Test Market Timing Models

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

You can find a summary of the selected tactical asset allocation model below, and a more detailed description in the FAQ 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 timing 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 timing 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 timing period, or multiple weighted timing 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.
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Timing Periods
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Time Period #5
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Volatility Period
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Portfolio Assets
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Asset 2
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Model Simulation Results (May 2010 - Jul 2022) Save

Tactical asset allocation model results from May 2010 to Jul 2022 are based on adaptive allocation model holding the top 3 best performing assets. The model uses a single performance window of 2 calendar month(s). Volatility based risk adjustments are done based on daily volatility over the past 2 calendar months. Minimum variance weights based on the volatility window are used to set asset weights for each lookback period. 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 ProShares UltraPro Russell2000 (URTY) [Mar 2010 - Jul 2022].

Performance statistics for the timing portfolio and benchmark portfolios
PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioMarket Correlation
Adaptive Allocation Model$10,000$471,53536.97%32.35%114.08%-58.68%-59.75% 1.131.950.55
   

Trailing Returns

Trailing Returns
NameTotal ReturnAnnualized ReturnAnnualized Standard Deviation
3 MonthYear To Date1 year3 year5 year10 yearFull3 year5 year
Adaptive Allocation Model-26.12%-58.68%-52.58%20.21%19.41%32.86%36.97%42.81%37.08%
Trailing return and volatility are as of last full calendar month ending July 2022
Notes on results:
  • IMPORTANT: The projections or other information generated by Portfolio Visualizer regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.
  • The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities. All use is subject to terms of service.
  • Investing involves risk, including possible loss of principal. Past performance is not a guarantee of future results.
  • Asset allocation and diversification strategies do not guarantee a profit or protect against a loss.
  • Hypothetical returns do not reflect trading costs, transaction fees, commissions, or actual taxes due on investment returns.
  • The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
  • Refer to the related documentation sections for more details on terms and definitions, methodology, and data sources.
  • 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.
  • Risk-free returns are calculated based on the Federal Reserve 3-Month Treasury Bill (secondary market) rates.
  • Downside deviation measures the downside volatility of the portfolio returns unlike standard deviation, which includes both upside and downside deviations. Downside deviation is calculated based on negative returns that hurt the portfolio performance.
  • 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. If the 5% VaR is -3% the portfolio return is expected to be greater than -3% 95% of the time and less than -3% 5% of the time. 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.
  • The annual results for 2010 are based on monthly returns from May to December.
  • The annual results for 2022 are based on monthly returns from January to July.
  • The results for the tactical asset allocation model assume monthly rebalancing trades.
  • The relative strength signal is based on total return including dividends.
  • Portfolio cashflows and rebalancing for quarterly and annual periods are aligned with calendar periods.
Annual returns for the timing portfolio and various benchmark portfolios
YearInflationAdaptive Allocation Model ReturnAdaptive Allocation Model BalanceDirexion Daily MSCI Em Mkts Bull 3X ETF (EDC)ProShares UltraPro Russell2000 (URTY)ProShares UltraPro QQQ (TQQQ)Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)Direxion Daily Real Estate Bull 3X ETF (DRN)
20100.54%22.03%$12,20328.31%14.92%25.30%7.51%6.82%
20112.96%80.36%$22,009-62.69%-37.56%-8.05%109.14%-4.95%
20121.74%11.19%$24,47346.60%44.58%52.29%0.60%50.31%
20131.50%114.08%$52,393-21.21%147.87%139.73%-39.01%-2.25%
20140.76%56.49%$81,986-20.07%5.91%57.09%97.34%108.21%
20150.73%4.32%$85,526-49.83%-20.96%17.23%-13.73%-4.21%
20162.07%50.25%$128,50314.77%60.05%11.38%-2.52%13.46%
20172.11%61.34%$207,331138.62%38.85%118.06%22.73%7.57%
20181.91%7.79%$223,472-49.88%-39.61%-19.80%-11.01%-25.11%
20192.29%21.26%$270,97643.94%72.37%133.83%34.74%82.02%
20201.36%101.67%$546,4906.13%-7.72%110.05%41.60%-55.63%
20217.04%108.82%$1,141,178-20.81%28.47%82.98%-19.81%153.42%
20226.28%-58.68%$471,535-50.64%-48.76%-59.89%-52.59%-39.49%
Annual return for 2010 is from 05/01/2010 to 12/31/2010 and annual return for 2022 is from 01/01/2022 to 07/31/2022
Monthly returns for the timing portfolio and various benchmark portfolios
YearMonthAdaptive Allocation Model ReturnAdaptive Allocation Model BalanceDirexion Daily MSCI Em Mkts Bull 3X ETF (EDC)ProShares UltraPro Russell2000 (URTY)ProShares UltraPro QQQ (TQQQ)Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)Direxion Daily Real Estate Bull 3X ETF (DRN)
