From d0ae2ec348cf5e82e0030e1ab8af7a4a3925491f Mon Sep 17 00:00:00 2001 From: Greg Pomerantz Date: Thu, 27 Aug 2026 13:29:01 -0400 Subject: [PATCH] Drawdown-resilience screen: who was positive when equities crashed fundlab/drawdown.py detects the severe equity drawdown scenarios from the index (IVV) rather than hard-coding them: one worst peak->trough per calendar year since 2022, min depth 8% (a 10% floor would silently drop the 2023 rate shock at -9.9% and the 2024 Aug-5 dip at -8.4%). Detected: 2022 bear mkt (-24.5%), 2023 rate shock (-9.9%), 2024 vol spike (-8.4%), 2025 tariff crash (-18.8%), 2026 Q1 drawdown (-8.9%). For each of the 2,384 screened funds it computes that fund's own-NAV return over each peak->trough window (first print after the peak to the last print on/before the trough) and ranks the 250 CANDIDATEs by # scenarios positive. Key finding: positive in all 5 scenarios = only 7 funds, all ultra-short/cash (BILS, QCMMRX, PULS, FHCOX, FHMIX, SAFEX, COIAX). Drawdown resilience at the top tier is a duration property, not alpha. The interesting tier is 4/5 WITH real 5y alpha: HMEZX merger arb (+1.5% 2022, +3.1% 2023, t5 +7.1), MERVX, CBHCX market-neutral, SCFZX securitized credit (t5 +8.4), ENIAX (t5 +10.1), WMNUX (t5 +6.9), RCTIX. App: Fund Lab "Drawdown resilience" expander (scenario table + candidate table). Output: fundlab/drawdown_results.json. Tests: test_drawdown() added (4 checks). 88/32 suites green. --- app.py | 56 + fundlab/RESEARCH.md | 45 +- fundlab/drawdown.py | 180 + fundlab/drawdown_results.json | 42642 ++++++++++++++++++++++++++++++++ tests/test_fundlab.py | 35 + 5 files changed, 42957 insertions(+), 1 deletion(-) create mode 100644 fundlab/drawdown.py create mode 100644 fundlab/drawdown_results.json diff --git a/app.py b/app.py index 65746a7..fb41ee4 100644 --- a/app.py +++ b/app.py @@ -837,6 +837,62 @@ with tab_fundlab: "cat": _p.get("cat", "")}) st.dataframe(pd.DataFrame(_xtop), width="stretch") + # ---- drawdown resilience: who was positive when equities crashed ---- + with st.expander( + "Drawdown resilience - who was positive when equities " + "crashed"): + _DDF = _dc.RESULTS.parent / "drawdown_results.json" + if not _DDF.exists(): + st.info("No drawdown screen on file yet " + "(run `python -m fundlab.drawdown`).") + else: + _d = json.loads(_DDF.read_text()) + _ep = _d["episodes"] + st.dataframe(pd.DataFrame([ + {"scenario": e["label"], "peak": e["peak"], + "trough": e["trough"], + "index drop": f"{e['min_dd']*100:.1f}%"} + for e in _ep]), width="stretch") + st.caption( + "Funds' total return over each peak->trough window " + "(their own NAV, first print after the peak to the " + "trough). Scenarios are detected from the index, not " + "hard-coded. Sorted by # scenarios positive.") + _df = _d["funds"] + _cands = {s: v for s, v in _df.items() + if v["verdict"].startswith("CANDIDATE")} + _rows = [] + for s, v in _cands.items(): + if v["n_pos"] < 3: + continue + _rows.append({ + "fund": s.upper(), + "name": v["name"][:44], + **{e["label"]: (f"{v['rets'][e['label']]*100:+.1f}%" + if e["label"] in v["rets"] else "n/a") + for e in _ep}, + "# pos": f"{v['n_pos']}/{v['n_avail']}", + "worst": f"{v['min_ret']*100:+.1f}%", + "corr port": (f"{v['corr_port']:+.2f}" + if isinstance(v.get("corr_port"), + (int, float)) else "—"), + "alpha t5": (f"{v['t5']:+.1f}" + if isinstance(v.get("t5"), + (int, float)) else "—"), + "_k": (v["n_pos"], v["n_avail"], v["min_ret"]), + }) + _rows.sort(key=lambda r: (-r["_k"][0], -r["_k"][1], + r["_k"][2])) + for r in _rows: + r.pop("_k") + st.dataframe(pd.DataFrame(_rows), width="stretch") + st.caption( + "Note: being positive in every equity drawdown is mostly " + "a duration property - the 5/5 group is all " + "ultra-short/cash. The interesting rows are the alpha " + "funds with 4/5 (merger arb, market-neutral, " + "securitized credit) that still earned their 5y alpha.") + _f = _FUNDS.get(_fl_pick, {}) _man = _MAN.get(_fl_pick, {}) st.subheader(f"{_f.get('name', _fl_pick)} · {_fl_pick.upper()}") diff --git a/fundlab/RESEARCH.md b/fundlab/RESEARCH.md index 4a48652..fc02117 100644 --- a/fundlab/RESEARCH.md +++ b/fundlab/RESEARCH.md @@ -125,9 +125,52 @@ not a gate. (fundlab/factors.py + fundlab/cluster.py). 2. [x] **N-PORT holdings cross-check on the top candidates** (fundlab/xcheck.py) - results below. -3. CEF universe (485/N-2 filers) - separate pass; CEFs have +3. [x] **Drawdown-resilience screen** (fundlab/drawdown.py) - + which candidates were positive when equities crashed. +4. CEF universe (485/N-2 filers) - separate pass; CEFs have premium/discount dynamics the NAV screen can't see. +### Drawdown-resilience screen (fundlab/drawdown.py, 2026-08-27) +Scenarios DETECTED from IVV (S&P 500) - one worst peak->trough per +calendar year since 2022, min depth 8% (2024's Aug-5 dip and 2023's +rate shock are just under 10%, so a 10% floor would silently drop +them): +- 2022 bear mkt 2022-01-03 -> 2022-10-12 -24.5% +- 2023 rate shock 2023-07-31 -> 2023-10-27 -9.9% +- 2024 vol spike 2024-07-16 -> 2024-08-05 -8.4% +- 2025 tariff crash 2025-02-19 -> 2025-04-08 -18.8% +- 2026 Q1 drawdown 2026-01-28 -> 2026-03-30 -8.9% + +Fund return = its own NAV, first print after the peak to the last +print on/before the trough (per-fund dates, no reindexing). 2,384 +funds screened; the 250 CANDIDATEs ranked by # scenarios positive. + +FINDINGS: +- Positive in ALL 5: only 7 funds, and ALL are ultra-short/cash + (BILS, QCMMRX, PULS, FHCOX, FHMIX, SAFEX, COIAX). Being positive + through every equity drawdown is mostly a DURATION property, not + alpha - the honest read of the 5/5 tier. +- The interesting tier is 4/5 WITH real 5y alpha: + - HMEZX merger arb +1.5% (2022) +3.1% (2023) +0.1% (2024) + -0.4% (2025) +0.4% (2026), t5 +7.1, corr +0.14 - the standout: + genuinely positive in the two biggest equity crashes. + - MERVX merger arb +0.2/+2.6/0.0/+0.5/+0.4, t5 +2.7, corr +0.19. + - CBHCX market-neutral -5.4 (2022) but +3.1 (2023) +4.5 (2026), + t5 +2.4 - a true equity hedge. + - SCFZX securitized credit -2.6 (2022) then ~flat/small, t5 +8.4, + corr +0.16. + - ENIAX SIIT opportunistic t5 +10.1 (highest alpha in the set), + only small 2025 dip. + - WMNUX -2.6 (2022) then ~flat, t5 +6.9. + - RCTIX -5.6 (2022, its one weak spot) then positive x4, t5 +5.6. +- EBSAX Campbell Systematic Macro: +35.9% in the 2022 bear market, + +5.0% in 2026 Q1, but -4.1 (2024) -2.7 (2025) - a 2022/2026 macro + winner, 3/5. + +App: Fund Lab -> "Drawdown resilience" expander (scenario table + +candidate table sorted by # positive). Output: +fundlab/drawdown_results.json. + ### N-PORT cross-check (fundlab/xcheck.py, 2026-08-27) 21 of 22 top candidates resolved to their ACTUAL holdings (qcmmrx = money-market account, no holdings to parse). diff --git a/fundlab/drawdown.py b/fundlab/drawdown.py new file mode 100644 index 0000000..45b471e --- /dev/null +++ b/fundlab/drawdown.py @@ -0,0 +1,180 @@ +"""Drawdown-scenario screen: which funds held up / gained when equities +had their worst episodes in recent years? + +Scenarios are DETECTED from the index (IVV, S&P 500) rather than +hard-coded: contiguous peak-to-trough episodes where the index fell +>= 8% (MIN_DD); one scenario per calendar year = that year's worst +peak->trough (so the 2023 rate shock and the 2022 bear market stay +separate, and shallow years drop out). + +For every screened fund we measure its total return over each window +(from its own Adj Close, using its first print after the peak and its +last print on/before the trough) and rank by how many scenarios it was +positive in. + +Output: fundlab/drawdown_results.json + console table. +Usage: python -m fundlab.drawdown +""" + +from __future__ import annotations + +import json +from pathlib import Path + +import pandas as pd + +from fundlab.decompose import DATA + +HERE = Path(__file__).parent +RESULTS = HERE / "drawdown_results.json" +INDEX = "ivv" +MIN_DD = 0.08 +SINCE = "2022-01-01" +LOCAL_ANCHOR_MONTHS = 12 + + +def index_series(sym: str = INDEX) -> pd.Series: + f = DATA / f"{sym}-history.csv" + s = (pd.read_csv(f, parse_dates=["Date"], index_col="Date") + ["Adj Close"].dropna()) + return s[~s.index.duplicated(keep="last")].sort_index() + + +def detect_episodes(p: pd.Series, min_dd: float = MIN_DD, + since: str = SINCE) -> list[dict]: + """One scenario per calendar year: the year's worst peak->trough. + + Per-year bands keep distinct crashes separate (the 2023 rate shock + is its own window, not "the 2022 bear market part 2") and drop + shallow years (2024's Aug-5 dip was only ~5%). + """ + p = p[p.index >= since] + out = [] + for year, g in p.groupby(p.index.year): + rm = g.cummax() + dd = g / rm - 1 + if dd.min() > -min_dd: + continue + trough = dd.idxmin() + peak = rm.loc[:trough].idxmax() + out.append({"peak": peak, "trough": trough, + "min_dd": float(dd.min()), "year": int(year)}) + out.sort(key=lambda e: e["peak"]) + return out + + +_NAMED = {2022: "2022 bear mkt", 2023: "2023 rate shock", + 2024: "2024 vol spike", 2025: "2025 