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Currency in USD · Last updated Apr 11, 2026

The permanent portfolio is an investment strategy developed by Harry Browne in the 1970s. It is designed to be a diversified, all-weather portfolio that can provide steady returns in any market environment.

The permanent portfolio is based on the idea that the financial markets are driven by four main factors: inflation, deflation, economic growth, and economic decline. Therefore, to achieve consistent returns in any market environment, Browne believed that it was necessary to diversify across asset classes that would perform well under each of these conditions.

The permanent portfolio consists of four main asset classes: stocks, bonds, gold, and cash. These asset classes are typically invested in through a combination of low-cost index funds or exchange-traded funds (ETFs). The portfolio is intended to provide a combination of growth and income while minimizing risk through diversification. It is typically rebalanced annually to maintain the desired asset allocation.

One of the key features of the permanent portfolio is that it is designed to be a long-term investment strategy. Browne believed that investors should hold their portfolio long-term rather than trying to time the market or constantly make changes to their investments. The goal of the permanent portfolio is to provide a consistent stream of returns over time rather than trying to achieve short-term gains.

Asset Allocation

14 positions 33.32%12 positions 28.56%5 positions 11.90%7 positions 16.66%1 position 2.38%3 positions 7.14%AlternativesAlternativesBondBondCommodityCommodityEquityEquityReal EstateReal EstateVolatilityVolatility
PositionCategory/SectorTarget Weight
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		Long-Short
2.38%
CLSE
Convergence Long/Short Equity ETF		Long-Short
2.38%
CTA
Simplify Managed Futures Strategy ETF		Systematic Trend
2.38%
DBA
Invesco DB Agriculture Fund		Agricultural Commodities
2.38%
DBC
Invesco DB Commodity Index Tracking Fund		Commodities
2.38%
DBMF
iM DBi Managed Futures Strategy ETF		Hedge Fund, Actively Managed
2.38%
EMB
iShares J.P. Morgan USD Emerging Markets Bond ETF		Emerging Markets Bonds
2.38%
EMHY
iShares J.P. Morgan EM High Yield Bond ETF		Emerging Markets Bonds
2.38%
FLSP
Franklin Liberty Systematic Style Premia ETF		Long-Short, Actively Managed
2.38%
FMF
First Trust Managed Futures Strategy Fund		Hedge Fund, Actively Managed
2.38%
FTLS
First Trust Long/Short Equity ETF		Long-Short, Actively Managed
2.38%
GLD
SPDR Gold Shares		Gold, Precious Metals
2.38%
HTUS
Hull Tactical US ETF		Long-Short, Actively Managed
2.38%
IEMG
iShares Core MSCI Emerging Markets ETF		Emerging Markets Diversified
2.38%
IGOV
iShares International Treasury Bond ETF		International Government Bonds
2.38%
KMLM
KFA Mount Lucas Index Strategy ETF		Long-Short, Actively Managed
2.38%
MNA
IQ Merger Arbitrage ETF		Hedge Fund
2.38%
PDBC
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		Commodities, Actively Managed
2.38%
PFIX
Simplify Interest Rate Hedge ETF		Hedge Fund, Actively Managed
2.38%
QAI
IQ Hedge Multi-Strategy Tracker ETF		Long-Short
2.38%
RINF
ProShares Inflation Expectations ETF		Inflation-Protected Bonds
2.38%
RLY
SPDR SSgA Multi-Asset Real Return ETF		Hedge Fund, Actively Managed
2.38%
SCHI
Schwab 5-10 Year Corporate Bond ETF		Corporate Bonds
2.38%
SLV
iShares Silver Trust		Precious Metals
2.38%
SVOL
Simplify Volatility Premium ETF		Volatility, Actively Managed
2.38%
USHY
iShares Broad USD High Yield Corporate Bond ETF		High Yield Bonds
2.38%
USRT
iShares Core U.S. REIT ETF		REIT
2.38%
VAMO
Cambria Value and Momentum ETF		Momentum, Equity Hedged, Actively Managed
2.38%
VB
Vanguard Small-Cap ETF		Small Cap Growth Equities
2.38%
VCSH
Vanguard Short-Term Corporate Bond ETF		Corporate Bonds
2.38%
VEA
Vanguard FTSE Developed Markets ETF		Foreign Large Cap Equities
2.38%
VGIT
Vanguard Intermediate-Term Treasury ETF		Government Bonds
2.38%
VGLT
Vanguard Long-Term Treasury ETF		Government Bonds, Long-Term Bond
2.38%
VGSH
Vanguard Short-Term Treasury ETF		Government Bonds, Short-Term Bond
2.38%
VIXM
ProShares VIX Mid-Term Futures ETF		Volatility
2.38%
VO
Vanguard Mid-Cap ETF		Mid Cap Growth Equities
2.38%
VOO
Vanguard S&P 500 ETF		S&P 500
2.38%
VSS
Vanguard FTSE All-World ex-US Small-Cap ETF		Foreign Small & Mid Cap Equities
2.38%
VTC
Vanguard Total Corporate Bond ETF		Corporate Bonds
2.38%
VTEB
Vanguard Tax-Exempt Bond ETF		Municipal Bonds
2.38%
VXX
iPath Series B S&P 500 VIX Short-Term Futures ETN		Volatility
2.38%
XLE
State Street Energy Select Sector SPDR ETF		Energy Equities
2.38%

