Test Market Timing Models

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

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

Seasonal Model

Seasonal model moves the portfolio out of market based on specific calendar months. Sell in May and Go Away model is a well-known example that avoids historical underperformance of some stocks in the six-month period commencing in May and ending in October.

Shiller PE Ratio Market Valuation

Shiller PE Ratio (PE10) market valuation based timing model adjusts the allocation between stocks and bonds based on the start of year Shiller PE Ratio as follows:
  • PE10 >= 22 - 40% stocks, 60% bonds
  • 14 <= PE10 < 22 - 60% stocks, 40% bonds
  • PE10 < 14 - 80% stocks, 20% bonds
The balanced 60% stock and 40% bond allocation is used as the benchmark portfolio.

Moving Averages - Single Asset

The moving average timing model is either invested in a specific stock, ETF or mutual fund, or is alternatively in cash or other risk-free asset based on the moving average signal. The model is invested in the asset when the adjusted close price is greater than the moving average and the model moves to cash when the adjusted close price is less than the moving average. The model also supports using moving average cross-over as the signal.

Moving Averages - Portfolio Assets

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

Momentum - Relative Strength

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

Momentum - Dual Momentum

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

Adaptive Allocation

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

Target Volatility

The target volatility model adjusts the market exposure of the portfolio based on the realized historic volatility and the given volatility target. The cash allocation in the portfolio is increased or decreased as required to meet the targeted volatility level in order to improve the risk adjusted performance.
$ .00
$ .00
%
%
Timing Periods
Length
Unit
Weight
Time Period #1
%
Time Period #2
%
Time Period #3
%
Time Period #4
%
Time Period #5
%
Volatility Period
%
Portfolio Assets
Allocation
Asset 1
%
Asset 2
%
Asset 3
%
Asset 4
%
Asset 5
%
Asset 6
%
Asset 7
%
Asset 8
%
Asset 9
%
Asset 10
%
Total
%

Model Simulation Results (Jan 1997 - Dec 2020) Save

Tactical asset allocation model results from Jan 1997 to Dec 2020 are based on adaptive allocation model holding the top 2 best performing assets. The model uses a single performance window of 6 calendar month(s). Volatility based risk adjustments are done based on daily volatility over the past 3 calendar months. Inverse volatility weights based on the volatility window are used to set approximated risk parity asset weights for each lookback period. Tactical asset allocation model trades are executed using the end of month close price each month based on the end of month signals. The time period was constrained by the available data for Vanguard Real Estate Index Investor (VGSIX) [Jun 1996 - Dec 2020].

Performance statistics for the timing portfolio and benchmark portfolios
PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioUS Mkt Correlation
Adaptive Allocation Model$10,000$96,2229.89%10.60%31.12%-9.48%-16.37% 0.761.150.64
   

