{
  "source_hashes": {
    "market-candidates.sqlite3": "85cca7cd4e4371703d47416a122dd8b7f4b7e220bad9e37b05766ae34f3e7071",
    "market-income.sqlite3": "cf1deed38a337cd56e88bbbcee260faa810950b9bca0e3d2b95a751b30b89cf5"
  },
  "candidates": {
    "IGF": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "baseline": "IGF-baseline",
      "scenarios": {
        "full-cash": "IGF-full-cash",
        "half-cash": "IGF-half-cash",
        "within-equity": "IGF-within-equity"
      },
      "correlation": {
        "SPY": 0.8164034162026602,
        "TLT": -0.2285714027280902,
        "GLD": 0.17147222350445934,
        "BIL": -0.1043836220951958,
        "IGF": 1.0
      }
    },
    "VNQ": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "baseline": "VNQ-baseline",
      "scenarios": {
        "full-cash": "VNQ-full-cash",
        "half-cash": "VNQ-half-cash",
        "within-equity": "VNQ-within-equity"
      },
      "correlation": {
        "SPY": 0.7457390899829187,
        "TLT": -0.15515913826076125,
        "GLD": 0.05491822931888099,
        "BIL": -0.05999810238791634,
        "VNQ": 1.0
      }
    },
    "XLU": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "baseline": "XLU-baseline",
      "scenarios": {
        "full-cash": "XLU-full-cash",
        "half-cash": "XLU-half-cash",
        "within-equity": "XLU-within-equity"
      },
      "correlation": {
        "SPY": 0.6380999707189645,
        "TLT": -0.09087392256327272,
        "GLD": 0.12248724585668326,
        "BIL": -0.08279139058366883,
        "XLU": 1.0
      }
    },
    "IFRA": {
      "start": "2018-04-05",
      "end": "2026-11-03",
      "baseline": "IFRA-baseline",
      "scenarios": {
        "full-cash": "IFRA-full-cash",
        "half-cash": "IFRA-half-cash",
        "within-equity": "IFRA-within-equity"
      },
      "correlation": {
        "SPY": 0.7896142391211193,
        "TLT": -0.11841744999304693,
        "GLD": 0.14622334911783155,
        "BIL": -0.016778377155923146,
        "IFRA": 1.0
      }
    }
  },
  "cases": {
    "PP-monthly": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 351652.7800410638,
      "total_return": 2.5165278004106377,
      "cagr": 0.0668550209836225,
      "annualized_volatility": 0.07438954875733092,
      "max_drawdown": -0.1750780897055384,
      "max_dd_peak": "2021-12-27",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-06",
      "max_dd_peak_to_recovery_days": 800,
      "longest_underwater_calendar_days": 799,
      "longest_underwater_start": "2021-12-27",
      "longest_underwater_last_below": "2024-03-05",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 632.3288774129427,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 123344.13755753075,
            "allocated_transaction_fees_usd": 183.5632880553927,
            "net_pnl_usd": 123160.57426947536
          },
          "TLT": {
            "gross_pnl_usd": 15700.068062408662,
            "allocated_transaction_fees_usd": 165.89332052341075,
            "net_pnl_usd": 15534.17474188525
          },
          "GLD": {
            "gross_pnl_usd": 97282.44005337538,
            "allocated_transaction_fees_usd": 176.65560167315488,
            "net_pnl_usd": 97105.78445170223
          },
          "BIL": {
            "gross_pnl_usd": 15958.463245159326,
            "allocated_transaction_fees_usd": 106.2166671609845,
            "net_pnl_usd": 15852.246577998341
          }
        },
        "net_profit_usd": 251652.7800410638,
        "total_fees_usd": 632.3288774129427,
        "reconciliation_residual_usd": 2.6151383281103335e-09
      },
      "rolling10_min": 0.033442771961717854,
      "rolling10_max": 0.08260440923701062,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 352911.47619212465,
          "total_return": 2.5291147619212464,
          "cagr": 0.06705121356974786,
          "annualized_volatility": 0.0743902406429124,
          "max_drawdown": -0.17496317457139254,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 347904.13889991725,
          "total_return": 2.4790413889991725,
          "cagr": 0.06626675043449048,
          "annualized_volatility": 0.07438769058517869,
          "max_drawdown": -0.17542272727796038,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-07",
          "max_dd_peak_to_recovery_days": 801,
          "longest_underwater_calendar_days": 800,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-06"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 357431.06648582645,
        "total_return": 2.5743106648582645,
        "cagr": 0.06775025204575957,
        "annualized_volatility": 0.07385135250349248,
        "max_drawdown": -0.1697249489407754,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-06",
        "max_dd_peak_to_recovery_days": 800,
        "longest_underwater_calendar_days": 799,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2024-03-05"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 175912.37882308874,
          "total_return": 0.7591237882308874,
          "cagr": 0.059937113157787936,
          "annualized_volatility": 0.07263193277304424,
          "max_drawdown": -0.15164055935115495,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-10",
          "max_dd_peak_to_recovery_days": 541,
          "longest_underwater_calendar_days": 622,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-18"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 200011.9093199552,
          "total_return": 1.0001190931995518,
          "cagr": 0.07392560048266072,
          "annualized_volatility": 0.07613264867173997,
          "max_drawdown": -0.17507808970553806,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        }
      ],
      "calendar_returns": {
        "2008": -0.00463007359643719,
        "2009": 0.06781854496565032,
        "2010": 0.13607723386856452,
        "2011": 0.12060239825191688,
        "2012": 0.06624621349136417,
        "2013": -0.04058068536433945,
        "2014": 0.0942782843425467,
        "2015": -0.02286806587346768,
        "2016": 0.05791544172001184,
        "2017": 0.10982252271286042,
        "2018": -0.011653976215770578,
        "2019": 0.16386157185510997,
        "2020": 0.16547501865624126,
        "2021": 0.046054713088545585,
        "2022": -0.1258885236027142,
        "2023": 0.11760937200493027,
        "2024": 0.11687739969957933,
        "2025": 0.20739516622075116
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 104027.42252787991,
          "total_return": -0.013162657253621979,
          "cagr": -0.008808294662220773,
          "annualized_volatility": 0.11080926324271212,
          "max_drawdown": -0.15164055935115495,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 378,
          "longest_underwater_start": "2008-03-18",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 232630.15437795437,
          "total_return": 0.03639808044160642,
          "cagr": 0.1619397554926183,
          "annualized_volatility": 0.16017293854431258,
          "max_drawdown": -0.10807498911653768,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 39,
          "longest_underwater_calendar_days": 38,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 232110.0433826652,
          "total_return": -0.11819249015715505,
          "cagr": -0.11949500964484083,
          "annualized_volatility": 0.10166787362302993,
          "max_drawdown": -0.16841691980206608,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "PP-annual": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 357431.06648582645,
      "total_return": 2.5743106648582645,
      "cagr": 0.06775025204575957,
      "annualized_volatility": 0.07385135250349248,
      "max_drawdown": -0.1697249489407754,
      "max_dd_peak": "2021-12-27",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-06",
      "max_dd_peak_to_recovery_days": 800,
      "longest_underwater_calendar_days": 799,
      "longest_underwater_start": "2021-12-27",
      "longest_underwater_last_below": "2024-03-05",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25
      },
      "frequency": "annual",
      "equity_like_target": 0.25,
      "fees_usd": 234.82886273530852,
      "trade_events": 20,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 123048.72110466806,
            "allocated_transaction_fees_usd": 62.7514318525861,
            "net_pnl_usd": 122985.96967281548
          },
          "TLT": {
            "gross_pnl_usd": 16861.014662692694,
            "allocated_transaction_fees_usd": 59.32593276028694,
            "net_pnl_usd": 16801.688729932408
          },
          "GLD": {
            "gross_pnl_usd": 102127.42504260056,
            "allocated_transaction_fees_usd": 62.05964741437127,
            "net_pnl_usd": 102065.36539518619
          },
          "BIL": {
            "gross_pnl_usd": 15628.734538600134,
            "allocated_transaction_fees_usd": 50.69185070806421,
            "net_pnl_usd": 15578.04268789207
          }
        },
        "net_profit_usd": 257431.06648582645,
        "total_fees_usd": 234.82886273530852,
        "reconciliation_residual_usd": 2.964384293591138e-10
      },
      "rolling10_min": 0.033729127787603286,
      "rolling10_max": 0.08367291034608049,
      "calendar_returns": {
        "2008": 0.008494908856242711,
        "2009": 0.06421304214813595,
        "2010": 0.13409898092620254,
        "2011": 0.11411859014557613,
        "2012": 0.060720209982944695,
        "2013": -0.02512188955880923,
        "2014": 0.09458653120516458,
        "2015": -0.028058309140750803,
        "2016": 0.05313147277411434,
        "2017": 0.1108829231093158,
        "2018": -0.015614154925864931,
        "2019": 0.1630537444900655,
        "2020": 0.15420808291550858,
        "2021": 0.05152209976465438,
        "2022": -0.12140217065717229,
        "2023": 0.11635935659294461,
        "2024": 0.12156878154898987,
        "2025": 0.22345267080677722
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 104943.10002829385,
          "total_return": -0.00464297358130239,
          "cagr": -0.0031025998287756984,
          "annualized_volatility": 0.10346036441118589,
          "max_drawdown": -0.14441582137291997,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 378,
          "longest_underwater_start": "2008-03-18",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 232671.89286537818,
          "total_return": 0.03316003119991051,
          "cagr": 0.14677510919930348,
          "annualized_volatility": 0.15494700384729368,
          "max_drawdown": -0.10792183732945293,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-16",
          "max_dd_peak_to_recovery_days": 41,
          "longest_underwater_calendar_days": 40,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-15"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 232967.70233593773,
          "total_return": -0.11458335376643825,
          "cagr": -0.11584876454444071,
          "annualized_volatility": 0.0972499285582124,
          "max_drawdown": -0.16349675032753264,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "replace-TLT-IEF": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 346675.5754788313,
      "total_return": 2.466755754788313,
      "cagr": 0.06607264451983252,
      "annualized_volatility": 0.06924301860364618,
      "max_drawdown": -0.15967654029787126,
      "max_dd_peak": "2008-03-18",
      "max_dd_trough": "2008-11-20",
      "max_dd_recovery": "2009-09-16",
      "max_dd_peak_to_recovery_days": 547,
      "longest_underwater_calendar_days": 696,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2023-11-27",
      "weights": {
        "SPY": 0.25,
        "GLD": 0.25,
        "BIL": 0.25,
        "IEF": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 538.2723865729484,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 117133.24135178124,
            "allocated_transaction_fees_usd": 170.36556051962077,
            "net_pnl_usd": 116962.87579126161
          },
          "GLD": {
            "gross_pnl_usd": 94235.65770450993,
            "allocated_transaction_fees_usd": 170.2452665730449,
            "net_pnl_usd": 94065.41243793689
          },
          "BIL": {
            "gross_pnl_usd": 15408.62810565013,
            "allocated_transaction_fees_usd": 94.06805636652587,
            "net_pnl_usd": 15314.560049283604
          },
          "IEF": {
            "gross_pnl_usd": 20436.320703459543,
            "allocated_transaction_fees_usd": 103.59350311375697,
            "net_pnl_usd": 20332.727200345787
          }
        },
        "net_profit_usd": 246675.5754788313,
        "total_fees_usd": 538.2723865729484,
        "reconciliation_residual_usd": 3.4186768971267156e-09
      },
      "rolling10_min": 0.03244538845921796,
      "rolling10_max": 0.08682572364899332,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 347784.7535531043,
          "total_return": 2.4778475355310428,
          "cagr": 0.06624791678477848,
          "annualized_volatility": 0.06924326526477262,
          "max_drawdown": -0.1595429902773371,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-09-16",
          "max_dd_peak_to_recovery_days": 547,
          "longest_underwater_calendar_days": 696,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2023-11-27"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 343369.8361964609,
          "total_return": 2.4336983619646086,
          "cagr": 0.06554709883404786,
          "annualized_volatility": 0.06924246630170237,
          "max_drawdown": -0.16007721935808594,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-09-16",
          "max_dd_peak_to_recovery_days": 547,
          "longest_underwater_calendar_days": 696,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2023-11-27"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 350241.1523738558,
        "total_return": 2.5024115237385582,
        "cagr": 0.06663419701457562,
        "annualized_volatility": 0.06855444565861757,
        "max_drawdown": -0.14993851599236296,
        "max_dd_peak": "2008-03-17",
        "max_dd_trough": "2008-11-12",
        "max_dd_recovery": "2009-09-16",
        "max_dd_peak_to_recovery_days": 548,
        "longest_underwater_calendar_days": 700,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2023-11-27"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 166418.64461297778,
          "total_return": 0.6641864461297777,
          "cagr": 0.05389402559018719,
          "annualized_volatility": 0.07003960088956494,
          "max_drawdown": -0.15967654029787126,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-09-16",
          "max_dd_peak_to_recovery_days": 547,
          "longest_underwater_calendar_days": 622,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-18"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 208339.86492769333,
          "total_return": 1.0833986492769334,
          "cagr": 0.07844242297351678,
          "annualized_volatility": 0.06845718821977917,
          "max_drawdown": -0.12787994996069219,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2023-11-28",
          "max_dd_peak_to_recovery_days": 697,
          "longest_underwater_calendar_days": 696,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2023-11-27"
        }
      ],
      "calendar_returns": {
        "2008": -0.03809152942517868,
        "2009": 0.11389484606716493,
        "2010": 0.13487270431188758,
        "2011": 0.07544130095839363,
        "2012": 0.06704049193332029,
        "2013": -0.02236174583658268,
        "2014": 0.05180306548488556,
        "2015": -0.016836009760876514,
        "2016": 0.056397128156551846,
        "2017": 0.0924932742181439,
        "2018": -0.005860554668789653,
        "2019": 0.14650608380054098,
        "2020": 0.1427433030020302,
        "2021": 0.04843618889492318,
        "2022": -0.08054812685658741,
        "2023": 0.11871105964528983,
        "2024": 0.13723833813927366,
        "2025": 0.21726141388905607
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 102740.66066192141,
          "total_return": -0.024236655612702274,
          "cagr": -0.016249161086322905,
          "annualized_volatility": 0.11273980671353605,
          "max_drawdown": -0.15967654029787126,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 378,
          "longest_underwater_start": "2008-03-18",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 209076.91984499054,
          "total_return": 0.01714981673412508,
          "cagr": 0.07399761393957438,
          "annualized_volatility": 0.15525317116483484,
          "max_drawdown": -0.09509422540271273,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-19",
          "max_dd_recovery": "2020-04-29",
          "max_dd_peak_to_recovery_days": 68,
          "longest_underwater_calendar_days": 67,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-28"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 221970.95714264712,
          "total_return": -0.07622361284360069,
          "cagr": -0.07708395567950199,
          "annualized_volatility": 0.09006146351902497,
          "max_drawdown": -0.12522456782906122,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "replace-BIL-IEF": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 380243.794406508,
      "total_return": 2.8024379440650797,
      "cagr": 0.07115549831446133,
      "annualized_volatility": 0.08313427194000955,
      "max_drawdown": -0.21810649409298144,
      "max_dd_peak": "2021-12-27",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-07-12",
      "max_dd_peak_to_recovery_days": 928,
      "longest_underwater_calendar_days": 927,
      "longest_underwater_start": "2021-12-27",
      "longest_underwater_last_below": "2024-07-11",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "IEF": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 668.4717161197261,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 138519.94786325085,
            "allocated_transaction_fees_usd": 212.72545187468793,
            "net_pnl_usd": 138307.22241137616
          },
          "TLT": {
            "gross_pnl_usd": 15422.8434737359,
            "allocated_transaction_fees_usd": 164.49675526050902,
            "net_pnl_usd": 15258.346718475392
          },
          "GLD": {
            "gross_pnl_usd": 105926.2405556652,
            "allocated_transaction_fees_usd": 191.92154681488958,
            "net_pnl_usd": 105734.3190088503
          },
          "IEF": {
            "gross_pnl_usd": 21043.23422997106,
            "allocated_transaction_fees_usd": 99.32796216963962,
            "net_pnl_usd": 20943.906267801423
          }
        },
        "net_profit_usd": 280243.794406508,
        "total_fees_usd": 668.4717161197261,
        "reconciliation_residual_usd": 4.70777195005212e-09
      },
      "rolling10_min": 0.033184484738306486,
      "rolling10_max": 0.08531447879909826,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 381565.32398841187,
          "total_return": 2.8156532398841185,
          "cagr": 0.07134677363993558,
          "annualized_volatility": 0.08313482189227121,
          "max_drawdown": -0.21800467766086307,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-07-12",
          "max_dd_peak_to_recovery_days": 928,
          "longest_underwater_calendar_days": 927,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-07-11"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 376307.12758973765,
          "total_return": 2.7630712758973766,
          "cagr": 0.0705819537918746,
          "annualized_volatility": 0.08313280910753451,
          "max_drawdown": -0.21841186269954982,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-07-16",
          "max_dd_peak_to_recovery_days": 932,
          "longest_underwater_calendar_days": 931,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-07-15"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 384942.9773766293,
        "total_return": 2.849429773766293,
        "cagr": 0.07183280700755579,
        "annualized_volatility": 0.08266623718724321,
        "max_drawdown": -0.2169108341287619,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-07-11",
        "max_dd_peak_to_recovery_days": 927,
        "longest_underwater_calendar_days": 926,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2024-07-10"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 197685.92948868676,
          "total_return": 0.9768592948868675,
          "cagr": 0.07276126321214527,
          "annualized_volatility": 0.07959714510408107,
          "max_drawdown": -0.15235991302381224,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-02",
          "max_dd_peak_to_recovery_days": 533,
          "longest_underwater_calendar_days": 629,
          "longest_underwater_start": "2012-10-03",
          "longest_underwater_last_below": "2014-06-24"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 192526.40799045656,
          "total_return": 0.9252640799045655,
          "cagr": 0.06971933446742051,
          "annualized_volatility": 0.08655805267409813,
          "max_drawdown": -0.21810649409298255,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-07-12",
          "max_dd_peak_to_recovery_days": 928,
          "longest_underwater_calendar_days": 927,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-07-11"
        }
      ],
      "calendar_returns": {
        "2008": 0.03267074112192536,
        "2009": 0.048746086818313605,
        "2010": 0.16232306232049942,
        "2011": 0.1620419160933555,
        "2012": 0.07596969089117334,
        "2013": -0.0552988575814507,
        "2014": 0.11837377528988546,
        "2015": -0.019087361654232304,
        "2016": 0.05959503199100724,
        "2017": 0.1148114480763549,
        "2018": -0.013329957725726316,
        "2019": 0.18032740648191892,
        "2020": 0.19273607950141725,
        "2021": 0.037330945782996894,
        "2022": -0.16510765898163127,
        "2023": 0.11235999420650034,
        "2024": 0.10088724586393405,
        "2025": 0.21845507683736032
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 109279.25422980625,
          "total_return": 0.029909561903604054,
          "cagr": 0.019873249184038544,
          "annualized_volatility": 0.11480743843394278,
          "max_drawdown": -0.15235991302381224,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 378,
          "longest_underwater_start": "2008-03-18",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 272262.5426897956,
          "total_return": 0.05427966384900107,
          "cagr": 0.2484550937752812,
          "annualized_volatility": 0.16911130556747858,
          "max_drawdown": -0.11712691126032893,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 39,
          "longest_underwater_calendar_days": 38,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 256819.06527851426,
          "total_return": -0.15582460875427506,
          "cagr": -0.15750347347204752,
          "annualized_volatility": 0.12183137515247354,
          "max_drawdown": -0.20925299678024056,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "replace-TLT-SHY": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 323817.1285612063,
      "total_return": 2.238171285612063,
      "cagr": 0.06233685630666952,
      "annualized_volatility": 0.06813031085496601,
      "max_drawdown": -0.16669290325807873,
      "max_dd_peak": "2008-03-05",
