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 adjusts 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 adjusted close price is greater than the moving average and the model moves to cash when the adjusted close price is less than the moving average. The model also supports using moving average cross-over as the signal.

Moving Averages - Portfolio Assets

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

Momentum - Relative Strength

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

Momentum - Dual Momentum

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

Adaptive Allocation

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

Target Volatility

The target volatility model adjusts the market exposure of the portfolio based on the realized historic volatility and the given volatility target. The cash allocation in the portfolio is increased or decreased as required to meet the targeted volatility level in order to improve the risk adjusted performance.
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Timing Periods
Length
Unit
Weight
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
%
Volatility Period
%
Asset 1
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Asset 2
%
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
%

Market Timing Results (Jan 2000 - Dec 2016)

Market timing results from 2000 to 2016 are based on relative strength model holding the best performing asset. The model uses multiple weighted performance windows to rank the assets by weighted average of rank orders. Timing model trades are executed using the end of month close price each month based on the end of month signals. The time period was constrained by the available data for Invesco Oppenheimer Senior Fl RateA (OOSAX) [Oct 1999 - Oct 2019].

Performance statistics for the timing portfolio and benchmark portfolios
PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioUS Mkt Correlation
Timing Portfolio$10,000$80,65713.07%5.17%52.38%5.48%-3.17% 2.066.910.19
Save timing model »
   
