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.

Portfolios Hedged Against > 2.0% Declines

Starting Date Expected Return Actual Return SPY Return
October 4, 2018 1.79% -1.49% 0.25%
January 10, 2019 1.93% 2.78% 16.42%
April 4, 2019 1.18% 3.04% 3.47%
April 11, 2019 1.08% 3.52% 3.78%
April 25, 2019 0.83% 1.97% 4.25%
May 2, 2019 0.82% 2.60% 6.14%
May 9, 2019 1.15% 4.38% 8.80%
May 23, 2019 1.05% 4.63% 11.27%
May 30, 2019 1.29% 3.00% 13.72%
July 11, 2019 2.02% 3.69% 9.86%
July 18, 2019 1.98% 3.11% 12.14%
July 25, 2019 3.30% 2.86% 10.64%
August 1, 2019 1.86% 1.53% 10.16%
August 8, 2019 2.65% 1.21% 14.22%
August 15, 2019 1.93% 1.22% 19.74%
August 22, 2019 2.79% 1.28% 15.15%
August 29, 2019 3.03% 0.67% 2.23%
September 5, 2019 2.90% 1.74% 2.55%
September 12, 2019 2.71% 0.90% -16.86%
September 29, 2019 0.97% -0.39% -13.26%
October 3, 2019 1.61% 0.20% -13.60%
October 10, 2019 1.17% 1.04% -4.08%
November 7, 2019 3.24% -0.15% -5.62%
December 5, 2019 1.60% 1.66% 3.48%
December 12, 2019 1.56% 2.11% -3.01%
December 19, 2019 1.64% 2.47% -2.33%
December 27, 2019 1.43% 3.00% -6.08%
January 9, 2020 1.06% 2.10% -2.74%
February 27, 2020 2.68% 0.66% 18.32%
March 5, 2020 1.45% 1.94% 14.46%
March 12, 2020 0.75% 1.48% 36.07%
March 19, 2020 0.60% 0.10% 39.50%
March 26, 2020 0.59% 0.52% 26.92%
April 2, 2020 0.44% 1.34% 33.69%
April 9, 2020 0.34% 1.40% 25.74%
April 16, 2020 0.51% 1.82% 25.49%
April 23, 2020 0.64% 1.91% 24.95%
May 1, 2020 1.49% 2.60% 16.45%
May 7, 2020 0.89% 1.50% 22.75%
May 14, 2020 0.51% 0.93% 26.73%
May 21, 2020 0.61% 1.26% 21.52%
May 28, 2020 0.60% 1.83% 21.05%
June 4, 2020 0.63% 2.15% 19.79%
June 11, 2020 1.21% 3.52% 22.89%
June 19, 2020 0.79% 2.73% 20.61%
June 25, 2020 0.49% 1.90% 21.06%
July 2, 2020 0.61% 1.11% 20.74%
July 9, 2020 0.65% 1.50% 22.29%
July 16, 2020 0.57% 0.89% 18.09%
July 23, 2020 0.73% 0.55% 19.54%
July 30, 2020 1.04% 0.99% 15.19%
August 6, 2020 0.71% 0.28% 16.93%
August 13, 2020 0.90% 0.52% 17.54%
August 20, 2020 1.75% -0.51% 16.26%
August 27, 2020 2.36% -0.28% 10.11%
September 3, 2020 2.39% -0.96% 11.35%
September 10, 2020 2.02% -0.72% 17.65%
September 17, 2020 0.26% -0.43% 19.28%
September 24, 2020 0.49% -0.28% 20.70%
October 2, 2020 0.39% -0.13% 20.91%
October 8, 2020 0.35% -0.58% 19.73%
October 15, 2020 0.20% -0.78% 20.58%
October 22, 2020 0.28% -0.77% 20.54%
October 29, 2020 0.36% -0.68% 28.26%
November 5, 2020 2.30% 0.30% 19.60%
November 12, 2020 2.19% 0.27% 15.65%
November 19, 2020 2.21% 0.35% 15.71%
November 25, 2020 3.79% 0.51% 16.20%
December 3, 2020 0.98% -0.05% 15.07%
December 10, 2020 0.66% -0.19% 16.38%
December 17, 2020 2.22% -0.79% 14.22%
December 24, 2020 0.68% -1.22% 15.96%
December 31, 2020 0.40% -1.17% 15.25%
January 7, 2021 0.51% -0.33% 15.36%
January 14, 2021 0.64% 0.12% 16.03%
January 21, 2021 3.65% -0.79% 13.84%
January 28, 2021 2.30% -0.65% 16.97%
February 4, 2021 0.78% -0.04% 14.42%
February 11, 2021 0.77% -0.24% 14.33%
February 18, 2021 0.98% -0.40% 13.15%
February 25, 2021 0.61% 0.87% 18.19%
March 4, 2021 0.46% -0.53% 21.07%
March 11, 2021 0.82% 0.26% 13.94%
March 18, 2021 0.76% 0.51% 13.86%
March 25, 2021 1.14% 0.52% 14.66%
April 1, 2021 1.39% 0.11% 9.11%
April 15, 2021 1.04% -0.54% 7.92%
April 22, 2021 3.48% -0.44% 10.63%
May 13, 2021 0.69% 0.04% 14.64%
May 20, 2021 0.60% -0.19% 13.65%
May 27, 2021 0.73% -1.08% 10.18%
June 3, 2021 0.66% -0.09% 8.98%
Average 1.30% 0.86% 13.91%

Portfolios Hedged Against > 3.0% Declines

Starting Date Expected Return Actual Return SPY Return
May 2, 2019 1.42% 2.45% 6.14%
May 9, 2019 1.38% 3.06% 8.80%
August 1, 2019 2.28% 1.83% 10.16%
August 15, 2019 2.42% 0.24% 19.74%
August 22, 2019 2.45% 0.82% 15.15%
August 29, 2019 2.48% 1.34% 2.23%
September 5, 2019 2.96% 3.12% 2.55%
September 12, 2019 3.34% 1.87% -16.86%
September 29, 2019 1.60% 1.55% -13.26%
October 3, 2019 1.65% 2.14% -13.60%
November 7, 2019 2.90% 1.50% -5.62%
December 5, 2019 1.93% 3.26% 3.48%
December 12, 2019 1.74% 3.23% -3.01%
December 19, 2019 2.82% 2.55% -2.33%
December 27, 2019 3.77% 3.40% -6.08%
January 9, 2020 1.20% 2.05% -2.74%
January 16, 2020 1.11% 2.97% -2.03%
February 27, 2020 2.80% 1.40% 18.32%
March 5, 2020 1.34% 1.24% 14.46%
March 12, 2020 0.49% 1.79% 36.07%
March 19, 2020 0.39% 0.47% 39.50%
March 26, 2020 1.11% 2.18% 26.92%
April 2, 2020 0.81% 2.13% 33.69%
April 9, 2020 0.66% 1.43% 25.74%
April 16, 2020 0.50% 0.72% 25.49%
April 23, 2020 0.61% 1.39% 24.95%
May 1, 2020 0.68% 1.01% 16.45%
May 7, 2020 1.85% 0.69% 22.75%
May 14, 2020 1.33% 1.26% 26.73%
May 21, 2020 1.36% 0.76% 21.52%
May 28, 2020 1.35% 1.50% 21.05%
June 4, 2020 1.24% 0.71% 19.79%
June 11, 2020 1.82% 2.85% 22.89%
June 19, 2020 0.96% 0.69% 20.61%
June 25, 2020 1.09% 0.86% 21.06%
July 2, 2020 1.23% 0.74% 20.74%
July 9, 2020 1.24% 0.15% 22.29%
July 16, 2020 1.14% -0.48% 18.09%
July 23, 2020 1.03% 0.63% 19.54%
July 30, 2020 0.98% 0.34% 15.19%
August 6, 2020 1.42% -0.94% 16.93%
August 13, 2020 0.81% 0.72% 17.54%
August 20, 2020 1.80% -0.83% 16.26%
August 27, 2020 3.31% -0.85% 10.11%
September 3, 2020 2.58% 0.09% 11.35%
September 10, 2020 2.31% -0.47% 17.65%
September 17, 2020 0.91% -0.69% 19.28%
September 24, 2020 0.51% -0.74% 20.70%
October 2, 2020 0.65% -0.74% 20.91%
October 8, 2020 0.69% -0.72% 19.73%
October 15, 2020 0.61% -0.70% 20.58%
October 22, 2020 0.64% 0.03% 20.54%
October 29, 2020 1.39% 0.11% 28.26%
November 5, 2020 2.19% -0.28% 19.60%
November 12, 2020 2.10% 1.30% 15.65%
November 19, 2020 2.21% 0.59% 15.71%
November 25, 2020 3.82% 0.94% 16.20%
December 3, 2020 1.00% -0.41% 15.07%
December 10, 2020 2.06% 0.12% 16.38%
December 17, 2020 5.79% 2.43% 14.22%
December 24, 2020 1.07% -0.59% 15.96%
December 31, 2020 2.56% -1.54% 15.25%
January 7, 2021 1.89% -1.17% 15.36%
January 14, 2021 2.45% 2.30% 16.03%
January 21, 2021 6.37% 0.14% 13.84%
January 28, 2021 3.02% -0.37% 16.97%
February 4, 2021 7.27% -0.37% 14.42%
February 11, 2021 0.64% 0.05% 14.33%
February 18, 2021 0.73% -0.43% 13.15%
February 25, 2021 0.77% 1.21% 18.19%
March 4, 2021 0.82% -0.14% 21.07%
March 11, 2021 0.94% 0.24% 13.94%
March 18, 2021 0.79% -0.23% 13.86%
March 25, 2021 1.30% 0.03% 14.66%
April 1, 2021 1.30% -0.15% 9.11%
April 8, 2021 0.93% -0.52% 7.89%
April 15, 2021 1.26% -0.21% 7.92%
April 22, 2021 3.42% 0.90% 10.63%
May 13, 2021 2.16% -0.10% 14.64%
May 20, 2021 2.36% -1.42% 13.65%
May 27, 2021 1.01% -2.19% 10.18%
June 3, 2021 1.17% -1.30% 8.98%
Average 1.76% 0.67% 14.50%

Portfolios Hedged Against > 4.0% Declines

Starting Date Expected Return Actual Return SPY Return
May 9, 2019 2.01% 2.03% 8.80%
May 30, 2019 1.99% 5.70% 13.72%
July 11, 2019 3.66% 3.72% 9.86%
July 25, 2019 2.68% 3.68% 10.64%
August 1, 2019 4.01% 2.55% 10.16%
August 8, 2019 3.48% 1.75% 14.22%
August 15, 2019 1.90% 0.36% 19.74%
August 22, 2019 3.34% 3.07% 15.15%
August 29, 2019 3.02% 1.73% 2.23%
September 5, 2019 2.81% 4.19% 2.55%
September 12, 2019 2.63% 2.71% -16.86%
September 29, 2019 1.43% 1.88% -13.26%
October 3, 2019 1.99% -0.13% -13.60%
October 10, 2019 1.56% 1.98% -4.08%
October 17, 2019 1.63% 4.30% -3.16%
October 24, 2019 1.78% 1.97% -4.75%
October 31, 2019 2.04% 9.84% -3.18%
November 7, 2019 4.31% 3.88% -5.62%
November 14, 2019 1.39% 9.23% -6.92%
November 21, 2019 2.09% 8.56% -3.91%
November 28, 2019 3.02% 8.46% -2.90%
December 5, 2019 2.05% 5.23% 3.48%
December 12, 2019 1.83% 6.86% -3.01%
December 19, 2019 2.49% -0.72% -2.33%
December 27, 2019 3.17% -0.12% -6.08%
January 2, 2020 2.62% -0.48% -2.87%
January 9, 2020 1.56% -0.63% -2.74%
January 23, 2020 1.72% 0.06% -1.61%
February 6, 2020 1.84% -0.32% 1.17%
February 13, 2020 1.82% -0.64% 0.99%
February 20, 2020 1.85% -0.27% 1.46%
February 27, 2020 3.05% 2.76% 18.32%
March 5, 2020 1.47% 1.83% 14.46%
March 12, 2020 0.85% 1.70% 36.07%
March 19, 2020 0.47% 1.16% 39.50%
March 26, 2020 0.74% 1.80% 26.92%
April 2, 2020 0.84% 2.42% 33.69%
April 9, 2020 0.65% 0.62% 25.74%
April 16, 2020 1.25% -0.31% 25.49%
April 23, 2020 0.48% 0.59% 24.95%
May 1, 2020 0.92% 0.69% 16.45%
May 7, 2020 2.19% -0.30% 22.75%
May 14, 2020 1.30% -1.11% 26.73%
May 21, 2020 1.22% 0.05% 21.52%
May 28, 2020 1.32% 0.86% 21.05%
June 4, 2020 1.28% 0.91% 19.79%
June 11, 2020 1.59% 2.57% 22.89%
June 19, 2020 1.38% 0.12% 20.61%
June 25, 2020 1.67% 1.25% 21.06%
July 2, 2020 1.44% 1.90% 20.74%
July 9, 2020 1.28% -0.42% 22.29%
July 16, 2020 0.95% 0.45% 18.09%
July 23, 2020 1.43% -1.92% 19.54%
July 30, 2020 1.33% 0.33% 15.19%
August 6, 2020 1.40% -0.91% 16.93%
August 13, 2020 1.24% 0.09% 17.54%
August 20, 2020 1.07% 0.00% 16.26%
August 27, 2020 3.32% -0.60% 10.11%
September 3, 2020 1.12% -0.15% 11.35%
September 10, 2020 2.36% -0.63% 17.65%
September 17, 2020 1.74% -0.94% 19.28%
September 24, 2020 2.35% -0.11% 20.70%
October 2, 2020 0.88% -0.41% 20.91%
October 8, 2020 1.00% -0.72% 19.73%
October 15, 2020 0.77% -0.67% 20.58%
October 22, 2020 0.99% -0.31% 20.54%
October 29, 2020 1.55% -0.03% 28.26%
November 5, 2020 0.82% 0.12% 19.60%
November 12, 2020 2.14% 1.40% 15.65%
November 19, 2020 2.29% 0.11% 15.71%
November 25, 2020 3.76% 0.08% 16.20%
December 3, 2020 1.09% -0.04% 15.07%
December 10, 2020 1.89% -0.29% 16.38%
December 17, 2020 6.15% 2.01% 14.22%
December 24, 2020 1.26% -1.84% 15.96%
December 31, 2020 2.70% -1.97% 15.25%
January 7, 2021 3.11% 1.22% 15.36%
January 14, 2021 3.60% 1.98% 16.03%
January 21, 2021 8.26% 2.08% 13.84%
January 28, 2021 3.39% 1.49% 16.97%
February 4, 2021 8.02% -0.18% 14.42%
February 11, 2021 1.25% 0.05% 14.33%
February 18, 2021 1.25% 2.07% 13.15%
February 25, 2021 1.10% 0.55% 18.19%
March 4, 2021 1.21% 1.79% 21.07%
March 11, 2021 1.32% 2.35% 13.94%
March 18, 2021 1.41% -1.36% 13.86%
March 25, 2021 3.81% 1.23% 14.66%
April 1, 2021 1.30% 0.76% 9.11%
April 8, 2021 1.57% 1.43% 7.89%
April 15, 2021 1.35% 2.08% 7.92%
April 22, 2021 1.44% 1.48% 10.63%
April 29, 2021 2.55% 1.72% 10.05%
May 6, 2021 1.48% 3.22% 12.54%
May 13, 2021 1.47% 2.99% 14.64%
May 20, 2021 2.82% 0.05% 13.65%
May 27, 2021 2.95% 0.28% 10.18%
June 3, 2021 1.63% 1.14% 8.98%
Average 2.05% 1.34% 12.51%

