Test Market Timing Models

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

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

Shiller PE Ratio Market Valuation

Shiller PE Ratio (PE10) market valuation based timing model uses shifts the allocation between stocks and bonds 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 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 end-of-month adjusted close price is greater than the moving average and the model moves to cash when the end-of-month 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 end-of-month adjusted close price is greater than the moving average and the allocation is moved to cash when the end-of-month 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 inverse volatility based risk parity allocation or minimum variance allocation for the model assets to minimize the expected volatility.

Target Volatility

The target volatility model adjusts the market exposure of the portfolio based on the realized historic volatility and the given volatility target. The cash allocation in the portfolio is increased or decreased as required to meet the targeted volatility level in order to improve the risk adjusted performance.
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Timing Periods
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Market Timing Results (Jan 2008 - Dec 2016)

Market timing results from 2008 to 2016 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 iShares 20+ Year Treasury Bond ETF (TLT). The model uses a single performance window of 20 days. Timing model trades are executed using the end of month close price. The selected year range for the timing test was automatically adjusted based on the available data for iShares Mortgage Real Estate Capped ETF (REM) (Jun 2007-Jul 2017).

Performance statistics for the timing portfolio and benchmark portfolios
PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioUS Mkt Correlation
Save timing model »
Timing Portfolio$10,000$56,47421.21%12.96%42.00%6.83%-7.14% 1.543.900.23
Equal Weight Portfolio$10,000$15,0134.62%13.52%19.81%-31.74%-44.18% 0.380.530.88
   
