1.68%	8.37%	-0.74%	5.01%	4.89%
2020	11	8.87%	$16,184	5.42%	$19,550	6.50%	$17,044	7.66%	$18,208	12.37%	1.66%	10.20%	9.67%	0.67%	7.28%	-4.24%	-2.01%	-0.94%	-6.62%	-2.78%	1.59%	-4.13%	1.43%
2020	12	2.99%	$16,667	2.54%	$20,047	2.48%	$17,466	2.70%	$18,700	4.94%	-1.23%	5.45%	2.72%	-2.38%	-4.19%	2.35%	3.80%	-1.76%	4.44%	3.62%	4.63%	4.37%	0.89%
2021	1	-0.47%	$16,588	-0.30%	$19,987	-0.80%	$17,327	-0.50%	$18,607	-0.23%	-3.63%	3.33%	0.04%	1.29%	0.04%	3.61%	-1.43%	-4.77%	3.18%	-1.79%	0.77%	3.66%	-1.04%
2021	2	2.05%	$16,928	0.55%	$20,098	-0.64%	$17,216	1.27%	$18,843	2.67%	-5.73%	10.14%	3.43%	-4.94%	-2.20%	-12.00%	2.78%	-5.04%	-6.41%	10.47%	3.01%	6.08%	-5.54%
2021	3	1.70%	$17,216	2.30%	$20,559	3.06%	$17,744	1.56%	$19,138	2.85%	-5.24%	-0.72%	5.15%	10.61%	11.44%	4.82%	6.35%	9.04%	5.44%	6.25%	7.40%	3.27%	10.30%
2021	4	5.44%	$18,153	6.04%	$21,802	4.16%	$18,481	3.44%	$19,796	4.13%	2.49%	7.83%	7.86%	7.12%	9.84%	6.06%	13.94%	7.99%	9.56%	12.18%	11.10%	11.92%	3.78%
2021	5	1.33%	$18,394	1.38%	$22,103	0.39%	$18,553	0.36%	$19,869	1.58%	0.00%	3.85%	0.81%	0.27%	0.23%	2.62%	0.47%	-0.33%	-1.78%	0.75%	2.78%	3.42%	-2.34%
2021	6	2.43%	$18,841	3.45%	$22,865	1.09%	$18,756	1.87%	$20,240	1.18%	4.42%	3.49%	2.64%	6.24%	3.66%	8.94%	7.17%	6.90%	-0.02%	10.04%	2.31%	6.55%	-1.86%
2021	7	2.43%	$19,298	2.43%	$23,422	2.18%	$19,165	1.47%	$20,538	0.62%	3.72%	1.30%	4.42%	4.69%	-1.03%	2.22%	3.92%	6.99%	2.46%	6.30%	8.11%	7.21%	3.92%
2021	8	1.35%	$19,559	2.00%	$23,890	1.76%	$19,502	1.66%	$20,879	2.26%	-0.34%	-1.64%	2.15%	3.31%	0.83%	3.16%	3.56%	5.45%	6.32%	7.33%	-0.14%	7.73%	3.70%
2021	9	-3.39%	$18,895	-4.49%	$22,817	-3.42%	$18,834	-3.12%	$20,228	-4.10%	-2.91%	5.21%	-5.68%	-8.72%	-10.35%	-6.32%	-7.61%	-7.91%	-11.21%	-9.51%	-8.88%	-8.80%	-6.17%
2021	10	5.43%	$19,921	6.00%	$24,186	4.76%	$19,731	4.04%	$21,044	5.15%	2.46%	5.80%	7.13%	6.24%	4.03%	5.94%	11.81%	4.47%	9.25%	17.49%	6.51%	13.54%	5.12%
2021	11	-2.34%	$19,455	-1.95%	$23,715	-2.21%	$19,296	-0.77%	$20,882	-2.62%	2.77%	-8.76%	-2.11%	-6.91%	0.75%	-2.62%	-1.44%	-0.28%	6.29%	1.33%	-1.26%	-1.98%	-1.59%
