Test Market Timing Models

Tactical Allocation Overview

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:

  • 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 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.

Model Configuration

$ .00
$ .00
%
%
%
%
$ .00
%
%
Timing Periods
Length
Unit
Weight
Time Period #1
%
Time Period #2
%
Time Period #3
%
Time Period #4
%
Time 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 2000 - Dec 2021) Save

Tactical asset allocation model results from Jan 2000 to Dec 2021 are based on relative strength model holding the top 3 best performing assets. The model uses a single performance window of 12 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 Consumer Discret Sel Sect SPDR ETF (XLY) [Jan 1999 - Feb 2023].

Performance Summary

PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioMarket Correlation
Momentum Model$10,000$49,0167.49%14.66%37.67%-26.71%-38.96% 0.460.680.85
Equal Weight Portfolio$10,000$59,9228.48%14.83%30.85%-35.50%-49.14% 0.520.760.96
SPDR S&P 500 ETF Trust$10,000$48,5907.45%15.01%32.31%-36.81%-50.80% 0.450.660.99

Portfolio Growth

   

Annual Returns

Trailing Returns

NameTotal ReturnAnnualized ReturnAnnualized Standard Deviation
3 MonthYear To Date1 year3 year5 year10 yearFull3 year5 year
Momentum Model9.73%19.82%19.82%23.09%15.40%13.19%7.49%15.61%14.27%
Equal Weight Portfolio11.61%29.57%29.57%22.17%15.30%14.62%8.48%18.36%15.84%
SPDR S&P 500 ETF Trust11.07%28.74%28.74%25.99%18.36%16.45%7.45%17.34%15.31%
Trailing return and volatility are as of last full calendar month ending December 2021
Notes and Disclosures
  • 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 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.

Annual Returns

YearInflationMomentum ModelEqual Weight PortfolioSPDR S&P 500 ETF TrustConsumer Discret Sel Sect SPDR ETF (XLY)Consumer Staples Select Sector SPDR ETF (XLP)Energy Select Sector SPDR ETF (XLE)Financial Select Sector SPDR ETF (XLF)Health Care Select Sector SPDR ETF (XLV)Industrial Select Sector SPDR ETF (XLI)Materials Select Sector SPDR ETF (XLB)Technology Select Sector SPDR ETF (XLK)Utilities Select Sector SPDR ETF (XLU)
ReturnBalanceReturnBalanceReturnBalance
20003.39%-5.05%$9,4951.04%$10,104-9.73%$9,027-16.87%25.55%24.39%25.89%-11.77%6.73%-16.24%-41.88%22.48%
20011.55%-11.98%$8,358-6.88%$9,409-11.75%$7,96612.73%-9.92%-18.13%-9.42%-0.83%-10.19%2.15%-23.35%-12.98%
20022.38%-10.86%$7,450-18.37%$7,681-21.59%$6,246-18.66%-20.10%-14.69%-14.75%-0.74%-24.58%-5.35%-38.17%-28.77%
20031.88%26.41%$9,41728.46%$9,86728.18%$8,00637.19%11.16%25.82%30.47%14.92%31.84%37.39%38.68%26.44%
20043.26%12.80%$10,62314.16%$11,26410.70%$8,86312.88%7.65%33.94%10.87%1.28%17.75%13.49%5.65%23.58%
20053.42%14.02%$12,1137.88%$12,1524.83%$9,291-6.57%2.84%40.17%6.19%6.41%2.74%4.08%-0.32%16.37%
20062.54%6.90%$12,94816.24%$14,12615.85%$10,76418.41%14.49%18.08%18.89%7.05%13.51%18.36%12.16%20.90%
20074.08%10.76%$14,3419.49%$15,4665.14%$11,316-13.67%12.67%36.88%-19.19%7.15%13.48%22.05%15.45%18.41%
20080.09%-26.71%$10,511-35.50%$9,976-36.81%$7,151-32.97%-15.02%-38.97%-54.97%-23.31%-38.74%-44.05%-41.51%-28.93%
20092.72%22.52%$12,87828.19%$12,78826.36%$9,03640.57%14.28%21.79%17.61%19.51%22.07%48.18%51.32%11.71%
20101.50%15.98%$14,93516.08%$14,84515.06%$10,39727.46%13.78%21.78%11.90%3.30%27.82%20.55%11.39%5.30%
20112.96%-4.97%$14,1933.10%$15,3051.89%$10,5935.99%14.07%2.84%-17.15%12.39%-1.11%-10.93%2.61%19.62%
20121.74%9.38%$15,52414.73%$17,55915.99%$12,28723.60%10.74%5.20%28.42%17.37%14.93%14.70%15.30%1.04%
20131.50%37.67%$21,37230.85%$22,97632.31%$16,25742.73%26.30%26.25%35.52%41.40%40.55%26.00%26.25%13.05%
20140.76%11.63%$23,85813.31%$26,03513.46%$18,4469.46%15.72%-8.70%15.05%25.14%10.36%7.17%17.85%28.73%
20150.73%-1.91%$23,401-1.29%$25,7001.25%$18,6779.91%6.89%-21.47%-1.74%6.84%-4.30%-8.67%5.49%-4.91%
20162.07%2.34%$23,94814.40%$29,40112.00%$20,9185.97%4.98%28.02%22.42%-2.76%20.01%16.80%15.02%16.06%
20172.11%17.71%$28,18819.23%$35,05521.70%$25,45722.82%12.98%-0.90%22.00%21.77%23.97%24.00%34.25%12.03%
20181.91%-6.76%$26,284-6.25%$32,863-4.56%$24,2971.59%-8.07%-18.21%-13.04%6.28%-13.24%-14.87%-1.66%3.92%
20192.29%26.41%$33,22627.76%$41,98731.22%$31,88328.39%27.43%11.73%31.87%20.45%29.09%24.13%49.86%25.91%
20201.36%23.12%$40,90710.14%$46,24518.37%$37,74129.63%10.15%-32.51%-1.68%13.34%10.96%20.52%43.62%0.57%
20217.04%19.82%$49,01629.57%$59,92228.74%$48,59027.93%17.20%53.31%34.82%26.04%21.09%27.45%34.74%17.69%