S&P 500 Index

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in calculator, 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 Mar 8, 2022, corresponding to the inception date of CTA

Returns By Period

1D1MYTD6M1Y3Y*5Y*10Y*
Benchmark
S&P 500 Index
-0.11%2.78%-0.42%4.03%27.10%18.38%10.55%12.70%
Portfolio
calculator
-0.10%0.96%6.09%9.22%17.45%9.87%——
Portfolio components:
VOO
Vanguard S&P 500 ETF		-0.07%2.87%-0.09%4.64%28.85%19.99%12.14%14.61%
VO
Vanguard Mid-Cap ETF		-0.52%3.05%2.62%4.44%23.64%13.98%7.05%11.15%
VB
Vanguard Small-Cap ETF		-0.32%4.81%5.89%10.48%34.04%14.70%6.10%11.02%
VEA
Vanguard FTSE Developed Markets ETF		0.28%6.32%8.62%16.60%41.44%17.90%9.43%9.81%
VSS
Vanguard FTSE All-World ex-US Small-Cap ETF		0.52%5.52%7.42%12.87%40.98%15.69%6.21%8.06%
IEMG
iShares Core MSCI Emerging Markets ETF		0.42%6.48%10.46%17.63%48.01%18.18%5.79%8.83%
VGLT
Vanguard Long-Term Treasury ETF		-0.25%0.36%0.15%-1.78%4.80%-1.82%-4.84%-0.86%
VGIT
Vanguard Intermediate-Term Treasury ETF		-0.12%0.01%0.10%0.60%5.23%3.21%0.31%1.32%
VGSH
Vanguard Short-Term Treasury ETF		-0.03%0.13%0.39%1.21%3.85%4.00%1.81%1.74%
VTEB
Vanguard Tax-Exempt Bond ETF		-0.04%0.05%0.76%1.75%7.97%2.75%0.95%2.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Mar 9, 2022, calculator's average daily return is +0.03%, while the average monthly return is +0.52%. At this rate, an investment would double in approximately 11.1 years.

Historically, 70% of months were positive and 30% were negative. The best month was Jan 2026 with a return of +3.1%, while the worst month was Jun 2022 at -4.1%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 3 months.