Notes on results:
  • Past performance is not a guarantee of future returns. See Disclaimer and Terms of Use
  • An equal-weight allocation is used for the assets held by the momentum model
  • 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 the risk free rate (1-month treasury bill)
  • Stock market correlation is based on the correlation of monthly returns
  • Drawdowns are calculated based on monthly returns excluding cashflows
  • 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
YearInflationTiming Portfolio ReturnTiming Portfolio BalanceInvesco Oppenheimer Senior Fl RateA (OOSAX)Vanguard GNMA Inv (VFIIX)Goldman Sachs Short Dur Govt A (GSSDX)Nuveen High Yield Municipal Bond A (NHMAX)Ivy High Income Y (WHIYX)
20003.39%11.56%$11,1567.49%11.22%8.20%7.26%-6.84%
20011.55%11.42%$12,4300.16%7.94%8.41%11.33%10.81%
20022.38%11.66%$13,8791.92%9.68%6.50%8.00%2.46%
20031.88%14.20%$15,85011.23%2.49%2.08%10.12%19.18%
20043.26%12.54%$17,8377.20%4.13%1.11%11.43%8.55%
20053.42%6.01%$18,9095.64%3.33%1.07%7.97%1.54%
20062.54%9.00%$20,6117.11%4.33%3.97%8.46%10.79%
20074.08%11.34%$22,9491.52%7.01%6.62%-5.09%4.35%
20080.09%6.50%$24,441-29.48%7.22%8.00%-40.46%-19.94%
20092.72%52.38%$37,24343.51%5.29%3.82%42.35%46.19%
20101.50%13.09%$42,11713.15%6.95%1.97%3.54%15.33%
20112.96%9.68%$46,1952.37%7.69%0.69%11.52%6.18%
20121.74%16.21%$53,6868.44%2.35%0.76%20.91%16.88%
20131.50%7.76%$57,8526.41%-2.23%-0.10%-4.69%10.20%
20140.76%15.21%$66,6540.55%6.65%0.08%19.13%1.49%
20150.73%5.48%$70,303-2.06%1.33%-0.14%4.83%-7.37%
20162.07%14.73%$80,65712.72%1.85%1.08%1.30%16.74%
Monthly returns for the timing portfolio and various benchmark portfolios
YearMonthTiming Portfolio ReturnTiming Portfolio BalanceInvesco Oppenheimer Senior Fl RateA (OOSAX)Vanguard GNMA Inv (VFIIX)Goldman Sachs Short Dur Govt A (GSSDX)Nuveen High Yield Municipal Bond A (NHMAX)Ivy High Income Y (WHIYX)
200010.67%$10,0670.67%-0.95%-0.36%-0.19%-1.32%
200020.87%$10,1540.87%1.41%0.88%1.01%0.72%
200031.70%$10,3270.09%1.70%0.39%1.60%-2.43%
20004-0.13%$10,3140.36%-0.13%0.06%-0.40%0.16%
200050.85%$10,4010.85%0.38%0.08%-0.54%-1.70%
200061.70%$10,5780.77%1.70%1.36%1.41%1.40%
200070.47%$10,6280.79%0.47%0.43%1.08%-0.35%
200080.65%$10,6960.64%1.58%0.95%0.65%0.20%
200090.75%$10,7760.75%1.07%0.84%-0.11%-1.28%
2000100.57%$10,8370.52%0.57%0.54%1.08%-2.64%
2000111.56%$11,0070.50%1.56%1.18%0.27%-1.89%
2000121.35%$11,1560.45%1.35%1.57%1.19%2.19%
