Pre-2008 Test Equity Portfolio

Asset Allocation

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

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 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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Returns By Period

As of Jun 6, 2026, the Pre-2008 Test Equity Portfolio returned 12.62% Year-To-Date and 14.32% of annualized return in the last 10 years.

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	-2.64%	-0.21%	7.86%	7.47%	23.05%	19.90%	11.79%	13.33%
Portfolio Pre-2008 Test Equity Portfolio	-0.56%	1.88%	12.62%	13.58%	23.77%	21.88%	14.15%	14.32%
Portfolio components:
AAPL Apple Inc	-1.25%	4.88%	13.26%	10.45%	51.31%	20.25%	20.16%	29.85%
ADP Automatic Data Processing, Inc.	0.28%	8.90%	-9.08%	-10.03%	-27.24%	4.66%	5.48%	12.74%
BHP BHP Group	-6.83%	-2.36%	39.72%	43.33%	73.88%	17.50%	14.03%	20.91%
BTI British American Tobacco p.l.c.	3.23%	2.47%	7.01%	7.69%	32.39%	32.36%	17.58%	6.49%
CII BlackRock Enhanced Large Cap Core Fund	-2.95%	-1.02%	7.41%	10.30%	39.31%	21.57%	13.78%	14.80%
CL Colgate-Palmolive Company	4.09%	1.18%	13.49%	14.87%	0.64%	7.96%	3.51%	4.59%
CSCO Cisco Systems, Inc.	-6.43%	25.96%	59.62%	57.69%	88.37%	38.44%	21.02%	18.93%
DUK Duke Energy Corporation	1.97%	0.90%	7.81%	8.45%	11.57%	15.81%	8.23%	8.84%
GD General Dynamics Corporation	1.45%	-0.03%	3.81%	3.61%	27.61%	20.44%	14.77%	11.81%
GLW Corning Incorporated	-10.18%	-4.86%	103.50%	107.26%	254.02%	82.57%	36.01%	26.95%

*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 +1.14%. At this rate, an investment would double in approximately 5.1 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 4 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%	3.62%	1.94%	-0.72%							12.62%
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 5.96%, 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 (95.18%) than losses (72.38%) - typical of diversified or defensive assets.
This portfolio generated an annualized alpha of 5.96% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.

Alpha: 5.96%

Beta: 0.81

R²: 0.87

Upside Capture: 95.18%

Downside Capture: 72.38%

Expense Ratio

Pre-2008 Test Equity Portfolio has an expense ratio of 0.02%, 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

State Street Utilities Select Sector SPDR ETF

Return for Risk

Risk / Return Rank

Pre-2008 Test Equity Portfolio ranks 81 for risk / return — in the top 81% 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 Pre-2008 Test Equity Portfolio and compares them with S&P 500 Index.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	2.90	2.01	+0.90
Sortino ratioReturn per unit of downside risk	4.15	2.71	+1.44
Omega ratioGain probability vs. loss probability	1.51	1.36	+0.15
Calmar ratioReturn relative to maximum drawdown	4.25	2.69	+1.56
Martin ratioReturn relative to average drawdown	17.42	12.34	+5.07
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.

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
AAPL Apple Inc	90	2.42	3.39	1.43	3.92	9.86
ADP Automatic Data Processing, Inc.	9	-1.12	-1.60	0.81	-0.67	-1.19
BHP BHP Group	89	2.32	2.88	1.36	3.71	13.71
BTI British American Tobacco p.l.c.	78	1.47	2.09	1.25	2.44	5.60
CII BlackRock Enhanced Large Cap Core Fund	77	2.64	3.46	1.45	3.48	14.02
CL Colgate-Palmolive Company	40	0.03	0.21	1.02	0.04	0.07
CSCO Cisco Systems, Inc.	95	3.03	3.56	1.55	6.86	19.16
DUK Duke Energy Corporation	62	0.77	1.15	1.13	1.02	2.47
GD General Dynamics Corporation	79	1.37	2.18	1.26	1.97	6.87
GLW Corning Incorporated	98	4.61	4.32	1.62	11.07	36.80

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 Jun 6, 2026 (values are recalculated daily):

1-Year: 2.90
5-Year: 1.15
10-Year: 0.95
All Time: 0.82

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 1.64 to 2.53, 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 3.61% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	3.61%	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	0.34%	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.	2.79%	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	3.22%	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.	5.16%	5.29%	8.18%	9.72%	7.23%	7.98%	7.22%	6.35%	8.53%	4.27%	3.85%	4.11%
CII BlackRock Enhanced Large Cap Core Fund	15.98%	16.65%	6.15%	6.28%	12.27%	4.98%	6.03%	5.79%	7.06%	6.07%	8.38%	8.49%
CL Colgate-Palmolive Company	2.36%	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.	1.36%	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	3.43%	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	1.76%	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	0.63%	1.28%	2.36%	3.68%	3.38%	2.58%	2.44%	2.75%	2.38%	1.94%	2.22%	2.63%

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 45.41%, occurring on Mar 9, 2009. Recovery took 277 trading sessions.

