Portfolio Optimization

This portfolio optimizer tool supports the following portfolio optimization strategies:

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.

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Asset Groups
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Portfolio Optimization Results (Jan 2006 - Jan 2020)

Portfolio optimization results with goal to maximize return subject to 10.00% targeted annual volatility. The possible range of expected annual portfolio returns for the given period is 7.12% to 10.72%. Refer to the efficient frontier section for additional details.

Portfolio Allocations

Maximum Return at 10.00% Volatility
Ticker Name Allocation
VTI Vanguard Total Stock Market ETF 63.18%
TLT iShares 20+ Year Treasury Bond ETF 14.74%
GLD SPDR Gold Shares 22.08%
Save portfolio »
Equal Weighted
Ticker Name Allocation
VTI Vanguard Total Stock Market ETF 12.50%
IJS iShares S&P Small-Cap 600 Value ETF 12.50%
EFA iShares MSCI EAFE ETF 12.50%
EEM iShares MSCI Emerging Markets ETF 12.50%
VNQ Vanguard Real Estate ETF 12.50%
TLT iShares 20+ Year Treasury Bond ETF 12.50%
LQD iShares iBoxx $ Invmt Grade Corp Bd ETF 12.50%
GLD SPDR Gold Shares 12.50%
Save portfolio »

Portfolio Performance Summary

Portfolio performance statistics
MetricMaximum Return at 10.00% VolatilityEqual Weighted
Start Balance$10,000$10,000
End Balance$34,998$28,213
CAGR9.30%7.64%
Expected Return 9.84% 8.35%
Stdev9.88%11.46%
Best Year25.87%23.38%
Worst Year-19.84%-21.23%
Max. Drawdown -30.51% -36.98%
Sharpe Ratio (ex-ante)0.880.63
Sharpe Ratio (ex-post)0.830.60
Sortino Ratio1.290.90
US Stock Market Correlation0.880.86
   
Notes on results:
  • Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
  • Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
  • All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
  • 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 information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
  • The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities.
  • The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
  • The annual results for 2020 are based on full calendar months from January to January
  • 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
#AssetCAGRExpected Return*Standard DeviationSharpe Ratio*Min. WeightMax. Weight
1Vanguard Total Stock Market ETF (VTI)9.28%10.45%14.56%0.6360.00%100.00%
2iShares S&P Small-Cap 600 Value ETF (IJS)7.90%9.89%19.12%0.4550.00%100.00%
3iShares MSCI EAFE ETF (EFA)3.87%5.42%17.13%0.2470.00%100.00%
4iShares MSCI Emerging Markets ETF (EEM)4.61%7.22%22.21%0.2720.00%100.00%
5Vanguard Real Estate ETF (VNQ)7.85%10.72%22.64%0.4210.00%100.00%
6iShares 20+ Year Treasury Bond ETF (TLT)6.79%7.73%13.46%0.4870.00%100.00%
7iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)5.74%6.01%7.20%0.6700.00%100.00%
8SPDR Gold Shares (GLD)7.84%9.52%17.71%0.4710.00%100.00%
*Expected return is annualized from historical monthly mean return. Ex ante Sharpe Ratio calculated using historical 3-month treasury bill returns as the risk-free rate (1.18% annualized).