200111.24%$11,2940.51%1.63%1.24%0.48%4.72%
200121.48%$11,4620.54%0.55%0.61%0.59%1.48%
200130.90%$11,565-0.62%0.54%0.90%2.04%-1.28%
200140.11%$11,577-0.54%0.06%0.16%0.11%0.40%
200151.71%$11,7750.73%0.73%0.47%1.71%1.68%
200161.79%$11,986-0.46%0.24%0.46%1.79%-1.07%
200172.76%$12,3170.42%1.89%1.25%2.76%1.39%
200182.08%$12,5730.79%0.71%0.73%2.08%1.22%
20019-1.34%$12,405-1.52%1.37%1.64%-1.34%-4.86%
2001101.20%$12,553-1.55%1.36%1.20%0.87%3.61%
200111-1.01%$12,4271.00%-1.01%-0.41%0.01%3.35%
2001120.02%$12,4300.91%-0.37%-0.11%-0.24%0.02%
200210.25%$12,4600.25%1.08%0.49%0.68%0.93%
200221.17%$12,606-0.27%1.17%0.69%1.14%0.03%
200230.62%$12,6841.07%-1.22%-0.63%0.62%1.75%
200240.70%$12,7731.03%1.95%1.39%1.18%0.70%
200250.10%$12,7860.10%0.68%0.45%1.07%-1.03%
200260.97%$12,909-0.76%0.97%0.84%1.22%-3.10%
200271.32%$13,080-0.56%1.32%1.14%0.11%-1.46%
200280.90%$13,198-0.18%0.90%0.34%0.01%1.01%
200291.06%$13,338-0.08%1.06%0.74%0.82%-0.21%
2002100.14%$13,358-0.97%0.14%0.23%-1.44%0.08%
2002113.11%$13,7740.86%0.07%-0.49%0.73%3.11%
2002120.77%$13,8791.45%1.19%1.15%1.61%0.77%
20031-0.24%$13,8460.65%0.20%0.10%-0.24%0.70%
200320.76%$13,9520.76%0.80%0.59%1.19%1.02%
200331.54%$14,1670.77%0.04%0.08%-0.39%1.54%
200343.44%$14,6551.60%0.41%0.36%0.78%3.44%
200350.56%$14,7360.83%0.39%0.28%2.97%0.56%
200360.41%$14,7971.41%0.20%0.08%0.41%2.09%
200370.05%$14,8040.58%-3.08%-0.91%-1.23%0.05%
200380.31%$14,8500.31%0.97%0.16%0.62%1.14%
200392.55%$15,2301.14%2.00%1.06%2.25%2.55%
2003101.70%$15,4880.83%-0.47%-0.34%0.76%1.70%
2003111.16%$15,6680.84%0.40%-0.04%1.46%1.16%
2003121.16%$15,8500.97%0.69%0.66%1.16%1.78%
200411.77%$16,1310.95%0.59%0.26%1.77%1.02%
200421.56%$16,3820.53%0.59%0.66%1.56%-0.12%
200430.11%$16,4000.34%0.40%0.26%0.11%0.81%
200440.61%$16,5000.61%-1.89%-0.83%-1.23%-0.38%
200450.32%$16,5520.32%-0.20%-0.34%0.41%-1.50%
200460.80%$16,6840.94%0.87%0.07%0.80%0.90%
200470.96%$16,8440.63%0.96%0.38%1.33%0.91%
200481.95%$17,1720.39%1.46%0.58%1.95%1.61%
200491.07%$17,3550.32%0.10%-0.17%1.25%1.07%
2004101.15%$17,5550.61%0.85%0.32%1.15%1.82%
2004111.05%$17,7380.80%-0.29%-0.29%0.20%1.05%
2004120.56%$17,8370.56%0.66%0.22%1.62%1.08%
200511.09%$18,0310.56%0.76%0.01%1.09%-0.22%
200520.35%$18,0950.56%-0.38%0.01%0.35%1.12%
20053-2.63%$17,6190.17%-0.28%-0.19%0.22%-2.63%
200541.61%$17,9030.03%0.97%0.43%1.61%-1.30%
200551.23%$18,123-0.11%0.86%0.33%1.23%0.74%
200560.99%$18,3020.56%0.28%0.02%0.99%1.19%
