Test Market Timing Models

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

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

Shiller PE Ratio Market Valuation

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

Moving Averages - Single Asset

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

Moving Averages - Portfolio Assets

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

Momentum - Relative Strength

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

Momentum - Dual Momentum

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

Adaptive Allocation

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

Target Volatility

The target volatility model adjusts the market exposure of the portfolio based on the realized historic volatility and the given volatility target. The cash allocation in the portfolio is increased or decreased as required to meet the targeted volatility level in order to improve the risk adjusted performance.
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Timing Periods
Length
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Time Period #1
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Time Period #2
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Time Period #3
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Time Period #4
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Time Period #5
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Volatility Period
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Asset 1
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Asset 2
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Asset 3
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Asset 4
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Asset 5
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Asset 6
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Asset 7
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Asset 8
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Asset 9
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Asset 10
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Total
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Market Timing Results (Jan 1997 - Dec 2016)

Market timing results from 1997 to 2016 are based on adaptive allocation model holding the top 2 best performing assets. The model uses a single performance window of 6 month(s). Volatility based risk adjustments are done based on 3 calendar month daily volatility window. Inverse volatility weights based on the volatility window are used to set risk parity asset weights for each timing period. Timing model trades are executed using the end of month close price. The selected year range for the timing test was automatically adjusted based on the available data for Vanguard REIT Index Fund (VGSIX) (Jun 1996-Mar 2017).

Performance statistics for the timing portfolio and benchmark portfolios
PortfolioInitial BalanceFinal BalanceCAGRStdevBest YearWorst YearMax. DrawdownSharpe RatioSortino RatioUS Mkt Correlation
Save timing model »
Timing Portfolio$10,000$73,22010.47%10.47%31.34%-9.48%-15.74% 0.811.240.61
Equal Weight Portfolio$10,000$41,8957.43%11.87%28.23%-28.28%-44.92% 0.490.700.89
   
