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 Optimization Configuration

Open

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

Asset Constraints

Group Constraints

Compared Allocation

Benchmark

Benchmark Ticker

Show Regime Performance

Portfolio Assets

Allocation

Expected Return

Volatility

Min. Weight

Max. Weight

Group

Total

Asset Groups

Min. Weight

Max. Weight

Portfolio Optimization Results (Jan 2004 - Sep 2026) Save

Note: The time period was constrained by the available data for iShares MSCI Emerging Markets ETF (EEM) [May 2003 - Sep 2026].

Portfolio optimization results with the goal to maximize Sharpe ratio. The possible range of expected annual portfolio returns for the given period taking into account the specified constraints is 5.61% to 9.32%. Refer to the efficient frontier section for additional details.

Maximum Sharpe Ratio

Ticker	Name	Allocation
SPY	State Street SPDR S&P 500 ETF	40.00%
IJS	iShares S&P Small-Cap 600 Value ETF	5.17%
EFA	iShares MSCI EAFE ETF	5.00%
EEM	iShares MSCI Emerging Markets ETF	5.00%
TLT	iShares 20+ Year Treasury Bond ETF	9.83%
IEF	iShares 7-10 Year Treasury Bond ETF	30.00%
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	5.00%

Performance Summary

Portfolio performance statistics
Metric	Maximum Sharpe Ratio
Start Balance	$10,000
End Balance	$50,382
Annualized Return (CAGR)	7.37%
Expected Return	7.53%
Standard Deviation	8.90%
Best Year	20.61%
Worst Year	-17.86%
Maximum Drawdown	-28.05%
Sharpe Ratio (ex-ante)	0.65
Sharpe Ratio (ex-post)	0.65
Sortino Ratio	0.95
Results based on historical returns. Expected return is the annualized monthly arithmetic mean return.

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	10 year	20 year	Full	3 year	5 year
Maximum Sharpe Ratio	-2.02%	4.88%	6.84%	12.91%	5.21%	7.49%	7.26%	7.37%	9.17%	11.45%
Trailing return and volatility are as of last calendar month ending September 2026

Efficient Frontier Assets

Efficient Frontier Assets
#	Asset	Group	Expected Return	Standard Deviation	Sharpe Ratio	Min. Weight	Max. Weight
1	State Street SPDR S&P 500 ETF	Equity	11.39%	14.54%	0.662	5.00%	40.00%
2	iShares S&P Small-Cap 600 Value ETF	Equity	10.76%	20.21%	0.445	5.00%	20.00%
3	iShares MSCI EAFE ETF	Equity	7.81%	16.47%	0.367	5.00%	30.00%
4	iShares MSCI Emerging Markets ETF	Equity	9.83%	20.77%	0.388	5.00%	15.00%
5	iShares 20+ Year Treasury Bond ETF	Fixed Income	3.81%	13.45%	0.153	5.00%	30.00%
6	iShares 7-10 Year Treasury Bond ETF	Fixed Income	3.18%	6.49%	0.219	5.00%	30.00%
7	iShares iBoxx $ Invmt Grade Corp Bd ETF	Fixed Income	4.03%	7.82%	0.290	5.00%	20.00%
Results based on historical returns. Expected return is the annualized monthly arithmetic mean return. Ex-ante Sharpe Ratio calculated using U.S. 3-Month Treasury Bill Rate returns as the risk-free rate.

Asset Groups
Asset Group	Min. Weight	Max. Weight
Equity	20.00%	80.00%
Fixed Income	20.00%	80.00%

Asset Correlations

Efficient Frontier Asset Correlations
Name	Ticker	SPY	IJS	EFA	EEM	TLT	IEF	LQD
State Street SPDR S&P 500 ETF	SPY	1.00	0.84	0.86	0.74	-0.08	-0.07	0.43
iShares S&P Small-Cap 600 Value ETF	IJS	0.84	1.00	0.75	0.66	-0.15	-0.14	0.34
iShares MSCI EAFE ETF	EFA	0.86	0.75	1.00	0.85	-0.04	0.00	0.49
iShares MSCI Emerging Markets ETF	EEM	0.74	0.66	0.85	1.00	-0.05	-0.02	0.43
iShares 20+ Year Treasury Bond ETF	TLT	-0.08	-0.15	-0.04	-0.05	1.00	0.92	0.64
iShares 7-10 Year Treasury Bond ETF	IEF	-0.07	-0.14	0.00	-0.02	0.92	1.00	0.66
iShares iBoxx $ Invmt Grade Corp Bd ETF	LQD	0.43	0.34	0.49	0.43	0.64	0.66	1.00
Based on monthly returns from Jan 2004 to Sep 2026