200571.71%$18,6160.88%-0.39%-0.19%0.39%1.71%
200580.81%$18,7660.78%0.87%0.53%1.28%0.81%
20059-0.67%$18,6410.65%-0.49%-0.30%-0.67%-0.61%
2005100.27%$18,6920.27%-0.49%-0.08%-0.35%-0.97%
2005110.45%$18,7760.45%0.30%0.34%0.47%0.86%
2005120.71%$18,9090.71%1.29%0.16%1.11%0.91%
200610.28%$18,9630.55%0.31%0.26%0.28%1.22%
200620.68%$19,0920.87%0.22%0.16%1.37%0.68%
200630.10%$19,1120.76%-0.65%0.07%0.10%0.64%
200640.60%$19,2270.60%-0.37%0.40%-0.08%1.20%
200650.18%$19,2610.37%-0.27%0.11%0.86%0.18%
200660.09%$19,2770.34%-0.07%0.23%0.09%-0.56%
200670.57%$19,3870.57%1.34%0.54%1.36%0.35%
200681.63%$19,7030.66%1.63%0.64%1.44%0.74%
200690.63%$19,8260.63%0.63%0.44%0.84%1.31%
2006100.93%$20,0110.60%0.63%0.43%0.93%1.57%
2006111.43%$20,2970.33%0.92%0.53%1.06%1.43%
2006121.55%$20,6110.62%-0.06%0.09%-0.08%1.55%
200711.43%$20,9060.94%-0.06%0.20%0.13%1.43%
200721.84%$21,2900.68%1.22%0.72%1.19%1.84%
200730.03%$21,2970.41%0.14%0.51%-0.18%0.03%
200740.31%$21,3630.65%0.43%0.31%0.35%1.48%
200750.80%$21,5340.52%-0.55%-0.19%-0.36%0.80%
200760.30%$21,5970.30%-0.55%0.24%-0.66%-1.52%
200770.87%$21,786-3.54%0.84%0.87%-0.41%-2.67%
200781.24%$22,0560.18%1.24%0.66%-3.39%1.53%
200790.84%$22,2401.55%0.84%0.87%1.54%2.11%
2007100.93%$22,4460.93%1.03%0.33%-0.14%0.93%
2007112.20%$22,939-1.17%2.20%1.56%-1.73%-1.45%
2007120.04%$22,9490.16%0.04%0.37%-1.47%-0.10%
200811.39%$23,268-2.77%1.39%2.03%0.05%-2.88%
200821.20%$23,547-3.76%0.61%1.20%-7.55%-1.26%
200830.21%$23,597-0.46%0.21%0.01%2.18%0.40%
20084-0.18%$23,5552.05%-0.18%-0.48%0.73%4.02%
200851.10%$23,8141.15%-0.65%-0.19%1.36%1.10%
20086-1.80%$23,3860.52%0.03%0.40%-1.80%-1.44%
200870.39%$23,478-0.92%0.04%0.39%-1.10%-1.21%
20088-0.04%$23,467-0.04%1.02%0.69%0.73%0.90%
200890.62%$23,613-4.44%0.62%0.38%-8.09%-5.27%
2008100.19%$23,657-11.43%-1.53%0.19%-14.34%-13.14%
2008111.54%$24,022-8.98%3.77%1.54%-6.14%-6.30%
2008121.74%$24,441-4.34%1.74%1.61%-14.64%4.40%
200916.79%$26,1002.19%-0.09%0.31%5.45%6.79%
200920.06%$26,1160.09%0.47%0.39%2.46%0.06%
200930.38%$26,215-0.00%1.60%0.55%0.38%1.03%
200948.35%$28,4056.78%0.36%0.45%5.48%8.35%
200954.89%$29,7937.01%0.17%0.64%5.78%4.89%
200966.67%$31,7806.67%-0.03%-0.12%-0.48%2.40%
200973.58%$32,9173.58%1.00%0.26%1.86%4.93%
200981.50%$33,4102.44%0.52%0.55%5.16%1.50%
2009911.17%$37,1413.11%0.77%0.26%11.17%4.17%
200910-2.92%$36,0561.48%0.55%0.53%-2.92%1.55%
2009111.07%$36,4420.96%1.37%0.58%-0.07%1.07%
