Pre-2008 Test Equity Portfolio

Asset Allocation

Position	Category/Sector	Target Weight
AAPL Apple Inc	Technology	3.78%
ADP Automatic Data Processing, Inc.	Industrials	1.82%
BHP BHP Group	Basic Materials	1.88%
BTI British American Tobacco p.l.c.	Consumer Defensive	2%
CII BlackRock Enhanced Large Cap Core Fund	Derivative Income	1.23%
CL Colgate-Palmolive Company	Consumer Defensive	1.46%
CSCO Cisco Systems, Inc.	Technology	2.46%
DUK Duke Energy Corporation	Utilities	4%
GD General Dynamics Corporation		1.95%
GLW Corning Incorporated	Technology	0.72%
HD The Home Depot, Inc.	Consumer Cyclical	2.89%
IBM International Business Machines Corporation	Technology	1.60%
JPM JPMorgan Chase & Co.	Financial Services	1.89%
KO The Coca-Cola Company	Consumer Defensive	1.80%
KR The Kroger Co.	Consumer Defensive	2.89%
LMT Lockheed Martin Corporation	Industrials	2.89%
MDT Medtronic plc	Healthcare	2.89%
MET MetLife, Inc.	Financial Services	2.89%
MO Altria Group, Inc.	Consumer Defensive	6.82%
MSFT Microsoft Corporation	Technology	1.49%
NVDA NVIDIA Corporation	Technology	2.65%
NVS Novartis AG	Healthcare	2.89%
OLP One Liberty Properties, Inc.	Real Estate	1.37%
ORCL Oracle Corporation	Technology	0.93%
RHHBY Roche Holding AG	Healthcare	2.89%
RIO Rio Tinto Group	Basic Materials	2.44%
RVT Royce Value Trust Inc.	Financial Services	1.10%
SBAC SBA Communications Corporation	Real Estate	2.39%
SHEL Shell plc	Energy	2.13%
SPG Simon Property Group, Inc.	Real Estate	2%
SYY Sysco Corporation	Consumer Defensive	1.73%
T AT&T Inc.	Communication Services	6%
TD The Toronto-Dominion Bank	Financial Services	2.89%
VOD Vodafone Group Plc	Communication Services	1%
VWELX Vanguard Wellington Fund Investor Shares	Diversified Portfolio	2%
VZ Verizon Communications Inc.	Communication Services	6%
XLU Utilities Select Sector SPDR Fund	Utilities Equities	8%
XOM Exxon Mobil Corporation	Energy	2.24%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Pre-2008 Test Equity 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 Jul 21, 2005, corresponding to the inception date of SHEL

Returns By Period

As of Apr 2, 2026, the Pre-2008 Test Equity Portfolio returned 8.26% Year-To-Date and 14.24% of annualized return in the last 10 years.

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-3.43%	-3.84%	-1.98%	16.08%	16.86%	10.37%	12.29%
Portfolio Pre-2008 Test Equity Portfolio	0.79%	-2.30%	8.26%	8.88%	22.67%	19.49%	14.50%	14.24%
Portfolio components:
AAPL Apple Inc	0.11%	-2.97%	-5.78%	-0.28%	14.80%	16.04%	16.39%	26.10%
ADP Automatic Data Processing, Inc.	1.36%	-4.89%	-20.03%	-28.58%	-31.93%	0.26%	3.69%	10.95%
BHP BHP Group	-0.44%	-4.66%	23.71%	34.56%	59.42%	10.35%	13.32%	21.30%
BTI British American Tobacco p.l.c.	0.67%	-2.12%	4.43%	16.11%	53.41%	27.30%	17.44%	6.87%
CL Colgate-Palmolive Company	-0.32%	-10.86%	8.40%	10.12%	-6.75%	6.65%	4.06%	4.23%
CSCO Cisco Systems, Inc.	1.95%	0.62%	3.69%	17.63%	31.64%	18.25%	12.05%	14.28%
DUK Duke Energy Corporation	1.01%	0.60%	13.77%	10.64%	13.72%	16.05%	10.77%	9.40%
GD General Dynamics Corporation	-0.41%	-4.28%	4.12%	3.23%	28.90%	16.94%	16.57%	12.68%
GLW Corning Incorporated	3.89%	0.24%	69.25%	80.20%	222.62%	65.95%	30.89%	24.90%
IBM International Business Machines Corporation	2.06%	1.17%	-15.74%	-12.48%	1.74%	27.71%	18.92%	10.02%