On a daily basis, calculator closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +1.9%, while the worst single day was Jan 30, 2026 at -2.0%.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20263.12%2.66%-0.52%0.73%6.09%
20251.74%0.10%0.40%0.06%1.14%1.47%0.09%1.95%1.79%0.44%1.18%0.95%11.87%
20240.23%1.53%2.65%-0.26%1.14%-0.19%1.43%0.81%1.82%-0.02%0.58%-1.16%8.84%
20231.27%-1.81%0.77%0.59%-1.92%1.20%2.05%-0.61%-0.32%-0.67%1.68%1.28%3.45%
20220.37%-0.68%0.17%-4.06%1.80%-1.46%-3.46%2.74%2.38%-1.10%-3.48%

Benchmark Metrics

calculator has an annualized alpha of 3.74%, beta of 0.20, and R² of 0.41 versus S&P 500 Index. Calculated based on daily prices since March 09, 2022.

  • This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (26.39%) than losses (20.51%) — typical of diversified or defensive assets.
  • Beta of 0.20 may look defensive, but with R² of 0.41 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
  • R² of 0.41 means the benchmark explains less than half of this portfolio's behavior — treat beta with caution or consider switching to a more representative benchmark.
Alpha
3.74%
Beta
0.20
R²
0.41
Upside Capture
26.39%
Downside Capture
20.51%

Expense Ratio

calculator has an expense ratio of 0.51%, placing it in the medium range. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

Top 10 holdings
BTAL
AGFiQ US Market Neutral Anti-Beta Fund
FTLS
First Trust Long/Short Equity ETF
CLSE
Convergence Long/Short Equity ETF
HTUS
Hull Tactical US ETF
FMF
First Trust Managed Futures Strategy Fund
DBA
Invesco DB Agriculture Fund
KMLM
KFA Mount Lucas Index Strategy ETF
VXX
iPath Series B S&P 500 VIX Short-Term Futures ETN
DBC
Invesco DB Commodity Index Tracking Fund
DBMF
iM DBi Managed Futures Strategy ETF

Return for Risk

Risk / Return Rank

calculator ranks 95 for risk / return — in the top 95% 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.

calculator Risk / Return Rank: 9595
Overall Rank
calculator Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
calculator Sortino Ratio Rank: 9292
Sortino Ratio Rank
calculator Omega Ratio Rank: 9696
Omega Ratio Rank
calculator Calmar Ratio Rank: 9595
Calmar Ratio Rank
calculator Martin Ratio Rank: 9696
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

PortfolioBenchmarkDifference

Sharpe ratio

Return per unit of total volatility

3.59

2.23

+1.36

Sortino ratio

Return per unit of downside risk

4.85

3.12

+1.74

Omega ratio

Gain probability vs. loss probability

1.75

1.42

+0.33

Calmar ratio

Return relative to maximum drawdown

8.25

4.05

+4.21

Martin ratio

Return relative to average drawdown

34.26

17.91

+16.35

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 RankSharpe ratioSortino ratioOmega ratioCalmar ratioMartin ratio
VOO
Vanguard S&P 500 ETF		662.373.291.444.3119.24
VO
Vanguard Mid-Cap ETF		501.942.771.343.8914.77
VB
Vanguard Small-Cap ETF		592.102.991.374.7216.93
VEA
Vanguard FTSE Developed Markets ETF		793.094.111.564.5718.43
VSS
Vanguard FTSE All-World ex-US Small-Cap ETF		803.234.251.614.5618.25
IEMG
iShares Core MSCI Emerging Markets ETF		772.963.851.564.5517.94
VGLT
Vanguard Long-Term Treasury ETF		120.540.831.090.501.17
VGIT
Vanguard Intermediate-Term Treasury ETF		251.321.981.231.675.25
VGSH
Vanguard Short-Term Treasury ETF		722.704.291.573.9214.51
VTEB
Vanguard Tax-Exempt Bond ETF		572.333.391.502.8612.02

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.

calculator Sharpe ratios as of Apr 11, 2026 (values are recalculated daily):

  • 1-Year: 3.59
  • All Time: 1.19

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 2.14 to 3.05, 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 calculator 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

calculator provided a 3.71% dividend yield over the last twelve months.

