Latest from the Portfolio Armor blog: Trade Alert: Earnings, 3/18/2024

Performance: Tracking Portfolios

Tracking Portfolio Performance

For the performance of hedged portfolios created since June of 2017 and tracked in real time, see below. Returns for the hedged portfolios are net of hedging costs and net of trading costs. Click on a date to view an interactive chart.

In June of 2022, we updated the way we select our top names, by adding a new factor. That will start impacting 6-month performance shown in this table after January 24th, 2023, but we will post interim performance on our blog before then.

Portfolios Hedged Against > 2.0% Declines

Starting Date Expected Return Actual Return SPY Return
October 4, 2018 1.71% -1.49% 0.25%
January 10, 2019 1.85% 2.78% 16.42%
April 4, 2019 0.81% 3.04% 3.47%
April 11, 2019 0.73% 3.52% 3.78%
April 25, 2019 0.54% 1.97% 4.25%
May 2, 2019 0.52% 2.60% 6.14%
May 9, 2019 0.81% 4.38% 8.80%
May 23, 2019 0.74% 4.63% 11.27%
May 30, 2019 0.98% 3.00% 13.72%
July 11, 2019 1.37% 3.69% 9.86%
July 18, 2019 1.24% 3.11% 12.14%
July 25, 2019 2.11% 2.86% 10.64%
August 1, 2019 1.34% 1.53% 10.16%
August 8, 2019 1.79% 1.21% 14.22%
August 15, 2019 1.19% 1.22% 19.74%
August 22, 2019 1.80% 1.28% 15.15%
August 29, 2019 1.85% 0.67% 2.23%
September 5, 2019 1.92% 1.74% 2.55%
September 12, 2019 1.81% 0.90% -16.86%
September 29, 2019 0.73% -0.39% -13.26%
October 3, 2019 1.07% 0.20% -13.60%
October 10, 2019 0.81% 1.04% -4.08%
November 7, 2019 2.42% -0.15% -5.62%
December 5, 2019 1.07% 1.66% 3.48%
December 12, 2019 1.08% 2.11% -3.01%
December 19, 2019 1.08% 2.47% -2.33%
December 27, 2019 0.91% 3.00% -6.08%
January 9, 2020 0.74% 2.10% -2.74%
February 27, 2020 1.73% 0.66% 18.32%
March 5, 2020 0.96% 1.94% 14.46%
March 12, 2020 0.65% 1.48% 36.07%
March 19, 2020 0.59% 0.10% 39.50%
March 26, 2020 0.53% 0.52% 26.92%
April 2, 2020 0.33% 1.34% 33.69%
April 9, 2020 0.23% 1.40% 25.74%
April 16, 2020 0.34% 1.82% 25.49%
April 23, 2020 0.46% 1.91% 24.95%
May 1, 2020 1.31% 2.60% 16.45%
May 7, 2020 0.60% 1.50% 22.75%
May 14, 2020 0.35% 0.93% 26.73%
May 21, 2020 0.43% 1.26% 21.52%
May 28, 2020 0.44% 1.83% 21.05%
June 4, 2020 0.45% 2.15% 19.79%
June 11, 2020 0.91% 3.52% 22.89%
June 19, 2020 0.52% 2.73% 20.61%
June 25, 2020 0.31% 1.90% 21.06%
July 2, 2020 0.39% 1.11% 20.74%
July 9, 2020 0.48% 1.50% 22.29%
July 16, 2020 0.42% 0.89% 18.09%
July 23, 2020 0.45% 0.55% 19.54%
July 30, 2020 0.77% 0.99% 15.19%
August 6, 2020 0.53% 0.28% 16.93%
August 13, 2020 0.68% 0.52% 17.54%
August 20, 2020 1.06% -0.51% 16.26%
August 27, 2020 1.43% -0.28% 10.11%
September 3, 2020 1.49% -0.96% 11.35%
September 10, 2020 1.23% -0.72% 17.65%
September 17, 2020 0.16% -0.43% 19.28%
September 24, 2020 0.31% -0.28% 20.70%
October 2, 2020 0.24% -0.13% 20.91%
October 8, 2020 0.22% -0.58% 19.73%
October 15, 2020 0.12% -0.78% 20.58%
October 22, 2020 0.18% -0.77% 20.54%
October 29, 2020 0.23% -0.68% 28.26%
November 5, 2020 1.40% 0.30% 19.60%
November 12, 2020 1.33% 0.27% 15.65%
November 19, 2020 1.34% 0.35% 15.71%
November 25, 2020 2.30% 0.51% 16.20%
December 3, 2020 0.61% -0.05% 15.07%
December 10, 2020 0.41% -0.19% 16.38%
December 17, 2020 1.35% -0.79% 14.22%
December 24, 2020 0.42% -1.22% 15.96%
December 31, 2020 0.25% -1.17% 15.25%
January 7, 2021 0.32% -0.33% 15.36%
January 14, 2021 0.47% 0.12% 16.03%
January 21, 2021 2.37% -0.79% 13.84%
January 28, 2021 1.57% -0.65% 16.97%
February 4, 2021 0.58% -0.04% 14.42%
February 11, 2021 0.58% -0.24% 14.33%
February 18, 2021 0.83% -0.40% 13.15%
February 25, 2021 0.45% 0.87% 18.19%
March 4, 2021 0.32% -0.53% 21.07%
March 11, 2021 0.63% 0.26% 13.94%
March 18, 2021 0.60% 0.51% 13.86%
March 25, 2021 0.76% 0.52% 14.66%
April 1, 2021 1.09% 0.11% 9.11%
April 15, 2021 0.72% -0.54% 7.92%
April 22, 2021 2.25% -0.44% 10.63%
May 13, 2021 0.52% 0.04% 14.64%
May 20, 2021 0.40% -0.19% 13.65%
May 27, 2021 0.52% -1.08% 10.18%
June 3, 2021 0.42% -0.09% 8.98%
June 10, 2021 1.06% -1.31% 11.86%
June 17, 2021 1.13% -0.94% 10.09%
June 24, 2021 0.96% 0.17% 11.46%
July 1, 2021 0.70% 0.08% 11.10%
July 8, 2021 0.83% -0.40% 8.90%
July 15, 2021 0.94% -0.67% 7.62%
July 22, 2021 0.48% -0.68% 1.26%
July 29, 2021 1.62% -0.68% 0.98%
August 5, 2021 0.55% 0.44% 2.26%
August 12, 2021 0.55% 0.00% -0.37%
August 19, 2021 0.29% 0.74% -0.61%
September 9, 2021 1.28% 0.02% -4.16%
September 16, 2021 1.64% -0.07% -1.92%
September 23, 2021 0.28% -0.58% 0.80%
September 30, 2021 1.71% -0.47% 7.60%
October 7, 2021 0.13% -0.91% 2.98%
October 14, 2021 0.11% -0.51% -0.41%
October 21, 2021 0.95% -0.82% -2.78%
October 28, 2021 0.08% -0.69% -6.04%
November 6, 2021 0.15% -0.79% -11.62%
November 11, 2021 0.67% -0.17% -14.75%
November 18, 2021 2.06% -0.57% -16.02%
November 24, 2021 1.02% -0.13% -15.54%
December 2, 2021 0.37% -0.09% -8.14%
December 9, 2021 0.36% -0.91% -13.35%
December 16, 2021 0.70% -1.02% -20.87%
December 23, 2021 1.03% -1.06% -19.07%
December 30, 2021 0.40% -0.89% -20.19%
January 6, 2022 1.99% -0.36% -17.49%
January 13, 2022 0.90% -1.76% -17.85%
January 20, 2022 1.75% -0.49% -10.98%
January 27, 2022 0.51% -0.52% -6.32%
February 3, 2022 1.16% -1.14% -6.51%
February 10, 2022 0.90% -2.01% -5.84%
February 17, 2022 0.53% -2.28% -1.66%
March 3, 2022 0.42% -2.31% -9.31%
March 10, 2022 0.46% -1.67% -3.73%
March 17, 2022 0.58% -1.55% -11.57%
March 24, 2022 1.44% -1.81% -17.63%
March 31, 2022 0.65% -1.03% -20.25%
April 7, 2022 1.48% -0.91% -18.47%
April 14, 2022 1.01% -1.35% -17.62%
April 21, 2022 1.33% -0.47% -13.83%
April 28, 2022 1.31% 0.20% -8.30%
May 5, 2022 1.20% -0.34% -8.28%
May 12, 2022 1.20% -0.14% 2.43%
May 20, 2022 1.21% -0.49% 2.50%
May 26, 2022 1.26% 0.11% 0.11%
June 2, 2022 1.76% -0.64% -1.69%
June 11, 2022 1.42% 1.06% 1.75%
June 16, 2022 0.57% 0.20% 5.91%
June 23, 2022 1.23% 1.12% 2.17%
June 30, 2022 0.98% 1.57% 2.27%
July 7, 2022 1.08% 2.34% 0.64%
July 14, 2022 0.82% 1.16% 6.38%
July 21, 2022 1.16% 2.42% 0.14%
July 28, 2022 1.08% 1.77% 0.78%
August 4, 2022 1.25% 0.99% 0.44%
August 11, 2022 1.05% 0.56% -1.99%
August 18, 2022 1.02% 0.00% -3.98%
August 25, 2022 1.38% 0.26% -4.68%
September 1, 2022 1.48% 2.28% 0.45%
September 8, 2022 1.62% 3.08% 0.51%
September 15, 2022 2.61% 0.03% 0.66%
September 22, 2022 0.97% 1.82% 5.67%
September 29, 2022 1.64% 1.33% 11.57%
October 6, 2022 1.53% 1.70% 10.58%
October 14, 2022 1.49% 4.23% 16.31%
October 20, 2022 1.42% 1.17% 13.68%
October 27, 2022 1.44% 2.87% 9.46%
November 3, 2022 1.59% 2.72% 10.91%
November 10, 2022 1.24% 3.23% 5.49%
November 17, 2022 1.56% 3.65% 6.22%
November 23, 2022 1.84% 2.39% 3.78%
December 8, 2022 1.68% 2.55% 9.22%
December 15, 2022 2.05% 4.11% 14.56%
December 22, 2022 1.25% 2.77% 15.53%
December 29, 2022 1.19% 2.22% 15.13%
January 5, 2023 1.00% 2.51% 17.69%
January 12, 2023 1.37% 2.54% 13.21%
January 19, 2023 1.56% 1.87% 18.02%
February 2, 2023 1.53% 2.18% 8.82%
February 9, 2023 2.09% 2.36% 10.33%
February 16, 2023 2.28% 2.84% 8.50%
February 23, 2023 2.19% 2.09% 11.42%
March 2, 2023 2.38% 3.33% 14.28%
March 9, 2023 2.49% 1.23% 14.65%
March 16, 2023 2.41% 3.19% 13.18%
March 23, 2023 1.25% 2.24% 10.27%
March 31, 2023 1.50% 1.30% 5.18%
April 6, 2023 2.00% 2.03% 5.74%
April 13, 2023 1.96% 0.83% 5.12%
April 20, 2023 1.94% 1.76% 3.01%
April 27, 2023 2.35% 0.99% 0.31%
May 4, 2023 2.71% 1.18% 8.08%
May 11, 2023 1.47% 3.30% 7.69%
May 18, 2023 2.02% 0.50% 8.31%
May 25, 2023 3.03% 1.50% 10.61%
June 1, 2023 2.09% 1.88% 9.63%
June 8, 2023 2.26% 2.30% 8.02%
June 15, 2023 1.98% 2.55% 7.25%
June 23, 2023 1.91% 3.51% 10.17%
June 29, 2023 2.70% 3.46% 9.32%
July 6, 2023 1.75% 1.63% 7.24%
July 13, 2023 2.38% 1.15% 6.84%
July 21, 2023 2.23% 0.78% 7.51%
July 27, 2023 2.27% 0.96% 8.54%
August 3, 2023 2.32% 1.66% 10.98%
August 10, 2023 2.68% 1.41% 13.26%
August 17, 2023 2.78% 0.75% 15.37%
August 24, 2023 1.65% 3.99% 17.13%
August 31, 2023 2.33% 2.45% 13.68%
Average 1.16% 0.83% 7.39%

Portfolios Hedged Against > 3.0% Declines

Starting Date Expected Return Actual Return SPY Return
May 2, 2019 0.98% 2.45% 6.14%
May 9, 2019 0.96% 3.06% 8.80%
August 1, 2019 1.44% 1.83% 10.16%
August 15, 2019 1.61% 0.24% 19.74%
August 22, 2019 1.61% 0.82% 15.15%
August 29, 2019 1.62% 1.34% 2.23%
September 5, 2019 1.84% 3.12% 2.55%
September 12, 2019 2.09% 1.87% -16.86%
September 29, 2019 1.01% 1.55% -13.26%
October 3, 2019 1.04% 2.14% -13.60%
November 7, 2019 2.21% 1.50% -5.62%
December 5, 2019 1.27% 3.26% 3.48%
December 12, 2019 1.13% 3.23% -3.01%
December 19, 2019 1.80% 2.55% -2.33%
December 27, 2019 2.32% 3.40% -6.08%
January 9, 2020 0.78% 2.05% -2.74%
January 16, 2020 0.74% 2.97% -2.03%
February 27, 2020 1.74% 1.40% 18.32%
March 5, 2020 0.87% 1.24% 14.46%
March 12, 2020 0.40% 1.79% 36.07%
March 19, 2020 0.37% 0.47% 39.50%
March 26, 2020 0.96% 2.18% 26.92%
April 2, 2020 0.61% 2.13% 33.69%
April 9, 2020 0.49% 1.43% 25.74%
April 16, 2020 0.35% 0.72% 25.49%
April 23, 2020 0.42% 1.39% 24.95%
May 1, 2020 0.47% 1.01% 16.45%
May 7, 2020 1.22% 0.69% 22.75%
May 14, 2020 0.88% 1.26% 26.73%
May 21, 2020 0.87% 0.76% 21.52%
May 28, 2020 0.93% 1.50% 21.05%
June 4, 2020 0.78% 0.71% 19.79%
June 11, 2020 1.32% 2.85% 22.89%
June 19, 2020 0.59% 0.69% 20.61%
June 25, 2020 0.67% 0.86% 21.06%
July 2, 2020 0.75% 0.74% 20.74%
July 9, 2020 0.80% 0.15% 22.29%
July 16, 2020 0.70% -0.48% 18.09%
July 23, 2020 0.66% 0.63% 19.54%
July 30, 2020 0.62% 0.34% 15.19%
August 6, 2020 0.87% -0.94% 16.93%
August 13, 2020 0.54% 0.72% 17.54%
August 20, 2020 1.10% -0.83% 16.26%
August 27, 2020 2.02% -0.85% 10.11%
September 3, 2020 1.61% 0.09% 11.35%
September 10, 2020 1.46% -0.47% 17.65%
September 17, 2020 0.56% -0.69% 19.28%
September 24, 2020 0.33% -0.74% 20.70%
October 2, 2020 0.42% -0.74% 20.91%
October 8, 2020 0.44% -0.72% 19.73%
October 15, 2020 0.41% -0.70% 20.58%
October 22, 2020 0.42% 0.03% 20.54%
October 29, 2020 0.85% 0.11% 28.26%
November 5, 2020 1.37% -0.28% 19.60%
November 12, 2020 1.29% 1.30% 15.65%
November 19, 2020 1.35% 0.59% 15.71%
November 25, 2020 2.34% 0.94% 16.20%
December 3, 2020 0.66% -0.41% 15.07%
December 10, 2020 1.27% 0.12% 16.38%
December 17, 2020 3.52% 2.43% 14.22%
December 24, 2020 0.68% -0.59% 15.96%
December 31, 2020 1.57% -1.54% 15.25%
January 7, 2021 1.16% -1.17% 15.36%
January 14, 2021 1.50% 2.30% 16.03%
January 21, 2021 3.85% 0.14% 13.84%
January 28, 2021 1.94% -0.37% 16.97%
February 4, 2021 4.89% -0.37% 14.42%
February 11, 2021 0.44% 0.05% 14.33%
February 18, 2021 0.57% -0.43% 13.15%
February 25, 2021 0.56% 1.21% 18.19%
March 4, 2021 0.60% -0.14% 21.07%
March 11, 2021 0.69% 0.24% 13.94%
March 18, 2021 0.68% -0.23% 13.86%
March 25, 2021 0.84% 0.03% 14.66%
April 1, 2021 0.94% -0.15% 9.11%
April 8, 2021 0.60% -0.52% 7.89%
April 15, 2021 1.00% -0.21% 7.92%
April 22, 2021 2.11% 0.90% 10.63%
May 13, 2021 1.34% -0.10% 14.64%
May 20, 2021 1.47% -1.42% 13.65%
May 27, 2021 0.67% -2.19% 10.18%
June 3, 2021 0.78% -1.30% 8.98%
June 10, 2021 1.38% -1.22% 11.86%
June 17, 2021 1.33% 0.18% 10.09%
June 24, 2021 0.74% -0.24% 11.46%
July 1, 2021 3.05% -0.72% 11.10%
July 8, 2021 0.69% 0.23% 8.90%
July 15, 2021 0.89% -0.56% 7.62%
July 22, 2021 1.20% -2.55% 1.26%
July 29, 2021 2.37% -0.92% 0.98%
August 5, 2021 0.64% -1.75% 2.26%
August 12, 2021 2.56% -1.29% -0.37%
August 19, 2021 2.78% 0.02% -0.61%
September 9, 2021 2.68% -0.30% -4.16%
September 16, 2021 1.88% -0.53% -1.92%
September 23, 2021 0.68% -1.51% 0.80%
September 30, 2021 0.70% -0.65% 7.60%
October 7, 2021 1.05% -0.31% 2.98%
October 14, 2021 0.90% -0.99% -0.41%
October 21, 2021 0.48% -0.56% -2.78%
October 28, 2021 0.32% -0.46% -6.04%
November 6, 2021 0.78% 0.50% -11.62%
November 11, 2021 1.64% -1.42% -14.75%
November 18, 2021 2.66% -0.86% -16.02%
November 24, 2021 1.32% -0.63% -15.54%
December 2, 2021 1.28% -0.89% -8.14%
December 9, 2021 1.23% -2.05% -13.35%
December 16, 2021 1.23% -0.57% -20.87%
December 23, 2021 1.15% -0.25% -19.07%
December 30, 2021 1.35% -0.78% -20.19%
January 6, 2022 2.20% -1.01% -17.49%
January 13, 2022 2.05% -2.03% -17.85%
January 20, 2022 2.25% -1.31% -10.98%
January 27, 2022 2.21% -0.77% -6.32%
February 3, 2022 1.90% -1.89% -6.51%
February 17, 2022 1.27% -2.24% -1.66%
February 24, 2022 1.00% -2.79% -2.70%
March 3, 2022 1.23% -1.36% -9.31%
March 10, 2022 1.33% -1.47% -3.73%
March 17, 2022 1.27% -1.06% -11.57%
March 24, 2022 2.02% -3.01% -17.63%
March 31, 2022 2.00% -0.53% -20.25%
April 7, 2022 2.82% -1.34% -18.47%
April 14, 2022 2.35% -1.73% -17.62%
April 21, 2022 2.39% -0.76% -13.83%
April 28, 2022 2.64% -1.50% -8.30%
May 5, 2022 1.16% -0.47% -8.28%
May 12, 2022 1.12% -0.57% 2.43%
May 20, 2022 1.33% 0.43% 2.50%
May 26, 2022 1.70% 0.41% 0.11%
June 2, 2022 1.65% -0.16% -1.69%
June 11, 2022 1.22% -0.07% 1.75%
June 16, 2022 0.50% 0.16% 5.91%
June 30, 2022 1.18% 1.03% 2.27%
July 7, 2022 1.28% -0.63% 0.64%
July 14, 2022 1.36% 0.30% 6.38%
July 21, 2022 0.88% 2.68% 0.14%
July 28, 2022 1.24% 0.97% 0.78%
August 4, 2022 1.36% 1.54% 0.44%
August 11, 2022 1.08% -0.40% -1.99%
August 18, 2022 1.51% 0.67% -3.98%
August 25, 2022 1.40% 0.28% -4.68%
September 1, 2022 1.35% -0.47% 0.45%
September 8, 2022 1.68% 0.40% 0.51%
September 15, 2022 2.66% -0.20% 0.66%
September 22, 2022 1.15% -1.14% 5.67%
September 29, 2022 1.03% -0.43% 11.57%
October 6, 2022 1.14% 3.44% 10.58%
October 14, 2022 2.04% 3.23% 16.31%
October 20, 2022 1.32% 1.21% 13.68%
October 27, 2022 2.51% 1.76% 9.46%
November 3, 2022 2.37% -0.18% 10.91%
November 10, 2022 2.65% 2.66% 5.49%
November 17, 2022 2.01% 2.60% 6.22%
November 23, 2022 1.28% 1.50% 3.78%
December 8, 2022 1.78% 0.79% 9.22%
December 15, 2022 3.19% 1.80% 14.56%
December 22, 2022 1.91% 4.35% 15.53%
December 29, 2022 1.97% 3.02% 15.13%
January 5, 2023 1.55% 0.67% 17.69%
January 12, 2023 1.22% 0.52% 13.21%
January 19, 2023 1.69% 0.94% 18.02%
February 2, 2023 1.78% 0.60% 8.82%
February 9, 2023 2.27% 4.15% 10.33%
February 16, 2023 1.85% 2.27% 8.50%
February 23, 2023 2.50% 2.59% 11.42%
March 2, 2023 1.52% 3.18% 14.28%
March 9, 2023 2.81% 2.17% 14.65%
March 16, 2023 2.22% 4.73% 13.18%
March 23, 2023 1.19% 3.21% 10.27%
March 31, 2023 1.58% -0.10% 5.18%
April 6, 2023 1.34% -1.20% 5.74%
April 13, 2023 1.51% 0.54% 5.12%
April 20, 2023 1.57% 1.38% 3.01%
April 27, 2023 1.71% 1.19% 0.31%
May 4, 2023 1.58% 1.30% 8.08%
May 11, 2023 2.60% 1.50% 7.69%
May 18, 2023 2.06% 0.55% 8.31%
May 25, 2023 2.09% 1.18% 10.61%
June 1, 2023 2.03% 3.75% 9.63%
June 8, 2023 1.66% 2.56% 8.02%
June 15, 2023 1.85% 2.35% 7.25%
June 23, 2023 2.39% 2.52% 10.17%
June 29, 2023 2.15% 1.86% 9.32%
July 6, 2023 1.81% 0.82% 7.24%
July 13, 2023 1.93% 0.80% 6.84%
July 21, 2023 1.44% 3.01% 7.51%
July 27, 2023 2.11% 2.89% 8.54%
August 3, 2023 2.42% 1.77% 10.98%
August 10, 2023 1.97% 3.20% 13.26%
August 17, 2023 1.77% 3.52% 15.37%
August 24, 2023 1.72% 1.10% 17.13%
August 31, 2023 1.79% 4.34% 13.68%
Average 1.45% 0.55% 7.35%

