Test Tactical Allocation Models

This tool allows you to test different tactical asset allocation models based on moving averages, momentum, market valuation and target volatility. The supported models include:

Shiller PE Ratio Market Valuation
Seasonal Model
Moving Averages - Single Asset
Moving Averages - Portfolio Assets
Momentum - Relative Strength
Momentum - Dual Momentum
Momentum - Adaptive Allocation
Target Volatility

You can find a summary of the selected tactical asset allocation model below, and a more detailed description in the documentation section.

Seasonal Model

Seasonal model moves the portfolio out of market based on specific calendar months. Sell in May and Go Away model is a well-known example that avoids historical underperformance of some stocks in the six-month period commencing in May and ending in October.

Shiller PE Ratio Market Valuation

Shiller PE Ratio (PE10) market valuation based tactical asset allocation model adjusts the allocation between stocks and bonds based on the start of year Shiller PE Ratio as follows:

PE10 >= 22 - 40% stocks, 60% bonds
14 <= PE10 < 22 - 60% stocks, 40% bonds
PE10 < 14 - 80% stocks, 20% bonds

The balanced 60% stock and 40% bond allocation is used as the benchmark portfolio.

Moving Averages - Single Asset

The moving average tactical asset allocation model is either invested in a specific stock, ETF or mutual fund, or is alternatively in cash or other risk-free asset based on the moving average signal. The model is invested in the asset when the adjusted close price is greater than the moving average and the model moves to cash when the adjusted close price is less than the moving average. The model also supports using moving average cross-over as the signal.

Moving Averages - Portfolio Assets

The moving average model applies the moving average signal to each portfolio asset. The model is invested in a portfolio asset when the adjusted close price is greater than the moving average and the allocation is moved to cash when the adjusted close price is less than the moving average. The model also supports using moving average cross-over as the signal.

Momentum - Relative Strength

The relative strength momentum model invests in the best performing assets in the model based on each asset's past return. The momentum can be based on a single lookback period, or multiple weighted lookback periods. Additionally, the model supports using moving averages as a risk control to decide whether investments should be moved to cash.

Momentum - Dual Momentum

The dual momentum model uses relative momentum to select the best performing model assets and incorporates absolute momentum as a filter to invest in cash if the excess return of the selected asset over cash is negative.

Adaptive Allocation

The adaptive asset allocation model combines relative strength momentum model with different asset weighting. The relative strength model uses an equal weight allocation for the model selected assets, whereas the adaptive asset allocation uses either risk parity allocation or minimum variance allocation for the model assets to minimize the expected volatility.

Target Volatility

The target volatility model adjusts the market exposure of the portfolio based on the realized historic volatility and the given volatility target. The cash allocation in the portfolio is increased or decreased as required to meet the targeted volatility level in order to improve the risk adjusted performance.

Risk Managed Allocation

The risk managed portfolio allocation model adjusts the risky asset exposure in the portfolio based the defined signal in order to protect against large drawdowns.

Model Configuration

Tactical Model

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Include YTD

Initial Amount

.00

Cashflows

Contribution Amount

.00

Inflation Adjusted

Withdrawal Percentage

Frequency

Risk Management Strategy

Ticker

Tickers

Single absolute momentum

Absolute momentum asset

Target Volatility

Use Downside Volatility

Out Of Market Start Month

Out Of Market End Month

Out of Market Asset

Specify out of market asset

Buy Signal

Type of Moving Average

Performance Periods

Period Weighting

Lookback Period

Lookback period in trading days

Type of Moving Average #2

Lookback Period #2

Lookback period #2 in trading days

Exclude Previous Month

Normalize Returns

Volatility Period

Volatility window in trading days

Assets to hold

Allocation Weights

Risk Control

Risk Window Period

Risk window in trading days

Specify signal asset

Stop Loss

Stop Loss Threshold

Stop Loss Asset

Specify stop-loss asset

Max Derisk Percentage

Derisk Increment

Rerisk Increment

Risk Adjustment Levels

Trade	Rule	Threshold	Change
			%
			%
			%
			%

Trading Frequency

Trading Rule

Signal Asset

Specify signal asset

Rebalancing

Trade Execution

Leverage Type

Leverage Ratio

Debt Amount

.00

Debt Interest

Maintenance Margin

Leveraged Benchmark

Compared Allocation

Benchmark

Benchmark Ticker

Show Regime Performance

Lookback Periods

Length

Unit

Weight

Lookback Period #1

Lookback Period #2

Lookback Period #3

Lookback Period #4

Lookback Period #5

Volatility Period

Portfolio Assets

Allocation

Asset 1

Asset 2

Asset 3

Asset 4

Asset 5

Asset 6

Asset 7

Asset 8

Asset 9

Asset 10

Total

Model Simulation Results (Jan 2007 - Sep 2026) Save

Tactical asset allocation model results from Jan 2007 to Sep 2026 are based on relative strength model holding the top 2 best performing assets. Selected assets use equal weight weighting. The model uses a single performance window of 5 calendar month(s). Tactical asset allocation model trades are executed using the end of month close price each month based on the end of month signals. The time period was constrained by the available data for Invesco DB Commodity Tracking (DBC) [Mar 2006 - Sep 2026].

Performance Summary

Performance statistics for the timing portfolio and benchmark portfolios
Metric	Momentum Model	State Street SPDR S&P 500 ETF
Start Balance	$10,000	$10,000
End Balance	$53,988	$77,238
Annualized Return (CAGR)	8.91%	10.91%
Standard Deviation	14.22%	15.37%
Best Year	30.15%	32.31%
Worst Year	-14.19%	-36.81%
Maximum Drawdown	-23.67%	-50.80%
Sharpe Ratio	0.56	0.65
Sortino Ratio	0.91	0.98
Active Return	-1.99%	N/A
Tracking Error	15.98%	N/A
Information Ratio	-0.12	N/A
Benchmark Correlation	0.42	N/A

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	Full	3 year	5 year
Momentum Model	-4.00%	1.05%	6.38%	8.46%	4.20%	7.09%	8.91%	13.77%	14.26%
State Street SPDR S&P 500 ETF	2.38%	12.71%	15.71%	22.76%	13.70%	15.24%	10.91%	12.43%	15.67%
Trailing return and volatility are as of last calendar month ending September 2026

Active Returns Chart

Annualized Active Return

Rolling Active Return

Up vs. Down Market Performance

Up vs. Down Market Performance - Model vs. State Street SPDR S&P 500 ETF
Market Type	Occurrences				Average Active Return
Market Type	Above Benchmark	Below Benchmark	Total	% Above Benchmark	Above Benchmark	Below Benchmark	Total
Up Market	58	99	157	37%	2.03%	-3.46%	-1.43%
Down Market	49	31	80	61%	5.13%	-2.13%	2.31%
Total	107	130	237	45%	3.45%	-3.14%	-0.17%

Active Return Confidence

Risk and Return Metrics

Portfolio return and risk metrics
Metric	Momentum Model	State Street SPDR S&P 500 ETF
Arithmetic Mean (monthly)	0.80%	0.97%
Arithmetic Mean (annualized)	10.00%	12.22%
Geometric Mean (monthly)	0.71%	0.87%
Geometric Mean (annualized)	8.91%	10.91%
Standard Deviation (monthly)	4.10%	4.44%
Standard Deviation (annualized)	14.22%	15.37%
Downside Deviation (monthly)	2.47%	2.90%
Maximum Drawdown	-23.67%	-50.80%
Benchmark Correlation	0.42	1.00
Beta^(*)	0.39	1.00
Alpha (annualized)	5.08%	0.00%
R²	17.51%	100.00%
Sharpe Ratio	0.56	0.65
Sortino Ratio	0.91	0.98
Treynor Ratio (%)	20.65	10.01
Calmar Ratio	0.56	3.00
Modigliani–Modigliani Measure	10.20%	11.58%
Active Return	-1.99%	N/A
Tracking Error	15.98%	N/A
Information Ratio	-0.12	N/A
Skewness	0.09	-0.55
Excess Kurtosis	0.39	1.02
Historical Value-at-Risk (5%)	6.14%	7.15%
Analytical Value-at-Risk (5%)	5.95%	6.33%
Conditional Value-at-Risk (5%)	7.72%	9.72%
Upside Capture Ratio (%)	52.49	100.00
Downside Capture Ratio (%)	47.09	100.00
Safe Withdrawal Rate	11.57%	7.56%
Perpetual Withdrawal Rate	6.02%	7.77%
Positive Periods	143 out of 237 (60.34%)	157 out of 237 (66.24%)
Gain/Loss Ratio	1.09	0.89
^* State Street SPDR S&P 500 ETF is used as the benchmark for calculations. Value-at-risk metrics are monthly values.

Annual Returns

Annual returns for the timing portfolio and various benchmark portfolios
Year	Inflation	Momentum Model		State Street SPDR S&P 500 ETF		iShares 1-3 Year Treasury Bond ETF (SHY)	iShares 20+ Year Treasury Bond ETF (TLT)	State Street SPDR Dow Jones REIT ETF (RWR)	iShares Russell 2000 ETF (IWM)	iShares Russell 1000 ETF (IWB)	SPDR Gold Shares (GLD)	iShares MSCI EAFE ETF (EFA)	iShares MSCI Emerging Markets ETF (EEM)	Invesco DB Commodity Tracking (DBC)
Year	Inflation	Return	Balance	Return	Balance	iShares 1-3 Year Treasury Bond ETF (SHY)	iShares 20+ Year Treasury Bond ETF (TLT)	State Street SPDR Dow Jones REIT ETF (RWR)	iShares Russell 2000 ETF (IWM)	iShares Russell 1000 ETF (IWB)	SPDR Gold Shares (GLD)	iShares MSCI EAFE ETF (EFA)	iShares MSCI Emerging Markets ETF (EEM)	Invesco DB Commodity Tracking (DBC)
2026	3.37%	1.05%	$53,988	12.71%	$77,238	0.38%	-8.01%	9.39%	13.65%	12.20%	-3.90%	9.89%	22.69%	44.54%
2025	2.68%	21.61%	$53,429	17.72%	$68,528	4.95%	4.25%	3.16%	12.66%	17.18%	63.68%	31.55%	33.98%	8.06%
2024	2.89%	7.09%	$43,936	24.89%	$58,215	3.92%	-8.06%	7.72%	11.39%	24.32%	26.66%	3.51%	6.50%	2.18%
2023	3.35%	-3.19%	$41,028	26.19%	$46,615	4.16%	2.77%	13.78%	16.84%	26.41%	12.69%	18.40%	8.99%	-6.22%
2022	6.45%	-8.71%	$42,381	-18.17%	$36,941	-3.88%	-31.24%	-26.08%	-20.48%	-19.19%	-0.77%	-14.35%	-20.56%	19.34%
2021	7.04%	29.58%	$46,426	28.75%	$45,144	-0.71%	-4.60%	45.46%	14.54%	26.32%	-4.15%	11.46%	-3.62%	41.36%
2020	1.36%	25.13%	$35,828	18.37%	$35,065	3.03%	18.15%	-11.34%	20.03%	20.77%	24.81%	7.59%	17.03%	-7.84%
2019	2.29%	8.69%	$28,632	31.22%	$29,622	3.38%	14.12%	22.73%	25.39%	31.06%	17.86%	22.03%	18.20%	11.84%
2018	1.91%	-14.19%	$26,342	-4.56%	$22,574	1.46%	-1.61%	-4.40%	-11.11%	-4.88%	-1.94%	-13.81%	-15.31%	-11.62%
2017	2.11%	20.95%	$30,697	21.70%	$23,652	0.26%	9.18%	3.46%	14.59%	21.53%	12.81%	25.10%	37.28%	4.86%
2016	2.07%	-3.26%	$25,380	12.00%	$19,435	0.82%	1.18%	6.41%	21.60%	12.03%	8.03%	1.37%	10.87%	18.56%
2015	0.73%	-12.61%	$26,235	1.25%	$17,352	0.43%	-1.79%	4.12%	-4.47%	0.79%	-10.67%	-1.00%	-16.18%	-27.59%
2014	0.76%	8.26%	$30,021	13.46%	$17,138	0.45%	27.30%	31.82%	5.03%	13.08%	-2.19%	-6.20%	-3.92%	-28.10%
2013	1.50%	18.98%	$27,731	32.31%	$15,104	0.22%	-13.37%	0.93%	38.69%	32.78%	-28.33%	21.39%	-3.70%	-7.63%
2012	1.74%	-3.39%	$23,308	15.99%	$11,416	0.28%	2.63%	16.87%	16.69%	16.50%	6.60%	18.82%	19.10%	3.50%
2011	2.96%	22.82%	$24,125	1.89%	$9,842	1.44%	33.96%	8.97%	-4.44%	1.23%	9.57%	-12.25%	-18.82%	-2.58%
2010	1.50%	4.81%	$19,643	15.06%	$9,660	2.28%	9.05%	27.96%	26.93%	16.06%	29.27%	8.15%	16.51%	11.90%
2009	2.72%	25.43%	$18,741	26.37%	$8,396	0.35%	-21.80%	28.32%	28.51%	28.34%	24.03%	26.95%	68.93%	16.19%
2008	0.09%	14.79%	$14,941	-36.81%	$6,644	6.62%	33.93%	-38.83%	-34.15%	-37.40%	4.92%	-41.04%	-48.88%	-31.77%
2007	4.08%	30.15%	$13,015	5.14%	$10,514	7.35%	10.29%	-19.41%	-1.76%	5.32%	30.45%	9.94%	33.31%	31.59%
Annual return for 2026 is from 01/01/2026 to 09/30/2026