Notes on results:
  • Past performance is not a guarantee of future returns and data and other errors may exist. See Disclaimer and Terms of Use
  • An equal-weight allocation is used for the assets held by the momentum model
  • The equal-weight buy-and-hold benchmark portfolio assumes annual rebalancing
  • The results for the timing portfolio assume monthly rebalancing trades
  • The relative strength signal is based on total return including dividends
  • Additional trading costs and taxes for timing models are not reflected in the results
  • CAGR = Compound Annual Growth Rate
  • Stdev = Standard Deviation based on annualized standard deviation of monthly log returns
  • Sharpe and Sortino ratios are calculated and annualized from monthly excess returns over risk free rate (1-month t-bills)
  • Stock market correlation is based on the correlation of monthly returns
  • Drawdowns are calculated based on monthly returns
  • Refer to the FAQ regarding the list of data sources and methodology for additional details
Annual returns for the timing portfolio and various benchmark portfolios
YearTiming ReturnEqual Weight Portfolio ReturnVanguard Total Stock Market Index Fund (VTSMX)Vanguard Total International Stock Index Fund (VGTSX)Vanguard REIT Index Fund (VGSIX)Vanguard Total Bond Market Index Fd (VBMFX)Timing BalanceEqual Weight Portfolio Balance
199717.44%14.61%30.99%-0.77%18.77%9.43%$11,744$11,461
1998-9.48%7.78%23.26%15.60%-16.32%8.59%$10,631$12,353
199922.84%12.24%23.81%29.92%-4.04%-0.75%$13,059$13,864
20005.87%2.89%-10.57%-15.61%26.35%11.39%$13,825$14,264
20019.88%-2.61%-10.97%-20.15%12.35%8.34%$15,191$13,893
20024.87%-5.86%-20.96%-14.63%3.75%8.40%$15,931$13,079
200331.34%28.23%31.35%42.01%35.65%3.88%$20,923$16,770
200415.91%17.07%12.52%20.84%30.69%4.25%$24,253$19,633
20050.37%8.98%5.98%15.57%11.95%2.41%$24,344$21,396
200628.14%20.37%15.51%26.64%35.07%4.28%$31,194$25,756
200710.42%2.87%5.49%15.52%-16.46%6.93%$34,444$26,495
2008-1.21%-28.28%-37.04%-44.10%-37.05%5.07%$34,026$19,002
200927.92%25.23%28.70%36.73%29.58%5.93%$43,526$23,797
20104.81%15.70%17.09%11.12%28.30%6.30%$45,618$27,534
20118.01%0.61%0.96%-14.56%8.47%7.58%$49,272$27,702
201211.47%14.00%16.25%18.14%17.53%4.06%$54,923$31,579
201320.44%12.11%33.35%15.04%2.31%-2.25%$66,151$35,404
201413.83%11.02%12.43%-4.24%30.13%5.76%$75,302$39,306
2015-8.20%-0.39%0.29%-4.37%2.22%0.29%$69,125$39,152
20165.92%7.01%12.53%4.65%8.34%2.50%$73,220$41,895
Monthly returns for the timing portfolio and various benchmark portfolios
YearMonthTiming ReturnEqual Weight Portfolio ReturnVanguard Total Stock Market Index Fund (VTSMX)Vanguard Total International Stock Index Fund (VGTSX)Vanguard REIT Index Fund (VGSIX)Vanguard Total Bond Market Index Fd (VBMFX)Timing BalanceEqual Weight Portfolio Balance
199712.45%0.87%5.46%-2.37%0.16%0.24%$10,245$10,087
19972-0.22%0.36%-0.11%1.82%-0.32%0.11%$10,222$10,124
19973-1.73%-1.33%-4.45%-0.10%0.38%-0.97%$10,045$9,989
199740.01%0.77%4.50%0.20%-3.10%1.49%$10,046$10,067
199754.49%4.40%7.10%6.54%2.95%0.88%$10,497$10,510
199764.85%4.03%4.37%5.40%5.13%1.16%$11,006$10,934
199774.12%3.84%7.77%1.59%2.85%2.81%$11,459$11,353
19978-6.53%-3.56%-3.72%-8.60%-0.75%-0.86%$10,711$10,949
199798.13%5.52%5.77%5.51%9.24%1.45%$11,582$11,553
199710-2.98%-3.48%-3.40%-9.10%-2.80%1.44%$11,237$11,151
1997112.24%1.19%3.33%-1.19%1.73%0.33%$11,489$11,283
1997122.22%1.57%1.70%0.92%2.48%1.04%$11,744$11,461
19981-0.71%0.88%0.44%3.04%-1.27%1.32%$11,661$11,562
19982-0.63%3.16%7.34%6.88%-1.65%-0.10%$11,587$11,927
199833.34%2.84%5.06%3.22%2.55%0.33%$11,974$12,265
199840.66%-0.23%1.10%0.53%-3.36%0.52%$12,053$12,237
19985-2.17%-1.09%-2.71%-1.51%-0.89%1.02%$11,791$12,104
199861.86%1.05%3.54%-0.27%-0.03%0.81%$12,011$12,232
19987-0.80%-1.82%-2.27%1.08%-6.90%0.23%$11,914$12,010
19988-14.76%-9.39%-15.65%-13.66%-9.21%1.90%$10,156$10,883
199891.45%2.96%6.68%-2.07%5.99%1.96%$10,303$11,205
1998100.38%4.04%7.51%10.77%-1.81%-0.56%$10,342$11,658
1998111.30%3.50%6.17%5.34%1.58%0.48%$10,476$12,066
1998121.47%2.38%6.45%3.26%-1.80%0.39%$10,631$12,353
199911.38%0.34%3.65%-0.63%-2.44%0.79%$10,778$12,395
19992-2.15%-2.32%-3.73%-2.16%-1.57%-1.77%$10,546$12,107
199934.52%2.27%3.93%4.97%-0.44%0.57%$11,023$12,381
199944.90%4.88%4.68%5.08%9.55%0.40%$11,563$12,986
19995-3.73%-1.48%-2.00%-5.00%2.09%-0.88%$11,131$12,794
199964.73%1.80%5.16%4.39%-1.87%-0.49%$11,658$13,025
199970.09%-1.09%-3.20%2.27%-2.91%-0.39%$11,668$12,883
19998-0.19%-0.42%-0.92%0.33%-1.00%-0.08%$11,645$12,829
19999-0.57%-1.12%-2.44%0.82%-4.12%1.26%$11,578$12,686
199910-0.04%2.14%6.25%3.74%-2.25%0.33%$11,573$12,958
1999113.83%1.69%3.46%4.08%-1.50%0.02%$12,017$13,177
1999128.67%5.21%7.59%9.37%3.07%-0.48%$13,059$13,864
20001-5.39%-2.49%-4.18%-6.22%0.61%-0.18%$12,355$13,518
200022.71%1.22%2.54%2.83%-1.51%1.18%$12,689$13,683
200034.46%3.50%5.69%3.48%3.50%1.40%$13,254$14,162
20004-5.32%-1.08%-5.21%-5.41%6.73%-0.49%$12,549$14,010
200050.05%-1.22%-3.41%-2.67%1.03%-0.17%$12,556$13,839
200062.91%3.27%4.42%4.27%2.49%2.15%$12,921$14,292
200073.44%1.13%-1.95%-4.46%8.77%0.88%$13,365$14,453
20008-0.16%1.09%7.28%1.00%-3.99%1.40%$13,343$14,611
20009-0.32%-1.24%-4.67%-5.00%2.93%0.76%$13,301$14,429
200010-0.70%-2.34%-2.04%-3.03%-4.63%0.56%$13,208$14,092
2000111.62%-2.39%-9.90%-4.44%1.74%1.58%$13,421$13,755
2000123.01%3.70%1.78%3.72%6.88%1.79%$13,825$14,264
200111.44%1.78%3.83%1.10%0.43%1.76%$14,025$14,518
200120.05%-4.49%-9.41%-7.61%-1.72%0.91%$14,031$13,867
200130.63%-2.99%-6.72%-7.15%0.81%0.54%$14,120$13,452
200140.57%4.19%8.16%7.89%2.28%-0.46%$14,200$14,015
200151.19%0.15%1.01%-3.52%2.15%0.74%$14,368$14,037
200162.36%0.42%-1.64%-3.84%5.92%0.53%$14,708$14,096
200170.72%-0.94%-1.71%-2.43%-2.10%2.23%$14,813$13,964
200182.06%-0.64%-6.00%-2.30%3.54%1.11%$15,118$13,874
20019-0.61%-5.16%-9.00%-10.73%-3.87%0.90%$15,025$13,158
2001100.55%0.70%2.52%2.97%-3.37%1.86%$15,108$13,251
2001110.36%3.61%7.63%3.56%5.76%-1.34%$15,163$13,729
2001120.18%1.19%1.78%1.35%2.47%-0.67%$15,191$13,893
200210.43%-1.33%-1.24%-4.63%-0.25%0.79%$15,256$13,707
200221.30%0.43%-2.05%0.90%1.98%0.86%$15,455$13,766
200231.44%3.68%4.38%5.71%6.24%-1.46%$15,677$14,273
20024-1.25%-0.52%-4.90%0.42%0.62%1.70%$15,481$14,198
200251.24%0.55%-1.22%1.16%1.30%0.81%$15,672$14,277
20026-0.61%-1.88%-7.06%-4.28%2.81%0.29%$15,577$14,008
20027-0.99%-5.52%-8.02%-9.80%-5.28%0.48%$15,423$13,235
200281.37%0.58%0.53%-0.12%0.16%1.66%$15,634$13,312
200290.56%-5.24%-10.07%-10.88%-3.53%1.53%$15,722$12,614
200210-1.44%1.20%7.65%5.70%-4.95%-0.61%$15,496$12,765
2002110.86%3.56%6.36%4.40%4.60%-0.16%$15,630$13,220
2002121.93%-1.07%-5.83%-2.59%0.68%2.27%$15,931$13,079
20031-0.51%-2.09%-2.54%-3.17%-2.70%0.06%$15,849$12,805
200320.90%-0.09%-1.69%-1.86%1.74%1.38%$15,992$12,793
200330.42%0.28%1.09%-1.93%2.04%-0.12%$16,060$12,829
200341.99%5.60%8.21%9.70%4.05%0.87%$16,380$13,548
200355.74%4.91%6.11%6.15%5.52%1.82%$17,321$14,213
200360.38%1.57%1.43%2.66%2.25%-0.13%$17,387$14,437
200373.92%1.95%2.36%3.18%5.18%-3.34%$18,069$14,718
200381.56%1.56%2.39%2.51%0.65%0.61%$18,351$14,948
200390.91%1.91%-1.15%2.78%3.41%2.70%$18,517$15,234
2003103.95%3.44%6.12%6.49%1.63%-0.96%$19,249$15,758
2003113.30%2.09%1.38%2.13%4.31%0.17%$19,884$16,088
2003125.23%4.24%4.48%7.80%3.08%0.89%$20,923$16,770
200413.06%2.24%2.23%1.60%4.28%0.86%$21,565$17,147
200422.01%1.65%1.43%2.50%1.64%1.03%$21,998$17,430
200433.10%1.42%-1.07%0.45%5.43%0.80%$22,681$17,678
20044-9.54%-5.79%-2.11%-3.14%-14.56%-2.61%$20,517$16,655
200450.93%2.06%1.35%0.46%7.09%-0.42%$20,707$16,998
200462.22%1.97%2.09%2.40%2.79%0.56%$21,167$17,332
20047-1.75%-1.43%-3.80%-3.34%0.51%0.96%$20,796$17,083
200483.23%2.77%0.31%0.75%7.83%1.94%$21,468$17,557
200490.08%1.11%1.74%2.96%-0.23%0.16%$21,485$17,752
2004101.80%2.86%1.68%3.24%5.39%0.85%$21,870$18,259
2004116.05%3.86%4.68%7.23%4.15%-0.80%$23,194$18,963
2004124.57%3.53%3.63%4.44%4.77%0.92%$24,253$19,633
20051-4.28%-3.03%-2.68%-1.67%-8.41%0.65%$23,215$19,039
200524.02%2.22%2.07%4.68%2.85%-0.62%$24,149$19,462
20053-2.36%-1.70%-1.75%-2.93%-1.58%-0.49%$23,579$19,131
20054-2.19%0.62%-2.32%-2.07%5.81%1.36%$23,064$19,249
200551.41%2.02%3.77%0.08%3.24%1.06%$23,388$19,638
200561.42%1.91%0.81%1.30%4.96%0.55%$23,720$20,014