2021	12	5.10%	$20,447	5.51%	$25,021	4.76%	$20,214	2.17%	$21,334	3.81%	-2.01%	6.67%	9.69%	11.99%	15.78%	4.14%	15.06%	13.15%	6.17%	14.04%	9.05%	6.34%	9.42%
2022	1	-4.35%	$19,557	-5.56%	$23,630	-2.83%	$19,642	-4.51%	$20,373	-4.58%	-3.91%	7.89%	-8.42%	-14.02%	-12.57%	-14.30%	-4.28%	-16.34%	-15.63%	-12.59%	-10.27%	-10.84%	-3.36%
2022	2	-1.70%	$19,224	-2.30%	$23,087	-1.25%	$19,396	-1.99%	$19,968	-2.77%	-1.63%	6.47%	-3.48%	-9.79%	-8.72%	-2.09%	-0.98%	-6.78%	-9.59%	-5.07%	-2.86%	-4.99%	-1.87%
2022	3	2.54%	$19,712	3.24%	$23,834	3.66%	$20,106	0.84%	$20,135	1.89%	-5.45%	9.17%	6.27%	10.73%	11.75%	4.94%	10.55%	13.67%	6.07%	10.13%	5.81%	8.82%	9.80%
2022	4	-5.38%	$18,651	-5.02%	$22,636	-5.43%	$19,014	-6.99%	$18,728	-8.10%	-9.42%	5.64%	-4.09%	-3.54%	0.33%	-3.04%	-4.81%	0.87%	3.05%	-7.59%	-1.05%	-8.69%	-4.38%
2022	5	-0.93%	$18,477	-0.49%	$22,526	1.88%	$19,371	0.12%	$18,750	0.49%	-2.25%	4.61%	-4.69%	6.27%	2.40%	-3.99%	-11.00%	-2.81%	-4.47%	-6.21%	-6.69%	-6.27%	4.51%
2022	6	-6.64%	$17,250	-5.83%	$21,214	-5.92%	$18,224	-5.67%	$17,686	-8.14%	-1.27%	-7.50%	-7.46%	0.40%	-10.39%	-4.38%	-4.80%	-4.92%	-6.08%	-3.63%	-3.59%	-3.10%	-5.09%
2022	7	5.24%	$18,153	4.75%	$22,221	4.50%	$19,044	6.50%	$18,836	6.98%	2.43%	-1.99%	8.62%	5.96%	7.29%	7.11%	8.60%	4.92%	2.02%	11.40%	6.88%	7.37%	5.71%
2022	8	-4.35%	$17,363	-3.56%	$21,431	-2.35%	$18,596	-3.32%	$18,210	-4.05%	-4.56%	-1.49%	-6.01%	-6.20%	-5.44%	-6.18%	1.35%	-2.93%	-6.66%	4.86%	-6.12%	0.39%	0.29%
2022	9	-9.89%	$15,646	-9.99%	$19,289	-9.54%	$16,822	-7.27%	$16,887	-9.53%	-8.23%	-7.04%	-12.86%	-15.49%	-14.64%	-13.47%	-10.95%	-12.48%	-18.93%	-12.41%	-7.27%	-12.07%	-11.17%
2022	10	3.12%	$16,135	1.92%	$19,659	2.80%	$17,292	4.27%	$17,608	6.38%	-5.97%	5.06%	3.51%	-2.77%	-7.81%	-0.42%	5.79%	-5.18%	1.08%	2.74%	-2.65%	4.52%	2.45%
2022	11	6.46%	$17,176	6.22%	$20,881	6.73%	$18,456	4.60%	$18,418	8.28%	7.15%	1.47%	6.15%	6.79%	6.13%	22.50%	-3.81%	11.16%	12.18%	-9.44%	3.54%	-1.15%	7.04%
2022	12	-4.04%	$16,482	-4.14%	$20,017	-2.75%	$17,949	-3.83%	$17,713	-4.43%	-2.63%	-2.71%	-5.03%	-3.54%	-3.00%	-5.16%	-5.34%	-6.34%	-9.80%	-7.54%	-8.35%	-1.57%	-0.93%

