Portfolio Optimization

This portfolio optimizer tool supports the following portfolio optimization strategies:

Mean Variance Optimization – Find the optimal risk adjusted portfolio that lies on the efficient frontier
Conditional Value-at-Risk – Optimize the portfolio to minimize the expected tail loss
Risk Parity – Find the portfolio that equalizes the risk contribution of portfolio assets
Tracking Error – Find the portfolio that minimizes the tracking error against the selected benchmark
Information Ratio – Find the portfolio that maximizes the information ratio against the selected benchmark
Kelly Criterion – Finds the portfolio with the maximum expected geometric growth rate
Sortino Ratio – Find the portfolio that maximizes the Sortino ratio for the given minimum acceptable return
Omega Ratio – Find the portfolio that maximizes the Omega ratio for the given minimum acceptable return
Maximum Drawdown – Find the portfolio with the minimum worst case drawdown with optional minimum acceptable return

The optimization is based on the monthly return statistics of the selected portfolio assets for the given time period. The optimization result does not predict what allocation would perform best outside the given time period, and the actual performance of portfolios constructed using the optimized asset weights may vary from the given performance goal.

The required inputs for the optimization include the time range and the portfolio assets. Portfolio asset weights and constraints are optional. You can also use the Black-Litterman model based portfolio optimization, which allows the benchmark portfolio asset weights to be optimized based on investor's views.

Portfolio Type

Time Period

Start Year

First Month

End Year

Last Month

Optimization Goal

Targeted Annual Return

Targeted Annual Volatility

Targeted Tracking Error

Targeted Monthly CVaR

Robust Optimization

Use Historical Returns

Use Historical Volatility

Use Historical Correlations

Correlation Matrix

Browse…

Asset Constraints

Group Constraints

Compared Allocation

Benchmark

Benchmark Ticker

Portfolio Assets

Allocation

Expected Return

Volatility

Min. Weight

Max. Weight

Group

Select asset 1

Enter percentage allocation for asset 1 %

Expected return for asset 1 %

Expected volatility for asset 1 %

Minimum allocation for asset 1 %

Maximum allocation for asset 1 %

Group assignment for asset 1

Select asset 2

Enter percentage allocation for asset 2 %

Expected return for asset 2 %

Expected volatility for asset 2 %

Minimum allocation for asset 2 %

Maximum allocation for asset 2 %

Group assignment for asset 2

Select asset 3

Enter percentage allocation for asset 3 %

Expected return for asset 3 %

Expected volatility for asset 3 %

Minimum allocation for asset 3 %

Maximum allocation for asset 3 %

Group assignment for asset 3

Select asset 4

Enter percentage allocation for asset 4 %

Expected return for asset 4 %

Expected volatility for asset 4 %

Minimum allocation for asset 4 %

Maximum allocation for asset 4 %

Group assignment for asset 4

Select asset 5

Enter percentage allocation for asset 5 %

Expected return for asset 5 %

Expected volatility for asset 5 %

Minimum allocation for asset 5 %

Maximum allocation for asset 5 %

Group assignment for asset 5

Select asset 6

Enter percentage allocation for asset 6 %

Expected return for asset 6 %

Expected volatility for asset 6 %

Minimum allocation for asset 6 %

Maximum allocation for asset 6 %

Group assignment for asset 6

Select asset 7

Enter percentage allocation for asset 7 %

Expected return for asset 7 %

Expected volatility for asset 7 %

Minimum allocation for asset 7 %

Maximum allocation for asset 7 %

Group assignment for asset 7

Select asset 8

Enter percentage allocation for asset 8 %

Expected return for asset 8 %

Expected volatility for asset 8 %

Minimum allocation for asset 8 %

Maximum allocation for asset 8 %

Group assignment for asset 8

Select asset 9

Enter percentage allocation for asset 9 %

Expected return for asset 9 %

Expected volatility for asset 9 %

Minimum allocation for asset 9 %

Maximum allocation for asset 9 %

Group assignment for asset 9

Select asset 10

Enter percentage allocation for asset 10 %

Expected return for asset 10 %

Expected volatility for asset 10 %

Minimum allocation for asset 10 %

Maximum allocation for asset 10 %

Group assignment for asset 10

Total

Total allocation for portfolio %

Asset Groups

Min. Weight

Max. Weight

Full name for group A at index 1

Minimum allocation for group A at index 1 %

Maximum allocation for group A at index 1 %

Full name for group B at index 2

Minimum allocation for group B at index 2 %

Maximum allocation for group B at index 2 %

Full name for group C at index 3

Minimum allocation for group C at index 3 %

Maximum allocation for group C at index 3 %

Full name for group D at index 4

Minimum allocation for group D at index 4 %

Maximum allocation for group D at index 4 %

Full name for group E at index 5

Minimum allocation for group E at index 5 %

Maximum allocation for group E at index 5 %

Full name for group F at index 6

Minimum allocation for group F at index 6 %

Maximum allocation for group F at index 6 %

Portfolio Optimization Results (Oct 2002 - Dec 2020) Save

Note: The time period was constrained by the available data for Columbia Thermostat Inst (COTZX) [Oct 2002 - Dec 2021].

Portfolio optimization results with goal to maximize return subject to 9.00% targeted annual volatility. The possible range of expected annual portfolio returns for the given period taking into account the specified constraints is 7.03% to 10.37%. Refer to the efficient frontier section for additional details.

Portfolio Allocations

Provided Portfolio
Ticker	Name	Allocation
VFISX	Vanguard Short-Term Treasury Inv	13.00%
VBINX	Vanguard Balanced Index Inv	13.00%
VFINX	Vanguard 500 Index Investor	13.00%
COTZX	Columbia Thermostat Inst	13.00%
HSTRX	Hussman Strategic Total Return	12.00%
LCORX	Leuthold Core Investment Retail	12.00%
LSWWX	Loomis Sayles Global Allocation Y	12.00%
FPACX	FPA Crescent	12.00%
Save portfolio »

Maximum Return at 9.00% Volatility
Ticker	Name	Allocation
VBINX	Vanguard Balanced Index Inv	20.00%
VFINX	Vanguard 500 Index Investor	13.97%
COTZX	Columbia Thermostat Inst	6.03%
HSTRX	Hussman Strategic Total Return	20.00%
LSWWX	Loomis Sayles Global Allocation Y	20.00%
FPACX	FPA Crescent	20.00%
Save portfolio »

Maximum Sharpe Ratio Weights
Ticker	Name	Allocation
VFISX	Vanguard Short-Term Treasury Inv	20.00%
VBINX	Vanguard Balanced Index Inv	20.00%
COTZX	Columbia Thermostat Inst	15.56%
HSTRX	Hussman Strategic Total Return	20.00%
LSWWX	Loomis Sayles Global Allocation Y	4.60%
FPACX	FPA Crescent	19.85%
Save portfolio »

Portfolio Performance Summary

Portfolio performance statistics
Metric	Provided Portfolio	Maximum Return at 9.00% Volatility	Maximum Sharpe Ratio Weights	Vanguard Balanced Index Inv
Start Balance	$10,000	$10,000	$10,000	$10,000
End Balance	$41,680	$47,741	$34,191	$45,924
Annualized Return (CAGR)	8.14%	8.94%	6.97%	8.71%
Expected Return	8.49%	9.38%	7.16%	9.15%
Standard Deviation	8.10%	8.99%	6.02%	9.03%
Best Year	22.69%	24.75%	17.77%	21.67%
Worst Year	-21.65%	-23.26%	-13.47%	-22.21%
Max. Drawdown	-29.52%	-31.02%	-21.13%	-32.57%
Sharpe Ratio (ex-ante)	0.86	0.86	0.95	0.84
Sharpe Ratio (ex-post)	0.85	0.86	0.94	0.83
Sortino Ratio	1.31	1.32	1.49	1.28
Active Return	-0.58%	0.23%	-1.74%	N/A
Tracking Error	2.10%	1.97%	3.78%	N/A
Information Ratio	-0.27	0.12	-0.46	N/A
US Stock Market Correlation	0.96	0.96	0.92	0.99
Results based on historical returns. Expected return is the annualized monthly arithmetic mean return.

Trailing Returns

Trailing Returns
Name	Total Return			Annualized Return				Annualized Standard Deviation
Name	3 Month	Year To Date	1 year	3 year	5 year	10 year	Full	3 year	5 year
Provided Portfolio	7.65%	15.04%	15.04%	9.58%	9.31%	7.72%	8.14%	9.55%	7.75%
Maximum Return at 9.00% Volatility	9.21%	15.75%	15.75%	10.72%	10.62%	8.69%	8.94%	11.63%	9.42%
Maximum Sharpe Ratio Weights	6.93%	14.36%	14.36%	8.92%	8.04%	6.38%	6.97%	7.46%	6.04%
Vanguard Balanced Index Inv	8.94%	16.26%	16.26%	11.13%	11.15%	9.84%	8.71%	11.91%	9.66%
Trailing return and volatility are as of last full calendar month ending December 2020

Notes on results:

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, 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 optimization determines target weights for portfolio assets based on mathematical models that can use either historical or forecasted data as inputs. Optimization results are not guarantees of future performance.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
The annual results for 2002 are based on full calendar months from October to December
CAGR = Compound Annual Growth Rate
Stdev = Annualized standard deviation of monthly returns
Sharpe ratio is calculated and annualized from monthly excess returns over the risk free rate (3-month treasury bill)
Drawdowns are calculated based on monthly returns.
The backtested results assume monthly rebalancing of portfolio assets to match the specified allocation.

Efficient Frontier Assets
#	Asset	Expected Return	Standard Deviation	Sharpe Ratio	Min. Weight	Max. Weight
1	Vanguard Short-Term Treasury Inv (VFISX)	2.33%	1.57%	0.676	0.00%	20.00%
2	Vanguard Balanced Index Inv (VBINX)	9.15%	9.03%	0.835	0.00%	20.00%
3	Vanguard 500 Index Investor (VFINX)	11.98%	14.44%	0.701	0.00%	20.00%
4	Columbia Thermostat Inst (COTZX)	8.86%	9.67%	0.752	0.00%	20.00%
5	Hussman Strategic Total Return (HSTRX)	5.31%	5.98%	0.659	0.00%	20.00%
6	Leuthold Core Investment Retail (LCORX)	9.23%	10.82%	0.704	0.00%	20.00%
7	Loomis Sayles Global Allocation Y (LSWWX)	11.86%	12.79%	0.784	0.00%	20.00%
8	FPA Crescent (FPACX)	9.66%	10.61%	0.756	0.00%	20.00%
Results based on historical returns. Expected return is the annualized monthly arithmetic mean return. Ex-ante Sharpe Ratio calculated using 3-month treasury bill returns as the risk-free rate.

Asset Correlations

Efficient Frontier Asset Correlations
Name	Ticker	VFISX	VBINX	VFINX	COTZX	HSTRX	LCORX	LSWWX	FPACX
Vanguard Short-Term Treasury Inv	VFISX	1.00	-0.17	-0.28	-0.08	0.52	-0.19	-0.18	-0.29
Vanguard Balanced Index Inv	VBINX	-0.17	1.00	0.99	0.88	0.21	0.87	0.91	0.89
Vanguard 500 Index Investor	VFINX	-0.28	0.99	1.00	0.85	0.11	0.85	0.89	0.88
Columbia Thermostat Inst	COTZX	-0.08	0.88	0.85	1.00	0.27	0.84	0.85	0.74
Hussman Strategic Total Return	HSTRX	0.52	0.21	0.11	0.27	1.00	0.26	0.24	0.16
Leuthold Core Investment Retail	LCORX	-0.19	0.87	0.85	0.84	0.26	1.00	0.89	0.82
Loomis Sayles Global Allocation Y	LSWWX	-0.18	0.91	0.89	0.85	0.24	0.89	1.00	0.84
FPA Crescent	FPACX	-0.29	0.89	0.88	0.74	0.16	0.82	0.84	1.00
Based on monthly returns from Oct 2002 to Dec 2020

Note: You can hover over any of the data points on the chart for more information.