Portfolios Hedged Against > 4.0% Declines

Starting Date Expected Return Actual Return SPY Return
May 9, 2019 1.36% 2.03% 8.80%
May 30, 2019 1.29% 5.70% 13.72%
July 11, 2019 2.31% 3.72% 9.86%
July 25, 2019 1.78% 3.68% 10.64%
August 1, 2019 2.55% 2.55% 10.16%
August 8, 2019 2.23% 1.75% 14.22%
August 15, 2019 1.32% 0.36% 19.74%
August 22, 2019 2.16% 3.07% 15.15%
August 29, 2019 1.92% 1.73% 2.23%
September 5, 2019 1.78% 4.19% 2.55%
September 12, 2019 1.68% 2.71% -16.86%
September 29, 2019 0.95% 1.88% -13.26%
October 3, 2019 1.29% -0.13% -13.60%
October 10, 2019 1.05% 1.98% -4.08%
October 17, 2019 1.06% 4.30% -3.16%
October 24, 2019 1.15% 1.97% -4.75%
October 31, 2019 1.29% 9.84% -3.18%
November 7, 2019 3.06% 3.88% -5.62%
November 14, 2019 0.95% 9.23% -6.92%
November 21, 2019 1.32% 8.56% -3.91%
November 28, 2019 1.91% 8.46% -2.90%
December 5, 2019 1.29% 5.23% 3.48%
December 12, 2019 1.17% 6.86% -3.01%
December 19, 2019 1.65% -0.72% -2.33%
December 27, 2019 2.04% -0.12% -6.08%
January 2, 2020 1.72% -0.48% -2.87%
January 9, 2020 1.03% -0.63% -2.74%
January 23, 2020 1.14% 0.06% -1.61%
February 6, 2020 1.29% -0.32% 1.17%
February 13, 2020 1.29% -0.64% 0.99%
February 20, 2020 1.28% -0.27% 1.46%
February 27, 2020 2.00% 2.76% 18.32%
March 5, 2020 0.97% 1.83% 14.46%
March 12, 2020 0.74% 1.70% 36.07%
March 19, 2020 0.38% 1.16% 39.50%
March 26, 2020 0.60% 1.80% 26.92%
April 2, 2020 0.65% 2.42% 33.69%
April 9, 2020 0.52% 0.62% 25.74%
April 16, 2020 0.87% -0.31% 25.49%
April 23, 2020 0.34% 0.59% 24.95%
May 1, 2020 0.68% 0.69% 16.45%
May 7, 2020 1.45% -0.30% 22.75%
May 14, 2020 0.85% -1.11% 26.73%
May 21, 2020 0.83% 0.05% 21.52%
May 28, 2020 0.87% 0.86% 21.05%
June 4, 2020 0.86% 0.91% 19.79%
June 11, 2020 1.16% 2.57% 22.89%
June 19, 2020 0.87% 0.12% 20.61%
June 25, 2020 1.05% 1.25% 21.06%
July 2, 2020 0.90% 1.90% 20.74%
July 9, 2020 0.85% -0.42% 22.29%
July 16, 2020 0.65% 0.45% 18.09%
July 23, 2020 0.92% -1.92% 19.54%
July 30, 2020 0.86% 0.33% 15.19%
August 6, 2020 0.89% -0.91% 16.93%
August 13, 2020 0.79% 0.09% 17.54%
August 20, 2020 0.73% 0.00% 16.26%
August 27, 2020 2.12% -0.60% 10.11%
September 3, 2020 0.84% -0.15% 11.35%
September 10, 2020 1.47% -0.63% 17.65%
September 17, 2020 1.09% -0.94% 19.28%
September 24, 2020 1.45% -0.11% 20.70%
October 2, 2020 0.58% -0.41% 20.91%
October 8, 2020 0.64% -0.72% 19.73%
October 15, 2020 0.49% -0.67% 20.58%
October 22, 2020 0.65% -0.31% 20.54%
October 29, 2020 0.98% -0.03% 28.26%
November 5, 2020 0.53% 0.12% 19.60%
November 12, 2020 1.33% 1.40% 15.65%
November 19, 2020 1.42% 0.11% 15.71%
November 25, 2020 2.29% 0.08% 16.20%
December 3, 2020 0.70% -0.04% 15.07%
December 10, 2020 1.18% -0.29% 16.38%
December 17, 2020 3.74% 2.01% 14.22%
December 24, 2020 0.81% -1.84% 15.96%
December 31, 2020 1.66% -1.97% 15.25%
January 7, 2021 1.91% 1.22% 15.36%
January 14, 2021 2.28% 1.98% 16.03%
January 21, 2021 5.01% 2.08% 13.84%
January 28, 2021 2.08% 1.49% 16.97%
February 4, 2021 5.33% -0.18% 14.42%
February 11, 2021 0.80% 0.05% 14.33%
February 18, 2021 0.89% 2.07% 13.15%
February 25, 2021 0.76% 0.55% 18.19%
March 4, 2021 0.91% 1.79% 21.07%
March 11, 2021 0.88% 2.35% 13.94%
March 18, 2021 1.05% -1.36% 13.86%
March 25, 2021 2.38% 1.23% 14.66%
April 1, 2021 0.89% 0.76% 9.11%
April 8, 2021 1.01% 1.43% 7.89%
April 15, 2021 0.89% 2.08% 7.92%
April 22, 2021 0.93% 1.48% 10.63%
April 29, 2021 1.62% 1.72% 10.05%
May 6, 2021 1.07% 3.22% 12.54%
May 13, 2021 1.05% 2.99% 14.64%
May 20, 2021 1.81% 0.05% 13.65%
May 27, 2021 1.85% 0.28% 10.18%
June 3, 2021 1.15% 1.14% 8.98%
June 10, 2021 2.45% -1.60% 11.86%
June 17, 2021 2.32% -2.82% 10.09%
June 24, 2021 2.97% 1.46% 11.46%
July 1, 2021 5.05% 0.37% 11.10%
July 8, 2021 2.04% -1.15% 8.90%
July 15, 2021 2.84% -0.25% 7.62%
July 22, 2021 2.20% -1.38% 1.26%
July 29, 2021 2.94% -1.19% 0.98%
August 5, 2021 2.10% -2.65% 2.26%
August 12, 2021 3.47% -2.28% -0.37%
August 19, 2021 3.82% -0.38% -0.61%
September 9, 2021 3.13% -0.98% -4.16%
September 16, 2021 2.24% -0.70% -1.92%
September 23, 2021 2.16% -0.55% 0.80%
September 30, 2021 1.74% -1.94% 7.60%
October 7, 2021 2.85% -0.74% 2.98%
October 14, 2021 2.09% -0.46% -0.41%
October 21, 2021 1.00% -0.27% -2.78%
October 28, 2021 1.65% -3.00% -6.04%
November 6, 2021 1.07% -2.02% -11.62%
November 11, 2021 1.26% -1.76% -14.75%
November 18, 2021 2.08% -1.17% -16.02%
November 24, 2021 1.45% -1.90% -15.54%
December 2, 2021 1.54% 0.15% -8.14%
December 9, 2021 1.58% -1.29% -13.35%
December 16, 2021 1.47% -3.01% -20.87%
December 23, 2021 1.88% -3.09% -19.07%
December 30, 2021 1.58% -3.66% -20.19%
January 6, 2022 2.31% -2.03% -17.49%
January 13, 2022 0.69% -1.70% -17.85%
January 20, 2022 1.90% -0.84% -10.98%
January 27, 2022 0.61% 1.82% -6.32%
February 3, 2022 2.14% 1.17% -6.51%
February 10, 2022 1.12% -1.84% -5.84%
February 17, 2022 2.09% -2.06% -1.66%
February 24, 2022 1.73% -2.14% -2.70%
March 3, 2022 1.26% -1.32% -9.31%
March 10, 2022 1.63% -0.53% -3.73%
March 17, 2022 1.51% -1.52% -11.57%
March 24, 2022 2.12% -2.50% -17.63%
March 31, 2022 2.33% -2.62% -20.25%
April 7, 2022 2.72% -2.04% -18.47%
April 14, 2022 2.67% -0.82% -17.62%
April 21, 2022 2.01% -1.96% -13.83%
April 28, 2022 2.43% -0.29% -8.30%
May 5, 2022 1.38% 0.68% -8.28%
May 12, 2022 1.67% -1.14% 2.43%
May 20, 2022 1.83% 0.08% 2.50%
May 26, 2022 2.20% 0.19% 0.11%
June 2, 2022 2.26% -0.58% -1.69%
June 11, 2022 1.61% -1.23% 1.75%
June 16, 2022 0.92% -0.02% 5.91%
June 23, 2022 1.05% 0.54% 2.17%
June 30, 2022 1.33% -1.15% 2.27%
July 7, 2022 1.22% 2.23% 0.64%
July 14, 2022 1.30% -0.18% 6.38%
July 21, 2022 1.26% -2.23% 0.14%
July 28, 2022 1.31% -2.62% 0.78%
August 4, 2022 1.67% 0.29% 0.44%
August 11, 2022 1.41% 0.44% -1.99%
August 18, 2022 2.07% -0.18% -3.98%
August 25, 2022 1.86% 0.91% -4.68%
September 1, 2022 1.60% 1.25% 0.45%
September 8, 2022 2.01% 0.20% 0.51%
September 15, 2022 3.25% -0.51% 0.66%
September 22, 2022 1.42% 0.46% 5.67%
September 29, 2022 1.49% -1.87% 11.57%
October 6, 2022 1.56% -0.35% 10.58%
October 14, 2022 2.40% -0.82% 16.31%
October 20, 2022 3.37% -0.70% 13.68%
October 27, 2022 2.68% -0.67% 9.46%
November 3, 2022 2.42% -0.23% 10.91%
November 17, 2022 5.01% 2.86% 6.22%
November 23, 2022 1.68% 3.02% 3.78%
December 8, 2022 1.76% 2.13% 9.22%
December 15, 2022 3.05% -0.06% 14.56%
December 22, 2022 1.80% 5.37% 15.53%
December 29, 2022 1.59% 7.59% 15.13%
January 5, 2023 1.86% 2.13% 17.69%
January 12, 2023 1.78% 2.61% 13.21%
January 19, 2023 1.76% 1.27% 18.02%
February 2, 2023 1.70% -1.03% 8.82%
February 9, 2023 1.72% 3.40% 10.33%
February 16, 2023 1.77% 1.47% 8.50%
February 23, 2023 2.59% 0.61% 11.42%
March 2, 2023 1.62% 7.60% 14.28%
March 9, 2023 1.82% 5.46% 14.65%
March 16, 2023 1.92% 1.92% 13.18%
March 23, 2023 2.63% 0.45% 10.27%
March 31, 2023 2.43% -1.07% 5.18%
April 6, 2023 2.02% -1.87% 5.74%
April 13, 2023 2.34% -0.43% 5.12%
April 20, 2023 1.78% 1.31% 3.01%
April 27, 2023 2.32% -0.06% 0.31%
May 4, 2023 2.09% 0.70% 8.08%
May 11, 2023 2.25% -0.90% 7.69%
May 18, 2023 2.13% 2.69% 8.31%
May 25, 2023 1.59% 2.18% 10.61%
June 1, 2023 1.81% 3.02% 9.63%
June 8, 2023 2.45% 2.65% 8.02%
June 15, 2023 2.64% 4.91% 7.25%
June 23, 2023 2.16% 4.13% 10.17%
June 29, 2023 1.74% 3.87% 9.32%
July 6, 2023 1.56% 4.41% 7.24%
July 13, 2023 1.87% 5.44% 6.84%
July 21, 2023 1.88% 2.35% 7.51%
July 27, 2023 1.65% 4.81% 8.54%
August 3, 2023 1.89% 5.30% 10.98%
August 10, 2023 2.24% 6.39% 13.26%
August 17, 2023 2.36% 5.98% 15.37%
August 24, 2023 1.96% 7.12% 17.13%
August 31, 2023 2.44% 5.56% 13.68%
Average 1.70% 0.86% 6.89%

Portfolios Hedged Against > 5.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 7, 2017 2.62% 1.96% 14.07%
July 20, 2017 3.14% -0.63% 14.62%
July 27, 2017 2.91% 3.57% 17.10%
August 31, 2017 2.27% 1.97% 10.87%
October 4, 2018 2.29% 2.31% 0.25%
October 25, 2018 1.41% 5.27% 9.26%
November 1, 2018 1.82% 3.51% 7.80%
November 21, 2018 1.93% 2.76% 9.23%
January 3, 2019 1.32% 5.00% 23.49%
January 10, 2019 1.12% 5.44% 16.42%
January 31, 2019 1.89% 5.80% 11.21%
April 4, 2019 2.20% 7.29% 3.47%
April 11, 2019 2.31% 4.12% 3.78%
April 25, 2019 2.59% 5.57% 4.25%
May 2, 2019 2.50% 0.54% 6.14%
May 9, 2019 2.02% -0.08% 8.80%
May 30, 2019 1.80% 2.40% 13.72%
July 11, 2019 2.56% 5.75% 9.86%
July 18, 2019 4.01% 2.45% 12.14%
July 25, 2019 2.25% 3.69% 10.64%
August 1, 2019 2.20% 4.39% 10.16%
August 8, 2019 2.16% 1.72% 14.22%
August 15, 2019 1.60% 0.24% 19.74%
August 22, 2019 1.51% 4.01% 15.15%
August 29, 2019 1.61% 1.25% 2.23%
September 5, 2019 2.16% 4.92% 2.55%
September 12, 2019 1.95% 0.48% -16.86%
September 29, 2019 1.24% -0.81% -13.26%
October 3, 2019 1.32% 0.18% -13.60%
October 10, 2019 1.12% 1.12% -4.08%
October 24, 2019 1.45% 2.11% -4.75%
October 31, 2019 1.29% 3.70% -3.18%
November 7, 2019 2.56% 2.11% -5.62%
November 14, 2019 1.16% -2.82% -6.92%
November 21, 2019 1.44% 6.60% -3.91%
November 28, 2019 1.73% -1.11% -2.90%
December 5, 2019 1.40% 2.32% 3.48%
December 12, 2019 1.45% 0.47% -3.01%
December 19, 2019 1.77% -0.93% -2.33%
December 27, 2019 1.40% -1.59% -6.08%
January 2, 2020 1.84% -0.49% -2.87%
January 9, 2020 1.43% -0.19% -2.74%
January 16, 2020 1.15% -3.08% -2.03%
January 23, 2020 1.57% -3.19% -1.61%
February 6, 2020 1.68% 0.08% 1.17%
February 13, 2020 1.42% 0.02% 0.99%
February 20, 2020 1.47% -1.58% 1.46%
February 27, 2020 2.22% 2.28% 18.32%
March 5, 2020 1.31% 2.47% 14.46%
March 12, 2020 0.54% 0.52% 36.07%
March 19, 2020 0.82% 1.87% 39.50%
March 26, 2020 0.54% 1.21% 26.92%
April 2, 2020 0.94% -0.02% 33.69%
April 9, 2020 0.96% 0.50% 25.74%
April 16, 2020 0.80% 0.84% 25.49%
April 23, 2020 0.87% 0.98% 24.95%
May 1, 2020 0.68% -0.75% 16.45%
May 7, 2020 1.30% -0.15% 22.75%
May 14, 2020 1.07% -1.06% 26.73%
May 21, 2020 0.81% -0.66% 21.52%
May 28, 2020 1.21% 0.78% 21.05%
June 4, 2020 0.84% 1.29% 19.79%
June 11, 2020 1.25% 0.89% 22.89%
June 19, 2020 0.98% 1.59% 20.61%
June 25, 2020 1.18% -0.45% 21.06%
July 2, 2020 1.43% 2.47% 20.74%
July 9, 2020 1.03% 1.51% 22.29%
July 16, 2020 0.93% -0.08% 18.09%
July 23, 2020 1.06% -0.52% 19.54%
July 30, 2020 1.17% -1.31% 15.19%
August 6, 2020 1.19% -1.26% 16.93%
August 13, 2020 0.90% -0.08% 17.54%
August 20, 2020 0.80% 0.10% 16.26%
August 27, 2020 2.10% 0.39% 10.11%
September 3, 2020 0.96% -0.23% 11.35%
September 10, 2020 1.82% -0.79% 17.65%
September 17, 2020 1.13% -0.27% 19.28%
September 24, 2020 1.58% 0.61% 20.70%
October 2, 2020 0.82% -0.02% 20.91%
October 8, 2020 0.80% -0.60% 19.73%
October 15, 2020 0.66% -0.79% 20.58%
October 22, 2020 0.72% 0.23% 20.54%
October 22, 2020 0.72% 0.23% 20.54%
October 29, 2020 2.42% 2.02% 28.26%
November 5, 2020 0.74% -0.28% 19.60%
November 12, 2020 1.51% 0.15% 15.65%
November 19, 2020 1.53% 0.03% 15.71%
November 25, 2020 2.41% 0.36% 16.20%
December 3, 2020 1.90% -1.14% 15.07%
December 10, 2020 1.67% 2.28% 16.38%
December 17, 2020 4.19% 4.31% 14.22%
December 24, 2020 1.52% 0.72% 15.96%
December 31, 2020 3.19% 2.36% 15.25%
January 7, 2021 3.75% 4.88% 15.36%
January 14, 2021 1.92% 3.96% 16.03%
January 21, 2021 3.69% 1.55% 13.84%
January 28, 2021 2.49% 2.76% 16.97%
February 4, 2021 4.88% 0.27% 14.42%
February 11, 2021 2.75% -0.05% 14.33%
February 18, 2021 1.98% 0.31% 13.15%
February 25, 2021 2.94% 2.75% 18.19%
March 4, 2021 2.89% 1.99% 21.07%
March 11, 2021 4.03% 3.08% 13.94%
March 18, 2021 3.10% 2.43% 13.86%
March 25, 2021 2.75% 2.66% 14.66%
April 1, 2021 2.40% 2.24% 9.11%
April 8, 2021 1.77% 2.54% 7.89%
April 15, 2021 1.88% 0.36% 7.92%
April 22, 2021 1.93% 3.21% 10.63%
April 29, 2021 2.19% 0.27% 10.05%
May 13, 2021 1.15% 2.99% 14.64%
May 20, 2021 1.60% 2.42% 13.65%
May 27, 2021 1.51% 0.47% 10.18%
June 3, 2021 1.44% 0.29% 8.98%
June 10, 2021 1.83% 0.33% 11.86%
June 17, 2021 2.55% 0.75% 10.09%
June 24, 2021 4.37% 0.41% 11.46%
July 1, 2021 3.18% 0.00% 11.10%
July 8, 2021 2.48% 0.71% 8.90%
July 15, 2021 3.31% 1.57% 7.62%
July 22, 2021 1.99% 2.33% 1.26%
July 29, 2021 2.93% 0.16% 0.98%
August 5, 2021 2.63% -0.89% 2.26%
August 12, 2021 3.86% 0.55% -0.37%
August 19, 2021 3.97% -1.41% -0.61%
September 9, 2021 3.19% -2.56% -4.16%
September 16, 2021 2.46% -2.04% -1.92%
September 23, 2021 2.20% -2.10% 0.80%
September 30, 2021 1.56% 1.24% 7.60%
October 7, 2021 2.68% 3.08% 2.98%
October 14, 2021 2.26% -3.01% -0.41%
October 21, 2021 1.43% 0.80% -2.78%
October 28, 2021 2.06% -2.13% -6.04%
November 6, 2021 1.75% -3.18% -11.62%
November 11, 2021 1.67% -3.48% -14.75%
November 18, 2021 1.78% -2.18% -16.02%
November 24, 2021 1.21% -1.05% -15.54%
December 2, 2021 1.57% -0.61% -8.14%
December 9, 2021 1.23% -4.25% -13.35%
December 16, 2021 1.50% -3.93% -20.87%
December 23, 2021 1.41% -3.84% -19.07%
December 30, 2021 1.23% -4.28% -20.19%
January 6, 2022 2.23% -3.82% -17.49%
January 13, 2022 1.42% -2.30% -17.85%
January 20, 2022 1.97% -1.93% -10.98%
January 27, 2022 1.10% -3.69% -6.32%
February 3, 2022 1.77% -3.32% -6.51%
February 10, 2022 1.26% -2.23% -5.84%
February 17, 2022 1.95% -3.60% -1.66%
February 24, 2022 2.64% -1.10% -2.70%
March 3, 2022 1.71% -1.13% -9.31%
March 10, 2022 2.04% -2.83% -3.73%
March 17, 2022 2.06% -2.12% -11.57%
March 24, 2022 2.33% -3.76% -17.63%
March 31, 2022 2.06% -2.78% -20.25%
April 7, 2022 2.70% -2.44% -18.47%
April 14, 2022 2.23% -2.47% -17.62%
April 21, 2022 2.80% -2.37% -13.83%
April 28, 2022 2.09% 1.48% -8.30%
May 5, 2022 1.40% 2.83% -8.28%
May 12, 2022 1.70% -0.99% 2.43%
May 20, 2022 2.07% -0.78% 2.50%
May 26, 2022 2.57% 0.76% 0.11%
June 2, 2022 2.70% -0.70% -1.69%
June 11, 2022 0.93% 0.36% 1.75%
June 16, 2022 1.88% 0.25% 5.91%
June 23, 2022 1.45% -0.28% 2.17%
June 30, 2022 1.59% 0.70% 2.27%
July 7, 2022 1.56% -1.13% 0.64%
July 14, 2022 1.54% -2.43% 6.38%
July 21, 2022 2.15% -0.46% 0.14%
July 28, 2022 1.51% -0.95% 0.78%
August 4, 2022 1.76% 1.65% 0.44%
August 11, 2022 1.77% -2.42% -1.99%
August 18, 2022 2.54% -2.81% -3.98%
August 25, 2022 2.60% -1.01% -4.68%
September 1, 2022 1.82% -0.94% 0.45%
September 8, 2022 3.26% -0.49% 0.51%
September 15, 2022 3.50% -0.28% 0.66%
September 22, 2022 1.43% -0.91% 5.67%
September 29, 2022 1.87% 0.23% 11.57%
October 6, 2022 2.10% -0.74% 10.58%
October 14, 2022 2.24% -2.86% 16.31%
October 20, 2022 3.60% -3.08% 13.68%
October 27, 2022 2.66% 1.14% 9.46%
November 3, 2022 2.10% -0.77% 10.91%
November 10, 2022 2.84% 3.69% 5.49%
November 17, 2022 2.66% 0.31% 6.22%
November 23, 2022 2.17% 1.16% 3.78%
December 8, 2022 2.14% 0.99% 9.22%
December 15, 2022 3.38% -0.12% 14.56%
December 22, 2022 2.60% 2.33% 15.53%
December 29, 2022 2.22% -1.72% 15.13%
January 5, 2023 1.99% 0.88% 17.69%
January 12, 2023 2.04% 1.75% 13.21%
January 19, 2023 2.06% 4.81% 18.02%
February 2, 2023 2.54% 3.71% 8.82%
February 9, 2023 2.14% 3.16% 10.33%
February 16, 2023 2.56% 3.73% 8.50%
February 23, 2023 3.02% 1.40% 11.42%
March 2, 2023 1.87% 8.03% 14.28%
March 9, 2023 2.18% 3.23% 14.65%
March 16, 2023 2.36% -0.03% 13.18%
March 23, 2023 2.27% 0.64% 10.27%
March 31, 2023 2.16% 0.91% 5.18%
April 6, 2023 2.22% 0.50% 5.74%
April 13, 2023 2.17% -0.20% 5.12%
April 20, 2023 1.95% -1.84% 3.01%
April 27, 2023 2.11% 1.90% 0.31%
May 4, 2023 2.34% -0.76% 8.08%
May 11, 2023 2.36% 0.41% 7.69%
May 18, 2023 1.99% 0.89% 8.31%
May 25, 2023 2.07% 3.37% 10.61%
June 1, 2023 2.47% 0.62% 9.63%
June 8, 2023 2.17% 0.34% 8.02%
June 15, 2023 2.18% 4.81% 7.25%
June 23, 2023 2.32% 1.51% 10.17%
June 29, 2023 2.26% 3.24% 9.32%
July 6, 2023 2.23% 1.27% 7.24%
July 21, 2023 2.44% 6.21% 7.51%
July 27, 2023 2.33% 5.34% 8.54%
August 3, 2023 2.45% 6.95% 10.98%
August 10, 2023 2.55% 7.08% 13.26%
August 17, 2023 2.45% 5.40% 15.37%
August 24, 2023 2.13% 6.09% 17.13%
August 31, 2023 2.40% 4.87% 13.68%
Average 1.98% 0.73% 7.16%