Efficient Frontier

Efficient Frontier Portfolios

Efficient Frontier Assets
#	State Street SPDR S&P 500 ETF	iShares S&P Small-Cap 600 Value ETF	iShares MSCI EAFE ETF	iShares MSCI Emerging Markets ETF	iShares 20+ Year Treasury Bond ETF	iShares 7-10 Year Treasury Bond ETF	iShares iBoxx $ Invmt Grade Corp Bd ETF	Expected Return *	Standard Deviation *	Sharpe Ratio *
1	14.50%	5.00%	5.00%	5.00%	20.50%	30.00%	20.00%	5.61%	7.59%	0.508
2	14.99%	5.00%	5.00%	5.00%	20.01%	30.00%	20.00%	5.65%	7.59%	0.513
3	15.49%	5.00%	5.00%	5.00%	19.51%	30.00%	20.00%	5.69%	7.59%	0.518
4	15.98%	5.00%	5.00%	5.00%	19.02%	30.00%	20.00%	5.73%	7.59%	0.522
5	16.48%	5.00%	5.00%	5.00%	18.52%	30.00%	20.00%	5.76%	7.60%	0.527
6	16.97%	5.00%	5.00%	5.00%	18.03%	30.00%	20.00%	5.80%	7.60%	0.531
7	17.47%	5.00%	5.00%	5.00%	17.53%	30.00%	20.00%	5.84%	7.61%	0.536
8	17.96%	5.00%	5.00%	5.00%	17.04%	30.00%	20.00%	5.88%	7.62%	0.540
9	18.46%	5.00%	5.00%	5.00%	16.54%	30.00%	20.00%	5.91%	7.63%	0.544
10	18.95%	5.00%	5.00%	5.00%	16.05%	30.00%	20.00%	5.95%	7.64%	0.548
11	19.44%	5.00%	5.00%	5.00%	15.56%	30.00%	20.00%	5.99%	7.65%	0.552
12	19.94%	5.00%	5.00%	5.00%	15.06%	30.00%	20.00%	6.03%	7.67%	0.556
13	20.43%	5.00%	5.00%	5.00%	14.57%	30.00%	20.00%	6.06%	7.68%	0.560
14	20.93%	5.00%	5.00%	5.00%	14.07%	30.00%	20.00%	6.10%	7.70%	0.564
15	21.42%	5.00%	5.00%	5.00%	13.58%	30.00%	20.00%	6.14%	7.72%	0.567
16	21.92%	5.00%	5.00%	5.00%	13.08%	30.00%	20.00%	6.18%	7.74%	0.571
17	22.41%	5.00%	5.00%	5.00%	12.59%	30.00%	20.00%	6.21%	7.76%	0.574
18	22.91%	5.00%	5.00%	5.00%	12.09%	30.00%	20.00%	6.25%	7.78%	0.577
19	23.40%	5.00%	5.00%	5.00%	11.60%	30.00%	20.00%	6.29%	7.80%	0.580
20	23.90%	5.00%	5.00%	5.00%	11.10%	30.00%	20.00%	6.33%	7.83%	0.583
21	24.39%	5.00%	5.00%	5.00%	10.61%	30.00%	20.00%	6.36%	7.85%	0.586
22	24.91%	5.00%	5.00%	5.00%	10.75%	30.00%	19.35%	6.40%	7.88%	0.589
23	25.42%	5.00%	5.00%	5.00%	11.07%	30.00%	18.51%	6.44%	7.91%	0.591
24	25.94%	5.00%	5.00%	5.00%	11.39%	30.00%	17.67%	6.48%	7.94%	0.594
25	26.46%	5.00%	5.00%	5.00%	11.71%	30.00%	16.83%	6.51%	7.96%	0.597
26	26.98%	5.00%	5.00%	5.00%	12.03%	30.00%	15.99%	6.55%	7.99%	0.599
27	27.50%	5.00%	5.00%	5.00%	12.35%	30.00%	15.15%	6.59%	8.02%	0.602
28	28.02%	5.00%	5.00%	5.00%	12.67%	30.00%	14.31%	6.63%	8.05%	0.604
29	28.54%	5.00%	5.00%	5.00%	12.99%	30.00%	13.47%	6.66%	8.08%	0.607
30	29.05%	5.00%	5.00%	5.00%	13.31%	30.00%	12.63%	6.70%	8.11%	0.609
31	29.57%	5.00%	5.00%	5.00%	13.64%	30.00%	11.79%	6.74%	8.14%	0.612
32	30.09%	5.00%	5.00%	5.00%	13.96%	30.00%	10.95%	6.78%	8.17%	0.614
33	30.61%	5.00%	5.00%	5.00%	14.28%	30.00%	10.11%	6.81%	8.20%	0.616
34	31.13%	5.00%	5.00%	5.00%	14.60%	30.00%	9.27%	6.85%	8.23%	0.619
35	31.65%	5.00%	5.00%	5.00%	14.92%	30.00%	8.43%	6.89%	8.26%	0.621
36	32.17%	5.00%	5.00%	5.00%	15.24%	30.00%	7.59%	6.93%	8.29%	0.623
37	32.68%	5.00%	5.00%	5.00%	15.56%	30.00%	6.75%	6.96%	8.32%	0.625
38	33.20%	5.00%	5.00%	5.00%	15.88%	30.00%	5.91%	7.00%	8.35%	0.627
39	33.72%	5.00%	5.00%	5.00%	16.20%	30.00%	5.07%	7.04%	8.39%	0.629
40	34.22%	5.00%	5.00%	5.00%	15.78%	30.00%	5.00%	7.08%	8.42%	0.631
41	34.71%	5.00%	5.00%	5.00%	15.29%	30.00%	5.00%	7.11%	8.45%	0.633
42	35.21%	5.00%	5.00%	5.00%	14.79%	30.00%	5.00%	7.15%	8.49%	0.635
43	35.70%	5.00%	5.00%	5.00%	14.30%	30.00%	5.00%	7.19%	8.52%	0.637
44	36.20%	5.00%	5.00%	5.00%	13.80%	30.00%	5.00%	7.23%	8.56%	0.638
45	36.69%	5.00%	5.00%	5.00%	13.31%	30.00%	5.00%	7.26%	8.60%	0.640
46	37.19%	5.00%	5.00%	5.00%	12.81%	30.00%	5.00%	7.30%	8.64%	0.641
47	37.68%	5.00%	5.00%	5.00%	12.32%	30.00%	5.00%	7.34%	8.68%	0.643
48	38.18%	5.00%	5.00%	5.00%	11.82%	30.00%	5.00%	7.38%	8.72%	0.644
49	38.67%	5.00%	5.00%	5.00%	11.33%	30.00%	5.00%	7.41%	8.76%	0.645
50	39.17%	5.00%	5.00%	5.00%	10.83%	30.00%	5.00%	7.45%	8.81%	0.646
51	39.66%	5.00%	5.00%	5.00%	10.34%	30.00%	5.00%	7.49%	8.85%	0.647
52	40.00%	5.17%	5.00%	5.00%	9.83%	30.00%	5.00%	7.53%	8.90%	0.648
53	40.00%	5.71%	5.00%	5.00%	9.29%	30.00%	5.00%	7.56%	8.97%	0.647
54	40.00%	6.25%	5.00%	5.00%	8.75%	30.00%	5.00%	7.60%	9.03%	0.647
55	40.00%	6.79%	5.00%	5.00%	8.21%	30.00%	5.00%	7.64%	9.10%	0.646
56	40.00%	7.33%	5.00%	5.00%	7.67%	30.00%	5.00%	7.68%	9.17%	0.645
57	40.00%	7.87%	5.00%	5.00%	7.13%	30.00%	5.00%	7.71%	9.24%	0.644
58	40.00%	8.41%	5.00%	5.00%	6.59%	30.00%	5.00%	7.75%	9.31%	0.643
59	40.00%	8.95%	5.00%	5.00%	6.05%	30.00%	5.00%	7.79%	9.38%	0.642
60	40.00%	9.45%	5.00%	5.00%	6.03%	29.52%	5.00%	7.83%	9.46%	0.641
61	40.00%	9.89%	5.00%	5.00%	6.69%	28.42%	5.00%	7.86%	9.54%	0.640
62	40.00%	10.33%	5.00%	5.00%	7.34%	27.33%	5.00%	7.90%	9.61%	0.639
63	40.00%	10.77%	5.00%	5.00%	8.00%	26.23%	5.00%	7.94%	9.69%	0.638
64	40.00%	11.21%	5.00%	5.00%	8.66%	25.14%	5.00%	7.98%	9.76%	0.636
65	40.00%	11.65%	5.00%	5.00%	9.31%	24.04%	5.00%	8.01%	9.84%	0.635
66	40.00%	12.09%	5.00%	5.00%	9.97%	22.95%	5.00%	8.05%	9.92%	0.634
67	40.00%	12.53%	5.00%	5.00%	10.62%	21.85%	5.00%	8.09%	10.00%	0.633
68	40.00%	12.97%	5.00%	5.00%	11.28%	20.75%	5.00%	8.13%	10.07%	0.632
69	40.00%	13.41%	5.00%	5.00%	11.93%	19.66%	5.00%	8.16%	10.15%	0.631
70	40.00%	13.85%	5.00%	5.00%	12.59%	18.56%	5.00%	8.20%	10.23%	0.630
71	40.00%	14.29%	5.00%	5.00%	13.24%	17.47%	5.00%	8.24%	10.31%	0.628
72	40.00%	14.73%	5.00%	5.00%	13.90%	16.37%	5.00%	8.28%	10.39%	0.627
73	40.00%	15.17%	5.00%	5.00%	14.55%	15.28%	5.00%	8.31%	10.47%	0.626
74	40.00%	15.61%	5.00%	5.00%	15.21%	14.18%	5.00%	8.35%	10.55%	0.625
75	40.00%	16.05%	5.00%	5.00%	15.86%	13.09%	5.00%	8.39%	10.63%	0.624
76	40.00%	16.49%	5.00%	5.00%	16.52%	11.99%	5.00%	8.43%	10.70%	0.623
77	40.00%	16.93%	5.00%	5.00%	17.17%	10.89%	5.00%	8.46%	10.78%	0.621
78	40.00%	17.37%	5.00%	5.00%	17.83%	9.80%	5.00%	8.50%	10.86%	0.620
79	40.00%	17.81%	5.00%	5.00%	18.48%	8.70%	5.00%	8.54%	10.95%	0.619
80	40.00%	18.25%	5.00%	5.00%	19.14%	7.61%	5.00%	8.58%	11.03%	0.618
81	40.00%	18.69%	5.00%	5.00%	19.79%	6.51%	5.00%	8.61%	11.11%	0.617
82	40.00%	19.13%	5.00%	5.00%	20.45%	5.42%	5.00%	8.65%	11.19%	0.616
83	40.00%	19.64%	5.00%	5.00%	20.36%	5.00%	5.00%	8.69%	11.27%	0.615
84	40.00%	20.00%	5.00%	5.20%	19.80%	5.00%	5.00%	8.73%	11.35%	0.614
85	40.00%	20.00%	5.00%	5.83%	19.17%	5.00%	5.00%	8.76%	11.44%	0.612
86	40.00%	20.00%	5.00%	6.45%	18.55%	5.00%	5.00%	8.80%	11.52%	0.611
87	40.00%	20.00%	5.00%	7.07%	17.93%	5.00%	5.00%	8.84%	11.61%	0.609
88	40.00%	20.00%	5.00%	7.70%	17.30%	5.00%	5.00%	8.88%	11.70%	0.608
89	40.00%	20.00%	5.00%	8.32%	16.68%	5.00%	5.00%	8.91%	11.80%	0.606
90	40.00%	20.00%	5.00%	8.94%	16.06%	5.00%	5.00%	8.95%	11.89%	0.605
91	40.00%	20.00%	5.00%	9.57%	15.43%	5.00%	5.00%	8.99%	11.98%	0.603
92	40.00%	20.00%	5.00%	10.19%	14.81%	5.00%	5.00%	9.03%	12.08%	0.602
93	40.00%	20.00%	5.00%	10.82%	14.18%	5.00%	5.00%	9.06%	12.18%	0.600
94	40.00%	20.00%	5.00%	11.44%	13.56%	5.00%	5.00%	9.10%	12.27%	0.598
95	40.00%	20.00%	5.00%	12.06%	12.94%	5.00%	5.00%	9.14%	12.37%	0.596
96	40.00%	20.00%	5.00%	12.69%	12.31%	5.00%	5.00%	9.18%	12.47%	0.594
97	40.00%	20.00%	5.00%	13.31%	11.69%	5.00%	5.00%	9.21%	12.58%	0.593
98	40.00%	20.00%	5.00%	13.93%	11.07%	5.00%	5.00%	9.25%	12.68%	0.591
99	40.00%	20.00%	5.00%	14.56%	10.44%	5.00%	5.00%	9.29%	12.78%	0.589
100	40.00%	20.00%	5.00%	15.00%	5.01%	5.00%	9.99%	9.33%	13.05%	0.580
^*Annualized ex-ante values shown for portfolio return and volatility. Ex-ante Sharpe Ratio calculated using historical U.S. 3-Month Treasury Bill Rate returns as the risk-free rate.