Monthly Returns

YearMonthMomentum ModelEqual Weight PortfolioSPDR S&P 500 ETF TrustConsumer Discret Sel Sect SPDR ETF (XLY)Consumer Staples Select Sector SPDR ETF (XLP)Energy Select Sector SPDR ETF (XLE)Financial Select Sector SPDR ETF (XLF)Health Care Select Sector SPDR ETF (XLV)Industrial Select Sector SPDR ETF (XLI)Materials Select Sector SPDR ETF (XLB)Technology Select Sector SPDR ETF (XLK)Utilities Select Sector SPDR ETF (XLU)
ReturnBalanceReturnBalanceReturnBalance
20001-8.85%$9,115-4.95%$9,505-4.98%$9,502-12.42%0.88%0.81%-2.96%-2.53%-8.18%-12.23%-6.15%-1.78%
200020.25%$9,138-6.22%$8,914-1.52%$9,357-5.57%-11.70%-4.23%-10.70%-6.54%-5.52%-10.05%10.51%-12.15%
2000311.59%$10,19711.22%$9,9149.69%$10,26414.15%3.76%12.45%18.26%9.00%13.92%10.10%8.39%10.92%
20004-3.08%$9,883-0.33%$9,881-3.51%$9,904-2.08%5.30%-1.49%0.97%-1.17%1.44%-3.32%-9.18%6.55%
20005-4.50%$9,438-0.13%$9,868-1.57%$9,748-5.40%7.13%11.74%2.23%-2.68%-0.42%-3.16%-10.40%-0.22%
200060.17%$9,454-1.75%$9,6951.97%$9,940-5.41%5.67%-5.51%-4.83%0.21%-3.93%-8.55%9.96%-3.39%
20007-3.53%$9,1200.01%$9,696-1.57%$9,7841.59%-3.65%-3.81%8.82%-1.48%1.55%0.88%-5.31%1.55%
2000810.42%$10,0705.06%$10,1866.53%$10,423-4.15%-1.22%10.92%10.16%3.54%9.90%2.29%10.17%3.90%
20009-4.72%$9,595-1.41%$10,043-5.48%$9,8520.12%4.43%1.63%2.18%-3.63%-2.90%-9.79%-17.97%13.21%
200010-3.10%$9,2981.63%$10,207-0.47%$9,806-1.26%6.94%-2.72%-0.86%1.51%2.25%8.77%-5.73%5.81%
200011-3.47%$8,975-5.00%$9,697-7.47%$9,074-2.48%3.45%-5.25%-5.11%-9.11%-3.40%-2.53%-20.51%-0.05%
2000125.79%$9,4954.20%$10,104-0.52%$9,0277.05%3.64%10.21%8.53%1.65%3.96%14.05%-9.89%-1.36%
20011-3.57%$9,1562.15%$10,3224.45%$9,42811.63%-7.29%-3.19%-0.24%7.23%0.38%-2.67%19.12%-5.63%
20012-1.96%$8,977-4.88%$9,818-9.54%$8,529-7.14%0.60%-1.21%-6.73%-1.92%-5.99%1.29%-24.91%2.08%
20013-3.78%$8,638-5.36%$9,292-5.60%$8,052-1.45%-6.93%-2.98%-2.99%-6.40%-9.57%-5.01%-11.46%-1.43%
200143.46%$8,9377.89%$10,0258.54%$8,7394.64%1.94%10.33%3.62%7.38%11.43%10.67%16.17%4.83%
200150.41%$8,9731.75%$10,200-0.56%$8,6902.38%1.47%-0.94%4.40%3.82%4.18%3.85%-4.10%0.70%
20016-3.06%$8,698-3.23%$9,871-2.38%$8,483-0.79%-4.62%-9.12%-0.72%-1.13%-6.18%-3.45%1.95%-5.02%
20017-0.71%$8,637-0.55%$9,817-1.02%$8,3974.45%3.04%-1.15%-0.95%-2.00%-0.21%-0.27%-6.92%-0.90%
20018-4.24%$8,270-4.87%$9,339-5.93%$7,899-8.75%0.48%-4.23%-6.61%-5.08%-3.43%-0.41%-12.20%-3.56%
20019-8.47%$7,570-9.59%$8,444-8.16%$7,254-12.63%-0.11%-9.62%-5.63%-14.48%-14.65%-11.84%-16.38%-0.93%
200110-1.06%$7,4891.99%$8,6121.30%$7,3495.27%-0.64%4.03%-1.42%0.51%1.77%2.71%10.91%-5.26%
20011110.14%$8,2497.40%$9,2497.80%$7,92213.32%4.42%-5.58%6.49%11.60%10.00%12.68%14.94%-1.26%
2001121.32%$8,3581.73%$9,4090.56%$7,9664.54%-1.97%5.71%1.95%2.42%4.92%-2.99%-2.20%3.21%
200211.63%$8,494-1.28%$9,289-0.98%$7,8883.29%-0.67%-3.56%-1.14%-0.74%-6.32%2.33%-1.08%-3.60%
200222.64%$8,7180.39%$9,325-1.79%$7,7470.54%2.10%3.42%-1.73%4.60%2.50%5.29%-13.02%-0.19%
200231.98%$8,8914.46%$9,7423.32%$8,0041.27%1.61%8.85%6.61%5.80%2.71%3.07%4.94%5.33%
20024-2.71%$8,650-4.78%$9,276-5.82%$7,539-2.80%-3.72%-3.60%-2.54%-0.61%-6.90%-4.72%-12.09%-6.07%
200251.95%$8,819-0.21%$9,256-0.59%$7,494-0.51%-1.11%-1.76%-0.30%1.39%0.43%4.96%-4.15%-0.83%
20026-4.70%$8,404-6.49%$8,655-7.38%$6,941-5.26%-10.18%-3.66%-4.27%-7.15%-6.13%-1.70%-13.36%-6.73%
20027-8.72%$7,671-9.16%$7,862-7.88%$6,394-11.94%-4.27%-13.85%-8.31%-2.89%-5.66%-11.34%-9.48%-14.72%
200280.41%$7,7021.02%$7,9420.68%$6,4383.02%0.80%1.51%1.87%0.97%-1.56%-0.54%-0.84%3.97%
20029-9.37%$6,981-10.47%$7,111-10.49%$5,763-8.92%-7.23%-7.14%-11.49%-6.20%-11.54%-12.99%-16.69%-12.08%
2002106.10%$7,4066.73%$7,5898.23%$6,2376.75%3.89%1.84%9.14%5.83%4.92%5.71%24.77%-2.30%
2002116.58%$7,8945.42%$8,0016.17%$6,6214.63%-2.77%4.13%3.72%3.09%5.22%12.03%15.85%2.91%
200212-5.63%$7,450-3.99%$7,681-5.66%$6,246-8.52%0.27%0.01%-5.43%-3.76%-3.94%-4.59%-13.22%3.23%
20031-2.61%$7,255-2.88%$7,459-2.46%$6,093-3.33%-3.41%-2.51%-1.27%-0.34%-5.39%-4.99%-2.36%-2.35%
20032-0.65%$7,208-1.66%$7,336-1.35%$6,011-0.45%-3.06%2.94%-3.08%-2.23%-1.54%-2.65%0.48%-5.35%
200330.91%$7,2741.14%$7,4190.21%$6,0232.35%0.00%0.13%-0.95%3.56%1.05%0.60%-1.52%5.05%
200343.82%$7,5527.48%$7,9748.46%$6,53311.70%2.96%-0.85%12.57%3.29%10.82%9.03%9.16%8.64%
200353.42%$7,8105.83%$8,4405.48%$6,8915.32%4.92%10.62%5.09%2.07%2.71%3.09%8.58%10.11%
200361.85%$7,9551.22%$8,5431.07%$6,9641.45%0.95%-1.28%0.42%4.41%2.09%0.90%0.71%1.36%
200371.99%$8,1130.96%$8,6251.80%$7,0901.85%-0.15%-3.53%4.36%-1.50%3.31%7.86%3.10%-6.69%
200382.90%$8,3482.41%$8,8332.06%$7,2365.11%1.69%6.38%-1.17%-3.70%3.89%2.77%4.77%1.99%
20039-3.38%$8,066-1.02%$8,742-1.09%$7,157-4.77%-0.39%-2.07%0.89%0.26%-2.73%-4.51%-0.87%4.97%
2003107.93%$8,7055.10%$9,1885.35%$7,5409.10%4.53%0.96%6.93%0.68%6.18%9.53%7.33%0.68%
2003111.30%$8,8191.17%$9,2961.09%$7,6230.90%1.18%0.78%-0.37%2.14%1.98%2.26%1.43%0.23%
2003126.79%$9,4176.15%$9,8675.03%$8,0064.00%1.78%13.09%4.53%5.79%6.63%9.80%3.14%6.55%
20041-0.24%$9,3951.18%$9,9841.98%$8,165-0.57%0.00%2.25%3.27%2.75%1.01%-4.42%4.27%2.06%
20042-0.37%$9,3602.32%$10,2151.36%$8,2752.17%5.69%5.25%2.86%1.07%-0.74%5.21%-2.54%1.89%
20043-1.36%$9,233-1.32%$10,080-1.32%$8,166-0.62%-0.25%-0.62%-1.16%-4.17%-1.22%-2.31%-2.66%1.07%
20044-4.27%$8,839-1.35%$9,944-1.89%$8,012-1.13%1.31%1.70%-4.35%3.11%-0.04%-4.63%-3.82%-4.28%
200451.66%$8,9851.28%$10,0721.71%$8,1490.64%-0.56%-0.30%1.71%-0.32%2.46%2.81%3.92%1.20%
200465.81%$9,5072.53%$10,3261.85%$8,3000.26%0.55%6.24%0.44%-0.37%6.17%5.01%2.73%1.73%
20047-0.66%$9,444-2.53%$10,065-3.22%$8,032-3.79%-4.94%3.08%-2.13%-5.37%-2.79%-2.28%-6.09%1.52%
200480.86%$9,5250.70%$10,1350.24%$8,052-0.20%1.78%-1.54%3.25%1.63%0.07%1.68%-4.42%4.06%
200494.80%$9,9831.89%$10,3271.00%$8,1332.88%-2.64%9.76%-0.92%-1.75%2.15%4.02%2.91%0.63%
2004100.23%$10,0051.44%$10,4761.29%$8,2374.04%0.65%0.60%0.53%-2.22%1.02%-0.94%4.39%4.87%
2004115.83%$10,5884.72%$10,9704.45%$8,6044.19%2.48%6.74%3.11%1.95%6.28%8.13%5.11%4.45%
2004120.33%$10,6232.68%$11,2643.02%$8,8634.67%3.74%-2.82%4.14%5.52%2.48%1.34%2.63%2.46%
200510.90%$10,718-1.60%$11,084-2.24%$8,665-4.28%1.17%3.39%-2.16%-3.11%-2.80%-3.06%-5.64%2.12%
200528.93%$11,6763.31%$11,4512.09%$8,846-0.53%-0.13%16.78%-0.67%3.01%1.16%7.88%0.15%2.14%