20105-22.85%$7,715-29.71%-24.15%-22.85%16.54%-20.21%
201063.30%$7,969-6.97%-24.18%-18.88%16.73%-17.68%
201077.74%$8,58633.24%18.88%21.80%-3.90%27.71%
2010814.93%$9,868-10.31%-22.19%-15.12%25.94%-5.33%
201097.41%$10,59837.61%39.50%43.14%-9.02%12.02%
2010103.71%$10,9928.03%12.32%19.55%-13.57%13.87%
201011-3.10%$10,651-9.63%10.09%-1.43%-6.03%-7.16%
20101214.57%$12,20322.22%25.22%14.81%-11.63%13.59%
201118.01%$13,180-11.96%-2.17%8.01%-9.40%9.12%
2011210.56%$14,572-1.07%16.93%9.14%4.49%14.02%
20113-4.07%$13,97917.00%6.56%-2.35%-0.55%-5.94%
2011414.52%$16,0088.37%7.56%8.58%6.57%17.76%
20115-1.23%$15,811-10.74%-6.10%-4.31%10.36%3.63%
20116-7.26%$14,663-3.91%-8.11%-7.01%-7.39%-10.94%
201179.34%$16,033-3.80%-11.14%4.43%13.28%3.58%
201182.16%$16,379-31.82%-32.34%-19.54%27.34%-23.90%
2011918.18%$19,357-46.46%-32.46%-14.31%41.35%-31.71%
2011107.08%$20,72746.55%43.25%31.54%-12.87%42.24%
201111-2.99%$20,107-10.55%-4.91%-10.15%4.89%-14.13%
2011129.46%$22,009-14.43%-0.22%-2.83%9.46%13.67%
201216.86%$23,52034.82%22.48%26.86%-1.50%19.74%
2012211.60%$26,24815.76%6.54%20.14%-7.95%-3.87%
2012315.46%$30,306-10.49%7.30%15.46%-13.02%15.59%
20124-0.56%$30,136-6.08%-5.84%-4.30%14.37%7.96%
20125-16.91%$25,039-29.99%-19.35%-20.45%28.90%-14.09%
201263.40%$25,89014.07%14.81%9.79%-5.78%16.05%
201276.25%$27,509-1.94%-5.72%2.28%11.43%5.81%
201282.52%$28,2030.30%10.25%16.09%-4.61%-0.68%
20129-4.16%$27,02815.57%9.36%2.14%-7.87%-5.99%
201210-13.21%$23,458-2.30%-6.90%-15.63%-2.13%-2.93%
201211-0.51%$23,3394.12%1.08%3.19%3.90%-1.10%
2012124.86%$24,47321.00%10.71%-1.93%-7.80%10.68%
201317.86%$26,397-1.22%19.51%7.65%-9.58%11.47%
201320.53%$26,538-7.28%2.35%0.59%3.39%3.31%
201338.37%$28,760-3.87%14.18%8.74%-1.77%8.35%
2013418.82%$34,1733.14%-2.11%6.94%14.25%20.85%
20135-7.49%$31,613-14.30%11.87%10.71%-19.65%-17.49%
20136-7.91%$29,113-17.50%-3.91%-8.02%-10.33%-7.70%
2013720.14%$34,9772.69%23.24%20.14%-7.41%1.73%
20138-3.20%$33,856-8.53%-9.41%-1.69%-4.47%-20.10%
2013915.17%$38,99221.44%20.00%14.91%1.53%9.37%
20131014.70%$44,72211.99%6.73%14.70%4.12%13.17%
20131110.34%$49,345-1.51%11.70%10.34%-8.19%-15.68%
2013126.18%$52,393-2.48%5.62%8.86%-6.01%0.34%
20141-7.63%$48,396-24.98%-8.70%-6.36%19.47%12.35%
201426.87%$51,7239.29%14.20%15.40%1.63%15.44%
201430.03%$51,73711.01%-2.85%-8.37%1.76%0.81%
201448.54%$56,1571.65%-11.90%-2.03%5.96%9.95%
201458.23%$60,7768.59%1.40%13.50%8.79%6.81%
201462.11%$62,0587.18%16.42%9.46%-1.00%3.23%
201473.14%$64,0063.27%-17.96%3.05%1.61%-0.08%
2014810.65%$70,8218.24%15.14%15.47%14.42%8.72%
20149-7.89%$65,236-22.18%-17.34%-2.78%-6.65%-17.54%
2014108.81%$70,9823.16%19.38%6.58%8.06%31.88%
20141110.96%$78,762-5.34%0.20%14.30%9.08%5.86%
2014124.09%$81,986-12.61%7.62%-7.51%9.38%5.02%
2015118.67%$97,294-2.88%-10.35%-6.95%31.01%21.17%
20152-4.43%$92,98412.48%18.13%22.74%-17.87%-11.56%
20153-2.64%$90,530-5.47%4.73%-7.46%2.57%4.12%
20154-2.95%$87,86221.32%-7.93%5.16%-10.30%-17.26%
201556.33%$93,427-12.77%6.50%6.35%-7.91%-1.62%
20156-1.81%$91,739-9.13%1.93%-7.65%-12.49%-13.92%
201571.53%$93,141-19.18%-3.86%13.35%13.40%17.52%
20158-14.27%$79,849-26.34%-19.03%-21.28%-2.75%-19.25%
201590.62%$80,347-10.91%-15.16%-8.13%5.10%8.08%
20151010.80%$89,02318.79%16.47%37.23%-1.73%17.66%
201511-2.29%$86,988-8.78%9.35%1.31%-2.71%-2.85%
201512-1.68%$85,526-12.07%-15.23%-5.77%-2.41%4.51%
201613.02%$88,105-16.77%-25.24%-21.13%17.74%-11.30%
201624.10%$91,722-3.86%-1.57%-6.04%8.71%-2.24%
2016312.02%$102,74342.02%24.31%20.97%-0.64%33.38%
20164-4.80%$97,8140.23%4.19%-9.56%-2.39%-7.77%
201656.20%$103,875-11.52%6.10%12.84%1.86%6.23%
2016610.56%$114,84111.08%-1.44%-7.83%21.23%21.33%
2016710.43%$126,81515.97%17.84%22.52%6.07%12.76%
20168-4.57%$121,0212.26%5.07%2.99%-3.58%-11.27%
201695.80%$128,0416.00%2.19%5.80%-4.78%-6.85%
201610-4.61%$122,136-3.30%-13.74%-4.61%-13.32%-17.02%
2016111.10%$123,480-14.01%35.56%1.10%-23.91%-6.08%
2016124.07%$128,503-1.91%8.55%2.60%-0.99%13.63%
201718.32%$139,20020.38%-0.17%15.76%1.49%-0.93%
2017212.29%$156,3095.19%5.32%13.39%4.41%10.27%
201732.53%$160,25910.10%-0.43%5.64%-2.35%-7.77%
201748.07%$173,1954.93%2.62%8.07%4.43%0.05%
2017511.43%$192,9987.21%-6.40%11.43%5.17%-2.59%
20176-2.42%$188,3273.14%9.72%-8.07%1.98%6.13%
201773.12%$194,19717.09%1.80%12.56%-2.43%2.96%
201780.27%$194,7256.48%-4.23%5.04%10.13%-1.39%
20179-4.96%$185,066-0.79%19.49%-1.06%-7.29%-0.88%
2017106.44%$196,9879.44%1.86%13.74%-0.53%-3.52%
2017116.15%$209,107-1.50%8.53%5.50%1.73%7.70%
201712-0.85%$207,33110.62%-2.27%1.18%5.04%-1.28%
2018111.14%$230,42125.83%7.48%27.70%-9.77%-12.96%
20182-10.09%$207,170-18.78%-12.50%-6.16%-9.57%-22.94%
201832.32%$211,985-0.48%2.32%-13.42%8.44%11.23%
20184-4.57%$202,297-9.12%1.68%-0.42%-6.71%3.11%
201859.04%$220,588-8.59%18.53%17.00%5.27%11.16%
201867.31%$236,720-14.13%1.20%2.18%1.49%13.20%
201872.98%$243,7689.39%4.47%7.56%-4.70%1.05%
2018811.46%$271,703-12.19%12.58%17.69%3.36%8.43%
20189-6.29%$254,612-2.93%-7.31%-1.60%-8.77%-8.40%
201810-22.94%$196,208-25.91%-30.73%-26.61%-9.11%-9.92%
2018115.04%$206,08712.59%2.88%-2.91%4.76%13.56%
2018128.44%$223,472-11.19%-33.78%-26.84%17.93%-24.65%
201918.94%$243,45431.92%35.74%26.92%0.41%37.96%
20192-4.10%$233,467-5.03%15.53%8.57%-4.52%1.39%
201933.06%$240,6012.05%-7.31%11.05%17.00%9.69%
201941.45%$244,0875.97%9.34%16.64%-6.56%-2.28%
201951.54%$247,846-21.39%-22.68%-24.01%21.11%0.00%
201968.72%$269,45917.97%20.94%23.00%1.90%2.01%
201970.74%$271,460-8.30%1.17%6.20%0.32%3.56%
20198-13.61%$234,522-12.87%-15.94%-7.79%35.11%9.90%