Risk and Return Metrics

Portfolio return and risk metrics
Metric	Maximum Sharpe Ratio
Arithmetic Mean (monthly)	0.63%
Arithmetic Mean (annualized)	7.79%
Geometric Mean (monthly)	0.59%
Geometric Mean (annualized)	7.37%
Standard Deviation (monthly)	2.57%
Standard Deviation (annualized)	8.90%
Downside Deviation (monthly)	1.68%
Maximum Drawdown	-28.05%
Benchmark Correlation	0.91
Beta^(*)	0.54
Alpha (annualized)	1.38%
R²	82.80%
Sharpe Ratio	0.65
Sortino Ratio	0.95
Treynor Ratio (%)	10.70
Calmar Ratio	3.06
Modigliani–Modigliani Measure	11.50%
Active Return	-3.41%
Tracking Error	7.86%
Information Ratio	-0.43
Skewness	-0.66
Excess Kurtosis	2.02
Historical Value-at-Risk (5%)	3.78%
Analytical Value-at-Risk (5%)	3.59%
Conditional Value-at-Risk (5%)	5.85%
Upside Capture Ratio (%)	53.49
Downside Capture Ratio (%)	56.48
Safe Withdrawal Rate	7.28%
Perpetual Withdrawal Rate	4.53%
Positive Periods	184 out of 273 (67.40%)
Gain/Loss Ratio	0.92
^* U.S. Stock Market is used as the benchmark for calculations. Value-at-risk metrics are monthly values.

Annual Returns

Annual returns for the configured portfolios
Year	Inflation	Maximum Sharpe Ratio Return	Maximum Sharpe Ratio Balance	State Street SPDR S&P 500 ETF (SPY)	iShares S&P Small-Cap 600 Value ETF (IJS)	iShares MSCI EAFE ETF (EFA)	iShares MSCI Emerging Markets ETF (EEM)	iShares 20+ Year Treasury Bond ETF (TLT)	iShares 7-10 Year Treasury Bond ETF (IEF)	iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)
2026	3.37%	4.88%	$50,382	12.71%	13.77%	9.89%	22.69%	-8.01%	-4.63%	-4.35%
2025	2.68%	13.92%	$48,039	17.72%	6.54%	31.55%	33.98%	4.25%	8.03%	7.90%
2024	2.89%	9.41%	$42,170	24.89%	7.34%	3.51%	6.50%	-8.06%	-0.64%	0.86%
2023	3.35%	14.25%	$38,542	26.19%	14.69%	18.40%	8.99%	2.77%	3.64%	9.40%
2022	6.45%	-17.86%	$33,735	-18.17%	-11.33%	-14.35%	-20.56%	-31.24%	-15.16%	-17.93%
2021	7.04%	11.20%	$41,070	28.75%	30.53%	11.46%	-3.62%	-4.60%	-3.33%	-1.84%
2020	1.36%	15.39%	$36,935	18.37%	2.63%	7.59%	17.03%	18.15%	10.01%	10.97%
2019	2.29%	20.61%	$32,008	31.22%	24.12%	22.03%	18.20%	14.12%	8.03%	17.37%
2018	1.91%	-3.69%	$26,539	-4.56%	-12.84%	-13.81%	-15.31%	-1.61%	0.99%	-3.79%
2017	2.11%	14.09%	$27,555	21.70%	11.35%	25.10%	37.28%	9.18%	2.55%	7.06%
2016	2.07%	7.92%	$24,151	12.00%	31.25%	1.37%	10.87%	1.18%	1.01%	6.21%
2015	0.73%	-0.15%	$22,378	1.25%	-6.90%	-1.00%	-16.18%	-1.79%	1.51%	-1.25%
2014	0.76%	11.04%	$22,412	13.46%	7.56%	-6.20%	-3.92%	27.30%	9.07%	8.21%
2013	1.50%	11.15%	$20,184	32.31%	39.34%	21.39%	-3.70%	-13.37%	-6.09%	-2.00%
2012	1.74%	11.40%	$18,160	15.99%	18.24%	18.82%	19.10%	2.63%	3.66%	10.58%
2011	2.96%	7.79%	$16,302	1.89%	-1.65%	-12.25%	-18.82%	33.96%	15.64%	9.73%
2010	1.50%	13.65%	$15,124	15.06%	24.69%	8.15%	16.51%	9.05%	9.37%	9.33%
2009	2.72%	11.67%	$13,308	26.37%	22.36%	26.95%	68.93%	-21.80%	-6.59%	8.46%
2008	0.09%	-15.43%	$11,917	-36.81%	-29.39%	-41.04%	-48.88%	33.93%	17.91%	2.40%
2007	4.08%	8.36%	$14,091	5.14%	-5.56%	9.94%	33.31%	10.29%	10.37%	3.73%
2006	2.54%	11.11%	$13,003	15.85%	19.37%	25.81%	31.19%	0.71%	2.52%	4.22%
2005	3.42%	6.33%	$11,703	4.83%	5.99%	13.32%	32.62%	8.61%	2.64%	1.16%
2004	3.26%	10.06%	$11,006	10.70%	22.60%	18.95%	24.63%	8.71%	4.13%	5.72%
Annual return for 2026 is from 01/01/2026 to 09/30/2026