      "max_dd_trough": "2008-11-20",
      "max_dd_recovery": "2009-10-06",
      "max_dd_peak_to_recovery_days": 580,
      "longest_underwater_calendar_days": 579,
      "longest_underwater_start": "2008-03-05",
      "longest_underwater_last_below": "2009-10-05",
      "weights": {
        "SPY": 0.25,
        "GLD": 0.25,
        "BIL": 0.25,
        "SHY": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 487.4045140953966,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 107064.59935882002,
            "allocated_transaction_fees_usd": 156.41278539787524,
            "net_pnl_usd": 106908.18657342215
          },
          "GLD": {
            "gross_pnl_usd": 88283.58997154784,
            "allocated_transaction_fees_usd": 163.55949439752263,
            "net_pnl_usd": 88120.03047715033
          },
          "BIL": {
            "gross_pnl_usd": 14307.877051598834,
            "allocated_transaction_fees_usd": 84.12680451445854,
            "net_pnl_usd": 14223.750247084376
          },
          "SHY": {
            "gross_pnl_usd": 14648.466693332139,
            "allocated_transaction_fees_usd": 83.30542978554024,
            "net_pnl_usd": 14565.161263546599
          }
        },
        "net_profit_usd": 223817.12856120628,
        "total_fees_usd": 487.4045140953966,
        "reconciliation_residual_usd": 2.8520616979221813e-09
      },
      "rolling10_min": 0.03210007612056054,
      "rolling10_max": 0.08863650820052338,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 324821.1352577376,
          "total_return": 2.248211352577376,
          "cagr": 0.062506121528354,
          "annualized_volatility": 0.06813061766097704,
          "max_drawdown": -0.1665610430742389,
          "max_dd_peak": "2008-03-05",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-10-06",
          "max_dd_peak_to_recovery_days": 580,
          "longest_underwater_calendar_days": 579,
          "longest_underwater_start": "2008-03-05",
          "longest_underwater_last_below": "2009-10-05"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 320824.242953485,
          "total_return": 2.2082424295348497,
          "cagr": 0.061829316574784965,
          "annualized_volatility": 0.06812957146486506,
          "max_drawdown": -0.16708856945607475,
          "max_dd_peak": "2008-03-05",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-10-06",
          "max_dd_peak_to_recovery_days": 580,
          "longest_underwater_calendar_days": 579,
          "longest_underwater_start": "2008-03-05",
          "longest_underwater_last_below": "2009-10-05"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 327289.8569135769,
        "total_return": 2.272898569135769,
        "cagr": 0.06292022153330201,
        "annualized_volatility": 0.06754814449335178,
        "max_drawdown": -0.15465794753134943,
        "max_dd_peak": "2008-03-05",
        "max_dd_trough": "2008-11-20",
        "max_dd_recovery": "2009-10-08",
        "max_dd_peak_to_recovery_days": 582,
        "longest_underwater_calendar_days": 581,
        "longest_underwater_start": "2008-03-05",
        "longest_underwater_last_below": "2009-10-07"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 152583.5465866321,
          "total_return": 0.5258354658663209,
          "cagr": 0.0445090165141806,
          "annualized_volatility": 0.07100479992646103,
          "max_drawdown": -0.16669290325807873,
          "max_dd_peak": "2008-03-05",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-10-06",
          "max_dd_peak_to_recovery_days": 580,
          "longest_underwater_calendar_days": 579,
          "longest_underwater_start": "2008-03-05",
          "longest_underwater_last_below": "2009-10-05"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 212178.39194459445,
          "total_return": 1.1217839194459445,
          "cagr": 0.08047001074009463,
          "annualized_volatility": 0.0651402967980295,
          "max_drawdown": -0.09947574138855086,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-20",
          "max_dd_recovery": "2020-05-20",
          "max_dd_peak_to_recovery_days": 89,
          "longest_underwater_calendar_days": 384,
          "longest_underwater_start": "2018-01-26",
          "longest_underwater_last_below": "2019-02-14"
        }
      ],
      "calendar_returns": {
        "2008": -0.0624766958140055,
        "2009": 0.13359125483432566,
        "2010": 0.11519557655303125,
        "2011": 0.039916293143069215,
        "2012": 0.057731112358730075,
        "2013": -0.006798204421077814,
        "2014": 0.030223965038853384,
        "2015": -0.019868957064238746,
        "2016": 0.05594252591811344,
        "2017": 0.08638635387033244,
        "2018": -0.005030115211298036,
        "2019": 0.1337470041244322,
        "2020": 0.12351671578903001,
        "2021": 0.05528994169920831,
        "2022": -0.051688326837034726,
        "2023": 0.12038923537883761,
        "2024": 0.14951542343434165,
        "2025": 0.20835506321261632
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 99557.04616723082,
          "total_return": -0.05147328824362252,
          "cagr": -0.034670562119362924,
          "annualized_volatility": 0.11568708651742984,
          "max_drawdown": -0.16669290325807873,
          "max_dd_peak": "2008-03-05",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 391,
          "longest_underwater_start": "2008-03-05",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 185299.80230163503,
          "total_return": 0.005031158611718434,
          "cagr": 0.021292316302219838,
          "annualized_volatility": 0.1640067230488935,
          "max_drawdown": -0.09947574138855053,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 204630.07593061103,
          "total_return": -0.04912198131383261,
          "cagr": -0.04968468334962406,
          "annualized_volatility": 0.08015548945364381,
          "max_drawdown": -0.09867161833654936,
          "max_dd_peak": "2022-03-30",
          "max_dd_trough": "2022-10-14",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 275,
          "longest_underwater_start": "2022-03-30",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "replace-BIL-SHY": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 358545.902588135,
      "total_return": 2.5854590258813497,
      "cagr": 0.06792139274611197,
      "annualized_volatility": 0.07557624204962415,
      "max_drawdown": -0.18713178386696316,
      "max_dd_peak": "2021-12-31",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-04-09",
      "max_dd_peak_to_recovery_days": 830,
      "longest_underwater_calendar_days": 829,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-04-08",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "SHY": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 643.5566716590876,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 127406.23369860153,
            "allocated_transaction_fees_usd": 190.78459511734297,
            "net_pnl_usd": 127215.44910348419
          },
          "TLT": {
            "gross_pnl_usd": 15916.767198535848,
            "allocated_transaction_fees_usd": 167.80299041195502,
            "net_pnl_usd": 15748.964208123893
          },
          "GLD": {
            "gross_pnl_usd": 99700.06394385263,
            "allocated_transaction_fees_usd": 180.17810906804007,
            "net_pnl_usd": 99519.88583478458
          },
          "SHY": {
            "gross_pnl_usd": 16166.394418800224,
            "allocated_transaction_fees_usd": 104.79097706174947,
            "net_pnl_usd": 16061.603441738474
          }
        },
        "net_profit_usd": 258545.90258813498,
        "total_fees_usd": 643.5566716590876,
        "reconciliation_residual_usd": 3.845457285933662e-09
      },
      "rolling10_min": 0.033242562310670465,
      "rolling10_max": 0.0814558020770273,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 359819.1704795558,
          "total_return": 2.598191704795558,
          "cagr": 0.06811623826995139,
          "annualized_volatility": 0.07557687576351386,
          "max_drawdown": -0.1870204380087228,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-04-09",
          "max_dd_peak_to_recovery_days": 830,
          "longest_underwater_calendar_days": 829,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-04-08"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 354753.6398315871,
          "total_return": 2.547536398315871,
          "cagr": 0.06733715780418681,
          "annualized_volatility": 0.0755745518472266,
          "max_drawdown": -0.18746567064194608,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-04-09",
          "max_dd_peak_to_recovery_days": 830,
          "longest_underwater_calendar_days": 829,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-04-08"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 363551.86802532256,
        "total_return": 2.6355186802532256,
        "cagr": 0.06868369910462535,
        "annualized_volatility": 0.07502804017939695,
        "max_drawdown": -0.18363272183666624,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-04-03",
        "max_dd_peak_to_recovery_days": 828,
        "longest_underwater_calendar_days": 827,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2024-04-02"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 182193.39072641064,
          "total_return": 0.8219339072641063,
          "cagr": 0.06377635863680364,
          "annualized_volatility": 0.07309632046665412,
          "max_drawdown": -0.14790512511493026,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-03",
          "max_dd_peak_to_recovery_days": 534,
          "longest_underwater_calendar_days": 622,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-18"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 196913.47758000658,
          "total_return": 0.9691347758000659,
          "cagr": 0.07220194578722161,
          "annualized_volatility": 0.07800506168642654,
          "max_drawdown": -0.18713178386696283,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-04-09",
          "max_dd_peak_to_recovery_days": 830,
          "longest_underwater_calendar_days": 829,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-04-08"
        }
      ],
      "calendar_returns": {
        "2008": 0.007653817453198375,
        "2009": 0.06791883057309245,
        "2010": 0.14264140837140427,
        "2011": 0.12462228803215836,
        "2012": 0.06700743205886783,
        "2013": -0.039867076089604825,
        "2014": 0.09566623479247283,
        "2015": -0.021557005679214924,
        "2016": 0.059641393084354455,
        "2017": 0.10863467488588996,
        "2018": -0.012317374719246876,
        "2019": 0.16759775809705602,
        "2020": 0.17310154012781664,
        "2021": 0.044444905878853636,
        "2022": -0.13783018438010697,
        "2023": 0.11496266234562547,
        "2024": 0.11336277924237281,
        "2025": 0.2097047526561826
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 106032.71625532117,
          "total_return": 0.00245410374206001,
          "cagr": 0.0016379852318009203,
          "annualized_volatility": 0.11042206755080615,
          "max_drawdown": -0.14790512511493026,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 378,
          "longest_underwater_start": "2008-03-18",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 242772.65034961508,
          "total_return": 0.04196857450280622,
          "cagr": 0.18838479083253512,
          "annualized_volatility": 0.16056328648542434,
          "max_drawdown": -0.10842635323657568,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 39,
          "longest_underwater_calendar_days": 38,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 238585.59981105026,
          "total_return": -0.13000626930336323,
          "cagr": -0.13142902628345743,
          "annualized_volatility": 0.1057822137791175,
          "max_drawdown": -0.18046385620831307,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "half-TLT-IEF": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 349553.68863360625,
      "total_return": 2.4955368863360623,
      "cagr": 0.06652634972280791,
      "annualized_volatility": 0.07091233258365867,
      "max_drawdown": -0.15443259934038722,
      "max_dd_peak": "2008-03-18",
      "max_dd_trough": "2008-11-12",
      "max_dd_recovery": "2009-09-11",
      "max_dd_peak_to_recovery_days": 542,
      "longest_underwater_calendar_days": 721,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2023-12-22",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.125,
        "GLD": 0.25,
        "BIL": 0.25,
        "IEF": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 585.0275302229886,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 120289.35573389332,
            "allocated_transaction_fees_usd": 176.31111282687579,
            "net_pnl_usd": 120113.04462106644
          },
          "TLT": {
            "gross_pnl_usd": 8164.263747080098,
            "allocated_transaction_fees_usd": 86.69319728003646,
            "net_pnl_usd": 8077.570549800062
          },
          "GLD": {
            "gross_pnl_usd": 95811.23060288081,
            "allocated_transaction_fees_usd": 173.1623263489182,
            "net_pnl_usd": 95638.06827653189
          },
          "BIL": {
            "gross_pnl_usd": 15695.08958053386,
            "allocated_transaction_fees_usd": 99.21044251854784,
            "net_pnl_usd": 15595.879138015312
          },
          "IEF": {
            "gross_pnl_usd": 10178.77649943692,
            "allocated_transaction_fees_usd": 49.65045124861033,
            "net_pnl_usd": 10129.126048188311
          }
        },
        "net_profit_usd": 249553.68863360625,
        "total_fees_usd": 585.0275302229886,
        "reconciliation_residual_usd": 4.223011274007149e-09
      },
      "rolling10_min": 0.032991681730298206,
      "rolling10_max": 0.08476213428831691,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 350739.2917799573,
          "total_return": 2.507392917799573,
          "cagr": 0.06671221827342722,
          "annualized_volatility": 0.0709127945987357,
          "max_drawdown": -0.15429811527667048,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-11",
          "max_dd_peak_to_recovery_days": 542,
          "longest_underwater_calendar_days": 721,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2023-12-22"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 346021.3805918194,
          "total_return": 2.460213805918194,
          "cagr": 0.06596901912844633,
          "annualized_volatility": 0.07091114835602955,
          "max_drawdown": -0.15483611094641558,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-11",
          "max_dd_peak_to_recovery_days": 542,
          "longest_underwater_calendar_days": 721,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2023-12-22"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 354210.1432363205,
        "total_return": 2.5421014323632054,
        "cagr": 0.06725294195059717,
        "annualized_volatility": 0.07025940349424654,
        "max_drawdown": -0.14837387882877273,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2023-12-19",
        "max_dd_peak_to_recovery_days": 722,
        "longest_underwater_calendar_days": 721,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2023-12-18"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 171217.1423280922,
          "total_return": 0.712171423280922,
          "cagr": 0.056986007164254504,
          "annualized_volatility": 0.07038273607702479,
          "max_drawdown": -0.15443259934038722,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-11",
          "max_dd_peak_to_recovery_days": 542,
          "longest_underwater_calendar_days": 622,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-18"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 204226.26209443383,
          "total_return": 1.0422626209443382,
          "cagr": 0.07623198853471425,
          "annualized_volatility": 0.07146107087652538,
          "max_drawdown": -0.15172689645210646,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2023-12-26",
          "max_dd_peak_to_recovery_days": 725,
          "longest_underwater_calendar_days": 721,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2023-12-22"
        }
      ],
      "calendar_returns": {
        "2008": -0.021402424074369986,
        "2009": 0.09070752429265538,
        "2010": 0.13553779039760205,
        "2011": 0.09796212446420394,
        "2012": 0.06672042316723026,
        "2013": -0.03147551156423556,
        "2014": 0.07286705458984044,
        "2015": -0.019774666066997182,
        "2016": 0.05720873374794855,
        "2017": 0.10113275377325648,
        "2018": -0.00874218027699536,
        "2019": 0.1552103954094104,
        "2020": 0.15411924183182468,
        "2021": 0.04729423059960913,
        "2022": -0.10341262130769757,
        "2023": 0.11824497748854901,
        "2024": 0.12705694488914498,
        "2025": 0.21235840684862506
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 103397.00042520114,
          "total_return": -0.018573897079938062,
          "cagr": -0.01244074162227471,
          "annualized_volatility": 0.1110657409681063,
          "max_drawdown": -0.15443259934038722,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 378,
          "longest_underwater_start": "2008-03-18",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 220714.9821133721,
          "total_return": 0.026753233008794952,
          "cagr": 0.11721504198149302,
          "annualized_volatility": 0.1539230751944507,
          "max_drawdown": -0.09681983593551857,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-19",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 53,
          "longest_underwater_calendar_days": 52,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 227204.53073285765,
          "total_return": -0.09736544988988383,
          "cagr": -0.09845143593497785,
          "annualized_volatility": 0.09493588707757418,
          "max_drawdown": -0.14702881462796236,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "IGF-baseline": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 324526.91782421485,
      "total_return": 2.2452691782421486,
      "cagr": 0.06428629271128794,
      "annualized_volatility": 0.07452129247612022,
      "max_drawdown": -0.17507808970553884,
      "max_dd_peak": "2021-12-27",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-06",
      "max_dd_peak_to_recovery_days": 800,
      "longest_underwater_calendar_days": 799,
      "longest_underwater_start": "2021-12-27",
      "longest_underwater_last_below": "2024-03-05",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 581.4334921937511,
      "trade_events": 228,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 114227.97330287857,
            "allocated_transaction_fees_usd": 169.0889808988956,
            "net_pnl_usd": 114058.88432197967
          },
          "TLT": {
            "gross_pnl_usd": 12330.473540766787,
            "allocated_transaction_fees_usd": 152.50616021429624,
            "net_pnl_usd": 12177.96738055249
          },
          "GLD": {
            "gross_pnl_usd": 84388.25960774416,
            "allocated_transaction_fees_usd": 161.8271815184611,
            "net_pnl_usd": 84226.4324262257
          },
          "BIL": {
            "gross_pnl_usd": 14161.644865015429,
            "allocated_transaction_fees_usd": 98.01116956209823,
            "net_pnl_usd": 14063.63369545333
          }
        },
        "net_profit_usd": 224526.91782421485,
        "total_fees_usd": 581.4334921937511,
        "reconciliation_residual_usd": 3.6338860809337348e-09
      },
      "rolling10_min": 0.0334427719617183,
      "rolling10_max": 0.08260440923701062,
      "cost_sensitivity": {
        "0": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 325668.35763785895,
          "total_return": 2.2566835763785895,
          "cagr": 0.06448408426851482,
          "annualized_volatility": 0.07452191339647149,
          "max_drawdown": -0.17496317457139265,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        },
        "20": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 321127.0607866434,
          "total_return": 2.2112706078664344,
          "cagr": 0.06369322872764349,
          "annualized_volatility": 0.07451964982989666,
          "max_drawdown": -0.1754227272779605,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-07",
          "max_dd_peak_to_recovery_days": 801,
          "longest_underwater_calendar_days": 800,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-06"
        }
      },
      "annual_rebalance": {
        "start": "2007-12-12",
        "end": "2026-11-03",
        "years": 18.89429625522769,
        "final_value": 328337.82287900965,
        "total_return": 2.2833782287900966,
        "cagr": 0.06494410467894918,
        "annualized_volatility": 0.07391210172886473,
        "max_drawdown": -0.16972494894077472,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-06",
        "max_dd_peak_to_recovery_days": 800,
        "longest_underwater_calendar_days": 799,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2024-03-05"
      },
      "retrospective_halves": [
        {
          "start": "2007-12-12",
          "end": "2017-05-19",
          "years": 9.434827546082397,
          "final_value": 165671.56262250923,
          "total_return": 0.6567156262250922,
          "cagr": 0.054965247153242025,
          "annualized_volatility": 0.07209129929293207,
          "max_drawdown": -0.1516405593511545,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-10",
          "max_dd_peak_to_recovery_days": 541,
          "longest_underwater_calendar_days": 622,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-18"
        },
        {
          "start": "2017-05-22",
          "end": "2026-11-03",
          "years": 9.451254988124328,
          "final_value": 195462.7657311323,
          "total_return": 0.954627657311323,
          "cagr": 0.07348588313607829,
          "annualized_volatility": 0.07689840130962865,
          "max_drawdown": -0.17507808970553806,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        }
      ],
      "calendar_returns": {
        "2008": -0.0046780710660940805,
        "2009": 0.06781854496564965,
        "2010": 0.13607723386856474,
        "2011": 0.12060239825191776,
        "2012": 0.06624621349136661,
        "2013": -0.04058068536433934,
        "2014": 0.09427828434254826,
        "2015": -0.022868065873466903,
        "2016": 0.057915441720013394,
        "2017": 0.10982252271286064,
        "2018": -0.011653976215771245,
        "2019": 0.1638615718551102,
        "2020": 0.16547501865624215,
        "2021": 0.04605471308854514,
        "2022": -0.12588852360271474,
        "2023": 0.11760937200493071,
        "2024": 0.11687739969957844,
        "2025": 0.2073951662207516
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 214685.48317585592,
          "total_return": 0.03639808044160597,
          "cagr": 0.1619397554926163,
          "annualized_volatility": 0.1601729385443125,
          "max_drawdown": -0.10807498911653768,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 39,
