bond test

Asset Allocation

Position	Category/Sector	Target Weight
AGG iShares Core U.S. Aggregate Bond ETF	Total Bond Market	4.76%
BKLN Invesco Senior Loan ETF	High Yield Bonds	4.76%
BNDX Vanguard Total International Bond ETF	Global Bonds	4.76%
BOND PIMCO Active Bond ETF	Intermediate Core-Plus Bond, Actively Managed	4.76%
ELD WisdomTree Emerging Markets Local Debt Fund	Emerging Markets Bonds, Actively Managed	4.76%
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	Emerging Markets Bonds	4.76%
EMLC VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	Emerging Markets Bonds	4.76%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	High Yield Bonds	4.76%
ICSH iShares Ultra Short Duration Bond Active ETF	Ultrashort Bond	4.76%
JNK SPDR Barclays High Yield Bond ETF	High Yield Bonds	4.76%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF	Corporate Bonds	4.76%
PCY Invesco Emerging Markets Sovereign Debt ETF	Emerging Markets Bonds	4.76%
QYLD Global X NASDAQ 100 Covered Call ETF	Derivative Income	4.76%
SCHP Schwab U.S. TIPS ETF	Inflation-Protected Bonds	4.76%
SHY iShares 1-3 Year Treasury Bond ETF	Government Bonds	4.76%
SRLN SPDR Blackstone Senior Loan ETF	High Yield Bonds	4.76%
TIP iShares TIPS Bond ETF	Inflation-Protected Bonds	4.76%
TLT iShares 20+ Year Treasury Bond ETF	Government Bonds, Long-Term Bond	4.76%
TOBAX Touchstone Active Bond Fund	Intermediate Core-Plus Bond	4.76%
VGSH Vanguard Short-Term Treasury ETF	Government Bonds, Short-Term Bond	4.76%
XYLD Global X S&P 500 Covered Call ETF	Derivative Income, S&P 500	4.76%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

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 graphics...

The earliest data available for this chart is Dec 13, 2013, corresponding to the inception date of ICSH

Returns By Period

As of Apr 2, 2026, the bond test returned -0.09% Year-To-Date and 3.38% 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 bond test	0.20%	-0.84%	-0.09%	1.47%	6.66%	5.96%	2.23%	3.38%
Portfolio components:
HYG iShares iBoxx $ High Yield Corporate Bond ETF	0.24%	-0.22%	0.13%	1.21%	6.94%	8.10%	3.71%	5.21%
JNK SPDR Barclays High Yield Bond ETF	0.26%	-0.22%	0.12%	1.34%	7.40%	8.17%	3.61%	5.31%
BOND PIMCO Active Bond ETF	0.23%	-1.16%	0.33%	1.39%	5.26%	4.50%	0.69%	2.25%
AGG iShares Core U.S. Aggregate Bond ETF	0.23%	-1.00%	0.32%	0.90%	4.41%	3.55%	0.29%	1.68%
TOBAX Touchstone Active Bond Fund	0.11%	-1.42%	-0.24%	0.77%	4.82%	4.19%	0.33%	2.15%
BKLN Invesco Senior Loan ETF	0.15%	1.71%	-0.94%	1.09%	5.87%	7.64%	5.10%	4.48%
SRLN SPDR Blackstone Senior Loan ETF	0.15%	1.61%	-1.24%	0.52%	5.73%	7.52%	4.53%	4.54%
ICSH iShares Ultra Short Duration Bond Active ETF	0.06%	0.20%	0.85%	1.93%	4.51%	5.23%	3.57%	2.72%
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	0.12%	-2.20%	-1.09%	1.28%	9.38%	8.40%	1.88%	3.24%
PCY Invesco Emerging Markets Sovereign Debt ETF	0.24%	-2.56%	-1.33%	0.16%	10.57%	9.94%	1.26%	2.58%

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

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 +0.27%. At this rate, your investment would double in approximately 21.4 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%	0.48%									-0.09%
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 1.19%, beta of 0.17, and R² of 0.39 versus S&P 500 Index. Calculated based on daily prices since December 16, 2013.

