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

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Timing Periods
Length
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Time Period #1
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Time Period #2
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Time Period #3
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Time Period #4
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Time Period #5
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Volatility Period
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Portfolio Assets
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Asset 1
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Asset 2
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Asset 3
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Asset 4
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Asset 5
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Asset 6
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Asset 7
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Asset 8
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Asset 9
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Asset 10
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Total
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Model Simulation Results (Jan 1987 - Dec 2018) Save

Tactical asset allocation model results from Jan 1987 to Dec 2018 are based on dual momentum model holding the best performing asset. Absolute momentum based trend following filter is used to switch any selected assets that have a negative excess return over the risk free rate to Vanguard Long-Term Treasury Inv (VUSTX). The model uses multiple weighted performance windows to rank the assets by weighted average of asset performance. 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 Vanguard Long-Term Treasury Inv (VUSTX) [Jun 1986 - May 2023].

Performance Summary

PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioMarket Correlation
Dual Momentum Model$10,000$828,83114.80%14.94%45.74%-18.34%-31.09% 0.791.240.56
Equal Weight Portfolio$10,000$168,5119.23%17.44%51.33%-39.07%-55.97% 0.420.580.95
Vanguard 500 Index Investor$10,000$203,2759.87%14.80%37.45%-37.02%-50.97% 0.500.710.99

Portfolio Growth

   

Annual Returns

Trailing Returns

NameTotal ReturnAnnualized ReturnAnnualized Standard Deviation
3 MonthYear To Date1 year3 year5 year10 yearFull3 year5 year
Dual Momentum Model-4.62%11.93%11.93%9.65%5.67%16.49%14.80%12.96%12.31%
Equal Weight Portfolio-17.45%-0.91%-0.91%10.06%8.07%14.42%9.23%13.52%13.06%
Vanguard 500 Index Investor-13.55%-4.52%-4.52%9.11%8.34%12.97%9.87%10.96%10.95%
Trailing return and volatility are as of last full calendar month ending December 2018
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. For example, if the 95% confidence one-month VaR is 3%, there is 95% confidence that over the next month the portfolio will not lose more than 3%. Value at Risk can be calculated directly based on historical returns based on a given percentile or analytically based on the mean and standard deviation of the returns.
  • Conditional Value at Risk (CVaR) measures the scale of the expected loss once the specific Value at Risk (VaR) breakpoint has been breached, i.e., it calculates the average tail loss by taking a weighted average between the value at risk and losses exceeding the value at risk.
  • Beta is a measure of systematic risk and measures the volatility of a particular investment relative to the market or its benchmark. Alpha measures the active return of the investment compared to the market benchmark return. R-squared is the percentage of a portfolio's movements that can be explained by movements in the selected benchmark index.
  • Active return is the investment return minus the return of its benchmark. For periods longer than 12 months this is displayed as annualized value, i.e., annualized investment return minus annualized benchmark return.
  • Tracking error, also known as active risk, is the standard deviation of active return. This is displayed as annualized value based on the standard deviation of monthly active returns.
  • Information ratio is the active return divided by the tracking error. It measures whether the investment outperformed its benchmark consistently.
  • Gain/Loss ratio is a measure of downside risk, and it is calculated as the average positive return in up periods divided by the average negative return in down periods.
  • Upside Capture Ratio measures how well the fund performed relative to the benchmark when the market was up, and Downside Capture Ratio measures how well the fund performed relative to the benchmark when the market was down. An upside capture ratio greater than 100 would indicate that the fund outperformed its benchmark when the market was up, and a downside capture ratio below 100 would indicate that the fund lost less than its benchmark when the market was down. To calculate upside capture ratio a new series from the portfolio returns is constructed by dropping all time periods where the benchmark return is less than equal to zero. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The downside capture ratio is calculated analogously.
  • All risk measures for the portfolio and portfolio assets are calculated based on monthly returns.
  • 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

YearInflationDual Momentum ModelEqual Weight PortfolioVanguard 500 Index InvestorVanguard Explorer Inv (VEXPX)Vanguard US Growth Investor (VWUSX)Vanguard Long-Term Treasury Inv (VUSTX)
ReturnBalanceReturnBalanceReturnBalance
19874.43%-18.34%$8,166-6.30%$9,3704.71%$10,471-6.90%-6.07%-2.92%
19884.42%22.88%$10,03417.23%$10,98516.22%$12,16925.85%8.76%9.15%
19894.65%31.51%$13,19622.87%$13,49731.36%$15,9869.37%37.70%17.93%
19906.11%6.61%$14,069-3.30%$13,051-3.32%$15,454-10.80%4.60%5.78%
19913.06%41.23%$19,87051.33%$19,75130.22%$20,12555.90%46.76%17.43%
19922.90%17.46%$23,3398.01%$21,3337.42%$21,61913.02%2.76%7.41%
19932.75%9.69%$25,6016.73%$22,7689.89%$23,75715.41%-1.45%16.79%
19942.67%-1.11%$25,3172.24%$23,2781.18%$24,0360.54%3.88%-7.04%
19952.54%37.69%$34,85932.54%$30,85237.45%$33,03726.60%38.44%30.09%
19963.32%15.44%$40,24320.17%$37,07522.88%$40,59514.04%26.05%-1.26%
19971.70%26.75%$51,00920.49%$44,67333.19%$54,06914.57%25.93%13.90%
19981.61%25.18%$63,85520.66%$53,90328.62%$69,5413.52%39.98%13.05%
19992.68%31.44%$83,93030.11%$70,13421.07%$84,19337.26%22.28%-8.66%
20003.39%7.96%$90,613-5.80%$66,067-9.06%$76,5689.22%-20.17%19.72%
20011.55%-8.95%$82,506-16.57%$55,118-12.02%$67,3620.56%-31.70%4.31%
20022.38%-9.79%$74,430-30.22%$38,461-22.15%$52,445-24.58%-35.80%16.67%
20031.88%36.22%$101,38935.04%$51,93728.50%$67,39344.25%26.10%2.68%
20043.26%9.49%$111,01110.37%$57,32410.74%$74,63113.75%7.03%7.12%
20053.42%14.96%$127,62010.25%$63,2004.77%$78,1949.28%11.15%6.61%
20062.54%13.91%$145,3675.72%$66,81815.64%$90,4259.70%1.77%1.74%
20074.08%5.19%$152,9117.62%$71,9095.39%$95,2965.06%10.15%9.24%
20080.09%17.83%$180,181-39.07%$43,817-37.02%$60,016-40.40%-37.82%22.52%
20092.72%31.23%$236,45535.69%$59,45726.49%$75,91236.21%34.95%-12.05%
20101.50%29.62%$306,48119.28%$70,92014.91%$87,23427.43%11.53%8.93%
20112.96%29.49%$396,868-1.23%$70,0441.97%$88,949-1.89%-0.68%29.28%
20121.74%8.76%$431,62116.67%$81,72115.82%$103,02414.89%18.43%3.47%
20131.50%45.74%$629,06539.88%$114,31332.18%$136,17344.36%35.49%-13.03%
20140.76%9.35%$687,8718.47%$123,99113.51%$154,5683.91%13.06%25.28%
20150.73%-8.61%$628,6591.95%$126,4041.25%$156,498-4.34%8.47%-1.54%
20162.07%-5.88%$591,6975.71%$133,62211.82%$174,99112.33%-0.75%1.20%
20172.11%25.14%$740,47327.26%$170,05221.67%$212,90722.95%31.60%8.58%
20181.91%11.93%$828,831-0.91%$168,511-4.52%$203,275-2.50%0.62%-1.90%

