F-start-new

Asset Allocation

Position	Category/Sector	Target Weight
BIL SPDR Barclays 1-3 Month T-Bill ETF	Government Bonds	20.10%
BRK-B Berkshire Hathaway Inc.	Financial Services	5%
BSJP Invesco BulletShares 2025 High Yield Corporate Bond ETF	High Yield Bonds	1.62%
DXJ WisdomTree Japan Hedged Equity Fund	Japan Equities	5%
HEFA iShares Currency Hedged MSCI EAFE ETF	Foreign Large Cap Equities	12%
MO Altria Group, Inc.	Consumer Defensive	2.08%
MSFT Microsoft Corporation	Technology	3.73%
PRWCX T. Rowe Price Capital Appreciation Fund	Diversified Portfolio	20%
SMH VanEck Semiconductor ETF	Semiconductors, Technology Equities	5.05%
SPG Simon Property Group, Inc.	Real Estate	2.09%
T AT&T Inc.	Communication Services	1.62%
VTI Vanguard Total Stock Market ETF	Large Cap Blend Equities	3.45%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	Inflation-Protected Bonds	16.58%
VZ Verizon Communications Inc.	Communication Services	1.68%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in F-start-new, 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 Sep 27, 2017, corresponding to the inception date of BSJP

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.11%	-4.18%	-3.84%	-1.98%	21.98%	16.86%	10.37%	12.29%
Portfolio F-start-new	0.07%	-1.45%	1.25%	4.38%	17.62%	14.39%	10.11%	—
Portfolio components:
BIL SPDR Barclays 1-3 Month T-Bill ETF	0.02%	0.30%	0.90%	1.83%	4.00%	4.71%	3.28%	2.13%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	0.23%	0.38%	1.11%	1.47%	3.52%	4.67%	3.51%	3.08%
PRWCX T. Rowe Price Capital Appreciation Fund	0.03%	-2.83%	-2.85%	5.47%	19.26%	13.82%	9.30%	11.46%
HEFA iShares Currency Hedged MSCI EAFE ETF	-0.02%	-1.51%	4.21%	10.07%	28.93%	17.50%	13.08%	12.33%
SMH VanEck Semiconductor ETF	0.09%	-1.70%	8.94%	16.89%	101.23%	44.85%	26.17%	31.69%
MSFT Microsoft Corporation	1.11%	-7.83%	-22.60%	-27.51%	0.86%	10.00%	9.94%	22.58%
DXJ WisdomTree Japan Hedged Equity Fund	-0.57%	-0.70%	11.84%	24.73%	60.16%	34.98%	24.74%	17.53%
VTI Vanguard Total Stock Market ETF	0.16%	-3.97%	-3.13%	-1.30%	24.10%	18.10%	10.66%	13.75%
MO Altria Group, Inc.	0.43%	-1.85%	15.96%	3.58%	21.59%	22.72%	13.73%	7.41%
VZ Verizon Communications Inc.	0.02%	-3.52%	23.39%	17.06%	15.70%	15.58%	2.85%	4.39%

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

Monthly Returns

Based on dividend-adjusted daily data since Sep 28, 2017, F-start-new's average daily return is +0.04%, while the average monthly return is +0.82%. At this rate, your investment would double in approximately 7.1 years.

Historically, 72% of months were positive and 28% were negative. The best month was Nov 2020 with a return of +7.0%, while the worst month was Mar 2020 at -7.4%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 3 months.

On a daily basis, F-start-new closed higher 57% of trading days. The best single day was Mar 13, 2020 with a return of +4.8%, while the worst single day was Mar 16, 2020 at -6.5%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	1.50%	1.93%	-2.61%	0.48%									1.25%
2025	1.83%	0.95%	-0.87%	0.12%	2.73%	2.22%	1.47%	1.69%	1.59%	0.78%	0.83%	1.90%	16.29%
2024	2.22%	2.93%	2.51%	-1.87%	3.01%	1.50%	0.80%	1.45%	0.88%	-0.72%	2.24%	-1.07%	14.60%
2023	4.25%	-0.65%	2.45%	1.23%	0.24%	3.27%	1.38%	-0.50%	-1.57%	-0.58%	4.92%	2.33%	17.85%
2022	-1.90%	-0.85%	1.36%	-3.60%	0.86%	-4.99%	5.02%	-2.91%	-5.22%	4.03%	4.79%	-2.63%	-6.57%
2021	0.14%	2.35%	3.01%	2.01%	1.04%	0.78%	0.84%	1.47%	-1.64%	2.98%	-0.73%	2.75%	15.92%

Benchmark Metrics

F-start-new has an annualized alpha of 3.70%, beta of 0.49, and R² of 0.93 versus S&P 500 Index. Calculated based on daily prices since September 28, 2017.