Monthly Returns

Monthly returns for the configured portfolios
Year	Month	Maximum Sharpe Ratio Return	Maximum Sharpe Ratio Balance	State Street SPDR S&P 500 ETF (SPY)	iShares S&P Small-Cap 600 Value ETF (IJS)	iShares MSCI EAFE ETF (EFA)	iShares MSCI Emerging Markets ETF (EEM)	iShares 20+ Year Treasury Bond ETF (TLT)	iShares 7-10 Year Treasury Bond ETF (IEF)	iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)
2026	9	-2.32%	$50,382	-0.33%	-5.84%	-3.31%	-0.34%	-5.38%	-3.35%	-3.39%
2026	8	1.54%	$51,579	2.68%	0.49%	1.77%	4.57%	0.73%	0.12%	0.39%
2026	7	-1.22%	$50,797	0.03%	-0.53%	1.64%	-6.31%	-4.47%	-1.39%	-2.24%
2026	6	0.09%	$51,422	-1.03%	5.00%	0.68%	0.22%	1.17%	0.25%	0.11%
2026	5	2.73%	$51,377	5.26%	1.08%	2.42%	7.20%	0.53%	-0.02%	0.86%
2026	4	5.46%	$50,011	10.51%	9.15%	5.34%	12.68%	-0.84%	-0.15%	0.28%
2026	3	-4.22%	$47,420	-4.93%	-3.37%	-7.83%	-9.25%	-4.23%	-2.32%	-2.07%
2026	2	1.52%	$49,508	-0.86%	1.40%	4.61%	5.89%	4.63%	2.47%	1.38%
2026	1	1.52%	$48,768	1.47%	6.49%	4.90%	8.02%	-0.03%	-0.23%	0.34%
2025	12	-0.21%	$48,039	0.08%	0.79%	2.72%	2.17%	-2.65%	-0.76%	-0.73%
2025	11	0.54%	$48,140	0.19%	2.87%	0.74%	-1.77%	0.27%	0.99%	0.93%
2025	10	1.53%	$47,879	2.38%	-0.35%	1.20%	3.56%	1.38%	0.71%	0.15%
2025	9	2.60%	$47,158	3.56%	1.42%	2.07%	7.10%	3.59%	0.65%	1.88%
2025	8	2.17%	$45,963	2.05%	8.62%	4.52%	2.68%	0.01%	1.64%	1.04%
2025	7	0.63%	$44,986	2.30%	1.38%	-2.09%	0.66%	-1.14%	-0.59%	-0.09%
2025	6	3.60%	$44,706	5.14%	4.37%	2.39%	6.99%	2.67%	1.60%	2.08%
2025	5	2.50%	$43,153	6.28%	4.27%	4.79%	4.02%	-3.21%	-1.24%	0.21%
2025	4	-0.29%	$42,101	-0.87%	-5.81%	3.70%	0.14%	-1.36%	1.05%	-0.27%
2025	3	-2.53%	$42,222	-5.57%	-6.39%	0.18%	1.13%	-1.21%	0.34%	-0.46%
2025	2	0.94%	$43,319	-1.27%	-5.40%	2.95%	1.15%	5.69%	2.80%	2.37%
2025	1	1.77%	$42,917	2.69%	1.71%	4.80%	2.15%	0.49%	0.62%	0.58%
2024	12	-2.99%	$42,170	-2.41%	-6.86%	-2.95%	-1.69%	-6.38%	-2.26%	-2.67%
2024	11	3.38%	$43,469	5.96%	10.77%	-0.32%	-2.68%	1.99%	1.02%	1.79%
2024	10	-2.58%	$42,046	-0.89%	-1.76%	-5.27%	-3.07%	-5.46%	-3.39%	-3.18%
2024	9	1.92%	$43,158	2.10%	0.93%	0.78%	5.74%	1.99%	1.38%	1.96%
2024	8	1.78%	$42,344	2.34%	-1.38%	3.26%	0.98%	2.11%	1.34%	1.87%
2024	7	2.63%	$41,603	1.21%	11.79%	2.59%	0.85%	3.64%	2.90%	2.64%
2024	6	1.88%	$40,539	3.53%	-2.70%	-1.81%	2.62%	1.81%	1.22%	0.59%
2024	5	3.54%	$39,789	5.06%	4.56%	5.06%	1.95%	2.88%	1.80%	2.21%
2024	4	-3.86%	$38,428	-4.03%	-6.50%	-3.24%	-0.22%	-6.45%	-3.13%	-3.24%
2024	3	2.16%	$39,969	3.27%	3.38%	3.38%	2.73%	0.78%	0.73%	1.54%
2024	2	1.62%	$39,123	5.22%	2.37%	2.99%	4.17%	-2.26%	-2.08%	-1.94%
2024	1	-0.11%	$38,498	1.59%	-5.45%	-0.45%	-4.53%	-2.25%	0.07%	-0.44%
2023	12	5.19%	$38,542	4.57%	13.35%	5.36%	3.60%	8.67%	3.77%	4.87%
2023	11	7.64%	$36,640	9.13%	9.07%	8.22%	7.79%	9.92%	4.55%	7.57%
2023	10	-2.74%	$34,039	-2.17%	-6.36%	-2.90%	-3.29%	-5.46%	-1.93%	-2.41%
2023	9	-4.46%	$34,999	-4.74%	-6.28%	-3.65%	-3.11%	-7.95%	-3.14%	-3.55%
2023	8	-2.03%	$36,632	-1.63%	-5.01%	-3.93%	-6.63%	-3.14%	-0.73%	-1.23%
2023	7	1.62%	$37,389	3.27%	6.03%	2.70%	6.04%	-2.54%	-0.65%	0.05%
2023	6	3.16%	$36,795	6.48%	8.49%	4.49%	4.40%	0.22%	-1.26%	0.81%
2023	5	-1.14%	$35,668	0.46%	-3.66%	-4.01%	-2.40%	-3.01%	-1.44%	-1.76%
2023	4	0.93%	$36,079	1.60%	-2.39%	2.94%	-0.84%	0.34%	0.81%	0.60%
2023	3	3.25%	$35,747	3.71%	-6.48%	3.13%	3.22%	4.84%	3.72%	3.85%
2023	2	-3.29%	$34,621	-2.51%	-1.73%	-3.07%	-7.57%	-4.85%	-3.27%	-4.17%
2023	1	6.12%	$35,801	6.29%	11.95%	9.00%	9.13%	7.64%	3.58%	5.16%
2022	12	-3.64%	$33,735	-5.76%	-6.49%	-1.82%	-2.65%	-2.63%	-1.49%	-1.56%
2022	11	5.98%	$35,011	5.56%	3.81%	13.17%	15.59%	7.15%	3.61%	6.65%
2022	10	3.13%	$33,036	8.13%	14.40%	5.89%	-1.98%	-5.97%	-1.46%	-0.75%
2022	9	-7.80%	$32,034	-9.24%	-10.41%	-9.22%	-11.54%	-8.23%	-4.73%	-5.98%
2022	8	-4.05%	$34,744	-4.08%	-4.16%	-6.12%	-1.33%	-4.56%	-3.85%	-4.43%
2022	7	5.71%	$36,209	9.21%	8.53%	5.17%	-0.35%	2.43%	2.96%	4.44%
2022	6	-5.02%	$34,252	-8.25%	-8.96%	-8.72%	-5.14%	-1.27%	-0.86%	-3.62%
2022	5	0.40%	$36,062	0.23%	2.32%	2.00%	0.61%	-2.25%	0.62%	1.86%
2022	4	-7.01%	$35,919	-8.78%	-6.38%	-6.74%	-6.14%	-9.42%	-4.23%	-6.70%
2022	3	-0.51%	$38,628	3.76%	0.50%	0.52%	-3.38%	-5.45%	-4.06%	-2.89%
2022	2	-1.81%	$38,828	-2.95%	2.28%	-3.43%	-4.32%	-1.63%	-0.30%	-2.13%
2022	1	-3.72%	$39,543	-5.27%	-4.40%	-3.63%	-0.02%	-3.91%	-2.11%	-3.59%
2021	12	2.00%	$41,070	4.63%	4.12%	4.41%	1.53%	-2.01%	-0.52%	-0.03%
2021	11	-0.29%	$40,263	-0.80%	-2.62%	-4.53%	-4.08%	2.77%	1.09%	-0.12%
2021	10	3.30%	$40,382	7.02%	2.86%	3.18%	1.07%	2.46%	-0.44%	0.53%
2021	9	-3.14%	$39,090	-4.66%	-1.46%	-3.26%	-3.87%	-2.91%	-1.60%	-1.51%
2021	8	1.27%	$40,356	2.98%	1.82%	1.45%	1.57%	-0.34%	-0.39%	-0.34%
2021	7	1.50%	$39,851	2.44%	-4.36%	0.77%	-6.44%	3.72%	1.99%	1.42%