Notes on results:
  • Past performance is not a guarantee of future returns and data and other errors may exist. See Disclaimer and Terms of Use
  • An equal-weight allocation is used for the assets held by the momentum model
  • The equal-weight buy-and-hold benchmark portfolio assumes annual rebalancing
  • The results for the timing portfolio assume monthly rebalancing trades
  • The relative strength signal is based on total return including dividends
  • Additional trading costs and taxes for timing models are not reflected in the results
  • CAGR = Compound Annual Growth Rate
  • Stdev = Annualized standard deviation of monthly returns
  • Sharpe and Sortino ratios are calculated and annualized from monthly excess returns over risk free rate (1-month t-bills)
  • Stock market correlation is based on the correlation of monthly returns
  • Drawdowns are calculated based on monthly returns
  • Refer to the FAQ regarding the list of data sources and methodology for additional details
Annual returns for the timing portfolio and various benchmark portfolios
YearTiming ReturnEqual Weight Portfolio ReturniShares iBoxx $ High Yield Corporate Bond ETF (HYG)iShares Mortgage Real Estate Capped ETF (REM)WisdomTree US Total Dividend Fund (DTD)iShares 20+ Year Treasury Bond ETF (TLT)Timing BalanceEqual Weight Portfolio Balance
200833.40%-31.74%-17.58%-42.86%-34.80%33.93%$13,340$6,826
200942.00%19.81%28.57%11.27%19.59%-21.80%$18,943$8,178
201013.39%14.88%11.89%16.46%16.29%9.05%$21,479$9,394
201111.82%1.98%6.77%-9.21%8.39%33.96%$24,017$9,580
201218.05%15.32%11.05%21.79%13.11%2.41%$28,352$11,048
20136.83%10.39%5.75%-2.66%28.07%-13.37%$30,289$12,195
201418.08%10.98%1.90%16.78%14.25%27.30%$35,765$13,534
201517.69%-5.31%-5.03%-9.25%-1.65%-1.79%$42,093$12,816
201634.17%17.14%13.41%21.95%16.06%1.18%$56,474$15,013
Monthly returns for the timing portfolio and various benchmark portfolios
YearMonthTiming ReturnEqual Weight Portfolio ReturniShares iBoxx $ High Yield Corporate Bond ETF (HYG)iShares Mortgage Real Estate Capped ETF (REM)WisdomTree US Total Dividend Fund (DTD)iShares 20+ Year Treasury Bond ETF (TLT)Timing BalanceEqual Weight Portfolio Balance
200817.60%0.93%-1.83%7.60%-2.98%2.10%$10,760$10,093
20082-6.34%-4.40%-1.87%-6.34%-4.81%-0.46%$10,078$9,649
200832.14%-7.45%0.95%-21.89%-0.46%2.14%$10,293$8,930
200843.39%5.17%3.39%9.15%3.65%-2.48%$10,643$9,392
20085-0.52%0.33%-0.52%2.44%-0.69%-2.69%$10,587$9,423
200862.65%-10.34%-3.67%-17.24%-10.98%2.65%$10,868$8,448
20087-0.37%-0.17%0.59%-3.63%1.94%-0.37%$10,828$8,433
200882.11%-0.40%-0.89%-2.78%2.11%2.74%$11,056$8,400
20089-5.38%-6.52%-10.66%-2.18%-5.38%1.47%$10,462$7,852
200810-1.86%-13.94%-11.48%-13.65%-16.72%-1.86%$10,267$6,757
20081114.34%-7.24%-7.10%-7.02%-7.58%14.34%$11,739$6,268
20081213.64%8.90%16.79%6.59%2.12%13.64%$13,340$6,826
20091-1.01%-6.76%-1.01%-6.33%-12.95%-13.07%$13,205$6,364