20199-3.35%$226,6594.27%5.11%1.88%-9.07%5.22%
2019102.55%$232,44312.46%7.25%12.43%-4.11%2.79%
2019110.04%$232,529-1.11%11.84%12.20%-2.01%-4.78%
20191216.53%$270,97623.66%8.18%11.37%-10.05%1.52%
202014.85%$284,118-18.50%-9.55%8.19%23.80%2.78%
20202-4.24%$272,079-11.91%-24.59%-17.77%17.91%-21.57%
20203-6.93%$253,222-53.45%-66.33%-38.13%11.91%-65.02%
2020418.64%$300,42319.73%35.48%46.45%2.68%18.05%
202052.38%$307,5726.10%15.83%18.63%-6.48%2.41%
2020618.58%$364,71419.05%5.99%17.98%0.54%3.06%
2020722.98%$448,52125.54%7.21%22.25%13.13%9.64%
20208-3.25%$433,9247.75%16.66%35.17%-14.89%0.91%
20209-13.38%$375,845-4.27%-10.90%-18.88%2.15%-9.64%
2020103.60%$389,3753.17%5.01%-10.28%-10.35%-9.87%
20201114.73%$446,74029.15%62.37%34.54%4.24%30.42%
20201222.33%$546,49021.69%27.14%15.05%-2.32%7.48%
202116.27%$580,7507.72%13.49%-0.47%-10.84%-1.03%
202125.95%$615,2811.83%17.86%-1.38%-16.79%10.00%
202139.53%$673,924-4.06%1.23%2.29%-15.40%15.52%
2021424.26%$837,4272.67%4.70%17.97%6.35%24.81%
202151.01%$845,8574.61%-0.44%-4.71%-0.34%1.42%
202165.19%$889,7691.71%4.92%19.41%13.37%7.32%
2021711.76%$994,406-19.14%-11.68%8.36%10.92%13.23%
202185.35%$1,047,5594.08%5.79%12.62%-1.36%6.13%
20219-13.82%$902,818-12.15%-9.18%-16.67%-9.24%-16.66%
20211018.86%$1,073,0632.16%12.46%24.56%7.08%22.05%
202111-1.99%$1,051,691-12.27%-13.38%5.37%7.39%-7.07%
2021128.51%$1,141,1783.97%4.95%1.74%-6.88%30.58%
20221-18.11%$934,528-1.53%-27.79%-25.65%-11.80%-23.73%
20222-8.80%$852,296-12.94%1.79%-15.15%-5.48%-11.89%
20223-13.75%$735,087-13.43%1.28%10.90%-16.51%24.01%
20224-13.18%$638,224-18.35%-28.13%-37.21%-26.62%-11.93%
20225-12.14%$560,750-0.16%-3.33%-9.53%-7.94%-16.88%
20226-18.09%$459,324-16.34%-25.20%-27.38%-5.32%-21.56%
202272.66%$471,535-2.49%32.44%39.00%6.49%26.45%
Portfolio return and risk metrics
MetricAdaptive Allocation Model
Arithmetic Mean (monthly)3.09%
Arithmetic Mean (annualized)44.07%
Geometric Mean (monthly)2.66%
Geometric Mean (annualized)36.97%
Standard Deviation (monthly)9.34%
Standard Deviation (annualized)32.35%
Downside Deviation (monthly)5.40%
Maximum Drawdown-59.75%
Stock Market Correlation0.55
Beta(*)1.18
Alpha (annualized)21.81%
R230.11%
Sharpe Ratio1.13
Sortino Ratio1.95
Treynor Ratio (%)30.85
Calmar Ratio0.34
Active Return24.54%
Tracking Error27.18%
Information Ratio0.90
Skewness-0.34
Excess Kurtosis0.16
Historical Value-at-Risk (5%)-13.71%
Analytical Value-at-Risk (5%)-12.27%
Conditional Value-at-Risk (5%)-17.59%
Upside Capture Ratio (%)199.99
Downside Capture Ratio (%)106.78
Safe Withdrawal Rate40.72%
Perpetual Withdrawal Rate25.59%
Positive Periods99 out of 147 (67.35%)
Gain/Loss Ratio1.10
* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress PeriodStartEndAdaptive Allocation Model
COVID-19 StartJan 2020Mar 2020-10.87%

Drawdowns for Adaptive Allocation Model

Drawdowns for Adaptive Allocation Model (worst 10)
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Jan 2022Jun 20226 months-59.75%
2Sep 2018Oct 20182 monthsJan 20201 year 3 months1 year 5 months-27.79%
3Apr 2012Nov 20128 monthsApr 20135 months1 year 1 month-22.99%
4May 2010May 20101 monthSep 20104 months5 months-22.85%
5Feb 2015Aug 20157 monthsMar 20167 months1 year 2 months-17.93%
6Aug 2020Sep 20202 monthsDec 20203 months5 months-16.20%
7May 2013Jun 20132 monthsJul 20131 month3 months-14.81%
8Sep 2021Sep 20211 monthOct 20211 month2 months-13.82%
9Feb 2018Apr 20183 monthsJun 20182 months5 months-12.21%
10Feb 2020Mar 20202 monthsApr 20201 month3 months-10.87%
Worst 10 drawdowns included above
Rolling returns summary
Roll PeriodAverageHighLow
1 year52.93%178.75%-52.58%
3 years44.00%76.19%16.47%
5 years42.65%64.68%19.41%
7 years42.45%58.40%25.87%
10 years44.55%51.56%32.86%
Timing periods and related holdings for the timing portfolio
#StartEndMonthsAssetsAsset PerformanceAdaptive Allocation Model
144Aug 2022Aug 20221Please sign-in for forward signals--
143Jul 2022Jul 2022142.66% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
57.34% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: -2.49%
TMF: 6.49%
URTY: 32.44%		2.66%
142Jun 2022Jun 2022133.42% Direxion Daily Real Estate Bull 3X ETF (DRN)
66.58% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: -21.56%
EDC: -16.34%
URTY: -25.20%		-18.09%
141May 2022May 2022171.67% Direxion Daily Real Estate Bull 3X ETF (DRN)
28.33% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: -16.88%
EDC: -0.16%
URTY: -3.33%		-12.14%
140Apr 2022Apr 2022192.31% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% ProShares UltraPro QQQ (TQQQ)
7.69% ProShares UltraPro Russell2000 (URTY)		DRN: -11.93%
TQQQ: -37.21%
URTY: -28.13%		-13.18%
139Mar 2022Mar 2022131.54% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
58.41% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
10.04% ProShares UltraPro Russell2000 (URTY)		EDC: -13.43%
TMF: -16.51%
URTY: 1.28%		-13.75%
138Feb 2022Feb 2022118.55% Direxion Daily Real Estate Bull 3X ETF (DRN)
28.56% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
52.89% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: -11.89%
EDC: -12.94%
TMF: -5.48%		-8.80%
137Jan 2022Jan 2022134.21% Direxion Daily Real Estate Bull 3X ETF (DRN)
49.70% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
16.09% ProShares UltraPro QQQ (TQQQ)		DRN: -23.73%
TMF: -11.80%
TQQQ: -25.65%		-18.11%
136Dec 2021Dec 2021134.94% Direxion Daily Real Estate Bull 3X ETF (DRN)
38.37% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
26.69% ProShares UltraPro QQQ (TQQQ)		DRN: 30.58%
TMF: -6.88%