Monthly Correlations

Efficient Frontier Asset Correlations
NameTickerVTIIJSEFAEEMVNQTLTLQDGLD
Vanguard Total Stock Market ETFVTI1.000.910.890.790.72-0.330.270.03
iShares S&P Small-Cap 600 Value ETFIJS0.911.000.760.690.73-0.360.18-0.02
iShares MSCI EAFE ETFEFA0.890.761.000.880.67-0.250.370.15
iShares MSCI Emerging Markets ETFEEM0.790.690.881.000.59-0.240.340.29
Vanguard Real Estate ETFVNQ0.720.730.670.591.000.010.430.09
iShares 20+ Year Treasury Bond ETFTLT-0.33-0.36-0.25-0.240.011.000.520.22
iShares iBoxx $ Invmt Grade Corp Bd ETFLQD0.270.180.370.340.430.521.000.26
SPDR Gold SharesGLD0.03-0.020.150.290.090.220.261.00
Based on monthly returns from Jan 2006 to Jan 2020
Efficient Frontier Assets
#VTIIJSEFAEEMVNQTLTLQDGLDExpected Return*Standard Deviation*Sharpe Ratio*
116.51%0.00%0.00%0.00%0.00%11.54%66.50%5.45%7.12%6.84%0.868
217.03%0.00%0.00%0.00%0.00%12.05%65.34%5.58%7.15%6.84%0.873
317.54%0.00%0.00%0.00%0.00%12.57%64.19%5.70%7.19%6.84%0.878
418.05%0.00%0.00%0.00%0.00%13.08%63.04%5.83%7.23%6.84%0.883
518.56%0.00%0.00%0.00%0.00%13.60%61.89%5.95%7.26%6.84%0.888
619.08%0.00%0.00%0.00%0.00%14.11%60.73%6.08%7.30%6.85%0.893
719.59%0.00%0.00%0.00%0.00%14.63%59.58%6.21%7.33%6.85%0.898
820.10%0.00%0.00%0.00%0.00%15.14%58.43%6.33%7.37%6.86%0.902
920.61%0.00%0.00%0.00%0.00%15.65%57.27%6.46%7.40%6.86%0.907
1021.13%0.00%0.00%0.00%0.00%16.17%56.12%6.58%7.44%6.87%0.911
1121.64%0.00%0.00%0.00%0.00%16.68%54.97%6.71%7.48%6.87%0.916
1222.15%0.00%0.00%0.00%0.00%17.20%53.82%6.84%7.51%6.88%0.920
1322.66%0.00%0.00%0.00%0.00%17.71%52.66%6.96%7.55%6.89%0.924
1423.18%0.00%0.00%0.00%0.00%18.23%51.51%7.09%7.58%6.90%0.928
1523.69%0.00%0.00%0.00%0.00%18.74%50.36%7.21%7.62%6.91%0.932
1624.20%0.00%0.00%0.00%0.00%19.25%49.21%7.34%7.66%6.92%0.936
1724.71%0.00%0.00%0.00%0.00%19.77%48.05%7.46%7.69%6.93%0.940
1825.23%0.00%0.00%0.00%0.00%20.28%46.90%7.59%7.73%6.94%0.943
1925.74%0.00%0.00%0.00%0.00%20.80%45.75%7.72%7.76%6.95%0.947
2026.25%0.00%0.00%0.00%0.00%21.31%44.59%7.84%7.80%6.96%0.950
2126.76%0.00%0.00%0.00%0.00%21.83%43.44%7.97%7.84%6.98%0.953
2227.28%0.00%0.00%0.00%0.00%22.34%42.29%8.09%7.87%6.99%0.957
2327.79%0.00%0.00%0.00%0.00%22.85%41.14%8.22%7.91%7.01%0.960
2428.30%0.00%0.00%0.00%0.00%23.37%39.98%8.35%7.95%7.02%0.963
2528.82%0.00%0.00%0.00%0.00%23.88%38.83%8.47%7.98%7.04%0.966
2629.33%0.00%0.00%0.00%0.00%24.40%37.68%8.60%8.02%7.06%0.969
2729.84%0.00%0.00%0.00%0.00%24.91%36.52%8.72%8.05%7.07%0.971
2830.35%0.00%0.00%0.00%0.00%25.43%35.37%8.85%8.09%7.09%0.974
2930.87%0.00%0.00%0.00%0.00%25.94%34.22%8.98%8.13%7.11%0.976
3031.38%0.00%0.00%0.00%0.00%26.45%33.07%9.10%8.16%7.13%0.979
3131.89%0.00%0.00%0.00%0.00%26.97%31.91%9.23%8.20%7.15%0.981
3232.40%0.00%0.00%0.00%0.00%27.48%30.76%9.35%8.23%7.17%0.983
3332.92%0.00%0.00%0.00%0.00%28.00%29.61%9.48%8.27%7.19%0.986
3433.43%0.00%0.00%0.00%0.00%28.51%28.45%9.60%8.31%7.21%0.988
3533.94%0.00%0.00%0.00%0.00%29.03%27.30%9.73%8.34%7.24%0.990
3634.45%0.00%0.00%0.00%0.00%29.54%26.15%9.86%8.38%7.26%0.991
3734.97%0.00%0.00%0.00%0.00%30.05%25.00%9.98%8.42%7.28%0.993
3835.48%0.00%0.00%0.00%0.00%30.57%23.84%10.11%8.45%7.31%0.995
3935.99%0.00%0.00%0.00%0.00%31.08%22.69%10.23%8.49%7.33%0.996
4036.50%0.00%0.00%0.00%0.00%31.60%21.54%10.36%8.52%7.36%0.998
4137.02%0.00%0.00%0.00%0.00%32.11%20.39%10.49%8.56%7.38%0.999
4237.53%0.00%0.00%0.00%0.00%32.63%19.23%10.61%8.60%7.41%1.001
4338.04%0.00%0.00%0.00%0.00%33.14%18.08%10.74%8.63%7.44%1.002
4438.55%0.00%0.00%0.00%0.00%33.65%16.93%10.86%8.67%7.46%1.003
4539.07%0.00%0.00%0.00%0.00%34.17%15.77%10.99%8.71%7.49%1.004
4639.58%0.00%0.00%0.00%0.00%34.68%14.62%11.12%8.74%7.52%1.005
4740.09%0.00%0.00%0.00%0.00%35.20%13.47%11.24%8.78%7.55%1.006
4840.61%0.00%0.00%0.00%0.00%35.71%12.32%11.37%8.81%7.58%1.007
4941.12%0.00%0.00%0.00%0.00%36.23%11.16%11.49%8.85%7.61%1.008
5041.63%0.00%0.00%0.00%0.00%36.74%10.01%11.62%8.89%7.64%1.008