This portfolio participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (52.50%) than losses (46.35%) — typical of diversified or defensive assets.
This portfolio generated an annualized alpha of 3.70% versus S&P 500 Index — delivering returns beyond what market exposure alone would predict.
Beta of 0.49 indicates this portfolio moves significantly less than S&P 500 Index — a genuinely defensive profile with reduced participation in both market rallies and downturns.

Alpha: 3.70%

Beta: 0.49

R²: 0.93

Upside Capture: 52.50%

Downside Capture: 46.35%

Expense Ratio

F-start-new has an expense ratio of 0.26%, 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.

PRWCX

T. Rowe Price Capital Appreciation Fund

DXJ

WisdomTree Japan Hedged Equity Fund

BSJP

Invesco BulletShares 2025 High Yield Corporate Bond ETF

HEFA

iShares Currency Hedged MSCI EAFE ETF

SMH

VanEck Semiconductor ETF

BIL

SPDR Barclays 1-3 Month T-Bill ETF

VTIP

Vanguard Short-Term Inflation-Protected Securities ETF

VTI

Vanguard Total Stock Market ETF

Return for Risk

Risk / Return Rank

F-start-new ranks 83 for risk / return — in the top 83% 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

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	1.76	0.88	+0.88
Sortino ratio Return per unit of downside risk	2.58	1.37	+1.22
Omega ratio Gain probability vs. loss probability	1.42	1.21	+0.21
Calmar ratio Return relative to maximum drawdown	2.61	1.39	+1.22
Martin ratio Return relative to average drawdown	12.50	6.43	+6.07
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.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
BIL SPDR Barclays 1-3 Month T-Bill ETF	100	19.57	254.91	180.89	367.86	4,130.10
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	92	2.18	3.31	1.47	4.13	13.26
PRWCX T. Rowe Price Capital Appreciation Fund	78	1.24	2.32	1.33	2.57	10.42
HEFA iShares Currency Hedged MSCI EAFE ETF	72	1.45	2.03	1.31	2.07	8.79
SMH VanEck Semiconductor ETF	94	2.28	2.89	1.41	5.34	18.94
MSFT Microsoft Corporation	35	-0.06	0.11	1.01	-0.05	-0.12
DXJ WisdomTree Japan Hedged Equity Fund	92	2.18	2.82	1.44	3.95	15.29
VTI Vanguard Total Stock Market ETF	52	0.94	1.47	1.22	1.53	7.16
MO Altria Group, Inc.	68	1.12	1.53	1.22	1.20	3.11
VZ Verizon Communications Inc.	64	0.79	1.35	1.17	1.22	2.79

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.

F-start-new Sharpe ratios as of Apr 3, 2026 (values are recalculated daily):

1-Year: 1.76
5-Year: 1.22
All Time: 1.03

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 0.98 to 1.66, 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 F-start-new 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

F-start-new provided a 5.72% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	5.72%	5.78%	4.72%	3.58%	7.21%	3.73%	2.94%	3.61%	3.66%	2.71%	1.81%	3.27%
Portfolio components:
BIL SPDR Barclays 1-3 Month T-Bill ETF	3.96%	4.13%	5.03%	4.92%	1.35%	0.00%	0.30%	2.05%	1.66%	0.68%	0.07%	0.00%
VTIP Vanguard Short-Term Inflation-Protected Securities ETF	3.62%	3.81%	2.70%	2.86%	6.84%	4.68%	1.20%	1.95%	2.45%	1.52%	0.76%	0.00%
PRWCX T. Rowe Price Capital Appreciation Fund	16.18%	15.72%	10.38%	4.15%	9.44%	9.23%	7.97%	5.83%	7.46%	6.82%	3.51%	9.86%
HEFA iShares Currency Hedged MSCI EAFE ETF	4.22%	4.40%	3.09%	3.02%	25.14%	3.06%	2.10%	7.56%	4.58%	2.55%	3.17%	3.54%
SMH VanEck Semiconductor ETF	0.28%	0.31%	0.44%	0.60%	1.18%	0.51%	0.69%	1.50%	1.88%	1.43%	0.80%	2.14%
MSFT Microsoft Corporation	0.93%	0.70%	0.73%	0.74%	1.06%	0.68%	0.94%	1.20%	1.69%	1.86%	2.37%	2.33%
DXJ WisdomTree Japan Hedged Equity Fund	1.16%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
VTI Vanguard Total Stock Market ETF	1.16%	1.12%	1.27%	1.44%	1.66%	1.21%	1.42%	1.78%	2.04%	1.71%	1.92%	1.98%
MO Altria Group, Inc.	6.39%	7.21%	7.65%	9.52%	8.05%	7.43%	8.29%	6.57%	6.07%	3.56%	3.48%	3.73%
VZ Verizon Communications Inc.	5.54%	6.68%	6.68%	6.96%	6.53%	4.85%	4.21%	3.95%	4.22%	4.39%	4.26%	4.79%

