2 Pies

Asset Allocation

Position	Category/Sector	Target Weight
AVUV Avantis US Small Cap Value ETF	Small Cap Value Equities	18%
VOO Vanguard S&P 500 ETF	S&P 500	18%
SPYV SPDR Portfolio S&P 500 Value ETF	S&P 500, Large Cap Value Equities	18%
SPTI SPDR Portfolio Intermediate Term Treasury ETF	Government Bonds	9%
AVDV Avantis International Small Cap Value ETF	Foreign Small & Mid Cap Equities	9%
FNDF Schwab Fundamental International Equity ETF	Foreign Large Cap Equities, Large Cap Value Equities	9%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	Inflation-Protected Bonds	4.50%
VGSH Vanguard Short-Term Treasury ETF	Government Bonds, Short-Term Bond	4.50%
SAIA Saia, Inc.	Industrials	0.50%
ASML ASML Holding N.V.	Technology	0.50%
SOXX iShares Semiconductor ETF	Semiconductors, Technology Equities	0.50%
VGT Vanguard Information Technology ETF	Technology Equities	0.50%
QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund	Alternative Energy Equities	0.50%
PAVE Global X US Infrastructure Development ETF	Industrials Equities	0.50%
BOTZ Global X Robotics & Artificial Intelligence Thematic ETF	Robotics, Technology Equities	0.50%
PANW Palo Alto Networks, Inc.	Technology	0.50%
LLY Eli Lilly and Company	Healthcare	0.40%
COST Costco Wholesale Corporation	Consumer Defensive	0.40%
MNST Monster Beverage Corporation	Consumer Defensive	0.40%
CROX Crocs, Inc.	Consumer Cyclical	0.40%
CDNS Cadence Design Systems, Inc.	Technology	0.40%
FANG Diamondback Energy, Inc.	Energy	0.40%
CMG Chipotle Mexican Grill, Inc.	Consumer Cyclical	0.40%
ORCL Oracle Corporation	Technology	0.40%
NVO Novo Nordisk A/S	Healthcare	0.40%
TMHC Taylor Morrison Home Corporation	Consumer Cyclical	0.40%
FSLR First Solar, Inc.	Technology	0.40%
AMD Advanced Micro Devices, Inc.	Technology	0.40%
TSM Taiwan Semiconductor Manufacturing Company Limited	Technology	0.40%
MRVL Marvell Technology, Inc.	Technology	0.40%
GOLF Acushnet Holdings Corp.	Consumer Cyclical	0.40%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in 2 Pies, 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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Returns By Period

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.50%	-0.93%	8.56%	8.85%	24.33%	19.37%	11.84%	13.61%
Portfolio 2 Pies	0.53%	2.10%	14.68%	14.49%	30.48%	18.35%	11.98%	—
Portfolio components:
AMD Advanced Micro Devices, Inc.	4.73%	13.76%	138.87%	142.70%	340.40%	60.16%	44.46%	60.93%
ASML ASML Holding N.V.	-1.89%	17.61%	74.80%	73.02%	146.81%	37.59%	22.97%	36.00%
AVDV Avantis International Small Cap Value ETF	0.89%	-1.99%	14.99%	17.18%	41.91%	26.72%	13.63%	—
AVUV Avantis US Small Cap Value ETF	0.96%	5.11%	22.73%	19.51%	42.12%	19.24%	11.57%	—
BOTZ Global X Robotics & Artificial Intelligence Thematic ETF	-0.38%	-9.73%	2.46%	2.47%	20.91%	8.57%	1.51%	—
CDNS Cadence Design Systems, Inc.	0.32%	9.10%	23.16%	19.10%	28.32%	17.22%	24.39%	31.77%
CMG Chipotle Mexican Grill, Inc.	3.14%	0.44%	-12.89%	-10.82%	-35.85%	-7.94%	3.35%	15.09%
COST Costco Wholesale Corporation	0.68%	-5.66%	14.24%	11.38%	-0.24%	25.12%	22.12%	22.27%
CROX Crocs, Inc.	-0.92%	28.36%	45.83%	38.71%	27.92%	2.80%	2.80%	28.24%
FANG Diamondback Energy, Inc.	0.28%	-4.06%	29.28%	24.04%	27.23%	18.15%	22.17%	10.83%

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

Monthly Returns

Based on dividend-adjusted daily data since Sep 26, 2019, 2 Pies's average daily return is +0.06%, while the average monthly return is +1.25%. At this rate, an investment would double in approximately 4.6 years.