Efficient Frontier Assets
#	VFISX	VBINX	VFINX	COTZX	HSTRX	LCORX	LSWWX	FPACX	Expected Return^*	Standard Deviation^*	Sharpe Ratio^*
1	20.00%	20.00%	0.00%	20.00%	20.00%	0.00%	0.00%	20.00%	7.03%	5.90%	0.944
2	20.00%	20.00%	0.00%	18.86%	20.00%	0.00%	1.14%	20.00%	7.06%	5.93%	0.945
3	20.00%	20.00%	0.00%	17.72%	20.00%	0.00%	2.28%	20.00%	7.10%	5.96%	0.945
4	20.00%	20.00%	0.00%	16.58%	20.00%	0.00%	3.42%	20.00%	7.13%	5.99%	0.945
5	20.00%	20.00%	0.00%	15.56%	20.00%	0.00%	4.60%	19.85%	7.16%	6.02%	0.945
6	20.00%	20.00%	0.00%	14.69%	20.00%	0.00%	5.84%	19.48%	7.20%	6.06%	0.945
7	20.00%	20.00%	0.00%	13.82%	20.00%	0.00%	7.07%	19.10%	7.23%	6.09%	0.945
8	20.00%	20.00%	0.00%	12.95%	20.00%	0.00%	8.31%	18.73%	7.26%	6.13%	0.944
9	20.00%	20.00%	0.00%	12.08%	20.00%	0.00%	9.55%	18.36%	7.30%	6.16%	0.944
10	20.00%	20.00%	0.00%	11.22%	20.00%	0.00%	10.79%	17.99%	7.33%	6.20%	0.944
11	20.00%	20.00%	0.00%	10.35%	20.00%	0.00%	12.03%	17.62%	7.36%	6.24%	0.943
12	20.00%	20.00%	0.00%	9.48%	20.00%	0.00%	13.27%	17.25%	7.40%	6.28%	0.942
13	20.00%	20.00%	0.00%	8.61%	20.00%	0.00%	14.51%	16.88%	7.43%	6.31%	0.941
14	20.00%	20.00%	0.00%	7.74%	20.00%	0.00%	15.75%	16.51%	7.46%	6.35%	0.941
15	20.00%	20.00%	0.00%	6.87%	20.00%	0.00%	16.99%	16.14%	7.50%	6.39%	0.940
16	20.00%	20.00%	0.00%	6.01%	20.00%	0.00%	18.23%	15.77%	7.53%	6.43%	0.939
17	20.00%	20.00%	0.00%	5.14%	20.00%	0.00%	19.47%	15.40%	7.56%	6.47%	0.937
18	19.78%	20.00%	0.00%	4.41%	20.00%	0.00%	20.00%	15.81%	7.60%	6.52%	0.936
19	19.30%	20.00%	0.00%	4.66%	20.00%	0.00%	20.00%	16.03%	7.63%	6.56%	0.935
20	18.83%	20.00%	0.00%	4.92%	20.00%	0.00%	20.00%	16.25%	7.66%	6.60%	0.933
21	18.35%	20.00%	0.00%	5.18%	20.00%	0.00%	20.00%	16.47%	7.70%	6.65%	0.932
22	17.87%	20.00%	0.00%	5.43%	20.00%	0.00%	20.00%	16.69%	7.73%	6.69%	0.931
23	17.39%	20.00%	0.00%	5.69%	20.00%	0.00%	20.00%	16.92%	7.76%	6.73%	0.929
24	16.92%	20.00%	0.00%	5.95%	20.00%	0.00%	20.00%	17.14%	7.80%	6.78%	0.928
25	16.44%	20.00%	0.00%	6.20%	20.00%	0.00%	20.00%	17.36%	7.83%	6.82%	0.927
26	15.96%	20.00%	0.00%	6.46%	20.00%	0.00%	20.00%	17.58%	7.86%	6.86%	0.925
27	15.49%	20.00%	0.00%	6.72%	20.00%	0.00%	20.00%	17.80%	7.90%	6.91%	0.924
28	15.01%	20.00%	0.00%	6.97%	20.00%	0.00%	20.00%	18.02%	7.93%	6.95%	0.923
29	14.53%	20.00%	0.00%	7.23%	20.00%	0.00%	20.00%	18.24%	7.96%	7.00%	0.921
30	14.05%	20.00%	0.00%	7.49%	20.00%	0.00%	20.00%	18.46%	8.00%	7.04%	0.920
31	13.58%	20.00%	0.00%	7.74%	20.00%	0.00%	20.00%	18.68%	8.03%	7.08%	0.919
32	13.10%	20.00%	0.00%	8.00%	20.00%	0.00%	20.00%	18.90%	8.07%	7.13%	0.917
33	12.62%	20.00%	0.00%	8.25%	20.00%	0.00%	20.00%	19.12%	8.10%	7.17%	0.916
34	12.14%	20.00%	0.00%	8.51%	20.00%	0.00%	20.00%	19.35%	8.13%	7.21%	0.915
35	11.67%	20.00%	0.00%	8.77%	20.00%	0.00%	20.00%	19.57%	8.17%	7.26%	0.914
36	11.19%	20.00%	0.00%	9.02%	20.00%	0.00%	20.00%	19.79%	8.20%	7.30%	0.912
37	10.71%	20.00%	0.00%	9.29%	20.00%	0.00%	20.00%	20.00%	8.23%	7.35%	0.911
38	10.21%	20.00%	0.00%	9.79%	20.00%	0.00%	20.00%	20.00%	8.27%	7.39%	0.910
39	9.70%	20.00%	0.00%	10.30%	20.00%	0.00%	20.00%	20.00%	8.30%	7.44%	0.909
40	9.20%	20.00%	0.00%	10.80%	20.00%	0.00%	20.00%	20.00%	8.33%	7.48%	0.908
41	8.69%	20.00%	0.00%	11.31%	20.00%	0.00%	20.00%	20.00%	8.37%	7.52%	0.906
42	8.19%	20.00%	0.00%	11.81%	20.00%	0.00%	20.00%	20.00%	8.40%	7.57%	0.905
43	7.69%	20.00%	0.00%	12.31%	20.00%	0.00%	20.00%	20.00%	8.44%	7.61%	0.904
44	7.18%	20.00%	0.00%	12.82%	20.00%	0.00%	20.00%	20.00%	8.47%	7.66%	0.903
45	6.68%	20.00%	0.00%	13.32%	20.00%	0.00%	20.00%	20.00%	8.50%	7.70%	0.902
46	6.17%	20.00%	0.00%	13.83%	20.00%	0.00%	20.00%	20.00%	8.54%	7.75%	0.901
47	5.67%	20.00%	0.00%	14.33%	20.00%	0.00%	20.00%	20.00%	8.57%	7.79%	0.899
48	5.17%	20.00%	0.00%	14.83%	20.00%	0.00%	20.00%	20.00%	8.60%	7.84%	0.898
49	4.66%	20.00%	0.00%	15.34%	20.00%	0.00%	20.00%	20.00%	8.64%	7.88%	0.897
50	4.16%	20.00%	0.00%	15.84%	20.00%	0.00%	20.00%	20.00%	8.67%	7.93%	0.896
51	3.65%	20.00%	0.00%	16.35%	20.00%	0.00%	20.00%	20.00%	8.71%	7.97%	0.895
52	3.15%	20.00%	0.00%	16.85%	20.00%	0.00%	20.00%	20.00%	8.74%	8.02%	0.894
53	2.65%	20.00%	0.00%	17.35%	20.00%	0.00%	20.00%	20.00%	8.77%	8.06%	0.893
54	2.14%	20.00%	0.00%	17.86%	20.00%	0.00%	20.00%	20.00%	8.81%	8.11%	0.892
55	1.64%	20.00%	0.00%	18.36%	20.00%	0.00%	20.00%	20.00%	8.84%	8.15%	0.890
56	1.13%	20.00%	0.00%	18.87%	20.00%	0.00%	20.00%	20.00%	8.87%	8.20%	0.889
57	0.63%	20.00%	0.00%	19.37%	20.00%	0.00%	20.00%	20.00%	8.91%	8.24%	0.888
58	0.13%	20.00%	0.00%	19.87%	20.00%	0.00%	20.00%	20.00%	8.94%	8.29%	0.887
59	0.00%	20.00%	0.82%	19.18%	20.00%	0.00%	20.00%	20.00%	8.98%	8.34%	0.886
60	0.00%	20.00%	1.92%	18.08%	20.00%	0.00%	20.00%	20.00%	9.01%	8.39%	0.884
61	0.00%	20.00%	3.01%	16.99%	20.00%	0.00%	20.00%	20.00%	9.04%	8.44%	0.882
62	0.00%	20.00%	4.11%	15.89%	20.00%	0.00%	20.00%	20.00%	9.08%	8.49%	0.881
63	0.00%	20.00%	5.21%	14.79%	20.00%	0.00%	20.00%	20.00%	9.11%	8.54%	0.879
64	0.00%	20.00%	6.30%	13.70%	20.00%	0.00%	20.00%	20.00%	9.15%	8.60%	0.877
65	0.00%	20.00%	7.40%	12.60%	20.00%	0.00%	20.00%	20.00%	9.18%	8.65%	0.875
66	0.00%	20.00%	8.49%	11.51%	20.00%	0.00%	20.00%	20.00%	9.21%	8.71%	0.873
67	0.00%	20.00%	9.59%	10.41%	20.00%	0.00%	20.00%	20.00%	9.25%	8.76%	0.871
68	0.00%	20.00%	10.68%	9.32%	20.00%	0.00%	20.00%	20.00%	9.28%	8.82%	0.869
69	0.00%	20.00%	11.78%	8.22%	20.00%	0.00%	20.00%	20.00%	9.31%	8.87%	0.867
70	0.00%	20.00%	12.87%	7.13%	20.00%	0.00%	20.00%	20.00%	9.35%	8.93%	0.865
71	0.00%	20.00%	13.97%	6.03%	20.00%	0.00%	20.00%	20.00%	9.38%	8.99%	0.863
72	0.00%	20.00%	15.07%	4.93%	20.00%	0.00%	20.00%	20.00%	9.42%	9.04%	0.861
73	0.00%	20.00%	16.16%	3.84%	20.00%	0.00%	20.00%	20.00%	9.45%	9.10%	0.859
74	0.00%	20.00%	17.26%	2.74%	20.00%	0.00%	20.00%	20.00%	9.48%	9.16%	0.857
75	0.00%	20.00%	18.35%	1.65%	20.00%	0.00%	20.00%	20.00%	9.52%	9.22%	0.855
76	0.00%	20.00%	19.45%	0.55%	20.00%	0.00%	20.00%	20.00%	9.55%	9.28%	0.853
77	0.00%	20.00%	20.00%	0.47%	19.53%	0.00%	20.00%	20.00%	9.59%	9.34%	0.851
78	0.00%	20.00%	20.00%	1.41%	18.59%	0.00%	20.00%	20.00%	9.62%	9.40%	0.849
79	0.00%	20.00%	20.00%	2.35%	17.65%	0.00%	20.00%	20.00%	9.65%	9.46%	0.846
80	0.00%	20.00%	20.00%	3.29%	16.71%	0.00%	20.00%	20.00%	9.69%	9.53%	0.844
81	0.00%	20.00%	20.00%	4.23%	15.77%	0.00%	20.00%	20.00%	9.72%	9.59%	0.841
82	0.00%	20.00%	20.00%	5.17%	14.83%	0.00%	20.00%	20.00%	9.76%	9.66%	0.839
83	0.00%	20.00%	20.00%	6.11%	13.89%	0.00%	20.00%	20.00%	9.79%	9.72%	0.837
84	0.00%	20.00%	20.00%	7.05%	12.95%	0.00%	20.00%	20.00%	9.83%	9.79%	0.834
85	0.00%	20.00%	20.00%	7.99%	12.01%	0.00%	20.00%	20.00%	9.86%	9.85%	0.832
86	0.00%	20.00%	20.00%	8.93%	11.07%	0.00%	20.00%	20.00%	9.89%	9.92%	0.829
87	0.00%	20.00%	20.00%	9.87%	10.13%	0.00%	20.00%	20.00%	9.93%	9.99%	0.827
88	0.00%	20.00%	20.00%	10.81%	9.19%	0.00%	20.00%	20.00%	9.96%	10.05%	0.825
89	0.00%	20.00%	20.00%	11.75%	8.25%	0.00%	20.00%	20.00%	10.00%	10.12%	0.822
90	0.00%	20.00%	20.00%	12.69%	7.31%	0.00%	20.00%	20.00%	10.03%	10.19%	0.820
91	0.00%	20.00%	20.00%	13.62%	6.38%	0.00%	20.00%	20.00%	10.06%	10.26%	0.817
92	0.00%	20.00%	20.00%	14.56%	5.44%	0.00%	20.00%	20.00%	10.10%	10.33%	0.815
93	0.00%	20.00%	20.00%	15.50%	4.50%	0.00%	20.00%	20.00%	10.13%	10.40%	0.813
94	0.00%	20.00%	20.00%	16.44%	3.56%	0.00%	20.00%	20.00%	10.17%	10.46%	0.810
95	0.00%	20.00%	20.00%	17.38%	2.62%	0.00%	20.00%	20.00%	10.20%	10.53%	0.808
96	0.00%	20.00%	20.00%	18.32%	1.68%	0.00%	20.00%	20.00%	10.23%	10.60%	0.805
97	0.00%	20.00%	20.00%	19.26%	0.74%	0.00%	20.00%	20.00%	10.27%	10.68%	0.803
98	0.00%	20.00%	20.00%	18.04%	0.00%	1.96%	20.00%	20.00%	10.30%	10.75%	0.800
99	0.00%	20.00%	20.00%	9.02%	0.00%	10.98%	20.00%	20.00%	10.34%	10.86%	0.795
100	0.00%	20.00%	20.00%	0.00%	0.00%	20.00%	20.00%	20.00%	10.37%	10.99%	0.789
^*Annualized ex-ante values shown for portfolio return and volatility. Ex-ante Sharpe Ratio calculated using historical 3-month treasury bill returns as the risk-free rate.