This portfolio participated in 29.98% of S&P 500 Index downside but only 23.80% of its upside — more exposed to losses than it benefited from rallies.
Beta of 0.17 may look defensive, but with R² of 0.39 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 0.39 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: 1.19%

Beta: 0.17

R²: 0.39

Upside Capture: 23.80%

Downside Capture: 29.98%

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

TOBAX

Touchstone Active Bond Fund

SRLN

SPDR Blackstone Senior Loan ETF

BKLN

Invesco Senior Loan ETF

XYLD

Global X S&P 500 Covered Call ETF

QYLD

Global X NASDAQ 100 Covered Call ETF

ELD

WisdomTree Emerging Markets Local Debt Fund

BOND

PIMCO Active Bond ETF

PCY

Invesco Emerging Markets Sovereign Debt ETF

HYG

iShares iBoxx $ High Yield Corporate Bond ETF

JNK

SPDR Barclays High Yield Bond ETF

Return for Risk

Risk / Return Rank

bond test ranks 67 for risk / return — better than 67% 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	1.51	0.88	+0.63
Sortino ratio Return per unit of downside risk	2.18	1.37	+0.81
Omega ratio Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio Return relative to maximum drawdown	2.24	1.39	+0.85
Martin ratio Return relative to average drawdown	9.45	6.43	+3.02
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
HYG iShares iBoxx $ High Yield Corporate Bond ETF	70	1.25	1.88	1.29	1.82	9.56
JNK SPDR Barclays High Yield Bond ETF	71	1.30	1.94	1.30	1.82	9.31
BOND PIMCO Active Bond ETF	51	1.12	1.56	1.20	1.55	4.51
AGG iShares Core U.S. Aggregate Bond ETF	49	1.02	1.44	1.18	1.70	4.71
TOBAX Touchstone Active Bond Fund	46	1.07	1.52	1.19	1.79	5.72
BKLN Invesco Senior Loan ETF	73	1.38	2.16	1.39	1.91	7.15
SRLN SPDR Blackstone Senior Loan ETF	68	1.33	1.94	1.35	1.74	6.10
ICSH iShares Ultra Short Duration Bond Active ETF	100	11.08	26.38	6.68	45.39	285.14
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	71	1.35	1.91	1.28	2.07	8.24
PCY Invesco Emerging Markets Sovereign Debt ETF	54	1.04	1.48	1.22	1.66	6.00

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.

bond test Sharpe ratios as of Apr 2, 2026 (values are recalculated daily):

1-Year: 1.51
5-Year: 0.41
10-Year: 0.66
All Time: 0.67

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 1.68, this portfolio's current Sharpe ratio falls between the 25th and 75th percentiles. This indicates that its risk-adjusted performance is in line with the majority of portfolios, suggesting a balanced approach to risk and return—likely suitable for a wide range of investors.

The chart below shows the rolling Sharpe ratio of bond test compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

Loading graphics...