Historically, 65% of months were positive and 35% were negative. The best month was Nov 2020 with a return of +12.4%, while the worst month was Mar 2020 at -13.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.

On a daily basis, 2 Pies closed higher 54% of trading days. The best single day was Mar 24, 2020 with a return of +7.0%, while the worst single day was Mar 16, 2020 at -8.6%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	3.86%	2.73%	-4.29%	7.57%	3.90%	0.48%							14.68%
2025	2.07%	-0.92%	-2.64%	-1.09%	4.43%	4.07%	0.97%	3.81%	2.26%	1.14%	1.43%	0.92%	17.43%
2024	-0.05%	2.98%	3.79%	-3.74%	4.33%	-0.13%	3.86%	0.90%	1.25%	-2.10%	4.96%	-4.23%	11.86%
2023	7.38%	-1.96%	0.70%	0.77%	-1.24%	5.80%	3.93%	-2.22%	-3.51%	-2.58%	7.77%	6.04%	21.85%
2022	-3.36%	-0.69%	1.31%	-5.72%	1.84%	-8.07%	7.50%	-3.25%	-8.28%	8.06%	6.88%	-4.18%	-9.38%
2021	0.74%	5.15%	4.12%	3.01%	2.33%	0.06%	0.61%	2.02%	-2.19%	4.36%	-1.90%	3.91%	24.23%

Benchmark Metrics

2 Pies has an annualized alpha of 3.26%, beta of 0.78, and R2 of 0.89 versus S&P 500 Index. Calculated based on daily prices since September 26, 2019.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (86.30%) than losses (81.92%) - typical of diversified or defensive assets.
This portfolio generated an annualized alpha of 3.26% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.

Alpha: 3.26%

Beta: 0.78

R²: 0.89

Upside Capture: 86.30%

Downside Capture: 81.92%

See how alpha, beta & R² have trended over time →

Expense Ratio

2 Pies has an expense ratio of 0.13%, 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

BOTZ

Global X Robotics & Artificial Intelligence Thematic ETF

QCLN

First Trust NASDAQ Clean Edge Green Energy Index Fund

PAVE

Global X US Infrastructure Development ETF

AVDV

Avantis International Small Cap Value ETF

SOXX

iShares Semiconductor ETF

AVUV

Avantis US Small Cap Value ETF

FNDF

Schwab Fundamental International Equity ETF

VGT

Vanguard Information Technology ETF

SPTI

SPDR Portfolio Intermediate Term Treasury ETF

SPYV

SPDR Portfolio S&P 500 Value ETF

Return for Risk

Risk / Return Rank

2 Pies ranks 86 for risk / return — in the top 86% of Portfolios on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

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

The table below presents risk-adjusted performance metrics for 2 Pies and compares them with S&P 500 Index.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	2.68	1.86	+0.82
Sortino ratioReturn per unit of downside risk	3.72	2.53	+1.19
Omega ratioGain probability vs. loss probability	1.48	1.34	+0.15
Calmar ratioReturn relative to maximum drawdown	4.44	2.53	+1.90
Martin ratioReturn relative to average drawdown	17.50	11.37	+6.13