Portfolios Hedged Against > 5.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 7, 2017 4.09% 1.96% 14.07%
July 20, 2017 4.69% -0.63% 14.62%
July 27, 2017 4.44% 3.57% 17.10%
August 31, 2017 3.22% 1.97% 10.87%
October 4, 2018 3.54% 2.31% 0.25%
October 25, 2018 2.05% 5.27% 9.26%
November 1, 2018 2.69% 3.51% 7.80%
November 21, 2018 2.90% 2.76% 9.23%
January 3, 2019 1.95% 5.00% 23.49%
January 10, 2019 1.68% 5.44% 16.42%
January 31, 2019 2.89% 5.80% 11.21%
April 4, 2019 3.40% 7.29% 3.47%
April 11, 2019 3.58% 4.12% 3.78%
April 25, 2019 4.03% 5.57% 4.25%
May 2, 2019 3.76% 0.54% 6.14%
May 9, 2019 2.96% -0.08% 8.80%
May 30, 2019 2.76% 2.40% 13.72%
July 11, 2019 4.07% 5.75% 9.86%
July 18, 2019 6.46% 2.45% 12.14%
July 25, 2019 3.54% 3.69% 10.64%
August 1, 2019 3.46% 4.39% 10.16%
August 8, 2019 3.39% 1.72% 14.22%
August 15, 2019 2.43% 0.24% 19.74%
August 22, 2019 2.31% 4.01% 15.15%
August 29, 2019 2.44% 1.25% 2.23%
September 5, 2019 3.40% 4.92% 2.55%
September 12, 2019 3.02% 0.48% -16.86%
September 29, 2019 1.83% -0.81% -13.26%
October 3, 2019 2.00% 0.18% -13.60%
October 10, 2019 1.65% 1.12% -4.08%
October 24, 2019 2.24% 2.11% -4.75%
October 31, 2019 1.97% 3.70% -3.18%
November 7, 2019 3.39% 2.11% -5.62%
November 14, 2019 1.65% -2.82% -6.92%
November 21, 2019 2.20% 6.60% -3.91%
November 28, 2019 2.67% -1.11% -2.90%
December 5, 2019 2.17% 2.32% 3.48%
December 12, 2019 2.27% 0.47% -3.01%
December 19, 2019 2.75% -0.93% -2.33%
December 27, 2019 2.13% -1.59% -6.08%
January 2, 2020 2.85% -0.49% -2.87%
January 9, 2020 2.13% -0.19% -2.74%
January 16, 2020 1.67% -3.08% -2.03%
January 23, 2020 2.41% -3.19% -1.61%
February 6, 2020 2.54% 0.08% 1.17%
February 13, 2020 2.15% 0.02% 0.99%
February 20, 2020 2.19% -1.58% 1.46%
February 27, 2020 3.31% 2.28% 18.32%
March 5, 2020 1.96% 2.47% 14.46%
March 12, 2020 0.68% 0.52% 36.07%
March 19, 2020 1.05% 1.87% 39.50%
March 26, 2020 0.70% 1.21% 26.92%
April 2, 2020 1.38% -0.02% 33.69%
April 9, 2020 1.50% 0.50% 25.74%
April 16, 2020 1.19% 0.84% 25.49%
April 23, 2020 1.29% 0.98% 24.95%
May 1, 2020 0.97% -0.75% 16.45%
May 7, 2020 2.05% -0.15% 22.75%
May 14, 2020 1.65% -1.06% 26.73%
May 21, 2020 1.23% -0.66% 21.52%
May 28, 2020 1.89% 0.78% 21.05%
June 4, 2020 1.19% 1.29% 19.79%
June 11, 2020 1.68% 0.89% 22.89%
June 19, 2020 1.46% 1.59% 20.61%
June 25, 2020 1.87% -0.45% 21.06%
July 2, 2020 2.06% 2.47% 20.74%
July 9, 2020 1.56% 1.51% 22.29%
July 16, 2020 1.35% -0.08% 18.09%
July 23, 2020 1.62% -0.52% 19.54%
July 30, 2020 1.85% -1.31% 15.19%
August 6, 2020 1.89% -1.26% 16.93%
August 13, 2020 1.37% -0.08% 17.54%
August 20, 2020 1.15% 0.10% 16.26%
August 27, 2020 3.29% 0.39% 10.11%
September 3, 2020 1.24% -0.23% 11.35%
September 10, 2020 2.88% -0.79% 17.65%
September 17, 2020 1.77% -0.27% 19.28%
September 24, 2020 2.53% 0.61% 20.70%
October 2, 2020 1.21% -0.02% 20.91%
October 8, 2020 1.23% -0.60% 19.73%
October 15, 2020 0.99% -0.79% 20.58%
October 22, 2020 1.09% 0.23% 20.54%
October 22, 2020 1.09% 0.23% 20.54%
October 29, 2020 3.39% 2.02% 28.26%
November 5, 2020 1.10% -0.28% 19.60%
November 12, 2020 2.40% 0.15% 15.65%
November 19, 2020 2.44% 0.03% 15.71%
November 25, 2020 3.90% 0.36% 16.20%
December 3, 2020 3.03% -1.14% 15.07%
December 10, 2020 2.64% 2.28% 16.38%
December 17, 2020 6.81% 4.31% 14.22%
December 24, 2020 2.45% 0.72% 15.96%
December 31, 2020 4.59% 2.36% 15.25%
January 7, 2021 6.05% 4.88% 15.36%
January 14, 2021 3.05% 3.96% 16.03%
January 21, 2021 5.95% 1.55% 13.84%
January 28, 2021 3.86% 2.76% 16.97%
February 4, 2021 7.16% 0.27% 14.42%
February 11, 2021 3.83% -0.05% 14.33%
February 18, 2021 3.09% 0.31% 13.15%
February 25, 2021 4.56% 2.75% 18.19%
March 4, 2021 4.64% 1.99% 21.07%
March 11, 2021 6.50% 3.08% 13.94%
March 18, 2021 4.99% 2.43% 13.86%
March 25, 2021 4.37% 2.66% 14.66%
April 1, 2021 3.83% 2.24% 9.11%
April 8, 2021 2.70% 2.54% 7.89%
April 15, 2021 3.03% 0.36% 7.92%
April 22, 2021 3.03% 3.21% 10.63%
April 29, 2021 3.50% 0.27% 10.05%
May 13, 2021 1.81% 2.99% 14.64%
May 20, 2021 2.30% 2.42% 13.65%
May 27, 2021 2.34% 0.47% 10.18%
June 3, 2021 2.11% 0.29% 8.98%
Average 2.69% 1.34% 12.28%

Portfolios Hedged Against > 6.0% Declines

Starting Date Expected Return Actual Return SPY Return
June 8, 2017 4.62% 3.83% 9.99%
June 29, 2017 4.26% 6.64% 11.68%
June 29, 2017 4.60% 7.82% 11.68%
July 27, 2017 5.72% 7.04% 17.10%
August 10, 2017 5.85% 1.43% 8.36%
August 31, 2017 4.86% 0.31% 10.87%
September 14, 2017 5.01% 12.81% 11.19%
September 22, 2017 5.68% 7.55% 6.67%
September 22, 2017 5.26% 4.98% 6.67%
September 28, 2017 4.75% 7.91% 4.73%
October 5, 2017 5.77% 10.57% 5.26%
October 12, 2017 5.63% 9.83% 5.38%
November 22, 2017 5.43% 3.25% 5.90%
November 30, 2017 6.25% 1.24% 3.80%
November 30, 2017 6.45% -5.21% 3.80%
March 22, 2018 2.80% 5.95% 11.74%
March 29, 2018 2.56% 4.74% 11.48%
April 5, 2018 2.89% 0.72% 9.33%
April 12, 2018 3.00% 3.83% 4.71%
April 26, 2018 2.80% 4.43% 0.53%
October 4, 2018 5.43% -0.48% 0.25%
October 25, 2018 4.06% 1.28% 9.26%
November 1, 2018 3.08% -1.88% 7.80%
April 4, 2019 4.48% 9.91% 3.47%
April 25, 2019 4.63% 2.67% 4.25%
May 2, 2019 4.07% 5.77% 6.14%
May 9, 2019 3.71% 2.58% 8.80%
May 30, 2019 3.74% 5.28% 13.72%
July 11, 2019 4.70% 4.30% 9.86%
July 18, 2019 4.34% 7.38% 12.14%
August 1, 2019 3.82% 4.29% 10.16%
August 8, 2019 4.46% 4.74% 14.22%
August 15, 2019 3.97% 1.56% 19.74%
August 22, 2019 3.66% 2.04% 15.15%
August 29, 2019 4.32% -1.44% 2.23%
September 5, 2019 4.30% 2.74% 2.55%
September 5, 2019 4.30% 2.74% 2.55%
September 12, 2019 3.86% -0.05% -16.86%
September 29, 2019 3.14% -1.55% -13.26%
October 3, 2019 2.86% -0.23% -13.60%
October 10, 2019 3.33% 2.93% -4.08%
October 17, 2019 3.62% -1.96% -3.16%
October 17, 2019 3.62% -1.83% -3.16%
October 24, 2019 3.58% -0.94% -4.75%
October 24, 2019 3.58% -0.94% -4.75%
October 31, 2019 2.65% 0.91% -3.18%
October 31, 2019 2.59% 0.77% -3.18%
November 7, 2019 2.72% -0.98% -5.62%
November 14, 2019 3.35% -2.52% -6.92%
November 14, 2019 3.46% -2.61% -6.92%
November 21, 2019 3.14% -1.67% -3.91%
November 28, 2019 3.45% -0.52% -2.90%
December 5, 2019 2.85% 0.25% 3.48%
December 12, 2019 1.94% 2.04% -3.01%
December 19, 2019 2.82% 0.77% -2.33%
December 27, 2019 3.49% -1.36% -6.08%
January 2, 2020 2.88% -0.87% -2.87%
January 9, 2020 3.19% -0.79% -2.74%
January 16, 2020 2.91% -3.42% -2.03%
January 23, 2020 3.01% -0.50% -1.61%
February 6, 2020 3.45% 6.66% 1.17%
February 13, 2020 3.15% 1.08% 0.99%
February 20, 2020 3.05% 2.16% 1.46%
February 27, 2020 3.71% 2.79% 18.32%
March 5, 2020 2.48% 2.30% 14.46%
March 12, 2020 0.91% 0.88% 36.07%
March 12, 2020 0.92% 0.90% 36.07%
March 19, 2020 1.12% 3.34% 39.50%
March 26, 2020 0.60% 0.36% 26.92%
April 2, 2020 1.53% -0.26% 33.69%
April 9, 2020 1.71% -0.42% 25.74%
April 16, 2020 1.80% 0.45% 25.49%
April 23, 2020 1.26% 0.27% 24.95%
May 1, 2020 1.27% -1.74% 16.45%
May 7, 2020 2.52% -0.68% 22.75%
May 14, 2020 1.93% -1.40% 26.73%
May 21, 2020 2.09% -0.05% 21.52%
May 28, 2020 2.01% 1.19% 21.05%
June 4, 2020 1.63% 2.25% 19.79%
June 11, 2020 1.83% 1.59% 22.89%
June 19, 2020 1.95% 1.21% 20.61%
June 25, 2020 2.31% 1.32% 21.06%
July 2, 2020 2.19% 0.89% 20.74%
July 9, 2020 1.63% 2.66% 22.29%
July 16, 2020 1.44% 1.12% 18.09%
July 23, 2020 1.66% -0.49% 19.54%
July 30, 2020 2.54% -0.84% 15.19%
August 6, 2020 2.10% -2.34% 16.93%
August 13, 2020 1.59% 0.24% 17.54%
August 20, 2020 1.28% 0.80% 16.26%
August 27, 2020 2.04% 2.58% 10.11%
September 3, 2020 1.82% 1.13% 11.35%
September 10, 2020 3.01% -0.80% 17.65%
September 17, 2020 2.01% -0.64% 19.28%
September 24, 2020 2.62% 1.07% 20.70%
October 2, 2020 1.60% 1.86% 20.91%
October 8, 2020 1.75% 1.40% 19.73%
October 15, 2020 2.15% 2.59% 20.58%
October 22, 2020 1.63% -0.12% 20.54%
October 29, 2020 4.02% 0.31% 28.26%
November 5, 2020 1.22% -0.25% 19.60%
November 12, 2020 3.18% 0.59% 15.65%
November 19, 2020 3.85% 3.63% 15.71%
November 25, 2020 4.11% 6.14% 16.20%
December 3, 2020 3.93% -0.21% 15.07%
December 10, 2020 4.14% 1.46% 16.38%
December 17, 2020 4.69% 0.93% 14.22%
December 17, 2020 4.69% 0.93% 14.22%
December 24, 2020 3.67% 4.69% 15.96%
December 31, 2020 4.29% 2.85% 15.25%
January 7, 2021 6.19% 6.88% 15.36%
January 14, 2021 3.69% 3.26% 16.03%
January 21, 2021 6.43% 3.48% 13.84%
January 28, 2021 5.55% 1.07% 16.97%
February 4, 2021 5.80% -1.21% 14.42%
February 11, 2021 5.88% -2.53% 14.33%
February 18, 2021 5.47% -1.29% 13.15%
February 25, 2021 6.28% -1.13% 18.19%
March 4, 2021 5.96% 2.32% 21.07%
March 11, 2021 6.95% 4.10% 13.94%
March 18, 2021 5.97% 4.65% 13.86%
March 25, 2021 5.12% 3.24% 14.66%
April 1, 2021 4.69% 1.75% 9.11%
April 8, 2021 3.85% 0.74% 7.89%
April 15, 2021 3.70% 3.38% 7.92%
April 22, 2021 3.61% 3.97% 10.63%
April 29, 2021 4.38% 1.84% 10.05%
May 13, 2021 3.17% 0.43% 14.64%
May 20, 2021 3.63% -1.48% 13.65%
May 27, 2021 3.59% -3.55% 10.18%
June 3, 2021 3.77% 1.65% 8.98%
Average 3.50% 1.73% 10.99%