5142.14%0.00%0.00%0.00%0.00%37.25%8.86%11.75%8.92%7.67%1.009
5242.66%0.00%0.00%0.00%0.00%37.77%7.70%11.87%8.96%7.70%1.010
5343.17%0.00%0.00%0.00%0.00%38.28%6.55%12.00%9.00%7.74%1.010
5443.68%0.00%0.00%0.00%0.00%38.80%5.40%12.12%9.03%7.77%1.010
5544.19%0.00%0.00%0.00%0.00%39.31%4.25%12.25%9.07%7.80%1.011
5644.71%0.00%0.00%0.00%0.00%39.83%3.09%12.37%9.11%7.84%1.011
5745.22%0.00%0.00%0.00%0.00%40.34%1.94%12.50%9.14%7.87%1.011
5845.73%0.00%0.00%0.00%0.00%40.85%0.79%12.63%9.18%7.90%1.012
5946.39%0.00%0.00%0.00%0.00%40.72%0.00%12.88%9.22%7.94%1.012
6047.38%0.00%0.00%0.00%0.00%39.19%0.00%13.42%9.25%7.98%1.011
6148.37%0.00%0.00%0.00%0.00%37.66%0.00%13.97%9.29%8.04%1.008
6249.36%0.00%0.00%0.00%0.00%36.14%0.00%14.51%9.33%8.10%1.005
6350.34%0.00%0.00%0.00%0.00%34.61%0.00%15.05%9.36%8.17%1.000
6451.33%0.00%0.00%0.00%0.00%33.08%0.00%15.59%9.40%8.26%0.995
6552.32%0.00%0.00%0.00%0.00%31.55%0.00%16.13%9.43%8.35%0.988
6653.31%0.00%0.00%0.00%0.00%30.02%0.00%16.67%9.47%8.45%0.981
6754.30%0.00%0.00%0.00%0.00%28.50%0.00%17.21%9.51%8.56%0.972
6855.28%0.00%0.00%0.00%0.00%26.97%0.00%17.75%9.54%8.68%0.963
6956.27%0.00%0.00%0.00%0.00%25.44%0.00%18.29%9.58%8.81%0.954
7057.26%0.00%0.00%0.00%0.00%23.91%0.00%18.83%9.62%8.94%0.943
7158.25%0.00%0.00%0.00%0.00%22.38%0.00%19.37%9.65%9.08%0.933
7259.23%0.00%0.00%0.00%0.00%20.85%0.00%19.91%9.69%9.23%0.922
7360.22%0.00%0.00%0.00%0.00%19.33%0.00%20.45%9.73%9.38%0.910
7461.21%0.00%0.00%0.00%0.00%17.80%0.00%21.00%9.76%9.54%0.899
7562.20%0.00%0.00%0.00%0.00%16.27%0.00%21.54%9.80%9.71%0.887
7663.18%0.00%0.00%0.00%0.00%14.74%0.00%22.08%9.84%9.88%0.875
7764.17%0.00%0.00%0.00%0.00%13.21%0.00%22.62%9.87%10.06%0.864
7865.16%0.00%0.00%0.00%0.00%11.68%0.00%23.16%9.91%10.25%0.852
7966.15%0.00%0.00%0.00%0.00%10.16%0.00%23.70%9.95%10.43%0.840
8067.13%0.00%0.00%0.00%0.00%8.63%0.00%24.24%9.98%10.63%0.828
8168.12%0.00%0.00%0.00%0.00%7.10%0.00%24.78%10.02%10.82%0.817
8269.11%0.00%0.00%0.00%0.00%5.57%0.00%25.32%10.06%11.02%0.805
8370.10%0.00%0.00%0.00%0.00%4.04%0.00%25.86%10.09%11.23%0.794
8471.08%0.00%0.00%0.00%0.00%2.51%0.00%26.40%10.13%11.44%0.782
8572.07%0.00%0.00%0.00%0.00%0.99%0.00%26.94%10.17%11.65%0.771
8674.11%0.00%0.00%0.00%0.00%0.00%0.00%25.89%10.21%11.87%0.760
8777.87%0.00%0.00%0.00%0.14%0.00%0.00%21.99%10.24%12.14%0.746
8879.19%0.00%0.00%0.00%2.16%0.00%0.00%18.64%10.28%12.46%0.730
8980.52%0.00%0.00%0.00%4.19%0.00%0.00%15.29%10.32%12.82%0.712
9081.85%0.00%0.00%0.00%6.21%0.00%0.00%11.94%10.35%13.23%0.693
9183.18%0.00%0.00%0.00%8.23%0.00%0.00%8.59%10.39%13.67%0.673
9284.50%0.00%0.00%0.00%10.25%0.00%0.00%5.24%10.43%14.14%0.653
9385.83%0.00%0.00%0.00%12.27%0.00%0.00%1.89%10.46%14.65%0.633
9480.74%0.00%0.00%0.00%19.26%0.00%0.00%0.00%10.50%15.21%0.613
9567.28%0.00%0.00%0.00%32.72%0.00%0.00%0.00%10.54%15.99%0.585
9653.83%0.00%0.00%0.00%46.17%0.00%0.00%0.00%10.57%17.00%0.552
9740.37%0.00%0.00%0.00%59.63%0.00%0.00%0.00%10.61%18.21%0.518
9826.92%0.00%0.00%0.00%73.08%0.00%0.00%0.00%10.65%19.57%0.484
9913.46%0.00%0.00%0.00%86.54%0.00%0.00%0.00%10.68%21.06%0.451
1000.00%0.00%0.00%0.00%100.00%0.00%0.00%0.00%10.72%22.64%0.421
*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 (1.18% annualized).
Annual returns for the configured portfolios
YearInflationReturnBalanceVanguard Total Stock Market ETF (VTI)iShares 20+ Year Treasury Bond ETF (TLT)SPDR Gold Shares (GLD)iShares S&P Small-Cap 600 Value ETF (IJS)iShares MSCI EAFE ETF (EFA)iShares MSCI Emerging Markets ETF (EEM)Vanguard Real Estate ETF (VNQ)iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)
Maximum Return at 10.00% VolatilityEqual WeightedMaximum Return at 10.00% VolatilityEqual Weighted
20062.54%15.19%19.39%$11,519$11,93915.69%0.71%22.55%19.37%25.81%31.19%35.30%4.22%
20074.08%11.54%8.39%$12,849$12,9415.37%10.29%30.45%-5.56%9.94%33.31%-16.50%3.73%
20080.09%-19.84%-21.23%$10,300$10,194-36.98%33.93%4.92%-29.39%-41.04%-48.88%-37.00%2.40%