200570.80%3.47%4.11%3.68%6.97%-0.99%$23,910$20,708
20058-2.12%-0.21%-0.91%2.85%-3.74%1.36%$23,403$20,665
200590.73%1.27%0.82%4.73%0.57%-1.10%$23,575$20,927
200510-2.97%-2.13%-1.86%-3.37%-2.35%-0.81%$22,873$20,481
2005113.28%2.87%3.97%2.67%4.25%0.48%$23,624$21,068
2005123.05%1.56%0.14%5.14%-0.10%0.99%$24,344$21,396
200615.20%4.45%3.50%6.87%7.53%-0.11%$25,610$22,347
200620.55%0.38%0.00%-0.72%1.83%0.38%$25,752$22,432
200634.06%2.27%1.80%3.17%4.83%-1.00%$26,798$22,941
200640.83%0.56%1.11%5.12%-3.63%-0.20%$27,019$23,070
20065-3.77%-2.72%-3.23%-4.45%-2.80%-0.09%$26,002$22,441
200662.22%1.32%0.17%-0.38%5.29%0.10%$26,580$22,738
200672.42%1.51%-0.13%1.15%3.49%1.35%$27,223$23,081
200683.20%2.59%2.31%2.53%3.72%1.64%$28,095$23,680
200691.18%1.31%2.27%0.25%1.90%0.81%$28,427$23,991
2006105.08%3.72%3.53%4.00%6.11%0.72%$29,871$24,883
2006113.28%3.06%2.23%3.73%4.69%1.11%$30,850$25,643
2006121.12%0.44%1.13%3.09%-1.81%-0.48%$31,194$25,756
200713.68%2.82%1.88%0.96%8.52%-0.08%$32,342$26,482
20072-0.90%-0.66%-1.61%0.06%-2.41%1.51%$32,051$26,308
200730.49%0.35%1.11%2.80%-2.37%0.02%$32,209$26,401
200742.18%2.10%4.01%3.92%-0.04%0.51%$32,911$26,956
200753.42%1.51%3.69%3.09%-0.11%-0.78%$34,038$27,363
20076-0.66%-2.61%-1.67%0.61%-9.26%-0.38%$33,811$26,649
20077-2.30%-2.73%-3.41%-1.06%-7.77%0.84%$33,034$25,921
200780.41%1.91%1.45%-0.72%6.49%1.34%$33,170$26,416
200794.92%3.77%3.59%6.38%4.25%0.72%$34,802$27,412
2007103.75%2.60%1.85%5.90%1.22%0.93%$36,108$28,123
200711-4.52%-4.07%-4.49%-4.57%-9.32%1.81%$34,474$26,978
200712-0.09%-1.79%-0.60%-2.28%-5.11%0.31%$34,444$26,495
20081-0.03%-3.29%-6.08%-8.55%-0.34%1.79%$34,435$25,622
20082-0.36%-1.60%-3.07%0.33%-3.73%0.10%$34,310$25,211
200830.09%1.39%-0.58%-0.71%6.45%0.30%$34,340$25,563
200840.89%4.01%5.02%5.85%5.89%-0.40%$34,646$26,588
20085-0.55%0.72%2.09%1.51%0.14%-0.69%$34,455$26,780
20086-1.83%-7.03%-8.19%-8.99%-10.77%-0.01%$33,823$24,897
200870.50%-0.24%-0.77%-3.67%3.15%0.00%$33,991$24,837
200880.89%-0.01%1.58%-5.10%2.25%0.70%$34,294$24,836
20089-1.00%-5.39%-9.26%-13.09%-0.11%-1.11%$33,951$23,496
200810-5.22%-18.14%-17.63%-22.09%-31.23%-2.53%$32,180$19,234
2008112.48%-7.43%-7.90%-6.29%-23.39%3.64%$32,978$17,805
2008123.18%6.72%1.86%8.16%17.39%3.33%$34,026$19,002
20091-1.40%-9.58%-8.26%-11.96%-17.39%-0.70%$33,551$17,183
20092-1.43%-9.84%-10.45%-9.58%-20.76%-0.43%$33,070$15,492
200932.20%5.66%8.65%9.31%3.76%1.48%$33,797$16,368
200941.45%12.25%10.61%12.78%31.31%0.36%$34,285$18,373
200952.32%5.78%5.38%14.35%2.36%0.85%$35,080$19,435
20096-1.85%-0.87%0.34%-1.32%-3.25%0.54%$34,431$19,267
200978.86%7.41%7.82%9.96%10.64%1.43%$37,483$20,694
200983.55%5.28%3.67%3.42%13.99%1.01%$38,814$21,788
200995.73%4.39%4.18%5.22%6.69%1.19%$41,039$22,745
200910-2.90%-2.29%-2.57%-2.10%-4.64%0.41%$39,848$22,223
2009114.81%4.44%5.63%3.79%6.85%1.36%$41,766$23,210
2009124.21%2.53%2.86%1.53%7.03%-1.68%$43,526$23,797
20101-5.17%-3.08%-3.50%-5.07%-5.32%1.57%$41,277$23,065
201024.14%2.30%3.36%0.22%5.55%0.20%$42,985$23,595
201037.83%5.73%6.27%6.71%10.16%-0.08%$46,349$24,946
201044.17%2.21%2.17%-1.71%7.03%0.93%$48,282$25,496
20105-7.07%-5.81%-8.00%-10.78%-5.41%0.88%$44,868$24,015
20106-5.50%-2.69%-5.66%-1.17%-5.24%1.61%$42,400$23,369
201071.73%6.85%6.99%10.33%9.73%0.93%$43,135$24,971
201081.25%-1.85%-4.75%-3.22%-1.24%1.48%$43,672$24,509
201090.47%5.79%9.47%10.41%4.37%-0.01%$43,877$25,928
2010100.91%3.20%3.94%3.55%4.80%0.36%$44,277$26,757
201011-3.40%-1.65%0.58%-4.52%-2.04%-0.57%$42,772$26,316
2010126.65%4.63%6.81%8.34%4.63%-1.14%$45,618$27,534
201111.57%1.57%2.19%0.70%3.32%0.08%$46,334$27,967
201123.22%2.78%3.60%2.71%4.58%0.16%$47,826$28,745
201130.06%-0.36%0.45%-0.43%-1.44%-0.00%$47,855$28,640
201144.18%3.83%2.99%5.24%5.66%1.32%$49,857$29,736
20115-0.01%-0.35%-1.16%-2.87%1.36%1.31%$49,854$29,631
20116-2.49%-1.80%-1.79%-1.51%-3.35%-0.39%$48,612$29,099
20117-0.55%-0.16%-2.25%-1.53%1.55%1.57%$48,343$29,053
201180.27%-4.63%-6.02%-8.45%-5.53%1.47%$48,474$27,708
20119-0.51%-7.38%-7.75%-12.29%-10.98%0.89%$48,227$25,662
2011101.80%8.71%11.51%10.22%14.39%0.16%$49,093$27,896
201111-0.67%-1.78%-0.29%-2.88%-3.73%-0.30%$48,764$27,399
2011121.04%1.11%0.80%-2.64%4.61%1.08%$49,272$27,702
201211.49%4.93%5.08%7.27%6.49%0.87%$50,008$29,068
20122-0.17%2.08%4.26%5.14%-1.12%-0.05%$49,921$29,674
201234.00%1.71%3.07%-0.75%5.14%-0.58%$51,919$30,183
201240.90%0.37%-0.65%-1.78%2.88%1.14%$52,386$30,294
20125-5.48%-5.36%-6.24%-11.07%-4.60%0.95%$49,516$28,671
201264.70%3.89%3.91%5.95%5.64%0.04%$51,845$29,786
201271.45%1.21%1.03%0.44%1.93%1.39%$52,599$30,148
201281.21%1.25%2.48%2.72%-0.14%0.03%$53,237$30,525
201290.31%1.08%2.58%3.62%-1.83%0.11%$53,400$30,854
201210-0.09%-0.51%-1.76%0.56%-0.83%0.12%$53,352$30,698
2012110.31%0.60%0.74%1.82%-0.37%0.20%$53,519$30,881
2012122.62%2.26%1.19%4.17%3.69%-0.20%$54,923$31,579
201314.37%2.96%5.50%3.34%3.71%-0.71%$57,321$32,513
20132-0.07%0.46%1.28%-1.23%1.24%0.55%$57,283$32,664
201332.32%1.98%3.88%0.90%2.89%0.08%$58,612$33,310
201344.42%3.22%1.70%3.44%6.70%0.91%$61,205$34,382
20135-1.99%-2.09%2.32%-2.95%-5.96%-1.71%$59,990$33,662
20136-1.59%-2.14%-1.27%-3.75%-1.96%-1.66%$59,036$32,943
201373.52%2.85%5.49%4.56%0.83%0.20%$61,115$33,881
20138-4.37%-3.04%-2.82%-1.63%-6.86%-0.64%$58,444$32,849
201395.31%3.82%3.66%7.21%3.28%0.96%$61,548$34,102
2013103.87%3.29%4.22%3.41%4.46%0.78%$63,928$35,225
2013111.51%-0.49%2.88%0.12%-5.23%-0.35%$64,892$35,052
2013121.94%1.01%2.63%1.25%0.26%-0.65%$66,151$35,404
20141-4.00%-0.54%-3.11%-4.78%4.19%1.54%$63,507$35,214
201425.07%3.86%4.73%5.39%4.96%0.48%$66,727$36,575
201430.46%0.32%0.51%0.41%0.49%-0.15%$67,033$36,691
201441.77%1.42%0.06%1.31%3.37%0.78%$68,220$37,212
201452.27%1.88%2.17%1.88%2.35%1.05%$69,767$37,910
201461.81%1.38%2.54%1.74%1.14%0.11%$71,029$38,432
20147-0.91%-0.93%-1.98%-1.61%0.04%-0.26%$70,380$38,075
201481.90%2.36%4.18%1.05%2.97%1.13%$71,717$38,973
20149-4.00%-3.55%-2.14%-5.01%-6.00%-0.73%$68,850$37,589
2014106.02%3.51%2.74%-0.31%9.93%0.94%$72,991$38,908
2014112.19%1.27%2.41%-0.25%1.98%0.65%$74,593$39,401
2014120.95%-0.24%-0.01%-3.65%1.93%0.09%$75,302$39,306
201512.44%1.60%-2.77%0.13%6.72%2.31%$77,136$39,934
20152-1.64%1.53%5.76%5.52%-3.59%-1.08%$75,872$40,544
201530.28%-0.12%-1.04%-1.54%1.72%0.40%$76,087$40,493
20154-2.33%-0.21%0.42%5.08%-5.92%-0.36%$74,311$40,409
201550.30%-0.08%1.39%-0.94%-0.27%-0.45%$74,536$40,377
20156-2.17%-2.49%-1.71%-2.69%-4.60%-1.00%$72,921$39,374
201570.52%1.70%1.63%-0.80%5.60%0.76%$73,303$40,044
20158-6.57%-5.00%-6.01%-7.29%-6.25%-0.35%$68,489$38,041
201590.02%-0.80%-2.95%-3.90%3.02%0.76%$68,506$37,737
2015101.27%4.89%7.84%6.26%5.78%0.01%$69,374$39,581
201511-0.33%-0.42%0.54%-1.32%-0.64%-0.27%$69,146$39,416
201512-0.03%-0.67%-2.03%-2.07%1.79%-0.38%$69,125$39,152
201610.60%-3.30%-5.67%-5.59%-3.36%1.43%$69,538$37,861
201620.50%-0.50%-0.04%-2.27%-0.43%0.66%$69,887$37,672
201632.41%6.53%7.01%8.19%10.41%0.94%$71,570$40,133
20164-0.83%0.17%0.63%2.22%-2.41%0.38%$70,976$40,199
201650.41%0.79%1.79%-1.02%2.36%0.02%$71,269$40,517
201662.78%2.07%0.23%-0.94%6.88%1.94%$73,253$41,358
201671.34%3.29%3.95%4.41%4.18%0.64%$74,235$42,720
20168-1.73%-0.80%0.26%0.74%-3.68%-0.17%$72,947$42,379
20169-0.89%-0.13%0.15%1.37%-1.83%-0.08%$72,295$42,323
201610-1.99%-2.65%-2.21%-1.72%-5.72%-0.80%$70,858$41,200
2016111.34%-0.51%4.44%-2.15%-1.73%-2.65%$71,807$40,988
2016121.97%2.21%1.92%2.02%4.66%0.24%$73,220$41,895
Portfolio return and risk metrics
MetricTiming ModelEqual Weight Portfolio
(*) Beta and market correlation are calculated against the US stock market.
Mean Return (monthly)0.88%0.66%
Mean Return (annualized)11.07%8.17%
Compound Return (monthly)0.83%0.60%
Compound Return (annualized)10.47%7.43%
Volatility (monthly)3.00%3.37%
Volatility (annualized)10.47%11.87%
Max. Drawdown-15.74%-44.92%
Market Correlation0.610.89
Beta(*)0.400.66
Alpha (annualized)6.99%2.03%
R236.85%79.26%
Sharpe Ratio0.810.49
Sortino Ratio1.240.70
Treynor Ratio (%)20.968.70
Skewness-0.82-1.00
Excess Kurtosis3.284.37
Historical Value-at-Risk (95%)-4.52%-5.35%
Delta Normal Value-at-Risk (95%)-4.93%-5.67%
Conditional Value-at-Risk (95%)-6.76%-8.05%
Positive Periods163 out of 240 (67.92%)149 out of 240 (62.08%)
Gain/Loss Ratio1.041.02