2009122.20%$37,2432.71%-1.49%-0.63%2.32%2.20%
201012.19%$38,0572.19%1.36%0.76%1.52%1.14%
201020.82%$38,3690.82%0.34%0.16%1.05%0.34%
201032.05%$39,1572.05%0.24%-0.11%1.04%2.22%
201041.66%$39,8051.66%0.66%0.25%1.95%1.75%
20105-2.35%$38,871-1.34%1.38%0.24%0.90%-2.35%
201061.35%$39,394-0.15%1.35%0.34%-0.20%0.83%
201070.99%$39,7851.40%0.99%0.05%1.61%2.54%
201080.96%$40,1680.59%0.39%0.14%3.19%0.96%
201090.43%$40,3411.35%-0.33%0.14%0.43%2.53%
2010102.20%$41,2301.76%1.11%0.32%0.43%2.20%
2010110.70%$41,5170.70%-0.10%-0.15%-4.77%0.19%
2010121.45%$42,1171.45%-0.62%-0.17%-3.39%2.09%
201112.05%$42,9811.51%0.18%0.14%-2.84%2.05%
201121.34%$43,5580.78%0.26%-0.05%1.55%1.34%
201130.24%$43,6640.15%0.17%-0.13%-0.37%0.24%
201141.30%$44,2330.79%1.38%0.45%1.97%1.30%
201153.14%$45,6240.19%1.28%0.13%3.14%0.56%
201161.90%$46,490-0.16%0.00%0.03%1.90%-0.69%
201171.60%$47,2360.17%1.10%0.13%1.60%1.10%
201180.38%$47,417-4.24%1.64%0.03%0.38%-3.71%
20119-1.79%$46,5700.31%0.28%-0.26%2.33%-1.79%
201110-0.48%$46,3452.45%0.10%0.23%-0.48%4.52%
201111-0.93%$45,916-0.41%0.44%-0.06%-0.55%-0.93%
2011120.61%$46,1950.95%0.61%0.04%2.48%2.25%
201214.82%$48,4222.06%0.43%0.22%4.82%2.95%
201221.51%$49,1530.77%-0.11%0.03%1.51%2.32%
201230.59%$49,4410.81%0.14%0.12%1.05%0.59%
201241.91%$50,3870.41%0.59%0.14%1.91%1.42%
20125-0.87%$49,949-0.65%0.41%-0.15%2.13%-0.87%
201260.76%$50,3290.43%0.07%-0.07%0.76%1.60%
201271.50%$51,0830.79%0.68%0.32%2.58%1.50%
201280.92%$51,5540.97%0.21%0.23%0.92%1.18%
201291.56%$52,3561.11%0.29%0.04%1.04%1.56%
2012100.83%$52,7900.32%-0.52%-0.06%0.80%0.83%
2012112.84%$54,2880.46%0.01%-0.24%2.84%1.15%
201212-1.11%$53,6860.67%0.12%0.18%-1.11%1.54%
201311.82%$54,6641.03%-0.56%-0.10%1.65%1.82%
201320.72%$55,0560.42%0.46%0.06%0.48%0.72%
201331.21%$55,7200.90%0.17%-0.02%-0.04%1.21%
201341.44%$56,5240.78%0.64%-0.02%1.41%1.44%
20135-0.03%$56,5060.21%-2.39%-0.14%-0.92%-0.03%
20136-0.38%$56,291-0.38%-1.05%-0.06%-6.00%-1.57%
201370.06%$56,3260.89%-0.30%0.06%-2.24%1.68%
201380.14%$56,4060.19%-0.30%-0.03%-3.39%0.14%
201391.10%$57,0250.23%1.73%0.06%3.40%1.10%
2013100.77%$57,4650.76%0.77%-0.03%1.30%2.08%
2013110.07%$57,5030.61%-0.64%0.17%0.07%0.61%
2013120.61%$57,8520.61%-0.73%-0.04%-0.17%0.61%
201410.43%$58,1030.43%2.05%0.07%3.84%0.55%
201422.27%$59,4230.21%0.32%0.09%2.27%1.71%
201431.06%$60,0500.33%-0.34%-0.02%1.06%0.49%
201441.79%$61,124-0.01%0.90%0.18%1.79%0.20%
201452.74%$62,7980.49%1.07%0.09%2.74%0.87%