2021	6	1.71%	$39,262	2.25%	-0.71%	-1.08%	0.95%	4.42%	1.02%	2.21%
2021	5	0.88%	$38,603	0.66%	3.89%	3.48%	1.65%	0.00%	0.43%	0.62%
2021	4	3.01%	$38,266	5.29%	1.69%	2.95%	1.20%	2.49%	1.00%	1.04%
2021	3	0.89%	$37,148	4.54%	5.61%	2.51%	-0.73%	-5.24%	-2.39%	-1.48%
2021	2	0.44%	$36,821	2.78%	10.80%	2.24%	0.79%	-5.73%	-2.36%	-2.26%
2021	1	-0.74%	$36,661	-1.02%	6.25%	-0.78%	3.17%	-3.63%	-1.09%	-1.83%
2020	12	2.29%	$36,935	3.71%	7.50%	5.02%	7.13%	-1.23%	-0.24%	0.15%
2020	11	6.96%	$36,107	10.88%	19.21%	14.27%	8.99%	1.66%	0.34%	3.77%
2020	10	-1.69%	$33,757	-2.49%	3.66%	-3.55%	1.41%	-3.39%	-1.38%	-0.51%
2020	9	-1.76%	$34,337	-3.74%	-5.18%	-2.05%	-1.01%	0.77%	0.33%	-0.44%
2020	8	2.56%	$34,953	6.98%	5.07%	4.72%	2.89%	-5.05%	-0.97%	-1.78%
2020	7	3.85%	$34,081	5.89%	2.58%	1.94%	8.25%	4.44%	0.85%	3.10%
2020	6	1.55%	$32,819	1.78%	3.58%	3.50%	6.61%	0.34%	0.04%	2.13%
2020	5	2.51%	$32,317	4.76%	2.55%	5.43%	2.97%	-1.76%	0.33%	2.46%
2020	4	6.90%	$31,527	12.70%	13.89%	5.82%	7.35%	1.22%	0.27%	4.85%
2020	3	-6.38%	$29,492	-12.46%	-25.76%	-14.11%	-15.77%	6.38%	3.72%	-6.31%
2020	2	-2.67%	$31,503	-7.92%	-10.15%	-7.77%	-3.78%	6.63%	2.96%	1.09%
2020	1	1.13%	$32,368	-0.04%	-6.31%	-2.82%	-6.15%	7.69%	3.47%	2.45%
2019	12	1.28%	$32,008	2.90%	2.84%	2.98%	7.71%	-3.20%	-0.93%	0.53%
2019	11	1.42%	$31,604	3.62%	2.71%	1.13%	-0.09%	-0.41%	-0.69%	0.47%
2019	10	1.34%	$31,162	2.21%	2.00%	3.39%	4.18%	-1.11%	0.19%	0.44%
2019	9	0.65%	$30,752	1.95%	5.57%	3.16%	1.69%	-2.68%	-1.19%	-0.76%
2019	8	1.24%	$30,552	-1.67%	-5.14%	-1.92%	-3.78%	11.04%	3.95%	3.88%
2019	7	0.49%	$30,177	1.51%	1.30%	-1.95%	-2.66%	0.26%	0.04%	0.25%
2019	6	4.41%	$30,029	6.96%	7.66%	5.91%	6.21%	0.95%	1.22%	3.25%
2019	5	-2.02%	$28,762	-6.38%	-9.98%	-5.03%	-7.33%	6.84%	3.05%	1.65%
2019	4	1.79%	$29,354	4.09%	4.32%	2.93%	2.35%	-1.99%	-0.52%	0.44%
2019	3	2.11%	$28,837	1.81%	-3.91%	0.92%	1.13%	5.57%	2.66%	2.93%
2019	2	1.26%	$28,240	3.24%	4.13%	2.54%	-1.53%	-1.38%	-0.52%	-0.20%
2019	1	5.09%	$27,889	8.01%	12.26%	6.63%	10.34%	0.38%	0.65%	3.37%
2018	12	-3.09%	$26,539	-8.79%	-12.38%	-5.35%	-3.50%	5.85%	2.80%	1.86%
2018	11	1.60%	$27,385	1.85%	0.57%	0.50%	4.90%	1.79%	1.33%	-0.36%
2018	10	-4.60%	$26,955	-6.91%	-9.94%	-8.13%	-8.76%	-2.93%	-0.30%	-2.05%
2018	9	-0.55%	$28,256	0.59%	-3.05%	0.97%	-0.58%	-2.86%	-1.20%	-0.14%
2018	8	1.57%	$28,412	3.19%	3.14%	-2.24%	-3.77%	1.31%	1.01%	0.02%
2018	7	1.70%	$27,972	3.70%	2.62%	2.85%	3.53%	-1.44%	-0.53%	1.34%
2018	6	0.06%	$27,503	0.58%	0.80%	-1.57%	-4.54%	0.65%	0.20%	-0.49%
2018	5	1.57%	$27,485	2.43%	5.87%	-1.89%	-2.62%	2.01%	0.99%	0.52%
2018	4	-0.43%	$27,061	0.52%	1.76%	1.52%	-2.82%	-2.09%	-1.28%	-1.57%
2018	3	-0.39%	$27,179	-2.74%	1.37%	-0.84%	0.54%	2.86%	1.16%	0.56%
2018	2	-2.89%	$27,284	-3.64%	-4.04%	-4.83%	-5.90%	-3.04%	-0.93%	-2.24%
2018	1	1.96%	$28,096	5.64%	1.33%	5.02%	8.30%	-3.26%	-2.15%	-1.23%
2017	12	1.01%	$27,555	1.21%	-0.37%	1.35%	3.77%	1.81%	0.18%	1.22%
2017	11	1.42%	$27,278	3.06%	3.76%	0.69%	-0.39%	0.74%	-0.28%	-0.12%
2017	10	1.17%	$26,898	2.36%	0.59%	1.68%	3.28%	-0.04%	-0.19%	0.19%
2017	9	0.70%	$26,586	2.01%	8.58%	2.36%	-0.04%	-2.32%	-1.44%	-0.05%
2017	8	0.90%	$26,401	0.29%	-2.72%	-0.04%	2.35%	3.41%	1.46%	0.68%
2017	7	1.37%	$26,166	2.06%	0.75%	2.65%	5.82%	-0.66%	0.38%	0.77%
2017	6	0.42%	$25,812	0.64%	2.96%	0.31%	0.93%	0.79%	-0.51%	0.48%
2017	5	1.27%	$25,705	1.41%	-2.26%	3.54%	2.85%	1.89%	0.83%	1.33%
2017	4	1.18%	$25,383	0.99%	0.51%	2.42%	1.70%	1.57%	1.11%	1.19%
2017	3	0.31%	$25,088	0.13%	-0.65%	3.23%	3.69%	-0.65%	0.08%	-0.29%
2017	2	2.23%	$25,011	3.93%	1.35%	1.19%	1.74%	1.59%	0.72%	1.32%
2017	1	1.30%	$24,466	1.79%	-1.21%	3.29%	6.66%	0.81%	0.22%	0.15%
2016	12	1.06%	$24,151	2.03%	3.20%	2.71%	-0.25%	-0.46%	-0.12%	0.84%
2016	11	-0.38%	$23,897	3.68%	13.34%	-1.78%	-4.42%	-8.21%	-4.23%	-3.17%
2016	10	-1.99%	$23,989	-1.73%	-3.74%	-2.22%	-0.83%	-4.38%	-1.49%	-1.53%
2016	9	0.15%	$24,477	0.01%	0.87%	1.34%	2.52%	-1.51%	0.24%	-0.32%
2016	8	-0.22%	$24,441	0.12%	1.13%	0.54%	0.90%	-1.01%	-1.01%	0.18%
2016	7	2.53%	$24,493	3.65%	5.06%	3.97%	5.37%	2.10%	0.24%	1.29%
2016	6	2.05%	$23,888	0.35%	0.83%	-2.42%	4.56%	6.93%	3.09%	3.09%
2016	5	0.54%	$23,408	1.70%	0.44%	-0.09%	-3.69%	0.81%	-0.10%	-0.51%
2016	4	0.36%	$23,283	0.39%	2.13%	2.22%	0.41%	-0.74%	-0.16%	1.55%
2016	3	4.31%	$23,200	6.72%	9.41%	6.58%	12.96%	-0.09%	-0.06%	3.62%
2016	2	0.67%	$22,242	-0.08%	2.08%	-3.33%	-0.82%	3.09%	1.49%	1.05%
2016	1	-1.27%	$22,094	-4.98%	-5.85%	-5.52%	-5.03%	5.57%	3.33%	0.12%
2015	12	-1.48%	$22,378	-1.72%	-5.08%	-2.34%	-3.83%	-0.30%	-0.45%	-1.08%
2015	11	-0.11%	$22,713	0.37%	2.47%	-0.75%	-2.52%	-0.87%	-0.43%	-0.15%
2015	10	4.19%	$22,739	8.51%	6.57%	6.61%	6.38%	-0.41%	-0.64%	0.57%
2015	9	-0.86%	$21,825	-2.54%	-3.77%	-4.42%	-3.02%	1.97%	1.58%	1.19%