Portfolios Hedged Against > 6.0% Declines

Starting Date Expected Return Actual Return SPY Return
June 8, 2017 3.05% 3.83% 9.99%
June 29, 2017 3.09% 6.64% 11.68%
June 29, 2017 2.93% 7.82% 11.68%
July 27, 2017 3.66% 7.04% 17.10%
August 10, 2017 4.10% 1.43% 8.36%
August 31, 2017 3.37% 0.31% 10.87%
September 14, 2017 3.21% 12.81% 11.19%
September 22, 2017 3.38% 4.98% 6.67%
September 22, 2017 3.83% 7.55% 6.67%
September 28, 2017 3.16% 7.91% 4.73%
October 5, 2017 3.70% 10.57% 5.26%
October 12, 2017 4.01% 9.83% 5.38%
November 22, 2017 3.83% 3.25% 5.90%
November 30, 2017 4.49% 1.24% 3.80%
November 30, 2017 4.94% -5.21% 3.80%
March 22, 2018 1.96% 5.95% 11.74%
March 29, 2018 1.65% 4.74% 11.48%
April 5, 2018 1.96% 0.72% 9.33%
April 12, 2018 2.11% 3.83% 4.71%
April 26, 2018 1.94% 4.43% 0.53%
October 4, 2018 3.45% -0.48% 0.25%
October 25, 2018 2.63% 1.28% 9.26%
November 1, 2018 2.07% -1.88% 7.80%
April 4, 2019 2.92% 9.91% 3.47%
April 25, 2019 2.99% 2.67% 4.25%
May 2, 2019 2.62% 5.77% 6.14%
May 9, 2019 2.43% 2.58% 8.80%
May 30, 2019 2.46% 5.28% 13.72%
July 11, 2019 3.02% 4.30% 9.86%
July 18, 2019 2.76% 7.38% 12.14%
August 1, 2019 2.48% 4.29% 10.16%
August 8, 2019 2.82% 4.74% 14.22%
August 15, 2019 2.55% 1.56% 19.74%
August 22, 2019 2.38% 2.04% 15.15%
August 29, 2019 2.78% -1.44% 2.23%
September 5, 2019 2.75% 2.74% 2.55%
September 5, 2019 2.75% 2.74% 2.55%
September 12, 2019 2.47% -0.05% -16.86%
September 29, 2019 2.05% -1.55% -13.26%
October 3, 2019 1.82% -0.23% -13.60%
October 10, 2019 2.21% 2.93% -4.08%
October 17, 2019 2.35% -1.83% -3.16%
October 17, 2019 2.31% -1.96% -3.16%
October 24, 2019 2.32% -0.94% -4.75%
October 24, 2019 2.32% -0.94% -4.75%
October 31, 2019 1.81% 0.91% -3.18%
October 31, 2019 1.73% 0.77% -3.18%
November 7, 2019 1.84% -0.98% -5.62%
November 14, 2019 2.20% -2.52% -6.92%
November 14, 2019 2.35% -2.61% -6.92%
November 21, 2019 2.04% -1.67% -3.91%
November 28, 2019 2.24% -0.52% -2.90%
December 5, 2019 1.95% 0.25% 3.48%
December 12, 2019 1.32% 2.04% -3.01%
December 19, 2019 2.04% 0.77% -2.33%
December 27, 2019 2.53% -1.36% -6.08%
January 2, 2020 2.12% -0.87% -2.87%
January 9, 2020 2.28% -0.79% -2.74%
January 16, 2020 1.94% -3.42% -2.03%
January 23, 2020 2.02% -0.50% -1.61%
February 6, 2020 2.26% 6.66% 1.17%
February 13, 2020 2.07% 1.08% 0.99%
February 20, 2020 2.01% 2.16% 1.46%
February 27, 2020 2.56% 2.79% 18.32%
March 5, 2020 1.75% 2.30% 14.46%
March 12, 2020 0.81% 0.90% 36.07%
March 12, 2020 0.81% 0.88% 36.07%
March 19, 2020 0.88% 3.34% 39.50%
March 26, 2020 0.47% 0.36% 26.92%
April 2, 2020 1.02% -0.26% 33.69%
April 9, 2020 1.12% -0.42% 25.74%
April 16, 2020 1.20% 0.45% 25.49%
April 23, 2020 0.86% 0.27% 24.95%
May 1, 2020 0.89% -1.74% 16.45%
May 7, 2020 1.63% -0.68% 22.75%
May 14, 2020 1.31% -1.40% 26.73%
May 21, 2020 1.39% -0.05% 21.52%
May 28, 2020 1.30% 1.19% 21.05%
June 4, 2020 1.14% 2.25% 19.79%
June 11, 2020 1.37% 1.59% 22.89%
June 19, 2020 1.35% 1.21% 20.61%
June 25, 2020 1.54% 1.32% 21.06%
July 2, 2020 1.42% 0.89% 20.74%
July 9, 2020 1.14% 2.66% 22.29%
July 16, 2020 1.03% 1.12% 18.09%
July 23, 2020 1.13% -0.49% 19.54%
July 30, 2020 1.64% -0.84% 15.19%
August 6, 2020 1.38% -2.34% 16.93%
August 13, 2020 1.07% 0.24% 17.54%
August 20, 2020 0.91% 0.80% 16.26%
August 27, 2020 1.42% 2.58% 10.11%
September 3, 2020 1.24% 1.13% 11.35%
September 10, 2020 1.93% -0.80% 17.65%
September 17, 2020 1.31% -0.64% 19.28%
September 24, 2020 1.67% 1.07% 20.70%
October 2, 2020 1.10% 1.86% 20.91%
October 8, 2020 1.16% 1.40% 19.73%
October 15, 2020 1.49% 2.59% 20.58%
October 22, 2020 1.08% -0.12% 20.54%
October 29, 2020 2.85% 0.31% 28.26%
November 5, 2020 0.85% -0.25% 19.60%
November 12, 2020 2.07% 0.59% 15.65%
November 19, 2020 2.45% 3.63% 15.71%
November 25, 2020 2.62% 6.14% 16.20%
December 3, 2020 2.49% -0.21% 15.07%
December 10, 2020 2.68% 1.46% 16.38%
December 17, 2020 3.34% 0.93% 14.22%
December 17, 2020 3.34% 0.93% 14.22%
December 24, 2020 2.40% 4.69% 15.96%
December 31, 2020 2.74% 2.85% 15.25%
January 7, 2021 3.85% 6.88% 15.36%
January 14, 2021 2.35% 3.26% 16.03%
January 21, 2021 4.01% 3.48% 13.84%
January 28, 2021 4.34% 1.07% 16.97%
February 4, 2021 4.11% -1.21% 14.42%
February 11, 2021 3.68% -2.53% 14.33%
February 18, 2021 3.79% -1.29% 13.15%
February 25, 2021 3.92% -1.13% 18.19%
March 4, 2021 3.79% 2.32% 21.07%
March 11, 2021 4.35% 4.10% 13.94%
March 18, 2021 3.71% 4.65% 13.86%
March 25, 2021 3.25% 3.24% 14.66%
April 1, 2021 2.94% 1.75% 9.11%
April 8, 2021 2.47% 0.74% 7.89%
April 15, 2021 2.29% 3.38% 7.92%
April 22, 2021 2.30% 3.97% 10.63%
April 29, 2021 2.76% 1.84% 10.05%
May 13, 2021 2.07% 0.43% 14.64%
May 20, 2021 2.34% -1.48% 13.65%
May 27, 2021 2.30% -3.55% 10.18%
June 3, 2021 2.42% 1.65% 8.98%
June 10, 2021 2.22% -0.16% 11.86%
June 17, 2021 3.31% -0.45% 10.09%
June 24, 2021 4.71% -1.85% 11.46%
July 1, 2021 3.51% 3.70% 11.10%
July 8, 2021 2.97% 0.70% 8.90%
July 15, 2021 3.46% 0.92% 7.62%
July 22, 2021 2.49% -1.32% 1.26%
July 29, 2021 4.91% -0.68% 0.98%
August 5, 2021 2.61% -2.49% 2.26%
August 12, 2021 4.12% -1.93% -0.37%
August 19, 2021 4.00% -2.69% -0.61%
September 9, 2021 3.10% -2.20% -4.16%
September 16, 2021 3.08% -2.85% -1.92%
September 23, 2021 2.58% -2.23% 0.80%
September 30, 2021 1.99% 2.68% 7.60%
October 7, 2021 2.38% 1.89% 2.98%
October 14, 2021 2.37% -1.68% -0.41%
October 21, 2021 2.47% -0.60% -2.78%
October 28, 2021 2.43% 0.11% -6.04%
November 6, 2021 1.80% -5.08% -11.62%
November 11, 2021 2.04% -4.82% -14.75%
November 18, 2021 2.18% -4.10% -16.02%
November 24, 2021 2.02% -5.01% -15.54%
December 2, 2021 1.75% -4.01% -8.14%
December 9, 2021 1.87% -2.47% -13.35%
December 16, 2021 1.98% -4.63% -20.87%
December 23, 2021 2.06% -4.63% -19.07%
December 30, 2021 2.21% -5.04% -20.19%
January 6, 2022 2.77% -4.01% -17.49%
January 13, 2022 1.89% -4.84% -17.85%
January 20, 2022 2.35% -0.28% -10.98%
January 27, 2022 1.50% -4.08% -6.32%
February 3, 2022 1.89% -1.62% -6.51%
February 10, 2022 1.82% -4.46% -5.84%
February 17, 2022 2.21% 1.98% -1.66%
February 24, 2022 1.88% -2.04% -2.70%
March 3, 2022 1.81% -0.53% -9.31%
March 10, 2022 1.98% -2.98% -3.73%
March 17, 2022 1.89% -4.03% -11.57%
March 24, 2022 2.54% -4.58% -17.63%
March 31, 2022 2.51% -3.80% -20.25%
April 7, 2022 2.89% -2.14% -18.47%
April 14, 2022 2.79% -4.06% -17.62%
April 21, 2022 3.40% -2.81% -13.83%
April 28, 2022 2.40% -3.55% -8.30%
May 5, 2022 1.89% 1.31% -8.28%
May 12, 2022 1.85% -2.21% 2.43%
May 20, 2022 2.19% -3.48% 2.50%
May 26, 2022 2.37% -1.01% 0.11%
June 2, 2022 2.77% -1.39% -1.69%
June 11, 2022 1.29% 3.42% 1.75%
June 16, 2022 1.58% 0.00% 5.91%
June 23, 2022 2.19% 0.70% 2.17%
June 30, 2022 1.75% -0.64% 2.27%
July 7, 2022 2.45% -2.68% 0.64%
July 14, 2022 1.86% -2.27% 6.38%
July 21, 2022 2.39% 2.51% 0.14%
July 28, 2022 1.68% -2.80% 0.78%
August 4, 2022 2.08% -3.03% 0.44%
August 11, 2022 2.32% -3.09% -1.99%
August 18, 2022 2.69% -2.03% -3.98%
August 25, 2022 2.76% -1.99% -4.68%
September 1, 2022 1.92% -2.92% 0.45%
September 8, 2022 3.26% 0.22% 0.51%
September 15, 2022 3.63% 1.23% 0.66%
September 22, 2022 2.04% -5.17% 5.67%
September 29, 2022 1.92% -4.11% 11.57%
October 6, 2022 2.54% -0.67% 10.58%
October 14, 2022 2.48% -1.51% 16.31%
October 20, 2022 4.22% -4.23% 13.68%
October 27, 2022 2.73% 2.12% 9.46%
November 3, 2022 2.44% 2.74% 10.91%
November 10, 2022 2.67% -2.04% 5.49%
November 17, 2022 2.49% -1.85% 6.22%
November 23, 2022 2.47% -3.48% 3.78%
December 8, 2022 2.58% -0.44% 9.22%
December 15, 2022 2.64% 0.75% 14.56%
December 22, 2022 2.22% 0.40% 15.53%
December 29, 2022 2.48% 2.41% 15.13%
January 5, 2023 2.33% 3.31% 17.69%
January 12, 2023 2.69% 1.48% 13.21%
January 19, 2023 2.75% 2.39% 18.02%
February 2, 2023 2.46% 1.71% 8.82%
February 9, 2023 2.39% 2.36% 10.33%
February 16, 2023 2.31% 3.38% 8.50%
February 23, 2023 2.43% 2.48% 11.42%
March 2, 2023 2.86% 2.41% 14.28%
March 9, 2023 2.41% 2.35% 14.65%
March 16, 2023 2.42% 2.33% 13.18%
March 23, 2023 2.35% 1.48% 10.27%
March 31, 2023 2.66% -2.03% 5.18%
April 6, 2023 2.69% 1.60% 5.74%
April 13, 2023 2.69% 0.12% 5.12%
April 20, 2023 3.32% -1.02% 3.01%
April 27, 2023 2.44% 0.97% 0.31%
May 4, 2023 2.61% -1.39% 8.08%
May 11, 2023 2.59% 2.28% 7.69%
May 18, 2023 2.31% 3.59% 8.31%
May 25, 2023 2.17% 4.95% 10.61%
June 1, 2023 2.85% 6.02% 9.63%
June 8, 2023 2.54% 3.98% 8.02%
June 15, 2023 2.79% 7.91% 7.25%
June 23, 2023 2.83% 4.21% 10.17%
June 29, 2023 4.58% 4.93% 9.32%
July 6, 2023 2.96% 4.75% 7.24%
July 13, 2023 3.34% 5.48% 6.84%
July 21, 2023 3.04% 7.02% 7.51%
July 27, 2023 3.02% 9.14% 8.54%
August 3, 2023 2.74% 9.58% 10.98%
August 10, 2023 2.88% 9.40% 13.26%
August 17, 2023 3.02% 7.02% 15.37%
August 24, 2023 2.49% 6.80% 17.13%
August 31, 2023 2.97% 11.36% 13.68%
Average 2.44% 0.92% 6.82%

Portfolios Hedged Against > 7.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 7, 2017 4.77% 7.58% 14.07%
July 13, 2017 4.20% 6.45% 14.85%
July 13, 2017 3.66% 4.13% 14.85%
July 20, 2017 4.48% 7.11% 14.62%
August 10, 2017 3.79% 10.13% 8.36%
August 17, 2017 3.95% 10.58% 13.48%
August 24, 2017 3.91% 10.42% 13.72%
September 28, 2017 3.82% 11.21% 4.73%
November 16, 2017 4.16% -0.52% 6.22%
November 16, 2017 4.61% 3.16% 6.22%
December 8, 2017 3.73% 6.92% 5.73%
March 1, 2018 2.97% 5.91% 9.37%
April 12, 2018 3.50% -1.22% 4.71%
April 12, 2018 3.16% 0.06% 4.71%
June 8, 2018 4.06% -3.81% -4.40%
October 4, 2018 5.23% -1.56% 0.25%
November 1, 2018 3.40% 0.37% 7.80%
December 6, 2018 3.24% -0.21% 6.64%
January 31, 2019 3.15% 11.02% 11.21%
April 4, 2019 3.12% 7.64% 3.47%
April 11, 2019 3.33% 3.98% 3.78%
April 25, 2019 3.64% -1.70% 4.25%
May 2, 2019 2.89% 3.10% 6.14%
May 9, 2019 2.85% 4.33% 8.80%
May 30, 2019 2.92% 6.80% 13.72%
July 11, 2019 3.64% 1.71% 9.86%
July 18, 2019 3.61% 1.62% 12.14%
July 25, 2019 3.79% 2.45% 10.64%
August 1, 2019 3.46% 4.92% 10.16%
August 8, 2019 2.97% 3.33% 14.22%
August 15, 2019 2.95% 2.74% 19.74%
August 22, 2019 2.98% 1.66% 15.15%
August 29, 2019 3.31% -2.78% 2.23%
September 5, 2019 3.27% 4.87% 2.55%
September 12, 2019 3.44% -3.21% -16.86%
September 29, 2019 3.17% -5.55% -13.26%
October 3, 2019 2.56% -2.69% -13.60%
October 10, 2019 2.73% -4.10% -4.08%
October 17, 2019 2.63% -2.70% -3.16%
October 24, 2019 2.43% -2.66% -4.75%
October 31, 2019 2.25% -3.50% -3.18%
November 7, 2019 2.64% -1.73% -5.62%
November 14, 2019 2.89% 1.74% -6.92%
November 21, 2019 2.46% -1.87% -3.91%
November 28, 2019 2.38% -0.83% -2.90%
December 5, 2019 2.43% 0.07% 3.48%
December 12, 2019 1.74% 1.91% -3.01%
December 19, 2019 2.68% 2.10% -2.33%
December 27, 2019 3.27% 2.09% -6.08%
January 2, 2020 2.37% -2.98% -2.87%
January 9, 2020 2.58% -2.41% -2.74%
January 16, 2020 2.12% -4.77% -2.03%
January 23, 2020 2.70% -1.90% -1.61%
February 6, 2020 2.47% 7.46% 1.17%
February 13, 2020 2.35% 0.63% 0.99%
February 20, 2020 2.19% 2.54% 1.46%
February 27, 2020 3.17% 1.26% 18.32%
March 5, 2020 1.98% 2.89% 14.46%
March 12, 2020 0.85% -0.15% 36.07%
March 19, 2020 1.05% 3.63% 39.50%
March 26, 2020 0.64% 0.22% 26.92%
April 2, 2020 1.30% -0.19% 33.69%
April 9, 2020 1.38% -1.24% 25.74%
April 16, 2020 1.45% 0.11% 25.49%
April 23, 2020 1.09% 0.38% 24.95%
May 1, 2020 1.01% -1.57% 16.45%
May 7, 2020 1.74% -1.31% 22.75%
May 7, 2020 1.74% -1.31% 22.75%
May 14, 2020 1.53% -2.05% 26.73%
May 21, 2020 1.52% 0.35% 21.52%
May 28, 2020 2.07% 1.66% 21.05%
June 4, 2020 1.43% 3.25% 19.79%
June 11, 2020 1.88% 3.35% 22.89%
June 19, 2020 1.62% 2.91% 20.61%
June 25, 2020 1.61% 1.45% 21.06%
July 2, 2020 1.82% 3.01% 20.74%
July 9, 2020 1.48% 3.57% 22.29%
July 16, 2020 1.23% 2.34% 18.09%
July 23, 2020 1.27% 5.23% 19.54%
July 30, 2020 1.90% 3.00% 15.19%
August 6, 2020 1.46% -0.36% 16.93%
August 13, 2020 1.28% 2.48% 17.54%
August 20, 2020 1.39% 1.89% 16.26%
August 27, 2020 1.56% 4.30% 10.11%
September 3, 2020 1.69% 0.86% 11.35%
September 10, 2020 1.57% -2.06% 17.65%
September 17, 2020 2.27% 7.60% 19.28%
September 24, 2020 1.20% 2.74% 20.70%
October 2, 2020 1.41% 5.48% 20.91%
October 8, 2020 1.70% 6.33% 19.73%
October 15, 2020 2.06% 10.32% 20.58%
October 22, 2020 2.01% 6.27% 20.54%
October 29, 2020 3.09% 5.33% 28.26%
November 5, 2020 1.99% 8.49% 19.60%
November 12, 2020 3.12% 6.41% 15.65%
November 19, 2020 2.65% 7.63% 15.71%
November 25, 2020 3.16% 9.55% 16.20%
December 3, 2020 3.12% 2.16% 15.07%
December 10, 2020 3.67% 3.40% 16.38%
December 17, 2020 3.39% 0.68% 14.22%
December 24, 2020 2.82% 1.77% 15.96%
December 31, 2020 3.44% -0.49% 15.25%
January 7, 2021 4.85% 4.77% 15.36%
January 14, 2021 2.72% -0.79% 16.03%
January 21, 2021 5.16% 1.34% 13.84%
January 28, 2021 4.32% 2.39% 16.97%
February 4, 2021 4.57% 1.70% 14.42%
February 11, 2021 4.47% -1.68% 14.33%
February 18, 2021 4.57% -2.82% 13.15%
February 25, 2021 4.41% 1.03% 18.19%
March 4, 2021 3.45% -1.55% 21.07%
March 11, 2021 3.99% 3.81% 13.94%
March 18, 2021 5.87% 2.58% 13.86%
March 25, 2021 3.76% 2.95% 14.66%
April 1, 2021 3.83% -0.54% 9.11%
April 8, 2021 3.00% -1.39% 7.89%
April 15, 2021 3.21% 3.15% 7.92%
April 22, 2021 3.02% 3.54% 10.63%
April 29, 2021 4.07% -1.16% 10.05%
May 6, 2021 3.10% 0.57% 12.54%
May 13, 2021 3.01% 3.67% 14.64%
May 20, 2021 3.50% 2.47% 13.65%
May 27, 2021 3.59% 1.26% 10.18%
June 3, 2021 3.44% -1.91% 8.98%
June 10, 2021 3.91% 2.93% 11.86%
June 17, 2021 4.27% 2.16% 10.09%
June 24, 2021 4.88% 2.66% 11.46%
July 1, 2021 4.18% 5.68% 11.10%
July 8, 2021 4.66% 2.86% 8.90%
July 15, 2021 4.14% 5.41% 7.62%
July 22, 2021 3.14% -2.83% 1.26%
July 29, 2021 5.64% -3.47% 0.98%
August 5, 2021 5.14% -1.56% 2.26%
August 12, 2021 4.96% 1.54% -0.37%
August 19, 2021 6.16% -2.56% -0.61%
September 9, 2021 4.29% -1.99% -4.16%
September 16, 2021 3.75% -2.54% -1.92%
September 23, 2021 3.07% -1.29% 0.80%
September 30, 2021 3.71% 2.15% 7.60%
October 7, 2021 2.81% 4.80% 2.98%
October 14, 2021 2.78% -2.05% -0.41%
October 21, 2021 2.98% -4.81% -2.78%
October 28, 2021 2.71% -0.68% -6.04%
November 6, 2021 2.88% -5.78% -11.62%
November 11, 2021 2.97% -1.58% -14.75%
November 18, 2021 3.15% -5.82% -16.02%
November 24, 2021 3.19% -4.69% -15.54%
December 2, 2021 2.36% -4.81% -8.14%
December 9, 2021 2.51% -3.71% -13.35%
December 16, 2021 2.58% -5.94% -20.87%
December 23, 2021 2.82% -5.84% -19.07%
December 30, 2021 3.20% -5.70% -20.19%
January 13, 2022 2.72% -5.07% -17.85%
January 20, 2022 2.99% -2.18% -10.98%
January 27, 2022 2.13% -2.68% -6.32%
February 3, 2022 2.29% -2.59% -6.51%
February 10, 2022 2.09% -2.96% -5.84%
February 17, 2022 2.73% -0.86% -1.66%
February 24, 2022 1.84% 1.81% -2.70%
March 3, 2022 2.50% -4.23% -9.31%
March 10, 2022 2.21% -3.35% -3.73%
March 17, 2022 2.41% -2.41% -11.57%
March 24, 2022 3.11% -4.87% -17.63%
March 31, 2022 2.78% -4.27% -20.25%
April 7, 2022 3.29% -2.77% -18.47%
April 14, 2022 2.99% -3.57% -17.62%
April 21, 2022 2.98% -4.37% -13.83%
April 28, 2022 2.70% -3.89% -8.30%
May 5, 2022 2.49% -4.08% -8.28%
May 12, 2022 2.44% 0.46% 2.43%
May 20, 2022 2.54% -0.94% 2.50%
May 26, 2022 2.33% -3.53% 0.11%
June 2, 2022 2.84% -0.88% -1.69%
June 11, 2022 1.62% 1.74% 1.75%
June 16, 2022 1.71% 0.73% 5.91%
June 23, 2022 2.83% -2.25% 2.17%
June 30, 2022 2.01% 0.42% 2.27%
July 7, 2022 2.74% 0.05% 0.64%
July 14, 2022 2.50% 0.35% 6.38%
July 21, 2022 2.90% 1.77% 0.14%
July 28, 2022 2.26% -1.23% 0.78%
August 4, 2022 2.18% -0.92% 0.44%
August 11, 2022 2.36% -1.03% -1.99%
August 18, 2022 2.57% -1.55% -3.98%
August 25, 2022 2.94% -2.15% -4.68%
September 1, 2022 2.81% -1.23% 0.45%
September 8, 2022 3.63% -1.75% 0.51%
September 15, 2022 3.66% -2.17% 0.66%
September 22, 2022 2.63% -2.24% 5.67%
September 29, 2022 2.58% -0.64% 11.57%
October 6, 2022 2.78% -0.73% 10.58%
October 14, 2022 3.31% -4.69% 16.31%
October 20, 2022 4.42% -1.52% 13.68%
October 27, 2022 3.44% -1.15% 9.46%
November 3, 2022 3.30% 2.36% 10.91%
November 10, 2022 6.56% 2.27% 5.49%
November 17, 2022 3.22% -0.99% 6.22%
November 23, 2022 3.58% -0.49% 3.78%
December 8, 2022 3.12% -0.09% 9.22%
December 15, 2022 3.13% 0.32% 14.56%
December 22, 2022 2.98% -1.86% 15.53%
December 29, 2022 2.92% 4.64% 15.13%
January 5, 2023 2.97% 0.88% 17.69%
January 12, 2023 3.19% -3.01% 13.21%
January 19, 2023 3.11% -0.55% 18.02%
February 2, 2023 3.19% -0.19% 8.82%
February 9, 2023 2.67% 1.72% 10.33%
February 16, 2023 2.84% 3.62% 8.50%
February 23, 2023 2.83% 2.80% 11.42%
March 2, 2023 3.05% 0.06% 14.28%
March 9, 2023 2.95% 1.10% 14.65%
March 16, 2023 2.90% 2.64% 13.18%
March 23, 2023 2.88% 3.89% 10.27%
March 31, 2023 2.90% -0.99% 5.18%
April 6, 2023 2.84% 4.07% 5.74%
April 13, 2023 3.29% -1.21% 5.12%
April 20, 2023 3.35% -0.09% 3.01%
April 27, 2023 3.49% -3.12% 0.31%
May 4, 2023 3.52% 0.19% 8.08%
May 11, 2023 3.34% 4.78% 7.69%
May 18, 2023 3.07% 8.40% 8.31%
May 25, 2023 3.90% 9.09% 10.61%
June 1, 2023 3.83% 8.72% 9.63%
June 8, 2023 3.97% 9.43% 8.02%
June 23, 2023 4.29% 3.79% 10.17%
June 29, 2023 5.29% 4.57% 9.32%
July 6, 2023 3.83% 5.32% 7.24%
July 13, 2023 4.23% 6.78% 6.84%
July 21, 2023 3.86% 7.86% 7.51%
July 27, 2023 3.37% 7.53% 8.54%
August 3, 2023 3.83% 6.57% 10.98%
August 10, 2023 3.80% 4.61% 13.26%
August 17, 2023 4.86% 8.71% 15.37%
August 24, 2023 2.86% 12.73% 17.13%
August 31, 2023 3.24% 7.63% 13.68%
Average 3.02% 1.17% 7.10%