Monthly Returns

Monthly returns for the timing portfolio and various benchmark portfolios
Year	Month	Momentum Model		State Street SPDR S&P 500 ETF		iShares 1-3 Year Treasury Bond ETF (SHY)	iShares 20+ Year Treasury Bond ETF (TLT)	State Street SPDR Dow Jones REIT ETF (RWR)	iShares Russell 2000 ETF (IWM)	iShares Russell 1000 ETF (IWB)	SPDR Gold Shares (GLD)	iShares MSCI EAFE ETF (EFA)	iShares MSCI Emerging Markets ETF (EEM)	Invesco DB Commodity Tracking (DBC)
Year	Month	Return	Balance	Return	Balance	iShares 1-3 Year Treasury Bond ETF (SHY)	iShares 20+ Year Treasury Bond ETF (TLT)	State Street SPDR Dow Jones REIT ETF (RWR)	iShares Russell 2000 ETF (IWM)	iShares Russell 1000 ETF (IWB)	SPDR Gold Shares (GLD)	iShares MSCI EAFE ETF (EFA)	iShares MSCI Emerging Markets ETF (EEM)	Invesco DB Commodity Tracking (DBC)
2026	9	-2.78%	$53,988	-0.33%	$77,238	-0.55%	-5.38%	-5.49%	-5.21%	-0.65%	-6.75%	-3.31%	-0.34%	3.26%
2026	8	3.61%	$55,529	2.68%	$77,494	0.17%	0.73%	-3.37%	0.94%	2.82%	9.93%	1.77%	4.57%	6.28%
2026	7	-4.70%	$53,595	0.03%	$75,471	0.16%	-4.47%	2.63%	-3.08%	-0.27%	0.86%	1.64%	-6.31%	10.47%
2026	6	-4.67%	$56,236	-1.03%	$75,445	0.06%	1.17%	3.74%	3.69%	-0.62%	-11.68%	0.68%	0.22%	-9.57%
2026	5	1.00%	$58,991	5.26%	$76,232	0.08%	0.53%	0.23%	4.48%	5.11%	-1.54%	2.42%	7.20%	-5.21%
2026	4	2.94%	$58,408	10.51%	$72,420	0.19%	-0.84%	8.54%	12.08%	10.17%	-1.54%	5.34%	12.68%	7.43%
2026	3	-10.15%	$56,739	-4.93%	$65,536	-0.47%	-4.23%	-6.07%	-4.96%	-5.01%	-11.05%	-7.83%	-9.25%	15.34%
2026	2	7.30%	$63,149	-0.86%	$68,937	0.53%	4.63%	7.16%	0.68%	-0.58%	8.72%	4.61%	5.89%	2.74%
2026	1	10.15%	$58,851	1.47%	$69,538	0.21%	-0.03%	2.74%	5.48%	1.34%	12.27%	4.90%	8.02%	9.26%
2025	12	0.73%	$53,429	0.08%	$68,528	0.29%	-2.65%	-2.50%	-0.71%	0.03%	2.17%	2.72%	2.17%	0.19%
2025	11	1.80%	$53,040	0.19%	$68,475	0.44%	0.27%	3.34%	1.02%	0.20%	5.37%	0.74%	-1.77%	0.79%
2025	10	2.66%	$52,103	2.38%	$68,342	0.33%	1.38%	-1.60%	1.76%	2.25%	3.56%	1.20%	3.56%	1.55%
2025	9	3.24%	$50,752	3.56%	$66,751	0.29%	3.59%	0.92%	3.18%	3.31%	11.76%	2.07%	7.10%	1.44%
2025	8	3.83%	$49,157	2.05%	$64,456	0.89%	0.01%	4.85%	7.19%	2.12%	4.99%	4.52%	2.68%	-1.07%
2025	7	-1.35%	$47,343	2.30%	$63,160	-0.09%	-1.14%	-0.74%	1.67%	2.29%	-0.61%	-2.09%	0.66%	2.93%
2025	6	1.40%	$47,992	5.14%	$61,738	0.59%	2.67%	-0.46%	5.51%	5.05%	0.41%	2.39%	6.99%	4.45%
2025	5	2.37%	$47,331	6.28%	$58,720	-0.25%	-3.21%	1.85%	5.24%	6.37%	-0.06%	4.79%	4.02%	1.51%
2025	4	-1.58%	$46,236	-0.87%	$55,248	0.81%	-1.36%	-3.15%	-2.32%	-0.67%	5.42%	3.70%	0.14%	-8.58%
2025	3	1.84%	$46,977	-5.57%	$55,731	0.44%	-1.21%	-3.64%	-6.85%	-5.77%	9.45%	0.18%	1.13%	2.27%
2025	2	0.04%	$46,128	-1.27%	$59,020	0.74%	5.69%	3.73%	-5.22%	-1.74%	1.82%	2.95%	1.15%	0.14%
2025	1	4.94%	$46,109	2.69%	$59,779	0.38%	0.49%	0.92%	2.50%	3.10%	6.79%	4.80%	2.15%	2.76%
2024	12	-7.76%	$43,936	-2.41%	$58,215	0.25%	-6.38%	-7.15%	-8.37%	-2.82%	-1.41%	-2.95%	-1.69%	1.72%
2024	11	0.75%	$47,634	5.96%	$59,653	0.30%	1.99%	4.62%	11.07%	6.50%	-3.12%	-0.32%	-2.68%	-1.99%
2024	10	0.52%	$47,280	-0.89%	$56,296	-0.62%	-5.46%	-3.25%	-1.42%	-0.68%	4.30%	-5.27%	-3.07%	1.44%
2024	9	3.88%	$47,034	2.10%	$56,803	0.77%	1.99%	2.67%	0.71%	2.07%	5.09%	0.78%	5.74%	0.72%
2024	8	0.20%	$45,277	2.34%	$55,634	0.89%	2.11%	6.26%	-1.69%	2.37%	2.09%	3.26%	0.98%	-2.08%
2024	7	3.42%	$45,186	1.21%	$54,364	1.18%	3.64%	5.91%	10.34%	1.47%	5.37%	2.59%	0.85%	-2.80%
2024	6	1.56%	$43,693	3.53%	$53,713	0.54%	1.81%	2.68%	-1.12%	3.26%	-0.13%	-1.81%	2.62%	-0.17%
2024	5	3.14%	$43,021	5.06%	$51,883	0.72%	2.88%	4.75%	5.04%	4.67%	1.62%	5.06%	1.95%	-0.30%
2024	4	-5.52%	$41,710	-4.03%	$49,385	-0.44%	-6.45%	-7.27%	-6.85%	-4.18%	2.99%	-3.24%	-0.22%	1.61%
2024	3	3.37%	$44,144	3.27%	$51,460	0.34%	0.78%	1.98%	3.48%	3.26%	8.67%	3.38%	2.73%	4.46%
2024	2	4.13%	$42,704	5.22%	$49,829	-0.39%	-2.26%	1.77%	5.63%	5.27%	0.46%	2.99%	4.17%	-1.52%
2024	1	-0.04%	$41,011	1.59%	$47,358	0.32%	-2.25%	-4.16%	-3.90%	1.34%	-1.42%	-0.45%	-4.53%	1.32%
2023	12	-1.02%	$41,028	4.57%	$46,615	1.10%	8.67%	10.12%	12.13%	5.00%	1.28%	5.36%	3.60%	-3.32%
2023	11	0.04%	$41,451	9.13%	$44,580	1.05%	9.92%	10.79%	9.20%	9.33%	2.53%	8.22%	7.79%	-2.45%
2023	10	-2.09%	$41,434	-2.17%	$40,848	0.33%	-5.46%	-4.53%	-6.91%	-2.38%	7.37%	-2.90%	-3.29%	-1.80%
2023	9	-5.32%	$42,320	-4.74%	$41,755	-0.08%	-7.95%	-7.08%	-5.85%	-4.79%	-4.76%	-3.65%	-3.11%	1.50%
2023	8	-4.18%	$44,697	-1.63%	$43,832	0.41%	-3.14%	-3.23%	-5.08%	-1.74%	-1.28%	-3.93%	-6.63%	-0.36%
2023	7	3.08%	$46,648	3.27%	$44,556	0.30%	-2.54%	2.94%	6.11%	3.46%	2.29%	2.70%	6.04%	8.72%
2023	6	5.59%	$45,254	6.48%	$43,144	-0.49%	0.22%	5.11%	8.06%	6.70%	-2.22%	4.49%	4.40%	2.95%
2023	5	-2.67%	$42,857	0.46%	$40,518	-0.38%	-3.01%	-2.81%	-0.82%	0.47%	-1.34%	-4.01%	-2.40%	-6.41%
2023	4	1.90%	$44,035	1.60%	$40,332	0.24%	0.34%	0.71%	-1.79%	1.23%	0.86%	2.94%	-0.84%	-0.76%
2023	3	-0.86%	$43,214	3.71%	$39,697	1.65%	4.84%	-2.69%	-4.85%	3.17%	7.92%	3.13%	3.22%	-0.08%
2023	2	-4.22%	$43,589	-2.51%	$38,276	-0.81%	-4.85%	-4.93%	-1.72%	-2.38%	-5.37%	-3.07%	-7.57%	-4.46%
2023	1	7.38%	$45,510	6.29%	$39,264	0.78%	7.64%	10.89%	9.82%	6.64%	5.76%	9.00%	9.13%	0.89%
2022	12	-6.14%	$42,381	-5.76%	$36,941	0.12%	-2.63%	-5.15%	-6.52%	-5.75%	2.93%	-1.82%	-2.65%	-2.71%
2022	11	1.45%	$45,151	5.56%	$39,197	0.69%	7.15%	5.63%	2.20%	5.35%	8.49%	13.17%	15.59%	1.47%
2022	10	5.52%	$44,507	8.13%	$37,133	-0.13%	-5.97%	4.51%	11.16%	7.90%	-1.78%	5.89%	-1.98%	5.06%
2022	9	-4.11%	$42,179	-9.24%	$34,342	-1.19%	-8.23%	-12.26%	-9.65%	-9.17%	-2.89%	-9.22%	-11.54%	-7.04%
2022	8	-1.15%	$43,989	-4.08%	$37,839	-0.81%	-4.56%	-6.27%	-2.00%	-3.84%	-2.94%	-6.12%	-1.33%	-1.49%
2022	7	-2.29%	$44,501	9.21%	$39,448	0.41%	2.43%	8.89%	10.56%	9.27%	-2.59%	5.17%	-0.35%	-1.99%
2022	6	-4.53%	$45,544	-8.25%	$36,122	-0.59%	-1.27%	-7.72%	-8.36%	-8.37%	-1.57%	-8.72%	-5.14%	-7.50%
2022	5	0.68%	$47,706	0.23%	$39,369	0.60%	-2.25%	-6.98%	0.19%	-0.23%	-3.26%	2.00%	0.61%	4.61%
2022	4	1.79%	$47,386	-8.78%	$39,280	-0.50%	-9.42%	-4.80%	-9.90%	-8.86%	-2.07%	-6.74%	-6.14%	5.64%
2022	3	5.22%	$46,555	3.76%	$43,059	-1.40%	-5.45%	6.97%	1.16%	3.35%	1.27%	0.52%	-3.38%	9.17%
2022	2	1.55%	$44,244	-2.95%	$41,501	-0.43%	-1.63%	-3.38%	1.03%	-2.74%	6.12%	-3.43%	-4.32%	6.47%
2022	1	-6.15%	$43,571	-5.27%	$42,763	-0.69%	-3.91%	-6.67%	-9.53%	-5.63%	-1.68%	-3.63%	-0.02%	7.89%
2021	12	6.44%	$46,426	4.63%	$45,144	-0.21%	-2.01%	8.91%	2.28%	3.97%	3.30%	4.41%	1.53%	6.67%
2021	11	-4.70%	$43,617	-0.80%	$43,147	-0.06%	2.77%	-0.63%	-4.33%	-1.27%	-0.69%	-4.53%	-4.08%	-8.76%
2021	10	4.13%	$45,766	7.02%	$43,496	-0.34%	2.46%	8.14%	4.25%	6.90%	1.48%	3.18%	1.07%	5.80%
2021	9	-0.14%	$43,950	-4.66%	$40,644	-0.10%	-2.91%	-5.50%	-2.88%	-4.60%	-3.22%	-3.26%	-3.87%	5.21%
2021	8	0.07%	$44,014	2.98%	$42,630	-0.03%	-0.34%	1.78%	2.20%	2.86%	-0.08%	1.45%	1.57%	-1.64%
2021	7	3.27%	$43,982	2.44%	$41,398	0.16%	3.72%	5.24%	-3.63%	2.09%	2.53%	0.77%	-6.44%	1.30%
2021	6	2.89%	$42,589	2.25%	$40,411	-0.17%	4.42%	2.28%	1.87%	2.44%	-7.15%	-1.08%	0.95%	3.49%
2021	5	2.06%	$41,394	0.66%	$39,523	0.06%	0.00%	0.95%	0.27%	0.46%	7.68%	3.48%	1.65%	3.85%
2021	4	4.81%	$40,557	5.29%	$39,265	0.06%	2.49%	8.01%	1.79%	5.34%	3.56%	2.95%	1.20%	7.83%
2021	3	0.34%	$38,697	4.54%	$37,292	-0.06%	-5.24%	4.79%	1.39%	3.84%	-1.14%	2.51%	-0.73%	-0.72%
2021	2	3.50%	$38,567	2.78%	$35,672	-0.06%	-5.73%	5.26%	6.20%	2.89%	-6.26%	2.24%	0.79%	10.14%
2021	1	4.01%	$37,265	-1.02%	$34,707	0.02%	-3.63%	-0.17%	4.85%	-0.79%	-3.22%	-0.78%	3.17%	3.33%
2020	12	7.89%	$35,828	3.71%	$35,065	0.04%	-1.23%	3.11%	8.65%	4.12%	7.01%	5.02%	7.13%	5.45%
2020	11	13.62%	$33,208	10.88%	$33,811	0.02%	1.66%	12.34%	18.24%	11.69%	-5.41%	14.27%	8.99%	10.20%
2020	10	-0.87%	$29,228	-2.49%	$30,494	-0.05%	-3.39%	-2.54%	2.20%	-2.30%	-0.52%	-3.55%	1.41%	-3.14%
2020	9	-3.47%	$29,483	-3.74%	$31,274	-0.00%	0.77%	-3.21%	-3.25%	-3.69%	-4.17%	-2.05%	-1.01%	-3.55%
2020	8	3.49%	$30,543	6.98%	$32,489	-0.02%	-5.05%	0.68%	5.48%	7.30%	-0.32%	4.72%	2.89%	4.64%
2020	7	7.61%	$29,513	5.89%	$30,369	0.09%	4.44%	3.41%	2.92%	5.94%	10.79%	1.94%	8.25%	5.12%
2020	6	1.54%	$27,426	1.78%	$28,680	0.02%	0.34%	1.72%	3.42%	2.27%	2.74%	3.50%	6.61%	4.50%
2020	5	0.41%	$27,010	4.76%	$28,180	-0.08%	-1.76%	-0.61%	6.59%	5.16%	2.59%	5.43%	2.97%	8.07%
2020	4	4.24%	$26,899	12.70%	$26,898	0.27%	1.22%	7.85%	13.85%	13.20%	7.26%	5.82%	7.35%	-3.11%
2020	3	3.08%	$25,805	-12.46%	$23,868	1.24%	6.38%	-22.37%	-21.48%	-13.35%	-0.22%	-14.11%	-15.77%	-17.34%
2020	2	-8.46%	$25,035	-7.92%	$27,266	0.88%	6.63%	-8.36%	-8.85%	-8.07%	-0.64%	-7.77%	-3.78%	-6.65%
2020	1	-4.49%	$27,347	-0.04%	$29,610	0.58%	7.69%	0.46%	-3.10%	0.12%	4.50%	-2.82%	-6.15%	-8.59%
2019	12	-0.20%	$28,632	2.90%	$29,622	0.15%	-3.20%	-1.03%	2.78%	2.80%	3.66%	2.98%	7.71%	5.85%
2019	11	0.30%	$28,689	3.62%	$28,786	-0.05%	-0.41%	-1.39%	4.07%	3.81%	-3.21%	1.13%	-0.09%	-0.13%
2019	10	0.72%	$28,603	2.21%	$27,781	0.31%	-1.11%	1.11%	2.72%	2.10%	2.56%	3.39%	4.18%	1.93%
2019	9	-3.04%	$28,398	1.95%	$27,180	-0.13%	-2.68%	2.66%	2.04%	1.79%	-3.39%	3.16%	1.69%	1.42%
2019	8	4.59%	$29,287	-1.67%	$26,661	0.78%	11.04%	2.37%	-4.93%	-1.87%	7.91%	-1.92%	-3.78%	-4.63%
2019	7	0.95%	$28,002	1.51%	$27,115	-0.06%	0.26%	1.56%	0.68%	1.63%	0.01%	-1.95%	-2.66%	-1.14%
2019	6	4.09%	$27,740	6.96%	$26,711	0.46%	0.95%	1.31%	6.98%	6.87%	8.00%	5.91%	6.21%	3.97%
2019	5	-0.25%	$26,650	-6.38%	$24,973	0.72%	6.84%	-0.31%	-7.85%	-6.33%	1.76%	-5.03%	-7.33%	-5.97%
2019	4	0.18%	$26,715	4.09%	$26,674	0.18%	-1.99%	-0.24%	3.40%	3.93%	-0.66%	2.93%	2.35%	1.19%
2019	3	0.61%	$26,667	1.81%	$25,627	0.63%	5.57%	2.81%	-2.09%	1.77%	-1.60%	0.92%	1.13%	-0.38%
2019	2	-0.99%	$26,506	3.24%	$25,172	0.09%	-1.38%	0.99%	5.18%	3.40%	-0.61%	2.54%	-1.53%	2.84%
2019	1	1.63%	$26,772	8.01%	$24,381	0.25%	0.38%	11.41%	11.32%	8.21%	2.89%	6.63%	10.34%	7.11%
2018	12	-8.76%	$26,342	-8.79%	$22,574	0.76%	5.85%	-8.61%	-11.97%	-8.91%	4.94%	-5.35%	-3.50%	-3.99%
2018	11	3.41%	$28,871	1.85%	$24,751	0.38%	1.79%	4.90%	1.73%	1.92%	0.34%	0.50%	4.90%	-9.85%
2018	10	-9.04%	$27,919	-6.91%	$24,300	0.15%	-2.93%	-2.54%	-10.99%	-7.09%	2.12%	-8.13%	-8.76%	-5.62%
2018	9	-2.53%	$30,694	0.59%	$26,104	-0.14%	-2.86%	-2.74%	-2.32%	0.38%	-0.66%	0.97%	-0.58%	3.39%
2018	8	3.65%	$31,491	3.19%	$25,949	0.35%	1.31%	2.99%	4.31%	3.39%	-2.14%	-2.24%	-3.77%	0.75%
2018	7	0.98%	$30,381	3.70%	$25,147	-0.06%	-1.44%	0.32%	1.65%	3.45%	-2.24%	2.85%	3.53%	-2.43%
2018	6	-0.66%	$30,086	0.58%	$24,248	0.04%	0.65%	4.33%	0.61%	0.63%	-3.61%	-1.57%	-4.54%	-1.94%
2018	5	0.03%	$30,287	2.43%	$24,110	0.35%	2.01%	4.02%	6.16%	2.57%	-1.20%	-1.89%	-2.62%	2.68%
2018	4	0.30%	$30,278	0.52%	$23,537	-0.23%	-2.09%	1.45%	0.98%	0.26%	-0.95%	1.52%	-2.82%	3.42%
2018	3	-0.84%	$30,188	-2.74%	$23,416	0.25%	2.86%	3.97%	1.22%	-2.23%	0.63%	-0.84%	0.54%	2.29%
2018	2	-4.80%	$30,444	-3.64%	$24,076	-0.10%	-3.04%	-7.23%	-3.84%	-3.70%	-2.08%	-4.83%	-5.90%	-2.92%
2018	1	4.18%	$31,980	5.64%	$24,985	-0.29%	-3.26%	-4.10%	2.56%	5.41%	3.23%	5.02%	8.30%	2.95%
2017	12	3.28%	$30,697	1.21%	$23,652	-0.02%	1.81%	0.04%	-0.40%	1.23%	2.11%	1.35%	3.77%	2.78%
2017	11	1.28%	$29,723	3.06%	$23,369	-0.22%	0.74%	3.14%	2.94%	3.02%	0.36%	0.69%	-0.39%	0.94%
2017	10	2.48%	$29,348	2.36%	$22,676	-0.09%	-0.04%	-1.12%	0.73%	2.31%	-0.75%	1.68%	3.28%	3.96%
2017	9	1.16%	$28,638	2.01%	$22,154	-0.19%	-2.32%	0.22%	6.30%	2.06%	-3.37%	2.36%	-0.04%	1.99%
2017	8	1.15%	$28,310	0.29%	$21,717	0.20%	3.41%	-0.79%	-1.26%	0.32%	4.20%	-0.04%	2.35%	0.40%
2017	7	4.24%	$27,987	2.06%	$21,654	0.19%	-0.66%	0.87%	0.86%	1.91%	2.31%	2.65%	5.82%	4.08%
2017	6	0.62%	$26,849	0.64%	$21,218	-0.08%	0.79%	2.47%	3.37%	0.71%	-2.16%	0.31%	0.93%	-0.96%
2017	5	3.19%	$26,684	1.41%	$21,083	0.07%	1.89%	-0.63%	-1.97%	1.28%	-0.12%	3.54%	2.85%	-1.42%
2017	4	1.09%	$25,858	0.99%	$20,790	0.19%	1.57%	-0.21%	1.15%	1.04%	1.73%	2.42%	1.70%	-2.70%