2015	8	-3.58%	$22,013	-6.10%	-4.62%	-7.43%	-8.94%	-0.69%	0.08%	-0.83%
2015	7	1.49%	$22,831	2.26%	-2.70%	2.03%	-6.31%	4.55%	1.52%	0.83%
2015	6	-2.08%	$22,495	-2.03%	0.42%	-3.12%	-2.93%	-4.07%	-1.63%	-1.88%
2015	5	-0.06%	$22,971	1.29%	0.75%	0.20%	-4.10%	-2.37%	-0.42%	-1.12%
2015	4	0.24%	$22,984	0.98%	-1.82%	3.65%	6.85%	-3.43%	-0.63%	-1.19%
2015	3	-0.35%	$22,930	-1.57%	1.03%	-1.43%	-1.50%	1.10%	0.86%	0.20%
2015	2	1.67%	$23,010	5.62%	5.86%	6.34%	4.41%	-6.14%	-2.47%	-1.42%
2015	1	0.98%	$22,631	-2.96%	-5.32%	0.62%	-0.69%	9.82%	4.30%	3.75%
2014	12	-0.01%	$22,412	-0.26%	2.56%	-4.00%	-3.99%	3.25%	0.13%	-0.02%
2014	11	1.77%	$22,415	2.75%	0.48%	0.06%	-1.54%	2.97%	1.29%	0.91%
2014	10	2.17%	$22,024	2.36%	7.13%	-0.27%	1.42%	2.81%	1.53%	1.23%
2014	9	-2.05%	$21,557	-1.38%	-5.94%	-3.88%	-7.77%	-2.11%	-1.05%	-1.68%
2014	8	3.09%	$22,007	3.95%	4.46%	0.18%	2.83%	4.72%	1.88%	2.00%
2014	7	-0.88%	$21,348	-1.34%	-5.07%	-2.60%	1.36%	0.67%	-0.22%	-0.32%
2014	6	1.10%	$21,537	2.06%	3.85%	0.92%	2.40%	-0.25%	-0.22%	0.01%
2014	5	2.10%	$21,303	2.32%	0.62%	1.60%	2.95%	2.95%	1.82%	1.51%
2014	4	0.78%	$20,864	0.70%	-2.29%	1.67%	0.78%	2.10%	0.76%	1.33%
2014	3	0.47%	$20,702	0.83%	1.34%	-0.46%	3.88%	0.73%	-0.56%	-0.03%
2014	2	2.75%	$20,605	4.55%	4.63%	6.13%	3.38%	0.52%	0.36%	1.14%
2014	1	-0.65%	$20,053	-3.52%	-3.51%	-5.19%	-8.63%	6.30%	3.06%	1.88%
2013	12	0.39%	$20,184	2.59%	1.29%	2.15%	-0.44%	-1.87%	-2.09%	0.21%
2013	11	0.89%	$20,106	2.96%	4.25%	0.55%	-0.25%	-2.70%	-0.88%	-0.14%
2013	10	2.87%	$19,930	4.63%	3.48%	3.26%	4.17%	1.43%	0.78%	1.81%
2013	9	3.01%	$19,374	3.17%	6.59%	7.83%	7.19%	0.66%	1.85%	0.74%
2013	8	-2.21%	$18,807	-3.00%	-3.41%	-1.96%	-2.54%	-1.34%	-1.42%	-1.00%
2013	7	2.47%	$19,232	5.17%	6.56%	5.32%	1.32%	-2.26%	-0.35%	1.11%
2013	6	-2.19%	$18,769	-1.33%	-0.14%	-2.70%	-5.34%	-3.27%	-2.55%	-3.27%
2013	5	-0.99%	$19,189	2.36%	4.29%	-3.02%	-4.84%	-6.76%	-3.11%	-3.22%
2013	4	2.11%	$19,380	1.92%	0.12%	5.02%	1.22%	4.68%	1.52%	2.17%
2013	3	1.79%	$18,979	3.80%	4.11%	1.31%	-1.01%	-0.42%	0.29%	-0.05%
2013	2	0.93%	$18,646	1.28%	1.63%	-1.30%	-2.28%	1.24%	1.13%	1.08%
2013	1	1.73%	$18,474	5.12%	5.35%	3.73%	-0.30%	-3.19%	-1.29%	-1.30%
2012	12	0.56%	$18,160	0.90%	3.55%	4.37%	6.81%	-2.49%	-0.94%	-0.33%
2012	11	0.94%	$18,059	0.57%	1.65%	2.79%	1.54%	1.38%	0.98%	-0.42%
2012	10	-0.90%	$17,891	-1.82%	-1.96%	1.08%	-0.42%	-0.49%	-0.40%	1.35%
2012	9	1.27%	$18,053	2.54%	3.14%	2.71%	5.21%	-2.53%	-0.35%	1.10%
2012	8	1.23%	$17,825	2.51%	4.08%	3.20%	0.41%	-1.32%	-0.12%	-0.05%
2012	7	1.41%	$17,610	1.18%	-0.69%	0.08%	-0.04%	3.81%	1.40%	3.48%
2012	6	2.22%	$17,365	4.06%	4.54%	7.11%	5.10%	-1.68%	-0.42%	0.87%
2012	5	-2.08%	$16,988	-6.01%	-7.18%	-11.14%	-10.70%	9.03%	2.87%	0.76%
2012	4	0.73%	$17,348	-0.67%	-1.91%	-2.08%	-1.70%	4.83%	2.51%	1.08%
2012	3	0.34%	$17,223	3.22%	2.89%	0.42%	-3.12%	-4.23%	-1.59%	-1.42%
2012	2	1.83%	$17,166	4.34%	1.71%	4.83%	5.27%	-2.59%	-1.10%	1.63%
2012	1	3.41%	$16,858	4.64%	7.90%	5.27%	10.99%	-0.33%	0.86%	2.14%
2011	12	1.31%	$16,302	1.04%	2.02%	-2.21%	-4.30%	3.44%	1.99%	3.49%
2011	11	-0.13%	$16,092	-0.41%	0.63%	-2.18%	-1.97%	1.98%	0.58%	-3.16%
2011	10	5.82%	$16,112	10.91%	15.34%	9.63%	16.30%	-3.84%	-1.29%	2.51%
2011	9	-2.77%	$15,226	-6.94%	-10.57%	-10.81%	-17.91%	13.20%	2.24%	0.35%
2011	8	-1.15%	$15,661	-5.50%	-7.98%	-8.75%	-9.25%	9.66%	4.65%	0.34%
2011	7	0.39%	$15,843	-2.00%	-2.77%	-2.38%	-1.03%	4.41%	3.17%	2.43%
2011	6	-1.28%	$15,781	-1.69%	-1.59%	-1.19%	-0.93%	-2.33%	-0.51%	-0.80%
2011	5	0.35%	$15,986	-1.12%	-1.77%	-2.21%	-2.94%	3.42%	2.51%	1.27%
2011	4	2.54%	$15,930	2.90%	1.06%	5.63%	2.73%	2.34%	1.84%	2.50%
2011	3	0.24%	$15,536	0.01%	2.21%	-2.39%	6.29%	0.03%	-0.15%	-0.54%
2011	2	1.94%	$15,498	3.47%	4.21%	3.55%	-0.04%	1.65%	-0.21%	1.08%
2011	1	0.52%	$15,204	2.33%	-0.24%	2.10%	-3.85%	-3.08%	-0.02%	0.04%
2010	12	2.49%	$15,124	6.68%	8.97%	8.30%	7.27%	-3.68%	-3.42%	-0.75%
2010	11	-0.77%	$14,757	0.00%	2.47%	-4.82%	-2.91%	-1.69%	-0.90%	-1.62%
2010	10	1.62%	$14,872	3.82%	4.04%	3.81%	3.02%	-4.47%	-0.01%	-0.26%
2010	9	5.01%	$14,634	8.96%	10.93%	9.97%	11.76%	-2.51%	-0.00%	0.46%
2010	8	-0.58%	$13,936	-4.50%	-7.91%	-3.80%	-3.24%	8.40%	3.36%	2.86%
2010	7	4.49%	$14,018	6.83%	6.71%	11.61%	10.93%	-0.95%	0.91%	2.11%
2010	6	-1.02%	$13,416	-5.17%	-8.27%	-2.07%	-1.40%	5.80%	3.05%	3.28%
2010	5	-3.33%	$13,554	-7.95%	-8.54%	-11.19%	-9.39%	5.11%	2.93%	-1.31%
2010	4	1.73%	$14,022	1.55%	6.63%	-2.80%	-0.17%	3.32%	1.65%	1.91%
2010	3	3.08%	$13,783	6.09%	7.80%	6.39%	8.11%	-2.06%	-1.05%	0.65%
2010	2	1.68%	$13,371	3.12%	4.76%	0.27%	1.78%	-0.34%	0.32%	0.51%
2010	1	-1.19%	$13,150	-3.63%	-2.54%	-5.07%	-7.76%	2.69%	2.37%	1.25%
2009	12	-0.67%	$13,308	1.91%	8.10%	0.70%	3.27%	-6.34%	-4.40%	-2.07%
2009	11	4.03%	$13,397	6.16%	2.90%	3.92%	7.85%	1.21%	2.02%	1.95%