Monthly Returns

YearMonthDual Momentum ModelEqual Weight PortfolioVanguard 500 Index InvestorVanguard Explorer Inv (VEXPX)Vanguard US Growth Investor (VWUSX)Vanguard Long-Term Treasury Inv (VUSTX)
ReturnBalanceReturnBalanceReturnBalance
198711.30%$10,1309.85%$10,98513.27%$11,32710.59%9.11%1.30%
198728.01%$10,9416.98%$11,7523.97%$11,7768.01%5.95%1.07%
19873-0.03%$10,9381.33%$11,9082.89%$12,117-0.03%2.68%-1.58%
19874-3.67%$10,536-3.21%$11,525-1.03%$11,992-2.76%-3.67%-4.80%
19875-1.50%$10,3780.60%$11,5941.04%$12,1171.12%0.08%-1.50%
198761.44%$10,5282.37%$11,8695.02%$12,7251.60%3.13%1.44%
198773.45%$10,8912.42%$12,1564.91%$13,3511.39%3.45%-1.11%
198781.11%$11,0122.11%$12,4133.84%$13,8633.11%1.11%-1.56%
198791.01%$11,124-0.55%$12,344-2.29%$13,5471.01%-2.12%-3.72%
198710-28.09%$7,999-24.84%$9,277-21.73%$10,603-28.09%-21.60%5.84%
1987110.47%$8,037-5.58%$8,759-8.19%$9,735-2.47%-8.69%0.47%
1987121.60%$8,1666.97%$9,3707.55%$10,4715.36%8.58%1.60%
198814.65%$8,5453.65%$9,7124.17%$10,9084.14%3.16%4.65%
198828.44%$9,2676.52%$10,3454.59%$11,4088.44%4.60%1.16%
198835.80%$9,8040.90%$10,439-3.04%$11,0615.80%-3.99%-2.24%
198842.02%$10,0020.66%$10,5081.01%$11,1732.02%-0.69%-1.14%
19885-1.18%$9,884-0.38%$10,4680.81%$11,264-1.18%0.42%-1.59%
198863.19%$10,2004.45%$10,9334.56%$11,7773.19%5.70%4.09%
19887-2.50%$9,945-0.60%$10,867-0.37%$11,7341.29%-2.50%-1.90%
19888-2.42%$9,704-2.83%$10,560-3.40%$11,335-2.42%-3.24%0.40%
198893.86%$10,0793.96%$10,9784.26%$11,8171.93%6.00%3.86%
1988100.39%$10,1190.21%$11,0022.73%$12,1400.03%0.39%2.45%
198811-2.10%$9,906-2.90%$10,683-1.40%$11,970-3.71%-2.10%-1.88%
1988121.29%$10,0342.83%$10,9851.66%$12,1694.33%1.33%1.29%
198913.02%$10,3375.04%$11,5387.32%$13,0603.02%7.06%2.05%
19892-1.87%$10,144-1.77%$11,334-2.47%$12,737-1.67%-1.87%-1.71%
198933.04%$10,4522.97%$11,6712.26%$13,0252.91%3.04%0.86%
198945.66%$11,0444.96%$12,2515.18%$13,7014.27%5.66%2.59%
198955.24%$11,6223.86%$12,7234.04%$14,2532.48%5.24%3.11%
19896-1.88%$11,404-1.71%$12,505-0.59%$14,170-1.55%-1.88%6.07%
1989710.82%$12,6386.82%$13,3589.01%$15,4462.82%10.82%2.06%
198981.83%$12,8701.57%$13,5671.86%$15,7331.31%1.83%-2.90%
198991.60%$13,0750.89%$13,689-0.40%$15,6700.19%1.60%0.15%
198910-0.98%$12,947-2.23%$13,383-2.34%$15,303-3.48%-0.98%3.88%
1989110.83%$13,0540.18%$13,4072.04%$15,615-1.24%1.59%0.83%
1989121.09%$13,1960.68%$13,4972.38%$15,9860.27%1.09%-0.05%
19901-5.97%$12,408-6.81%$12,578-6.72%$14,912-7.64%-5.97%-3.67%
19902-0.32%$12,3681.37%$12,7511.27%$15,1020.45%2.29%-0.32%
19903-0.26%$12,3364.13%$13,2772.61%$15,4953.67%4.58%-0.26%
19904-0.58%$12,264-0.42%$13,222-2.50%$15,108-0.25%-0.58%-2.84%
1990510.87%$13,5979.40%$14,4649.69%$16,5727.93%10.87%4.49%
199062.30%$13,9102.43%$14,815-0.66%$16,4632.56%2.30%2.28%
19907-2.33%$13,585-2.43%$14,456-0.35%$16,405-2.53%-2.33%0.70%
19908-8.22%$12,468-11.44%$12,802-9.03%$14,923-14.66%-8.22%-4.25%
199091.15%$12,612-7.20%$11,879-4.89%$14,194-8.53%-5.88%1.15%
1990102.15%$12,883-3.16%$11,504-0.41%$14,135-3.66%-2.66%2.15%
1990114.60%$13,4767.59%$12,3776.44%$15,0467.60%7.57%4.60%
1990124.40%$14,0695.45%$13,0512.72%$15,4546.50%4.40%2.05%
199119.50%$15,4059.04%$14,2314.32%$16,1229.50%8.58%1.09%
199129.14%$16,8138.30%$15,4127.15%$17,2759.14%7.46%0.50%
199136.54%$17,9134.82%$16,1562.41%$17,6906.54%3.10%0.27%
199140.77%$18,051-0.17%$16,1280.20%$17,7250.77%-1.11%1.28%
199154.17%$18,8044.57%$16,8654.27%$18,4824.17%4.97%-0.14%
19916-4.94%$17,875-4.95%$16,030-4.56%$17,640-4.94%-4.96%-0.78%
199171.53%$18,1485.27%$16,8754.63%$18,4564.92%5.62%1.53%
199184.11%$18,8934.85%$17,6942.33%$18,8865.60%4.11%3.49%
19919-0.78%$18,746-1.23%$17,477-1.67%$18,571-0.78%-1.68%2.95%
1991102.85%$19,2821.87%$17,8041.33%$18,8182.85%0.89%-0.08%
199111-3.02%$18,699-2.76%$17,313-4.01%$18,063-3.02%-2.50%0.02%
1991126.26%$19,87014.08%$19,75111.41%$20,12511.89%16.27%6.26%
19921-2.30%$19,4132.13%$20,172-1.88%$19,7466.56%-2.30%-3.21%
199221.54%$19,7120.10%$20,1911.24%$19,9921.54%-1.35%0.64%
19923-5.58%$18,612-3.47%$19,490-1.93%$19,607-5.58%-1.37%-1.10%
19924-0.07%$18,599-2.09%$19,0832.91%$20,178-4.52%0.35%-0.07%
199252.70%$19,1010.82%$19,2390.48%$20,2761.01%0.62%2.70%
199261.12%$19,314-3.10%$18,642-1.49%$19,973-4.15%-2.06%1.12%
199274.02%$20,0903.14%$19,2274.04%$20,7812.43%3.85%4.02%
19928-0.88%$19,914-0.95%$19,045-2.07%$20,351-1.02%-0.88%0.71%
199291.50%$20,2121.86%$19,3991.17%$20,5892.21%1.50%1.36%
1992106.35%$21,4953.14%$20,0080.33%$20,6576.35%-0.07%-1.89%
1992117.15%$23,0335.96%$21,1993.40%$21,3607.15%4.76%0.50%
1992121.33%$23,3390.63%$21,3331.21%$21,6191.33%-0.07%2.63%
199311.62%$23,7170.55%$21,4500.81%$21,7931.62%-0.52%2.85%
19932-4.02%$22,764-3.84%$20,6261.36%$22,088-4.02%-3.66%3.20%
199330.19%$22,8081.78%$20,9932.11%$22,5542.34%1.22%0.19%
199340.76%$22,981-4.11%$20,130-2.42%$22,007-3.79%-4.43%0.76%
199350.38%$23,0693.17%$20,7682.65%$22,5914.58%1.76%0.38%
199360.66%$23,2210.57%$20,8870.27%$22,6510.66%0.48%4.17%
199370.95%$23,441-0.04%$20,878-0.42%$22,5550.95%-1.03%1.39%
199384.63%$24,5263.35%$21,5793.79%$23,4094.63%2.08%3.99%
199393.63%$25,4161.61%$21,927-0.79%$23,2233.63%-0.41%0.33%
1993101.77%$25,8672.01%$22,3682.08%$23,7061.77%2.25%0.62%
199311-2.13%$25,317-1.10%$22,122-1.00%$23,470-2.13%-0.07%-2.48%
1993121.12%$25,6012.92%$22,7681.22%$23,7574.71%1.12%0.42%
199412.39%$26,2142.74%$23,3913.38%$24,5592.39%3.08%2.23%
19942-0.95%$25,964-1.09%$23,135-2.71%$23,893-0.95%-1.23%-3.99%
19943-4.46%$24,806-4.50%$22,095-4.39%$22,844-4.46%-4.54%-3.82%
19944-1.29%$24,4871.10%$22,3381.29%$23,1390.69%1.52%-1.29%
19945-0.47%$24,3720.79%$22,5151.63%$23,515-0.39%1.97%-0.47%
19946-2.93%$23,658-3.62%$21,699-2.47%$22,935-4.31%-2.93%-0.81%
199472.94%$24,3531.63%$22,0543.28%$23,6861.00%2.26%2.94%
199484.09%$25,3495.67%$23,3044.08%$24,6527.25%4.09%-0.67%
199490.90%$25,578-0.42%$23,206-2.45%$24,0490.90%-1.74%-3.00%
1994100.33%$25,6621.41%$23,5332.25%$24,5890.33%2.49%-0.36%
199411-2.91%$24,914-2.51%$22,942-3.65%$23,690-2.91%-2.11%0.62%