Portfolios Hedged Against > 7.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 7, 2017 6.97% 7.58% 14.07%
July 13, 2017 5.65% 4.13% 14.85%
July 13, 2017 6.51% 6.45% 14.85%
July 20, 2017 7.13% 7.11% 14.62%
August 10, 2017 5.86% 10.13% 8.36%
August 17, 2017 6.17% 10.58% 13.48%
August 24, 2017 6.18% 10.42% 13.72%
September 28, 2017 5.81% 11.21% 4.73%
November 16, 2017 7.10% 3.16% 6.22%
November 16, 2017 5.89% -0.52% 6.22%
December 8, 2017 5.80% 6.92% 5.73%
March 1, 2018 4.01% 5.91% 9.37%
April 12, 2018 5.06% -1.22% 4.71%
April 12, 2018 4.92% 0.06% 4.71%
June 8, 2018 6.27% -3.81% -4.40%
October 4, 2018 8.28% -1.56% 0.25%
November 1, 2018 5.26% 0.37% 7.80%
December 6, 2018 4.85% -0.21% 6.64%
January 31, 2019 4.76% 11.02% 11.21%
April 4, 2019 4.70% 7.64% 3.47%
April 11, 2019 5.01% 3.98% 3.78%
April 25, 2019 5.52% -1.70% 4.25%
May 2, 2019 4.44% 3.10% 6.14%
May 9, 2019 4.37% 4.33% 8.80%
May 30, 2019 4.44% 6.80% 13.72%
July 11, 2019 5.65% 1.71% 9.86%
July 18, 2019 5.54% 1.62% 12.14%
July 25, 2019 5.94% 2.45% 10.64%
August 1, 2019 5.34% 4.92% 10.16%
August 8, 2019 4.59% 3.33% 14.22%
August 15, 2019 4.53% 2.74% 19.74%
August 22, 2019 4.58% 1.66% 15.15%
August 29, 2019 5.16% -2.78% 2.23%
September 5, 2019 5.01% 4.87% 2.55%
September 12, 2019 5.23% -3.21% -16.86%
September 29, 2019 4.83% -5.55% -13.26%
October 3, 2019 3.88% -2.69% -13.60%
October 10, 2019 4.12% -4.10% -4.08%
October 17, 2019 3.98% -2.70% -3.16%
October 24, 2019 3.73% -2.66% -4.75%
October 31, 2019 3.37% -3.50% -3.18%
November 7, 2019 3.86% -1.73% -5.62%
November 14, 2019 4.28% 1.74% -6.92%
November 21, 2019 3.75% -1.87% -3.91%
November 28, 2019 3.65% -0.83% -2.90%
December 5, 2019 3.59% 0.07% 3.48%
December 12, 2019 2.58% 1.91% -3.01%
December 19, 2019 3.63% 2.10% -2.33%
December 27, 2019 4.59% 2.09% -6.08%
January 2, 2020 3.15% -2.98% -2.87%
January 9, 2020 3.51% -2.41% -2.74%
January 16, 2020 3.14% -4.77% -2.03%
January 23, 2020 3.99% -1.90% -1.61%
February 6, 2020 3.72% 7.46% 1.17%
February 13, 2020 3.50% 0.63% 0.99%
February 20, 2020 3.26% 2.54% 1.46%
February 27, 2020 4.64% 1.26% 18.32%
March 5, 2020 2.75% 2.89% 14.46%
March 12, 2020 0.93% -0.15% 36.07%
March 19, 2020 1.36% 3.63% 39.50%
March 26, 2020 0.79% 0.22% 26.92%
April 2, 2020 1.84% -0.19% 33.69%
April 9, 2020 1.98% -1.24% 25.74%
April 16, 2020 2.15% 0.11% 25.49%
April 23, 2020 1.59% 0.38% 24.95%
May 1, 2020 1.41% -1.57% 16.45%
May 7, 2020 2.66% -1.31% 22.75%
May 7, 2020 2.66% -1.31% 22.75%
May 14, 2020 2.19% -2.05% 26.73%
May 21, 2020 2.32% 0.35% 21.52%
May 28, 2020 2.74% 1.66% 21.05%
June 4, 2020 1.98% 3.25% 19.79%
June 11, 2020 2.51% 3.35% 22.89%
June 19, 2020 2.34% 2.91% 20.61%
June 25, 2020 2.41% 1.45% 21.06%
July 2, 2020 2.62% 3.01% 20.74%
July 9, 2020 2.09% 3.57% 22.29%
July 16, 2020 1.72% 2.34% 18.09%
July 23, 2020 1.83% 5.23% 19.54%
July 30, 2020 2.86% 3.00% 15.19%
August 6, 2020 2.15% -0.36% 16.93%
August 13, 2020 1.80% 2.48% 17.54%
August 20, 2020 1.89% 1.89% 16.26%
August 27, 2020 2.27% 4.30% 10.11%
September 3, 2020 2.22% 0.86% 11.35%
September 10, 2020 2.32% -2.06% 17.65%
September 17, 2020 3.54% 7.60% 19.28%
September 24, 2020 1.84% 2.74% 20.70%
October 2, 2020 2.12% 5.48% 20.91%
October 8, 2020 2.53% 6.33% 19.73%
October 15, 2020 3.10% 10.32% 20.58%
October 22, 2020 3.07% 6.27% 20.54%
October 29, 2020 4.09% 5.33% 28.26%
November 5, 2020 2.97% 8.49% 19.60%
November 12, 2020 4.85% 6.41% 15.65%
November 19, 2020 3.98% 7.63% 15.71%
November 25, 2020 4.91% 9.55% 16.20%
December 3, 2020 4.88% 2.16% 15.07%
December 10, 2020 5.26% 3.40% 16.38%
December 17, 2020 5.27% 0.68% 14.22%
December 24, 2020 4.41% 1.77% 15.96%
December 31, 2020 5.22% -0.49% 15.25%
January 7, 2021 7.75% 4.77% 15.36%
January 14, 2021 4.17% -0.79% 16.03%
January 21, 2021 7.52% 1.34% 13.84%
January 28, 2021 5.54% 2.39% 16.97%
February 4, 2021 6.37% 1.70% 14.42%
February 11, 2021 7.02% -1.68% 14.33%
February 18, 2021 7.03% -2.82% 13.15%
February 25, 2021 6.86% 1.03% 18.19%
March 4, 2021 5.48% -1.55% 21.07%
March 11, 2021 6.30% 3.81% 13.94%
March 18, 2021 8.35% 2.58% 13.86%
March 25, 2021 5.97% 2.95% 14.66%
April 1, 2021 6.05% -0.54% 9.11%
April 8, 2021 4.63% -1.39% 7.89%
April 15, 2021 4.95% 3.15% 7.92%
April 22, 2021 4.72% 3.54% 10.63%
April 29, 2021 6.31% -1.16% 10.05%
May 6, 2021 4.90% 0.57% 12.54%
May 13, 2021 4.36% 3.67% 14.64%
May 20, 2021 5.25% 2.47% 13.65%
May 27, 2021 5.31% 1.26% 10.18%
June 3, 2021 4.58% -1.91% 8.98%
Average 4.25% 2.06% 11.57%