Drawdowns for Timing Portfolio

Drawdowns for Timing Portfolio
RankDrawdown StartDrawdown EndDrawdown LengthRecovery ByRecovery TimeDrawdown
1May 1998Aug 19984 monthsDec 19991 year 8 months-15.74%
2May 2010Jun 20102 monthsApr 20111 year-12.18%
3Feb 2015Aug 20157 months-11.21%
4Nov 2007Oct 20081 yearJul 20091 year 9 months-10.88%
5Apr 2004Apr 20041 monthNov 20048 months-9.54%
6Aug 1997Aug 19971 monthSep 19972 months-6.53%
7Jan 2005Oct 200510 monthsDec 20051 year-5.69%
8May 2012May 20121 monthJul 20123 months-5.48%
9Jan 2000Jan 20001 monthMar 20003 months-5.39%
10Apr 2000Apr 20001 monthJul 20004 months-5.32%
11Jan 2010Jan 20101 monthMar 20103 months-5.17%
12May 2013Aug 20134 monthsSep 20135 months-4.51%
13Sep 2014Sep 20141 monthOct 20142 months-4.00%
14Jan 2014Jan 20141 monthFeb 20142 months-4.00%
15May 2006May 20061 monthJul 20063 months-3.77%
16May 2011Sep 20115 monthsJan 20129 months-3.27%
17Oct 1997Oct 19971 monthDec 19973 months-2.98%
18Jun 2007Jul 20072 monthsSep 20074 months-2.95%
19Oct 2009Oct 20091 monthNov 20092 months-2.90%
20Feb 1997Mar 19972 monthsMay 19974 months-1.95%
21Apr 2002Jul 20024 monthsSep 20026 months-1.62%
22Oct 2002Oct 20021 monthDec 20023 months-1.44%
23Jan 1998Feb 19982 monthsMar 19983 months-1.34%
24Aug 2000Oct 20003 monthsNov 20004 months-1.17%
25Jul 2014Jul 20141 monthAug 20142 months-0.91%
26Feb 2007Feb 20071 monthApr 20073 months-0.90%
27Sep 2001Sep 20011 monthNov 20013 months-0.61%
28Jan 2003Jan 20031 monthFeb 20032 months-0.51%
29Feb 2012Feb 20121 monthMar 20122 months-0.17%
30Oct 2012Oct 20121 monthNov 20122 months-0.09%
31Feb 2013Feb 20131 monthMar 20132 months-0.07%