20092-1.54%-11.46%-9.70%-12.11%-12.78%-1.54%$13,002$5,634
200934.04%5.50%1.93%6.07%9.08%4.04%$13,528$5,944
2009411.11%9.27%13.84%2.75%11.11%-6.95%$15,032$6,495
200952.86%2.53%2.86%0.55%4.09%-3.69%$15,461$6,659
200960.92%2.78%3.33%4.10%0.92%0.76%$15,603$6,844
200978.86%7.90%6.92%8.86%8.09%0.58%$16,985$7,385
200984.67%2.21%-1.70%4.21%4.67%2.24%$17,779$7,548
200993.61%4.46%5.81%3.86%3.61%2.46%$18,421$7,885
200910-0.52%-3.00%-0.52%-6.49%-2.28%-2.62%$18,325$7,648
2009111.68%4.32%1.68%5.38%6.23%1.21%$18,632$7,978
2009121.67%2.50%3.68%2.04%1.67%-6.34%$18,943$8,178
20101-1.83%-1.86%-1.83%-0.61%-3.15%2.69%$18,596$8,025
20102-0.34%2.23%1.87%2.60%2.22%-0.34%$18,533$8,204
201032.73%3.48%2.13%2.73%5.62%-2.06%$19,038$8,490
201041.96%1.87%1.93%1.72%1.96%3.32%$19,410$8,649
20105-4.68%-5.13%-4.68%-3.32%-7.38%5.11%$18,503$8,205
201065.80%-1.77%1.11%-2.45%-3.97%5.80%$19,575$8,059
201075.15%5.63%5.15%4.46%7.36%-0.95%$20,583$8,513
20108-2.56%-2.40%-0.99%-3.66%-2.56%8.40%$20,057$8,308
20109-2.51%5.40%3.65%5.24%7.41%-2.51%$19,552$8,757
2010103.23%1.99%1.84%0.89%3.23%-4.47%$20,184$8,931
201011-0.47%-0.12%-1.27%1.43%-0.47%-1.69%$20,088$8,920
2010126.92%5.31%2.79%6.92%6.22%-3.68%$21,479$9,394
20111-0.77%0.69%1.65%-0.77%1.18%-3.08%$21,313$9,459
201121.43%2.82%1.43%3.62%3.44%1.65%$21,619$9,726
201131.17%-0.63%0.04%-3.15%1.17%0.03%$21,872$9,664
201143.24%2.14%1.60%1.52%3.24%2.34%$22,582$9,871
20115-0.12%-0.10%0.13%-0.32%-0.12%3.42%$22,555$9,861
20116-0.57%-1.24%-0.57%-1.72%-1.46%-2.33%$22,427$9,738
20117-2.33%-2.57%0.35%-5.91%-2.33%4.42%$21,906$9,488
20118-2.73%-2.40%-2.73%-0.94%-3.37%9.66%$21,308$9,260
2011913.20%-5.70%-5.30%-6.60%-5.29%13.20%$24,120$8,732
201110-3.84%7.88%8.50%6.11%8.85%-3.84%$23,195$9,420
2011110.78%-1.35%-2.42%-2.58%0.78%1.98%$23,375$9,292
2011122.75%3.10%4.55%1.86%2.75%3.44%$24,017$9,580
201211.46%3.93%1.46%7.42%2.90%-0.33%$24,369$9,957
201221.62%2.24%2.10%1.62%3.01%-2.59%$24,763$10,179
201232.81%0.90%-0.95%0.82%2.81%-4.23%$25,458$10,271
20124-0.15%1.53%1.14%3.55%-0.15%4.83%$25,420$10,428
201250.14%-2.51%-3.22%0.14%-4.62%9.03%$25,456$10,166
201264.40%4.46%4.66%4.40%4.33%-1.68%$26,576$10,619
201271.74%2.28%1.02%3.88%1.74%3.82%$27,038$10,861
201281.83%1.32%1.24%1.83%0.81%-1.32%$27,533$11,004
201292.83%1.92%0.52%2.83%2.24%-2.53%$28,313$11,216
201210-1.73%-0.71%0.84%-1.73%-1.03%-0.48%$27,823$11,136
2012110.50%-1.02%0.50%-3.05%-0.19%1.16%$27,961$11,023
2012121.40%0.23%1.40%-1.36%0.85%-2.49%$28,352$11,048
201310.34%5.11%0.34%9.80%5.18%-3.19%$28,449$11,613
201321.47%1.30%0.93%1.47%1.48%1.24%$28,866$11,764
201335.59%3.53%0.87%5.59%3.89%-0.42%$30,479$12,179
201340.64%1.75%2.12%0.64%2.60%4.68%$30,674$12,392
201350.47%-5.13%-2.58%-12.77%0.47%-6.76%$30,820$11,756
20136-0.59%-2.01%-1.69%-3.89%-0.59%-3.27%$30,639$11,520
20137-2.26%1.87%2.85%-1.97%4.36%-2.26%$29,947$11,735
20138-3.73%-2.90%-1.27%-3.63%-3.73%-1.34%$28,831$11,395
201390.66%2.33%0.78%3.75%2.53%0.66%$29,020$11,660