201460.48%$63,0990.56%0.40%-0.02%0.48%0.68%
201470.12%$63,1760.11%-0.52%0.07%0.12%-0.97%
201481.61%$64,195-0.11%1.06%-0.04%1.61%1.30%
201490.65%$64,614-0.61%-0.25%-0.04%0.65%-1.65%
2014101.34%$65,4780.15%1.06%-0.05%1.34%0.74%
2014110.57%$65,8490.34%0.57%0.08%0.57%-0.46%
2014121.22%$66,654-1.34%0.18%-0.33%1.22%-1.92%
201511.84%$67,877-0.00%0.75%0.45%1.84%-0.49%
20152-0.82%$67,3231.32%-0.25%-0.13%-0.82%2.38%
201530.05%$67,3590.22%0.51%0.07%0.56%0.05%
201541.07%$68,0800.72%0.18%0.07%-0.42%1.07%
201550.57%$68,4710.22%-0.20%0.17%-0.37%0.57%
20156-1.61%$67,369-0.63%-0.75%0.05%-0.31%-1.61%
201570.69%$67,8360.25%0.56%-0.05%0.69%-0.42%
201580.34%$68,064-0.64%-0.09%-0.13%0.34%-1.91%
201590.75%$68,575-0.76%0.67%0.05%0.75%-2.09%
2015100.87%$69,169-0.11%-0.08%-0.16%0.87%1.86%
2015110.39%$69,442-1.28%0.01%-0.28%0.39%-2.76%
2015121.24%$70,303-1.35%0.02%-0.26%1.24%-4.09%
201610.92%$70,947-1.40%1.24%0.52%0.92%-2.78%
201620.31%$71,164-0.65%0.31%0.11%0.21%-0.17%
201630.33%$71,4003.17%0.33%0.33%1.73%4.55%
201643.74%$74,0682.14%0.20%0.03%1.25%3.74%
201651.27%$75,0111.48%0.19%-0.12%0.95%1.27%
201660.48%$75,3700.17%0.74%0.47%2.31%0.48%
201670.32%$75,6091.47%0.25%-0.14%0.32%2.46%
201681.78%$76,9550.91%0.08%0.05%0.60%1.78%
201690.90%$77,6481.55%0.36%0.18%-0.35%0.90%
2016101.38%$78,7211.38%-0.20%0.00%-1.36%0.49%
2016110.48%$79,1010.48%-1.67%-0.37%-6.01%1.09%
2016121.97%$80,6571.42%0.03%0.02%1.00%1.97%
Portfolio return and risk metrics
MetricTiming Portfolio
Arithmetic Mean (monthly)1.04%
Arithmetic Mean (annualized)13.21%
Geometric Mean (monthly)1.03%
Geometric Mean (annualized)13.07%
Volatility (monthly)1.49%
Volatility (annualized)5.17%
Downside Deviation (monthly)0.43%
Max. Drawdown-3.17%
US Market Correlation0.19
Beta(*)0.06
Alpha (annualized)12.09%
R23.51%
Sharpe Ratio2.06
Sortino Ratio6.91
Treynor Ratio (%)171.57
Calmar Ratio7.28
Active Return8.14%
Tracking Error15.21%
Information Ratio0.54
Skewness2.56
Excess Kurtosis14.38
Historical Value-at-Risk (5%)-0.91%
Analytical Value-at-Risk (5%)-1.41%
Conditional Value-at-Risk (5%)-1.75%
Upside Capture Ratio (%)36.41
Downside Capture Ratio (%)-18.85
Safe Withdrawal Rate12.27%
Perpetual Withdrawal Rate9.66%
Positive Periods184 out of 204 (90.20%)
Gain/Loss Ratio1.19
* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress PeriodStartEndTiming Portfolio
Dotcom CrashMar 2000Oct 2002-1.34%
Subprime CrisisNov 2007Mar 2009-1.80%