1994121.62%$25,3171.46%$23,2781.46%$24,0361.55%1.37%1.62%
199512.62%$25,9801.25%$23,5692.58%$24,657-0.30%2.80%2.62%
199523.81%$26,9693.54%$24,4043.88%$25,6143.28%3.81%2.73%
199532.38%$27,6122.42%$24,9932.95%$26,3702.45%2.38%0.72%
199543.70%$28,6342.25%$25,5552.94%$27,1460.80%3.70%1.65%
199553.51%$29,6392.35%$26,1553.95%$28,2191.18%3.51%7.52%
199562.95%$30,5133.76%$27,1392.31%$28,8724.58%2.95%1.13%
199572.11%$31,1563.56%$28,1063.30%$29,8265.02%2.11%-1.40%
199582.15%$31,8270.89%$28,3570.25%$29,8992.15%-0.37%2.05%
199592.65%$32,6704.14%$29,5304.23%$31,1642.65%5.63%1.81%
1995102.36%$33,441-0.74%$29,312-0.36%$31,051-3.84%2.36%2.97%
1995113.93%$34,7563.93%$30,4654.38%$32,4113.94%3.93%2.31%
1995120.30%$34,8591.27%$30,8521.93%$33,0372.24%0.30%2.70%
199614.03%$36,2641.69%$31,3743.39%$34,156-0.64%4.03%-0.05%
199623.12%$37,3953.77%$32,5560.92%$34,4714.41%3.12%-4.93%
19963-0.37%$37,2580.96%$32,8670.98%$34,8082.28%-0.37%-1.98%
199646.51%$39,6834.17%$34,2391.46%$35,3156.51%1.84%-1.78%
199654.68%$41,5393.81%$35,5422.54%$36,2134.68%2.93%-0.46%
19966-5.21%$39,374-1.51%$35,0050.38%$36,352-5.21%2.19%2.14%
19967-4.76%$37,498-6.36%$32,778-4.42%$34,745-7.96%-4.76%-0.05%
19968-1.29%$37,0133.55%$33,9412.10%$35,4735.16%1.94%-1.29%
199692.79%$38,0455.86%$35,9315.61%$37,4624.52%7.21%2.79%
1996100.99%$38,422-0.58%$35,7222.76%$38,494-2.15%0.99%3.88%
1996117.19%$41,1834.47%$37,3187.56%$41,4061.75%7.19%3.24%
199612-2.28%$40,243-0.65%$37,075-1.96%$40,5950.98%-2.28%-2.38%
199715.60%$42,4973.34%$38,3136.22%$43,1191.08%5.60%-0.65%
199720.72%$42,802-1.21%$37,8480.79%$43,459-3.14%0.72%-0.11%
19973-5.43%$40,480-5.47%$35,777-4.14%$41,662-5.52%-5.43%-2.29%
199742.35%$41,4312.81%$36,7815.96%$44,143-1.08%6.70%2.35%
199756.51%$44,1308.58%$39,9366.09%$46,83010.64%6.51%0.98%
199762.69%$45,3173.55%$41,3534.45%$48,9164.40%2.69%1.78%
199775.01%$47,5886.00%$43,8357.97%$52,8125.01%7.00%5.34%
199781.44%$48,273-2.77%$42,622-5.61%$49,8501.44%-6.98%-2.57%
199797.81%$52,0405.71%$45,0535.47%$52,5767.81%3.60%2.63%
199710-4.62%$49,635-3.27%$43,581-3.35%$50,815-4.62%-1.91%2.99%
1997111.27%$50,2661.36%$44,1754.60%$53,152-1.78%4.51%1.27%
1997121.48%$51,0091.13%$44,6731.72%$54,0690.78%1.48%1.66%
199812.89%$52,4840.11%$44,7211.11%$54,669-2.68%2.89%1.91%
199827.82%$56,5908.18%$48,3817.19%$58,6018.55%7.82%-0.75%
199834.11%$58,9184.07%$50,3505.10%$61,5924.02%4.11%0.14%
199842.38%$60,3221.05%$50,8791.01%$62,212-0.28%2.38%0.40%
19985-1.53%$59,398-3.86%$48,915-1.74%$61,128-6.19%-1.53%1.83%
199866.40%$63,2023.28%$50,5204.07%$63,6160.16%6.40%2.35%
19987-0.59%$62,828-3.80%$48,601-1.05%$62,946-7.01%-0.59%-0.51%
19988-14.12%$53,960-16.73%$40,471-14.47%$53,835-19.34%-14.12%4.83%
199893.29%$55,7337.40%$43,4676.41%$57,2878.71%6.09%3.29%
199810-1.69%$54,7886.92%$46,4768.16%$61,9646.83%7.02%-1.69%
1998117.25%$58,7626.76%$49,6186.07%$65,7266.27%7.25%0.88%
1998128.67%$63,8558.64%$53,9035.81%$69,5418.60%8.67%-0.16%
199915.41%$67,3132.97%$55,5054.20%$72,4650.53%5.41%0.98%
19992-4.93%$63,992-6.91%$51,667-3.12%$70,201-8.89%-4.93%-4.76%
199933.59%$66,2912.58%$52,9994.00%$73,0061.56%3.59%-0.34%
19994-0.80%$65,7633.34%$54,7673.85%$75,8187.47%-0.80%0.19%
199954.22%$68,5360.42%$54,999-2.39%$74,0074.22%-3.37%-1.68%
199965.52%$72,3176.46%$58,5515.56%$78,1195.52%7.40%-1.05%
19997-0.32%$72,085-1.97%$57,398-3.13%$75,674-0.32%-3.62%-0.58%
19998-4.41%$68,907-1.82%$56,355-0.50%$75,298-4.41%0.78%-0.49%
199990.91%$69,531-0.59%$56,025-2.74%$73,2350.81%-1.98%0.91%
1999100.12%$69,6155.66%$59,1976.33%$77,8692.67%8.65%0.12%
1999113.28%$71,8995.87%$62,6722.02%$79,4448.46%3.28%-0.59%
19991216.73%$83,93011.91%$70,1345.98%$84,19316.73%7.08%-1.60%
200010.13%$84,040-2.71%$68,230-5.03%$79,9560.13%-5.56%1.25%
2000220.07%$100,90711.11%$75,808-1.91%$78,43220.07%2.14%2.96%
20003-3.54%$97,3352.74%$77,8879.75%$86,081-3.54%9.03%3.14%
20004-6.25%$91,256-4.68%$74,239-3.00%$83,499-6.25%-3.12%-0.66%
20005-5.23%$86,483-5.67%$70,028-2.04%$81,797-6.11%-5.23%-0.46%
200062.30%$88,47010.70%$77,5192.49%$83,83812.31%9.09%2.30%
20007-5.19%$83,881-3.76%$74,604-1.50%$82,582-5.19%-2.33%1.49%
2000810.00%$92,27310.67%$82,5626.19%$87,69411.33%10.00%2.08%
20009-3.61%$88,940-4.79%$78,607-5.29%$83,055-3.61%-5.97%-0.85%
200010-3.45%$85,873-4.33%$75,207-0.43%$82,698-3.45%-5.20%1.57%
2000112.99%$88,442-15.37%$63,645-7.89%$76,177-12.07%-18.67%2.99%
2000122.45%$90,6133.81%$66,0670.51%$76,56810.29%-2.68%2.45%
200110.28%$90,8694.48%$69,0273.55%$79,2835.09%3.87%0.28%
20012-8.12%$83,488-14.89%$58,749-9.14%$72,038-8.12%-21.66%1.80%
20013-0.60%$82,984-11.17%$52,185-6.36%$67,459-7.10%-15.24%-0.60%
20014-2.56%$80,85612.68%$58,8007.77%$72,70110.09%15.26%-2.56%
200150.66%$81,387-0.13%$58,7260.65%$73,1730.66%-0.91%0.21%
200163.25%$84,031-1.34%$57,940-2.45%$71,3843.25%-5.92%0.76%
20017-4.62%$80,148-4.04%$55,597-1.00%$70,670-4.62%-3.47%3.61%
200182.02%$81,770-6.42%$52,028-6.27%$66,236-3.84%-9.00%2.02%
200190.88%$82,490-13.52%$44,992-8.09%$60,877-14.66%-12.39%0.88%
2001105.12%$86,7147.67%$48,4431.90%$62,0317.54%7.80%5.12%
200111-4.98%$82,39510.03%$53,3007.65%$66,7799.11%10.94%-4.98%
2001120.14%$82,5063.41%$55,1180.87%$67,3626.69%0.14%-1.91%
20021-2.30%$80,605-3.78%$53,036-1.47%$66,370-2.30%-5.25%1.20%
20022-3.92%$77,446-5.57%$50,081-1.94%$65,085-3.92%-7.22%1.24%
20023-3.86%$74,4596.42%$53,2953.74%$67,5217.95%4.89%-3.86%
20024-1.93%$73,021-6.06%$50,067-6.07%$63,419-1.93%-10.18%3.73%
20025-4.77%$69,537-3.73%$48,199-0.75%$62,941-4.77%-2.69%0.39%
200261.76%$70,759-8.63%$44,041-7.13%$58,450-7.97%-9.28%1.76%
200272.93%$72,831-10.34%$39,485-7.72%$53,939-12.85%-7.84%2.93%
200284.28%$75,9481.00%$39,8790.65%$54,2910.26%1.73%4.28%
200294.02%$78,998-8.84%$36,354-10.87%$48,387-6.69%-10.99%4.02%
200210-2.84%$76,7576.94%$38,8758.78%$52,6364.13%9.74%-2.84%
2002113.57%$79,4936.26%$41,3075.88%$55,7298.95%3.57%-0.98%
200212-6.37%$74,430-6.89%$38,461-5.89%$52,445-6.37%-7.41%4.05%