20053-1.15%$11,541-1.32%$11,300-1.83%$8,684-1.17%-0.87%-1.91%-3.80%-0.56%-0.04%-2.66%-1.95%1.11%
20054-3.15%$11,178-2.26%$11,044-1.87%$8,521-6.36%-1.04%-5.41%0.18%3.48%-3.65%-7.13%-3.53%3.09%
200550.69%$11,2552.77%$11,3503.22%$8,7966.18%2.33%2.79%2.95%1.26%3.17%-0.64%6.94%-0.07%
200563.43%$11,6410.59%$11,4170.15%$8,809-0.43%-1.93%6.97%1.24%-0.53%-2.64%-2.00%-1.29%5.94%
200573.63%$12,0634.12%$11,8873.83%$9,1465.67%3.21%7.09%1.56%2.26%3.81%5.53%5.67%2.25%
200581.25%$12,214-0.83%$11,789-0.94%$9,060-3.29%-1.75%6.39%-1.64%-0.35%-2.36%-4.19%-0.95%0.65%
200593.58%$12,6521.34%$11,9460.80%$9,133-2.84%1.41%6.28%0.85%-0.56%1.67%0.77%0.24%4.22%
200510-5.91%$11,904-2.38%$11,661-2.37%$8,917-2.03%-0.47%-9.04%3.05%-3.06%-1.43%0.22%-2.30%-6.40%
2005110.85%$12,0053.56%$12,0764.40%$9,3093.99%0.91%1.50%4.77%1.22%5.82%7.66%6.32%-0.16%
2005120.89%$12,1130.63%$12,152-0.19%$9,291-0.85%0.12%1.81%0.02%3.46%0.47%2.86%-3.07%0.86%
200616.11%$12,8523.29%$12,5522.40%$9,5141.78%0.17%14.61%0.88%1.29%0.29%4.82%3.35%2.42%
20062-3.35%$12,421-0.21%$12,5260.57%$9,5690.72%0.86%-9.23%2.13%1.15%3.11%-2.14%0.23%1.31%
20063-0.03%$12,4171.27%$12,6851.65%$9,7270.59%0.82%4.25%0.29%-1.28%4.42%4.66%2.26%-4.63%
200642.69%$12,7511.61%$12,8891.26%$9,8501.28%0.97%5.04%4.33%-3.10%2.16%3.55%-1.31%1.59%
20065-3.53%$12,301-2.30%$12,593-3.01%$9,553-1.67%0.21%-2.78%-3.77%-2.10%-1.71%-4.03%-6.50%1.63%
200660.87%$12,4080.66%$12,6760.26%$9,578-0.17%1.84%2.54%-0.46%0.04%-0.13%0.52%-0.49%2.30%
20067-2.02%$12,1570.24%$12,7060.45%$9,621-3.32%1.57%3.35%2.29%5.46%-5.68%-3.74%-2.61%4.80%
20068-0.30%$12,1212.08%$12,9702.18%$9,8311.98%3.87%-5.08%1.18%2.85%1.13%3.01%7.02%2.75%
200691.32%$12,2811.62%$13,1812.70%$10,0966.37%-0.05%-3.66%4.02%1.53%3.82%-0.01%4.03%-1.45%
2006103.72%$12,7383.69%$13,6673.15%$10,4146.47%1.77%4.27%2.34%0.33%2.82%6.01%3.95%5.30%
2006112.11%$13,0062.43%$14,0001.99%$10,6221.26%-0.85%8.58%0.71%-0.12%2.45%4.35%2.84%2.65%
200612-0.45%$12,9480.90%$14,1261.34%$10,7642.17%2.51%-2.81%3.76%1.04%0.49%0.62%-0.54%0.85%
200711.15%$13,0961.75%$14,3731.50%$10,9252.87%2.03%-0.92%0.93%3.05%2.09%4.05%2.02%-0.35%
20072-0.25%$13,064-0.86%$14,248-1.96%$10,711-2.99%-1.54%-2.05%-3.05%-2.32%-1.12%2.68%-2.70%5.30%
200731.83%$13,3031.71%$14,4921.16%$10,835-0.47%2.07%6.29%-0.47%0.19%0.81%2.36%1.00%3.59%
200743.07%$13,7124.14%$15,0924.43%$11,3152.37%2.81%5.13%3.87%7.31%4.64%1.50%4.72%4.91%
200752.69%$14,0813.65%$15,6433.39%$11,6993.01%1.35%7.78%2.40%1.72%5.19%5.90%5.04%0.46%
20076-1.81%$13,827-1.69%$15,378-1.46%$11,528-1.75%-1.99%1.30%-4.02%-3.35%0.03%-0.54%-0.13%-4.76%
20077-2.28%$13,511-3.17%$14,892-3.13%$11,167-5.92%-2.85%0.01%-9.07%-4.76%0.95%-2.67%-0.20%-3.99%
200780.42%$13,5681.32%$15,0881.28%$11,3100.62%2.36%1.20%2.58%2.29%0.03%-0.68%1.92%1.58%
200796.73%$14,4814.12%$15,7103.87%$11,748-0.88%4.59%7.40%2.44%3.12%4.73%8.05%3.78%3.84%
2007101.80%$14,7422.06%$16,0341.36%$11,907-0.49%1.54%2.54%-1.72%1.87%-1.29%4.16%5.30%6.66%
200711-5.60%$13,917-3.17%$15,526-3.87%$11,446-5.46%2.75%-4.21%-8.09%1.28%-2.84%-5.04%-7.54%0.66%
2007123.05%$14,341-0.39%$15,466-1.13%$11,316-4.95%-0.84%8.27%-5.84%-2.83%-0.14%1.05%1.99%-0.18%
20081-7.94%$13,202-5.77%$14,574-6.05%$10,632-0.37%-5.56%-12.29%0.73%-4.56%-5.52%-4.20%-12.79%-7.35%
200822.49%$13,530-1.94%$14,292-2.58%$10,357-3.87%-0.26%9.27%-11.36%-2.67%-2.03%2.30%-4.73%-4.11%
20083-0.17%$13,507-0.38%$14,237-0.90%$10,264-1.79%3.23%-2.34%-2.99%-4.54%3.63%-1.40%1.16%1.61%
200846.22%$14,3474.40%$14,8644.77%$10,7532.38%-0.75%10.38%7.00%0.99%2.94%5.33%6.25%5.11%
200853.76%$14,8872.46%$15,2291.51%$10,9162.73%3.04%5.20%-6.95%1.91%0.88%5.20%6.51%3.59%
20086-2.78%$14,473-7.07%$14,152-8.35%$10,004-11.52%-5.69%3.16%-17.44%-4.22%-12.02%-5.81%-9.36%-0.74%
20087-8.53%$13,238-1.49%$13,942-0.90%$9,9140.18%2.43%-15.91%6.76%4.48%0.79%-3.24%-2.44%-6.44%
200880.49%$13,3031.43%$14,1411.55%$10,0676.91%2.70%0.34%-0.97%2.07%2.74%-1.56%1.79%-1.10%
20089-10.57%$11,897-9.92%$12,739-9.44%$9,117-8.21%-1.25%-14.95%-6.35%-7.44%-12.08%-15.51%-12.45%-11.01%
200810-12.36%$10,427-16.91%$10,585-16.52%$7,611-17.63%-12.61%-18.80%-21.92%-11.48%-18.25%-22.40%-16.12%-13.00%
200811-0.78%$10,345-6.79%$9,866-6.96%$7,082-10.84%-0.21%-2.18%-18.48%-6.32%-8.22%-10.69%-8.41%4.19%
2008121.60%$10,5111.12%$9,9760.98%$7,1516.07%0.02%-4.50%0.37%7.19%2.32%-0.55%1.59%-2.41%
20091-2.86%$10,210-7.92%$9,186-8.21%$6,564-10.62%-7.21%-1.78%-26.20%-1.21%-12.00%-7.39%-4.74%-0.17%
20092-11.00%$9,087-11.23%$8,155-10.74%$5,859-9.08%-8.08%-12.34%-17.75%-12.39%-17.03%-8.02%-3.81%-12.53%
200934.06%$9,4569.02%$8,8918.35%$6,34812.71%4.25%3.79%17.15%6.01%8.85%15.37%11.19%1.91%
200944.86%$9,91510.84%$9,8549.93%$6,97818.52%4.27%7.82%21.79%-0.12%18.07%15.58%10.44%1.17%
200953.73%$10,2855.90%$10,4365.85%$7,386-0.73%5.09%12.89%13.98%6.82%3.35%5.84%2.32%3.56%
200960.94%$10,382-0.30%$10,404-0.07%$7,3810.25%0.21%-6.54%-1.79%2.37%-1.71%-4.54%3.63%5.39%
200977.36%$11,1457.76%$11,2127.46%$7,9329.49%6.66%5.35%8.87%5.93%8.74%12.87%8.18%3.76%
200982.12%$11,3823.48%$11,6013.69%$8,2253.52%1.22%1.09%12.99%2.69%4.77%2.37%1.62%1.00%
200992.85%$11,7063.68%$12,0283.55%$8,5175.35%3.30%5.84%1.95%0.62%5.84%4.22%4.63%1.37%
200910-1.90%$11,484-2.23%$11,760-1.92%$8,353-2.37%1.45%2.47%-5.96%-2.09%-3.99%-5.17%-1.25%-3.20%
2009117.67%$12,3656.31%$12,5016.16%$8,8676.71%3.68%2.84%4.34%9.30%8.78%10.77%5.53%4.83%
2009124.15%$12,8782.30%$12,7881.91%$9,0364.58%-0.22%0.88%-1.41%1.83%1.67%2.07%5.80%5.46%
20101-6.71%$12,014-3.63%$12,324-3.63%$8,708-2.89%-1.02%-4.40%-1.53%0.68%-1.48%-8.64%-8.59%-4.80%
201024.54%$12,5593.07%$12,7033.12%$8,9805.57%3.17%3.01%3.53%0.38%5.33%4.51%3.48%-1.32%
201038.47%$13,6235.79%$13,4386.09%$9,5277.81%3.77%2.82%8.90%2.67%8.69%7.92%6.84%2.69%
201043.87%$14,1501.65%$13,6611.55%$9,6746.03%-1.07%4.16%1.32%-3.89%4.26%0.21%1.26%2.63%
20105-8.44%$12,956-7.83%$12,592-7.95%$8,905-7.04%-4.63%-11.45%-9.16%-6.51%-9.12%-9.53%-7.48%-5.52%
20106-7.33%$12,006-5.12%$11,947-5.17%$8,445-9.72%-2.53%-5.93%-5.73%-1.82%-6.88%-7.33%-5.40%-0.70%
201078.29%$13,0017.57%$12,8526.83%$9,0217.93%5.80%8.37%6.52%1.31%10.43%12.83%7.45%7.47%
20108-6.24%$12,190-3.81%$12,362-4.50%$8,616-3.98%-1.85%-4.90%-7.82%-1.65%-6.93%-3.03%-5.61%1.45%
201098.48%$13,2238.45%$13,4068.96%$9,38711.02%6.04%10.00%6.06%9.06%11.52%7.75%11.66%2.90%