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

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
AMD Advanced Micro Devices, Inc.	98	5.01	4.54	1.60	12.04	24.74
ASML ASML Holding N.V.	95	3.27	3.70	1.45	7.83	21.08
AVDV Avantis International Small Cap Value ETF	80	2.53	3.36	1.46	3.12	12.44
AVUV Avantis US Small Cap Value ETF	82	2.28	3.24	1.39	5.06	15.09
BOTZ Global X Robotics & Artificial Intelligence Thematic ETF	24	0.76	1.22	1.14	0.99	3.26
CDNS Cadence Design Systems, Inc.	61	0.65	1.18	1.15	0.87	1.84
CMG Chipotle Mexican Grill, Inc.	12	-0.95	-1.21	0.83	-0.71	-1.04
COST Costco Wholesale Corporation	36	-0.08	0.02	1.00	-0.10	-0.22
CROX Crocs, Inc.	55	0.39	0.87	1.13	0.63	1.06
FANG Diamondback Energy, Inc.	73	1.02	1.52	1.18	2.56	4.99

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. Learn how to interpret the Sharpe ratio.

The current 2 Pies Sharpe ratio is 2.68 as of Jun 13, 2026 (the value is recalculated daily), calculated over the past 12 months.

Compared to the broad market, where average Sharpe ratios range from 1.53 to 2.41, 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 2 Pies 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

2 Pies provided a 2.15% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.15%	2.14%	2.39%	2.10%	2.16%	1.70%	1.55%	1.59%	1.68%	1.36%	1.27%	1.24%
Portfolio components:
AMD Advanced Micro Devices, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ASML ASML Holding N.V.	0.47%	0.97%	0.97%	0.86%	1.27%	0.50%	0.50%	1.40%	0.94%	0.64%	0.92%	0.73%
AVDV Avantis International Small Cap Value ETF	4.11%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
AVUV Avantis US Small Cap Value ETF	1.61%	1.58%	1.61%	1.65%	1.74%	1.28%	1.21%	0.38%	0.00%	0.00%	0.00%	0.00%
BOTZ Global X Robotics & Artificial Intelligence Thematic ETF	0.64%	0.66%	0.13%	0.20%	0.23%	0.16%	0.19%	0.83%	1.44%	0.01%	0.06%	0.00%
CDNS Cadence Design Systems, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
CMG Chipotle Mexican Grill, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
COST Costco Wholesale Corporation	0.55%	0.59%	0.49%	2.87%	0.76%	0.54%	3.38%	0.86%	1.08%	4.81%	1.09%	4.06%
CROX Crocs, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FANG Diamondback Energy, Inc.	2.16%	2.66%	5.06%	5.15%	6.55%	1.62%	3.10%	0.74%	0.40%	0.00%	0.00%	0.00%

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 2 Pies. 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 2 Pies was 31.16%, occurring on Mar 23, 2020. Recovery took 114 trading sessions.

The current 2 Pies drawdown is 0.57%.

Related event	Drawdown	Fall	Recovery	Underwater
COVID crash2020	-31.16%Mar 2020	2mo 2d	5mo 13d	7mo 15dJan 2020 - Sep 2020
Bear market2022	-19.05%Sep 2022	8mo 28d	8mo 18d	1y 5moJan 2022 - Jun 2023
2025 selloff2025	-15.13%Apr 2025	4mo 4d	2mo 19d	6mo 23dDec 2024 - Jun 2025
2023 pullback2023	-9.29%Oct 2023	2mo 27d	1mo 5d	4mo 2dAug 2023 - Dec 2023
2026 pullback2026	-6.64%Mar 2026	1mo 2d	15d	1mo 17dFeb 2026 - Apr 2026

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 31 assets, with an effective number of assets of 7.94, reflecting the diversification based on asset allocation. Your portfolio is dominated by one or two holdings, which significantly increases concentration risk. Consider rebalancing toward more even weights or adding additional positions.