Portfolios Hedged Against > 8.0% Declines

Starting Date Expected Return Actual Return SPY Return
August 3, 2017 7.78% 11.27% 12.66%
August 10, 2017 5.52% 6.70% 8.36%
September 7, 2017 6.84% 4.39% 11.61%
September 14, 2017 6.97% 4.14% 11.19%
October 12, 2017 7.02% 2.89% 5.38%
October 19, 2017 7.58% 8.84% 6.08%
November 2, 2017 6.99% 4.46% 3.11%
November 2, 2017 7.24% 9.83% 3.11%
November 9, 2017 5.54% -1.76% 5.34%
November 22, 2017 7.01% 6.00% 5.90%
December 8, 2017 5.81% -4.16% 5.73%
December 14, 2017 6.50% 4.29% 5.87%
December 21, 2017 7.41% 4.10% 3.36%
March 22, 2018 5.44% 4.76% 11.74%
October 4, 2018 8.28% -0.86% 0.25%
November 1, 2018 5.61% 0.70% 7.80%
April 25, 2019 6.07% 3.14% 4.25%
May 2, 2019 6.15% 5.77% 6.14%
May 9, 2019 5.64% 5.75% 8.80%
May 30, 2019 5.34% 9.98% 13.72%
July 11, 2019 6.77% 2.41% 9.86%
July 18, 2019 6.43% 6.73% 12.14%
July 25, 2019 6.38% 1.19% 10.64%
August 1, 2019 5.41% 2.19% 10.16%
August 1, 2019 5.41% 2.19% 10.16%
August 8, 2019 5.72% -0.96% 14.22%
August 15, 2019 5.03% 4.78% 19.74%
August 22, 2019 5.26% 3.62% 15.15%
August 29, 2019 5.61% -0.71% 2.23%
September 5, 2019 6.04% 0.07% 2.55%
September 12, 2019 5.68% -3.29% -16.86%
September 29, 2019 4.91% -4.37% -13.26%
October 3, 2019 4.44% -5.14% -13.60%
October 10, 2019 4.72% -5.59% -4.08%
October 17, 2019 4.22% -2.84% -3.16%
October 24, 2019 4.16% -0.30% -4.75%
October 31, 2019 3.65% -4.10% -3.18%
November 7, 2019 4.87% -20.36% -5.62%
November 14, 2019 5.45% -1.01% -6.92%
November 20, 2019 3.56% 1.37% -3.40%
November 21, 2019 3.92% -2.76% -3.91%
November 28, 2019 3.84% -0.97% -2.90%
December 5, 2019 7.21% -6.57% 3.48%
December 12, 2019 2.83% 2.27% -3.01%
December 19, 2019 3.87% 5.22% -2.33%
December 27, 2019 4.84% 2.44% -6.08%
January 2, 2020 4.12% -0.05% -2.87%
January 9, 2020 4.55% 0.98% -2.74%
January 16, 2020 4.03% -2.87% -2.03%
January 23, 2020 4.21% -0.46% -1.61%
February 6, 2020 4.78% 9.91% 1.17%
February 13, 2020 4.35% 3.15% 0.99%
February 20, 2020 4.05% 7.54% 1.46%
February 27, 2020 4.70% 1.56% 18.32%
March 5, 2020 2.80% 2.95% 14.46%
March 12, 2020 1.29% 0.50% 36.07%
March 19, 2020 1.51% 4.34% 39.50%
March 26, 2020 1.03% -0.74% 26.92%
April 2, 2020 1.97% -0.26% 33.69%
April 9, 2020 2.22% -0.70% 25.74%
April 16, 2020 3.02% 1.70% 25.49%
April 23, 2020 1.57% 0.38% 24.95%
May 1, 2020 1.66% 1.30% 16.45%
May 7, 2020 2.84% -0.74% 22.75%
May 14, 2020 2.33% -1.47% 26.73%
May 21, 2020 3.05% 0.16% 21.52%
May 28, 2020 3.19% -0.49% 21.05%
June 4, 2020 2.99% 4.98% 19.79%
June 11, 2020 2.76% 3.72% 22.89%
June 19, 2020 3.21% 3.70% 20.61%
June 25, 2020 3.15% 3.65% 21.06%
July 2, 2020 3.40% 4.45% 20.74%
July 9, 2020 2.56% -0.96% 22.29%
July 16, 2020 2.42% 0.84% 18.09%
July 23, 2020 3.56% -1.22% 19.54%
July 30, 2020 4.20% 1.15% 15.19%
August 6, 2020 3.14% -2.50% 16.93%
August 13, 2020 2.75% 1.84% 17.54%
August 20, 2020 3.35% -1.76% 16.26%
August 27, 2020 4.53% 2.25% 10.11%
September 3, 2020 2.20% 1.71% 11.35%
September 10, 2020 4.16% 0.84% 17.65%
September 17, 2020 4.45% 6.98% 19.28%
September 24, 2020 4.40% 8.27% 20.70%
October 2, 2020 4.29% 8.15% 20.91%
October 8, 2020 5.02% 2.42% 19.73%
October 15, 2020 4.57% 9.84% 20.58%
October 22, 2020 5.15% 1.17% 20.54%
October 29, 2020 4.87% 4.65% 28.26%
November 12, 2020 6.26% 7.60% 15.65%
November 19, 2020 4.92% 14.74% 15.71%
November 25, 2020 8.28% 11.11% 16.20%
December 3, 2020 4.82% 4.24% 15.07%
December 10, 2020 5.92% 4.95% 16.38%
December 17, 2020 8.02% 1.03% 14.22%
December 24, 2020 5.51% -0.19% 15.96%
December 31, 2020 4.99% 1.79% 15.25%
January 7, 2021 6.38% 3.36% 15.36%
January 14, 2021 5.49% 4.51% 16.03%
January 21, 2021 5.81% 0.59% 13.84%
January 28, 2021 7.24% 0.94% 16.97%
February 4, 2021 6.84% 1.79% 14.42%
February 11, 2021 7.25% -0.46% 14.33%
February 18, 2021 6.47% -1.48% 13.15%
February 25, 2021 6.48% -0.19% 18.19%
March 4, 2021 6.78% 0.63% 21.07%
March 11, 2021 5.47% 2.16% 13.94%
March 18, 2021 22.00% -2.17% 13.86%
March 25, 2021 6.70% 0.10% 14.66%
April 1, 2021 8.15% -1.45% 9.11%
April 8, 2021 5.99% 1.89% 7.89%
April 15, 2021 6.10% -2.91% 7.92%
April 22, 2021 5.27% 5.16% 10.63%
April 29, 2021 8.03% 4.35% 10.05%
May 6, 2021 6.07% 4.06% 12.54%
May 13, 2021 5.71% 5.60% 14.64%
May 20, 2021 4.15% 2.06% 13.65%
May 27, 2021 5.48% 0.75% 10.18%
June 3, 2021 4.92% 0.82% 8.98%
Average 5.10% 1.95% 11.27%

Portfolios Hedged Against > 9.0% Declines

Starting Date Expected Return Actual Return SPY Return
June 8, 2017 6.05% 9.25% 9.99%
June 16, 2017 5.07% 11.59% 10.94%
June 22, 2017 5.36% 13.88% 11.27%
June 29, 2017 6.64% 12.92% 11.68%
July 7, 2017 6.22% 8.40% 14.07%
July 13, 2017 6.63% 12.96% 14.85%
July 20, 2017 6.50% 10.34% 14.62%
July 27, 2017 5.55% 8.20% 17.10%
August 3, 2017 8.75% 13.98% 12.66%
August 3, 2017 8.36% 16.52% 12.66%
August 10, 2017 6.08% 4.05% 8.36%
August 17, 2017 8.02% 9.12% 13.48%
August 17, 2017 6.98% 9.41% 13.48%
August 24, 2017 6.72% 8.97% 13.72%
August 31, 2017 7.34% 4.65% 10.87%
September 7, 2017 6.26% 9.51% 11.61%
September 14, 2017 7.17% 11.27% 11.19%
September 22, 2017 6.34% 10.55% 6.67%
September 28, 2017 6.20% 8.35% 4.73%
October 5, 2017 7.26% 4.62% 5.26%
October 5, 2017 8.27% 8.68% 5.26%
October 12, 2017 6.51% 5.10% 5.38%
October 19, 2017 7.82% 9.63% 6.08%
October 26, 2017 7.54% 9.34% 5.13%
November 2, 2017 6.10% 4.72% 3.11%
November 9, 2017 7.01% -1.48% 5.34%
November 16, 2017 7.06% 8.93% 6.22%
November 22, 2017 6.69% -0.85% 5.90%
November 30, 2017 6.46% -1.80% 3.80%
December 8, 2017 5.05% 4.88% 5.73%
December 14, 2017 6.11% 12.47% 5.87%
December 14, 2017 6.67% 13.47% 5.87%
December 21, 2017 6.63% 0.83% 3.36%
December 28, 2017 7.64% 14.94% 1.99%
December 28, 2017 7.79% 6.19% 1.99%
January 4, 2018 9.20% 15.12% 0.59%
January 4, 2018 8.56% 10.83% 0.59%
January 11, 2018 7.51% -2.69% 1.12%
January 18, 2018 6.73% -0.21% 1.55%
January 25, 2018 8.57% 3.47% 1.10%
February 1, 2018 6.51% 1.69% 0.59%
February 8, 2018 4.70% 8.07% 11.75%
February 15, 2018 6.30% -2.10% 4.08%
February 22, 2018 5.38% 1.72% 6.73%
March 1, 2018 5.00% 4.68% 9.37%
March 8, 2018 6.32% -3.81% 5.82%
March 15, 2018 5.17% 1.31% 6.68%
March 22, 2018 5.92% 4.01% 11.74%
March 29, 2018 5.86% 4.77% 11.48%
April 5, 2018 6.83% 3.35% 9.33%
April 12, 2018 8.26% -0.64% 4.71%
April 12, 2018 9.01% -2.72% 4.71%
April 19, 2018 9.56% -4.07% 3.67%
April 19, 2018 8.76% 1.04% 3.67%
April 26, 2018 7.64% 7.56% 0.53%
April 26, 2018 7.25% 5.67% 0.53%
May 3, 2018 8.24% 1.96% 4.47%
May 3, 2018 10.55% -1.73% 4.47%
May 10, 2018 7.87% 2.84% 3.03%
May 17, 2018 7.79% 0.60% 1.54%
May 24, 2018 8.55% -5.27% -2.63%
May 31, 2018 6.15% -0.19% 2.66%
June 7, 2018 7.15% -6.52% -4.12%
June 14, 2018 9.33% -4.69% -5.71%
June 21, 2018 9.24% -7.29% -11.31%
June 28, 2018 7.05% -7.56% -7.58%
July 5, 2018 7.61% -5.45% -6.61%
July 12, 2018 8.13% -6.77% -6.32%
July 19, 2018 7.13% -5.21% -3.83%
July 26, 2018 6.40% -5.21% -5.21%
August 2, 2018 7.62% -0.32% -3.36%
August 9, 2018 11.70% -0.96% -4.12%
August 16, 2018 10.60% -5.46% -1.33%
August 23, 2018 9.58% -3.52% -1.30%
August 30, 2018 10.11% -7.59% -2.99%
September 6, 2018 10.40% -6.09% -2.75%
September 13, 2018 9.06% -3.47% -2.25%
September 20, 2018 9.20% -1.86% -2.66%
September 27, 2018 9.86% -5.35% -2.80%
October 4, 2018 6.91% -1.76% 0.25%
October 11, 2018 6.70% 4.03% 6.99%
October 18, 2018 8.20% 1.97% 6.02%
October 25, 2018 6.35% 1.78% 9.26%
November 1, 2018 6.20% 4.74% 7.80%
November 8, 2018 8.25% -2.01% 3.57%
November 15, 2018 7.78% 0.16% 5.49%
November 21, 2018 7.13% 2.16% 9.23%
November 29, 2018 9.43% -1.05% 2.62%
December 6, 2018 7.70% -0.60% 6.64%
December 13, 2018 7.29% -3.27% 10.26%
December 20, 2018 3.94% 3.10% 20.94%
December 27, 2018 4.62% 3.44% 18.60%
January 3, 2019 4.50% 4.43% 23.49%
January 10, 2019 4.58% 7.21% 16.42%
January 17, 2019 5.22% 3.68% 14.28%
January 24, 2019 4.33% 2.43% 15.44%
January 31, 2019 4.29% 7.54% 11.21%
February 10, 2019 5.28% 3.93% 8.82%
February 14, 2019 5.89% 6.22% 4.43%
February 21, 2019 6.52% 7.62% 6.40%
February 28, 2019 6.04% -3.87% 4.63%
March 7, 2019 6.11% 2.87% 9.38%
March 14, 2019 6.02% 8.44% 8.08%
March 21, 2019 6.54% -2.51% 5.76%
March 28, 2019 6.70% 1.27% 6.24%
April 4, 2019 5.95% 4.71% 3.47%
April 11, 2019 6.95% 0.79% 3.78%
April 18, 2019 7.24% 3.17% 3.72%
April 25, 2019 7.16% -1.35% 4.25%
May 2, 2019 7.23% 0.57% 6.14%
May 9, 2019 6.51% 0.44% 8.80%
May 16, 2019 6.55% 3.65% 9.41%
May 23, 2019 6.03% 2.93% 11.27%
May 23, 2019 5.86% 5.56% 11.27%
May 30, 2019 5.97% 3.90% 13.72%
June 6, 2019 6.38% -1.84% 11.61%
June 13, 2019 7.06% 1.11% 10.62%
June 20, 2019 8.25% -0.61% 9.97%
June 27, 2019 8.05% 0.35% 11.82%
July 3, 2019 8.51% -2.31% 8.93%
July 11, 2019 7.71% 2.39% 9.86%
July 18, 2019 6.91% 5.96% 12.14%
July 18, 2019 6.91% 5.96% 12.14%
July 25, 2019 7.35% 4.09% 10.64%
August 1, 2019 6.60% 3.66% 10.16%
August 8, 2019 5.88% 0.85% 14.22%
August 15, 2019 5.71% 3.68% 19.74%
August 22, 2019 5.39% -0.21% 15.15%
August 29, 2019 5.78% 0.84% 2.23%
September 5, 2019 6.35% 0.51% 2.55%
September 12, 2019 6.36% -4.46% -16.86%
September 19, 2019 5.42% -4.78% -19.35%
September 26, 2019 5.36% -7.47% -11.08%
October 3, 2019 4.98% -1.50% -13.60%
October 10, 2019 4.60% -3.23% -4.08%
October 17, 2019 4.39% -3.30% -3.16%
October 24, 2019 4.44% -0.43% -4.75%
October 31, 2019 4.69% -1.19% -3.18%
November 7, 2019 5.34% -1.71% -5.62%
November 14, 2019 6.53% -0.28% -6.92%
November 21, 2019 4.17% -2.18% -3.91%
November 28, 2019 4.08% -2.80% -2.90%
December 5, 2019 7.89% -4.74% 3.48%
December 12, 2019 3.22% 0.28% -3.01%
December 19, 2019 4.28% 4.84% -2.33%
December 26, 2019 4.74% -2.67% -6.10%
January 2, 2020 4.51% 0.00% -2.87%
January 9, 2020 4.95% 1.96% -2.74%
January 16, 2020 4.32% -2.15% -2.03%
January 23, 2020 4.87% 0.09% -1.61%
January 30, 2020 4.13% -1.39% -0.09%
February 6, 2020 4.97% 10.25% 1.17%
February 13, 2020 5.04% 2.09% 0.99%
February 20, 2020 4.72% 6.49% 1.46%
February 27, 2020 5.24% 1.04% 18.32%
March 12, 2020 1.56% 1.66% 36.07%
March 19, 2020 3.31% 0.20% 39.50%
March 26, 2020 1.23% -0.40% 26.92%
April 2, 2020 2.55% -3.03% 33.69%
April 9, 2020 2.77% 4.57% 25.74%
April 23, 2020 3.42% 4.68% 24.95%
May 1, 2020 3.96% 4.46% 16.45%
May 7, 2020 4.26% 4.18% 22.75%
May 14, 2020 3.78% 3.01% 26.73%
May 21, 2020 4.18% -1.61% 21.52%
May 28, 2020 4.48% 7.00% 21.05%
June 4, 2020 4.41% 10.56% 19.79%
June 11, 2020 4.11% 10.26% 22.89%
June 19, 2020 4.94% 7.56% 20.61%
June 25, 2020 4.48% 5.66% 21.06%
July 2, 2020 4.79% 2.26% 20.74%
July 9, 2020 5.18% 1.02% 22.29%
July 16, 2020 5.23% 5.79% 18.09%
July 23, 2020 5.33% 6.27% 19.54%
July 30, 2020 5.32% 2.94% 15.19%
August 6, 2020 5.73% 1.15% 16.93%
August 13, 2020 5.21% 4.50% 17.54%
August 20, 2020 5.36% 4.67% 16.26%
August 27, 2020 5.69% 6.70% 10.11%
September 3, 2020 3.53% 0.84% 11.35%
September 10, 2020 5.37% 0.53% 17.65%
September 17, 2020 6.17% 0.65% 19.28%
September 24, 2020 5.64% 4.40% 20.70%
October 2, 2020 5.61% 2.21% 20.91%
October 8, 2020 5.04% 2.72% 19.73%
October 8, 2020 5.31% 3.03% 19.73%
October 15, 2020 5.02% 3.64% 20.58%
October 22, 2020 5.67% 9.57% 20.54%
October 29, 2020 4.86% 5.11% 28.26%
November 5, 2020 5.85% -1.11% 19.60%
November 12, 2020 5.37% 7.84% 15.65%
November 25, 2020 5.71% 1.99% 16.20%
December 3, 2020 5.23% -1.68% 15.07%
December 10, 2020 5.48% 2.56% 16.38%
December 17, 2020 5.37% -0.02% 14.22%
December 24, 2020 5.14% 2.22% 15.96%
December 31, 2020 5.07% 3.35% 15.25%
January 7, 2021 4.77% -0.77% 15.36%
January 21, 2021 6.40% -4.69% 13.84%
January 28, 2021 5.19% -2.25% 16.97%
February 4, 2021 6.41% -3.69% 14.42%
February 11, 2021 5.49% -5.73% 14.33%
February 18, 2021 5.67% -6.18% 13.15%
February 25, 2021 6.52% -5.35% 18.19%
March 4, 2021 5.99% -0.17% 21.07%
March 11, 2021 5.28% -2.01% 13.94%
March 18, 2021 6.99% -0.58% 13.86%
March 25, 2021 6.50% -5.41% 14.66%
April 1, 2021 4.99% -0.77% 9.11%
April 8, 2021 4.61% -4.93% 7.89%
April 15, 2021 5.28% -4.64% 7.92%
April 22, 2021 5.07% 3.62% 10.63%
April 29, 2021 4.92% 3.70% 10.05%
May 6, 2021 4.49% 6.97% 12.54%
May 13, 2021 4.29% 11.59% 14.64%
May 20, 2021 4.63% 7.75% 13.65%
May 27, 2021 4.43% 0.74% 10.18%
June 3, 2021 5.44% -3.14% 8.98%
Average 6.19% 2.22% 8.57%