Trailing Returns

Trailing Returns
NameAnnualized ReturnAnnualized Volatility
3 Month1 year3 year5 year10 yearFull3 year5 year
Adaptive Allocation Model15.90%8.63%2.12%6.94%7.79%9.89%13.05%10.60%
Trailing annualized return and volatility are for full months ending in December 2020 excluding portfolio cashflows.
Notes on results:
  • Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
  • Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
  • All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
  • The backtested performance results are created by retroactively applying the specified investment strategy or methodology to historical data. Backtested models are developed with the benefit of hindsight but might not have foresight of the future.
  • 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.
  • 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.
  • The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
  • The results for the tactical asset allocation model assume monthly rebalancing trades
  • The relative strength signal is based on total return including dividends
  • Additional trading costs and taxes for tactical asset allocation 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 (3-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 section regarding the data sources and methodology descriptions
Annual returns for the timing portfolio and various benchmark portfolios
YearInflationAdaptive Allocation Model ReturnAdaptive Allocation Model BalanceVanguard Total Stock Mkt Idx Inv (VTSMX)Vanguard Total Intl Stock Index Inv (VGTSX)Vanguard Real Estate Index Investor (VGSIX)Vanguard Total Bond Market Index Inv (VBMFX)
19971.70%17.41%$11,74130.99%-0.77%18.77%9.44%
19981.61%-9.48%$10,62823.26%15.60%-16.32%8.58%
19992.68%22.84%$13,05523.81%29.92%-4.04%-0.76%
20003.39%5.87%$13,820-10.57%-15.61%26.35%11.39%
20011.55%9.87%$15,185-10.97%-20.15%12.35%8.43%
20022.38%4.83%$15,918-20.96%-15.08%3.75%8.26%
20031.88%31.12%$20,87131.35%40.34%35.65%3.97%
20043.26%15.95%$24,20012.51%20.84%30.76%4.24%
20053.42%0.35%$24,2855.98%15.57%11.89%2.40%
20062.54%28.14%$31,11915.51%26.64%35.07%4.27%
20074.08%10.32%$34,3325.49%15.52%-16.46%6.92%
20080.09%-1.23%$33,910-37.04%-44.10%-37.05%5.05%
20092.72%27.90%$43,37028.70%36.73%29.58%5.93%
20101.50%4.80%$45,45217.09%11.12%28.30%6.42%
20112.96%7.96%$49,0700.96%-14.56%8.47%7.56%
20121.74%11.46%$54,69416.25%18.14%17.53%4.05%
20131.50%20.36%$65,83133.35%15.04%2.31%-2.26%
20140.76%13.83%$74,93812.43%-4.24%30.13%5.76%
20150.73%-8.20%$68,7920.29%-4.37%2.22%0.30%
20162.07%5.93%$72,86812.53%4.65%8.34%2.50%
20172.11%23.99%$90,35021.05%27.40%4.83%3.46%
20181.91%-8.02%$83,104-5.26%-14.44%-6.11%-0.13%
20192.29%6.59%$88,57730.65%21.43%28.78%8.61%
20201.36%8.63%$96,22220.87%11.16%-4.78%7.61%
Monthly returns for the timing portfolio and various benchmark portfolios
YearMonthAdaptive Allocation Model ReturnAdaptive Allocation Model BalanceVanguard Total Stock Mkt Idx Inv (VTSMX)Vanguard Total Intl Stock Index Inv (VGTSX)Vanguard Real Estate Index Investor (VGSIX)Vanguard Total Bond Market Index Inv (VBMFX)
199712.44%$10,2445.46%-2.37%0.16%0.25%
19972-0.22%$10,222-0.11%1.82%-0.32%0.11%
19973-1.73%$10,045-4.45%-0.10%0.38%-0.97%
199740.01%$10,0464.50%0.20%-3.10%1.49%
199754.49%$10,4977.10%6.54%2.95%0.87%
199764.85%$11,0054.37%5.40%5.13%1.16%
199774.10%$11,4567.77%1.59%2.85%2.80%
19978-6.53%$10,708-3.72%-8.60%-0.75%-0.85%
199798.13%$11,5795.77%5.51%9.24%1.45%
199710-2.98%$11,234-3.40%-9.10%-2.80%1.45%
1997112.24%$11,4863.33%-1.19%1.73%0.33%
1997122.22%$11,7411.70%0.92%2.48%1.04%
19981-0.71%$11,6580.44%3.04%-1.27%1.32%
19982-0.63%$11,5857.34%6.88%-1.65%-0.10%
199833.34%$11,9715.06%3.22%2.55%0.33%
199840.66%$12,0501.10%0.53%-3.36%0.51%
19985-2.17%$11,788-2.71%-1.51%-0.89%1.02%
199861.86%$12,0073.54%-0.27%-0.03%0.81%
19987-0.80%$11,911-2.27%1.08%-6.90%0.23%
19988-14.76%$10,153-15.65%-13.66%-9.21%1.90%
199891.45%$10,3006.68%-2.07%5.99%1.96%
1998100.38%$10,3387.51%10.77%-1.81%-0.55%
1998111.30%$10,4736.17%5.34%1.58%0.49%
1998121.47%$10,6286.45%3.26%-1.80%0.38%
199911.38%$10,7753.65%-0.63%-2.44%0.79%
19992-2.15%$10,543-3.73%-2.16%-1.57%-1.77%
199934.52%$11,0193.93%4.97%-0.44%0.56%
199944.90%$11,5594.68%5.08%9.55%0.40%
19995-3.73%$11,128-2.00%-5.00%2.09%-0.88%
199964.73%$11,6545.16%4.39%-1.87%-0.50%
199970.09%$11,664-3.20%2.27%-2.91%-0.39%
19998-0.19%$11,642-0.92%0.33%-1.00%-0.08%
19999-0.57%$11,575-2.44%0.82%-4.12%1.26%
199910-0.04%$11,5716.29%3.74%-2.25%0.33%
1999113.82%$12,0133.42%4.08%-1.50%0.02%
1999128.67%$13,0557.59%9.37%3.07%-0.48%
20001-5.39%$12,351-4.18%-6.22%0.61%-0.17%
200022.71%$12,6852.54%2.83%-1.51%1.18%
200034.46%$13,2505.69%3.48%3.50%1.40%
20004-5.32%$12,544-5.21%-5.41%6.73%-0.49%
200050.05%$12,551-3.41%-2.67%1.03%-0.16%
200062.91%$12,9164.42%4.27%2.49%2.15%
200073.43%$13,360-1.95%-4.46%8.77%0.88%
20008-0.16%$13,3387.28%1.00%-3.99%1.40%
20009-0.32%$13,296-4.67%-5.00%2.93%0.76%
200010-0.69%$13,203-2.04%-3.03%-4.63%0.57%
2000111.62%$13,417-9.90%-4.44%1.74%1.58%
2000123.01%$13,8201.78%3.72%6.88%1.79%
200111.45%$14,0203.83%1.10%0.43%1.76%
200120.04%$14,026-9.41%-7.61%-1.72%0.91%
200130.63%$14,114-6.72%-7.15%0.81%0.54%
200140.57%$14,1948.16%7.89%2.28%-0.46%
200151.18%$14,3621.01%-3.52%2.15%0.73%
200162.36%$14,701-1.64%-3.84%5.92%0.52%
200170.72%$14,806-1.71%-2.43%-2.10%2.23%
200182.06%$15,111-6.00%-2.30%3.54%1.11%
20019-0.61%$15,018-9.00%-10.73%-3.87%0.89%
2001100.67%$15,1192.52%2.97%-3.37%1.86%
2001110.23%$15,1537.63%3.56%5.76%-1.34%
2001120.21%$15,1851.78%1.35%2.47%-0.58%
200210.36%$15,239-1.24%-4.63%-0.25%0.69%
200221.30%$15,438-2.05%0.90%1.98%0.85%
200231.48%$15,6674.38%5.71%6.24%-1.46%
20024-1.25%$15,471-4.90%0.42%0.62%1.69%
200251.24%$15,662-1.22%1.16%1.30%0.80%
20026-0.61%$15,567-7.06%-4.28%2.81%0.29%
20027-0.99%$15,413-8.02%-9.80%-5.28%0.48%
200281.37%$15,6240.53%-0.12%0.16%1.66%
200290.56%$15,712-10.07%-10.88%-3.53%1.53%
200210-1.44%$15,4867.65%5.70%-4.95%-0.61%
2002110.97%$15,6366.06%4.75%4.43%0.02%
2002121.80%$15,918-5.57%-3.43%0.85%2.07%
20031-0.53%$15,834-2.54%-3.76%-2.70%0.05%
200320.89%$15,975-1.69%-2.42%1.74%1.38%
200330.42%$16,0421.09%-1.93%2.04%-0.13%
200341.99%$16,3618.21%9.70%4.05%0.87%
200355.74%$17,3016.11%6.15%5.52%1.82%
200360.38%$17,3671.43%2.66%2.25%-0.13%
200373.92%$18,0482.36%3.18%5.18%-3.34%
200381.45%$18,3102.39%2.51%0.65%0.61%
200390.91%$18,476-1.15%2.78%3.41%2.71%
2003103.95%$19,2066.12%6.49%1.63%-0.96%
2003113.30%$19,8391.38%2.13%4.31%0.27%
2003125.20%$20,8714.48%7.80%3.08%0.88%
200413.08%$21,5152.23%1.60%4.28%0.86%
200422.00%$21,9451.43%2.50%1.64%1.03%
200433.10%$22,626-1.07%0.45%5.43%0.80%
20044-9.54%$20,468-2.11%-3.14%-14.56%-2.61%
200450.93%$20,6581.35%0.46%7.09%-0.43%
200462.22%$21,1172.09%2.40%2.79%0.56%
20047-1.75%$20,747-3.80%-3.34%0.51%0.96%
200483.23%$21,4170.31%0.75%7.83%1.94%
200490.07%$21,4331.74%2.96%-0.23%0.16%
2004101.80%$21,8181.68%3.24%5.39%0.85%
2004116.05%$23,1394.68%7.23%4.15%-0.81%
2004124.59%$24,2003.63%4.44%4.83%0.92%
20051-4.30%$23,160-2.68%-1.67%-8.46%0.65%
200524.02%$24,0922.07%4.68%2.85%-0.63%
20053-2.36%$23,523-1.75%-2.93%-1.58%-0.49%
20054-2.19%$23,009-2.32%-2.07%5.81%1.35%
200551.41%$23,3333.77%0.08%3.24%1.05%
200561.42%$23,6630.81%1.30%4.96%0.55%
200570.80%$23,8514.11%3.68%6.97%-0.99%
20058-2.14%$23,341-0.94%2.85%-3.74%1.36%
200590.75%$23,5170.86%4.73%0.57%-1.10%
200510-2.97%$22,818-1.86%-3.37%-2.35%-0.81%
2005113.28%$23,5673.97%2.67%4.25%0.48%
2005123.05%$24,2850.14%5.14%-0.10%0.99%
200615.20%$25,5483.50%6.87%7.53%-0.11%
200620.55%$25,6900.00%-0.72%1.83%0.37%
200634.06%$26,7331.80%3.17%4.83%-1.00%
200640.83%$26,9561.11%5.12%-3.63%-0.21%
20065-3.77%$25,941-3.23%-4.45%-2.80%-0.09%
200662.22%$26,5160.17%-0.38%5.29%0.10%
200672.42%$27,158-0.13%1.15%3.49%1.35%
200683.20%$28,0272.31%2.53%3.72%1.64%
200691.18%$28,3592.27%0.25%1.90%0.81%
2006105.08%$29,8003.53%4.00%6.11%0.72%
2006113.28%$30,7762.23%3.73%4.69%1.11%
2006121.12%$31,1191.13%3.09%-1.81%-0.48%