20092.72%20.05%23.38%$12,364$12,57728.89%-21.80%24.03%22.36%26.95%68.93%30.08%8.46%
20101.50%19.69%18.79%$14,798$14,94117.42%9.05%29.27%24.69%8.15%16.51%28.37%9.33%
20112.96%8.41%4.04%$16,043$15,5450.97%33.96%9.57%-1.65%-12.25%-18.82%8.62%9.73%
20121.74%12.55%14.22%$18,057$17,75616.45%2.63%6.60%18.24%18.82%19.10%17.63%10.58%
20131.50%9.88%4.45%$19,841$18,54633.45%-13.37%-28.33%39.34%21.40%-3.69%2.31%-2.00%
20140.76%11.36%8.88%$22,096$20,19312.54%27.30%-2.19%7.56%-6.20%-3.93%30.36%8.21%
20150.73%-1.89%-3.92%$21,677$19,4010.36%-1.79%-10.67%-6.90%-1.00%-16.18%2.42%-1.25%
20162.07%10.71%10.46%$23,999$21,43112.83%1.18%8.03%31.25%1.37%10.87%8.60%6.21%
20172.11%17.59%15.92%$28,222$24,84221.21%9.18%12.81%11.35%25.10%37.28%4.91%7.06%
20181.91%-3.49%-7.18%$27,236$23,059-5.21%-1.61%-1.94%-12.84%-13.81%-15.31%-6.02%-3.79%
20192.29%25.87%22.27%$34,282$28,19530.67%14.12%17.86%24.12%22.03%18.20%28.87%17.37%
20200.00%2.09%0.07%$34,998$28,213-0.06%7.69%4.50%-6.31%-2.82%-6.15%1.23%2.45%
Annual returns for 2020 are based on partial year data
Monthly returns for the configured portfolios
YearMonthReturnBalanceVanguard Total Stock Market ETF (VTI)iShares 20+ Year Treasury Bond ETF (TLT)SPDR Gold Shares (GLD)iShares S&P Small-Cap 600 Value ETF (IJS)iShares MSCI EAFE ETF (EFA)iShares MSCI Emerging Markets ETF (EEM)Vanguard Real Estate ETF (VNQ)iShares iBoxx $ Invmt Grade Corp Bd ETF (LQD)
Maximum Return at 10.00% VolatilityEqual WeightedMaximum Return at 10.00% VolatilityEqual Weighted
200614.03%5.95%$10,403$10,5953.22%-1.34%9.93%8.75%5.77%14.20%7.54%-0.44%
200620.06%-0.19%$10,409$10,5750.22%1.11%-1.11%0.27%-0.70%-3.85%1.86%0.68%
200631.42%1.90%$10,557$10,7762.05%-4.57%3.62%4.86%4.01%2.17%4.73%-1.68%
200642.85%2.26%$10,858$11,0200.96%-2.75%12.03%0.18%4.79%6.52%-3.40%-0.20%
20065-2.36%-3.39%$10,602$10,646-3.22%-0.19%-1.32%-4.55%-3.82%-11.14%-2.70%-0.19%
20066-0.78%0.21%$10,520$10,6690.13%1.18%-4.67%0.04%-0.06%0.21%4.95%-0.09%
200670.94%1.33%$10,619$10,810-0.12%2.16%3.15%-3.10%0.81%2.34%3.89%1.46%
200681.60%2.07%$10,789$11,0332.30%3.06%-1.38%2.70%2.55%1.58%3.48%2.22%
200690.71%0.38%$10,865$11,0752.26%1.91%-4.53%1.19%0.22%-0.87%1.96%0.87%
2006102.64%3.63%$11,152$11,4773.53%0.85%1.29%5.52%3.75%7.06%6.03%1.00%
2006113.33%3.65%$11,524$11,8962.33%2.31%6.89%2.38%3.07%5.98%4.78%1.46%
200612-0.04%0.36%$11,519$11,9391.20%-2.69%-1.83%0.32%3.20%5.44%-1.83%-0.90%
200711.60%1.99%$11,703$12,1771.86%-1.00%2.56%2.14%1.39%0.11%8.78%0.09%
200720.04%-0.08%$11,707$12,167-1.62%3.39%2.55%-0.92%-0.12%-3.24%-2.70%2.00%
200730.21%0.59%$11,732$12,2381.12%-1.70%-1.11%0.91%2.90%5.33%-2.07%-0.68%
200743.13%2.13%$12,099$12,4994.02%0.90%2.05%1.84%3.75%3.73%-0.13%0.89%
200751.50%1.19%$12,280$12,6493.72%-2.31%-2.31%4.63%2.36%5.06%-0.38%-1.23%
20076-1.69%-1.67%$12,073$12,437-1.76%-1.01%-1.94%-2.24%-0.32%3.68%-8.99%-0.81%
20077-1.22%-1.85%$11,925$12,207-3.53%3.32%2.37%-6.26%-2.29%0.71%-8.26%-0.82%
200781.44%1.90%$12,097$12,4401.47%1.79%1.11%1.33%-0.63%1.04%6.74%2.38%
200794.78%4.55%$12,676$13,0063.85%0.23%10.51%0.31%5.32%11.57%3.90%0.73%
2007102.93%3.85%$13,048$13,5071.79%1.81%6.95%1.06%4.25%11.87%2.10%0.97%
200711-2.43%-3.46%$12,730$13,039-4.52%5.35%-1.65%-7.15%-3.62%-7.65%-9.47%1.02%
2007120.93%-0.75%$12,849$12,941-0.70%-0.64%6.65%-0.71%-2.99%-1.43%-5.41%-0.81%
20081-1.19%-1.53%$12,695$12,743-6.17%2.10%10.84%-4.00%-7.85%-8.92%-0.78%2.57%
20082-0.49%-0.50%$12,633$12,680-2.50%-0.46%5.23%-3.36%-1.02%1.99%-3.18%-0.71%
20083-1.57%-0.17%$12,434$12,658-0.90%2.14%-6.00%0.83%0.42%-3.75%6.48%-0.60%
200841.80%2.89%$12,659$13,0234.89%-2.48%-4.16%2.64%5.44%9.14%6.38%1.25%
200851.08%0.76%$12,795$13,1222.02%-2.69%0.92%3.92%1.19%3.16%-0.21%-2.21%
20086-3.74%-4.92%$12,317$12,477-8.12%2.65%4.52%-8.41%-8.80%-9.29%-10.62%-1.29%
20087-0.77%-0.61%$12,222$12,401-0.62%-0.37%-1.44%2.87%-3.32%-5.50%3.12%0.39%