Annual returns for the configured portfolios
Year	Inflation	Provided Portfolio		Maximum Return at 9.00% Volatility		Maximum Sharpe Ratio Weights		Vanguard Balanced Index Inv		Vanguard Short-Term Treasury Inv (VFISX)	Vanguard Balanced Index Inv (VBINX)	Vanguard 500 Index Investor (VFINX)	Columbia Thermostat Inst (COTZX)	Hussman Strategic Total Return (HSTRX)	Leuthold Core Investment Retail (LCORX)	Loomis Sayles Global Allocation Y (LSWWX)	FPA Crescent (FPACX)
Year	Inflation	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard Short-Term Treasury Inv (VFISX)	Vanguard Balanced Index Inv (VBINX)	Vanguard 500 Index Investor (VFINX)	Columbia Thermostat Inst (COTZX)	Hussman Strategic Total Return (HSTRX)	Leuthold Core Investment Retail (LCORX)	Loomis Sayles Global Allocation Y (LSWWX)	FPA Crescent (FPACX)
2002	-0.06%	5.09%	$10,509	5.59%	$10,559	3.96%	$10,396	5.20%	$10,520	0.81%	5.20%	8.39%	5.69%	2.71%	5.27%	7.28%	4.62%
2003	1.88%	22.41%	$12,864	22.47%	$12,932	15.89%	$12,047	19.87%	$12,610	2.38%	19.87%	28.50%	19.79%	9.80%	47.18%	31.16%	26.15%
2004	3.26%	8.65%	$13,978	10.13%	$14,242	7.48%	$12,949	9.32%	$13,786	1.03%	9.32%	10.74%	9.17%	6.50%	8.26%	14.12%	10.21%
2005	3.42%	7.42%	$15,015	7.78%	$15,350	6.07%	$13,734	4.65%	$14,427	1.77%	4.65%	4.77%	5.50%	6.00%	14.58%	12.38%	10.83%
2006	2.54%	10.33%	$16,567	10.89%	$17,021	8.75%	$14,936	11.02%	$16,017	3.77%	11.02%	15.64%	10.86%	5.66%	12.21%	11.06%	12.43%
2007	4.08%	11.34%	$18,446	11.56%	$18,988	9.23%	$16,315	6.16%	$17,004	7.89%	6.16%	5.39%	8.49%	12.61%	19.00%	26.49%	6.84%
2008	0.09%	-21.65%	$14,453	-23.26%	$14,572	-13.47%	$14,117	-22.21%	$13,228	6.68%	-22.21%	-37.02%	-30.53%	6.34%	-27.44%	-39.19%	-20.55%
2009	2.72%	22.69%	$17,733	24.75%	$18,179	17.77%	$16,625	20.05%	$15,880	1.44%	20.05%	26.49%	32.29%	5.84%	27.49%	42.52%	28.37%
2010	1.50%	11.73%	$19,814	14.13%	$20,747	10.81%	$18,423	13.13%	$17,965	2.64%	13.13%	14.91%	17.58%	7.03%	3.53%	21.69%	12.04%
2011	2.96%	1.97%	$20,205	2.81%	$21,331	3.54%	$19,075	4.14%	$18,708	2.26%	4.14%	1.97%	4.85%	4.00%	-5.34%	-0.73%	3.02%
2012	1.74%	9.59%	$22,141	10.66%	$23,605	7.46%	$20,499	11.33%	$20,828	0.69%	11.33%	15.82%	13.69%	1.14%	8.32%	15.49%	10.33%
2013	1.50%	13.04%	$25,028	13.95%	$26,899	7.93%	$22,123	17.91%	$24,559	-0.10%	17.91%	32.18%	9.30%	-8.37%	19.18%	16.25%	21.95%
2014	0.76%	6.56%	$26,669	6.99%	$28,779	5.22%	$23,279	9.84%	$26,976	0.71%	9.84%	13.51%	5.57%	3.78%	8.58%	3.53%	6.64%
2015	0.73%	0.16%	$26,712	0.13%	$28,816	-0.21%	$23,229	0.37%	$27,075	0.45%	0.37%	1.25%	0.33%	-1.01%	-0.98%	1.69%	-2.06%
2016	2.07%	6.77%	$28,521	8.36%	$31,225	6.59%	$24,761	8.63%	$29,413	0.99%	8.63%	11.82%	4.72%	8.03%	4.51%	4.67%	10.25%
2017	2.11%	11.07%	$31,677	12.63%	$35,169	6.87%	$26,461	13.75%	$33,458	0.39%	13.75%	21.67%	5.52%	1.21%	15.77%	22.11%	10.39%
2018	1.91%	-2.72%	$30,815	-3.29%	$34,013	-1.63%	$26,030	-2.97%	$32,466	1.35%	-2.97%	-4.52%	0.12%	1.48%	-6.21%	-5.04%	-7.43%
2019	2.29%	17.57%	$36,229	21.26%	$41,246	14.86%	$29,899	21.67%	$39,501	3.59%	21.67%	31.33%	15.14%	11.42%	11.58%	26.80%	20.02%
2020	1.36%	15.04%	$41,680	15.75%	$47,741	14.36%	$34,191	16.26%	$45,924	3.96%	16.26%	18.25%	29.63%	11.45%	10.09%	15.38%	12.11%
Annual return for 2002 is from 10/01/2002 to 12/31/2002

