Asset Allocation
Find the right asset allocation for bond test
Add portfolio to the optimizer to find optimal allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio OptimizerPerformance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in bond test, 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.
Loading charts...
Returns By Period
As of Jun 9, 2026, the bond test returned 0.94% Year-To-Date and 3.32% of annualized return in the last 10 years.
| Position | 1D | 1M | YTD | 6M | 1Y | 3Y* | 5Y* | 10Y* |
|---|---|---|---|---|---|---|---|---|
Benchmark S&P 500 Index | 0.30% | 0.09% | 8.18% | 8.17% | 23.42% | 19.88% | 11.91% | 13.45% |
Portfolio bond test | -0.01% | -0.52% | 0.94% | 1.53% | 7.23% | 6.29% | 2.05% | 3.32% |
| Portfolio components: | ||||||||
AGG iShares Core U.S. Aggregate Bond ETF | 0.00% | -0.69% | -0.08% | 0.26% | 4.97% | 3.88% | -0.03% | 1.52% |
BKLN Invesco Senior Loan ETF | 0.00% | -0.43% | -0.04% | 0.55% | 4.39% | 7.44% | 5.09% | 4.25% |
BNDX Vanguard Total International Bond ETF | -0.12% | -0.16% | 0.37% | 0.55% | 1.86% | 4.01% | 0.25% | 1.65% |
BOND PIMCO Active Bond ETF | -0.12% | -0.86% | -0.03% | 0.53% | 6.21% | 4.91% | 0.34% | 2.08% |
ELD WisdomTree Emerging Markets Local Debt Fund | -0.25% | -1.95% | -0.49% | 1.34% | 9.35% | 6.90% | 2.01% | 2.66% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | -0.13% | -0.48% | 1.14% | 1.92% | 10.87% | 9.37% | 1.62% | 3.19% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | -0.16% | -1.80% | -0.23% | 1.29% | 7.90% | 6.04% | 0.97% | 1.99% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 0.14% | -0.24% | 1.14% | 1.72% | 6.36% | 8.34% | 3.69% | 4.88% |
ICSH iShares Ultra Short Duration Bond Active ETF | 0.02% | 0.18% | 1.43% | 1.75% | 4.30% | 5.15% | 3.67% | 2.77% |
JNK SPDR Barclays High Yield Bond ETF | 0.07% | -0.21% | 1.30% | 1.95% | 6.98% | 8.46% | 3.59% | 4.94% |
Monthly Returns
Based on dividend-adjusted daily data since Dec 16, 2013, bond test's average daily return is +0.01%, while the average monthly return is +0.28%. At this rate, an investment would double in approximately 20.7 years.
Historically, 63% of months were positive and 37% were negative. The best month was Nov 2023 with a return of +4.2%, while the worst month was Mar 2020 at -6.2%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, bond test closed higher 55% of trading days. The best single day was Nov 10, 2022 with a return of +2.3%, while the worst single day was Mar 18, 2020 at -4.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.51% | 0.93% | -1.98% | 1.53% | 0.57% | -0.57% | 0.94% | ||||||
| 2025 | 1.08% | 1.37% | -0.64% | 0.13% | 0.42% | 1.82% | 0.05% | 1.19% | 1.33% | 0.83% | 0.70% | 0.25% | 8.84% |
| 2024 | -0.13% | -0.16% | 0.98% | -1.84% | 1.63% | 0.50% | 1.81% | 1.67% | 1.58% | -1.79% | 1.23% | -1.16% | 4.30% |
| 2023 | 3.68% | -1.93% | 2.37% | 0.52% | -0.67% | 1.18% | 0.79% | -0.82% | -2.32% | -0.99% | 4.19% | 3.33% | 9.46% |
| 2022 | -2.00% | -1.81% | -1.01% | -4.07% | -0.27% | -3.31% | 3.23% | -2.49% | -4.88% | 0.63% | 4.08% | -0.93% | -12.46% |
| 2021 | -0.63% | -1.34% | -0.42% | 1.07% | 0.62% | 0.82% | 0.79% | 0.45% | -1.33% | 0.50% | -0.53% | 0.75% | 0.72% |
Benchmark Metrics
bond test has an annualized alpha of 1.08%, beta of 0.18, and R2 of 0.40 versus S&P 500 Index. Calculated based on daily prices since December 16, 2013.
- This portfolio participated in 29.93% of S&P 500 Index downside but only 23.04% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.18 may look defensive, but with R2 of 0.40 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 0.40 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
- 1.08%
- Beta
- 0.18
- R²
- 0.40
- Upside Capture
- 23.04%
- Downside Capture
- 29.93%
Expense Ratio
bond test has an expense ratio of 0.35%, 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
Return for Risk
Risk / Return Rank
bond test ranks 51 for risk / return — on par with similar Portfolios. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below presents risk-adjusted performance metrics for bond test and compares them with S&P 500 Index.