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

Monthly Returns

Based on dividend-adjusted daily data since Jul 22, 2005, Pre-2008 Test Equity Portfolio's average daily return is +0.06%, while the average monthly return is +1.12%. At this rate, your investment would double in approximately 5.2 years.

Historically, 68% of months were positive and 32% were negative. The best month was Nov 2020 with a return of +10.8%, while the worst month was Oct 2008 at -13.2%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 5 months.

On a daily basis, Pre-2008 Test Equity Portfolio closed higher 56% of trading days. The best single day was Oct 13, 2008 with a return of +12.4%, while the worst single day was Mar 16, 2020 at -10.4%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	5.57%	5.54%	-3.62%	0.81%									8.26%
2025	2.61%	3.92%	0.64%	-0.71%	2.82%	3.09%	1.12%	3.79%	2.04%	-2.01%	2.29%	-0.01%	21.23%
2024	1.62%	0.66%	5.06%	-2.52%	5.06%	0.88%	5.51%	3.90%	3.37%	-1.72%	3.72%	-5.14%	21.67%
2023	4.14%	-2.91%	2.07%	1.85%	-5.14%	5.28%	2.00%	-1.81%	-3.73%	-0.46%	6.80%	3.03%	10.86%
2022	0.27%	-0.14%	4.03%	-4.10%	2.42%	-7.10%	3.15%	-2.64%	-9.23%	9.70%	6.16%	-3.02%	-2.16%
2021	-0.54%	2.71%	6.98%	3.62%	0.86%	1.19%	1.77%	1.98%	-4.51%	3.14%	-1.02%	6.79%	24.86%

Benchmark Metrics

Pre-2008 Test Equity Portfolio has an annualized alpha of 6.06%, beta of 0.81, and R² of 0.87 versus S&P 500 Index. Calculated based on daily prices since July 22, 2005.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (97.36%) than losses (73.92%) — typical of diversified or defensive assets.
This portfolio generated an annualized alpha of 6.06% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.

Alpha: 6.06%

Beta: 0.81

R²: 0.87

Upside Capture: 97.36%

Downside Capture: 73.92%

Expense Ratio

Pre-2008 Test Equity Portfolio has an expense ratio of 0.03%, 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.

CII

BlackRock Enhanced Large Cap Core Fund

VWELX

Vanguard Wellington Fund Investor Shares

XLU

Utilities Select Sector SPDR Fund

Return for Risk

Risk / Return Rank

Pre-2008 Test Equity Portfolio ranks 80 for risk / return — better than 80% 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	1.92	0.88	+1.04
Sortino ratio Return per unit of downside risk	2.62	1.37	+1.25
Omega ratio Gain probability vs. loss probability	1.40	1.21	+0.19
Calmar ratio Return relative to maximum drawdown	2.49	1.39	+1.10
Martin ratio Return relative to average drawdown	12.74	6.43	+6.30
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
AAPL Apple Inc	55	0.47	0.92	1.13	0.66	2.04
ADP Automatic Data Processing, Inc.	3	-1.42	-1.98	0.75	-0.86	-1.78
BHP BHP Group	85	1.84	2.42	1.31	2.85	10.64
BTI British American Tobacco p.l.c.	90	2.44	3.10	1.40	3.65	9.20
CL Colgate-Palmolive Company	26	-0.32	-0.32	0.96	-0.34	-0.60
CSCO Cisco Systems, Inc.	74	1.13	1.55	1.24	2.33	5.93
DUK Duke Energy Corporation	63	0.86	1.25	1.15	1.20	2.82
GD General Dynamics Corporation	80	1.32	1.94	1.26	2.90	10.17
GLW Corning Incorporated	98	4.71	4.43	1.67	9.98	34.09
IBM International Business Machines Corporation	39	0.05	0.29	1.04	0.06	0.15

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.