tariff crash", + 2026: "2026 Q1 drawdown"} + + +def _label(e: dict) -> str: + return _NAMED.get(e["year"], f"{e['year']} drawdown") + + +def fund_windows(sym: str, eps: list[dict]) -> dict[str, float]: + """Fund total return over each episode, from one CSV load.""" + f = DATA / f"{sym}-history.csv" + if not f.exists(): + return {} + try: + s = (pd.read_csv(f, parse_dates=["Date"], index_col="Date") + ["Adj Close"].dropna()) + s = s[~s.index.duplicated(keep="last")].sort_index() + except Exception: + return {} + if len(s) < 30: + return {} + vals = s.to_numpy() + idx = s.index + out: dict[str, float] = {} + for e in eps: + peak = pd.Timestamp(e["peak"]) + trough = pd.Timestamp(e["trough"]) + i0 = idx.searchsorted(peak, side="right") # first print after peak + i1 = idx.searchsorted(trough, side="right") - 1 # last print <= trough + if i0 >= len(vals) or i1 < 0 or i1 <= i0: + continue + a, b = vals[i0], vals[i1] + if a <= 0 or not (pd.notna(a) and pd.notna(b)): + continue + out[e["label"]] = float(b / a - 1) + return out + + +def run() -> dict: + idx = index_series() + eps = detect_episodes(idx) + for e in eps: + e["label"] = _label(e) + e["peak"] = str(e["peak"].date()) + e["trough"] = str(e["trough"].date()) + fr = json.loads((HERE / "factor_results.json").read_text()) + + out: dict[str, dict] = {} + for sym, meta in fr.items(): + rets = fund_windows(sym, eps) + if not rets: + continue + n_pos = sum(1 for r in rets.values() if r > 0) + out[sym] = { + "name": meta.get("name", ""), + "verdict": meta.get("verdict", ""), + "t5": meta.get("alpha_t_5y"), + "corr_port": meta.get("corr_portfolio"), + "rets": rets, + "n_avail": len(rets), + "n_pos": n_pos, + "min_ret": min(rets.values()), + "max_ret": max(rets.values()), + # positive in every scenario it had data for + "all_pos": n_pos == len(rets), + } + res = {"index": INDEX, "since": SINCE, "min_dd": MIN_DD, + "episodes": eps, "funds": out} + RESULTS.write_text(json.dumps(res, indent=1)) + return res + + +def _print(res: dict) -> None: + print(f"Index: {res['index']} episodes (min drawdown " + f"{res['min_dd']*100:.0f}% since {res['since']}):") + for e in res["episodes"]: + print(f" {e['label']:<20} {e['peak']} -> {e['trough']} " + f"({e['min_dd']*100:.1f}%)") + funds = {s: v for s, v in res["funds"].items() + if v["verdict"].startswith("CANDIDATE")} + funds = dict(sorted(funds.items(), + key=lambda kv: (-kv[1]["n_pos"], + -kv[1]["n_avail"], + kv[1]["min_ret"]))) + ep = res["episodes"] + hdr = " ".join(f"{e['label'][:9]:>10}" for e in ep) + + def row(s: str, v: dict) -> str: + cols = " ".join( + (f"{v['rets'][e['label']]*100:+8.1f}%" + if e["label"] in v["rets"] else f"{'n/a':>10}") + for e in ep) + cp = v.get("corr_port") + cps = f"{cp:+.2f}" if isinstance(cp, (int, float)) else " -" + t5 = (f"{v['t5']:+.1f}" if isinstance(v.get("t5"), + (int, float)) else " -") + return (f" {s.upper()[:6]:<7}{v['name'][:34]:<35} {cols} " + f"corr{cps:>5} t5 {t5}") + + for label_ in ("5/5 (all)", "4/5", "3/5"): + want = {"5/5 (all)": lambda v: v["n_pos"] == 5 and v["n_avail"] >= 4, + "4/5": lambda v: v["n_pos"] == 4, + "3/5": lambda v: v["n_pos"] == 3}[label_] + grp = [(s, v) for s, v in funds.items() if want(v)] + if not grp: + continue + print(f"\n== {label_} positive ({len(grp)}) " + f"{'fund':<6}{'name':<35} {hdr} corr 5y-t") + for s, v in grp[:25]: + print(row(s, v)) + + +if __name__ == "__main__": + _print(run()) diff --git a/fundlab/drawdown_results.json b/fundlab/drawdown_results.json new file mode 100644 index 0000000..561bb4b --- /dev/null +++ b/fundlab/drawdown_results.json @@ -0,0 +1,42642 @@ +{ + "index": "ivv", + "since": "2022-01-01", + "min_dd": 0.08, + "episodes": [ + { + "peak": "2022-01-03", + "trough": "2022-10-12", + "min_dd": -0.24527601931262455, + "year": 2022, + "label": "2022 bear mkt" + }, + { + "peak": "2023-07-31", + "trough": "2023-10-27", + "min_dd": -0.09939970567872891, + "year": 2023, + "label": "2023 rate shock" + }, + { + "peak": "2024-07-16", + "trough": "2024-08-05", + "min_dd": -0.08412563952430419, + "year": 2024, + "label": "2024 vol spike" + }, + { + "peak": "2025-02-19", + "trough": "2025-04-08", + "min_dd": -0.18754490914242994, + "year": 2025, + "label": "2025 tariff crash" + }, + { + "peak": "2026-01-28", + "trough": "2026-03-30", + "min_dd": -0.08885038076247986, + "year": 2026, + "label": "2026 Q1 drawdown" + } + ], + "funds": { + "aaaax": { + "name": "DWS RREEF Real Assets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2934097161520801, + "corr_port": 0.3663413480361542, + "rets": { + "2022 bear mkt": -0.17034215184361956, + "2023 rate shock": -0.0864196978095535, + "2024 vol spike": -0.02852360797390774, + "2025 tariff crash": -0.0814143973953152, + "2026 Q1 drawdown": 0.008784760623862464 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17034215184361956, + "max_ret": 0.008784760623862464, + "all_pos": false + }, + "aaaox": { + "name": "ONE CHOICE BLEND+ IN RETIREMENT PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.24897136416866972, + "corr_port": 0.09542294247246016, + "rets": { + "2022 bear mkt": -0.17816098486875942, + "2023 rate shock": -0.055378075461741894, + "2024 vol spike": -0.017821653660206604, + "2025 tariff crash": -0.06309155867488148, + "2026 Q1 drawdown": -0.031894934333958735 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17816098486875942, + "max_ret": -0.017821653660206604, + "all_pos": false + }, + "aaarx": { + "name": "STRATEGIC ALLOCATION: AGGRESSIVE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3951084353601528, + "corr_port": 0.3225122268166367, + "rets": { + "2022 bear mkt": -0.22819608907087763, + "2023 rate shock": -0.09433966660101656, + "2024 vol spike": -0.04727269436629544, + "2025 tariff crash": -0.13357410936446779, + "2026 Q1 drawdown": -0.07039106145251384 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22819608907087763, + "max_ret": -0.04727269436629544, + "all_pos": false + }, + "aaatx": { + "name": "American Funds 2010 Target Date Retirement Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.459611416897648, + "corr_port": 0.33136805339229963, + "rets": { + "2022 bear mkt": -0.14748768377854737, + "2023 rate shock": -0.05146423566464875, + "2024 vol spike": -0.009197256882681137, + "2025 tariff crash": -0.04761902636819071, + "2026 Q1 drawdown": -0.025682182985553803 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14748768377854737, + "max_ret": -0.009197256882681137, + "all_pos": false + }, + "aabkx": { + "name": "ONE CHOICE BLEND+ 2025 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6280889159085827, + "corr_port": 0.10222345049772473, + "rets": { + "2022 bear mkt": -0.18786123757734519, + "2023 rate shock": -0.061093249131082605, + "2024 vol spike": -0.021825394675507814, + "2025 tariff crash": -0.07411065544844497, + "2026 Q1 drawdown": -0.03607770582793712 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18786123757734519, + "max_ret": -0.021825394675507814, + "all_pos": false + }, + "aacpx": { + "name": "ONE CHOICE BLEND+ 2035 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1444541373515267, + "corr_port": 0.11220858696305178, + "rets": { + "2022 bear mkt": -0.21872021373771722, + "2023 rate shock": -0.08137043982890202, + "2024 vol spike": -0.03411306414319415, + "2025 tariff crash": -0.10521327358108434, + "2026 Q1 drawdown": -0.050774526678141085 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21872021373771722, + "max_ret": -0.03411306414319415, + "all_pos": false + }, + "aacrx": { + "name": "STRATEGIC ALLOCATION: CONSERVATIVE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4595809867694296, + "corr_port": 0.30122990940670624, + "rets": { + "2022 bear mkt": -0.18351753904495782, + "2023 rate shock": -0.06382821187074095, + "2024 vol spike": -0.017857218014627807, + "2025 tariff crash": -0.07684578662527963, + "2026 Q1 drawdown": -0.04188491704684205 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18351753904495782, + "max_ret": -0.017857218014627807, + "all_pos": false + }, + "aacsx": { + "name": "ONE CHOICE BLEND+ 2040 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.400534419447688, + "corr_port": 0.11965500928327584, + "rets": { + "2022 bear mkt": -0.22602092846168542, + "2023 rate shock": -0.08985195344273711, + "2024 vol spike": -0.04003807642361845, + "2025 tariff crash": -0.12044817492959481, + "2026 Q1 drawdown": -0.05833333333333324 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22602092846168542, + "max_ret": -0.04003807642361845, + "all_pos": false + }, + "aactx": { + "name": "American Funds 2020 Target Date Retirement Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8253519792998457, + "corr_port": 0.32588677049383846, + "rets": { + "2022 bear mkt": -0.1691227627362185, + "2023 rate shock": -0.05909803131265301, + "2024 vol spike": -0.013748131739751646, + "2025 tariff crash": -0.06056243009845097, + "2026 Q1 drawdown": -0.03529411764705881 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1691227627362185, + "max_ret": -0.013748131739751646, + "all_pos": false + }, + "aadax": { + "name": "Invesco Select Risk: Growth Investor Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9395142886940664, + "corr_port": 0.31477267314893853, + "rets": { + "2022 bear mkt": -0.24611703828665088, + "2023 rate shock": -0.0962077877063704, + "2024 vol spike": -0.04954372237900784, + "2025 tariff crash": -0.13324793836739746, + "2026 Q1 drawdown": -0.06643553243417288 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24611703828665088, + "max_ret": -0.04954372237900784, + "all_pos": false + }, + "aadhx": { + "name": "ONE CHOICE BLEND+ 2045 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3150745815657783, + "corr_port": 0.12394695711192133, + "rets": { + "2022 bear mkt": -0.23396236782141688, + "2023 rate shock": -0.09822349251964879, + "2024 vol spike": -0.04592308073730389, + "2025 tariff crash": -0.13290554448042435, + "2026 Q1 drawdown": -0.06477732793522262 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23396236782141688, + "max_ret": -0.04592308073730389, + "all_pos": false + }, + "aadnx": { + "name": "ONE CHOICE BLEND+ 2050 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9696138915698386, + "corr_port": 0.12970489995967874, + "rets": { + "2022 bear mkt": -0.23894632417693185, + "2023 rate shock": -0.10373455015645838, + "2024 vol spike": -0.05175585154219897, + "2025 tariff crash": -0.14438505446673922, + "2026 Q1 drawdown": -0.07081712062256806 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23894632417693185, + "max_ret": -0.05175585154219897, + "all_pos": false + }, + "aadtx": { + "name": "American Funds 2025 Target Date Retirement Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.053499688331212436, + "corr_port": 0.3135647474767928, + "rets": { + "2022 bear mkt": -0.18668324925731028, + "2023 rate shock": -0.06384463937023643, + "2024 vol spike": -0.01668799789678077, + "2025 tariff crash": -0.06402054332550888, + "2026 Q1 drawdown": -0.03963414634146334 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18668324925731028, + "max_ret": -0.01668799789678077, + "all_pos": false + }, + "aadwx": { + "name": "ONE CHOICE BLEND+ 2055 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8248743704496688, + "corr_port": 0.13366366350689182, + "rets": { + "2022 bear mkt": -0.241314539129175, + "2023 rate shock": -0.10651502758668296, + "2024 vol spike": -0.05484466992143622, + "2025 tariff crash": -0.15627746303363854, + "2026 Q1 drawdown": -0.07593014426727407 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.241314539129175, + "max_ret": -0.05484466992143622, + "all_pos": false + }, + "aaegx": { + "name": "ONE CHOICE BLEND+ 2060 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7456030714241346, + "corr_port": 0.1337595029412155, + "rets": { + "2022 bear mkt": -0.24367387651693628, + "2023 rate shock": -0.10849555975537495, + "2024 vol spike": -0.05791852093179517, + "2025 tariff crash": -0.15625013495325213, + "2026 Q1 drawdown": -0.07766990291262144 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24367387651693628, + "max_ret": -0.05791852093179517, + "all_pos": false + }, + "aaekx": { + "name": "ONE CHOICE BLEND+ 2065 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.943140546345446, + "corr_port": 0.1356271723120391, + "rets": { + "2022 bear mkt": -0.24440291175405893, + "2023 rate shock": -0.10869562574686153, + "2024 vol spike": -0.057481863074557826, + "2025 tariff crash": -0.15743944205253302, + "2026 Q1 drawdown": -0.07715133531157281 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24440291175405893, + "max_ret": -0.057481863074557826, + "all_pos": false + }, + "aaetx": { + "name": "American Funds 2030 Target Date Retirement Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4772297239416557, + "corr_port": 0.30995028539929786, + "rets": { + "2022 bear mkt": -0.20596525942486965, + "2023 rate shock": -0.0730939364361406, + "2024 vol spike": -0.026376219208195772, + "2025 tariff crash": -0.08571422104492232, + "2026 Q1 drawdown": -0.051308848167539445 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20596525942486965, + "max_ret": -0.026376219208195772, + "all_pos": false + }, + "aaewx": { + "name": "ONE CHOICE BLEND+ 2030 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9214368203322618, + "corr_port": 0.1109345265235303, + "rets": { + "2022 bear mkt": -0.20019151405994262, + "2023 rate shock": -0.06937034730687852, + "2024 vol spike": -0.027424217579898658, + "2025 tariff crash": -0.08880311292956689, + "2026 Q1 drawdown": -0.04188948306595375 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20019151405994262, + "max_ret": -0.027424217579898658, + "all_pos": false + }, + "aaftx": { + "name": "American Funds 2035 Target Date Retirement Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5921875191460281, + "corr_port": 0.3032288166941522, + "rets": { + "2022 bear mkt": -0.2275756134304192, + "2023 rate shock": -0.0818339443315288, + "2024 vol spike": -0.03484143635505366, + "2025 tariff crash": -0.10395530641958373, + "2026 Q1 drawdown": -0.06212050443717898 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2275756134304192, + "max_ret": -0.03484143635505366, + "all_pos": false + }, + "aagox": { + "name": "Alger Large Cap Growth Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7643928454212308, + "corr_port": 0.10578207624738772, + "rets": { + "2022 bear mkt": -0.3759568095206237, + "2023 rate shock": -0.1241322363077918, + "2024 vol spike": -0.09775332600222442, + "2025 tariff crash": -0.257586961492121, + "2026 Q1 drawdown": -0.14177406581996022 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3759568095206237, + "max_ret": -0.09775332600222442, + "all_pos": false + }, + "aagtx": { + "name": "American Funds 2040 Target Date Retirement Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0332493712865518, + "corr_port": 0.2979217542762339, + "rets": { + "2022 bear mkt": -0.24380774049568266, + "2023 rate shock": -0.09070785639921197, + "2024 vol spike": -0.04780478516656517, + "2025 tariff crash": -0.1328343713468917, + "2026 Q1 drawdown": -0.07799317360848135 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24380774049568266, + "max_ret": -0.04780478516656517, + "all_pos": false + }, + "aahmx": { + "name": "abrdn Short Duration High Yield Municipal Fund", + "verdict": "weak/unstable alpha", + "t5": 0.197380905002647, + "corr_port": 0.06916067345208148, + "rets": { + "2022 bear mkt": -0.09739507609754283, + "2023 rate shock": -0.03503486905426201, + "2024 vol spike": 0.01069957944960831, + "2025 tariff crash": -0.025205629292503584, + "2026 Q1 drawdown": -0.0069390330555308966 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09739507609754283, + "max_ret": 0.01069957944960831, + "all_pos": false + }, + "aahtx": { + "name": "American Funds 2045 Target Date Retirement Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6479810573161962, + "corr_port": 0.2953268099317391, + "rets": { + "2022 bear mkt": -0.2504717335155674, + "2023 rate shock": -0.09395254299469946, + "2024 vol spike": -0.052132684231117055, + "2025 tariff crash": -0.14182141945564053, + "2026 Q1 drawdown": -0.08613020622725431 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2504717335155674, + "max_ret": -0.052132684231117055, + "all_pos": false + }, + "aaiix": { + "name": "Ancora Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.2491406782596107, + "corr_port": 0.23730504166551603, + "rets": { + "2022 bear mkt": -0.13514313232128816, + "2023 rate shock": -0.04628285421105216, + "2024 vol spike": -0.01254653467561595, + "2025 tariff crash": -0.05563795539194516, + "2026 Q1 drawdown": -0.016854371179496508 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13514313232128816, + "max_ret": -0.01254653467561595, + "all_pos": false + }, + "aaltx": { + "name": "American Funds 2050 Target Date Retirement Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7864271343271277, + "corr_port": 0.2902129453082289, + "rets": { + "2022 bear mkt": -0.25632451948997015, + "2023 rate shock": -0.09565686912493032, + "2024 vol spike": -0.053872167286185935, + "2025 tariff crash": -0.14574710671310454, + "2026 Q1 drawdown": -0.08930766079475627 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25632451948997015, + "max_ret": -0.053872167286185935, + "all_pos": false + }, + "aamtx": { + "name": "American Funds 2055 Target Date Retirement Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2767558093167584, + "corr_port": 0.28733922473488294, + "rets": { + "2022 bear mkt": -0.2614155266156487, + "2023 rate shock": -0.09653362707394031, + "2024 vol spike": -0.0562571414136851, + "2025 tariff crash": -0.15021927325936868, + "2026 Q1 drawdown": -0.09303079416531612 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2614155266156487, + "max_ret": -0.0562571414136851, + "all_pos": false + }, + "aantx": { + "name": "American Funds 2060 Target Date Retirement Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8551594499116322, + "corr_port": 