TQQQ: 1.74%		8.51%
135Nov 2021Nov 2021149.05% Direxion Daily Real Estate Bull 3X ETF (DRN)
44.22% ProShares UltraPro QQQ (TQQQ)
6.73% ProShares UltraPro Russell2000 (URTY)		DRN: -7.07%
TQQQ: 5.37%
URTY: -13.38%		-1.99%
134Oct 2021Oct 2021125.44% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
74.56% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: 2.16%
TQQQ: 24.56%
URTY: 12.46%		18.86%
133Sep 2021Sep 2021120.22% Direxion Daily Real Estate Bull 3X ETF (DRN)
38.36% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
41.42% ProShares UltraPro QQQ (TQQQ)		DRN: -16.66%
TMF: -9.24%
TQQQ: -16.67%		-13.82%
132Aug 2021Aug 2021127.89% Direxion Daily Real Estate Bull 3X ETF (DRN)
39.08% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
33.03% ProShares UltraPro QQQ (TQQQ)		DRN: 6.13%
TMF: -1.36%
TQQQ: 12.62%		5.35%
131Jul 2021Jul 2021136.46% Direxion Daily Real Estate Bull 3X ETF (DRN)
63.54% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
0.00% ProShares UltraPro QQQ (TQQQ)		DRN: 13.23%
TMF: 10.92%
TQQQ: 8.36%		11.76%
130Jun 2021Jun 2021162.06% Direxion Daily Real Estate Bull 3X ETF (DRN)
37.94% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro QQQ (TQQQ)		DRN: 7.32%
EDC: 1.71%
TQQQ: 19.41%		5.19%
129May 2021May 2021193.31% Direxion Daily Real Estate Bull 3X ETF (DRN)
6.69% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 1.42%
TQQQ: -4.71%
URTY: -0.44%		1.01%
128Apr 2021Apr 2021191.97% Direxion Daily Real Estate Bull 3X ETF (DRN)
8.03% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 24.81%
TQQQ: 17.97%
URTY: 4.70%		24.26%
127Mar 2021Mar 2021167.21% Direxion Daily Real Estate Bull 3X ETF (DRN)
24.66% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
8.12% ProShares UltraPro Russell2000 (URTY)		DRN: 15.52%
EDC: -4.06%
URTY: 1.23%		9.53%
126Feb 2021Feb 2021116.44% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
48.21% ProShares UltraPro QQQ (TQQQ)
35.35% ProShares UltraPro Russell2000 (URTY)		EDC: 1.83%
TQQQ: -1.38%
URTY: 17.86%		5.95%
125Jan 2021Jan 2021134.19% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
37.60% ProShares UltraPro QQQ (TQQQ)
28.21% ProShares UltraPro Russell2000 (URTY)		EDC: 7.72%
TQQQ: -0.47%
URTY: 13.49%		6.27%
124Dec 2020Dec 2020188.24% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro QQQ (TQQQ)
11.76% ProShares UltraPro Russell2000 (URTY)		EDC: 21.69%
TQQQ: 15.05%
URTY: 27.14%		22.33%
123Nov 2020Nov 2020126.08% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
67.05% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
6.87% ProShares UltraPro Russell2000 (URTY)		EDC: 29.15%
TMF: 4.24%
URTY: 62.37%		14.73%
122Oct 2020Oct 2020176.85% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro QQQ (TQQQ)
23.15% ProShares UltraPro Russell2000 (URTY)		EDC: 3.17%
TQQQ: -10.28%
URTY: 5.01%		3.60%
121Sep 2020Sep 2020111.87% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
41.04% ProShares UltraPro QQQ (TQQQ)
47.08% ProShares UltraPro Russell2000 (URTY)		EDC: -4.27%
TQQQ: -18.88%
URTY: -10.90%		-13.38%
120Aug 2020Aug 2020117.64% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
67.09% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
15.27% ProShares UltraPro QQQ (TQQQ)		EDC: 7.75%
TMF: -14.89%
TQQQ: 35.17%		-3.25%
119Jul 2020Jul 2020122.09% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
77.91% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: 25.54%
TQQQ: 22.25%
URTY: 7.21%		22.98%
118Jun 2020Jun 2020155.87% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
44.13% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: 19.05%
TQQQ: 17.98%
URTY: 5.99%		18.58%
117May 2020May 202010.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
64.73% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
35.27% ProShares UltraPro QQQ (TQQQ)		EDC: 6.10%
TMF: -6.48%
TQQQ: 18.63%		2.38%
116Apr 2020Apr 202010.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
63.54% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
36.46% ProShares UltraPro QQQ (TQQQ)		EDC: 19.73%
TMF: 2.68%
TQQQ: 46.45%		18.64%
115Mar 2020Mar 202017.53% Direxion Daily Real Estate Bull 3X ETF (DRN)
66.39% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
26.08% ProShares UltraPro QQQ (TQQQ)		DRN: -65.02%
TMF: 11.91%
TQQQ: -38.13%		-6.93%
114Feb 2020Feb 2020118.40% Direxion Daily Real Estate Bull 3X ETF (DRN)
39.89% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
41.72% ProShares UltraPro QQQ (TQQQ)		DRN: -21.57%
TMF: 17.91%
TQQQ: -17.77%		-4.24%
113Jan 2020Jan 202019.43% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
85.92% ProShares UltraPro QQQ (TQQQ)
4.65% ProShares UltraPro Russell2000 (URTY)		EDC: -18.50%
TQQQ: 8.19%
URTY: -9.55%		4.85%
112Dec 2019Dec 2019145.13% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
42.95% ProShares UltraPro QQQ (TQQQ)
11.92% ProShares UltraPro Russell2000 (URTY)		EDC: 23.66%
TQQQ: 11.37%
URTY: 8.18%		16.53%
111Nov 2019Nov 2019191.16% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro QQQ (TQQQ)
8.84% ProShares UltraPro Russell2000 (URTY)		EDC: -1.11%
TQQQ: 12.20%
URTY: 11.84%		0.04%
110Oct 2019Oct 2019120.15% Direxion Daily Real Estate Bull 3X ETF (DRN)
47.97% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
31.88% ProShares UltraPro QQQ (TQQQ)		DRN: 2.79%
TMF: -4.11%
TQQQ: 12.43%		2.55%
109Sep 2019Sep 2019120.52% Direxion Daily Real Estate Bull 3X ETF (DRN)
54.05% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
25.44% ProShares UltraPro QQQ (TQQQ)		DRN: 5.22%
TMF: -9.07%
