FRS 2065

Asset Allocation

Position	Category/Sector	Target Weight
IWV iShares Russell 3000 ETF	Large Cap Blend Equities	47.70%
ACWX iShares MSCI ACWI ex U.S. ETF	Foreign Large Cap Equities	27.80%
PJEZX PGIM US Real Estate Fund	REIT	7.50%
PBHAX PGIM High Yield Fund	High Yield Bonds	3.70%
PDRDX Principal Diversified Real Asset Fund	Global Allocation	3.70%
WFBIX iShares U.S. Aggregate Bond Index Fund	Intermediate Core Bond	2.50%
SMMD iShares Russell 2500 ETF	Small Cap Growth Equities	1.60%
STMGX American Beacon Stephens Mid-Cap Growth Fund	Mid Cap Growth Equities	1.60%
FTHRX Fidelity Intermediate Bond Fund	Intermediate Core Bond, Actively Managed	1.40%
MNTRX Allspring Core Bond Fund	Intermediate Core Bond	1%
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	Small Cap Growth Equities	0.80%
VCPIX Vanguard Core-Plus Bond Fund Investor Shares	Total Bond Market	0.70%

Benchmark Against

Benchmark

S&P 500 Index

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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in FRS 2065, 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

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.50%	-0.93%	8.56%	8.85%	24.33%	19.37%	11.84%	13.61%
Portfolio FRS 2065	0.39%	0.42%	10.77%	11.33%	24.56%	17.66%	—	—
Portfolio components:
ACWX iShares MSCI ACWI ex U.S. ETF	0.42%	1.39%	13.90%	15.65%	30.35%	18.44%	8.26%	10.05%
FTHRX Fidelity Intermediate Bond Fund	0.29%	0.32%	0.15%	0.60%	3.93%	4.57%	1.01%	2.00%
IWV iShares Russell 3000 ETF	0.53%	-0.32%	9.30%	9.38%	25.70%	20.32%	12.07%	14.84%
MNTRX Allspring Core Bond Fund	0.55%	0.52%	0.29%	0.90%	4.87%	3.88%	-0.24%	1.40%
PBHAX PGIM High Yield Fund	0.42%	0.36%	1.48%	2.37%	6.93%	7.95%	3.17%	5.18%
PDRDX Principal Diversified Real Asset Fund	0.74%	-2.51%	11.44%	12.28%	19.27%	10.82%	5.81%	6.35%
PJEZX PGIM US Real Estate Fund	0.28%	1.18%	16.61%	16.76%	18.59%	13.69%	5.64%	9.27%
SMMD iShares Russell 2500 ETF	0.98%	3.73%	20.07%	17.82%	38.70%	17.74%	7.65%	—
STMGX American Beacon Stephens Mid-Cap Growth Fund	2.97%	5.64%	9.81%	9.13%	18.86%	16.21%	6.27%	13.82%
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	3.51%	0.85%	12.55%	10.15%	25.11%	14.18%	4.71%	11.86%

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

Monthly Returns

Based on dividend-adjusted daily data since Oct 14, 2021, FRS 2065's average daily return is +0.04%, while the average monthly return is +0.86%. At this rate, an investment would double in approximately 6.7 years.

Historically, 63% of months were positive and 37% were negative. The best month was Nov 2023 with a return of +8.4%, while the worst month was Sep 2022 at -9.2%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 3 months.

On a daily basis, FRS 2065 closed higher 55% of trading days. The best single day was Apr 9, 2025 with a return of +7.4%, while the worst single day was Apr 4, 2025 at -5.2%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	2.85%	2.32%	-5.46%	8.18%	3.64%	-0.69%							10.77%
2025	2.82%	0.00%	-3.13%	0.17%	4.81%	3.97%	0.74%	2.89%	2.94%	1.56%	0.54%	0.45%	18.99%
2024	-0.42%	3.85%	3.00%	-3.77%	4.10%	1.43%	2.46%	2.46%	2.33%	-2.10%	4.16%	-3.40%	14.54%
2023	7.37%	-3.17%	2.22%	1.21%	-1.35%	5.35%	3.34%	-2.72%	-4.25%	-2.85%	8.39%	5.50%	19.54%
2022	-4.65%	-2.39%	1.98%	-7.32%	-0.16%	-7.78%	7.02%	-4.02%	-9.16%	5.61%	7.36%	-4.17%	-17.89%
2021										3.29%	-2.17%	3.73%	4.83%

Benchmark Metrics

FRS 2065 has an annualized alpha of -0.10%, beta of 0.82, and R2 of 0.93 versus S&P 500 Index. Calculated based on daily prices since October 14, 2021.