The current Pre-2008 Test Equity Portfolio drawdown is 1.51%.

Related event	Drawdown	Fall	Recovery	Underwater
Financial crisis2007–2009	-45.41%Mar 2009	1y 2mo	1y 1mo	2y 4moDec 2007 - Apr 2010
COVID crash2020	-32.94%Mar 2020	1mo 2d	7mo 28d	9moFeb 2020 - Nov 2020
Bear market2022	-18.87%Oct 2022	5mo 24d	1y 2mo	1y 7moApr 2022 - Dec 2023
Rate-hike selloffLate 2018	-15.07%Dec 2018	3mo 1d	2mo 27d	5mo 28dSep 2018 - Mar 2019
2011 correction2011	-13.92%Aug 2011	2mo 8d	4mo 17d	6mo 25dJun 2011 - Dec 2011

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. Your capital is well-distributed across most of your holdings, with only mild concentration in a few names. True diversification also depends on the correlations between assets — check the diversification ratio below.

Diversification Ratio

	1Y	3Y	5Y	10Y	All Time
Diversification Ratio	2.72	2.15	1.90	1.66	1.55

The portfolio has a diversification ratio of 1.55, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.

Pre-2008 Test Equity Portfolio correlation to the S&P 500 Index

Pre-2008 Test Equity Portfolio has a 0.50 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jul 22, 2005	0.87

Benchmark Correlations

Correlation vs. S&P 500 Index. VWELX has the highest benchmark correlation at 0.96, while KR has the lowest at 0.31.

0.31

DUK

0.34

0.39

RHHBY

0.39

BTI

0.41

0.43

0.45

0.45

0.45

0.46

0.47

0.48

0.48

0.49

0.51

0.51

0.53

0.55

0.55

0.57

0.58

BHP

0.59

AAPL

0.59

NVDA

0.59

0.61

0.62

0.62

0.63

0.64

0.66

0.67

0.67

0.68

0.69

0.70

0.77

0.96

Portfolio Correlations

Correlation vs. Pre-2008 Test Equity Portfolio. VWELX has the highest portfolio correlation at 0.87, while KR has the lowest at 0.41.