TTM20252024202320222021202020192018201720162015
Portfolio3.71%3.77%3.69%5.25%3.23%3.49%1.67%1.97%1.92%1.39%1.31%1.10%
Portfolio components:
VOO
Vanguard S&P 500 ETF		1.14%1.13%1.24%1.46%1.69%1.25%1.54%1.88%2.06%1.78%2.02%2.10%
VO
Vanguard Mid-Cap ETF		1.46%1.52%1.49%1.52%1.60%1.12%1.45%1.48%1.82%1.35%1.45%1.47%
VB
Vanguard Small-Cap ETF		1.29%1.33%1.30%1.55%1.59%1.24%1.14%1.39%1.67%1.35%1.50%1.48%
VEA
Vanguard FTSE Developed Markets ETF		2.77%3.22%3.35%3.15%2.91%3.16%2.04%3.04%3.35%2.77%3.05%2.92%
VSS
Vanguard FTSE All-World ex-US Small-Cap ETF		3.16%3.39%3.44%3.14%2.30%2.74%1.90%3.25%2.80%2.83%2.93%2.66%
IEMG
iShares Core MSCI Emerging Markets ETF		2.49%2.75%3.20%2.89%2.71%3.06%1.87%3.15%2.76%2.35%2.28%2.53%
VGLT
Vanguard Long-Term Treasury ETF		4.53%4.44%4.33%3.33%2.84%1.82%2.15%2.46%2.71%2.55%2.69%3.21%
VGIT
Vanguard Intermediate-Term Treasury ETF		3.82%3.79%3.67%2.73%1.74%1.69%2.23%2.24%2.05%1.67%1.69%1.69%
VGSH
Vanguard Short-Term Treasury ETF		3.92%4.00%4.18%3.31%1.15%0.66%1.74%2.28%1.79%1.10%0.84%0.69%
VTEB
Vanguard Tax-Exempt Bond ETF		3.35%3.29%3.14%2.79%2.09%1.64%1.99%2.30%2.25%1.96%1.66%0.58%

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 calculator. 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 calculator was 8.88%, occurring on Sep 26, 2022. Recovery took 353 trading sessions.

The current calculator drawdown is 0.10%.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

-8.88%Apr 19, 2022111Sep 26, 2022353Feb 22, 2024464
-4.42%Feb 20, 202533Apr 7, 202525May 13, 202558
-2.47%Jan 30, 20262Feb 2, 202615Feb 24, 202617
-2.11%Mar 3, 202615Mar 23, 202611Apr 8, 202626
-1.44%Apr 8, 202418May 1, 202412May 17, 202430