Portfolios Hedged Against > 8.0% Declines

Starting Date Expected Return Actual Return SPY Return
August 3, 2017 4.93% 11.27% 12.66%
August 10, 2017 4.00% 6.70% 8.36%
September 7, 2017 4.40% 4.39% 11.61%
September 14, 2017 4.72% 4.14% 11.19%
October 12, 2017 4.60% 2.89% 5.38%
October 19, 2017 4.91% 8.84% 6.08%
November 2, 2017 4.70% 4.46% 3.11%
November 2, 2017 4.74% 9.83% 3.11%
November 9, 2017 3.73% -1.76% 5.34%
November 22, 2017 4.57% 6.00% 5.90%
December 8, 2017 3.88% -4.16% 5.73%
December 14, 2017 4.24% 4.29% 5.87%
December 21, 2017 4.73% 4.10% 3.36%
March 22, 2018 3.62% 4.76% 11.74%
October 4, 2018 5.35% -0.86% 0.25%
November 1, 2018 3.68% 0.70% 7.80%
April 25, 2019 3.94% 3.14% 4.25%
May 2, 2019 4.03% 5.77% 6.14%
May 9, 2019 3.73% 5.75% 8.80%
May 30, 2019 3.54% 9.98% 13.72%
July 11, 2019 4.37% 2.41% 9.86%
July 18, 2019 4.24% 6.73% 12.14%
July 25, 2019 4.12% 1.19% 10.64%
August 1, 2019 3.51% 2.19% 10.16%
August 1, 2019 3.51% 2.19% 10.16%
August 8, 2019 3.70% -0.96% 14.22%
August 15, 2019 3.31% 4.78% 19.74%
August 22, 2019 3.43% 3.62% 15.15%
August 29, 2019 3.67% -0.71% 2.23%
September 5, 2019 3.97% 0.07% 2.55%
September 12, 2019 3.72% -3.29% -16.86%
September 29, 2019 3.30% -4.37% -13.26%
October 3, 2019 3.01% -5.14% -13.60%
October 10, 2019 3.12% -5.59% -4.08%
October 17, 2019 2.81% -2.84% -3.16%
October 24, 2019 2.80% -0.30% -4.75%
October 31, 2019 2.49% -4.10% -3.18%
November 7, 2019 3.32% -20.36% -5.62%
November 14, 2019 3.65% -1.01% -6.92%
November 20, 2019 2.36% 1.37% -3.40%
November 21, 2019 2.58% -2.76% -3.91%
November 28, 2019 2.54% -0.97% -2.90%
December 5, 2019 4.68% -6.57% 3.48%
December 12, 2019 1.93% 2.27% -3.01%
December 19, 2019 2.84% 5.22% -2.33%
December 27, 2019 3.48% 2.44% -6.08%
January 2, 2020 3.06% -0.05% -2.87%
January 9, 2020 3.32% 0.98% -2.74%
January 16, 2020 2.72% -2.87% -2.03%
January 23, 2020 2.88% -0.46% -1.61%
February 6, 2020 3.18% 9.91% 1.17%
February 13, 2020 2.91% 3.15% 0.99%
February 20, 2020 2.73% 7.54% 1.46%
February 27, 2020 3.24% 1.56% 18.32%
March 5, 2020 2.02% 2.95% 14.46%
March 12, 2020 1.14% 0.50% 36.07%
March 19, 2020 1.14% 4.34% 39.50%
March 26, 2020 0.84% -0.74% 26.92%
April 2, 2020 1.44% -0.26% 33.69%
April 9, 2020 1.60% -0.70% 25.74%
April 16, 2020 2.05% 1.70% 25.49%
April 23, 2020 1.07% 0.38% 24.95%
May 1, 2020 1.14% 1.30% 16.45%
May 7, 2020 1.94% -0.74% 22.75%
May 14, 2020 1.66% -1.47% 26.73%
May 21, 2020 2.10% 0.16% 21.52%
May 28, 2020 2.11% -0.49% 21.05%
June 4, 2020 2.11% 4.98% 19.79%
June 11, 2020 2.11% 3.72% 22.89%
June 19, 2020 2.40% 3.70% 20.61%
June 25, 2020 2.21% 3.65% 21.06%
July 2, 2020 2.40% 4.45% 20.74%
July 9, 2020 1.73% -0.96% 22.29%
July 16, 2020 1.73% 0.84% 18.09%
July 23, 2020 2.64% -1.22% 19.54%
July 30, 2020 2.78% 1.15% 15.19%
August 6, 2020 2.09% -2.50% 16.93%
August 13, 2020 1.90% 1.84% 17.54%
August 20, 2020 2.20% -1.76% 16.26%
August 27, 2020 2.98% 2.25% 10.11%
September 3, 2020 1.67% 1.71% 11.35%
September 10, 2020 2.97% 0.84% 17.65%
September 17, 2020 2.92% 6.98% 19.28%
September 24, 2020 2.85% 8.27% 20.70%
October 2, 2020 2.83% 8.15% 20.91%
October 8, 2020 3.26% 2.42% 19.73%
October 15, 2020 3.00% 9.84% 20.58%
October 22, 2020 3.35% 1.17% 20.54%
October 29, 2020 3.52% 4.65% 28.26%
November 12, 2020 4.00% 7.60% 15.65%
November 19, 2020 3.22% 14.74% 15.71%
November 25, 2020 5.29% 11.11% 16.20%
December 3, 2020 3.19% 4.24% 15.07%
December 10, 2020 4.15% 4.95% 16.38%
December 17, 2020 6.31% 1.03% 14.22%
December 24, 2020 3.70% -0.19% 15.96%
December 31, 2020 3.25% 1.79% 15.25%
January 7, 2021 4.16% 3.36% 15.36%
January 14, 2021 3.57% 4.51% 16.03%
January 21, 2021 4.19% 0.59% 13.84%
January 28, 2021 6.22% 0.94% 16.97%
February 4, 2021 4.89% 1.79% 14.42%
February 11, 2021 4.95% -0.46% 14.33%
February 18, 2021 5.11% -1.48% 13.15%
February 25, 2021 4.51% -0.19% 18.19%
March 4, 2021 4.31% 0.63% 21.07%
March 11, 2021 3.77% 2.16% 13.94%
March 18, 2021 13.91% -2.17% 13.86%
March 25, 2021 4.37% 0.10% 14.66%
April 1, 2021 5.35% -1.45% 9.11%
April 8, 2021 3.97% 1.89% 7.89%
April 15, 2021 4.13% -2.91% 7.92%
April 22, 2021 3.41% 5.16% 10.63%
April 29, 2021 5.06% 4.35% 10.05%
May 6, 2021 3.89% 4.06% 12.54%
May 13, 2021 3.67% 5.60% 14.64%
May 20, 2021 3.14% 2.06% 13.65%
May 27, 2021 3.63% 0.75% 10.18%
June 3, 2021 3.72% 0.82% 8.98%
June 10, 2021 4.53% 3.45% 11.86%
June 17, 2021 4.63% 3.01% 10.09%
June 24, 2021 4.80% 7.12% 11.46%
July 1, 2021 5.84% 3.85% 11.10%
July 8, 2021 4.49% 2.86% 8.90%
July 15, 2021 4.29% -1.78% 7.62%
July 22, 2021 3.12% -3.84% 1.26%
July 29, 2021 3.74% -4.38% 0.98%
August 5, 2021 5.45% -0.99% 2.26%
August 12, 2021 5.47% -3.44% -0.37%
August 19, 2021 5.45% -6.20% -0.61%
September 9, 2021 4.64% -2.32% -4.16%
September 16, 2021 4.01% -3.36% -1.92%
September 23, 2021 4.57% -3.16% 0.80%
September 30, 2021 2.91% 1.13% 7.60%
October 7, 2021 4.59% -3.19% 2.98%
October 14, 2021 3.43% -2.17% -0.41%
October 21, 2021 3.39% -5.97% -2.78%
October 28, 2021 3.34% -4.13% -6.04%
November 6, 2021 3.52% -5.05% -11.62%
November 11, 2021 3.58% -4.54% -14.75%
November 24, 2021 3.66% -2.75% -15.54%
December 2, 2021 3.15% -6.65% -8.14%
December 9, 2021 3.54% -6.21% -13.35%
December 16, 2021 3.82% -7.12% -20.87%
December 23, 2021 3.63% -5.30% -19.07%
December 30, 2021 4.04% -6.52% -20.19%
January 6, 2022 2.04% -6.15% -17.49%
January 13, 2022 2.66% -1.73% -17.85%
January 20, 2022 2.70% -1.44% -10.98%
January 27, 2022 2.07% -6.31% -6.32%
February 3, 2022 2.45% 1.16% -6.51%
February 10, 2022 2.50% -1.89% -5.84%
February 17, 2022 2.92% 3.55% -1.66%
February 24, 2022 2.19% 2.17% -2.70%
March 3, 2022 2.87% -3.35% -9.31%
March 10, 2022 3.34% -4.34% -3.73%
March 17, 2022 2.85% -2.14% -11.57%
March 24, 2022 3.40% -2.98% -17.63%
March 31, 2022 3.03% -4.76% -20.25%
April 7, 2022 2.75% -5.88% -18.47%
April 14, 2022 3.44% -4.10% -17.62%
April 21, 2022 4.12% -4.42% -13.83%
April 28, 2022 3.42% -3.55% -8.30%
May 5, 2022 3.10% -2.04% -8.28%
May 12, 2022 3.01% -0.53% 2.43%
May 20, 2022 2.78% -3.03% 2.50%
May 26, 2022 2.55% -2.69% 0.11%
June 2, 2022 2.27% -2.35% -1.69%
June 11, 2022 1.35% 0.16% 1.75%
June 16, 2022 1.99% -1.41% 5.91%
June 23, 2022 2.53% 2.68% 2.17%
June 30, 2022 2.28% -3.28% 2.27%
July 7, 2022 3.01% -0.81% 0.64%
July 14, 2022 2.87% 0.71% 6.38%
July 21, 2022 2.96% -0.48% 0.14%
July 28, 2022 2.51% -2.03% 0.78%
August 4, 2022 2.53% -0.75% 0.44%
August 11, 2022 2.67% -4.64% -1.99%
August 18, 2022 3.29% -2.76% -3.98%
August 25, 2022 3.37% -2.44% -4.68%
September 1, 2022 3.22% -1.83% 0.45%
September 8, 2022 3.49% 0.36% 0.51%
September 15, 2022 3.95% -3.70% 0.66%
September 22, 2022 2.87% -3.65% 5.67%
September 29, 2022 3.03% 1.27% 11.57%
October 6, 2022 2.84% -2.41% 10.58%
October 14, 2022 3.76% -1.78% 16.31%
October 20, 2022 4.82% -0.46% 13.68%
October 27, 2022 4.54% -3.66% 9.46%
November 3, 2022 4.94% -0.04% 10.91%
November 10, 2022 3.59% 1.55% 5.49%
November 17, 2022 3.00% 1.20% 6.22%
November 23, 2022 4.07% 1.56% 3.78%
December 8, 2022 3.44% -3.53% 9.22%
December 15, 2022 4.00% 0.50% 14.56%
December 22, 2022 3.72% -0.36% 15.53%
December 29, 2022 3.90% -2.11% 15.13%
January 5, 2023 3.58% 1.29% 17.69%
January 12, 2023 3.85% -4.44% 13.21%
January 19, 2023 3.31% -1.66% 18.02%
February 2, 2023 3.94% 2.64% 8.82%
February 9, 2023 4.02% -2.26% 10.33%
February 16, 2023 3.28% 4.22% 8.50%
February 23, 2023 3.48% 0.23% 11.42%
March 2, 2023 4.05% 3.35% 14.28%
March 9, 2023 3.21% 4.48% 14.65%
March 16, 2023 3.65% 5.82% 13.18%
March 23, 2023 3.57% 4.83% 10.27%
March 31, 2023 4.12% 4.25% 5.18%
April 6, 2023 3.45% 1.56% 5.74%
April 13, 2023 3.87% -0.81% 5.12%
April 20, 2023 3.69% -5.41% 3.01%
April 27, 2023 3.68% -2.53% 0.31%
May 4, 2023 4.61% 2.54% 8.08%
May 11, 2023 4.15% 4.48% 7.69%
May 18, 2023 4.59% 5.97% 8.31%
May 25, 2023 4.07% 12.48% 10.61%
June 1, 2023 4.03% 6.87% 9.63%
June 8, 2023 4.17% 10.70% 8.02%
June 15, 2023 4.16% 2.78% 7.25%
June 23, 2023 4.90% 8.21% 10.17%
June 29, 2023 5.32% 7.90% 9.32%
July 6, 2023 3.92% 7.88% 7.24%
July 13, 2023 4.86% 0.77% 6.84%
July 21, 2023 3.89% 6.16% 7.51%
July 27, 2023 3.31% 9.09% 8.54%
August 3, 2023 3.69% 4.08% 10.98%
August 10, 2023 4.33% 8.01% 13.26%
August 17, 2023 4.49% 8.14% 15.37%
August 24, 2023 3.18% 10.18% 17.13%
August 31, 2023 3.08% 2.78% 13.68%
Average 3.51% 0.91% 6.85%