Monthly returns for the configured portfolios
Year	Month	Provided Portfolio		Maximum Return at 9.00% Volatility		Maximum Sharpe Ratio Weights		Vanguard Balanced Index Inv		Vanguard Short-Term Treasury Inv (VFISX)	Vanguard Balanced Index Inv (VBINX)	Vanguard 500 Index Investor (VFINX)	Columbia Thermostat Inst (COTZX)	Hussman Strategic Total Return (HSTRX)	Leuthold Core Investment Retail (LCORX)	Loomis Sayles Global Allocation Y (LSWWX)	FPA Crescent (FPACX)
Year	Month	Return	Balance	Return	Balance	Return	Balance	Return	Balance	Vanguard Short-Term Treasury Inv (VFISX)	Vanguard Balanced Index Inv (VBINX)	Vanguard 500 Index Investor (VFINX)	Columbia Thermostat Inst (COTZX)	Hussman Strategic Total Return (HSTRX)	Leuthold Core Investment Retail (LCORX)	Loomis Sayles Global Allocation Y (LSWWX)	FPA Crescent (FPACX)
2002	10	2.69%	$10,269	2.56%	$10,256	1.31%	$10,131	4.26%	$10,426	0.02%	4.26%	8.78%	3.76%	-1.31%	2.91%	2.52%	0.06%
2002	11	3.51%	$10,630	3.66%	$10,631	2.51%	$10,385	3.58%	$10,799	-0.66%	3.58%	5.88%	4.70%	-0.41%	5.47%	4.15%	5.45%
2002	12	-1.13%	$10,509	-0.68%	$10,559	0.11%	$10,396	-2.59%	$10,520	1.46%	-2.59%	-5.89%	-2.71%	4.49%	-3.01%	0.47%	-0.85%
2003	1	-0.71%	$10,435	-0.95%	$10,459	-0.88%	$10,304	-1.47%	$10,365	-0.13%	-1.47%	-2.62%	-1.44%	0.10%	1.25%	0.90%	-2.01%
2003	2	-0.42%	$10,391	-0.43%	$10,414	-0.38%	$10,264	-0.39%	$10,325	0.68%	-0.39%	-1.52%	-1.56%	0.29%	-0.28%	1.02%	-1.52%
2003	3	0.46%	$10,438	0.43%	$10,459	0.39%	$10,305	0.58%	$10,385	0.23%	0.58%	0.96%	0.89%	-0.90%	0.26%	0.25%	1.31%
2003	4	4.34%	$10,891	4.65%	$10,945	3.22%	$10,637	5.22%	$10,926	0.11%	5.22%	8.25%	5.10%	0.00%	5.22%	5.01%	5.70%
2003	5	4.80%	$11,414	5.05%	$11,498	4.14%	$11,077	4.34%	$11,400	1.05%	4.34%	5.26%	4.58%	4.25%	7.66%	5.25%	6.34%
2003	6	1.22%	$11,553	1.12%	$11,627	0.95%	$11,182	0.88%	$11,501	0.01%	0.88%	1.26%	1.32%	0.66%	2.95%	0.79%	1.99%
2003	7	0.48%	$11,609	-0.05%	$11,621	-0.23%	$11,157	0.06%	$11,508	-0.91%	0.06%	1.74%	0.62%	-2.56%	4.07%	-1.24%	2.11%
2003	8	2.22%	$11,867	2.49%	$11,910	2.09%	$11,390	1.66%	$11,699	0.02%	1.66%	1.93%	2.02%	2.53%	3.60%	2.05%	4.23%
2003	9	0.80%	$11,961	0.95%	$12,024	0.71%	$11,471	0.41%	$11,746	1.15%	0.41%	-1.07%	-0.26%	2.87%	1.20%	3.91%	-1.60%
2003	10	3.25%	$12,350	3.06%	$12,392	1.93%	$11,692	3.21%	$12,123	-0.34%	3.21%	5.64%	3.45%	0.09%	7.02%	3.87%	3.14%
2003	11	1.15%	$12,492	1.01%	$12,517	0.83%	$11,789	0.96%	$12,240	-0.07%	0.96%	0.86%	1.08%	0.75%	3.35%	0.93%	1.48%
2003	12	2.98%	$12,864	3.32%	$12,932	2.19%	$12,047	3.03%	$12,610	0.59%	3.03%	5.22%	2.65%	1.48%	3.31%	4.96%	2.68%
2004	1	1.27%	$13,028	1.53%	$13,129	1.21%	$12,193	1.70%	$12,824	0.22%	1.70%	1.82%	1.38%	0.57%	0.83%	1.52%	2.16%
2004	2	1.28%	$13,195	1.53%	$13,330	1.38%	$12,361	1.29%	$12,990	0.58%	1.29%	1.38%	1.12%	1.50%	0.85%	1.20%	2.38%
2004	3	0.16%	$13,216	0.28%	$13,368	0.46%	$12,417	-0.37%	$12,942	0.40%	-0.37%	-1.51%	0.40%	1.94%	-0.19%	0.98%	-0.22%
2004	4	-2.69%	$12,860	-2.86%	$12,986	-2.50%	$12,107	-2.31%	$12,643	-1.20%	-2.31%	-1.58%	-2.05%	-5.45%	-4.46%	-3.70%	-1.10%
2004	5	0.61%	$12,938	0.67%	$13,074	0.53%	$12,171	0.66%	$12,726	-0.16%	0.66%	1.36%	0.32%	2.02%	1.01%	-0.30%	-0.04%
2004	6	1.50%	$13,132	1.57%	$13,279	1.12%	$12,308	1.47%	$12,914	0.02%	1.47%	1.93%	1.59%	-0.07%	2.54%	2.13%	2.49%
2004	7	-1.54%	$12,929	-1.55%	$13,073	-0.83%	$12,207	-1.89%	$12,670	0.32%	-1.89%	-3.31%	-1.50%	0.38%	-2.87%	-2.19%	-1.27%
2004	8	0.70%	$13,020	0.78%	$13,175	0.73%	$12,296	0.99%	$12,795	0.80%	0.99%	0.38%	0.64%	2.37%	0.34%	1.42%	-1.34%
2004	9	1.68%	$13,238	1.74%	$13,404	1.39%	$12,466	1.15%	$12,942	0.04%	1.15%	1.07%	1.28%	1.18%	3.75%	2.10%	3.12%
2004	10	0.96%	$13,365	1.25%	$13,571	0.83%	$12,570	1.30%	$13,111	0.33%	1.30%	1.51%	1.66%	1.10%	-0.58%	2.75%	-0.48%
2004	11	2.98%	$13,764	2.97%	$13,974	1.77%	$12,793	2.52%	$13,441	-0.63%	2.52%	4.05%	2.40%	0.83%	7.03%	4.78%	3.17%
2004	12	1.55%	$13,978	1.91%	$14,242	1.22%	$12,949	2.57%	$13,786	0.33%	2.57%	3.39%	1.66%	0.18%	0.19%	2.89%	1.07%
2005	1	-1.04%	$13,832	-1.35%	$14,049	-0.85%	$12,838	-1.34%	$13,602	0.04%	-1.34%	-2.45%	-0.69%	-1.63%	-0.38%	-1.36%	-0.51%
2005	2	1.92%	$14,098	2.04%	$14,336	1.35%	$13,011	0.99%	$13,736	-0.36%	0.99%	2.09%	0.92%	1.38%	4.62%	2.67%	3.41%
2005	3	-1.32%	$13,912	-1.36%	$14,141	-0.83%	$12,902	-1.29%	$13,560	-0.05%	-1.29%	-1.76%	-1.37%	-0.95%	-2.29%	-2.69%	-0.21%
2005	4	-1.48%	$13,707	-1.64%	$13,909	-1.07%	$12,764	-0.84%	$13,445	0.72%	-0.84%	-1.91%	-0.85%	-1.29%	-3.41%	-1.57%	-2.94%
2005	5	2.17%	$14,004	2.48%	$14,254	1.87%	$13,003	2.76%	$13,816	0.44%	2.76%	3.17%	2.49%	0.74%	1.80%	3.18%	2.77%
2005	6	1.16%	$14,167	1.34%	$14,445	1.20%	$13,159	0.72%	$13,916	0.24%	0.72%	0.13%	0.98%	2.00%	1.84%	1.72%	1.87%
2005	7	2.22%	$14,481	2.18%	$14,761	1.15%	$13,310	2.11%	$14,210	-0.41%	2.11%	3.71%	1.68%	-1.28%	5.08%	3.84%	3.15%
2005	8	0.41%	$14,540	0.53%	$14,839	0.72%	$13,406	-0.10%	$14,196	0.75%	-0.10%	-0.91%	0.08%	1.67%	0.24%	0.60%	1.11%
2005	9	1.11%	$14,702	1.19%	$15,016	0.85%	$13,521	0.11%	$14,211	-0.31%	0.11%	0.79%	0.08%	3.19%	3.27%	1.11%	0.98%
2005	10	-1.02%	$14,553	-1.33%	$14,817	-1.13%	$13,368	-1.47%	$14,001	-0.11%	-1.47%	-1.68%	-1.28%	-1.42%	0.06%	-0.68%	-1.52%
2005	11	1.95%	$14,837	2.31%	$15,159	1.63%	$13,585	2.58%	$14,363	0.39%	2.58%	3.76%	2.36%	1.58%	0.81%	2.98%	1.07%
2005	12	1.20%	$15,015	1.26%	$15,350	1.10%	$13,734	0.45%	$14,427	0.41%	0.45%	0.02%	1.05%	2.00%	2.41%	2.17%	1.33%
2006	1	2.60%	$15,406	3.08%	$15,823	2.31%	$14,052	2.12%	$14,733	0.14%	2.12%	2.65%	2.32%	2.43%	3.14%	4.18%	4.13%
2006	2	-0.47%	$15,334	-0.63%	$15,723	-0.51%	$13,980	0.15%	$14,755	0.01%	0.15%	0.26%	0.31%	-1.14%	-1.13%	-0.79%	-1.64%
2006	3	0.93%	$15,476	0.98%	$15,878	0.79%	$14,090	0.69%	$14,856	0.05%	0.69%	1.23%	0.47%	0.07%	1.85%	0.48%	2.68%
2006	4	1.15%	$15,655	1.19%	$16,066	1.05%	$14,238	0.54%	$14,937	0.33%	0.54%	1.33%	0.93%	1.78%	2.02%	0.71%	1.70%
2006	5	-1.93%	$15,352	-2.33%	$15,691	-1.31%	$14,051	-1.96%	$14,644	0.05%	-1.96%	-2.90%	-1.84%	-0.96%	-1.76%	-5.09%	-1.08%
2006	6	0.22%	$15,386	0.16%	$15,717	0.29%	$14,093	0.16%	$14,668	0.25%	0.16%	0.13%	0.39%	0.88%	0.38%	-0.41%	-0.04%
2006	7	0.47%	$15,458	0.47%	$15,790	0.49%	$14,162	0.50%	$14,741	0.76%	0.50%	0.61%	0.48%	0.97%	0.06%	0.58%	-0.27%
2006	8	1.16%	$15,638	1.41%	$16,013	1.19%	$14,331	2.00%	$15,037	0.75%	2.00%	2.36%	1.99%	0.35%	-0.79%	1.48%	0.96%
2006	9	0.79%	$15,761	0.86%	$16,150	0.50%	$14,402	1.68%	$15,289	0.55%	1.68%	2.56%	1.32%	-1.92%	-0.47%	1.54%	0.80%
2006	10	2.50%	$16,154	2.56%	$16,563	1.77%	$14,657	2.43%	$15,660	0.46%	2.43%	3.25%	1.69%	2.07%	4.76%	3.76%	1.74%
2006	11	2.17%	$16,505	2.36%	$16,954	1.93%	$14,941	1.80%	$15,943	0.55%	1.80%	1.89%	1.66%	2.55%	3.51%	2.77%	2.86%
2006	12	0.37%	$16,567	0.39%	$17,021	-0.03%	$14,936	0.47%	$16,017	-0.20%	0.47%	1.39%	0.70%	-1.43%	0.24%	1.65%	0.08%
2007	1	0.82%	$16,702	0.86%	$17,167	0.52%	$15,013	1.08%	$16,190	0.19%	1.08%	1.49%	0.95%	-0.09%	0.91%	1.73%	0.27%
2007	2	-0.10%	$16,687	-0.34%	$17,110	0.37%	$15,069	-0.32%	$16,137	0.93%	-0.32%	-1.97%	0.71%	0.72%	0.11%	-1.18%	0.26%
2007	3	0.97%	$16,849	1.17%	$17,309	0.74%	$15,181	0.65%	$16,242	0.28%	0.65%	1.11%	0.63%	0.09%	1.01%	2.47%	1.66%
2007	4	2.42%	$17,257	2.56%	$17,752	1.83%	$15,459	2.60%	$16,664	0.46%	2.60%	4.42%	2.10%	0.81%	3.30%	2.63%	3.04%
2007	5	1.94%	$17,592	2.21%	$18,144	1.05%	$15,621	1.90%	$16,981	-0.40%	1.90%	3.48%	0.84%	-0.63%	3.45%	4.34%	2.73%
2007	6	-0.42%	$17,518	-0.62%	$18,032	-0.35%	$15,566	-1.15%	$16,785	0.37%	-1.15%	-1.68%	-0.86%	0.00%	0.59%	-0.27%	-0.25%
2007	7	-0.11%	$17,498	-0.36%	$17,967	0.10%	$15,582	-1.72%	$16,496	1.06%	-1.72%	-3.08%	-0.47%	3.11%	1.42%	0.89%	-1.79%
2007	8	0.65%	$17,612	0.63%	$18,081	0.73%	$15,696	1.43%	$16,732	1.15%	1.43%	1.50%	1.89%	0.27%	-1.16%	0.68%	-0.82%
2007	9	3.09%	$18,157	3.54%	$18,721	2.31%	$16,059	2.45%	$17,143	0.74%	2.45%	3.72%	2.08%	3.19%	4.01%	6.80%	2.02%
2007	10	2.18%	$18,554	2.71%	$19,227	1.53%	$16,304	1.47%	$17,395	0.45%	1.47%	1.58%	1.44%	2.25%	2.31%	7.69%	0.59%
2007	11	-1.05%	$18,358	-1.73%	$18,895	-0.42%	$16,237	-1.94%	$17,058	2.16%	-1.94%	-4.19%	-0.89%	1.24%	0.01%	-2.46%	-2.30%
2007	12	0.48%	$18,446	0.49%	$18,988	0.48%	$16,315	-0.32%	$17,004	0.25%	-0.32%	-0.70%	-0.18%	1.05%	1.68%	0.90%	1.37%
2008	1	-2.29%	$18,024	-2.95%	$18,427	-0.42%	$16,246	-2.91%	$16,510	2.01%	-2.91%	-6.02%	-2.04%	5.04%	-2.33%	-9.60%	-2.49%
2008	2	-0.33%	$17,965	-0.56%	$18,324	0.16%	$16,271	-1.78%	$16,216	1.09%	-1.78%	-3.25%	-1.25%	0.99%	1.25%	-1.05%	1.70%
2008	3	-0.41%	$17,891	-0.38%	$18,255	-0.40%	$16,206	-0.19%	$16,185	0.25%	-0.19%	-0.44%	-0.76%	-1.23%	-1.01%	0.42%	-0.36%
2008	4	2.86%	$18,403	3.21%	$18,841	1.73%	$16,485	2.83%	$16,644	-0.96%	2.83%	4.85%	3.65%	-0.92%	3.86%	6.19%	3.44%
2008	5	1.35%	$18,651	1.68%	$19,156	1.19%	$16,682	0.98%	$16,807	-0.51%	0.98%	1.29%	1.23%	0.59%	1.86%	2.05%	3.48%
2008	6	-3.91%	$17,921	-4.01%	$18,388	-2.41%	$16,279	-4.98%	$15,970	0.33%	-4.98%	-8.44%	-5.27%	0.59%	-5.14%	-5.52%	-2.65%