0.2736775026375596, + "rets": { + "2022 bear mkt": -0.2624153013129392, + "2023 rate shock": -0.09767136916103614, + "2024 vol spike": -0.05690140228818252, + "2025 tariff crash": -0.15153141932840275, + "2026 Q1 drawdown": -0.09444708115804468 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2624153013129392, + "max_ret": -0.05690140228818252, + "all_pos": false + }, + "aasox": { + "name": "Alger Small Cap Growth Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.5685665688799252, + "corr_port": 0.06677511155956084, + "rets": { + "2022 bear mkt": -0.36718163193815945, + "2023 rate shock": -0.16430770511212278, + "2024 vol spike": -0.07550427861324249, + "2025 tariff crash": -0.2497135572103265, + "2026 Q1 drawdown": -0.14604989604989604 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36718163193815945, + "max_ret": -0.07550427861324249, + "all_pos": false + }, + "abaex": { + "name": "AB Emerging Markets Multi-Asset Portfolio", + "verdict": "weak/unstable alpha", + "t5": 0.2154329543807285, + "corr_port": 0.3235424738503037, + "rets": { + "2022 bear mkt": -0.30040439386539863, + "2023 rate shock": -0.07706026340855943, + "2024 vol spike": -0.05568192009071116, + "2025 tariff crash": -0.11063184315414021, + "2026 Q1 drawdown": -0.06629206341750149 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30040439386539863, + "max_ret": -0.05568192009071116, + "all_pos": false + }, + "abalx": { + "name": "AMERICAN BALANCED FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.120317924610738, + "corr_port": 0.30517974867434994, + "rets": { + "2022 bear mkt": -0.18515268610878988, + "2023 rate shock": -0.06873696022360798, + "2024 vol spike": -0.03357042096735097, + "2025 tariff crash": -0.10450258692614012, + "2026 Q1 drawdown": -0.060944588939654154 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18515268610878988, + "max_ret": -0.03357042096735097, + "all_pos": false + }, + "abasx": { + "name": "AB Discovery Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.11653805167671269, + "corr_port": 0.3516876665757004, + "rets": { + "2022 bear mkt": -0.22873778334519612, + "2023 rate shock": -0.15566684054865765, + "2024 vol spike": -0.07170298301841604, + "2025 tariff crash": -0.20244821242447286, + "2026 Q1 drawdown": -0.051474073398499076 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22873778334519612, + "max_ret": -0.051474073398499076, + "all_pos": false + }, + "abdax": { + "name": "Columbia Capital Allocation Conservative Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.595492639675891, + "corr_port": 0.18593762286960241, + "rets": { + "2022 bear mkt": -0.16983231632699758, + "2023 rate shock": -0.0481327448554264, + "2024 vol spike": -0.005422918794308562, + "2025 tariff crash": -0.03308924033316696, + "2026 Q1 drawdown": -0.028459032939273432 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16983231632699758, + "max_ret": -0.005422918794308562, + "all_pos": false + }, + "abhix": { + "name": "HIGH-YIELD FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.25325945402812855, + "corr_port": 0.292794943731646, + "rets": { + "2022 bear mkt": -0.14647585195345014, + "2023 rate shock": -0.029531805959319035, + "2024 vol spike": -0.003368385285333453, + "2025 tariff crash": -0.026073429670879555, + "2026 Q1 drawdown": -0.014805547657914642 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14647585195345014, + "max_ret": -0.003368385285333453, + "all_pos": false + }, + "abhyx": { + "name": "HIGH-YIELD MUNICIPAL FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5180941551233487, + "corr_port": 0.05913614207238981, + "rets": { + "2022 bear mkt": -0.14492850406839197, + "2023 rate shock": -0.0649630667904113, + "2024 vol spike": 0.016972172806418495, + "2025 tariff crash": -0.036305047895377585, + "2026 Q1 drawdown": -0.008808257483537751 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14492850406839197, + "max_ret": 0.016972172806418495, + "all_pos": false + }, + "abiax": { + "name": "AB International Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3109280301450883, + "corr_port": 0.41285063652609805, + "rets": { + "2022 bear mkt": -0.29986236330043425, + "2023 rate shock": -0.128879857939453, + "2024 vol spike": -0.06773159573037113, + "2025 tariff crash": -0.10484406697723958, + "2026 Q1 drawdown": -0.08669941313790208 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29986236330043425, + "max_ret": -0.06773159573037113, + "all_pos": false + }, + "abimx": { + "name": "AB Impact Municipal Income Shares", + "verdict": "weak/unstable alpha", + "t5": 0.45107946498539275, + "corr_port": 0.03584391704894748, + "rets": { + "2022 bear mkt": -0.14849743471809873, + "2023 rate shock": -0.07301801126987184, + "2024 vol spike": 0.01933529511490839, + "2025 tariff crash": -0.034798031240409144, + "2026 Q1 drawdown": -0.009600240842865704 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14849743471809873, + "max_ret": 0.01933529511490839, + "all_pos": false + }, + "ablox": { + "name": "Alger Balanced Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6988103229469547, + "corr_port": 0.2923347721809022, + "rets": { + "2022 bear mkt": -0.17336050799573688, + "2023 rate shock": -0.06124674460140245, + "2024 vol spike": -0.049999928101566615, + "2025 tariff crash": -0.12845245546791417, + "2026 Q1 drawdown": -0.054135989605889945 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17336050799573688, + "max_ret": -0.049999928101566615, + "all_pos": false + }, + "abnax": { + "name": "AB Bond Inflation Strategy", + "verdict": "weak/unstable alpha", + "t5": 0.9908653925973718, + "corr_port": 0.024488035252518095, + "rets": { + "2022 bear mkt": -0.09755521575497261, + "2023 rate shock": -0.01088516050140842, + "2024 vol spike": 0.007699463249290162, + "2025 tariff crash": 0.015479244847839135, + "2026 Q1 drawdown": -0.0004724146370836957 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09755521575497261, + "max_ret": 0.015479244847839135, + "all_pos": false + }, + "abndx": { + "name": "BOND FUND OF AMERICA", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2071372344517078, + "corr_port": -0.10144321061334434, + "rets": { + "2022 bear mkt": -0.14154664586689425, + "2023 rate shock": -0.0408120967542045, + "2024 vol spike": 0.022308253382621324, + "2025 tariff crash": 0.009534105846020546, + "2026 Q1 drawdown": -0.007693746083285213 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14154664586689425, + "max_ret": 0.022308253382621324, + "all_pos": false + }, + "abpax": { + "name": "AB Sustainable Thematic Balanced Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.942955336762477, + "corr_port": 0.16026699501893954, + "rets": { + "2022 bear mkt": -0.24639876740642153, + "2023 rate shock": -0.08473067892599873, + "2024 vol spike": -0.01851852004713328, + "2025 tariff crash": -0.12602291542661848, + "2026 Q1 drawdown": -0.07047768206734539 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24639876740642153, + "max_ret": -0.01851852004713328, + "all_pos": false + }, + "abtfx": { + "name": "AB High Income Municipal Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.27645775394872674, + "corr_port": 0.05656653010246015, + "rets": { + "2022 bear mkt": -0.17929533795294295, + "2023 rate shock": -0.0852368647604016, + "2024 vol spike": 0.022841569596526057, + "2025 tariff crash": -0.03547225629217743, + "2026 Q1 drawdown": -0.012281942006077462 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17929533795294295, + "max_ret": 0.022841569596526057, + "all_pos": false + }, + "abuax": { + "name": "Columbia Capital Allocation Moderate Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5166631763289293, + "corr_port": 0.2877915650194517, + "rets": { + "2022 bear mkt": -0.21941468951598886, + "2023 rate shock": -0.06884350265043926, + "2024 vol spike": -0.035613847841012514, + "2025 tariff crash": -0.09328345887465472, + "2026 Q1 drawdown": -0.05324441721175155 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21941468951598886, + "max_ret": -0.035613847841012514, + "all_pos": false + }, + "abvax": { + "name": "AB Large Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.13998690841611, + "corr_port": 0.38661073222305864, + "rets": { + "2022 bear mkt": -0.16786688005346562, + "2023 rate shock": -0.1072067289868528, + "2024 vol spike": -0.055465780255011476, + "2025 tariff crash": -0.15815756428157046, + "2026 Q1 drawdown": -0.05203503348789296 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16786688005346562, + "max_ret": -0.05203503348789296, + "all_pos": false + }, + "abwax": { + "name": "AB All Market Total Return Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.160584157844383, + "corr_port": 0.30078286229989454, + "rets": { + "2022 bear mkt": -0.24031470246558262, + "2023 rate shock": -0.07106595047608377, + "2024 vol spike": -0.030283156985981052, + "2025 tariff crash": -0.09896504021898755, + "2026 Q1 drawdown": -0.05982367758186402 