ARBOR PORTFOLIO

Asset Allocation

Position	Category/Sector	Target Weight
AVUV Avantis US Small Cap Value ETF	Small Cap Value Equities	1%
CASH Meta Financial Group, Inc.	Financial Services	1%
CMNIX Calamos Market Neutral Income Fund Institutional Class		12.30%
DFAI Dimensional International Core Equity Market ETF	Global Equities, Actively Managed	15.90%
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	Nontraditional Bonds	12.80%
EMXC iShares MSCI Emerging Markets ex China ETF	Emerging Markets Equities	4.50%
FNDX Schwab Fundamental U.S. Large Company Index ETF	Large Cap Blend Equities	5.30%
JHEQX JPMorgan Hedged Equity Fund Class I	Hedge Fund	2.90%
PAAIX PIMCO All Asset Fund	Tactical Allocation	3%
RNSIX RiverNorth Doubleline Strategic Income Fund	Multisector Bonds	4.60%
TFLO iShares Treasury Floating Rate Bond ETF	Government Bonds	6%
TIP iShares TIPS Bond ETF	Inflation-Protected Bonds	8.90%
VEA Vanguard FTSE Developed Markets ETF	Foreign Large Cap Equities	11.70%
VTV Vanguard Value ETF	Large Cap Value Equities	10.10%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in ARBOR PORTFOLIO, 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 Nov 18, 2020, corresponding to the inception date of DFAI

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-2.33%	-3.84%	-1.98%	29.73%	16.86%	10.37%	12.29%
Portfolio ARBOR PORTFOLIO	-0.12%	-0.69%	2.89%	5.98%	23.66%	12.21%	7.57%	—
Portfolio components:
FNDX Schwab Fundamental U.S. Large Company Index ETF	0.25%	-0.49%	3.24%	6.41%	33.31%	17.05%	12.09%	13.38%
EMXC iShares MSCI Emerging Markets ex China ETF	-1.38%	-1.26%	7.91%	16.08%	56.83%	19.44%	8.13%	—
VEA Vanguard FTSE Developed Markets ETF	-0.77%	-0.81%	3.65%	7.84%	42.16%	16.09%	8.76%	9.49%
DFAI Dimensional International Core Equity Market ETF	-0.53%	-0.49%	3.47%	7.58%	40.43%	16.13%	9.65%	—
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	0.25%	-1.22%	3.59%	9.75%	19.16%	13.09%	8.57%	6.33%
CMNIX Calamos Market Neutral Income Fund Institutional Class	0.06%	-0.20%	0.57%	1.92%	8.59%	6.93%	4.53%	4.69%
TIP iShares TIPS Bond ETF	0.41%	-0.56%	0.82%	0.71%	3.04%	3.06%	1.33%	2.52%
TFLO iShares Treasury Floating Rate Bond ETF	0.04%	0.28%	0.98%	1.99%	4.10%	4.85%	3.50%	2.29%
PAAIX PIMCO All Asset Fund	0.25%	-0.65%	4.39%	6.97%	19.05%	8.50%	4.97%	6.88%
RNSIX RiverNorth Doubleline Strategic Income Fund	0.00%	-0.60%	-0.31%	0.65%	4.80%	6.77%	2.46%	3.95%

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

Monthly Returns

Based on dividend-adjusted daily data since Nov 19, 2020, ARBOR PORTFOLIO's average daily return is +0.03%, while the average monthly return is +0.72%. At this rate, your investment would double in approximately 8.1 years.

Historically, 68% of months were positive and 32% were negative. The best month was Nov 2022 with a return of +6.1%, while the worst month was Sep 2022 at -6.2%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.

On a daily basis, ARBOR PORTFOLIO closed higher 55% of trading days. The best single day was Apr 9, 2025 with a return of +3.8%, while the worst single day was Apr 4, 2025 at -3.4%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	3.82%	3.21%	-4.39%	0.44%									2.89%
2025	2.75%	1.08%	-0.49%	0.72%	2.72%	2.44%	-0.10%	2.65%	1.70%	1.11%	1.19%	1.41%	18.53%
2024	0.03%	1.72%	2.64%	-2.13%	2.79%	0.02%	2.55%	1.57%	1.10%	-2.08%	1.82%	-2.24%	7.87%
2023	4.87%	-1.90%	1.03%	1.35%	-1.62%	3.24%	2.08%	-1.80%	-2.44%	-1.77%	5.15%	3.75%	12.13%
2022	-1.68%	-1.41%	0.24%	-3.70%	0.43%	-5.80%	3.28%	-2.17%	-6.23%	4.70%	6.07%	-1.53%	-8.30%
2021	0.17%	1.95%	2.19%	2.06%	2.19%	-0.25%	0.48%	1.06%	-1.76%	2.16%	-1.91%	2.98%	11.77%