2017	3	0.06%	$25,578	0.13%	$20,585	0.06%	-0.65%	-2.90%	0.03%	0.09%	-0.43%	3.23%	3.69%	-3.24%
2017	2	0.87%	$25,564	3.93%	$20,560	0.04%	1.59%	3.47%	1.93%	3.82%	3.18%	1.19%	1.74%	-0.19%
2017	1	-0.14%	$25,343	1.79%	$19,782	0.11%	0.81%	-0.95%	0.28%	1.93%	5.42%	3.29%	6.66%	-0.57%
2016	12	2.38%	$25,380	2.03%	$19,435	0.07%	-0.46%	4.73%	2.89%	1.87%	-1.91%	2.71%	-0.25%	4.14%
2016	11	-6.39%	$24,790	3.68%	$19,048	-0.47%	-8.21%	-1.35%	11.06%	4.04%	-8.36%	-1.78%	-4.42%	1.67%
2016	10	-2.71%	$26,482	-1.73%	$18,371	-0.05%	-4.38%	-5.66%	-4.60%	-1.98%	-2.94%	-2.22%	-0.83%	-0.33%
2016	9	2.69%	$27,220	0.01%	$18,696	0.13%	-1.51%	-2.06%	1.08%	0.11%	0.69%	1.34%	2.52%	4.31%
2016	8	-1.27%	$26,506	0.12%	$18,694	-0.23%	-1.01%	-3.44%	1.78%	0.11%	-3.26%	0.54%	0.90%	0.77%
2016	7	-2.49%	$26,847	3.65%	$18,672	-0.05%	2.10%	4.38%	5.87%	3.79%	1.98%	3.97%	5.37%	-6.97%
2016	6	6.66%	$27,534	0.35%	$18,014	0.60%	6.93%	6.46%	-0.02%	0.27%	8.97%	-2.42%	4.56%	4.35%
2016	5	-2.67%	$25,815	1.70%	$17,952	-0.12%	0.81%	1.98%	2.24%	1.67%	-6.14%	-0.09%	-3.69%	0.89%
2016	4	2.19%	$26,521	0.39%	$17,652	0.04%	-0.74%	-2.96%	1.67%	0.53%	5.11%	2.22%	0.41%	9.71%
2016	3	-0.47%	$25,954	6.72%	$17,582	0.14%	-0.09%	10.37%	8.02%	6.99%	-0.84%	6.58%	12.96%	4.24%
2016	2	1.12%	$26,076	-0.08%	$16,475	0.11%	3.09%	-0.85%	-0.22%	0.00%	10.93%	-3.33%	-0.82%	-0.23%
2016	1	-1.70%	$25,788	-4.98%	$16,488	0.65%	5.57%	-4.06%	-8.58%	-5.44%	5.41%	-5.52%	-5.03%	-4.34%
2015	12	0.96%	$26,235	-1.72%	$17,352	-0.15%	-0.30%	2.21%	-5.03%	-1.92%	-0.45%	-2.34%	-3.83%	-5.85%
2015	11	-0.74%	$25,986	0.37%	$17,655	-0.26%	-0.87%	-0.61%	3.26%	0.41%	-6.75%	-0.75%	-2.52%	-6.64%
2015	10	-0.28%	$26,180	8.51%	$17,591	-0.14%	-0.41%	5.79%	5.62%	8.11%	2.28%	6.61%	6.38%	0.33%
2015	9	-1.24%	$26,252	-2.54%	$16,212	0.29%	1.97%	3.39%	-4.91%	-2.77%	-1.80%	-4.42%	-3.02%	-3.44%
2015	8	-6.88%	$26,582	-6.10%	$16,635	-0.05%	-0.69%	-5.91%	-6.33%	-6.06%	3.71%	-7.43%	-8.94%	-0.25%
2015	7	0.47%	$28,545	2.26%	$17,715	0.04%	4.55%	5.91%	-1.10%	1.96%	-6.62%	2.03%	-6.31%	-12.61%
2015	6	-3.02%	$28,413	-2.03%	$17,324	0.03%	-4.07%	-4.40%	0.78%	-1.89%	-1.52%	-3.12%	-2.93%	1.64%
2015	5	-1.95%	$29,298	1.29%	$17,682	0.04%	-2.37%	-0.03%	2.24%	1.27%	0.56%	0.20%	-4.10%	-3.17%
2015	4	-4.66%	$29,882	0.98%	$17,458	0.03%	-3.43%	-5.89%	-2.56%	0.81%	-0.17%	3.65%	6.85%	7.15%
2015	3	1.48%	$31,342	-1.57%	$17,288	0.25%	1.10%	1.86%	1.78%	-1.30%	-2.15%	-1.43%	-1.50%	-6.05%
2015	2	-4.90%	$30,886	5.62%	$17,564	-0.29%	-6.14%	-3.67%	5.95%	5.66%	-5.91%	6.34%	4.41%	4.43%
2015	1	8.19%	$32,478	-2.96%	$16,630	0.63%	9.82%	6.56%	-3.28%	-2.69%	8.69%	0.62%	-0.69%	-5.69%
2014	12	2.57%	$30,021	-0.26%	$17,138	-0.29%	3.25%	1.88%	2.89%	-0.29%	1.31%	-4.00%	-3.99%	-9.65%
2014	11	2.56%	$29,269	2.75%	$17,182	0.10%	2.97%	2.15%	0.11%	2.71%	-0.49%	0.06%	-1.54%	-8.51%
2014	10	2.60%	$28,539	2.36%	$16,722	0.26%	2.81%	10.60%	6.59%	2.39%	-3.05%	-0.27%	1.42%	-3.88%
2014	9	-4.94%	$27,814	-1.38%	$16,337	-0.07%	-2.11%	-5.82%	-5.93%	-1.72%	-6.18%	-3.88%	-7.77%	-7.23%
2014	8	2.80%	$29,259	3.95%	$16,566	0.19%	4.72%	2.78%	4.83%	4.07%	0.38%	0.18%	2.83%	-1.15%
2014	7	0.75%	$28,461	-1.34%	$15,937	-0.08%	0.67%	0.14%	-6.05%	-1.62%	-3.63%	-2.60%	1.36%	-4.74%
2014	6	0.33%	$28,248	2.06%	$16,154	-0.08%	-0.25%	0.91%	5.27%	2.29%	6.32%	0.92%	2.40%	2.11%
2014	5	2.70%	$28,155	2.32%	$15,827	0.18%	2.95%	2.45%	0.79%	2.27%	-3.05%	1.60%	2.95%	-1.44%
2014	4	-1.64%	$27,416	0.70%	$15,468	0.11%	2.10%	3.72%	-3.75%	0.46%	0.49%	1.67%	0.78%	1.11%
2014	3	-0.10%	$27,874	0.83%	$15,362	-0.11%	0.73%	0.79%	-0.75%	0.55%	-3.14%	-0.46%	3.88%	-0.04%
2014	2	4.79%	$27,902	4.55%	$15,235	0.04%	0.52%	5.23%	4.78%	4.81%	6.27%	6.13%	3.38%	5.02%
2014	1	-3.98%	$26,626	-3.52%	$14,572	0.20%	6.30%	3.89%	-2.77%	-3.24%	3.42%	-5.19%	-8.63%	-3.04%
2013	12	2.09%	$27,731	2.59%	$15,104	-0.18%	-1.87%	0.46%	2.02%	2.70%	-3.79%	2.15%	-0.44%	0.59%
2013	11	2.25%	$27,164	2.96%	$14,723	0.09%	-2.70%	-5.52%	3.96%	2.73%	-5.51%	0.55%	-0.25%	-0.93%
2013	10	3.39%	$26,566	4.63%	$14,299	0.07%	1.43%	4.04%	2.42%	4.35%	-0.34%	3.26%	4.17%	-0.04%
2013	9	5.05%	$25,696	3.17%	$13,666	0.22%	0.66%	3.28%	6.49%	3.62%	-4.78%	7.83%	7.19%	-3.38%
2013	8	-2.96%	$24,460	-3.00%	$13,247	-0.10%	-1.34%	-6.93%	-3.16%	-2.77%	5.20%	-1.96%	-2.54%	2.82%
2013	7	6.11%	$25,207	5.17%	$13,656	0.16%	-2.26%	0.72%	7.33%	4.88%	7.43%	5.32%	1.32%	3.18%
2013	6	-0.68%	$23,757	-1.33%	$12,985	-0.10%	-3.27%	-1.71%	-0.82%	-0.54%	-11.06%	-2.70%	-5.34%	-2.82%
2013	5	-1.01%	$23,919	2.36%	$13,161	-0.13%	-6.76%	-5.96%	3.93%	1.74%	-6.20%	-3.02%	-4.84%	-1.56%
2013	4	0.78%	$24,164	1.92%	$12,857	0.07%	4.68%	6.78%	-0.35%	1.90%	-7.57%	5.02%	1.22%	-3.81%
2013	3	2.99%	$23,978	3.80%	$12,615	0.03%	-0.42%	2.58%	4.66%	3.95%	0.96%	1.31%	-1.01%	0.66%
2013	2	-1.79%	$23,283	1.28%	$12,154	0.06%	1.24%	0.81%	1.00%	1.06%	-5.09%	-1.30%	-2.28%	-4.71%
2013	1	1.71%	$23,707	5.12%	$12,000	0.01%	-3.19%	3.43%	6.24%	5.37%	-0.51%	3.73%	-0.30%	2.48%
2012	12	1.61%	$23,308	0.90%	$11,416	0.02%	-2.49%	3.71%	3.61%	1.18%	-2.43%	4.37%	6.81%	-1.14%
2012	11	2.17%	$22,938	0.57%	$11,315	0.05%	1.38%	-0.48%	0.55%	0.88%	-0.47%	2.79%	1.54%	1.96%
2012	10	-1.71%	$22,451	-1.82%	$11,251	-0.07%	-0.49%	-0.89%	-2.17%	-1.77%	-2.94%	1.08%	-0.42%	-3.91%
2012	9	-2.28%	$22,843	2.54%	$11,459	0.02%	-2.53%	-2.03%	3.26%	2.62%	4.67%	2.71%	5.21%	-0.38%
2012	8	-0.80%	$23,376	2.51%	$11,176	0.01%	-1.32%	-0.28%	3.54%	2.46%	4.94%	3.20%	0.41%	5.65%
2012	7	2.85%	$23,564	1.18%	$10,903	0.22%	3.81%	1.88%	-1.52%	1.01%	0.84%	0.08%	-0.04%	5.83%
2012	6	1.91%	$22,912	4.06%	$10,775	-0.10%	-1.68%	5.50%	5.05%	3.84%	2.35%	7.11%	5.10%	2.02%
2012	5	-5.35%	$22,483	-6.01%	$10,355	0.06%	9.03%	-4.59%	-6.58%	-6.10%	-6.34%	-11.14%	-10.70%	-11.16%
2012	4	-1.09%	$23,753	-0.67%	$11,017	0.20%	4.83%	3.04%	-1.62%	-0.56%	-0.15%	-2.08%	-1.70%	-1.35%
2012	3	-0.32%	$24,015	3.22%	$11,091	-0.08%	-4.23%	5.18%	2.48%	3.15%	-1.32%	0.42%	-3.12%	-1.77%
2012	2	-0.01%	$24,092	4.34%	$10,746	-0.14%	-2.59%	-1.07%	2.57%	4.29%	-2.97%	4.83%	5.27%	5.35%
2012	1	-0.12%	$24,095	4.64%	$10,299	0.08%	-0.33%	6.35%	7.15%	4.90%	11.40%	5.27%	10.99%	3.69%
2011	12	-3.61%	$24,125	1.04%	$9,842	0.05%	3.44%	4.64%	0.51%	0.91%	-10.66%	-2.21%	-4.30%	-2.89%
2011	11	1.82%	$25,028	-0.41%	$9,740	0.05%	1.98%	-3.95%	-0.38%	-0.36%	1.67%	-2.18%	-1.97%	-0.29%
2011	10	1.02%	$24,580	10.91%	$9,780	0.03%	-3.84%	14.52%	15.10%	10.97%	5.87%	9.63%	16.30%	7.65%
2011	9	1.07%	$24,332	-6.94%	$8,818	-0.10%	13.20%	-11.13%	-11.15%	-7.31%	-11.06%	-10.81%	-17.91%	-14.62%
2011	8	10.97%	$24,075	-5.50%	$9,476	0.34%	9.66%	-5.40%	-8.89%	-5.83%	12.27%	-8.75%	-9.25%	-0.40%
2011	7	5.06%	$21,695	-2.00%	$10,027	0.29%	4.41%	1.71%	-3.41%	-2.12%	8.42%	-2.38%	-1.03%	4.56%
2011	6	-3.80%	$20,649	-1.69%	$10,232	-0.00%	-2.33%	-3.33%	-2.40%	-1.77%	-2.43%	-1.19%	-0.93%	-4.26%
2011	5	-3.48%	$21,464	-1.12%	$10,408	0.36%	3.42%	1.45%	-1.79%	-1.09%	-1.79%	-2.21%	-2.94%	-5.17%
2011	4	3.60%	$22,239	2.90%	$10,526	0.53%	2.34%	5.96%	2.64%	2.95%	8.94%	5.63%	2.73%	4.56%
2011	3	2.59%	$21,467	0.01%	$10,229	-0.13%	0.03%	-1.60%	2.52%	0.22%	1.60%	-2.39%	6.29%	2.66%
2011	2	4.86%	$20,925	3.47%	$10,228	-0.12%	1.65%	4.76%	5.54%	3.53%	6.00%	3.55%	-0.04%	4.17%
2011	1	1.59%	$19,956	2.33%	$9,885	0.13%	-3.08%	3.36%	-0.37%	2.32%	-6.38%	2.10%	-3.85%	3.56%
2010	12	7.65%	$19,643	6.68%	$9,660	-0.16%	-3.68%	4.71%	8.03%	6.81%	2.44%	8.30%	7.27%	9.89%
2010	11	-3.86%	$18,247	0.00%	$9,055	-0.21%	-1.69%	-1.77%	3.49%	0.20%	2.11%	-4.82%	-2.91%	-0.44%
2010	10	-0.39%	$18,980	3.82%	$9,055	0.22%	-4.47%	4.39%	4.15%	3.86%	3.68%	3.81%	3.02%	4.44%
2010	9	1.13%	$19,055	8.96%	$8,721	0.12%	-2.51%	4.43%	12.45%	9.14%	4.78%	9.97%	11.76%	8.60%
2010	8	3.57%	$18,842	-4.50%	$8,004	0.24%	8.40%	-1.27%	-7.44%	-4.44%	5.71%	-3.80%	-3.24%	-3.01%
2010	7	-3.02%	$18,193	6.83%	$8,382	0.19%	-0.95%	9.92%	6.74%	7.02%	-5.09%	11.61%	10.93%	6.12%
2010	6	-1.49%	$18,759	-5.17%	$7,846	0.42%	5.80%	-5.34%	-7.74%	-5.65%	2.36%	-2.07%	-1.40%	-1.78%
2010	5	-6.48%	$19,043	-7.95%	$8,274	0.45%	5.11%	-5.41%	-7.54%	-7.96%	3.05%	-11.19%	-9.39%	-10.15%
2010	4	6.27%	$20,361	1.55%	$8,988	0.30%	3.32%	6.86%	5.68%	1.83%	5.88%	-2.80%	-0.17%	3.91%
2010	3	5.01%	$19,160	6.09%	$8,851	-0.27%	-2.06%	10.47%	8.23%	6.30%	-0.44%	6.39%	8.11%	-0.47%
2010	2	4.48%	$18,245	3.12%	$8,343	0.16%	-0.34%	5.68%	4.48%	3.27%	3.27%	0.27%	1.78%	4.14%
2010	1	-6.82%	$17,463	-3.63%	$8,090	0.80%	2.69%	-5.87%	-3.73%	-3.62%	-1.26%	-5.07%	-7.76%	-7.84%
2009	12	-0.16%	$18,741	1.91%	$8,396	-0.84%	-6.34%	6.89%	7.92%	2.35%	-7.20%	0.70%	3.27%	-0.16%
2009	11	5.37%	$18,770	6.16%	$8,238	0.60%	1.21%	6.82%	3.12%	5.98%	12.79%	3.92%	7.85%	4.58%
2009	10	-3.93%	$17,813	-1.92%	$7,760	0.14%	-2.62%	-4.41%	-6.49%	-2.22%	3.72%	-2.52%	-3.44%	6.89%
2009	9	8.52%	$18,542	3.55%	$7,912	0.24%	2.46%	6.84%	5.56%	3.90%	5.84%	3.80%	10.20%	-0.23%
2009	8	6.70%	$17,086	3.69%	$7,642	0.41%	2.24%	14.72%	2.93%	3.69%	0.05%	4.50%	-1.31%	-4.04%
2009	7	10.53%	$16,013	7.46%	$7,369	0.11%	0.58%	10.52%	9.18%	7.52%	2.38%	10.04%	11.01%	1.86%
2009	6	-3.74%	$14,488	-0.07%	$6,858	-0.09%	0.76%	-4.69%	1.81%	0.08%	-5.22%	-1.43%	-2.25%	-2.63%
2009	5	13.09%	$15,050	5.85%	$6,862	0.06%	-3.69%	4.15%	3.40%	5.88%	10.23%	13.19%	15.94%	16.27%
2009	4	-5.14%	$13,308	9.93%	$6,483	-0.16%	-6.95%	31.64%	15.39%	10.54%	-3.33%	11.52%	15.56%	-0.10%
2009	3	0.75%	$14,030	8.35%	$5,897	0.50%	4.04%	3.42%	7.77%	8.17%	-2.54%	8.39%	16.86%	4.66%
2009	2	-0.05%	$13,925	-10.74%	$5,443	-0.15%	-1.54%	-21.81%	-11.98%	-10.45%	1.45%	-10.39%	-6.27%	-5.63%
2009	1	-6.75%	$13,932	-8.21%	$6,098	-0.44%	-13.07%	-17.86%	-9.67%	-7.94%	5.54%	-13.73%	-9.29%	-4.44%
2008	12	7.10%	$14,941	0.98%	$6,644	0.56%	13.64%	15.77%	4.82%	1.84%	7.73%	8.88%	10.35%	-3.22%
2008	11	7.72%	$13,950	-6.96%	$6,579	1.10%	14.34%	-23.93%	-11.93%	-8.37%	12.57%	-6.37%	-9.75%	-12.37%
2008	10	-0.38%	$12,950	-16.52%	$7,071	1.10%	-1.86%	-31.24%	-20.96%	-17.13%	-16.14%	-20.83%	-25.58%	-25.08%
2008	9	-9.00%	$13,000	-9.44%	$8,471	0.78%	1.47%	-0.57%	-7.75%	-9.34%	4.11%	-11.44%	-14.68%	-10.25%
2008	8	-1.48%	$14,285	1.55%	$9,353	0.47%	2.74%	2.08%	3.58%	1.38%	-9.29%	-4.25%	-6.32%	-6.53%
2008	7	-4.67%	$14,500	-0.90%	$9,211	0.43%	-0.37%	2.92%	3.68%	-0.94%	-1.44%	-3.32%	-5.50%	-9.78%
2008	6	-0.19%	$15,211	-8.35%	$9,294	0.24%	2.65%	-10.82%	-7.53%	-8.31%	4.52%	-8.80%	-9.29%	10.43%
2008	5	3.92%	$15,240	1.51%	$10,141	-0.35%	-2.70%	-0.30%	4.58%	1.72%	0.92%	1.19%	3.16%	6.91%
2008	4	0.94%	$14,666	4.77%	$9,990	-0.84%	-2.47%	6.48%	4.55%	4.96%	-4.16%	5.44%	9.14%	6.04%
2008	3	-3.46%	$14,529	-0.90%	$9,536	0.25%	2.14%	6.72%	-0.67%	-0.69%	-6.00%	0.42%	-3.75%	-0.91%
2008	2	8.19%	$15,049	-2.58%	$9,623	1.03%	-0.46%	-3.48%	-2.93%	-2.84%	5.23%	-1.02%	1.99%	11.15%
2008	1	6.88%	$13,910	-6.05%	$9,878	1.65%	2.10%	-0.84%	-6.56%	-5.87%	10.84%	-7.85%	-8.92%	2.92%
2007	12	6.68%	$13,015	-1.13%	$10,514	0.30%	-0.64%	-5.44%	-0.52%	-1.08%	6.65%	-2.99%	-1.43%	6.72%
2007	11	-4.65%	$12,200	-3.87%	$10,634	1.79%	5.35%	-9.64%	-6.97%	-4.09%	-1.65%	-3.62%	-7.65%	-0.62%
2007	10	10.19%	$12,795	1.36%	$11,063	0.48%	1.81%	0.92%	2.85%	1.60%	6.95%	4.25%	11.87%	8.50%
2007	9	7.82%	$11,612	3.87%	$10,914	0.39%	0.23%	4.32%	1.90%	4.08%	10.51%	5.32%	11.57%	9.42%
2007	8	0.20%	$10,770	1.28%	$10,508	1.21%	1.79%	5.65%	2.13%	1.16%	1.11%	-0.63%	1.04%	-1.91%
2007	7	-0.80%	$10,748	-3.13%	$10,375	0.90%	3.32%	-8.21%	-7.06%	-3.12%	2.37%	-2.29%	0.70%	1.91%
2007	6	1.75%	$10,834	-1.46%	$10,710	0.47%	-1.01%	-10.18%	-1.28%	-1.97%	-1.94%	-0.32%	3.82%	0.74%
2007	5	3.65%	$10,647	3.39%	$10,869	-0.07%	-2.31%	-0.03%	4.29%	3.59%	-2.31%	2.36%	4.93%	-0.23%
2007	4	3.76%	$10,273	4.43%	$10,513	0.31%	0.90%	-0.08%	1.55%	4.25%	2.05%	3.80%	3.73%	0.75%
2007	3	1.70%	$9,900	1.16%	$10,067	0.45%	-1.70%	-2.74%	1.06%	1.00%	-1.11%	2.80%	6.15%	0.36%
2007	2	-3.39%	$9,734	-1.96%	$9,951	0.73%	3.39%	-2.79%	-0.66%	-1.67%	2.55%	-0.08%	-3.98%	5.42%
2007	1	0.75%	$10,075	1.50%	$10,150	0.16%	-1.00%	8.90%	1.69%	1.87%	2.56%	1.39%	0.11%	-2.40%