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24031470246558262, + "max_ret": -0.030283156985981052, + "all_pos": false + }, + "accex": { + "name": "INVESCO CORPORATE BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8603463691563076, + "corr_port": 0.050768112224297945, + "rets": { + "2022 bear mkt": -0.20279046616601726, + "2023 rate shock": -0.05053350268580725, + "2024 vol spike": 0.013213878436872939, + "2025 tariff crash": -0.012291759917371858, + "2026 Q1 drawdown": -0.016997021752792163 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.20279046616601726, + "max_ret": 0.013213878436872939, + "all_pos": false + }, + "accnx": { + "name": "CORE PLUS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.07311576300720034, + "corr_port": -0.04833223927687696, + "rets": { + "2022 bear mkt": -0.15976451339841335, + "2023 rate shock": -0.047847190460344136, + "2024 vol spike": 0.021545322669457745, + "2025 tariff crash": -0.00184132935341641, + "2026 Q1 drawdown": -0.009476890086784984 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15976451339841335, + "max_ret": 0.021545322669457745, + "all_pos": false + }, + "aceix": { + "name": "INVESCO EQUITY AND INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.40793312983514546, + "corr_port": 0.3834129726840847, + "rets": { + "2022 bear mkt": -0.15654609509044026, + "2023 rate shock": -0.07423676873721585, + "2024 vol spike": -0.035944561383765894, + "2025 tariff crash": -0.11754871792729615, + "2026 Q1 drawdown": -0.03997451080682046 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15654609509044026, + "max_ret": -0.035944561383765894, + "all_pos": false + }, + "aceyx": { + "name": "AB All China Equity Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.9451638274494988, + "corr_port": 0.11475967574357174, + "rets": { + "2022 bear mkt": -0.3345421674053626, + "2023 rate shock": -0.11097415074502415, + "2024 vol spike": -0.051519240138068745, + "2025 tariff crash": -0.13599998655392298, + "2026 Q1 drawdown": -0.13599274705349051 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3345421674053626, + "max_ret": -0.051519240138068745, + "all_pos": false + }, + "acfix": { + "name": "WATER ISLAND CREDIT OPPORTUNITIES FUND", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.502974290249242, + "corr_port": 0.22496487253591757, + "rets": { + "2022 bear mkt": -0.03581470677436838, + "2023 rate shock": 0.006898839350736985, + "2024 vol spike": 0.004962657541301541, + "2025 tariff crash": 0.00296147782271472, + "2026 Q1 drawdown": 0.004291001926678417 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.03581470677436838, + "max_ret": 0.006898839350736985, + "all_pos": false + }, + "acfox": { + "name": "FOCUSED DYNAMIC GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7808548043123928, + "corr_port": 0.08701402961885216, + "rets": { + "2022 bear mkt": -0.36636859427559554, + "2023 rate shock": -0.13251976665077336, + "2024 vol spike": -0.10133912085497232, + "2025 tariff crash": -0.23694322140871615, + "2026 Q1 drawdown": -0.14952675876183175 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36636859427559554, + "max_ret": -0.10133912085497232, + "all_pos": false + }, + "acgix": { + "name": "INVESCO GROWTH AND INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2548270651375415, + "corr_port": 0.39272227887903005, + "rets": { + "2022 bear mkt": -0.17293952271224422, + "2023 rate shock": -0.09765030897792182, + "2024 vol spike": -0.05759842998805076, + "2025 tariff crash": -0.1701363828010477, + "2026 Q1 drawdown": -0.057689259247403646 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17293952271224422, + "max_ret": -0.05759842998805076, + "all_pos": false + }, + "acgyx": { + "name": "AB Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7417097649540517, + "corr_port": 0.002540290229037345, + "rets": { + "2022 bear mkt": -0.17544082990468735, + "2023 rate shock": -0.04720009454974683, + "2024 vol spike": 0.021522103575359663, + "2025 tariff crash": 0.00511670647414042, + "2026 Q1 drawdown": -0.010781577408835896 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.17544082990468735, + "max_ret": 0.021522103575359663, + "all_pos": false + }, + "acisx": { + "name": "AB CORPORATE INCOME SHARES", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5012865435917933, + "corr_port": 0.004849794332158025, + "rets": { + "2022 bear mkt": -0.18718313781023055, + "2023 rate shock": -0.048381935587720304, + "2024 vol spike": 0.016791104462754447, + "2025 tariff crash": -0.00410091780824029, + "2026 Q1 drawdown": -0.009225417632784949 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.18718313781023055, + "max_ret": 0.016791104462754447, + "all_pos": false + }, + "acitx": { + "name": "INFLATION-ADJUSTED BOND FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.40734472142200806, + "corr_port": -0.05468024132525759, + "rets": { + "2022 bear mkt": -0.12757962838500359, + "2023 rate shock": -0.029523765838380678, + "2024 vol spike": 0.011342241946161957, + "2025 tariff crash": 0.008539083946693449, + "2026 Q1 drawdown": -0.0028221143610341892 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12757962838500359, + "max_ret": 0.011342241946161957, + "all_pos": false + }, + "acmvx": { + "name": "MID CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8064875892352571, + "corr_port": 0.4004733859466182, + "rets": { + "2022 bear mkt": -0.13729494882795223, + "2023 rate shock": -0.11482069645984694, + "2024 vol spike": -0.023794980343577077, + "2025 tariff crash": -0.12024242438116417, + "2026 Q1 drawdown": -0.03157575393731504 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13729494882795223, + "max_ret": -0.023794980343577077, + "all_pos": false + }, + "acpsx": { + "name": "INVESCO CORE PLUS BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8408338519655899, + "corr_port": -0.0031779568278420254, + "rets": { + "2022 bear mkt": -0.17382578078744082, + "2023 rate shock": -0.04572813288841515, + "2024 vol spike": 0.01803998631915693, + "2025 tariff crash": -0.0011728794050039903, + "2026 Q1 drawdown": -0.010257918415741751 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17382578078744082, + "max_ret": 0.01803998631915693, + "all_pos": false + }, + "acskx": { + "name": "SHORT DURATION FUND", + "verdict": "weak/unstable alpha", + "t5": -2.689202577517013, + "corr_port": 0.006655594855112344, + "rets": { + "2022 bear mkt": -0.05791421506263772, + "2023 rate shock": 0.001356113119848068, + "2024 vol spike": 0.010266566600261484, + "2025 tariff crash": 0.003058264273904987, + "2026 Q1 drawdown": -0.003572874784147362 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.05791421506263772, + "max_ret": 0.010266566600261484, + "all_pos": false + }, + "acstx": { + "name": "INVESCO COMSTOCK FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.461223286763136, + "corr_port": 0.41239224423839316, + "rets": { + "2022 bear mkt": -0.1295074198884213, + "2023 rate shock": -0.10403909954991852, + "2024 vol spike": -0.05666556014756852, + "2025 tariff crash": -0.15443191089949682, + "2026 Q1 drawdown": -0.04964983157482705 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15443191089949682, + "max_ret": -0.04964983157482705, + "all_pos": false + }, + "acthx": { + "name": "INVESCO HIGH YIELD MUNICIPAL FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2470526577032131, + "corr_port": 0.06132266704760994, + "rets": { + "2022 bear mkt": -0.15899234907842918, + "2023 rate shock": -0.08698357756588027, + "2024 vol spike": 0.02176685686659008, + "2025 tariff crash": -0.03728830564022556, + "2026 Q1 drawdown": -0.005668535366658456 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15899234907842918, + "max_ret": 0.02176685686659008, + "all_pos": false + }, + "adfix": { + "name": "DIVERSIFIED BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.17598017094866295, + "corr_port": -0.09528491798711869, + "rets": { + "2022 bear mkt": -0.15096472906412595, + "2023 rate shock": -0.044974224616340375, + "2024 vol spike": 0.022323271278872348, + "2025 tariff crash": 0.005015874597026793, + "2026 Q1 drawdown": -0.006678883979960304 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15096472906412595, + "max_ret": 0.022323271278872348, + "all_pos": false + }, + "adgax": { + "name": "AB CORE OPPORTUNITIES FUND, INC.