200713.68%$32,2651.88%0.96%8.52%-0.08%
20072-0.90%$31,975-1.61%0.06%-2.41%1.50%
200730.49%$32,1311.11%2.80%-2.37%0.02%
200742.18%$32,8324.01%3.92%-0.04%0.51%
200753.42%$33,9563.69%3.09%-0.11%-0.78%
20076-0.66%$33,731-1.67%0.61%-9.26%-0.39%
20077-2.30%$32,955-3.41%-1.06%-7.77%0.84%
200780.41%$33,0901.45%-0.72%6.49%1.34%
200794.92%$34,7183.59%6.38%4.25%0.72%
2007103.75%$36,0221.85%5.90%1.22%0.93%
200711-4.52%$34,392-4.49%-4.57%-9.32%1.91%
200712-0.17%$34,332-0.60%-2.28%-5.11%0.22%
20081-0.11%$34,293-6.08%-8.55%-0.34%1.69%
20082-0.28%$34,197-3.07%0.33%-3.73%0.19%
200830.09%$34,227-0.58%-0.71%6.45%0.30%
200840.96%$34,5575.02%5.85%5.89%-0.30%
20085-0.63%$34,3382.09%1.51%0.14%-0.79%
20086-1.83%$33,710-8.19%-8.99%-10.77%-0.01%
200870.50%$33,878-0.77%-3.67%3.15%0.00%
200880.89%$34,1791.58%-5.10%2.25%0.70%
20089-1.00%$33,839-9.26%-13.09%-0.11%-1.10%
200810-5.22%$32,074-17.63%-22.09%-31.23%-2.53%
2008112.47%$32,867-7.90%-6.29%-23.39%3.64%
2008123.17%$33,9101.86%8.16%17.39%3.32%
20091-1.39%$33,438-8.26%-11.96%-17.39%-0.70%
20092-1.42%$32,964-10.45%-9.58%-20.76%-0.42%
200932.20%$33,6888.65%9.31%3.76%1.48%
200941.45%$34,17510.61%12.78%31.31%0.36%
200952.31%$34,9665.38%14.35%2.36%0.85%
20096-1.85%$34,3200.34%-1.32%-3.25%0.54%
200978.86%$37,3627.82%9.96%10.64%1.43%
200983.57%$38,6953.63%3.50%13.99%1.01%
200995.68%$40,8934.23%5.15%6.69%1.19%
200910-2.95%$39,686-2.57%-2.17%-4.64%0.41%
2009114.86%$41,6175.63%3.86%6.85%1.36%
2009124.21%$43,3702.86%1.53%7.03%-1.68%
20101-5.17%$41,129-3.50%-5.07%-5.32%1.57%
201024.14%$42,8313.36%0.22%5.55%0.20%
201037.80%$46,1726.27%6.71%10.09%-0.08%
201044.19%$48,1092.17%-1.71%7.09%1.06%
20105-7.07%$44,707-8.00%-10.78%-5.41%0.87%
20106-5.50%$42,248-5.66%-1.17%-5.24%1.61%
201071.75%$42,9866.99%10.33%9.73%0.94%
201081.24%$43,520-4.75%-3.22%-1.24%1.48%
201090.46%$43,7209.47%10.41%4.37%-0.01%
2010100.90%$44,1163.94%3.55%4.80%0.36%
201011-3.40%$42,6160.58%-4.52%-2.04%-0.57%
2010126.65%$45,4526.81%8.34%4.63%-1.15%
201111.57%$46,1652.19%0.70%3.32%0.08%
201123.22%$47,6523.60%2.71%4.58%0.16%
201130.06%$47,6810.45%-0.43%-1.44%-0.01%
201144.18%$49,6752.99%5.24%5.66%1.32%
20115-0.01%$49,672-1.16%-2.87%1.36%1.30%
20116-2.49%$48,434-1.79%-1.51%-3.35%-0.39%
20117-0.57%$48,158-2.28%-1.53%1.55%1.58%
201180.27%$48,286-5.99%-8.45%-5.53%1.46%
20119-0.51%$48,040-7.75%-12.29%-10.98%0.89%
2011101.78%$48,89411.51%10.22%14.39%0.16%
201111-0.67%$48,565-0.29%-2.88%-3.73%-0.30%
2011121.04%$49,0700.80%-2.64%4.61%1.08%
201211.49%$49,8045.08%7.27%6.49%0.87%
20122-0.17%$49,7174.26%5.14%-1.12%-0.05%
201234.00%$51,7063.07%-0.75%5.14%-0.58%
201240.90%$52,172-0.65%-1.78%2.88%1.14%
20125-5.48%$49,313-6.24%-11.14%-4.60%0.95%
201264.70%$51,6323.91%6.03%5.64%0.04%
201271.45%$52,3831.03%0.44%1.93%1.39%
201281.21%$53,0192.48%2.72%-0.14%0.03%
201290.31%$53,1812.58%3.62%-1.83%0.11%
201210-0.09%$53,131-1.76%0.56%-0.83%0.11%
2012110.31%$53,2950.74%1.82%-0.37%0.19%
2012122.62%$54,6941.19%4.17%3.69%-0.20%
201314.37%$57,0825.50%3.34%3.71%-0.71%
20132-0.07%$57,0441.28%-1.23%1.24%0.54%
201332.25%$58,3283.88%0.77%2.89%0.08%
201344.42%$60,9091.70%3.58%6.70%0.91%
20135-1.99%$59,7002.32%-2.95%-5.96%-1.71%
20136-1.59%$58,750-1.27%-3.75%-1.96%-1.65%
201373.52%$60,8205.49%4.56%0.83%0.20%
20138-4.37%$58,161-2.82%-1.63%-6.86%-0.64%
201395.31%$61,2503.66%7.21%3.28%0.96%
2013103.87%$63,6194.22%3.41%4.46%0.78%
2013111.51%$64,5782.88%0.12%-5.23%-0.35%
2013121.94%$65,8312.63%1.25%0.26%-0.65%
20141-4.00%$63,200-3.11%-4.78%4.19%1.54%
201425.07%$66,4044.73%5.39%4.96%0.48%
201430.46%$66,7090.51%0.41%0.49%-0.15%
201441.77%$67,8900.06%1.31%3.37%0.77%
201452.27%$69,4302.17%1.88%2.35%1.05%
201461.81%$70,6852.54%1.74%1.14%0.11%
20147-0.91%$70,040-1.98%-1.61%0.04%-0.26%
201481.88%$71,3584.18%1.05%2.93%1.13%
20149-3.98%$68,517-2.14%-5.01%-5.96%-0.72%
2014106.02%$72,6392.74%-0.31%9.93%0.94%
2014112.19%$74,2332.41%-0.25%1.98%0.65%
2014120.95%$74,938-0.01%-3.65%1.93%0.09%
201512.44%$76,763-2.77%0.13%6.72%2.31%
20152-1.64%$75,5055.76%5.52%-3.59%-1.08%
201530.28%$75,719-1.04%-1.54%1.72%0.41%
20154-2.33%$73,9520.42%5.08%-5.92%-0.36%
201550.30%$74,1751.39%-0.94%-0.27%-0.45%
20156-2.17%$72,568-1.71%-2.69%-4.60%-1.01%
201570.52%$72,9491.63%-0.80%5.60%0.76%
20158-6.58%$68,150-6.03%-7.29%-6.25%-0.36%
201590.03%$68,170-2.93%-3.90%3.02%0.76%
2015101.27%$69,0367.84%6.26%5.78%0.01%
201511-0.33%$68,8110.54%-1.32%-0.64%-0.27%
201512-0.03%$68,792-2.03%-2.07%1.79%-0.38%
201610.60%$69,204-5.67%-5.59%-3.36%1.43%
201620.50%$69,551-0.04%-2.27%-0.43%0.66%
201632.41%$71,2277.01%8.19%10.41%0.94%
20164-0.83%$70,6360.63%2.22%-2.41%0.38%
201650.41%$70,9251.79%-1.02%2.36%0.01%
201662.79%$72,9000.23%-0.94%6.88%1.94%
201671.34%$73,8783.95%4.41%4.18%0.64%
20168-1.73%$72,5960.26%0.74%-3.68%-0.17%
20169-0.89%$71,9480.15%1.37%-1.83%-0.09%
201610-1.99%$70,517-2.21%-1.72%-5.72%-0.81%
2016111.34%$71,4624.44%-2.15%-1.73%-2.64%
2016121.97%$72,8681.92%2.02%4.66%0.24%
201712.87%$74,9631.91%3.87%-0.04%0.29%
201722.64%$76,9383.71%1.50%3.43%0.66%
201731.37%$77,9950.07%2.82%-2.36%-0.07%
201741.62%$79,2601.05%2.20%0.15%0.76%
201751.98%$80,8291.01%3.01%-0.65%0.67%
201760.73%$81,4180.92%0.52%2.10%0.01%
201772.61%$83,5451.87%3.42%1.23%0.39%
201780.39%$83,8730.15%0.64%-0.25%0.85%
201792.12%$85,6502.45%1.81%-0.13%-0.54%
2017102.04%$87,4002.16%1.94%-1.01%0.11%
2017111.86%$89,0293.04%0.78%2.64%-0.17%
2017121.48%$90,3500.99%2.01%-0.23%0.44%
201815.45%$95,2705.31%5.59%-4.21%-1.09%
20182-4.40%$91,074-3.72%-5.14%-7.65%-1.03%
20183-1.27%$89,914-1.99%-0.64%3.83%0.63%
201840.63%$90,4780.38%0.83%0.84%-0.83%
201850.09%$90,5612.79%-1.92%3.60%0.61%
20186-0.96%$89,6880.68%-2.08%4.13%0.03%
201872.03%$91,5083.34%2.48%0.74%0.03%
201883.00%$94,2573.44%-2.19%2.46%0.52%
20189-1.07%$93,2530.16%0.30%-2.63%-0.54%
201810-5.69%$87,945-7.40%-8.35%-2.98%-0.73%
2018113.38%$90,9132.06%1.26%4.73%0.53%
201812-8.59%$83,104-9.29%-4.85%-7.97%1.80%
201912.34%$85,0538.59%7.58%11.74%1.01%
201920.04%$85,0883.50%1.72%0.72%-0.06%
201932.26%$87,0131.44%0.72%4.18%1.96%
201940.01%$87,0243.98%2.76%-0.10%0.04%
20195-3.49%$83,989-6.45%-5.55%0.10%1.83%
201961.26%$85,0476.97%5.83%1.69%1.15%
201971.51%$86,3281.44%-1.89%1.58%0.23%
201980.78%$87,000-2.03%-2.35%3.76%2.78%
20199-0.07%$86,9421.70%2.72%1.89%-0.60%
2019100.43%$87,3162.10%3.38%1.06%0.21%
201911-0.41%$86,9623.77%1.11%-1.28%-0.06%
2019121.86%$88,5772.85%4.27%0.81%-0.15%
202010.50%$89,019-0.08%-3.30%1.17%2.11%
20202-7.72%$82,148-8.18%-6.72%-7.08%1.71%
20203-3.01%$79,676-13.78%-16.11%-19.30%-0.59%
202043.20%$82,22913.25%8.09%8.87%1.69%
202051.13%$83,1555.38%4.80%1.74%0.54%
202060.89%$83,8962.28%4.24%2.44%0.70%
202071.91%$85,5005.64%4.10%3.56%1.55%
20208-0.16%$85,3607.18%4.31%0.44%-1.02%
20209-2.74%$83,020-3.57%-1.96%-2.64%0.08%
202010-2.18%$81,206-2.16%-2.21%-3.09%-0.61%
20201112.62%$91,45112.19%12.93%9.67%1.11%
2020125.22%$96,2224.45%5.82%2.78%0.15%
Portfolio return and risk metrics
MetricAdaptive Allocation Model
Arithmetic Mean (monthly)0.84%
Arithmetic Mean (annualized)10.51%
Geometric Mean (monthly)0.79%
Geometric Mean (annualized)9.89%
Volatility (monthly)3.06%
Volatility (annualized)10.60%
Downside Deviation (monthly)1.94%
Max. Drawdown-16.37%
US Market Correlation0.64
Beta(*)0.43
Alpha (annualized)5.75%
R240.86%
Sharpe Ratio0.76
Sortino Ratio1.15
Treynor Ratio (%)18.89
Calmar Ratio0.13
Active Return0.73%
Tracking Error12.26%
Information Ratio0.06
Skewness-0.64
Excess Kurtosis3.31
Historical Value-at-Risk (5%)-4.48%
Analytical Value-at-Risk (5%)-4.20%
Conditional Value-at-Risk (5%)-6.87%
Upside Capture Ratio (%)58.94
Downside Capture Ratio (%)41.57
Safe Withdrawal Rate9.63%
Perpetual Withdrawal Rate7.10%
Positive Periods197 out of 288 (68.40%)
Gain/Loss Ratio0.97
* US stock market is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress PeriodStartEndAdaptive Allocation Model
Asian CrisisJul 1997Jan 1998-6.53%
Russian Debt DefaultJul 1998Oct 1998-15.45%
Dotcom CrashMar 2000Oct 2002-5.32%
Subprime CrisisNov 2007Mar 2009-10.96%