0.41

0.45

0.48

0.51

0.52

0.52

0.52

0.53

0.53

0.53

0.53

0.56

0.56

0.56

0.57

0.57

0.58

0.58

0.59

0.60

0.61

0.62

0.63

0.63

0.63

0.64

XLU

0.64

JPM

0.64

0.65

0.65

0.65

0.67

0.71

0.87

Asset Correlations Table

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

	KR	RHHBY	NVDA	DUK	MO	OLP	SBAC	AAPL	BTI	LMT	CL	NVS	VZ	VOD	SHEL	SYY	RIO	MDT	KO	T	XOM	ORCL	MSFT	XLU	SPG	HD	GLW	BHP	GD	IBM	TD	JPM	CSCO	CII	ADP	MET	RVT	VWELX
KR	1.00	0.15	0.13	0.27	0.29	0.21	0.21	0.16	0.22	0.25	0.31	0.23	0.29	0.24	0.17	0.32	0.17	0.23	0.30	0.28	0.23	0.20	0.20	0.28	0.25	0.29	0.20	0.17	0.27	0.24	0.21	0.25	0.26	0.21	0.28	0.26	0.25	0.30
RHHBY	0.15	1.00	0.21	0.23	0.22	0.23	0.26	0.22	0.31	0.24	0.28	0.59	0.24	0.33	0.30	0.24	0.29	0.30	0.29	0.24	0.23	0.27	0.28	0.27	0.24	0.26	0.26	0.31	0.26	0.26	0.30	0.25	0.29	0.29	0.30	0.25	0.31	0.43
NVDA	0.13	0.21	1.00	0.08	0.12	0.20	0.29	0.45	0.20	0.20	0.15	0.23	0.16	0.25	0.27	0.22	0.35	0.27	0.17	0.19	0.24	0.44	0.51	0.19	0.29	0.35	0.45	0.36	0.28	0.34	0.34	0.35	0.46	0.45	0.35	0.32	0.47	0.54
DUK	0.27	0.23	0.08	1.00	0.38	0.29	0.35	0.16	0.29	0.31	0.45	0.29	0.43	0.27	0.23	0.34	0.20	0.32	0.47	0.41	0.29	0.22	0.21	0.82	0.35	0.28	0.21	0.22	0.32	0.30	0.25	0.23	0.25	0.23	0.34	0.24	0.24	0.38
MO	0.29	0.22	0.12	0.38	1.00	0.28	0.28	0.21	0.47	0.31	0.43	0.30	0.38	0.31	0.27	0.38	0.23	0.32	0.46	0.39	0.33	0.25	0.23	0.41	0.34	0.30	0.27	0.25	0.34	0.32	0.30	0.31	0.30	0.28	0.35	0.32	0.31	0.38
OLP	0.21	0.23	0.20	0.29	0.28	1.00	0.32	0.23	0.27	0.26	0.28	0.27	0.30	0.30	0.29	0.34	0.28	0.32	0.30	0.31	0.29	0.27	0.26	0.37	0.50	0.34	0.31	0.31	0.33	0.32	0.36	0.36	0.31	0.35	0.36	0.38	0.46	0.45
SBAC	0.21	0.26	0.29	0.35	0.28	0.32	1.00	0.30	0.27	0.27	0.33	0.30	0.35	0.32	0.24	0.29	0.29	0.31	0.35	0.32	0.23	0.30	0.31	0.41	0.37	0.38	0.30	0.31	0.30	0.30	0.32	0.27	0.34	0.34	0.36	0.30	0.39	0.45
AAPL	0.16	0.22	0.45	0.16	0.21	0.23	0.30	1.00	0.23	0.25	0.23	0.25	0.22	0.26	0.26	0.27	0.32	0.30	0.25	0.25	0.27	0.40	0.50	0.24	0.31	0.36	0.41	0.34	0.31	0.38	0.36	0.35	0.45	0.44	0.37	0.33	0.45	0.54
BTI	0.22	0.31	0.20	0.29	0.47	0.27	0.27	0.23	1.00	0.27	0.35	0.38	0.33	0.45	0.38	0.31	0.33	0.32	0.38	0.34	0.31	0.27	0.28	0.34	0.30	0.28	0.30	0.35	0.31	0.33	0.37	0.29	0.31	0.33	0.32	0.32	0.35	0.44
LMT	0.25	0.24	0.20	0.31	0.31	0.26	0.27	0.25	0.27	1.00	0.33	0.30	0.30	0.29	0.29	0.36	0.27	0.33	0.36	0.31	0.33	0.31	0.29	0.36	0.30	0.33	0.32	0.29	0.63	0.37	0.32	0.35	0.34	0.32	0.41	0.38	0.37	0.45
CL	0.31	0.28	0.15	0.45	0.43	0.28	0.33	0.23	0.35	0.33	1.00	0.36	0.40	0.29	0.21	0.40	0.22	0.37	0.56	0.38	0.26	0.28	0.29	0.46	0.31	0.37	0.25	0.23	0.35	0.36	0.28	0.28	0.33	0.29	0.41	0.30	0.30	0.43
NVS	0.23	0.59	0.23	0.29	0.30	0.27	0.30	0.25	0.38	0.30	0.36	1.00	0.33	0.38	0.35	0.30	0.33	0.37	0.37	0.31	0.29	0.30	0.31	0.34	0.29	0.31	0.31	0.35	0.33	0.33	0.36	0.30	0.34	0.34	0.36	0.32	0.36	0.49