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 42 assets, with an effective number of assets of 42.00, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.
BenchmarkFLSPFMFDBARINFCTAKMLMDBMFPDBCDBCGLDVAMOSLVXLEMNAVGSHPFIXVTEBVGLTCLSEVGITBTALVXXVIXMSVOLFTLSUSRTIGOVVCSHHTUSVTCSCHIIEMGRLYVOOVBEMHYQAIVOEMBVEAVSSUSHYPortfolio
Benchmark1.000.100.040.150.06-0.11-0.130.080.150.160.130.340.240.310.420.05-0.120.200.120.680.10-0.66-0.71-0.710.730.770.600.300.290.850.320.320.670.531.000.850.620.800.890.540.770.740.720.59
FLSP0.101.000.120.090.080.060.090.100.160.150.020.120.010.150.03-0.080.06-0.04-0.100.23-0.090.00-0.07-0.060.080.150.04-0.05-0.060.11-0.07-0.060.020.130.100.070.040.080.080.010.060.060.050.18
FMF0.040.121.000.170.130.310.490.440.180.180.100.160.120.120.01-0.160.11-0.08-0.150.09-0.17-0.01-0.08-0.040.060.05-0.05-0.13-0.150.08-0.14-0.160.060.150.040.04-0.050.070.02-0.080.090.08-0.030.23
DBA0.150.090.171.000.130.080.030.100.390.390.130.140.180.200.09-0.040.030.01-0.060.13-0.04-0.08-0.12-0.090.100.150.100.070.010.15-0.010.000.170.320.150.150.090.210.150.070.200.210.100.34
RINF0.060.080.130.131.000.100.200.240.210.21-0.050.08-0.000.200.04-0.340.43-0.38-0.480.12-0.450.01-0.02-0.060.000.11-0.06-0.29-0.350.10-0.41-0.400.030.150.060.04-0.170.010.03-0.260.010.01-0.150.16
CTA-0.110.060.310.080.101.000.350.340.090.09-0.00-0.020.020.02-0.06-0.350.25-0.26-0.28-0.06-0.350.120.080.09-0.10-0.13-0.16-0.27-0.36-0.11-0.32-0.34-0.11-0.02-0.11-0.12-0.25-0.11-0.12-0.28-0.15-0.14-0.240.05
KMLM-0.130.090.490.030.200.351.000.530.070.07-0.020.030.000.05-0.10-0.290.28-0.29-0.33-0.02-0.360.140.100.11-0.11-0.08-0.20-0.35-0.34-0.10-0.36-0.38-0.10-0.00-0.13-0.14-0.30-0.14-0.15-0.34-0.12-0.13-0.270.04
DBMF0.080.100.440.100.240.340.531.000.190.190.070.190.100.140.02-0.360.27-0.28-0.360.16-0.40-0.04-0.09-0.060.080.09-0.09-0.34-0.360.10-0.36-0.380.070.160.080.07-0.180.060.05-0.260.070.06-0.160.20
PDBC0.150.160.180.390.210.090.070.191.000.990.340.230.350.640.13-0.070.07-0.03-0.110.14-0.09-0.15-0.10-0.100.090.170.080.06-0.020.14-0.03-0.010.270.680.150.180.090.240.180.060.230.270.120.59
DBC0.160.150.180.390.210.090.070.190.991.000.350.230.350.640.13-0.060.07-0.02-0.110.14-0.08-0.16-0.10-0.100.090.180.080.07-0.010.15-0.03-0.010.280.680.160.190.100.240.190.070.240.280.140.59
GLD0.130.020.100.13-0.05-0.00-0.020.070.340.351.000.090.770.160.170.36-0.190.240.240.090.34-0.12-0.03-0.030.080.130.160.490.350.100.300.320.340.470.130.150.270.300.170.320.350.390.240.57
VAMO0.340.120.160.140.08-0.020.030.190.230.230.091.000.120.460.25-0.05-0.060.030.010.35-0.02-0.36-0.33-0.320.320.380.330.100.050.280.090.070.310.470.340.580.270.400.500.220.400.420.320.43
SLV0.240.010.120.18-0.000.020.000.100.350.350.770.121.000.210.220.22-0.120.170.150.200.21-0.23-0.13-0.140.170.200.210.410.260.200.230.250.430.510.240.240.270.370.240.290.420.460.250.61
XLE0.310.150.120.200.200.020.050.140.640.640.160.460.211.000.22-0.100.06-0.03-0.100.24-0.10-0.20-0.25-0.260.240.330.300.030.010.270.020.010.290.750.310.430.220.320.420.150.340.360.250.59