Drawdowns for Adaptive Allocation Model

Drawdowns for Adaptive Allocation Model (worst 10)
RankStartEndLengthRecovery ByRecovery TimeUnderwater PeriodDrawdown
1Feb 2018Mar 20202 years 2 monthsDec 20209 months2 years 11 months-16.37%
2May 1998Aug 19984 monthsDec 19991 year 4 months1 year 8 months-15.74%
3May 2010Jun 20102 monthsApr 201110 months1 year-12.18%
4Feb 2015Aug 20157 monthsFeb 20171 year 6 months2 years 1 month-11.22%
5Nov 2007Oct 20081 yearJul 20099 months1 year 9 months-10.96%
6Apr 2004Apr 20041 monthNov 20047 months8 months-9.54%
7Aug 1997Aug 19971 monthSep 19971 month2 months-6.53%
8Jan 2005Oct 200510 monthsDec 20052 months1 year-5.71%
9May 2012May 20121 monthJul 20122 months3 months-5.48%
10Jan 2000Jan 20001 monthMar 20002 months3 months-5.39%
Worst 10 drawdowns included above
Rolling returns summary
Roll PeriodAverageHighLow
1 year9.88%41.05%-11.04%
3 years10.36%18.56%-2.42%
5 years10.68%18.39%1.02%
7 years11.10%16.66%3.55%
10 years11.23%14.39%5.51%
15 years11.19%13.05%8.47%
Timing periods and related holdings for the timing portfolio
#StartEndMonthsAssetsAsset PerformanceAdaptive Allocation Model
1Jan 1997Jan 1997156.89% Vanguard Real Estate Index Investor (VGSIX)
43.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.16%
VTSMX: 5.46%		2.44%
2Feb 1997Feb 1997153.78% Vanguard Real Estate Index Investor (VGSIX)
46.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -0.32%
VTSMX: -0.11%		-0.22%
3Mar 1997Mar 1997156.34% Vanguard Real Estate Index Investor (VGSIX)
43.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.38%
VTSMX: -4.45%		-1.73%
4Apr 1997Apr 1997159.10% Vanguard Real Estate Index Investor (VGSIX)
40.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.10%
VTSMX: 4.50%		0.01%
5May 1997May 1997163.01% Vanguard Real Estate Index Investor (VGSIX)
36.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.95%
VTSMX: 7.10%		4.49%
6Jun 1997Jun 1997162.45% Vanguard Real Estate Index Investor (VGSIX)
37.55% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.13%
VTSMX: 4.37%		4.85%
7Jul 1997Jul 1997159.42% Vanguard Total Intl Stock Index Inv (VGTSX)
40.58% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.59%
VTSMX: 7.77%		4.10%
8Aug 1997Aug 1997157.62% Vanguard Total Intl Stock Index Inv (VGTSX)
42.38% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -8.60%
VTSMX: -3.72%		-6.53%
9Sep 1997Sep 1997168.12% Vanguard Real Estate Index Investor (VGSIX)
31.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 9.24%
VTSMX: 5.77%		8.13%
10Oct 1997Oct 1997169.98% Vanguard Real Estate Index Investor (VGSIX)
30.02% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.80%
VTSMX: -3.40%		-2.98%
11Nov 1997Nov 1997167.86% Vanguard Real Estate Index Investor (VGSIX)
32.14% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.73%
VTSMX: 3.33%		2.24%
12Dec 1997Dec 1997167.15% Vanguard Real Estate Index Investor (VGSIX)
32.85% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.48%
VTSMX: 1.70%		2.22%
13Jan 1998Jan 1998167.26% Vanguard Real Estate Index Investor (VGSIX)
32.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -1.27%
VTSMX: 0.44%		-0.71%
14Feb 1998Feb 1998165.63% Vanguard Total Bond Market Index Inv (VBMFX)
34.37% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.10%
VGSIX: -1.65%		-0.63%
15Mar 1998Mar 1998168.60% Vanguard Real Estate Index Investor (VGSIX)
31.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.55%
VTSMX: 5.06%		3.34%
16Apr 1998Apr 1998175.04% Vanguard Total Bond Market Index Inv (VBMFX)
24.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.51%
VTSMX: 1.10%		0.66%
17May 1998May 1998144.73% Vanguard Total Intl Stock Index Inv (VGTSX)
55.27% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.51%
VTSMX: -2.71%		-2.17%
18Jun 1998Jun 1998144.17% Vanguard Total Intl Stock Index Inv (VGTSX)
55.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.27%
VTSMX: 3.54%		1.86%
19Jul 1998Jul 1998143.75% Vanguard Total Intl Stock Index Inv (VGTSX)
56.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.08%
VTSMX: -2.27%		-0.80%
20Aug 1998Aug 1998144.91% Vanguard Total Intl Stock Index Inv (VGTSX)
55.09% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -13.66%
VTSMX: -15.65%		-14.76%
21Sep 1998Sep 1998187.28% Vanguard Total Bond Market Index Inv (VBMFX)
12.72% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 1.96%
VGTSX: -2.07%		1.45%
22Oct 1998Oct 1998188.48% Vanguard Total Bond Market Index Inv (VBMFX)
11.52% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -0.55%
VTSMX: 7.51%		0.38%
23Nov 1998Nov 1998185.60% Vanguard Total Bond Market Index Inv (VBMFX)
14.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.49%
VTSMX: 6.17%		1.30%
24Dec 1998Dec 1998182.09% Vanguard Total Bond Market Index Inv (VBMFX)
17.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.38%
VTSMX: 6.45%		1.47%
25Jan 1999Jan 1999179.29% Vanguard Total Bond Market Index Inv (VBMFX)
20.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.79%
VTSMX: 3.65%		1.38%
26Feb 1999Feb 1999180.60% Vanguard Total Bond Market Index Inv (VBMFX)
19.40% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -1.77%
VTSMX: -3.73%		-2.15%
27Mar 1999Mar 1999156.61% Vanguard Total Intl Stock Index Inv (VGTSX)
43.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 4.97%
VTSMX: 3.93%		4.52%
28Apr 1999Apr 1999154.72% Vanguard Total Intl Stock Index Inv (VGTSX)
45.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.08%
VTSMX: 4.68%		4.90%
29May 1999May 1999157.61% Vanguard Total Intl Stock Index Inv (VGTSX)
42.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -5.00%
VTSMX: -2.00%		-3.73%
30Jun 1999Jun 1999156.39% Vanguard Total Intl Stock Index Inv (VGTSX)
43.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 4.39%
VTSMX: 5.16%		4.73%
31Jul 1999Jul 1999160.05% Vanguard Total Intl Stock Index Inv (VGTSX)
39.95% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.27%
VTSMX: -3.20%		0.09%
32Aug 1999Aug 1999158.21% Vanguard Total Intl Stock Index Inv (VGTSX)
41.79% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.33%
VTSMX: -0.92%		-0.19%
33Sep 1999Sep 1999157.31% Vanguard Total Intl Stock Index Inv (VGTSX)
42.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.82%
VTSMX: -2.44%		-0.57%
34Oct 1999Oct 1999163.12% Vanguard Real Estate Index Investor (VGSIX)
36.88% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.25%
VGTSX: 3.74%		-0.04%
35Nov 1999Nov 1999160.79% Vanguard Total Intl Stock Index Inv (VGTSX)
39.21% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 4.08%
VTSMX: 3.42%		3.82%
36Dec 1999Dec 1999160.79% Vanguard Total Intl Stock Index Inv (VGTSX)
39.21% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 9.37%
VTSMX: 7.59%		8.67%
37Jan 2000Jan 2000159.40% Vanguard Total Intl Stock Index Inv (VGTSX)
40.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -6.22%
VTSMX: -4.18%		-5.39%
38Feb 2000Feb 2000155.90% Vanguard Total Intl Stock Index Inv (VGTSX)
44.10% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.83%
VTSMX: 2.54%		2.71%
39Mar 2000Mar 2000155.65% Vanguard Total Intl Stock Index Inv (VGTSX)
44.35% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.48%
VTSMX: 5.69%		4.46%
40Apr 2000Apr 2000158.52% Vanguard Total Intl Stock Index Inv (VGTSX)
41.48% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -5.41%
VTSMX: -5.21%		-5.32%
41May 2000May 2000177.94% Vanguard Real Estate Index Investor (VGSIX)
22.06% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.03%
VTSMX: -3.41%		0.05%
42Jun 2000Jun 2000178.16% Vanguard Real Estate Index Investor (VGSIX)
21.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.49%
VTSMX: 4.42%		2.91%
43Jul 2000Jul 2000167.64% Vanguard Total Bond Market Index Inv (VBMFX)
32.36% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.88%
VGSIX: 8.77%		3.43%
44Aug 2000Aug 2000170.99% Vanguard Total Bond Market Index Inv (VBMFX)
29.01% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.40%
VGSIX: -3.99%		-0.16%
45Sep 2000Sep 2000157.29% Vanguard Real Estate Index Investor (VGSIX)
42.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.93%
VTSMX: -4.67%		-0.32%
46Oct 2000Oct 2000175.74% Vanguard Total Bond Market Index Inv (VBMFX)
24.26% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.57%
VGSIX: -4.63%		-0.69%
47Nov 2000Nov 2000177.95% Vanguard Total Bond Market Index Inv (VBMFX)
22.05% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.58%
VGSIX: 1.74%		1.62%
48Dec 2000Dec 2000176.05% Vanguard Total Bond Market Index Inv (VBMFX)
23.95% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.79%
VGSIX: 6.88%		3.01%
49Jan 2001Jan 2001176.32% Vanguard Total Bond Market Index Inv (VBMFX)
23.68% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.76%
VGSIX: 0.43%		1.45%
50Feb 2001Feb 2001167.15% Vanguard Total Bond Market Index Inv (VBMFX)
32.85% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.91%
VGSIX: -1.72%		0.04%
51Mar 2001Mar 2001167.38% Vanguard Total Bond Market Index Inv (VBMFX)
32.62% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.54%
VGSIX: 0.81%		0.63%
52Apr 2001Apr 2001162.52% Vanguard Total Bond Market Index Inv (VBMFX)
37.48% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.46%
VGSIX: 2.28%		0.57%
53May 2001May 2001168.34% Vanguard Total Bond Market Index Inv (VBMFX)