2010103.87%$13,7353.78%$13,9123.82%$9,7465.54%3.19%5.67%1.46%2.23%2.88%6.16%5.78%1.08%
2010111.66%$13,9630.11%$13,9280.00%$9,7462.52%-1.56%5.86%-0.69%-2.89%1.34%1.12%-1.64%-3.03%
2010126.96%$14,9356.59%$14,8456.68%$10,3974.09%4.40%9.32%10.70%4.60%7.48%10.03%5.55%3.10%
201113.50%$15,4581.88%$15,1242.33%$10,639-0.61%-1.47%7.18%2.82%0.57%3.93%0.08%3.18%1.21%
201124.05%$16,0843.37%$15,6343.47%$11,0096.00%2.91%7.37%2.74%3.13%2.12%2.65%2.19%1.23%
201131.18%$16,2730.50%$15,7120.01%$11,010-0.58%1.24%1.88%-2.48%1.81%2.23%1.75%-1.55%0.23%
201141.92%$16,5863.11%$16,2012.90%$11,3293.84%5.35%0.92%-0.06%6.43%2.73%2.12%2.61%4.05%
20115-3.23%$16,050-0.80%$16,072-1.12%$11,202-0.27%2.51%-4.19%-3.30%2.47%-2.76%-2.74%-1.05%2.14%
20116-0.96%$15,897-1.36%$15,853-1.69%$11,013-0.22%-2.67%-1.92%-2.75%-1.13%-0.55%-0.40%-2.48%-0.15%
20117-1.13%$15,717-2.18%$15,508-2.00%$10,792-1.39%-1.28%1.46%-3.58%-3.97%-6.87%-3.45%0.43%-0.93%
20118-7.50%$14,539-4.86%$14,754-5.50%$10,199-5.25%0.19%-10.22%-9.59%-2.11%-6.57%-7.02%-5.31%2.17%
20119-8.60%$13,288-7.69%$13,620-6.94%$9,491-6.90%-3.30%-14.42%-11.39%-4.49%-9.31%-16.48%-3.07%0.20%
2011104.69%$13,91211.27%$15,15510.91%$10,52711.93%4.65%19.14%14.31%5.77%14.37%17.34%10.21%3.66%
2011110.66%$14,0040.08%$15,167-0.41%$10,484-0.72%2.77%1.66%-5.11%0.95%1.41%0.20%-1.50%1.03%
2011121.35%$14,1930.91%$15,3051.04%$10,5931.31%2.77%-2.05%2.13%2.97%0.25%-2.28%-0.23%3.33%
20121-0.61%$14,1074.33%$15,9684.64%$11,0855.89%-1.42%2.26%8.15%3.20%7.32%10.99%6.21%-3.61%
201221.80%$14,3613.35%$16,5034.34%$11,5664.53%3.75%5.93%4.98%1.06%2.79%-0.56%7.10%0.61%
201232.98%$14,7892.57%$16,9273.22%$11,9384.72%3.10%-3.81%7.39%4.48%0.98%0.38%4.51%1.36%
201240.11%$14,805-0.35%$16,868-0.67%$11,8581.15%0.29%-0.71%-2.34%-0.27%-1.10%-0.81%-1.13%1.77%
20125-3.76%$14,248-5.56%$15,930-6.01%$11,146-5.50%-1.17%-10.68%-9.20%-3.63%-6.32%-7.77%-6.34%0.56%
201263.23%$14,7084.08%$16,5804.05%$11,5981.93%3.64%4.80%4.99%5.71%3.37%4.91%3.26%4.11%
201272.28%$15,0431.28%$16,7911.18%$11,735-0.55%2.47%4.94%0.14%1.00%0.39%-1.28%1.84%2.51%
20128-0.14%$15,0221.71%$17,0772.51%$12,0294.62%-0.48%2.70%3.41%1.17%1.54%2.32%4.20%-4.14%
201292.81%$15,4442.51%$17,5072.54%$12,3343.08%1.76%3.12%3.27%3.81%1.12%3.77%1.53%1.17%
201210-1.97%$15,139-1.13%$17,308-1.82%$12,109-1.54%-1.23%-2.03%1.99%-0.22%-0.11%-2.09%-6.36%1.40%
2012110.94%$15,2810.41%$17,3790.57%$12,1783.17%1.84%-1.22%-0.88%0.52%1.75%1.86%0.90%-4.28%
2012121.59%$15,5241.04%$17,5590.90%$12,2870.46%-2.07%1.02%4.66%-0.35%2.83%3.20%-0.39%-0.01%
201316.44%$16,5235.51%$18,5275.12%$12,9165.67%5.64%8.30%6.04%7.60%5.75%3.94%1.91%4.75%
201321.35%$16,7471.31%$18,7691.28%$13,0811.60%3.31%0.44%1.21%1.26%2.22%-1.36%0.78%2.32%
201334.82%$17,5543.83%$19,4883.80%$13,5784.38%4.93%2.54%3.87%6.21%2.37%2.21%2.58%5.36%
201342.99%$18,0802.03%$19,8841.92%$13,8393.04%2.94%-1.31%2.69%3.00%-0.74%0.94%1.75%5.96%
201351.86%$18,4151.32%$20,1452.36%$14,1662.77%-2.17%2.85%6.10%1.65%5.02%1.90%2.79%-9.05%
20136-0.45%$18,333-1.29%$19,886-1.34%$13,9760.82%-0.31%-2.27%-1.57%-0.60%-1.54%-4.11%-2.89%0.88%
201375.93%$19,4195.21%$20,9225.17%$14,6995.27%4.34%5.26%5.35%7.16%5.91%5.55%3.73%4.33%
20138-3.83%$18,675-2.86%$20,325-3.00%$14,258-2.85%-4.54%-1.03%-5.12%-3.53%-2.48%-0.12%-1.04%-4.99%
201393.82%$19,3883.22%$20,9793.17%$14,7095.42%1.38%2.12%2.82%3.21%5.87%4.43%2.54%1.16%
2013104.22%$20,2064.51%$21,9244.63%$15,3914.59%6.41%4.20%3.31%4.31%4.76%4.19%5.02%3.77%
2013113.94%$21,0032.26%$22,4192.96%$15,8473.45%1.56%0.06%4.42%4.72%3.66%1.30%3.09%-1.93%
2013121.75%$21,3722.48%$22,9762.59%$16,2572.28%0.69%2.87%2.24%0.74%4.21%4.89%3.53%0.90%
20141-3.11%$20,707-3.14%$22,255-3.52%$15,684-6.00%-5.17%-5.80%-3.66%0.94%-4.27%-4.72%-2.57%2.98%
201425.56%$21,8584.83%$23,3304.55%$16,3986.40%3.90%5.12%3.04%6.22%4.06%6.90%4.39%3.45%
20143-1.05%$21,6281.01%$23,5650.83%$16,534-2.87%2.19%2.11%3.33%-1.25%0.96%0.83%0.43%3.34%
20144-0.33%$21,5561.22%$23,8520.70%$16,649-1.36%2.74%5.25%-1.70%-0.63%1.34%0.82%0.28%4.22%
201452.58%$22,1132.03%$24,3372.32%$17,0362.88%1.81%1.67%1.50%2.87%1.92%2.96%3.76%-1.09%
201461.40%$22,4232.24%$24,8822.06%$17,3871.94%-0.25%5.51%2.42%2.12%0.47%1.61%1.87%4.45%
20147-1.78%$22,025-2.29%$24,312-1.34%$17,153-1.27%-3.32%-3.47%-1.45%0.13%-4.13%-1.99%1.69%-6.80%
201484.00%$22,9054.07%$25,3013.95%$17,8304.45%4.61%2.18%4.24%4.84%4.23%3.86%3.28%4.92%
20149-0.50%$22,791-1.65%$24,884-1.38%$17,584-2.77%0.59%-7.75%-0.40%0.43%-1.15%-1.40%-0.52%-1.88%
2014101.49%$23,1302.38%$25,4752.36%$17,9992.11%3.55%-3.53%2.89%5.26%3.88%-2.40%1.60%8.03%
2014113.15%$23,8592.08%$26,0062.75%$18,4935.45%5.54%-8.69%2.35%3.48%3.08%1.57%4.81%1.17%
201412-0.01%$23,8580.11%$26,035-0.26%$18,4460.89%-0.93%-0.23%1.87%-1.40%-0.02%-0.56%-2.18%3.57%
201510.04%$23,868-2.30%$25,435-2.96%$17,899-2.99%-0.97%-4.56%-6.96%1.30%-3.55%-1.83%-3.51%2.33%
201520.68%$24,0304.70%$26,6305.62%$18,9058.54%4.14%4.59%5.82%4.29%5.35%7.97%7.99%-6.39%
20153-1.58%$23,649-1.72%$26,172-1.57%$18,608-0.49%-1.95%-1.16%-0.62%0.64%-2.55%-4.91%-3.44%-1.00%
20154-0.63%$23,4991.13%$26,4670.98%$18,791-0.05%-0.76%6.57%0.08%-1.09%-0.25%3.36%2.75%-0.47%
201552.56%$24,1010.74%$26,6631.29%$19,0321.31%0.87%-5.19%1.95%4.50%0.32%0.38%1.86%0.63%
20156-1.32%$23,784-2.48%$26,002-2.03%$18,6460.56%-1.83%-3.48%-0.45%-0.39%-2.65%-3.95%-4.11%-5.98%
201573.57%$24,6321.50%$26,3912.26%$19,0674.89%5.69%-7.69%3.40%2.96%0.30%-5.04%2.85%6.10%
20158-6.82%$22,952-5.75%$24,873-6.10%$17,905-6.53%-5.96%-4.25%-7.06%-7.96%-5.40%-5.64%-5.52%-3.46%
20159-1.96%$22,502-2.66%$24,212-2.54%$17,450-0.58%0.40%-7.18%-2.80%-5.70%-2.19%-7.41%-1.34%2.90%
2015105.27%$23,6878.18%$26,1938.51%$18,9349.04%5.70%11.16%6.27%7.72%8.78%13.43%10.48%1.06%
201511-0.15%$23,6520.10%$26,2200.37%$19,003-0.23%-0.92%-0.01%1.99%-0.32%0.87%0.99%0.71%-2.13%
201512-1.06%$23,401-1.98%$25,700-1.72%$18,677-2.84%2.93%-10.50%-2.35%1.73%-2.56%-4.33%-2.07%2.13%
20161-4.12%$22,436-4.43%$24,561-4.98%$17,747-5.18%0.53%-3.50%-8.85%-7.72%-5.70%-10.71%-3.71%4.94%
201620.04%$22,4440.90%$24,781-0.08%$17,7320.45%0.32%-2.80%-2.90%-0.36%4.26%7.82%-0.65%1.94%
201636.47%$23,8976.98%$26,5106.72%$18,9256.70%4.74%10.16%7.15%2.70%6.97%7.57%8.82%7.98%
20164-2.96%$23,1901.47%$26,9000.39%$18,9990.13%-1.43%9.06%3.60%2.97%1.24%5.11%-5.03%-2.42%
201650.75%$23,3641.06%$27,1851.70%$19,3220.05%0.69%-0.93%1.89%2.24%-0.43%-0.34%4.89%1.51%