20088-0.73%-1.05%$12,134$12,2711.46%2.74%-9.29%4.76%-4.25%-6.32%2.37%0.15%
20089-4.71%-5.68%$11,562$11,574-9.24%1.47%4.11%-4.82%-11.44%-14.68%-0.11%-10.73%
200810-14.88%-16.93%$9,841$9,615-17.48%-1.86%-16.14%-19.86%-20.83%-25.58%-31.73%-1.95%
200811-0.17%-3.55%$9,824$9,273-8.01%14.34%12.57%-11.80%-6.37%-9.75%-22.72%3.35%
2008124.84%9.93%$10,300$10,1941.78%13.64%7.73%6.57%8.88%10.35%16.67%13.80%
20091-5.79%-8.98%$9,703$9,278-8.05%-13.07%5.54%-13.94%-13.73%-9.29%-17.53%-1.80%
20092-6.56%-8.25%$9,067$8,512-10.53%-1.54%1.45%-13.03%-10.39%-6.27%-20.53%-5.20%
200935.26%5.84%$9,544$9,0098.26%4.04%-2.54%7.58%8.39%16.86%3.61%0.47%
200945.18%10.02%$10,038$9,91110.99%-6.95%-3.33%18.89%11.52%15.56%30.68%2.78%
200955.17%5.84%$10,557$10,4915.46%-3.69%10.23%0.67%13.19%15.94%2.62%2.32%
20096-0.81%-0.82%$10,471$10,4040.36%0.76%-5.22%1.52%-1.43%-2.25%-3.23%2.89%
200975.50%7.27%$11,047$11,1607.74%0.58%2.38%11.00%10.04%11.01%10.77%4.63%
200982.69%3.54%$11,344$11,5553.71%2.24%0.05%3.48%4.50%-1.31%14.32%1.31%
200994.27%4.88%$11,828$12,1194.14%2.46%5.84%4.21%3.80%10.20%6.63%1.76%
200910-1.23%-2.32%$11,683$11,838-2.63%-2.62%3.72%-6.07%-2.52%-3.44%-4.46%-0.49%
2009116.60%5.36%$12,454$12,4735.69%1.21%12.79%2.90%3.92%7.85%6.57%1.95%
200912-0.72%0.84%$12,364$12,5772.86%-6.34%-7.20%8.10%0.70%3.27%7.37%-2.07%
20101-2.13%-2.72%$12,100$12,235-3.57%2.69%-1.26%-2.54%-5.07%-7.76%-5.52%1.25%
201022.85%2.41%$12,445$12,5303.44%-0.34%3.27%4.76%0.27%1.78%5.58%0.51%
201033.64%4.63%$12,898$13,1106.40%-2.06%-0.44%7.80%6.39%8.11%10.18%0.65%
201043.17%3.01%$13,306$13,5052.18%3.32%5.88%6.63%-2.80%-0.17%7.15%1.91%
20105-3.55%-4.44%$12,834$12,906-7.88%5.11%3.05%-8.54%-11.19%-9.39%-5.33%-1.31%
20106-2.31%-1.42%$12,537$12,723-5.83%5.80%2.36%-8.27%-2.07%-1.40%-5.19%3.28%
201073.17%5.24%$12,935$13,3907.02%-0.95%-5.09%6.71%11.61%10.93%9.59%2.11%
20108-0.48%-0.50%$12,873$13,323-4.71%8.40%5.71%-7.91%-3.80%-3.24%-1.28%2.86%
201096.66%6.16%$13,730$14,1449.45%-2.51%4.78%10.93%9.97%11.76%4.45%0.46%
2010102.70%2.32%$14,100$14,4724.03%-4.47%3.68%4.04%3.81%3.02%4.74%-0.26%
2010110.54%-0.97%$14,176$14,3310.51%-1.69%2.11%2.47%-4.82%-2.91%-1.85%-1.62%
2010124.39%4.25%$14,798$14,9416.96%-3.68%2.44%8.97%8.30%7.27%4.54%-0.75%
20111-0.57%-0.76%$14,714$14,8272.05%-3.08%-6.38%-0.24%2.10%-3.84%3.25%0.04%
201123.90%3.11%$15,289$15,2873.70%1.65%6.00%4.21%3.55%-0.04%4.71%1.08%
201130.62%0.75%$15,384$15,4020.42%0.03%1.60%2.21%-2.39%6.29%-1.62%-0.54%
201144.15%3.98%$16,022$16,0152.90%2.34%8.94%1.06%5.63%2.73%5.75%2.50%
20115-0.56%-0.46%$15,932$15,941-1.06%3.42%-1.79%-1.77%-2.21%-2.94%1.37%1.27%
20116-2.01%-1.80%$15,611$15,655-1.79%-2.33%-2.43%-1.59%-1.19%-0.93%-3.30%-0.80%
201171.08%1.05%$15,779$15,819-2.27%4.42%8.42%-2.77%-2.38%-1.03%1.56%2.43%
201180.29%-1.93%$15,825$15,514-6.09%9.66%12.27%-7.98%-8.75%-9.25%-5.62%0.34%
20119-5.28%-6.90%$14,989$14,443-7.57%13.20%-11.06%-10.57%-10.81%-17.89%-10.85%0.35%
2011107.91%8.93%$16,175$15,73311.37%-3.84%5.87%15.34%9.63%16.27%14.29%2.51%
2011110.42%-0.90%$16,243$15,592-0.37%1.98%1.67%0.63%-2.18%-1.96%-3.80%-3.16%
201112-1.23%-0.30%$16,043$15,5450.98%3.44%-10.66%2.02%-2.21%-4.30%4.85%3.49%
201215.67%6.10%$16,953$16,4935.07%-0.33%11.40%7.90%5.27%10.99%6.38%2.14%
201221.63%1.37%$17,229$16,7194.22%-2.59%-2.96%1.71%4.83%5.27%-1.15%1.63%
201231.02%0.18%$17,405$16,7503.06%-4.23%-1.32%2.89%0.42%-3.11%5.19%-1.42%
201240.28%0.29%$17,453$16,798-0.64%4.83%-0.15%-1.91%-2.08%-1.70%2.86%1.08%
20125-4.00%-4.54%$16,755$16,036-6.23%9.03%-6.34%-7.18%-11.14%-10.71%-4.51%0.76%
201262.83%3.48%$17,229$16,5944.05%-1.68%2.35%4.54%7.11%5.08%5.52%0.87%
201271.30%1.30%$17,453$16,8090.88%3.82%0.84%-0.69%0.08%-0.03%2.00%3.48%
201282.60%1.74%$17,908$17,1022.70%-1.32%4.94%4.08%3.20%0.41%-0.01%-0.05%
201292.23%1.87%$18,308$17,4222.49%-2.53%4.67%3.14%2.71%5.22%-1.86%1.10%
201210-1.86%-0.76%$17,967$17,289-1.81%-0.48%-2.94%-1.96%1.09%-0.44%-0.91%1.35%