31.66% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.73%
VGSIX: 2.15%		1.18%
54Jun 2001Jun 2001165.99% Vanguard Total Bond Market Index Inv (VBMFX)
34.01% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.52%
VGSIX: 5.92%		2.36%
55Jul 2001Jul 2001165.03% Vanguard Total Bond Market Index Inv (VBMFX)
34.97% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 2.23%
VGSIX: -2.10%		0.72%
56Aug 2001Aug 2001160.96% Vanguard Total Bond Market Index Inv (VBMFX)
39.04% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.11%
VGSIX: 3.54%		2.06%
57Sep 2001Sep 2001168.42% Vanguard Total Bond Market Index Inv (VBMFX)
31.58% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.89%
VGSIX: -3.87%		-0.61%
58Oct 2001Oct 2001177.23% Vanguard Total Bond Market Index Inv (VBMFX)
22.77% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.86%
VGSIX: -3.37%		0.67%
59Nov 2001Nov 2001177.97% Vanguard Total Bond Market Index Inv (VBMFX)
22.03% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -1.34%
VGSIX: 5.76%		0.23%
60Dec 2001Dec 2001174.10% Vanguard Total Bond Market Index Inv (VBMFX)
25.90% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.58%
VGSIX: 2.47%		0.21%
61Jan 2002Jan 2002164.82% Vanguard Total Bond Market Index Inv (VBMFX)
35.18% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.69%
VGSIX: -0.25%		0.36%
62Feb 2002Feb 2002160.00% Vanguard Total Bond Market Index Inv (VBMFX)
40.00% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.85%
VGSIX: 1.98%		1.30%
63Mar 2002Mar 2002161.82% Vanguard Total Bond Market Index Inv (VBMFX)
38.18% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -1.46%
VGSIX: 6.24%		1.48%
64Apr 2002Apr 2002166.12% Vanguard Real Estate Index Investor (VGSIX)
33.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.62%
VTSMX: -4.90%		-1.25%
65May 2002May 2002156.26% Vanguard Real Estate Index Investor (VGSIX)
43.74% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.30%
VGTSX: 1.16%		1.24%
66Jun 2002Jun 2002151.73% Vanguard Real Estate Index Investor (VGSIX)
48.27% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 2.81%
VGTSX: -4.28%		-0.61%
67Jul 2002Jul 2002174.48% Vanguard Total Bond Market Index Inv (VBMFX)
25.52% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.48%
VGSIX: -5.28%		-0.99%
68Aug 2002Aug 2002180.79% Vanguard Total Bond Market Index Inv (VBMFX)
19.21% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.66%
VGSIX: 0.16%		1.37%
69Sep 2002Sep 2002180.84% Vanguard Total Bond Market Index Inv (VBMFX)
19.16% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.53%
VGSIX: -3.53%		0.56%
70Oct 2002Oct 2002180.97% Vanguard Total Bond Market Index Inv (VBMFX)
19.03% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.61%
VGSIX: -4.95%		-1.44%
71Nov 2002Nov 2002178.60% Vanguard Total Bond Market Index Inv (VBMFX)
21.40% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.02%
VGSIX: 4.43%		0.97%
72Dec 2002Dec 2002178.16% Vanguard Total Bond Market Index Inv (VBMFX)
21.84% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 2.07%
VGSIX: 0.85%		1.80%
73Jan 2003Jan 2003179.04% Vanguard Total Bond Market Index Inv (VBMFX)
20.96% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.05%
VGSIX: -2.70%		-0.53%
74Feb 2003Feb 2003184.17% Vanguard Total Bond Market Index Inv (VBMFX)
15.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.38%
VTSMX: -1.69%		0.89%
75Mar 2003Mar 2003174.89% Vanguard Total Bond Market Index Inv (VBMFX)
25.11% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.13%
VGSIX: 2.04%		0.42%
76Apr 2003Apr 2003184.68% Vanguard Total Bond Market Index Inv (VBMFX)
15.32% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.87%
VTSMX: 8.21%		1.99%
77May 2003May 2003161.82% Vanguard Real Estate Index Investor (VGSIX)
38.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.52%
VTSMX: 6.11%		5.74%
78Jun 2003Jun 2003178.46% Vanguard Total Bond Market Index Inv (VBMFX)
21.54% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.13%
VGSIX: 2.25%		0.38%
79Jul 2003Jul 2003155.47% Vanguard Real Estate Index Investor (VGSIX)
44.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.18%
VTSMX: 2.36%		3.92%
80Aug 2003Aug 2003154.09% Vanguard Real Estate Index Investor (VGSIX)
45.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.65%
VTSMX: 2.39%		1.45%
81Sep 2003Sep 2003152.27% Vanguard Total Intl Stock Index Inv (VGTSX)
47.73% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.78%
VTSMX: -1.15%		0.91%
82Oct 2003Oct 2003152.27% Vanguard Real Estate Index Investor (VGSIX)
47.73% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.63%
VGTSX: 6.49%		3.95%
83Nov 2003Nov 2003153.38% Vanguard Real Estate Index Investor (VGSIX)
46.62% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.31%
VGTSX: 2.13%		3.30%
84Dec 2003Dec 2003155.05% Vanguard Real Estate Index Investor (VGSIX)
44.95% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 3.08%
VGTSX: 7.80%		5.20%
85Jan 2004Jan 2004155.32% Vanguard Real Estate Index Investor (VGSIX)
44.68% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.28%
VGTSX: 1.60%		3.08%
86Feb 2004Feb 2004157.94% Vanguard Real Estate Index Investor (VGSIX)
42.06% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.64%
VGTSX: 2.50%		2.00%
87Mar 2004Mar 2004153.31% Vanguard Real Estate Index Investor (VGSIX)
46.69% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 5.43%
VGTSX: 0.45%		3.10%
88Apr 2004Apr 2004156.03% Vanguard Real Estate Index Investor (VGSIX)
43.97% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -14.56%
VGTSX: -3.14%		-9.54%
89May 2004May 2004147.41% Vanguard Total Intl Stock Index Inv (VGTSX)
52.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.46%
VTSMX: 1.35%		0.93%
90Jun 2004Jun 2004142.26% Vanguard Total Intl Stock Index Inv (VGTSX)
57.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.40%
VTSMX: 2.09%		2.22%
91Jul 2004Jul 2004141.19% Vanguard Real Estate Index Investor (VGSIX)
58.81% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 0.51%
VGTSX: -3.34%		-1.75%
92Aug 2004Aug 2004178.08% Vanguard Total Bond Market Index Inv (VBMFX)
21.92% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.94%
VGSIX: 7.83%		3.23%
93Sep 2004Sep 2004177.62% Vanguard Total Bond Market Index Inv (VBMFX)
22.38% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.16%
VGSIX: -0.23%		0.07%
94Oct 2004Oct 2004179.10% Vanguard Total Bond Market Index Inv (VBMFX)
20.90% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.85%
VGSIX: 5.39%		1.80%
95Nov 2004Nov 2004138.19% Vanguard Real Estate Index Investor (VGSIX)
61.81% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.15%
VGTSX: 7.23%		6.05%
96Dec 2004Dec 2004137.59% Vanguard Real Estate Index Investor (VGSIX)
62.41% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.83%
VGTSX: 4.44%		4.59%
97Jan 2005Jan 2005138.76% Vanguard Real Estate Index Investor (VGSIX)
61.24% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -8.46%
VGTSX: -1.67%		-4.30%
98Feb 2005Feb 2005135.84% Vanguard Real Estate Index Investor (VGSIX)
64.16% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 2.85%
VGTSX: 4.68%		4.02%
99Mar 2005Mar 2005151.80% Vanguard Total Intl Stock Index Inv (VGTSX)
48.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.93%
VTSMX: -1.75%		-2.36%
100Apr 2005Apr 2005153.28% Vanguard Total Intl Stock Index Inv (VGTSX)
46.72% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.07%
VTSMX: -2.32%		-2.19%
101May 2005May 2005141.93% Vanguard Real Estate Index Investor (VGSIX)
58.07% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 3.24%
VGTSX: 0.08%		1.41%
102Jun 2005Jun 2005180.40% Vanguard Total Bond Market Index Inv (VBMFX)
19.60% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.55%
VGSIX: 4.96%		1.42%
103Jul 2005Jul 2005177.51% Vanguard Total Bond Market Index Inv (VBMFX)
22.49% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.99%
VGSIX: 6.97%		0.80%
104Aug 2005Aug 2005142.81% Vanguard Real Estate Index Investor (VGSIX)
57.19% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.74%
VTSMX: -0.94%		-2.14%
105Sep 2005Sep 2005135.98% Vanguard Real Estate Index Investor (VGSIX)
64.02% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.57%
VTSMX: 0.86%		0.75%
106Oct 2005Oct 2005138.68% Vanguard Real Estate Index Investor (VGSIX)
61.32% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.35%
VGTSX: -3.37%		-2.97%
107Nov 2005Nov 2005138.64% Vanguard Real Estate Index Investor (VGSIX)
61.36% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.25%
VGTSX: 2.67%		3.28%
108Dec 2005Dec 2005139.92% Vanguard Real Estate Index Investor (VGSIX)
60.08% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -0.10%
VGTSX: 5.14%		3.05%
109Jan 2006Jan 2006150.56% Vanguard Total Intl Stock Index Inv (VGTSX)
49.44% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 6.87%
VTSMX: 3.50%		5.20%
110Feb 2006Feb 2006149.96% Vanguard Real Estate Index Investor (VGSIX)
50.04% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.83%
VGTSX: -0.72%		0.55%
111Mar 2006Mar 2006153.59% Vanguard Real Estate Index Investor (VGSIX)
46.41% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.83%
VGTSX: 3.17%		4.06%
112Apr 2006Apr 2006149.01% Vanguard Real Estate Index Investor (VGSIX)
50.99% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -3.63%