This portfolio participated in 89.20% of S&P 500 Index downside but only 82.06% of its upside - more exposed to losses than it benefited from rallies.

Alpha: -0.10%

Beta: 0.82

R²: 0.93

Upside Capture: 82.06%

Downside Capture: 89.20%

See how alpha, beta & R² have trended over time →

Expense Ratio

FRS 2065 has an expense ratio of 0.36%, 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

STMGX

American Beacon Stephens Mid-Cap Growth Fund

PJEZX

PGIM US Real Estate Fund

PDRDX

Principal Diversified Real Asset Fund

PBHAX

PGIM High Yield Fund

MNTRX

Allspring Core Bond Fund

TRSSX

T. Rowe Price Institutional Small Cap Stock Fund

FTHRX

Fidelity Intermediate Bond Fund

ACWX

iShares MSCI ACWI ex U.S. ETF

VCPIX

Vanguard Core-Plus Bond Fund Investor Shares

IWV

iShares Russell 3000 ETF

Return for Risk

Risk / Return Rank

FRS 2065 ranks 55 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.

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 FRS 2065 and compares them with S&P 500 Index.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	2.01	1.86	+0.15
Sortino ratioReturn per unit of downside risk	2.79	2.53	+0.26
Omega ratioGain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratioReturn relative to maximum drawdown	2.77	2.53	+0.24
Martin ratioReturn relative to average drawdown	12.19	11.37	+0.82

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
ACWX iShares MSCI ACWI ex U.S. ETF	58	1.75	2.42	1.32	2.52	9.66
FTHRX Fidelity Intermediate Bond Fund	32	1.42	2.21	1.26	1.88	5.37
IWV iShares Russell 3000 ETF	66	1.94	2.64	1.35	2.74	12.28
MNTRX Allspring Core Bond Fund	23	1.22	1.82	1.22	1.56	4.59
PBHAX PGIM High Yield Fund	75	1.93	3.32	1.47	2.81	13.97
PDRDX Principal Diversified Real Asset Fund	76	2.13	2.92	1.39	3.38	13.83
PJEZX PGIM US Real Estate Fund	34	1.32	1.84	1.23	2.48	7.29
SMMD iShares Russell 2500 ETF	74	2.06	2.86	1.35	3.78	14.33
STMGX American Beacon Stephens Mid-Cap Growth Fund	21	1.05	1.55	1.18	1.64	5.72
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	33	1.27	1.94	1.23	2.18	8.21

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. Learn how to interpret the Sharpe ratio.

The current FRS 2065 Sharpe ratio is 2.01 as of Jun 13, 2026 (the value is recalculated daily), calculated over the past 12 months.

Compared to the broad market, where average Sharpe ratios range from 1.53 to 2.41, 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 FRS 2065 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

FRS 2065 provided a 2.44% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.44%	2.68%	2.27%	2.21%	2.68%	2.73%	1.75%	3.26%	2.85%	2.45%	3.28%	2.88%
Portfolio components:
ACWX iShares MSCI ACWI ex U.S. ETF	2.48%	2.82%	2.97%	2.96%	2.68%	2.74%	1.88%	3.22%	2.60%	2.40%	2.77%	2.51%
FTHRX Fidelity Intermediate Bond Fund	3.69%	3.59%	3.49%	2.94%	1.55%	1.53%	4.16%	2.49%	2.48%	2.20%	2.63%	2.13%
IWV iShares Russell 3000 ETF	0.87%	0.96%	1.08%	1.30%	1.56%	1.04%	1.30%	1.69%	1.97%	1.58%	1.79%	1.99%
MNTRX Allspring Core Bond Fund	4.06%	4.07%	4.13%	3.19%	1.85%	1.75%	6.35%	2.46%	2.33%	1.74%	1.97%	1.45%
PBHAX PGIM High Yield Fund	6.74%	6.71%	6.01%	5.73%	5.94%	5.88%	5.70%	5.96%	6.26%	5.98%	4.61%	6.64%
PDRDX Principal Diversified Real Asset Fund	3.85%	4.19%	2.43%	2.52%	12.88%	6.56%	0.52%	2.36%	3.47%	2.21%	2.61%	0.99%
PJEZX PGIM US Real Estate Fund	1.79%	2.05%	1.93%	1.65%	3.21%	9.54%	1.56%	13.21%	5.43%	6.31%	15.48%	9.39%
SMMD iShares Russell 2500 ETF	1.04%	1.28%	1.27%	1.44%	1.79%	1.12%	1.31%	1.50%	2.45%	0.68%	0.00%	0.00%
STMGX American Beacon Stephens Mid-Cap Growth Fund	31.31%	34.38%	4.86%	0.00%	3.42%	7.49%	1.45%	3.60%	9.39%	5.40%	6.65%	5.62%
TRSSX T. Rowe Price Institutional Small Cap Stock Fund	9.39%	10.57%	19.63%	5.45%	5.37%	8.52%	4.54%	6.13%	13.45%	6.53%	0.80%	7.07%

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 FRS 2065. 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 FRS 2065 was 25.29%, occurring on Oct 14, 2022. Recovery took 335 trading sessions.