20031-2.86%$72,303-2.63%$37,449-2.62%$51,068-2.86%-2.40%-0.45%
200323.03%$74,491-1.89%$36,740-1.52%$50,293-2.85%-0.93%3.03%
20033-1.13%$73,6472.26%$37,5710.96%$50,7741.35%3.17%-1.13%
200346.82%$78,6677.77%$40,4928.25%$54,9658.73%6.82%0.91%
200352.88%$80,9326.80%$43,2455.26%$57,85810.72%2.88%5.67%
200361.66%$82,2761.17%$43,7511.26%$58,5871.66%0.68%-1.48%
200375.28%$86,6184.44%$45,6941.74%$59,6095.28%3.61%-8.57%
200385.21%$91,1293.37%$47,2321.93%$60,7615.21%1.52%1.43%
20039-1.59%$89,677-1.33%$46,603-1.07%$60,109-1.59%-1.07%5.07%
2003108.84%$97,6037.20%$49,9585.64%$63,5008.84%5.56%-2.58%
2003112.77%$100,3071.76%$50,8380.86%$64,0492.77%0.75%0.31%
2003121.08%$101,3892.16%$51,9375.22%$67,3931.08%3.25%1.23%
200413.57%$105,0043.30%$53,6511.82%$68,6203.57%3.03%1.74%
20042-0.06%$104,9370.54%$53,9411.38%$69,5651.15%-0.06%1.96%
200430.25%$105,197-0.39%$53,732-1.51%$68,5120.25%-1.02%1.45%
20044-4.93%$100,006-3.70%$51,745-1.58%$67,432-4.93%-2.46%-5.52%
20045-0.56%$99,4492.40%$52,9861.36%$68,3482.27%2.52%-0.56%
200461.42%$100,8652.13%$54,1151.93%$69,6672.84%1.42%0.87%
20047-7.69%$93,106-7.58%$50,013-3.31%$67,360-7.69%-7.47%1.52%
200483.39%$96,259-1.44%$49,2930.38%$67,618-2.12%-0.76%3.39%
200490.94%$97,1603.72%$51,1291.07%$68,3394.95%2.50%0.94%
2004102.57%$99,6582.00%$52,1501.51%$69,3742.57%1.42%1.46%
2004116.82%$106,4555.75%$55,1484.05%$72,1816.82%4.68%-2.25%
2004124.28%$111,0113.94%$57,3243.39%$74,6314.28%3.61%2.22%
20051-2.96%$107,721-3.21%$55,482-2.45%$72,799-2.96%-3.46%2.59%
200522.05%$109,9241.41%$56,2632.09%$74,3232.05%0.77%-1.24%
20053-2.21%$107,498-2.53%$54,838-1.76%$73,015-2.21%-2.86%-0.76%
200543.22%$110,965-3.81%$52,746-1.91%$71,619-5.21%-2.42%3.22%
200552.55%$113,7936.89%$56,3813.17%$73,8886.68%7.10%2.55%
200560.56%$114,4341.60%$57,2850.13%$73,9822.64%0.56%1.64%
200576.26%$121,5955.74%$60,5743.71%$76,7246.26%5.23%-2.58%
20058-1.49%$119,778-1.16%$59,871-0.91%$76,023-1.49%-0.83%2.87%
200590.71%$120,6331.04%$60,4950.79%$76,6270.71%1.37%-2.78%
2005100.29%$120,988-1.33%$59,688-1.68%$75,340-2.96%0.29%-1.74%
2005115.04%$127,0905.37%$62,8953.76%$78,1775.70%5.04%0.57%
2005120.42%$127,6200.49%$63,2000.02%$78,1940.55%0.42%2.33%
200613.34%$131,8865.49%$66,6722.65%$80,2627.64%3.34%-0.90%
20062-0.46%$131,282-1.15%$65,9080.26%$80,473-0.46%-1.83%0.81%
200634.01%$136,5522.17%$67,3391.23%$81,4644.01%0.33%-3.39%
200640.13%$136,731-0.15%$67,2361.33%$82,5500.13%-0.44%-1.96%
20065-6.20%$128,248-6.02%$63,191-2.90%$80,159-6.20%-5.83%-0.03%
200660.71%$129,153-1.09%$62,5040.13%$80,261-0.60%-1.58%0.71%
200671.84%$131,530-3.64%$60,2310.61%$80,748-4.90%-2.37%1.84%
200682.74%$135,1302.74%$61,8802.36%$82,6561.83%3.65%2.74%
200692.87%$139,0112.22%$63,2552.56%$84,7741.57%2.87%1.58%
2006101.88%$141,6253.15%$65,2493.25%$87,5304.42%1.88%0.77%
2006112.75%$145,5242.36%$66,7861.89%$89,1842.75%1.96%1.91%
200612-0.11%$145,3670.05%$66,8181.39%$90,425-0.11%0.20%-2.14%
200713.19%$149,9982.69%$68,6171.49%$91,7753.19%2.20%-0.85%
20072-0.25%$149,629-0.98%$67,942-1.97%$89,968-0.25%-1.72%2.93%
200730.79%$150,8160.86%$68,5281.11%$90,9680.79%0.93%-1.13%
200743.39%$155,9333.13%$70,6764.42%$94,9873.39%2.88%0.86%
200754.67%$163,2104.02%$73,5183.48%$98,2894.67%3.38%-1.93%
20076-1.41%$160,914-1.26%$72,588-1.68%$96,642-1.41%-1.12%-0.88%
20077-4.84%$153,131-2.81%$70,552-3.08%$93,661-4.84%-0.77%2.39%
200781.97%$156,1541.05%$71,2951.50%$95,0641.02%1.09%1.97%
200790.21%$156,4853.93%$74,0963.72%$98,6042.92%4.94%0.21%
2007102.16%$159,8602.37%$75,8511.58%$100,1612.58%2.16%1.40%
200711-3.89%$153,647-4.92%$72,117-4.19%$95,967-5.96%-3.89%4.59%
200712-0.48%$152,911-0.29%$71,909-0.70%$95,296-0.55%-0.02%-0.48%
200812.64%$156,951-9.69%$64,938-6.02%$89,563-8.99%-10.40%2.64%
200820.35%$157,500-2.40%$63,380-3.25%$86,651-2.50%-2.30%0.35%
200831.02%$159,109-0.59%$63,006-0.44%$86,269-1.12%-0.06%1.02%
20084-1.84%$156,1825.77%$66,6394.85%$90,4575.22%6.31%-1.84%
200853.02%$160,9054.11%$69,3761.29%$91,6265.19%3.02%-2.13%
20086-6.99%$149,662-6.64%$64,770-8.44%$83,895-6.99%-6.29%1.80%
200870.30%$150,104-0.35%$64,543-0.83%$83,197-0.31%-0.39%0.30%
200881.80%$152,8131.19%$65,3121.45%$84,4001.93%0.45%1.80%
200890.28%$153,246-11.84%$57,577-8.91%$76,883-12.06%-11.63%0.28%
200810-3.63%$147,686-18.09%$47,162-16.79%$63,973-20.74%-15.43%-3.63%
20081112.07%$165,508-9.26%$42,797-7.17%$59,383-10.58%-7.93%12.07%
2008128.87%$180,1812.38%$43,8171.07%$60,0164.20%0.57%8.87%
20091-8.47%$164,919-5.51%$41,405-8.41%$54,968-6.53%-4.49%-8.47%
20092-1.01%$163,256-8.07%$38,062-10.66%$49,110-8.63%-7.51%-1.01%
200935.27%$171,8528.36%$41,2448.76%$53,4128.22%8.49%5.27%
200948.94%$187,20911.18%$45,8569.56%$58,51713.43%8.94%-4.99%
200953.17%$193,1423.69%$47,5495.62%$61,8053.17%4.22%-2.68%
200962.37%$197,7181.75%$48,3800.22%$61,9402.37%1.12%0.70%
200978.36%$214,2448.11%$52,3037.58%$66,6348.36%7.86%0.80%
200982.16%$218,8632.04%$53,3703.60%$69,0322.16%1.92%1.68%
200996.25%$232,5505.59%$56,3523.72%$71,5986.25%4.92%1.98%
200910-5.67%$219,371-3.51%$54,375-1.87%$70,261-5.67%-1.35%-1.45%
2009114.95%$230,2334.16%$56,6355.98%$74,4643.36%4.95%1.91%
2009122.70%$236,4554.98%$59,4571.95%$75,9127.26%2.70%-5.66%
20101-3.87%$227,294-5.10%$56,427-3.60%$73,177-3.87%-6.32%2.66%
201024.34%$237,1564.02%$58,6943.09%$75,4394.34%3.70%-0.21%
201038.20%$256,5937.13%$62,8806.01%$79,9768.20%6.07%-1.51%
201043.91%$266,6202.25%$64,2941.58%$81,2383.91%0.59%2.76%
20105-7.03%$247,886-7.79%$59,284-8.01%$74,734-7.03%-8.56%4.23%
201064.67%$259,452-6.28%$55,561-5.24%$70,819-6.73%-5.83%4.67%
20107-0.17%$259,0086.51%$59,1807.00%$75,7736.76%6.26%-0.17%
201087.08%$277,343-5.74%$55,784-4.53%$72,341-5.97%-5.51%7.08%
20109-1.82%$272,29011.52%$62,2118.92%$78,79312.94%10.10%-1.82%
2010103.92%$282,9624.82%$65,2123.79%$81,7783.92%5.73%-3.29%
2010111.05%$285,9282.11%$66,5910.00%$81,7783.18%1.05%-1.60%
2010127.19%$306,4816.50%$70,9206.67%$87,2347.19%5.81%-3.58%
201111.11%$309,8861.65%$72,0912.36%$89,2901.11%2.19%-2.38%