VGTSX: 5.12%		0.83%
113May 2006May 2006141.29% Vanguard Real Estate Index Investor (VGSIX)
58.71% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.80%
VGTSX: -4.45%		-3.77%
114Jun 2006Jun 2006145.86% Vanguard Real Estate Index Investor (VGSIX)
54.14% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 5.29%
VGTSX: -0.38%		2.22%
115Jul 2006Jul 2006154.31% Vanguard Real Estate Index Investor (VGSIX)
45.69% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 3.49%
VGTSX: 1.15%		2.42%
116Aug 2006Aug 2006156.20% Vanguard Real Estate Index Investor (VGSIX)
43.80% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 3.72%
VGTSX: 2.53%		3.20%
117Sep 2006Sep 2006156.63% Vanguard Real Estate Index Investor (VGSIX)
43.37% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 1.90%
VGTSX: 0.25%		1.18%
118Oct 2006Oct 2006151.22% Vanguard Real Estate Index Investor (VGSIX)
48.78% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 6.11%
VGTSX: 4.00%		5.08%
119Nov 2006Nov 2006142.40% Vanguard Real Estate Index Investor (VGSIX)
57.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 4.69%
VTSMX: 2.23%		3.28%
120Dec 2006Dec 2006140.22% Vanguard Real Estate Index Investor (VGSIX)
59.78% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -1.81%
VGTSX: 3.09%		1.12%
121Jan 2007Jan 2007135.96% Vanguard Real Estate Index Investor (VGSIX)
64.04% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 8.52%
VGTSX: 0.96%		3.68%
122Feb 2007Feb 2007138.69% Vanguard Real Estate Index Investor (VGSIX)
61.31% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.41%
VGTSX: 0.06%		-0.90%
123Mar 2007Mar 2007144.65% Vanguard Real Estate Index Investor (VGSIX)
55.35% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.37%
VGTSX: 2.80%		0.49%
124Apr 2007Apr 2007144.02% Vanguard Real Estate Index Investor (VGSIX)
55.98% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -0.04%
VGTSX: 3.92%		2.18%
125May 2007May 2007144.29% Vanguard Total Intl Stock Index Inv (VGTSX)
55.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.09%
VTSMX: 3.69%		3.42%
126Jun 2007Jun 2007144.10% Vanguard Total Intl Stock Index Inv (VGTSX)
55.90% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.61%
VTSMX: -1.67%		-0.66%
127Jul 2007Jul 2007147.34% Vanguard Total Intl Stock Index Inv (VGTSX)
52.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.06%
VTSMX: -3.41%		-2.30%
128Aug 2007Aug 2007148.09% Vanguard Total Intl Stock Index Inv (VGTSX)
51.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.72%
VTSMX: 1.45%		0.41%
129Sep 2007Sep 2007147.58% Vanguard Total Intl Stock Index Inv (VGTSX)
52.42% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 6.38%
VTSMX: 3.59%		4.92%
130Oct 2007Oct 2007147.00% Vanguard Total Intl Stock Index Inv (VGTSX)
53.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.90%
VTSMX: 1.85%		3.75%
131Nov 2007Nov 2007146.42% Vanguard Total Intl Stock Index Inv (VGTSX)
53.58% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -4.57%
VTSMX: -4.49%		-4.52%
132Dec 2007Dec 2007184.40% Vanguard Total Bond Market Index Inv (VBMFX)
15.60% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 0.22%
VGTSX: -2.28%		-0.17%
133Jan 2008Jan 2008182.38% Vanguard Total Bond Market Index Inv (VBMFX)
17.62% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 1.69%
VGTSX: -8.55%		-0.11%
134Feb 2008Feb 2008188.05% Vanguard Total Bond Market Index Inv (VBMFX)
11.95% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.19%
VGSIX: -3.73%		-0.28%
135Mar 2008Mar 2008179.09% Vanguard Total Bond Market Index Inv (VBMFX)
20.91% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 0.30%
VGTSX: -0.71%		0.09%
136Apr 2008Apr 2008179.43% Vanguard Total Bond Market Index Inv (VBMFX)
20.57% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: -0.30%
VGTSX: 5.85%		0.96%
137May 2008May 2008183.42% Vanguard Total Bond Market Index Inv (VBMFX)
16.58% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.79%
VGSIX: 0.14%		-0.63%
138Jun 2008Jun 2008183.07% Vanguard Total Bond Market Index Inv (VBMFX)
16.93% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.01%
VGSIX: -10.77%		-1.83%
139Jul 2008Jul 2008184.24% Vanguard Total Bond Market Index Inv (VBMFX)
15.76% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.00%
VGSIX: 3.15%		0.50%
140Aug 2008Aug 2008187.80% Vanguard Total Bond Market Index Inv (VBMFX)
12.20% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.70%
VGSIX: 2.25%		0.89%
141Sep 2008Sep 2008189.12% Vanguard Total Bond Market Index Inv (VBMFX)
10.88% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -1.10%
VGSIX: -0.11%		-1.00%
142Oct 2008Oct 2008190.66% Vanguard Total Bond Market Index Inv (VBMFX)
9.34% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -2.53%
VGSIX: -31.23%		-5.22%
143Nov 2008Nov 2008189.88% Vanguard Total Bond Market Index Inv (VBMFX)
10.12% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 3.64%
VTSMX: -7.90%		2.47%
144Dec 2008Dec 2008189.83% Vanguard Total Bond Market Index Inv (VBMFX)
10.17% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 3.32%
VTSMX: 1.86%		3.17%
145Jan 2009Jan 2009190.82% Vanguard Total Bond Market Index Inv (VBMFX)
9.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -0.70%
VTSMX: -8.26%		-1.39%
146Feb 2009Feb 2009190.09% Vanguard Total Bond Market Index Inv (VBMFX)
9.91% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -0.42%
VTSMX: -10.45%		-1.42%
147Mar 2009Mar 2009190.04% Vanguard Total Bond Market Index Inv (VBMFX)
9.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.48%
VTSMX: 8.65%		2.20%
148Apr 2009Apr 2009189.37% Vanguard Total Bond Market Index Inv (VBMFX)
10.63% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.36%
VTSMX: 10.61%		1.45%
149May 2009May 2009189.15% Vanguard Total Bond Market Index Inv (VBMFX)
10.85% Vanguard Total Intl Stock Index Inv (VGTSX)		VBMFX: 0.85%
VGTSX: 14.35%		2.31%
150Jun 2009Jun 2009127.30% Vanguard Real Estate Index Investor (VGSIX)
72.70% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -3.25%
VGTSX: -1.32%		-1.85%
151Jul 2009Jul 2009148.78% Vanguard Total Intl Stock Index Inv (VGTSX)
51.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 9.96%
VTSMX: 7.82%		8.86%
152Aug 2009Aug 2009148.31% Vanguard Total Intl Stock Index Inv (VGTSX)
51.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.50%
VTSMX: 3.63%		3.57%
153Sep 2009Sep 2009134.73% Vanguard Real Estate Index Investor (VGSIX)
65.27% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 6.69%
VGTSX: 5.15%		5.68%
154Oct 2009Oct 2009131.61% Vanguard Real Estate Index Investor (VGSIX)
68.39% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -4.64%
VGTSX: -2.17%		-2.95%
155Nov 2009Nov 2009133.61% Vanguard Real Estate Index Investor (VGSIX)
66.39% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 6.85%
VGTSX: 3.86%		4.86%
156Dec 2009Dec 2009132.43% Vanguard Real Estate Index Investor (VGSIX)
67.57% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 7.03%
VTSMX: 2.86%		4.21%
157Jan 2010Jan 2010139.31% Vanguard Real Estate Index Investor (VGSIX)
60.69% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -5.32%
VGTSX: -5.07%		-5.17%
158Feb 2010Feb 2010135.49% Vanguard Real Estate Index Investor (VGSIX)
64.51% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.55%
VTSMX: 3.36%		4.14%
159Mar 2010Mar 2010140.04% Vanguard Real Estate Index Investor (VGSIX)
59.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 10.09%
VTSMX: 6.27%		7.80%
160Apr 2010Apr 2010141.08% Vanguard Real Estate Index Investor (VGSIX)
58.92% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 7.09%
VTSMX: 2.17%		4.19%
161May 2010May 2010135.95% Vanguard Real Estate Index Investor (VGSIX)
64.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.41%
VTSMX: -8.00%		-7.07%
162Jun 2010Jun 2010138.04% Vanguard Real Estate Index Investor (VGSIX)
61.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.24%
VTSMX: -5.66%		-5.50%
163Jul 2010Jul 2010190.79% Vanguard Total Bond Market Index Inv (VBMFX)
9.21% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.94%
VGSIX: 9.73%		1.75%
164Aug 2010Aug 2010191.24% Vanguard Total Bond Market Index Inv (VBMFX)
8.76% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.48%
VGSIX: -1.24%		1.24%
165Sep 2010Sep 2010189.21% Vanguard Total Bond Market Index Inv (VBMFX)
10.79% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.01%
VGSIX: 4.37%		0.46%
166Oct 2010Oct 2010187.76% Vanguard Total Bond Market Index Inv (VBMFX)
12.24% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.36%
VGSIX: 4.80%		0.90%
167Nov 2010Nov 2010145.30% Vanguard Real Estate Index Investor (VGSIX)
54.70% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: -2.04%
VGTSX: -4.52%		-3.40%
168Dec 2010Dec 2010145.49% Vanguard Real Estate Index Investor (VGSIX)
54.51% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 4.63%
VGTSX: 8.34%		6.65%
169Jan 2011Jan 2011141.47% Vanguard Total Intl Stock Index Inv (VGTSX)
58.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.70%
VTSMX: 2.19%		1.57%
170Feb 2011Feb 2011142.41% Vanguard Total Intl Stock Index Inv (VGTSX)
57.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.71%
VTSMX: 3.60%		3.22%
171Mar 2011Mar 2011144.27% Vanguard Total Intl Stock Index Inv (VGTSX)