Portfolios Hedged Against > 10.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 7, 2017 6.56% 8.39% 14.07%
August 24, 2017 9.08% 9.91% 13.72%
September 7, 2017 6.82% 5.01% 11.61%
September 28, 2017 9.05% 5.39% 4.73%
September 28, 2017 8.71% 10.22% 4.73%
October 19, 2017 8.49% 13.64% 6.08%
October 26, 2017 7.04% 5.67% 5.13%
December 21, 2017 7.65% 16.94% 3.36%
January 11, 2018 7.33% -0.56% 1.12%
January 18, 2018 8.39% 11.62% 1.55%
January 29, 2018 7.43% 1.99% -0.30%
March 31, 2018 7.33% 6.39% 11.48%
May 10, 2018 7.83% 0.53% 3.03%
May 10, 2018 9.84% -3.95% 3.03%
September 28, 2018 11.83% -7.03% -2.44%
October 15, 2018 9.33% 1.60% 6.77%
Average 8.29% 5.36% 5.48%

Portfolios Hedged Against > 11.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 6, 2017 6.64% 12.31% 14.81%
July 13, 2017 7.09% 15.98% 14.85%
July 27, 2017 6.73% 12.42% 17.10%
September 28, 2017 9.00% 7.17% 4.73%
Average 7.36% 11.97% 12.87%

Portfolios Hedged Against > 12.0% Declines

Starting Date Expected Return Actual Return SPY Return
January 4, 2018 9.60% 13.59% 0.59%
January 11, 2018 8.91% 0.94% 1.12%
January 25, 2018 9.09% 2.65% 1.10%
February 22, 2018 6.74% 3.13% 6.73%
April 26, 2018 11.49% 21.90% 0.53%
May 3, 2018 9.53% 9.01% 4.47%
May 10, 2018 8.24% -2.99% 3.03%
May 17, 2018 13.69% -6.78% 1.54%
May 24, 2018 11.25% 2.81% -2.63%
May 24, 2018 9.77% -2.02% -2.63%
May 31, 2018 7.42% 3.70% 2.66%
November 18, 2018 7.60% -1.08% 5.51%
December 13, 2018 7.88% -0.04% 10.26%
January 29, 2019 8.59% 13.19% 15.51%
March 12, 2019 5.94% 8.71% 8.80%
Average 9.05% 4.45% 3.77%

Portfolios Hedged Against > 13.0% Declines

Starting Date Expected Return Actual Return SPY Return
February 8, 2018 6.50% 5.29% 11.75%
June 7, 2018 8.12% -8.90% -4.12%
June 14, 2018 12.56% -7.07% -5.71%
June 21, 2018 11.17% -7.14% -11.31%
June 28, 2018 11.75% -5.45% -7.58%
July 5, 2018 9.68% -2.85% -6.61%
July 12, 2018 10.26% -8.45% -6.32%
July 19, 2018 10.78% -10.78% -3.83%
July 26, 2018 7.42% -9.83% -5.21%
August 2, 2018 11.58% -7.39% -3.36%
August 9, 2018 11.68% -2.21% -4.12%
August 16, 2018 14.83% 2.44% -1.33%
August 23, 2018 10.95% -6.89% -1.30%
August 30, 2018 12.57% -7.43% -2.99%
September 6, 2018 13.67% -7.66% -2.75%
September 13, 2018 17.01% -4.31% -2.25%
September 20, 2018 14.15% 1.95% -2.66%
September 27, 2018 13.52% -3.84% -2.80%
October 4, 2018 10.41% 8.56% 0.25%
October 11, 2018 8.24% 2.26% 6.99%
October 18, 2018 8.96% -1.54% 6.02%
October 25, 2018 6.59% -5.75% 9.26%
November 1, 2018 8.38% 6.78% 7.80%
November 8, 2018 9.54% 4.18% 3.57%
November 15, 2018 8.12% 1.09% 5.49%
November 21, 2018 9.32% 6.55% 9.23%
November 29, 2018 11.36% 19.01% 2.62%
December 6, 2018 8.94% 0.03% 6.64%
December 13, 2018 8.45% 0.27% 10.26%
December 20, 2018 5.34% 1.07% 20.94%
December 27, 2018 6.46% 4.36% 18.60%
January 3, 2019 6.23% 3.44% 23.49%
January 10, 2019 7.34% 16.40% 16.42%
January 17, 2019 8.04% 5.55% 14.28%
January 24, 2019 18.82% -5.62% 15.44%
January 31, 2019 9.54% -1.73% 11.21%
February 10, 2019 5.92% 4.34% 8.82%
February 14, 2019 8.18% 3.52% 4.43%
February 21, 2019 9.49% 3.66% 6.40%
February 28, 2019 8.24% -0.38% 4.63%
March 7, 2019 7.89% -8.24% 9.38%
March 14, 2019 7.29% -6.08% 8.08%
March 21, 2019 9.17% 1.77% 5.76%
March 28, 2019 9.13% 0.29% 6.24%
April 4, 2019 6.23% -4.61% 3.47%
April 11, 2019 9.64% -0.96% 3.78%
April 18, 2019 8.50% -7.02% 3.72%
April 25, 2019 9.04% -4.95% 4.25%
May 2, 2019 8.15% -2.04% 6.14%
May 9, 2019 8.43% -9.91% 8.80%
May 16, 2019 7.79% 0.54% 9.41%
May 23, 2019 6.71% 7.98% 11.27%
May 30, 2019 7.42% 4.47% 13.72%
June 6, 2019 8.02% -9.78% 11.61%
June 13, 2019 7.65% 1.16% 10.62%
June 20, 2019 7.69% -2.88% 9.97%
June 27, 2019 8.33% 2.03% 11.82%
July 3, 2019 9.73% 1.23% 8.93%
July 11, 2019 7.95% 1.92% 9.86%
July 18, 2019 7.05% 1.63% 12.14%
July 25, 2019 7.63% 0.01% 10.64%
August 1, 2019 7.34% 8.71% 10.16%
August 8, 2019 8.09% 3.16% 14.22%
August 15, 2019 7.63% -4.10% 19.74%
August 29, 2019 7.44% -3.20% 2.23%
September 5, 2019 8.33% -3.69% 2.55%
September 12, 2019 9.12% -5.82% -16.86%
September 19, 2019 7.45% -10.06% -19.35%
September 26, 2019 7.36% -4.14% -11.08%
October 3, 2019 6.31% 10.74% -13.60%
October 10, 2019 5.43% -7.87% -4.08%
October 17, 2019 5.11% -7.20% -3.16%
October 24, 2019 5.40% 10.28% -4.75%
October 31, 2019 5.71% -4.73% -3.18%
November 7, 2019 9.16% -2.03% -5.62%
November 14, 2019 7.11% 0.18% -6.92%
November 21, 2019 6.71% -4.81% -3.91%
November 28, 2019 8.19% -6.34% -2.90%
December 5, 2019 14.27% -18.61% 3.48%
December 12, 2019 6.30% -5.31% -3.01%
December 19, 2019 6.48% -5.44% -2.33%
December 26, 2019 4.78% -0.30% -6.10%
January 2, 2020 5.94% 1.52% -2.87%
January 9, 2020 5.31% -3.95% -2.74%
January 16, 2020 6.03% -2.10% -2.03%
January 23, 2020 7.40% -5.34% -1.61%
January 30, 2020 5.00% -4.71% -0.09%
February 6, 2020 5.43% -4.18% 1.17%
February 13, 2020 7.07% 16.43% 0.99%
February 20, 2020 6.85% -6.04% 1.46%
February 27, 2020 6.69% 0.73% 18.32%
March 5, 2020 4.99% 4.89% 14.46%
March 12, 2020 7.66% -0.56% 36.07%
March 19, 2020 4.15% 3.90% 39.50%
March 26, 2020 2.39% 3.44% 26.92%
April 2, 2020 2.58% 4.85% 33.69%
April 9, 2020 3.24% -2.61% 25.74%
April 16, 2020 3.94% -0.90% 25.49%
April 23, 2020 2.92% 5.09% 24.95%
May 1, 2020 5.19% 1.77% 16.45%
May 7, 2020 6.01% -0.26% 22.75%
May 14, 2020 4.70% 4.32% 26.73%
May 21, 2020 6.29% -5.99% 21.52%
May 28, 2020 5.05% -4.92% 21.05%
June 4, 2020 6.62% 19.14% 19.79%
June 11, 2020 5.87% 17.78% 22.89%
June 19, 2020 7.06% 7.35% 20.61%
June 25, 2020 6.92% 6.11% 21.06%
July 2, 2020 5.81% 15.72% 20.74%
July 9, 2020 6.86% 2.44% 22.29%
July 16, 2020 7.19% 1.78% 18.09%
July 23, 2020 7.06% -10.70% 19.54%
July 30, 2020 9.82% -5.90% 15.19%
August 6, 2020 7.87% -5.94% 16.93%
August 13, 2020 9.75% 1.24% 17.54%
August 20, 2020 4.91% 5.58% 16.26%
August 27, 2020 10.25% -4.76% 10.11%
September 3, 2020 8.44% 17.16% 11.35%
September 10, 2020 8.50% -7.48% 17.65%
September 17, 2020 8.83% -2.15% 19.28%
September 24, 2020 8.45% -1.23% 20.70%
October 2, 2020 8.05% -4.34% 20.91%
October 8, 2020 9.16% -0.16% 19.73%
October 15, 2020 8.07% 5.68% 20.58%
October 22, 2020 8.54% 5.65% 20.54%
October 29, 2020 7.43% -8.38% 28.26%
November 5, 2020 10.22% 0.47% 19.60%
November 12, 2020 7.76% -5.35% 15.65%
November 19, 2020 8.50% -2.79% 15.71%
November 25, 2020 9.66% -5.22% 16.20%
December 3, 2020 8.95% 2.82% 15.07%
December 10, 2020 8.78% -1.77% 16.38%
December 17, 2020 8.10% 5.76% 14.22%
December 24, 2020 8.66% -1.18% 15.96%
December 31, 2020 10.24% 4.09% 15.25%
January 7, 2021 8.30% 3.68% 15.36%
January 14, 2021 9.69% -5.90% 16.03%
January 21, 2021 9.68% -6.68% 13.84%
January 28, 2021 11.20% 1.58% 16.97%
February 4, 2021 14.17% -0.38% 14.42%
February 11, 2021 13.39% -6.90% 14.33%
February 18, 2021 11.03% -8.44% 13.15%
February 25, 2021 9.51% -7.59% 18.19%
March 4, 2021 9.36% -1.85% 21.07%
March 11, 2021 8.72% -4.01% 13.94%
March 18, 2021 9.08% -9.70% 13.86%
March 25, 2021 8.34% -10.87% 14.66%
April 1, 2021 8.28% -7.63% 9.11%
April 8, 2021 8.37% -6.68% 7.89%
April 15, 2021 10.43% -10.43% 7.92%
April 22, 2021 10.01% -3.42% 10.63%
April 29, 2021 9.85% -7.10% 10.05%
May 6, 2021 10.09% 11.56% 12.54%
May 13, 2021 8.77% 15.18% 14.64%
May 20, 2021 8.24% 9.28% 13.65%
May 27, 2021 6.76% 13.51% 10.18%
June 3, 2021 8.98% 0.17% 8.98%
Average 8.30% -0.60% 9.42%