Pre-2008 Test Equity Portfolio Sharpe ratios as of Apr 2, 2026 (values are recalculated daily):

1-Year: 1.92
5-Year: 1.18
10-Year: 0.95
All Time: 0.80

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 1.00 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 Pre-2008 Test Equity 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

Pre-2008 Test Equity Portfolio provided a 3.67% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.67%	3.83%	4.11%	4.34%	4.66%	4.06%	4.10%	3.71%	4.14%	3.56%	3.36%	3.82%
Portfolio components:
AAPL Apple Inc	0.41%	0.38%	0.40%	0.49%	0.70%	0.49%	0.61%	1.04%	1.79%	1.45%	1.93%	1.93%
ADP Automatic Data Processing, Inc.	3.18%	2.46%	1.96%	2.21%	1.83%	1.55%	2.08%	1.92%	2.14%	2.00%	2.10%	2.36%
BHP BHP Group	3.63%	3.64%	5.98%	4.98%	22.44%	9.98%	3.67%	8.59%	4.89%	3.61%	1.68%	9.38%
BTI British American Tobacco p.l.c.	5.29%	5.29%	8.18%	9.72%	7.23%	7.98%	7.22%	6.35%	8.53%	4.27%	3.85%	4.11%
CL Colgate-Palmolive Company	2.44%	2.61%	2.18%	2.40%	2.36%	2.10%	2.05%	2.48%	2.79%	2.11%	2.37%	2.25%
CSCO Cisco Systems, Inc.	2.61%	2.12%	2.69%	3.07%	3.17%	2.32%	3.20%	2.88%	2.95%	2.95%	3.28%	3.02%
DUK Duke Energy Corporation	3.21%	3.60%	3.84%	4.18%	3.86%	3.72%	4.17%	4.11%	4.21%	4.15%	4.33%	4.54%
GD General Dynamics Corporation	1.72%	1.76%	2.12%	2.01%	2.00%	2.24%	2.90%	2.26%	2.31%	1.61%	1.72%	1.96%
GLW Corning Incorporated	0.76%	1.28%	2.36%	3.68%	3.38%	2.58%	2.44%	2.75%	2.38%	1.94%	2.22%	2.63%
IBM International Business Machines Corporation	2.71%	2.27%	3.03%	4.05%	4.68%	4.74%	5.17%	4.80%	5.46%	3.85%	3.31%	3.63%

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 Pre-2008 Test Equity 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 Pre-2008 Test Equity Portfolio was 47.66%, occurring on Mar 9, 2009. Recovery took 418 trading sessions.

The current Pre-2008 Test Equity Portfolio drawdown is 3.72%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-47.66%	Dec 11, 2007	312	Mar 9, 2009	418	Nov 2, 2010	730
-32.94%	Feb 20, 2020	23	Mar 23, 2020	166	Nov 16, 2020	189
-18.87%	Apr 21, 2022	121	Oct 12, 2022	294	Dec 13, 2023	415
-15.07%	Sep 24, 2018	64	Dec 24, 2018	59	Mar 21, 2019	123
-13.92%	Jun 1, 2011	48	Aug 8, 2011	97	Dec 23, 2011	145

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 38 assets, with an effective number of assets of 27.76, 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.