MNA0.420.030.010.090.04-0.06-0.100.020.130.130.170.250.220.221.000.07-0.060.130.080.250.09-0.31-0.32-0.330.330.330.400.280.200.320.200.210.410.370.420.490.370.450.480.340.480.480.410.40
VGSH0.05-0.08-0.16-0.04-0.34-0.35-0.29-0.36-0.07-0.060.36-0.050.22-0.100.071.00-0.510.590.66-0.070.90-0.060.020.030.040.030.200.620.870.010.710.770.090.090.050.070.390.170.080.550.170.170.390.16
PFIX-0.120.060.110.030.430.250.280.270.070.07-0.19-0.06-0.120.06-0.06-0.511.00-0.66-0.86-0.03-0.720.110.110.08-0.19-0.10-0.24-0.51-0.60-0.11-0.77-0.73-0.11-0.11-0.12-0.15-0.46-0.17-0.16-0.60-0.20-0.20-0.38-0.05
VTEB0.20-0.04-0.080.01-0.38-0.26-0.29-0.28-0.03-0.020.240.030.17-0.030.130.59-0.661.000.720.060.71-0.19-0.13-0.110.200.140.310.540.660.170.720.730.210.160.200.200.490.280.220.610.260.270.450.18
VGLT0.12-0.10-0.15-0.06-0.48-0.28-0.33-0.36-0.11-0.110.240.010.15-0.100.080.66-0.860.721.00-0.020.88-0.12-0.08-0.070.180.060.260.610.730.080.890.860.110.080.120.140.500.180.160.680.200.200.440.09
CLSE0.680.230.090.130.12-0.06-0.020.160.140.140.090.350.200.240.25-0.07-0.030.06-0.021.00-0.04-0.38-0.51-0.500.500.670.300.130.100.630.130.130.430.370.680.520.370.530.540.310.520.490.420.44
VGIT0.10-0.09-0.17-0.04-0.45-0.35-0.36-0.40-0.09-0.080.34-0.020.21-0.100.090.90-0.720.710.88-0.041.00-0.11-0.04-0.030.120.060.260.690.890.050.870.900.110.100.100.120.490.200.140.670.210.210.460.15
BTAL-0.660.00-0.01-0.080.010.120.14-0.04-0.15-0.16-0.12-0.36-0.23-0.20-0.31-0.060.11-0.19-0.12-0.38-0.111.000.510.51-0.52-0.45-0.36-0.25-0.24-0.54-0.26-0.27-0.59-0.37-0.66-0.70-0.48-0.65-0.65-0.43-0.56-0.59-0.55-0.39
VXX-0.71-0.07-0.08-0.12-0.020.080.10-0.09-0.10-0.10-0.03-0.33-0.13-0.25-0.320.020.11-0.13-0.08-0.51-0.040.511.000.88-0.78-0.59-0.43-0.18-0.18-0.64-0.23-0.22-0.53-0.38-0.71-0.65-0.47-0.60-0.66-0.40-0.59-0.57-0.56-0.27
VIXM-0.71-0.06-0.04-0.09-0.060.090.11-0.06-0.10-0.10-0.03-0.32-0.14-0.26-0.330.030.08-0.11-0.07-0.50-0.030.510.881.00-0.76-0.57-0.46-0.19-0.18-0.63-0.24-0.22-0.52-0.40-0.71-0.65-0.49-0.60-0.67-0.41-0.60-0.58-0.57-0.29
SVOL0.730.080.060.100.00-0.10-0.110.080.090.090.080.320.170.240.330.04-0.190.200.180.500.12-0.52-0.78-0.761.000.590.440.260.250.670.330.310.520.400.720.650.510.610.670.460.600.580.580.36
FTLS0.770.150.050.150.11-0.13-0.080.090.170.180.130.380.200.330.330.03-0.100.140.060.670.06-0.45-0.59-0.570.591.000.460.240.200.670.230.220.520.490.770.650.490.610.680.410.630.590.530.52
USRT0.600.04-0.050.10-0.06-0.16-0.20-0.090.080.080.160.330.210.300.400.20-0.240.310.260.300.26-0.36-0.43-0.460.440.461.000.370.370.520.400.410.440.500.600.700.550.550.730.520.600.580.600.50
IGOV0.30-0.05-0.130.07-0.29-0.27-0.35-0.340.060.070.490.100.410.030.280.62-0.510.540.610.130.69-0.25-0.18-0.190.260.240.371.000.700.240.690.710.420.360.300.320.560.410.330.670.540.550.540.42
VCSH0.29-0.06-0.150.01-0.35-0.36-0.34-0.36-0.02-0.010.350.050.260.010.200.87-0.600.660.730.100.89-0.24-0.18-0.180.250.200.370.701.000.220.890.920.270.240.300.310.610.380.330.750.390.380.630.30
