Date VTI BND VEA Ret_VTI Ret_BND Ret_VEA $1_VTI $1_BND $1_VEA

10/1/2014 94.49813 71.47827 34.22196 1 1 1

11/1/2014 96.84197 72.06246 34.22196 0.024803 0.008173 0 1.024803 1.008173 1
12/1/2014 96.29689 71.77845 32.72731 -0.00563 -0.00394 -0.04368 1.019035 1.0042 0.956325
1/1/2015 94.15642 73.99204 33.16662 -0.02223 0.030839 0.013424 0.996384 1.035168 0.969162
2/1/2015 99.56287 72.87802 35.20966 0.05742 -0.01506 0.061599 1.053596 1.019583 1.028861
3/1/2015 97.94641 73.28011 34.62717 -0.01624 0.005517 -0.01654 1.03649 1.025208 1.011841
4/1/2015 99.01066 73.01815 36.12545 0.010866 -0.00357 0.043269 1.047753 1.021543 1.055622
5/1/2015 100.2952 72.68266 36.10798 0.012974 -0.00459 -0.00048 1.061346 1.01685 1.055111
6/1/2015 98.19404 71.86714 34.6235 -0.02095 -0.01122 -0.04111 1.039111 1.00544 1.011733
7/1/2015 100.2925 72.49975 35.56977 0.02137 0.008802 0.02733 1.061317 1.014291 1.039384
8/1/2015 94.18313 72.31688 32.99686 -0.06092 -0.00252 -0.07233 0.996667 1.011732 0.964201
9/1/2015 90.96721 72.9026 31.51147 -0.03415 0.008099 -0.04502 0.962635 1.019927 0.920797
10/1/2015 98.66348 72.92847 33.78183 0.084605 0.000355 0.072048 1.044079 1.020289 0.987139
11/1/2015 99.25621 72.63698 33.52429 0.006008 -0.004 -0.00762 1.050351 1.016211 0.979613
12/1/2015 96.59814 72.30393 32.60959 -0.02678 -0.00459 -0.02728 1.022223 1.011551 0.952885
1/1/2016 91.58791 73.53185 30.99522 -0.05187 0.016983 -0.04951 0.969203 1.02873 0.905711
2/1/2016 91.57858 73.9997 30.03918 -0.0001 0.006362 -0.03084 0.969105 1.035275 0.877775
3/1/2016 97.6329 74.66246 32.05846 0.066111 0.008956 0.067222 1.033173 1.044548 0.93678
4/1/2016 98.73539 74.95711 32.94414 0.011292 0.003946 0.027627 1.04484 1.04867 0.962661
5/1/2016 100.4479 74.96015 32.84542 0.017345 4.06E-05 -0.003 1.062962 1.048712 0.959776
6/1/2016 100.2795 76.46921 31.73263 -0.00168 0.020131 -0.03388 1.061179 1.069825 0.927259
7/1/2016 104.7267 76.93468 33.50624 0.044348 0.006087 0.055892 1.108241 1.076337 0.979086
8/1/2016 104.9428 76.69303 33.64272 0.002064 -0.00314 0.004073 1.110528 1.072956 0.983074
9/1/2016 104.6421 76.77895 34.03391 -0.00287 0.00112 0.011628 1.107345 1.074158 0.994505
10/1/2016 102.8472 76.062 33.37111 -0.01715 -0.00934 -0.01947 1.088352 1.064128 0.975137
11/1/2016 107.4658 74.10088 32.8684 0.044908 -0.02578 -0.01506 1.137227 1.036691 0.960447
12/1/2016 108.9204 74.15456 33.39853 0.013535 0.000724 0.016129 1.152619 1.037442 0.975939
1/1/2017 111.6347 74.62959 34.90806 0.02492 0.006406 0.045197 1.181343 1.044088 1.020048
2/1/2017 115.7594 74.93384 35.27667 0.036949 0.004077 0.010559 1.224992 1.048344 1.03082
3/1/2017 115.3032 74.91415 36.21665 -0.00394 -0.00026 0.026646 1.220164 1.048069 1.058287
4/1/2017 117.0549 75.49519 37.1604 0.015192 0.007756 0.026059 1.238701 1.056198 1.085864