Portfolios Hedged Against > 9.0% Declines

Starting Date Expected Return Actual Return SPY Return
June 8, 2017 4.03% 9.25% 9.99%
June 16, 2017 3.31% 11.59% 10.94%
June 22, 2017 3.30% 13.88% 11.27%
June 29, 2017 4.25% 12.92% 11.68%
July 7, 2017 4.02% 8.40% 14.07%
July 13, 2017 4.37% 12.96% 14.85%
July 20, 2017 4.34% 10.34% 14.62%
July 27, 2017 3.70% 8.20% 17.10%
August 3, 2017 5.31% 16.52% 12.66%
August 3, 2017 5.66% 13.98% 12.66%
August 10, 2017 3.87% 4.05% 8.36%
August 17, 2017 5.42% 9.12% 13.48%
August 17, 2017 4.48% 9.41% 13.48%
August 24, 2017 4.44% 8.97% 13.72%
August 31, 2017 4.71% 4.65% 10.87%
September 7, 2017 4.06% 9.51% 11.61%
September 14, 2017 4.64% 11.27% 11.19%
September 22, 2017 4.21% 10.55% 6.67%
September 28, 2017 4.05% 8.35% 4.73%
October 5, 2017 5.05% 4.62% 5.26%
October 5, 2017 5.36% 8.68% 5.26%
October 12, 2017 4.30% 5.10% 5.38%
October 19, 2017 5.06% 9.63% 6.08%
October 26, 2017 4.81% 9.34% 5.13%
November 2, 2017 4.34% 4.72% 3.11%
November 9, 2017 4.58% -1.48% 5.34%
November 16, 2017 4.68% 8.93% 6.22%
November 22, 2017 4.35% -0.85% 5.90%
November 30, 2017 4.20% -1.80% 3.80%
December 8, 2017 3.34% 4.88% 5.73%
December 14, 2017 4.34% 13.47% 5.87%
December 14, 2017 4.75% 12.47% 5.87%
December 21, 2017 4.29% 0.83% 3.36%
December 28, 2017 4.96% 6.19% 1.99%
December 28, 2017 5.67% 14.94% 1.99%
January 4, 2018 5.49% 10.83% 0.59%
January 4, 2018 6.23% 15.12% 0.59%
January 11, 2018 5.03% -2.69% 1.12%
January 18, 2018 4.50% -0.21% 1.55%
January 25, 2018 5.52% 3.47% 1.10%
February 1, 2018 4.32% 1.69% 0.59%
February 8, 2018 3.30% 8.07% 11.75%
February 15, 2018 4.15% -2.10% 4.08%
February 22, 2018 3.60% 1.72% 6.73%
March 1, 2018 3.27% 4.68% 9.37%
March 8, 2018 4.19% -3.81% 5.82%
March 15, 2018 3.47% 1.31% 6.68%
March 22, 2018 3.95% 4.01% 11.74%
March 29, 2018 3.77% 4.77% 11.48%
April 5, 2018 4.44% 3.35% 9.33%
April 12, 2018 6.51% -2.72% 4.71%
April 12, 2018 5.26% -0.64% 4.71%
April 19, 2018 6.55% -4.07% 3.67%
April 19, 2018 5.61% 1.04% 3.67%
April 26, 2018 5.03% 7.56% 0.53%
April 26, 2018 4.75% 5.67% 0.53%
May 3, 2018 5.30% 1.96% 4.47%
May 3, 2018 6.92% -1.73% 4.47%
May 10, 2018 5.13% 2.84% 3.03%
May 17, 2018 5.07% 0.60% 1.54%
May 24, 2018 5.65% -5.27% -2.63%
May 31, 2018 4.16% -0.19% 2.66%
June 7, 2018 4.76% -6.52% -4.12%
June 14, 2018 6.00% -4.69% -5.71%
June 21, 2018 5.97% -7.29% -11.31%
June 28, 2018 4.52% -7.56% -7.58%
July 5, 2018 4.98% -5.45% -6.61%
July 12, 2018 5.30% -6.77% -6.32%
July 19, 2018 4.73% -5.21% -3.83%
July 26, 2018 4.18% -5.21% -5.21%
August 2, 2018 4.91% -0.32% -3.36%
August 9, 2018 7.48% -0.96% -4.12%
August 16, 2018 6.77% -5.46% -1.33%
August 23, 2018 6.18% -3.52% -1.30%
August 30, 2018 6.41% -7.59% -2.99%
September 6, 2018 6.72% -6.09% -2.75%
September 13, 2018 5.87% -3.47% -2.25%
September 20, 2018 5.84% -1.86% -2.66%
September 27, 2018 6.33% -5.35% -2.80%
October 4, 2018 4.47% -1.76% 0.25%
October 11, 2018 4.38% 4.03% 6.99%
October 18, 2018 5.29% 1.97% 6.02%
October 25, 2018 4.13% 1.78% 9.26%
November 1, 2018 4.02% 4.74% 7.80%
November 8, 2018 5.29% -2.01% 3.57%
November 15, 2018 5.03% 0.16% 5.49%
November 21, 2018 4.58% 2.16% 9.23%
November 29, 2018 6.00% -1.05% 2.62%
December 6, 2018 5.06% -0.60% 6.64%
December 13, 2018 4.70% -3.27% 10.26%
December 20, 2018 2.67% 3.10% 20.94%
December 27, 2018 3.21% 3.44% 18.60%
January 3, 2019 3.17% 4.43% 23.49%
January 10, 2019 3.06% 7.21% 16.42%
January 17, 2019 3.43% 3.68% 14.28%
January 24, 2019 2.90% 2.43% 15.44%
January 31, 2019 2.90% 7.54% 11.21%
February 10, 2019 3.49% 3.93% 8.82%
February 14, 2019 3.98% 6.22% 4.43%
February 21, 2019 4.23% 7.62% 6.40%
February 28, 2019 3.97% -3.87% 4.63%
March 7, 2019 3.99% 2.87% 9.38%
March 14, 2019 3.93% 8.44% 8.08%
March 21, 2019 4.31% -2.51% 5.76%
March 28, 2019 4.45% 1.27% 6.24%
April 4, 2019 4.10% 4.71% 3.47%
April 11, 2019 4.55% 0.79% 3.78%
April 18, 2019 4.75% 3.17% 3.72%
April 25, 2019 4.67% -1.35% 4.25%
May 2, 2019 4.77% 0.57% 6.14%
May 9, 2019 4.27% 0.44% 8.80%
May 16, 2019 4.34% 3.65% 9.41%
May 23, 2019 4.52% 2.93% 11.27%
May 23, 2019 3.87% 5.56% 11.27%
May 30, 2019 3.99% 3.90% 13.72%
June 6, 2019 4.17% -1.84% 11.61%
June 13, 2019 4.69% 1.11% 10.62%
June 20, 2019 5.39% -0.61% 9.97%
June 27, 2019 5.16% 0.35% 11.82%
July 3, 2019 5.46% -2.31% 8.93%
July 11, 2019 4.97% 2.39% 9.86%
July 18, 2019 4.55% 5.96% 12.14%
July 18, 2019 4.55% 5.96% 12.14%
July 25, 2019 4.81% 4.09% 10.64%
August 1, 2019 4.31% 3.66% 10.16%
August 8, 2019 3.90% 0.85% 14.22%
August 15, 2019 3.71% 3.68% 19.74%
August 22, 2019 3.56% -0.21% 15.15%
August 29, 2019 3.80% 0.84% 2.23%
September 5, 2019 4.17% 0.51% 2.55%
September 12, 2019 4.21% -4.46% -16.86%
September 19, 2019 3.59% -4.78% -19.35%
September 26, 2019 3.55% -7.47% -11.08%
October 3, 2019 3.35% -1.50% -13.60%
October 10, 2019 3.28% -3.23% -4.08%
October 17, 2019 2.99% -3.30% -3.16%
October 24, 2019 3.05% -0.43% -4.75%
October 31, 2019 3.21% -1.19% -3.18%
November 7, 2019 3.67% -1.71% -5.62%
November 14, 2019 4.34% -0.28% -6.92%
November 21, 2019 2.80% -2.18% -3.91%
November 28, 2019 2.73% -2.80% -2.90%
December 5, 2019 5.13% -4.74% 3.48%
December 12, 2019 2.27% 0.28% -3.01%
December 19, 2019 3.23% 4.84% -2.33%
December 26, 2019 3.47% -2.67% -6.10%
January 2, 2020 3.41% 0.00% -2.87%
January 9, 2020 3.66% 1.96% -2.74%
January 16, 2020 2.92% -2.15% -2.03%
January 23, 2020 3.32% 0.09% -1.61%
January 30, 2020 2.86% -1.39% -0.09%
February 6, 2020 3.37% 10.25% 1.17%
February 13, 2020 3.37% 2.09% 0.99%
February 20, 2020 3.16% 6.49% 1.46%
February 27, 2020 3.66% 1.04% 18.32%
March 12, 2020 1.37% 1.66% 36.07%
March 19, 2020 2.34% 0.20% 39.50%
March 26, 2020 1.04% -0.40% 26.92%
April 2, 2020 1.84% -3.03% 33.69%
April 9, 2020 1.96% 4.57% 25.74%
April 23, 2020 2.37% 4.68% 24.95%
May 1, 2020 2.85% 4.46% 16.45%
May 7, 2020 2.94% 4.18% 22.75%
May 14, 2020 2.67% 3.01% 26.73%
May 21, 2020 2.90% -1.61% 21.52%
May 28, 2020 3.11% 7.00% 21.05%
June 4, 2020 3.04% 10.56% 19.79%
June 11, 2020 2.92% 10.26% 22.89%
June 19, 2020 3.43% 7.56% 20.61%
June 25, 2020 3.08% 5.66% 21.06%
July 2, 2020 3.36% 2.26% 20.74%
July 9, 2020 3.72% 1.02% 22.29%
July 16, 2020 3.60% 5.79% 18.09%
July 23, 2020 3.75% 6.27% 19.54%
July 30, 2020 3.60% 2.94% 15.19%
August 6, 2020 4.02% 1.15% 16.93%
August 13, 2020 3.53% 4.50% 17.54%
August 20, 2020 3.58% 4.67% 16.26%
August 27, 2020 3.95% 6.70% 10.11%
September 3, 2020 2.56% 0.84% 11.35%
September 10, 2020 3.61% 0.53% 17.65%
September 17, 2020 4.10% 0.65% 19.28%
September 24, 2020 3.78% 4.40% 20.70%
October 2, 2020 3.81% 2.21% 20.91%
October 8, 2020 3.36% 2.72% 19.73%
October 8, 2020 3.62% 3.03% 19.73%
October 15, 2020 3.42% 3.64% 20.58%
October 22, 2020 3.72% 9.57% 20.54%
October 29, 2020 3.36% 5.11% 28.26%
November 5, 2020 3.93% -1.11% 19.60%
November 12, 2020 3.61% 7.84% 15.65%
November 25, 2020 3.91% 1.99% 16.20%
December 3, 2020 3.56% -1.68% 15.07%
December 10, 2020 3.77% 2.56% 16.38%
December 17, 2020 3.64% -0.02% 14.22%
December 24, 2020 3.43% 2.22% 15.96%
December 31, 2020 3.43% 3.35% 15.25%
January 7, 2021 3.28% -0.77% 15.36%
January 21, 2021 4.64% -4.69% 13.84%
January 28, 2021 3.57% -2.25% 16.97%
February 4, 2021 4.71% -3.69% 14.42%
February 11, 2021 3.81% -5.73% 14.33%
February 18, 2021 3.97% -6.18% 13.15%
February 25, 2021 4.72% -5.35% 18.19%
March 4, 2021 4.04% -0.17% 21.07%
March 11, 2021 3.59% -2.01% 13.94%
March 18, 2021 5.12% -0.58% 13.86%
March 25, 2021 4.21% -5.41% 14.66%
April 1, 2021 3.34% -0.77% 9.11%
April 8, 2021 3.12% -4.93% 7.89%
April 15, 2021 3.53% -4.64% 7.92%
April 22, 2021 3.40% 3.62% 10.63%
April 29, 2021 3.28% 3.70% 10.05%
May 6, 2021 3.00% 6.97% 12.54%
May 13, 2021 2.92% 11.59% 14.64%
May 20, 2021 3.09% 7.75% 13.65%
May 27, 2021 3.08% 0.74% 10.18%
June 3, 2021 4.07% -3.14% 8.98%
June 10, 2021 2.87% -2.66% 11.86%
June 17, 2021 2.99% -4.38% 10.09%
June 24, 2021 4.00% 0.73% 11.46%
July 1, 2021 4.31% -6.61% 11.10%
July 8, 2021 4.17% -4.67% 8.90%
July 15, 2021 4.73% 1.72% 7.62%
July 22, 2021 3.35% -8.14% 1.26%
July 29, 2021 2.93% -6.61% 0.98%
August 5, 2021 4.06% 0.26% 2.26%
August 12, 2021 3.90% -5.79% -0.37%
August 19, 2021 4.32% -4.12% -0.61%
September 2, 2021 3.40% -3.52% -2.72%
September 9, 2021 3.79% -5.78% -4.16%
September 16, 2021 3.81% -6.79% -1.92%
September 23, 2021 3.64% -4.90% 0.80%
September 30, 2021 4.28% -0.26% 7.60%
October 7, 2021 3.63% -1.96% 2.98%
October 14, 2021 4.60% -2.27% -0.41%
October 21, 2021 3.52% 0.83% -2.78%
November 6, 2021 4.38% -4.77% -11.62%
November 11, 2021 3.75% -7.07% -14.75%
November 18, 2021 3.93% -3.04% -16.02%
November 24, 2021 3.70% -4.61% -15.54%
December 2, 2021 3.86% -6.91% -8.14%
December 9, 2021 3.68% -7.92% -13.35%
December 16, 2021 3.60% -8.30% -20.87%
December 23, 2021 3.44% -8.16% -19.07%
December 30, 2021 3.27% -5.79% -20.19%
January 6, 2022 3.56% -4.91% -17.49%
January 13, 2022 3.14% -7.76% -17.85%
January 20, 2022 2.87% -6.55% -10.98%
January 27, 2022 2.28% -4.08% -6.32%
February 3, 2022 2.68% -1.25% -6.51%
February 10, 2022 2.74% -2.70% -5.84%
February 17, 2022 2.94% -2.78% -1.66%
February 24, 2022 2.73% 1.95% -2.70%
March 3, 2022 3.26% -4.47% -9.31%
March 10, 2022 2.97% -2.08% -3.73%
March 17, 2022 2.90% -5.34% -11.57%
March 24, 2022 3.83% -7.37% -17.63%
March 31, 2022 3.27% -5.67% -20.25%
April 7, 2022 3.23% -6.13% -18.47%
April 14, 2022 3.41% -7.18% -17.62%
April 21, 2022 5.19% -5.15% -13.83%
April 28, 2022 2.75% 0.11% -8.30%
May 5, 2022 3.38% -2.73% -8.28%
May 12, 2022 3.62% -3.78% 2.43%
May 20, 2022 3.96% -4.06% 2.50%
May 26, 2022 2.77% -1.43% 0.11%
June 2, 2022 3.60% -4.08% -1.69%
June 11, 2022 2.73% -0.86% 1.75%
June 16, 2022 2.48% -2.28% 5.91%
June 23, 2022 3.29% -2.53% 2.17%
June 30, 2022 3.06% -0.74% 2.27%
July 7, 2022 3.26% -0.36% 0.64%
July 21, 2022 3.16% -0.13% 0.14%
July 28, 2022 3.39% 0.71% 0.78%
August 4, 2022 3.68% -3.78% 0.44%
August 11, 2022 3.40% -6.07% -1.99%
August 18, 2022 4.14% -3.54% -3.98%
August 25, 2022 3.67% -6.17% -4.68%
September 1, 2022 3.76% -2.98% 0.45%
September 8, 2022 3.85% -6.58% 0.51%
September 15, 2022 4.94% -6.16% 0.66%
September 22, 2022 3.43% -2.16% 5.67%
September 29, 2022 3.87% -0.66% 11.57%
October 6, 2022 3.29% -3.22% 10.58%
October 14, 2022 4.19% 1.15% 16.31%
October 20, 2022 5.87% -2.59% 13.68%
October 27, 2022 5.68% -1.20% 9.46%
November 3, 2022 3.84% -1.53% 10.91%
November 10, 2022 4.39% 2.59% 5.49%
November 17, 2022 4.11% -0.35% 6.22%
November 23, 2022 4.61% -0.62% 3.78%
December 8, 2022 4.54% 5.97% 9.22%
December 15, 2022 4.60% 10.82% 14.56%
December 22, 2022 4.32% 8.32% 15.53%
December 29, 2022 4.19% 11.52% 15.13%
January 5, 2023 4.10% 0.53% 17.69%
January 12, 2023 4.41% -7.09% 13.21%
January 19, 2023 4.09% 3.78% 18.02%
February 2, 2023 4.38% 4.04% 8.82%
February 9, 2023 4.09% 0.16% 10.33%
February 16, 2023 4.21% 4.50% 8.50%
February 23, 2023 3.60% 4.41% 11.42%
March 2, 2023 3.97% 3.47% 14.28%
March 9, 2023 3.76% 4.52% 14.65%
March 16, 2023 3.90% 2.89% 13.18%
March 23, 2023 4.62% 7.64% 10.27%
March 31, 2023 4.99% 7.04% 5.18%
April 6, 2023 4.58% 1.99% 5.74%
April 13, 2023 5.15% 4.22% 5.12%
April 20, 2023 5.00% 3.20% 3.01%
April 27, 2023 4.63% 2.29% 0.31%
May 4, 2023 4.97% -0.04% 8.08%
May 11, 2023 4.55% 2.05% 7.69%
May 18, 2023 4.64% 7.12% 8.31%
May 25, 2023 4.06% 11.30% 10.61%
June 1, 2023 4.84% 9.38% 9.63%
June 8, 2023 4.97% 3.11% 8.02%
June 15, 2023 4.97% 12.50% 7.25%
June 23, 2023 5.15% 13.88% 10.17%
June 29, 2023 5.58% 8.29% 9.32%
July 6, 2023 3.67% 0.73% 7.24%
July 13, 2023 5.70% 1.02% 6.84%
July 21, 2023 4.25% 7.02% 7.51%
July 27, 2023 4.88% 10.66% 8.54%
August 3, 2023 4.18% 6.61% 10.98%
August 10, 2023 4.14% 3.92% 13.26%
August 17, 2023 4.41% 10.18% 15.37%
August 24, 2023 3.25% 4.31% 17.13%
August 31, 2023 5.23% 6.18% 13.68%
Average 4.06% 1.30% 6.33%

Portfolios Hedged Against > 10.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 7, 2017 4.30% 8.39% 14.07%
August 24, 2017 6.05% 9.91% 13.72%
September 7, 2017 4.60% 5.01% 11.61%
September 28, 2017 5.73% 5.39% 4.73%
September 28, 2017 5.61% 10.22% 4.73%
October 19, 2017 5.45% 13.64% 6.08%
October 26, 2017 4.78% 5.67% 5.13%
December 21, 2017 5.77% 16.94% 3.36%
January 11, 2018 5.57% -0.56% 1.12%
January 18, 2018 5.66% 11.62% 1.55%
January 29, 2018 4.83% 1.99% -0.30%
March 31, 2018 4.83% 6.39% 11.48%
May 10, 2018 6.46% -3.95% 3.03%
May 10, 2018 5.20% 0.53% 3.03%
September 28, 2018 7.65% -7.03% -2.44%
October 15, 2018 6.12% 1.60% 6.77%
Average 5.54% 5.36% 5.48%

Portfolios Hedged Against > 11.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 6, 2017 4.29% 12.31% 14.81%
July 13, 2017 4.63% 15.98% 14.85%
July 27, 2017 4.30% 12.42% 17.10%
September 28, 2017 5.74% 7.17% 4.73%
Average 4.74% 11.97% 12.87%

Portfolios Hedged Against > 12.0% Declines

Starting Date Expected Return Actual Return SPY Return
January 4, 2018 6.21% 13.59% 0.59%
January 11, 2018 5.92% 0.94% 1.12%
January 25, 2018 6.22% 2.65% 1.10%
February 22, 2018 4.98% 3.13% 6.73%
April 26, 2018 7.35% 21.90% 0.53%
May 3, 2018 6.17% 9.01% 4.47%
May 10, 2018 5.43% -2.99% 3.03%
May 17, 2018 8.69% -6.78% 1.54%
May 24, 2018 7.61% 2.81% -2.63%
May 24, 2018 6.72% -2.02% -2.63%
May 31, 2018 5.14% 3.70% 2.66%
November 18, 2018 5.01% -1.08% 5.51%
December 13, 2018 5.26% -0.04% 10.26%
January 29, 2019 5.93% 13.19% 15.51%
March 12, 2019 4.12% 8.71% 8.80%
Average 6.05% 4.45% 3.77%

Portfolios Hedged Against > 13.0% Declines

Starting Date Expected Return Actual Return SPY Return
February 8, 2018 4.50% 5.29% 11.75%
June 7, 2018 6.19% -8.90% -4.12%
June 14, 2018 8.59% -7.07% -5.71%
June 21, 2018 7.28% -7.14% -11.31%
June 28, 2018 7.54% -5.45% -7.58%
July 5, 2018 6.32% -2.85% -6.61%
July 12, 2018 6.72% -8.45% -6.32%
July 19, 2018 7.38% -10.78% -3.83%
July 26, 2018 5.37% -9.83% -5.21%
August 2, 2018 7.44% -7.39% -3.36%
August 9, 2018 8.04% -2.21% -4.12%
August 16, 2018 9.28% 2.44% -1.33%
August 23, 2018 9.11% -6.89% -1.30%
August 30, 2018 8.47% -7.43% -2.99%
September 6, 2018 8.96% -7.66% -2.75%
September 13, 2018 11.10% -4.31% -2.25%
September 20, 2018 10.34% 1.95% -2.66%
September 27, 2018 9.29% -3.84% -2.80%
October 4, 2018 7.25% 8.56% 0.25%
October 11, 2018 5.42% 2.26% 6.99%
October 18, 2018 5.78% -1.54% 6.02%
October 25, 2018 5.69% -5.75% 9.26%
November 1, 2018 6.67% 6.78% 7.80%
November 8, 2018 6.67% 4.18% 3.57%
November 15, 2018 5.53% 1.09% 5.49%
November 21, 2018 6.22% 6.55% 9.23%
November 29, 2018 7.55% 19.01% 2.62%
December 6, 2018 6.61% 0.03% 6.64%
December 13, 2018 6.21% 0.27% 10.26%
December 20, 2018 3.85% 1.07% 20.94%
December 27, 2018 5.16% 4.36% 18.60%
January 3, 2019 4.96% 3.44% 23.49%
January 10, 2019 5.89% 16.40% 16.42%
January 17, 2019 5.93% 5.55% 14.28%
January 24, 2019 12.09% -5.62% 15.44%
January 31, 2019 6.63% -1.73% 11.21%
February 10, 2019 4.19% 4.34% 8.82%
February 14, 2019 6.13% 3.52% 4.43%
February 21, 2019 6.07% 3.66% 6.40%
February 28, 2019 6.78% -0.38% 4.63%
March 7, 2019 5.54% -8.24% 9.38%
March 14, 2019 6.19% -6.08% 8.08%
March 21, 2019 7.66% 1.77% 5.76%
March 28, 2019 7.53% 0.29% 6.24%
April 4, 2019 5.44% -4.61% 3.47%
April 11, 2019 7.02% -0.96% 3.78%
April 18, 2019 6.02% -7.02% 3.72%
April 25, 2019 6.39% -4.95% 4.25%
May 2, 2019 5.88% -2.04% 6.14%
May 9, 2019 6.48% -9.91% 8.80%
May 16, 2019 5.76% 0.54% 9.41%
May 23, 2019 4.59% 7.98% 11.27%
May 30, 2019 5.81% 4.47% 13.72%
June 6, 2019 5.47% -9.78% 11.61%
June 13, 2019 5.47% 1.16% 10.62%
June 20, 2019 5.14% -2.88% 9.97%
June 27, 2019 6.19% 2.03% 11.82%
July 3, 2019 7.17% 1.23% 8.93%
July 11, 2019 6.00% 1.92% 9.86%
July 18, 2019 5.08% 1.63% 12.14%
July 25, 2019 5.75% 0.01% 10.64%
August 1, 2019 5.85% 8.71% 10.16%
August 8, 2019 5.97% 3.16% 14.22%
August 15, 2019 5.78% -4.10% 19.74%
August 29, 2019 5.80% -3.20% 2.23%
September 5, 2019 6.01% -3.69% 2.55%
September 12, 2019 6.41% -5.82% -16.86%
September 19, 2019 5.11% -10.06% -19.35%
September 26, 2019 5.44% -4.14% -11.08%
October 3, 2019 4.93% 10.74% -13.60%
October 10, 2019 3.65% -7.87% -4.08%
October 17, 2019 3.49% -7.20% -3.16%
October 24, 2019 3.86% 10.28% -4.75%
October 31, 2019 4.06% -4.73% -3.18%
November 7, 2019 7.77% -2.03% -5.62%
November 14, 2019 5.19% 0.18% -6.92%
November 21, 2019 4.81% -4.81% -3.91%
November 28, 2019 5.54% -6.34% -2.90%
December 5, 2019 9.32% -18.61% 3.48%
December 12, 2019 4.43% -5.31% -3.01%
December 19, 2019 4.25% -5.44% -2.33%
December 26, 2019 3.64% -0.30% -6.10%
January 2, 2020 4.87% 1.52% -2.87%
January 9, 2020 4.11% -3.95% -2.74%
January 16, 2020 4.10% -2.10% -2.03%
January 23, 2020 5.42% -5.34% -1.61%
January 30, 2020 4.05% -4.71% -0.09%
February 6, 2020 4.20% -4.18% 1.17%
February 13, 2020 5.16% 16.43% 0.99%
February 20, 2020 5.12% -6.04% 1.46%
February 27, 2020 5.08% 0.73% 18.32%
March 5, 2020 4.11% 4.89% 14.46%
March 12, 2020 6.13% -0.56% 36.07%
March 19, 2020 3.16% 3.90% 39.50%
March 26, 2020 2.06% 3.44% 26.92%
April 2, 2020 2.03% 4.85% 33.69%
April 9, 2020 2.90% -2.61% 25.74%
April 16, 2020 3.11% -0.90% 25.49%
April 23, 2020 2.19% 5.09% 24.95%
May 1, 2020 4.69% 1.77% 16.45%
May 7, 2020 4.65% -0.26% 22.75%
May 14, 2020 4.10% 4.32% 26.73%
May 21, 2020 4.42% -5.99% 21.52%
May 28, 2020 3.35% -4.92% 21.05%
June 4, 2020 4.55% 19.14% 19.79%
June 11, 2020 4.08% 17.78% 22.89%
June 19, 2020 4.81% 7.35% 20.61%
June 25, 2020 4.76% 6.11% 21.06%
July 2, 2020 4.07% 15.72% 20.74%
July 9, 2020 5.94% 2.44% 22.29%
July 16, 2020 6.31% 1.78% 18.09%
July 23, 2020 6.22% -10.70% 19.54%
July 30, 2020 9.82% -5.90% 15.19%
August 6, 2020 5.47% -5.94% 16.93%
August 13, 2020 7.53% 1.24% 17.54%
August 20, 2020 4.91% 5.58% 16.26%
August 27, 2020 7.27% -4.76% 10.11%
September 3, 2020 5.67% 17.16% 11.35%
September 10, 2020 6.03% -7.48% 17.65%
September 17, 2020 6.78% -2.15% 19.28%
September 24, 2020 6.39% -1.23% 20.70%
October 2, 2020 5.59% -4.34% 20.91%
October 8, 2020 6.42% -0.16% 19.73%
October 15, 2020 5.68% 5.68% 20.58%
October 22, 2020 5.96% 5.65% 20.54%
October 29, 2020 5.09% -8.38% 28.26%
November 5, 2020 7.56% 0.47% 19.60%
November 12, 2020 5.54% -5.35% 15.65%
November 19, 2020 6.04% -2.79% 15.71%
November 25, 2020 7.09% -5.22% 16.20%
December 3, 2020 6.61% 2.82% 15.07%
December 10, 2020 5.94% -1.77% 16.38%
December 17, 2020 5.74% 5.76% 14.22%
December 24, 2020 6.17% -1.18% 15.96%
December 31, 2020 7.42% 4.09% 15.25%
January 7, 2021 5.80% 3.68% 15.36%
January 14, 2021 7.10% -5.90% 16.03%
January 21, 2021 7.01% -6.68% 13.84%
January 28, 2021 8.17% 1.58% 16.97%
February 4, 2021 11.36% -0.38% 14.42%
February 11, 2021 10.54% -6.90% 14.33%
February 18, 2021 8.01% -8.44% 13.15%
February 25, 2021 8.40% -7.59% 18.19%
March 4, 2021 6.53% -1.85% 21.07%
March 11, 2021 6.26% -4.01% 13.94%
March 18, 2021 6.80% -9.70% 13.86%
March 25, 2021 5.75% -10.87% 14.66%
April 1, 2021 5.67% -7.63% 9.11%
April 8, 2021 5.70% -6.68% 7.89%
April 15, 2021 7.18% -10.43% 7.92%
April 22, 2021 7.13% -3.42% 10.63%
April 29, 2021 6.62% -7.10% 10.05%
May 6, 2021 7.31% 11.56% 12.54%
May 13, 2021 6.18% 15.18% 14.64%
May 20, 2021 5.71% 9.28% 13.65%
May 27, 2021 4.63% 13.51% 10.18%
June 3, 2021 6.27% 0.17% 8.98%
June 10, 2021 6.17% -6.36% 11.86%
June 17, 2021 6.38% 0.30% 10.09%
June 24, 2021 6.25% -6.24% 11.46%
July 1, 2021 5.63% -7.13% 11.10%
July 8, 2021 6.19% -1.37% 8.90%
July 15, 2021 6.78% 5.38% 7.62%
July 22, 2021 7.15% -12.10% 1.26%
July 29, 2021 6.56% 1.55% 0.98%
August 5, 2021 11.34% 0.50% 2.26%
August 12, 2021 5.54% -5.63% -0.37%
August 19, 2021 6.10% -5.25% -0.61%
September 2, 2021 8.51% -10.15% -2.72%
September 9, 2021 9.00% -11.36% -4.16%
September 16, 2021 8.00% -3.79% -1.92%
September 23, 2021 7.16% -5.72% 0.80%
September 30, 2021 7.26% -9.77% 7.60%
October 7, 2021 9.95% 2.12% 2.98%
October 14, 2021 9.06% 1.48% -0.41%
October 21, 2021 8.80% 17.38% -2.78%
October 28, 2021 10.04% -11.11% -6.04%
November 6, 2021 8.92% -3.73% -11.62%
November 11, 2021 7.80% 8.60% -14.75%
November 18, 2021 8.71% 8.89% -16.02%
November 24, 2021 7.40% 10.35% -15.54%
December 2, 2021 6.87% -11.35% -8.14%
December 9, 2021 5.71% -9.91% -13.35%
December 16, 2021 7.48% -11.04% -20.87%
December 23, 2021 4.79% -9.91% -19.07%
December 30, 2021 6.18% -10.91% -20.19%
January 6, 2022 5.37% -7.40% -17.49%
January 13, 2022 3.98% -10.49% -17.85%
January 20, 2022 5.10% -5.40% -10.98%
January 27, 2022 7.51% 5.91% -6.32%
February 3, 2022 4.53% 0.74% -6.51%
February 10, 2022 5.32% 4.33% -5.84%
February 17, 2022 4.46% -0.79% -1.66%
February 24, 2022 4.68% 6.64% -2.70%
March 3, 2022 5.75% 0.71% -9.31%
March 10, 2022 5.61% -10.96% -3.73%
March 17, 2022 4.71% -2.41% -11.57%
March 24, 2022 4.52% -9.99% -17.63%
April 7, 2022 5.53% -11.05% -18.47%
April 14, 2022 5.36% -2.21% -17.62%
April 28, 2022 5.53% -6.66% -8.30%
May 5, 2022 11.27% -6.56% -8.28%
May 20, 2022 10.63% -11.33% 2.50%
May 26, 2022 4.37% 0.71% 0.11%
June 11, 2022 8.13% -9.84% 1.75%
June 23, 2022 6.70% -2.43% 2.17%
June 30, 2022 6.01% -10.22% 2.27%
July 7, 2022 6.29% -4.15% 0.64%
September 8, 2022 7.60% -5.65% 0.51%
September 15, 2022 13.24% -7.88% 0.66%
September 22, 2022 7.33% -2.27% 5.67%
September 29, 2022 6.80% 5.11% 11.57%
October 14, 2022 10.04% -10.54% 16.31%
October 20, 2022 11.88% -6.24% 13.68%
October 27, 2022 11.92% -6.84% 9.46%
November 3, 2022 10.78% -6.59% 10.91%
November 10, 2022 6.30% 9.07% 5.49%
November 17, 2022 5.02% 13.40% 6.22%
November 23, 2022 6.93% 8.93% 3.78%
December 8, 2022 5.46% 5.40% 9.22%
December 15, 2022 6.96% 13.67% 14.56%
December 22, 2022 7.26% 13.68% 15.53%
December 29, 2022 8.02% 16.45% 15.13%
January 5, 2023 6.77% 3.79% 17.69%
January 12, 2023 6.93% 5.11% 13.21%
January 19, 2023 6.71% 15.58% 18.02%
February 9, 2023 8.51% -2.02% 10.33%
February 16, 2023 6.57% 6.93% 8.50%
February 23, 2023 8.02% -0.19% 11.42%
March 2, 2023 7.03% 14.81% 14.28%
March 16, 2023 6.79% 0.33% 13.18%
March 23, 2023 6.15% -7.46% 10.27%
March 31, 2023 6.23% 23.28% 5.18%
April 6, 2023 6.34% 5.38% 5.74%
April 13, 2023 6.22% -10.86% 5.12%
April 20, 2023 7.70% -9.61% 3.01%
April 27, 2023 7.82% -0.03% 0.31%
May 4, 2023 7.64% 9.40% 8.08%
May 11, 2023 5.58% 1.66% 7.69%
May 18, 2023 6.68% -2.26% 8.31%
May 25, 2023 7.04% 6.36% 10.61%
June 1, 2023 6.51% 1.96% 9.63%
June 8, 2023 7.78% 5.38% 8.02%
June 15, 2023 11.46% 5.98% 7.25%
June 23, 2023 9.16% 7.60% 10.17%
June 29, 2023 7.98% 1.71% 9.32%
July 6, 2023 8.05% 6.35% 7.24%
July 13, 2023 9.70% -5.86% 6.84%
July 21, 2023 7.04% 11.23% 7.51%
July 27, 2023 6.07% -3.31% 8.54%
August 3, 2023 7.02% -9.73% 10.98%
August 10, 2023 8.52% -0.96% 13.26%
August 17, 2023 6.36% 5.60% 15.37%
August 24, 2023 7.05% 10.71% 17.13%
August 31, 2023 7.10% -0.82% 13.68%
Average 6.49% -0.58% 6.65%