2008	7	-1.22%	$17,703	-1.53%	$18,107	-0.89%	$16,134	-0.44%	$15,899	0.52%	-0.44%	-0.83%	-1.55%	-0.17%	-1.48%	-3.64%	-2.35%
2008	8	-0.11%	$17,683	-0.20%	$18,070	0.28%	$16,179	1.23%	$16,095	0.56%	1.23%	1.45%	0.44%	-0.50%	-1.50%	-3.49%	0.60%
2008	9	-6.55%	$16,526	-6.71%	$16,857	-4.10%	$15,516	-6.04%	$15,124	0.53%	-6.04%	-8.91%	-8.81%	1.34%	-10.75%	-13.59%	-6.40%
2008	10	-11.95%	$14,550	-13.05%	$14,657	-9.63%	$14,022	-11.59%	$13,370	0.49%	-11.59%	-16.79%	-15.69%	-7.40%	-15.19%	-15.90%	-13.89%
2008	11	-3.79%	$13,999	-3.58%	$14,133	-2.04%	$13,736	-3.43%	$12,912	1.03%	-3.43%	-7.17%	-7.49%	3.62%	-5.89%	-6.71%	-4.09%
2008	12	3.24%	$14,453	3.10%	$14,572	2.77%	$14,117	2.44%	$13,228	1.17%	2.44%	1.07%	3.52%	4.81%	6.86%	4.85%	1.61%
2009	1	-3.68%	$13,922	-3.38%	$14,079	-2.48%	$13,766	-5.18%	$12,542	-0.09%	-5.18%	-8.41%	-7.57%	0.09%	-4.04%	-3.00%	-0.66%
2009	2	-5.58%	$13,144	-5.79%	$13,264	-4.42%	$13,157	-6.48%	$11,729	-0.01%	-6.48%	-10.66%	-9.38%	-2.59%	-5.59%	-4.97%	-4.62%
2009	3	5.11%	$13,816	5.44%	$13,985	4.25%	$13,716	6.10%	$12,445	0.90%	6.10%	8.76%	7.73%	3.99%	4.45%	5.70%	2.96%
2009	4	6.00%	$14,644	6.20%	$14,853	4.41%	$14,321	6.40%	$13,240	-0.25%	6.40%	9.56%	11.10%	-1.88%	6.33%	9.46%	7.01%
2009	5	5.14%	$15,396	5.75%	$15,707	4.34%	$14,943	3.58%	$13,715	0.21%	3.58%	5.62%	7.43%	3.65%	5.57%	8.84%	6.50%
2009	6	0.17%	$15,423	0.35%	$15,762	0.18%	$14,970	0.50%	$13,783	-0.17%	0.50%	0.22%	-0.02%	-0.42%	-0.23%	0.65%	0.87%
2009	7	5.05%	$16,202	4.80%	$16,519	3.40%	$15,478	5.28%	$14,512	0.22%	5.28%	7.58%	7.51%	0.76%	8.60%	7.16%	3.26%
2009	8	1.92%	$16,512	2.03%	$16,854	1.67%	$15,737	2.62%	$14,892	0.37%	2.62%	3.60%	3.39%	0.33%	1.15%	1.63%	2.04%
2009	9	3.50%	$17,089	3.55%	$17,453	2.68%	$16,159	2.98%	$15,335	0.29%	2.98%	3.72%	4.71%	2.00%	5.69%	5.56%	3.22%
2009	10	-1.00%	$16,919	-0.60%	$17,348	-0.24%	$16,121	-1.33%	$15,132	0.24%	-1.33%	-1.87%	-1.47%	0.25%	-3.61%	-1.28%	1.10%
2009	11	3.71%	$17,547	3.70%	$17,990	2.83%	$16,577	3.88%	$15,718	0.87%	3.88%	5.98%	4.76%	1.49%	5.19%	4.20%	3.30%
2009	12	1.06%	$17,733	1.05%	$18,179	0.29%	$16,625	1.03%	$15,880	-1.13%	1.03%	1.95%	2.27%	-1.75%	2.19%	3.16%	0.78%
2010	1	-1.83%	$17,409	-1.65%	$17,879	-0.47%	$16,547	-1.50%	$15,642	0.95%	-1.50%	-3.60%	-2.22%	0.67%	-4.77%	-4.55%	0.32%
2010	2	1.55%	$17,679	1.71%	$18,185	1.15%	$16,737	2.10%	$15,970	0.19%	2.10%	3.09%	2.18%	0.25%	1.09%	2.43%	0.96%
2010	3	3.65%	$18,324	3.68%	$18,855	2.27%	$17,117	3.74%	$16,568	-0.36%	3.74%	6.01%	5.19%	-0.50%	5.67%	6.47%	2.94%
2010	4	1.15%	$18,535	1.23%	$19,088	1.05%	$17,296	1.74%	$16,856	0.39%	1.74%	1.58%	2.03%	1.08%	0.66%	1.56%	0.08%
2010	5	-4.43%	$17,713	-4.43%	$18,243	-2.75%	$16,820	-4.45%	$16,106	0.48%	-4.45%	-8.01%	-5.61%	0.74%	-7.49%	-6.42%	-4.71%
2010	6	-1.91%	$17,375	-1.58%	$17,955	-0.84%	$16,678	-2.75%	$15,663	0.56%	-2.75%	-5.24%	-3.02%	1.92%	-4.01%	-1.17%	-1.34%
2010	7	4.04%	$18,077	4.30%	$18,727	2.79%	$17,144	4.50%	$16,368	0.38%	4.50%	7.00%	5.94%	0.00%	4.05%	7.58%	2.75%
2010	8	-1.64%	$17,780	-1.39%	$18,467	-0.75%	$17,016	-2.33%	$15,986	0.37%	-2.33%	-4.53%	-3.44%	2.66%	-2.53%	-1.69%	-1.38%
2010	9	5.84%	$18,818	6.24%	$19,620	4.30%	$17,748	5.59%	$16,880	0.18%	5.59%	8.92%	9.08%	0.39%	6.25%	10.30%	5.96%
2010	10	2.37%	$19,263	2.48%	$20,108	1.74%	$18,057	2.52%	$17,306	0.26%	2.52%	3.79%	3.00%	0.47%	3.00%	3.59%	2.29%
2010	11	-0.13%	$19,239	-0.10%	$20,088	-0.18%	$18,024	0.14%	$17,332	-0.30%	0.14%	0.00%	0.08%	-0.17%	-0.30%	0.20%	-0.68%
2010	12	2.99%	$19,814	3.28%	$20,747	2.21%	$18,423	3.66%	$17,965	-0.48%	3.66%	6.67%	4.15%	-0.65%	2.88%	2.81%	4.69%
2011	1	1.03%	$20,017	1.11%	$20,978	0.69%	$18,550	1.36%	$18,209	0.25%	1.36%	2.36%	0.80%	-0.41%	1.07%	1.42%	1.31%
2011	2	1.87%	$20,392	1.96%	$21,389	1.30%	$18,790	2.26%	$18,620	-0.22%	2.26%	3.42%	1.75%	0.66%	3.17%	1.97%	1.99%
2011	3	0.54%	$20,502	0.62%	$21,522	0.38%	$18,862	0.23%	$18,663	-0.13%	0.23%	0.03%	0.55%	-0.08%	1.09%	1.69%	1.08%
2011	4	2.55%	$21,025	2.74%	$22,112	1.93%	$19,226	2.35%	$19,102	0.71%	2.35%	2.95%	2.65%	0.74%	3.37%	5.16%	2.61%
2011	5	-0.50%	$20,920	-0.52%	$21,998	-0.06%	$19,214	-0.18%	$19,069	0.52%	-0.18%	-1.15%	-0.38%	0.90%	-1.41%	-1.46%	-0.94%
2011	6	-0.92%	$20,726	-1.06%	$21,764	-0.82%	$19,057	-1.21%	$18,838	-0.04%	-1.21%	-1.67%	-0.77%	-0.98%	-1.01%	-0.59%	-1.13%
2011	7	-0.41%	$20,641	-0.28%	$21,702	0.02%	$19,061	-0.72%	$18,702	0.52%	-0.72%	-2.05%	0.08%	1.48%	-1.79%	0.60%	-1.37%
2011	8	-2.47%	$20,130	-2.65%	$21,128	-0.95%	$18,880	-2.81%	$18,176	0.52%	-2.81%	-5.45%	-0.70%	2.67%	-5.06%	-5.81%	-3.27%
2011	9	-5.23%	$19,077	-5.66%	$19,933	-3.77%	$18,168	-4.39%	$17,377	-0.22%	-4.39%	-7.04%	-6.34%	-1.68%	-7.02%	-10.00%	-5.38%
2011	10	6.13%	$20,247	7.12%	$21,352	4.80%	$19,040	6.98%	$18,589	0.15%	6.98%	10.91%	7.27%	1.28%	4.84%	9.78%	7.75%
2011	11	-0.24%	$20,198	-0.10%	$21,331	0.20%	$19,077	-0.28%	$18,538	-0.04%	-0.28%	-0.23%	0.08%	0.97%	-1.42%	-1.72%	0.66%
2011	12	0.03%	$20,205	0.00%	$21,331	-0.01%	$19,075	0.92%	$18,708	0.21%	0.92%	1.02%	0.27%	-1.52%	-0.64%	-0.41%	0.24%
2012	1	3.27%	$20,865	3.51%	$22,080	2.54%	$19,560	3.40%	$19,344	0.23%	3.40%	4.46%	4.26%	1.46%	4.09%	5.16%	3.14%
2012	2	2.39%	$21,364	2.63%	$22,661	1.50%	$19,854	2.49%	$19,825	-0.14%	2.49%	4.31%	2.95%	-0.56%	2.76%	5.03%	2.28%
2012	3	0.99%	$21,576	1.05%	$22,898	0.49%	$19,950	1.62%	$20,145	-0.13%	1.62%	3.28%	0.88%	-1.06%	1.09%	1.02%	1.10%
2012	4	-0.01%	$21,573	0.03%	$22,905	0.21%	$19,992	0.04%	$20,154	0.32%	0.04%	-0.64%	0.44%	0.73%	-0.71%	0.12%	-0.42%
2012	5	-3.71%	$20,773	-3.97%	$21,997	-2.46%	$19,500	-3.34%	$19,481	0.06%	-3.34%	-6.02%	-3.70%	0.24%	-5.63%	-6.46%	-4.96%
2012	6	2.02%	$21,192	2.23%	$22,487	1.40%	$19,772	2.28%	$19,925	-0.13%	2.28%	4.11%	1.94%	0.15%	2.50%	2.66%	2.59%
2012	7	0.82%	$21,366	0.88%	$22,685	0.61%	$19,892	1.17%	$20,159	0.29%	1.17%	1.37%	1.18%	-0.24%	0.56%	1.67%	0.51%
2012	8	1.64%	$21,717	1.86%	$23,108	1.43%	$20,176	1.55%	$20,471	0.11%	1.55%	2.24%	1.98%	0.73%	1.73%	2.12%	2.75%
2012	9	1.46%	$22,034	1.53%	$23,461	1.04%	$20,385	1.58%	$20,795	0.03%	1.58%	2.58%	1.65%	0.62%	2.06%	1.90%	1.23%
2012	10	-0.79%	$21,860	-0.85%	$23,262	-0.53%	$20,276	-1.01%	$20,586	-0.16%	-1.01%	-1.86%	-0.35%	-0.16%	-1.07%	-0.76%	-0.90%
2012	11	0.44%	$21,957	0.47%	$23,371	0.42%	$20,361	0.51%	$20,690	0.12%	0.51%	0.56%	0.92%	-0.42%	0.24%	0.53%	1.05%
2012	12	0.84%	$22,141	1.00%	$23,605	0.68%	$20,499	0.66%	$20,828	0.09%	0.66%	0.90%	0.95%	-0.33%	0.74%	1.99%	1.77%
2013	1	2.48%	$22,689	2.52%	$24,200	1.61%	$20,828	3.03%	$21,459	-0.06%	3.03%	5.18%	2.26%	-1.40%	4.09%	2.51%	4.16%
2013	2	0.41%	$22,783	0.42%	$24,301	0.31%	$20,892	0.98%	$21,669	0.12%	0.98%	1.34%	0.48%	-0.67%	0.23%	-0.06%	0.75%
2013	3	1.87%	$23,208	1.95%	$24,774	1.30%	$21,163	2.36%	$22,180	0.03%	2.36%	3.74%	1.31%	0.55%	3.12%	1.65%	2.17%
2013	4	0.64%	$23,357	0.64%	$24,932	0.29%	$21,223	1.39%	$22,489	0.12%	1.39%	1.91%	1.29%	-2.94%	0.17%	1.51%	1.52%
2013	5	0.48%	$23,469	0.54%	$25,066	0.15%	$21,255	0.74%	$22,656	-0.34%	0.74%	2.33%	0.27%	-2.17%	0.51%	0.11%	2.28%
2013	6	-1.50%	$23,116	-1.60%	$24,664	-1.16%	$21,007	-1.41%	$22,335	-0.26%	-1.41%	-1.35%	-1.48%	-1.48%	-2.43%	-2.87%	-0.86%
2013	7	2.67%	$23,733	2.96%	$25,393	1.85%	$21,395	3.33%	$23,078	0.12%	3.33%	5.07%	2.11%	0.27%	3.46%	4.03%	2.97%
2013	8	-1.45%	$23,389	-1.62%	$24,981	-1.02%	$21,177	-1.95%	$22,627	-0.16%	-1.95%	-2.91%	-0.73%	-0.81%	-1.95%	-1.91%	-1.19%
2013	9	2.30%	$23,926	2.43%	$25,589	1.62%	$21,520	2.56%	$23,207	0.40%	2.56%	3.12%	1.54%	1.06%	3.92%	3.89%	2.00%
2013	10	2.54%	$24,534	2.89%	$26,329	1.85%	$21,919	2.83%	$23,865	0.13%	2.83%	4.59%	1.45%	1.62%	3.44%	3.64%	2.74%
2013	11	1.24%	$24,838	1.22%	$26,652	0.57%	$22,044	1.60%	$24,247	0.13%	1.60%	3.03%	0.26%	-1.24%	2.54%	1.81%	1.76%
2013	12	0.77%	$25,028	0.93%	$26,899	0.36%	$22,123	1.29%	$24,559	-0.33%	1.29%	2.51%	0.23%	-1.40%	0.85%	1.09%	1.83%
2014	1	-1.01%	$24,775	-1.29%	$26,552	-0.15%	$22,089	-1.24%	$24,255	0.32%	-1.24%	-3.47%	0.28%	2.28%	-1.10%	-3.63%	-1.52%
2014	2	2.71%	$25,446	3.02%	$27,355	1.81%	$22,489	3.02%	$24,987	0.03%	3.02%	4.56%	1.66%	0.89%	4.11%	4.78%	2.74%
2014	3	0.18%	$25,493	0.11%	$27,384	0.08%	$22,507	0.21%	$25,039	-0.21%	0.21%	0.82%	0.00%	-0.26%	0.88%	-0.82%	0.84%
2014	4	0.27%	$25,561	0.40%	$27,494	0.31%	$22,577	0.36%	$25,129	0.23%	0.36%	0.72%	0.34%	0.80%	-0.59%	0.41%	-0.18%
2014	5	1.49%	$25,942	1.61%	$27,936	1.12%	$22,831	1.71%	$25,559	0.13%	1.71%	2.33%	1.02%	0.79%	2.41%	1.80%	1.79%
2014	6	1.45%	$26,318	1.84%	$28,451	1.23%	$23,112	1.57%	$25,960	0.04%	1.57%	2.05%	0.72%	2.10%	1.33%	2.58%	1.32%
2014	7	-1.07%	$26,036	-1.18%	$28,115	-0.71%	$22,948	-1.28%	$25,627	-0.14%	-1.28%	-1.39%	-0.67%	-0.60%	-1.70%	-2.37%	-0.47%
2014	8	1.98%	$26,553	2.17%	$28,727	1.37%	$23,262	2.95%	$26,383	0.14%	2.95%	3.98%	1.28%	1.21%	2.73%	2.58%	0.97%
2014	9	-1.78%	$26,081	-1.91%	$28,178	-1.51%	$22,911	-1.57%	$25,969	-0.14%	-1.57%	-1.41%	-0.93%	-3.19%	-3.69%	-2.07%	-1.45%