201663.95%$24,2861.20%$27,5110.35%$19,390-1.14%5.36%2.71%-3.23%0.91%0.71%-0.79%-1.37%7.62%
201671.87%$24,7412.88%$28,3043.65%$20,0974.56%-0.82%-1.26%3.46%4.87%3.62%5.07%7.10%-0.67%
20168-1.66%$24,331-0.37%$28,2000.12%$20,121-1.30%-0.59%1.68%3.85%-3.24%0.95%-0.27%1.16%-5.54%
201690.30%$24,4050.01%$28,2020.01%$20,123-0.27%-1.54%3.69%-2.80%-0.51%0.19%-1.16%2.10%0.35%
201610-1.62%$24,011-1.59%$27,755-1.73%$19,774-2.42%-0.77%-2.82%2.28%-6.59%-2.00%-2.09%-0.75%0.90%
201611-3.15%$23,2543.98%$28,8603.68%$20,5024.80%-4.20%8.47%14.03%2.06%9.09%6.82%0.17%-5.42%
2016122.98%$23,9481.87%$29,4012.03%$20,9180.04%2.99%1.73%3.76%0.72%0.31%0.18%2.26%4.89%
20171-0.36%$23,8611.83%$29,9391.79%$21,2924.21%1.70%-3.21%0.26%2.29%1.86%4.55%3.56%1.26%
201723.25%$24,6363.38%$30,9503.93%$22,1291.82%4.77%-2.09%5.28%6.34%3.91%0.56%4.53%5.27%
20173-0.74%$24,454-0.14%$30,9060.13%$22,1572.13%-0.42%-1.49%-2.95%-0.48%-0.77%0.62%2.23%-0.14%
201741.04%$24,7100.80%$31,1550.99%$22,3772.40%1.10%-2.95%-0.84%1.53%1.97%1.26%2.01%0.76%
201751.51%$25,0841.08%$31,4901.41%$22,6931.10%2.65%-3.54%-1.19%0.77%1.78%0.02%3.95%4.14%
201761.68%$25,5060.57%$31,6690.64%$22,837-1.26%-2.25%-0.12%6.51%4.57%1.35%1.85%-2.81%-2.71%
201772.15%$26,0551.83%$32,2492.06%$23,3071.93%0.69%2.62%1.70%0.82%0.29%1.54%4.46%2.42%
201780.53%$26,193-0.11%$32,2120.29%$23,375-1.86%-1.10%-5.48%-1.55%1.75%0.22%0.79%2.92%3.29%
201793.38%$27,0772.47%$33,0092.01%$23,8450.82%-0.72%10.18%5.13%0.91%4.18%3.70%0.82%-2.76%
2017103.37%$27,9911.86%$33,6252.36%$24,4072.12%-1.65%-0.83%2.86%-0.76%0.75%3.87%6.51%3.90%
2017111.94%$28,5343.11%$34,6703.06%$25,1535.07%5.58%1.75%3.46%2.91%4.17%0.95%1.41%2.69%
201712-1.21%$28,1881.11%$35,0551.21%$25,4572.46%2.24%5.27%1.88%-0.55%2.10%2.12%0.54%-6.06%
201815.47%$29,7294.54%$36,6475.64%$26,8929.24%1.63%3.58%6.56%6.56%5.37%4.00%7.04%-3.11%
20182-2.27%$29,055-4.75%$34,905-3.64%$25,914-3.47%-7.63%-10.84%-2.93%-4.49%-3.86%-5.27%-0.41%-3.88%
20183-3.42%$28,060-1.71%$34,307-2.74%$25,204-2.38%-0.91%1.72%-4.16%-2.92%-2.69%-4.15%-3.73%3.79%
201840.67%$28,2480.87%$34,6040.52%$25,3342.38%-4.14%9.49%-0.44%1.06%-2.79%0.12%0.06%2.04%
201852.60%$28,9811.49%$35,1202.43%$25,9501.99%-1.57%2.99%-0.98%0.18%3.07%2.05%6.78%-1.11%
20186-0.47%$28,8430.90%$35,4360.58%$26,0993.62%4.56%0.58%-1.75%1.65%-3.39%0.28%-0.26%2.81%
201871.81%$29,3663.66%$36,7313.70%$27,0661.80%3.96%1.55%5.11%6.55%7.39%2.86%2.09%1.60%
201882.74%$30,1721.67%$37,3463.19%$27,9305.10%0.39%-3.48%1.36%4.33%0.23%-0.77%6.60%1.29%
201890.99%$30,4690.49%$37,5290.59%$28,0960.53%0.99%2.44%-2.21%2.95%2.17%-1.79%-0.02%-0.65%
201810-8.29%$27,942-6.33%$35,152-6.91%$26,155-10.10%2.00%-11.33%-4.71%-6.78%-10.87%-9.18%-8.00%1.98%
2018112.87%$28,7432.56%$36,0541.85%$26,6402.48%2.27%-1.56%2.63%8.08%3.81%3.80%-1.96%3.54%
201812-8.55%$26,284-8.85%$32,863-8.79%$24,297-7.95%-8.91%-12.43%-11.12%-9.35%-10.65%-6.88%-8.36%-3.99%
201916.05%$27,8757.49%$35,3248.01%$26,2439.87%5.14%11.21%8.90%4.81%11.43%5.60%6.94%3.48%
201922.17%$28,4793.25%$36,4733.24%$27,0931.31%1.78%2.30%2.24%1.08%6.37%3.19%6.91%4.11%
201932.31%$29,1361.69%$37,0881.81%$27,5833.65%3.82%2.13%-2.56%0.48%-1.15%1.25%4.76%2.79%
201941.53%$29,5813.26%$38,2984.09%$28,7105.46%2.85%-0.02%8.98%-2.71%3.97%3.51%6.36%0.93%
20195-4.36%$28,290-6.33%$35,872-6.38%$26,879-7.60%-3.64%-11.10%-7.17%-2.22%-7.64%-8.18%-8.66%-0.78%
201965.00%$29,7057.48%$38,5546.96%$28,7507.82%5.22%9.39%6.65%6.59%7.92%11.57%8.94%3.18%
201971.90%$30,2700.71%$38,8271.51%$29,1841.28%2.34%-1.59%2.36%-1.62%0.52%-0.27%3.50%-0.13%
201981.91%$30,847-1.59%$38,209-1.67%$28,696-0.94%2.17%-8.33%-4.71%-0.59%-2.65%-2.83%-1.54%5.09%
201992.53%$31,6262.60%$39,2031.95%$29,2551.28%1.75%3.93%4.55%-0.11%3.01%3.18%1.58%4.25%
2019100.91%$31,9131.05%$39,6172.21%$29,9010.12%-0.42%-2.09%2.50%5.13%1.13%-0.02%3.90%-0.76%
2019111.61%$32,4262.84%$40,7403.62%$30,9841.32%1.37%1.60%5.05%5.00%4.50%3.18%5.37%-1.87%
2019122.47%$33,2263.06%$41,9872.90%$31,8832.76%2.41%6.03%2.61%3.48%-0.20%2.86%4.32%3.29%
202010.30%$33,324-1.33%$41,429-0.04%$31,871-0.08%0.32%-10.99%-2.66%-2.67%-0.44%-6.17%3.99%6.75%
20202-8.46%$30,506-9.39%$37,540-7.92%$29,347-7.57%-8.21%-15.29%-11.25%-6.59%-9.90%-8.52%-7.30%-9.86%
20203-8.01%$28,061-14.52%$32,091-12.46%$25,690-14.91%-5.52%-34.27%-20.99%-3.86%-18.60%-13.97%-8.57%-9.95%
2020411.09%$31,17413.30%$36,36012.70%$28,95218.88%6.96%30.76%9.46%12.59%8.81%15.19%13.74%3.34%
202054.04%$32,4354.43%$37,9714.76%$30,3316.51%1.66%2.00%2.72%3.29%5.39%6.88%7.18%4.24%
202062.52%$33,2540.58%$38,1901.78%$30,8703.07%-0.22%-1.10%-0.52%-2.44%1.97%2.18%6.94%-4.68%
202076.14%$35,2954.86%$40,0455.89%$32,6887.27%6.92%-4.81%3.85%5.46%4.41%7.12%5.68%7.80%
202088.01%$38,1214.68%$41,9176.98%$34,9699.55%4.59%-1.05%4.29%2.59%8.48%4.36%11.88%-2.60%
20209-3.12%$36,931-3.01%$40,656-3.74%$33,662-1.86%-1.67%-14.56%-3.41%-2.17%-0.67%1.52%-5.34%1.09%
202010-3.78%$35,533-1.81%$39,919-2.49%$32,822-2.73%-2.87%-4.11%-0.87%-3.62%-1.44%-0.72%-5.00%5.05%
20201111.25%$39,52912.31%$44,83210.88%$36,39310.00%7.47%27.99%16.85%7.95%16.03%12.36%11.38%0.74%
2020123.49%$40,9073.15%$46,2453.71%$37,7412.43%1.66%4.51%6.30%3.80%1.01%2.48%5.54%0.63%
20211-0.83%$40,567-1.03%$45,769-1.02%$37,3570.77%-4.98%3.75%-1.80%1.40%-4.27%-2.42%-0.84%-0.88%
202121.65%$41,2374.05%$47,6242.78%$38,396-0.53%-1.23%22.46%11.61%-2.10%6.89%4.12%1.37%-6.10%
202134.63%$43,1456.09%$50,5224.54%$40,1394.46%8.49%2.98%5.86%4.02%8.99%7.59%1.83%10.55%
202144.17%$44,9444.19%$52,6395.29%$42,2636.46%1.86%0.67%6.49%3.93%3.53%5.38%5.19%4.18%
202154.33%$46,8891.74%$53,5550.66%$42,540-3.40%1.77%5.71%4.77%1.87%3.13%5.08%-0.93%-2.34%
20216-3.54%$45,2320.38%$53,7602.25%$43,4963.46%-0.55%4.19%-3.05%2.29%-2.29%-5.27%6.88%-2.22%
20217-2.61%$44,0491.18%$54,3952.44%$44,5581.05%2.20%-8.32%-0.46%4.92%0.94%2.08%3.89%4.33%
202181.42%$44,6742.08%$55,5292.98%$45,8841.78%1.05%-2.00%5.15%2.32%1.11%1.89%3.56%3.90%
20219-0.01%$44,668-3.31%$53,688-4.66%$43,747-2.14%-4.13%8.97%-1.83%-5.51%-6.08%-7.18%-5.84%-6.09%
2021108.59%$48,5077.29%$57,6037.02%$46,81612.09%3.50%10.33%7.27%5.12%6.80%7.60%8.18%4.74%
202111-2.09%$47,492-1.65%$56,652-0.80%$46,4401.64%-1.35%-5.01%-5.71%-3.06%-3.56%-0.55%4.45%-1.70%
2021123.21%$49,0165.77%$59,9224.63%$48,5900.15%10.45%3.00%3.37%9.02%5.40%7.59%3.25%9.69%