Portfolios Hedged Against > 14.0% Declines

Starting Date Expected Return Actual Return SPY Return
December 28, 2017 9.22% 9.95% 1.99%
January 18, 2018 9.22% 9.65% 1.55%
January 25, 2018 9.22% 5.65% 1.10%
February 8, 2018 6.16% 6.58% 11.75%
February 15, 2018 8.28% -6.65% 4.08%
February 15, 2018 6.90% -8.55% 4.08%
May 24, 2018 10.09% -3.39% -2.63%
May 24, 2018 11.04% -7.08% -2.63%
May 31, 2018 6.90% -1.57% 2.66%
June 7, 2018 7.04% -4.27% -4.12%
June 14, 2018 12.60% -6.08% -5.71%
June 21, 2018 12.25% -10.71% -11.31%
June 28, 2018 11.07% -7.76% -7.58%
July 5, 2018 9.06% -5.18% -6.61%
July 12, 2018 10.79% -7.76% -6.32%
July 19, 2018 10.45% -10.43% -3.83%
July 26, 2018 8.91% -6.50% -5.21%
August 2, 2018 10.64% -8.11% -3.36%
August 9, 2018 11.15% -2.06% -4.12%
August 16, 2018 14.08% -2.27% -1.33%
August 23, 2018 13.30% 0.67% -1.30%
August 30, 2018 11.96% -8.29% -2.99%
September 6, 2018 15.14% -8.61% -2.75%
September 13, 2018 15.62% -3.48% -2.25%
September 20, 2018 12.19% -2.43% -2.66%
September 27, 2018 15.44% -10.62% -2.80%
October 4, 2018 9.79% 7.16% 0.25%
October 11, 2018 8.62% 0.36% 6.99%
October 18, 2018 8.70% -2.81% 6.02%
October 25, 2018 7.73% 4.41% 9.26%
November 1, 2018 9.00% 7.97% 7.80%
November 8, 2018 10.02% 4.98% 3.57%
November 15, 2018 10.77% 6.45% 5.49%
November 21, 2018 7.86% 2.29% 9.23%
November 29, 2018 12.07% 3.69% 2.62%
December 6, 2018 10.51% 0.52% 6.64%
December 13, 2018 9.01% 0.68% 10.26%
December 20, 2018 7.03% 3.85% 20.94%
December 27, 2018 7.02% 3.98% 18.60%
January 3, 2019 6.84% 12.87% 23.49%
January 10, 2019 7.15% 7.14% 16.42%
January 17, 2019 8.19% 6.13% 14.28%
January 24, 2019 14.81% 3.87% 15.44%
January 31, 2019 10.73% 11.21% 11.21%
February 10, 2019 6.84% 4.82% 8.82%
February 14, 2019 7.72% 2.78% 4.43%
February 21, 2019 8.34% 0.27% 6.40%
February 28, 2019 7.67% -5.23% 4.63%
March 7, 2019 7.71% 0.49% 9.38%
March 14, 2019 7.34% -2.33% 8.08%
March 21, 2019 8.92% -4.77% 5.76%
March 28, 2019 8.33% -1.36% 6.24%
April 4, 2019 7.07% -1.42% 3.47%
April 11, 2019 9.79% -4.16% 3.78%
April 18, 2019 8.27% -6.92% 3.72%
April 25, 2019 8.46% -1.42% 4.25%
May 2, 2019 9.22% -5.03% 6.14%
May 9, 2019 8.02% -7.43% 8.80%
May 16, 2019 7.58% 6.17% 9.41%
May 23, 2019 7.67% -6.19% 11.27%
May 30, 2019 7.87% 4.60% 13.72%
June 6, 2019 8.13% -5.47% 11.61%
June 13, 2019 8.34% -1.45% 10.62%
June 20, 2019 8.13% -0.80% 9.97%
June 27, 2019 9.34% 2.75% 11.82%
July 3, 2019 9.73% -1.70% 8.93%
July 18, 2019 8.55% 5.65% 12.14%
July 25, 2019 8.49% -0.30% 10.64%
August 1, 2019 7.91% 10.23% 10.16%
August 8, 2019 7.78% 3.91% 14.22%
August 15, 2019 7.67% 3.00% 19.74%
August 22, 2019 8.08% 5.12% 15.15%
August 29, 2019 7.96% -5.07% 2.23%
September 5, 2019 8.15% -0.61% 2.55%
September 12, 2019 8.68% -9.50% -16.86%
September 19, 2019 7.31% -11.03% -19.35%
September 26, 2019 7.03% -7.34% -11.08%
October 3, 2019 6.44% 5.18% -13.60%
October 10, 2019 7.61% -1.56% -4.08%
October 17, 2019 6.96% 0.98% -3.16%
October 24, 2019 6.63% 6.13% -4.75%
October 31, 2019 7.37% -3.41% -3.18%
November 14, 2019 8.64% -6.01% -6.92%
November 21, 2019 7.36% 1.75% -3.91%
November 28, 2019 8.24% -8.68% -2.90%
December 5, 2019 11.42% -12.56% 3.48%
December 12, 2019 4.42% 0.56% -3.01%
December 19, 2019 4.87% -1.92% -2.33%
December 26, 2019 5.47% -1.22% -6.10%
January 2, 2020 7.48% 2.88% -2.87%
January 9, 2020 6.03% -9.65% -2.74%
January 16, 2020 6.39% -2.17% -2.03%
January 23, 2020 6.40% 2.02% -1.61%
January 30, 2020 4.75% -2.11% -0.09%
February 6, 2020 6.37% 5.77% 1.17%
February 13, 2020 8.02% 4.98% 0.99%
February 20, 2020 6.84% 1.21% 1.46%
February 20, 2020 6.99% 8.04% 1.46%
February 27, 2020 7.52% 2.86% 18.32%
March 5, 2020 5.26% 5.39% 14.46%
March 12, 2020 3.13% 4.32% 36.07%
March 19, 2020 7.60% 5.09% 39.50%
March 26, 2020 3.68% -3.31% 26.92%
April 2, 2020 4.26% 4.40% 33.69%
April 9, 2020 4.53% -0.50% 25.74%
April 16, 2020 6.08% -3.36% 25.49%
April 23, 2020 4.23% 0.82% 24.95%
May 1, 2020 5.13% 0.93% 16.45%
May 7, 2020 7.02% 4.21% 22.75%
May 14, 2020 6.00% 6.34% 26.73%
May 21, 2020 5.10% 5.15% 21.52%
Average 8.35% -0.29% 5.63%

Portfolios Hedged Against > 15.0% Declines

Starting Date Expected Return Actual Return SPY Return
April 23, 2017 6.68% 15.41% 10.25%
December 31, 2017 8.80% 13.07% 2.52%
January 29, 2018 8.42% 9.88% -0.30%
February 1, 2018 8.60% 0.87% 0.59%
February 1, 2018 7.22% -5.69% 0.59%
February 22, 2018 7.83% 5.74% 6.73%
March 1, 2018 7.38% 5.80% 9.37%
March 8, 2018 7.40% -1.77% 5.82%
March 8, 2018 7.65% -4.26% 5.82%
March 15, 2018 7.13% -4.70% 6.68%
March 15, 2018 7.71% 1.73% 6.68%
March 22, 2018 7.34% 3.20% 11.74%
March 22, 2018 7.32% 5.89% 11.74%
March 29, 2018 7.50% 4.47% 11.48%
March 29, 2018 7.98% 5.03% 11.48%
March 31, 2018 7.95% 9.06% 11.48%
April 5, 2018 10.76% -3.70% 9.33%
April 5, 2018 10.45% -1.33% 9.33%
April 12, 2018 8.92% 3.66% 4.71%
April 26, 2018 9.68% 5.01% 0.53%
April 26, 2018 10.04% 14.99% 0.53%
May 3, 2018 9.46% 2.47% 4.47%
May 10, 2018 8.65% -2.96% 3.03%
May 17, 2018 10.87% -0.74% 1.54%
May 17, 2018 12.03% 4.72% 1.54%
May 31, 2018 7.36% -2.33% 2.66%
June 7, 2018 8.03% -9.65% -4.12%
June 14, 2018 11.83% -8.61% -5.71%
June 21, 2018 11.36% -11.82% -11.31%
June 28, 2018 11.29% -7.70% -7.58%
July 5, 2018 8.90% -6.88% -6.61%
July 12, 2018 9.54% -4.41% -6.32%
July 19, 2018 10.48% -10.71% -3.83%
July 26, 2018 9.31% -8.27% -5.21%
August 2, 2018 9.37% -6.12% -3.36%
August 9, 2018 12.08% -1.73% -4.12%
August 16, 2018 13.67% -0.80% -1.33%
August 23, 2018 14.45% -4.40% -1.30%
August 30, 2018 12.33% -8.91% -2.99%
September 6, 2018 13.47% -4.93% -2.75%
September 13, 2018 16.25% -5.37% -2.25%
September 20, 2018 12.93% -0.82% -2.66%
September 27, 2018 13.96% -4.31% -2.80%
October 4, 2018 10.09% 1.05% 0.25%
October 11, 2018 8.92% 4.25% 6.99%
October 18, 2018 8.75% 0.20% 6.02%
October 25, 2018 8.42% 3.56% 9.26%
November 1, 2018 7.95% 9.04% 7.80%
November 8, 2018 9.04% 1.87% 3.57%
November 15, 2018 9.48% 6.50% 5.49%
November 21, 2018 8.17% 0.59% 9.23%
November 29, 2018 12.14% -0.11% 2.62%
December 6, 2018 8.71% 1.80% 6.64%
December 13, 2018 9.33% -1.73% 10.26%
December 20, 2018 6.70% 4.24% 20.94%
December 27, 2018 6.57% 8.54% 18.60%
January 3, 2019 6.33% 8.38% 23.49%
January 10, 2019 7.07% 4.64% 16.42%
January 17, 2019 7.44% 6.15% 14.28%
January 24, 2019 14.80% 4.86% 15.44%
January 31, 2019 11.15% 13.03% 11.21%
February 10, 2019 6.55% 12.20% 8.82%
February 14, 2019 7.29% 5.14% 4.43%
February 21, 2019 8.30% 8.64% 6.40%
February 28, 2019 7.64% -3.35% 4.63%
March 7, 2019 7.01% 6.61% 9.38%
March 14, 2019 7.03% 9.53% 8.08%
March 21, 2019 8.26% -4.74% 5.76%
March 28, 2019 7.92% -5.13% 6.24%
April 4, 2019 7.57% 0.00% 3.47%
April 11, 2019 9.19% -3.89% 3.78%
April 18, 2019 8.37% -1.70% 3.72%
April 25, 2019 8.55% 2.26% 4.25%
May 2, 2019 8.75% -1.73% 6.14%
May 9, 2019 8.04% 1.49% 8.80%
May 16, 2019 7.75% 5.84% 9.41%
May 23, 2019 7.90% -2.16% 11.27%
May 30, 2019 7.14% 3.00% 13.72%
June 6, 2019 7.81% 0.16% 11.61%
June 13, 2019 8.38% -2.18% 10.62%
June 20, 2019 9.72% -1.01% 9.97%
June 27, 2019 9.42% 0.97% 11.82%
July 3, 2019 10.07% 0.25% 8.93%
July 11, 2019 8.85% 0.09% 9.86%
July 18, 2019 8.41% 3.84% 12.14%
July 25, 2019 8.53% 1.16% 10.64%
August 1, 2019 8.20% 9.84% 10.16%
August 8, 2019 8.06% 6.95% 14.22%
August 15, 2019 7.69% 3.34% 19.74%
August 22, 2019 7.58% 3.34% 15.15%
August 29, 2019 8.07% -5.30% 2.23%
September 5, 2019 8.48% -0.13% 2.55%
September 12, 2019 8.00% -9.27% -16.86%
September 19, 2019 8.01% -11.97% -19.35%
October 3, 2019 6.58% -7.43% -13.60%
October 17, 2019 6.42% -1.54% -3.16%
November 7, 2019 6.91% -1.83% -5.62%
November 7, 2019 7.42% 2.33% -5.62%
November 21, 2019 5.82% -3.19% -3.91%
November 21, 2019 5.86% -3.34% -3.91%
November 28, 2019 6.21% -7.06% -2.90%
December 5, 2019 9.82% -4.71% 3.48%
December 12, 2019 4.42% -2.35% -3.01%
December 19, 2019 5.67% 5.82% -2.33%
December 26, 2019 6.30% 4.59% -6.10%
January 2, 2020 5.97% 6.66% -2.87%
January 9, 2020 5.85% -1.26% -2.74%
January 16, 2020 6.35% -0.82% -2.03%
January 30, 2020 5.84% 1.78% -0.09%
February 6, 2020 6.59% 11.36% 1.17%
February 13, 2020 7.45% 8.37% 0.99%
February 20, 2020 7.05% 7.69% 1.46%
February 27, 2020 6.00% 2.75% 18.32%
March 5, 2020 4.86% 4.95% 14.46%
March 12, 2020 2.25% 2.54% 36.07%
March 19, 2020 10.41% 1.40% 39.50%
March 26, 2020 2.30% 2.80% 26.92%
April 2, 2020 3.35% 2.88% 33.69%
April 9, 2020 4.23% 1.78% 25.74%
April 16, 2020 5.87% 0.24% 25.49%
April 23, 2020 4.65% 3.33% 24.95%
May 1, 2020 5.89% 3.38% 16.45%
May 7, 2020 6.08% 2.86% 22.75%
May 14, 2020 5.85% 2.33% 26.73%
May 21, 2020 5.95% 11.26% 21.52%
June 4, 2020 7.65% 16.02% 19.79%
June 11, 2020 8.51% 22.08% 22.89%
June 25, 2020 8.05% 5.45% 21.06%
July 2, 2020 8.59% 12.32% 20.74%
July 9, 2020 9.59% 10.44% 22.29%
July 16, 2020 8.74% 7.70% 18.09%
July 23, 2020 9.84% 11.94% 19.54%
July 30, 2020 10.30% 13.71% 15.19%
August 6, 2020 9.63% 11.43% 16.93%
August 13, 2020 10.40% 15.24% 17.54%
August 20, 2020 9.02% 11.92% 16.26%
August 27, 2020 11.21% 12.38% 10.11%
September 3, 2020 6.31% 7.58% 11.35%
September 10, 2020 10.70% 7.95% 17.65%
September 17, 2020 10.96% 2.70% 19.28%
September 24, 2020 9.24% 7.23% 20.70%
October 2, 2020 9.94% 8.91% 20.91%
October 8, 2020 10.03% 2.52% 19.73%
October 15, 2020 10.05% 7.84% 20.58%
October 22, 2020 10.71% 9.71% 20.54%
October 29, 2020 9.36% 13.75% 28.26%
November 5, 2020 9.06% -0.10% 19.60%
November 12, 2020 9.84% 1.40% 15.65%
November 19, 2020 10.64% -0.87% 15.71%
November 25, 2020 10.59% -1.96% 16.20%
December 3, 2020 10.42% -1.72% 15.07%
December 10, 2020 10.79% -3.59% 16.38%
December 17, 2020 9.67% -2.77% 14.22%
December 24, 2020 10.04% 12.65% 15.96%
December 31, 2020 10.11% 7.89% 15.25%
January 7, 2021 9.91% -9.01% 15.36%
January 14, 2021 10.77% -10.71% 16.03%
January 21, 2021 11.55% -2.96% 13.84%
January 28, 2021 13.37% -9.11% 16.97%
February 4, 2021 11.53% -8.25% 14.42%
February 11, 2021 12.01% -10.92% 14.33%
February 18, 2021 12.52% -7.72% 13.15%
February 25, 2021 9.85% -6.71% 18.19%
March 4, 2021 10.04% -3.90% 21.07%
March 11, 2021 11.30% 1.55% 13.94%
March 18, 2021 10.32% -9.83% 13.86%
March 25, 2021 9.46% -4.79% 14.66%
April 1, 2021 10.02% -8.26% 9.11%
April 8, 2021 10.08% -7.26% 7.89%
April 15, 2021 9.80% -4.80% 7.92%
April 22, 2021 9.07% 0.06% 10.63%
April 29, 2021 10.02% 2.06% 10.05%
May 6, 2021 9.77% 14.34% 12.54%
May 13, 2021 7.67% 16.06% 14.64%
May 20, 2021 9.07% 3.91% 13.65%
May 27, 2021 8.65% 3.81% 10.18%
June 3, 2021 9.52% -0.98% 8.98%
Average 8.76% 1.76% 9.11%