Portfolios Hedged Against > 14.0% Declines

Starting Date Expected Return Actual Return SPY Return
December 28, 2017 5.97% 9.95% 1.99%
January 18, 2018 6.01% 9.65% 1.55%
January 25, 2018 6.01% 5.65% 1.10%
February 8, 2018 4.51% 6.58% 11.75%
February 15, 2018 5.49% -6.65% 4.08%
February 15, 2018 5.18% -8.55% 4.08%
May 24, 2018 6.94% -3.39% -2.63%
May 24, 2018 7.24% -7.08% -2.63%
May 31, 2018 4.81% -1.57% 2.66%
June 7, 2018 4.97% -4.27% -4.12%
June 14, 2018 8.16% -6.08% -5.71%
June 21, 2018 7.99% -10.71% -11.31%
June 28, 2018 7.19% -7.76% -7.58%
July 5, 2018 6.04% -5.18% -6.61%
July 12, 2018 7.27% -7.76% -6.32%
July 19, 2018 7.00% -10.43% -3.83%
July 26, 2018 6.27% -6.50% -5.21%
August 2, 2018 7.10% -8.11% -3.36%
August 9, 2018 8.10% -2.06% -4.12%
August 16, 2018 9.51% -2.27% -1.33%
August 23, 2018 9.32% 0.67% -1.30%
August 30, 2018 8.68% -8.29% -2.99%
September 6, 2018 10.56% -8.61% -2.75%
September 13, 2018 10.58% -3.48% -2.25%
September 20, 2018 8.46% -2.43% -2.66%
September 27, 2018 10.40% -10.62% -2.80%
October 4, 2018 7.33% 7.16% 0.25%
October 11, 2018 6.95% 0.36% 6.99%
October 18, 2018 6.51% -2.81% 6.02%
October 25, 2018 6.18% 4.41% 9.26%
November 1, 2018 6.83% 7.97% 7.80%
November 8, 2018 7.40% 4.98% 3.57%
November 15, 2018 8.36% 6.45% 5.49%
November 21, 2018 5.90% 2.29% 9.23%
November 29, 2018 8.72% 3.69% 2.62%
December 6, 2018 7.90% 0.52% 6.64%
December 13, 2018 6.68% 0.68% 10.26%
December 20, 2018 5.57% 3.85% 20.94%
December 27, 2018 5.39% 3.98% 18.60%
January 3, 2019 5.08% 12.87% 23.49%
January 10, 2019 4.89% 7.14% 16.42%
January 17, 2019 6.05% 6.13% 14.28%
January 24, 2019 9.94% 3.87% 15.44%
January 31, 2019 8.59% 11.21% 11.21%
February 10, 2019 4.66% 4.82% 8.82%
February 14, 2019 5.81% 2.78% 4.43%
February 21, 2019 6.00% 0.27% 6.40%
February 28, 2019 5.35% -5.23% 4.63%
March 7, 2019 5.80% 0.49% 9.38%
March 14, 2019 5.75% -2.33% 8.08%
March 21, 2019 6.56% -4.77% 5.76%
March 28, 2019 6.22% -1.36% 6.24%
April 4, 2019 5.27% -1.42% 3.47%
April 11, 2019 7.14% -4.16% 3.78%
April 18, 2019 5.98% -6.92% 3.72%
April 25, 2019 5.94% -1.42% 4.25%
May 2, 2019 7.45% -5.03% 6.14%
May 9, 2019 6.10% -7.43% 8.80%
May 16, 2019 5.82% 6.17% 9.41%
May 23, 2019 5.83% -6.19% 11.27%
May 30, 2019 6.42% 4.60% 13.72%
June 6, 2019 6.03% -5.47% 11.61%
June 13, 2019 6.19% -1.45% 10.62%
June 20, 2019 6.02% -0.80% 9.97%
June 27, 2019 7.10% 2.75% 11.82%
July 3, 2019 7.04% -1.70% 8.93%
July 18, 2019 6.41% 5.65% 12.14%
July 25, 2019 6.13% -0.30% 10.64%
August 1, 2019 6.00% 10.23% 10.16%
August 8, 2019 5.69% 3.91% 14.22%
August 15, 2019 6.10% 3.00% 19.74%
August 22, 2019 6.48% 5.12% 15.15%
August 29, 2019 6.24% -5.07% 2.23%
September 5, 2019 5.84% -0.61% 2.55%
September 12, 2019 6.62% -9.50% -16.86%
September 19, 2019 5.52% -11.03% -19.35%
September 26, 2019 4.98% -7.34% -11.08%
October 3, 2019 4.90% 5.18% -13.60%
October 10, 2019 6.35% -1.56% -4.08%
October 17, 2019 5.89% 0.98% -3.16%
October 24, 2019 5.35% 6.13% -4.75%
October 31, 2019 5.87% -3.41% -3.18%
November 14, 2019 6.19% -6.01% -6.92%
November 21, 2019 5.57% 1.75% -3.91%
November 28, 2019 6.35% -8.68% -2.90%
December 5, 2019 7.99% -12.56% 3.48%
December 12, 2019 3.70% 0.56% -3.01%
December 19, 2019 3.55% -1.92% -2.33%
December 26, 2019 4.06% -1.22% -6.10%
January 2, 2020 6.13% 2.88% -2.87%
January 9, 2020 4.72% -9.65% -2.74%
January 16, 2020 4.92% -2.17% -2.03%
January 23, 2020 4.71% 2.02% -1.61%
January 30, 2020 3.86% -2.11% -0.09%
February 6, 2020 5.35% 5.77% 1.17%
February 13, 2020 6.43% 4.98% 0.99%
February 20, 2020 4.85% 1.21% 1.46%
February 20, 2020 4.70% 8.04% 1.46%
February 27, 2020 5.79% 2.86% 18.32%
March 5, 2020 4.42% 5.39% 14.46%
March 12, 2020 2.84% 4.32% 36.07%
March 19, 2020 6.66% 5.09% 39.50%
March 26, 2020 3.50% -3.31% 26.92%
April 2, 2020 3.80% 4.40% 33.69%
April 9, 2020 3.99% -0.50% 25.74%
April 16, 2020 4.76% -3.36% 25.49%
April 23, 2020 3.23% 0.82% 24.95%
May 1, 2020 4.13% 0.93% 16.45%
May 7, 2020 5.40% 4.21% 22.75%
May 14, 2020 4.87% 6.34% 26.73%
May 21, 2020 3.71% 5.15% 21.52%
Average 6.15% -0.29% 5.63%

Portfolios Hedged Against > 15.0% Declines

Starting Date Expected Return Actual Return SPY Return
April 23, 2017 4.87% 15.41% 10.25%
December 31, 2017 5.72% 13.07% 2.52%
January 29, 2018 5.49% 9.88% -0.30%
February 1, 2018 4.89% -5.69% 0.59%
February 1, 2018 5.68% 0.87% 0.59%
February 22, 2018 5.23% 5.74% 6.73%
March 1, 2018 4.94% 5.80% 9.37%
March 8, 2018 5.20% -1.77% 5.82%
March 8, 2018 5.16% -4.26% 5.82%
March 15, 2018 4.91% -4.70% 6.68%
March 15, 2018 5.12% 1.73% 6.68%
March 22, 2018 4.82% 5.89% 11.74%
March 22, 2018 5.16% 3.20% 11.74%
March 29, 2018 5.13% 4.47% 11.48%
March 29, 2018 5.28% 5.03% 11.48%
March 31, 2018 5.32% 9.06% 11.48%
April 5, 2018 7.06% -3.70% 9.33%
April 5, 2018 6.73% -1.33% 9.33%
April 12, 2018 5.82% 3.66% 4.71%
April 26, 2018 6.53% 14.99% 0.53%
April 26, 2018 6.34% 5.01% 0.53%
May 3, 2018 6.28% 2.47% 4.47%
May 10, 2018 5.79% -2.96% 3.03%
May 17, 2018 7.09% -0.74% 1.54%
May 17, 2018 8.05% 4.72% 1.54%
May 31, 2018 4.91% -2.33% 2.66%
June 7, 2018 5.38% -9.65% -4.12%
June 14, 2018 7.64% -8.61% -5.71%
June 21, 2018 7.35% -11.82% -11.31%
June 28, 2018 7.31% -7.70% -7.58%
July 5, 2018 6.00% -6.88% -6.61%
July 12, 2018 6.26% -4.41% -6.32%
July 19, 2018 6.87% -10.71% -3.83%
July 26, 2018 6.13% -8.27% -5.21%
August 2, 2018 6.15% -6.12% -3.36%
August 9, 2018 7.98% -1.73% -4.12%
August 16, 2018 8.86% -0.80% -1.33%
August 23, 2018 9.70% -4.40% -1.30%
August 30, 2018 8.35% -8.91% -2.99%
September 6, 2018 9.05% -4.93% -2.75%
September 13, 2018 10.67% -5.37% -2.25%
September 20, 2018 8.51% -0.82% -2.66%
September 27, 2018 9.10% -4.31% -2.80%
October 4, 2018 6.69% 1.05% 0.25%
October 11, 2018 6.17% 4.25% 6.99%
October 18, 2018 5.98% 0.20% 6.02%
October 25, 2018 5.86% 3.56% 9.26%
November 1, 2018 5.55% 9.04% 7.80%
November 8, 2018 6.14% 1.87% 3.57%
November 15, 2018 6.56% 6.50% 5.49%
November 21, 2018 5.62% 0.59% 9.23%
November 29, 2018 7.97% -0.11% 2.62%
December 6, 2018 5.90% 1.80% 6.64%
December 13, 2018 6.43% -1.73% 10.26%
December 20, 2018 4.86% 4.24% 20.94%
December 27, 2018 4.86% 8.54% 18.60%
January 3, 2019 4.40% 8.38% 23.49%
January 10, 2019 4.86% 4.64% 16.42%
January 17, 2019 5.23% 6.15% 14.28%
January 24, 2019 9.46% 4.86% 15.44%
January 31, 2019 7.39% 13.03% 11.21%
February 10, 2019 4.62% 12.20% 8.82%
February 14, 2019 5.24% 5.14% 4.43%
February 21, 2019 5.84% 8.64% 6.40%
February 28, 2019 5.35% -3.35% 4.63%
March 7, 2019 4.94% 6.61% 9.38%
March 14, 2019 5.11% 9.53% 8.08%
March 21, 2019 5.88% -4.74% 5.76%
March 28, 2019 5.42% -5.13% 6.24%
April 4, 2019 5.59% 0.00% 3.47%
April 11, 2019 6.33% -3.89% 3.78%
April 18, 2019 5.87% -1.70% 3.72%
April 25, 2019 6.04% 2.26% 4.25%
May 2, 2019 6.21% -1.73% 6.14%
May 9, 2019 5.75% 1.49% 8.80%
May 16, 2019 5.47% 5.84% 9.41%
May 23, 2019 5.76% -2.16% 11.27%
May 30, 2019 5.13% 3.00% 13.72%
June 6, 2019 5.41% 0.16% 11.61%
June 13, 2019 5.96% -2.18% 10.62%
June 20, 2019 6.82% -1.01% 9.97%
June 27, 2019 6.61% 0.97% 11.82%
July 3, 2019 6.98% 0.25% 8.93%
July 11, 2019 5.91% 0.09% 9.86%
July 18, 2019 6.00% 3.84% 12.14%
July 25, 2019 5.84% 1.16% 10.64%
August 1, 2019 5.76% 9.84% 10.16%
August 8, 2019 5.58% 6.95% 14.22%
August 15, 2019 5.42% 3.34% 19.74%
August 22, 2019 5.44% 3.34% 15.15%
August 29, 2019 6.31% -5.30% 2.23%
September 5, 2019 5.91% -0.13% 2.55%
September 12, 2019 5.58% -9.27% -16.86%
September 19, 2019 5.68% -11.97% -19.35%
October 3, 2019 4.70% -7.43% -13.60%
October 17, 2019 4.68% -1.54% -3.16%
November 7, 2019 4.97% -1.83% -5.62%
November 7, 2019 5.69% 2.33% -5.62%
November 21, 2019 4.15% -3.34% -3.91%
November 21, 2019 4.13% -3.19% -3.91%
November 28, 2019 4.51% -7.06% -2.90%
December 5, 2019 6.61% -4.71% 3.48%
December 12, 2019 3.43% -2.35% -3.01%
December 19, 2019 4.02% 5.82% -2.33%
December 26, 2019 4.59% 4.59% -6.10%
January 2, 2020 4.44% 6.66% -2.87%
January 9, 2020 4.28% -1.26% -2.74%
January 16, 2020 4.75% -0.82% -2.03%
January 30, 2020 4.51% 1.78% -0.09%
February 6, 2020 4.93% 11.36% 1.17%
February 13, 2020 5.33% 8.37% 0.99%
February 20, 2020 4.92% 7.69% 1.46%
February 27, 2020 4.55% 2.75% 18.32%
March 5, 2020 3.80% 4.95% 14.46%
March 12, 2020 2.09% 2.54% 36.07%
March 19, 2020 9.11% 1.40% 39.50%
March 26, 2020 2.09% 2.80% 26.92%
April 2, 2020 2.77% 2.88% 33.69%
April 9, 2020 3.42% 1.78% 25.74%
April 16, 2020 4.34% 0.24% 25.49%
April 23, 2020 3.42% 3.33% 24.95%
May 1, 2020 4.67% 3.38% 16.45%
May 7, 2020 4.58% 2.86% 22.75%
May 14, 2020 4.40% 2.33% 26.73%
May 21, 2020 4.51% 11.26% 21.52%
June 4, 2020 5.52% 16.02% 19.79%
June 11, 2020 6.01% 22.08% 22.89%
June 25, 2020 5.77% 5.45% 21.06%
July 2, 2020 6.20% 12.32% 20.74%
July 9, 2020 6.74% 10.44% 22.29%
July 16, 2020 6.09% 7.70% 18.09%
July 23, 2020 6.74% 11.94% 19.54%
July 30, 2020 7.02% 13.71% 15.19%
August 6, 2020 6.62% 11.43% 16.93%
August 13, 2020 7.27% 15.24% 17.54%
August 20, 2020 6.27% 11.92% 16.26%
August 27, 2020 7.93% 12.38% 10.11%
September 3, 2020 4.58% 7.58% 11.35%
September 10, 2020 7.31% 7.95% 17.65%
September 17, 2020 7.50% 2.70% 19.28%
September 24, 2020 6.36% 7.23% 20.70%
October 2, 2020 6.77% 8.91% 20.91%
October 8, 2020 6.77% 2.52% 19.73%
October 15, 2020 6.78% 7.84% 20.58%
October 22, 2020 7.17% 9.71% 20.54%
October 29, 2020 6.38% 13.75% 28.26%
November 5, 2020 6.36% -0.10% 19.60%
November 12, 2020 6.79% 1.40% 15.65%
November 19, 2020 7.13% -0.87% 15.71%
November 25, 2020 7.24% -1.96% 16.20%
December 3, 2020 7.15% -1.72% 15.07%
December 10, 2020 7.29% -3.59% 16.38%
December 17, 2020 6.49% -2.77% 14.22%
December 24, 2020 6.70% 12.65% 15.96%
December 31, 2020 6.97% 7.89% 15.25%
January 7, 2021 6.72% -9.01% 15.36%
January 14, 2021 7.45% -10.71% 16.03%
January 21, 2021 8.04% -2.96% 13.84%
January 28, 2021 9.42% -9.11% 16.97%
February 4, 2021 7.81% -8.25% 14.42%
February 11, 2021 8.59% -10.92% 14.33%
February 18, 2021 8.65% -7.72% 13.15%
February 25, 2021 6.69% -6.71% 18.19%
March 4, 2021 6.75% -3.90% 21.07%
March 11, 2021 8.03% 1.55% 13.94%
March 18, 2021 6.96% -9.83% 13.86%
March 25, 2021 6.38% -4.79% 14.66%
April 1, 2021 6.69% -8.26% 9.11%
April 8, 2021 6.84% -7.26% 7.89%
April 15, 2021 6.65% -4.80% 7.92%
April 22, 2021 6.08% 0.06% 10.63%
April 29, 2021 6.64% 2.06% 10.05%
May 6, 2021 6.72% 14.34% 12.54%
May 13, 2021 5.18% 16.06% 14.64%
May 20, 2021 6.15% 3.91% 13.65%
May 27, 2021 6.18% 3.81% 10.18%
June 3, 2021 6.52% -0.98% 8.98%
June 10, 2021 6.15% -4.70% 11.86%
June 17, 2021 7.02% -6.47% 10.09%
June 24, 2021 6.27% -5.99% 11.46%
July 1, 2021 7.02% -5.96% 11.10%
July 8, 2021 6.09% -5.51% 8.90%
July 15, 2021 9.75% -3.57% 7.62%
July 22, 2021 5.65% -8.20% 1.26%
July 29, 2021 6.28% -6.93% 0.98%
August 5, 2021 6.96% -7.68% 2.26%
August 12, 2021 7.02% 1.29% -0.37%
August 19, 2021 7.52% -3.07% -0.61%
September 9, 2021 10.47% -10.69% -4.16%
September 16, 2021 7.27% -7.20% -1.92%
September 23, 2021 6.84% -6.19% 0.80%
September 30, 2021 6.43% -5.17% 7.60%
October 7, 2021 7.28% -0.39% 2.98%
October 14, 2021 6.96% -0.24% -0.41%
October 21, 2021 6.60% 0.12% -2.78%
October 28, 2021 7.36% -3.41% -6.04%
November 6, 2021 7.52% -8.75% -11.62%
November 11, 2021 7.98% -5.04% -14.75%
November 18, 2021 8.49% -2.91% -16.02%
November 24, 2021 7.89% -6.57% -15.54%
December 2, 2021 6.80% -12.40% -8.14%
December 9, 2021 5.59% -10.75% -13.35%
December 16, 2021 5.02% -8.78% -20.87%
December 23, 2021 6.04% -12.55% -19.07%
December 30, 2021 4.88% -6.30% -20.19%
January 6, 2022 4.43% -9.78% -17.49%
January 13, 2022 5.26% -8.72% -17.85%
January 20, 2022 4.64% -5.60% -10.98%
January 27, 2022 4.26% -8.67% -6.32%
February 3, 2022 5.26% 2.09% -6.51%
February 10, 2022 5.13% -4.79% -5.84%
February 17, 2022 4.56% -4.98% -1.66%
February 24, 2022 5.49% 0.22% -2.70%
March 3, 2022 5.40% -1.97% -9.31%
March 10, 2022 5.56% -5.18% -3.73%
March 17, 2022 5.18% -7.95% -11.57%
March 24, 2022 5.77% -11.98% -17.63%
March 31, 2022 5.48% -6.02% -20.25%
April 7, 2022 5.15% -8.99% -18.47%
April 14, 2022 5.39% -5.29% -17.62%
April 21, 2022 6.09% -9.75% -13.83%
April 28, 2022 5.47% -4.21% -8.30%
May 2, 2022 11.50% 7.62% -8.79%
May 5, 2022 8.04% -2.91% -8.28%
May 12, 2022 6.84% 8.58% 2.43%
May 20, 2022 8.58% -2.53% 2.50%
May 26, 2022 3.99% -0.72% 0.11%
June 2, 2022 6.86% -8.34% -1.69%
June 16, 2022 4.78% -8.18% 5.91%
June 23, 2022 6.32% -2.39% 2.17%
June 30, 2022 5.68% -1.90% 2.27%
July 7, 2022 5.86% 2.36% 0.64%
July 14, 2022 7.24% -2.31% 6.38%
July 21, 2022 6.09% 4.07% 0.14%
July 28, 2022 6.06% 1.46% 0.78%
August 4, 2022 7.58% -7.95% 0.44%
August 11, 2022 6.86% -5.25% -1.99%
August 18, 2022 8.23% -3.02% -3.98%
August 25, 2022 6.89% -7.73% -4.68%
September 1, 2022 7.34% -1.16% 0.45%
September 8, 2022 7.23% -7.06% 0.51%
September 15, 2022 7.83% -1.97% 0.66%
September 22, 2022 5.95% -1.97% 5.67%
September 29, 2022 7.96% -7.86% 11.57%
October 6, 2022 5.92% -3.91% 10.58%
October 14, 2022 8.00% -2.27% 16.31%
October 20, 2022 8.85% -6.10% 13.68%
October 27, 2022 8.77% -2.98% 9.46%
November 3, 2022 6.47% -7.65% 10.91%
November 10, 2022 6.43% -2.19% 5.49%
November 17, 2022 7.03% 4.07% 6.22%
November 23, 2022 7.31% -4.94% 3.78%
December 8, 2022 7.11% -0.17% 9.22%
December 15, 2022 6.69% 11.61% 14.56%
December 22, 2022 7.09% 11.67% 15.53%
December 29, 2022 6.75% 16.96% 15.13%
January 5, 2023 7.17% 2.34% 17.69%
January 12, 2023 6.33% 10.57% 13.21%
January 19, 2023 6.20% 7.39% 18.02%
February 2, 2023 6.38% 0.86% 8.82%
February 9, 2023 6.12% 0.80% 10.33%
February 16, 2023 5.97% 8.29% 8.50%
February 23, 2023 5.79% 3.74% 11.42%
March 2, 2023 6.40% 8.58% 14.28%
March 9, 2023 6.14% 8.33% 14.65%
March 16, 2023 6.38% 2.01% 13.18%
March 23, 2023 5.61% 0.40% 10.27%
March 31, 2023 6.42% 9.15% 5.18%
April 6, 2023 6.83% 8.37% 5.74%
April 13, 2023 7.69% 11.71% 5.12%
April 20, 2023 6.56% 8.18% 3.01%
April 27, 2023 8.48% 10.13% 0.31%
May 4, 2023 8.15% 5.51% 8.08%
May 11, 2023 6.18% 13.14% 7.69%
May 18, 2023 6.81% 9.74% 8.31%
May 25, 2023 7.28% 3.72% 10.61%
June 1, 2023 7.81% 0.17% 9.63%
June 8, 2023 7.93% 4.77% 8.02%
June 15, 2023 8.22% 5.40% 7.25%
June 23, 2023 9.01% 8.42% 10.17%
June 29, 2023 9.56% 3.35% 9.32%
July 6, 2023 7.45% -4.27% 7.24%
July 13, 2023 9.41% 2.97% 6.84%
July 21, 2023 7.95% 6.41% 7.51%
July 27, 2023 8.30% -1.58% 8.54%
August 3, 2023 8.23% 13.06% 10.98%
August 10, 2023 8.36% 14.67% 13.26%
August 17, 2023 7.67% 29.43% 15.37%
August 24, 2023 7.55% 17.66% 17.13%
August 31, 2023 7.82% 13.81% 13.68%
Average 6.36% 0.89% 6.30%