Risk and Return Metrics

MetricMomentum ModelEqual Weight PortfolioSPDR S&P 500 ETF Trust
Arithmetic Mean (monthly)0.69%0.77%0.70%
Arithmetic Mean (annualized)8.65%9.68%8.67%
Geometric Mean (monthly)0.60%0.68%0.60%
Geometric Mean (annualized)7.49%8.48%7.45%
Standard Deviation (monthly)4.23%4.28%4.33%
Standard Deviation (annualized)14.66%14.83%15.01%
Downside Deviation (monthly)2.80%2.88%2.93%
Maximum Drawdown-38.96%-49.14%-50.80%
Stock Market Correlation0.850.960.99
Beta(*)0.830.961.00
Alpha (annualized)1.37%1.25%0.00%
R272.95%94.93%100.00%
Sharpe Ratio0.460.520.45
Sortino Ratio0.680.760.66
Treynor Ratio (%)8.158.066.82
Calmar Ratio1.460.941.34
Active Return0.04%1.03%N/A
Tracking Error8.02%3.39%N/A
Information Ratio0.010.30N/A
Skewness-0.35-0.56-0.51
Excess Kurtosis0.491.801.06
Historical Value-at-Risk (5%)-8.00%-6.75%-7.45%
Analytical Value-at-Risk (5%)-6.27%-6.27%-6.43%
Conditional Value-at-Risk (5%)-9.16%-9.81%-9.57%
Upside Capture Ratio (%)86.4997.10100.00
Downside Capture Ratio (%)83.9291.30100.00
Safe Withdrawal Rate5.45%5.86%4.43%
Perpetual Withdrawal Rate4.81%5.68%4.78%
Positive Periods162 out of 264 (61.36%)172 out of 264 (65.15%)167 out of 264 (63.26%)
Gain/Loss Ratio0.960.860.87
* SPDR S&P 500 ETF Trust is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns

Historical Market Stress Periods

Stress PeriodStartEndMomentum ModelEqual Weight PortfolioSPDR S&P 500 ETF Trust
Dotcom CrashMar 2000Oct 2002-31.54%-31.11%-44.71%
Subprime CrisisNov 2007Mar 2009-38.96%-49.14%-50.80%
COVID-19 StartJan 2020Mar 2020-15.79%-23.57%-19.43%

Drawdowns for Momentum Model

RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Jun 2008Feb 20099 monthsDec 20101 year 10 months2 years 7 months-38.96%
2Apr 2000Sep 20022 years 6 monthsNov 20042 years 2 months4 years 8 months-31.54%
3May 2011Sep 20115 monthsFeb 20131 year 5 months1 year 10 months-19.88%
4Feb 2020Mar 20202 monthsJul 20204 months6 months-15.79%
5Oct 2018Dec 20183 monthsAug 20198 months11 months-13.74%
6Nov 2007Jan 20083 monthsMay 20084 months7 months-10.45%
7Aug 2015Jan 20166 monthsJul 20166 months1 year-8.91%
8Jan 2000Jan 20001 monthMar 20002 months3 months-8.85%
9Sep 2020Oct 20202 monthsNov 20201 month3 months-6.79%
10Jun 2021Jul 20212 monthsOct 20213 months5 months-6.06%
Worst 10 drawdowns included above

Drawdowns for Equal Weight Portfolio

RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Nov 2007Feb 20091 year 4 monthsApr 20112 years 2 months3 years 6 months-49.14%
2Feb 2001Sep 20021 year 8 monthsJun 20041 year 9 months3 years 5 months-31.11%
3Jan 2020Mar 20203 monthsNov 20208 months11 months-23.57%
4May 2011Sep 20115 monthsFeb 20125 months10 months-15.93%
5Oct 2018Dec 20183 monthsApr 20194 months7 months-12.43%
6Jan 2000Feb 20002 monthsAug 20006 months8 months-10.86%
7Jun 2015Sep 20154 monthsApr 20167 months11 months-9.19%
8Feb 2018Mar 20182 monthsJul 20184 months6 months-6.39%
9May 2019May 20191 monthJun 20191 month2 months-6.33%
10Apr 2012May 20122 monthsAug 20123 months5 months-5.89%
Worst 10 drawdowns included above

Drawdowns for SPDR S&P 500 ETF Trust

RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Nov 2007Feb 20091 year 4 monthsMar 20123 years 1 month4 years 5 months-50.80%
2Sep 2000Sep 20022 years 1 monthNov 20064 years 2 months6 years 3 months-44.71%
3Jan 2020Mar 20203 monthsJul 20204 months7 months-19.43%
4Oct 2018Dec 20183 monthsApr 20194 months7 months-13.52%
5Aug 2015Sep 20152 monthsMay 20168 months10 months-8.48%
6Apr 2012May 20122 monthsAug 20123 months5 months-6.63%
7Jan 2000Feb 20002 monthsMar 20001 month3 months-6.43%
8May 2019May 20191 monthJun 20191 month2 months-6.38%
9Feb 2018Mar 20182 monthsJul 20184 months6 months-6.28%
10Sep 2020Oct 20202 monthsNov 20201 month3 months-6.14%
Worst 10 drawdowns included above

Rolling Returns

Roll PeriodMomentum ModelEqual Weight PortfolioSPDR S&P 500 ETF Trust
AverageHighLowAverageHighLowAverageHighLow
1 year8.76%53.75%-32.84%9.66%57.44%-42.94%8.80%56.25%-43.44%
3 years7.96%23.09%-10.65%8.69%26.49%-13.33%8.11%25.99%-16.28%
5 years8.08%19.19%-0.59%8.96%23.40%-4.41%8.30%22.86%-6.67%
7 years7.82%14.16%0.59%8.74%17.21%-1.90%8.06%17.14%-3.91%
10 years7.85%13.30%1.93%8.82%16.16%1.95%8.13%16.55%-1.89%
15 years7.79%9.86%5.65%8.68%11.20%5.95%7.95%10.82%3.67%