201125.43%$326,7014.67%$75,4573.42%$92,3405.43%3.91%1.24%
201132.53%$334,9821.14%$76,3160.03%$92,3642.53%-0.26%0.02%
201143.22%$345,7853.35%$78,8702.95%$95,0873.22%3.47%2.04%
20115-0.95%$342,506-1.10%$78,003-1.15%$93,997-0.95%-1.25%3.29%
20116-1.90%$335,990-1.48%$76,846-1.67%$92,426-1.90%-1.06%-2.00%
201174.18%$350,034-2.64%$74,818-2.05%$90,534-4.20%-1.07%4.18%
201188.68%$380,423-7.50%$69,208-5.45%$85,603-8.74%-6.26%8.68%
2011910.16%$419,085-9.24%$62,814-7.04%$79,574-9.70%-8.77%10.16%
201110-3.34%$405,10813.97%$71,59010.91%$88,25915.72%12.22%-3.34%
201111-1.33%$399,726-1.31%$70,651-0.23%$88,053-1.33%-1.29%1.82%
201112-0.71%$396,868-0.86%$70,0441.02%$88,949-0.71%-1.00%3.13%
201217.07%$424,9226.94%$74,9064.46%$92,9207.07%6.81%0.08%
201224.61%$444,5325.99%$79,3934.31%$96,9224.61%7.37%-2.11%
201233.09%$458,2762.49%$81,3703.28%$100,1021.89%3.09%-3.77%
20124-0.47%$456,129-0.72%$80,785-0.64%$99,462-0.97%-0.47%4.37%
20125-8.19%$418,762-7.85%$74,444-6.02%$93,476-7.51%-8.19%7.79%
20126-1.44%$412,7132.51%$76,3154.11%$97,3172.41%2.62%-1.44%
201273.32%$426,426-0.62%$75,8441.37%$98,651-1.63%0.40%3.32%
20128-1.06%$421,8943.66%$78,6172.24%$100,8603.83%3.48%-1.06%
201292.26%$431,4322.26%$80,3962.58%$103,4582.27%2.26%-2.10%
201210-2.92%$418,850-2.62%$78,293-1.86%$101,535-2.32%-2.92%-0.43%
2012112.54%$429,4782.79%$80,4810.56%$102,1032.54%3.05%1.35%
2012120.50%$431,6211.54%$81,7210.90%$103,0242.58%0.50%-1.99%
201316.80%$460,9496.10%$86,7085.18%$108,3576.80%5.41%-3.27%
201320.68%$464,0990.65%$87,2751.34%$109,8080.68%0.62%1.26%
201334.70%$485,9334.04%$90,7993.74%$113,9134.70%3.37%0.03%
201340.56%$488,6490.52%$91,2671.91%$116,0870.56%0.47%3.87%
201354.88%$512,4923.53%$94,4872.33%$118,7894.88%2.18%-6.23%
20136-0.54%$509,722-1.02%$93,521-1.35%$117,185-0.54%-1.50%-3.26%
201377.29%$546,8716.59%$99,6865.07%$123,1297.29%5.90%-1.93%
20138-1.75%$537,312-1.45%$98,236-2.91%$119,544-1.75%-1.16%-1.28%
201395.96%$569,3575.58%$103,7143.12%$123,2755.96%5.19%0.88%
2013102.99%$586,3563.23%$107,0614.59%$128,9292.99%3.47%1.32%
2013113.72%$608,1953.30%$110,5963.03%$132,8342.88%3.72%-2.49%
2013123.43%$629,0653.36%$114,3132.51%$136,1733.29%3.43%-2.37%
20141-2.82%$611,305-2.73%$111,196-3.47%$131,449-2.63%-2.82%6.26%
201426.78%$652,7455.80%$117,6494.56%$137,4444.83%6.78%0.60%
20143-2.99%$633,231-2.12%$115,1600.82%$138,576-1.24%-2.99%0.63%
20144-3.66%$610,023-2.32%$112,4920.72%$139,580-3.66%-0.97%1.82%
201452.73%$626,6681.96%$114,7022.33%$142,8390.61%3.32%2.73%
201462.57%$642,7853.65%$118,8902.05%$145,7704.73%2.57%-0.16%
20147-1.68%$631,970-3.51%$114,721-1.39%$143,746-5.33%-1.68%0.59%
201484.13%$658,0544.61%$120,0093.98%$149,4705.09%4.13%4.23%
20149-1.51%$648,087-2.85%$116,592-1.41%$147,358-4.18%-1.51%-1.99%
2014103.60%$671,4153.99%$121,2452.42%$150,9294.38%3.60%2.61%
2014113.32%$693,6822.10%$123,7912.68%$154,9780.88%3.32%2.86%
201412-0.84%$687,8710.16%$123,991-0.26%$154,5681.16%-0.84%2.82%
20151-3.00%$667,233-2.19%$121,282-3.02%$149,904-3.00%-1.37%8.97%
20152-5.66%$629,4847.47%$130,3355.74%$158,5088.05%6.88%-5.66%
201531.42%$638,3970.26%$130,679-1.59%$155,9821.42%-0.89%1.13%
20154-1.64%$627,934-0.84%$129,5880.95%$157,462-1.64%-0.03%-3.07%
201551.55%$637,6871.83%$131,9631.27%$159,4661.55%2.11%-2.16%
20156-0.63%$633,689-0.23%$131,663-1.93%$156,3840.17%-0.63%-3.73%
201574.01%$659,0761.69%$133,8872.08%$159,637-0.63%4.01%4.21%
20158-6.31%$617,496-6.51%$125,175-6.05%$149,984-6.71%-6.31%-0.71%
201591.91%$629,298-4.54%$119,489-2.48%$146,257-6.04%-3.04%1.91%
201510-0.48%$626,2856.51%$127,2688.42%$158,5765.11%7.91%-0.48%
2015110.68%$630,5481.46%$129,1280.29%$159,0302.24%0.68%-0.81%
201512-0.30%$628,659-2.11%$126,404-1.59%$156,498-3.92%-0.30%-0.34%
20161-6.71%$586,453-7.94%$116,370-4.98%$148,709-9.16%-6.71%5.24%
201622.86%$603,223-0.30%$116,025-0.15%$148,4930.74%-1.33%2.86%
201630.05%$603,5386.42%$123,4736.78%$158,5547.99%4.85%0.05%
201641.41%$612,0410.36%$123,9140.37%$159,1471.41%-0.70%-0.63%
201651.43%$620,7732.24%$126,6861.78%$161,9841.43%3.05%0.69%
20166-0.23%$619,330-1.14%$125,2470.25%$162,389-0.23%-2.04%6.57%
201675.74%$654,8645.94%$132,6863.68%$168,3595.74%6.14%2.01%
201681.19%$662,6840.16%$132,8920.13%$168,5771.19%-0.88%-1.00%
201691.18%$670,5051.02%$134,2460.01%$168,5911.18%0.86%-1.32%
201610-4.98%$637,097-3.91%$128,992-1.83%$165,501-4.98%-2.84%-4.23%
201611-7.86%$587,0383.17%$133,0793.70%$171,6236.84%-0.50%-7.86%
2016120.79%$591,6970.41%$133,6221.96%$174,9910.79%0.02%-0.35%
201712.94%$609,0703.30%$138,0371.88%$178,2862.94%3.67%0.65%
201722.58%$624,8013.10%$142,3113.96%$185,3512.58%3.61%1.57%
201731.41%$633,5870.97%$143,6930.10%$185,5370.54%1.41%-0.59%
201743.03%$652,7562.36%$147,0801.02%$187,4261.69%3.03%1.58%
201752.97%$672,1251.60%$149,4351.39%$190,0380.24%2.97%1.73%
201760.33%$674,3211.48%$151,6510.61%$191,2002.64%0.33%0.63%
201771.04%$681,3402.27%$155,0892.04%$195,1051.04%3.49%-0.59%
201781.92%$694,4010.63%$156,0650.29%$195,678-0.66%1.92%3.27%
201791.46%$704,5392.76%$160,3762.06%$199,7074.06%1.46%-2.27%
2017101.73%$716,7542.40%$164,2292.32%$204,3351.73%3.07%-0.02%
2017112.36%$733,6862.79%$168,8153.06%$210,5873.22%2.36%0.63%
2017120.93%$740,4730.73%$170,0521.10%$212,9070.93%0.54%1.78%
201814.78%$775,8576.58%$181,2395.71%$225,0704.78%8.38%-3.40%
20182-1.87%$761,351-1.88%$177,824-3.69%$216,754-1.90%-1.87%-2.89%
20183-1.91%$746,845-0.30%$177,296-2.56%$211,2161.31%-1.91%2.75%
201840.28%$748,9590.29%$177,8020.37%$212,0040.28%0.29%-2.04%
201855.94%$793,4195.21%$187,0582.39%$217,0805.94%4.48%1.79%
201860.86%$800,2131.05%$189,0310.61%$218,3940.86%1.25%0.66%
201872.12%$817,1972.15%$193,0953.71%$226,4952.12%2.18%-1.28%
201887.34%$877,2076.11%$204,8833.25%$233,8477.34%4.87%1.18%
20189-0.94%$868,979-0.37%$204,1350.55%$235,144-0.94%0.21%-2.74%
201810-11.18%$771,831-10.22%$183,270-6.85%$219,039-11.18%-9.26%-2.82%
2018111.78%$785,6002.28%$187,4432.03%$223,4781.89%2.67%1.78%
2018125.50%$828,831-10.10%$168,511-9.04%$203,275-11.09%-9.11%5.50%