VZ	0.29	0.24	0.16	0.43	0.38	0.30	0.35	0.22	0.33	0.30	0.40	0.33	1.00	0.40	0.28	0.36	0.26	0.34	0.43	0.68	0.33	0.28	0.27	0.45	0.35	0.35	0.29	0.29	0.34	0.39	0.33	0.35	0.34	0.31	0.38	0.35	0.34	0.45
VOD	0.24	0.33	0.25	0.27	0.31	0.30	0.32	0.26	0.45	0.29	0.29	0.38	0.40	1.00	0.41	0.33	0.38	0.33	0.34	0.41	0.35	0.30	0.31	0.33	0.33	0.33	0.34	0.40	0.35	0.36	0.43	0.39	0.36	0.37	0.35	0.40	0.43	0.50
SHEL	0.17	0.30	0.27	0.23	0.27	0.29	0.24	0.26	0.38	0.29	0.21	0.35	0.28	0.41	1.00	0.30	0.54	0.28	0.28	0.32	0.68	0.33	0.31	0.31	0.33	0.26	0.37	0.58	0.38	0.39	0.49	0.40	0.35	0.38	0.34	0.42	0.45	0.53
SYY	0.32	0.24	0.22	0.34	0.38	0.34	0.29	0.27	0.31	0.36	0.40	0.30	0.36	0.33	0.30	1.00	0.28	0.40	0.42	0.38	0.34	0.31	0.30	0.39	0.44	0.43	0.34	0.31	0.42	0.38	0.38	0.40	0.37	0.37	0.44	0.43	0.45	0.49
RIO	0.17	0.29	0.35	0.20	0.23	0.28	0.29	0.32	0.33	0.27	0.22	0.33	0.26	0.38	0.54	0.28	1.00	0.30	0.27	0.29	0.48	0.36	0.35	0.28	0.33	0.30	0.43	0.86	0.36	0.38	0.49	0.40	0.39	0.43	0.33	0.43	0.49	0.56
MDT	0.23	0.30	0.27	0.32	0.32	0.32	0.31	0.30	0.32	0.33	0.37	0.37	0.34	0.33	0.28	0.40	0.30	1.00	0.41	0.35	0.33	0.36	0.36	0.38	0.37	0.39	0.38	0.32	0.40	0.39	0.36	0.40	0.40	0.40	0.46	0.42	0.44	0.54
KO	0.30	0.29	0.17	0.47	0.46	0.30	0.35	0.25	0.38	0.36	0.56	0.37	0.43	0.34	0.28	0.42	0.27	0.41	1.00	0.42	0.33	0.29	0.33	0.49	0.36	0.36	0.30	0.30	0.39	0.39	0.34	0.33	0.37	0.33	0.43	0.36	0.33	0.49
T	0.28	0.24	0.19	0.41	0.39	0.31	0.32	0.25	0.34	0.31	0.38	0.31	0.68	0.41	0.32	0.38	0.29	0.35	0.42	1.00	0.38	0.31	0.27	0.43	0.37	0.36	0.32	0.32	0.36	0.43	0.37	0.41	0.37	0.34	0.38	0.41	0.39	0.48
XOM	0.23	0.23	0.24	0.29	0.33	0.29	0.23	0.27	0.31	0.33	0.26	0.29	0.33	0.35	0.68	0.34	0.48	0.33	0.33	0.38	1.00	0.33	0.30	0.35	0.36	0.31	0.37	0.52	0.42	0.40	0.45	0.44	0.38	0.38	0.38	0.46	0.45	0.53
ORCL	0.20	0.27	0.44	0.22	0.25	0.27	0.30	0.40	0.27	0.31	0.28	0.30	0.28	0.30	0.33	0.31	0.36	0.36	0.29	0.31	0.33	1.00	0.54	0.31	0.36	0.39	0.44	0.39	0.40	0.50	0.40	0.42	0.51	0.46	0.47	0.41	0.49	0.61
MSFT	0.20	0.28	0.51	0.21	0.23	0.26	0.31	0.50	0.28	0.29	0.29	0.31	0.27	0.31	0.31	0.30	0.35	0.36	0.33	0.27	0.30	0.54	1.00	0.31	0.33	0.40	0.42	0.37	0.37	0.45	0.37	0.40	0.52	0.48	0.50	0.36	0.47	0.66
XLU	0.28	0.27	0.19	0.82	0.41	0.37	0.41	0.24	0.34	0.36	0.46	0.34	0.45	0.33	0.31	0.39	0.28	0.38	0.49	0.43	0.35	0.31	0.31	1.00	0.44	0.36	0.32	0.31	0.39	0.36	0.34	0.31	0.34	0.35	0.42	0.33	0.38	0.53
SPG	0.25	0.24	0.29	0.35	0.34	0.50	0.37	0.31	0.30	0.30	0.31	0.29	0.35	0.33	0.33	0.44	0.33	0.37	0.36	0.37	0.36	0.36	0.33	0.44	1.00	0.45	0.40	0.37	0.38	0.39	0.44	0.49	0.38	0.42	0.42	0.47	0.52	0.56
HD	0.29	0.26	0.35	0.28	0.30	0.34	0.38	0.36	0.28	0.33	0.37	0.31	0.35	0.33	0.26	0.43	0.30	0.39	0.36	0.36	0.31	0.39	0.40	0.36	0.45	1.00	0.41	0.32	0.41	0.42	0.39	0.45	0.44	0.47	0.49	0.44	0.53	0.59