| Portfolio | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 2.07 | 1.94 | +0.13 |
| Sortino ratioReturn per unit of downside risk | 3.02 | 2.63 | +0.39 |
| Omega ratioGain probability vs. loss probability | 1.41 | 1.35 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.59 | -0.05 |
| Martin ratioReturn relative to average drawdown | 11.59 | 11.84 | -0.25 |
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 |
|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 40 | 1.32 | 1.94 | 1.23 | 1.81 | 5.44 |
BKLN Invesco Senior Loan ETF | 50 | 1.61 | 2.37 | 1.37 | 1.44 | 5.65 |
BNDX Vanguard Total International Bond ETF | 18 | 0.54 | 0.79 | 1.10 | 0.64 | 1.79 |
BOND PIMCO Active Bond ETF | 49 | 1.59 | 2.31 | 1.28 | 2.07 | 6.47 |
ELD WisdomTree Emerging Markets Local Debt Fund | 33 | 1.10 | 1.65 | 1.20 | 1.31 | 4.55 |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 64 | 1.95 | 2.83 | 1.38 | 2.42 | 10.32 |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 33 | 1.14 | 1.60 | 1.22 | 1.28 | 4.34 |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 60 | 1.67 | 2.49 | 1.32 | 2.73 | 12.02 |
ICSH iShares Ultra Short Duration Bond Active ETF | 99 | 11.01 | 27.36 | 6.56 | 43.67 | 288.81 |
JNK SPDR Barclays High Yield Bond ETF | 65 | 1.83 | 2.76 | 1.35 | 2.80 | 12.30 |
Loading charts...
Dividends
Dividend yield
bond test provided a 5.65% dividend yield over the last twelve months.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 5.65% | 5.56% | 5.83% | 5.38% | 5.07% | 3.85% | 3.54% | 4.06% | 4.41% | 3.48% | 3.50% | 3.66% |
| Portfolio components: | ||||||||||||
AGG iShares Core U.S. Aggregate Bond ETF | 4.00% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
BKLN Invesco Senior Loan ETF | 6.63% | 6.95% | 8.41% | 8.59% | 4.93% | 3.11% | 3.56% | 4.86% | 4.52% | 3.50% | 4.54% | 4.12% |
BNDX Vanguard Total International Bond ETF | 4.50% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
BOND PIMCO Active Bond ETF | 5.21% | 5.11% | 5.02% | 4.06% | 3.44% | 2.58% | 2.66% | 3.38% | 3.18% | 2.87% | 2.85% | 4.14% |
ELD WisdomTree Emerging Markets Local Debt Fund | 5.89% | 5.38% | 5.75% | 4.85% | 5.29% | 4.98% | 4.70% | 4.92% | 6.30% | 4.68% | 4.86% | 5.57% |
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 5.09% | 4.98% | 5.46% | 4.74% | 5.04% | 3.89% | 3.88% | 4.51% | 5.64% | 4.54% | 4.83% | 4.84% |
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 6.26% | 5.91% | 6.55% | 5.97% | 5.54% | 5.25% | 4.90% | 6.25% | 6.50% | 5.34% | 5.32% | 6.25% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.93% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
ICSH iShares Ultra Short Duration Bond Active ETF | 4.34% | 4.55% | 5.24% | 4.78% | 1.66% | 0.42% | 1.21% | 2.61% | 2.20% | 1.36% | 0.88% | 0.54% |
JNK SPDR Barclays High Yield Bond ETF | 6.64% | 6.54% | 6.63% | 6.38% | 6.06% | 4.27% | 5.11% | 5.44% | 5.90% | 5.60% | 6.06% | 6.59% |
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.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the bond test. 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 bond test was 17.08%, occurring on Oct 20, 2022. Recovery took 474 trading sessions.
The current bond test drawdown is 0.69%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -17.08%Oct 2022 | 1y 1mo | 1y 10mo | 2y 12moSep 2021 - Sep 2024 |
COVID crash2020 | -13.59%Mar 2020 | 14d | 4mo 3d | 4mo 17dMar 2020 - Jul 2020 |
2016 pullback2016 | -5.32%Jan 2016 | 8mo 27d | 2mo 24d | 11mo 21dApr 2015 - Apr 2016 |
2016 pullback2016 | -3.47%Nov 2016 | 1mo 16d | 4mo 15d | 6mo 1dSep 2016 - Mar 2017 |
Rate-hike selloffLate 2018 | -3.47%Dec 2018 | 10mo 29d | 1mo 8d | 1y 2dJan 2018 - Jan 2019 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Diversification
Diversification Metrics
Number of Effective Assets
The portfolio contains 21 assets, with an effective number of assets of 21.00, reflecting the diversification based on asset allocation. Your capital is spread almost evenly across your holdings, indicating a well-balanced allocation. Note that true diversification also depends on the correlations between assets — check the diversification ratio below.
Diversification Ratio
1Y | 3Y | 5Y | 10Y | All Time | |
|---|---|---|---|---|---|
Diversification Ratio | 1.31 | 1.35 | 1.37 | 1.47 | 1.50 |
The portfolio has a diversification ratio of 1.50, in line with the typical range across portfolios. There's room to improve by adding less correlated assets.
bond test correlation to the S&P 500 Index
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2013 | 0.53 |
Benchmark Correlations
Correlation vs. S&P 500 Index. XYLD has the highest benchmark correlation at 0.81, while TLT has the lowest at -0.15.
Asset Correlations Table
Find what bond test is missing
See which holdings overlap, where bond test is concentrated, and which low-correlation assets could fill the gaps.
Analyze Diversification