55.73% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.43%
VTSMX: 0.45%		0.06%
172Apr 2011Apr 2011144.71% Vanguard Real Estate Index Investor (VGSIX)
55.29% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.66%
VTSMX: 2.99%		4.18%
173May 2011May 2011145.78% Vanguard Real Estate Index Investor (VGSIX)
54.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.36%
VTSMX: -1.16%		-0.01%
174Jun 2011Jun 2011145.23% Vanguard Real Estate Index Investor (VGSIX)
54.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.35%
VTSMX: -1.79%		-2.49%
175Jul 2011Jul 2011144.66% Vanguard Real Estate Index Investor (VGSIX)
55.34% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.55%
VTSMX: -2.28%		-0.57%
176Aug 2011Aug 2011182.86% Vanguard Total Bond Market Index Inv (VBMFX)
17.14% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.46%
VGSIX: -5.53%		0.27%
177Sep 2011Sep 2011188.18% Vanguard Total Bond Market Index Inv (VBMFX)
11.82% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.89%
VGSIX: -10.98%		-0.51%
178Oct 2011Oct 2011188.63% Vanguard Total Bond Market Index Inv (VBMFX)
11.37% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.16%
VGSIX: 14.39%		1.78%
179Nov 2011Nov 2011189.24% Vanguard Total Bond Market Index Inv (VBMFX)
10.76% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.30%
VGSIX: -3.73%		-0.67%
180Dec 2011Dec 2011186.80% Vanguard Total Bond Market Index Inv (VBMFX)
13.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.08%
VTSMX: 0.80%		1.04%
181Jan 2012Jan 2012188.94% Vanguard Total Bond Market Index Inv (VBMFX)
11.06% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.87%
VGSIX: 6.49%		1.49%
182Feb 2012Feb 2012188.07% Vanguard Total Bond Market Index Inv (VBMFX)
11.93% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.05%
VGSIX: -1.12%		-0.17%
183Mar 2012Mar 2012145.11% Vanguard Real Estate Index Investor (VGSIX)
54.89% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.14%
VTSMX: 3.07%		4.00%
184Apr 2012Apr 2012143.91% Vanguard Real Estate Index Investor (VGSIX)
56.09% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.88%
VTSMX: -0.65%		0.90%
185May 2012May 2012146.13% Vanguard Real Estate Index Investor (VGSIX)
53.87% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -4.60%
VTSMX: -6.24%		-5.48%
186Jun 2012Jun 2012145.72% Vanguard Real Estate Index Investor (VGSIX)
54.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 5.64%
VTSMX: 3.91%		4.70%
187Jul 2012Jul 2012146.97% Vanguard Real Estate Index Investor (VGSIX)
53.03% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.93%
VTSMX: 1.03%		1.45%
188Aug 2012Aug 2012148.47% Vanguard Real Estate Index Investor (VGSIX)
51.53% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -0.14%
VTSMX: 2.48%		1.21%
189Sep 2012Sep 2012151.51% Vanguard Real Estate Index Investor (VGSIX)
48.49% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -1.83%
VTSMX: 2.58%		0.31%
190Oct 2012Oct 2012178.20% Vanguard Total Bond Market Index Inv (VBMFX)
21.80% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.11%
VGSIX: -0.83%		-0.09%
191Nov 2012Nov 2012178.50% Vanguard Total Bond Market Index Inv (VBMFX)
21.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.19%
VTSMX: 0.74%		0.31%
192Dec 2012Dec 2012147.97% Vanguard Total Intl Stock Index Inv (VGTSX)
52.03% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 4.17%
VTSMX: 1.19%		2.62%
193Jan 2013Jan 2013152.36% Vanguard Total Intl Stock Index Inv (VGTSX)
47.64% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.34%
VTSMX: 5.50%		4.37%
194Feb 2013Feb 2013153.67% Vanguard Total Intl Stock Index Inv (VGTSX)
46.33% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.23%
VTSMX: 1.28%		-0.07%
195Mar 2013Mar 2013152.34% Vanguard Total Intl Stock Index Inv (VGTSX)
47.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.77%
VTSMX: 3.88%		2.25%
196Apr 2013Apr 2013154.48% Vanguard Real Estate Index Investor (VGSIX)
45.52% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 6.70%
VTSMX: 1.70%		4.42%
197May 2013May 2013152.01% Vanguard Real Estate Index Investor (VGSIX)
47.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.96%
VTSMX: 2.32%		-1.99%
198Jun 2013Jun 2013146.26% Vanguard Real Estate Index Investor (VGSIX)
53.74% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -1.96%
VTSMX: -1.27%		-1.59%
199Jul 2013Jul 2013142.18% Vanguard Real Estate Index Investor (VGSIX)
57.82% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.83%
VTSMX: 5.49%		3.52%
200Aug 2013Aug 2013138.34% Vanguard Real Estate Index Investor (VGSIX)
61.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -6.86%
VTSMX: -2.82%		-4.37%
201Sep 2013Sep 2013146.39% Vanguard Total Intl Stock Index Inv (VGTSX)
53.61% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 7.21%
VTSMX: 3.66%		5.31%
202Oct 2013Oct 2013143.95% Vanguard Total Intl Stock Index Inv (VGTSX)
56.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.41%
VTSMX: 4.22%		3.87%
203Nov 2013Nov 2013149.77% Vanguard Total Intl Stock Index Inv (VGTSX)
50.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.12%
VTSMX: 2.88%		1.51%
204Dec 2013Dec 2013149.89% Vanguard Total Intl Stock Index Inv (VGTSX)
50.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.25%
VTSMX: 2.63%		1.94%
205Jan 2014Jan 2014153.33% Vanguard Total Intl Stock Index Inv (VGTSX)
46.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -4.78%
VTSMX: -3.11%		-4.00%
206Feb 2014Feb 2014151.16% Vanguard Total Intl Stock Index Inv (VGTSX)
48.84% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.39%
VTSMX: 4.73%		5.07%
207Mar 2014Mar 2014151.40% Vanguard Total Intl Stock Index Inv (VGTSX)
48.60% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.41%
VTSMX: 0.51%		0.46%
208Apr 2014Apr 2014151.63% Vanguard Real Estate Index Investor (VGSIX)
48.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 3.37%
VTSMX: 0.06%		1.77%
209May 2014May 2014154.04% Vanguard Real Estate Index Investor (VGSIX)
45.96% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.35%
VTSMX: 2.17%		2.27%
210Jun 2014Jun 2014152.34% Vanguard Real Estate Index Investor (VGSIX)
47.66% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.14%
VTSMX: 2.54%		1.81%
211Jul 2014Jul 2014152.82% Vanguard Real Estate Index Investor (VGSIX)
47.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.04%
VTSMX: -1.98%		-0.91%
212Aug 2014Aug 2014144.11% Vanguard Real Estate Index Investor (VGSIX)
55.89% Vanguard Total Intl Stock Index Inv (VGTSX)		VGSIX: 2.93%
VGTSX: 1.05%		1.88%
213Sep 2014Sep 2014148.23% Vanguard Real Estate Index Investor (VGSIX)
51.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.96%
VTSMX: -2.14%		-3.98%
214Oct 2014Oct 2014145.57% Vanguard Real Estate Index Investor (VGSIX)
54.43% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 9.93%
VTSMX: 2.74%		6.02%
215Nov 2014Nov 2014150.30% Vanguard Real Estate Index Investor (VGSIX)
49.70% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.98%
VTSMX: 2.41%		2.19%
216Dec 2014Dec 2014149.31% Vanguard Real Estate Index Investor (VGSIX)
50.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.93%
VTSMX: -0.01%		0.95%
217Jan 2015Jan 2015154.84% Vanguard Real Estate Index Investor (VGSIX)
45.16% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 6.72%
VTSMX: -2.77%		2.44%
218Feb 2015Feb 2015177.74% Vanguard Total Bond Market Index Inv (VBMFX)
22.26% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -1.08%
VGSIX: -3.59%		-1.64%
219Mar 2015Mar 2015147.82% Vanguard Real Estate Index Investor (VGSIX)
52.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.72%
VTSMX: -1.04%		0.28%
220Apr 2015Apr 2015143.41% Vanguard Real Estate Index Investor (VGSIX)
56.59% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -5.92%
VTSMX: 0.42%		-2.33%
221May 2015May 2015146.63% Vanguard Total Intl Stock Index Inv (VGTSX)
53.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.94%
VTSMX: 1.39%		0.30%
222Jun 2015Jun 2015146.61% Vanguard Total Intl Stock Index Inv (VGTSX)
53.39% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.69%
VTSMX: -1.71%		-2.17%
223Jul 2015Jul 2015145.46% Vanguard Total Intl Stock Index Inv (VGTSX)
54.54% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.80%
VTSMX: 1.63%		0.52%
224Aug 2015Aug 2015143.56% Vanguard Total Intl Stock Index Inv (VGTSX)
56.44% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -7.29%
VTSMX: -6.03%		-6.58%
225Sep 2015Sep 2015180.31% Vanguard Total Bond Market Index Inv (VBMFX)
19.69% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.76%
VTSMX: -2.93%		0.03%
226Oct 2015Oct 2015183.95% Vanguard Total Bond Market Index Inv (VBMFX)
16.05% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.01%
VTSMX: 7.84%		1.27%
227Nov 2015Nov 2015184.34% Vanguard Total Bond Market Index Inv (VBMFX)
15.66% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.27%
VGSIX: -0.64%		-0.33%
228Dec 2015Dec 2015183.77% Vanguard Total Bond Market Index Inv (VBMFX)
16.23% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.38%
VGSIX: 1.79%		-0.03%
229Jan 2016Jan 2016182.65% Vanguard Total Bond Market Index Inv (VBMFX)
17.35% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.43%
VGSIX: -3.36%		0.60%
230Feb 2016Feb 2016185.49% Vanguard Total Bond Market Index Inv (VBMFX)