Dividends

Dividend yield

bond test provided a 5.63% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	5.63%	5.56%	5.83%	5.38%	5.07%	3.85%	3.54%	4.06%	4.41%	3.48%	3.50%	3.66%
Portfolio components:
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.87%	5.71%	6.01%	5.74%	5.30%	4.02%	4.88%	4.99%	5.54%	5.12%	5.27%	5.90%
JNK SPDR Barclays High Yield Bond ETF	6.66%	6.54%	6.63%	6.38%	6.06%	4.27%	5.11%	5.44%	5.90%	5.60%	6.06%	6.59%
BOND PIMCO Active Bond ETF	5.17%	5.11%	5.02%	4.06%	3.44%	2.58%	2.66%	3.38%	3.18%	2.87%	2.85%	4.14%
AGG iShares Core U.S. Aggregate Bond ETF	3.94%	3.89%	3.74%	3.13%	2.39%	1.77%	2.14%	2.70%	2.72%	2.32%	2.39%	2.45%
TOBAX Touchstone Active Bond Fund	3.99%	3.52%	3.72%	3.63%	3.10%	2.24%	2.58%	2.59%	2.79%	2.29%	2.65%	2.99%
BKLN Invesco Senior Loan ETF	7.03%	6.95%	8.41%	8.59%	4.93%	3.11%	3.56%	4.86%	4.52%	3.50%	4.54%	4.12%
SRLN SPDR Blackstone Senior Loan ETF	7.69%	7.67%	8.58%	8.44%	5.72%	4.45%	4.91%	5.39%	4.98%	4.01%	3.94%	4.43%
ICSH iShares Ultra Short Duration Bond Active ETF	4.42%	4.55%	5.24%	4.78%	1.66%	0.42%	1.21%	2.61%	2.20%	1.36%	0.88%	0.54%
EMB iShares J.P. Morgan USD Emerging Markets Bond ETF	5.15%	4.98%	5.46%	4.74%	5.04%	3.89%	3.88%	4.51%	5.64%	4.54%	4.83%	4.84%
PCY Invesco Emerging Markets Sovereign Debt ETF	6.03%	5.93%	6.65%	6.48%	6.81%	4.80%	4.45%	4.78%	4.93%	4.80%	5.19%	5.46%

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 graphics...

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 1.71%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-17.08%	Sep 16, 2021	277	Oct 20, 2022	474	Sep 11, 2024	751
-13.59%	Mar 5, 2020	11	Mar 19, 2020	84	Jul 20, 2020	95
-5.32%	Apr 28, 2015	185	Jan 20, 2016	58	Apr 13, 2016	243
-3.47%	Sep 29, 2016	33	Nov 14, 2016	92	Mar 29, 2017	125
-3.47%	Jan 29, 2018	229	Dec 24, 2018	25	Jan 31, 2019	254

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

Loading graphics...