	Benchmark	KR	RHHBY	NVDA	DUK	OLP	MO	SBAC	AAPL	BTI	LMT	CL	NVS	VZ	VOD	SHEL	SYY	RIO	MDT	T	KO	XOM	MSFT	ORCL	XLU	SPG	HD	BHP	GLW	GD	IBM	TD	JPM	CII	CSCO	MET	ADP	RVT	VWELX	Portfolio
Benchmark	1.00	0.32	0.39	0.59	0.35	0.45	0.39	0.46	0.60	0.42	0.46	0.43	0.46	0.44	0.48	0.51	0.51	0.55	0.56	0.47	0.48	0.54	0.69	0.64	0.50	0.58	0.62	0.59	0.65	0.59	0.62	0.62	0.69	0.70	0.67	0.67	0.67	0.77	0.96	0.88
KR	0.32	1.00	0.15	0.13	0.27	0.21	0.29	0.21	0.16	0.22	0.25	0.31	0.23	0.29	0.24	0.17	0.32	0.17	0.23	0.28	0.30	0.23	0.20	0.21	0.28	0.25	0.29	0.17	0.21	0.27	0.25	0.21	0.25	0.21	0.26	0.26	0.29	0.26	0.31	0.41
RHHBY	0.39	0.15	1.00	0.21	0.23	0.23	0.22	0.26	0.22	0.31	0.24	0.28	0.59	0.24	0.33	0.30	0.23	0.29	0.30	0.25	0.29	0.23	0.28	0.27	0.27	0.23	0.26	0.31	0.26	0.27	0.27	0.30	0.25	0.29	0.29	0.25	0.30	0.31	0.43	0.45
NVDA	0.59	0.13	0.21	1.00	0.08	0.20	0.13	0.29	0.45	0.20	0.20	0.15	0.23	0.17	0.25	0.28	0.23	0.35	0.27	0.20	0.18	0.24	0.51	0.44	0.19	0.29	0.35	0.36	0.45	0.28	0.35	0.34	0.35	0.45	0.47	0.33	0.35	0.47	0.54	0.49
DUK	0.35	0.27	0.23	0.08	1.00	0.29	0.38	0.35	0.16	0.29	0.31	0.45	0.29	0.42	0.27	0.23	0.34	0.20	0.32	0.40	0.47	0.29	0.22	0.23	0.82	0.35	0.28	0.22	0.21	0.32	0.30	0.25	0.23	0.23	0.26	0.24	0.35	0.24	0.39	0.53
OLP	0.45	0.21	0.23	0.20	0.29	1.00	0.28	0.32	0.23	0.27	0.27	0.28	0.27	0.30	0.30	0.29	0.34	0.28	0.33	0.31	0.31	0.30	0.26	0.28	0.37	0.50	0.34	0.31	0.31	0.34	0.33	0.36	0.36	0.36	0.32	0.38	0.36	0.46	0.45	0.51
MO	0.39	0.29	0.22	0.13	0.38	0.28	1.00	0.28	0.21	0.47	0.31	0.43	0.30	0.38	0.31	0.27	0.38	0.23	0.32	0.39	0.46	0.33	0.24	0.26	0.41	0.34	0.30	0.25	0.28	0.34	0.32	0.30	0.31	0.28	0.31	0.32	0.36	0.32	0.39	0.56
SBAC	0.46	0.21	0.26	0.29	0.35	0.32	0.28	1.00	0.30	0.27	0.27	0.34	0.30	0.35	0.32	0.24	0.29	0.30	0.31	0.32	0.35	0.23	0.31	0.30	0.42	0.37	0.38	0.32	0.31	0.30	0.30	0.33	0.27	0.34	0.35	0.30	0.36	0.39	0.45	0.53
AAPL	0.60	0.16	0.22	0.45	0.16	0.23	0.21	0.30	1.00	0.23	0.25	0.23	0.25	0.23	0.26	0.26	0.27	0.32	0.30	0.25	0.25	0.27	0.50	0.40	0.24	0.31	0.36	0.34	0.41	0.31	0.39	0.36	0.35	0.44	0.45	0.33	0.38	0.45	0.54	0.52
BTI	0.42	0.22	0.31	0.20	0.29	0.27	0.47	0.27	0.23	1.00	0.28	0.35	0.38	0.33	0.45	0.38	0.31	0.33	0.32	0.34	0.38	0.31	0.28	0.28	0.34	0.30	0.28	0.35	0.30	0.31	0.34	0.38	0.29	0.33	0.31	0.32	0.32	0.35	0.44	0.53