Drawdowns

Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Momentum Model	State Street SPDR S&P 500 ETF
Subprime Crisis	Nov 2007	Mar 2009	-15.03%	-50.80%
COVID-19 Start	Jan 2020	Mar 2020	-12.56%	-19.43%

Drawdowns for Momentum Model

Drawdowns for Momentum Model (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Feb 2015	Nov 2016	1 year 10 months	Nov 2020	4 years	5 years 10 months	-23.67%
2	Mar 2026	Jul 2026	5 months				-15.13%
3	Jun 2008	Oct 2008	5 months	Jul 2009	9 months	1 year 2 months	-15.03%
4	Jun 2022	Jan 2024	1 year 8 months	Jun 2025	1 year 5 months	3 years 1 month	-14.03%
5	May 2010	Jul 2010	3 months	Feb 2011	7 months	10 months	-10.65%
6	Dec 2011	Oct 2012	11 months	Jul 2013	9 months	1 year 8 months	-10.30%
7	May 2011	Jun 2011	2 months	Aug 2011	2 months	4 months	-7.15%
8	Dec 2009	Jan 2010	2 months	Mar 2010	2 months	4 months	-6.96%
9	Jan 2022	Jan 2022	1 month	Mar 2022	2 months	3 months	-6.15%
10	Sep 2014	Sep 2014	1 month	Nov 2014	2 months	3 months	-4.94%
Worst 10 drawdowns included above

Drawdowns for State Street SPDR S&P 500 ETF

Drawdowns for State Street SPDR S&P 500 ETF (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Mar 2012	3 years 1 month	4 years 5 months	-50.80%
2	Jan 2022	Sep 2022	9 months	Dec 2023	1 year 3 months	2 years	-23.93%
3	Jan 2020	Mar 2020	3 months	Jul 2020	4 months	7 months	-19.43%
4	Oct 2018	Dec 2018	3 months	Apr 2019	4 months	7 months	-13.52%
5	Aug 2015	Sep 2015	2 months	May 2016	8 months	10 months	-8.48%
6	Feb 2025	Apr 2025	3 months	Jun 2025	2 months	5 months	-7.58%
7	Apr 2012	May 2012	2 months	Aug 2012	3 months	5 months	-6.63%
8	May 2019	May 2019	1 month	Jun 2019	1 month	2 months	-6.38%
9	Feb 2018	Mar 2018	2 months	Jul 2018	4 months	6 months	-6.28%
10	Sep 2020	Oct 2020	2 months	Nov 2020	1 month	3 months	-6.14%
Worst 10 drawdowns included above

Rolling Returns

Rolling returns summary
Roll Period	Momentum Model			State Street SPDR S&P 500 ETF
Roll Period	Average	High	Low	Average	High	Low
1 year	10.29%	56.58%	-20.60%	12.14%	56.25%	-43.44%
3 years	8.21%	25.61%	-3.00%	12.38%	25.99%	-9.85%
5 years	7.74%	19.87%	-4.11%	12.63%	22.86%	-0.96%
7 years	7.06%	16.23%	1.04%	12.79%	17.28%	5.30%
10 years	6.43%	10.15%	2.82%	12.70%	16.55%	6.85%
15 years	7.66%	10.87%	5.46%	12.48%	15.91%	7.94%

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years

Trading Performance

Trading Performance
Metric	Value
Total Trades	238
Analyzed Trades	237
Rebalancing Trades	106
Winning Trades	107
Losing Trades	130
Win %	45.15%
Average Win	3.45%
Median Win	1.88%
Average Loss	3.14%
Median Loss	2.58%
Average Annual Turnover	375.97%
Average Turnover Per Trade	32.28%
Median Turnover Per Trade	50.00%
Average Turnover Per Trade Excluding Rebalancing	57.82%
Median Turnover Per Trade Excluding Rebalancing	50.00%
Cumulative Trading Return without Costs	439.88%
Cumulative Trading Return after Costs	269.87%
Cumulative Trading Cost Impact	170.01%
Annualized Trading Return without Costs	8.91%
Annualized Trading Return after Costs	6.85%
Annualized Trading Cost Impact	2.07%
Trading costs estimate assumes 25bps cost per trade.