5/1/2017 118.2388 76.03792 38.42777 0.010113 0.007189 0.034105 1.251229 1.063791 1.122898
6/1/2017 118.8116 76.07404 38.22425 0.004844 0.000475 -0.0053 1.25729 1.064296 1.116951
7/1/2017 121.6031 76.38309 39.78641 0.023495 0.004062 0.040868 1.286831 1.06862 1.162599
8/1/2017 121.7853 77.19664 39.79577 0.001498 0.010651 0.000235 1.288759 1.080002 1.162872
9/1/2017 124.2214 76.99392 40.62875 0.020003 -0.00263 0.020931 1.314538 1.077165 1.187213
10/1/2017 127.4636 76.97775 41.51999 0.0261 -0.00021 0.021936 1.348848 1.076939 1.213256
11/1/2017 131.3262 76.89059 41.87711 0.030303 -0.00113 0.008601 1.389723 1.07572 1.223691
12/1/2017 132.2027 77.11033 42.15905 0.006674 0.002858 0.006733 1.398998 1.078794 1.23193
1/1/2018 139.8008 76.51124 44.59108 0.057473 -0.00777 0.057687 1.479403 1.070413 1.302996
2/1/2018 134.5448 75.55203 42.31361 -0.0376 -0.01254 -0.05107 1.423783 1.056993 1.236446
3/1/2018 131.37 76.08007 41.99096 -0.0236 0.006989 -0.00763 1.390186 1.06438 1.227018
4/1/2018 132.4964 75.39885 42.68203 0.008574 -0.00895 0.016458 1.402106 1.05485 1.247212
5/1/2018 136.102 75.93222 42.07241 0.027213 0.007074 -0.01428 1.440261 1.062312 1.229398
6/1/2018 136.481 75.89275 40.86272 0.002785 -0.00052 -0.02875 1.444272 1.06176 1.19405
7/1/2018 141.6078 76.04485 42.32205 0.037564 0.002004 0.035713 1.498525 1.063888 1.236693
 8/1/2018 146.4683 76.54718 41.58903 0.034324 0.006606 -0.01732 1.54996 1.070915 1.215273
9/1/2018 146.0583 76.12907 41.73371 -0.0028 -0.00546 0.003479 1.545621 1.065066 1.219501
10/1/2018 135.88 75.47607 38.28376 -0.06969 -0.00858 -0.08267 1.437912 1.05593 1.11869
11/1/2018 138.616 75.94356 38.47736 0.020136 0.006194 0.005057 1.466865 1.062471 1.124347
12/1/2018 125.1614 77.17582 35.9122 -0.09706 0.016226 -0.06667 1.324485 1.07971 1.04939
1/1/2019 136.6484 78.42197 39.0025 0.091778 0.016147 0.086052 1.446043 1.097144 1.139692
2/1/2019 141.5114 78.15761 39.91226 0.035588 -0.00337 0.023326 1.497505 1.093446 1.166276
3/1/2019 142.7445 79.68629 39.98074 0.008713 0.019559 0.001716 1.510553 1.114832 1.168277
4/1/2019 149.1494 79.65395 41.29205 0.04487 -0.00041 0.032798 1.578331 1.11438 1.206595
5/1/2019 139.5294 81.11314 39.1405 -0.0645 0.018319 -0.05211 1.476531 1.134794 1.143725
6/1/2019 148.8518 82.12959 40.97767 0.066814 0.012531 0.046938 1.575183 1.149015 1.197409
7/1/2019 151.5158 82.25341 40.5895 0.017896 0.001508 -0.00947 1.603373 1.150747 1.186066
8/1/2019 148.3602 84.53193 39.8246 -0.02083 0.027701 -0.01884 1.56998 1.182624 1.163715
9/1/2019 150.3113 84.06187 40.80805 0.013151 -0.00556 0.024694 1.590627 1.176048 1.192452
 Time $1_VTI $1_BND $1_VEA
Oct '14 1 1 1
1.024803 1.008173 1 5 year return on ETFs (Oct '14 - Sept '19)
1.019035 1.0042 0.956325
1.8
0.996384 1.035168 0.969162
1.053596 1.019583 1.028861 1.6