          "longest_underwater_calendar_days": 38,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 214205.49260615822,
          "total_return": -0.11819249015715583,
          "cagr": -0.11949500964484161,
          "annualized_volatility": 0.10166787362302972,
          "max_drawdown": -0.16841691980206663,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "IGF-full-cash": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 390421.16369871394,
      "total_return": 2.904211636987139,
      "cagr": 0.07475013683098086,
      "annualized_volatility": 0.10808865799868383,
      "max_drawdown": -0.2738175441775371,
      "max_dd_peak": "2008-05-20",
      "max_dd_trough": "2009-03-09",
      "max_dd_recovery": "2009-12-01",
      "max_dd_peak_to_recovery_days": 560,
      "longest_underwater_calendar_days": 816,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-03-26",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "IGF": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.5,
      "fees_usd": 646.7484749961162,
      "trade_events": 228,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 121244.1422507658,
            "allocated_transaction_fees_usd": 158.7040637139111,
            "net_pnl_usd": 121085.43818705188
          },
          "TLT": {
            "gross_pnl_usd": 9508.4283335159,
            "allocated_transaction_fees_usd": 177.5767780889037,
            "net_pnl_usd": 9330.851555426996
          },
          "GLD": {
            "gross_pnl_usd": 90603.62404805061,
            "allocated_transaction_fees_usd": 180.202118575953,
            "net_pnl_usd": 90423.42192947466
          },
          "IGF": {
            "gross_pnl_usd": 69711.71754137358,
            "allocated_transaction_fees_usd": 130.2655146173485,
            "net_pnl_usd": 69581.45202675623
          }
        },
        "net_profit_usd": 290421.16369871394,
        "total_fees_usd": 646.7484749961162,
        "reconciliation_residual_usd": 4.177650225756224e-09
      },
      "rolling10_min": 0.04593031326616637,
      "rolling10_max": 0.1039774909981448,
      "cost_sensitivity": {
        "0": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 391888.52135446866,
          "total_return": 2.9188852135446868,
          "cagr": 0.07496354335047206,
          "annualized_volatility": 0.10808827024379934,
          "max_drawdown": -0.27360108659076277,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2009-03-09",
          "max_dd_recovery": "2009-11-25",
          "max_dd_peak_to_recovery_days": 554,
          "longest_underwater_calendar_days": 816,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-26"
        },
        "20": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 386052.4795281192,
          "total_return": 2.860524795281192,
          "cagr": 0.07411024586512349,
          "annualized_volatility": 0.108090016967373,
          "max_drawdown": -0.2744664832307874,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2009-03-09",
          "max_dd_recovery": "2009-12-01",
          "max_dd_peak_to_recovery_days": 560,
          "longest_underwater_calendar_days": 816,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-26"
        }
      },
      "annual_rebalance": {
        "start": "2007-12-12",
        "end": "2026-11-03",
        "years": 18.89429625522769,
        "final_value": 390265.08099534886,
        "total_return": 2.9026508099534887,
        "cagr": 0.07472739211879986,
        "annualized_volatility": 0.10432141081010501,
        "max_drawdown": -0.2519627154678006,
        "max_dd_peak": "2008-01-02",
        "max_dd_trough": "2008-10-27",
        "max_dd_recovery": "2009-11-16",
        "max_dd_peak_to_recovery_days": 684,
        "longest_underwater_calendar_days": 809,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-03-19"
      },
      "retrospective_halves": [
        {
          "start": "2007-12-12",
          "end": "2017-05-19",
          "years": 9.434827546082397,
          "final_value": 175735.91733623727,
          "total_return": 0.7573591733623726,
          "cagr": 0.061580264444939914,
          "annualized_volatility": 0.11087507412566978,
          "max_drawdown": -0.2738175441775371,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2009-03-09",
          "max_dd_recovery": "2009-12-01",
          "max_dd_peak_to_recovery_days": 560,
          "longest_underwater_calendar_days": 559,
          "longest_underwater_start": "2008-05-20",
          "longest_underwater_last_below": "2009-11-30"
        },
        {
          "start": "2017-05-22",
          "end": "2026-11-03",
          "years": 9.451254988124328,
          "final_value": 221311.61049556587,
          "total_return": 1.2131161049556587,
          "cagr": 0.08768598601526922,
          "annualized_volatility": 0.10526650889241393,
          "max_drawdown": -0.20029366496640977,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-27",
          "max_dd_peak_to_recovery_days": 817,
          "longest_underwater_calendar_days": 816,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-26"
        }
      ],
      "calendar_returns": {
        "2008": -0.12079807996907499,
        "2009": 0.1172055825290057,
        "2010": 0.15954642967498267,
        "2011": 0.11987363481467361,
        "2012": 0.09977185312749604,
        "2013": -0.009123791682460913,
        "2014": 0.12485618080250016,
        "2015": -0.05312816056998748,
        "2016": 0.08719514543484341,
        "2017": 0.15789604658411616,
        "2018": -0.04088683029340989,
        "2019": 0.2267381910466304,
        "2020": 0.15601159951110533,
        "2021": 0.07613093949109806,
        "2022": -0.13160380200407007,
        "2023": 0.11929234021898849,
        "2024": 0.14138116117555688,
        "2025": 0.2542572367746414
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 222736.72106224057,
          "total_return": -0.02581605862155556,
          "cagr": -0.10399048362785568,
          "annualized_volatility": 0.28816992939947356,
          "max_drawdown": -0.19800872844504824,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 238812.38721376192,
          "total_return": -0.12525632822283495,
          "cagr": -0.12663096905279714,
          "annualized_volatility": 0.1393119917575232,
          "max_drawdown": -0.1984283243577346,
          "max_dd_peak": "2022-03-30",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 275,
          "longest_underwater_start": "2022-03-30",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": 0.010463844119692922
    },
    "IGF-half-cash": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 357820.58743895125,
      "total_return": 2.5782058743895124,
      "cagr": 0.06980175229419916,
      "annualized_volatility": 0.08940482943348406,
      "max_drawdown": -0.20843884524997225,
      "max_dd_peak": "2008-05-20",
      "max_dd_trough": "2008-11-20",
      "max_dd_recovery": "2009-10-19",
      "max_dd_peak_to_recovery_days": 517,
      "longest_underwater_calendar_days": 797,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-03-07",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.125,
        "IGF": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.375,
      "fees_usd": 628.4744475673605,
      "trade_events": 228,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 118081.19822010714,
            "allocated_transaction_fees_usd": 163.2680579035386,
            "net_pnl_usd": 117917.9301622036
          },
          "TLT": {
            "gross_pnl_usd": 10933.760636317214,
            "allocated_transaction_fees_usd": 164.73031020236365,
            "net_pnl_usd": 10769.030326114851
          },
          "GLD": {
            "gross_pnl_usd": 87723.71208887335,
            "allocated_transaction_fees_usd": 169.05041863675356,
            "net_pnl_usd": 87554.6616702366
          },
          "BIL": {
            "gross_pnl_usd": 7561.920025170621,
            "allocated_transaction_fees_usd": 58.16975312286267,
            "net_pnl_usd": 7503.750272047758
          },
          "IGF": {
            "gross_pnl_usd": 34148.47091604664,
            "allocated_transaction_fees_usd": 73.25590770184203,
            "net_pnl_usd": 34075.21500834479
          }
        },
        "net_profit_usd": 257820.58743895125,
        "total_fees_usd": 628.4744475673605,
        "reconciliation_residual_usd": 3.6624214772018604e-09
      },
      "rolling10_min": 0.039894300285942874,
      "rolling10_max": 0.09348230097169119,
      "cost_sensitivity": {
        "0": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 359150.6549513362,
          "total_return": 2.5915065495133622,
          "cagr": 0.07001184823851947,
          "annualized_volatility": 0.08940499564912543,
          "max_drawdown": -0.20832763718536107,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-10-19",
          "max_dd_peak_to_recovery_days": 517,
          "longest_underwater_calendar_days": 796,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-06"
        },
        "20": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 353860.35774260305,
          "total_return": 2.5386035774260307,
          "cagr": 0.06917179051585243,
          "annualized_volatility": 0.08940454925590391,
          "max_drawdown": -0.20877244004138507,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-10-19",
          "max_dd_peak_to_recovery_days": 517,
          "longest_underwater_calendar_days": 816,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-26"
        }
      },
      "annual_rebalance": {
        "start": "2007-12-12",
        "end": "2026-11-03",
        "years": 18.89429625522769,
        "final_value": 359171.70787749917,
        "total_return": 2.5917170787749915,
        "cagr": 0.070015167806873,
        "annualized_volatility": 0.08718353340415423,
        "max_drawdown": -0.19329113885188776,
        "max_dd_peak": "2008-03-18",
        "max_dd_trough": "2008-10-27",
        "max_dd_recovery": "2009-10-07",
        "max_dd_peak_to_recovery_days": 568,
        "longest_underwater_calendar_days": 796,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-03-06"
      },
      "retrospective_halves": [
        {
          "start": "2007-12-12",
          "end": "2017-05-19",
          "years": 9.434827546082397,
          "final_value": 171147.31384896772,
          "total_return": 0.7114731384896773,
          "cagr": 0.05860748542014016,
          "annualized_volatility": 0.08907011567290295,
          "max_drawdown": -0.20843884524997225,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-10-19",
          "max_dd_peak_to_recovery_days": 517,
          "longest_underwater_calendar_days": 514,
          "longest_underwater_start": "2008-05-20",
          "longest_underwater_last_below": "2009-10-16"
        },
        {
          "start": "2017-05-22",
          "end": "2026-11-03",
          "years": 9.451254988124328,
          "final_value": 208442.69139835276,
          "total_return": 1.0844269139835276,
          "cagr": 0.08081340184482788,
          "annualized_volatility": 0.08976789036990046,
          "max_drawdown": -0.1875943845085004,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-08",
          "max_dd_peak_to_recovery_days": 798,
          "longest_underwater_calendar_days": 797,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-07"
        }
      ],
      "calendar_returns": {
        "2008": -0.06371402188779107,
        "2009": 0.09331936238605532,
        "2010": 0.1481511219401057,
        "2011": 0.12042943510943371,
        "2012": 0.08307416640745768,
        "2013": -0.024845254033840858,
        "2014": 0.10956083103761172,
        "2015": -0.03800634467699804,
        "2016": 0.07255075727240312,
        "2017": 0.1336723961104409,
        "2018": -0.02630833078238415,
        "2019": 0.1950016824191425,
        "2020": 0.16204159566345555,
        "2021": 0.06110663174459785,
        "2022": -0.12850456699091695,
        "2023": 0.11868237699399775,
        "2024": 0.12917457737923255,
        "2025": 0.23064488590249987
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 219592.20615582075,
          "total_return": 0.0057701471181397235,
          "cagr": 0.02444863532875674,
          "annualized_volatility": 0.21921431526594043,
          "max_drawdown": -0.1498477829349273,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 227253.04056395395,
          "total_return": -0.12148868356266918,
          "cagr": -0.12282494090643914,
          "annualized_volatility": 0.11964646046916369,
          "max_drawdown": -0.1816959255951004,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": 0.00551545958291122
    },
    "IGF-within-equity": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 283769.6884465267,
      "total_return": 1.837696884465267,
      "cagr": 0.05675348835760419,
      "annualized_volatility": 0.07599427848176707,
      "max_drawdown": -0.16246645852271924,
      "max_dd_peak": "2021-11-09",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-27",
      "max_dd_peak_to_recovery_days": 869,
      "longest_underwater_calendar_days": 868,
      "longest_underwater_start": "2021-11-09",
      "longest_underwater_last_below": "2024-03-26",
      "weights": {
        "SPY": 0.125,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25,
        "IGF": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 536.1123643926503,
      "trade_events": 228,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 52253.125352913834,
            "allocated_transaction_fees_usd": 83.36713484752318,
            "net_pnl_usd": 52169.75821806631
          },
          "TLT": {
            "gross_pnl_usd": 13226.965629051288,
            "allocated_transaction_fees_usd": 140.3008199000316,
            "net_pnl_usd": 13086.664809151256
          },
          "GLD": {
            "gross_pnl_usd": 76387.48310088909,
            "allocated_transaction_fees_usd": 146.67175277968124,
            "net_pnl_usd": 76240.8113481094
          },
          "BIL": {
            "gross_pnl_usd": 12657.728727318252,
            "allocated_transaction_fees_usd": 93.04292175522784,
            "net_pnl_usd": 12564.685805563024
          },
          "IGF": {
            "gross_pnl_usd": 29780.498000743475,
            "allocated_transaction_fees_usd": 72.72973511018652,
            "net_pnl_usd": 29707.768265633287
          }
        },
        "net_profit_usd": 183769.6884465267,
        "total_fees_usd": 536.1123643926503,
        "reconciliation_residual_usd": 3.4151526051573455e-09
      },
      "rolling10_min": 0.025575251899727647,
      "rolling10_max": 0.07637244741454419,
      "cost_sensitivity": {
        "0": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 284759.9330513405,
          "total_return": 1.8475993305134053,
          "cagr": 0.05694833944238953,
          "annualized_volatility": 0.07599483909550028,
          "max_drawdown": -0.16234073510242764,
          "max_dd_peak": "2021-11-09",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-27",
          "max_dd_peak_to_recovery_days": 869,
          "longest_underwater_calendar_days": 868,
          "longest_underwater_start": "2021-11-09",
          "longest_underwater_last_below": "2024-03-26"
        },
        "20": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 280819.9506275712,
          "total_return": 1.8081995062757121,
          "cagr": 0.05616922675686142,
          "annualized_volatility": 0.07599281176901562,
          "max_drawdown": -0.16284349787998398,
          "max_dd_peak": "2021-11-09",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-28",
          "max_dd_peak_to_recovery_days": 870,
          "longest_underwater_calendar_days": 869,
          "longest_underwater_start": "2021-11-09",
          "longest_underwater_last_below": "2024-03-27"
        }
      },
      "annual_rebalance": {
        "start": "2007-12-12",
        "end": "2026-11-03",
        "years": 18.89429625522769,
        "final_value": 285031.9886217816,
        "total_return": 1.8503198862178158,
        "cagr": 0.057001759626273296,
        "annualized_volatility": 0.07523375927484745,
        "max_drawdown": -0.15718910973499822,
        "max_dd_peak": "2021-11-09",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-27",
        "max_dd_peak_to_recovery_days": 869,
        "longest_underwater_calendar_days": 868,
        "longest_underwater_start": "2021-11-09",
        "longest_underwater_last_below": "2024-03-26"
      },
      "retrospective_halves": [
        {
          "start": "2007-12-12",
          "end": "2017-05-19",
          "years": 9.434827546082397,
          "final_value": 156215.40726788997,
          "total_return": 0.5621540726788996,
          "cagr": 0.048414084000052204,
          "annualized_volatility": 0.0754980742485938,
          "max_drawdown": -0.16196794724680086,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-16",
          "max_dd_peak_to_recovery_days": 547,
          "longest_underwater_calendar_days": 631,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-27"
        },
        {
          "start": "2017-05-22",
          "end": "2026-11-03",
          "years": 9.451254988124328,
          "final_value": 181212.62619101204,
          "total_return": 0.8121262619101204,
          "cagr": 0.06492225142335717,
          "annualized_volatility": 0.07651364059935542,
          "max_drawdown": -0.16246645852271857,
          "max_dd_peak": "2021-11-09",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-27",
          "max_dd_peak_to_recovery_days": 869,
          "longest_underwater_calendar_days": 868,
          "longest_underwater_start": "2021-11-09",
          "longest_underwater_last_below": "2024-03-26"
        }
      ],
      "calendar_returns": {
        "2008": -0.008788078239054031,
        "2009": 0.06074762268606215,
        "2010": 0.12649550036579216,
        "2011": 0.11596664178784621,
        "2012": 0.06224901627592305,
        "2013": -0.05919450434605933,
        "2014": 0.09177287013614976,
        "2015": -0.040652841187119315,
        "2016": 0.057073336192070334,
        "2017": 0.1070438415781576,
        "2018": -0.019718162611024215,
        "2019": 0.15704686776519794,
        "2020": 0.13571909272399507,
        "2021": 0.027540904920895004,
        "2022": -0.10520161813638251,
        "2023": 0.0937607852504887,
        "2024": 0.10489599466397825,
        "2025": 0.21164806180983708
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 194448.4401915119,
          "total_return": 0.017225740205731643,
          "cagr": 0.07433420946738178,
          "annualized_volatility": 0.1684509971203866,
          "max_drawdown": -0.12296069736787252,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 55,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 193481.67763218904,
          "total_return": -0.09725083159989667,
          "cagr": -0.09833561007677494,
          "annualized_volatility": 0.09834808481479229,
          "max_drawdown": -0.1566754924664786,
          "max_dd_peak": "2022-03-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 301,
          "longest_underwater_start": "2022-03-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": -0.007532804353683753
    },
    "VNQ-baseline": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 351652.7800410638,
      "total_return": 2.5165278004106377,
      "cagr": 0.0668550209836225,
      "annualized_volatility": 0.07438954875733092,
      "max_drawdown": -0.1750780897055384,
      "max_dd_peak": "2021-12-27",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-06",
      "max_dd_peak_to_recovery_days": 800,
      "longest_underwater_calendar_days": 799,
      "longest_underwater_start": "2021-12-27",
      "longest_underwater_last_below": "2024-03-05",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 632.3288774129427,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 123344.13755753075,
            "allocated_transaction_fees_usd": 183.5632880553927,
            "net_pnl_usd": 123160.57426947536
          },
          "TLT": {
            "gross_pnl_usd": 15700.068062408662,
            "allocated_transaction_fees_usd": 165.89332052341075,
            "net_pnl_usd": 15534.17474188525
          },
          "GLD": {
            "gross_pnl_usd": 97282.44005337538,
            "allocated_transaction_fees_usd": 176.65560167315488,
            "net_pnl_usd": 97105.78445170223
          },
          "BIL": {
            "gross_pnl_usd": 15958.463245159326,
            "allocated_transaction_fees_usd": 106.2166671609845,
            "net_pnl_usd": 15852.246577998341
          }
        },
        "net_profit_usd": 251652.7800410638,
        "total_fees_usd": 632.3288774129427,
        "reconciliation_residual_usd": 2.6151383281103335e-09
      },
      "rolling10_min": 0.033442771961717854,
      "rolling10_max": 0.08260440923701062,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 352911.47619212465,
          "total_return": 2.5291147619212464,
          "cagr": 0.06705121356974786,
          "annualized_volatility": 0.0743902406429124,
          "max_drawdown": -0.17496317457139254,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 347904.13889991725,
          "total_return": 2.4790413889991725,
          "cagr": 0.06626675043449048,
          "annualized_volatility": 0.07438769058517869,
          "max_drawdown": -0.17542272727796038,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-07",
          "max_dd_peak_to_recovery_days": 801,
          "longest_underwater_calendar_days": 800,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-06"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 357431.06648582645,
        "total_return": 2.5743106648582645,
        "cagr": 0.06775025204575957,
        "annualized_volatility": 0.07385135250349248,
        "max_drawdown": -0.1697249489407754,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-06",
        "max_dd_peak_to_recovery_days": 800,
        "longest_underwater_calendar_days": 799,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2024-03-05"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 175912.37882308874,
          "total_return": 0.7591237882308874,
          "cagr": 0.059937113157787936,
          "annualized_volatility": 0.07263193277304424,
          "max_drawdown": -0.15164055935115495,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-10",
          "max_dd_peak_to_recovery_days": 541,
          "longest_underwater_calendar_days": 622,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-18"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 200011.9093199552,
          "total_return": 1.0001190931995518,
          "cagr": 0.07392560048266072,
          "annualized_volatility": 0.07613264867173997,
          "max_drawdown": -0.17507808970553806,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        }
      ],
      "calendar_returns": {
        "2008": -0.00463007359643719,
        "2009": 0.06781854496565032,
        "2010": 0.13607723386856452,
        "2011": 0.12060239825191688,
        "2012": 0.06624621349136417,
        "2013": -0.04058068536433945,
        "2014": 0.0942782843425467,
        "2015": -0.02286806587346768,
        "2016": 0.05791544172001184,
        "2017": 0.10982252271286042,
        "2018": -0.011653976215770578,
        "2019": 0.16386157185510997,