Diversification Ratio

	1Y	3Y	5Y	All Time
Diversification Ratio	1.35	1.29	1.24	1.20

The portfolio has a diversification ratio of 1.20, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

2 Pies correlation to the S&P 500 Index

2 Pies has a 0.88 correlation to S&P 500 Index over the trailing 12 months. This section compares each holding's correlation to the benchmark and to the portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.91

Benchmark Correlations

Correlation vs. S&P 500 Index. VOO has the highest benchmark correlation at 1.00, while VGSH has the lowest at -0.01.

-0.01

-0.00

0.15

0.31

0.35

0.36

0.42

0.48

0.50

0.51

0.51

0.52

0.52

0.54

0.54

0.58

0.61

0.62

0.65

0.68

0.69

0.69

0.71

0.72

0.74

0.78

0.79

0.82

0.85

0.90

1.00

Portfolio Correlations

Correlation vs. 2 Pies. SPYV has the highest portfolio correlation at 0.92, while SPTI has the lowest at 0.01.

0.01

0.02

0.19

0.28

0.31

0.41

0.43

0.43

0.44

0.45

0.47

0.51

0.53

0.57

0.58

0.58

0.59

0.60

0.60

0.63

0.65

0.71

0.73

0.75

0.81

0.84

0.87

0.90

0.91

0.91

0.92

Asset Correlations Table

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

	VGSH	SPTI	VTIP	LLY	FANG	NVO	MNST	COST	FSLR	PANW	CMG	ORCL	GOLF	CROX	SAIA	TMHC	AMD	TSM	MRVL	CDNS	ASML	QCLN	AVDV	AVUV	FNDF	SPYV	PAVE	SOXX	BOTZ	VGT	VOO
VGSH	1.00	0.86	0.60	0.01	-0.15	0.01	0.06	0.03	0.00	-0.01	0.02	-0.03	0.02	0.00	-0.00	0.15	-0.03	-0.06	-0.06	0.00	-0.00	0.00	0.07	-0.05	0.05	-0.01	-0.03	-0.04	0.02	-0.01	-0.00
SPTI	0.86	1.00	0.58	0.03	-0.19	0.04	0.05	0.04	0.02	0.01	0.04	-0.01	0.04	0.00	-0.02	0.16	-0.00	-0.05	-0.04	0.02	0.01	0.02	0.04	-0.08	0.02	-0.02	-0.04	-0.03	0.03	0.00	-0.00
VTIP	0.60	0.58	1.00	0.06	0.15	0.05	0.13	0.11	0.09	0.07	0.11	0.06	0.11	0.08	0.07	0.19	0.07	0.02	0.04	0.09	0.08	0.12	0.23	0.13	0.20	0.15	0.13	0.08	0.14	0.11	0.15
LLY	0.01	0.03	0.06	1.00	0.06	0.44	0.21	0.28	0.11	0.19	0.19	0.26	0.17	0.14	0.16	0.18	0.18	0.17	0.18	0.23	0.23	0.15	0.22	0.17	0.24	0.31	0.24	0.22	0.25	0.28	0.35
FANG	-0.15	-0.19	0.15	0.06	1.00	0.04	0.08	0.04	0.23	0.12	0.11	0.14	0.20	0.25	0.23	0.24	0.17	0.21	0.22	0.14	0.19	0.31	0.40	0.57	0.40	0.43	0.44	0.26	0.25	0.20	0.31