LMT	0.46	0.25	0.24	0.20	0.31	0.27	0.31	0.27	0.25	0.28	1.00	0.33	0.30	0.30	0.29	0.29	0.36	0.27	0.33	0.31	0.36	0.34	0.30	0.31	0.36	0.30	0.33	0.29	0.32	0.63	0.37	0.32	0.35	0.32	0.35	0.38	0.42	0.38	0.45	0.52
CL	0.43	0.31	0.28	0.15	0.45	0.28	0.43	0.34	0.23	0.35	0.33	1.00	0.36	0.40	0.29	0.21	0.40	0.22	0.37	0.38	0.56	0.27	0.30	0.29	0.46	0.31	0.37	0.23	0.25	0.36	0.36	0.28	0.28	0.29	0.34	0.30	0.42	0.31	0.44	0.53
NVS	0.46	0.23	0.59	0.23	0.29	0.27	0.30	0.30	0.25	0.38	0.30	0.36	1.00	0.33	0.39	0.36	0.30	0.33	0.37	0.31	0.37	0.29	0.32	0.30	0.34	0.29	0.30	0.35	0.31	0.33	0.33	0.36	0.30	0.35	0.35	0.32	0.36	0.37	0.50	0.53
VZ	0.44	0.29	0.24	0.17	0.42	0.30	0.38	0.35	0.23	0.33	0.30	0.40	0.33	1.00	0.40	0.28	0.36	0.26	0.34	0.68	0.43	0.33	0.28	0.28	0.45	0.35	0.35	0.29	0.29	0.35	0.40	0.33	0.35	0.32	0.35	0.36	0.38	0.34	0.45	0.61
VOD	0.48	0.24	0.33	0.25	0.27	0.30	0.31	0.32	0.26	0.45	0.29	0.29	0.39	0.40	1.00	0.42	0.33	0.37	0.33	0.42	0.34	0.35	0.31	0.30	0.33	0.33	0.33	0.40	0.35	0.35	0.36	0.43	0.39	0.37	0.36	0.40	0.35	0.43	0.50	0.56
SHEL	0.51	0.17	0.30	0.28	0.23	0.29	0.27	0.24	0.26	0.38	0.29	0.21	0.36	0.28	0.42	1.00	0.30	0.54	0.29	0.32	0.29	0.68	0.32	0.33	0.31	0.33	0.27	0.59	0.37	0.39	0.39	0.50	0.40	0.39	0.36	0.43	0.34	0.46	0.54	0.57
SYY	0.51	0.32	0.23	0.23	0.34	0.34	0.38	0.29	0.27	0.31	0.36	0.40	0.30	0.36	0.33	0.30	1.00	0.28	0.40	0.38	0.42	0.35	0.30	0.32	0.39	0.44	0.43	0.31	0.34	0.42	0.38	0.38	0.40	0.37	0.37	0.43	0.45	0.46	0.49	0.58
RIO	0.55	0.17	0.29	0.35	0.20	0.28	0.23	0.30	0.32	0.33	0.27	0.22	0.33	0.26	0.37	0.54	0.28	1.00	0.30	0.30	0.28	0.48	0.35	0.36	0.29	0.33	0.30	0.86	0.43	0.36	0.38	0.49	0.40	0.43	0.40	0.43	0.33	0.49	0.56	0.59
MDT	0.56	0.23	0.30	0.27	0.32	0.33	0.32	0.31	0.30	0.32	0.33	0.37	0.37	0.34	0.33	0.29	0.40	0.30	1.00	0.35	0.41	0.34	0.36	0.37	0.38	0.37	0.39	0.32	0.38	0.40	0.40	0.36	0.40	0.41	0.40	0.42	0.47	0.44	0.55	0.58
T	0.47	0.28	0.25	0.20	0.40	0.31	0.39	0.32	0.25	0.34	0.31	0.38	0.31	0.68	0.42	0.32	0.38	0.30	0.35	1.00	0.42	0.38	0.27	0.32	0.43	0.37	0.36	0.33	0.33	0.36	0.43	0.37	0.41	0.35	0.38	0.42	0.39	0.40	0.49	0.64