TQQQ: 1.88%		-3.35%
108Aug 2019Aug 2019153.42% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
8.54% ProShares UltraPro QQQ (TQQQ)
38.03% ProShares UltraPro Russell2000 (URTY)		EDC: -12.87%
TQQQ: -7.79%
URTY: -15.94%		-13.61%
107Jul 2019Jul 201916.71% Direxion Daily Real Estate Bull 3X ETF (DRN)
69.25% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
24.04% ProShares UltraPro Russell2000 (URTY)		DRN: 3.56%
TMF: 0.32%
URTY: 1.17%		0.74%
106Jun 2019Jun 201910.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
67.69% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
32.31% ProShares UltraPro QQQ (TQQQ)		DRN: 2.01%
TMF: 1.90%
TQQQ: 23.00%		8.72%
105May 2019May 201914.94% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
56.35% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
38.71% ProShares UltraPro QQQ (TQQQ)		EDC: -21.39%
TMF: 21.11%
TQQQ: -24.01%		1.54%
104Apr 2019Apr 2019114.48% Direxion Daily Real Estate Bull 3X ETF (DRN)
53.68% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
31.84% ProShares UltraPro QQQ (TQQQ)		DRN: -2.28%
TMF: -6.56%
TQQQ: 16.64%		1.45%
103Mar 2019Mar 2019160.98% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% ProShares UltraPro QQQ (TQQQ)
39.02% ProShares UltraPro Russell2000 (URTY)		DRN: 9.69%
TQQQ: 11.05%
URTY: -7.31%		3.06%
102Feb 2019Feb 201919.05% Direxion Daily Real Estate Bull 3X ETF (DRN)
22.23% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
68.71% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: 1.39%
EDC: -5.03%
TMF: -4.52%		-4.10%
101Jan 2019Jan 201918.34% Direxion Daily Real Estate Bull 3X ETF (DRN)
17.13% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
74.53% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: 37.96%
EDC: 31.92%
TMF: 0.41%		8.94%
100Dec 2018Dec 2018114.87% Direxion Daily Real Estate Bull 3X ETF (DRN)
10.87% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
74.26% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: -24.65%
EDC: -11.19%
TMF: 17.93%		8.44%
99Nov 2018Nov 2018113.84% Direxion Daily Real Estate Bull 3X ETF (DRN)
73.87% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
12.29% ProShares UltraPro QQQ (TQQQ)		DRN: 13.56%
TMF: 4.76%
TQQQ: -2.91%		5.04%
98Oct 2018Oct 2018132.85% Direxion Daily Real Estate Bull 3X ETF (DRN)
23.22% ProShares UltraPro QQQ (TQQQ)
43.93% ProShares UltraPro Russell2000 (URTY)		DRN: -9.92%
TQQQ: -26.61%
URTY: -30.73%		-22.94%
97Sep 2018Sep 2018145.49% Direxion Daily Real Estate Bull 3X ETF (DRN)
26.56% ProShares UltraPro QQQ (TQQQ)
27.96% ProShares UltraPro Russell2000 (URTY)		DRN: -8.40%
TQQQ: -1.60%
URTY: -7.31%		-6.29%
96Aug 2018Aug 2018151.95% Direxion Daily Real Estate Bull 3X ETF (DRN)
20.25% ProShares UltraPro QQQ (TQQQ)
27.80% ProShares UltraPro Russell2000 (URTY)		DRN: 8.43%
TQQQ: 17.69%
URTY: 12.58%		11.46%
95Jul 2018Jul 2018143.69% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% ProShares UltraPro QQQ (TQQQ)
56.31% ProShares UltraPro Russell2000 (URTY)		DRN: 1.05%
TQQQ: 7.56%
URTY: 4.47%		2.98%
94Jun 2018Jun 2018150.92% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% ProShares UltraPro QQQ (TQQQ)
49.08% ProShares UltraPro Russell2000 (URTY)		DRN: 13.20%
TQQQ: 2.18%
URTY: 1.20%		7.31%
93May 2018May 201810.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
71.55% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
28.45% ProShares UltraPro Russell2000 (URTY)		DRN: 11.16%
TMF: 5.27%
URTY: 18.53%		9.04%
92Apr 2018Apr 201810.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
74.51% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
25.49% ProShares UltraPro Russell2000 (URTY)		DRN: 3.11%
TMF: -6.71%
URTY: 1.68%		-4.57%
91Mar 2018Mar 201810.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro QQQ (TQQQ)
100.00% ProShares UltraPro Russell2000 (URTY)		EDC: -0.48%
TQQQ: -13.42%
URTY: 2.32%		2.32%
90Feb 2018Feb 2018117.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
54.87% ProShares UltraPro QQQ (TQQQ)
28.13% ProShares UltraPro Russell2000 (URTY)		EDC: -18.78%
TQQQ: -6.16%
URTY: -12.50%		-10.09%
89Jan 2018Jan 2018111.93% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
43.61% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
44.45% ProShares UltraPro QQQ (TQQQ)		EDC: 25.83%
TMF: -9.77%
TQQQ: 27.70%		11.14%
88Dec 2017Dec 201710.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
41.11% ProShares UltraPro QQQ (TQQQ)
58.89% ProShares UltraPro Russell2000 (URTY)		EDC: 10.62%
TQQQ: 1.18%
URTY: -2.27%		-0.85%
87Nov 2017Nov 2017116.15% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
25.00% ProShares UltraPro QQQ (TQQQ)
58.85% ProShares UltraPro Russell2000 (URTY)		EDC: -1.50%
TQQQ: 5.50%
URTY: 8.53%		6.15%
86Oct 2017Oct 2017136.16% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
15.48% ProShares UltraPro QQQ (TQQQ)
48.36% ProShares UltraPro Russell2000 (URTY)		EDC: 9.44%
TQQQ: 13.74%
URTY: 1.86%		6.44%
85Sep 2017Sep 2017112.71% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
63.22% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
24.07% ProShares UltraPro QQQ (TQQQ)		EDC: -0.79%
TMF: -7.29%
TQQQ: -1.06%		-4.96%
84Aug 2017Aug 2017143.47% Direxion Daily Real Estate Bull 3X ETF (DRN)
30.51% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
26.02% ProShares UltraPro Russell2000 (URTY)		DRN: -1.39%
EDC: 6.48%
URTY: -4.23%		0.27%
83Jul 2017Jul 2017133.61% Direxion Daily Real Estate Bull 3X ETF (DRN)
19.15% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
47.24% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: 2.96%