2014	10	1.06%	$26,357	0.89%	$28,428	0.60%	$23,048	2.09%	$26,511	0.33%	2.09%	2.42%	1.55%	-1.51%	1.70%	1.06%	0.65%
2014	11	1.36%	$26,716	1.57%	$28,874	1.10%	$23,302	1.74%	$26,972	0.23%	1.74%	2.68%	0.33%	0.99%	1.80%	1.09%	2.05%
2014	12	-0.17%	$26,669	-0.33%	$28,779	-0.10%	$23,279	0.01%	$26,976	-0.24%	0.01%	-0.26%	-0.10%	0.36%	0.64%	-1.62%	-0.19%
2015	1	-0.19%	$26,619	-0.08%	$28,755	0.63%	$23,426	-0.77%	$26,767	0.61%	-0.77%	-3.02%	0.75%	4.81%	-1.19%	-0.64%	-1.93%
2015	2	2.27%	$27,222	2.79%	$29,558	1.27%	$23,724	2.95%	$27,558	-0.42%	2.95%	5.74%	0.74%	-1.44%	2.36%	4.56%	3.66%
2015	3	-0.58%	$27,065	-1.07%	$29,242	-0.75%	$23,547	-0.44%	$27,437	0.33%	-0.44%	-1.59%	0.00%	-2.09%	0.81%	-0.21%	-1.49%
2015	4	0.53%	$27,207	0.94%	$29,518	0.69%	$23,710	0.10%	$27,464	0.05%	0.10%	0.95%	0.27%	1.67%	-0.96%	0.98%	1.21%
2015	5	0.50%	$27,343	0.42%	$29,642	0.12%	$23,738	0.63%	$27,638	0.06%	0.63%	1.27%	0.20%	-0.69%	1.29%	1.02%	0.20%
2015	6	-1.15%	$27,028	-1.48%	$29,204	-1.02%	$23,496	-1.42%	$27,245	-0.04%	-1.42%	-1.93%	-0.73%	-1.13%	-0.74%	-1.71%	-1.55%
2015	7	0.55%	$27,176	0.51%	$29,355	-0.08%	$23,476	1.31%	$27,603	0.15%	1.31%	2.08%	0.34%	-2.92%	0.64%	2.41%	0.21%
2015	8	-2.64%	$26,458	-3.03%	$28,464	-1.74%	$23,069	-3.72%	$26,576	-0.13%	-3.72%	-6.05%	-1.44%	0.64%	-2.97%	-3.95%	-3.47%
2015	9	-1.10%	$26,167	-1.67%	$27,989	-0.82%	$22,879	-1.45%	$26,191	0.43%	-1.45%	-2.48%	-1.18%	0.09%	0.71%	-3.39%	-1.51%
2015	10	3.30%	$27,030	4.26%	$29,180	2.59%	$23,471	4.61%	$27,398	-0.13%	4.61%	8.42%	2.60%	1.18%	0.70%	4.58%	4.25%
2015	11	-0.21%	$26,973	-0.13%	$29,143	-0.23%	$23,418	0.24%	$27,462	-0.31%	0.24%	0.29%	-0.21%	-1.34%	-0.75%	-0.15%	0.48%
2015	12	-0.97%	$26,712	-1.12%	$28,816	-0.81%	$23,229	-1.41%	$27,075	-0.16%	-1.41%	-1.59%	-0.96%	0.45%	-0.79%	-1.40%	-1.85%
2016	1	-2.27%	$26,107	-2.80%	$28,008	-1.43%	$22,896	-2.81%	$26,316	0.82%	-2.81%	-4.98%	-1.42%	1.90%	-2.50%	-4.15%	-5.05%
2016	2	0.49%	$26,236	0.52%	$28,152	0.70%	$23,056	0.28%	$26,390	0.15%	0.28%	-0.15%	0.14%	3.28%	1.28%	-0.75%	-0.17%
2016	3	3.74%	$27,216	4.50%	$29,418	3.04%	$23,757	4.59%	$27,601	0.26%	4.59%	6.78%	3.16%	1.37%	2.93%	5.53%	5.30%
2016	4	0.99%	$27,486	1.62%	$29,895	1.48%	$24,108	0.54%	$27,750	-0.03%	0.54%	0.37%	0.90%	4.07%	-0.73%	1.10%	1.87%
2016	5	0.59%	$27,647	0.60%	$30,074	0.16%	$24,148	1.04%	$28,038	-0.10%	1.04%	1.78%	0.48%	-1.06%	0.84%	1.36%	0.25%
2016	6	0.04%	$27,658	0.12%	$30,111	0.49%	$24,265	0.93%	$28,299	0.75%	0.93%	0.25%	0.42%	2.43%	-1.56%	-1.35%	-1.71%
2016	7	2.21%	$28,271	2.64%	$30,906	1.63%	$24,660	2.64%	$29,047	-0.10%	2.64%	3.68%	1.26%	0.56%	2.72%	3.87%	3.19%
2016	8	0.16%	$28,316	0.26%	$30,988	0.14%	$24,695	0.06%	$29,066	-0.29%	0.06%	0.13%	0.21%	-1.52%	0.11%	0.42%	2.20%
2016	9	0.13%	$28,354	0.20%	$31,051	0.14%	$24,729	0.08%	$29,088	0.23%	0.08%	0.01%	0.28%	0.12%	-0.39%	0.89%	-0.15%
2016	10	-1.36%	$27,968	-1.51%	$30,582	-0.99%	$24,484	-1.68%	$28,600	-0.12%	-1.68%	-1.83%	-0.75%	-1.54%	-2.21%	-2.33%	-0.49%
2016	11	1.12%	$28,281	1.12%	$30,924	0.45%	$24,594	1.61%	$29,060	-0.58%	1.61%	3.70%	-0.41%	-2.23%	3.13%	-0.05%	3.80%
2016	12	0.85%	$28,521	0.98%	$31,225	0.68%	$24,761	1.21%	$29,413	-0.00%	1.21%	1.96%	0.43%	0.59%	0.99%	0.39%	1.18%
2017	1	1.31%	$28,894	1.52%	$31,701	0.92%	$24,990	1.25%	$29,781	0.26%	1.25%	1.88%	0.56%	0.84%	1.75%	2.85%	1.20%
2017	2	1.82%	$29,420	2.14%	$32,381	1.31%	$25,318	2.48%	$30,519	0.07%	2.48%	3.96%	0.76%	0.08%	2.04%	2.35%	2.82%
2017	3	0.06%	$29,438	0.08%	$32,408	-0.01%	$25,315	0.02%	$30,525	0.02%	0.02%	0.10%	0.21%	0.25%	-0.13%	0.66%	-0.65%
2017	4	0.97%	$29,724	1.14%	$32,776	0.68%	$25,488	0.93%	$30,810	0.19%	0.93%	1.02%	0.68%	0.08%	1.21%	2.69%	1.07%
2017	5	0.97%	$30,014	1.06%	$33,125	0.60%	$25,642	0.89%	$31,085	0.09%	0.89%	1.39%	0.88%	0.17%	1.41%	2.37%	0.65%
2017	6	0.25%	$30,090	0.20%	$33,190	-0.02%	$25,638	0.55%	$31,258	-0.09%	0.55%	0.61%	0.09%	-0.91%	0.87%	0.77%	0.12%
2017	7	1.32%	$30,486	1.51%	$33,692	1.03%	$25,903	1.28%	$31,658	0.28%	1.28%	2.04%	0.75%	1.25%	1.63%	2.06%	1.31%
2017	8	0.31%	$30,581	0.20%	$33,761	0.23%	$25,962	0.42%	$31,792	0.19%	0.42%	0.29%	0.41%	0.91%	0.90%	0.09%	-0.73%
2017	9	0.90%	$30,856	0.93%	$34,075	0.34%	$26,051	1.26%	$32,192	-0.20%	1.26%	2.06%	0.27%	-1.28%	1.96%	1.83%	1.32%
2017	10	1.18%	$31,221	1.37%	$34,540	0.70%	$26,234	1.31%	$32,614	-0.08%	1.31%	2.32%	0.34%	-0.41%	1.85%	2.30%	1.91%
2017	11	0.89%	$31,499	0.98%	$34,880	0.32%	$26,318	1.79%	$33,199	-0.27%	1.79%	3.06%	0.13%	-0.08%	1.37%	1.26%	-0.23%
2017	12	0.56%	$31,677	0.83%	$35,169	0.54%	$26,461	0.78%	$33,458	-0.07%	0.78%	1.10%	0.30%	0.34%	-0.10%	0.97%	1.21%
2018	1	2.63%	$32,510	3.09%	$36,257	1.38%	$26,827	2.71%	$34,364	-0.44%	2.71%	5.71%	0.00%	0.08%	4.48%	5.31%	3.37%
2018	2	-1.94%	$31,880	-2.25%	$35,441	-1.39%	$26,455	-2.61%	$33,468	-0.08%	-2.61%	-3.69%	-0.62%	-1.50%	-2.66%	-2.74%	-1.65%
2018	3	-0.75%	$31,641	-1.01%	$35,083	-0.42%	$26,343	-0.93%	$33,155	0.29%	-0.93%	-2.56%	0.42%	0.98%	-0.78%	-0.84%	-2.61%
2018	4	-0.26%	$31,558	-0.05%	$35,064	-0.21%	$26,287	-0.09%	$33,126	-0.30%	-0.09%	0.37%	-0.49%	-0.59%	-1.35%	0.00%	0.29%
2018	5	0.97%	$31,863	1.13%	$35,461	0.73%	$26,479	1.93%	$33,765	0.36%	1.93%	2.39%	1.05%	0.34%	0.10%	1.55%	-0.15%
2018	6	0.03%	$31,873	0.17%	$35,520	0.13%	$26,513	0.40%	$33,900	0.10%	0.40%	0.61%	0.23%	-0.19%	-1.11%	-0.04%	0.17%
2018	7	1.54%	$32,365	1.86%	$36,180	1.14%	$26,817	2.01%	$34,581	-0.10%	2.01%	3.71%	0.56%	-0.93%	1.63%	1.44%	4.00%
2018	8	1.06%	$32,708	0.95%	$36,522	0.53%	$26,958	2.31%	$35,379	0.37%	2.31%	3.25%	0.90%	-0.94%	1.56%	0.82%	0.00%
2018	9	-0.33%	$32,601	-0.14%	$36,469	-0.20%	$26,905	-0.13%	$35,333	-0.20%	-0.13%	0.55%	-0.48%	-0.25%	-1.60%	-0.73%	0.14%
2018	10	-3.36%	$31,505	-4.16%	$34,952	-2.39%	$26,261	-4.76%	$33,650	0.10%	-4.76%	-6.85%	-1.73%	0.69%	-2.93%	-6.15%	-5.27%
2018	11	1.03%	$31,831	1.29%	$35,403	0.87%	$26,489	1.48%	$34,149	0.38%	1.48%	2.03%	0.70%	0.94%	0.30%	1.83%	0.56%
2018	12	-3.19%	$30,815	-3.92%	$34,013	-1.73%	$26,030	-4.93%	$32,466	0.88%	-4.93%	-9.04%	-0.39%	2.89%	-3.75%	-5.08%	-6.07%
2019	1	4.73%	$32,273	5.81%	$35,989	4.01%	$27,074	5.55%	$34,267	0.30%	5.55%	8.00%	3.44%	2.07%	3.84%	6.87%	7.92%
2019	2	1.42%	$32,733	1.92%	$36,679	1.06%	$27,360	2.10%	$34,985	-0.01%	2.10%	3.20%	0.92%	-0.49%	0.17%	3.21%	2.26%
2019	3	1.24%	$33,140	1.44%	$37,208	1.26%	$27,705	1.65%	$35,562	0.78%	1.65%	1.94%	1.54%	1.95%	0.22%	1.40%	0.40%
2019	4	1.93%	$33,780	2.46%	$38,124	1.42%	$28,098	2.39%	$36,413	0.15%	2.39%	4.04%	0.62%	-1.20%	1.38%	3.65%	4.46%
2019	5	-2.56%	$32,914	-3.31%	$36,862	-1.80%	$27,592	-3.21%	$35,245	0.88%	-3.21%	-6.36%	-0.82%	0.81%	-2.39%	-3.35%	-6.11%
2019	6	4.23%	$34,307	5.11%	$38,744	3.68%	$28,609	4.63%	$36,878	0.48%	4.63%	7.03%	3.59%	3.90%	3.32%	5.64%	5.36%
2019	7	0.65%	$34,529	0.70%	$39,014	0.45%	$28,738	0.97%	$37,236	-0.09%	0.97%	1.43%	0.74%	0.00%	0.81%	0.63%	0.66%
2019	8	0.13%	$34,574	-0.24%	$38,920	0.31%	$28,827	-0.11%	$37,196	0.92%	-0.11%	-1.59%	0.94%	3.12%	1.18%	-0.33%	-3.05%
2019	9	0.26%	$34,665	0.42%	$39,082	0.10%	$28,855	0.80%	$37,493	-0.22%	0.80%	1.86%	0.27%	-1.98%	-0.64%	0.25%	1.64%
2019	10	1.12%	$35,053	1.20%	$39,550	0.95%	$29,130	1.39%	$38,012	0.25%	1.39%	2.15%	0.99%	1.55%	1.33%	0.59%	0.67%
2019	11	1.55%	$35,595	1.98%	$40,332	1.16%	$29,468	2.24%	$38,862	-0.05%	2.24%	3.62%	1.31%	-0.76%	0.44%	2.74%	2.75%
2019	12	1.78%	$36,229	2.27%	$41,246	1.46%	$29,899	1.64%	$39,501	0.14%	1.64%	3.01%	0.73%	2.08%	1.51%	3.11%	2.18%
2020	1	0.37%	$36,364	0.31%	$41,374	0.55%	$30,064	0.82%	$39,824	0.60%	0.82%	-0.05%	1.21%	0.90%	-0.10%	0.00%	-0.50%
2020	2	-3.09%	$35,238	-4.02%	$39,712	-1.77%	$29,531	-4.22%	$38,142	1.04%	-4.22%	-8.24%	0.40%	-0.22%	-3.62%	-5.45%	-4.55%
2020	3	-6.59%	$32,917	-8.61%	$36,294	-5.16%	$28,008	-8.48%	$34,908	1.01%	-8.48%	-12.37%	0.07%	0.02%	-7.53%	-9.65%	-16.31%
2020	4	7.37%	$35,343	8.57%	$39,406	6.23%	$29,752	8.55%	$37,891	0.22%	8.55%	12.81%	8.66%	6.45%	5.89%	9.17%	7.14%
2020	5	3.07%	$36,430	3.50%	$40,786	2.38%	$30,461	3.45%	$39,200	0.38%	3.45%	4.76%	2.80%	1.06%	3.39%	5.15%	3.68%
2020	6	1.53%	$36,987	1.95%	$41,582	1.60%	$30,947	1.73%	$39,878	0.09%	1.73%	1.98%	1.43%	1.21%	0.86%	1.48%	3.53%
2020	7	3.51%	$38,286	3.98%	$43,237	2.64%	$31,764	3.99%	$41,468	0.18%	3.99%	5.63%	3.36%	2.34%	4.05%	5.88%	2.73%
2020	8	2.98%	$39,429	3.44%	$44,724	2.20%	$32,462	3.86%	$43,068	0.19%	3.86%	7.18%	2.80%	0.07%	2.20%	3.49%	3.93%
2020	9	-1.81%	$38,717	-2.25%	$43,716	-1.50%	$31,977	-2.12%	$42,157	0.06%	-2.12%	-3.81%	-1.28%	-1.17%	-1.20%	-2.15%	-2.78%
2020	10	-1.12%	$38,284	-1.12%	$43,227	-0.60%	$31,783	-1.48%	$41,533	-0.06%	-1.48%	-2.67%	-1.18%	-0.41%	-1.57%	-1.74%	0.26%
2020	11	6.17%	$40,646	7.19%	$46,336	5.22%	$33,442	7.66%	$44,715	0.11%	7.66%	10.94%	6.09%	0.21%	5.70%	6.70%	11.92%
2020	12	2.54%	$41,680	3.03%	$47,741	2.24%	$34,191	2.70%	$45,924	0.08%	2.70%	3.84%	2.32%	0.64%	2.44%	3.13%	5.30%