KO	0.48	0.30	0.29	0.18	0.47	0.31	0.46	0.35	0.25	0.38	0.36	0.56	0.37	0.43	0.34	0.29	0.42	0.28	0.41	0.42	1.00	0.34	0.34	0.31	0.50	0.36	0.36	0.30	0.30	0.39	0.40	0.34	0.34	0.34	0.37	0.36	0.44	0.34	0.49	0.59
XOM	0.54	0.23	0.23	0.24	0.29	0.30	0.33	0.23	0.27	0.31	0.34	0.27	0.29	0.33	0.35	0.68	0.35	0.48	0.34	0.38	0.34	1.00	0.30	0.34	0.36	0.36	0.31	0.52	0.38	0.43	0.41	0.46	0.44	0.39	0.38	0.47	0.39	0.46	0.54	0.59
MSFT	0.69	0.20	0.28	0.51	0.22	0.26	0.24	0.31	0.50	0.28	0.30	0.30	0.32	0.28	0.31	0.32	0.30	0.35	0.36	0.27	0.34	0.30	1.00	0.54	0.31	0.34	0.41	0.37	0.43	0.38	0.45	0.37	0.40	0.48	0.53	0.37	0.50	0.47	0.66	0.56
ORCL	0.64	0.21	0.27	0.44	0.23	0.28	0.26	0.30	0.40	0.28	0.31	0.29	0.30	0.28	0.30	0.33	0.32	0.36	0.37	0.32	0.31	0.34	0.54	1.00	0.32	0.36	0.40	0.39	0.44	0.40	0.50	0.41	0.42	0.46	0.52	0.41	0.47	0.49	0.61	0.56
XLU	0.50	0.28	0.27	0.19	0.82	0.37	0.41	0.42	0.24	0.34	0.36	0.46	0.34	0.45	0.33	0.31	0.39	0.29	0.38	0.43	0.50	0.36	0.31	0.32	1.00	0.44	0.36	0.32	0.32	0.40	0.36	0.34	0.30	0.36	0.34	0.33	0.42	0.38	0.53	0.64
SPG	0.58	0.25	0.23	0.29	0.35	0.50	0.34	0.37	0.31	0.30	0.30	0.31	0.29	0.35	0.33	0.33	0.44	0.33	0.37	0.37	0.36	0.36	0.34	0.36	0.44	1.00	0.45	0.38	0.41	0.38	0.40	0.44	0.49	0.43	0.39	0.47	0.43	0.53	0.56	0.62
HD	0.62	0.29	0.26	0.35	0.28	0.34	0.30	0.38	0.36	0.28	0.33	0.37	0.30	0.35	0.33	0.27	0.43	0.30	0.39	0.36	0.36	0.31	0.41	0.40	0.36	0.45	1.00	0.32	0.42	0.41	0.42	0.39	0.45	0.47	0.44	0.44	0.50	0.54	0.59	0.60
BHP	0.59	0.17	0.31	0.36	0.22	0.31	0.25	0.32	0.34	0.35	0.29	0.23	0.35	0.29	0.40	0.59	0.31	0.86	0.32	0.33	0.30	0.52	0.37	0.39	0.32	0.38	0.32	1.00	0.45	0.39	0.40	0.53	0.43	0.45	0.42	0.45	0.36	0.52	0.61	0.63
GLW	0.65	0.21	0.26	0.45	0.21	0.31	0.28	0.31	0.41	0.30	0.32	0.25	0.31	0.29	0.35	0.37	0.34	0.43	0.38	0.33	0.30	0.38	0.43	0.44	0.32	0.41	0.42	0.45	1.00	0.44	0.46	0.46	0.48	0.49	0.52	0.50	0.43	0.58	0.62	0.60
GD	0.59	0.27	0.27	0.28	0.32	0.34	0.34	0.30	0.31	0.31	0.63	0.36	0.33	0.35	0.35	0.39	0.42	0.36	0.40	0.36	0.39	0.43	0.38	0.40	0.40	0.38	0.41	0.39	0.44	1.00	0.44	0.44	0.47	0.45	0.45	0.50	0.49	0.53	0.58	0.63
IBM	0.62	0.25	0.27	0.35	0.30	0.33	0.32	0.30	0.39	0.34	0.37	0.36	0.33	0.40	0.36	0.39	0.38	0.38	0.40	0.43	0.40	0.41	0.45	0.50	0.36	0.40	0.42	0.40	0.46	0.44	1.00	0.45	0.47	0.45	0.53	0.48	0.50	0.50	0.61	0.63