Model Trades

Model trades
#	Start Date	End Date	Trade Date	Trade Type	Turnover	Allocation	Asset Performance	Momentum Model	Min/Max PL	State Street SPDR S&P 500 ETF	Excess Return	Cost Adjusted Return
238	10/01/2026	10/31/2026	09/30/2026	Open Trade	50.00%	Please sign-in for forward signals	N/A	N/A	N/A	N/A	N/A	N/A
237	09/01/2026	09/30/2026	08/31/2026	Signal	51.29%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI Emerging Markets ETF (EEM)	IWM: -5.21% EEM: -0.34%	-2.78%	-2.78% / 1.61%	-0.33%	-2.45%	-3.03%
236	08/01/2026	08/31/2026	07/31/2026	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 2000 ETF (IWM)	DBC: 6.28% IWM: 0.94%	3.61%	-0.18% / 4.58%	2.68%	0.93%	3.36%
235	07/01/2026	07/31/2026	06/30/2026	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares Russell 2000 ETF (IWM)	EEM: -6.31% IWM: -3.08%	-4.70%	-7.34% / -0.87%	0.03%	-4.73%	-4.95%
234	06/01/2026	06/30/2026	05/29/2026	Rebalancing	3.07%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares MSCI Emerging Markets ETF (EEM)	DBC: -9.57% EEM: 0.22%	-4.67%	-5.88% / 2.69%	-1.03%	-3.64%	-4.69%
233	05/01/2026	05/31/2026	04/30/2026	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares MSCI Emerging Markets ETF (EEM)	DBC: -5.21% EEM: 7.20%	1.00%	-0.36% / 2.98%	5.26%	-4.26%	0.75%
232	04/01/2026	04/30/2026	03/31/2026	Signal	50.50%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: 7.43% GLD: -1.54%	2.94%	-0.18% / 2.94%	10.51%	-7.56%	2.69%
231	03/01/2026	03/31/2026	02/27/2026	Rebalancing	0.66%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI Emerging Markets ETF (EEM)	GLD: -11.05% EEM: -9.25%	-10.15%	-14.27% / -0.22%	-4.93%	-5.22%	-10.15%
230	02/01/2026	02/28/2026	01/30/2026	Rebalancing	0.96%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI Emerging Markets ETF (EEM)	GLD: 8.72% EEM: 5.89%	7.30%	-1.85% / 7.30%	-0.86%	8.17%	7.30%
229	01/01/2026	01/31/2026	12/31/2025	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI Emerging Markets ETF (EEM)	GLD: 12.27% EEM: 8.02%	10.15%	1.65% / 17.92%	1.47%	8.67%	9.90%
228	12/01/2025	12/31/2025	11/28/2025	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 2000 ETF (IWM)	GLD: 2.17% IWM: -0.71%	0.73%	-0.80% / 4.43%	0.08%	0.66%	0.48%
227	11/01/2025	11/30/2025	10/31/2025	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% SPDR Gold Shares (GLD)	EEM: -1.77% GLD: 5.37%	1.80%	-1.39% / 2.68%	0.19%	1.60%	1.55%
226	10/01/2025	10/31/2025	09/30/2025	Signal	50.03%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI Emerging Markets ETF (EEM)	IWM: 1.76% EEM: 3.56%	2.66%	-2.23% / 3.89%	2.38%	0.28%	2.41%
225	09/01/2025	09/30/2025	08/29/2025	Signal	100.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: 3.18% IWB: 3.31%	3.24%	-0.64% / 3.90%	3.56%	-0.32%	2.74%
224	08/01/2025	08/31/2025	07/31/2025	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI Emerging Markets ETF (EEM)	GLD: 4.99% EEM: 2.68%	3.83%	0.64% / 3.83%	2.05%	1.78%	3.58%
223	07/01/2025	07/31/2025	06/30/2025	Rebalancing	0.49%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI EAFE ETF (EFA)	GLD: -0.61% EFA: -2.09%	-1.35%	-1.35% / 2.41%	2.30%	-3.66%	-1.36%
222	06/01/2025	06/30/2025	05/30/2025	Rebalancing	1.18%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI EAFE ETF (EFA)	GLD: 0.41% EFA: 2.39%	1.40%	0.52% / 2.33%	5.14%	-3.74%	1.39%
221	05/01/2025	05/31/2025	04/30/2025	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI EAFE ETF (EFA)	GLD: -0.06% EFA: 4.79%	2.37%	-1.20% / 2.93%	6.28%	-3.92%	2.12%
220	04/01/2025	04/30/2025	03/31/2025	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% Invesco DB Commodity Tracking (DBC)	GLD: 5.42% DBC: -8.58%	-1.58%	-7.45% / 1.85%	-0.87%	-0.71%	-1.83%
219	03/01/2025	03/31/2025	02/28/2025	Rebalancing	0.89%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 1000 ETF (IWB)	GLD: 9.45% IWB: -5.77%	1.84%	-2.39% / 1.84%	-5.57%	7.41%	1.84%
218	02/01/2025	02/28/2025	01/31/2025	Rebalancing	0.88%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 1000 ETF (IWB)	GLD: 1.82% IWB: -1.74%	0.04%	-0.39% / 3.19%	-1.27%	1.31%	0.04%
217	01/01/2025	01/31/2025	12/31/2024	Signal	100.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% SPDR Gold Shares (GLD)	IWB: 3.10% GLD: 6.79%	4.94%	0.44% / 5.08%	2.69%	2.26%	4.44%
216	12/01/2024	12/31/2024	11/29/2024	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	IWM: -8.37% RWR: -7.15%	-7.76%	-9.13% / -0.74%	-2.41%	-5.35%	-8.01%
215	11/01/2024	11/30/2024	10/31/2024	Rebalancing	1.88%	50.00% SPDR Gold Shares (GLD) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	GLD: -3.12% RWR: 4.62%	0.75%	-3.00% / 0.75%	5.96%	-5.22%	0.74%
214	10/01/2024	10/31/2024	09/30/2024	Rebalancing	0.58%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% SPDR Gold Shares (GLD)	RWR: -3.25% GLD: 4.30%	0.52%	-1.93% / 2.31%	-0.89%	1.42%	0.52%
213	09/01/2024	09/30/2024	08/30/2024	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	GLD: 5.09% RWR: 2.67%	3.88%	-0.42% / 4.87%	2.10%	1.78%	3.63%
212	08/01/2024	08/31/2024	07/31/2024	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 2000 ETF (IWM)	GLD: 2.09% IWM: -1.69%	0.20%	-6.21% / 0.61%	2.34%	-2.13%	-0.05%
211	07/01/2024	07/31/2024	06/28/2024	Rebalancing	0.84%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 1000 ETF (IWB)	GLD: 5.37% IWB: 1.47%	3.42%	0.23% / 5.08%	1.21%	2.21%	3.41%
210	06/01/2024	06/30/2024	05/31/2024	Rebalancing	0.74%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 1000 ETF (IWB)	GLD: -0.13% IWB: 3.26%	1.56%	-0.29% / 2.32%	3.53%	-1.96%	1.56%
209	05/01/2024	05/31/2024	04/30/2024	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 1000 ETF (IWB)	GLD: 1.62% IWB: 4.67%	3.14%	0.31% / 5.78%	5.06%	-1.92%	2.89%
208	04/01/2024	04/30/2024	03/28/2024	Rebalancing	0.05%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: -6.85% IWB: -4.18%	-5.52%	-6.83% / -0.58%	-4.03%	-1.48%	-5.52%
207	03/01/2024	03/31/2024	02/29/2024	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares Russell 2000 ETF (IWM)	IWB: 3.26% IWM: 3.48%	3.37%	-0.13% / 3.37%	3.27%	0.10%	3.12%
206	02/01/2024	02/29/2024	01/31/2024	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares MSCI EAFE ETF (EFA)	IWB: 5.27% EFA: 2.99%	4.13%	0.66% / 4.16%	5.22%	-1.09%	3.88%
205	01/01/2024	01/31/2024	12/29/2023	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% SPDR Gold Shares (GLD)	IWB: 1.34% GLD: -1.42%	-0.04%	-1.84% / 0.84%	1.59%	-1.63%	-0.29%
204	12/01/2023	12/31/2023	11/30/2023	Rebalancing	1.24%	50.00% SPDR Gold Shares (GLD) 50.00% Invesco DB Commodity Tracking (DBC)	GLD: 1.28% DBC: -3.32%	-1.02%	-4.20% / 0.63%	4.57%	-5.59%	-1.03%
203	11/01/2023	11/30/2023	10/31/2023	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: -2.45% GLD: 2.53%	0.04%	-2.20% / 1.09%	9.13%	-9.09%	-0.21%
202	10/01/2023	10/31/2023	09/29/2023	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 1000 ETF (IWB)	DBC: -1.80% IWB: -2.38%	-2.09%	-2.63% / 0.76%	-2.17%	0.08%	-2.34%
201	09/01/2023	09/30/2023	08/31/2023	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares Russell 2000 ETF (IWM)	IWB: -4.79% IWM: -5.85%	-5.32%	-6.13% / 0.73%	-4.74%	-0.58%	-5.57%
200	08/01/2023	08/31/2023	07/31/2023	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares MSCI Emerging Markets ETF (EEM)	IWB: -1.74% EEM: -6.63%	-4.18%	-6.65% / -0.77%	-1.63%	-2.56%	-4.43%
199	07/01/2023	07/31/2023	06/30/2023	Rebalancing	0.52%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares MSCI EAFE ETF (EFA)	IWB: 3.46% EFA: 2.70%	3.08%	-1.91% / 3.08%	3.27%	-0.19%	3.08%
198	06/01/2023	06/30/2023	05/31/2023	Signal	50.68%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares MSCI EAFE ETF (EFA)	IWB: 6.70% EFA: 4.49%	5.59%	1.23% / 6.06%	6.48%	-0.89%	5.34%
197	05/01/2023	05/31/2023	04/28/2023	Rebalancing	0.51%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI EAFE ETF (EFA)	GLD: -1.34% EFA: -4.01%	-2.67%	-2.73% / 1.13%	0.46%	-3.14%	-2.68%
196	04/01/2023	04/30/2023	03/31/2023	Signal	50.00%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% SPDR Gold Shares (GLD)	EFA: 2.94% GLD: 0.86%	1.90%	0.76% / 3.17%	1.60%	0.30%	1.65%
195	03/01/2023	03/31/2023	02/28/2023	Signal	50.00%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares Russell 2000 ETF (IWM)	EFA: 3.13% IWM: -4.85%	-0.86%	-6.07% / 1.99%	3.71%	-4.57%	-1.11%
194	02/01/2023	02/28/2023	01/31/2023	Rebalancing	0.76%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% SPDR Gold Shares (GLD)	EFA: -3.07% GLD: -5.37%	-4.22%	-4.84% / 1.08%	-2.51%	-1.71%	-4.22%
193	01/01/2023	01/31/2023	12/30/2022	Signal	100.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares MSCI EAFE ETF (EFA)	GLD: 5.76% EFA: 9.00%	7.38%	0.86% / 7.98%	6.29%	1.09%	6.88%
192	12/01/2022	12/31/2022	11/30/2022	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: -6.52% IWB: -5.75%	-6.14%	-7.90% / 0.15%	-5.76%	-0.38%	-6.39%
191	11/01/2022	11/30/2022	10/31/2022	Rebalancing	2.67%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	IWM: 2.20% SHY: 0.69%	1.45%	-2.40% / 1.45%	5.56%	-4.11%	1.44%
190	10/01/2022	10/31/2022	09/30/2022	Signal	50.00%	50.00% iShares 1-3 Year Treasury Bond ETF (SHY) 50.00% iShares Russell 2000 ETF (IWM)	SHY: -0.13% IWM: 11.16%	5.52%	0.41% / 5.54%	8.13%	-2.61%	5.27%
189	09/01/2022	09/30/2022	08/31/2022	Rebalancing	0.17%	50.00% iShares 1-3 Year Treasury Bond ETF (SHY) 50.00% Invesco DB Commodity Tracking (DBC)	SHY: -1.19% DBC: -7.04%	-4.11%	-5.11% / -0.03%	-9.24%	5.13%	-4.12%
188	08/01/2022	08/31/2022	07/29/2022	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	DBC: -1.49% SHY: -0.81%	-1.15%	-2.67% / 1.37%	-4.08%	2.93%	-1.40%
187	07/01/2022	07/31/2022	06/30/2022	Rebalancing	1.55%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: -1.99% GLD: -2.59%	-2.29%	-6.26% / 0.20%	9.21%	-11.50%	-2.30%
186	06/01/2022	06/30/2022	05/31/2022	Rebalancing	1.96%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: -7.50% GLD: -1.57%	-4.53%	-4.53% / 3.48%	-8.25%	3.71%	-4.54%
185	05/01/2022	05/31/2022	04/29/2022	Rebalancing	1.89%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: 4.61% GLD: -3.26%	0.68%	-2.77% / 1.52%	0.23%	0.45%	0.67%
184	04/01/2022	04/30/2022	03/31/2022	Rebalancing	1.88%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: 5.64% GLD: -2.07%	1.79%	0.01% / 5.62%	-8.78%	10.56%	1.78%
183	03/01/2022	03/31/2022	02/28/2022	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: 9.17% GLD: 1.27%	5.22%	1.53% / 12.48%	3.76%	1.47%	4.97%
182	02/01/2022	02/28/2022	01/31/2022	Signal	50.28%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	DBC: 6.47% RWR: -3.38%	1.55%	-0.37% / 1.55%	-2.95%	4.50%	1.29%
181	01/01/2022	01/31/2022	12/31/2021	Rebalancing	1.16%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 1000 ETF (IWB)	RWR: -6.67% IWB: -5.63%	-6.15%	-9.94% / 0.15%	-5.27%	-0.88%	-6.16%
180	12/01/2021	12/31/2021	11/30/2021	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 1000 ETF (IWB)	RWR: 8.91% IWB: 3.97%	6.44%	-1.60% / 6.54%	4.63%	1.81%	6.19%
179	11/01/2021	11/30/2021	10/29/2021	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	DBC: -8.76% RWR: -0.63%	-4.70%	-4.70% / 1.90%	-0.80%	-3.89%	-4.95%
178	10/01/2021	10/31/2021	09/30/2021	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	DBC: 5.80% TLT: 2.46%	4.13%	1.09% / 4.25%	7.02%	-2.89%	3.88%
177	09/01/2021	09/30/2021	08/31/2021	Rebalancing	0.86%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% Invesco DB Commodity Tracking (DBC)	RWR: -5.50% DBC: 5.21%	-0.14%	-1.35% / 1.24%	-4.66%	4.51%	-0.15%
176	08/01/2021	08/31/2021	07/30/2021	Rebalancing	0.95%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% Invesco DB Commodity Tracking (DBC)	RWR: 1.78% DBC: -1.64%	0.07%	-4.26% / 0.07%	2.98%	-2.90%	0.07%
175	07/01/2021	07/31/2021	06/30/2021	Rebalancing	0.29%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	DBC: 1.30% RWR: 5.24%	3.27%	-1.59% / 3.61%	2.44%	0.83%	3.27%
174	06/01/2021	06/30/2021	05/28/2021	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	DBC: 3.49% RWR: 2.28%	2.89%	0.90% / 4.78%	2.25%	0.64%	2.64%
173	05/01/2021	05/31/2021	04/30/2021	Rebalancing	1.44%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 2000 ETF (IWM)	DBC: 3.85% IWM: 0.27%	2.06%	-1.05% / 2.40%	0.66%	1.41%	2.05%
172	04/01/2021	04/30/2021	03/31/2021	Rebalancing	0.53%	50.00% iShares Russell 2000 ETF (IWM) 50.00% Invesco DB Commodity Tracking (DBC)	IWM: 1.79% DBC: 7.83%	4.81%	0.36% / 5.96%	5.29%	-0.48%	4.80%
171	03/01/2021	03/31/2021	02/26/2021	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% Invesco DB Commodity Tracking (DBC)	IWM: 1.39% DBC: -0.72%	0.34%	-1.48% / 5.57%	4.54%	-4.20%	0.09%
170	02/01/2021	02/28/2021	01/29/2021	Rebalancing	0.40%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI Emerging Markets ETF (EEM)	IWM: 6.20% EEM: 0.79%	3.50%	2.58% / 9.49%	2.78%	0.71%	3.49%
169	01/01/2021	01/31/2021	12/31/2020	Rebalancing	0.35%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI Emerging Markets ETF (EEM)	IWM: 4.85% EEM: 3.17%	4.01%	-0.33% / 9.21%	-1.02%	5.03%	4.01%
168	12/01/2020	12/31/2020	11/30/2020	Rebalancing	2.04%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI Emerging Markets ETF (EEM)	IWM: 8.65% EEM: 7.13%	7.89%	1.45% / 8.02%	3.71%	4.18%	7.88%
167	11/01/2020	11/30/2020	10/30/2020	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares Russell 2000 ETF (IWM)	EEM: 8.99% IWM: 18.24%	13.62%	1.53% / 16.18%	10.88%	2.74%	13.37%
166	10/01/2020	10/31/2020	09/30/2020	Signal	100.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% Invesco DB Commodity Tracking (DBC)	EEM: 1.41% DBC: -3.14%	-0.87%	-1.34% / 3.50%	-2.49%	1.63%	-1.37%
165	09/01/2020	09/30/2020	08/31/2020	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares Russell 2000 ETF (IWM)	IWB: -3.69% IWM: -3.25%	-3.47%	-7.14% / 2.07%	-3.74%	0.27%	-3.72%
164	08/01/2020	08/31/2020	07/31/2020	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 1000 ETF (IWB)	GLD: -0.32% IWB: 7.30%	3.49%	-0.56% / 3.52%	6.98%	-3.49%	3.24%
163	07/01/2020	07/31/2020	06/30/2020	Rebalancing	0.59%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: 4.44% GLD: 10.79%	7.61%	-0.32% / 7.61%	5.89%	1.72%	7.61%
162	06/01/2020	06/30/2020	05/29/2020	Rebalancing	1.08%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: 0.34% GLD: 2.74%	1.54%	-3.73% / 1.69%	1.78%	-0.24%	1.53%
161	05/01/2020	05/31/2020	04/30/2020	Rebalancing	1.45%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: -1.76% GLD: 2.59%	0.41%	-0.95% / 1.67%	4.76%	-4.35%	0.41%