Returns Based Style Analysis

Returns Based Style Analysis
Style Category	REIT Heavy RP w/VNQ	REIT Heavy RP w/NINE REITs	RP with Utilities	Vanguard Balanced Index Inv
Large-cap Value	10.29%	17.76%	24.23%	18.84%
Large-cap Growth	12.05%	23.97%	9.56%	29.58%
Mid-cap Value	23.80%	0.00%	8.34%	1.42%
Mid-cap Growth	0.26%	2.12%	0.00%	4.11%
Small-cap Value	0.00%	0.00%	0.00%	2.62%
Small-cap Growth	0.00%	0.00%	0.00%	2.27%
Global ex-US Developed Markets	17.39%	13.28%	11.25%	0.62%
Emerging Markets	3.84%	6.49%	5.58%	1.09%
Corporate Bonds	0.00%	0.00%	8.20%	10.91%
Long-Term Treasuries	32.37%	26.82%	21.58%	3.49%
Intermediate-Term Treasuries	0.00%	8.22%	11.27%	4.19%
Short-Term Treasuries	0.00%	1.35%	0.00%	20.87%
R Squared	92.69%	87.43%	86.33%	99.79%
Style analysis is based on monthly returns from January 2014 to December 2022 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 REIT Heavy RP w/VNQ

Holdings Based Style Analysis for REIT Heavy RP w/VNQ
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VT	Vanguard Total World Stock ETF	Global Large-Stock Blend	40.00%		2.02%	0.07%	0.07%	17.39		$3,181	45.82%
TLT	iShares 20+ Year Treasury Bond ETF	Long Government	20.00%	4.22%	3.22%	0.15%	0.15%		17.10	$187	6.07%
DBC	Invesco DB Commodity Tracking	Commodities Broad Basket	10.00%		0.59%	0.85%	0.85%			$623	7.00%
VNQ	Vanguard Real Estate ETF	Real Estate	30.00%		4.58%	0.12%	0.12%	29.65		$2,490	41.11%
			100.00%	0.84%	2.89%	0.18%	0.18%	22.64	17.10	$6,482	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for REIT Heavy RP w/NINE REITs

Holdings Based Style Analysis for REIT Heavy RP w/NINE REITs
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VT	Vanguard Total World Stock ETF	Global Large-Stock Blend	40.00%		2.02%	0.07%	0.07%	17.39		$3,441	47.07%
TLT	iShares 20+ Year Treasury Bond ETF	Long Government	20.00%	4.22%	3.22%	0.15%	0.15%		17.10	$3.60	8.66%
DBC	Invesco DB Commodity Tracking	Commodities Broad Basket	10.00%		0.59%	0.85%	0.85%			$853	6.60%
AMT	American Tower Corporation (REIT)	Real Estate / REIT - Specialty	4.00%		3.86%					$696	5.42%
CCI	Crown Castle Inc	Real Estate / REIT - Specialty	4.00%		5.66%					$565	5.16%
EQIX	Equinix, Inc.	Real Estate / REIT - Specialty	4.00%		1.63%					$950	5.49%
PSA	Public Storage	Real Estate / REIT - Industrial	3.00%		8.22%					$531	3.06%
SBAC	Sba Comms Corp	Real Estate / REIT - Specialty	3.00%		1.43%					$592	4.22%
DLR	Digital Realty Trust, Inc.	Real Estate / REIT - Office	3.00%		3.97%					$432	3.75%
EXR	Extra Space Storage Inc	Real Estate / REIT - Industrial	3.00%		5.15%					$905	3.58%
AMH	American Homes 4 Rent	Real Estate / REIT - Residential	3.00%		2.48%					$374	3.56%
CUBE	CubeSmart	Real Estate / REIT - Industrial	3.00%		4.39%					$672	3.43%
			100.00%	0.84%	2.73%	0.20%	0.20%	17.39	17.10	$10,017	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for RP with Utilities