EDC: 17.09%
TMF: -2.43%		3.12%
82Jun 2017Jun 201714.96% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
50.68% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
44.36% ProShares UltraPro QQQ (TQQQ)		EDC: 3.14%
TMF: 1.98%
TQQQ: -8.07%		-2.42%
81Apr 2017May 201720.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
100.00% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: 12.49%
TQQQ: 20.43%
URTY: -3.95%		20.43%
80Mar 2017Mar 2017123.21% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
76.79% ProShares UltraPro QQQ (TQQQ)		DRN: -7.77%
EDC: 10.10%
TQQQ: 5.64%		2.53%
79Feb 2017Feb 2017123.65% Direxion Daily Real Estate Bull 3X ETF (DRN)
4.39% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
71.95% ProShares UltraPro QQQ (TQQQ)		DRN: 10.27%
EDC: 5.19%
TQQQ: 13.39%		12.29%
78Jan 2017Jan 2017121.92% Direxion Daily Real Estate Bull 3X ETF (DRN)
54.37% ProShares UltraPro QQQ (TQQQ)
23.71% ProShares UltraPro Russell2000 (URTY)		DRN: -0.93%
TQQQ: 15.76%
URTY: -0.17%		8.32%
77Dec 2016Dec 201611.63% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
72.41% ProShares UltraPro QQQ (TQQQ)
25.96% ProShares UltraPro Russell2000 (URTY)		EDC: -1.91%
TQQQ: 2.60%
URTY: 8.55%		4.07%
76Sep 2016Nov 201630.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
100.00% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: -11.86%
TQQQ: 2.03%
URTY: 19.49%		2.03%
75Aug 2016Aug 2016128.74% Direxion Daily Real Estate Bull 3X ETF (DRN)
20.92% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
50.33% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: -11.27%
EDC: 2.26%
TMF: -3.58%		-4.57%
74Jul 2016Jul 201610.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
63.02% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
36.98% ProShares UltraPro Russell2000 (URTY)		DRN: 12.76%
TMF: 6.07%
URTY: 17.84%		10.43%
73Jun 2016Jun 2016159.45% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
23.13% ProShares UltraPro QQQ (TQQQ)
17.42% ProShares UltraPro Russell2000 (URTY)		TMF: 21.23%
TQQQ: -7.83%
URTY: -1.44%		10.56%
72May 2016May 2016174.79% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
25.21% ProShares UltraPro Russell2000 (URTY)		DRN: 6.23%
EDC: -11.52%
URTY: 6.10%		6.20%
71Apr 2016Apr 2016175.14% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
24.86% ProShares UltraPro Russell2000 (URTY)		DRN: -7.77%
EDC: 0.23%
URTY: 4.19%		-4.80%
70Mar 2016Mar 2016117.15% Direxion Daily Real Estate Bull 3X ETF (DRN)
15.99% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
66.86% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: 33.38%
EDC: 42.02%
TMF: -0.64%		12.02%
69Feb 2016Feb 2016120.75% Direxion Daily Real Estate Bull 3X ETF (DRN)
63.44% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
15.81% ProShares UltraPro QQQ (TQQQ)		DRN: -2.24%
TMF: 8.71%
TQQQ: -6.04%		4.10%
68Jan 2016Jan 201610.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
62.12% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
37.88% ProShares UltraPro QQQ (TQQQ)		DRN: -11.30%
TMF: 17.74%
TQQQ: -21.13%		3.02%
67Dec 2015Dec 2015140.76% Direxion Daily Real Estate Bull 3X ETF (DRN)
58.16% ProShares UltraPro QQQ (TQQQ)
1.08% ProShares UltraPro Russell2000 (URTY)		DRN: 4.51%
TQQQ: -5.77%
URTY: -15.23%		-1.68%
66Nov 2015Nov 2015186.46% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
13.54% ProShares UltraPro QQQ (TQQQ)		DRN: -2.85%
EDC: -8.78%
TQQQ: 1.31%		-2.29%
65Oct 2015Oct 201510.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
67.84% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
32.16% ProShares UltraPro QQQ (TQQQ)		DRN: 17.66%
TMF: -1.73%
TQQQ: 37.23%		10.80%
64Sep 2015Sep 201510.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
66.18% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
33.82% ProShares UltraPro QQQ (TQQQ)		DRN: 8.08%
TMF: 5.10%
TQQQ: -8.13%		0.62%
63Aug 2015Aug 2015120.35% Direxion Daily Real Estate Bull 3X ETF (DRN)
35.60% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
44.04% ProShares UltraPro QQQ (TQQQ)		DRN: -19.25%
TMF: -2.75%
TQQQ: -21.28%		-14.27%
62Jul 2015Jul 2015125.20% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% ProShares UltraPro QQQ (TQQQ)
74.80% ProShares UltraPro Russell2000 (URTY)		DRN: 17.52%
TQQQ: 13.35%
URTY: -3.86%		1.53%
61Jun 2015Jun 2015122.22% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
13.36% ProShares UltraPro QQQ (TQQQ)
64.42% ProShares UltraPro Russell2000 (URTY)		EDC: -9.13%
TQQQ: -7.65%
URTY: 1.93%		-1.81%
60May 2015May 201510.49% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
47.45% ProShares UltraPro QQQ (TQQQ)
52.06% ProShares UltraPro Russell2000 (URTY)		EDC: -12.77%
TQQQ: 6.35%
URTY: 6.50%		6.33%
59Apr 2015Apr 201510.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
38.09% ProShares UltraPro QQQ (TQQQ)
61.91% ProShares UltraPro Russell2000 (URTY)		EDC: 21.32%
TQQQ: 5.16%
URTY: -7.93%		-2.95%
58Mar 2015Mar 2015114.18% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
45.23% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
40.59% ProShares UltraPro QQQ (TQQQ)		EDC: -5.47%
TMF: 2.57%
TQQQ: -7.46%		-2.64%
57Feb 2015Feb 2015113.49% Direxion Daily Real Estate Bull 3X ETF (DRN)
51.54% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
34.97% ProShares UltraPro Russell2000 (URTY)		DRN: -11.56%
TMF: -17.87%
URTY: 18.13%		-4.43%
56Jan 2015Jan 2015127.08% Direxion Daily Real Estate Bull 3X ETF (DRN)
49.53% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