Drawdowns for Equal Weight Portfolio

Drawdowns for Equal Weight Portfolio
RankDrawdown StartDrawdown EndDrawdown LengthRecovery ByRecovery TimeDrawdown
1Nov 2007Feb 20091 year 4 monthsFeb 20113 years 4 months-44.92%
2May 2011Sep 20115 monthsMar 201211 months-13.70%
3Sep 2000Sep 20022 years 1 monthJul 20032 years 11 months-13.66%
4Apr 1998Aug 19985 monthsDec 19989 months-11.27%
5Mar 2015Feb 20161 yearJun 20161 year 4 months-7.08%
6Apr 2004Apr 20041 monthSep 20046 months-5.79%
7May 2012May 20121 monthAug 20124 months-5.36%
8Jun 2007Jul 20072 monthsSep 20074 months-5.27%
9May 2013Aug 20134 monthsOct 20136 months-4.46%
10Aug 2016Nov 20164 months-4.05%
11Aug 1997Aug 19971 monthSep 19972 months-3.56%
12Sep 2014Sep 20141 monthNov 20143 months-3.55%
13Oct 1997Oct 19971 monthJan 19984 months-3.48%
14Jan 2005Jan 20051 monthMay 20055 months-3.03%
15May 2006May 20061 monthJul 20063 months-2.72%
16Jul 1999Sep 19993 monthsNov 19995 months-2.60%
17Jan 2000Jan 20001 monthMar 20003 months-2.49%
18Feb 1999Feb 19991 monthApr 19993 months-2.32%
19Apr 2000May 20002 monthsJun 20003 months-2.28%
20Oct 2005Oct 20051 monthNov 20052 months-2.13%
21May 1999May 19991 monthJun 19992 months-1.48%
22Mar 1997Mar 19971 monthMay 19973 months-1.33%
23Jul 2014Jul 20141 monthAug 20142 months-0.93%
24Feb 2007Feb 20071 monthApr 20073 months-0.66%
25Jan 2014Jan 20141 monthFeb 20142 months-0.54%
26Oct 2012Oct 20121 monthNov 20122 months-0.51%
27Nov 2013Nov 20131 monthDec 20132 months-0.49%
28Mar 2011Mar 20111 monthApr 20112 months-0.36%
29Dec 2014Dec 20141 monthJan 20152 months-0.24%
30Aug 2005Aug 20051 monthSep 20052 months-0.21%
Timing periods and related holdings for the timing portfolio
#StartEndMonthsAssetsAsset PerformanceTiming PortfolioEqual Weight Portfolio
1Jan 1997Jan 1997156.81% Vanguard REIT Index Fund (VGSIX)
43.19% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 0.16%
VTSMX: 5.46%
2.45%0.87%
2Feb 1997Feb 1997153.78% Vanguard REIT Index Fund (VGSIX)
46.22% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -0.32%
VTSMX: -0.11%
-0.22%0.36%
3Mar 1997Mar 1997156.29% Vanguard REIT Index Fund (VGSIX)
43.71% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 0.38%
VTSMX: -4.45%
-1.73%-1.33%
4Apr 1997Apr 1997159.06% Vanguard REIT Index Fund (VGSIX)
40.94% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -3.10%
VTSMX: 4.50%
0.01%0.77%
5May 1997May 1997162.98% Vanguard REIT Index Fund (VGSIX)
37.02% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 2.95%
VTSMX: 7.10%
4.49%4.40%
6Jun 1997Jun 1997162.45% Vanguard REIT Index Fund (VGSIX)
37.55% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 5.13%
VTSMX: 4.37%
4.85%4.03%
7Jul 1997Jul 1997159.09% Vanguard Total International Stock Index Fund (VGTSX)
40.91% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 1.59%
VTSMX: 7.77%
4.12%3.84%
8Aug 1997Aug 1997157.62% Vanguard Total International Stock Index Fund (VGTSX)
42.38% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -8.60%
VTSMX: -3.72%
-6.53%-3.56%
9Sep 1997Sep 1997168.12% Vanguard REIT Index Fund (VGSIX)
31.88% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 9.24%
VTSMX: 5.77%
8.13%5.52%
10Oct 1997Oct 1997169.98% Vanguard REIT Index Fund (VGSIX)
30.02% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -2.80%
VTSMX: -3.40%
-2.98%-3.48%
11Nov 1997Nov 1997167.86% Vanguard REIT Index Fund (VGSIX)
32.14% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.73%
VTSMX: 3.33%
2.24%1.19%
12Dec 1997Dec 1997167.15% Vanguard REIT Index Fund (VGSIX)
32.85% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 2.48%
VTSMX: 1.70%
2.22%1.57%
13Jan 1998Jan 1998167.26% Vanguard REIT Index Fund (VGSIX)
32.74% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -1.27%
VTSMX: 0.44%
-0.71%0.88%
14Feb 1998Feb 1998165.64% Vanguard Total Bond Market Index Fd (VBMFX)
34.36% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.10%
VGSIX: -1.65%
-0.63%3.16%
15Mar 1998Mar 1998168.60% Vanguard REIT Index Fund (VGSIX)
31.40% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 2.55%
VTSMX: 5.06%
3.34%2.84%
16Apr 1998Apr 1998175.05% Vanguard Total Bond Market Index Fd (VBMFX)
24.95% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.52%
VTSMX: 1.10%
0.66%-0.23%
17May 1998May 1998144.73% Vanguard Total International Stock Index Fund (VGTSX)
55.27% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -1.51%
VTSMX: -2.71%
-2.17%-1.09%
18Jun 1998Jun 1998144.17% Vanguard Total International Stock Index Fund (VGTSX)
55.83% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -0.27%
VTSMX: 3.54%
1.86%1.05%
19Jul 1998Jul 1998143.75% Vanguard Total International Stock Index Fund (VGTSX)
56.25% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 1.08%
VTSMX: -2.27%
-0.80%-1.82%
20Aug 1998Aug 1998144.91% Vanguard Total International Stock Index Fund (VGTSX)
55.09% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -13.66%
VTSMX: -15.65%
-14.76%-9.39%
21Sep 1998Sep 1998187.26% Vanguard Total Bond Market Index Fd (VBMFX)
12.74% Vanguard Total International Stock Index Fund (VGTSX)
VBMFX: 1.96%
VGTSX: -2.07%
1.45%2.96%
22Oct 1998Oct 1998188.46% Vanguard Total Bond Market Index Fd (VBMFX)
11.54% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: -0.56%
VTSMX: 7.51%
0.38%4.04%
23Nov 1998Nov 1998185.59% Vanguard Total Bond Market Index Fd (VBMFX)
14.41% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.48%
VTSMX: 6.17%
1.30%3.50%
24Dec 1998Dec 1998182.08% Vanguard Total Bond Market Index Fd (VBMFX)
17.92% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.39%
VTSMX: 6.45%
1.47%2.38%
25Jan 1999Jan 1999179.29% Vanguard Total Bond Market Index Fd (VBMFX)
20.71% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.79%
VTSMX: 3.65%
1.38%0.34%
26Feb 1999Feb 1999180.61% Vanguard Total Bond Market Index Fd (VBMFX)
19.39% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: -1.77%
VTSMX: -3.73%
-2.15%-2.32%
27Mar 1999Mar 1999156.61% Vanguard Total International Stock Index Fund (VGTSX)
43.39% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 4.97%
VTSMX: 3.93%
4.52%2.27%
28Apr 1999Apr 1999154.72% Vanguard Total International Stock Index Fund (VGTSX)
45.28% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 5.08%
VTSMX: 4.68%
4.90%4.88%
29May 1999May 1999157.61% Vanguard Total International Stock Index Fund (VGTSX)
42.39% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -5.00%
VTSMX: -2.00%
-3.73%-1.48%
30Jun 1999Jun 1999156.39% Vanguard Total International Stock Index Fund (VGTSX)
43.61% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 4.39%
VTSMX: 5.16%
4.73%1.80%
31Jul 1999Jul 1999160.05% Vanguard Total International Stock Index Fund (VGTSX)
39.95% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 2.27%
VTSMX: -3.20%
0.09%-1.09%
32Aug 1999Aug 1999158.21% Vanguard Total International Stock Index Fund (VGTSX)
41.79% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 0.33%
VTSMX: -0.92%
-0.19%-0.42%
33Sep 1999Sep 1999157.22% Vanguard Total International Stock Index Fund (VGTSX)
42.78% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 0.82%
VTSMX: -2.44%
-0.57%-1.12%
34Oct 1999Oct 1999163.20% Vanguard REIT Index Fund (VGSIX)
36.80% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -2.25%
VGTSX: 3.74%
-0.04%2.14%
35Nov 1999Nov 1999160.70% Vanguard Total International Stock Index Fund (VGTSX)
39.30% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 4.08%
VTSMX: 3.46%
3.83%1.69%
36Dec 1999Dec 1999160.77% Vanguard Total International Stock Index Fund (VGTSX)
39.23% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 9.37%
VTSMX: 7.59%
8.67%5.21%
37Jan 2000Jan 2000159.38% Vanguard Total International Stock Index Fund (VGTSX)
40.62% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -6.22%
VTSMX: -4.18%
-5.39%-2.49%
38Feb 2000Feb 2000155.90% Vanguard Total International Stock Index Fund (VGTSX)
44.10% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 2.83%
VTSMX: 2.54%
2.71%1.22%
39Mar 2000Mar 2000155.65% Vanguard Total International Stock Index Fund (VGTSX)
44.35% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 3.48%
VTSMX: 5.69%
4.46%3.50%
40Apr 2000Apr 2000158.52% Vanguard Total International Stock Index Fund (VGTSX)
41.48% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -5.41%
VTSMX: -5.21%
-5.32%-1.08%
41May 2000May 2000177.94% Vanguard REIT Index Fund (VGSIX)
22.06% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.03%
VTSMX: -3.41%
0.05%-1.22%
42Jun 2000Jun 2000178.16% Vanguard REIT Index Fund (VGSIX)
21.84% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 2.49%
VTSMX: 4.42%
2.91%3.27%
43Jul 2000Jul 2000167.66% Vanguard Total Bond Market Index Fd (VBMFX)
32.34% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.88%
VGSIX: 8.77%
3.44%1.13%
44Aug 2000Aug 2000171.00% Vanguard Total Bond Market Index Fd (VBMFX)
29.00% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.40%
VGSIX: -3.99%
-0.16%1.09%
45Sep 2000Sep 2000157.29% Vanguard REIT Index Fund (VGSIX)
42.71% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 2.93%
VTSMX: -4.67%
-0.32%-1.24%
46Oct 2000Oct 2000175.72% Vanguard Total Bond Market Index Fd (VBMFX)
24.28% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.56%
VGSIX: -4.63%
-0.70%-2.34%
47Nov 2000Nov 2000177.94% Vanguard Total Bond Market Index Fd (VBMFX)
22.06% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.58%
VGSIX: 1.74%
1.62%-2.39%
48Dec 2000Dec 2000176.06% Vanguard Total Bond Market Index Fd (VBMFX)
23.94% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.79%
VGSIX: 6.88%
3.01%3.70%
49Jan 2001Jan 2001176.32% Vanguard Total Bond Market Index Fd (VBMFX)
23.68% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.76%
VGSIX: 0.43%
1.44%1.78%
50Feb 2001Feb 2001167.16% Vanguard Total Bond Market Index Fd (VBMFX)
32.84% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.91%
VGSIX: -1.72%
0.05%-4.49%
51Mar 2001Mar 2001167.38% Vanguard Total Bond Market Index Fd (VBMFX)
32.62% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.54%
VGSIX: 0.81%
0.63%-2.99%
52Apr 2001Apr 2001162.51% Vanguard Total Bond Market Index Fd (VBMFX)