2013100.42%2.88%2.52%0.42%5.24%1.43%$29,141$11,995
2013111.64%-0.20%0.47%-3.24%1.64%-2.70%$29,619$11,972
2013122.26%1.87%0.41%2.98%2.26%-1.87%$30,289$12,195
201415.82%0.83%0.40%5.82%-3.73%6.30%$32,051$12,296
201424.27%3.54%2.31%4.27%4.01%0.52%$33,418$12,731
201430.47%0.85%-0.08%0.47%2.21%0.73%$33,577$12,839
201441.65%1.27%0.42%1.71%1.65%2.10%$34,131$13,002
201451.68%1.76%1.21%2.33%1.68%2.95%$34,706$13,231
201461.38%1.33%0.61%1.38%1.99%-0.25%$35,184$13,407
20147-1.70%-2.11%-2.43%-2.22%-1.70%0.67%$34,587$13,123
201484.72%3.47%2.38%4.29%3.65%4.72%$36,220$13,579
20149-6.17%-3.32%-1.98%-6.17%-1.49%-2.11%$33,985$13,129
2014102.81%2.98%1.06%4.92%2.81%2.81%$34,941$13,520
2014112.34%1.36%-1.08%2.34%2.61%2.97%$35,760$13,705
2014120.01%-1.24%-0.80%-2.82%0.01%3.25%$35,765$13,534
201519.82%-0.88%0.70%-0.34%-3.01%9.82%$39,275$13,414
201522.23%2.93%2.23%1.80%4.82%-6.14%$40,151$13,807
20153-1.75%-0.59%-0.95%0.93%-1.75%1.10%$39,447$13,726
20154-0.60%0.39%0.87%-0.60%0.93%-3.43%$39,210$13,780
201550.79%0.47%0.35%0.26%0.79%-2.37%$39,521$13,844
20156-2.44%-3.66%-1.89%-6.66%-2.44%-4.07%$38,556$13,338
201574.55%0.93%-0.49%2.55%0.83%4.55%$40,310$13,462
20158-3.41%-3.61%-1.52%-3.41%-5.91%-0.69%$38,936$12,976
201591.97%-2.47%-2.99%-2.67%-1.72%1.97%$39,701$12,656
2015108.01%3.72%3.23%-0.10%8.01%-0.41%$42,882$13,126
2015110.03%-0.59%-2.50%0.81%0.03%-0.87%$42,894$13,049
201512-1.87%-1.79%-2.00%-1.87%-1.50%-0.30%$42,093$12,816
201615.57%-3.51%-1.60%-5.23%-3.69%5.57%$44,438$12,366
201623.09%1.65%1.50%2.54%0.93%3.09%$45,810$12,570
201637.13%5.51%2.54%7.13%6.96%-0.09%$49,075$13,264
201641.65%1.71%3.12%1.65%0.36%-0.74%$49,887$13,490
201650.17%1.90%0.17%4.17%1.33%0.81%$49,972$13,746
201662.94%2.29%1.79%2.94%2.10%6.93%$51,440$14,060
201673.03%2.63%1.31%3.51%3.03%2.10%$52,999$14,430
201681.13%0.91%1.97%1.13%-0.36%-1.01%$53,598$14,561
201691.08%0.53%1.08%0.58%-0.06%-1.51%$54,175$14,639
2016100.00%-1.01%-0.98%0.00%-2.12%-4.38%$54,175$14,491
2016111.40%1.82%0.02%1.40%4.14%-8.21%$54,935$14,756
2016122.80%1.74%1.84%0.67%2.80%-0.46%$56,474$15,013
Portfolio return and risk metrics
MetricTiming ModelEqual Weight Portfolio
(*) Beta and market correlation are calculated against the US stock market. Value-at-risk metrics are based on monthly returns.
Mean Return (monthly)1.68%0.45%
Mean Return (annualized)22.17%5.58%
Compound Return (monthly)1.62%0.38%
Compound Return (annualized)21.21%4.62%
Volatility (monthly)3.72%3.88%
Volatility (annualized)12.96%13.52%
Max. Drawdown-7.14%-44.18%
Market Correlation0.230.88
Beta(*)0.180.73
Alpha (annualized)18.64%-0.70%
R25.39%78.12%
Sharpe Ratio1.540.38
Sortino Ratio3.900.53
Treynor Ratio (%)108.397.13
Skewness0.96-0.85
Excess Kurtosis2.081.95
Historical Value-at-Risk (95%)-3.79%-7.03%
Delta Normal Value-at-Risk (95%)-6.13%-6.37%
Conditional Value-at-Risk (95%)-5.28%-10.09%
Positive Periods75 out of 108 (69.44%)66 out of 108 (61.11%)
Gain/Loss Ratio1.590.87