23.39% ProShares UltraPro Russell2000 (URTY)		DRN: 21.17%
TMF: 31.01%
URTY: -10.35%		18.67%
55Dec 2014Dec 2014184.06% Direxion Daily Real Estate Bull 3X ETF (DRN)
8.86% ProShares UltraPro QQQ (TQQQ)
7.08% ProShares UltraPro Russell2000 (URTY)		DRN: 5.02%
TQQQ: -7.51%
URTY: 7.62%		4.09%
54Nov 2014Nov 201410.37% Direxion Daily Real Estate Bull 3X ETF (DRN)
63.36% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
36.27% ProShares UltraPro QQQ (TQQQ)		DRN: 5.86%
TMF: 9.08%
TQQQ: 14.30%		10.96%
53Oct 2014Oct 2014148.93% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
39.32% ProShares UltraPro QQQ (TQQQ)
11.75% ProShares UltraPro Russell2000 (URTY)		TMF: 8.06%
TQQQ: 6.58%
URTY: 19.38%		8.81%
52Sep 2014Sep 2014116.04% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
51.67% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
32.29% ProShares UltraPro QQQ (TQQQ)		EDC: -22.18%
TMF: -6.65%
TQQQ: -2.78%		-7.89%
51Aug 2014Aug 2014156.07% Direxion Daily Real Estate Bull 3X ETF (DRN)
14.33% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
29.60% ProShares UltraPro QQQ (TQQQ)		DRN: 8.72%
EDC: 8.24%
TQQQ: 15.47%		10.65%
50Jul 2014Jul 2014140.89% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
59.11% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: 3.27%
TQQQ: 3.05%
URTY: -17.96%		3.14%
49Jun 2014Jun 2014132.51% Direxion Daily Real Estate Bull 3X ETF (DRN)
50.92% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
16.57% ProShares UltraPro QQQ (TQQQ)		DRN: 3.23%
TMF: -1.00%
TQQQ: 9.46%		2.11%
48May 2014May 2014126.47% Direxion Daily Real Estate Bull 3X ETF (DRN)
20.84% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
52.69% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: 6.81%
EDC: 8.59%
TMF: 8.79%		8.23%
47Apr 2014Apr 2014191.11% Direxion Daily Real Estate Bull 3X ETF (DRN)
3.91% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
4.98% ProShares UltraPro Russell2000 (URTY)		DRN: 9.95%
EDC: 1.65%
URTY: -11.90%		8.54%
46Mar 2014Mar 2014127.46% Direxion Daily Real Estate Bull 3X ETF (DRN)
58.01% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
14.52% ProShares UltraPro QQQ (TQQQ)		DRN: 0.81%
TMF: 1.76%
TQQQ: -8.37%		0.03%
45Feb 2014Feb 201410.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
61.93% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
38.07% ProShares UltraPro QQQ (TQQQ)		DRN: 15.44%
TMF: 1.63%
TQQQ: 15.40%		6.87%
44Jan 2014Jan 201416.82% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
93.18% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: -24.98%
TQQQ: -6.36%
URTY: -8.70%		-7.63%
43Dec 2013Dec 2013123.65% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
76.35% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: -2.48%
TQQQ: 8.86%
URTY: 5.62%		6.18%
42Oct 2013Nov 201320.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
100.00% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: 10.31%
TQQQ: 26.55%
URTY: 19.21%		26.55%
41Sep 2013Sep 201310.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
94.88% ProShares UltraPro QQQ (TQQQ)
5.12% ProShares UltraPro Russell2000 (URTY)		EDC: 21.44%
TQQQ: 14.91%
URTY: 20.00%		15.17%
40Aug 2013Aug 201310.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
80.41% ProShares UltraPro QQQ (TQQQ)
19.59% ProShares UltraPro Russell2000 (URTY)		DRN: -20.10%
TQQQ: -1.69%
URTY: -9.41%		-3.20%
39Jul 2013Jul 201310.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
100.00% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 1.73%
TQQQ: 20.14%
URTY: 23.24%		20.14%
38Jun 2013Jun 2013135.17% Direxion Daily Real Estate Bull 3X ETF (DRN)
64.83% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: -7.70%
TQQQ: -8.02%
URTY: -3.91%		-7.91%
37May 2013May 201318.01% Direxion Daily Real Estate Bull 3X ETF (DRN)
52.51% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
39.48% ProShares UltraPro QQQ (TQQQ)		DRN: -17.49%
TMF: -19.65%
TQQQ: 10.71%		-7.49%
36Apr 2013Apr 2013185.40% Direxion Daily Real Estate Bull 3X ETF (DRN)
14.60% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 20.85%
TQQQ: 6.94%
URTY: -2.11%		18.82%
35Mar 2013Mar 2013193.34% Direxion Daily Real Estate Bull 3X ETF (DRN)
6.66% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 8.35%
TQQQ: 8.74%
URTY: 14.18%		8.37%
34Feb 2013Feb 2013173.79% Direxion Daily Real Estate Bull 3X ETF (DRN)
26.21% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 3.31%
EDC: -7.28%
URTY: 2.35%		0.53%
33Jan 2013Jan 2013171.56% Direxion Daily Real Estate Bull 3X ETF (DRN)
28.44% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 11.47%
EDC: -1.22%
URTY: 19.51%		7.86%
32Dec 2012Dec 2012129.37% Direxion Daily Real Estate Bull 3X ETF (DRN)
25.12% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
45.51% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: 10.68%
EDC: 21.00%
TMF: -7.80%		4.86%
31Nov 2012Nov 2012172.87% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
27.13% ProShares UltraPro Russell2000 (URTY)		DRN: -1.10%
EDC: 4.12%
URTY: 1.08%		-0.51%
30Oct 2012Oct 201210.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
72.24% ProShares UltraPro QQQ (TQQQ)
27.76% ProShares UltraPro Russell2000 (URTY)		EDC: -2.30%
TQQQ: -15.63%
URTY: -6.90%		-13.21%
29Sep 2012Sep 2012125.82% Direxion Daily Real Estate Bull 3X ETF (DRN)
42.00% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
32.18% ProShares UltraPro QQQ (TQQQ)		DRN: -5.99%
TMF: -7.87%
TQQQ: 2.14%		-4.16%
28Aug 2012Aug 2012180.92% Direxion Daily Real Estate Bull 3X ETF (DRN)