Holdings Based Style Analysis for RP with Utilities
Ticker	Name	Category	Weight	Yield		Expense Ratio		P/E	Duration	Contribution
Ticker	Name	Category	Weight	SEC	TTM	Net	Gross	P/E	Duration	Return	Risk
VT	Vanguard Total World Stock ETF	Global Large-Stock Blend	40.00%		2.02%	0.07%	0.07%	17.39		$3,331	50.01%
TLT	iShares 20+ Year Treasury Bond ETF	Long Government	20.00%	4.22%	3.22%	0.15%	0.15%		17.10	$229	6.95%
DBC	Invesco DB Commodity Tracking	Commodities Broad Basket	10.00%		0.59%	0.85%	0.85%			$648	7.84%
VPU	Vanguard Utilities ETF	Utilities	30.00%	3.38%	3.47%	0.10%	0.10%	18.68		$3,740	35.20%
			100.00%	1.86%	2.55%	0.17%	0.17%	17.94	17.10	$7,949	100.00%

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Fund fundamentals data as of 09/27/2023. (c) 2023 Morningstar. All Rights Reserved. The fund fundamentals information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Risk and Return Metrics

Portfolio return and risk metrics
Metric	REIT Heavy RP w/VNQ	REIT Heavy RP w/NINE REITs	RP with Utilities	Vanguard Balanced Index Inv
Arithmetic Mean (monthly)	0.52%	0.69%	0.59%	0.57%
Arithmetic Mean (annualized)	6.40%	8.60%	7.25%	7.08%
Geometric Mean (monthly)	0.46%	0.64%	0.54%	0.53%
Geometric Mean (annualized)	5.71%	8.02%	6.72%	6.56%
Standard Deviation (monthly)	3.29%	3.01%	2.90%	2.88%
Standard Deviation (annualized)	11.40%	10.43%	10.04%	9.97%
Downside Deviation (monthly)	2.27%	1.93%	1.95%	1.91%
Maximum Drawdown	-23.48%	-22.91%	-16.78%	-20.85%
Stock Market Correlation	0.88	0.82	0.83	0.99
Beta^(*)	1.05	0.91	0.88	1.00
Alpha (annualized)	-1.01%	2.02%	0.95%	-0.00%
R²	84.75%	75.98%	77.04%	100.00%
Sharpe Ratio	0.47	0.71	0.61	0.60
Sortino Ratio	0.67	1.09	0.90	0.89
Treynor Ratio (%)	5.11	8.15	6.99	6.03
Calmar Ratio	0.10	0.19	0.23	0.16
Active Return	-0.85%	1.46%	0.16%	N/A
Tracking Error	4.49%	5.19%	4.95%	N/A
Information Ratio	-0.19	0.28	0.03	N/A
Skewness	-0.65	-0.53	-0.71	-0.47
Excess Kurtosis	1.69	0.79	1.33	1.31
Historical Value-at-Risk (5%)	4.89%	4.65%	3.99%	4.67%
Analytical Value-at-Risk (5%)	4.98%	4.32%	4.23%	4.16%
Conditional Value-at-Risk (5%)	7.23%	6.11%	6.43%	6.35%
Upside Capture Ratio (%)	99.32	100.98	92.81	100.00
Downside Capture Ratio (%)	106.55	88.54	88.22	100.00
Safe Withdrawal Rate	14.12%	15.68%	14.36%	14.58%
Perpetual Withdrawal Rate	2.82%	4.90%	3.74%	3.60%
Positive Periods	71 out of 108 (65.74%)	69 out of 108 (63.89%)	70 out of 108 (64.81%)	75 out of 108 (69.44%)
Gain/Loss Ratio	0.79	1.02	0.92	0.75
^* Vanguard Balanced Index Inv 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	REIT Heavy RP w/VNQ	REIT Heavy RP w/NINE REITs	RP with Utilities	Vanguard Balanced Index Inv
COVID-19 Start	Jan 2020	Mar 2020	-14.98%	-8.39%	-13.25%	-12.34%