        "2020": 0.16547501865624126,
        "2021": 0.046054713088545585,
        "2022": -0.1258885236027142,
        "2023": 0.11760937200493027,
        "2024": 0.11687739969957933,
        "2025": 0.20739516622075116
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 104027.42252787991,
          "total_return": -0.013162657253621979,
          "cagr": -0.008808294662220773,
          "annualized_volatility": 0.11080926324271212,
          "max_drawdown": -0.15164055935115495,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 378,
          "longest_underwater_start": "2008-03-18",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 232630.15437795437,
          "total_return": 0.03639808044160642,
          "cagr": 0.1619397554926183,
          "annualized_volatility": 0.16017293854431258,
          "max_drawdown": -0.10807498911653768,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 39,
          "longest_underwater_calendar_days": 38,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 232110.0433826652,
          "total_return": -0.11819249015715505,
          "cagr": -0.11949500964484083,
          "annualized_volatility": 0.10166787362302993,
          "max_drawdown": -0.16841691980206608,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "VNQ-full-cash": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 455007.3166623133,
      "total_return": 3.5500731666231333,
      "cagr": 0.08109656879243476,
      "annualized_volatility": 0.12428275123424479,
      "max_drawdown": -0.31487329450906987,
      "max_dd_peak": "2008-05-20",
      "max_dd_trough": "2008-11-20",
      "max_dd_recovery": "2009-11-16",
      "max_dd_peak_to_recovery_days": 545,
      "longest_underwater_calendar_days": 927,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-07-15",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "VNQ": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.5,
      "fees_usd": 813.3607175275647,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 145374.61131086719,
            "allocated_transaction_fees_usd": 182.70056392975383,
            "net_pnl_usd": 145191.91074693744
          },
          "TLT": {
            "gross_pnl_usd": 11636.42573306284,
            "allocated_transaction_fees_usd": 202.8374261889546,
            "net_pnl_usd": 11433.588306873886
          },
          "GLD": {
            "gross_pnl_usd": 113874.5279401523,
            "allocated_transaction_fees_usd": 232.0446489606375,
            "net_pnl_usd": 113642.48329119166
          },
          "VNQ": {
            "gross_pnl_usd": 84935.11239575426,
            "allocated_transaction_fees_usd": 195.77807844821876,
            "net_pnl_usd": 84739.33431730604
          }
        },
        "net_profit_usd": 355007.3166623133,
        "total_fees_usd": 813.3607175275647,
        "reconciliation_residual_usd": 4.245521267876029e-09
      },
      "rolling10_min": 0.049578780399074596,
      "rolling10_max": 0.11448064602095376,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 456873.9650071035,
          "total_return": 3.568739650071035,
          "cagr": 0.08132437814760163,
          "annualized_volatility": 0.1242798539056573,
          "max_drawdown": -0.31476668318727397,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-11-16",
          "max_dd_peak_to_recovery_days": 545,
          "longest_underwater_calendar_days": 927,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-07-15"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 449453.54704447987,
          "total_return": 3.4945354704447986,
          "cagr": 0.08041349552650123,
          "annualized_volatility": 0.12429164455959767,
          "max_drawdown": -0.31519307567993227,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-11-16",
          "max_dd_peak_to_recovery_days": 545,
          "longest_underwater_calendar_days": 927,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-07-15"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 445809.680348724,
        "total_return": 3.4580968034872397,
        "cagr": 0.07996096314420575,
        "annualized_volatility": 0.11792671895058482,
        "max_drawdown": -0.2929318946186724,
        "max_dd_peak": "2008-05-19",
        "max_dd_trough": "2009-03-09",
        "max_dd_recovery": "2009-11-25",
        "max_dd_peak_to_recovery_days": 555,
        "longest_underwater_calendar_days": 927,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-07-15"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 209302.49487545795,
          "total_return": 1.0930249487545796,
          "cagr": 0.07909285387025067,
          "annualized_volatility": 0.13623367931442779,
          "max_drawdown": -0.31487329450906987,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-11-16",
          "max_dd_peak_to_recovery_days": 545,
          "longest_underwater_calendar_days": 542,
          "longest_underwater_start": "2008-05-20",
          "longest_underwater_last_below": "2009-11-13"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 217499.46886742403,
          "total_return": 1.1749946886742402,
          "cagr": 0.08322695456667173,
          "annualized_volatility": 0.11110915816912209,
          "max_drawdown": -0.25067339940881583,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-07-16",
          "max_dd_peak_to_recovery_days": 928,
          "longest_underwater_calendar_days": 927,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-07-15"
        }
      ],
      "calendar_returns": {
        "2008": -0.08672860652705427,
        "2009": 0.1540989491389979,
        "2010": 0.21327007169769674,
        "2011": 0.14907955794642724,
        "2012": 0.11265957322724396,
        "2013": -0.033448525311756794,
        "2014": 0.170670242247827,
        "2015": -0.015908452097798897,
        "2016": 0.07997624548160553,
        "2017": 0.12145179910403803,
        "2018": -0.029519497732077293,
        "2019": 0.23501765802126573,
        "2020": 0.15918523746944424,
        "2021": 0.14158079427706172,
        "2022": -0.1925446543174607,
        "2023": 0.13536145551607448,
        "2024": 0.11674120800442367,
        "2025": 0.20516304215148828
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 82161.19838271575,
          "total_return": -0.20728246469954958,
          "cagr": -0.14367338118470707,
          "annualized_volatility": 0.24606927006966842,
          "max_drawdown": -0.31487329450906987,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 315,
          "longest_underwater_start": "2008-05-20",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 278563.3767538036,
          "total_return": -0.00905712206465581,
          "cagr": -0.03747645886129736,
          "annualized_volatility": 0.30219028050178015,
          "max_drawdown": -0.19496510749580254,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 290454.60732713505,
          "total_return": -0.18392307089846294,
          "cagr": -0.18587000199970827,
          "annualized_volatility": 0.15242927227217196,
          "max_drawdown": -0.24298602767823774,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": 0.01424154780881226
    },
    "VNQ-half-cash": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 404069.4773823443,
      "total_return": 3.040694773823443,
      "cagr": 0.07451100266937671,
      "annualized_volatility": 0.09566597998010858,
      "max_drawdown": -0.23107212369044083,
      "max_dd_peak": "2008-05-20",
      "max_dd_trough": "2008-11-20",
      "max_dd_recovery": "2009-09-22",
      "max_dd_peak_to_recovery_days": 490,
      "longest_underwater_calendar_days": 895,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-06-13",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.125,
        "VNQ": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.375,
      "fees_usd": 742.0744779032433,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 134956.30801493526,
            "allocated_transaction_fees_usd": 181.33176368760454,
            "net_pnl_usd": 134774.97625124766
          },
          "TLT": {
            "gross_pnl_usd": 13838.366619878721,
            "allocated_transaction_fees_usd": 183.32438541310947,
            "net_pnl_usd": 13655.042234465613
          },
          "GLD": {
            "gross_pnl_usd": 105881.01262093987,
            "allocated_transaction_fees_usd": 199.9325987071165,
            "net_pnl_usd": 105681.08002223275
          },
          "BIL": {
            "gross_pnl_usd": 8957.575151861422,
            "allocated_transaction_fees_usd": 68.95335552422468,
            "net_pnl_usd": 8888.621796337196
          },
          "VNQ": {
            "gross_pnl_usd": 41178.28945262846,
            "allocated_transaction_fees_usd": 108.5323745711881,
            "net_pnl_usd": 41069.75707805727
          }
        },
        "net_profit_usd": 304069.4773823443,
        "total_fees_usd": 742.0744779032433,
        "reconciliation_residual_usd": 3.8311327443807386e-09
      },
      "rolling10_min": 0.041766800277631466,
      "rolling10_max": 0.09064378836538811,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 405659.6116997248,
          "total_return": 3.056596116997248,
          "cagr": 0.07472821570454924,
          "annualized_volatility": 0.09566475185390831,
          "max_drawdown": -0.2309584187412922,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-09-22",
          "max_dd_peak_to_recovery_days": 490,
          "longest_underwater_calendar_days": 895,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-06-13"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 399336.9213782611,
          "total_return": 2.993369213782611,
          "cagr": 0.07385970247322704,
          "annualized_volatility": 0.09566989086235943,
          "max_drawdown": -0.2314132079170641,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-10-08",
          "max_dd_peak_to_recovery_days": 506,
          "longest_underwater_calendar_days": 895,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-06-13"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 401841.958356971,
        "total_return": 3.0184195835697096,
        "cagr": 0.07420535520428007,
        "annualized_volatility": 0.09208517090815264,
        "max_drawdown": -0.20988821839985894,
        "max_dd_peak": "2008-05-20",
        "max_dd_trough": "2008-11-19",
        "max_dd_recovery": "2009-10-14",
        "max_dd_peak_to_recovery_days": 512,
        "longest_underwater_calendar_days": 865,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-05-14"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 193271.9645200937,
          "total_return": 0.932719645200937,
          "cagr": 0.070267628855188,
          "annualized_volatility": 0.09954331552031445,
          "max_drawdown": -0.23107212369044083,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": "2009-09-22",
          "max_dd_peak_to_recovery_days": 490,
          "longest_underwater_calendar_days": 489,
          "longest_underwater_start": "2008-05-20",
          "longest_underwater_last_below": "2009-09-21"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 209175.501196111,
          "total_return": 1.09175501196111,
          "cagr": 0.07888665998922284,
          "annualized_volatility": 0.09166392949113827,
          "max_drawdown": -0.2134755293651437,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-06-14",
          "max_dd_peak_to_recovery_days": 896,
          "longest_underwater_calendar_days": 895,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-06-13"
        }
      ],
      "calendar_returns": {
        "2008": -0.04311868386941187,
        "2009": 0.11184507330537263,
        "2010": 0.17454645158798887,
        "2011": 0.13524527225105842,
        "2012": 0.08942440870799317,
        "2013": -0.03684504307383396,
        "2014": 0.13203306200103548,
        "2015": -0.01919117450156338,
        "2016": 0.06907884767784611,
        "2017": 0.11565936821583467,
        "2018": -0.020466224359292018,
        "2019": 0.19915257588477098,
        "2020": 0.16339679508186244,
        "2021": 0.09308175201285973,
        "2022": -0.15953756439296396,
        "2023": 0.1269253085732993,
        "2024": 0.11705762764254368,
        "2025": 0.20634348370486255
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 92867.32769108852,
          "total_return": -0.11168362584389502,
          "cagr": -0.07603050134058587,
          "annualized_volatility": 0.1695272738818726,
          "max_drawdown": -0.23107212369044083,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 315,
          "longest_underwater_start": "2008-05-20",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 256733.14483978527,
          "total_return": 0.01431239797032946,
          "cagr": 0.06147582954791142,
          "annualized_volatility": 0.22454463864699786,
          "max_drawdown": -0.14837159422165425,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 262050.9074417021,
          "total_return": -0.15133967046354624,
          "cagr": -0.15297471101123095,
          "annualized_volatility": 0.125711552853684,
          "max_drawdown": -0.2062640383538069,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": 0.0076559816857542096
    },
    "VNQ-within-equity": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 322986.464909164,
      "total_return": 2.22986464909164,
      "cagr": 0.06219643821573828,
      "annualized_volatility": 0.08125467531147798,
      "max_drawdown": -0.18793493587175447,
      "max_dd_peak": "2021-12-31",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-07-10",
      "max_dd_peak_to_recovery_days": 922,
      "longest_underwater_calendar_days": 921,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-07-09",
      "weights": {
        "SPY": 0.125,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25,
        "VNQ": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 641.0240344807421,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 60142.13770340783,
            "allocated_transaction_fees_usd": 93.59793507613817,
            "net_pnl_usd": 60048.53976833169
          },
          "TLT": {
            "gross_pnl_usd": 16645.62710007973,
            "allocated_transaction_fees_usd": 156.39880359970988,
            "net_pnl_usd": 16489.22829648002
          },
          "GLD": {
            "gross_pnl_usd": 93450.0837951554,
            "allocated_transaction_fees_usd": 173.39923435956936,
            "net_pnl_usd": 93276.68456079582
          },
          "BIL": {
            "gross_pnl_usd": 15202.059732559073,
            "allocated_transaction_fees_usd": 110.36711209449963,
            "net_pnl_usd": 15091.692620464573
          },
          "VNQ": {
            "gross_pnl_usd": 38187.58061243972,
            "allocated_transaction_fees_usd": 107.26094935082504,
            "net_pnl_usd": 38080.31966308889
          }
        },
        "net_profit_usd": 222986.464909164,
        "total_fees_usd": 641.0240344807421,
        "reconciliation_residual_usd": 2.971773938043043e-09
      },
      "rolling10_min": 0.02745177355082018,
      "rolling10_max": 0.07217498428083458,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 324187.9848037823,
          "total_return": 2.241879848037823,
          "cagr": 0.062399436765934624,
          "annualized_volatility": 0.08125386844301978,
          "max_drawdown": -0.1878145669387853,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-07-10",
          "max_dd_peak_to_recovery_days": 922,
          "longest_underwater_calendar_days": 921,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-07-09"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 319408.99129734613,
          "total_return": 2.1940899129734612,
          "cagr": 0.061587749373448686,
          "annualized_volatility": 0.08125732651145325,
          "max_drawdown": -0.1882959255736042,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-07-11",
          "max_dd_peak_to_recovery_days": 923,
          "longest_underwater_calendar_days": 922,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-07-10"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 321197.3101737378,
        "total_return": 2.211973101737378,
        "cagr": 0.0618928265186478,
        "annualized_volatility": 0.07891270862104706,
        "max_drawdown": -0.18156113699492782,
        "max_dd_peak": "2021-12-31",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-07-05",
        "max_dd_peak_to_recovery_days": 917,
        "longest_underwater_calendar_days": 915,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-07-03"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 178434.95183299982,
          "total_return": 0.7843495183299982,
          "cagr": 0.06149357428416313,
          "annualized_volatility": 0.08410321603051618,
          "max_drawdown": -0.17358987689450223,
          "max_dd_peak": "2008-04-16",
          "max_dd_trough": "2008-11-19",
          "max_dd_recovery": "2009-09-10",
          "max_dd_peak_to_recovery_days": 512,
          "longest_underwater_calendar_days": 680,
          "longest_underwater_start": "2012-10-03",
          "longest_underwater_last_below": "2014-08-14"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 181228.38815299125,
          "total_return": 0.8122838815299125,
          "cagr": 0.06308419136888821,
          "annualized_volatility": 0.078334238050996,
          "max_drawdown": -0.18793493587175425,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-07-10",
          "max_dd_peak_to_recovery_days": 922,
          "longest_underwater_calendar_days": 921,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-07-09"
        }
      ],
      "calendar_returns": {
        "2008": 0.014436022300852835,
        "2009": 0.0791015270896136,
        "2010": 0.15247371086818906,
        "2011": 0.13095627513414798,
        "2012": 0.06844990085504143,
        "2013": -0.070807096411867,
        "2014": 0.11390945175194567,
        "2015": -0.021892056607814236,
        "2016": 0.053741305157468444,
        "2017": 0.08944924446710933,
        "2018": -0.013802054315978252,
        "2019": 0.16108345136019975,
        "2020": 0.13684492529529813,
        "2021": 0.058658388949008655,
        "2022": -0.13689906125048112,
        "2023": 0.10200950507520412,
        "2024": 0.09309765345609611,
        "2025": 0.1877128902296481
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 100613.48582037032,
          "total_return": -0.0378154844180596,
          "cagr": -0.02541149453088476,
          "annualized_volatility": 0.1354018985748635,
          "max_drawdown": -0.17358987689450223,
          "max_dd_peak": "2008-04-16",
          "max_dd_trough": "2008-11-19",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 349,
          "longest_underwater_start": "2008-04-16",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 229011.79071755227,
          "total_return": 0.025832608984052374,
          "cagr": 0.11301559287655683,
          "annualized_volatility": 0.17194529189382454,
          "max_drawdown": -0.12185180314420485,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 55,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 224798.11222423494,
          "total_return": -0.12775117721714047,
          "cagr": -0.12915112875354218,
          "annualized_volatility": 0.10378230382792333,
          "max_drawdown": -0.17984914829898757,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": -0.004658582767884223
    },
    "XLU-baseline": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 351652.7800410638,
      "total_return": 2.5165278004106377,
      "cagr": 0.0668550209836225,
      "annualized_volatility": 0.07438954875733092,
      "max_drawdown": -0.1750780897055384,
      "max_dd_peak": "2021-12-27",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-06",
      "max_dd_peak_to_recovery_days": 800,
      "longest_underwater_calendar_days": 799,
      "longest_underwater_start": "2021-12-27",
      "longest_underwater_last_below": "2024-03-05",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 632.3288774129427,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 123344.13755753075,
            "allocated_transaction_fees_usd": 183.5632880553927,
            "net_pnl_usd": 123160.57426947536
          },
          "TLT": {
            "gross_pnl_usd": 15700.068062408662,
            "allocated_transaction_fees_usd": 165.89332052341075,
            "net_pnl_usd": 15534.17474188525
          },
          "GLD": {
            "gross_pnl_usd": 97282.44005337538,
            "allocated_transaction_fees_usd": 176.65560167315488,
            "net_pnl_usd": 97105.78445170223
          },
          "BIL": {
            "gross_pnl_usd": 15958.463245159326,
            "allocated_transaction_fees_usd": 106.2166671609845,
            "net_pnl_usd": 15852.246577998341
          }
        },
        "net_profit_usd": 251652.7800410638,
        "total_fees_usd": 632.3288774129427,
        "reconciliation_residual_usd": 2.6151383281103335e-09
      },
      "rolling10_min": 0.033442771961717854,
      "rolling10_max": 0.08260440923701062,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 352911.47619212465,
          "total_return": 2.5291147619212464,
          "cagr": 0.06705121356974786,
          "annualized_volatility": 0.0743902406429124,
          "max_drawdown": -0.17496317457139254,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 347904.13889991725,
          "total_return": 2.4790413889991725,
          "cagr": 0.06626675043449048,
          "annualized_volatility": 0.07438769058517869,
          "max_drawdown": -0.17542272727796038,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-07",
          "max_dd_peak_to_recovery_days": 801,
          "longest_underwater_calendar_days": 800,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-06"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 357431.06648582645,
        "total_return": 2.5743106648582645,
        "cagr": 0.06775025204575957,
        "annualized_volatility": 0.07385135250349248,
        "max_drawdown": -0.1697249489407754,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-06",
        "max_dd_peak_to_recovery_days": 800,
        "longest_underwater_calendar_days": 799,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2024-03-05"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 175912.37882308874,
          "total_return": 0.7591237882308874,
          "cagr": 0.059937113157787936,
          "annualized_volatility": 0.07263193277304424,
          "max_drawdown": -0.15164055935115495,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-10",
          "max_dd_peak_to_recovery_days": 541,
          "longest_underwater_calendar_days": 622,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-18"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 200011.9093199552,
          "total_return": 1.0001190931995518,
          "cagr": 0.07392560048266072,
          "annualized_volatility": 0.07613264867173997,
          "max_drawdown": -0.17507808970553806,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        }
      ],
      "calendar_returns": {
        "2008": -0.00463007359643719,
        "2009": 0.06781854496565032,
        "2010": 0.13607723386856452,
        "2011": 0.12060239825191688,