2012110.59%0.87%$18,073$17,4400.77%1.38%-0.47%1.65%2.78%1.56%-0.26%-0.42%
201212-0.09%1.81%$18,057$17,7561.29%-2.49%-2.43%3.55%4.37%6.80%3.72%-0.33%
201312.84%1.62%$18,570$18,0435.42%-3.19%-0.51%5.35%3.73%-0.29%3.74%-1.30%
20132-0.13%-0.28%$18,546$17,9931.28%1.24%-5.09%1.63%-1.29%-2.28%1.22%1.08%
201332.64%1.46%$19,035$18,2563.95%-0.42%0.95%4.11%1.31%-1.02%2.87%-0.05%
201340.04%1.75%$19,042$18,5751.61%4.68%-7.56%0.12%5.02%1.22%6.73%2.17%
20135-0.82%-2.91%$18,885$18,0352.44%-6.76%-6.20%4.29%-3.02%-4.83%-5.98%-3.22%
20136-3.83%-3.65%$18,163$17,377-1.43%-3.27%-11.06%-0.14%-2.70%-5.35%-1.98%-3.27%
201374.94%3.27%$19,059$17,9455.75%-2.26%7.43%6.56%5.32%1.32%0.90%1.11%
20138-0.96%-1.88%$18,876$17,607-3.03%-1.34%5.20%-3.41%-1.96%-2.54%-6.98%-1.00%
201391.50%3.20%$19,160$18,1713.90%0.66%-4.78%6.59%7.82%7.21%3.49%0.74%
2013102.83%2.82%$19,702$18,6844.27%1.43%-0.34%3.48%3.26%4.17%4.52%1.81%
2013110.09%-0.79%$19,721$18,5362.70%-2.70%-5.51%4.25%0.55%-0.26%-5.25%-0.14%
2013120.61%0.05%$19,841$18,5462.73%-1.87%-3.79%1.29%2.16%-0.42%0.10%0.22%
20141-0.32%-0.58%$19,778$18,438-3.17%6.30%3.42%-3.51%-5.20%-8.64%4.28%1.88%
201424.54%4.00%$20,675$19,1764.87%0.52%6.27%4.63%6.13%3.38%5.07%1.14%
20143-0.27%0.41%$20,620$19,2550.51%0.73%-3.14%1.34%-0.46%3.88%0.49%-0.03%
201440.46%0.93%$20,715$19,4340.06%2.10%0.49%-2.29%1.67%0.78%3.29%1.33%
201451.09%1.38%$20,940$19,7032.10%2.95%-3.05%0.62%1.60%2.95%2.40%1.51%
201463.02%2.13%$21,572$20,1222.62%-0.25%6.32%3.85%0.92%2.40%1.13%0.01%
20147-1.96%-1.44%$21,148$19,832-1.99%0.67%-3.63%-5.07%-2.60%1.36%0.08%-0.32%
201483.40%2.72%$21,868$20,3724.15%4.72%0.38%4.46%0.18%2.83%3.04%2.00%
20149-3.00%-4.46%$21,211$19,463-2.10%-2.11%-6.18%-5.94%-3.88%-7.77%-6.04%-1.68%
2014101.48%2.74%$21,524$19,9972.75%2.81%-3.05%7.13%-0.27%1.42%9.94%1.23%
2014111.90%0.86%$21,933$20,1692.48%2.97%-0.49%0.48%0.06%-1.54%2.00%0.91%
2014120.74%0.12%$22,096$20,193-0.04%3.25%1.31%2.56%-4.00%-3.99%1.88%-0.02%
201511.64%2.62%$22,457$20,723-2.74%9.82%8.69%-5.32%0.62%-0.69%6.85%3.75%
201521.42%0.65%$22,776$20,8585.74%-6.14%-5.91%5.86%6.34%4.41%-3.67%-1.42%
20153-1.04%-0.27%$22,538$20,801-1.16%1.10%-2.15%1.03%-1.43%-1.50%1.74%0.20%
20154-0.15%-0.17%$22,504$20,7660.62%-3.43%-0.17%-1.82%3.65%6.85%-5.85%-1.19%
201550.59%-0.64%$22,637$20,6341.30%-2.37%0.56%0.75%0.20%-4.10%-0.30%-1.12%
20156-1.99%-2.43%$22,186$20,133-1.67%-4.07%-1.52%0.42%-3.12%-2.93%-4.68%-1.88%
201570.28%-0.09%$22,249$20,1141.70%4.55%-6.62%-2.70%2.03%-6.31%5.77%0.83%
20158-3.13%-3.88%$21,552$19,333-6.09%-0.69%3.71%-4.62%-7.43%-8.84%-6.29%-0.83%
20159-1.95%-1.23%$21,131$19,095-2.92%1.97%-1.80%-3.77%-4.42%-3.13%3.05%1.19%
2015105.44%4.46%$22,281$19,9467.91%-0.41%2.28%6.57%6.61%6.38%5.76%0.57%
201511-1.24%-1.08%$22,005$19,7320.60%-0.87%-6.75%2.47%-0.75%-2.52%-0.63%-0.15%
201512-1.49%-1.67%$21,677$19,401-2.13%-0.30%-0.45%-5.08%-2.34%-3.83%1.82%-1.08%
20161-1.60%-1.81%$21,330$19,051-5.72%5.57%5.41%-5.85%-5.52%-5.03%-3.44%0.12%
201622.86%1.58%$21,941$19,351-0.01%3.09%10.93%2.08%-3.33%-0.82%-0.36%1.05%
201634.29%6.15%$22,883$20,5427.11%-0.09%-0.84%9.41%6.58%12.96%10.48%3.62%
201641.44%1.12%$23,211$20,7730.66%-0.74%5.11%2.13%2.22%0.41%-2.35%1.55%
20165-0.14%-0.65%$23,179$20,6381.73%0.81%-6.14%0.44%-0.09%-3.69%2.25%-0.51%
201663.18%3.65%$23,915$21,3910.27%6.93%8.97%0.83%-2.42%4.56%6.92%3.09%
201673.26%3.50%$24,694$22,1403.98%2.10%1.98%5.06%3.98%5.38%4.26%1.29%
20168-0.74%-0.64%$24,512$21,9990.21%-1.01%-3.26%1.13%0.53%0.88%-3.76%0.18%
201690.06%0.25%$24,527$22,0540.21%-1.51%0.69%0.87%1.34%2.52%-1.82%-0.32%
201610-2.68%-2.95%$23,870$21,404-2.19%-4.38%-2.94%-3.74%-2.22%-0.83%-5.74%-1.53%
201611-0.22%-1.22%$23,817$21,1424.49%-8.21%-8.36%13.34%-1.78%-4.42%-1.68%-3.17%
2016120.76%1.37%$23,999$21,4311.98%-0.46%-1.91%3.20%2.71%-0.25%4.82%0.84%
201712.49%2.10%$24,597$21,8811.86%0.81%5.42%-1.21%3.29%6.66%-0.19%0.15%