Drawdowns for REIT Heavy RP w/VNQ

Drawdowns for REIT Heavy RP w/VNQ (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2022	Sep 2022	9 months				-23.48%
2	Feb 2020	Mar 2020	2 months	Aug 2020	5 months	7 months	-14.98%
3	Sep 2018	Dec 2018	4 months	Mar 2019	3 months	7 months	-9.24%
4	Mar 2015	Jan 2016	11 months	Jun 2016	5 months	1 year 4 months	-8.52%
5	Aug 2016	Nov 2016	4 months	May 2017	6 months	10 months	-6.23%
6	Feb 2018	Feb 2018	1 month	Jul 2018	5 months	6 months	-4.94%
7	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-4.69%
8	Sep 2014	Sep 2014	1 month	Nov 2014	2 months	3 months	-4.29%
9	Sep 2021	Sep 2021	1 month	Oct 2021	1 month	2 months	-3.39%
10	Nov 2021	Nov 2021	1 month	Dec 2021	1 month	2 months	-2.34%
Worst 10 drawdowns included above

Drawdowns for REIT Heavy RP w/NINE REITs

Drawdowns for REIT Heavy RP w/NINE REITs (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2022	Sep 2022	9 months				-22.91%
2	Feb 2020	Mar 2020	2 months	Jun 2020	3 months	5 months	-8.39%
3	Sep 2018	Dec 2018	4 months	Mar 2019	3 months	7 months	-8.00%
4	Aug 2016	Nov 2016	4 months	Feb 2017	3 months	7 months	-5.84%
5	May 2015	Sep 2015	5 months	Oct 2015	1 month	6 months	-5.05%
6	Sep 2021	Sep 2021	1 month	Oct 2021	1 month	2 months	-4.49%
7	Feb 2018	Feb 2018	1 month	Jul 2018	5 months	6 months	-4.44%
8	Nov 2015	Feb 2016	4 months	Mar 2016	1 month	5 months	-3.52%
9	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-3.49%
10	Sep 2014	Sep 2014	1 month	Nov 2014	2 months	3 months	-3.12%
Worst 10 drawdowns included above

Drawdowns for RP with Utilities

Drawdowns for RP with Utilities (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2022	Sep 2022	9 months				-16.78%
2	Feb 2020	Mar 2020	2 months	Nov 2020	8 months	10 months	-13.25%
3	Feb 2015	Sep 2015	8 months	May 2016	8 months	1 year 4 months	-7.67%
4	Sep 2018	Dec 2018	4 months	Feb 2019	2 months	6 months	-6.40%
5	Aug 2016	Nov 2016	4 months	Feb 2017	3 months	7 months	-5.01%
6	Feb 2018	Feb 2018	1 month	Jul 2018	5 months	6 months	-3.92%
7	Sep 2021	Sep 2021	1 month	Oct 2021	1 month	2 months	-3.42%
8	Sep 2014	Sep 2014	1 month	Nov 2014	2 months	3 months	-3.20%
9	Jul 2014	Jul 2014	1 month	Aug 2014	1 month	2 months	-3.20%
10	Nov 2021	Nov 2021	1 month	Dec 2021	1 month	2 months	-2.21%
Worst 10 drawdowns included above