Value of $1 invested on 1st Oct 2014

1.03649 1.025208 1.011841 1.4
1.047753 1.021543 1.055622
1.2
1.061346 1.01685 1.055111
1.039111 1.00544 1.011733 1
1.061317 1.014291 1.039384 0.8
0.996667 1.011732 0.964201
0.6
0.962635 1.019927 0.920797
Oct '15 1.044079 1.020289 0.987139 0.4
1.050351 1.016211 0.979613 0.2
1.022223 1.011551 0.952885
0
0.969203 1.02873 0.905711 Oct '14 Oct '15 Oct '16 Oct '17 Oct '18
0.969105 1.035275 0.877775 $1_VTI $1_BND $1_VEA
1.033173 1.044548 0.93678
1.04484 1.04867 0.962661
1.062962 1.048712 0.959776
1.061179 1.069825 0.927259
1.108241 1.076337 0.979086
1.110528 1.072956 0.983074
1.107345 1.074158 0.994505
Oct '16 1.088352 1.064128 0.975137
1.137227 1.036691 0.960447
1.152619 1.037442 0.975939
1.181343 1.044088 1.020048
1.224992 1.048344 1.03082
1.220164 1.048069 1.058287
1.238701 1.056198 1.085864
1.251229 1.063791 1.122898
1.25729 1.064296 1.116951
1.286831 1.06862 1.162599
1.288759 1.080002 1.162872
1.314538 1.077165 1.187213
Oct '17 1.348848 1.076939 1.213256
1.389723 1.07572 1.223691
1.398998 1.078794 1.23193
1.479403 1.070413 1.302996
1.423783 1.056993 1.236446
1.390186 1.06438 1.227018
1.402106 1.05485 1.247212
1.440261 1.062312 1.229398
1.444272 1.06176 1.19405
1.498525 1.063888 1.236693
 1.54996 1.070915 1.215273
1.545621 1.065066 1.219501
Oct '18 1.437912 1.05593 1.11869
1.466865 1.062471 1.124347
1.324485 1.07971 1.04939
1.446043 1.097144 1.139692
1.497505 1.093446 1.166276
1.510553 1.114832 1.168277
1.578331 1.11438 1.206595
1.476531 1.134794 1.143725
1.575183 1.149015 1.197409
1.603373 1.150747 1.186066
1.56998 1.182624 1.163715
Sept '19 1.590627 1.176048 1.192452
Oct '14 - Sept '19)