14.51% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.66%
VGSIX: -0.43%		0.50%
231Mar 2016Mar 2016184.52% Vanguard Total Bond Market Index Inv (VBMFX)
15.48% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.94%
VGSIX: 10.41%		2.41%
232Apr 2016Apr 2016148.01% Vanguard Real Estate Index Investor (VGSIX)
51.99% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.41%
VTSMX: 0.63%		-0.83%
233May 2016May 2016183.13% Vanguard Total Bond Market Index Inv (VBMFX)
16.87% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.01%
VGSIX: 2.36%		0.41%
234Jun 2016Jun 2016182.86% Vanguard Total Bond Market Index Inv (VBMFX)
17.14% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.94%
VGSIX: 6.88%		2.79%
235Jul 2016Jul 2016180.19% Vanguard Total Bond Market Index Inv (VBMFX)
19.81% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.64%
VGSIX: 4.18%		1.34%
236Aug 2016Aug 2016150.59% Vanguard Real Estate Index Investor (VGSIX)
49.41% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -3.68%
VTSMX: 0.26%		-1.73%
237Sep 2016Sep 2016152.76% Vanguard Real Estate Index Investor (VGSIX)
47.24% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -1.83%
VTSMX: 0.15%		-0.89%
238Oct 2016Oct 2016145.53% Vanguard Total Intl Stock Index Inv (VGTSX)
54.47% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.72%
VTSMX: -2.21%		-1.99%
239Nov 2016Nov 2016147.00% Vanguard Total Intl Stock Index Inv (VGTSX)
53.00% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.15%
VTSMX: 4.44%		1.34%
240Dec 2016Dec 2016148.68% Vanguard Total Intl Stock Index Inv (VGTSX)
51.32% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.02%
VTSMX: 1.92%		1.97%
241Jan 2017Jan 2017149.23% Vanguard Total Intl Stock Index Inv (VGTSX)
50.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.87%
VTSMX: 1.91%		2.87%
242Feb 2017Feb 2017148.72% Vanguard Total Intl Stock Index Inv (VGTSX)
51.28% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.50%
VTSMX: 3.71%		2.64%
243Mar 2017Mar 2017147.43% Vanguard Total Intl Stock Index Inv (VGTSX)
52.57% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.82%
VTSMX: 0.07%		1.37%
244Apr 2017Apr 2017149.82% Vanguard Total Intl Stock Index Inv (VGTSX)
50.18% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.20%
VTSMX: 1.05%		1.62%
245May 2017May 2017148.59% Vanguard Total Intl Stock Index Inv (VGTSX)
51.41% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.01%
VTSMX: 1.01%		1.98%
246Jun 2017Jun 2017148.77% Vanguard Total Intl Stock Index Inv (VGTSX)
51.23% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.52%
VTSMX: 0.92%		0.73%
247Jul 2017Jul 2017148.07% Vanguard Total Intl Stock Index Inv (VGTSX)
51.93% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 3.42%
VTSMX: 1.87%		2.61%
248Aug 2017Aug 2017150.12% Vanguard Total Intl Stock Index Inv (VGTSX)
49.88% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.64%
VTSMX: 0.15%		0.39%
249Sep 2017Sep 2017151.75% Vanguard Total Intl Stock Index Inv (VGTSX)
48.25% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.81%
VTSMX: 2.45%		2.12%
250Oct 2017Oct 2017151.87% Vanguard Total Intl Stock Index Inv (VGTSX)
48.13% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 1.94%
VTSMX: 2.16%		2.04%
251Nov 2017Nov 2017152.14% Vanguard Total Intl Stock Index Inv (VGTSX)
47.86% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.78%
VTSMX: 3.04%		1.86%
252Dec 2017Dec 2017148.07% Vanguard Total Intl Stock Index Inv (VGTSX)
51.93% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 2.01%
VTSMX: 0.99%		1.48%
253Jan 2018Jan 2018148.65% Vanguard Total Intl Stock Index Inv (VGTSX)
51.35% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.59%
VTSMX: 5.31%		5.45%
254Feb 2018Feb 2018148.36% Vanguard Total Intl Stock Index Inv (VGTSX)
51.64% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -5.14%
VTSMX: -3.72%		-4.40%
255Mar 2018Mar 2018153.02% Vanguard Total Intl Stock Index Inv (VGTSX)
46.98% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -0.64%
VTSMX: -1.99%		-1.27%
256Apr 2018Apr 2018155.29% Vanguard Total Intl Stock Index Inv (VGTSX)
44.71% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 0.83%
VTSMX: 0.38%		0.63%
257May 2018May 2018157.33% Vanguard Total Intl Stock Index Inv (VGTSX)
42.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.92%
VTSMX: 2.79%		0.09%
258Jun 2018Jun 2018159.53% Vanguard Total Intl Stock Index Inv (VGTSX)
40.47% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.08%
VTSMX: 0.68%		-0.96%
259Jul 2018Jul 2018150.33% Vanguard Real Estate Index Investor (VGSIX)
49.67% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.74%
VTSMX: 3.34%		2.03%
260Aug 2018Aug 2018144.57% Vanguard Real Estate Index Investor (VGSIX)
55.43% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 2.46%
VTSMX: 3.44%		3.00%
261Sep 2018Sep 2018143.86% Vanguard Real Estate Index Investor (VGSIX)
56.14% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.63%
VTSMX: 0.16%		-1.07%
262Oct 2018Oct 2018138.70% Vanguard Real Estate Index Investor (VGSIX)
61.30% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -2.98%
VTSMX: -7.40%		-5.69%
263Nov 2018Nov 2018149.24% Vanguard Real Estate Index Investor (VGSIX)
50.76% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 4.73%
VTSMX: 2.06%		3.38%
264Dec 2018Dec 2018153.23% Vanguard Real Estate Index Investor (VGSIX)
46.77% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -7.97%
VTSMX: -9.29%		-8.59%
265Jan 2019Jan 2019187.54% Vanguard Total Bond Market Index Inv (VBMFX)
12.46% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.01%
VGSIX: 11.74%		2.34%
266Feb 2019Feb 2019186.80% Vanguard Total Bond Market Index Inv (VBMFX)
13.20% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.06%
VGSIX: 0.72%		0.04%
267Mar 2019Mar 2019186.19% Vanguard Total Bond Market Index Inv (VBMFX)
13.81% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.96%
VGSIX: 4.18%		2.26%
268Apr 2019Apr 2019179.10% Vanguard Total Bond Market Index Inv (VBMFX)
20.90% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.04%
VGSIX: -0.10%		0.01%
269May 2019May 2019145.17% Vanguard Real Estate Index Investor (VGSIX)
54.83% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.10%
VTSMX: -6.45%		-3.49%
270Jun 2019Jun 2019179.94% Vanguard Total Bond Market Index Inv (VBMFX)
20.06% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 1.15%
VGSIX: 1.69%		1.26%
271Jul 2019Jul 2019146.78% Vanguard Real Estate Index Investor (VGSIX)
53.22% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.58%
VTSMX: 1.44%		1.51%
272Aug 2019Aug 2019148.50% Vanguard Real Estate Index Investor (VGSIX)
51.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 3.76%
VTSMX: -2.03%		0.78%
273Sep 2019Sep 2019178.69% Vanguard Total Bond Market Index Inv (VBMFX)
21.31% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.60%
VGSIX: 1.89%		-0.07%
274Oct 2019Oct 2019174.39% Vanguard Total Bond Market Index Inv (VBMFX)
25.61% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: 0.21%
VGSIX: 1.06%		0.43%
275Nov 2019Nov 2019171.82% Vanguard Total Bond Market Index Inv (VBMFX)
28.18% Vanguard Real Estate Index Investor (VGSIX)		VBMFX: -0.06%
VGSIX: -1.28%		-0.41%
276Dec 2019Dec 2019148.69% Vanguard Real Estate Index Investor (VGSIX)
51.31% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 0.81%
VTSMX: 2.85%		1.86%
277Jan 2020Jan 2020146.24% Vanguard Real Estate Index Investor (VGSIX)
53.76% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: 1.17%
VTSMX: -0.08%		0.50%
278Feb 2020Feb 2020141.84% Vanguard Real Estate Index Investor (VGSIX)
58.16% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGSIX: -7.08%
VTSMX: -8.18%		-7.72%
279Mar 2020Mar 2020181.63% Vanguard Total Bond Market Index Inv (VBMFX)
18.37% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -0.59%
VTSMX: -13.78%		-3.01%
280Apr 2020Apr 2020186.92% Vanguard Total Bond Market Index Inv (VBMFX)
13.08% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.69%
VTSMX: 13.25%		3.20%
281May 2020May 2020187.80% Vanguard Total Bond Market Index Inv (VBMFX)
12.20% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.54%
VTSMX: 5.38%		1.13%
282Jun 2020Jun 2020187.89% Vanguard Total Bond Market Index Inv (VBMFX)
12.11% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 0.70%
VTSMX: 2.28%		0.89%
283Jul 2020Jul 2020191.19% Vanguard Total Bond Market Index Inv (VBMFX)
8.81% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: 1.55%
VTSMX: 5.64%		1.91%
284Aug 2020Aug 2020189.52% Vanguard Total Bond Market Index Inv (VBMFX)
10.48% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VBMFX: -1.02%
VTSMX: 7.18%		-0.16%
285Sep 2020Sep 2020151.50% Vanguard Total Intl Stock Index Inv (VGTSX)
48.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -1.96%
VTSMX: -3.57%		-2.74%
286Oct 2020Oct 2020153.50% Vanguard Total Intl Stock Index Inv (VGTSX)
46.50% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: -2.21%
VTSMX: -2.16%		-2.18%
287Nov 2020Nov 2020157.11% Vanguard Total Intl Stock Index Inv (VGTSX)
42.89% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 12.93%
VTSMX: 12.19%		12.62%
288Dec 2020Dec 2020156.19% Vanguard Total Intl Stock Index Inv (VGTSX)
43.81% Vanguard Total Stock Mkt Idx Inv (VTSMX)		VGTSX: 5.82%
VTSMX: 4.45%		5.22%
289Jan 2021Jan 20211Please sign-in for forward signals--