Portfolios Hedged Against > 16.0% Declines

Starting Date Expected Return Actual Return SPY Return
March 1, 2018 4.73% 0.28% 9.37%
August 8, 2019 6.23% 5.70% 14.22%
February 20, 2020 6.32% 10.75% 1.46%
Average 5.76% 5.58% 8.35%

Portfolios Hedged Against > 18.0% Declines

Starting Date Expected Return Actual Return SPY Return
May 30, 2019 5.35% 4.79% 13.72%
Average 5.35% 4.79% 13.72%

Portfolios Hedged Against > 19.0% Declines

Starting Date Expected Return Actual Return SPY Return
December 12, 2019 4.12% 0.99% -3.01%
Average 4.12% 0.99% -3.01%

Portfolios Hedged Against > 20.0% Declines

Starting Date Expected Return Actual Return SPY Return
June 22, 2017 5.64% 20.08% 11.27%
August 31, 2017 5.25% 9.10% 10.87%
October 12, 2017 5.99% 2.12% 5.38%
October 19, 2017 6.47% 13.05% 6.08%
October 26, 2017 5.78% 9.39% 5.13%
November 2, 2017 6.33% 10.67% 3.11%
November 9, 2017 6.39% 4.45% 5.34%
November 16, 2017 5.88% 5.18% 6.22%
November 22, 2017 6.22% 7.31% 5.90%
November 30, 2017 6.10% -4.74% 3.80%
December 8, 2017 5.50% 4.50% 5.73%
December 14, 2017 5.09% 17.49% 5.87%
December 21, 2017 6.05% 12.33% 3.36%
December 28, 2017 6.53% 9.45% 1.99%
January 4, 2018 6.25% 12.92% 0.59%
January 11, 2018 5.87% 9.14% 1.12%
January 18, 2018 6.07% 7.89% 1.55%
January 25, 2018 6.37% 6.19% 1.10%
January 29, 2018 6.22% 10.48% -0.30%
February 1, 2018 5.89% 0.84% 0.59%
February 8, 2018 4.88% 12.49% 11.75%
February 15, 2018 5.30% -6.14% 4.08%
February 22, 2018 5.73% 6.90% 6.73%
March 1, 2018 5.31% 6.66% 9.37%
March 8, 2018 5.58% -3.20% 5.82%
March 15, 2018 5.30% 2.50% 6.68%
March 22, 2018 4.97% 9.58% 11.74%
March 22, 2018 5.03% 8.82% 11.74%
March 29, 2018 5.42% 7.72% 11.48%
April 5, 2018 6.81% 0.20% 9.33%
April 12, 2018 6.10% 4.63% 4.71%
April 19, 2018 7.05% 17.36% 3.67%
April 26, 2018 6.70% 17.44% 0.53%
May 3, 2018 6.57% 7.54% 4.47%
May 10, 2018 5.74% 2.61% 3.03%
May 17, 2018 7.37% -4.37% 1.54%
May 24, 2018 7.54% -6.80% -2.63%
May 31, 2018 5.17% -4.70% 2.66%
June 7, 2018 5.70% -11.51% -4.12%
June 14, 2018 8.21% -9.78% -5.71%
June 21, 2018 8.01% -17.22% -11.31%
June 28, 2018 7.50% -7.95% -7.58%
July 5, 2018 5.87% -13.03% -6.61%
July 12, 2018 6.43% -8.37% -6.32%
July 19, 2018 7.03% -10.54% -3.83%
July 26, 2018 6.36% -6.70% -5.21%
August 2, 2018 6.39% -3.91% -3.36%
August 9, 2018 8.54% -1.44% -4.12%
August 16, 2018 9.64% 0.79% -1.33%
August 23, 2018 10.06% 0.71% -1.30%
August 30, 2018 8.80% -7.98% -2.99%
September 6, 2018 8.94% -4.72% -2.75%
September 13, 2018 11.35% -5.23% -2.25%
September 20, 2018 8.97% -0.28% -2.66%
September 27, 2018 9.75% -7.29% -2.80%
October 4, 2018 6.82% -0.33% 0.25%
October 11, 2018 6.61% 4.16% 6.99%
October 18, 2018 6.10% 5.07% 6.02%
October 25, 2018 6.58% -0.89% 9.26%
November 1, 2018 5.58% 9.46% 7.80%
November 8, 2018 6.32% 2.52% 3.57%
November 15, 2018 6.58% 7.03% 5.49%
November 21, 2018 6.21% 6.12% 9.23%
November 29, 2018 8.64% 0.82% 2.62%
December 6, 2018 6.16% 2.26% 6.64%
December 13, 2018 6.87% -1.15% 10.26%
December 20, 2018 6.07% -2.06% 20.94%
December 27, 2018 5.37% 4.93% 18.60%
January 3, 2019 5.71% 7.90% 23.49%
January 10, 2019 5.19% 5.84% 16.42%
January 17, 2019 5.96% 8.71% 14.28%
January 24, 2019 9.93% 5.45% 15.44%
January 31, 2019 8.30% 17.01% 11.21%
February 10, 2019 5.69% 8.03% 8.82%
February 14, 2019 5.73% 7.80% 4.43%
February 21, 2019 6.22% 5.32% 6.40%
February 28, 2019 5.72% -4.64% 4.63%
March 7, 2019 5.78% 9.68% 9.38%
March 14, 2019 5.61% 1.72% 8.08%
March 21, 2019 6.36% -5.99% 5.76%
March 28, 2019 6.19% -6.42% 6.24%
April 4, 2019 5.90% 1.67% 3.47%
April 11, 2019 7.00% -6.34% 3.78%
April 18, 2019 6.45% -1.38% 3.72%
April 25, 2019 6.66% 0.37% 4.25%
May 2, 2019 6.48% -0.10% 6.14%
May 9, 2019 6.18% 1.83% 8.80%
May 16, 2019 5.76% 2.83% 9.41%
May 23, 2019 5.95% -1.25% 11.27%
May 30, 2019 5.70% 4.86% 13.72%
May 30, 2019 5.48% 2.83% 13.72%
June 4, 2019 6.16% 9.17% 12.08%
June 6, 2019 6.18% -0.47% 11.61%
June 13, 2019 6.31% 0.02% 10.62%
June 20, 2019 7.40% 0.45% 9.97%
June 27, 2019 7.30% 4.95% 11.82%
July 11, 2019 6.93% -3.46% 9.86%
July 18, 2019 6.72% 5.13% 12.14%
July 25, 2019 6.66% 1.87% 10.64%
August 1, 2019 6.56% 10.79% 10.16%
August 8, 2019 6.29% 6.70% 14.22%
August 15, 2019 5.77% 5.36% 19.74%
August 22, 2019 5.75% 5.06% 15.15%
August 29, 2019 5.62% -3.98% 2.23%
September 5, 2019 6.74% -1.18% 2.55%
September 12, 2019 6.19% -11.63% -16.86%
September 19, 2019 5.54% -12.31% -19.35%
September 26, 2019 5.66% -9.73% -11.08%
October 3, 2019 5.12% -11.34% -13.60%
October 10, 2019 4.80% -8.45% -4.08%
October 17, 2019 5.30% -0.61% -3.16%
October 24, 2019 5.06% 1.75% -4.75%
October 31, 2019 4.73% 1.78% -3.18%
November 7, 2019 5.79% -9.99% -5.62%
November 14, 2019 5.86% -4.92% -6.92%
November 21, 2019 4.69% -9.27% -3.91%
November 28, 2019 4.88% -5.35% -2.90%
December 5, 2019 7.28% -8.96% 3.48%
December 13, 2019 4.85% -3.27% -3.07%
December 19, 2019 5.20% 12.24% -2.33%
December 26, 2019 5.68% 8.92% -6.10%
January 2, 2020 5.80% 8.72% -2.87%
January 9, 2020 5.56% 6.92% -2.74%
January 16, 2020 5.08% -7.29% -2.03%
January 23, 2020 5.51% -3.37% -1.61%
January 30, 2020 4.82% -1.36% -0.09%
February 6, 2020 5.23% 5.76% 1.17%
February 13, 2020 5.91% 6.71% 0.99%
February 20, 2020 5.89% 5.19% 1.46%
March 5, 2020 3.49% 2.40% 14.46%
March 12, 2020 2.06% 2.01% 36.07%
March 19, 2020 13.37% 2.70% 39.50%
March 26, 2020 3.51% 4.16% 26.92%
April 2, 2020 3.62% 3.77% 33.69%
April 9, 2020 5.05% 11.87% 25.74%
April 16, 2020 6.07% 4.09% 25.49%
April 23, 2020 5.55% 8.29% 24.95%
May 1, 2020 5.46% 6.32% 16.45%
May 7, 2020 6.12% 3.27% 22.75%
May 14, 2020 6.15% 4.62% 26.73%
May 21, 2020 5.95% 11.72% 21.52%
May 28, 2020 7.38% 12.93% 21.05%
June 4, 2020 6.22% 17.36% 19.79%
June 11, 2020 7.28% 26.43% 22.89%
June 19, 2020 6.65% 14.47% 20.61%
June 25, 2020 6.42% 6.39% 21.06%
June 28, 2020 7.94% 12.76% 25.07%
July 2, 2020 6.80% 11.89% 20.74%
July 2, 2020 6.80% 11.89% 20.74%
July 9, 2020 8.44% 19.51% 22.29%
July 16, 2020 8.72% 12.01% 18.09%
July 23, 2020 8.54% 21.32% 19.54%
July 30, 2020 8.87% 22.84% 15.19%
August 6, 2020 9.60% 8.33% 16.93%
August 13, 2020 10.08% 19.51% 17.54%
August 20, 2020 9.45% 20.00% 16.26%
August 27, 2020 8.96% 16.46% 10.11%
September 3, 2020 6.53% 7.32% 11.35%
September 10, 2020 10.41% 11.39% 17.65%
September 17, 2020 9.18% -3.18% 19.28%
September 24, 2020 9.35% 4.92% 20.70%
October 2, 2020 9.33% 13.80% 20.91%
October 8, 2020 8.71% 7.26% 19.73%
October 15, 2020 8.99% 11.51% 20.58%
October 22, 2020 10.05% 8.46% 20.54%
October 29, 2020 9.20% 7.88% 28.26%
November 5, 2020 8.91% 2.32% 19.60%
November 12, 2020 8.69% 2.27% 15.65%
November 25, 2020 10.63% 2.02% 16.20%
December 3, 2020 9.41% 0.75% 15.07%
December 10, 2020 9.56% 0.61% 16.38%
December 24, 2020 8.63% 20.19% 15.96%
December 31, 2020 9.12% 10.46% 15.25%
December 31, 2020 8.90% 13.44% 15.25%
January 7, 2021 9.75% -7.59% 15.36%
January 14, 2021 10.70% -11.54% 16.03%
January 21, 2021 10.51% -10.71% 13.84%
January 28, 2021 12.70% -8.45% 16.97%
February 11, 2021 11.10% -14.04% 14.33%
February 18, 2021 10.77% -12.15% 13.15%
February 21, 2021 10.88% -8.90% 14.42%
February 25, 2021 10.43% -0.32% 18.19%
March 4, 2021 9.41% -10.76% 21.07%
March 11, 2021 9.50% -2.96% 13.94%
March 18, 2021 9.64% -10.95% 13.86%
March 25, 2021 9.27% -8.09% 14.66%
April 1, 2021 8.16% -9.23% 9.11%
April 8, 2021 9.48% -6.61% 7.89%
April 15, 2021 8.81% -5.31% 7.92%
April 22, 2021 7.97% 3.59% 10.63%
April 29, 2021 8.69% 1.42% 10.05%
May 6, 2021 8.88% 35.12% 12.54%
May 13, 2021 5.75% 20.67% 14.64%
May 20, 2021 8.12% 4.71% 13.65%
May 27, 2021 8.84% 10.53% 10.18%
June 3, 2021 9.70% 0.73% 8.98%
June 10, 2021 9.28% 4.99% 11.86%
June 17, 2021 9.60% -3.78% 10.09%
June 24, 2021 9.38% -7.12% 11.46%
July 1, 2021 10.45% -8.97% 11.10%
July 8, 2021 8.68% -8.41% 8.90%
July 15, 2021 11.60% -3.92% 7.62%
July 22, 2021 8.17% -12.49% 1.26%
July 29, 2021 8.81% -7.18% 0.98%
August 5, 2021 10.58% -9.10% 2.26%
August 12, 2021 11.81% -6.28% -0.37%
August 19, 2021 10.21% -8.74% -0.61%
September 2, 2021 11.31% -15.71% -2.72%
September 9, 2021 13.48% -17.13% -4.16%
September 16, 2021 10.81% -8.03% -1.92%
September 23, 2021 10.57% -8.33% 0.80%
September 30, 2021 10.11% -6.20% 7.60%
October 7, 2021 10.08% 1.47% 2.98%
October 14, 2021 9.87% -0.27% -0.41%
October 21, 2021 9.06% -2.23% -2.78%
November 6, 2021 9.78% -11.42% -11.62%
November 11, 2021 11.55% -4.09% -14.75%
November 18, 2021 12.16% -1.11% -16.02%
November 24, 2021 9.98% -9.97% -15.54%
December 2, 2021 8.55% -16.07% -8.14%
December 9, 2021 5.65% -12.47% -13.35%
December 16, 2021 6.43% -10.54% -20.87%
December 23, 2021 7.63% -16.35% -19.07%
December 30, 2021 6.59% -14.98% -20.19%
January 6, 2022 5.45% -13.09% -17.49%
January 13, 2022 7.26% -10.06% -17.85%
January 20, 2022 5.29% -4.78% -10.98%
February 3, 2022 7.04% -0.16% -6.51%
February 10, 2022 6.04% -6.06% -5.84%
February 17, 2022 5.61% -5.82% -1.66%
March 3, 2022 6.62% -4.14% -9.31%
March 10, 2022 7.82% -10.12% -3.73%
March 24, 2022 8.49% -7.75% -17.63%
March 31, 2022 7.65% -9.63% -20.25%
April 7, 2022 7.37% -9.91% -18.47%
April 14, 2022 8.00% -9.85% -17.62%
April 21, 2022 9.02% -12.79% -13.83%
April 28, 2022 8.23% 3.03% -8.30%
May 2, 2022 14.46% 10.13% -8.79%
May 5, 2022 11.21% -4.25% -8.28%
May 12, 2022 10.60% 2.23% 2.43%
May 20, 2022 11.46% -8.40% 2.50%
May 26, 2022 5.28% 0.85% 0.11%
June 2, 2022 9.12% -13.44% -1.69%
June 11, 2022 6.31% 1.22% 1.75%
June 16, 2022 5.57% -12.51% 5.91%
June 17, 2022 50.18% -12.98% 5.68%
June 23, 2022 12.65% -6.59% 2.17%
June 30, 2022 7.74% 1.72% 2.27%
July 7, 2022 7.76% 3.70% 0.64%
July 14, 2022 9.86% 0.74% 6.38%
July 28, 2022 10.49% -8.49% 0.78%
August 4, 2022 10.36% -5.88% 0.44%
August 6, 2022 12.33% -4.39% -0.01%
August 11, 2022 9.97% -5.41% -1.99%
August 18, 2022 11.65% -11.80% -3.98%
August 25, 2022 11.07% -12.84% -4.68%
September 1, 2022 10.87% -5.07% 0.45%
September 7, 2022 9.46% -1.50% 1.00%
September 8, 2022 11.18% -5.63% 0.51%
September 15, 2022 11.07% -5.93% 0.66%
September 22, 2022 10.94% -5.95% 5.67%
September 29, 2022 10.20% -7.82% 11.57%
October 20, 2022 10.29% -6.59% 13.68%
October 27, 2022 11.71% -3.56% 9.46%
November 3, 2022 8.85% -8.09% 10.91%
November 10, 2022 7.82% -1.01% 5.49%
November 17, 2022 8.87% 7.10% 6.22%
November 23, 2022 8.06% -1.61% 3.78%
December 8, 2022 7.13% 8.28% 9.22%
December 15, 2022 9.38% 15.76% 14.56%
December 22, 2022 8.55% 17.59% 15.53%
December 29, 2022 7.82% 31.92% 15.13%
January 5, 2023 9.41% 15.66% 17.69%
January 12, 2023 7.82% 23.82% 13.21%
January 19, 2023 8.37% 34.09% 18.02%
February 2, 2023 8.60% 0.55% 8.82%
February 9, 2023 8.20% 0.09% 10.33%
February 16, 2023 9.57% 3.75% 8.50%
February 23, 2023 8.36% 8.79% 11.42%
March 2, 2023 8.21% 15.36% 14.28%
March 9, 2023 7.61% 13.18% 14.65%
March 16, 2023 10.88% 7.48% 13.18%
March 23, 2023 9.40% 0.13% 10.27%
March 31, 2023 8.48% 5.41% 5.18%
April 6, 2023 8.63% 7.30% 5.74%
April 13, 2023 9.26% 13.85% 5.12%
April 20, 2023 8.09% 11.94% 3.01%
April 27, 2023 10.16% 4.81% 0.31%
May 4, 2023 9.85% 8.45% 8.08%
May 11, 2023 7.29% 10.19% 7.69%
May 18, 2023 7.21% 1.85% 8.31%
May 25, 2023 8.93% 2.31% 10.61%
June 1, 2023 10.60% -5.72% 9.63%
June 8, 2023 10.00% 3.59% 8.02%
June 15, 2023 11.36% 1.06% 7.25%
June 23, 2023 10.79% 7.02% 10.17%
June 29, 2023 10.86% 7.07% 9.32%
July 6, 2023 9.13% -1.68% 7.24%
July 13, 2023 10.69% -2.32% 6.84%
July 21, 2023 11.36% 3.73% 7.51%
July 27, 2023 10.89% -2.42% 8.54%
August 3, 2023 12.73% 14.74% 10.98%
August 10, 2023 10.75% 20.53% 13.26%
August 17, 2023 10.72% 49.43% 15.37%
August 24, 2023 9.69% 39.63% 17.13%
August 31, 2023 9.70% 30.14% 13.68%
Average 7.97% 1.91% 6.26%