Oct '17 Oct '18

BND $1_VEA
 Date Ret_VTI Ret_BND Ret_VEA Ret_VTI Ret_BND
11/1/2014 0.024803 0.008173 0
12/1/2014 -0.00563 -0.00394 -0.04368 Mean 0.008543 Mean 0.002802
1/1/2015 -0.02223 0.030839 0.013424 Standard Error 0.004712 Standard E 0.001315
2/1/2015 0.05742 -0.01506 0.061599 Median 0.010866 Median 0.001508
3/1/2015 -0.01624 0.005517 -0.01654 Standard Deviation 0.036197 Standard D0.010101
4/1/2015 0.010866 -0.00357 0.043269 Sample Variance 0.00131 Sample Var0.000102
5/1/2015 0.012974 -0.00459 -0.00048 Kurtosis 0.896196 Kurtosis 1.087521
6/1/2015 -0.02095 -0.01122 -0.04111 Skewness -0.40295 Skewness 0.280448
7/1/2015 0.02137 0.008802 0.02733 Range 0.188842 Range 0.056622
8/1/2015 -0.06092 -0.00252 -0.07233 Minimum -0.09706 Minimum -0.02578
9/1/2015 -0.03415 0.008099 -0.04502 Maximum 0.091778 Maximum 0.030839
10/1/2015 0.084605 0.000355 0.072048 Sum 0.504063 Sum 0.165328
11/1/2015 0.006008 -0.004 -0.00762 Count 59 Count 59
12/1/2015 -0.02678 -0.00459 -0.02728
1/1/2016 -0.05187 0.016983 -0.04951
2/1/2016 -0.0001 0.006362 -0.03084
3/1/2016 0.066111 0.008956 0.067222 Ret_VTI Ret_BND Ret_VEA
4/1/2016 0.011292 0.003946 0.027627 Minimum -9.71% -2.58% -8.27%
5/1/2016 0.017345 4.06E-05 -0.003 Maximum 9.18% 3.08% 8.61%
6/1/2016 -0.00168 0.020131 -0.03388 Annualized Mean 10.25% 3.36% 4.39%
7/1/2016 0.044348 0.006087 0.055892 Annualized SD 12.54% 3.50% 12.83%
8/1/2016 0.002064 -0.00314 0.004073 Mean/SD 81.76% 96.10% 34.26%
9/1/2016 -0.00287 0.00112 0.011628
10/1/2016 -0.01715 -0.00934 -0.01947
11/1/2016 0.044908 -0.02578 -0.01506
12/1/2016 0.013535 0.000724 0.016129
1/1/2017 0.02492 0.006406 0.045197
2/1/2017 0.036949 0.004077 0.010559
3/1/2017 -0.00394 -0.00026 0.026646
4/1/2017 0.015192 0.007756 0.026059
5/1/2017 0.010113 0.007189 0.034105
6/1/2017 0.004844 0.000475 -0.0053
7/1/2017 0.023495 0.004062 0.040868
8/1/2017 0.001498 0.010651 0.000235
9/1/2017 0.020003 -0.00263 0.020931
10/1/2017 0.0261 -0.00021 0.021936
11/1/2017 0.030303 -0.00113 0.008601
12/1/2017 0.006674 0.002858 0.006733
1/1/2018 0.057473 -0.00777 0.057687
2/1/2018 -0.0376 -0.01254 -0.05107
3/1/2018 -0.0236 0.006989 -0.00763
4/1/2018 0.008574 -0.00895 0.016458
5/1/2018 0.027213 0.007074 -0.01428
6/1/2018 0.002785 -0.00052 -0.02875
7/1/2018 0.037564 0.002004 0.035713
8/1/2018 0.034324 0.006606 -0.01732
 9/1/2018 -0.0028 -0.00546 0.003479
10/1/2018 -0.06969 -0.00858 -0.08267
11/1/2018 0.020136 0.006194 0.005057
12/1/2018 -0.09706 0.016226 -0.06667
1/1/2019 0.091778 0.016147 0.086052
2/1/2019 0.035588 -0.00337 0.023326
3/1/2019 0.008713 0.019559 0.001716
4/1/2019 0.04487 -0.00041 0.032798
5/1/2019 -0.0645 0.018319 -0.05211
6/1/2019 0.066814 0.012531 0.046938
7/1/2019 0.017896 0.001508 -0.00947
8/1/2019 -0.02083 0.027701 -0.01884
9/1/2019 0.013151 -0.00556 0.024694
Ret_VEA Bin Bin Frequency
-0.1 -0.1 0
Mean 0.003662 -0.08 -0.08 1 VTI m
Standard E 0.004821 -0.06 -0.06 3
18
Median 0.004073 -0.04 -0.04 1 16
Standard D0.037032 -0.02 -0.02 7 14
Sample Var0.001371 0 0 8 12

Frequency
10
Kurtosis -0.23295 0.02 0.02 17 8
Skewness -0.13337 0.04 0.04 13 6
Range 0.168717 0.06 0.06 5 4
2
Minimum -0.08267 0.08 0.08 2 0
Maximum 0.086052 0.1 0.1 2 -0.08 -0.06 -0.0
Sum 0.216084 More 0
Count 59