Portfolio return and risk metrics
Metric	Provided Portfolio	Maximum Return at 9.00% Volatility	Maximum Sharpe Ratio Weights	Vanguard Balanced Index Inv
Arithmetic Mean (monthly)	0.68%	0.75%	0.58%	0.73%
Arithmetic Mean (annualized)	8.49%	9.38%	7.16%	9.15%
Geometric Mean (monthly)	0.65%	0.72%	0.56%	0.70%
Geometric Mean (annualized)	8.14%	8.94%	6.97%	8.71%
Standard Deviation (monthly)	2.34%	2.59%	1.74%	2.61%
Standard Deviation (annualized)	8.10%	8.99%	6.02%	9.03%
Downside Deviation (monthly)	1.49%	1.65%	1.07%	1.67%
Max. Drawdown	-29.52%	-31.02%	-21.13%	-32.57%
US Market Correlation	0.96	0.96	0.92	0.99
Beta^(*)	0.87	0.97	0.63	1.00
Alpha (annualized)	0.49%	0.47%	1.36%	0.00%
R²	95.20%	95.28%	90.64%	100.00%
Sharpe Ratio	0.85	0.86	0.94	0.83
Sortino Ratio	1.31	1.32	1.49	1.28
Treynor Ratio (%)	7.93	7.99	8.97	7.55
Calmar Ratio	1.01	0.87	1.30	0.90
Active Return	-0.58%	0.23%	-1.74%	N/A
Tracking Error	2.10%	1.97%	3.78%	N/A
Information Ratio	-0.27	0.12	-0.46	N/A
Skewness	-0.89	-0.87	-0.91	-0.72
Excess Kurtosis	4.28	4.26	6.09	2.88
Historical Value-at-Risk (5%)	-3.21%	-3.61%	-2.08%	-3.77%
Analytical Value-at-Risk (5%)	-3.15%	-3.51%	-2.28%	-3.56%
Conditional Value-at-Risk (5%)	-5.34%	-5.85%	-3.83%	-5.96%
Upside Capture Ratio (%)	87.60	97.55	65.01	100.00
Downside Capture Ratio (%)	83.70	93.06	53.68	100.00
Safe Withdrawal Rate	8.79%	9.21%	7.99%	8.56%
Perpetual Withdrawal Rate	5.44%	6.12%	4.45%	5.92%
Positive Periods	152 out of 219 (69.41%)	151 out of 219 (68.95%)	155 out of 219 (70.78%)	154 out of 219 (70.32%)
Gain/Loss Ratio	0.98	0.99	1.05	0.89
^* Vanguard Balanced Index Inv is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Provided Portfolio	Maximum Return at 9.00% Volatility	Maximum Sharpe Ratio Weights	Vanguard Balanced Index Inv
Subprime Crisis	Nov 2007	Mar 2009	-29.52%	-31.02%	-21.13%	-32.57%
COVID-19 Start	Jan 2020	Mar 2020	-9.48%	-12.28%	-6.84%	-12.34%