Portfolios Hedged Against > 25.0% Declines

Starting Date Expected Return Actual Return SPY Return
August 15, 2019 6.72% 10.59% 19.74%
August 22, 2019 6.38% 6.14% 15.15%
August 29, 2019 5.96% -3.82% 2.23%
September 5, 2019 6.33% -1.81% 2.55%
September 12, 2019 6.43% -6.94% -16.86%
September 29, 2019 6.08% -13.09% -13.26%
October 3, 2019 6.05% -12.75% -13.60%
October 10, 2019 5.83% -6.20% -4.08%
October 17, 2019 5.91% -10.53% -3.16%
October 24, 2019 5.89% 0.49% -4.75%
October 31, 2019 5.78% 5.56% -3.18%
November 7, 2019 5.83% -3.10% -5.62%
November 14, 2019 6.65% -3.92% -6.92%
November 21, 2019 5.50% -8.70% -3.91%
November 28, 2019 5.51% -5.52% -2.90%
December 5, 2019 7.68% -10.46% 3.48%
December 19, 2019 5.70% 12.34% -2.33%
December 27, 2019 5.90% 0.58% -6.08%
January 2, 2020 6.32% 7.86% -2.87%
January 9, 2020 6.15% 6.74% -2.74%
January 16, 2020 5.28% -2.31% -2.03%
January 23, 2020 6.01% -2.36% -1.61%
February 6, 2020 5.68% 9.80% 1.17%
February 13, 2020 6.32% 7.02% 0.99%
February 20, 2020 5.97% 6.00% 1.46%
March 5, 2020 4.38% 2.43% 14.46%
March 12, 2020 3.05% 3.08% 36.07%
March 19, 2020 15.86% 3.53% 39.50%
March 26, 2020 4.51% 5.29% 26.92%
April 2, 2020 4.14% 2.12% 33.69%
April 9, 2020 5.01% 9.17% 25.74%
April 16, 2020 9.26% -4.00% 25.49%
April 23, 2020 5.55% 9.24% 24.95%
May 1, 2020 5.90% 5.95% 16.45%
May 7, 2020 5.01% -3.25% 22.75%
May 14, 2020 5.33% -4.66% 26.73%
May 21, 2020 6.03% 14.77% 21.52%
May 28, 2020 7.56% 17.04% 21.05%
June 4, 2020 7.40% 18.45% 19.79%
June 11, 2020 8.46% 27.48% 22.89%
June 19, 2020 7.09% 15.69% 20.61%
June 25, 2020 7.26% 7.47% 21.06%
July 2, 2020 9.83% 13.73% 20.74%
July 9, 2020 9.73% 21.25% 22.29%
July 16, 2020 10.70% 14.78% 18.09%
July 23, 2020 9.48% 8.15% 19.54%
July 30, 2020 12.46% 25.76% 15.19%
August 6, 2020 9.50% 16.87% 16.93%
August 13, 2020 12.99% 25.08% 17.54%
August 20, 2020 9.21% 17.70% 16.26%
August 27, 2020 13.15% 21.62% 10.11%
September 3, 2020 7.15% 9.22% 11.35%
September 10, 2020 13.23% 14.34% 17.65%
September 17, 2020 11.52% 9.05% 19.28%
September 24, 2020 10.06% 14.75% 20.70%
October 2, 2020 10.56% 14.28% 20.91%
October 8, 2020 9.78% 9.67% 19.73%
October 15, 2020 9.82% 13.52% 20.58%
October 22, 2020 12.02% 11.98% 20.54%
October 29, 2020 11.29% 15.30% 28.26%
November 5, 2020 10.32% 5.27% 19.60%
November 12, 2020 9.28% 5.36% 15.65%
November 19, 2020 10.15% -1.04% 15.71%
November 25, 2020 11.91% 3.18% 16.20%
December 3, 2020 10.82% 5.73% 15.07%
December 10, 2020 11.37% 7.26% 16.38%
December 17, 2020 10.98% 8.98% 14.22%
December 24, 2020 12.69% 18.35% 15.96%
December 31, 2020 11.68% 11.14% 15.25%
January 7, 2021 11.96% -4.96% 15.36%
January 14, 2021 13.37% -13.24% 16.03%
January 21, 2021 13.11% -11.43% 13.84%
January 28, 2021 13.35% -12.24% 16.97%
February 4, 2021 13.50% -8.02% 14.42%
February 11, 2021 14.96% -17.03% 14.33%
February 18, 2021 12.26% -8.28% 13.15%
February 25, 2021 14.02% 3.21% 18.19%
March 4, 2021 10.52% -12.52% 21.07%
March 11, 2021 11.80% -4.85% 13.94%
March 18, 2021 12.25% -12.56% 13.86%
March 25, 2021 11.71% -8.40% 14.66%
April 1, 2021 9.68% -9.55% 9.11%
April 8, 2021 11.58% -6.60% 7.89%
April 15, 2021 10.12% -5.07% 7.92%
April 22, 2021 10.31% 4.88% 10.63%
April 29, 2021 10.69% 1.83% 10.05%
May 6, 2021 10.25% 37.18% 12.54%
May 13, 2021 6.56% 18.22% 14.64%
May 20, 2021 10.65% 3.00% 13.65%
May 27, 2021 10.81% 6.51% 10.18%
June 3, 2021 11.79% 2.01% 8.98%
June 10, 2021 11.71% 5.02% 11.86%
June 17, 2021 10.50% -10.74% 10.09%
June 24, 2021 11.50% -9.66% 11.46%
July 1, 2021 14.24% -12.75% 11.10%
July 8, 2021 11.26% -14.27% 8.90%
July 15, 2021 13.74% -3.95% 7.62%
July 22, 2021 10.64% -13.56% 1.26%
July 29, 2021 11.00% -8.00% 0.98%
August 5, 2021 13.23% -9.83% 2.26%
August 12, 2021 14.54% -6.04% -0.37%
August 19, 2021 13.44% -9.04% -0.61%
September 9, 2021 16.25% -20.03% -4.16%
September 16, 2021 13.74% -8.23% -1.92%
September 23, 2021 13.63% -11.02% 0.80%
September 30, 2021 11.85% -6.39% 7.60%
October 7, 2021 13.69% 2.82% 2.98%
October 14, 2021 13.96% 3.22% -0.41%
October 21, 2021 10.61% -6.23% -2.78%
October 28, 2021 13.92% -7.50% -6.04%
November 6, 2021 12.39% -15.48% -11.62%
November 11, 2021 14.11% -4.31% -14.75%
November 18, 2021 14.41% -2.34% -16.02%
November 24, 2021 12.61% -14.63% -15.54%
December 2, 2021 10.34% -18.81% -8.14%
December 9, 2021 8.28% -19.46% -13.35%
December 16, 2021 7.86% -12.05% -20.87%
December 23, 2021 9.16% -20.14% -19.07%
December 30, 2021 7.86% -6.40% -20.19%
January 6, 2022 6.44% -16.49% -17.49%
January 13, 2022 9.00% -10.80% -17.85%
January 20, 2022 6.75% -5.42% -10.98%
January 27, 2022 7.09% -5.99% -6.32%
February 3, 2022 9.02% -1.10% -6.51%
February 10, 2022 7.56% -5.59% -5.84%
February 17, 2022 5.89% -8.81% -1.66%
February 24, 2022 8.33% -5.23% -2.70%
March 3, 2022 8.93% -2.16% -9.31%
March 10, 2022 9.73% -4.41% -3.73%
March 17, 2022 9.27% -10.71% -11.57%
March 24, 2022 8.02% -18.30% -17.63%
March 31, 2022 9.49% -11.58% -20.25%
April 7, 2022 8.89% -12.45% -18.47%
April 14, 2022 10.43% -11.80% -17.62%
April 21, 2022 11.10% -7.55% -13.83%
April 28, 2022 8.95% 3.70% -8.30%
May 5, 2022 14.49% -8.42% -8.28%
May 12, 2022 13.86% 2.99% 2.43%
May 20, 2022 14.59% -0.34% 2.50%
May 26, 2022 6.80% -0.43% 0.11%
June 2, 2022 13.96% -16.77% -1.69%
June 11, 2022 10.37% -2.81% 1.75%
June 16, 2022 6.14% -13.98% 5.91%
June 23, 2022 19.08% -9.10% 2.17%
June 30, 2022 9.77% -6.23% 2.27%
July 7, 2022 10.74% 5.83% 0.64%
July 14, 2022 12.97% -7.58% 6.38%
July 21, 2022 10.66% 4.56% 0.14%
July 28, 2022 10.04% -8.79% 0.78%
August 4, 2022 13.39% -10.65% 0.44%
August 11, 2022 13.63% -7.58% -1.99%
August 18, 2022 14.32% -11.80% -3.98%
August 25, 2022 14.40% -15.12% -4.68%
September 1, 2022 13.51% 0.28% 0.45%
September 8, 2022 13.32% -8.57% 0.51%
September 15, 2022 12.30% -13.45% 0.66%
September 22, 2022 10.21% -7.00% 5.67%
September 29, 2022 14.45% -12.62% 11.57%
October 6, 2022 12.04% -13.88% 10.58%
October 14, 2022 14.04% -11.55% 16.31%
October 20, 2022 13.42% -9.66% 13.68%
October 27, 2022 13.86% -3.47% 9.46%
November 3, 2022 12.95% -11.19% 10.91%
November 10, 2022 8.93% 0.77% 5.49%
November 17, 2022 10.28% 8.86% 6.22%
November 23, 2022 9.01% -0.70% 3.78%
December 8, 2022 8.35% 10.20% 9.22%
December 15, 2022 10.87% 13.06% 14.56%
December 22, 2022 8.54% 22.09% 15.53%
December 29, 2022 8.81% 28.24% 15.13%
January 5, 2023 11.54% 11.07% 17.69%
January 12, 2023 8.00% 25.50% 13.21%
January 19, 2023 9.73% 39.20% 18.02%
February 2, 2023 14.23% 11.60% 8.82%
February 9, 2023 13.85% -2.56% 10.33%
February 23, 2023 9.42% 18.03% 11.42%
March 2, 2023 9.69% 6.79% 14.28%
March 9, 2023 7.97% 11.05% 14.65%
March 16, 2023 13.80% 9.62% 13.18%
March 23, 2023 11.95% 0.88% 10.27%
March 31, 2023 10.26% 11.87% 5.18%
April 6, 2023 8.56% 16.56% 5.74%
April 13, 2023 8.79% 5.12% 5.12%
April 20, 2023 10.75% 0.88% 3.01%
April 27, 2023 11.74% 3.31% 0.31%
May 4, 2023 9.50% 15.21% 8.08%
May 11, 2023 8.24% 8.00% 7.69%
May 18, 2023 8.18% 7.17% 8.31%
May 25, 2023 9.20% 8.14% 10.61%
June 1, 2023 12.09% -7.15% 9.63%
June 8, 2023 12.38% -0.26% 8.02%
June 15, 2023 12.90% 1.27% 7.25%
June 23, 2023 12.21% 6.39% 10.17%
June 29, 2023 11.23% 6.85% 9.32%
July 6, 2023 10.00% -0.95% 7.24%
July 13, 2023 11.05% -3.56% 6.84%
July 21, 2023 13.93% 3.47% 7.51%
July 27, 2023 10.52% -4.78% 8.54%
August 3, 2023 15.34% 14.26% 10.98%
August 10, 2023 12.60% 15.44% 13.26%
August 17, 2023 11.33% 50.65% 15.37%
August 24, 2023 12.38% 40.81% 17.13%
August 31, 2023 12.21% 33.18% 13.68%
Average 10.18% 1.22% 6.69%

Portfolios Hedged Against > 30.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 11, 2019 8.09% 4.70% 9.86%
July 18, 2019 7.84% 7.00% 12.14%
July 25, 2019 7.36% -1.55% 10.64%
August 1, 2019 7.43% 10.65% 10.16%
August 8, 2019 6.24% 9.08% 14.22%
August 15, 2019 7.37% 11.10% 19.74%
August 22, 2019 6.96% 6.77% 15.15%
August 29, 2019 6.22% -3.53% 2.23%
September 5, 2019 6.54% -0.95% 2.55%
September 12, 2019 6.90% -6.57% -16.86%
September 29, 2019 6.67% -14.79% -13.26%
October 3, 2019 6.58% -13.33% -13.60%
October 10, 2019 6.40% -5.65% -4.08%
October 24, 2019 6.39% 0.34% -4.75%
October 31, 2019 6.18% 5.85% -3.18%
November 7, 2019 6.85% -13.28% -5.62%
November 14, 2019 7.09% -5.08% -6.92%
November 29, 2019 6.31% -3.91% -2.11%
December 5, 2019 7.02% 1.03% 3.48%
January 9, 2020 6.44% 6.97% -2.74%
February 13, 2020 6.75% 7.05% 0.99%
February 20, 2020 6.57% 6.75% 1.46%
March 5, 2020 4.24% 6.37% 14.46%
March 12, 2020 3.26% 3.24% 36.07%
March 19, 2020 17.21% 5.86% 39.50%
March 26, 2020 2.52% -5.77% 26.92%
April 2, 2020 4.64% 3.02% 33.69%
April 9, 2020 5.44% 3.91% 25.74%
April 16, 2020 6.97% 7.37% 25.49%
April 23, 2020 5.89% 9.95% 24.95%
May 1, 2020 6.65% 7.23% 16.45%
May 7, 2020 5.88% -3.13% 22.75%
May 14, 2020 5.76% -4.40% 26.73%
May 21, 2020 6.88% 15.81% 21.52%
May 28, 2020 8.07% 17.85% 21.05%
June 4, 2020 8.30% 20.50% 19.79%
June 11, 2020 9.20% 28.92% 22.89%
June 19, 2020 7.43% 18.97% 20.61%
June 25, 2020 7.95% 8.85% 21.06%
July 2, 2020 9.18% 16.41% 20.74%
July 9, 2020 10.55% 21.70% 22.29%
July 16, 2020 10.18% 15.29% 18.09%
July 23, 2020 11.23% 6.63% 19.54%
July 30, 2020 11.47% 24.08% 15.19%
August 6, 2020 10.83% 18.99% 16.93%
August 13, 2020 16.59% 27.44% 17.54%
August 20, 2020 9.56% 17.23% 16.26%
August 27, 2020 10.96% 16.42% 10.11%
September 3, 2020 8.55% 9.02% 11.35%
September 10, 2020 12.25% 14.60% 17.65%
September 17, 2020 9.81% 2.07% 19.28%
September 24, 2020 9.76% 14.40% 20.70%
October 2, 2020 10.76% 15.85% 20.91%
October 8, 2020 11.48% 9.53% 19.73%
October 15, 2020 11.34% 14.91% 20.58%
October 22, 2020 11.44% 11.91% 20.54%
October 29, 2020 10.92% 21.35% 28.26%
November 5, 2020 9.00% 6.43% 19.60%
November 12, 2020 10.08% 6.78% 15.65%
November 19, 2020 11.42% 0.44% 15.71%
November 25, 2020 11.39% 4.03% 16.20%
December 3, 2020 12.03% 8.09% 15.07%
December 24, 2020 13.63% 25.10% 15.96%
December 31, 2020 12.88% 13.15% 15.25%
January 7, 2021 13.11% -3.02% 15.36%
January 14, 2021 15.65% -14.20% 16.03%
January 21, 2021 14.73% -8.15% 13.84%
January 28, 2021 15.36% -15.24% 16.97%
February 4, 2021 14.97% -13.24% 14.42%
February 11, 2021 19.05% -16.31% 14.33%
February 18, 2021 13.15% -8.57% 13.15%
February 25, 2021 15.39% 0.38% 18.19%
March 4, 2021 12.92% -12.88% 21.07%
March 11, 2021 13.10% -2.37% 13.94%
March 18, 2021 14.64% -12.74% 13.86%
March 25, 2021 14.09% -4.12% 14.66%
April 1, 2021 12.76% -7.80% 9.11%
April 8, 2021 13.22% -4.73% 7.89%
April 15, 2021 15.58% -6.73% 7.92%
April 22, 2021 12.81% 5.68% 10.63%
April 29, 2021 12.03% 1.71% 10.05%
May 6, 2021 11.52% 37.20% 12.54%
May 13, 2021 5.93% 15.43% 14.64%
May 20, 2021 11.97% 2.61% 13.65%
May 27, 2021 11.44% 9.32% 10.18%
June 3, 2021 12.71% 1.03% 8.98%
June 10, 2021 13.47% 5.58% 11.86%
June 17, 2021 12.26% -11.74% 10.09%
June 24, 2021 13.36% -12.53% 11.46%
July 1, 2021 17.39% -15.72% 11.10%
July 8, 2021 14.08% -13.28% 8.90%
July 15, 2021 14.63% -4.06% 7.62%
July 22, 2021 13.14% -13.54% 1.26%
July 29, 2021 12.30% -8.07% 0.98%
August 5, 2021 14.92% -9.97% 2.26%
August 12, 2021 16.36% -9.19% -0.37%
August 19, 2021 15.28% -7.90% -0.61%
September 9, 2021 17.63% -24.71% -4.16%
September 16, 2021 15.67% -8.19% -1.92%
September 23, 2021 15.07% -12.55% 0.80%
September 30, 2021 13.52% -11.28% 7.60%
October 7, 2021 16.57% 2.57% 2.98%
October 14, 2021 16.59% 1.11% -0.41%
October 21, 2021 11.99% -8.51% -2.78%
October 28, 2021 15.80% -8.40% -6.04%
November 6, 2021 14.26% -19.90% -11.62%
November 11, 2021 15.81% -5.36% -14.75%
November 18, 2021 16.16% -3.54% -16.02%
November 24, 2021 14.23% -19.55% -15.54%
December 2, 2021 12.90% -21.27% -8.14%
December 9, 2021 9.40% -21.67% -13.35%
December 16, 2021 9.13% -12.49% -20.87%
December 23, 2021 10.48% -24.47% -19.07%
December 30, 2021 8.78% -19.07% -20.19%
January 6, 2022 7.36% -20.62% -17.49%
January 13, 2022 10.57% -22.54% -17.85%
January 20, 2022 7.28% -8.83% -10.98%
January 27, 2022 7.90% -2.61% -6.32%
February 3, 2022 9.90% 0.21% -6.51%
February 10, 2022 8.56% -5.86% -5.84%
February 17, 2022 6.68% -11.35% -1.66%
February 24, 2022 9.74% -0.82% -2.70%
March 3, 2022 10.05% -1.07% -9.31%
March 10, 2022 9.26% -1.28% -3.73%
March 17, 2022 9.86% -11.28% -11.57%
March 24, 2022 9.14% -20.01% -17.63%
March 31, 2022 9.84% -17.84% -20.25%
April 7, 2022 9.98% -14.76% -18.47%
April 14, 2022 9.70% -8.49% -17.62%
April 21, 2022 11.84% -10.79% -13.83%
April 28, 2022 11.21% -3.21% -8.30%
May 5, 2022 15.37% -3.91% -8.28%
May 12, 2022 14.98% 4.91% 2.43%
May 20, 2022 17.71% -4.70% 2.50%
May 26, 2022 6.70% -0.80% 0.11%
June 2, 2022 13.72% -18.31% -1.69%
June 11, 2022 9.11% -2.65% 1.75%
June 16, 2022 5.99% -14.08% 5.91%
June 23, 2022 23.03% -16.15% 2.17%
June 30, 2022 11.10% -5.73% 2.27%
July 7, 2022 10.00% 4.53% 0.64%
July 14, 2022 12.72% -9.45% 6.38%
July 21, 2022 12.06% 5.41% 0.14%
July 28, 2022 11.12% -10.83% 0.78%
August 4, 2022 15.61% -15.88% 0.44%
August 11, 2022 13.07% -11.33% -1.99%
August 18, 2022 13.50% -10.58% -3.98%
August 25, 2022 14.79% -11.27% -4.68%
September 1, 2022 14.66% -9.55% 0.45%
September 8, 2022 13.43% -16.61% 0.51%
September 15, 2022 13.68% -16.21% 0.66%
September 22, 2022 8.85% -11.95% 5.67%
September 29, 2022 15.68% -15.80% 11.57%
October 14, 2022 19.89% -13.15% 16.31%
October 20, 2022 16.96% -11.83% 13.68%
October 27, 2022 10.78% -9.65% 9.46%
November 3, 2022 11.80% -7.37% 10.91%
November 10, 2022 9.97% 2.14% 5.49%
November 17, 2022 11.19% 12.57% 6.22%
November 23, 2022 10.44% 0.55% 3.78%
December 8, 2022 9.04% 7.07% 9.22%
December 15, 2022 10.21% 8.28% 14.56%
December 22, 2022 9.49% 21.87% 15.53%
December 29, 2022 10.22% 28.57% 15.13%
January 5, 2023 13.44% 10.45% 17.69%
January 12, 2023 8.85% 26.46% 13.21%
January 19, 2023 10.06% 38.58% 18.02%
February 2, 2023 11.26% 10.56% 8.82%
February 9, 2023 10.49% 2.70% 10.33%
February 16, 2023 14.77% 6.69% 8.50%
February 23, 2023 10.13% 17.76% 11.42%
March 2, 2023 10.70% 18.67% 14.28%
March 9, 2023 8.69% 12.36% 14.65%
March 16, 2023 9.97% 8.37% 13.18%
March 23, 2023 7.85% 4.08% 10.27%
March 31, 2023 11.86% 19.11% 5.18%
April 6, 2023 9.50% 17.23% 5.74%
April 13, 2023 10.10% -0.77% 5.12%
April 20, 2023 9.47% 10.02% 3.01%
April 27, 2023 10.11% 5.83% 0.31%
May 4, 2023 10.55% 12.86% 8.08%
May 11, 2023 8.69% 5.30% 7.69%
May 18, 2023 8.89% 4.64% 8.31%
May 25, 2023 10.30% 8.00% 10.61%
June 1, 2023 14.65% -4.93% 9.63%
June 8, 2023 12.43% 11.28% 8.02%
June 15, 2023 12.49% 10.68% 7.25%
June 23, 2023 12.88% 8.26% 10.17%
June 29, 2023 11.85% 4.43% 9.32%
July 6, 2023 10.70% -0.10% 7.24%
July 13, 2023 12.07% 5.25% 6.84%
July 21, 2023 14.66% -0.81% 7.51%
July 27, 2023 10.95% -6.30% 8.54%
August 3, 2023 13.79% 25.30% 10.98%
August 10, 2023 13.50% 21.44% 13.26%
August 17, 2023 12.22% 51.41% 15.37%
August 24, 2023 12.55% 27.99% 17.13%
August 31, 2023 11.76% 29.96% 13.68%
Average 11.06% 1.16% 7.09%

Portfolios Hedged Against > 40.0% Declines

Starting Date Expected Return Actual Return SPY Return
April 8, 2021 18.68% -2.26% 7.89%
April 15, 2021 17.00% -3.58% 7.92%
April 22, 2021 13.37% 5.94% 10.63%
April 29, 2021 13.53% 4.03% 10.05%
May 6, 2021 17.92% 11.35% 12.54%
May 13, 2021 6.77% 16.05% 14.64%
May 20, 2021 12.59% 1.58% 13.65%
May 27, 2021 11.95% 8.05% 10.18%
June 3, 2021 13.69% -4.86% 8.98%
June 10, 2021 14.01% 4.85% 11.86%
June 17, 2021 14.18% -13.44% 10.09%
June 24, 2021 14.27% -19.83% 11.46%
July 1, 2021 20.15% -20.81% 11.10%
July 15, 2021 15.99% -4.48% 7.62%
July 22, 2021 20.75% -19.04% 1.26%
August 5, 2021 17.58% -8.54% 2.26%
August 12, 2021 18.72% -1.89% -0.37%
August 19, 2021 17.47% -8.43% -0.61%
September 9, 2021 18.17% -29.96% -4.16%
September 16, 2021 18.92% -5.65% -1.92%
September 23, 2021 15.36% -20.34% 0.80%
September 30, 2021 13.20% -18.82% 7.60%
October 7, 2021 16.68% 2.65% 2.98%
October 14, 2021 17.71% -3.00% -0.41%
October 21, 2021 12.43% -14.96% -2.78%
October 28, 2021 16.41% -22.56% -6.04%
November 6, 2021 15.75% -28.23% -11.62%
November 11, 2021 14.60% -4.36% -14.75%
November 18, 2021 16.43% -4.18% -16.02%
November 24, 2021 16.65% -29.73% -15.54%
December 2, 2021 14.78% -24.54% -8.14%
December 9, 2021 10.32% -25.45% -13.35%
December 16, 2021 9.79% -11.29% -20.87%
December 23, 2021 12.22% -30.28% -19.07%
December 30, 2021 10.55% -32.14% -20.19%
January 6, 2022 8.70% -28.06% -17.49%
January 13, 2022 12.40% -28.51% -17.85%
January 20, 2022 7.18% -10.38% -10.98%
February 3, 2022 11.39% 0.96% -6.51%
February 10, 2022 9.60% -6.50% -5.84%
February 17, 2022 7.68% -10.26% -1.66%
February 24, 2022 9.92% -2.03% -2.70%
March 3, 2022 10.16% 0.32% -9.31%
March 10, 2022 9.89% -1.47% -3.73%
March 17, 2022 10.07% -16.29% -11.57%
March 24, 2022 8.86% -25.24% -17.63%
March 31, 2022 11.26% -21.35% -20.25%
April 7, 2022 11.66% -23.79% -18.47%
April 14, 2022 9.03% -4.47% -17.62%
April 21, 2022 12.80% -10.84% -13.83%
April 28, 2022 11.00% 0.45% -8.30%
May 5, 2022 16.36% -1.47% -8.28%
May 12, 2022 16.76% 3.02% 2.43%
May 20, 2022 17.57% -4.94% 2.50%
May 26, 2022 8.15% 2.36% 0.11%
June 2, 2022 13.73% -20.05% -1.69%
June 11, 2022 11.05% -3.02% 1.75%
June 16, 2022 6.93% -13.81% 5.91%
June 23, 2022 8.09% -14.45% 2.17%
June 24, 2022 10.74% -10.62% -0.97%
June 30, 2022 13.10% -2.47% 2.27%
July 7, 2022 11.98% 8.71% 0.64%
July 14, 2022 11.98% -12.29% 6.38%
July 28, 2022 11.72% -10.87% 0.78%
August 4, 2022 16.41% -15.43% 0.44%
August 11, 2022 14.37% -5.12% -1.99%
August 18, 2022 14.62% -8.85% -3.98%
August 25, 2022 15.37% -10.19% -4.68%
September 1, 2022 15.92% -11.83% 0.45%
September 8, 2022 15.10% -4.25% 0.51%
September 15, 2022 15.07% -18.63% 0.66%
September 22, 2022 8.53% -17.81% 5.67%
September 29, 2022 13.40% -19.02% 11.57%
October 6, 2022 12.05% -21.70% 10.58%
October 20, 2022 15.61% -13.20% 13.68%
October 27, 2022 11.28% -15.97% 9.46%
November 3, 2022 13.87% -13.63% 10.91%
November 10, 2022 11.69% 3.85% 5.49%
November 17, 2022 13.46% 14.39% 6.22%
November 23, 2022 12.15% 2.41% 3.78%
December 8, 2022 10.65% 12.09% 9.22%
December 15, 2022 11.63% 14.11% 14.56%
December 22, 2022 11.12% 21.77% 15.53%
December 29, 2022 11.60% 25.27% 15.13%
January 5, 2023 11.05% 19.06% 17.69%
January 12, 2023 10.56% 25.32% 13.21%
January 19, 2023 12.07% 31.04% 18.02%
February 2, 2023 12.92% 14.35% 8.82%
February 9, 2023 12.47% 4.14% 10.33%
February 16, 2023 11.61% 8.36% 8.50%
February 23, 2023 11.78% 18.52% 11.42%
March 2, 2023 12.21% 18.39% 14.28%
March 9, 2023 10.23% 13.48% 14.65%
March 16, 2023 11.17% 8.42% 13.18%
March 23, 2023 8.82% 3.21% 10.27%
March 31, 2023 10.88% 19.99% 5.18%
April 6, 2023 10.77% 17.96% 5.74%
April 13, 2023 11.76% -5.14% 5.12%
April 20, 2023 10.97% 10.77% 3.01%
April 27, 2023 10.34% 4.08% 0.31%
May 4, 2023 11.66% 13.25% 8.08%
May 11, 2023 10.18% 12.84% 7.69%
May 18, 2023 10.25% 3.41% 8.31%
May 25, 2023 11.10% 4.35% 10.61%
June 1, 2023 15.52% 3.06% 9.63%
June 8, 2023 13.99% -0.41% 8.02%
June 15, 2023 13.96% 12.29% 7.25%
June 23, 2023 14.14% 8.54% 10.17%
June 29, 2023 13.19% 5.13% 9.32%
July 6, 2023 11.83% 2.91% 7.24%
July 13, 2023 13.41% 7.88% 6.84%
July 21, 2023 13.61% 12.66% 7.51%
July 27, 2023 12.62% 9.46% 8.54%
August 3, 2023 14.96% 25.59% 10.98%
August 10, 2023 14.91% 22.10% 13.26%
August 17, 2023 14.09% 50.06% 15.37%
August 24, 2023 14.42% 32.95% 17.13%
August 31, 2023 13.44% 31.53% 13.68%
Average 12.96% -2.01% 2.55%