TD	0.62	0.21	0.30	0.34	0.25	0.36	0.30	0.33	0.36	0.38	0.32	0.28	0.36	0.33	0.43	0.50	0.38	0.49	0.36	0.37	0.34	0.46	0.37	0.41	0.34	0.44	0.39	0.53	0.46	0.44	0.45	1.00	0.56	0.50	0.45	0.56	0.44	0.57	0.62	0.65
JPM	0.69	0.25	0.25	0.35	0.23	0.36	0.31	0.27	0.35	0.29	0.35	0.28	0.30	0.35	0.39	0.40	0.40	0.40	0.40	0.41	0.34	0.44	0.40	0.42	0.30	0.49	0.45	0.43	0.48	0.47	0.47	0.56	1.00	0.50	0.48	0.71	0.46	0.58	0.67	0.65
CII	0.70	0.21	0.29	0.45	0.23	0.36	0.28	0.34	0.44	0.33	0.32	0.29	0.35	0.32	0.37	0.39	0.37	0.43	0.41	0.35	0.34	0.39	0.48	0.46	0.36	0.43	0.47	0.45	0.49	0.45	0.45	0.50	0.50	1.00	0.50	0.50	0.48	0.65	0.69	0.63
CSCO	0.67	0.26	0.29	0.47	0.26	0.32	0.31	0.35	0.45	0.31	0.35	0.34	0.35	0.35	0.36	0.36	0.37	0.40	0.40	0.38	0.37	0.38	0.53	0.52	0.34	0.39	0.44	0.42	0.52	0.45	0.53	0.45	0.48	0.50	1.00	0.47	0.53	0.53	0.65	0.65
MET	0.67	0.26	0.25	0.33	0.24	0.38	0.32	0.30	0.33	0.32	0.38	0.30	0.32	0.36	0.40	0.43	0.43	0.43	0.42	0.42	0.36	0.47	0.37	0.41	0.33	0.47	0.44	0.45	0.50	0.50	0.48	0.56	0.71	0.50	0.47	1.00	0.49	0.60	0.65	0.67
ADP	0.67	0.29	0.30	0.35	0.35	0.36	0.36	0.36	0.38	0.32	0.42	0.42	0.36	0.38	0.35	0.34	0.45	0.33	0.47	0.39	0.44	0.39	0.50	0.47	0.42	0.43	0.50	0.36	0.43	0.49	0.50	0.44	0.46	0.48	0.53	0.49	1.00	0.54	0.64	0.65
RVT	0.77	0.26	0.31	0.47	0.24	0.46	0.32	0.39	0.45	0.35	0.38	0.31	0.37	0.34	0.43	0.46	0.46	0.49	0.44	0.40	0.34	0.46	0.47	0.49	0.38	0.53	0.54	0.52	0.58	0.53	0.50	0.57	0.58	0.65	0.53	0.60	0.54	1.00	0.75	0.72
VWELX	0.96	0.31	0.43	0.54	0.39	0.45	0.39	0.45	0.54	0.44	0.45	0.44	0.50	0.45	0.50	0.54	0.49	0.56	0.55	0.49	0.49	0.54	0.66	0.61	0.53	0.56	0.59	0.61	0.62	0.58	0.61	0.62	0.67	0.69	0.65	0.65	0.64	0.75	1.00	0.87
Portfolio	0.88	0.41	0.45	0.49	0.53	0.51	0.56	0.53	0.52	0.53	0.52	0.53	0.53	0.61	0.56	0.57	0.58	0.59	0.58	0.64	0.59	0.59	0.56	0.56	0.64	0.62	0.60	0.63	0.60	0.63	0.63	0.65	0.65	0.63	0.65	0.67	0.65	0.72	0.87	1.00

The correlation results are calculated based on daily price changes starting from Jul 22, 2005

Pre-2008 Test Equity Portfolio

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

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