Path Forward 2024

Asset Allocation

Position	Category/Sector	Target Weight
BSV Vanguard Short-Term Bond Index Fund ETF Shares	Short-Term Bond	3%
SGOV iShares 0-3 Month Treasury Bond ETF	Ultrashort Bond	22%
SWPPX Schwab S&P 500 Index Fund	Large Cap Blend Equities, S&P 500	15%
SWVXX Schwab Value Advantage Money Fund	Money Market	0%
USD=X USD Cash		0%
VASGX Vanguard LifeStrategy Growth Fund	Diversified Portfolio	8%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	Total Bond Market	5%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	REIT	5%
VSIAX Vanguard Small-Cap Value Index Fund Admiral Shares	Small Cap Value Equities	5%
VTRIX Vanguard International Value Fund	Foreign Large Cap Equities	3%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	Large Cap Blend Equities	12%
VWINX Vanguard Wellesley Income Fund Investor Shares	Diversified Portfolio	5%
VXF Vanguard Extended Market ETF	Small Cap Blend Equities	10%
VXUS Vanguard Total International Stock ETF	Foreign Large Cap Equities	7%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Path Forward 2024, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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The earliest data available for this chart is May 25, 2021, corresponding to the inception date of SWVXX

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-4.18%	-3.84%	-1.98%	21.98%	16.86%	10.37%	12.29%
Portfolio Path Forward 2024	0.00%	-2.52%	-0.09%	1.10%	17.10%	12.29%	—	—
Portfolio components:
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SWVXX Schwab Value Advantage Money Fund	0.00%	0.00%	0.57%	1.55%	3.68%	4.68%	—	—
SWPPX Schwab S&P 500 Index Fund	0.12%	-4.03%	-3.53%	-1.40%	23.51%	18.47%	11.96%	14.17%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	0.10%	-1.32%	-0.18%	0.60%	3.34%	3.41%	0.21%	1.63%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	0.17%	-3.99%	-3.13%	-1.29%	24.10%	18.07%	10.67%	13.74%
VWINX Vanguard Wellesley Income Fund Investor Shares	0.24%	-2.15%	0.50%	1.92%	9.38%	7.43%	4.17%	5.70%
VXF Vanguard Extended Market ETF	0.48%	-3.29%	-0.11%	-1.21%	28.49%	15.65%	4.23%	11.14%
VXUS Vanguard Total International Stock ETF	-0.68%	-3.46%	2.81%	5.79%	30.65%	15.41%	7.43%	9.01%
VTRIX Vanguard International Value Fund	-0.54%	-3.87%	1.87%	5.44%	29.51%	12.37%	6.70%	8.46%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	1.36%	-4.55%	3.08%	0.66%	6.50%	7.30%	3.13%	4.83%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since May 26, 2021, Path Forward 2024's average daily return is +0.02%, while the average monthly return is +0.54%. At this rate, your investment would double in approximately 10.7 years.

Historically, 63% of months were positive and 37% were negative. The best month was Nov 2023 with a return of +6.7%, while the worst month was Sep 2022 at -6.8%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.

On a daily basis, Path Forward 2024 closed higher 37% of trading days. The best single day was Apr 9, 2025 with a return of +5.4%, while the worst single day was Apr 4, 2025 at -3.6%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	1.94%	1.32%	-3.88%	0.63%									-0.09%
2025	2.31%	-0.53%	-2.89%	-0.14%	3.66%	3.17%	1.00%	2.37%	1.95%	0.95%	0.56%	0.27%	13.23%
2024	-0.52%	2.91%	2.41%	-3.16%	3.10%	1.02%	2.69%	1.62%	1.69%	-1.21%	4.03%	-2.92%	11.97%
2023	5.68%	-2.15%	1.02%	0.54%	-0.75%	4.42%	2.68%	-1.89%	-3.25%	-2.32%	6.70%	5.01%	16.11%
2022	-3.89%	-1.48%	1.15%	-5.57%	0.02%	-5.60%	5.62%	-2.72%	-6.83%	4.65%	4.92%	-3.42%	-13.32%
2021					0.67%	1.14%	0.67%	1.52%	-2.84%	3.65%	-1.72%	2.67%	5.76%

Benchmark Metrics

Path Forward 2024 has an annualized alpha of 0.05%, beta of 0.62, and R² of 0.93 versus S&P 500 Index. Calculated based on daily prices since May 26, 2021.