2009	10	-1.71%	$12,879	-1.92%	-6.07%	-2.52%	-3.44%	-2.62%	-0.14%	-0.49%
2009	9	3.00%	$13,102	3.55%	4.21%	3.80%	10.20%	2.46%	1.12%	1.76%
2009	8	2.33%	$12,720	3.69%	3.48%	4.50%	-1.31%	2.24%	0.77%	1.31%
2009	7	5.14%	$12,430	7.46%	11.00%	10.04%	11.01%	0.58%	0.83%	4.63%
2009	6	-0.08%	$11,822	-0.07%	1.52%	-1.43%	-2.25%	0.76%	-0.55%	2.89%
2009	5	2.96%	$11,832	5.85%	0.67%	13.19%	15.94%	-3.69%	-2.08%	2.32%
2009	4	4.94%	$11,491	9.93%	18.89%	11.52%	15.56%	-6.95%	-2.75%	2.78%
2009	3	6.41%	$10,951	8.35%	7.58%	8.39%	16.86%	4.04%	3.31%	0.47%
2009	2	-6.44%	$10,291	-10.74%	-13.03%	-10.39%	-6.27%	-1.54%	-0.74%	-5.20%
2009	1	-7.70%	$10,999	-8.21%	-13.94%	-13.73%	-9.29%	-13.07%	-3.89%	-1.80%
2008	12	5.27%	$11,917	0.98%	6.57%	8.88%	10.35%	13.64%	5.15%	13.80%
2008	11	-0.30%	$11,320	-6.96%	-11.80%	-6.37%	-9.75%	14.34%	7.75%	3.35%
2008	10	-10.49%	$11,354	-16.52%	-19.86%	-20.83%	-25.58%	-1.86%	-0.87%	-1.95%
2008	9	-5.76%	$12,685	-9.44%	-4.82%	-11.44%	-14.68%	1.47%	-0.14%	-10.73%
2008	8	1.07%	$13,461	1.55%	4.76%	-4.25%	-6.32%	2.74%	1.53%	0.15%
2008	7	-0.45%	$13,318	-0.90%	2.87%	-3.32%	-5.50%	-0.37%	0.72%	0.39%
2008	6	-4.14%	$13,379	-8.35%	-8.41%	-8.80%	-9.29%	2.65%	1.14%	-1.29%
2008	5	0.12%	$13,957	1.51%	3.92%	1.19%	3.16%	-2.70%	-1.78%	-2.21%
2008	4	1.87%	$13,941	4.77%	2.64%	5.44%	9.14%	-2.47%	-2.41%	1.25%
2008	3	0.10%	$13,685	-0.90%	0.83%	0.42%	-3.75%	2.14%	1.34%	-0.60%
2008	2	-0.87%	$13,672	-2.58%	-3.36%	-1.02%	1.99%	-0.46%	1.24%	-0.71%
2008	1	-2.12%	$13,792	-6.05%	-4.00%	-7.85%	-8.92%	2.10%	3.36%	2.57%
2007	12	-0.80%	$14,091	-1.13%	-0.71%	-2.99%	-1.43%	-0.64%	0.05%	-0.81%
2007	11	-0.69%	$14,204	-3.87%	-7.15%	-3.62%	-7.65%	5.35%	4.04%	1.02%
2007	10	1.95%	$14,303	1.36%	1.06%	4.25%	11.87%	1.81%	1.08%	0.97%
2007	9	2.49%	$14,029	3.87%	0.31%	5.32%	11.57%	0.23%	0.09%	0.73%
2007	8	1.58%	$13,688	1.28%	1.33%	-0.63%	1.04%	1.79%	2.26%	2.38%
2007	7	-0.69%	$13,475	-3.13%	-6.26%	-2.29%	0.70%	3.32%	2.26%	-0.82%
2007	6	-0.81%	$13,570	-1.46%	-2.24%	-0.32%	3.82%	-1.01%	-0.47%	-0.81%
2007	5	1.25%	$13,680	3.39%	4.63%	2.36%	4.93%	-2.31%	-1.39%	-1.23%
2007	4	2.56%	$13,510	4.43%	1.84%	3.80%	3.73%	0.90%	0.61%	0.89%
2007	3	0.72%	$13,173	1.16%	0.91%	2.80%	6.15%	-1.70%	-0.14%	-0.66%
2007	2	0.01%	$13,080	-1.96%	-0.92%	-0.08%	-3.98%	3.39%	2.06%	1.98%
2007	1	0.57%	$13,078	1.50%	2.14%	1.39%	0.11%	-1.00%	-0.40%	0.09%
2006	12	0.29%	$13,003	1.34%	0.32%	3.20%	5.44%	-2.69%	-1.28%	-0.89%
2006	11	2.06%	$12,965	1.99%	2.38%	3.07%	5.98%	2.31%	1.31%	1.41%
2006	10	2.41%	$12,704	3.15%	5.52%	3.75%	7.06%	0.87%	0.61%	1.05%
2006	9	1.68%	$12,405	2.70%	1.19%	0.22%	-0.87%	1.89%	1.13%	0.87%
2006	8	2.16%	$12,200	2.18%	2.70%	2.55%	1.58%	3.07%	1.76%	2.22%
2006	7	0.98%	$11,942	0.49%	-3.10%	0.81%	2.34%	2.15%	1.68%	1.46%
2006	6	0.28%	$11,826	0.23%	0.04%	-0.06%	0.21%	1.18%	0.23%	-0.09%
2006	5	-2.25%	$11,793	-3.01%	-4.55%	-3.82%	-11.14%	-0.19%	-0.10%	-0.19%
2006	4	0.61%	$12,064	1.26%	0.18%	4.79%	6.52%	-2.75%	-0.63%	-0.20%
2006	3	0.28%	$11,991	1.65%	4.86%	4.01%	2.17%	-4.57%	-1.36%	-1.68%
2006	2	0.13%	$11,958	0.57%	0.27%	-0.70%	-3.85%	1.11%	-0.10%	0.68%
2006	1	2.05%	$11,942	2.40%	8.75%	5.77%	14.20%	-1.34%	-0.70%	-0.44%
2005	12	1.18%	$11,703	-0.19%	-1.06%	5.18%	6.10%	2.98%	1.37%	0.86%
2005	11	2.71%	$11,566	4.40%	4.91%	2.31%	5.79%	0.69%	0.63%	0.66%
2005	10	-2.27%	$11,262	-2.37%	-3.41%	-3.18%	-6.34%	-2.24%	-1.24%	-1.58%
2005	9	-0.03%	$11,523	0.80%	0.05%	3.69%	8.65%	-3.61%	-1.75%	-1.86%
2005	8	0.80%	$11,527	-0.94%	-1.87%	3.84%	1.32%	3.48%	2.00%	1.50%
2005	7	1.34%	$11,435	3.83%	5.84%	3.00%	7.68%	-3.38%	-2.18%	-0.83%
2005	6	0.95%	$11,284	0.15%	3.92%	1.43%	3.97%	2.16%	0.48%	1.22%
2005	5	2.61%	$11,178	3.22%	6.16%	-0.86%	3.16%	3.14%	1.84%	0.62%
2005	4	0.06%	$10,893	-1.87%	-5.12%	-1.62%	-1.25%	3.86%	2.52%	1.62%
2005	3	-1.61%	$10,887	-1.83%	-2.36%	-2.62%	-7.91%	-0.45%	-0.40%	-1.26%
2005	2	1.06%	$11,065	2.09%	2.90%	3.78%	9.68%	-1.47%	-1.37%	-0.94%
2005	1	-0.51%	$10,949	-2.24%	-3.25%	-1.90%	-0.53%	3.57%	0.87%	1.23%
2004	12	2.45%	$11,006	3.02%	1.57%	4.80%	4.74%	2.66%	1.17%	1.39%
2004	11	2.16%	$10,743	4.45%	9.11%	6.08%	9.95%	-2.39%	-1.98%	-1.22%
2004	10	1.41%	$10,516	1.29%	0.95%	3.50%	2.85%	1.77%	0.99%	1.18%
2004	9	1.30%	$10,369	1.00%	4.69%	2.07%	6.98%	0.95%	0.32%	0.31%
2004	8	1.76%	$10,236	0.24%	0.24%	1.19%	3.53%	4.17%	2.83%	3.08%
2004	7	-1.34%	$10,059	-3.22%	-4.75%	-4.27%	-3.64%	1.53%	1.21%	1.56%
2004	6	1.54%	$10,195	1.85%	5.36%	3.35%	0.92%	1.06%	0.66%	0.13%
2004	5	0.67%	$10,041	1.71%	1.58%	1.14%	1.17%	-0.26%	-0.53%	-0.52%
2004	4	-3.73%	$9,974	-1.89%	-3.93%	-3.39%	-9.80%	-6.23%	-4.35%	-3.89%
2004	3	0.17%	$10,361	-1.32%	1.83%	0.07%	0.55%	1.41%	1.30%	0.99%
2004	2	1.77%	$10,343	1.36%	2.50%	2.30%	3.95%	2.28%	1.61%	1.51%
2004	1	1.63%	$10,163	1.98%	2.17%	1.13%	2.42%	1.86%	1.02%	1.22%