Benchmark Metrics

ARBOR PORTFOLIO has an annualized alpha of 3.25%, beta of 0.44, and R² of 0.77 versus S&P 500 Index. Calculated based on daily prices since November 19, 2020.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (52.10%) than losses (51.18%) — typical of diversified or defensive assets.
This portfolio generated an annualized alpha of 3.25% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.
Beta of 0.44 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: 3.25%

Beta: 0.44

R²: 0.77

Upside Capture: 52.10%

Downside Capture: 51.18%

Expense Ratio

ARBOR PORTFOLIO has an expense ratio of 0.44%, 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

PAAIX

PIMCO All Asset Fund

EGRIX

Eaton Vance Global Macro Absolute Return Advantage Fund

CMNIX

Calamos Market Neutral Income Fund Institutional Class

RNSIX

RiverNorth Doubleline Strategic Income Fund

JHEQX

JPMorgan Hedged Equity Fund Class I

EMXC

iShares MSCI Emerging Markets ex China ETF

FNDX

Schwab Fundamental U.S. Large Company Index ETF

AVUV

Avantis US Small Cap Value ETF

TIP

iShares TIPS Bond ETF

DFAI

Dimensional International Core Equity Market ETF

Return for Risk

Risk / Return Rank

ARBOR PORTFOLIO ranks 84 for risk / return — in the top 84% 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

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	1.99	0.88	+1.11
Sortino ratio Return per unit of downside risk	2.75	1.37	+1.38
Omega ratio Gain probability vs. loss probability	1.42	1.21	+0.21
Calmar ratio Return relative to maximum drawdown	2.74	1.39	+1.35
Martin ratio Return relative to average drawdown	11.23	6.43	+4.80
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
FNDX Schwab Fundamental U.S. Large Company Index ETF	64	1.23	1.79	1.28	1.68	7.99
EMXC iShares MSCI Emerging Markets ex China ETF	90	2.22	2.88	1.42	3.19	13.03
VEA Vanguard FTSE Developed Markets ETF	81	1.73	2.36	1.35	2.64	10.14
DFAI Dimensional International Core Equity Market ETF	81	1.72	2.36	1.35	2.66	10.31
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	99	5.15	6.93	2.37	5.94	23.93
CMNIX Calamos Market Neutral Income Fund Institutional Class	89	1.74	2.61	1.55	2.32	15.76
TIP iShares TIPS Bond ETF	34	0.80	1.11	1.14	1.16	3.36
TFLO iShares Treasury Floating Rate Bond ETF	100	14.09	47.12	11.68	207.99	757.95
PAAIX PIMCO All Asset Fund	90	2.23	2.89	1.43	2.54	10.61
RNSIX RiverNorth Doubleline Strategic Income Fund	53	1.29	1.75	1.26	1.50	5.28

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.

ARBOR PORTFOLIO Sharpe ratios as of Apr 4, 2026 (values are recalculated daily):

1-Year: 1.99
5-Year: 0.91
All Time: 1.07

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 0.99 to 1.69, 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 ARBOR PORTFOLIO 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

ARBOR PORTFOLIO provided a 3.21% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.21%	3.35%	3.33%	3.29%	3.40%	2.73%	2.04%	2.26%	2.34%	2.07%	1.85%	2.33%
Portfolio components:
FNDX Schwab Fundamental U.S. Large Company Index ETF	1.61%	1.63%	1.76%	1.82%	2.07%	1.64%	2.29%	2.23%	2.40%	1.86%	2.01%	2.01%
EMXC iShares MSCI Emerging Markets ex China ETF	2.61%	2.82%	2.69%	1.83%	2.85%	1.78%	1.45%	3.25%	2.63%	0.99%	0.00%	0.00%
VEA Vanguard FTSE Developed Markets ETF	2.90%	3.22%	3.35%	3.15%	2.91%	3.16%	2.04%	3.04%	3.35%	2.77%	3.05%	2.92%
DFAI Dimensional International Core Equity Market ETF	2.38%	2.45%	2.72%	2.64%	2.72%	2.06%	0.09%	0.00%	0.00%	0.00%	0.00%	0.00%
EGRIX Eaton Vance Global Macro Absolute Return Advantage Fund	6.42%	6.65%	6.00%	3.40%	4.82%	4.89%	5.82%	4.15%	0.06%	3.22%	1.78%	6.67%
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.74%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%
TIP iShares TIPS Bond ETF	2.79%	3.46%	2.52%	2.73%	6.96%	4.28%	1.17%	1.75%	2.71%	2.07%	1.48%	0.34%
TFLO iShares Treasury Floating Rate Bond ETF	4.00%	4.16%	5.21%	4.88%	1.68%	0.00%	0.36%	2.08%	1.65%	0.86%	0.31%	0.15%
PAAIX PIMCO All Asset Fund	7.47%	7.12%	5.92%	3.20%	7.68%	11.90%	3.56%	3.33%	5.50%	4.48%	3.60%	3.93%
RNSIX RiverNorth Doubleline Strategic Income Fund	6.64%	6.52%	6.37%	5.13%	8.40%	4.20%	4.34%	5.17%	5.45%	5.08%	5.22%	5.83%