160	04/01/2020	04/30/2020	03/31/2020	Rebalancing	1.60%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: 1.22% GLD: 7.26%	4.24%	1.17% / 6.90%	12.70%	-8.46%	4.23%
159	03/01/2020	03/31/2020	02/28/2020	Signal	100.00%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: 6.38% GLD: -0.22%	3.08%	-6.05% / 8.40%	-12.46%	15.54%	2.58%
158	02/01/2020	02/29/2020	01/31/2020	Signal	100.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares Russell 2000 ETF (IWM)	IWB: -8.07% IWM: -8.85%	-8.46%	-8.46% / 5.09%	-7.92%	-0.54%	-8.96%
157	01/01/2020	01/31/2020	12/31/2019	Signal	100.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: -6.15% EFA: -2.82%	-4.49%	-4.49% / 2.19%	-0.04%	-4.45%	-4.99%
156	12/01/2019	12/31/2019	11/29/2019	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	IWB: 2.80% TLT: -3.20%	-0.20%	-1.10% / 0.60%	2.90%	-3.10%	-0.45%
155	11/01/2019	11/30/2019	10/31/2019	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares Russell 1000 ETF (IWB)	GLD: -3.21% IWB: 3.81%	0.30%	-1.00% / 0.59%	3.62%	-3.32%	0.05%
154	10/01/2019	10/31/2019	09/30/2019	Rebalancing	0.18%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: -1.11% GLD: 2.56%	0.72%	-1.42% / 2.20%	2.21%	-1.49%	0.72%
153	09/01/2019	09/30/2019	08/30/2019	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: -3.39% TLT: -2.68%	-3.04%	-4.82% / 1.15%	1.95%	-4.99%	-3.29%
152	08/01/2019	08/31/2019	07/31/2019	Rebalancing	0.34%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares Russell 1000 ETF (IWB)	TLT: 11.04% IWB: -1.87%	4.59%	0.05% / 4.59%	-1.67%	6.26%	4.59%
151	07/01/2019	07/31/2019	06/28/2019	Signal	50.00%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares Russell 1000 ETF (IWB)	TLT: 0.26% IWB: 1.63%	0.95%	0.13% / 1.62%	1.51%	-0.57%	0.70%
150	06/01/2019	06/30/2019	05/31/2019	Signal	100.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 1000 ETF (IWB)	RWR: 1.31% IWB: 6.87%	4.09%	-0.04% / 6.14%	6.96%	-2.87%	3.59%
149	05/01/2019	05/31/2019	04/30/2019	Rebalancing	1.08%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	EEM: -7.33% TLT: 6.84%	-0.25%	-3.39% / 0.44%	-6.38%	6.13%	-0.25%
148	04/01/2019	04/30/2019	03/29/2019	Signal	100.00%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares MSCI Emerging Markets ETF (EEM)	TLT: -1.99% EEM: 2.35%	0.18%	-0.18% / 1.12%	4.09%	-3.90%	-0.32%
147	03/01/2019	03/31/2019	02/28/2019	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	GLD: -1.60% RWR: 2.81%	0.61%	-1.27% / 1.47%	1.81%	-1.20%	0.36%
146	02/01/2019	02/28/2019	01/31/2019	Rebalancing	0.62%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: -0.61% TLT: -1.38%	-0.99%	-0.99% / 1.03%	3.24%	-4.23%	-1.00%
145	01/01/2019	01/31/2019	12/31/2018	Signal	100.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: 2.89% TLT: 0.38%	1.63%	-0.90% / 1.63%	8.01%	-6.37%	1.13%
144	12/01/2018	12/31/2018	11/30/2018	Rebalancing	0.72%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 1000 ETF (IWB)	RWR: -8.61% IWB: -8.91%	-8.76%	-13.38% / 1.07%	-8.79%	0.03%	-8.76%
143	11/01/2018	11/30/2018	10/31/2018	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 1000 ETF (IWB)	RWR: 4.90% IWB: 1.92%	3.41%	-0.21% / 3.41%	1.85%	1.56%	3.16%
142	10/01/2018	10/31/2018	09/28/2018	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares Russell 2000 ETF (IWM)	IWB: -7.09% IWM: -10.99%	-9.04%	-11.26% / -0.51%	-6.91%	-2.13%	-9.29%
141	09/01/2018	09/30/2018	08/31/2018	Rebalancing	0.32%	50.00% iShares Russell 2000 ETF (IWM) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	IWM: -2.32% RWR: -2.74%	-2.53%	-3.55% / -0.55%	0.59%	-3.13%	-2.53%
140	08/01/2018	08/31/2018	07/31/2018	Rebalancing	0.33%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 2000 ETF (IWM)	RWR: 2.99% IWM: 4.31%	3.65%	-0.02% / 3.65%	3.19%	0.46%	3.65%
139	07/01/2018	07/31/2018	06/29/2018	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 2000 ETF (IWM)	RWR: 0.32% IWM: 1.65%	0.98%	-0.45% / 2.26%	3.70%	-2.72%	0.73%
138	06/01/2018	06/30/2018	05/31/2018	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 2000 ETF (IWM)	DBC: -1.94% IWM: 0.61%	-0.66%	-1.51% / 0.91%	0.58%	-1.24%	-0.91%
137	05/01/2018	05/31/2018	04/30/2018	Rebalancing	1.55%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares MSCI Emerging Markets ETF (EEM)	DBC: 2.68% EEM: -2.62%	0.03%	-0.92% / 1.96%	2.43%	-2.40%	0.02%
136	04/01/2018	04/30/2018	03/29/2018	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares MSCI Emerging Markets ETF (EEM)	DBC: 3.42% EEM: -2.82%	0.30%	-1.98% / 1.59%	0.52%	-0.22%	0.05%
135	03/01/2018	03/31/2018	02/28/2018	Rebalancing	0.58%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares Russell 1000 ETF (IWB)	EEM: 0.54% IWB: -2.23%	-0.84%	-3.28% / 3.33%	-2.74%	1.90%	-0.85%
134	02/01/2018	02/28/2018	01/31/2018	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares Russell 1000 ETF (IWB)	EEM: -5.90% IWB: -3.70%	-4.80%	-9.46% / -0.70%	-3.64%	-1.16%	-5.05%
133	01/01/2018	01/31/2018	12/29/2017	Signal	50.24%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 1000 ETF (IWB)	DBC: 2.95% IWB: 5.41%	4.18%	0.61% / 5.52%	5.64%	-1.46%	3.93%
132	12/01/2017	12/31/2017	11/30/2017	Signal	50.82%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares MSCI Emerging Markets ETF (EEM)	DBC: 2.78% EEM: 3.77%	3.28%	-1.91% / 3.28%	1.21%	2.07%	3.02%
131	11/01/2017	11/30/2017	10/31/2017	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares Russell 2000 ETF (IWM)	EEM: -0.39% IWM: 2.94%	1.28%	-1.91% / 2.37%	3.06%	-1.78%	1.03%
130	10/01/2017	10/31/2017	09/29/2017	Rebalancing	0.59%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 3.28% EFA: 1.68%	2.48%	-0.03% / 2.86%	2.36%	0.12%	2.48%
129	09/01/2017	09/30/2017	08/31/2017	Rebalancing	0.59%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: -0.04% EFA: 2.36%	1.16%	-0.56% / 2.31%	2.01%	-0.86%	1.16%
128	08/01/2017	08/31/2017	07/31/2017	Rebalancing	0.76%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 2.35% EFA: -0.04%	1.15%	-1.76% / 1.16%	0.29%	0.86%	1.15%
127	07/01/2017	07/31/2017	06/30/2017	Rebalancing	0.15%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 5.82% EFA: 2.65%	4.24%	-0.69% / 4.45%	2.06%	2.18%	4.24%
126	06/01/2017	06/30/2017	05/31/2017	Rebalancing	0.17%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 0.93% EFA: 0.31%	0.62%	-0.23% / 1.56%	0.64%	-0.02%	0.62%
125	05/01/2017	05/31/2017	04/28/2017	Signal	100.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 2.85% EFA: 3.54%	3.19%	0.49% / 3.86%	1.41%	1.78%	2.69%
124	04/01/2017	04/30/2017	03/31/2017	Rebalancing	0.02%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: 1.15% IWB: 1.04%	1.09%	-2.05% / 1.91%	0.99%	0.10%	1.09%
123	03/01/2017	03/31/2017	02/28/2017	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: 0.03% IWB: 0.09%	0.06%	-1.83% / 1.61%	0.13%	-0.07%	-0.19%
122	02/01/2017	02/28/2017	01/31/2017	Rebalancing	0.21%	50.00% iShares Russell 2000 ETF (IWM) 50.00% Invesco DB Commodity Tracking (DBC)	IWM: 1.93% DBC: -0.19%	0.87%	-0.03% / 2.12%	3.93%	-3.06%	0.87%
121	01/01/2017	01/31/2017	12/30/2016	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% Invesco DB Commodity Tracking (DBC)	IWM: 0.28% DBC: -0.57%	-0.14%	-0.88% / 0.87%	1.79%	-1.93%	-0.39%
120	12/01/2016	12/31/2016	11/30/2016	Signal	100.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: 2.89% IWB: 1.87%	2.38%	-0.47% / 4.03%	2.03%	0.35%	1.88%
119	11/01/2016	11/30/2016	10/31/2016	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% SPDR Gold Shares (GLD)	EEM: -4.42% GLD: -8.36%	-6.39%	-6.39% / 0.32%	3.68%	-10.07%	-6.64%
118	10/01/2016	10/31/2016	09/30/2016	Signal	50.79%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI Emerging Markets ETF (EEM)	IWM: -4.60% EEM: -0.83%	-2.71%	-3.18% / 0.90%	-1.73%	-0.98%	-2.97%
117	09/01/2016	09/30/2016	08/31/2016	Signal	100.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% Invesco DB Commodity Tracking (DBC)	IWM: 1.08% DBC: 4.31%	2.69%	-1.21% / 2.69%	0.01%	2.68%	2.19%
116	08/01/2016	08/31/2016	07/29/2016	Signal	100.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares MSCI Emerging Markets ETF (EEM)	RWR: -3.44% EEM: 0.90%	-1.27%	-1.40% / 1.14%	0.12%	-1.39%	-1.77%
115	07/01/2016	07/31/2016	06/30/2016	Rebalancing	1.08%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: -6.97% GLD: 1.98%	-2.49%	-3.49% / 1.39%	3.65%	-6.14%	-2.50%
114	06/01/2016	06/30/2016	05/31/2016	Signal	51.78%	50.00% SPDR Gold Shares (GLD) 50.00% Invesco DB Commodity Tracking (DBC)	GLD: 8.97% DBC: 4.35%	6.66%	0.44% / 6.69%	0.35%	6.31%	6.40%
113	05/01/2016	05/31/2016	04/29/2016	Rebalancing	1.43%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: -6.14% TLT: 0.81%	-2.67%	-2.96% / 0.44%	1.70%	-4.37%	-2.67%
112	04/01/2016	04/30/2016	03/31/2016	Rebalancing	0.19%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: 5.11% TLT: -0.74%	2.19%	-0.73% / 2.19%	0.39%	1.79%	2.19%
111	03/01/2016	03/31/2016	02/29/2016	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: -0.84% TLT: -0.09%	-0.47%	-1.46% / 0.53%	6.72%	-7.19%	-0.72%
110	02/01/2016	02/29/2016	01/29/2016	Signal	51.20%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: -0.85% TLT: 3.09%	1.12%	-1.53% / 1.83%	-0.08%	1.20%	0.86%
109	01/01/2016	01/31/2016	12/31/2015	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	RWR: -4.06% SHY: 0.65%	-1.70%	-3.42% / 0.34%	-4.98%	3.27%	-1.95%
108	12/01/2015	12/31/2015	11/30/2015	Rebalancing	0.06%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: 2.21% TLT: -0.30%	0.96%	-1.77% / 1.70%	-1.72%	2.67%	0.96%
107	11/01/2015	11/30/2015	10/30/2015	Signal	50.07%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: -0.61% TLT: -0.87%	-0.74%	-3.63% / 0.82%	0.37%	-1.11%	-0.99%
106	10/01/2015	10/31/2015	09/30/2015	Signal	50.00%	50.00% iShares 1-3 Year Treasury Bond ETF (SHY) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	SHY: -0.14% TLT: -0.41%	-0.28%	-0.65% / 0.59%	8.51%	-8.78%	-0.53%
105	09/01/2015	09/30/2015	08/31/2015	Signal	100.00%	50.00% iShares 1-3 Year Treasury Bond ETF (SHY) 50.00% iShares Russell 1000 ETF (IWB)	SHY: 0.29% IWB: -2.77%	-1.24%	-2.18% / 0.62%	-2.54%	1.30%	-1.74%
104	08/01/2015	08/31/2015	07/31/2015	Rebalancing	0.78%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares Russell 2000 ETF (IWM)	EFA: -7.43% IWM: -6.33%	-6.88%	-10.40% / -0.08%	-6.10%	-0.78%	-6.88%
103	07/01/2015	07/31/2015	06/30/2015	Signal	50.05%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI EAFE ETF (EFA)	IWM: -1.10% EFA: 2.03%	0.47%	-2.70% / 2.30%	2.26%	-1.79%	0.22%
102	06/01/2015	06/30/2015	05/29/2015	Rebalancing	1.10%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares MSCI Emerging Markets ETF (EEM)	EFA: -3.12% EEM: -2.93%	-3.02%	-3.56% / 0.54%	-2.03%	-0.99%	-3.03%
101	05/01/2015	05/31/2015	04/30/2015	Signal	100.00%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares MSCI Emerging Markets ETF (EEM)	EFA: 0.20% EEM: -4.10%	-1.95%	-1.95% / 1.75%	1.29%	-3.24%	-2.45%
100	04/01/2015	04/30/2015	03/31/2015	Rebalancing	0.19%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	TLT: -3.43% RWR: -5.89%	-4.66%	-4.66% / 0.63%	0.98%	-5.64%	-4.66%
99	03/01/2015	03/31/2015	02/27/2015	Rebalancing	0.65%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: 1.86% TLT: 1.10%	1.48%	-4.00% / 3.13%	-1.57%	3.05%	1.47%
98	02/01/2015	02/28/2015	01/30/2015	Rebalancing	0.75%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	TLT: -6.14% RWR: -3.67%	-4.90%	-5.86% / -0.24%	5.62%	-10.52%	-4.91%
97	01/01/2015	01/31/2015	12/31/2014	Rebalancing	0.33%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	TLT: 9.82% RWR: 6.56%	8.19%	1.27% / 8.63%	-2.96%	11.15%	8.18%
96	12/01/2014	12/31/2014	11/28/2014	Rebalancing	0.20%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: 1.88% TLT: 3.25%	2.57%	-0.56% / 3.38%	-0.26%	2.82%	2.57%
95	11/01/2014	11/30/2014	10/31/2014	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: 2.15% TLT: 2.97%	2.56%	-0.32% / 2.56%	2.75%	-0.19%	2.31%
94	10/01/2014	10/31/2014	09/30/2014	Signal	50.00%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares Russell 1000 ETF (IWB)	TLT: 2.81% IWB: 2.39%	2.60%	-0.50% / 2.60%	2.36%	0.25%	2.35%
93	09/01/2014	09/30/2014	08/29/2014	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	EEM: -7.77% TLT: -2.11%	-4.94%	-4.94% / -0.01%	-1.38%	-3.56%	-5.19%
92	08/01/2014	08/31/2014	07/31/2014	Rebalancing	0.30%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	EEM: 2.83% RWR: 2.78%	2.80%	-0.94% / 3.16%	3.95%	-1.14%	2.80%
91	07/01/2014	07/31/2014	06/30/2014	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	EEM: 1.36% RWR: 0.14%	0.75%	0.69% / 3.35%	-1.34%	2.10%	0.50%
90	06/01/2014	06/30/2014	05/30/2014	Rebalancing	0.12%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: 0.91% TLT: -0.25%	0.33%	-1.36% / 0.36%	2.06%	-1.73%	0.33%
89	05/01/2014	05/31/2014	04/30/2014	Signal	100.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: 2.45% TLT: 2.95%	2.70%	0.79% / 2.70%	2.32%	0.38%	2.20%
88	04/01/2014	04/30/2014	03/31/2014	Rebalancing	0.32%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares Russell 2000 ETF (IWM)	IWB: 0.46% IWM: -3.75%	-1.64%	-4.08% / 1.42%	0.70%	-2.34%	-1.65%
87	03/01/2014	03/31/2014	02/28/2014	Rebalancing	0.01%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares Russell 2000 ETF (IWM)	IWB: 0.55% IWM: -0.75%	-0.10%	-1.58% / 1.42%	0.83%	-0.93%	-0.10%
86	02/01/2014	02/28/2014	01/31/2014	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: 4.78% IWB: 4.81%	4.79%	-2.71% / 4.88%	4.55%	0.24%	4.54%
85	01/01/2014	01/31/2014	12/31/2013	Rebalancing	0.03%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares Russell 2000 ETF (IWM)	EFA: -5.19% IWM: -2.77%	-3.98%	-3.98% / 0.83%	-3.52%	-0.46%	-3.98%
84	12/01/2013	12/31/2013	11/29/2013	Rebalancing	0.83%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI EAFE ETF (EFA)	IWM: 2.02% EFA: 2.15%	2.09%	-3.22% / 2.09%	2.59%	-0.50%	2.08%
83	11/01/2013	11/30/2013	10/31/2013	Signal	50.47%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares MSCI EAFE ETF (EFA)	IWM: 3.96% EFA: 0.55%	2.25%	-1.66% / 2.25%	2.96%	-0.71%	2.00%
82	10/01/2013	10/31/2013	09/30/2013	Rebalancing	0.68%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: 2.42% IWB: 4.35%	3.39%	-2.21% / 4.84%	4.63%	-1.24%	3.38%
81	09/01/2013	09/30/2013	08/30/2013	Rebalancing	0.10%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: 6.49% IWB: 3.62%	5.05%	0.55% / 6.29%	3.17%	1.88%	5.05%
80	08/01/2013	08/31/2013	07/31/2013	Rebalancing	0.58%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: -3.16% IWB: -2.77%	-2.96%	-2.96% / 1.61%	-3.00%	0.03%	-2.97%