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9734279606341592, + "corr_port": 0.2868417845433602, + "rets": { + "2022 bear mkt": -0.22707978231633197, + "2023 rate shock": -0.07699843420188623, + "2024 vol spike": -0.06076890776214838, + "2025 tariff crash": -0.173660228099498, + "2026 Q1 drawdown": -0.10521849809079342 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22707978231633197, + "max_ret": -0.06076890776214838, + "all_pos": false + }, + "adjex": { + "name": "Azzad Ethical Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.5860218330239606, + "corr_port": 0.14264849899505036, + "rets": { + "2022 bear mkt": -0.313472814034493, + "2023 rate shock": -0.18344254542564342, + "2024 vol spike": -0.08917204663131084, + "2025 tariff crash": -0.20221266133988935, + "2026 Q1 drawdown": -0.10193003618817842 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.313472814034493, + "max_ret": -0.08917204663131084, + "all_pos": false + }, + "adsix": { + "name": "DISCIPLINED GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1174382841845683, + "corr_port": 0.17008974404883306, + "rets": { + "2022 bear mkt": -0.3213262763706841, + "2023 rate shock": -0.0815046908628484, + "2024 vol spike": -0.09359947949171488, + "2025 tariff crash": -0.23223573111282447, + "2026 Q1 drawdown": -0.1261538901098901 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3213262763706841, + "max_ret": -0.0815046908628484, + "all_pos": false + }, + "advdx": { + "name": "abrdn Dynamic Dividend Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7764366319756454, + "corr_port": 0.3605177978215865, + "rets": { + "2022 bear mkt": -0.24216269163119075, + "2023 rate shock": -0.10741774329293252, + "2024 vol spike": -0.05878488243257318, + "2025 tariff crash": -0.13055901850992413, + "2026 Q1 drawdown": -0.0515652259508953 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24216269163119075, + "max_ret": -0.0515652259508953, + "all_pos": false + }, + "aedax": { + "name": "Invesco International Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8865767196041369, + "corr_port": 0.34830500182759616, + "rets": { + "2022 bear mkt": -0.3616919867317311, + "2023 rate shock": -0.10768311930270658, + "2024 vol spike": -0.05716526334840655, + "2025 tariff crash": -0.11641619972517858, + "2026 Q1 drawdown": -0.060972239393088046 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3616919867317311, + "max_ret": -0.05716526334840655, + "all_pos": false + }, + "aepgx": { + "name": "EUPAC FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0738600679292496, + "corr_port": 0.32092192361207794, + "rets": { + "2022 bear mkt": -0.3163361155718222, + "2023 rate shock": -0.12064341692578717, + "2024 vol spike": -0.07739516721016904, + "2025 tariff crash": -0.14767431223663174, + "2026 Q1 drawdown": -0.11842712195203531 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3163361155718222, + "max_ret": -0.07739516721016904, + "all_pos": false + }, + "afcnx": { + "name": "FOCUSED INTERNATIONAL GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -4.02169590400589, + "corr_port": 0.23890279616090604, + "rets": { + "2022 bear mkt": -0.36552071085325766, + "2023 rate shock": -0.15476192123486998, + "2024 vol spike": -0.07242995268035413, + "2025 tariff crash": -0.15229884842734054, + "2026 Q1 drawdown": -0.13380638621388752 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36552071085325766, + "max_ret": -0.07242995268035413, + "all_pos": false + }, + "affcx": { + "name": "Yorktown Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6501521128607248, + "corr_port": 0.2480636274253497, + "rets": { + "2022 bear mkt": -0.15221326822031478, + "2023 rate shock": -0.02507378974347607, + "2024 vol spike": 0.008840569342091431, + "2025 tariff crash": -0.006548861258922289, + "2026 Q1 drawdown": -0.010551370403121707 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15221326822031478, + "max_ret": 0.008840569342091431, + "all_pos": false + }, + "afjax": { + "name": "Virtus NFJ International Value Fund", + "verdict": "weak/unstable alpha", + "t5": -0.3064309357423667, + "corr_port": 0.344992365183501, + "rets": { + "2022 bear mkt": -0.3451525925589223, + "2023 rate shock": -0.18413565039790247, + "2024 vol spike": -0.07002093928011643, + "2025 tariff crash": -0.10973189220365731, + "2026 Q1 drawdown": -0.0871776373781975 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3451525925589223, + "max_ret": -0.07002093928011643, + "all_pos": false + }, + "aflix": { + "name": "Anfield Universal Fixed Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.8539355078269995, + "corr_port": 0.18201572446066663, + "rets": { + "2022 bear mkt": -0.07533023836247188, + "2023 rate shock": 0.013418701268984812, + "2024 vol spike": 0.004809579071090475, + "2025 tariff crash": -0.0037334712248833224, + "2026 Q1 drawdown": -0.005939532350480947 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.07533023836247188, + "max_ret": 0.013418701268984812, + "all_pos": false + }, + "afocx": { + "name": "Archer Focus Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5213715186735557, + "corr_port": 0.3165979720060332, + "rets": { + "2022 bear mkt": -0.16288417762108576, + "2023 rate shock": -0.09643724313047297, + "2024 vol spike": -0.03608440387947931, + "2025 tariff crash": -0.159618585261028, + "2026 Q1 drawdown": -0.08515923583467389 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16288417762108576, + "max_ret": -0.03608440387947931, + "all_pos": false + }, + "aftex": { + "name": "TAX EXEMPT BOND FUND OF AMERICA", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.40957080308730176, + "corr_port": 0.03480702450937875, + "rets": { + "2022 bear mkt": -0.11412440996840367, + "2023 rate shock": -0.04722645985026164, + "2024 vol spike": 0.014415100758367938, + "2025 tariff crash": -0.025899491020209053, + "2026 Q1 drawdown": -0.009662065083310134 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11412440996840367, + "max_ret": 0.014415100758367938, + "all_pos": false + }, + "agbvx": { + "name": "GLOBAL BOND FUND", + "verdict": "weak/unstable alpha", + "t5": -0.2729927092840646, + "corr_port": -0.023905696684440016, + "rets": { + "2022 bear mkt": -0.13855326048167516, + "2023 rate shock": -0.029466698883188203, + "2024 vol spike": 0.01736113280922913, + "2025 tariff crash": -0.005905176058110473, + "2026 Q1 drawdown": -0.01244525920799533 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13855326048167516, + "max_ret": 0.01736113280922913, + "all_pos": false + }, + "agdax": { + "name": "AB HIGH INCOME FUND INC", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.130491918258311, + "corr_port": 0.3160413307227273, + "rets": { + "2022 bear mkt": -0.1569090730977981, + "2023 rate shock": -0.021800598196574206, + "2024 vol spike": -0.0024522702855825917, + "2025 tariff crash": -0.03409801762974418, + "2026 Q1 drawdown": -0.01959228524543688 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1569090730977981, + "max_ret": -0.0024522702855825917, + "all_pos": false + }, + "aglox": { + "name": "Ariel Global Fund", + "verdict": "weak/unstable alpha", + "t5": 1.4323830809871365, + "corr_port": 0.36092956352207095, + "rets": { + "2022 bear mkt": -0.15043778769344074, + "2023 rate shock": -0.09090924337796513, + "2024 vol spike": -0.07949784192941878, + "2025 tariff crash": -0.12260810256456878, + "2026 Q1 drawdown": -0.07234042553191489 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15043778769344074, + "max_ret": -0.07234042553191489, + "all_pos": false + }, + "agovx": { + "name": "INVESCO Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.7988258224850684, + "corr_port": 0.1044420954607835, + "rets": { + "2022 bear mkt": -0.09850443432031486, + "2023 rate shock": -0.020144441396431012, + "2024 vol spike": 0.014999282330988795, + "2025 tariff crash": 0.008614422345088357, + "2026 Q1 drawdown": -0.004628393582346235 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09850443432031486, + "max_ret": 0.014999282330988795, + "all_pos": false + }, + "agrfx": { + "name": "AB Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5819847280082704, + "corr_port": 0.15590929207971896, + "rets": { + "2022 bear mkt": -0.33053730414677684, + "2023 rate shock": -0.0900369842646912, + "2024 vol spike": -0.08283243580445587, + "2025 tariff crash": -0.20128163840297697, + "2026 Q1 drawdown": -0.13481017139477902 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33053730414677684, + "max_ret": -0.08283243580445587, + "all_pos": false + }, + "agthx": { + "name": "GROWTH FUND OF AMERICA", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6019253092726873, + "corr_port": 0.1864873494906047, + "rets": { + "2022 bear mkt": -0.3274444266224311, + "2023 rate shock": -0.10400505041309949, + "2024 vol spike": -0.07684040182502327, + "2025 tariff crash": -0.2075063490785104, + "2026 Q1 drawdown": -0.12847729536941543 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3274444266224311, + "max_ret": -0.07684040182502327, + "all_pos": false + }, + "aguax": { + "name": "American Beacon Developing World Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.7094764842587873, + "corr_port": 0.24493035248834089, + "rets": { + "2022 bear mkt": -0.1844674750168499, + "2023 rate shock": -0.029178540736852998, + "2024 vol spike": -0.007778918534359747, + "2025 tariff crash": -0.0354290809273855, + "2026 Q1 drawdown": -0.010619569778626214 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1844674750168499, + "max_ret": -0.007778918534359747, + "all_pos": false + }, + "ahitx": { + "name": "AMERICAN HIGH INCOME TRUST", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5389352573338086, + "corr_port": 0.32480057286639274, + "rets": { + "2022 bear