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years

Timing Periods

#StartEndMonthsAssetsAsset PerformanceMomentum ModelEqual Weight PortfolioSPDR S&P 500 ETF Trust
162Jan 2022Jan 20221Please sign-in for forward signals----
161Oct 2021Dec 2021333.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)		XLE: 7.94%
XLF: 4.56%
XLK: 16.66%		9.73%11.61%11.07%
160Sep 2021Sep 2021133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)		XLB: -7.18%
XLE: 8.97%
XLF: -1.83%		-0.01%-3.31%-4.66%
159Jul 2021Aug 2021233.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLE: -10.15%
XLF: 4.66%
XLI: 2.06%		-1.23%3.29%5.49%
158May 2021Jun 2021233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: -0.46%
XLF: 1.58%
XLI: 0.77%		0.64%2.13%2.92%
157Apr 2021Apr 2021133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 5.38%
XLE: 0.67%
XLY: 6.46%		4.17%4.19%5.29%
156Nov 2020Mar 2021533.33% Materials Select Sector SPDR ETF (XLB)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 25.88%
XLK: 20.33%
XLY: 17.96%		21.42%26.56%22.29%
155Jun 2020Oct 2020533.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: 13.71%
XLV: -0.49%
XLY: 15.64%		9.55%5.13%8.21%
154Apr 2020May 2020233.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLK: 21.90%
XLP: 8.74%
XLV: 16.29%		15.59%18.32%18.07%
153Feb 2020Mar 2020233.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLK: -15.25%
XLP: -13.28%
XLU: -18.82%		-15.79%-22.54%-19.39%
152Jan 2020Jan 2020133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)		XLF: -2.66%
XLI: -0.44%
XLK: 3.99%		0.30%-1.33%-0.04%
151Dec 2019Dec 2019133.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLI: -0.20%
XLK: 4.32%
XLU: 3.29%		2.47%3.06%2.90%
150Nov 2019Nov 2019133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: 5.37%
XLU: -1.87%
XLY: 1.32%		1.61%2.84%3.62%
149Jul 2019Oct 2019433.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLK: 7.55%
XLP: 5.95%
XLU: 8.58%		7.43%2.76%4.01%
148Jun 2019Jun 2019133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLP: 5.22%
XLU: 3.18%
XLV: 6.59%		5.00%7.48%6.96%
147May 2019May 2019133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLK: -8.66%
XLP: -3.64%
XLU: -0.78%		-4.36%-6.33%-6.38%
146Apr 2019Apr 2019133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLK: 6.36%
XLU: 0.93%
XLV: -2.71%		1.53%3.26%4.09%
145Jan 2019Mar 2019333.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLU: 10.73%
XLV: 6.45%
XLY: 15.38%		10.85%12.86%13.52%
144Oct 2018Dec 2018333.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: -17.35%
XLV: -8.66%
XLY: -15.20%		-13.74%-12.43%-13.52%
143Jul 2018Sep 2018333.33% Energy Select Sector SPDR ETF (XLE)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLE: 0.42%
XLK: 8.80%
XLY: 7.57%		5.64%5.91%7.65%
142Jun 2018Jun 2018133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)		XLE: 0.58%
XLF: -1.75%
XLK: -0.26%		-0.47%0.90%0.58%
141Feb 2018May 2018433.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: -8.28%
XLK: 2.44%
XLY: -1.61%		-2.52%-4.17%-3.50%
140Jan 2018Jan 2018133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)		XLB: 4.00%
XLI: 5.37%
XLK: 7.04%		5.47%4.54%5.64%
139Dec 2017Dec 2017133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLF: 1.88%
XLK: 0.54%
XLU: -6.06%		-1.21%1.11%1.21%
138Nov 2017Nov 2017133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)		XLB: 0.95%
XLF: 3.46%
XLK: 1.41%		1.94%3.11%3.06%
137Apr 2017Oct 2017733.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)		XLF: 12.99%
XLI: 10.97%
XLK: 18.98%		14.46%8.80%10.16%
136Mar 2017Mar 2017133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)		XLE: -1.49%
XLF: -2.95%
XLK: 2.23%		-0.74%-0.14%0.13%
135Feb 2017Feb 2017133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: 0.56%
XLF: 5.28%
XLI: 3.91%		3.25%3.38%3.93%
134Jan 2017Jan 2017133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLE: -3.21%
XLF: 0.26%
XLI: 1.86%		-0.36%1.83%1.79%
133Dec 2016Dec 2016133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLF: 3.76%
XLI: 0.31%
XLU: 4.89%		2.98%1.87%2.03%
132Nov 2016Nov 2016133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLK: 0.17%
XLP: -4.20%
XLU: -5.42%		-3.15%3.98%3.68%
131Oct 2016Oct 2016133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)		XLB: -2.09%
XLI: -2.00%
XLK: -0.75%		-1.62%-1.59%-1.73%
130Jul 2016Sep 2016333.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLK: 10.63%
XLP: -2.92%
XLU: -5.84%		0.49%2.51%3.78%
129May 2016Jun 2016233.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: 6.09%
XLU: 9.25%
XLY: -1.09%		4.73%2.27%2.06%
128Apr 2016Apr 2016133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLK: -5.03%
XLP: -1.43%
XLU: -2.42%		-2.96%1.47%0.39%
127Mar 2016Mar 2016133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: 4.74%
XLU: 7.98%
XLY: 6.70%		6.47%6.98%6.72%
126Feb 2016Feb 2016133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: -0.65%
XLP: 0.32%
XLY: 0.45%		0.04%0.90%-0.08%
125Jan 2016Jan 2016133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: 0.53%
XLV: -7.72%
XLY: -5.18%		-4.12%-4.43%-4.98%
124Dec 2015Dec 2015133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: -2.07%
XLV: 1.73%
XLY: -2.84%		-1.06%-1.98%-1.72%
123Nov 2015Nov 2015133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: 0.71%
XLP: -0.92%
XLY: -0.23%		-0.15%0.10%0.37%
122Oct 2015Oct 2015133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: 5.70%
XLU: 1.06%
XLY: 9.04%		5.27%8.18%8.51%
121Aug 2015Sep 2015233.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: -5.59%
XLV: -13.21%
XLY: -7.08%		-8.65%-8.26%-8.48%
120May 2015Jul 2015333.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: 0.45%
XLV: 7.17%
XLY: 6.86%		4.82%-0.29%1.47%
119Apr 2015Apr 2015133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: -0.76%
XLV: -1.09%
XLY: -0.05%		-0.63%1.13%0.98%
118Mar 2015Mar 2015133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLK: -3.44%
XLP: -1.95%
XLV: 0.64%		-1.58%-1.72%-1.57%
117Feb 2015Feb 2015133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLP: 4.14%
XLU: -6.39%
XLV: 4.29%		0.68%4.70%5.62%
116Nov 2014Jan 2015333.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLK: -1.07%
XLU: 7.21%
XLV: 3.35%		3.19%-0.16%-0.55%
115Aug 2014Oct 2014333.33% Materials Select Sector SPDR ETF (XLB)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLB: -0.05%
XLK: 4.40%
XLV: 10.83%		5.02%4.78%4.93%
114Jul 2014Jul 2014133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLB: -1.99%
XLE: -3.47%
XLV: 0.13%		-1.78%-2.29%-1.34%
113May 2014Jun 2014233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLB: 4.62%
XLI: 2.41%
XLV: 5.05%		4.02%4.32%4.43%
112Apr 2014Apr 2014133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLF: -1.70%
XLI: 1.34%
XLV: -0.63%		-0.33%1.22%0.70%
111Jan 2014Mar 2014333.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLI: 0.57%
XLV: 5.87%
XLY: -2.85%		1.20%2.56%1.70%
110Dec 2013Dec 2013133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: 2.24%
XLV: 0.74%
XLY: 2.28%		1.75%2.48%2.59%
109Nov 2013Nov 2013133.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLI: 3.66%
XLV: 4.72%
XLY: 3.45%		3.94%2.26%2.96%
108Oct 2013Oct 2013133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: 3.31%
XLI: 4.76%
XLY: 4.59%		4.22%4.51%4.63%
107Jun 2013Sep 2013433.33% Financial Select Sector SPDR ETF (XLF)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: 1.16%
XLV: 6.06%
XLY: 8.70%		5.28%4.14%3.84%
106May 2013May 2013133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLF: 6.10%
XLP: -2.17%
XLV: 1.65%		1.86%1.32%2.36%
105Apr 2013Apr 2013133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: 2.94%
XLV: 3.00%
XLY: 3.04%		2.99%2.03%1.92%
104Nov 2012Mar 2013533.33% Financial Select Sector SPDR ETF (XLF)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: 15.64%
XLV: 15.91%
XLY: 16.13%		15.95%12.59%12.13%
103Oct 2012Oct 2012133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: 1.99%
XLK: -6.36%
XLY: -1.54%		-1.97%-1.13%-1.82%
102Sep 2012Sep 2012133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: 1.53%
XLV: 3.81%
XLY: 3.08%		2.81%2.51%2.54%
101Jul 2012Aug 2012233.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLK: 6.13%
XLP: 1.98%
XLU: -1.73%		2.14%3.00%3.72%
100Jun 2012Jun 2012133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: 3.64%
XLU: 4.11%
XLY: 1.93%		3.23%4.08%4.05%
99May 2012May 2012133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: -6.34%
XLU: 0.56%
XLY: -5.50%		-3.76%-5.56%-6.01%
98Apr 2012Apr 2012133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: -1.13%
XLP: 0.29%
XLY: 1.15%		0.11%-0.35%-0.67%
97Jan 2012Mar 2012333.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLP: 5.45%
XLU: -1.71%
XLV: 8.96%		4.20%10.60%12.69%
96Dec 2011Dec 2011133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: -2.05%
XLP: 2.77%
XLU: 3.33%		1.35%0.91%1.04%
95Nov 2011Nov 2011133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLE: 1.66%
XLU: 1.03%
XLY: -0.72%		0.66%0.08%-0.41%
94Oct 2011Oct 2011133.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLP: 4.65%
XLU: 3.66%
XLV: 5.77%		4.69%11.27%10.91%
93Sep 2011Sep 2011133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLE: -14.42%
XLV: -4.49%
XLY: -6.90%		-8.60%-7.69%-6.94%
92Jul 2011Aug 2011233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: -10.24%
XLE: -8.91%
XLY: -6.57%		-8.54%-6.93%-7.39%
91Apr 2011Jun 2011333.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: -1.07%
XLE: -5.17%
XLI: -0.65%		-2.31%0.89%0.02%
90Mar 2011Mar 2011133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLE: 1.88%
XLI: 2.23%
XLY: -0.58%		1.18%0.50%0.01%
89Feb 2011Feb 2011133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: 2.65%
XLE: 7.37%
XLI: 2.12%		4.05%3.37%3.47%
88Dec 2010Jan 2011233.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLE: 17.17%
XLI: 11.70%
XLY: 3.45%		10.71%8.59%9.17%
87Nov 2010Nov 2010133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 1.12%
XLI: 1.34%
XLY: 2.52%		1.66%0.11%0.00%
86Oct 2010Oct 2010133.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLI: 2.88%
XLP: 3.19%
XLY: 5.54%		3.87%3.78%3.82%
85Sep 2010Sep 2010133.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLI: 11.52%
XLU: 2.90%
XLY: 11.02%		8.48%8.45%8.96%
84Jul 2010Aug 2010233.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: -1.81%
XLI: 2.77%
XLY: 3.64%		1.53%3.47%2.02%
83Jun 2010Jun 2010133.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLI: -6.88%
XLK: -5.40%
XLY: -9.72%		-7.33%-5.12%-5.17%
82Mar 2010May 2010333.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: 0.23%
XLI: 2.99%
XLY: 6.26%		3.16%-0.88%-0.83%
81Feb 2010Feb 2010133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 4.51%
XLF: 3.53%
XLY: 5.57%		4.54%3.07%3.12%
80Nov 2009Jan 2010333.33% Materials Select Sector SPDR ETF (XLB)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 3.30%
XLK: 2.06%
XLY: 8.38%		4.62%4.80%4.25%