The current FRS 2065 drawdown is 1.24%.

Related event	Drawdown	Fall	Recovery	Underwater
Bear market2022	-25.29%Oct 2022	11mo 9d	1y 4mo	2y 3moNov 2021 - Feb 2024
2025 selloff2025	-14.89%Apr 2025	1mo 18d	1mo 11d	2mo 29dFeb 2025 - May 2025
2026 pullback2026	-8.41%Mar 2026	1mo 2d	16d	1mo 18dFeb 2026 - Apr 2026
2024 pullback2024	-6.62%Aug 2024	19d	16d	1mo 5dJul 2024 - Aug 2024
2024 pullback2024	-5.03%Apr 2024	18d	25d	1mo 13dApr 2024 - May 2024

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 12 assets, with an effective number of assets of 3.18, reflecting the diversification based on asset allocation. Your portfolio is dominated by one or two holdings, which significantly increases concentration risk. Consider rebalancing toward more even weights or adding additional positions.

Diversification Ratio

	1Y	3Y	All Time
Diversification Ratio	1.12	1.12	1.10

The portfolio has a diversification ratio of 1.10, placing it in the bottom quartile across portfolios — positions are highly correlated. Consider adding assets from different classes or sectors to reduce risk.

FRS 2065 correlation to the S&P 500 Index

FRS 2065 has a 0.94 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Oct 14, 2021	0.95

Benchmark Correlations

Correlation vs. S&P 500 Index. IWV has the highest benchmark correlation at 0.99, while FTHRX has the lowest at 0.12.

0.12

0.16

0.16

0.21

0.47

0.60

0.62

0.78

0.81

0.85

0.88

0.99

Portfolio Correlations

Correlation vs. FRS 2065. IWV has the highest portfolio correlation at 0.96, while FTHRX has the lowest at 0.20.

0.20

0.24

0.24

0.30

0.55

0.70

0.76

0.87

0.89

0.90

0.91

0.96

Asset Correlations Table

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

	FTHRX	WFBIX	MNTRX	VCPIX	PBHAX	PJEZX	PDRDX	ACWX	STMGX	TRSSX	IWV	SMMD
FTHRX	1.00	0.93	0.93	0.91	0.54	0.25	0.27	0.19	0.14	0.15	0.12	0.13
WFBIX	0.93	1.00	0.97	0.95	0.54	0.28	0.30	0.22	0.18	0.19	0.16	0.18
MNTRX	0.93	0.97	1.00	0.96	0.55	0.29	0.30	0.22	0.18	0.20	0.17	0.18
VCPIX	0.91	0.95	0.96	1.00	0.56	0.32	0.34	0.28	0.23	0.24	0.22	0.24
PBHAX	0.54	0.54	0.55	0.56	1.00	0.43	0.51	0.50	0.47	0.48	0.49	0.49
PJEZX	0.25	0.28	0.29	0.32	0.43	1.00	0.71	0.56	0.57	0.67	0.62	0.67
PDRDX	0.27	0.30	0.30	0.34	0.51	0.71	1.00	0.76	0.59	0.67	0.64	0.70
ACWX	0.19	0.22	0.22	0.28	0.50	0.56	0.76	1.00	0.73	0.74	0.79	0.77
STMGX	0.14	0.18	0.18	0.23	0.47	0.57	0.59	0.73	1.00	0.86	0.91	0.89
TRSSX	0.15	0.19	0.20	0.24	0.48	0.67	0.67	0.74	0.86	1.00	0.85	0.94
IWV	0.12	0.16	0.17	0.22	0.49	0.62	0.64	0.79	0.91	0.85	1.00	0.89
SMMD	0.13	0.18	0.18	0.24	0.49	0.67	0.70	0.77	0.89	0.94	0.89	1.00

The correlation results are calculated based on daily price changes starting from Oct 14, 2021

Diversification Analysis

Find what FRS 2065 is missing

See which holdings overlap, where FRS 2065 is concentrated, and which low-correlation assets could fill the gaps.

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