This portfolio participated in 72.29% of S&P 500 Index downside but only 62.18% of its upside — more exposed to losses than it benefited from rallies.
Beta of 0.62 indicates this portfolio moves significantly less than S&P 500 Index — a genuinely defensive profile with reduced participation in both market rallies and downturns.

Alpha: 0.05%

Beta: 0.62

R²: 0.93

Upside Capture: 62.18%

Downside Capture: 72.29%

Expense Ratio

Path Forward 2024 has an expense ratio of 0.08%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

Top 10 holdings

VTRIX

Vanguard International Value Fund

SWVXX

Schwab Value Advantage Money Fund

VWINX

Vanguard Wellesley Income Fund Investor Shares

VASGX

Vanguard LifeStrategy Growth Fund

VGSLX

Vanguard Real Estate Index Fund Admiral Shares

SGOV

iShares 0-3 Month Treasury Bond ETF

VSIAX

Vanguard Small-Cap Value Index Fund Admiral Shares

VXF

Vanguard Extended Market ETF

VBTLX

Vanguard Total Bond Market Index Fund Admiral Shares

VXUS

Vanguard Total International Stock ETF

Return for Risk

Risk / Return Rank

Path Forward 2024 ranks 64 for risk / return — better than 64% of portfolios on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	2.07	0.88	+1.19
Sortino ratio Return per unit of downside risk	3.31	1.37	+1.94
Omega ratio Gain probability vs. loss probability	1.44	1.21	+0.23
Calmar ratio Return relative to maximum drawdown	1.24	1.39	-0.14
Martin ratio Return relative to average drawdown	4.58	6.43	-1.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
USD=X USD Cash	—	—	—	—	—	—
SWVXX Schwab Value Advantage Money Fund	—	3.52	—	—	—	—
SWPPX Schwab S&P 500 Index Fund	46	0.96	1.47	1.23	1.51	7.13
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	31	0.90	1.30	1.16	1.38	3.83
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	46	0.96	1.47	1.22	1.51	7.12
VWINX Vanguard Wellesley Income Fund Investor Shares	53	1.21	1.71	1.24	1.67	6.43
VXF Vanguard Extended Market ETF	45	0.85	1.33	1.18	1.48	6.01
VXUS Vanguard Total International Stock ETF	78	1.63	2.25	1.33	2.52	9.49
VTRIX Vanguard International Value Fund	75	1.60	2.17	1.31	2.20	8.19
VGSLX Vanguard Real Estate Index Fund Admiral Shares	7	0.18	0.36	1.05	0.28	1.09

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

Path Forward 2024 Sharpe ratios as of Apr 4, 2026 (values are recalculated daily):

1-Year: 2.07
All Time: 0.58

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 0.98 to 1.66, this portfolio's current Sharpe ratio is in the top 25%. This signifies superior risk-adjusted performance, meaning the portfolio is delivering strong returns for the level of risk taken compared to most others.

The chart below shows the rolling Sharpe ratio of Path Forward 2024 compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

Path Forward 2024 provided a 3.35% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.35%	3.40%	3.46%	2.90%	2.21%	1.74%	1.71%	1.80%	2.49%	1.65%	1.91%	2.23%
Portfolio components:
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SWVXX Schwab Value Advantage Money Fund	3.61%	4.06%	5.02%	4.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SWPPX Schwab S&P 500 Index Fund	1.15%	1.11%	1.23%	1.43%	1.67%	1.27%	1.81%	1.95%	2.67%	1.79%	2.55%	3.17%
VBTLX Vanguard Total Bond Market Index Fund Admiral Shares	3.60%	3.87%	3.69%	3.10%	2.59%	1.96%	2.39%	2.74%	2.57%	2.56%	2.53%	2.82%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	1.15%	1.11%	1.26%	1.42%	1.65%	1.20%	1.41%	1.76%	2.03%	1.71%	1.92%	1.98%
VWINX Vanguard Wellesley Income Fund Investor Shares	7.92%	7.86%	6.61%	4.73%	7.67%	6.03%	4.30%	3.94%	7.56%	3.20%	4.00%	5.60%
VXF Vanguard Extended Market ETF	1.16%	1.14%	1.09%	1.27%	1.15%	1.13%	1.07%	1.30%	1.66%	1.25%	1.43%	1.35%
VXUS Vanguard Total International Stock ETF	2.95%	3.18%	3.37%	3.24%	3.09%	3.10%	2.14%	3.06%	3.18%	2.73%	2.93%	2.83%
VTRIX Vanguard International Value Fund	17.76%	18.10%	8.53%	2.78%	2.75%	4.35%	1.58%	2.96%	6.24%	1.86%	2.29%	2.13%
VGSLX Vanguard Real Estate Index Fund Admiral Shares	3.86%	3.92%	3.85%	3.91%	3.91%	2.56%	3.92%	3.39%	4.73%	4.23%	4.82%	3.92%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the Path Forward 2024. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Path Forward 2024 was 19.15%, occurring on Oct 14, 2022. Recovery took 439 trading sessions.