Drawdowns for Timing Portfolio

Drawdowns for Timing Portfolio (worst 10)
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Sep 2011Nov 20113 monthsJan 20122 months5 months-3.17%
2Oct 2009Oct 20091 monthDec 20092 months3 months-2.92%
3Mar 2005Mar 20051 monthMay 20052 months3 months-2.63%
4May 2010May 20101 monthAug 20103 months4 months-2.35%
5Jun 2008Jun 20081 monthNov 20085 months6 months-1.80%
6Jun 2015Jun 20151 monthSep 20153 months4 months-1.61%
7Sep 2001Sep 20011 monthFeb 20025 months6 months-1.34%
8Dec 2012Dec 20121 monthJan 20131 month2 months-1.11%
9May 2012May 20121 monthJul 20122 months3 months-0.87%
10Feb 2015Feb 20151 monthApr 20152 months3 months-0.82%
Worst 10 drawdowns included above
Rolling returns summary
Roll PeriodAverageHighLow
1 year13.46%52.38%5.48%
3 years13.37%23.64%8.76%
5 years13.59%18.81%9.05%
7 years13.90%16.45%10.14%
10 years14.17%14.62%13.82%
15 years13.27%13.48%13.06%
Result statistics are based on annualized rolling returns over full calendar year periods
Timing periods and related holdings for the timing portfolio
#StartEndMonthsAssetsAsset PerformanceTiming Portfolio
1Jan 2000Feb 20002100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 1.54%1.54%
2Mar 2000Apr 20002100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 1.57%1.57%
3May 2000May 20001100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.85%0.85%
4Jun 2000Jul 20002100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 2.18%2.18%
5Aug 2000Aug 20001100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.65%0.65%
6Sep 2000Sep 20001100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.75%0.75%
7Oct 2000Dec 20003100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 3.52%3.52%
8Jan 2001Jan 20011100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 1.24%1.24%
9Feb 2001Feb 20011100.00% Ivy High Income Y (WHIYX)WHIYX: 1.48%1.48%
10Mar 2001Mar 20011100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 0.90%0.90%
11Apr 2001Sep 20016100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 7.27%7.27%
12Oct 2001Oct 20011100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 1.20%1.20%
13Nov 2001Nov 20011100.00% Vanguard GNMA Inv (VFIIX)VFIIX: -1.01%-1.01%
14Dec 2001Dec 20011100.00% Ivy High Income Y (WHIYX)WHIYX: 0.02%0.02%
15Jan 2002Jan 20021100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.25%0.25%
16Feb 2002Feb 20021100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 1.17%1.17%
17Mar 2002Mar 20021100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.62%0.62%
18Apr 2002Apr 20021100.00% Ivy High Income Y (WHIYX)WHIYX: 0.70%0.70%
19May 2002May 20021100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.10%0.10%
20Jun 2002Oct 20025100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 4.47%4.47%
21Nov 2002Dec 20022100.00% Ivy High Income Y (WHIYX)WHIYX: 3.90%3.90%
22Jan 2003Jan 20031100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: -0.24%-0.24%
23Feb 2003Feb 20031100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.76%0.76%
24Mar 2003May 20033100.00% Ivy High Income Y (WHIYX)WHIYX: 5.62%5.62%
25Jun 2003Jun 20031100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.41%0.41%
26Jul 2003Jul 20031100.00% Ivy High Income Y (WHIYX)WHIYX: 0.05%0.05%
27Aug 2003Aug 20031100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.31%0.31%
28Sep 2003Nov 20033100.00% Ivy High Income Y (WHIYX)WHIYX: 5.50%5.50%
29Dec 2003Mar 20044100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 4.67%4.67%
30Apr 2004May 20042100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.93%0.93%
31Jun 2004Jun 20041100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.80%0.80%
32Jul 2004Jul 20041100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 0.96%0.96%
33Aug 2004Aug 20041100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 1.95%1.95%
34Sep 2004Sep 20041100.00% Ivy High Income Y (WHIYX)WHIYX: 1.07%1.07%
35Oct 2004Oct 20041100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 1.15%1.15%
36Nov 2004Nov 20041100.00% Ivy High Income Y (WHIYX)WHIYX: 1.05%1.05%
37Dec 2004Dec 20041100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.56%0.56%
38Jan 2005Feb 20052100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 1.44%1.44%
39Mar 2005Mar 20051100.00% Ivy High Income Y (WHIYX)WHIYX: -2.63%-2.63%
40Apr 2005Jun 20053100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 3.88%3.88%
41Jul 2005Aug 20052100.00% Ivy High Income Y (WHIYX)WHIYX: 2.54%2.54%
42Sep 2005Sep 20051100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: -0.67%-0.67%
43Oct 2005Dec 20053100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 1.44%1.44%
44Jan 2006Jan 20061100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.28%0.28%
45Feb 2006Feb 20061100.00% Ivy High Income Y (WHIYX)WHIYX: 0.68%0.68%
46Mar 2006Mar 20061100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.10%0.10%
47Apr 2006Apr 20061100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.60%0.60%
48May 2006May 20061100.00% Ivy High Income Y (WHIYX)WHIYX: 0.18%0.18%
49Jun 2006Jun 20061100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.09%0.09%
50Jul 2006Jul 20061100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.57%0.57%
51Aug 2006Sep 20062100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 2.27%2.27%