Drawdowns

Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Maximum Sharpe Ratio
Subprime Crisis	Nov 2007	Mar 2009	-28.05%
COVID-19 Start	Jan 2020	Mar 2020	-8.89%

Drawdowns for Maximum Sharpe Ratio

Drawdowns for Maximum Sharpe Ratio (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	-28.05%
2	Jan 2022	Sep 2022	9 months	Jul 2024	1 year 10 months	2 years 7 months	-22.00%
3	Feb 2020	Mar 2020	2 months	Jun 2020	3 months	5 months	-8.89%
4	Sep 2018	Dec 2018	4 months	Mar 2019	3 months	7 months	-6.59%
5	Mar 2015	Sep 2015	7 months	Mar 2016	6 months	1 year 1 month	-5.15%
6	Jun 2011	Sep 2011	4 months	Oct 2011	1 month	5 months	-4.75%
7	Mar 2026	Mar 2026	1 month	Apr 2026	1 month	2 months	-4.22%
8	Apr 2004	Apr 2004	1 month	Sep 2004	5 months	6 months	-3.73%
9	Feb 2018	Apr 2018	3 months	Aug 2018	4 months	7 months	-3.68%
10	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-3.42%
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
SPY	State Street SPDR S&P 500 ETF	10.83%	14.54%	32.31%	-36.81%	-50.80%	0.66	1.00
IJS	iShares S&P Small-Cap 600 Value ETF	9.05%	20.21%	39.34%	-29.39%	-54.13%	0.44	0.66
EFA	iShares MSCI EAFE ETF	6.63%	16.47%	31.55%	-41.04%	-57.38%	0.37	0.53
EEM	iShares MSCI Emerging Markets ETF	7.93%	20.77%	68.93%	-48.88%	-60.44%	0.39	0.59
TLT	iShares 20+ Year Treasury Bond ETF	2.96%	13.45%	33.96%	-31.24%	-47.61%	0.15	0.24
IEF	iShares 7-10 Year Treasury Bond ETF	3.01%	6.49%	17.91%	-15.16%	-23.15%	0.22	0.33
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	3.79%	7.82%	17.37%	-17.93%	-23.27%	0.29	0.43

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
State Street SPDR S&P 500 ETF	2.38%	12.71%	15.71%	22.76%	13.70%	15.24%	0.09%	0.09%
iShares S&P Small-Cap 600 Value ETF	-5.88%	13.77%	17.55%	14.63%	6.66%	9.17%	0.18%	0.18%
iShares MSCI EAFE ETF	0.01%	9.89%	15.07%	18.32%	9.31%	8.97%	0.32%	0.32%
iShares MSCI Emerging Markets ETF	-2.37%	22.69%	27.51%	23.65%	8.33%	8.31%	0.72%	0.72%
iShares 20+ Year Treasury Bond ETF	-8.95%	-8.01%	-8.97%	-0.15%	-8.46%	-2.81%	0.15%	0.15%
iShares 7-10 Year Treasury Bond ETF	-4.58%	-4.63%	-3.74%	2.89%	-2.06%	0.09%	0.15%	0.15%
iShares iBoxx $ Invmt Grade Corp Bd ETF	-5.18%	-4.35%	-4.03%	4.64%	-1.27%	1.70%	0.14%	0.14%
Trailing returns as of last calendar month ending September 2026

Monthly Correlations

Correlations for the portfolio assets
Ticker	Name	SPY	IJS	EFA	EEM	TLT	IEF	LQD	Maximum Sharpe Ratio
SPY	State Street SPDR S&P 500 ETF	1.00	0.84	0.86	0.74	-0.08	-0.07	0.43	0.91
IJS	iShares S&P Small-Cap 600 Value ETF	0.84	1.00	0.75	0.66	-0.15	-0.14	0.34	0.78
EFA	iShares MSCI EAFE ETF	0.86	0.75	1.00	0.85	-0.04	0.00	0.49	0.86
EEM	iShares MSCI Emerging Markets ETF	0.74	0.66	0.85	1.00	-0.05	-0.02	0.43	0.76
TLT	iShares 20+ Year Treasury Bond ETF	-0.08	-0.15	-0.04	-0.05	1.00	0.92	0.64	0.30
IEF	iShares 7-10 Year Treasury Bond ETF	-0.07	-0.14	0.00	-0.02	0.92	1.00	0.66	0.32
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	0.43	0.34	0.49	0.43	0.64	0.66	1.00	0.70

Portfolio Return Decomposition

Portfolio return decomposition
Ticker	Name	Maximum Sharpe Ratio
SPY	State Street SPDR S&P 500 ETF	$28,267
IJS	iShares S&P Small-Cap 600 Value ETF	$3,068
EFA	iShares MSCI EAFE ETF	$2,222
EEM	iShares MSCI Emerging Markets ETF	$2,464
TLT	iShares 20+ Year Treasury Bond ETF	$604
IEF	iShares 7-10 Year Treasury Bond ETF	$2,994
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	$762
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	Maximum Sharpe Ratio
SPY	State Street SPDR S&P 500 ETF	59.49%
IJS	iShares S&P Small-Cap 600 Value ETF	9.13%
EFA	iShares MSCI EAFE ETF	7.91%
EEM	iShares MSCI Emerging Markets ETF	8.90%
TLT	iShares 20+ Year Treasury Bond ETF	4.43%
IEF	iShares 7-10 Year Treasury Bond ETF	7.06%
LQD	iShares iBoxx $ Invmt Grade Corp Bd ETF	3.08%
Risk attribution decomposes portfolio risk into its constituent parts and identifies the contribution to overall volatility by each of the assets.

Annual Asset Returns

Rolling Returns

Rolling returns summary
Roll Period	Average	High	Low
1 year	7.87%	29.93%	-24.73%
3 years	7.24%	18.59%	-4.88%
5 years	7.12%	14.89%	-0.10%
7 years	7.59%	11.64%	5.13%
10 years	7.65%	10.62%	5.50%
15 years	7.62%	9.31%	5.66%

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years

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. Other investments not considered may have characteristics similar or superior to those being analyzed.
Refer to the related documentation sections for more details on terms and definitions, methodology, and data sources.
Portfolio optimization is a process of choosing the proportions of various assets to be held in a portfolio in such a way as to make the portfolio better than any other combination according to the selected objective function such as maximizing risk-adjusted return. 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.
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.
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.
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.
Risk-free returns are calculated based on U.S. 3-Month Treasury Bill Rate.
Inflation is calculated based on U.S. Consumer Price Index.
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.
Invesco QQQ is a paid sponsor of the SRL Analytics Tool, Portfolio Visualizer. The model portfolios are for illustrative purposes only and do not constitute a recommendation or suitability for any investor. Inveso is not affiliated with SRL Global.
Allocation constraints are only applied to the optimized portfolio, not to compared allocations and benchmarks.
The annual results for 2026 are based on full calendar months from January to September.
The optimization results assume monthly rebalancing of portfolio assets to match the specified allocation.

Portfolio Optimization

Portfolio Optimization Overview

Portfolio Optimization Results (Jan 2004 - Sep 2026) Save

Maximum Sharpe Ratio

Performance Summary

Portfolio Growth

Annual Returns

Trailing Returns

Efficient Frontier Assets

Asset Correlations

Efficient Frontier

Efficient Frontier Portfolios

Risk and Return Metrics

Annual Returns

Monthly Returns

Drawdowns

Historical Market Stress Periods

Drawdowns for Maximum Sharpe Ratio

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

Notes and Disclosures