37.49% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.46%
VGSIX: 2.28%
0.57%4.19%
53May 2001May 2001168.31% Vanguard Total Bond Market Index Fd (VBMFX)
31.69% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.74%
VGSIX: 2.15%
1.19%0.15%
54Jun 2001Jun 2001165.95% Vanguard Total Bond Market Index Fd (VBMFX)
34.05% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.53%
VGSIX: 5.92%
2.36%0.42%
55Jul 2001Jul 2001165.00% Vanguard Total Bond Market Index Fd (VBMFX)
35.00% Vanguard REIT Index Fund (VGSIX)
VBMFX: 2.23%
VGSIX: -2.10%
0.72%-0.94%
56Aug 2001Aug 2001160.91% Vanguard Total Bond Market Index Fd (VBMFX)
39.09% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.11%
VGSIX: 3.54%
2.06%-0.64%
57Sep 2001Sep 2001168.40% Vanguard Total Bond Market Index Fd (VBMFX)
31.60% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.90%
VGSIX: -3.87%
-0.61%-5.16%
58Oct 2001Oct 2001174.97% Vanguard Total Bond Market Index Fd (VBMFX)
25.03% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.86%
VGSIX: -3.37%
0.55%0.70%
59Nov 2001Nov 2001176.00% Vanguard Total Bond Market Index Fd (VBMFX)
24.00% Vanguard REIT Index Fund (VGSIX)
VBMFX: -1.34%
VGSIX: 5.76%
0.36%3.61%
60Dec 2001Dec 2001172.72% Vanguard Total Bond Market Index Fd (VBMFX)
27.28% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.67%
VGSIX: 2.47%
0.18%1.19%
61Jan 2002Jan 2002165.07% Vanguard Total Bond Market Index Fd (VBMFX)
34.93% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.79%
VGSIX: -0.25%
0.43%-1.33%
62Feb 2002Feb 2002160.40% Vanguard Total Bond Market Index Fd (VBMFX)
39.60% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.86%
VGSIX: 1.98%
1.30%0.43%
63Mar 2002Mar 2002162.38% Vanguard Total Bond Market Index Fd (VBMFX)
37.62% Vanguard REIT Index Fund (VGSIX)
VBMFX: -1.46%
VGSIX: 6.24%
1.44%3.68%
64Apr 2002Apr 2002166.12% Vanguard REIT Index Fund (VGSIX)
33.88% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 0.62%
VTSMX: -4.90%
-1.25%-0.52%
65May 2002May 2002156.26% Vanguard REIT Index Fund (VGSIX)
43.74% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 1.30%
VGTSX: 1.16%
1.24%0.55%
66Jun 2002Jun 2002151.73% Vanguard REIT Index Fund (VGSIX)
48.27% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 2.81%
VGTSX: -4.28%
-0.61%-1.88%
67Jul 2002Jul 2002174.44% Vanguard Total Bond Market Index Fd (VBMFX)
25.56% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.48%
VGSIX: -5.28%
-0.99%-5.52%
68Aug 2002Aug 2002180.78% Vanguard Total Bond Market Index Fd (VBMFX)
19.22% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.66%
VGSIX: 0.16%
1.37%0.58%
69Sep 2002Sep 2002180.85% Vanguard Total Bond Market Index Fd (VBMFX)
19.15% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.53%
VGSIX: -3.53%
0.56%-5.24%
70Oct 2002Oct 2002180.97% Vanguard Total Bond Market Index Fd (VBMFX)
19.03% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.61%
VGSIX: -4.95%
-1.44%1.20%
71Nov 2002Nov 2002178.59% Vanguard Total Bond Market Index Fd (VBMFX)
21.41% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.16%
VGSIX: 4.60%
0.86%3.56%
72Dec 2002Dec 2002178.45% Vanguard Total Bond Market Index Fd (VBMFX)
21.55% Vanguard REIT Index Fund (VGSIX)
VBMFX: 2.27%
VGSIX: 0.68%
1.93%-1.07%
73Jan 2003Jan 2003179.27% Vanguard Total Bond Market Index Fd (VBMFX)
20.73% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.06%
VGSIX: -2.70%
-0.51%-2.09%
74Feb 2003Feb 2003184.42% Vanguard Total Bond Market Index Fd (VBMFX)
15.58% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 1.38%
VTSMX: -1.69%
0.90%-0.09%
75Mar 2003Mar 2003174.70% Vanguard Total Bond Market Index Fd (VBMFX)
25.30% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.12%
VGSIX: 2.04%
0.42%0.28%
76Apr 2003Apr 2003184.65% Vanguard Total Bond Market Index Fd (VBMFX)
15.35% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.87%
VTSMX: 8.21%
1.99%5.60%
77May 2003May 2003161.82% Vanguard REIT Index Fund (VGSIX)
38.18% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 5.52%
VTSMX: 6.11%
5.74%4.91%
78Jun 2003Jun 2003178.45% Vanguard Total Bond Market Index Fd (VBMFX)
21.55% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.13%
VGSIX: 2.25%
0.38%1.57%
79Jul 2003Jul 2003155.47% Vanguard REIT Index Fund (VGSIX)
44.53% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 5.18%
VTSMX: 2.36%
3.92%1.95%
80Aug 2003Aug 2003151.21% Vanguard REIT Index Fund (VGSIX)
48.79% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 0.65%
VGTSX: 2.51%
1.56%1.56%
81Sep 2003Sep 2003152.27% Vanguard Total International Stock Index Fund (VGTSX)
47.73% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 2.78%
VTSMX: -1.15%
0.91%1.91%
82Oct 2003Oct 2003152.27% Vanguard REIT Index Fund (VGSIX)
47.73% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 1.63%
VGTSX: 6.49%
3.95%3.44%
83Nov 2003Nov 2003153.38% Vanguard REIT Index Fund (VGSIX)
46.62% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 4.31%
VGTSX: 2.13%
3.30%2.09%
84Dec 2003Dec 2003154.46% Vanguard REIT Index Fund (VGSIX)
45.54% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 3.08%
VGTSX: 7.80%
5.23%4.24%
85Jan 2004Jan 2004154.65% Vanguard REIT Index Fund (VGSIX)
45.35% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 4.28%
VGTSX: 1.60%
3.06%2.24%
86Feb 2004Feb 2004157.19% Vanguard REIT Index Fund (VGSIX)
42.81% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 1.64%
VGTSX: 2.50%
2.01%1.65%
87Mar 2004Mar 2004153.31% Vanguard REIT Index Fund (VGSIX)
46.69% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 5.43%
VGTSX: 0.45%
3.10%1.42%
88Apr 2004Apr 2004156.03% Vanguard REIT Index Fund (VGSIX)
43.97% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -14.56%
VGTSX: -3.14%
-9.54%-5.79%
89May 2004May 2004147.53% Vanguard Total International Stock Index Fund (VGTSX)
52.47% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 0.46%
VTSMX: 1.35%
0.93%2.06%
90Jun 2004Jun 2004142.37% Vanguard Total International Stock Index Fund (VGTSX)
57.63% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 2.40%
VTSMX: 2.09%
2.22%1.97%
91Jul 2004Jul 2004141.19% Vanguard REIT Index Fund (VGSIX)
58.81% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 0.51%
VGTSX: -3.34%
-1.75%-1.43%
92Aug 2004Aug 2004178.08% Vanguard Total Bond Market Index Fd (VBMFX)
21.92% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.94%
VGSIX: 7.83%
3.23%2.77%
93Sep 2004Sep 2004177.63% Vanguard Total Bond Market Index Fd (VBMFX)
22.37% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.16%
VGSIX: -0.23%
0.08%1.11%
94Oct 2004Oct 2004179.10% Vanguard Total Bond Market Index Fd (VBMFX)
20.90% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.85%
VGSIX: 5.39%
1.80%2.86%
95Nov 2004Nov 2004138.19% Vanguard REIT Index Fund (VGSIX)
61.81% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 4.15%
VGTSX: 7.23%
6.05%3.86%
96Dec 2004Dec 2004137.59% Vanguard REIT Index Fund (VGSIX)
62.41% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 4.77%
VGTSX: 4.44%
4.57%3.53%
97Jan 2005Jan 2005138.75% Vanguard REIT Index Fund (VGSIX)
61.25% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -8.41%
VGTSX: -1.67%
-4.28%-3.03%
98Feb 2005Feb 2005135.85% Vanguard REIT Index Fund (VGSIX)
64.15% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 2.85%
VGTSX: 4.68%
4.02%2.22%
99Mar 2005Mar 2005151.80% Vanguard Total International Stock Index Fund (VGTSX)
48.20% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -2.93%
VTSMX: -1.75%
-2.36%-1.70%
100Apr 2005Apr 2005153.28% Vanguard Total International Stock Index Fund (VGTSX)
46.72% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -2.07%
VTSMX: -2.32%
-2.19%0.62%
101May 2005May 2005141.93% Vanguard REIT Index Fund (VGSIX)
58.07% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 3.24%
VGTSX: 0.08%
1.41%2.02%
102Jun 2005Jun 2005180.37% Vanguard Total Bond Market Index Fd (VBMFX)
19.63% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.55%
VGSIX: 4.96%
1.42%1.91%
103Jul 2005Jul 2005177.49% Vanguard Total Bond Market Index Fd (VBMFX)
22.51% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.99%
VGSIX: 6.97%
0.80%3.47%
104Aug 2005Aug 2005142.81% Vanguard REIT Index Fund (VGSIX)
57.19% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -3.74%
VTSMX: -0.91%
-2.12%-0.21%
105Sep 2005Sep 2005136.02% Vanguard REIT Index Fund (VGSIX)
63.98% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 0.57%
VTSMX: 0.82%
0.73%1.27%
106Oct 2005Oct 2005138.68% Vanguard REIT Index Fund (VGSIX)
61.32% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -2.35%
VGTSX: -3.37%
-2.97%-2.13%
107Nov 2005Nov 2005138.64% Vanguard REIT Index Fund (VGSIX)
61.36% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 4.25%
VGTSX: 2.67%
3.28%2.87%
108Dec 2005Dec 2005139.92% Vanguard REIT Index Fund (VGSIX)
60.08% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -0.10%
VGTSX: 5.14%
3.05%1.56%
109Jan 2006Jan 2006150.56% Vanguard Total International Stock Index Fund (VGTSX)
49.44% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 6.87%
VTSMX: 3.50%
5.20%4.45%
110Feb 2006Feb 2006149.96% Vanguard REIT Index Fund (VGSIX)
50.04% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 1.83%
VGTSX: -0.72%
0.55%0.38%
111Mar 2006Mar 2006153.59% Vanguard REIT Index Fund (VGSIX)
46.41% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 4.83%
VGTSX: 3.17%
4.06%2.27%
112Apr 2006Apr 2006149.09% Vanguard REIT Index Fund (VGSIX)
50.91% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -3.63%
VGTSX: 5.12%
0.83%0.56%
113May 2006May 2006141.35% Vanguard REIT Index Fund (VGSIX)
58.65% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -2.80%
VGTSX: -4.45%
-3.77%-2.72%
114Jun 2006Jun 2006145.90% Vanguard REIT Index Fund (VGSIX)
54.10% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 5.29%
VGTSX: -0.38%
2.22%1.32%
115Jul 2006Jul 2006154.31% Vanguard REIT Index Fund (VGSIX)
45.69% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 3.49%
VGTSX: 1.15%
2.42%1.51%
116Aug 2006Aug 2006156.20% Vanguard REIT Index Fund (VGSIX)
43.80% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 3.72%