Risk and Return Metrics

MetricDual Momentum ModelEqual Weight PortfolioVanguard 500 Index Investor
Arithmetic Mean (monthly)1.25%0.87%0.88%
Arithmetic Mean (annualized)16.09%10.93%11.09%
Geometric Mean (monthly)1.16%0.74%0.79%
Geometric Mean (annualized)14.80%9.23%9.87%
Standard Deviation (monthly)4.31%5.04%4.27%
Standard Deviation (annualized)14.94%17.44%14.80%
Downside Deviation (monthly)2.65%3.49%2.88%
Maximum Drawdown-31.09%-55.97%-50.97%
Stock Market Correlation0.560.950.99
Beta(*)0.531.081.00
Alpha (annualized)9.44%-0.96%0.00%
R227.37%83.40%100.00%
Sharpe Ratio0.790.420.50
Sortino Ratio1.240.580.71
Treynor Ratio (%)22.476.757.42
Calmar Ratio0.780.570.67
Active Return4.93%-0.64%N/A
Tracking Error14.52%7.20%N/A
Information Ratio0.34-0.09N/A
Skewness-0.71-0.85-0.84
Excess Kurtosis6.422.522.77
Historical Value-at-Risk (5%)5.55%7.84%6.83%
Analytical Value-at-Risk (5%)5.84%7.41%6.15%
Conditional Value-at-Risk (5%)8.53%11.90%9.78%
Upside Capture Ratio (%)80.38107.38100.00
Downside Capture Ratio (%)44.70113.48100.00
Safe Withdrawal Rate10.40%7.77%9.07%
Perpetual Withdrawal Rate10.63%6.07%6.62%
Positive Periods258 out of 384 (67.19%)242 out of 384 (63.02%)252 out of 384 (65.63%)
Gain/Loss Ratio1.070.920.89
* Vanguard 500 Index Investor is used as the benchmark for calculations. Value-at-risk metrics are monthly values.