Bin Frequency
-0.1 0
-0.08 0 BND month
-0.06 0
35
-0.04 0
30
-0.02 1
0 23 25

Frequency
0.02 32 20
0.04 3 15
0.06 0 10
0.08 0 5
0.1 0 0
More 0 -0.02 0
Month

Bin Frequency
-0.1 0 VEA Retu
-0.08 1
14
-0.06 2
12
-0.04 6 10
-0.02 4
Frequency

8
0 13 6
0.02 12 4
0.04 11 2
0.06 6 0
0.08 3 -0.08 -0.06 -0.04 -0.02 0
0.1 1 Monthly
More 0
 VTI monthly returns
18
16
14
12
Frequency

10
8
6
4
2
0
-0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1
Monthly Returns

BND monthly returns

35
30
25
20
15
10
5
0
-0.02 0 0.02 0.04
Monthly Returns

VEA Returns
14
12
10
8
6
4
2
0
-0.08 -0.06 -0.04 -0.02 0 0.02 0.04 0.06 0.08 0.1
Monthly Returns
 Date Ret_VTI Ret_BND Ret_VEA Portfolio A Portfolio B Portfolio C
11/1/2014 0.024803 0.008173 0 0.0109919847 0.0097269 0.0061297
12/1/2014 -0.00563 -0.00394 -0.04368 -0.017748346 -0.0112287 -0.0138747
1/1/2015 -0.02223 0.030839 0.013424 0.0073449772 0.0182352 0.0264853
2/1/2015 0.05742 -0.01506 0.061599 0.0346543564 0.0114509 0.0041078
3/1/2015 -0.01624 0.005517 -0.01654 -0.009087172 -0.002272 2.1851E-06
4/1/2015 0.010866 -0.00357 0.043269 0.0168531934 0.0072557 0.0081361
5/1/2015 0.012974 -0.00459 -0.00048 0.0026317375 -0.0007128 -0.0035669
6/1/2015 -0.02095 -0.01122 -0.04111 -0.024427336 -0.0182239 -0.0186932
7/1/2015 0.02137 0.008802 0.02733 0.0191676192 0.0143191 0.0134344
8/1/2015 -0.06092 -0.00252 -0.07233 -0.045257158 -0.0252938 -0.0199753
9/1/2015 -0.03415 0.008099 -0.04502 -0.023687367 -0.0088335 -0.0051795
10/1/2015 0.084605 0.000355 0.072048 0.0523360552 0.0281069 0.0182783
11/1/2015 0.006008 -0.004 -0.00762 -0.001870978 -0.0028353 -0.0049037
12/1/2015 -0.02678 -0.00459 -0.02728 -0.019549856 -0.0125662 -0.01026
1/1/2016 -0.05187 0.016983 -0.04951 -0.02812998 -0.007085 0.0003606
2/1/2016 -0.0001 0.006362 -0.03084 -0.008194721 -0.0013399 -0.0029394
3/1/2016 0.066111 0.008956 0.067222 0.0474295417 0.0294756 0.0235227
4/1/2016 0.011292 0.003946 0.027627 0.0142884963 0.0094297 0.0098665
5/1/2016 0.017345 4.06E-05 -0.003 0.0047961878 0.0026185 -0.0007187
6/1/2016 -0.00168 0.020131 -0.03388 -0.005141732 0.0067161 0.0066287
7/1/2016 0.044348 0.006087 0.055892 0.0354424844 0.0217217 0.0185384
8/1/2016 0.002064 -0.00314 0.004073 0.0009987708 -0.0009369 -0.0013374
9/1/2016 -0.00287 0.00112 0.011628 0.0032940428 0.0022504 0.0037472
10/1/2016 -0.01715 -0.00934 -0.01947 -0.015321725 -0.012525 -0.0118721
11/1/2016 0.044908 -0.02578 -0.01506 0.0013534966 -0.0111869 -0.0231034
12/1/2016 0.013535 0.000724 0.016129 0.0101294454 0.0057358 0.0045756
1/1/2017 0.02492 0.006406 0.045197 0.025507778 0.0165537 0.0161038