VGTSX: 2.53%
3.20%2.59%
117Sep 2006Sep 2006156.63% Vanguard REIT Index Fund (VGSIX)
43.37% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 1.90%
VGTSX: 0.25%
1.18%1.31%
118Oct 2006Oct 2006151.22% Vanguard REIT Index Fund (VGSIX)
48.78% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 6.11%
VGTSX: 4.00%
5.08%3.72%
119Nov 2006Nov 2006142.40% Vanguard REIT Index Fund (VGSIX)
57.60% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 4.69%
VTSMX: 2.23%
3.28%3.06%
120Dec 2006Dec 2006140.22% Vanguard REIT Index Fund (VGSIX)
59.78% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -1.81%
VGTSX: 3.09%
1.12%0.44%
121Jan 2007Jan 2007135.96% Vanguard REIT Index Fund (VGSIX)
64.04% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 8.52%
VGTSX: 0.96%
3.68%2.82%
122Feb 2007Feb 2007138.69% Vanguard REIT Index Fund (VGSIX)
61.31% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -2.41%
VGTSX: 0.06%
-0.90%-0.66%
123Mar 2007Mar 2007144.65% Vanguard REIT Index Fund (VGSIX)
55.35% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -2.37%
VGTSX: 2.80%
0.49%0.35%
124Apr 2007Apr 2007144.02% Vanguard REIT Index Fund (VGSIX)
55.98% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -0.04%
VGTSX: 3.92%
2.18%2.10%
125May 2007May 2007144.29% Vanguard Total International Stock Index Fund (VGTSX)
55.71% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 3.09%
VTSMX: 3.69%
3.42%1.51%
126Jun 2007Jun 2007144.10% Vanguard Total International Stock Index Fund (VGTSX)
55.90% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 0.61%
VTSMX: -1.67%
-0.66%-2.61%
127Jul 2007Jul 2007147.34% Vanguard Total International Stock Index Fund (VGTSX)
52.66% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -1.06%
VTSMX: -3.41%
-2.30%-2.73%
128Aug 2007Aug 2007148.09% Vanguard Total International Stock Index Fund (VGTSX)
51.91% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -0.72%
VTSMX: 1.45%
0.41%1.91%
129Sep 2007Sep 2007147.58% Vanguard Total International Stock Index Fund (VGTSX)
52.42% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 6.38%
VTSMX: 3.59%
4.92%3.77%
130Oct 2007Oct 2007147.00% Vanguard Total International Stock Index Fund (VGTSX)
53.00% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 5.90%
VTSMX: 1.85%
3.75%2.60%
131Nov 2007Nov 2007146.42% Vanguard Total International Stock Index Fund (VGTSX)
53.58% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -4.57%
VTSMX: -4.49%
-4.52%-4.07%
132Dec 2007Dec 2007184.51% Vanguard Total Bond Market Index Fd (VBMFX)
15.49% Vanguard Total International Stock Index Fund (VGTSX)
VBMFX: 0.31%
VGTSX: -2.28%
-0.09%-1.79%
133Jan 2008Jan 2008182.41% Vanguard Total Bond Market Index Fd (VBMFX)
17.59% Vanguard Total International Stock Index Fund (VGTSX)
VBMFX: 1.79%
VGTSX: -8.55%
-0.03%-3.29%
134Feb 2008Feb 2008187.99% Vanguard Total Bond Market Index Fd (VBMFX)
12.01% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.10%
VGSIX: -3.73%
-0.36%-1.60%
135Mar 2008Mar 2008178.96% Vanguard Total Bond Market Index Fd (VBMFX)
21.04% Vanguard Total International Stock Index Fund (VGTSX)
VBMFX: 0.30%
VGTSX: -0.71%
0.09%1.39%
136Apr 2008Apr 2008179.36% Vanguard Total Bond Market Index Fd (VBMFX)
20.64% Vanguard Total International Stock Index Fund (VGTSX)
VBMFX: -0.40%
VGTSX: 5.85%
0.89%4.01%
137May 2008May 2008183.51% Vanguard Total Bond Market Index Fd (VBMFX)
16.49% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.69%
VGSIX: 0.14%
-0.55%0.72%
138Jun 2008Jun 2008183.04% Vanguard Total Bond Market Index Fd (VBMFX)
16.96% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.01%
VGSIX: -10.77%
-1.83%-7.03%
139Jul 2008Jul 2008184.24% Vanguard Total Bond Market Index Fd (VBMFX)
15.76% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.00%
VGSIX: 3.15%
0.50%-0.24%
140Aug 2008Aug 2008187.69% Vanguard Total Bond Market Index Fd (VBMFX)
12.31% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.70%
VGSIX: 2.25%
0.89%-0.01%
141Sep 2008Sep 2008189.13% Vanguard Total Bond Market Index Fd (VBMFX)
10.87% Vanguard REIT Index Fund (VGSIX)
VBMFX: -1.11%
VGSIX: -0.11%
-1.00%-5.39%
142Oct 2008Oct 2008190.65% Vanguard Total Bond Market Index Fd (VBMFX)
9.35% Vanguard REIT Index Fund (VGSIX)
VBMFX: -2.53%
VGSIX: -31.23%
-5.22%-18.14%
143Nov 2008Nov 2008189.93% Vanguard Total Bond Market Index Fd (VBMFX)
10.07% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 3.64%
VTSMX: -7.90%
2.48%-7.43%
144Dec 2008Dec 2008189.79% Vanguard Total Bond Market Index Fd (VBMFX)
10.21% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 3.33%
VTSMX: 1.86%
3.18%6.72%
145Jan 2009Jan 2009190.77% Vanguard Total Bond Market Index Fd (VBMFX)
9.23% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: -0.70%
VTSMX: -8.26%
-1.40%-9.58%
146Feb 2009Feb 2009189.96% Vanguard Total Bond Market Index Fd (VBMFX)
10.04% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: -0.43%
VTSMX: -10.45%
-1.43%-9.84%
147Mar 2009Mar 2009190.04% Vanguard Total Bond Market Index Fd (VBMFX)
9.96% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 1.48%
VTSMX: 8.65%
2.20%5.66%
148Apr 2009Apr 2009189.37% Vanguard Total Bond Market Index Fd (VBMFX)
10.63% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.36%
VTSMX: 10.61%
1.45%12.25%
149May 2009May 2009189.15% Vanguard Total Bond Market Index Fd (VBMFX)
10.85% Vanguard Total International Stock Index Fund (VGTSX)
VBMFX: 0.85%
VGTSX: 14.35%
2.32%5.78%
150Jun 2009Jun 2009127.30% Vanguard REIT Index Fund (VGSIX)
72.70% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -3.25%
VGTSX: -1.32%
-1.85%-0.87%
151Jul 2009Jul 2009148.78% Vanguard Total International Stock Index Fund (VGTSX)
51.22% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 9.96%
VTSMX: 7.82%
8.86%7.41%
152Aug 2009Aug 2009148.31% Vanguard Total International Stock Index Fund (VGTSX)
51.69% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 3.42%
VTSMX: 3.67%
3.55%5.28%
153Sep 2009Sep 2009134.75% Vanguard REIT Index Fund (VGSIX)
65.25% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 6.69%
VGTSX: 5.22%
5.73%4.39%
154Oct 2009Oct 2009131.59% Vanguard REIT Index Fund (VGSIX)
68.41% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -4.64%
VGTSX: -2.10%
-2.90%-2.29%
155Nov 2009Nov 2009133.54% Vanguard REIT Index Fund (VGSIX)
66.46% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 6.85%
VGTSX: 3.79%
4.81%4.44%
156Dec 2009Dec 2009132.46% Vanguard REIT Index Fund (VGSIX)
67.54% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 7.03%
VTSMX: 2.86%
4.21%2.53%
157Jan 2010Jan 2010139.26% Vanguard REIT Index Fund (VGSIX)
60.74% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -5.32%
VGTSX: -5.07%
-5.17%-3.08%
158Feb 2010Feb 2010135.49% Vanguard REIT Index Fund (VGSIX)
64.51% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 5.55%
VTSMX: 3.36%
4.14%2.30%
159Mar 2010Mar 2010140.04% Vanguard REIT Index Fund (VGSIX)
59.96% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 10.16%
VTSMX: 6.27%
7.83%5.73%
160Apr 2010Apr 2010141.10% Vanguard REIT Index Fund (VGSIX)
58.90% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 7.03%
VTSMX: 2.17%
4.17%2.21%
161May 2010May 2010135.96% Vanguard REIT Index Fund (VGSIX)
64.04% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -5.41%
VTSMX: -8.00%
-7.07%-5.81%
162Jun 2010Jun 2010138.04% Vanguard REIT Index Fund (VGSIX)
61.96% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -5.24%
VTSMX: -5.66%
-5.50%-2.69%
163Jul 2010Jul 2010190.91% Vanguard Total Bond Market Index Fd (VBMFX)
9.09% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.93%
VGSIX: 9.73%
1.73%6.85%
164Aug 2010Aug 2010191.24% Vanguard Total Bond Market Index Fd (VBMFX)
8.76% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.48%
VGSIX: -1.24%
1.25%-1.85%
165Sep 2010Sep 2010189.04% Vanguard Total Bond Market Index Fd (VBMFX)
10.96% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.01%
VGSIX: 4.37%
0.47%5.79%
166Oct 2010Oct 2010187.56% Vanguard Total Bond Market Index Fd (VBMFX)
12.44% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.36%
VGSIX: 4.80%
0.91%3.20%
167Nov 2010Nov 2010145.30% Vanguard REIT Index Fund (VGSIX)
54.70% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: -2.04%
VGTSX: -4.52%
-3.40%-1.65%
168Dec 2010Dec 2010145.49% Vanguard REIT Index Fund (VGSIX)
54.51% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 4.63%
VGTSX: 8.34%
6.65%4.63%
169Jan 2011Jan 2011141.47% Vanguard Total International Stock Index Fund (VGTSX)
58.53% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 0.70%
VTSMX: 2.19%
1.57%1.57%
170Feb 2011Feb 2011142.41% Vanguard Total International Stock Index Fund (VGTSX)
57.59% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 2.71%
VTSMX: 3.60%
3.22%2.78%
171Mar 2011Mar 2011144.27% Vanguard Total International Stock Index Fund (VGTSX)
55.73% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -0.43%
VTSMX: 0.45%
0.06%-0.36%
172Apr 2011Apr 2011144.71% Vanguard REIT Index Fund (VGSIX)
55.29% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 5.66%
VTSMX: 2.99%
4.18%3.83%
173May 2011May 2011145.78% Vanguard REIT Index Fund (VGSIX)
54.22% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.36%
VTSMX: -1.16%
-0.01%-0.35%
174Jun 2011Jun 2011145.23% Vanguard REIT Index Fund (VGSIX)
54.77% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -3.35%
VTSMX: -1.79%
-2.49%-1.80%
175Jul 2011Jul 2011144.66% Vanguard REIT Index Fund (VGSIX)
55.34% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.55%
VTSMX: -2.25%
-0.55%-0.16%
176Aug 2011Aug 2011182.87% Vanguard Total Bond Market Index Fd (VBMFX)
17.13% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.47%
VGSIX: -5.53%
0.27%-4.63%
177Sep 2011Sep 2011188.19% Vanguard Total Bond Market Index Fd (VBMFX)
11.81% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.89%
VGSIX: -10.98%
-0.51%-7.38%
178Oct 2011Oct 2011188.52% Vanguard Total Bond Market Index Fd (VBMFX)
11.48% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.16%
VGSIX: 14.39%
1.80%8.71%
179Nov 2011Nov 2011189.15% Vanguard Total Bond Market Index Fd (VBMFX)