Portfolios Hedged Against > 16.0% Declines

Starting Date Expected Return Actual Return SPY Return
March 1, 2018 6.94% 0.28% 9.37%
August 8, 2019 8.22% 5.70% 14.22%
February 20, 2020 8.94% 10.75% 1.46%
Average 8.04% 5.58% 8.35%

Portfolios Hedged Against > 18.0% Declines

Starting Date Expected Return Actual Return SPY Return
May 30, 2019 7.41% 4.79% 13.72%
Average 7.41% 4.79% 13.72%

Portfolios Hedged Against > 19.0% Declines

Starting Date Expected Return Actual Return SPY Return
December 12, 2019 5.16% 0.99% -3.01%
Average 5.16% 0.99% -3.01%

Portfolios Hedged Against > 20.0% Declines

Starting Date Expected Return Actual Return SPY Return
June 22, 2017 8.34% 20.08% 11.27%
August 31, 2017 7.94% 9.10% 10.87%
October 12, 2017 8.90% 2.12% 5.38%
October 19, 2017 9.96% 13.05% 6.08%
October 26, 2017 8.48% 9.39% 5.13%
November 2, 2017 9.66% 10.67% 3.11%
November 9, 2017 9.49% 4.45% 5.34%
November 16, 2017 8.85% 5.18% 6.22%
November 22, 2017 9.29% 7.31% 5.90%
November 30, 2017 8.66% -4.74% 3.80%
December 8, 2017 8.25% 4.50% 5.73%
December 14, 2017 7.66% 17.49% 5.87%
December 21, 2017 9.23% 12.33% 3.36%
December 28, 2017 9.81% 9.45% 1.99%
January 4, 2018 9.54% 12.92% 0.59%
January 11, 2018 8.84% 9.14% 1.12%
January 18, 2018 9.30% 7.89% 1.55%
January 25, 2018 9.71% 6.19% 1.10%
January 29, 2018 9.19% 10.48% -0.30%
February 1, 2018 8.90% 0.84% 0.59%
February 8, 2018 7.28% 12.49% 11.75%
February 15, 2018 8.10% -6.14% 4.08%
February 22, 2018 8.46% 6.90% 6.73%
March 1, 2018 7.90% 6.66% 9.37%
March 8, 2018 8.23% -3.20% 5.82%
March 15, 2018 7.82% 2.50% 6.68%
March 22, 2018 7.57% 8.82% 11.74%
March 22, 2018 7.54% 9.58% 11.74%
March 29, 2018 8.17% 7.72% 11.48%
April 5, 2018 10.47% 0.20% 9.33%
April 12, 2018 9.26% 4.63% 4.71%
April 19, 2018 10.92% 17.36% 3.67%
April 26, 2018 10.20% 17.44% 0.53%
May 3, 2018 9.97% 7.54% 4.47%
May 10, 2018 8.55% 2.61% 3.03%
May 17, 2018 11.40% -4.37% 1.54%
May 24, 2018 11.61% -6.80% -2.63%
May 31, 2018 7.68% -4.70% 2.66%
June 7, 2018 8.53% -11.51% -4.12%
June 14, 2018 12.90% -9.78% -5.71%
June 21, 2018 12.30% -17.22% -11.31%
June 28, 2018 11.66% -7.95% -7.58%
July 5, 2018 9.01% -13.03% -6.61%
July 12, 2018 9.86% -8.37% -6.32%
July 19, 2018 10.70% -10.54% -3.83%
July 26, 2018 9.76% -6.70% -5.21%
August 2, 2018 9.66% -3.91% -3.36%
August 9, 2018 12.65% -1.44% -4.12%
August 16, 2018 14.44% 0.79% -1.33%
August 23, 2018 15.04% 0.71% -1.30%
August 30, 2018 13.02% -7.98% -2.99%
September 6, 2018 13.52% -4.72% -2.75%
September 13, 2018 17.13% -5.23% -2.25%
September 20, 2018 13.59% -0.28% -2.66%
September 27, 2018 14.55% -7.29% -2.80%
October 4, 2018 10.01% -0.33% 0.25%
October 11, 2018 9.52% 4.16% 6.99%
October 18, 2018 8.94% 5.07% 6.02%
October 25, 2018 9.36% -0.89% 9.26%
November 1, 2018 8.04% 9.46% 7.80%
November 8, 2018 9.23% 2.52% 3.57%
November 15, 2018 9.68% 7.03% 5.49%
November 21, 2018 8.86% 6.12% 9.23%
November 29, 2018 12.88% 0.82% 2.62%
December 6, 2018 9.06% 2.26% 6.64%
December 13, 2018 9.87% -1.15% 10.26%
December 20, 2018 8.07% -2.06% 20.94%
December 27, 2018 7.27% 4.93% 18.60%
January 3, 2019 7.74% 7.90% 23.49%
January 10, 2019 7.48% 5.84% 16.42%
January 17, 2019 8.26% 8.71% 14.28%
January 24, 2019 15.33% 5.45% 15.44%
January 31, 2019 12.10% 17.01% 11.21%
February 10, 2019 7.85% 8.03% 8.82%
February 14, 2019 7.86% 7.80% 4.43%
February 21, 2019 8.83% 5.32% 6.40%
February 28, 2019 8.19% -4.64% 4.63%
March 7, 2019 8.09% 9.68% 9.38%
March 14, 2019 7.73% 1.72% 8.08%
March 21, 2019 8.95% -5.99% 5.76%
March 28, 2019 8.87% -6.42% 6.24%
April 4, 2019 8.07% 1.67% 3.47%
April 11, 2019 10.03% -6.34% 3.78%
April 18, 2019 9.21% -1.38% 3.72%
April 25, 2019 9.52% 0.37% 4.25%
May 2, 2019 9.22% -0.10% 6.14%
May 9, 2019 8.70% 1.83% 8.80%
May 16, 2019 8.29% 2.83% 9.41%
May 23, 2019 8.39% -1.25% 11.27%
May 30, 2019 7.96% 4.86% 13.72%
May 30, 2019 7.56% 2.83% 13.72%
June 4, 2019 8.34% 9.17% 12.08%
June 6, 2019 8.70% -0.47% 11.61%
June 13, 2019 8.96% 0.02% 10.62%
June 20, 2019 10.40% 0.45% 9.97%
June 27, 2019 10.36% 4.95% 11.82%
July 11, 2019 10.00% -3.46% 9.86%
July 18, 2019 9.31% 5.13% 12.14%
July 25, 2019 9.42% 1.87% 10.64%
August 1, 2019 9.00% 10.79% 10.16%
August 8, 2019 8.85% 6.70% 14.22%
August 15, 2019 8.17% 5.36% 19.74%
August 22, 2019 7.99% 5.06% 15.15%
August 29, 2019 7.79% -3.98% 2.23%
September 5, 2019 9.47% -1.18% 2.55%
September 12, 2019 8.67% -11.63% -16.86%
September 19, 2019 7.95% -12.31% -19.35%
September 26, 2019 8.04% -9.73% -11.08%
October 3, 2019 7.10% -11.34% -13.60%
October 10, 2019 6.73% -8.45% -4.08%
October 17, 2019 7.11% -0.61% -3.16%
October 24, 2019 6.91% 1.75% -4.75%
October 31, 2019 6.81% 1.78% -3.18%
November 7, 2019 7.91% -9.99% -5.62%
November 14, 2019 8.15% -4.92% -6.92%
November 21, 2019 6.32% -9.27% -3.91%
November 28, 2019 6.57% -5.35% -2.90%
December 5, 2019 10.58% -8.96% 3.48%
December 13, 2019 5.40% -3.27% -3.07%
December 19, 2019 6.87% 12.24% -2.33%
December 26, 2019 7.41% 8.92% -6.10%
January 2, 2020 7.45% 8.72% -2.87%
January 9, 2020 7.24% 6.92% -2.74%
January 16, 2020 6.77% -7.29% -2.03%
January 23, 2020 7.47% -3.37% -1.61%
January 30, 2020 6.20% -1.36% -0.09%
February 6, 2020 6.93% 5.76% 1.17%
February 13, 2020 8.10% 6.71% 0.99%
February 20, 2020 8.20% 5.19% 1.46%
March 5, 2020 4.34% 2.40% 14.46%
March 12, 2020 2.17% 2.01% 36.07%
March 19, 2020 14.71% 2.70% 39.50%
March 26, 2020 3.72% 4.16% 26.92%
April 2, 2020 4.33% 3.77% 33.69%
April 9, 2020 6.31% 11.87% 25.74%
April 16, 2020 7.99% 4.09% 25.49%
April 23, 2020 7.13% 8.29% 24.95%
May 1, 2020 7.13% 6.32% 16.45%
May 7, 2020 7.88% 3.27% 22.75%
May 14, 2020 7.61% 4.62% 26.73%
May 21, 2020 7.56% 11.72% 21.52%
May 28, 2020 9.54% 12.93% 21.05%
June 4, 2020 8.47% 17.36% 19.79%
June 11, 2020 10.19% 26.43% 22.89%
June 19, 2020 9.23% 14.47% 20.61%
June 25, 2020 8.96% 6.39% 21.06%
June 28, 2020 10.54% 12.76% 25.07%
July 2, 2020 9.42% 11.89% 20.74%
July 2, 2020 9.42% 11.89% 20.74%
July 9, 2020 11.71% 19.51% 22.29%
July 16, 2020 11.83% 12.01% 18.09%
July 23, 2020 12.15% 21.32% 19.54%
July 30, 2020 12.34% 22.84% 15.19%
August 6, 2020 12.75% 8.33% 16.93%
August 13, 2020 13.58% 19.51% 17.54%
August 20, 2020 11.83% 20.00% 16.26%
August 27, 2020 12.67% 16.46% 10.11%
September 3, 2020 8.31% 7.32% 11.35%
September 10, 2020 14.49% 11.39% 17.65%
September 17, 2020 12.67% -3.18% 19.28%
September 24, 2020 13.28% 4.92% 20.70%
October 2, 2020 12.75% 13.80% 20.91%
October 8, 2020 12.45% 7.26% 19.73%
October 15, 2020 12.66% 11.51% 20.58%
October 22, 2020 14.28% 8.46% 20.54%
October 29, 2020 13.12% 7.88% 28.26%
November 5, 2020 11.92% 2.32% 19.60%
November 12, 2020 12.24% 2.27% 15.65%
November 25, 2020 14.63% 2.02% 16.20%
December 3, 2020 13.22% 0.75% 15.07%
December 10, 2020 13.54% 0.61% 16.38%
December 24, 2020 12.35% 20.19% 15.96%
December 31, 2020 12.86% 10.46% 15.25%
December 31, 2020 12.04% 13.44% 15.25%
January 7, 2021 13.99% -7.59% 15.36%
January 14, 2021 15.28% -11.54% 16.03%
January 21, 2021 15.05% -10.71% 13.84%
January 28, 2021 17.49% -8.45% 16.97%
February 11, 2021 15.62% -14.04% 14.33%
February 18, 2021 15.00% -12.15% 13.15%
February 21, 2021 15.04% -8.90% 14.42%
February 25, 2021 14.69% -0.32% 18.19%
March 4, 2021 13.54% -10.76% 21.07%
March 11, 2021 13.18% -2.96% 13.94%
March 18, 2021 14.36% -10.95% 13.86%
March 25, 2021 13.55% -8.09% 14.66%
April 1, 2021 12.14% -9.23% 9.11%
April 8, 2021 13.36% -6.61% 7.89%
April 15, 2021 12.92% -5.31% 7.92%
April 22, 2021 11.43% 3.59% 10.63%
April 29, 2021 12.83% 1.42% 10.05%
May 6, 2021 12.74% 35.12% 12.54%
May 13, 2021 8.10% 20.67% 14.64%
May 20, 2021 11.92% 4.71% 13.65%
May 27, 2021 11.92% 10.53% 10.18%
June 3, 2021 13.82% 0.73% 8.98%
Average 9.94% 3.15% 8.69%