2/1/2017 0.036949 0.004077 0.010559 0.0171950523 0.0111276 0.0056975
3/1/2017 -0.00394 -0.00026 0.026646 0.007480768 0.0038056 0.0064645
4/1/2017 0.015192 0.007756 0.026059 0.0163355722 0.0123103 0.0123316
5/1/2017 0.010113 0.007189 0.034105 0.0171358903 0.012446 0.013918
6/1/2017 0.004844 0.000475 -0.0053 7.822501E-06 0.0002464 -0.0009677
7/1/2017 0.023495 0.004062 0.040868 0.0228086934 0.0140264 0.0132639
8/1/2017 0.001498 0.010651 0.000235 0.0041282149 0.0071743 0.008047
9/1/2017 0.020003 -0.00263 0.020931 0.0127695344 0.005584 0.0032633
10/1/2017 0.0261 -0.00021 0.021936 0.0159421149 0.0084139 0.0053265
11/1/2017 0.030303 -0.00113 0.008601 0.0125906924 0.0062315 0.0013011
12/1/2017 0.006674 0.002858 0.006733 0.0054216095 0.0042252 0.0038265
1/1/2018 0.057473 -0.00777 0.057687 0.0357969105 0.0154684 0.0085948
2/1/2018 -0.0376 -0.01254 -0.05107 -0.033735818 -0.0238169 -0.0221713
3/1/2018 -0.0236 0.006989 -0.00763 -0.00807775 -0.0010799 0.0033355
4/1/2018 0.008574 -0.00895 0.016458 0.0053592603 -0.0013353 -0.0026011
5/1/2018 0.027213 0.007074 -0.01428 0.0066681516 0.0069417 0.0017348
6/1/2018 0.002785 -0.00052 -0.02875 -0.008829139 -0.004888 -0.007578
7/1/2018 0.037564 0.002004 0.035713 0.0250935708 0.0143237 0.0104313
8/1/2018 0.034324 0.006606 -0.01732 0.0078697989 0.0073848 0.0006243
 9/1/2018 -0.0028 -0.00546 0.003479 -0.001594072 -0.0034116 -0.0032269
10/1/2018 -0.06969 -0.00858 -0.08267 -0.053643395 -0.0325892 -0.0270997
11/1/2018 0.020136 0.006194 0.005057 0.0104621883 0.0085012 0.0059097
12/1/2018 -0.09706 0.016226 -0.06667 -0.049168272 -0.0187167 -0.0044972
1/1/2019 0.091778 0.016147 0.086052 0.0646587048 0.0420346 0.0336231
2/1/2019 0.035588 -0.00337 0.023326 0.0185142146 0.0083273 0.0033031
3/1/2019 0.008713 0.019559 0.001716 0.0099959811 0.0144723 0.0150981
4/1/2019 0.04487 -0.00041 0.032798 0.0257541067 0.0135723 0.0078953
5/1/2019 -0.0645 0.018319 -0.05211 -0.032761852 -0.0089525 0.0007129
6/1/2019 0.066814 0.012531 0.046938 0.042094198 0.0283403 0.0211329
7/1/2019 0.017896 0.001508 -0.00947 0.0033105224 0.0025248 -0.0012374
8/1/2019 -0.02083 0.027701 -0.01884 -0.003990098 0.0107932 0.0160647
9/1/2019 0.013151 -0.00556 0.024694 0.0107615569 0.0031221 0.0020031
 Portfolio A Portfolio B Portfolio C
Mean 6.0032% 4.7830% 3.6207%
SD 8.1328% 4.7444% 4.1540%
Mean/SD 73.8146% 100.8125% 87.1623%
Maximum 6.4659% 4.2035% 3.3623%
Minimum -5.3643% -3.2589% -2.7100%

Ret_VTI Ret_BND Ret_VEA

Annualized SD 0.1253895 0.0349913 0.1282836
Inverse SD 7.98 28.58 7.80 44.35
Weights for Risk Parity 17.983% 64.440% 17.577% 2.25