Drawdowns for Provided Portfolio

Drawdowns for Provided Portfolio (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jun 2008	Feb 2009	9 months	Sep 2010	1 year 7 months	2 years 4 months	-29.52%
2	Feb 2020	Mar 2020	2 months	May 2020	2 months	4 months	-9.48%
3	May 2011	Sep 2011	5 months	Feb 2012	5 months	10 months	-9.26%
4	Sep 2018	Dec 2018	4 months	Feb 2019	2 months	6 months	-5.79%
5	Jun 2015	Jan 2016	8 months	Apr 2016	3 months	11 months	-4.52%
6	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-3.72%
7	Nov 2007	Mar 2008	5 months	May 2008	2 months	7 months	-3.57%
8	Feb 2018	Apr 2018	3 months	Aug 2018	4 months	7 months	-2.93%
9	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-2.90%
10	Mar 2005	Apr 2005	2 months	Jun 2005	2 months	4 months	-2.78%
Worst 10 drawdowns included above

Drawdowns for Maximum Return at 9.00% Volatility

Drawdowns for Maximum Return at 9.00% Volatility (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Sep 2010	1 year 7 months	2 years 11 months	-31.02%
2	Feb 2020	Mar 2020	2 months	Jun 2020	3 months	5 months	-12.28%
3	May 2011	Sep 2011	5 months	Feb 2012	5 months	10 months	-9.86%
4	Sep 2018	Dec 2018	4 months	Feb 2019	2 months	6 months	-6.87%
5	Jun 2015	Sep 2015	4 months	Apr 2016	7 months	11 months	-5.58%
6	May 2012	May 2012	1 month	Aug 2012	3 months	4 months	-3.97%
7	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-3.35%
8	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-3.31%
9	Feb 2018	Apr 2018	3 months	Aug 2018	4 months	7 months	-3.29%
10	Mar 2005	Apr 2005	2 months	Jun 2005	2 months	4 months	-2.98%
Worst 10 drawdowns included above

Drawdowns for Maximum Sharpe Ratio Weights

Drawdowns for Maximum Sharpe Ratio Weights (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Jun 2008	Feb 2009	9 months	Feb 2010	1 year	1 year 9 months	-21.13%
2	Feb 2020	Mar 2020	2 months	May 2020	2 months	4 months	-6.84%
3	May 2011	Sep 2011	5 months	Jan 2012	4 months	9 months	-5.50%
4	Jun 2015	Sep 2015	4 months	Mar 2016	6 months	10 months	-3.62%
5	May 2010	Jun 2010	2 months	Sep 2010	3 months	5 months	-3.57%
6	Sep 2018	Dec 2018	4 months	Jan 2019	1 month	5 months	-3.44%
7	Apr 2004	Apr 2004	1 month	Sep 2004	5 months	6 months	-2.50%
8	May 2012	May 2012	1 month	Aug 2012	3 months	4 months	-2.46%
9	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-2.09%
10	Feb 2018	Apr 2018	3 months	Aug 2018	4 months	7 months	-2.01%
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	Nov 2007	Feb 2009	1 year 4 months	Dec 2010	1 year 10 months	3 years 2 months	-32.57%
2	Feb 2020	Mar 2020	2 months	Jun 2020	3 months	5 months	-12.34%
3	May 2011	Sep 2011	5 months	Jan 2012	4 months	9 months	-9.03%
4	Sep 2018	Dec 2018	4 months	Mar 2019	3 months	7 months	-8.23%
5	Jun 2015	Sep 2015	4 months	Apr 2016	7 months	11 months	-5.23%
6	Dec 2002	Feb 2003	3 months	Apr 2003	2 months	5 months	-4.39%
7	Feb 2018	Apr 2018	3 months	Jul 2018	3 months	6 months	-3.60%
8	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-3.56%
9	May 2012	May 2012	1 month	Jul 2012	2 months	3 months	-3.34%
10	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-3.21%
Worst 10 drawdowns included above

Portfolio Assets

Performance statistics for portfolio components
Ticker	Name	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
VFISX	Vanguard Short-Term Treasury Inv	2.32%	1.57%	7.89%	-0.10%	-1.46%	0.70	1.24	-0.29
VBINX	Vanguard Balanced Index Inv	8.71%	9.03%	21.67%	-22.21%	-32.57%	0.83	1.28	0.99
VFINX	Vanguard 500 Index Investor	10.82%	14.44%	32.18%	-37.02%	-50.97%	0.70	1.05	1.00
COTZX	Columbia Thermostat Inst	8.35%	9.67%	32.29%	-30.53%	-42.44%	0.75	1.14	0.86
HSTRX	Hussman Strategic Total Return	5.13%	5.98%	12.61%	-8.37%	-9.22%	0.66	1.10	0.12
LCORX	Leuthold Core Investment Retail	8.59%	10.82%	47.18%	-27.44%	-36.52%	0.70	1.05	0.87
LSWWX	Loomis Sayles Global Allocation Y	10.95%	12.79%	42.52%	-39.19%	-44.84%	0.78	1.17	0.90
FPACX	FPA Crescent	9.04%	10.61%	28.37%	-20.55%	-28.84%	0.75	1.12	0.90

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	10 year	Net	Gross
Vanguard Short-Term Treasury Inv	0.13%	3.96%	3.96%	2.96%	2.05%	1.42%	0.20%	0.20%
Vanguard Balanced Index Inv	8.94%	16.26%	16.26%	11.13%	11.15%	9.84%	0.18%	0.18%
Vanguard 500 Index Investor	12.12%	18.25%	18.25%	14.03%	15.07%	13.72%	0.14%	0.14%
Columbia Thermostat Inst	7.27%	29.63%	29.63%	14.33%	10.55%	8.59%	0.65%	0.71%
Hussman Strategic Total Return	0.43%	11.45%	11.45%	8.01%	6.62%	3.16%	0.78%	0.78%
Leuthold Core Investment Retail	6.58%	10.09%	10.09%	4.83%	6.87%	6.24%	1.41%	1.41%
Loomis Sayles Global Allocation Y	8.13%	15.38%	15.38%	11.58%	12.17%	9.56%	0.90%	0.90%
FPA Crescent	18.15%	12.11%	12.11%	7.59%	8.68%	8.18%	1.13%	1.15%
Trailing returns as of last calendar month ending December 2020

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	VFISX	VBINX	VFINX	COTZX	HSTRX	LCORX	LSWWX	FPACX	Provided Portfolio	Maximum Return at 9.00% Volatility	Maximum Sharpe Ratio Weights	Vanguard Balanced Index Inv
VFISX	Vanguard Short-Term Treasury Inv	1.00	-0.17	-0.28	-0.08	0.52	-0.19	-0.18	-0.29	-0.14	-0.15	-0.03	-0.17
VBINX	Vanguard Balanced Index Inv	-0.17	1.00	0.99	0.88	0.21	0.87	0.91	0.89	0.98	0.98	0.95	1.00
VFINX	Vanguard 500 Index Investor	-0.28	0.99	1.00	0.85	0.11	0.85	0.89	0.88	0.95	0.95	0.91	0.99
COTZX	Columbia Thermostat Inst	-0.08	0.88	0.85	1.00	0.27	0.84	0.85	0.74	0.91	0.89	0.90	0.88
HSTRX	Hussman Strategic Total Return	0.52	0.21	0.11	0.27	1.00	0.26	0.24	0.16	0.31	0.32	0.44	0.21
LCORX	Leuthold Core Investment Retail	-0.19	0.87	0.85	0.84	0.26	1.00	0.89	0.82	0.93	0.90	0.88	0.87
LSWWX	Loomis Sayles Global Allocation Y	-0.18	0.91	0.89	0.85	0.24	0.89	1.00	0.84	0.95	0.95	0.91	0.91
FPACX	FPA Crescent	-0.29	0.89	0.88	0.74	0.16	0.82	0.84	1.00	0.90	0.92	0.90	0.89

Portfolio Risk Decomposition

Portfolio risk decomposition
Ticker	Name	Provided Portfolio	Maximum Return at 9.00% Volatility	Maximum Sharpe Ratio Weights
VFISX	Vanguard Short-Term Treasury Inv	-0.36%		-0.18%
VBINX	Vanguard Balanced Index Inv	14.15%	19.63%	28.55%
VFINX	Vanguard 500 Index Investor	22.13%	21.44%
COTZX	Columbia Thermostat Inst	14.20%	5.75%	22.59%
HSTRX	Hussman Strategic Total Return	2.77%	4.31%	8.70%
LCORX	Leuthold Core Investment Retail	14.90%
LSWWX	Loomis Sayles Global Allocation Y	18.00%	27.10%	8.91%
FPACX	FPA Crescent	14.20%	21.77%	31.43%
Risk attribution decomposes portfolio risk into its constituent parts and identifies the contribution to overall volatility by each of the holdings.

Annual Asset Returns

Rolling returns summary
Roll Period	Provided Portfolio			Maximum Return at 9.00% Volatility			Maximum Sharpe Ratio Weights			Vanguard Balanced Index Inv
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low	Average	High	Low
1 year	7.82%	34.50%	-26.83%	8.61%	37.10%	-27.62%	6.62%	27.21%	-19.14%	8.37%	36.16%	-27.67%
3 years	6.92%	17.57%	-5.01%	7.68%	19.55%	-5.51%	5.97%	14.70%	-2.00%	7.55%	19.12%	-7.37%
5 years	6.58%	14.12%	-0.08%	7.31%	15.58%	-0.10%	5.78%	11.32%	1.26%	7.24%	16.33%	-2.02%
7 years	6.76%	10.38%	5.12%	7.52%	11.35%	5.61%	5.92%	8.34%	4.08%	7.57%	12.28%	4.30%
10 years	6.86%	9.55%	5.34%	7.64%	10.71%	5.88%	5.99%	7.60%	4.73%	7.73%	11.55%	5.97%
15 years	6.83%	7.87%	5.91%	7.57%	8.64%	6.49%	5.92%	6.59%	5.27%	7.43%	8.32%	6.51%