        "2012": 0.06624621349136417,
        "2013": -0.04058068536433945,
        "2014": 0.0942782843425467,
        "2015": -0.02286806587346768,
        "2016": 0.05791544172001184,
        "2017": 0.10982252271286042,
        "2018": -0.011653976215770578,
        "2019": 0.16386157185510997,
        "2020": 0.16547501865624126,
        "2021": 0.046054713088545585,
        "2022": -0.1258885236027142,
        "2023": 0.11760937200493027,
        "2024": 0.11687739969957933,
        "2025": 0.20739516622075116
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 104027.42252787991,
          "total_return": -0.013162657253621979,
          "cagr": -0.008808294662220773,
          "annualized_volatility": 0.11080926324271212,
          "max_drawdown": -0.15164055935115495,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 378,
          "longest_underwater_start": "2008-03-18",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 232630.15437795437,
          "total_return": 0.03639808044160642,
          "cagr": 0.1619397554926183,
          "annualized_volatility": 0.16017293854431258,
          "max_drawdown": -0.10807498911653768,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 39,
          "longest_underwater_calendar_days": 38,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 232110.0433826652,
          "total_return": -0.11819249015715505,
          "cagr": -0.11949500964484083,
          "annualized_volatility": 0.10166787362302993,
          "max_drawdown": -0.16841691980206608,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "XLU-full-cash": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 476834.9906935051,
      "total_return": 3.7683499069350512,
      "cagr": 0.08370674135426848,
      "annualized_volatility": 0.10377543524513644,
      "max_drawdown": -0.23400937857235848,
      "max_dd_peak": "2008-01-14",
      "max_dd_trough": "2008-10-27",
      "max_dd_recovery": "2009-12-01",
      "max_dd_peak_to_recovery_days": 687,
      "longest_underwater_calendar_days": 829,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-04-08",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "XLU": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.5,
      "fees_usd": 799.767264034785,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 147316.97032858737,
            "allocated_transaction_fees_usd": 208.67132282012884,
            "net_pnl_usd": 147108.29900576724
          },
          "TLT": {
            "gross_pnl_usd": 10842.485709216757,
            "allocated_transaction_fees_usd": 195.83294741565211,
            "net_pnl_usd": 10646.652761801104
          },
          "GLD": {
            "gross_pnl_usd": 117214.65027230646,
            "allocated_transaction_fees_usd": 216.9979083919498,
            "net_pnl_usd": 116997.65236391452
          },
          "XLU": {
            "gross_pnl_usd": 102260.65164742403,
            "allocated_transaction_fees_usd": 178.26508540705424,
            "net_pnl_usd": 102082.38656201698
          }
        },
        "net_profit_usd": 376834.9906935051,
        "total_fees_usd": 799.767264034785,
        "reconciliation_residual_usd": 5.249944479146507e-09
      },
      "rolling10_min": 0.057691482547712836,
      "rolling10_max": 0.1065912060126446,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 478675.35556154686,
          "total_return": 3.7867535556154683,
          "cagr": 0.08392160374254853,
          "annualized_volatility": 0.10377495697494572,
          "max_drawdown": -0.23386437808046234,
          "max_dd_peak": "2008-01-14",
          "max_dd_trough": "2008-10-27",
          "max_dd_recovery": "2009-12-01",
          "max_dd_peak_to_recovery_days": 687,
          "longest_underwater_calendar_days": 829,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-04-08"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 471356.78563793516,
          "total_return": 3.7135678563793517,
          "cagr": 0.08306247407122158,
          "annualized_volatility": 0.10377705347169354,
          "max_drawdown": -0.23444437384629435,
          "max_dd_peak": "2008-01-14",
          "max_dd_trough": "2008-10-27",
          "max_dd_recovery": "2009-12-02",
          "max_dd_peak_to_recovery_days": 688,
          "longest_underwater_calendar_days": 854,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-05-03"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 476635.2990857649,
        "total_return": 3.7663529908576487,
        "cagr": 0.08368338009517506,
        "annualized_volatility": 0.10145535789000805,
        "max_drawdown": -0.22739558766368184,
        "max_dd_peak": "2008-01-14",
        "max_dd_trough": "2008-10-27",
        "max_dd_recovery": "2009-11-23",
        "max_dd_peak_to_recovery_days": 679,
        "longest_underwater_calendar_days": 826,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-04-05"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 200518.81051833066,
          "total_return": 1.0051881051833065,
          "cagr": 0.0743354938825056,
          "annualized_volatility": 0.10228110270871854,
          "max_drawdown": -0.23400937857235848,
          "max_dd_peak": "2008-01-14",
          "max_dd_trough": "2008-10-27",
          "max_dd_recovery": "2009-12-01",
          "max_dd_peak_to_recovery_days": 687,
          "longest_underwater_calendar_days": 686,
          "longest_underwater_start": "2008-01-14",
          "longest_underwater_last_below": "2009-11-30"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 237641.40288829163,
          "total_return": 1.3764140288829165,
          "cagr": 0.09314261578569383,
          "annualized_volatility": 0.10528741149043654,
          "max_drawdown": -0.19955426439474067,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-04-09",
          "max_dd_peak_to_recovery_days": 830,
          "longest_underwater_calendar_days": 829,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-04-08"
        }
      ],
      "calendar_returns": {
        "2008": -0.08878603346406178,
        "2009": 0.09768023749490506,
        "2010": 0.15222313008534005,
        "2011": 0.17243775096951675,
        "2012": 0.06975208190920279,
        "2013": -0.00879468666881511,
        "2014": 0.16686100712044083,
        "2015": -0.0340557504145097,
        "2016": 0.09835909670347154,
        "2017": 0.1404182684886921,
        "2018": -0.005066598422249213,
        "2019": 0.22690604126377711,
        "2020": 0.1704007863528587,
        "2021": 0.09142407167230959,
        "2022": -0.12494007191313827,
        "2023": 0.08385416728238093,
        "2024": 0.1631991654309901,
        "2025": 0.2404432020696412
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 92759.6274193592,
          "total_return": -0.1121526876589306,
          "cagr": -0.07635630213172828,
          "annualized_volatility": 0.1679203015468686,
          "max_drawdown": -0.23400937857235848,
          "max_dd_peak": "2008-01-14",
          "max_dd_trough": "2008-10-27",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 442,
          "longest_underwater_start": "2008-01-14",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 280780.9800510267,
          "total_return": -0.007054774592545665,
          "cagr": -0.029284885148546325,
          "annualized_volatility": 0.29223627315329603,
          "max_drawdown": -0.16695831604261413,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 301582.09420635167,
          "total_return": -0.11509817933883548,
          "cagr": -0.11636889418941121,
          "annualized_volatility": 0.14136089853501194,
          "max_drawdown": -0.1939250566774111,
          "max_dd_peak": "2022-04-01",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 273,
          "longest_underwater_start": "2022-04-01",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": 0.016851720370645973
    },
    "XLU-half-cash": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 411156.38494977035,
      "total_return": 3.1115638494977036,
      "cagr": 0.0754729060300996,
      "annualized_volatility": 0.08706270120234229,
      "max_drawdown": -0.19154340967618422,
      "max_dd_peak": "2008-05-20",
      "max_dd_trough": "2008-11-12",
      "max_dd_recovery": "2009-10-19",
      "max_dd_peak_to_recovery_days": 517,
      "longest_underwater_calendar_days": 816,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-03-26",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.125,
        "XLU": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.375,
      "fees_usd": 724.6724406293752,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 134976.91447980874,
            "allocated_transaction_fees_usd": 193.31433710989646,
            "net_pnl_usd": 134783.60014269885
          },
          "TLT": {
            "gross_pnl_usd": 13441.91199500058,
            "allocated_transaction_fees_usd": 179.11284643746785,
            "net_pnl_usd": 13262.799148563114
          },
          "GLD": {
            "gross_pnl_usd": 106864.61203079397,
            "allocated_transaction_fees_usd": 192.87656014881784,
            "net_pnl_usd": 106671.73547064516
          },
          "BIL": {
            "gross_pnl_usd": 9024.027836847674,
            "allocated_transaction_fees_usd": 65.6254948837565,
            "net_pnl_usd": 8958.402341963918
          },
          "XLU": {
            "gross_pnl_usd": 47573.59104794408,
            "allocated_transaction_fees_usd": 93.74320204943663,
            "net_pnl_usd": 47479.84784589464
          }
        },
        "net_profit_usd": 311156.38494977035,
        "total_fees_usd": 724.6724406293752,
        "reconciliation_residual_usd": 4.637513484340161e-09
      },
      "rolling10_min": 0.04572842229688279,
      "rolling10_max": 0.09478492067638666,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 412711.3131247087,
          "total_return": 3.1271131312470875,
          "cagr": 0.07568185081139878,
          "annualized_volatility": 0.08706275899240094,
          "max_drawdown": -0.19143388853342058,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-10-19",
          "max_dd_peak_to_recovery_days": 517,
          "longest_underwater_calendar_days": 816,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-26"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 406527.25344299583,
          "total_return": 3.0652725344299583,
          "cagr": 0.07484639561780093,
          "annualized_volatility": 0.08706273523144484,
          "max_drawdown": -0.19187200114694003,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-10-19",
          "max_dd_peak_to_recovery_days": 517,
          "longest_underwater_calendar_days": 817,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-27"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 413905.8299385693,
        "total_return": 3.1390582993856926,
        "cagr": 0.07584185848050051,
        "annualized_volatility": 0.08552848201959341,
        "max_drawdown": -0.18405618273823954,
        "max_dd_peak": "2021-12-31",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-27",
        "max_dd_peak_to_recovery_days": 817,
        "longest_underwater_calendar_days": 816,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-03-26"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 188142.45536238822,
          "total_return": 0.8814245536238823,
          "cagr": 0.06730475588418017,
          "annualized_volatility": 0.08542784835511934,
          "max_drawdown": -0.19154340967618422,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-10-19",
          "max_dd_peak_to_recovery_days": 517,
          "longest_underwater_calendar_days": 514,
          "longest_underwater_start": "2008-05-20",
          "longest_underwater_last_below": "2009-10-16"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 218518.01078233647,
          "total_return": 1.1851801078233648,
          "cagr": 0.0837477684903396,
          "annualized_volatility": 0.0886991632973059,
          "max_drawdown": -0.18712629364709443,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-27",
          "max_dd_peak_to_recovery_days": 817,
          "longest_underwater_calendar_days": 816,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-26"
        }
      ],
      "calendar_returns": {
        "2008": -0.04727734082526036,
        "2009": 0.08301987969009739,
        "2010": 0.14431905151543156,
        "2011": 0.14628623211666647,
        "2012": 0.06803881107434151,
        "2013": -0.024619662076133197,
        "2014": 0.13015728875607802,
        "2015": -0.028307133302449605,
        "2016": 0.07816098403291716,
        "2017": 0.12514480063800448,
        "2018": -0.008260059340762904,
        "2019": 0.19507933319438453,
        "2020": 0.16860371998454182,
        "2021": 0.06876765535143625,
        "2022": -0.1251444786915793,
        "2023": 0.10092770466317424,
        "2024": 0.14009140195819314,
        "2025": 0.223871455625815
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 98298.46820102983,
          "total_return": -0.06335655722722888,
          "cagr": -0.04276271281329702,
          "annualized_volatility": 0.13596596052704485,
          "max_drawdown": -0.19154340967618422,
          "max_dd_peak": "2008-05-20",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 315,
          "longest_underwater_start": "2008-05-20",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 256227.10576558416,
          "total_return": 0.014886850952955388,
          "cagr": 0.0640019160554961,
          "annualized_volatility": 0.21951852844420655,
          "max_drawdown": -0.13373643367951005,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-19",
          "max_dd_recovery": "2020-04-29",
          "max_dd_peak_to_recovery_days": 54,
          "longest_underwater_calendar_days": 53,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-28"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 265423.31836335,
          "total_return": -0.11636191747124003,
          "cagr": -0.11764563710250464,
          "annualized_volatility": 0.1201145002311661,
          "max_drawdown": -0.17924822515793093,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": 0.008617885046477092
    },
    "XLU-within-equity": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 326638.11775243,
      "total_return": 2.2663811775242997,
      "cagr": 0.06281118828885912,
      "annualized_volatility": 0.07481634021966141,
      "max_drawdown": -0.16088483318398328,
      "max_dd_peak": "2021-12-31",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-04-08",
      "max_dd_peak_to_recovery_days": 829,
      "longest_underwater_calendar_days": 826,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-04-05",
      "weights": {
        "SPY": 0.125,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25,
        "XLU": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 611.4223241144067,
      "trade_events": 235,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 59779.24914334111,
            "allocated_transaction_fees_usd": 98.45385336256197,
            "net_pnl_usd": 59680.79528997855
          },
          "TLT": {
            "gross_pnl_usd": 16241.58060590894,
            "allocated_transaction_fees_usd": 151.47195181633597,
            "net_pnl_usd": 16090.108654092603
          },
          "GLD": {
            "gross_pnl_usd": 93897.13040668322,
            "allocated_transaction_fees_usd": 168.57780304142912,
            "net_pnl_usd": 93728.5526036418
          },
          "BIL": {
            "gross_pnl_usd": 15229.965004958365,
            "allocated_transaction_fees_usd": 105.76702590486535,
            "net_pnl_usd": 15124.1979790535
          },
          "XLU": {
            "gross_pnl_usd": 42101.614915649036,
            "allocated_transaction_fees_usd": 87.1516899892143,
            "net_pnl_usd": 42014.46322565982
          }
        },
        "net_profit_usd": 226638.11775242997,
        "total_fees_usd": 611.4223241144067,
        "reconciliation_residual_usd": 3.711079443746712e-09
      },
      "rolling10_min": 0.03122067592376432,
      "rolling10_max": 0.07754546351106728,
      "cost_sensitivity": {
        "0": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 327787.0581412375,
          "total_return": 2.2778705814123748,
          "cagr": 0.06300326282794066,
          "annualized_volatility": 0.07481668370725048,
          "max_drawdown": -0.16076162818532247,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-04-08",
          "max_dd_peak_to_recovery_days": 829,
          "longest_underwater_calendar_days": 826,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-04-05"
        },
        "20": {
          "start": "2007-05-30",
          "end": "2026-11-03",
          "years": 19.430926028597437,
          "final_value": 323215.9280856961,
          "total_return": 2.2321592808569615,
          "cagr": 0.06223526163055926,
          "annualized_volatility": 0.07481550736411739,
          "max_drawdown": -0.16125421066928558,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-04-08",
          "max_dd_peak_to_recovery_days": 829,
          "longest_underwater_calendar_days": 826,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-04-05"
        }
      },
      "annual_rebalance": {
        "start": "2007-05-30",
        "end": "2026-11-03",
        "years": 19.430926028597437,
        "final_value": 329510.37795373605,
        "total_return": 2.2951037795373606,
        "cagr": 0.06329016552685252,
        "annualized_volatility": 0.07459437433108657,
        "max_drawdown": -0.1562282040329015,
        "max_dd_peak": "2021-12-31",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-04-03",
        "max_dd_peak_to_recovery_days": 824,
        "longest_underwater_calendar_days": 823,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-04-02"
      },
      "retrospective_halves": [
        {
          "start": "2007-05-30",
          "end": "2017-02-10",
          "years": 9.70314243276727,
          "final_value": 172916.3150979789,
          "total_return": 0.7291631509797889,
          "cagr": 0.058062279094980296,
          "annualized_volatility": 0.07316747101049173,
          "max_drawdown": -0.14096837981950616,
          "max_dd_peak": "2008-03-17",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-16",
          "max_dd_peak_to_recovery_days": 548,
          "longest_underwater_calendar_days": 691,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-08-26"
        },
        {
          "start": "2017-02-13",
          "end": "2026-11-03",
          "years": 9.719569874809203,
          "final_value": 189013.7654808606,
          "total_return": 0.890137654808606,
          "cagr": 0.06769469625032776,
          "annualized_volatility": 0.07645655621868037,
          "max_drawdown": -0.16088483318398306,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-04-08",
          "max_dd_peak_to_recovery_days": 829,
          "longest_underwater_calendar_days": 826,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-04-05"
        }
      ],
      "calendar_returns": {
        "2008": 0.008032716219801506,
        "2009": 0.049870824696409466,
        "2010": 0.12251697491761093,
        "2011": 0.14145215064828154,
        "2012": 0.04724798186645285,
        "2013": -0.05898819898336172,
        "2014": 0.11199618071290685,
        "2015": -0.031100890143010873,
        "2016": 0.06256115776200866,
        "2017": 0.09874284475992812,
        "2018": -0.0016484167545290918,
        "2019": 0.157029827787186,
        "2020": 0.1412441021930484,
        "2021": 0.035028222271451526,
        "2022": -0.1017983363088234,
        "2023": 0.07630470252516108,
        "2024": 0.11557719578459458,
        "2025": 0.2049963538198747
      },
      "stress_windows": {
        "2007-10-01": {
          "start": "2007-10-01",
          "end": "2009-03-31",
          "years": 1.4976351328227135,
          "final_value": 106204.71760282277,
          "total_return": 0.011807297050072219,
          "cagr": 0.00786857587429135,
          "annualized_volatility": 0.10684765517790136,
          "max_drawdown": -0.14096837981950616,
          "max_dd_peak": "2008-03-17",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 379,
          "longest_underwater_start": "2008-03-17",
          "longest_underwater_last_below": "2009-03-31"
        },
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 227389.68023358384,
          "total_return": 0.025985940854219347,
          "cagr": 0.1137141839603264,
          "annualized_volatility": 0.16839582960118413,
          "max_drawdown": -0.11070651727031966,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-19",
          "max_dd_recovery": "2020-04-29",
          "max_dd_peak_to_recovery_days": 54,
          "longest_underwater_calendar_days": 53,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-28"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 226410.02289491,
          "total_return": -0.092018091320069,
          "cagr": -0.0930475562238735,
          "annualized_volatility": 0.09969583040734775,
          "max_drawdown": -0.15642059292743216,
          "max_dd_peak": "2022-03-08",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 297,
          "longest_underwater_start": "2022-03-08",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": -0.004043832694763383
    },
    "IFRA-baseline": {
      "start": "2018-04-05",
      "end": "2026-11-03",
      "years": 8.580600559901983,
      "final_value": 186836.03157415226,
      "total_return": 0.8683603157415227,
      "cagr": 0.07556473440925893,
      "annualized_volatility": 0.07935699406148379,
      "max_drawdown": -0.17507808970553818,
      "max_dd_peak": "2021-12-27",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-06",
      "max_dd_peak_to_recovery_days": 800,
      "longest_underwater_calendar_days": 799,
      "longest_underwater_start": "2021-12-27",
      "longest_underwater_last_below": "2024-03-05",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 225.63525334688632,
      "trade_events": 104,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 44718.38731322342,
            "allocated_transaction_fees_usd": 62.51551634928396,
            "net_pnl_usd": 44655.87179687414
          },
          "TLT": {
            "gross_pnl_usd": -5229.312654884693,
            "allocated_transaction_fees_usd": 58.451184346613296,
            "net_pnl_usd": -5287.7638392313065
          },
          "GLD": {
            "gross_pnl_usd": 39898.20464806393,
            "allocated_transaction_fees_usd": 60.72750019351743,
            "net_pnl_usd": 39837.47714787041
          },
          "BIL": {
            "gross_pnl_usd": 7674.387521095203,
            "allocated_transaction_fees_usd": 43.941052457471656,
            "net_pnl_usd": 7630.446468637731
          }
        },
        "net_profit_usd": 86836.03157415226,
        "total_fees_usd": 225.63525334688632,
        "reconciliation_residual_usd": 1.2925056580570526e-09
      },
      "rolling10_min": null,
      "rolling10_max": null,
      "cost_sensitivity": {
        "0": {
          "start": "2018-04-05",
          "end": "2026-11-03",
          "years": 8.580600559901983,
          "final_value": 187166.96713956227,
          "total_return": 0.8716696713956227,