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 F-start-new. 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 F-start-new was 18.92%, occurring on Mar 23, 2020. Recovery took 108 trading sessions.

The current F-start-new drawdown is 2.43%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-18.92%	Feb 20, 2020	23	Mar 23, 2020	108	Aug 25, 2020	131
-12.59%	Jan 5, 2022	194	Oct 12, 2022	150	May 18, 2023	344
-9.29%	Sep 24, 2018	64	Dec 24, 2018	55	Mar 15, 2019	119
-6.75%	Feb 20, 2025	34	Apr 8, 2025	17	May 2, 2025	51
-5.39%	Jan 29, 2018	9	Feb 8, 2018	123	Aug 6, 2018	132

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 14 assets, with an effective number of assets of 7.46, reflecting the diversification based on asset allocation. This number of effective assets indicates a moderate level of diversification, where some assets may have a more significant influence on overall performance.

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	BIL	VTIP	MO	VZ	T	SPG	MSFT	SMH	BSJP	DXJ	BRK-B	HEFA	PRWCX	VTI	Portfolio
Benchmark	1.00	-0.00	0.10	0.26	0.27	0.33	0.50	0.75	0.79	0.64	0.64	0.62	0.80	0.92	0.99	0.95
BIL	-0.00	1.00	0.01	0.01	0.03	0.02	-0.01	0.01	0.02	0.02	0.00	-0.01	-0.00	-0.01	-0.00	0.01
VTIP	0.10	0.01	1.00	0.10	0.08	0.08	0.12	0.05	0.03	0.22	-0.07	0.04	0.01	0.15	0.11	0.12
MO	0.26	0.01	0.10	1.00	0.37	0.38	0.32	0.11	0.06	0.25	0.21	0.38	0.25	0.25	0.26	0.32
VZ	0.27	0.03	0.08	0.37	1.00	0.66	0.26	0.11	0.04	0.21	0.20	0.38	0.25	0.29	0.26	0.32
T	0.33	0.02	0.08	0.38	0.66	1.00	0.32	0.11	0.12	0.28	0.29	0.44	0.33	0.33	0.33	0.39
SPG	0.50	-0.01	0.12	0.32	0.26	0.32	1.00	0.25	0.31	0.40	0.37	0.45	0.45	0.49	0.52	0.55
MSFT	0.75	0.01	0.05	0.11	0.11	0.11	0.25	1.00	0.64	0.47	0.41	0.37	0.55	0.71	0.73	0.71
SMH	0.79	0.02	0.03	0.06	0.04	0.12	0.31	0.64	1.00	0.51	0.53	0.36	0.66	0.70	0.79	0.78
BSJP	0.64	0.02	0.22	0.25	0.21	0.28	0.40	0.47	0.51	1.00	0.42	0.46	0.55	0.63	0.65	0.65
DXJ	0.64	0.00	-0.07	0.21	0.20	0.29	0.37	0.41	0.53	0.42	1.00	0.49	0.81	0.58	0.65	0.74
BRK-B	0.62	-0.01	0.04	0.38	0.38	0.44	0.45	0.37	0.36	0.46	0.49	1.00	0.56	0.59	0.62	0.66
HEFA	0.80	-0.00	0.01	0.25	0.25	0.33	0.45	0.55	0.66	0.55	0.81	0.56	1.00	0.74	0.80	0.88
PRWCX	0.92	-0.01	0.15	0.25	0.29	0.33	0.49	0.71	0.70	0.63	0.58	0.59	0.74	1.00	0.92	0.92
VTI	0.99	-0.00	0.11	0.26	0.26	0.33	0.52	0.73	0.79	0.65	0.65	0.62	0.80	0.92	1.00	0.95
Portfolio	0.95	0.01	0.12	0.32	0.32	0.39	0.55	0.71	0.78	0.65	0.74	0.66	0.88	0.92	0.95	1.00

The correlation results are calculated based on daily price changes starting from Sep 28, 2017

F-start-new

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