Drawdowns

Historical Market Stress Periods

Stress PeriodStartEndDual Momentum ModelEqual Weight PortfolioVanguard 500 Index Investor
Black Monday PeriodSep 1987Nov 1987-28.09%-29.43%-29.78%
Asian CrisisJul 1997Jan 1998-4.62%-3.27%-5.61%
Russian Debt DefaultJul 1998Oct 1998-14.62%-19.89%-15.38%
Dotcom CrashMar 2000Oct 2002-31.09%-55.97%-44.82%
Subprime CrisisNov 2007Mar 2009-9.39%-49.82%-50.97%

Drawdowns for Dual Momentum Model

RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Mar 2000May 20022 years 3 monthsDec 20031 year 7 months3 years 10 months-31.09%
2Oct 1987Oct 19871 monthMay 19891 year 7 months1 year 8 months-28.09%
3Dec 2014Jan 20161 year 2 monthsAug 20171 year 7 months2 years 9 months-15.46%
4Jul 1998Aug 19982 monthsDec 19984 months6 months-14.62%
5Sep 2018Oct 20182 months-12.01%
6Apr 2004Jul 20044 monthsNov 20044 months8 months-11.49%
7Jun 1996Aug 19963 monthsJan 19975 months8 months-10.90%
8Jul 1990Aug 19902 monthsDec 19904 months6 months-10.36%
9Apr 2012Jun 20123 monthsJan 20137 months10 months-9.94%
10Feb 1994Jun 19945 monthsFeb 19958 months1 year 1 month-9.75%
Worst 10 drawdowns included above

Drawdowns for Equal Weight Portfolio

RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Sep 2000Sep 20022 years 1 monthJan 201310 years 4 months12 years 5 months-55.97%
2Sep 1987Nov 19873 monthsMay 19891 year 6 months1 year 9 months-29.43%
3Jul 1990Oct 19904 monthsFeb 19914 months8 months-22.35%
4May 1998Aug 19984 monthsDec 19984 months8 months-20.46%
5Sep 2018Dec 20184 months-17.75%
6Aug 2015Feb 20167 monthsSep 20167 months1 year 2 months-13.34%
7Apr 2000May 20002 monthsAug 20003 months5 months-10.09%
8Oct 1989Jan 19904 monthsMay 19904 months8 months-8.11%
9Jun 1996Jul 19962 monthsSep 19962 months4 months-7.78%
10Mar 1992Jun 19924 monthsNov 19925 months9 months-7.67%
Worst 10 drawdowns included above

Drawdowns for Vanguard 500 Index Investor

RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Nov 2007Feb 20091 year 4 monthsAug 20123 years 6 months4 years 10 months-50.97%
2Sep 2000Sep 20022 years 1 monthNov 20064 years 2 months6 years 3 months-44.82%
3Sep 1987Nov 19873 monthsMay 19891 year 6 months1 year 9 months-29.78%
4Jul 1998Aug 19982 monthsNov 19983 months5 months-15.38%
5Jun 1990Oct 19905 monthsFeb 19914 months9 months-14.70%
6Oct 2018Dec 20183 months-13.55%
7Aug 2015Sep 20152 monthsMay 20168 months10 months-8.38%
8Feb 1994Mar 19942 monthsAug 19945 months7 months-6.98%
9Jan 2000Feb 20002 monthsMar 20001 month3 months-6.84%
10Jan 1990Jan 19901 monthMay 19904 months5 months-6.72%
Worst 10 drawdowns included above

Rolling Returns

Roll PeriodDual Momentum ModelEqual Weight PortfolioVanguard 500 Index Investor
AverageHighLowAverageHighLowAverageHighLow
1 year16.15%57.69%-18.34%11.16%54.77%-42.76%11.16%53.61%-43.32%
3 years15.88%39.98%-9.62%9.90%29.61%-21.57%10.37%32.68%-16.14%
5 years16.16%31.94%1.73%9.63%25.52%-6.78%10.07%28.49%-6.73%
7 years16.23%24.03%5.79%9.09%21.13%-3.84%9.64%21.51%-3.94%
10 years16.05%23.36%8.92%8.31%20.80%-3.84%9.01%19.37%-3.51%
15 years15.17%17.56%12.32%7.30%12.05%2.81%8.05%13.56%3.64%