          "cagr": 0.07578658578309194,
          "annualized_volatility": 0.07935887635609229,
          "max_drawdown": -0.17496317457139288,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        },
        "20": {
          "start": "2018-04-05",
          "end": "2026-11-03",
          "years": 8.580600559901983,
          "final_value": 185847.06779612516,
          "total_return": 0.8584706779612516,
          "cagr": 0.07489968139293812,
          "annualized_volatility": 0.0793515136945217,
          "max_drawdown": -0.1754227272779606,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-07",
          "max_dd_peak_to_recovery_days": 801,
          "longest_underwater_calendar_days": 800,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-06"
        }
      },
      "annual_rebalance": {
        "start": "2018-04-05",
        "end": "2026-11-03",
        "years": 8.580600559901983,
        "final_value": 188662.72542286527,
        "total_return": 0.8866272542286529,
        "cagr": 0.0767850040275202,
        "annualized_volatility": 0.07939688430569769,
        "max_drawdown": -0.1697249489407746,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-06",
        "max_dd_peak_to_recovery_days": 800,
        "longest_underwater_calendar_days": 799,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2024-03-05"
      },
      "retrospective_halves": [
        {
          "start": "2018-04-05",
          "end": "2022-07-18",
          "years": 4.284824465937015,
          "final_value": 124236.26196282925,
          "total_return": 0.24236261962829242,
          "cagr": 0.051951832676936816,
          "annualized_volatility": 0.07158054748097223,
          "max_drawdown": -0.1250244613541771,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-06-14",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 307,
          "longest_underwater_start": "2020-08-06",
          "longest_underwater_last_below": "2021-06-09"
        },
        {
          "start": "2022-07-19",
          "end": "2026-11-03",
          "years": 4.29303818695798,
          "final_value": 149400.55617857003,
          "total_return": 0.4940055617857002,
          "cagr": 0.09802639414715175,
          "annualized_volatility": 0.08643749691363939,
          "max_drawdown": -0.10366128929576013,
          "max_dd_peak": "2022-08-12",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2023-02-01",
          "max_dd_peak_to_recovery_days": 173,
          "longest_underwater_calendar_days": 246,
          "longest_underwater_start": "2026-03-02",
          "longest_underwater_last_below": "2026-11-03"
        }
      ],
      "calendar_returns": {
        "2019": 0.16386157185510997,
        "2020": 0.1654750186562417,
        "2021": 0.04605471308854625,
        "2022": -0.12588852360271408,
        "2023": 0.11760937200493093,
        "2024": 0.11687739969957733,
        "2025": 0.2073951662207516
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 123598.32577858165,
          "total_return": 0.03639808044160642,
          "cagr": 0.1619397554926183,
          "annualized_volatility": 0.16017293854431244,
          "max_drawdown": -0.10807498911653757,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 39,
          "longest_underwater_calendar_days": 38,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 123321.98650344067,
          "total_return": -0.11819249015715527,
          "cagr": -0.11949500964484105,
          "annualized_volatility": 0.10166787362302983,
          "max_drawdown": -0.16841691980206608,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "IFRA-full-cash": {
      "start": "2018-04-05",
      "end": "2026-11-03",
      "years": 8.580600559901983,
      "final_value": 230661.1416949004,
      "total_return": 1.306611416949004,
      "cagr": 0.10230493576469324,
      "annualized_volatility": 0.11361592994404947,
      "max_drawdown": -0.20443996640907125,
      "max_dd_peak": "2021-12-31",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-01",
      "max_dd_peak_to_recovery_days": 791,
      "longest_underwater_calendar_days": 790,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-02-29",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "IFRA": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.5,
      "fees_usd": 268.5806554246818,
      "trade_events": 104,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 48992.49897678457,
            "allocated_transaction_fees_usd": 59.452546636320605,
            "net_pnl_usd": 48933.04643014825
          },
          "TLT": {
            "gross_pnl_usd": -7230.916399921693,
            "allocated_transaction_fees_usd": 69.51591271193575,
            "net_pnl_usd": -7300.4323126336285
          },
          "GLD": {
            "gross_pnl_usd": 44396.00486709602,
            "allocated_transaction_fees_usd": 74.46739166331314,
            "net_pnl_usd": 44321.537475432706
          },
          "IFRA": {
            "gross_pnl_usd": 44772.13490636458,
            "allocated_transaction_fees_usd": 65.14480441311233,
            "net_pnl_usd": 44706.99010195147
          }
        },
        "net_profit_usd": 130661.1416949004,
        "total_fees_usd": 268.5806554246818,
        "reconciliation_residual_usd": 1.601506482984405e-09
      },
      "rolling10_min": null,
      "rolling10_max": null,
      "cost_sensitivity": {
        "0": {
          "start": "2018-04-05",
          "end": "2026-11-03",
          "years": 8.580600559901983,
          "final_value": 231107.0197648225,
          "total_return": 1.3110701976482249,
          "cagr": 0.10255305200817588,
          "annualized_volatility": 0.11361704123740013,
          "max_drawdown": -0.20431688351262578,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-01",
          "max_dd_peak_to_recovery_days": 791,
          "longest_underwater_calendar_days": 790,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-02-29"
        },
        "20": {
          "start": "2018-04-05",
          "end": "2026-11-03",
          "years": 8.580600559901983,
          "final_value": 229328.99610745857,
          "total_return": 1.2932899610745858,
          "cagr": 0.10156110887190861,
          "annualized_volatility": 0.11361276729889186,
          "max_drawdown": -0.20480904168899072,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-04",
          "max_dd_peak_to_recovery_days": 794,
          "longest_underwater_calendar_days": 791,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-01"
        }
      },
      "annual_rebalance": {
        "start": "2018-04-05",
        "end": "2026-11-03",
        "years": 8.580600559901983,
        "final_value": 228633.4533171593,
        "total_return": 1.2863345331715927,
        "cagr": 0.10117122223164254,
        "annualized_volatility": 0.11158987703037822,
        "max_drawdown": -0.20292792290150607,
        "max_dd_peak": "2021-12-31",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-01",
        "max_dd_peak_to_recovery_days": 791,
        "longest_underwater_calendar_days": 790,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-02-29"
      },
      "retrospective_halves": [
        {
          "start": "2018-04-05",
          "end": "2022-07-18",
          "years": 4.284824465937015,
          "final_value": 136879.77750676786,
          "total_return": 0.3687977750676785,
          "cagr": 0.07601693747634286,
          "annualized_volatility": 0.11041140550241091,
          "max_drawdown": -0.19339219238617544,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-06-05",
          "max_dd_peak_to_recovery_days": 105,
          "longest_underwater_calendar_days": 199,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2022-07-18"
        },
        {
          "start": "2022-07-19",
          "end": "2026-11-03",
          "years": 4.29303818695798,
          "final_value": 166351.14119318503,
          "total_return": 0.6635114119318504,
          "cagr": 0.125860805466806,
          "annualized_volatility": 0.11667154652927678,
          "max_drawdown": -0.1416829594726613,
          "max_dd_peak": "2022-08-16",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2023-02-01",
          "max_dd_peak_to_recovery_days": 169,
          "longest_underwater_calendar_days": 246,
          "longest_underwater_start": "2026-03-02",
          "longest_underwater_last_below": "2026-11-03"
        }
      ],
      "calendar_returns": {
        "2019": 0.23130613105095854,
        "2020": 0.19387272311848647,
        "2021": 0.11904443874243098,
        "2022": -0.13584227604408106,
        "2023": 0.1390282383101613,
        "2024": 0.14867266462867246,
        "2025": 0.24018599472299407
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 120985.792285421,
          "total_return": -0.01323320022966823,
          "cagr": -0.05439122086402959,
          "annualized_volatility": 0.28876804242446247,
          "max_drawdown": -0.19339219238617544,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 137913.97827463338,
          "total_return": -0.1279883109139216,
          "cagr": -0.1293906638109642,
          "annualized_volatility": 0.14802684752265277,
          "max_drawdown": -0.19977535527916213,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": 0.026740201355434312
    },
    "IFRA-half-cash": {
      "start": "2018-04-05",
      "end": "2026-11-03",
      "years": 8.580600559901983,
      "final_value": 208149.3217218757,
      "total_return": 1.0814932172187568,
      "cagr": 0.08919100538818747,
      "annualized_volatility": 0.09443202135085602,
      "max_drawdown": -0.18965282325475186,
      "max_dd_peak": "2021-12-31",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-04",
      "max_dd_peak_to_recovery_days": 794,
      "longest_underwater_calendar_days": 791,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-03-01",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.125,
        "IFRA": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.375,
      "fees_usd": 251.67236533024095,
      "trade_events": 104,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 46850.03617436436,
            "allocated_transaction_fees_usd": 60.49202229141198,
            "net_pnl_usd": 46789.544152072944
          },
          "TLT": {
            "gross_pnl_usd": -6212.420306923308,
            "allocated_transaction_fees_usd": 63.404003770218225,
            "net_pnl_usd": -6275.824310693526
          },
          "GLD": {
            "gross_pnl_usd": 42145.777900373236,
            "allocated_transaction_fees_usd": 66.14257301753591,
            "net_pnl_usd": 42079.6353273557
          },
          "BIL": {
            "gross_pnl_usd": 4118.827959609263,
            "allocated_transaction_fees_usd": 26.048310053602357,
            "net_pnl_usd": 4092.779649555661
          },
          "IFRA": {
            "gross_pnl_usd": 21498.772359781302,
            "allocated_transaction_fees_usd": 35.58545619747248,
            "net_pnl_usd": 21463.186903583828
          }
        },
        "net_profit_usd": 108149.32172187569,
        "total_fees_usd": 251.67236533024095,
        "reconciliation_residual_usd": 1.0708163244999014e-09
      },
      "rolling10_min": null,
      "rolling10_max": null,
      "cost_sensitivity": {
        "0": {
          "start": "2018-04-05",
          "end": "2026-11-03",
          "years": 8.580600559901983,
          "final_value": 208542.14642485825,
          "total_return": 1.0854214642485824,
          "cagr": 0.08943036362837531,
          "annualized_volatility": 0.0944335401708119,
          "max_drawdown": -0.18952929386133877,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-04",
          "max_dd_peak_to_recovery_days": 794,
          "longest_underwater_calendar_days": 791,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-01"
        },
        "20": {
          "start": "2018-04-05",
          "end": "2026-11-03",
          "years": 8.580600559901983,
          "final_value": 206975.60800777463,
          "total_return": 1.0697560800777461,
          "cagr": 0.08847344611409658,
          "annualized_volatility": 0.0944276428206052,
          "max_drawdown": -0.19002323998758597,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-05",
          "max_dd_peak_to_recovery_days": 795,
          "longest_underwater_calendar_days": 794,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-04"
        }
      },
      "annual_rebalance": {
        "start": "2018-04-05",
        "end": "2026-11-03",
        "years": 8.580600559901983,
        "final_value": 207976.66612546754,
        "total_return": 1.0797666612546752,
        "cagr": 0.0890856756020606,
        "annualized_volatility": 0.0934550215410415,
        "max_drawdown": -0.1861274027244778,
        "max_dd_peak": "2021-12-31",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-04",
        "max_dd_peak_to_recovery_days": 794,
        "longest_underwater_calendar_days": 791,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-03-01"
      },
      "retrospective_halves": [
        {
          "start": "2018-04-05",
          "end": "2022-07-18",
          "years": 4.284824465937015,
          "final_value": 130624.02948428619,
          "total_return": 0.30624029484286197,
          "cagr": 0.06433335639043558,
          "annualized_volatility": 0.08812968954253954,
          "max_drawdown": -0.14759321847219964,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-29",
          "max_dd_peak_to_recovery_days": 68,
          "longest_underwater_calendar_days": 199,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2022-07-18"
        },
        {
          "start": "2022-07-19",
          "end": "2026-11-03",
          "years": 4.29303818695798,
          "final_value": 157801.93988068146,
          "total_return": 0.5780193988068145,
          "cagr": 0.11210898736718056,
          "annualized_volatility": 0.1003092289346329,
          "max_drawdown": -0.12254905332570065,
          "max_dd_peak": "2022-08-12",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2023-02-01",
          "max_dd_peak_to_recovery_days": 173,
          "longest_underwater_calendar_days": 246,
          "longest_underwater_start": "2026-03-02",
          "longest_underwater_last_below": "2026-11-03"
        }
      ],
      "calendar_returns": {
        "2019": 0.1973390335664953,
        "2020": 0.1807107462532347,
        "2021": 0.08216607908796347,
        "2022": -0.13056981052411176,
        "2023": 0.12857180873358587,
        "2024": 0.13300017625126248,
        "2025": 0.22373830644132497
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 122425.28773542529,
          "total_return": 0.01210732216765753,
          "cagr": 0.05182168123775699,
          "annualized_volatility": 0.21889305441632967,
          "max_drawdown": -0.14759321847219964,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-29",
          "max_dd_peak_to_recovery_days": 68,
          "longest_underwater_calendar_days": 67,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-28"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 130655.88827813326,
          "total_return": -0.12278978464754331,
          "cagr": -0.12413931889381025,
          "annualized_volatility": 0.12373820288041035,
          "max_drawdown": -0.18401392451271759,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": 0.013626270978928545
    },
    "IFRA-within-equity": {
      "start": "2018-04-05",
      "end": "2026-11-03",
      "years": 8.580600559901983,
      "final_value": 183735.46668653755,
      "total_return": 0.8373546668653755,
      "cagr": 0.07346915372456886,
      "annualized_volatility": 0.07985351618409667,
      "max_drawdown": -0.1634198142028096,
      "max_dd_peak": "2021-12-31",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-06",
      "max_dd_peak_to_recovery_days": 796,
      "longest_underwater_calendar_days": 795,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-03-05",
      "weights": {
        "SPY": 0.125,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25,
        "IFRA": 0.125
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 229.99604017808687,
      "trade_events": 104,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 22090.53893938158,
            "allocated_transaction_fees_usd": 31.89960363417634,
            "net_pnl_usd": 22058.6393357474
          },
          "TLT": {
            "gross_pnl_usd": -5195.208400475755,
            "allocated_transaction_fees_usd": 58.01297823068347,
            "net_pnl_usd": -5253.221378706438
          },
          "GLD": {
            "gross_pnl_usd": 39257.30836692564,
            "allocated_transaction_fees_usd": 59.809102515079225,
            "net_pnl_usd": 39197.49926441056
          },
          "BIL": {
            "gross_pnl_usd": 7604.032031629222,
            "allocated_transaction_fees_usd": 44.116483708013355,
            "net_pnl_usd": 7559.915547921209
          },
          "IFRA": {
            "gross_pnl_usd": 20208.79178925387,
            "allocated_transaction_fees_usd": 36.157872090134475,
            "net_pnl_usd": 20172.633917163737
          }
        },
        "net_profit_usd": 83735.46668653755,
        "total_fees_usd": 229.99604017808687,
        "reconciliation_residual_usd": 1.0792007287818706e-09
      },
      "rolling10_min": null,
      "rolling10_max": null,
      "cost_sensitivity": {
        "0": {
          "start": "2018-04-05",
          "end": "2026-11-03",
          "years": 8.580600559901983,
          "final_value": 184069.44183951462,
          "total_return": 0.8406944183951461,
          "cagr": 0.07369637269874252,
          "annualized_volatility": 0.07985525812973465,
          "max_drawdown": -0.16329882056397793,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 796,
          "longest_underwater_calendar_days": 795,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-05"
        },
        "20": {
          "start": "2018-04-05",
          "end": "2026-11-03",
          "years": 8.580600559901983,
          "final_value": 182737.46122287618,
          "total_return": 0.8273746122287617,
          "cagr": 0.07278798272979992,
          "annualized_volatility": 0.07984846821021975,
          "max_drawdown": -0.16378268718369215,
          "max_dd_peak": "2021-12-31",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 796,
          "longest_underwater_calendar_days": 795,
          "longest_underwater_start": "2021-12-31",
          "longest_underwater_last_below": "2024-03-05"
        }
      },
      "annual_rebalance": {
        "start": "2018-04-05",
        "end": "2026-11-03",
        "years": 8.580600559901983,
        "final_value": 184232.95672241144,
        "total_return": 0.8423295672241145,
        "cagr": 0.07380748676377813,
        "annualized_volatility": 0.07979877888111052,
        "max_drawdown": -0.15821062738228242,
        "max_dd_peak": "2021-12-31",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-06",
        "max_dd_peak_to_recovery_days": 796,
        "longest_underwater_calendar_days": 795,
        "longest_underwater_start": "2021-12-31",
        "longest_underwater_last_below": "2024-03-05"
      },
      "retrospective_halves": [
        {
          "start": "2018-04-05",
          "end": "2022-07-18",
          "years": 4.284824465937015,
          "final_value": 123690.39235422018,
          "total_return": 0.2369039235422019,
          "cagr": 0.05087130456315814,
          "annualized_volatility": 0.07171146544686986,
          "max_drawdown": -0.11763253595604906,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-28",
          "max_dd_peak_to_recovery_days": 53,
          "longest_underwater_calendar_days": 285,
          "longest_underwater_start": "2018-04-18",
          "longest_underwater_last_below": "2019-01-28"
        },
        {
          "start": "2022-07-19",
          "end": "2026-11-03",
          "years": 4.29303818695798,
          "final_value": 147616.36511426404,
          "total_return": 0.47616365114264037,
          "cagr": 0.09495782535968811,
          "annualized_volatility": 0.08724975184215686,
          "max_drawdown": -0.10508095573844844,
          "max_dd_peak": "2022-08-12",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2023-01-25",
          "max_dd_peak_to_recovery_days": 166,
          "longest_underwater_calendar_days": 246,
          "longest_underwater_start": "2026-03-02",
          "longest_underwater_last_below": "2026-11-03"
        }
      ],
      "calendar_returns": {
        "2019": 0.15945012767350386,
        "2020": 0.1537988568411086,
        "2021": 0.048028589098902064,
        "2022": -0.10720584857316062,
        "2023": 0.1034978018129673,
        "2024": 0.10873626021573224,
        "2025": 0.20493318901461466
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 120605.95674143461,
          "total_return": 0.02356570304783312,
          "cagr": 0.1027263029530241,
          "annualized_volatility": 0.16747761567540628,
          "max_drawdown": -0.11763253595604906,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-28",
          "max_dd_peak_to_recovery_days": 53,
          "longest_underwater_calendar_days": 52,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-27"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 123775.14087720797,
          "total_return": -0.09846575364929588,
          "cagr": -0.09956332321683758,
          "annualized_volatility": 0.10177705964972826,
          "max_drawdown": -0.15848105789409161,
          "max_dd_peak": "2022-03-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 301,
          "longest_underwater_start": "2022-03-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      },
      "cagr_difference_vs_same_period_baseline": -0.002095580684690068
    },
    "common-baseline": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 324526.91782421485,
      "total_return": 2.2452691782421486,
      "cagr": 0.06428629271128794,
      "annualized_volatility": 0.07452129247612022,
      "max_drawdown": -0.17507808970553884,
      "max_dd_peak": "2021-12-27",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-03-06",
      "max_dd_peak_to_recovery_days": 800,
      "longest_underwater_calendar_days": 799,
      "longest_underwater_start": "2021-12-27",
      "longest_underwater_last_below": "2024-03-05",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "BIL": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.25,
      "fees_usd": 581.4334921937511,
      "trade_events": 228,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 114227.97330287857,
            "allocated_transaction_fees_usd": 169.0889808988956,
            "net_pnl_usd": 114058.88432197967
          },
          "TLT": {
            "gross_pnl_usd": 12330.473540766787,
            "allocated_transaction_fees_usd": 152.50616021429624,
            "net_pnl_usd": 12177.96738055249
          },
          "GLD": {
            "gross_pnl_usd": 84388.25960774416,
            "allocated_transaction_fees_usd": 161.8271815184611,
            "net_pnl_usd": 84226.4324262257
          },
          "BIL": {
            "gross_pnl_usd": 14161.644865015429,
            "allocated_transaction_fees_usd": 98.01116956209823,
            "net_pnl_usd": 14063.63369545333
          }