Drawdowns for Vanguard Balanced Index Inv

Drawdowns for Vanguard Balanced Index Inv (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jan 2022	Sep 2022	9 months				-20.85%
2	Feb 2020	Mar 2020	2 months	Jun 2020	3 months	5 months	-12.34%
3	Sep 2018	Dec 2018	4 months	Mar 2019	3 months	7 months	-8.23%
4	Jun 2015	Sep 2015	4 months	Apr 2016	7 months	11 months	-5.23%
5	Feb 2018	Apr 2018	3 months	Jul 2018	3 months	6 months	-3.60%
6	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-3.56%
7	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-3.21%
8	Sep 2021	Sep 2021	1 month	Oct 2021	1 month	2 months	-3.12%
9	Oct 2016	Oct 2016	1 month	Dec 2016	2 months	3 months	-1.68%
10	Sep 2014	Sep 2014	1 month	Oct 2014	1 month	2 months	-1.57%
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
VT	Vanguard Total World Stock ETF	6.61%	14.92%	26.82%	-18.01%	-25.52%	0.45	0.65	0.97
TLT	iShares 20+ Year Treasury Bond ETF	2.06%	13.03%	27.30%	-31.24%	-41.64%	0.16	0.24	-0.05
DBC	Invesco DB Commodity Tracking	-0.06%	17.97%	41.36%	-28.10%	-57.79%	0.04	0.06	0.46
VNQ	Vanguard Real Estate ETF	6.88%	17.26%	40.52%	-26.24%	-29.31%	0.42	0.61	0.73
AMT	American Tower Corporation (REIT)	13.69%	19.83%	47.85%	-25.63%	-27.80%	0.71	1.16	0.43
CCI	Crown Castle Inc	10.88%	19.24%	35.46%	-32.51%	-34.44%	0.59	0.96	0.42
EQIX	Equinix, Inc.	18.66%	20.86%	68.85%	-21.14%	-32.13%	0.89	1.50	0.42
PSA	Public Storage	11.22%	19.39%	66.62%	-20.21%	-28.02%	0.60	1.02	0.30
SBAC	Sba Comms Corp	13.80%	22.54%	58.20%	-27.30%	-30.16%	0.65	1.04	0.35
DLR	Digital Realty Trust, Inc.	12.59%	22.49%	42.61%	-40.94%	-42.25%	0.60	0.97	0.27
EXR	Extra Space Storage Inc	18.89%	22.93%	100.95%	-32.81%	-32.81%	0.83	1.46	0.32
AMH	American Homes 4 Rent	8.34%	17.92%	46.91%	-29.44%	-29.44%	0.49	0.83	0.53
CUBE	CubeSmart	14.92%	21.12%	74.62%	-26.31%	-27.54%	0.72	1.24	0.35
VPU	Vanguard Utilities ETF	10.48%	14.78%	26.99%	-4.82%	-19.07%	0.69	1.08	0.47

Portfolio Asset Performance

Performance of portfolio assets
Name	Total Return			Annualized Return		Expense Ratio
Name	3 Month	Year To Date	1 year	3 year	5 year	Net	Gross
Vanguard Total World Stock ETF	10.08%	-18.01%	-18.01%	4.18%	5.29%	0.07%	0.07%
iShares 20+ Year Treasury Bond ETF	-1.89%	-31.24%	-31.24%	-8.15%	-2.74%	0.15%	0.15%
Invesco DB Commodity Tracking	3.72%	19.34%	19.34%	15.85%	8.97%	0.85%	0.85%
Vanguard Real Estate ETF	4.34%	-26.24%	-26.24%	-0.40%	3.65%	0.12%	0.12%
American Tower Corporation (REIT)	0.16%	-25.63%	-25.63%	-0.55%	10.51%
Crown Castle Inc	-5.10%	-32.51%	-32.51%	1.76%	7.75%
Equinix, Inc.	15.70%	-21.14%	-21.14%	5.62%	9.63%
Public Storage	-3.68%	-20.21%	-20.21%	14.38%	10.41%
Sba Comms Corp	-1.29%	-27.30%	-27.30%	5.98%	11.98%
Digital Realty Trust, Inc.	2.28%	-40.94%	-40.94%	-2.41%	0.99%
Extra Space Storage Inc	-13.97%	-32.81%	-32.81%	15.32%	14.70%
American Homes 4 Rent	-7.63%	-29.44%	-29.44%	6.12%	7.86%
CubeSmart	1.70%	-26.31%	-26.31%	12.83%	11.12%
Vanguard Utilities ETF	8.64%	1.04%	1.04%	5.58%	8.93%	0.10%	0.10%
Trailing returns as of last calendar month ending December 2022