Annualized Rolling Return - 3 Years

Annualized Rolling Return - 5 Years

Timing Periods

#StartEndMonthsAssetsAsset PerformanceDual Momentum ModelEqual Weight PortfolioVanguard 500 Index Investor
140Jan 2019Jan 20191Please sign-in for forward signals----
139Nov 2018Dec 20182100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 7.39%7.39%-8.05%-7.20%
138Apr 2018Oct 20187100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 3.35%3.35%3.37%3.70%
137Feb 2018Mar 20182100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -3.74%-3.74%-2.18%-6.16%
136Dec 2017Jan 20182100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 5.75%5.75%7.36%6.88%
135Nov 2017Nov 20171100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 2.36%2.36%2.79%3.06%
134Oct 2017Oct 20171100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 1.73%1.73%2.40%2.32%
133Aug 2017Sep 20172100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 3.40%3.40%3.41%2.36%
132Jul 2017Jul 20171100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 1.04%1.04%2.27%2.04%
131Mar 2017Jun 20174100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 7.93%7.93%6.56%3.16%
130Dec 2016Feb 20173100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 6.43%6.43%6.94%8.00%
129Nov 2016Nov 20161100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: -7.86%-7.86%3.17%3.70%
128Apr 2016Oct 20167100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 5.56%5.56%4.47%4.38%
127Feb 2016Mar 20162100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 2.91%2.91%6.10%6.62%
126Nov 2015Jan 20163100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -6.36%-6.36%-8.56%-6.22%
125Sep 2015Oct 20152100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.42%1.42%1.67%5.73%
124Jun 2015Aug 20153100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -3.17%-3.17%-5.14%-5.95%
123Mar 2015May 20153100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 1.30%1.30%1.25%0.60%
122Feb 2015Feb 20151100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: -5.66%-5.66%7.47%5.74%
121Jan 2015Jan 20151100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -3.00%-3.00%-2.19%-3.02%
120Jun 2014Dec 20147100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 9.77%9.77%8.10%8.21%
119May 2014May 20141100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 2.73%2.73%1.96%2.33%
118Apr 2014Apr 20141100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -3.66%-3.66%-2.32%0.72%
117Nov 2013Mar 20145100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 7.99%7.99%7.57%7.48%
116Jan 2013Oct 201310100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 35.85%35.85%31.01%25.14%
115Dec 2012Dec 20121100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 0.50%0.50%1.54%0.90%
114Nov 2012Nov 20121100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 2.54%2.54%2.79%0.56%
113Sep 2012Oct 20122100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -0.72%-0.72%-0.41%0.67%
112Jun 2012Aug 20123100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 0.75%0.75%5.61%7.90%
111Mar 2012May 20123100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -5.80%-5.80%-6.23%-3.55%
110Nov 2011Feb 20124100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 9.73%9.73%10.90%9.82%
109Jul 2011Oct 20114100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 20.57%20.57%-6.84%-4.51%
108Dec 2010Jun 20117100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 17.51%17.51%15.40%13.02%
107Nov 2010Nov 20101100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 1.05%1.05%2.11%0.00%
106Oct 2010Oct 20101100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 3.92%3.92%4.82%3.79%
105Jun 2010Sep 20104100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 9.84%9.84%4.94%5.43%
104Jan 2010May 20105100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 4.83%4.83%-0.29%-1.55%
103Nov 2009Dec 20092100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 7.79%7.79%9.35%8.04%
102May 2009Oct 20096100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 17.18%17.18%18.58%20.07%
101Apr 2009Apr 20091100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 8.94%8.94%11.18%9.56%
100Jul 2008Mar 20099100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 14.83%14.83%-36.32%-36.33%
99Jun 2008Jun 20081100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -6.99%-6.99%-6.64%-8.44%
98May 2008May 20081100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 3.02%3.02%4.11%1.29%
97Dec 2007Apr 20085100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.65%1.65%-7.60%-5.74%
96Oct 2007Nov 20072100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -1.81%-1.81%-2.67%-2.67%
95Aug 2007Sep 20072100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 2.19%2.19%5.02%5.28%
94Nov 2006Jul 20079100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 8.12%8.12%8.13%7.00%
93Sep 2006Oct 20062100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 4.81%4.81%5.44%5.90%
92Jun 2006Aug 20063100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 5.37%5.37%-2.08%3.11%
91Feb 2006May 20064100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -2.76%-2.76%-5.22%-0.13%
90Oct 2005Jan 20064100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 9.33%9.33%10.21%4.74%
89Jul 2005Sep 20053100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 5.42%5.42%5.60%3.58%
88Jun 2005Jun 20051100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 0.56%0.56%1.60%0.13%
87Apr 2005May 20052100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 5.86%5.86%2.81%1.19%
86Oct 2004Mar 20056100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 10.64%10.64%7.25%6.84%
85Aug 2004Sep 20042100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 4.35%4.35%2.23%1.45%
84Jul 2004Jul 20041100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -7.69%-7.69%-7.58%-3.31%
83Jun 2004Jun 20041100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 1.42%1.42%2.13%1.93%
82May 2004May 20041100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: -0.56%-0.56%2.40%1.36%
81Mar 2004Apr 20042100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -4.70%-4.70%-4.07%-3.07%
80Feb 2004Feb 20041100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -0.06%-0.06%0.54%1.38%
79Jun 2003Jan 20048100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 29.74%29.74%24.06%18.60%
78Apr 2003May 20032100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 9.89%9.89%15.10%13.95%
77Feb 2003Mar 20032100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.86%1.86%0.33%-0.58%
76Dec 2002Jan 20032100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -9.05%-9.05%-9.34%-8.36%
75Nov 2002Nov 20021100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 3.57%3.57%6.26%5.88%
74Jun 2002Oct 20025100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 10.38%10.38%-19.34%-16.37%
73Apr 2002May 20022100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -6.61%-6.61%-9.56%-6.78%
72Mar 2002Mar 20021100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: -3.86%-3.86%6.42%3.74%
71Jan 2002Feb 20022100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -6.13%-6.13%-9.14%-3.38%
70Dec 2001Dec 20011100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 0.14%0.14%3.41%0.87%
69Aug 2001Nov 20014100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 2.80%2.80%-4.13%-5.51%
68May 2001Jul 20013100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -0.88%-0.88%-5.45%-2.79%
67Mar 2001Apr 20012100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: -3.15%-3.15%0.09%0.92%
66Feb 2001Feb 20011100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -8.12%-8.12%-14.89%-9.14%
65Nov 2000Jan 20013100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 5.82%5.82%-8.22%-4.13%
64Sep 2000Oct 20002100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -6.94%-6.94%-8.91%-5.70%
63Aug 2000Aug 20001100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 10.00%10.00%10.67%6.19%
62Jul 2000Jul 20001100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -5.19%-5.19%-3.76%-1.50%
61Jun 2000Jun 20001100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 2.30%2.30%10.70%2.49%
60May 2000May 20001100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -5.23%-5.23%-5.67%-2.04%
59Dec 1999Apr 20005100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 26.92%26.92%18.46%5.10%
58Nov 1999Nov 19991100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 3.28%3.28%5.87%2.02%
57Sep 1999Oct 19992100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.03%1.03%5.04%3.41%
56May 1999Aug 19994100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 4.78%4.78%2.90%-0.69%
55Nov 1998Apr 19996100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 20.03%20.03%17.84%22.36%
54Sep 1998Oct 19982100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.54%1.54%14.84%15.10%
53Dec 1997Aug 19989100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 7.35%7.35%-8.38%1.29%
52Nov 1997Nov 19971100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.27%1.27%1.36%4.60%
51Jul 1997Oct 19974100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 9.53%9.53%5.39%3.88%
50May 1997Jun 19972100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 9.38%9.38%12.43%10.81%
49Apr 1997Apr 19971100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 2.35%2.35%2.81%5.96%
48Oct 1996Mar 19976100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 6.40%6.40%-0.43%11.21%
47Aug 1996Sep 19962100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.46%1.46%9.62%7.82%
46Jul 1996Jul 19961100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -4.76%-4.76%-6.36%-4.42%
45Apr 1996Jun 19963100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 5.68%5.68%6.51%4.44%
44Oct 1995Mar 19966100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 14.04%14.04%11.30%11.69%
43Aug 1995Sep 19952100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 4.86%4.86%5.07%4.49%
42Feb 1995Jul 19956100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 19.92%19.92%19.25%20.96%
41Dec 1994Jan 19952100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 4.28%4.28%2.73%4.08%
40Sep 1994Nov 19943100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -1.72%-1.72%-1.55%-3.90%
39Aug 1994Aug 19941100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 4.09%4.09%5.67%4.08%
38Jul 1994Jul 19941100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 2.94%2.94%1.63%3.28%
37Jun 1994Jun 19941100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -2.93%-2.93%-3.62%-2.47%
36Apr 1994May 19942100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: -1.75%-1.75%1.90%2.94%
35Jan 1994Mar 19943100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -3.10%-3.10%-2.96%-3.84%
34Dec 1993Dec 19931100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 1.12%1.12%2.92%1.22%
33Jun 1993Nov 19936100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 9.74%9.74%6.52%3.89%
32Mar 1993May 19933100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.34%1.34%0.69%2.28%
31Oct 1992Feb 19935100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 12.63%12.63%6.33%7.28%
30Aug 1992Sep 19922100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 0.61%0.61%0.89%-0.92%
29Apr 1992Jul 19924100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 7.94%7.94%-1.35%5.99%
28Feb 1992Mar 19922100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -4.12%-4.12%-3.38%-0.71%
27Jan 1992Jan 19921100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -2.30%-2.30%2.13%-1.88%
26Dec 1991Dec 19911100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 6.26%6.26%14.08%11.41%
25Sep 1991Nov 19913100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -1.03%-1.03%-2.16%-4.36%
24Aug 1991Aug 19911100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 4.11%4.11%4.85%2.33%
23Jul 1991Jul 19911100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.53%1.53%5.27%4.63%
22Jan 1991Jun 19916100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 27.05%27.05%22.82%14.14%
21Dec 1990Dec 19901100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 4.40%4.40%5.45%2.72%
20Sep 1990Nov 19903100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 8.08%8.08%-3.32%0.82%
19Apr 1990Aug 19905100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 1.07%1.07%-3.58%-3.69%
18Feb 1990Mar 19902100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: -0.58%-0.58%5.55%3.92%
17Dec 1989Jan 19902100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -4.95%-4.95%-6.18%-4.50%
16Nov 1989Nov 19891100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 0.83%0.83%0.18%2.04%
15Feb 1989Oct 19899100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 25.25%25.25%15.99%17.18%
14Jan 1989Jan 19891100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 3.02%3.02%5.04%7.32%
13Dec 1988Dec 19881100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.29%1.29%2.83%1.66%
12Oct 1988Nov 19882100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -1.71%-1.71%-2.70%1.29%
11Sep 1988Sep 19881100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 3.86%3.86%3.96%4.26%
10Aug 1988Aug 19881100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -2.42%-2.42%-2.83%-3.40%
9Jul 1988Jul 19881100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -2.50%-2.50%-0.60%-0.37%
8Feb 1988Jun 19885100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 19.36%19.36%12.57%7.97%
7Nov 1987Jan 19883100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 6.83%6.83%4.69%2.87%
6Sep 1987Oct 19872100.00% Vanguard Explorer Inv (VEXPX)VEXPX: -27.36%-27.36%-25.26%-23.52%
5Jul 1987Aug 19872100.00% Vanguard US Growth Investor (VWUSX)VWUSX: 4.60%4.60%4.58%8.94%
4May 1987Jun 19872100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: -0.08%-0.08%2.98%6.11%
3Apr 1987Apr 19871100.00% Vanguard US Growth Investor (VWUSX)VWUSX: -3.67%-3.67%-3.21%-1.03%
2Feb 1987Mar 19872100.00% Vanguard Explorer Inv (VEXPX)VEXPX: 7.98%7.98%8.40%6.97%
1Jan 1987Jan 19871100.00% Vanguard Long-Term Treasury Inv (VUSTX)VUSTX: 1.30%1.30%9.85%13.27%