NVO	0.01	0.04	0.05	0.44	0.04	1.00	0.20	0.23	0.14	0.25	0.23	0.28	0.19	0.20	0.22	0.21	0.22	0.24	0.19	0.33	0.31	0.23	0.29	0.18	0.30	0.29	0.26	0.27	0.33	0.32	0.36
MNST	0.06	0.05	0.13	0.21	0.08	0.20	1.00	0.39	0.22	0.25	0.31	0.26	0.30	0.28	0.30	0.35	0.25	0.21	0.25	0.34	0.31	0.30	0.34	0.32	0.36	0.47	0.37	0.33	0.35	0.40	0.48
COST	0.03	0.04	0.11	0.28	0.04	0.23	0.39	1.00	0.19	0.32	0.36	0.29	0.28	0.27	0.30	0.28	0.31	0.28	0.32	0.42	0.35	0.29	0.29	0.28	0.31	0.43	0.34	0.38	0.38	0.45	0.51
FSLR	0.00	0.02	0.09	0.11	0.23	0.14	0.22	0.19	1.00	0.25	0.22	0.24	0.26	0.32	0.28	0.28	0.35	0.36	0.39	0.34	0.39	0.67	0.38	0.39	0.36	0.36	0.41	0.44	0.44	0.42	0.42
PANW	-0.01	0.01	0.07	0.19	0.12	0.25	0.25	0.32	0.25	1.00	0.39	0.41	0.24	0.30	0.30	0.25	0.38	0.35	0.41	0.54	0.41	0.42	0.32	0.30	0.32	0.35	0.33	0.46	0.52	0.59	0.52
CMG	0.02	0.04	0.11	0.19	0.11	0.23	0.31	0.36	0.22	0.39	1.00	0.29	0.32	0.37	0.34	0.36	0.38	0.30	0.36	0.46	0.40	0.38	0.35	0.34	0.34	0.39	0.38	0.42	0.46	0.50	0.50
ORCL	-0.03	-0.01	0.06	0.26	0.14	0.28	0.26	0.29	0.24	0.41	0.29	1.00	0.27	0.24	0.31	0.27	0.38	0.40	0.40	0.53	0.41	0.37	0.38	0.38	0.42	0.46	0.44	0.47	0.51	0.60	0.58
GOLF	0.02	0.04	0.11	0.17	0.20	0.19	0.30	0.28	0.26	0.24	0.32	0.27	1.00	0.46	0.43	0.48	0.30	0.36	0.32	0.31	0.36	0.43	0.47	0.58	0.49	0.54	0.55	0.42	0.47	0.43	0.51
CROX	0.00	0.00	0.08	0.14	0.25	0.20	0.28	0.27	0.32	0.30	0.37	0.24	0.46	1.00	0.39	0.45	0.34	0.38	0.41	0.37	0.43	0.50	0.46	0.55	0.45	0.50	0.52	0.47	0.50	0.46	0.52
SAIA	-0.00	-0.02	0.07	0.16	0.23	0.22	0.30	0.30	0.28	0.30	0.34	0.31	0.43	0.39	1.00	0.46	0.32	0.34	0.38	0.40	0.41	0.45	0.43	0.57	0.46	0.53	0.60	0.46	0.50	0.46	0.54
TMHC	0.15	0.16	0.19	0.18	0.24	0.21	0.35	0.28	0.28	0.25	0.36	0.27	0.48	0.45	0.46	1.00	0.30	0.33	0.35	0.36	0.39	0.46	0.49	0.61	0.50	0.57	0.61	0.43	0.49	0.43	0.54
AMD	-0.03	-0.00	0.07	0.18	0.17	0.22	0.25	0.31	0.35	0.38	0.38	0.38	0.30	0.34	0.32	0.30	1.00	0.60	0.65	0.56	0.63	0.57	0.42	0.39	0.42	0.41	0.43	0.78	0.62	0.71	0.60
TSM	-0.06	-0.05	0.02	0.17	0.21	0.24	0.21	0.28	0.36	0.35	0.30	0.40	0.36	0.38	0.34	0.33	0.60	1.00	0.62	0.56	0.69	0.56	0.49	0.44	0.52	0.44	0.50	0.77	0.64	0.69	0.62
MRVL	-0.06	-0.04	0.04	0.18	0.22	0.19	0.25	0.32	0.39	0.41	0.36	0.40	0.32	0.41	0.38	0.35	0.65	0.62	1.00	0.58	0.66	0.60	0.46	0.47	0.47	0.47	0.52	0.81	0.65	0.72	0.64