201723.27%2.20%$25,401$22,3613.69%1.59%3.18%1.35%1.19%1.74%3.51%1.32%
20173-0.16%0.32%$25,362$22,4320.06%-0.65%-0.43%-0.65%3.23%3.69%-2.42%-0.29%
201741.28%1.30%$25,687$22,7241.06%1.57%1.73%0.51%2.42%1.70%0.24%1.19%
201750.89%0.94%$25,916$22,9381.01%1.89%-0.12%-2.26%3.54%2.85%-0.72%1.33%
201760.24%0.81%$25,978$23,1240.95%0.79%-2.16%2.96%0.31%0.93%2.23%0.48%
201771.60%1.85%$26,394$23,5511.88%-0.66%2.31%0.75%2.65%5.82%1.24%0.77%
201781.52%0.97%$26,797$23,7790.15%3.41%4.20%-2.72%-0.04%2.35%-0.26%0.68%
201790.46%0.94%$26,919$24,0022.44%-2.32%-3.37%8.58%2.36%-0.04%-0.11%-0.05%
2017101.20%0.76%$27,242$24,1842.17%-0.04%-0.75%0.59%1.68%3.28%-1.07%0.19%
2017112.10%1.34%$27,814$24,5083.03%0.74%0.36%3.76%0.69%-0.39%2.66%-0.12%
2017121.46%1.36%$28,222$24,8421.16%1.81%2.11%-0.37%1.35%3.77%-0.14%1.22%
201813.54%1.80%$29,221$25,2895.23%-3.26%3.23%1.33%5.02%8.30%-4.25%-1.23%
20182-3.28%-4.20%$28,262$24,228-3.76%-3.04%-2.08%-4.04%-4.83%-5.90%-7.68%-2.24%
20183-0.67%0.88%$28,071$24,441-1.95%2.86%0.63%1.37%-0.84%0.54%3.88%0.56%
20184-0.23%-0.36%$28,006$24,3530.45%-2.09%-0.95%1.76%1.52%-2.82%0.82%-1.57%
201851.75%1.14%$28,496$24,6302.72%2.01%-1.20%5.87%-1.89%-2.62%3.68%0.52%
20186-0.26%-0.48%$28,422$24,5110.70%0.65%-3.61%0.80%-1.57%-4.54%4.20%-0.49%
201871.39%1.32%$28,817$24,8353.32%-1.44%-2.24%2.62%2.85%3.53%0.60%1.34%
201881.89%0.29%$29,362$24,9083.43%1.31%-2.14%3.14%-2.24%-3.77%2.58%0.02%
20189-0.44%-1.10%$29,232$24,6350.20%-2.86%-0.66%-3.05%0.97%-0.58%-2.64%-0.14%
201810-4.65%-5.00%$27,874$23,402-7.41%-2.93%2.12%-9.94%-8.13%-8.76%-2.93%-2.05%
2018111.61%1.80%$28,322$23,8242.01%1.79%0.34%0.57%0.50%4.90%4.67%-0.36%
201812-3.84%-3.21%$27,236$23,059-9.16%5.85%4.94%-12.38%-5.35%-3.50%-7.96%1.86%
201916.09%7.03%$28,894$24,6818.54%0.38%2.89%12.26%6.63%10.34%11.85%3.37%
201921.91%0.90%$29,447$24,9033.56%-1.38%-0.61%4.13%2.54%-1.53%0.70%-0.20%
201931.36%1.33%$29,849$25,2351.42%5.57%-1.60%-3.91%0.92%1.13%4.21%2.93%
201942.04%1.39%$30,458$25,5873.93%-1.99%-0.66%4.32%2.93%2.35%-0.16%0.44%
20195-2.68%-2.30%$29,642$24,998-6.45%6.84%1.76%-9.98%-5.03%-7.33%0.14%1.65%
201966.38%5.07%$31,532$26,2667.08%0.95%8.00%7.66%5.91%6.20%1.54%3.25%
201970.93%0.04%$31,826$26,2771.41%0.26%0.01%1.30%-1.95%-2.66%1.70%0.25%
201982.06%1.71%$32,481$26,726-2.08%11.04%7.91%-5.14%-1.92%-3.78%3.75%3.88%
20199-0.02%0.91%$32,475$26,9701.78%-2.68%-3.39%5.57%3.16%1.69%1.93%-0.76%
2019101.73%1.84%$33,038$27,4662.11%-1.11%2.56%2.00%3.39%4.18%1.13%0.44%
2019111.62%0.39%$33,574$27,5723.79%-0.41%-3.21%2.71%1.13%-0.09%-1.30%0.47%
2019122.11%2.26%$34,282$28,1952.80%-3.20%3.66%2.84%2.98%7.71%0.76%0.53%
202012.09%0.07%$34,998$28,213-0.06%7.69%4.50%-6.31%-2.82%-6.15%1.23%2.45%
Portfolio return and risk metrics
MetricMaximum Return at 10.00% VolatilityEqual Weighted
Arithmetic Mean (monthly)0.79%0.67%
Arithmetic Mean (annualized)9.84%8.35%
Geometric Mean (monthly)0.74%0.62%
Geometric Mean (annualized)9.30%7.64%
Volatility (monthly)2.85%3.31%
Volatility (annualized)9.88%11.46%
Downside Deviation (monthly)1.81%2.18%
Max. Drawdown-30.51%-36.98%
US Market Correlation0.880.86
Beta(*)0.600.68
Alpha (annualized)3.53%1.33%
R277.26%74.58%
Sharpe Ratio0.830.60
Sortino Ratio1.290.90
Treynor Ratio (%)13.8110.10
Calmar Ratio1.721.00
Active Return0.14%-1.52%
Tracking Error7.52%7.42%
Information Ratio0.02-0.21
Skewness-0.97-0.81
Excess Kurtosis4.784.93
Historical Value-at-Risk (5%)-3.83%-4.50%
Analytical Value-at-Risk (5%)-3.89%-4.76%
Conditional Value-at-Risk (5%)-6.21%-7.65%
Upside Capture Ratio (%)63.9665.68
Downside Capture Ratio (%)48.5060.99
Safe Withdrawal Rate10.81%10.32%
Perpetual Withdrawal Rate6.80%5.36%
Positive Periods107 out of 169 (63.31%)106 out of 169 (62.72%)
Gain/Loss Ratio1.221.05
* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress PeriodStartEndMaximum Return at 10.00% VolatilityEqual Weighted
Subprime CrisisNov 2007Mar 2009-30.51%-36.98%