        },
        "net_profit_usd": 224526.91782421485,
        "total_fees_usd": 581.4334921937511,
        "reconciliation_residual_usd": 3.6338860809337348e-09
      },
      "rolling10_min": 0.0334427719617183,
      "rolling10_max": 0.08260440923701062,
      "cost_sensitivity": {
        "0": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 325668.35763785895,
          "total_return": 2.2566835763785895,
          "cagr": 0.06448408426851482,
          "annualized_volatility": 0.07452191339647149,
          "max_drawdown": -0.17496317457139265,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        },
        "20": {
          "start": "2007-12-12",
          "end": "2026-11-03",
          "years": 18.89429625522769,
          "final_value": 321127.0607866434,
          "total_return": 2.2112706078664344,
          "cagr": 0.06369322872764349,
          "annualized_volatility": 0.07451964982989666,
          "max_drawdown": -0.1754227272779605,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-07",
          "max_dd_peak_to_recovery_days": 801,
          "longest_underwater_calendar_days": 800,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-06"
        }
      },
      "annual_rebalance": {
        "start": "2007-12-12",
        "end": "2026-11-03",
        "years": 18.89429625522769,
        "final_value": 328337.82287900965,
        "total_return": 2.2833782287900966,
        "cagr": 0.06494410467894918,
        "annualized_volatility": 0.07391210172886473,
        "max_drawdown": -0.16972494894077472,
        "max_dd_peak": "2021-12-27",
        "max_dd_trough": "2022-10-20",
        "max_dd_recovery": "2024-03-06",
        "max_dd_peak_to_recovery_days": 800,
        "longest_underwater_calendar_days": 799,
        "longest_underwater_start": "2021-12-27",
        "longest_underwater_last_below": "2024-03-05"
      },
      "retrospective_halves": [
        {
          "start": "2007-12-12",
          "end": "2017-05-19",
          "years": 9.434827546082397,
          "final_value": 165671.56262250923,
          "total_return": 0.6567156262250922,
          "cagr": 0.054965247153242025,
          "annualized_volatility": 0.07209129929293207,
          "max_drawdown": -0.1516405593511545,
          "max_dd_peak": "2008-03-18",
          "max_dd_trough": "2008-11-12",
          "max_dd_recovery": "2009-09-10",
          "max_dd_peak_to_recovery_days": 541,
          "longest_underwater_calendar_days": 622,
          "longest_underwater_start": "2012-10-04",
          "longest_underwater_last_below": "2014-06-18"
        },
        {
          "start": "2017-05-22",
          "end": "2026-11-03",
          "years": 9.451254988124328,
          "final_value": 195462.7657311323,
          "total_return": 0.954627657311323,
          "cagr": 0.07348588313607829,
          "annualized_volatility": 0.07689840130962865,
          "max_drawdown": -0.17507808970553806,
          "max_dd_peak": "2021-12-27",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": "2024-03-06",
          "max_dd_peak_to_recovery_days": 800,
          "longest_underwater_calendar_days": 799,
          "longest_underwater_start": "2021-12-27",
          "longest_underwater_last_below": "2024-03-05"
        }
      ],
      "calendar_returns": {
        "2008": -0.0046780710660940805,
        "2009": 0.06781854496564965,
        "2010": 0.13607723386856474,
        "2011": 0.12060239825191776,
        "2012": 0.06624621349136661,
        "2013": -0.04058068536433934,
        "2014": 0.09427828434254826,
        "2015": -0.022868065873466903,
        "2016": 0.057915441720013394,
        "2017": 0.10982252271286064,
        "2018": -0.011653976215771245,
        "2019": 0.1638615718551102,
        "2020": 0.16547501865624215,
        "2021": 0.04605471308854514,
        "2022": -0.12588852360271474,
        "2023": 0.11760937200493071,
        "2024": 0.11687739969957844,
        "2025": 0.2073951662207516
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 214685.48317585592,
          "total_return": 0.03639808044160597,
          "cagr": 0.1619397554926163,
          "annualized_volatility": 0.1601729385443125,
          "max_drawdown": -0.10807498911653768,
          "max_dd_peak": "2020-03-06",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": "2020-04-14",
          "max_dd_peak_to_recovery_days": 39,
          "longest_underwater_calendar_days": 38,
          "longest_underwater_start": "2020-03-06",
          "longest_underwater_last_below": "2020-04-13"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 214205.49260615822,
          "total_return": -0.11819249015715583,
          "cagr": -0.11949500964484161,
          "annualized_volatility": 0.10166787362302972,
          "max_drawdown": -0.16841691980206663,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "common-IGF": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 390421.16369871394,
      "total_return": 2.904211636987139,
      "cagr": 0.07475013683098086,
      "annualized_volatility": 0.10808865799868383,
      "max_drawdown": -0.2738175441775371,
      "max_dd_peak": "2008-05-20",
      "max_dd_trough": "2009-03-09",
      "max_dd_recovery": "2009-12-01",
      "max_dd_peak_to_recovery_days": 560,
      "longest_underwater_calendar_days": 816,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-03-26",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "IGF": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.5,
      "fees_usd": 646.7484749961162,
      "trade_events": 228,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 121244.1422507658,
            "allocated_transaction_fees_usd": 158.7040637139111,
            "net_pnl_usd": 121085.43818705188
          },
          "TLT": {
            "gross_pnl_usd": 9508.4283335159,
            "allocated_transaction_fees_usd": 177.5767780889037,
            "net_pnl_usd": 9330.851555426996
          },
          "GLD": {
            "gross_pnl_usd": 90603.62404805061,
            "allocated_transaction_fees_usd": 180.202118575953,
            "net_pnl_usd": 90423.42192947466
          },
          "IGF": {
            "gross_pnl_usd": 69711.71754137358,
            "allocated_transaction_fees_usd": 130.2655146173485,
            "net_pnl_usd": 69581.45202675623
          }
        },
        "net_profit_usd": 290421.16369871394,
        "total_fees_usd": 646.7484749961162,
        "reconciliation_residual_usd": 4.177650225756224e-09
      },
      "rolling10_min": 0.04593031326616637,
      "rolling10_max": 0.1039774909981448,
      "calendar_returns": {
        "2008": -0.12079807996907499,
        "2009": 0.1172055825290057,
        "2010": 0.15954642967498267,
        "2011": 0.11987363481467361,
        "2012": 0.09977185312749604,
        "2013": -0.009123791682460913,
        "2014": 0.12485618080250016,
        "2015": -0.05312816056998748,
        "2016": 0.08719514543484341,
        "2017": 0.15789604658411616,
        "2018": -0.04088683029340989,
        "2019": 0.2267381910466304,
        "2020": 0.15601159951110533,
        "2021": 0.07613093949109806,
        "2022": -0.13160380200407007,
        "2023": 0.11929234021898849,
        "2024": 0.14138116117555688,
        "2025": 0.2542572367746414
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 222736.72106224057,
          "total_return": -0.02581605862155556,
          "cagr": -0.10399048362785568,
          "annualized_volatility": 0.28816992939947356,
          "max_drawdown": -0.19800872844504824,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 238812.38721376192,
          "total_return": -0.12525632822283495,
          "cagr": -0.12663096905279714,
          "annualized_volatility": 0.1393119917575232,
          "max_drawdown": -0.1984283243577346,
          "max_dd_peak": "2022-03-30",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 275,
          "longest_underwater_start": "2022-03-30",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "common-VNQ": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 440163.536349565,
      "total_return": 3.40163536349565,
      "cagr": 0.08159316488353285,
      "annualized_volatility": 0.12425961186680225,
      "max_drawdown": -0.31487329450906976,
      "max_dd_peak": "2008-05-20",
      "max_dd_trough": "2008-11-20",
      "max_dd_recovery": "2009-11-16",
      "max_dd_peak_to_recovery_days": 545,
      "longest_underwater_calendar_days": 927,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-07-15",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "VNQ": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.5,
      "fees_usd": 779.2492805904078,
      "trade_events": 228,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 141066.70612601965,
            "allocated_transaction_fees_usd": 176.16101756492142,
            "net_pnl_usd": 140890.54510845474
          },
          "TLT": {
            "gross_pnl_usd": 9045.11323462761,
            "allocated_transaction_fees_usd": 194.2379782459253,
            "net_pnl_usd": 8850.875256381685
          },
          "GLD": {
            "gross_pnl_usd": 104665.59501345194,
            "allocated_transaction_fees_usd": 222.3262583215714,
            "net_pnl_usd": 104443.26875513037
          },
          "VNQ": {
            "gross_pnl_usd": 86165.37125605208,
            "allocated_transaction_fees_usd": 186.52402645798978,
            "net_pnl_usd": 85978.84722959409
          }
        },
        "net_profit_usd": 340163.536349565,
        "total_fees_usd": 779.2492805904078,
        "reconciliation_residual_usd": 4.151161192567088e-09
      },
      "rolling10_min": 0.049578780399074596,
      "rolling10_max": 0.11448064602095398,
      "calendar_returns": {
        "2008": -0.0867877968307551,
        "2009": 0.15409894913899924,
        "2010": 0.2132700716976963,
        "2011": 0.14907955794642858,
        "2012": 0.11265957322724351,
        "2013": -0.03344852531175657,
        "2014": 0.17067024224782656,
        "2015": -0.015908452097798897,
        "2016": 0.07997624548160598,
        "2017": 0.12145179910403825,
        "2018": -0.029519497732076627,
        "2019": 0.23501765802126395,
        "2020": 0.15918523746944535,
        "2021": 0.14158079427706083,
        "2022": -0.19254465431746015,
        "2023": 0.13536145551607426,
        "2024": 0.11674120800442389,
        "2025": 0.20516304215148717
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 269475.75680509093,
          "total_return": -0.009057122064655143,
          "cagr": -0.03747645886129458,
          "annualized_volatility": 0.30219028050178043,
          "max_drawdown": -0.19496510749580243,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-18",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 280979.05776099657,
          "total_return": -0.1839230708984625,
          "cagr": -0.18587000199970782,
          "annualized_volatility": 0.1524292722721719,
          "max_drawdown": -0.24298602767823752,
          "max_dd_peak": "2022-01-04",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 360,
          "longest_underwater_start": "2022-01-04",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    },
    "common-XLU": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 436950.57747643895,
      "total_return": 3.3695057747643897,
      "cagr": 0.08117385990118975,
      "annualized_volatility": 0.10371862233544818,
      "max_drawdown": -0.23400937857235848,
      "max_dd_peak": "2008-01-14",
      "max_dd_trough": "2008-10-27",
      "max_dd_recovery": "2009-12-01",
      "max_dd_peak_to_recovery_days": 687,
      "longest_underwater_calendar_days": 829,
      "longest_underwater_start": "2021-12-31",
      "longest_underwater_last_below": "2024-04-08",
      "weights": {
        "SPY": 0.25,
        "TLT": 0.25,
        "GLD": 0.25,
        "XLU": 0.25
      },
      "frequency": "monthly",
      "equity_like_target": 0.5,
      "fees_usd": 731.1193980009471,
      "trade_events": 228,
      "attribution": {
        "assets": {
          "SPY": {
            "gross_pnl_usd": 135397.05360009518,
            "allocated_transaction_fees_usd": 190.91461722404256,
            "net_pnl_usd": 135206.13898287114
          },
          "TLT": {
            "gross_pnl_usd": 7822.115319733353,
            "allocated_transaction_fees_usd": 179.04184371658795,
            "net_pnl_usd": 7643.073476016765
          },
          "GLD": {
            "gross_pnl_usd": 102114.10121178933,
            "allocated_transaction_fees_usd": 197.83541127617366,
            "net_pnl_usd": 101916.26580051315
          },
          "XLU": {
            "gross_pnl_usd": 92348.4267428182,
            "allocated_transaction_fees_usd": 163.32752578414284,
            "net_pnl_usd": 92185.09921703406
          }
        },
        "net_profit_usd": 336950.57747643895,
        "total_fees_usd": 731.1193980009471,
        "reconciliation_residual_usd": 3.7894096749369055e-09
      },
      "rolling10_min": 0.057691482547712614,
      "rolling10_max": 0.10659120601264394,
      "calendar_returns": {
        "2008": -0.08882462888261633,
        "2009": 0.09768023749490573,
        "2010": 0.1522231300853416,
        "2011": 0.17243775096951608,
        "2012": 0.06975208190920235,
        "2013": -0.008794686668815666,
        "2014": 0.16686100712044194,
        "2015": -0.0340557504145097,
        "2016": 0.0983590967034711,
        "2017": 0.14041826848869254,
        "2018": -0.005066598422250768,
        "2019": 0.22690604126377667,
        "2020": 0.17040078635285982,
        "2021": 0.0914240716723087,
        "2022": -0.12494007191313872,
        "2023": 0.08385416728238027,
        "2024": 0.16319916543098967,
        "2025": 0.24044320206963898
      },
      "stress_windows": {
        "2020-02-03": {
          "start": "2020-02-03",
          "end": "2020-04-30",
          "years": 0.23819790960800016,
          "final_value": 257295.31970642786,
          "total_return": -0.007054774592545776,
          "cagr": -0.02928488514854677,
          "annualized_volatility": 0.2922362731532953,
          "max_drawdown": -0.16695831604261424,
          "max_dd_peak": "2020-02-21",
          "max_dd_trough": "2020-03-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 69,
          "longest_underwater_start": "2020-02-21",
          "longest_underwater_last_below": "2020-04-30"
        },
        "2022-01-03": {
          "start": "2022-01-03",
          "end": "2022-12-30",
          "years": 0.9883844295228512,
          "final_value": 276356.5442803701,
          "total_return": -0.11509817933883593,
          "cagr": -0.11636889418941165,
          "annualized_volatility": 0.14136089853501185,
          "max_drawdown": -0.193925056677412,
          "max_dd_peak": "2022-04-01",
          "max_dd_trough": "2022-10-20",
          "max_dd_recovery": null,
          "max_dd_peak_to_recovery_days": null,
          "longest_underwater_calendar_days": 273,
          "longest_underwater_start": "2022-04-01",
          "longest_underwater_last_below": "2022-12-30"
        }
      }
    }
  },
  "standalone": {
    "SPY": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 701736.4958668699,
      "total_return": 6.0173649586687,
      "cagr": 0.10547213271530453,
      "annualized_volatility": 0.19653850177595888,
      "max_drawdown": -0.5518946653145416,
      "max_dd_peak": "2007-10-09",
      "max_dd_trough": "2009-03-09",
      "max_dd_recovery": "2012-08-16",
      "max_dd_peak_to_recovery_days": 1773,
      "longest_underwater_calendar_days": 1772,
      "longest_underwater_start": "2007-10-09",
      "longest_underwater_last_below": "2012-08-15"
    },
    "TLT": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 171098.44841771052,
      "total_return": 0.7109844841771051,
      "cagr": 0.028025429733037566,
      "annualized_volatility": 0.1512548213037545,
      "max_drawdown": -0.4835113163993193,
      "max_dd_peak": "2020-08-04",
      "max_dd_trough": "2023-10-19",
      "max_dd_recovery": null,
      "max_dd_peak_to_recovery_days": null,
      "longest_underwater_calendar_days": 2282,
      "longest_underwater_start": "2020-08-04",
      "longest_underwater_last_below": "2026-11-03"
    },
    "GLD": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 555098.8921346036,
      "total_return": 4.550988921346036,
      "cagr": 0.09221600838333566,
      "annualized_volatility": 0.1823349932450321,
      "max_drawdown": -0.45555012734257005,
      "max_dd_peak": "2011-08-22",
      "max_dd_trough": "2015-12-17",
      "max_dd_recovery": "2020-07-29",
      "max_dd_peak_to_recovery_days": 3264,
      "longest_underwater_calendar_days": 3263,
      "longest_underwater_start": "2011-08-22",
      "longest_underwater_last_below": "2020-07-28"
    },
    "BIL": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 130297.7646933198,
      "total_return": 0.30297764693319795,
      "cagr": 0.013713327612390414,
      "annualized_volatility": 0.004947648910860477,
      "max_drawdown": -0.007800133753939953,
      "max_dd_peak": "2008-09-29",
      "max_dd_trough": "2015-12-09",
      "max_dd_recovery": "2017-12-08",
      "max_dd_peak_to_recovery_days": 3357,
      "longest_underwater_calendar_days": 3356,
      "longest_underwater_start": "2008-09-29",
      "longest_underwater_last_below": "2017-12-07"
    },
    "IEF": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 181657.86087333036,
      "total_return": 0.8165786087333036,
      "cagr": 0.031198681294676733,
      "annualized_volatility": 0.06963598763034506,
      "max_drawdown": -0.2392479409303333,
      "max_dd_peak": "2020-08-04",
      "max_dd_trough": "2023-10-19",
      "max_dd_recovery": null,
      "max_dd_peak_to_recovery_days": null,
      "longest_underwater_calendar_days": 2282,
      "longest_underwater_start": "2020-08-04",
      "longest_underwater_last_below": "2026-11-03"
    },
    "SHY": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 141616.630633998,
      "total_return": 0.41616630633997986,
      "cagr": 0.01806849303728164,
      "annualized_volatility": 0.015273797857650671,
      "max_drawdown": -0.05706992667055455,
      "max_dd_peak": "2021-08-02",
      "max_dd_trough": "2022-10-20",
      "max_dd_recovery": "2024-06-03",
      "max_dd_peak_to_recovery_days": 1036,
      "longest_underwater_calendar_days": 1032,
      "longest_underwater_start": "2021-08-03",
      "longest_underwater_last_below": "2024-05-31"
    },
    "IGF": {
      "start": "2007-12-12",
      "end": "2026-11-03",
      "years": 18.89429625522769,
      "final_value": 239734.55108875877,
      "total_return": 1.3973455108875878,
      "cagr": 0.04736397745219034,
      "annualized_volatility": 0.20162175653580391,
      "max_drawdown": -0.5832816584046261,
      "max_dd_peak": "2008-01-02",
      "max_dd_trough": "2009-03-09",
      "max_dd_recovery": "2014-03-27",
      "max_dd_peak_to_recovery_days": 2276,
      "longest_underwater_calendar_days": 2275,
      "longest_underwater_start": "2008-01-02",
      "longest_underwater_last_below": "2014-03-26"
    },
    "VNQ": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 270272.6969179021,
      "total_return": 1.7027269691790208,
      "cagr": 0.05250076160251882,
      "annualized_volatility": 0.29510914551206385,
      "max_drawdown": -0.7055865281887084,
      "max_dd_peak": "2007-06-04",
      "max_dd_trough": "2009-03-06",
      "max_dd_recovery": "2012-02-03",
      "max_dd_peak_to_recovery_days": 1705,
      "longest_underwater_calendar_days": 1704,
      "longest_underwater_start": "2007-06-04",
      "longest_underwater_last_below": "2012-02-02"
    },
    "XLU": {
      "start": "2007-05-30",
      "end": "2026-11-03",
      "years": 19.430926028597437,
      "final_value": 408498.31999416446,
      "total_return": 3.084983199941645,
      "cagr": 0.07511398437021355,
      "annualized_volatility": 0.1915733734259233,
      "max_drawdown": -0.4648096591336901,
      "max_dd_peak": "2007-12-10",
      "max_dd_trough": "2009-03-09",
      "max_dd_recovery": "2012-06-14",
      "max_dd_peak_to_recovery_days": 1648,
      "longest_underwater_calendar_days": 1647,
      "longest_underwater_start": "2007-12-10",
      "longest_underwater_last_below": "2012-06-13"
    },
    "IFRA": {
      "start": "2018-04-05",
      "end": "2026-11-03",
      "years": 8.580600559901983,
      "final_value": 271453.49857385166,
      "total_return": 1.7145349857385166,
      "cagr": 0.123424049302987,
      "annualized_volatility": 0.21079515924329287,
      "max_drawdown": -0.41061953083984815,
      "max_dd_peak": "2020-02-20",
      "max_dd_trough": "2020-03-23",
      "max_dd_recovery": "2020-11-16",
      "max_dd_peak_to_recovery_days": 270,
      "longest_underwater_calendar_days": 286,
      "longest_underwater_start": "2022-04-20",
      "longest_underwater_last_below": "2023-01-31"
    }
  },
  "annual_distributions": {
    "SPY": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": {
        "1994": 1.2269999999999999,
        "1995": 1.278,
        "1996": 1.355,
        "1997": 1.377,
        "1998": 1.416,
        "1999": 1.445,
        "2000": 1.505,
        "2001": 1.424,
        "2002": 1.498,
        "2003": 1.63,
        "2004": 2.197,
        "2005": 2.149,
        "2006": 2.446,
        "2007": 2.701,
        "2008": 2.721,
        "2009": 2.177,
        "2010": 2.266,
        "2011": 2.576,
        "2012": 3.1029999999999998,
        "2013": 3.351,
        "2014": 3.836,
        "2015": 4.2059999999999995,
        "2016": 4.539,
        "2017": 4.802,
        "2018": 5.101,
        "2019": 5.619,
        "2020": 5.691,
        "2021": 5.715,
        "2022": 6.32,
        "2023": 6.633,
        "2024": 7.066,
        "2025": 7.281
      },
      "split_events": 0,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified.",
      "decline_years": {
        "2001": -0.053820598006644516,
        "2005": -0.021847974510696422,
        "2009": -0.19992649761117232
      }
    },
    "TLT": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": {
        "2003": 4.533,
        "2004": 4.142,
        "2005": 4.179,
        "2006": 3.994,
        "2007": 4.192,
        "2008": 4.17,
        "2009": 3.639,
        "2010": 3.92,
        "2011": 3.997,
        "2012": 2.979,
        "2013": 3.317,
        "2014": 3.362,
        "2015": 3.148,
        "2016": 3.102,
        "2017": 3.088,
        "2018": 3.196,
        "2019": 3.0740000000000003,
        "2020": 2.365,
        "2021": 2.217,
        "2022": 2.656,
        "2023": 3.343,
        "2024": 3.755,
        "2025": 3.861
      },
      "split_events": 0,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified.",
      "decline_years": {
        "2004": -0.08625634237811608,
        "2006": -0.04426896386695378,
        "2008": -0.005248091603053506,
        "2009": -0.12733812949640289,
        "2012": -0.2546910182636978,
        "2015": -0.06365258774538962,
        "2016": -0.014612452350698968,
        "2017": -0.004513217279174642,
        "2019": -0.03817271589486859,
        "2020": -0.23064411190631096,
        "2021": -0.06257928118393241
      }
    },
    "GLD": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": {},
      "split_events": 0,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified."