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. 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	ICSH	SRLN	BKLN	QYLD	XYLD	ELD	EMLC	VGSH	BNDX	SHY	JNK	TLT	HYG	SCHP	TIP	BOND	TOBAX	AGG	PCY	EMB	LQD	Portfolio
Benchmark	1.00	0.06	0.48	0.54	0.79	0.81	0.38	0.43	-0.13	0.00	-0.09	0.71	-0.16	0.72	-0.02	-0.01	0.01	0.01	-0.00	0.45	0.47	0.15	0.53
ICSH	0.06	1.00	0.04	0.05	0.05	0.04	0.11	0.14	0.26	0.20	0.27	0.15	0.16	0.14	0.16	0.17	0.22	0.24	0.23	0.19	0.19	0.20	0.22
SRLN	0.48	0.04	1.00	0.64	0.37	0.39	0.26	0.31	-0.03	0.02	-0.02	0.50	-0.06	0.49	0.05	0.06	0.08	0.07	0.05	0.33	0.33	0.16	0.39
BKLN	0.54	0.05	0.64	1.00	0.43	0.46	0.30	0.34	-0.06	0.03	-0.04	0.57	-0.08	0.57	0.03	0.04	0.05	0.07	0.03	0.36	0.37	0.15	0.43
QYLD	0.79	0.05	0.37	0.43	1.00	0.72	0.29	0.33	-0.11	0.02	-0.08	0.55	-0.12	0.56	-0.01	-0.00	0.03	0.02	0.01	0.38	0.39	0.13	0.48
XYLD	0.81	0.04	0.39	0.46	0.72	1.00	0.33	0.35	-0.14	-0.01	-0.11	0.59	-0.15	0.60	-0.03	-0.02	-0.00	-0.01	-0.02	0.36	0.38	0.10	0.48
ELD	0.38	0.11	0.26	0.30	0.29	0.33	1.00	0.80	0.14	0.12	0.15	0.44	0.07	0.45	0.19	0.19	0.18	0.23	0.20	0.49	0.52	0.25	0.59
EMLC	0.43	0.14	0.31	0.34	0.33	0.35	0.80	1.00	0.18	0.17	0.21	0.52	0.11	0.52	0.24	0.25	0.23	0.28	0.27	0.59	0.63	0.33	0.67
VGSH	-0.13	0.26	-0.03	-0.06	-0.11	-0.14	0.14	0.18	1.00	0.54	0.88	0.08	0.59	0.10	0.60	0.60	0.63	0.66	0.72	0.29	0.32	0.58	0.42
BNDX	0.00	0.20	0.02	0.03	0.02	-0.01	0.12	0.17	0.54	1.00	0.55	0.19	0.70	0.19	0.59	0.60	0.66	0.69	0.73	0.42	0.42	0.68	0.53
SHY	-0.09	0.27	-0.02	-0.04	-0.08	-0.11	0.15	0.21	0.88	0.55	1.00	0.12	0.61	0.14	0.64	0.64	0.67	0.68	0.75	0.32	0.35	0.62	0.46
JNK	0.71	0.15	0.50	0.57	0.55	0.59	0.44	0.52	0.08	0.19	0.12	1.00	0.06	0.97	0.18	0.19	0.24	0.27	0.24	0.61	0.63	0.39	0.70
TLT	-0.16	0.16	-0.06	-0.08	-0.12	-0.15	0.07	0.11	0.59	0.70	0.61	0.06	1.00	0.07	0.75	0.76	0.78	0.80	0.89	0.38	0.38	0.81	0.53
HYG	0.72	0.14	0.49	0.57	0.56	0.60	0.45	0.52	0.10	0.19	0.14	0.97	0.07	1.00	0.19	0.20	0.24	0.27	0.25	0.61	0.64	0.39	0.71
SCHP	-0.02	0.16	0.05	0.03	-0.01	-0.03	0.19	0.24	0.60	0.59	0.64	0.18	0.75	0.19	1.00	0.97	0.72	0.73	0.80	0.42	0.44	0.73	0.60
TIP	-0.01	0.17	0.06	0.04	-0.00	-0.02	0.19	0.25	0.60	0.60	0.64	0.19	0.76	0.20	0.97	1.00	0.72	0.74	0.80	0.43	0.45	0.74	0.61
BOND	0.01	0.22	0.08	0.05	0.03	-0.00	0.18	0.23	0.63	0.66	0.67	0.24	0.78	0.24	0.72	0.72	1.00	0.81	0.86	0.48	0.49	0.80	0.63
TOBAX	0.01	0.24	0.07	0.07	0.02	-0.01	0.23	0.28	0.66	0.69	0.68	0.27	0.80	0.27	0.73	0.74	0.81	1.00	0.87	0.53	0.54	0.82	0.67
AGG	-0.00	0.23	0.05	0.03	0.01	-0.02	0.20	0.27	0.72	0.73	0.75	0.24	0.89	0.25	0.80	0.80	0.86	0.87	1.00	0.51	0.53	0.90	0.68
PCY	0.45	0.19	0.33	0.36	0.38	0.36	0.49	0.59	0.29	0.42	0.32	0.61	0.38	0.61	0.42	0.43	0.48	0.53	0.51	1.00	0.93	0.59	0.82
EMB	0.47	0.19	0.33	0.37	0.39	0.38	0.52	0.63	0.32	0.42	0.35	0.63	0.38	0.64	0.44	0.45	0.49	0.54	0.53	0.93	1.00	0.61	0.85
LQD	0.15	0.20	0.16	0.15	0.13	0.10	0.25	0.33	0.58	0.68	0.62	0.39	0.81	0.39	0.73	0.74	0.80	0.82	0.90	0.59	0.61	1.00	0.77
Portfolio	0.53	0.22	0.39	0.43	0.48	0.48	0.59	0.67	0.42	0.53	0.46	0.70	0.53	0.71	0.60	0.61	0.63	0.67	0.68	0.82	0.85	0.77	1.00

The correlation results are calculated based on daily price changes starting from Dec 16, 2013

bond test

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