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VT	TLT	DBC	VNQ	AMT	CCI	EQIX	PSA	SBAC	DLR	EXR	AMH	CUBE	VPU	REIT Heavy RP w/VNQ	REIT Heavy RP w/NINE REITs	RP with Utilities	Vanguard Balanced Index Inv
VT	Vanguard Total World Stock ETF	1.00	-0.06	0.52	0.71	0.45	0.41	0.44	0.24	0.37	0.26	0.25	0.52	0.30	0.46	0.89	0.83	0.85	0.97
TLT	iShares 20+ Year Treasury Bond ETF	-0.06	1.00	-0.40	0.30	0.32	0.38	0.41	0.26	0.37	0.45	0.25	0.22	0.27	0.27	0.27	0.35	0.27	0.10
DBC	Invesco DB Commodity Tracking	0.52	-0.40	1.00	0.27	0.12	0.10	0.01	0.05	0.06	-0.09	0.04	0.24	0.04	0.15	0.45	0.39	0.44	0.40
VNQ	Vanguard Real Estate ETF	0.71	0.30	0.27	1.00	0.58	0.55	0.48	0.63	0.46	0.50	0.61	0.72	0.67	0.70	0.92	0.85	0.84	0.78
AMT	American Tower Corporation (REIT)	0.45	0.32	0.12	0.58	1.00	0.78	0.60	0.41	0.82	0.51	0.39	0.53	0.40	0.56	0.58	0.72	0.61	0.49
CCI	Crown Castle Inc	0.41	0.38	0.10	0.55	0.78	1.00	0.55	0.45	0.76	0.55	0.41	0.46	0.35	0.55	0.57	0.71	0.60	0.47
EQIX	Equinix, Inc.	0.44	0.41	0.01	0.48	0.60	0.55	1.00	0.35	0.59	0.69	0.31	0.54	0.36	0.50	0.54	0.70	0.59	0.48
PSA	Public Storage	0.24	0.26	0.05	0.63	0.41	0.45	0.35	1.00	0.36	0.42	0.89	0.48	0.88	0.58	0.48	0.56	0.47	0.33
SBAC	Sba Comms Corp	0.37	0.37	0.06	0.46	0.82	0.76	0.59	0.36	1.00	0.48	0.33	0.45	0.31	0.42	0.49	0.66	0.50	0.41
DLR	Digital Realty Trust, Inc.	0.26	0.45	-0.09	0.50	0.51	0.55	0.69	0.42	0.48	1.00	0.41	0.50	0.41	0.49	0.46	0.59	0.48	0.34
EXR	Extra Space Storage Inc	0.25	0.25	0.04	0.61	0.39	0.41	0.31	0.89	0.33	0.41	1.00	0.50	0.90	0.56	0.47	0.55	0.47	0.34
AMH	American Homes 4 Rent	0.52	0.22	0.24	0.72	0.53	0.46	0.54	0.48	0.45	0.50	0.50	1.00	0.48	0.47	0.68	0.70	0.60	0.56
CUBE	CubeSmart	0.30	0.27	0.04	0.67	0.40	0.35	0.36	0.88	0.31	0.41	0.90	0.48	1.00	0.60	0.52	0.57	0.51	0.38
VPU	Vanguard Utilities ETF	0.46	0.27	0.15	0.70	0.56	0.55	0.50	0.58	0.42	0.49	0.56	0.47	0.60	1.00	0.64	0.67	0.81	0.52