    },
    "BIL": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": null,
      "split_events": 1,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified."
    },
    "IEF": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": {
        "2003": 5.852,
        "2004": 3.176,
        "2005": 3.251,
        "2006": 3.489,
        "2007": 3.735,
        "2008": 3.657,
        "2009": 3.5100000000000002,
        "2010": 3.035,
        "2011": 2.691,
        "2012": 1.924,
        "2013": 1.762,
        "2014": 2.175,
        "2015": 2.008,
        "2016": 1.897,
        "2017": 1.92,
        "2018": 2.336,
        "2019": 2.293,
        "2020": 1.293,
        "2021": 0.959,
        "2022": 1.8780000000000001,
        "2023": 2.81,
        "2024": 3.348,
        "2025": 3.6229999999999998
      },
      "split_events": 0,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified.",
      "decline_years": {
        "2004": -0.4572795625427204,
        "2008": -0.02088353413654609,
        "2009": -0.040196882690730074,
        "2010": -0.13532763532763536,
        "2011": -0.11334431630972008,
        "2012": -0.2850241545893719,
        "2013": -0.08419958419958418,
        "2015": -0.07678160919540222,
        "2016": -0.055278884462151345,
        "2019": -0.018407534246575263,
        "2020": -0.43610989969472314,
        "2021": -0.25831399845320957
      }
    },
    "SHY": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": {
        "2003": 1.6480000000000001,
        "2004": 1.583,
        "2005": 2.4450000000000003,
        "2006": 3.305,
        "2007": 3.506,
        "2008": 2.887,
        "2009": 1.998,
        "2010": 0.866,
        "2011": 0.685,
        "2012": 0.291,
        "2013": 0.221,
        "2014": 0.307,
        "2015": 0.454,
        "2016": 0.605,
        "2017": 0.823,
        "2018": 1.438,
        "2019": 1.7930000000000001,
        "2020": 0.812,
        "2021": 0.223,
        "2022": 1.055,
        "2023": 2.452,
        "2024": 3.207,
        "2025": 3.152
      },
      "split_events": 0,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified.",
      "decline_years": {
        "2004": -0.0394417475728156,
        "2008": -0.17655447803764968,
        "2009": -0.3079321094561829,
        "2010": -0.5665665665665666,
        "2011": -0.2090069284064664,
        "2012": -0.575182481751825,
        "2013": -0.24054982817869408,
        "2020": -0.54712771890686,
        "2021": -0.7253694581280788,
        "2025": -0.01714998440910498
      }
    },
    "IGF": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": {
        "2008": 0.928,
        "2009": 1.143,
        "2010": 1.296,
        "2011": 1.446,
        "2012": 1.465,
        "2013": 1.345,
        "2014": 1.264,
        "2015": 1.166,
        "2016": 1.166,
        "2017": 1.3359999999999999,
        "2018": 1.388,
        "2019": 1.568,
        "2020": 1.018,
        "2021": 1.1520000000000001,
        "2022": 1.2229999999999999,
        "2023": 1.582,
        "2024": 1.6789999999999998,
        "2025": 1.979
      },
      "split_events": 0,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified.",
      "decline_years": {
        "2013": -0.08191126279863492,
        "2014": -0.06022304832713754,
        "2015": -0.07753164556962033,
        "2020": -0.35076530612244905
      }
    },
    "VNQ": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": {
        "2005": 3.561,
        "2006": 3.254,
        "2007": 3.111,
        "2008": 3.0,
        "2009": 1.964,
        "2010": 1.891,
        "2011": 2.05,
        "2012": 2.343,
        "2013": 2.791,
        "2014": 2.919,
        "2015": 3.124,
        "2016": 3.976,
        "2017": 3.5140000000000002,
        "2018": 3.5309999999999997,
        "2019": 3.144,
        "2020": 3.335,
        "2021": 2.965,
        "2022": 3.227,
        "2023": 3.4930000000000003,
        "2024": 3.4339999999999997,
        "2025": 3.473
      },
      "split_events": 0,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified.",
      "decline_years": {
        "2006": -0.08621173827576523,
        "2007": -0.04394591272280268,
        "2008": -0.03567984570877536,
        "2009": -0.3453333333333334,
        "2010": -0.03716904276985744,
        "2017": -0.1161971830985915,
        "2019": -0.10960067969413756,
        "2021": -0.11094452773613195,
        "2024": -0.016890924706556176
      }
    },
    "XLU": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": null,
      "split_events": 1,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified."
    },
    "IFRA": {
      "unit": "USD per original share as reported by vendor; ex-date calendar year",
      "cash_total_by_year": {
        "2019": 0.481,
        "2020": 0.621,
        "2021": 0.624,
        "2022": 0.7190000000000001,
        "2023": 0.796,
        "2024": 0.808,
        "2025": 0.967
      },
      "split_events": 0,
      "note": "Distributions can include capital gains or capital return; not classified taxable income. Partial 2026 excluded; not independently issuer-certified.",
      "decline_years": {}
    }
  },
  "annual_total_returns": {
    "SPY": {
      "1994": 0.003972999910717423,
      "1995": 0.38049013514117336,
      "1996": 0.22497443255858407,
      "1997": 0.3347511961767713,
      "1998": 0.28692437565978635,
      "1999": 0.20389387684864113,
      "2000": -0.09741542021963356,
      "2001": -0.11758503397915632,
      "2002": -0.21584602666091812,
      "2003": 0.28181499192237824,
      "2004": 0.10697973291062435,
      "2005": 0.04828261462395811,
      "2006": 0.15845244643723433,
      "2007": 0.05146232157522301,
      "2008": -0.3679501588217162,
      "2009": 0.2635172349364243,
      "2010": 0.1505614408552669,
      "2011": 0.018950477048983894,
      "2012": 0.15990342855609874,
      "2013": 0.3230774578582918,
      "2014": 0.1346378689484029,
      "2015": 0.012342941597916157,
      "2016": 0.11997934149640299,
      "2017": 0.217053522507886,
      "2018": -0.045690211626358446,
      "2019": 0.3122390923907994,
      "2020": 0.1833161691128289,
      "2021": 0.28728762372808636,
      "2022": -0.18175353974031516,
      "2023": 0.2617576922114797,
      "2024": 0.24886489468498318,
      "2025": 0.17719038776179397
    },
    "TLT": {
      "2003": 0.016016273283922855,
      "2004": 0.08705246379004894,
      "2005": 0.08598785630128503,
      "2006": 0.007083854262206035,
      "2007": 0.10304191590720113,
      "2008": 0.3395180028743361,
      "2009": -0.2180623846657539,
      "2010": 0.09012642578242458,
      "2011": 0.3400124368199706,
      "2012": 0.02409311254462909,
      "2013": -0.133812412732071,
      "2014": 0.27301862383518904,
      "2015": -0.017895580792665622,
      "2016": 0.011715632172005552,
      "2017": 0.09182597521966418,
      "2018": -0.016118844982404457,
      "2019": 0.1411842228148641,
      "2020": 0.18152265339062046,
      "2021": -0.04599158553635796,
      "2022": -0.3123455509726786,
      "2023": 0.027679981201253367,
      "2024": -0.08053115452522752,
      "2025": 0.04247248017105987
    },
    "GLD": {
      "2005": 0.17762563309387547,
      "2006": 0.22547492905314148,
      "2007": 0.3045404252304238,
      "2008": 0.049235964148321765,
      "2009": 0.24029128204079075,
      "2010": 0.2927034235086883,
      "2011": 0.09566035291009256,
      "2012": 0.06599117321400438,
      "2013": -0.2832983601746558,
      "2014": -0.0218739308943231,
      "2015": -0.10670895008973502,
      "2016": 0.08032723831481059,
      "2017": 0.12809051033069152,
      "2018": -0.019409636039321887,
      "2019": 0.17855665069265458,
      "2020": 0.24814561391482037,
      "2021": -0.04148908875959545,
      "2022": -0.007721146890383723,
      "2023": 0.12691581500094395,
      "2024": 0.2665690600092572,
      "2025": 0.6367653308824828
    },
    "BIL": {
      "2008": 0.015856912988166938,
      "2009": 0.002708239369763721,
      "2010": -0.00043678868873520127,
      "2011": -0.0003919687866982269,
      "2012": -0.00043642127880505477,
      "2013": -0.0008731193730308062,
      "2014": -0.0006554378747698486,
      "2015": -0.0013117355106749828,
      "2016": 0.0010942698180327337,
      "2017": 0.006892088743294389,
      "2018": 0.0173732021313866,
      "2019": 0.02031878429314271,
      "2020": 0.0039861287038645,
      "2021": -0.0009834173868671359,
      "2022": 0.014045652805787512,
      "2023": 0.04944902851731037,
      "2024": 0.051930231097014445,
      "2025": 0.04147093024911852
    },
    "IEF": {
      "2003": 0.053085909304949386,
      "2004": 0.041196616317017876,
      "2005": 0.026382947796751655,
      "2006": 0.025161697979708464,
      "2007": 0.10378799057717525,
      "2008": 0.17917311079304699,
      "2009": -0.06593097746641718,
      "2010": 0.09359733746812937,
      "2011": 0.15649633475937352,
      "2012": 0.036641072651748985,
      "2013": -0.06090280519501978,
      "2014": 0.0906811236485714,
      "2015": 0.015079232928628228,
      "2016": 0.010015738251529127,
      "2017": 0.025529345928886782,
      "2018": 0.00987735544864532,
      "2019": 0.08029512489277857,
      "2020": 0.10006682358336816,
      "2021": -0.03327839939431909,
      "2022": -0.15155152353143386,
      "2023": 0.036444488433912126,
      "2024": -0.006342351059034912,
      "2025": 0.08031940832786133
    },
    "SHY": {
      "2003": 0.02220277229126344,
      "2004": 0.00663527444791101,
      "2005": 0.015304040978147526,
      "2006": 0.038940541186114785,
      "2007": 0.07352623213334386,
      "2008": 0.06622515224555747,
      "2009": 0.003527562634098924,
      "2010": 0.02279581704333533,
      "2011": 0.014404866440026032,
      "2012": 0.002502008399502653,
      "2013": 0.002146582881272563,
      "2014": 0.0044700187468758035,
      "2015": 0.004298000859128903,
      "2016": 0.008226997572606809,
      "2017": 0.002626628721426716,
      "2018": 0.014632440248437906,
      "2019": 0.03380713869749785,
      "2020": 0.030340803070489253,
      "2021": -0.007155705300767812,
      "2022": -0.03880101551113757,
      "2023": 0.04163683211907654,
      "2024": 0.039138624606602335,
      "2025": 0.049502897291176184
    },
    "IGF": {
      "2008": -0.3897845463574482,
      "2009": 0.181908017824564,
      "2010": 0.06971366360522513,
      "2011": -0.011782247841766957,
      "2012": 0.12232798309400517,
      "2013": 0.13231865438820334,
      "2014": 0.11451799687177888,
      "2015": -0.12096907155452297,
      "2016": 0.11856855385884413,
      "2017": 0.1931080524590283,
      "2018": -0.09950771565640648,
      "2019": 0.258237021565046,
      "2020": -0.06496865075101965,
      "2021": 0.11575455501373155,
      "2022": -0.01255607271171899,
      "2023": 0.061398004576034504,
      "2024": 0.14812047378420012,
      "2025": 0.2130543381660217
    },
    "VNQ": {
      "2005": 0.11937253179166762,
      "2006": 0.35277961422938864,
      "2007": -0.16515297669576634,
      "2008": -0.3698223125910787,
      "2009": 0.3013730373472394,
      "2010": 0.2839078667727932,
      "2011": 0.08635780297316997,
      "2012": 0.17633311028493903,
      "2013": 0.02303386402716434,
      "2014": 0.30399039952099294,
      "2015": 0.024324766703234246,
      "2016": 0.08573724717272801,
      "2017": 0.048989148497848634,
      "2018": -0.060269160620885165,
      "2019": 0.2891076248499991,
      "2020": -0.04610500892417646,
      "2021": 0.40537072379218997,
      "2022": -0.2625114333213763,
      "2023": 0.11851809955479586,
      "2024": 0.04811723330010498,
      "2025": 0.03245543511357307
    },
    "XLU": {
      "1999": -0.04408503233645944,
      "2000": 0.22479269645505284,
      "2001": -0.13005133275326908,
      "2002": -0.2877554665926989,
      "2003": 0.26465919025532614,
      "2004": 0.2358582251981265,
      "2005": 0.16385705002873974,
      "2006": 0.20892728917196135,
      "2007": 0.18420552469876172,
      "2008": -0.28910251266121445,
      "2009": 0.1170586563067253,
      "2010": 0.05308567699115585,
      "2011": 0.19640167556323962,
      "2012": 0.010370434333589973,
      "2013": 0.13065637330147695,
      "2014": 0.2874727290560475,
      "2015": -0.04929041052663907,
      "2016": 0.160763720722495,
      "2017": 0.12048091935435035,
      "2018": 0.039351930924952816,
      "2019": 0.25931290720023115,
      "2020": 0.005105209108928976,
      "2021": 0.177040316631615,
      "2022": 0.01442946767948694,
      "2023": -0.07174781301212807,
      "2024": 0.23312232941435362,
      "2025": 0.1602436380682577
    },
    "IFRA": {
      "2019": 0.2699628853998586,
      "2020": 0.0736746916249218,
      "2021": 0.298090480054765,
      "2022": -0.03316763087540142,
      "2023": 0.13414882489609647,
      "2024": 0.1701664690804532,
      "2025": 0.15901588268001188
    }
  },
  "failures": {},
  "checks": {
    "old": [
      {
        "symbols": [
          "SPY"
        ],
        "start": "1993-01-29",
        "end": "2026-11-03",
        "sessions": 8499,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "SPY": 0.012613043409714919
        }
      },
      {
        "symbols": [
          "TLT"
        ],
        "start": "2002-07-30",
        "end": "2026-11-03",
        "sessions": 6106,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "TLT": 0.02217506456680951
        }
      },
      {
        "symbols": [
          "GLD"
        ],
        "start": "2004-11-18",
        "end": "2026-11-03",
        "sessions": 5524,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "GLD": 0.0
        }
      },
      {
        "symbols": [
          "BIL"
        ],
        "start": "2007-05-30",
        "end": "2026-11-03",
        "sessions": 4890,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "BIL": 0.015906232371243334
        }
      },
      {
        "symbols": [
          "IEF"
        ],
        "start": "2002-07-30",
        "end": "2026-11-03",
        "sessions": 6106,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "IEF": 0.019988813937388272
        }
      },
      {
        "symbols": [
          "SHY"
        ],
        "start": "2002-07-30",
        "end": "2026-11-03",
        "sessions": 6106,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "SHY": 0.021488052852625117
        }
      }
    ],
    "fresh": [
      {
        "symbols": [
          "IGF"
        ],
        "start": "2007-12-12",
        "end": "2026-11-03",
        "sessions": 4753,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "IGF": 0.006835260448756486
        }
      },
      {
        "symbols": [
          "VNQ"
        ],
        "start": "2004-09-29",
        "end": "2026-11-03",
        "sessions": 5560,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "VNQ": 0.011503315282546112
        }
      },
      {
        "symbols": [
          "XLU"
        ],
        "start": "1998-12-22",
        "end": "2026-11-03",
        "sessions": 7009,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "XLU": 0.01171745047767736
        }
      },
      {
        "symbols": [
          "IFRA"
        ],
        "start": "2018-04-05",
        "end": "2026-11-03",
        "sessions": 2158,
        "missing_or_unusable": {},
        "adjustment_residual_max_bps": {
          "IFRA": 0.007279913001312366
        }
      }
    ],
    "baseline_unchanged": true,
    "database_integrity": "ok"
  },
  "new_coverage": [
    {
      "symbol": "IFRA",
      "category": "US infrastructure owners and enablers equity; not pure concession income",
      "vendor_name": "iShares U.S. Infrastructure ETF",
      "exchange": "Cboe US",
      "currency": "USD",
      "timezone": "America/New_York",
      "last_success_at": "2026-11-05T04:48:13.182256+00:00",
      "last_full_at": "2026-11-05T04:48:13.182256+00:00",
      "last_error": null,
      "rows": 2159,
      "first_date": "2018-04-05",
      "last_date": "2026-11-04",
      "research_rows": 2159,
      "invalid_rows": 0,
      "review_rows": 0,
      "provisional_rows": 0,
      "last_research_date": "2026-11-04"
    },
    {
      "symbol": "IGF",
      "category": "Global listed infrastructure equity; not cash or guaranteed PPP yield",
      "vendor_name": "iShares Global Infrastructure ETF",
      "exchange": "NasdaqGM",
      "currency": "USD",
      "timezone": "America/New_York",
      "last_success_at": "2026-11-05T04:47:03.682392+00:00",
      "last_full_at": "2026-11-05T04:47:03.682392+00:00",
      "last_error": null,
      "rows": 4754,
      "first_date": "2007-12-12",
      "last_date": "2026-11-04",
      "research_rows": 4754,
      "invalid_rows": 0,
      "review_rows": 0,
      "provisional_rows": 0,
      "last_research_date": "2026-11-04"
    },
    {
      "symbol": "VNQ",
      "category": "US listed equity REITs and real estate; not cash or direct property",
      "vendor_name": "Vanguard Real Estate Index Fund ETF Shares",
      "exchange": "NYSEArca",
      "currency": "USD",
      "timezone": "America/New_York",
      "last_success_at": "2026-11-05T04:47:29.459167+00:00",
      "last_full_at": "2026-11-05T04:47:29.459167+00:00",
      "last_error": null,
      "rows": 5561,
      "first_date": "2004-09-29",
      "last_date": "2026-11-04",
      "research_rows": 5561,
      "invalid_rows": 0,
      "review_rows": 0,
      "provisional_rows": 0,
      "last_research_date": "2026-11-04"
    },
    {
      "symbol": "XLU",
      "category": "US regulated utilities equity sector; overlaps SPY",
      "vendor_name": "State Street Utilities Select Sector SPDR ETF",
      "exchange": "NYSEArca",
      "currency": "USD",
      "timezone": "America/New_York",
      "last_success_at": "2026-11-05T04:47:48.792450+00:00",
      "last_full_at": "2026-11-05T04:47:48.792450+00:00",
      "last_error": null,
      "rows": 7010,
      "first_date": "1998-12-22",
      "last_date": "2026-11-04",
      "research_rows": 7010,
      "invalid_rows": 0,
      "review_rows": 0,
      "provisional_rows": 0,
      "last_research_date": "2026-11-04"
    }
  ],
  "code_sha256": {
    "run.py": "d8ec627405b3ba1249bf7c9a9199523462e97e0f346cb7308030782719c1d0c5",
    "attribution.py": "4d35bcd3689c91ddc232d9f0afd6ebf0cfa849f3a7d61cf0798e1ec9be958084",
    "engine_v2.py": "b2b3fd500ea28e6e9e268f294fbe8dbbfbc23b1acfbaf9e3a129c9c18d02094c",
    "engine.py": "6869322189864489b59467d14bc1051fb8f59cf3e6f582d0817b7c01f81935db"
  },
  "policy_sha256": "38889af4acfc7ee2c916de6773808b22f437c8bc045cb487b5a342f13f9d3cd6",
  "run_id": "34035af7be349b0d84d491eb"
}