CDNS	0.00	0.02	0.09	0.23	0.14	0.33	0.34	0.42	0.34	0.54	0.46	0.53	0.31	0.37	0.40	0.36	0.56	0.56	0.58	1.00	0.63	0.53	0.44	0.38	0.45	0.46	0.48	0.70	0.67	0.78	0.69
ASML	-0.00	0.01	0.08	0.23	0.19	0.31	0.31	0.35	0.39	0.41	0.40	0.41	0.36	0.43	0.41	0.39	0.63	0.69	0.66	0.63	1.00	0.60	0.57	0.48	0.59	0.51	0.55	0.83	0.71	0.74	0.69
QCLN	0.00	0.02	0.12	0.15	0.31	0.23	0.30	0.29	0.67	0.42	0.38	0.37	0.43	0.50	0.45	0.46	0.57	0.56	0.60	0.53	0.60	1.00	0.59	0.63	0.58	0.57	0.64	0.71	0.71	0.68	0.68
AVDV	0.07	0.04	0.23	0.22	0.40	0.29	0.34	0.29	0.38	0.32	0.35	0.38	0.47	0.46	0.43	0.49	0.42	0.49	0.46	0.44	0.57	0.59	1.00	0.71	0.93	0.72	0.71	0.57	0.73	0.58	0.71
AVUV	-0.05	-0.08	0.13	0.17	0.57	0.18	0.32	0.28	0.39	0.30	0.34	0.38	0.58	0.55	0.57	0.61	0.39	0.44	0.47	0.38	0.48	0.63	0.71	1.00	0.74	0.84	0.88	0.57	0.64	0.54	0.72
FNDF	0.05	0.02	0.20	0.24	0.40	0.30	0.36	0.31	0.36	0.32	0.34	0.42	0.49	0.45	0.46	0.50	0.42	0.52	0.47	0.45	0.59	0.58	0.93	0.74	1.00	0.77	0.73	0.60	0.74	0.60	0.74
SPYV	-0.01	-0.02	0.15	0.31	0.43	0.29	0.47	0.43	0.36	0.35	0.39	0.46	0.54	0.50	0.53	0.57	0.41	0.44	0.47	0.46	0.51	0.57	0.72	0.84	0.77	1.00	0.85	0.59	0.66	0.63	0.85
PAVE	-0.03	-0.04	0.13	0.24	0.44	0.26	0.37	0.34	0.41	0.33	0.38	0.44	0.55	0.52	0.60	0.61	0.43	0.50	0.52	0.48	0.55	0.64	0.71	0.88	0.73	0.85	1.00	0.63	0.69	0.62	0.78
SOXX	-0.04	-0.03	0.08	0.22	0.26	0.27	0.33	0.38	0.44	0.46	0.42	0.47	0.42	0.47	0.46	0.43	0.78	0.77	0.81	0.70	0.83	0.71	0.57	0.57	0.60	0.59	0.63	1.00	0.78	0.87	0.79
BOTZ	0.02	0.03	0.14	0.25	0.25	0.33	0.35	0.38	0.44	0.52	0.46	0.51	0.47	0.50	0.50	0.49	0.62	0.64	0.65	0.67	0.71	0.71	0.73	0.64	0.74	0.66	0.69	0.78	1.00	0.82	0.82
VGT	-0.01	0.00	0.11	0.28	0.20	0.32	0.40	0.45	0.42	0.59	0.50	0.60	0.43	0.46	0.46	0.43	0.71	0.69	0.72	0.78	0.74	0.68	0.58	0.54	0.60	0.63	0.62	0.87	0.82	1.00	0.90
VOO	-0.00	-0.00	0.15	0.35	0.31	0.36	0.48	0.51	0.42	0.52	0.50	0.58	0.51	0.52	0.54	0.54	0.60	0.62	0.64	0.69	0.69	0.68	0.71	0.72	0.74	0.85	0.78	0.79	0.82	0.90	1.00

The correlation results are calculated based on daily price changes starting from Sep 26, 2019

Diversification Analysis

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