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	REIT Heavy RP w/VNQ	REIT Heavy RP w/NINE REITs	RP with Utilities
VT	Vanguard Total World Stock ETF	$3,181	$3,441	$3,331
TLT	iShares 20+ Year Treasury Bond ETF	$187	$3.60	$229
DBC	Invesco DB Commodity Tracking	$623	$853	$648
VNQ	Vanguard Real Estate ETF	$2,490
AMT	American Tower Corporation (REIT)		$696
CCI	Crown Castle Inc		$565
EQIX	Equinix, Inc.		$950
PSA	Public Storage		$531
SBAC	Sba Comms Corp		$592
DLR	Digital Realty Trust, Inc.		$432
EXR	Extra Space Storage Inc		$905
AMH	American Homes 4 Rent		$374
CUBE	CubeSmart		$672
VPU	Vanguard Utilities ETF			$3,740
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	REIT Heavy RP w/VNQ	REIT Heavy RP w/NINE REITs	RP with Utilities
VT	Vanguard Total World Stock ETF	45.82%	47.07%	50.01%
TLT	iShares 20+ Year Treasury Bond ETF	6.07%	8.66%	6.95%
DBC	Invesco DB Commodity Tracking	7.00%	6.60%	7.84%
VNQ	Vanguard Real Estate ETF	41.11%
AMT	American Tower Corporation (REIT)		5.42%
CCI	Crown Castle Inc		5.16%
EQIX	Equinix, Inc.		5.49%
PSA	Public Storage		3.06%
SBAC	Sba Comms Corp		4.22%
DLR	Digital Realty Trust, Inc.		3.75%
EXR	Extra Space Storage Inc		3.58%
AMH	American Homes 4 Rent		3.56%
CUBE	CubeSmart		3.43%
VPU	Vanguard Utilities ETF			35.20%
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	REIT Heavy RP w/VNQ			REIT Heavy RP w/NINE REITs			RP with Utilities			Vanguard Balanced Index Inv
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low	Average	High	Low
1 year	6.90%	34.01%	-19.39%	9.51%	30.42%	-20.00%	7.43%	25.58%	-12.36%	7.84%	34.64%	-16.97%
3 years	7.22%	17.84%	1.63%	10.27%	21.12%	3.94%	8.08%	15.61%	2.84%	8.88%	17.30%	3.27%
5 years	7.11%	11.52%	2.51%	10.11%	14.90%	6.05%	7.99%	11.42%	4.73%	8.75%	12.56%	4.93%
7 years	7.38%	8.81%	5.39%	10.23%	12.11%	7.71%	8.04%	8.77%	6.86%	8.73%	10.16%	6.74%

Backtest Portfolio Asset Allocation

Portfolio Backtesting Overview

Portfolio Model Configuration

Asset Allocation

Portfolio Analysis Results (Jan 2014 - Dec 2022)

REIT Heavy RP w/VNQ

REIT Heavy RP w/NINE REITs

RP with Utilities

Performance Summary

Portfolio Growth

Annual Returns

Trailing Returns

Annualized Active Return

Active Return Contribution

Rolling Active Return

Up vs. Down Market Performance

REIT Heavy RP w/VNQ vs. Vanguard Balanced Index Inv

REIT Heavy RP w/NINE REITs vs. Vanguard Balanced Index Inv

RP with Utilities vs. Vanguard Balanced Index Inv

Annual Returns

Monthly Returns

Returns Based Style Analysis

Holdings Based Style Analysis for REIT Heavy RP w/VNQ

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for REIT Heavy RP w/NINE REITs

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Holdings Based Style Analysis for RP with Utilities

Asset Allocation

Equity Market Capitalization

Equity Sectors

Fixed Income Credit Quality

Fixed Income Maturity

Risk and Return Metrics

Drawdowns

Historical Market Stress Periods

Drawdowns for REIT Heavy RP w/VNQ

Drawdowns for REIT Heavy RP w/NINE REITs

Drawdowns for RP with Utilities

Drawdowns for Vanguard Balanced Index Inv

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