Drawdowns for Timing Portfolio

Drawdowns for Timing Portfolio
RankDrawdown StartDrawdown EndDrawdown LengthRecovery ByRecovery TimeDrawdown
1Sep 2008Oct 20082 monthsNov 20083 months-7.14%
2Jun 2013Aug 20133 monthsJan 20148 months-6.45%
3Feb 2008Feb 20081 monthJun 20085 months-6.34%
4Sep 2014Sep 20141 monthJan 20155 months-6.17%
5May 2011Aug 20114 monthsSep 20115 months-5.64%
6Aug 2010Sep 20102 monthsDec 20105 months-5.01%
7May 2010May 20101 monthJun 20102 months-4.68%
8Mar 2015Jun 20154 monthsJul 20155 months-3.97%
9Oct 2011Oct 20111 monthJan 20124 months-3.84%
10Aug 2015Aug 20151 monthOct 20153 months-3.41%
11Jan 2009Feb 20092 monthsMar 20093 months-2.53%
12Jan 2010Feb 20102 monthsMar 20103 months-2.17%
13Dec 2015Dec 20151 monthJan 20162 months-1.87%
14Oct 2012Oct 20121 monthDec 20123 months-1.73%
15Jul 2014Jul 20141 monthAug 20142 months-1.70%
16Jan 2011Jan 20111 monthFeb 20112 months-0.77%
17Oct 2009Oct 20091 monthNov 20092 months-0.52%
18Jul 2008Jul 20081 monthAug 20082 months-0.37%
19Apr 2012Apr 20121 monthJun 20123 months-0.15%