GLW	0.20	0.26	0.45	0.21	0.27	0.31	0.30	0.41	0.30	0.32	0.25	0.31	0.29	0.34	0.37	0.34	0.43	0.38	0.30	0.32	0.37	0.44	0.42	0.32	0.40	0.41	1.00	0.45	0.43	0.45	0.45	0.48	0.52	0.49	0.41	0.50	0.58	0.62
BHP	0.17	0.31	0.36	0.22	0.25	0.31	0.31	0.34	0.35	0.29	0.23	0.35	0.29	0.40	0.58	0.31	0.86	0.32	0.30	0.32	0.52	0.39	0.37	0.31	0.37	0.32	0.45	1.00	0.39	0.40	0.52	0.43	0.42	0.45	0.35	0.45	0.52	0.61
GD	0.27	0.26	0.28	0.32	0.34	0.33	0.30	0.31	0.31	0.63	0.35	0.33	0.34	0.35	0.38	0.42	0.36	0.40	0.39	0.36	0.42	0.40	0.37	0.39	0.38	0.41	0.43	0.39	1.00	0.44	0.44	0.47	0.45	0.44	0.49	0.50	0.52	0.58
IBM	0.24	0.26	0.34	0.30	0.32	0.32	0.30	0.38	0.33	0.37	0.36	0.33	0.39	0.36	0.39	0.38	0.38	0.39	0.39	0.43	0.40	0.50	0.45	0.36	0.39	0.42	0.45	0.40	0.44	1.00	0.45	0.47	0.53	0.44	0.50	0.48	0.50	0.60
TD	0.21	0.30	0.34	0.25	0.30	0.36	0.32	0.36	0.37	0.32	0.28	0.36	0.33	0.43	0.49	0.38	0.49	0.36	0.34	0.37	0.45	0.40	0.37	0.34	0.44	0.39	0.45	0.52	0.44	0.45	1.00	0.56	0.44	0.50	0.43	0.56	0.57	0.62
JPM	0.25	0.25	0.35	0.23	0.31	0.36	0.27	0.35	0.29	0.35	0.28	0.30	0.35	0.39	0.40	0.40	0.40	0.40	0.33	0.41	0.44	0.42	0.40	0.31	0.49	0.45	0.48	0.43	0.47	0.47	0.56	1.00	0.47	0.50	0.46	0.70	0.58	0.66
CSCO	0.26	0.29	0.46	0.25	0.30	0.31	0.34	0.45	0.31	0.34	0.33	0.34	0.34	0.36	0.35	0.37	0.39	0.40	0.37	0.37	0.38	0.51	0.52	0.34	0.38	0.44	0.52	0.42	0.45	0.53	0.44	0.47	1.00	0.49	0.53	0.47	0.53	0.64
CII	0.21	0.29	0.45	0.23	0.28	0.35	0.34	0.44	0.33	0.32	0.29	0.34	0.31	0.37	0.38	0.37	0.43	0.40	0.33	0.34	0.38	0.46	0.48	0.35	0.42	0.47	0.49	0.45	0.44	0.44	0.50	0.50	0.49	1.00	0.48	0.50	0.65	0.69
ADP	0.28	0.30	0.35	0.34	0.35	0.36	0.36	0.37	0.32	0.41	0.41	0.36	0.38	0.35	0.34	0.44	0.33	0.46	0.43	0.38	0.38	0.47	0.50	0.42	0.42	0.49	0.41	0.35	0.49	0.50	0.43	0.46	0.53	0.48	1.00	0.49	0.53	0.63
MET	0.26	0.25	0.32	0.24	0.32	0.38	0.30	0.33	0.32	0.38	0.30	0.32	0.35	0.40	0.42	0.43	0.43	0.42	0.36	0.41	0.46	0.41	0.36	0.33	0.47	0.44	0.50	0.45	0.50	0.48	0.56	0.70	0.47	0.50	0.49	1.00	0.60	0.64
RVT	0.25	0.31	0.47	0.24	0.31	0.46	0.39	0.45	0.35	0.37	0.30	0.36	0.34	0.43	0.45	0.45	0.49	0.44	0.33	0.39	0.45	0.49	0.47	0.38	0.52	0.53	0.58	0.52	0.52	0.50	0.57	0.58	0.53	0.65	0.53	0.60	1.00	0.75
VWELX	0.30	0.43	0.54	0.38	0.38	0.45	0.45	0.54	0.44	0.45	0.43	0.49	0.45	0.50	0.53	0.49	0.56	0.54	0.49	0.48	0.53	0.61	0.66	0.53	0.56	0.59	0.62	0.61	0.58	0.60	0.62	0.66	0.64	0.69	0.63	0.64	0.75	1.00

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

Diversification Analysis

Find what Pre-2008 Test Equity Portfolio is missing

See which holdings overlap, where Pre-2008 Test Equity Portfolio is concentrated, and which low-correlation assets could fill the gaps.

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