79	07/01/2013	07/31/2013	06/28/2013	Rebalancing	0.07%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: 7.33% IWB: 4.88%	6.11%	0.86% / 6.80%	5.17%	0.94%	6.11%
78	06/01/2013	06/30/2013	05/31/2013	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: -0.82% IWB: -0.54%	-0.68%	-3.14% / 1.76%	-1.33%	0.65%	-0.93%
77	05/01/2013	05/31/2013	04/30/2013	Signal	50.56%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 2000 ETF (IWM)	RWR: -5.96% IWM: 3.93%	-1.01%	-1.54% / 4.55%	2.36%	-3.37%	-1.27%
76	04/01/2013	04/30/2013	03/28/2013	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% iShares Russell 1000 ETF (IWB)	IWM: -0.35% IWB: 1.90%	0.78%	-3.46% / 0.78%	1.92%	-1.14%	0.53%
75	03/01/2013	03/31/2013	02/28/2013	Signal	50.00%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares Russell 2000 ETF (IWM)	EFA: 1.31% IWM: 4.66%	2.99%	0.13% / 3.78%	3.80%	-0.81%	2.74%
74	02/01/2013	02/28/2013	01/31/2013	Rebalancing	0.99%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares MSCI Emerging Markets ETF (EEM)	EFA: -1.30% EEM: -2.28%	-1.79%	-3.32% / 0.73%	1.28%	-3.07%	-1.80%
73	01/01/2013	01/31/2013	12/31/2012	Signal	50.00%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares MSCI Emerging Markets ETF (EEM)	EFA: 3.73% EEM: -0.30%	1.71%	-0.08% / 1.99%	5.12%	-3.41%	1.46%
72	12/01/2012	12/31/2012	11/30/2012	Signal	50.00%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% Invesco DB Commodity Tracking (DBC)	EFA: 4.37% DBC: -1.14%	1.61%	-0.55% / 1.61%	0.90%	0.72%	1.36%
71	11/01/2012	11/30/2012	10/31/2012	Signal	100.00%	50.00% iShares MSCI EAFE ETF (EFA) 50.00% iShares MSCI Emerging Markets ETF (EEM)	EFA: 2.79% EEM: 1.54%	2.17%	-2.73% / 2.17%	0.57%	1.60%	1.67%
70	10/01/2012	10/31/2012	09/28/2012	Signal	50.13%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: -0.49% GLD: -2.94%	-1.71%	-3.05% / 0.30%	-1.82%	0.11%	-1.97%
69	09/01/2012	09/30/2012	08/31/2012	Rebalancing	0.26%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	TLT: -2.53% RWR: -2.03%	-2.28%	-2.60% / 0.33%	2.54%	-4.82%	-2.28%
68	08/01/2012	08/31/2012	07/31/2012	Rebalancing	0.47%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	TLT: -1.32% RWR: -0.28%	-0.80%	-3.69% / -0.09%	2.51%	-3.31%	-0.80%
67	07/01/2012	07/31/2012	06/29/2012	Rebalancing	1.76%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: 1.88% TLT: 3.81%	2.85%	0.88% / 3.06%	1.18%	1.67%	2.84%
66	06/01/2012	06/30/2012	05/31/2012	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: 5.50% TLT: -1.68%	1.91%	-0.90% / 1.91%	4.06%	-2.15%	1.66%
65	05/01/2012	05/31/2012	04/30/2012	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 1000 ETF (IWB)	RWR: -4.59% IWB: -6.10%	-5.35%	-7.11% / 0.90%	-6.01%	0.66%	-5.60%
64	04/01/2012	04/30/2012	03/30/2012	Signal	50.00%	50.00% iShares Russell 1000 ETF (IWB) 50.00% iShares Russell 2000 ETF (IWM)	IWB: -0.56% IWM: -1.62%	-1.09%	-4.46% / 1.01%	-0.67%	-0.42%	-1.34%
63	03/01/2012	03/31/2012	02/29/2012	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares Russell 2000 ETF (IWM)	EEM: -3.12% IWM: 2.48%	-0.32%	-3.60% / 1.46%	3.22%	-3.54%	-0.57%
62	02/01/2012	02/29/2012	01/31/2012	Signal	50.10%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares Russell 2000 ETF (IWM)	TLT: -2.59% IWM: 2.57%	-0.01%	-0.15% / 1.37%	4.34%	-4.35%	-0.26%
61	01/01/2012	01/31/2012	12/30/2011	Signal	50.00%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	TLT: -0.33% SHY: 0.08%	-0.12%	-2.05% / 0.10%	4.64%	-4.76%	-0.37%
60	12/01/2011	12/31/2011	11/30/2011	Rebalancing	0.08%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: 3.44% GLD: -10.66%	-3.61%	-4.26% / 0.36%	1.04%	-4.65%	-3.61%
59	11/01/2011	11/30/2011	10/31/2011	Rebalancing	2.40%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: 1.98% GLD: 1.67%	1.82%	0.78% / 2.99%	-0.41%	2.23%	1.81%
58	10/01/2011	10/31/2011	09/30/2011	Rebalancing	6.00%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: -3.84% GLD: 5.87%	1.02%	-2.65% / 2.29%	10.91%	-9.90%	0.99%
57	09/01/2011	09/30/2011	08/31/2011	Rebalancing	0.59%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: -11.06% TLT: 13.20%	1.07%	-1.22% / 5.25%	-6.94%	8.01%	1.07%
56	08/01/2011	08/31/2011	07/29/2011	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: 12.27% TLT: 9.66%	10.97%	0.32% / 15.13%	-5.50%	16.47%	10.72%
55	07/01/2011	07/31/2011	06/30/2011	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	GLD: 8.42% RWR: 1.71%	5.06%	0.58% / 6.27%	-2.00%	7.06%	4.81%
54	06/01/2011	06/30/2011	05/31/2011	Signal	50.88%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% Invesco DB Commodity Tracking (DBC)	RWR: -3.33% DBC: -4.26%	-3.80%	-6.22% / -1.56%	-1.69%	-2.11%	-4.05%
53	05/01/2011	05/31/2011	04/29/2011	Rebalancing	0.46%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 2000 ETF (IWM)	DBC: -5.17% IWM: -1.79%	-3.48%	-7.64% / -1.09%	-1.12%	-2.36%	-3.49%
52	04/01/2011	04/30/2011	03/31/2011	Rebalancing	0.03%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 2000 ETF (IWM)	DBC: 4.56% IWM: 2.64%	3.60%	-0.91% / 3.60%	2.90%	0.70%	3.60%
51	03/01/2011	03/31/2011	02/28/2011	Rebalancing	0.33%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 2000 ETF (IWM)	DBC: 2.66% IWM: 2.52%	2.59%	-4.23% / 2.59%	0.01%	2.58%	2.59%
50	02/01/2011	02/28/2011	01/31/2011	Rebalancing	0.97%	50.00% iShares Russell 2000 ETF (IWM) 50.00% Invesco DB Commodity Tracking (DBC)	IWM: 5.54% DBC: 4.17%	4.86%	1.48% / 4.86%	3.47%	1.38%	4.85%
49	01/01/2011	01/31/2011	12/31/2010	Signal	50.00%	50.00% iShares Russell 2000 ETF (IWM) 50.00% Invesco DB Commodity Tracking (DBC)	IWM: -0.37% DBC: 3.56%	1.59%	-0.60% / 2.33%	2.33%	-0.74%	1.34%
48	12/01/2010	12/31/2010	11/30/2010	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares Russell 2000 ETF (IWM)	EEM: 7.27% IWM: 8.03%	7.65%	2.56% / 7.65%	6.68%	0.97%	7.40%
47	11/01/2010	11/30/2010	10/29/2010	Signal	100.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: -2.91% EFA: -4.82%	-3.86%	-3.86% / 4.82%	0.00%	-3.87%	-4.36%
46	10/01/2010	10/31/2010	09/30/2010	Rebalancing	1.80%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: -4.47% GLD: 3.68%	-0.39%	-2.18% / 1.74%	3.82%	-4.21%	-0.40%
45	09/01/2010	09/30/2010	08/31/2010	Signal	50.00%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: -2.51% GLD: 4.78%	1.13%	-2.87% / 1.34%	8.96%	-7.82%	0.88%
44	08/01/2010	08/31/2010	07/30/2010	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	RWR: -1.27% TLT: 8.40%	3.57%	-0.79% / 3.57%	-4.50%	8.06%	3.32%
43	07/01/2010	07/31/2010	06/30/2010	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: -5.09% TLT: -0.95%	-3.02%	-4.73% / -1.63%	6.83%	-9.85%	-3.27%
42	06/01/2010	06/30/2010	05/28/2010	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% SPDR Gold Shares (GLD)	RWR: -5.34% GLD: 2.36%	-1.49%	-2.83% / 3.52%	-5.17%	3.68%	-1.74%
41	05/01/2010	05/31/2010	04/30/2010	Rebalancing	0.28%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 2000 ETF (IWM)	RWR: -5.41% IWM: -7.54%	-6.48%	-10.45% / 2.86%	-7.95%	1.47%	-6.48%
40	04/01/2010	04/30/2010	03/31/2010	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares Russell 2000 ETF (IWM)	RWR: 6.86% IWM: 5.68%	6.27%	0.62% / 9.62%	1.55%	4.72%	6.02%
39	03/01/2010	03/31/2010	02/26/2010	Rebalancing	0.58%	50.00% SPDR Gold Shares (GLD) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	GLD: -0.44% RWR: 10.47%	5.01%	0.48% / 6.08%	6.09%	-1.08%	5.01%
38	02/01/2010	02/28/2010	01/29/2010	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	GLD: 3.27% RWR: 5.68%	4.48%	-2.15% / 4.48%	3.12%	1.36%	4.23%
37	01/01/2010	01/31/2010	12/31/2009	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares MSCI Emerging Markets ETF (EEM)	RWR: -5.87% EEM: -7.76%	-6.82%	-6.82% / 2.35%	-3.63%	-3.18%	-7.07%
36	12/01/2009	12/31/2009	11/30/2009	Signal	50.00%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% SPDR Gold Shares (GLD)	RWR: 6.89% GLD: -7.20%	-0.16%	-1.67% / 2.99%	1.91%	-2.06%	-0.41%
35	11/01/2009	11/30/2009	10/30/2009	Signal	50.25%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares MSCI EAFE ETF (EFA)	RWR: 6.82% EFA: 3.92%	5.37%	0.46% / 8.21%	6.16%	-0.79%	5.12%
34	10/01/2009	10/31/2009	09/30/2009	Rebalancing	0.77%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	EEM: -3.44% RWR: -4.41%	-3.93%	-5.04% / 4.52%	-1.92%	-2.01%	-3.93%
33	09/01/2009	09/30/2009	08/31/2009	Rebalancing	3.76%	50.00% State Street SPDR Dow Jones REIT ETF (RWR) 50.00% iShares MSCI Emerging Markets ETF (EEM)	RWR: 6.84% EEM: 10.20%	8.52%	-4.02% / 12.15%	3.55%	4.97%	8.50%
32	08/01/2009	08/31/2009	07/31/2009	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	EEM: -1.31% RWR: 14.72%	6.70%	0.68% / 9.59%	3.69%	3.01%	6.45%
31	07/01/2009	07/31/2009	06/30/2009	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 11.01% EFA: 10.04%	10.53%	-4.28% / 10.53%	7.46%	3.07%	10.28%
30	06/01/2009	06/30/2009	05/29/2009	Rebalancing	1.26%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% SPDR Gold Shares (GLD)	EEM: -2.25% GLD: -5.22%	-3.74%	-6.91% / 1.86%	-0.07%	-3.67%	-3.74%
29	05/01/2009	05/31/2009	04/30/2009	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% SPDR Gold Shares (GLD)	EEM: 15.94% GLD: 10.23%	13.09%	0.55% / 13.09%	5.85%	7.24%	12.84%
28	04/01/2009	04/30/2009	03/31/2009	Rebalancing	1.63%	50.00% SPDR Gold Shares (GLD) 50.00% iShares 20+ Year Treasury Bond ETF (TLT)	GLD: -3.33% TLT: -6.95%	-5.14%	-5.14% / 0.87%	9.93%	-15.08%	-5.15%
27	03/01/2009	03/31/2009	02/27/2009	Rebalancing	0.75%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: 4.04% GLD: -2.54%	0.75%	-2.40% / 2.35%	8.35%	-7.60%	0.75%
26	02/01/2009	02/28/2009	01/30/2009	Signal	53.39%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% SPDR Gold Shares (GLD)	TLT: -1.54% GLD: 1.45%	-0.05%	-2.05% / 4.20%	-10.74%	10.70%	-0.31%
25	01/01/2009	01/31/2009	12/31/2008	Rebalancing	3.05%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	TLT: -13.07% SHY: -0.44%	-6.75%	-6.75% / -1.47%	-8.21%	1.46%	-6.77%
24	12/01/2008	12/31/2008	11/28/2008	Rebalancing	3.07%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	TLT: 13.64% SHY: 0.56%	7.10%	1.99% / 8.34%	0.98%	6.12%	7.09%
23	11/01/2008	11/30/2008	10/31/2008	Rebalancing	0.74%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	TLT: 14.34% SHY: 1.10%	7.72%	0.23% / 7.72%	-6.96%	14.68%	7.72%
22	10/01/2008	10/31/2008	09/30/2008	Signal	100.00%	50.00% iShares 20+ Year Treasury Bond ETF (TLT) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	TLT: -1.86% SHY: 1.10%	-0.38%	-0.38% / 2.92%	-16.52%	16.14%	-0.88%
21	09/01/2008	09/30/2008	08/29/2008	Rebalancing	2.57%	50.00% iShares Russell 2000 ETF (IWM) 50.00% Invesco DB Commodity Tracking (DBC)	IWM: -7.75% DBC: -10.25%	-9.00%	-12.22% / -1.31%	-9.44%	0.44%	-9.01%
20	08/01/2008	08/31/2008	07/31/2008	Signal	52.68%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares Russell 2000 ETF (IWM)	DBC: -6.53% IWM: 3.58%	-1.48%	-2.83% / -0.09%	1.55%	-3.02%	-1.74%
19	07/01/2008	07/31/2008	06/30/2008	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% iShares 1-3 Year Treasury Bond ETF (SHY)	DBC: -9.78% SHY: 0.43%	-4.67%	-5.29% / 1.91%	-0.90%	-3.78%	-4.92%
18	06/01/2008	06/30/2008	05/30/2008	Signal	50.00%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	DBC: 10.43% RWR: -10.82%	-0.19%	-1.26% / 2.82%	-8.35%	8.16%	-0.44%
17	05/01/2008	05/31/2008	04/30/2008	Rebalancing	2.53%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: 6.91% GLD: 0.92%	3.92%	-2.69% / 8.89%	1.51%	2.40%	3.90%
16	04/01/2008	04/30/2008	03/31/2008	Rebalancing	1.32%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: 6.04% GLD: -4.16%	0.94%	-2.24% / 6.15%	4.77%	-3.83%	0.93%
15	03/01/2008	03/31/2008	02/29/2008	Rebalancing	1.37%	50.00% Invesco DB Commodity Tracking (DBC) 50.00% SPDR Gold Shares (GLD)	DBC: -0.91% GLD: -6.00%	-3.46%	-4.71% / 5.19%	-0.90%	-2.55%	-3.46%
14	02/01/2008	02/29/2008	01/31/2008	Rebalancing	1.85%	50.00% SPDR Gold Shares (GLD) 50.00% Invesco DB Commodity Tracking (DBC)	GLD: 5.23% DBC: 11.15%	8.19%	-2.47% / 9.01%	-2.58%	10.77%	8.18%
13	01/01/2008	01/31/2008	12/31/2007	Rebalancing	0.02%	50.00% SPDR Gold Shares (GLD) 50.00% Invesco DB Commodity Tracking (DBC)	GLD: 10.84% DBC: 2.92%	6.88%	1.94% / 7.03%	-6.05%	12.92%	6.88%
12	12/01/2007	12/31/2007	11/30/2007	Signal	50.00%	50.00% SPDR Gold Shares (GLD) 50.00% Invesco DB Commodity Tracking (DBC)	GLD: 6.65% DBC: 6.72%	6.68%	0.98% / 6.96%	-1.13%	7.82%	6.43%
11	11/01/2007	11/30/2007	10/31/2007	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% SPDR Gold Shares (GLD)	EEM: -7.65% GLD: -1.65%	-4.65%	-7.00% / 0.13%	-3.87%	-0.78%	-4.90%
10	10/01/2007	10/31/2007	09/28/2007	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% Invesco DB Commodity Tracking (DBC)	EEM: 11.87% DBC: 8.50%	10.19%	-1.11% / 10.19%	1.36%	8.83%	9.94%
9	09/01/2007	09/30/2007	08/31/2007	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares Russell 1000 ETF (IWB)	EEM: 11.57% IWB: 4.08%	7.82%	-1.21% / 8.34%	3.87%	3.95%	7.57%
8	08/01/2007	08/31/2007	07/31/2007	Rebalancing	0.75%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 1.04% EFA: -0.63%	0.20%	-8.46% / 1.92%	1.28%	-1.08%	0.20%
7	07/01/2007	07/31/2007	06/29/2007	Rebalancing	1.02%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 0.70% EFA: -2.29%	-0.80%	-2.17% / 6.03%	-3.13%	2.34%	-0.80%
6	06/01/2007	06/30/2007	05/31/2007	Rebalancing	0.62%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 3.82% EFA: -0.32%	1.75%	-2.50% / 2.56%	-1.46%	3.22%	1.75%
5	05/01/2007	05/31/2007	04/30/2007	Rebalancing	0.02%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 4.93% EFA: 2.36%	3.65%	0.15% / 3.65%	3.39%	0.26%	3.65%
4	04/01/2007	04/30/2007	03/30/2007	Signal	50.00%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 3.73% EFA: 3.80%	3.76%	0.57% / 5.68%	4.43%	-0.67%	3.51%
3	03/01/2007	03/31/2007	02/28/2007	Rebalancing	0.31%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	EEM: 6.15% RWR: -2.74%	1.70%	-5.09% / 2.98%	1.16%	0.54%	1.70%
2	02/01/2007	02/28/2007	01/31/2007	Signal	50.32%	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% State Street SPDR Dow Jones REIT ETF (RWR)	EEM: -3.98% RWR: -2.79%	-3.39%	-4.42% / 3.31%	-1.96%	-1.42%	-3.64%
1	01/01/2007	01/31/2007	12/29/2006	Initial Entry	N/A	50.00% iShares MSCI Emerging Markets ETF (EEM) 50.00% iShares MSCI EAFE ETF (EFA)	EEM: 0.11% EFA: 1.39%	0.75%	-3.53% / 1.67%	1.50%	-0.75%	0.75%
Trade execution assumes end-of-day close price minus trade execution cost. Initial entry is excluded from turnover and transaction costs.