HTUS0.850.110.080.150.10-0.11-0.100.100.140.150.100.280.200.270.320.01-0.110.170.080.630.05-0.54-0.64-0.630.670.670.520.240.221.000.250.250.580.460.850.700.520.710.740.450.680.640.590.52
VTC0.32-0.07-0.14-0.01-0.41-0.32-0.36-0.36-0.03-0.030.300.090.230.020.200.71-0.770.720.890.130.87-0.26-0.23-0.240.330.230.400.690.890.251.000.970.270.240.330.340.660.380.360.810.390.390.650.27
SCHI0.32-0.06-0.160.00-0.40-0.34-0.38-0.38-0.01-0.010.320.070.250.010.210.77-0.730.730.860.130.90-0.27-0.22-0.220.310.220.410.710.920.250.971.000.280.240.330.340.660.390.360.810.400.400.660.28
IEMG0.670.020.060.170.03-0.11-0.100.070.270.280.340.310.430.290.410.09-0.110.210.110.430.11-0.59-0.53-0.520.520.520.440.420.270.580.270.281.000.600.670.640.540.770.650.480.800.850.560.62
RLY0.530.130.150.320.15-0.02-0.000.160.680.680.470.470.510.750.370.09-0.110.160.080.370.10-0.37-0.38-0.400.400.490.500.360.240.460.240.240.601.000.530.620.460.610.630.410.680.700.480.85
VOO1.000.100.040.150.06-0.11-0.130.080.150.160.130.340.240.310.420.05-0.120.200.120.680.10-0.66-0.71-0.710.720.770.600.300.300.850.330.330.670.531.000.850.620.790.890.540.780.740.720.59
VB0.850.070.040.150.04-0.12-0.140.070.180.190.150.580.240.430.490.07-0.150.200.140.520.12-0.70-0.65-0.650.650.650.700.320.310.700.340.340.640.620.851.000.620.790.960.550.770.770.730.64
EMHY0.620.04-0.050.09-0.17-0.25-0.30-0.180.090.100.270.270.270.220.370.39-0.460.490.500.370.49-0.48-0.47-0.490.510.490.550.560.610.520.660.660.540.460.620.621.000.630.650.920.660.660.790.49
QAI0.800.080.070.210.01-0.11-0.140.060.240.240.300.400.370.320.450.17-0.170.280.180.530.20-0.65-0.60-0.600.610.610.550.410.380.710.380.390.770.610.790.790.631.000.800.580.800.810.700.66
VO0.890.080.020.150.03-0.12-0.150.050.180.190.170.500.240.420.480.08-0.160.220.160.540.14-0.65-0.66-0.670.670.680.730.330.330.740.360.360.650.630.890.960.650.801.000.570.790.780.740.65
EMB0.540.01-0.080.07-0.26-0.28-0.34-0.260.060.070.320.220.290.150.340.55-0.600.610.680.310.67-0.43-0.40-0.410.460.410.520.670.750.450.810.810.480.410.540.550.920.580.571.000.600.600.780.45
VEA0.770.060.090.200.01-0.15-0.120.070.230.240.350.400.420.340.480.17-0.200.260.200.520.21-0.56-0.59-0.600.600.630.600.540.390.680.390.400.800.680.780.770.660.800.790.601.000.950.700.71
VSS0.740.060.080.210.01-0.14-0.130.060.270.280.390.420.460.360.480.17-0.200.270.200.490.21-0.59-0.57-0.580.580.590.580.550.380.640.390.400.850.700.740.770.660.810.780.600.951.000.690.73
USHY0.720.05-0.030.10-0.15-0.24-0.27-0.160.120.140.240.320.250.250.410.39-0.380.450.440.420.46-0.55-0.56-0.570.580.530.600.540.630.590.650.660.560.480.720.730.790.700.740.780.700.691.000.52
Portfolio0.590.180.230.340.160.050.040.200.590.590.570.430.610.590.400.16-0.050.180.090.440.15-0.39-0.27-0.290.360.520.500.420.300.520.270.280.620.850.590.640.490.660.650.450.710.730.521.00
The correlation results are calculated based on daily price changes starting from Mar 9, 2022