Portfolios Hedged Against > 25.0% Declines

Starting Date Expected Return Actual Return SPY Return
August 15, 2019 9.13% 10.59% 19.74%
August 22, 2019 8.59% 6.14% 15.15%
August 29, 2019 8.06% -3.82% 2.23%
September 5, 2019 8.99% -1.81% 2.55%
September 12, 2019 8.88% -6.94% -16.86%
September 29, 2019 8.20% -13.09% -13.26%
October 3, 2019 8.00% -12.75% -13.60%
October 10, 2019 7.69% -6.20% -4.08%
October 17, 2019 7.72% -10.53% -3.16%
October 24, 2019 7.70% 0.49% -4.75%
October 31, 2019 7.75% 5.56% -3.18%
November 7, 2019 7.91% -3.10% -5.62%
November 14, 2019 8.92% -3.92% -6.92%
November 21, 2019 7.15% -8.70% -3.91%
November 28, 2019 7.12% -5.52% -2.90%
December 5, 2019 10.89% -10.46% 3.48%
December 19, 2019 7.27% 12.34% -2.33%
December 27, 2019 7.39% 0.58% -6.08%
January 2, 2020 7.96% 7.86% -2.87%
January 9, 2020 7.72% 6.74% -2.74%
January 16, 2020 6.90% -2.31% -2.03%
January 23, 2020 7.88% -2.36% -1.61%
February 6, 2020 7.35% 9.80% 1.17%
February 13, 2020 8.49% 7.02% 0.99%
February 20, 2020 8.30% 6.00% 1.46%
March 5, 2020 5.19% 2.43% 14.46%
March 12, 2020 3.15% 3.08% 36.07%
March 19, 2020 17.17% 3.53% 39.50%
March 26, 2020 4.70% 5.29% 26.92%
April 2, 2020 4.97% 2.12% 33.69%
April 9, 2020 6.32% 9.17% 25.74%
April 16, 2020 11.21% -4.00% 25.49%
April 23, 2020 7.16% 9.24% 24.95%
May 1, 2020 7.32% 5.95% 16.45%
May 7, 2020 6.71% -3.25% 22.75%
May 14, 2020 6.85% -4.66% 26.73%
May 21, 2020 7.70% 14.77% 21.52%
May 28, 2020 9.75% 17.04% 21.05%
June 4, 2020 9.61% 18.45% 19.79%
June 11, 2020 11.33% 27.48% 22.89%
June 19, 2020 9.70% 15.69% 20.61%
June 25, 2020 9.74% 7.47% 21.06%
July 2, 2020 12.46% 13.73% 20.74%
July 9, 2020 12.83% 21.25% 22.29%
July 16, 2020 13.93% 14.78% 18.09%
July 23, 2020 12.74% 8.15% 19.54%
July 30, 2020 15.90% 25.76% 15.19%
August 6, 2020 12.60% 16.87% 16.93%
August 13, 2020 16.56% 25.08% 17.54%
August 20, 2020 11.80% 17.70% 16.26%
August 27, 2020 16.90% 21.62% 10.11%
September 3, 2020 8.96% 9.22% 11.35%
September 10, 2020 16.95% 14.34% 17.65%
September 17, 2020 15.16% 9.05% 19.28%
September 24, 2020 13.12% 14.75% 20.70%
October 2, 2020 14.05% 14.28% 20.91%
October 8, 2020 13.46% 9.67% 19.73%
October 15, 2020 13.30% 13.52% 20.58%
October 22, 2020 16.50% 11.98% 20.54%
October 29, 2020 15.77% 15.30% 28.26%
November 5, 2020 13.55% 5.27% 19.60%
November 12, 2020 12.91% 5.36% 15.65%
November 19, 2020 14.46% -1.04% 15.71%
November 25, 2020 16.06% 3.18% 16.20%
December 3, 2020 14.85% 5.73% 15.07%
December 10, 2020 15.11% 7.26% 16.38%
December 17, 2020 14.56% 8.98% 14.22%
December 24, 2020 16.40% 18.35% 15.96%
December 31, 2020 16.63% 11.14% 15.25%
January 7, 2021 16.65% -4.96% 15.36%
January 14, 2021 18.48% -13.24% 16.03%
January 21, 2021 18.26% -11.43% 13.84%
January 28, 2021 18.80% -12.24% 16.97%
February 4, 2021 18.67% -8.02% 14.42%
February 11, 2021 19.77% -17.03% 14.33%
February 18, 2021 15.93% -8.28% 13.15%
February 25, 2021 18.86% 3.21% 18.19%
March 4, 2021 14.51% -12.52% 21.07%
March 11, 2021 15.56% -4.85% 13.94%
March 18, 2021 18.23% -12.56% 13.86%
March 25, 2021 16.81% -8.40% 14.66%
April 1, 2021 14.22% -9.55% 9.11%
April 8, 2021 16.03% -6.60% 7.89%
April 15, 2021 14.37% -5.07% 7.92%
April 22, 2021 14.13% 4.88% 10.63%
April 29, 2021 15.49% 1.83% 10.05%
May 6, 2021 14.57% 37.18% 12.54%
May 13, 2021 8.91% 18.22% 14.64%
May 20, 2021 15.46% 3.00% 13.65%
May 27, 2021 14.97% 6.51% 10.18%
June 3, 2021 16.08% 2.01% 8.98%
Average 11.90% 4.34% 12.55%

Portfolios Hedged Against > 30.0% Declines

Starting Date Expected Return Actual Return SPY Return
July 11, 2019 10.92% 4.70% 9.86%
July 18, 2019 10.32% 7.00% 12.14%
July 25, 2019 9.88% -1.55% 10.64%
August 1, 2019 9.72% 10.65% 10.16%
August 8, 2019 8.61% 9.08% 14.22%
August 15, 2019 9.65% 11.10% 19.74%
August 22, 2019 9.06% 6.77% 15.15%
August 29, 2019 8.27% -3.53% 2.23%
September 5, 2019 9.02% -0.95% 2.55%
September 12, 2019 9.18% -6.57% -16.86%
September 29, 2019 8.75% -14.79% -13.26%
October 3, 2019 8.47% -13.33% -13.60%
October 10, 2019 8.19% -5.65% -4.08%
October 24, 2019 8.15% 0.34% -4.75%
October 31, 2019 8.09% 5.85% -3.18%
November 7, 2019 8.86% -13.28% -5.62%
November 14, 2019 9.25% -5.08% -6.92%
November 29, 2019 8.16% -3.91% -2.11%
December 5, 2019 9.42% 1.03% 3.48%
January 9, 2020 8.00% 6.97% -2.74%
February 13, 2020 8.80% 7.05% 0.99%
February 20, 2020 8.80% 6.75% 1.46%
March 5, 2020 5.06% 6.37% 14.46%
March 12, 2020 3.35% 3.24% 36.07%
March 19, 2020 18.45% 5.86% 39.50%
March 26, 2020 2.67% -5.77% 26.92%
April 2, 2020 5.49% 3.02% 33.69%
April 9, 2020 6.63% 3.91% 25.74%
April 16, 2020 8.93% 7.37% 25.49%
April 23, 2020 7.50% 9.95% 24.95%
May 1, 2020 8.09% 7.23% 16.45%
May 7, 2020 7.52% -3.13% 22.75%
May 14, 2020 7.20% -4.40% 26.73%
May 21, 2020 8.53% 15.81% 21.52%
May 28, 2020 10.18% 17.85% 21.05%
June 4, 2020 10.48% 20.50% 19.79%
June 11, 2020 12.12% 28.92% 22.89%
June 19, 2020 9.95% 18.97% 20.61%
June 25, 2020 10.53% 8.85% 21.06%
July 2, 2020 11.46% 16.41% 20.74%
July 9, 2020 13.48% 21.70% 22.29%
July 16, 2020 13.25% 15.29% 18.09%
July 23, 2020 14.15% 6.63% 19.54%
July 30, 2020 14.29% 24.08% 15.19%
August 6, 2020 14.05% 18.99% 16.93%
August 13, 2020 19.92% 27.44% 17.54%
August 20, 2020 12.08% 17.23% 16.26%
August 27, 2020 14.56% 16.42% 10.11%
September 3, 2020 10.20% 9.02% 11.35%
September 10, 2020 16.58% 14.60% 17.65%
September 17, 2020 13.58% 2.07% 19.28%
September 24, 2020 12.87% 14.40% 20.70%
October 2, 2020 14.19% 15.85% 20.91%
October 8, 2020 15.22% 9.53% 19.73%
October 15, 2020 14.75% 14.91% 20.58%
October 22, 2020 15.86% 11.91% 20.54%
October 29, 2020 15.62% 21.35% 28.26%
November 5, 2020 11.87% 6.43% 19.60%
November 12, 2020 13.78% 6.78% 15.65%
November 19, 2020 15.64% 0.44% 15.71%
November 25, 2020 15.57% 4.03% 16.20%
December 3, 2020 15.92% 8.09% 15.07%
December 24, 2020 17.25% 25.10% 15.96%
December 31, 2020 17.63% 13.15% 15.25%
January 7, 2021 18.11% -3.02% 15.36%
January 14, 2021 20.90% -14.20% 16.03%
January 21, 2021 20.18% -8.15% 13.84%
January 28, 2021 21.05% -15.24% 16.97%
February 4, 2021 20.33% -13.24% 14.42%
February 11, 2021 25.07% -16.31% 14.33%
February 18, 2021 17.02% -8.57% 13.15%
February 25, 2021 20.43% 0.38% 18.19%
March 4, 2021 17.36% -12.88% 21.07%
March 11, 2021 17.00% -2.37% 13.94%
March 18, 2021 21.32% -12.74% 13.86%
March 25, 2021 19.81% -4.12% 14.66%
April 1, 2021 17.25% -7.80% 9.11%
April 8, 2021 17.75% -4.73% 7.89%
April 15, 2021 22.76% -6.73% 7.92%
April 22, 2021 17.68% 5.68% 10.63%
April 29, 2021 17.29% 1.71% 10.05%
May 6, 2021 16.23% 37.20% 12.54%
May 13, 2021 8.05% 15.43% 14.64%
May 20, 2021 16.86% 2.61% 13.65%
May 27, 2021 15.12% 9.32% 10.18%
June 3, 2021 16.87% 1.03% 8.98%
Average 12.89% 5.10% 13.83%

Portfolios Hedged Against > 40.0% Declines

Starting Date Expected Return Actual Return SPY Return
April 8, 2021 26.08% -2.26% 7.89%
April 15, 2021 24.04% -3.58% 7.92%
April 22, 2021 17.85% 5.94% 10.63%
April 29, 2021 18.55% 4.03% 10.05%
May 6, 2021 23.74% 11.35% 12.54%
May 13, 2021 8.79% 16.05% 14.64%
May 20, 2021 16.93% 1.58% 13.65%
May 27, 2021 15.39% 8.05% 10.18%
June 3, 2021 17.36% -4.86% 8.98%
Average 18.75% 4.03% 10.72%