Drawdowns for Equal Weight Portfolio

Drawdowns for Equal Weight Portfolio
RankDrawdown StartDrawdown EndDrawdown LengthRecovery ByRecovery TimeDrawdown
1Feb 2008Feb 20091 year 1 monthFeb 20124 years 1 month-44.18%
2Jun 2015Jan 20168 monthsJun 20161 year 1 month-10.67%
3May 2013Aug 20134 monthsFeb 201410 months-8.05%
4Sep 2014Sep 20141 monthNov 20143 months-3.32%
5May 2012May 20121 monthJun 20122 months-2.51%
6Dec 2014Jan 20152 monthsFeb 20153 months-2.12%
7Jul 2014Jul 20141 monthAug 20142 months-2.11%
8Oct 2012Nov 20122 monthsJan 20134 months-1.72%
9Oct 2016Oct 20161 monthNov 20162 months-1.01%
10Mar 2015Mar 20151 monthMay 20153 months-0.59%
Timing periods and related holdings for the timing portfolio
#StartEndMonthsAssetsAsset PerformanceTiming PortfolioEqual Weight Portfolio
1Jan 2008Feb 20082100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 0.78%0.78%-3.51%
2Mar 2008Mar 20081100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 2.14%2.14%-7.45%
3Apr 2008May 20082100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 2.86%2.86%5.52%
4Jun 2008Jul 20082100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 2.28%2.28%-10.50%
5Aug 2008Sep 20082100.00% WisdomTree US Total Dividend Fund (DTD)DTD: -3.38%-3.38%-6.90%
6Oct 2008Dec 20083100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 27.51%27.51%-13.07%
7Jan 2009Jan 20091100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: -1.01%-1.01%-6.76%
8Feb 2009Mar 20092100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 2.44%2.44%-6.60%
9Apr 2009Apr 20091100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 11.11%11.11%9.27%
10May 2009May 20091100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 2.86%2.86%2.53%
11Jun 2009Jun 20091100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 0.92%0.92%2.78%
12Jul 2009Jul 20091100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 8.86%8.86%7.90%
13Aug 2009Sep 20092100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 8.45%8.45%6.77%
14Oct 2009Nov 20092100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 1.15%1.15%1.18%
15Dec 2009Dec 20091100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 1.67%1.67%2.50%
16Jan 2010Jan 20101100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: -1.83%-1.83%-1.86%
17Feb 2010Feb 20101100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: -0.34%-0.34%2.23%
18Mar 2010Mar 20101100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 2.73%2.73%3.48%
19Apr 2010Apr 20101100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 1.96%1.96%1.87%
20May 2010May 20101100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: -4.68%-4.68%-5.13%
21Jun 2010Jun 20101100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 5.80%5.80%-1.77%
22Jul 2010Jul 20101100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 5.15%5.15%5.63%
23Aug 2010Aug 20101100.00% WisdomTree US Total Dividend Fund (DTD)DTD: -2.56%-2.56%-2.40%
24Sep 2010Sep 20101100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: -2.51%-2.51%5.40%
25Oct 2010Nov 20102100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 2.74%2.74%1.86%
26Dec 2010Jan 20112100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 6.10%6.10%6.04%
27Feb 2011Feb 20111100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 1.43%1.43%2.82%
28Mar 2011May 20113100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 4.33%4.33%1.39%
29Jun 2011Jun 20111100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: -0.57%-0.57%-1.24%
30Jul 2011Jul 20111100.00% WisdomTree US Total Dividend Fund (DTD)DTD: -2.33%-2.33%-2.57%
31Aug 2011Aug 20111100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: -2.73%-2.73%-2.40%
32Sep 2011Oct 20112100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 8.86%8.86%1.73%
33Nov 2011Dec 20112100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 3.54%3.54%1.70%
34Jan 2012Jan 20121100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 1.46%1.46%3.93%
35Feb 2012Feb 20121100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 1.62%1.62%2.24%
36Mar 2012Apr 20122100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 2.65%2.65%2.44%
37May 2012Jun 20122100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 4.55%4.55%1.84%
38Jul 2012Jul 20121100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 1.74%1.74%2.28%
39Aug 2012Oct 20123100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 2.90%2.90%2.53%
40Nov 2012Jan 20133100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 2.25%2.25%4.28%
41Feb 2013Apr 20133100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 7.82%7.82%6.71%
42May 2013Jun 20132100.00% WisdomTree US Total Dividend Fund (DTD)DTD: -0.12%-0.12%-7.04%
43Jul 2013Jul 20131100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: -2.26%-2.26%1.87%
44Aug 2013Aug 20131100.00% WisdomTree US Total Dividend Fund (DTD)DTD: -3.73%-3.73%-2.90%
45Sep 2013Sep 20131100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 0.66%0.66%2.33%
46Oct 2013Oct 20131100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 0.42%0.42%2.88%
47Nov 2013Dec 20132100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 3.94%3.94%1.67%
48Jan 2014Mar 20143100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 10.85%10.85%5.27%
49Apr 2014May 20142100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 3.36%3.36%3.05%
50Jun 2014Jun 20141100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 1.38%1.38%1.33%
51Jul 2014Jul 20141100.00% WisdomTree US Total Dividend Fund (DTD)DTD: -1.70%-1.70%-2.11%
52Aug 2014Aug 20141100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 4.72%4.72%3.47%
53Sep 2014Sep 20141100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: -6.17%-6.17%-3.32%
54Oct 2014Oct 20141100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 2.81%2.81%2.98%
55Nov 2014Nov 20141100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 2.34%2.34%1.36%
56Dec 2014Dec 20141100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 0.01%0.01%-1.24%
57Jan 2015Jan 20151100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 9.82%9.82%-0.88%
58Feb 2015Feb 20151100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 2.23%2.23%2.93%
59Mar 2015Mar 20151100.00% WisdomTree US Total Dividend Fund (DTD)DTD: -1.75%-1.75%-0.59%
60Apr 2015Apr 20151100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: -0.60%-0.60%0.39%
61May 2015Jun 20152100.00% WisdomTree US Total Dividend Fund (DTD)DTD: -1.67%-1.67%-3.21%
62Jul 2015Jul 20151100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 4.55%4.55%0.93%
63Aug 2015Aug 20151100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: -3.41%-3.41%-3.61%
64Sep 2015Sep 20151100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 1.97%1.97%-2.47%
65Oct 2015Nov 20152100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 8.04%8.04%3.11%
66Dec 2015Dec 20151100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: -1.87%-1.87%-1.79%
67Jan 2016Feb 20162100.00% iShares 20+ Year Treasury Bond ETF (TLT)TLT: 8.83%8.83%-1.92%
68Mar 2016Apr 20162100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 8.90%8.90%7.32%
69May 2016May 20161100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 0.17%0.17%1.90%
70Jun 2016Jun 20161100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 2.94%2.94%2.29%
71Jul 2016Jul 20161100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 3.03%3.03%2.63%
72Aug 2016Aug 20161100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 1.13%1.13%0.91%
73Sep 2016Sep 20161100.00% iShares iBoxx $ High Yield Corporate Bond ETF (HYG)HYG: 1.08%1.08%0.53%
74Oct 2016Nov 20162100.00% iShares Mortgage Real Estate Capped ETF (REM)REM: 1.40%1.40%0.80%
75Dec 2016Dec 20161100.00% WisdomTree US Total Dividend Fund (DTD)DTD: 2.80%2.80%1.74%
76Jan 2017Jan 20171100.00% WisdomTree US Total Dividend Fund (DTD)---