The current Path Forward 2024 drawdown is 3.56%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-19.15%	Nov 9, 2021	340	Oct 14, 2022	439	Dec 27, 2023	779
-11.71%	Feb 19, 2025	49	Apr 8, 2025	62	Jun 9, 2025	111
-5.93%	Feb 26, 2026	33	Mar 30, 2026	—	—	—
-4.74%	Jul 17, 2024	20	Aug 5, 2024	16	Aug 21, 2024	36
-4.09%	Dec 5, 2024	37	Jan 10, 2025	39	Feb 18, 2025	76

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 14 assets, with an effective number of assets of 8.45, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	USD=X	SWVXX	SGOV	BSV	VBTLX	VGSLX	VWINX	VTRIX	VSIAX	VXUS	VXF	SWPPX	VTSAX	VASGX	Portfolio
Benchmark	1.00	0.00	-0.01	0.00	0.12	0.12	0.61	0.66	0.74	0.79	0.76	0.86	1.00	0.99	0.95	0.95
USD=X	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
SWVXX	-0.01	0.00	1.00	0.10	0.02	0.06	0.03	-0.02	-0.02	0.02	-0.03	0.00	0.01	0.01	0.00	0.01
SGOV	0.00	0.00	0.10	1.00	0.07	0.01	0.02	0.04	0.03	0.00	0.04	0.01	0.04	0.04	0.03	0.03
BSV	0.12	0.00	0.02	0.07	1.00	0.83	0.27	0.49	0.17	0.10	0.18	0.11	0.11	0.12	0.20	0.18
VBTLX	0.12	0.00	0.06	0.01	0.83	1.00	0.29	0.56	0.14	0.10	0.15	0.13	0.11	0.12	0.20	0.19
VGSLX	0.61	0.00	0.03	0.02	0.27	0.29	1.00	0.66	0.54	0.67	0.54	0.60	0.57	0.59	0.61	0.68
VWINX	0.66	0.00	-0.02	0.04	0.49	0.56	0.66	1.00	0.60	0.67	0.60	0.60	0.60	0.62	0.68	0.70
VTRIX	0.74	0.00	-0.02	0.03	0.17	0.14	0.54	0.60	1.00	0.70	0.95	0.70	0.70	0.72	0.84	0.80
VSIAX	0.79	0.00	0.02	0.00	0.10	0.10	0.67	0.67	0.70	1.00	0.69	0.88	0.73	0.78	0.77	0.86
VXUS	0.76	0.00	-0.03	0.04	0.18	0.15	0.54	0.60	0.95	0.69	1.00	0.71	0.71	0.73	0.86	0.82
VXF	0.86	0.00	0.00	0.01	0.11	0.13	0.60	0.60	0.70	0.88	0.71	1.00	0.80	0.86	0.84	0.91
SWPPX	1.00	0.00	0.01	0.04	0.11	0.11	0.57	0.60	0.70	0.73	0.71	0.80	1.00	0.98	0.91	0.91
VTSAX	0.99	0.00	0.01	0.04	0.12	0.12	0.59	0.62	0.72	0.78	0.73	0.86	0.98	1.00	0.93	0.94
VASGX	0.95	0.00	0.00	0.03	0.20	0.20	0.61	0.68	0.84	0.77	0.86	0.84	0.91	0.93	1.00	0.95
Portfolio	0.95	0.00	0.01	0.03	0.18	0.19	0.68	0.70	0.80	0.86	0.82	0.91	0.91	0.94	0.95	1.00

The correlation results are calculated based on daily price changes starting from May 26, 2021

Path Forward 2024

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Top 10 holdings

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table