0.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
19.08% ProShares UltraPro QQQ (TQQQ)		DRN: -0.68%
EDC: 0.30%
TQQQ: 16.09%		2.52%
27Jul 2012Jul 2012116.68% Direxion Daily Real Estate Bull 3X ETF (DRN)
58.59% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
24.72% ProShares UltraPro Russell2000 (URTY)		DRN: 5.81%
TMF: 11.43%
URTY: -5.72%		6.25%
26Jun 2012Jun 2012136.40% Direxion Daily Real Estate Bull 3X ETF (DRN)
55.69% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
7.91% ProShares UltraPro QQQ (TQQQ)		DRN: 16.05%
TMF: -5.78%
TQQQ: 9.79%		3.40%
25May 2012May 2012155.64% Direxion Daily Real Estate Bull 3X ETF (DRN)
44.36% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: -14.09%
TQQQ: -20.45%
URTY: -19.35%		-16.91%
24Apr 2012Apr 2012130.54% Direxion Daily Real Estate Bull 3X ETF (DRN)
69.46% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 7.96%
TQQQ: -4.30%
URTY: -5.84%		-0.56%
23Mar 2012Mar 201210.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
100.00% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: -10.49%
TQQQ: 15.46%
URTY: 7.30%		15.46%
22Feb 2012Feb 2012135.57% Direxion Daily Real Estate Bull 3X ETF (DRN)
64.43% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: -3.87%
TQQQ: 20.14%
URTY: 6.54%		11.60%
21Jan 2012Jan 2012122.32% Direxion Daily Real Estate Bull 3X ETF (DRN)
62.58% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
15.10% ProShares UltraPro Russell2000 (URTY)		DRN: 19.74%
TMF: -1.50%
URTY: 22.48%		6.86%
20Dec 2011Dec 2011185.01% Direxion Daily Real Estate Bull 3X ETF (DRN)
14.99% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 13.67%
EDC: -14.43%
URTY: -0.22%		9.46%
19Nov 2011Nov 201117.61% Direxion Daily Real Estate Bull 3X ETF (DRN)
49.59% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
42.80% ProShares UltraPro QQQ (TQQQ)		DRN: -14.13%
TMF: 4.89%
TQQQ: -10.15%		-2.99%
18Oct 2011Oct 201110.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
55.08% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
44.92% ProShares UltraPro QQQ (TQQQ)		DRN: 42.24%
TMF: -12.87%
TQQQ: 31.54%		7.08%
17Sep 2011Sep 201110.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
58.38% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
41.62% ProShares UltraPro QQQ (TQQQ)		DRN: -31.71%
TMF: 41.35%
TQQQ: -14.31%		18.18%
16Aug 2011Aug 2011142.06% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
57.30% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
0.64% ProShares UltraPro QQQ (TQQQ)		EDC: -31.82%
TMF: 27.34%
TQQQ: -19.54%		2.16%
15Jul 2011Jul 2011112.82% Direxion Daily Real Estate Bull 3X ETF (DRN)
56.73% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
30.44% ProShares UltraPro QQQ (TQQQ)		DRN: 3.58%
TMF: 13.28%
TQQQ: 4.43%		9.34%
14Jun 2011Jun 201110.90% Direxion Daily Real Estate Bull 3X ETF (DRN)
55.67% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
43.43% ProShares UltraPro QQQ (TQQQ)		DRN: -10.94%
TMF: -7.39%
TQQQ: -7.01%		-7.26%
13May 2011May 2011166.17% Direxion Daily Real Estate Bull 3X ETF (DRN)
33.83% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 3.63%
EDC: -10.74%
URTY: -6.10%		-1.23%
12Apr 2011Apr 2011165.46% Direxion Daily Real Estate Bull 3X ETF (DRN)
34.54% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 17.76%
EDC: 8.37%
URTY: 7.56%		14.52%
11Mar 2011Mar 2011147.81% Direxion Daily Real Estate Bull 3X ETF (DRN)
52.19% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: -5.94%
TQQQ: -2.35%
URTY: 6.56%		-4.07%
10Feb 2011Feb 2011129.07% Direxion Daily Real Estate Bull 3X ETF (DRN)
70.93% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 14.02%
TQQQ: 9.14%
URTY: 16.93%		10.56%
9Jan 2011Jan 201110.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
100.00% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: -11.96%
TQQQ: 8.01%
URTY: -2.17%		8.01%
8Dec 2010Dec 2010120.17% Direxion Daily Real Estate Bull 3X ETF (DRN)
79.83% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: 13.59%
TQQQ: 14.81%
URTY: 25.22%		14.57%
7Nov 2010Nov 2010120.35% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
79.65% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		EDC: -9.63%
TQQQ: -1.43%
URTY: 10.09%		-3.10%
6Oct 2010Oct 201017.11% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
45.34% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
47.54% ProShares UltraPro QQQ (TQQQ)		EDC: 8.03%
TMF: -13.57%
TQQQ: 19.55%		3.71%
5Sep 2010Sep 2010116.03% Direxion Daily Real Estate Bull 3X ETF (DRN)
28.00% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
55.97% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: 12.02%
EDC: 37.61%
TMF: -9.02%		7.41%
4Aug 2010Aug 2010116.85% Direxion Daily Real Estate Bull 3X ETF (DRN)
15.85% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
67.30% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: -5.33%
EDC: -10.31%
TMF: 25.94%		14.93%
3Jul 2010Jul 201019.47% Direxion Daily Real Estate Bull 3X ETF (DRN)
23.27% Direxion Daily MSCI Em Mkts Bull 3X ETF (EDC)
67.26% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)		DRN: 27.71%
EDC: 33.24%
TMF: -3.90%		7.74%
2Jun 2010Jun 201013.97% Direxion Daily Real Estate Bull 3X ETF (DRN)
66.54% Direxion Daily 20+ Yr Trsy Bull 3X ETF (TMF)
29.49% ProShares UltraPro Russell2000 (URTY)		DRN: -17.68%
TMF: 16.73%
URTY: -24.18%		3.30%
1May 2010May 201010.00% Direxion Daily Real Estate Bull 3X ETF (DRN)
100.00% ProShares UltraPro QQQ (TQQQ)
0.00% ProShares UltraPro Russell2000 (URTY)		DRN: -20.21%
TQQQ: -22.85%
URTY: -24.15%		-22.85%