Drawdowns for Maximum Return at 10.00% Volatility

Drawdowns for Maximum Return at 10.00% Volatility (worst 10)
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Nov 2007Feb 20091 year 4 monthsApr 20101 year 2 months2 years 6 months-30.51%
2Sep 2018Dec 20184 monthsFeb 20192 months6 months-7.24%
3Mar 2015Sep 20157 monthsMar 20166 months1 year 1 month-7.22%
4May 2011Sep 20115 monthsOct 20111 month6 months-6.45%
5May 2010Jun 20102 monthsSep 20103 months5 months-5.78%
6May 2013Jun 20132 monthsJul 20131 month3 months-4.62%
7Feb 2018Apr 20183 monthsAug 20184 months7 months-4.16%
8May 2012May 20121 monthJul 20122 months3 months-4.00%
9Aug 2016Nov 20164 monthsFeb 20173 months7 months-3.55%
10May 2006Jun 20062 monthsSep 20063 months5 months-3.11%
Worst 10 drawdowns included above

Drawdowns for Equal Weighted

Drawdowns for Equal Weighted (worst 10)
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Nov 2007Feb 20091 year 4 monthsSep 20101 year 7 months2 years 11 months-36.98%
2May 2011Sep 20115 monthsJan 20124 months9 months-9.81%
3Feb 2018Dec 201811 monthsApr 20194 months1 year 3 months-8.82%
4Mar 2015Jan 201611 monthsJun 20165 months1 year 4 months-8.66%
5May 2013Jun 20132 monthsOct 20134 months6 months-6.45%
6May 2012May 20121 monthJul 20122 months3 months-4.54%
7Aug 2016Nov 20164 monthsFeb 20173 months7 months-4.51%
8Sep 2014Sep 20141 monthJan 20154 months5 months-4.46%
9Jun 2007Jul 20072 monthsSep 20072 months4 months-3.49%
10May 2006May 20061 monthAug 20063 months4 months-3.39%
Worst 10 drawdowns included above

Portfolio Assets

Performance statistics for portfolio components
TickerNameCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioUS Mkt Correlation
VTIVanguard Total Stock Market ETF9.28%14.56%33.45%-36.98%-50.84%0.600.871.00
TLTiShares 20+ Year Treasury Bond ETF6.79%13.46%33.96%-21.80%-21.80%0.470.82-0.32
GLDSPDR Gold Shares7.84%17.71%30.45%-28.33%-42.91%0.450.720.03
IJSiShares S&P Small-Cap 600 Value ETF7.90%19.12%39.34%-29.39%-54.13%0.430.630.91
EFAiShares MSCI EAFE ETF3.87%17.13%26.95%-41.04%-57.38%0.240.340.89
EEMiShares MSCI Emerging Markets ETF4.61%22.21%68.93%-48.88%-60.44%0.260.390.79
VNQVanguard Real Estate ETF7.85%22.64%35.30%-37.00%-68.30%0.400.570.72
LQDiShares iBoxx $ Invmt Grade Corp Bd ETF5.74%7.20%17.37%-3.79%-15.11%0.651.070.27

Monthly Correlations

Correlations for the portfolio assets
TickerNameVTITLTGLDIJSEFAEEMVNQLQDMaximum Return at 10.00% VolatilityEqual Weighted
VTIVanguard Total Stock Market ETF--0.330.030.910.890.790.720.270.880.86
TLTiShares 20+ Year Treasury Bond ETF-0.33-0.22-0.36-0.25-0.240.010.52-0.020.00
GLDSPDR Gold Shares0.030.22--0.020.150.290.090.260.470.37
IJSiShares S&P Small-Cap 600 Value ETF0.91-0.36-0.02-0.760.690.730.180.760.80
EFAiShares MSCI EAFE ETF0.89-0.250.150.76-0.880.670.370.830.89
EEMiShares MSCI Emerging Markets ETF0.79-0.240.290.690.88-0.590.340.800.87
VNQVanguard Real Estate ETF0.720.010.090.730.670.59-0.430.710.84
LQDiShares iBoxx $ Invmt Grade Corp Bd ETF0.270.520.260.180.370.340.43-0.460.54

Portfolio Risk Decomposition

Portfolio risk decomposition
TickerNameMaximum Return at 10.00% VolatilityEqual Weighted
VTIVanguard Total Stock Market ETF81.76%13.70%
TLTiShares 20+ Year Treasury Bond ETF-0.39%0.00%
GLDSPDR Gold Shares18.63%7.05%
IJSiShares S&P Small-Cap 600 Value ETF16.66%
EFAiShares MSCI EAFE ETF16.56%
EEMiShares MSCI Emerging Markets ETF21.09%
VNQVanguard Real Estate ETF20.66%
LQDiShares iBoxx $ Invmt Grade Corp Bd ETF4.26%

Annual Asset Returns

Rolling returns summary
Roll PeriodMaximum Return at 10.00% VolatilityEqual Weighted
AverageHighLowAverageHighLow
1 year9.83%25.87%-19.84%8.42%23.38%-21.23%
3 years8.41%15.92%0.99%6.81%15.10%0.64%
5 years8.98%14.01%6.54%7.33%12.71%4.45%
7 years9.15%11.22%7.85%7.41%9.63%5.79%
10 years8.96%10.74%7.62%7.31%8.50%6.02%
Result statistics are based on annualized rolling returns over full calendar year periods