10.85% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.30%
VGSIX: -3.73%
-0.67%-1.78%
180Dec 2011Dec 2011186.63% Vanguard Total Bond Market Index Fd (VBMFX)
13.37% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 1.08%
VTSMX: 0.80%
1.04%1.11%
181Jan 2012Jan 2012188.93% Vanguard Total Bond Market Index Fd (VBMFX)
11.07% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.87%
VGSIX: 6.49%
1.49%4.93%
182Feb 2012Feb 2012188.07% Vanguard Total Bond Market Index Fd (VBMFX)
11.93% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.05%
VGSIX: -1.12%
-0.17%2.08%
183Mar 2012Mar 2012145.11% Vanguard REIT Index Fund (VGSIX)
54.89% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 5.14%
VTSMX: 3.07%
4.00%1.71%
184Apr 2012Apr 2012143.91% Vanguard REIT Index Fund (VGSIX)
56.09% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 2.88%
VTSMX: -0.65%
0.90%0.37%
185May 2012May 2012146.13% Vanguard REIT Index Fund (VGSIX)
53.87% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -4.60%
VTSMX: -6.24%
-5.48%-5.36%
186Jun 2012Jun 2012145.72% Vanguard REIT Index Fund (VGSIX)
54.28% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 5.64%
VTSMX: 3.91%
4.70%3.89%
187Jul 2012Jul 2012146.97% Vanguard REIT Index Fund (VGSIX)
53.03% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.93%
VTSMX: 1.03%
1.45%1.21%
188Aug 2012Aug 2012148.47% Vanguard REIT Index Fund (VGSIX)
51.53% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -0.14%
VTSMX: 2.48%
1.21%1.25%
189Sep 2012Sep 2012151.51% Vanguard REIT Index Fund (VGSIX)
48.49% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -1.83%
VTSMX: 2.58%
0.31%1.08%
190Oct 2012Oct 2012178.21% Vanguard Total Bond Market Index Fd (VBMFX)
21.79% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.12%
VGSIX: -0.83%
-0.09%-0.51%
191Nov 2012Nov 2012178.50% Vanguard Total Bond Market Index Fd (VBMFX)
21.50% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.20%
VTSMX: 0.74%
0.31%0.60%
192Dec 2012Dec 2012147.97% Vanguard Total International Stock Index Fund (VGTSX)
52.03% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 4.17%
VTSMX: 1.19%
2.62%2.26%
193Jan 2013Jan 2013152.36% Vanguard Total International Stock Index Fund (VGTSX)
47.64% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 3.34%
VTSMX: 5.50%
4.37%2.96%
194Feb 2013Feb 2013153.67% Vanguard Total International Stock Index Fund (VGTSX)
46.33% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -1.23%
VTSMX: 1.28%
-0.07%0.46%
195Mar 2013Mar 2013152.34% Vanguard Total International Stock Index Fund (VGTSX)
47.66% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 0.90%
VTSMX: 3.88%
2.32%1.98%
196Apr 2013Apr 2013154.48% Vanguard REIT Index Fund (VGSIX)
45.52% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 6.70%
VTSMX: 1.70%
4.42%3.22%
197May 2013May 2013152.01% Vanguard REIT Index Fund (VGSIX)
47.99% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -5.96%
VTSMX: 2.32%
-1.99%-2.09%
198Jun 2013Jun 2013146.26% Vanguard REIT Index Fund (VGSIX)
53.74% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -1.96%
VTSMX: -1.27%
-1.59%-2.14%
199Jul 2013Jul 2013142.18% Vanguard REIT Index Fund (VGSIX)
57.82% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 0.83%
VTSMX: 5.49%
3.52%2.85%
200Aug 2013Aug 2013138.34% Vanguard REIT Index Fund (VGSIX)
61.66% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -6.86%
VTSMX: -2.82%
-4.37%-3.04%
201Sep 2013Sep 2013146.39% Vanguard Total International Stock Index Fund (VGTSX)
53.61% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 7.21%
VTSMX: 3.66%
5.31%3.82%
202Oct 2013Oct 2013143.95% Vanguard Total International Stock Index Fund (VGTSX)
56.05% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 3.41%
VTSMX: 4.22%
3.87%3.29%
203Nov 2013Nov 2013149.77% Vanguard Total International Stock Index Fund (VGTSX)
50.23% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 0.12%
VTSMX: 2.88%
1.51%-0.49%
204Dec 2013Dec 2013149.89% Vanguard Total International Stock Index Fund (VGTSX)
50.11% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 1.25%
VTSMX: 2.63%
1.94%1.01%
205Jan 2014Jan 2014153.33% Vanguard Total International Stock Index Fund (VGTSX)
46.67% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -4.78%
VTSMX: -3.11%
-4.00%-0.54%
206Feb 2014Feb 2014151.16% Vanguard Total International Stock Index Fund (VGTSX)
48.84% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 5.39%
VTSMX: 4.73%
5.07%3.86%
207Mar 2014Mar 2014151.40% Vanguard Total International Stock Index Fund (VGTSX)
48.60% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 0.41%
VTSMX: 0.51%
0.46%0.32%
208Apr 2014Apr 2014151.63% Vanguard REIT Index Fund (VGSIX)
48.37% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 3.37%
VTSMX: 0.06%
1.77%1.42%
209May 2014May 2014154.04% Vanguard REIT Index Fund (VGSIX)
45.96% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 2.35%
VTSMX: 2.17%
2.27%1.88%
210Jun 2014Jun 2014152.34% Vanguard REIT Index Fund (VGSIX)
47.66% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.14%
VTSMX: 2.54%
1.81%1.38%
211Jul 2014Jul 2014152.82% Vanguard REIT Index Fund (VGSIX)
47.18% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 0.04%
VTSMX: -1.98%
-0.91%-0.93%
212Aug 2014Aug 2014144.11% Vanguard REIT Index Fund (VGSIX)
55.89% Vanguard Total International Stock Index Fund (VGTSX)
VGSIX: 2.97%
VGTSX: 1.05%
1.90%2.36%
213Sep 2014Sep 2014148.21% Vanguard REIT Index Fund (VGSIX)
51.79% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -6.00%
VTSMX: -2.14%
-4.00%-3.55%
214Oct 2014Oct 2014145.56% Vanguard REIT Index Fund (VGSIX)
54.44% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 9.93%
VTSMX: 2.74%
6.02%3.51%
215Nov 2014Nov 2014150.29% Vanguard REIT Index Fund (VGSIX)
49.71% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.98%
VTSMX: 2.41%
2.19%1.27%
216Dec 2014Dec 2014149.31% Vanguard REIT Index Fund (VGSIX)
50.69% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.93%
VTSMX: -0.01%
0.95%-0.24%
217Jan 2015Jan 2015154.84% Vanguard REIT Index Fund (VGSIX)
45.16% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 6.72%
VTSMX: -2.77%
2.44%1.60%
218Feb 2015Feb 2015177.75% Vanguard Total Bond Market Index Fd (VBMFX)
22.25% Vanguard REIT Index Fund (VGSIX)
VBMFX: -1.08%
VGSIX: -3.59%
-1.64%1.53%
219Mar 2015Mar 2015147.82% Vanguard REIT Index Fund (VGSIX)
52.18% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: 1.72%
VTSMX: -1.04%
0.28%-0.12%
220Apr 2015Apr 2015143.41% Vanguard REIT Index Fund (VGSIX)
56.59% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -5.92%
VTSMX: 0.42%
-2.33%-0.21%
221May 2015May 2015146.63% Vanguard Total International Stock Index Fund (VGTSX)
53.37% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -0.94%
VTSMX: 1.39%
0.30%-0.08%
222Jun 2015Jun 2015146.61% Vanguard Total International Stock Index Fund (VGTSX)
53.39% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -2.69%
VTSMX: -1.71%
-2.17%-2.49%
223Jul 2015Jul 2015145.46% Vanguard Total International Stock Index Fund (VGTSX)
54.54% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -0.80%
VTSMX: 1.63%
0.52%1.70%
224Aug 2015Aug 2015143.56% Vanguard Total International Stock Index Fund (VGTSX)
56.44% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -7.29%
VTSMX: -6.01%
-6.57%-5.00%
225Sep 2015Sep 2015180.29% Vanguard Total Bond Market Index Fd (VBMFX)
19.71% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.76%
VTSMX: -2.95%
0.02%-0.80%
226Oct 2015Oct 2015183.95% Vanguard Total Bond Market Index Fd (VBMFX)
16.05% Vanguard Total Stock Market Index Fund (VTSMX)
VBMFX: 0.01%
VTSMX: 7.84%
1.27%4.89%
227Nov 2015Nov 2015184.35% Vanguard Total Bond Market Index Fd (VBMFX)
15.65% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.27%
VGSIX: -0.64%
-0.33%-0.42%
228Dec 2015Dec 2015183.78% Vanguard Total Bond Market Index Fd (VBMFX)
16.22% Vanguard REIT Index Fund (VGSIX)
VBMFX: -0.38%
VGSIX: 1.79%
-0.03%-0.67%
229Jan 2016Jan 2016182.66% Vanguard Total Bond Market Index Fd (VBMFX)
17.34% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.43%
VGSIX: -3.36%
0.60%-3.30%
230Feb 2016Feb 2016185.50% Vanguard Total Bond Market Index Fd (VBMFX)
14.50% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.66%
VGSIX: -0.43%
0.50%-0.50%
231Mar 2016Mar 2016184.52% Vanguard Total Bond Market Index Fd (VBMFX)
15.48% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.94%
VGSIX: 10.41%
2.41%6.53%
232Apr 2016Apr 2016148.01% Vanguard REIT Index Fund (VGSIX)
51.99% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -2.41%
VTSMX: 0.63%
-0.83%0.17%
233May 2016May 2016183.14% Vanguard Total Bond Market Index Fd (VBMFX)
16.86% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.02%
VGSIX: 2.36%
0.41%0.79%
234Jun 2016Jun 2016182.85% Vanguard Total Bond Market Index Fd (VBMFX)
17.15% Vanguard REIT Index Fund (VGSIX)
VBMFX: 1.94%
VGSIX: 6.88%
2.78%2.07%
235Jul 2016Jul 2016180.18% Vanguard Total Bond Market Index Fd (VBMFX)
19.82% Vanguard REIT Index Fund (VGSIX)
VBMFX: 0.64%
VGSIX: 4.18%
1.34%3.29%
236Aug 2016Aug 2016150.59% Vanguard REIT Index Fund (VGSIX)
49.41% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -3.68%
VTSMX: 0.26%
-1.73%-0.80%
237Sep 2016Sep 2016152.76% Vanguard REIT Index Fund (VGSIX)
47.24% Vanguard Total Stock Market Index Fund (VTSMX)
VGSIX: -1.83%
VTSMX: 0.15%
-0.89%-0.13%
238Oct 2016Oct 2016145.53% Vanguard Total International Stock Index Fund (VGTSX)
54.47% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -1.72%
VTSMX: -2.21%
-1.99%-2.65%
239Nov 2016Nov 2016147.00% Vanguard Total International Stock Index Fund (VGTSX)
53.00% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: -2.15%
VTSMX: 4.44%
1.34%-0.51%
240Dec 2016Dec 2016148.68% Vanguard Total International Stock Index Fund (VGTSX)
51.32% Vanguard Total Stock Market Index Fund (VTSMX)
VGTSX: 2.02%
VTSMX: 1.92%
1.97%2.21%
241Jan 2017Jan 2017149.23% Vanguard Total International Stock Index Fund (VGTSX)
50.77% Vanguard Total Stock Market Index Fund (VTSMX)
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