52Oct 2006Oct 20061100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.93%0.93%
53Nov 2006Mar 20075100.00% Ivy High Income Y (WHIYX)WHIYX: 6.43%6.43%
54Apr 2007Apr 20071100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 0.31%0.31%
55May 2007May 20071100.00% Ivy High Income Y (WHIYX)WHIYX: 0.80%0.80%
56Jun 2007Jun 20071100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.30%0.30%
57Jul 2007Jul 20071100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 0.87%0.87%
58Aug 2007Sep 20072100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 2.09%2.09%
59Oct 2007Oct 20071100.00% Ivy High Income Y (WHIYX)WHIYX: 0.93%0.93%
60Nov 2007Jan 20083100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 3.66%3.66%
61Feb 2008Feb 20081100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 1.20%1.20%
62Mar 2008Apr 20082100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 0.04%0.04%
63May 2008May 20081100.00% Ivy High Income Y (WHIYX)WHIYX: 1.10%1.10%
64Jun 2008Jun 20081100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: -1.80%-1.80%
65Jul 2008Jul 20081100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 0.39%0.39%
66Aug 2008Aug 20081100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: -0.04%-0.04%
67Sep 2008Sep 20081100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 0.62%0.62%
68Oct 2008Nov 20082100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 1.73%1.73%
69Dec 2008Dec 20081100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 1.74%1.74%
70Jan 2009Feb 20092100.00% Ivy High Income Y (WHIYX)WHIYX: 6.86%6.86%
71Mar 2009Mar 20091100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.38%0.38%
72Apr 2009May 20092100.00% Ivy High Income Y (WHIYX)WHIYX: 13.65%13.65%
73Jun 2009Jul 20092100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 10.48%10.48%
74Aug 2009Aug 20091100.00% Ivy High Income Y (WHIYX)WHIYX: 1.50%1.50%
75Sep 2009Oct 20092100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 7.92%7.92%
76Nov 2009Dec 20092100.00% Ivy High Income Y (WHIYX)WHIYX: 3.29%3.29%
77Jan 2010Apr 20104100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 6.88%6.88%
78May 2010May 20101100.00% Ivy High Income Y (WHIYX)WHIYX: -2.35%-2.35%
79Jun 2010Jul 20102100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 2.35%2.35%
80Aug 2010Aug 20101100.00% Ivy High Income Y (WHIYX)WHIYX: 0.96%0.96%
81Sep 2010Sep 20101100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.43%0.43%
82Oct 2010Oct 20101100.00% Ivy High Income Y (WHIYX)WHIYX: 2.20%2.20%
83Nov 2010Dec 20102100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 2.15%2.15%
84Jan 2011Apr 20114100.00% Ivy High Income Y (WHIYX)WHIYX: 5.02%5.02%
85May 2011Aug 20114100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 7.20%7.20%
86Sep 2011Sep 20111100.00% Ivy High Income Y (WHIYX)WHIYX: -1.79%-1.79%
87Oct 2011Oct 20111100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: -0.48%-0.48%
88Nov 2011Nov 20111100.00% Ivy High Income Y (WHIYX)WHIYX: -0.93%-0.93%
89Dec 2011Dec 20111100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 0.61%0.61%
90Jan 2012Feb 20122100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 6.40%6.40%
91Mar 2012Mar 20121100.00% Ivy High Income Y (WHIYX)WHIYX: 0.59%0.59%
92Apr 2012Apr 20121100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 1.91%1.91%
93May 2012May 20121100.00% Ivy High Income Y (WHIYX)WHIYX: -0.87%-0.87%
94Jun 2012Jun 20121100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.76%0.76%
95Jul 2012Jul 20121100.00% Ivy High Income Y (WHIYX)WHIYX: 1.50%1.50%
96Aug 2012Aug 20121100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.92%0.92%
97Sep 2012Oct 20122100.00% Ivy High Income Y (WHIYX)WHIYX: 2.40%2.40%
98Nov 2012Dec 20122100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 1.70%1.70%
99Jan 2013May 20135100.00% Ivy High Income Y (WHIYX)WHIYX: 5.25%5.25%
100Jun 2013Jun 20131100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: -0.38%-0.38%
101Jul 2013Jul 20131100.00% Goldman Sachs Short Dur Govt A (GSSDX)GSSDX: 0.06%0.06%
102Aug 2013Sep 20132100.00% Ivy High Income Y (WHIYX)WHIYX: 1.24%1.24%
103Oct 2013Oct 20131100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 0.77%0.77%
104Nov 2013Nov 20131100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.07%0.07%
105Dec 2013Dec 20131100.00% Ivy High Income Y (WHIYX)WHIYX: 0.61%0.61%
106Jan 2014Jan 20141100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 0.43%0.43%
107Feb 2014Feb 201513100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 15.87%15.87%
108Mar 2015Jun 20154100.00% Ivy High Income Y (WHIYX)WHIYX: 0.07%0.07%
109Jul 2015Jan 20167100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 5.31%5.31%
110Feb 2016Mar 20162100.00% Vanguard GNMA Inv (VFIIX)VFIIX: 0.64%0.64%
111Apr 2016Jun 20163100.00% Ivy High Income Y (WHIYX)WHIYX: 5.56%5.56%
112Jul 2016Jul 20161100.00% Nuveen High Yield Municipal Bond A (NHMAX)NHMAX: 0.32%0.32%
113Aug 2016Sep 20162100.00% Ivy High Income Y (WHIYX)WHIYX: 2.70%2.70%
114Oct 2016Nov 20162100.00% Invesco Oppenheimer Senior Fl RateA (OOSAX)OOSAX: 1.87%1.87%
115Dec 2016Dec 20161100.00% Ivy High Income Y (WHIYX)WHIYX: 1.97%1.97%
116Jan 2017Jan 20171100.00% Ivy High Income Y (WHIYX)--