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.
The simulated performance results are created by retroactively applying the specified investment strategy to historical data. Future results may vary.
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.
Total return is the combined return in income and capital appreciation from investment in an asset. Yield measures the current cash income received from investment in an asset. Bonds provide yield in the form of interest payments and stocks through dividends.
Standard deviation (Stdev) is used to measure the dispersion of returns around the mean and is often used as a measure of risk. A higher standard deviation implies greater the dispersion of data points around the mean.
Sharpe Ratio is a measure of risk-adjusted performance of the portfolio, and it is calculated by dividing the mean monthly excess return of the portfolio over the risk-free rate by the standard deviation of excess return, and the displayed value is annualized.
Sortino Ratio is a measure of risk-adjusted return which is a modification of the Sharpe Ratio. While the latter is the ratio of average returns in excess of a risk-free rate divided by the standard deviation of those excess returns, the Sortino Ratio has the same denominator divided by the standard deviation of returns below the risk-free rate.
Treynor Ratio is a measure of risk-adjusted performance of the portfolio. It is similar to the Sharpe Ratio, but it uses portfolio beta (systematic risk) as the risk metric in the denominator.
Calmar Ratio is a measure of risk-adjusted performance of the portfolio. It is calculated as the annualized return over the past 36 months divided by the maximum drawdown over the past 36 months based on monthly returns.
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.
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.
The annual results for 2026 are based on monthly returns from January to September.
The selected portfolio allocation for comparison assumes monthly rebalancing.
An equal-weight allocation is used for the assets held by the momentum model.
The results for the tactical asset allocation model assume monthly rebalancing trades.
The relative strength signal is based on total return including dividends.

Test Tactical Allocation Models

Tactical Allocation Overview

Seasonal Model

Shiller PE Ratio Market Valuation

Moving Averages - Single Asset

Moving Averages - Portfolio Assets

Momentum - Relative Strength

Momentum - Dual Momentum

Adaptive Allocation

Target Volatility

Risk Managed Allocation

Model Configuration

Model Simulation Results (Jan 2007 - Sep 2026) Save

Performance Summary

Portfolio Growth

Annual Returns

Trailing Returns

Active Returns Chart

Annualized Active Return

Rolling Active Return

Up vs. Down Market Performance

Active Return Confidence

Risk and Return Metrics

Annual Returns

Monthly Returns

Drawdowns

Historical Market Stress Periods

Drawdowns for Momentum Model

Drawdowns for State Street SPDR S&P 500 ETF

Rolling Returns

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years

Trading Performance

Model Trades

Notes and Disclosures