79Oct 2009Oct 2009133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: -1.25%
XLV: -2.09%
XLY: -2.37%		-1.90%-2.23%-1.92%
78Sep 2009Sep 2009133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLK: 4.63%
XLP: 3.30%
XLV: 0.62%		2.85%3.68%3.55%
77Aug 2009Aug 2009133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLK: 1.62%
XLP: 1.22%
XLY: 3.52%		2.12%3.48%3.69%
76May 2009Jul 2009333.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLP: 12.32%
XLV: 15.84%
XLY: 8.96%		12.41%13.78%13.67%
75Apr 2009Apr 2009133.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLK: 10.44%
XLP: 4.27%
XLV: -0.12%		4.86%10.84%9.93%
74Oct 2008Mar 2009633.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLP: -22.43%
XLU: -21.28%
XLV: -18.44%		-20.52%-30.21%-30.38%
73Aug 2008Sep 2008233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)		XLB: -16.83%
XLE: -14.66%
XLP: 1.42%		-10.13%-8.62%-8.04%
72Jul 2008Jul 2008133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: -3.24%
XLE: -15.91%
XLU: -6.44%		-8.53%-1.49%-0.90%
71Jun 2008Jun 2008133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)		XLB: -5.81%
XLE: 3.16%
XLP: -5.69%		-2.78%-7.07%-8.35%
70Apr 2008May 2008233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: 10.80%
XLE: 16.12%
XLI: 3.85%		10.21%6.97%6.35%
69Mar 2008Mar 2008133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)		XLB: -1.40%
XLE: -2.34%
XLP: 3.23%		-0.17%-0.38%-0.90%
68Dec 2007Feb 2008333.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: -0.96%
XLE: 3.77%
XLU: -11.31%		-2.78%-7.95%-9.51%
67Nov 2007Nov 2007133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Technology Select Sector SPDR ETF (XLK)		XLB: -5.04%
XLE: -4.21%
XLK: -7.54%		-5.60%-3.17%-3.87%
66Sep 2007Oct 2007233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: 12.54%
XLE: 10.13%
XLI: 3.38%		8.65%6.27%5.28%
65Aug 2007Aug 2007133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)		XLB: -0.68%
XLI: 0.03%
XLK: 1.92%		0.42%1.32%1.28%
64Jun 2007Jul 2007233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: -3.19%
XLK: -0.32%
XLU: -8.56%		-4.05%-4.80%-4.55%
63May 2007May 2007133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLB: 5.90%
XLU: 0.46%
XLV: 1.72%		2.69%3.65%3.39%
62Apr 2007Apr 2007133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: 1.50%
XLP: 2.81%
XLU: 4.91%		3.07%4.14%4.43%
61Mar 2007Mar 2007133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 2.36%
XLU: 3.59%
XLY: -0.47%		1.83%1.71%1.16%
60Jan 2007Feb 2007233.33% Financial Select Sector SPDR ETF (XLF)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: -2.15%
XLU: 4.93%
XLY: -0.21%		0.90%0.87%-0.49%
59Dec 2006Dec 2006133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: 0.62%
XLE: -2.81%
XLU: 0.85%		-0.45%0.90%1.34%
58Nov 2006Nov 2006133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 4.35%
XLF: 0.71%
XLY: 1.26%		2.11%2.43%1.99%
57Oct 2006Oct 2006133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: 6.01%
XLF: 2.34%
XLI: 2.82%		3.72%3.69%3.15%
56Sep 2006Sep 2006133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)		XLB: -0.01%
XLF: 4.02%
XLP: -0.05%		1.32%1.62%2.70%
55Aug 2006Aug 2006133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)		XLB: 3.01%
XLE: -5.08%
XLF: 1.18%		-0.30%2.08%2.18%
54Jul 2006Jul 2006133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: -3.74%
XLE: 3.35%
XLI: -5.68%		-2.02%0.24%0.45%
53May 2006Jun 2006233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)		XLB: -3.53%
XLE: -0.31%
XLF: -4.21%		-2.69%-1.65%-2.76%
52Apr 2006Apr 2006133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)		XLE: 5.04%
XLF: 4.33%
XLK: -1.31%		2.69%1.61%1.26%
51Mar 2006Mar 2006133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: 4.25%
XLF: 0.29%
XLU: -4.63%		-0.03%1.27%1.65%
50Feb 2006Feb 2006133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: -2.14%
XLE: -9.23%
XLU: 1.31%		-3.35%-0.21%0.57%
49Jan 2006Jan 2006133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLE: 14.61%
XLU: 2.42%
XLV: 1.29%		6.11%3.29%2.40%
48Dec 2005Dec 2005133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: 1.81%
XLF: 0.02%
XLU: 0.86%		0.89%0.63%-0.19%
47Nov 2005Nov 2005133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLE: 1.50%
XLU: -0.16%
XLV: 1.22%		0.85%3.56%4.40%
46Sep 2005Oct 2005233.33% Energy Select Sector SPDR ETF (XLE)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: -3.32%
XLK: -2.06%
XLU: -2.45%		-2.54%-1.08%-1.58%
45Aug 2005Aug 2005133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLE: 6.39%
XLU: 0.65%
XLY: -3.29%		1.25%-0.83%-0.94%
44Jul 2005Jul 2005133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: 7.09%
XLF: 1.56%
XLU: 2.25%		3.63%4.12%3.83%
43Jun 2005Jun 2005133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: 6.97%
XLI: -2.64%
XLU: 5.94%		3.43%0.59%0.15%
42Feb 2005May 2005433.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: -3.10%
XLE: 11.36%
XLU: 6.39%		5.00%2.40%1.52%
41Jan 2005Jan 2005133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: 3.39%
XLI: -2.80%
XLU: 2.12%		0.90%-1.60%-2.24%
40Dec 2004Dec 2004133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: 1.34%
XLE: -2.82%
XLU: 2.46%		0.33%2.68%3.02%
39Nov 2004Nov 2004133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: 6.74%
XLI: 6.28%
XLU: 4.45%		5.83%4.72%4.45%
38Oct 2004Oct 2004133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: -0.94%
XLE: 0.60%
XLI: 1.02%		0.23%1.44%1.29%
37Sep 2004Sep 2004133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: 4.02%
XLE: 9.76%
XLU: 0.63%		4.80%1.89%1.00%
36Aug 2004Aug 2004133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: -1.54%
XLI: 0.07%
XLU: 4.06%		0.86%0.70%0.24%
35May 2004Jul 2004333.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)		XLB: 5.50%
XLE: 9.18%
XLI: 5.75%		6.85%1.21%0.26%
34Apr 2004Apr 2004133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)		XLB: -4.63%
XLF: -4.35%
XLK: -3.82%		-4.27%-1.35%-1.89%
33Mar 2004Mar 2004133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: -2.31%
XLF: -1.16%
XLY: -0.62%		-1.36%-1.32%-1.32%
32Feb 2004Feb 2004133.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLI: -0.74%
XLK: -2.54%
XLY: 2.17%		-0.37%2.32%1.36%
31Jan 2004Jan 2004133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: -4.42%
XLK: 4.27%
XLY: -0.57%		-0.24%1.18%1.98%
30Dec 2003Dec 2003133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 9.80%
XLU: 6.55%
XLY: 4.00%		6.79%6.15%5.03%
29Nov 2003Nov 2003133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: 2.26%
XLK: 1.43%
XLU: 0.23%		1.30%1.17%1.09%
28Oct 2003Oct 2003133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)		XLB: 9.53%
XLF: 6.93%
XLK: 7.33%		7.93%5.10%5.35%
27Sep 2003Sep 2003133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: -4.51%
XLK: -0.87%
XLY: -4.77%		-3.38%-1.02%-1.09%
26Aug 2003Aug 2003133.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLF: -1.17%
XLK: 4.77%
XLY: 5.11%		2.90%2.41%2.06%
25Jun 2003Jul 2003233.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLF: 4.80%
XLK: 3.83%
XLV: 2.85%		3.87%2.19%2.89%
24May 2003May 2003133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLB: 3.09%
XLF: 5.09%
XLV: 2.07%		3.42%5.83%5.48%
23Apr 2003Apr 2003133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLB: 9.03%
XLE: -0.85%
XLV: 3.29%		3.82%7.48%8.46%
22Mar 2003Mar 2003133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLE: 0.13%
XLF: -0.95%
XLV: 3.56%		0.91%1.14%0.21%
21Jan 2003Feb 2003233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Energy Select Sector SPDR ETF (XLE)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLB: -7.51%
XLE: 0.36%
XLV: -2.56%		-3.24%-4.50%-3.77%
20Sep 2002Dec 2002433.33% Materials Select Sector SPDR ETF (XLB)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: -1.69%
XLV: -1.51%
XLY: -6.94%		-3.28%-3.29%-2.97%
19Aug 2002Aug 2002133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLB: -0.54%
XLP: 0.80%
XLV: 0.97%		0.41%1.02%0.68%
18Apr 2002Jul 2002433.33% Materials Select Sector SPDR ETF (XLB)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: -12.85%
XLV: -9.14%
XLY: -19.33%		-13.73%-19.29%-20.12%
17Feb 2002Mar 2002233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 8.53%
XLP: 3.74%
XLY: 1.82%		4.68%4.87%1.47%
16Dec 2001Jan 2002233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Health Care Select Sector SPDR ETF (XLV)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: -0.73%
XLV: 1.66%
XLY: 7.98%		2.97%0.43%-0.42%
15Nov 2001Nov 2001133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: 12.68%
XLP: 4.42%
XLY: 13.32%		10.14%7.40%7.80%
14Oct 2001Oct 2001133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: 2.71%
XLP: -0.64%
XLU: -5.26%		-1.06%1.99%1.30%
13Aug 2001Sep 2001233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Utilities Select Sector SPDR ETF (XLU)
33.33% Consumer Discret Sel Sect SPDR ETF (XLY)		XLB: -12.20%
XLU: -4.46%
XLY: -20.28%		-12.35%-13.99%-13.61%
12Jun 2001Jul 2001233.33% Materials Select Sector SPDR ETF (XLB)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLB: -3.71%
XLF: -1.66%
XLU: -5.88%		-3.75%-3.76%-3.38%
11May 2001May 2001133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: -0.94%
XLP: 1.47%
XLU: 0.70%		0.41%1.75%-0.56%
10Mar 2001Apr 2001233.33% Financial Select Sector SPDR ETF (XLF)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLF: 0.52%
XLP: -5.13%
XLU: 3.33%		-0.45%2.11%2.47%
9Feb 2001Feb 2001133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: -1.21%
XLF: -6.73%
XLU: 2.08%		-1.96%-4.88%-9.54%
8Jan 2001Jan 2001133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Consumer Staples Select Sector SPDR ETF (XLP)		XLE: -3.19%
XLF: -0.24%
XLP: -7.29%		-3.57%2.15%4.45%
7Nov 2000Dec 2000233.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Utilities Select Sector SPDR ETF (XLU)		XLE: 4.43%
XLF: 2.99%
XLU: -1.40%		2.13%-1.00%-7.94%
6Aug 2000Oct 2000333.33% Energy Select Sector SPDR ETF (XLE)
33.33% Financial Select Sector SPDR ETF (XLF)
33.33% Technology Select Sector SPDR ETF (XLK)		XLE: 9.67%
XLF: 11.59%
XLK: -14.80%		1.94%5.27%0.22%
5Jul 2000Jul 2000133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLE: -3.81%
XLK: -5.31%
XLV: -1.48%		-3.53%0.01%-1.57%
4Jun 2000Jun 2000133.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)		XLE: -5.51%
XLI: -3.93%
XLK: 9.96%		0.17%-1.75%1.97%
3May 2000May 2000133.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)
33.33% Health Care Select Sector SPDR ETF (XLV)		XLI: -0.42%
XLK: -10.40%
XLV: -2.68%		-4.50%-0.13%-1.57%
2Feb 2000Apr 2000333.33% Energy Select Sector SPDR ETF (XLE)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)		XLE: 6.09%
XLI: 9.19%
XLK: 8.78%		8.43%3.95%4.23%
1Jan 2000Jan 2000133.33% Materials Select Sector SPDR ETF (XLB)
33.33% Industrial Select Sector SPDR ETF (XLI)
33.33% Technology Select Sector SPDR ETF (XLK)		XLB: -12.23%
XLI: -8.18%
XLK: -6.15%		-8.85%-4.95%-4.98%