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 ARBOR PORTFOLIO. 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 ARBOR PORTFOLIO was 16.79%, occurring on Sep 30, 2022. Recovery took 302 trading sessions.

The current ARBOR PORTFOLIO drawdown is 4.05%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-16.79%	Jan 13, 2022	180	Sep 30, 2022	302	Dec 13, 2023	482
-7.21%	Mar 26, 2025	10	Apr 8, 2025	17	May 2, 2025	27
-5.84%	Feb 27, 2026	22	Mar 30, 2026	—	—	—
-3.62%	Jul 17, 2024	14	Aug 5, 2024	10	Aug 19, 2024	24
-3.5%	Nov 9, 2021	16	Dec 1, 2021	23	Jan 4, 2022	39

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 9.89, 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	TFLO	EGRIX	TIP	RNSIX	CASH	CMNIX	EMXC	AVUV	JHEQX	PAAIX	VTV	DFAI	VEA	FNDX	Portfolio
Benchmark	1.00	-0.07	0.12	0.17	0.29	0.51	0.80	0.71	0.72	0.94	0.59	0.80	0.76	0.78	0.87	0.85
TFLO	-0.07	1.00	0.03	-0.02	-0.04	-0.07	-0.03	-0.03	-0.08	-0.05	-0.05	-0.08	-0.06	-0.06	-0.08	-0.06
EGRIX	0.12	0.03	1.00	0.05	0.10	0.08	0.13	0.20	0.14	0.10	0.24	0.12	0.19	0.20	0.13	0.24
TIP	0.17	-0.02	0.05	1.00	0.73	0.05	0.15	0.18	0.11	0.15	0.51	0.16	0.22	0.23	0.15	0.29
RNSIX	0.29	-0.04	0.10	0.73	1.00	0.12	0.28	0.27	0.20	0.26	0.57	0.25	0.33	0.34	0.26	0.39
CASH	0.51	-0.07	0.08	0.05	0.12	1.00	0.46	0.38	0.69	0.47	0.42	0.59	0.48	0.47	0.61	0.57
CMNIX	0.80	-0.03	0.13	0.15	0.28	0.46	1.00	0.57	0.60	0.75	0.53	0.67	0.63	0.64	0.73	0.72
EMXC	0.71	-0.03	0.20	0.18	0.27	0.38	0.57	1.00	0.60	0.66	0.66	0.60	0.80	0.83	0.66	0.82
AVUV	0.72	-0.08	0.14	0.11	0.20	0.69	0.60	0.60	1.00	0.67	0.66	0.83	0.70	0.70	0.89	0.81
JHEQX	0.94	-0.05	0.10	0.15	0.26	0.47	0.75	0.66	0.67	1.00	0.53	0.74	0.71	0.73	0.81	0.79
PAAIX	0.59	-0.05	0.24	0.51	0.57	0.42	0.53	0.66	0.66	0.53	1.00	0.68	0.75	0.75	0.70	0.82
VTV	0.80	-0.08	0.12	0.16	0.25	0.59	0.67	0.60	0.83	0.74	0.68	1.00	0.74	0.74	0.95	0.86
DFAI	0.76	-0.06	0.19	0.22	0.33	0.48	0.63	0.80	0.70	0.71	0.75	0.74	1.00	0.99	0.78	0.96
VEA	0.78	-0.06	0.20	0.23	0.34	0.47	0.64	0.83	0.70	0.73	0.75	0.74	0.99	1.00	0.78	0.96
FNDX	0.87	-0.08	0.13	0.15	0.26	0.61	0.73	0.66	0.89	0.81	0.70	0.95	0.78	0.78	1.00	0.89
Portfolio	0.85	-0.06	0.24	0.29	0.39	0.57	0.72	0.82	0.81	0.79	0.82	0.86	0.96	0.96	0.89	1.00

The correlation results are calculated based on daily price changes starting from Nov 19, 2020

ARBOR PORTFOLIO

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