mkt": -0.12272471761926074, + "2023 rate shock": -0.02736216317705764, + "2024 vol spike": -0.002902638524356016, + "2025 tariff crash": -0.033084821224229066, + "2026 Q1 drawdown": -0.012451709375276843 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12272471761926074, + "max_ret": -0.002902638524356016, + "all_pos": false + }, + "aibax": { + "name": "INTERMEDIATE BOND FUND OF AMERICA", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0149050872108714, + "corr_port": -0.10927922415149495, + "rets": { + "2022 bear mkt": -0.08746265263261399, + "2023 rate shock": -0.013556160786846627, + "2024 vol spike": 0.01879810118329872, + "2025 tariff crash": 0.018692212901073146, + "2026 Q1 drawdown": -0.004370689817880469 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.08746265263261399, + "max_ret": 0.01879810118329872, + "all_pos": false + }, + "aidax": { + "name": "Diversified Municipal Portfolio", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.0996473325400635, + "corr_port": 0.04471183762781839, + "rets": { + "2022 bear mkt": -0.07779405431704034, + "2023 rate shock": -0.024193220191367493, + "2024 vol spike": 0.011729026489203598, + "2025 tariff crash": -0.017226389053856872, + "2026 Q1 drawdown": -0.007285521608932699 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07779405431704034, + "max_ret": 0.011729026489203598, + "all_pos": false + }, + "aiemx": { + "name": "Alger Emerging Markets Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2822689454682537, + "corr_port": 0.23388171601651556, + "rets": { + "2022 bear mkt": -0.35280375219391125, + "2023 rate shock": -0.13294231364323617, + "2024 vol spike": -0.0698096002573304, + "2025 tariff crash": -0.1336945918232152, + "2026 Q1 drawdown": -0.12079615648593 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35280375219391125, + "max_ret": -0.0698096002573304, + "all_pos": false + }, + "aifrx": { + "name": "abrdn Global Infrastructure Fund", + "verdict": "weak/unstable alpha", + "t5": 1.09192537823827, + "corr_port": 0.3673030447747285, + "rets": { + "2022 bear mkt": -0.196135680590932, + "2023 rate shock": -0.1332985603149569, + "2024 vol spike": -0.02623780965219813, + "2025 tariff crash": -0.031974862623634914, + "2026 Q1 drawdown": 0.029473310007188225 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.196135680590932, + "max_ret": 0.029473310007188225, + "all_pos": false + }, + "aigox": { + "name": "Alger Growth & Income Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4800767400844559, + "corr_port": 0.3000463484489237, + "rets": { + "2022 bear mkt": -0.2330025334340824, + "2023 rate shock": -0.08620049610457603, + "2024 vol spike": -0.06947037166200898, + "2025 tariff crash": -0.17854774552824204, + "2026 Q1 drawdown": -0.07318350781514427 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2330025334340824, + "max_ret": -0.06947037166200898, + "all_pos": false + }, + "aigyx": { + "name": "abrdn Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3133445724781931, + "corr_port": 0.2473995553544873, + "rets": { + "2022 bear mkt": -0.3013572777244208, + "2023 rate shock": -0.13716020742119628, + "2024 vol spike": -0.02103411641659525, + "2025 tariff crash": -0.13758536807977872, + "2026 Q1 drawdown": 0.020536529960455185 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.3013572777244208, + "max_ret": 0.020536529960455185, + "all_pos": false + }, + "aiiex": { + "name": "Invesco EQV International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7325603050783553, + "corr_port": 0.3015194079932693, + "rets": { + "2022 bear mkt": -0.29262919046802527, + "2023 rate shock": -0.1090258543824012, + "2024 vol spike": -0.06708062537153148, + "2025 tariff crash": -0.1466724595378318, + "2026 Q1 drawdown": -0.10831805796700444 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29262919046802527, + "max_ret": -0.06708062537153148, + "all_pos": false + }, + "aioax": { + "name": "Columbia Income Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3269125361488289, + "corr_port": 0.3032787747663254, + "rets": { + "2022 bear mkt": -0.1319123676232956, + "2023 rate shock": -0.02453967592520212, + "2024 vol spike": -0.002400675076471015, + "2025 tariff crash": -0.023786671884828303, + "2026 Q1 drawdown": -0.012719731370792964 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1319123676232956, + "max_ret": -0.002400675076471015, + "all_pos": false + }, + "aivsx": { + "name": "INVESTMENT CO OF AMERICA", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0360752485609144, + "corr_port": 0.2939735093619342, + "rets": { + "2022 bear mkt": -0.23773046057929537, + "2023 rate shock": -0.08750263467794961, + "2024 vol spike": -0.05430483988869794, + "2025 tariff crash": -0.16720089976229824, + "2026 Q1 drawdown": -0.09770917142929192 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23773046057929537, + "max_ret": -0.05430483988869794, + "all_pos": false + }, + "aiwex": { + "name": "World Energy Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5402195535518125, + "corr_port": 0.387117054054713, + "rets": { + "2022 bear mkt": 0.1806070004144733, + "2023 rate shock": -0.002039117612184449, + "2024 vol spike": -0.10497230791358081, + "2025 tariff crash": -0.17235857021288048, + "2026 Q1 drawdown": 0.12986367450005787 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.17235857021288048, + "max_ret": 0.1806070004144733, + "all_pos": false + }, + "alaax": { + "name": "INVESCO Income Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.290629225694115, + "corr_port": 0.3579231397245978, + "rets": { + "2022 bear mkt": -0.16772960233664946, + "2023 rate shock": -0.05938166242403431, + "2024 vol spike": -0.016222233601905445, + "2025 tariff crash": -0.06077126838861202, + "2026 Q1 drawdown": -0.02834579446932073 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16772960233664946, + "max_ret": -0.016222233601905445, + "all_pos": false + }, + "alarx": { + "name": "Alger Capital Appreciation Institutional Fund", + "verdict": "weak/unstable alpha", + "t5": -0.025993163607729595, + "corr_port": 0.12711835339626396, + "rets": { + "2022 bear mkt": -0.36501705666908624, + "2023 rate shock": -0.09538093882938703, + "2024 vol spike": -0.09609902341860999, + "2025 tariff crash": -0.2625721839207228, + "2026 Q1 drawdown": -0.1483728470007878 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36501705666908624, + "max_ret": -0.09538093882938703, + "all_pos": false + }, + "alcax": { + "name": "AB California Portfolio", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6170302471119591, + "corr_port": 0.058405807885503286, + "rets": { + "2022 bear mkt": -0.1124300715242127, + "2023 rate shock": -0.04537232666941915, + "2024 vol spike": 0.01582740541223493, + "2025 tariff crash": -0.023658997692739048, + "2026 Q1 drawdown": -0.009655762306656435 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1124300715242127, + "max_ret": 0.01582740541223493, + "all_pos": false + }, + "aldax": { + "name": "Columbia Select Short Corporate Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.931757468196734, + "corr_port": 0.033685404136673806, + "rets": { + "2022 bear mkt": -0.08323260157069057, + "2023 rate shock": -0.0042191571753664725, + "2024 vol spike": 0.011186738427082288, + "2025 tariff crash": 0.006308187484608707, + "2026 Q1 drawdown": -0.0037389638916524026 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.08323260157069057, + "max_ret": 0.011186738427082288, + "all_pos": false + }, + "alfyx": { + "name": "Lord Abbett Alpha Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8495880657986785, + "corr_port": 0.28519837927188874, + "rets": { + "2022 bear mkt": -0.28932306154658505, + "2023 rate shock": -0.16368937626643365, + "2024 vol spike": -0.06646751806698803, + "2025 tariff crash": -0.1967635411575679, + "2026 Q1 drawdown": -0.08630456514495166 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28932306154658505, + "max_ret": -0.06646751806698803, + "all_pos": false + }, + "algrx": { + "name": "Alger Focus Equity Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5179605879424757, + "corr_port": 0.13211359935486136, + "rets": { + "2022 bear mkt": -0.3554652613990381, + "2023 rate shock": -0.10466529484550358, + "2024 vol spike": -0.09130429577166266, + "2025 tariff crash": -0.25482130039719597, + "2026 Q1 drawdown": -0.14385933392003325 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3554652613990381, + "max_ret": -0.09130429577166266, + "all_pos": false + }, + "almrx": { + "name": "Alger Mid Cap Growth Institutional Fund", + "verdict": "weak/unstable alpha", + "t5": -0.20458901081443276, + "corr_port": 0.07288999695315412, + "rets": { + "2022 bear mkt": -0.34655877139438174, + "2023 rate shock": -0.15388480431655105, + "2024 vol spike": -0.0681198910081744, + "2025 tariff crash": -0.24274103755323262, + "2026 Q1 drawdown": -0.1294240111034004 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34655877139438174, + "max_ret": -0.0681198910081744, + "all_pos": false + }, + "alnyx": { + "name": "AB New York Portfolio", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.35139302720545784, + "corr_port": 0.04394515093498472, + "rets": { + "2022 bear mkt": -0.12139661304695426, + "2023 rate shock": -0.05449435620750176, + "2024 vol spike": 0.015351085963361433, + "2025 tariff crash": -0.02327531247577619, + "2026 Q1 drawdown": -0.005339754392094442 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12139661304695426, + "max_ret": 0.015351085963361433, + "all_pos": false + }, + "alsmx": { + "name": "Archer Multi Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.04531453033815411, + "corr_port": 0.21085104541635438, + "rets": { + "2022 bear mkt": -0.23059360439975274, + "2023 rate shock": -0.0937392000167564, + "2024 vol spike": -0.06115358936658133, + "2025 tariff crash": -0.17510257143984487, + "2026 Q1 drawdown": -0.03836477987421394 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23059360439975274, + "max_ret": -0.03836477987421394, + "all_pos": false + }, + "alsrx": { + "name": "Alger Small Cap Growth Institutional Fund", + "verdict": "weak/unstable alpha", + "t5": -1.3000564981770253, + "corr_port": 0.08018478971838412, + "rets": { + "2022 bear mkt": -0.3688969714901007, + "2023 rate shock": -0.16888043311848955, + "2024 vol spike": -0.07078043014387647, + "2025 tariff crash": -0.26372310051240444, + "2026 Q1 drawdown": -0.17311946902654862 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3688969714901007, + "max_ret": -0.07078043014387647, + "all_pos": false + }, + "altfx": { + "name": "AB SUSTAINABLE GLOBAL THEMATIC FUND, INC.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -4.217404164282936, + "corr_port": 0.24484433097144093, + "rets": { + "2022 bear mkt": -0.34087413146942713, + "2023 rate shock": -0.1281331147137763, + "2024 vol spike": -0.04420905714420165, + "2025 tariff crash": -0.1905506388817868, + "2026 Q1 drawdown": -0.1218956889685957 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34087413146942713, + "max_ret": -0.04420905714420165, + "all_pos": false + }, + "althx": { + "name": "AB National Portfolio", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4433498788983616, + "corr_port": 0.044021528621635574, + "rets": { + "2022 bear mkt": -0.1163588240636122, + "2023 rate shock": -0.04870590035189104, + "2024 vol spike": 0.016095366889411267, + "2025 tariff crash": -0.026005095595995842, + "2026 Q1 drawdown": -0.007609910111150087 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1163588240636122, + "max_ret": 0.016095366889411267, + "all_pos": false + }, + "alvix": { + "name": "FOCUSED LARGE CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2268582259490155, + "corr_port": 0.39707812592441855, + "rets": { + "2022 bear mkt": -0.11112287520489506, + "2023 rate shock": -0.08853654501521768, + "2024 vol spike": -0.021475256127853504, + "2025 tariff crash": -0.10942454562916115, + "2026 Q1 drawdown": -0.0347507333701178 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.11112287520489506, + "max_ret": -0.021475256127853504, + "all_pos": false + }, + "alvox": { + "name": "Alger Capital Appreciation Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.16432087275489304, + "corr_port": 0.13882340354905015, + "rets": { + "2022 bear mkt": -0.3638113014456307, + "2023 rate shock": -0.09367257881708513, + "2024 vol spike": -0.09550779579133273, + "2025 tariff crash": -0.25949671049443535, + "2026 Q1 drawdown": -0.14621688636147634 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3638113014456307, + "max_ret": -0.09367257881708513, + "all_pos": false + }, + "amaax": { + "name": "AB Massachusetts Portfolio", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.1081567760737241, + "corr_port": 0.036922280866619944, + "rets": { + "2022 bear mkt": -0.11553912457113535, + "2023 rate shock": -0.05162115392364075, + "2024 vol spike": 0.015927293802328935, + "2025 tariff crash": -0.025187455425123906, + "2026 Q1 drawdown": -0.00723397726441799 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11553912457113535, + "max_ret": 0.015927293802328935, + "all_pos": false + }, + "amcpx": { + "name": "AMCAP FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8894123510514136, + "corr_port": 0.19284055498145847, + "rets": { + "2022 bear mkt": -0.31787300974438015, + "2023 rate shock": -0.11288568586212633, + "2024 vol spike": -0.062060987516629695, + "2025 tariff crash": -0.19173787296930256, + "2026 Q1 drawdown": -0.1298756773115668 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31787300974438015, + "max_ret": -0.062060987516629695, + "all_pos": false + }, + "amczx": { + "name": "Alger Mid Cap Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.43663623726863937, + "corr_port": 0.0766143279687423, + "rets": { + "2022 bear mkt": -0.344159900062461, + "2023 rate shock": -0.15260736196319002, + "2024 vol spike": -0.06791406791406795, + "2025 tariff crash": -0.24117647058823533, + "2026 Q1 drawdown": -0.13027421573176245 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.344159900062461, + "max_ret": -0.06791406791406795, + "all_pos": false + }, + "amecx": { + "name": "INCOME FUND OF AMERICA", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.731164632069177, + "corr_port": 0.419776246363064, + "rets": { + "2022 bear mkt": -0.15360526963239896, + "2023 rate shock": -0.07509776519393907, + "2024 vol spike": -0.027655362624626756, + "2025 tariff crash": -0.08509229095188586, + "2026 Q1 drawdown": -0.025475183461979523 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15360526963239896, + "max_ret": -0.025475183461979523, + "all_pos": false + }, + "amfex": { + "name": "AAMA Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.05323724244002856, + "corr_port": 0.26721415882565996, + "rets": { + "2022 bear mkt": -0.20802709653003715, + "2023 rate shock": -0.08952501852565631, + "2024 vol spike": -0.061449574815328534, + "2025 tariff crash": -0.14915069704388628, + "2026 Q1 drawdown": -0.04065045731707306 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20802709653003715, + "max_ret": -0.04065045731707306, + "all_pos": false + }, + "amgox": { + "name": "Alger Mid Cap Growth Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.304074440512436, + "corr_port": 0.0826431750203498, + "rets": { + "2022 bear mkt": -0.3556485522817524, + "2023 rate shock": -0.15412407259939354, + "2024 vol spike": -0.0685155012787112, + "2025 tariff crash": -0.24861874993640654, + "2026 Q1 drawdown": -0.1309573199733659 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3556485522817524, + "max_ret": -0.0685155012787112, + "all_pos": false + }, + "amhix": { + "name": "AMERICAN HIGH-INCOME MUNICIPAL BOND FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.178178838491646, + "corr_port": 0.05273182089925123, + "rets": { + "2022 bear mkt": -0.13981995110695755, + "2023 rate shock": -0.05654413657307111, + "2024 vol spike": 0.020113954290134073, + "2025 tariff crash": -0.03304335558751437, + "2026 Q1 drawdown": -0.007644305658039863 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13981995110695755, + "max_ret": 0.020113954290134073, + "all_pos": false + }, + "amhyx": { + "name": "INVESCO High Yield Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6606357477152149, + "corr_port": 0.3059228398230599, + "rets": { + "2022 bear mkt": -0.13419283102148138, + "2023 rate shock": -0.02736033715626285, + "2024 vol spike": -0.005949189524180665, + "2025 tariff crash": -0.03176848807351529, + "2026 Q1 drawdown": -0.01756707620663922 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13419283102148138, + "max_ret": -0.005949189524180665, + "all_pos": false + }, + "amlpx": { + "name": "MainGate MLP Fund", + "verdict": "weak/unstable alpha", + "t5": 1.8963657570065027, + "corr_port": 0.28840987901622145, + "rets": { + "2022 bear mkt": 0.18116454232413526, + "2023 rate shock": 0.02330734360775355, + "2024 vol spike": -0.048919170770590825, + "2025 tariff crash": -0.1390792902665462, + "2026 Q1 drawdown": 0.1229838941355812 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.1390792902665462, + "max_ret": 0.18116454232413526, + "all_pos": false + }, + "amrgx": { + "name": "AMERICAN GROWTH FUND Series One", + "verdict": "weak/unstable alpha", + "t5": -0.9212417485985278, + "corr_port": 0.22758334358504806, + "rets": { + "2022 bear mkt": -0.2892158104330813, + "2023 rate shock": -0.07659591726050308, + "2024 vol spike": -0.07125321379598648, + "2025 tariff crash": -0.15055248618784522, + "2026 Q1 drawdown": -0.05972222222222234 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2892158104330813, + "max_ret": -0.05972222222222234, + "all_pos": false + }, + "amrmx": { + "name": "AMERICAN MUTUAL FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9318154825800707, + "corr_port": 0.37119657069970646, + "rets": { + "2022 bear mkt": -0.14255816148697298, + "2023 rate shock": -0.08543446285589418, + "2024 vol spike": -0.03075541870287457, + "2025 tariff crash": -0.12870401448280733, + "2026 Q1 drawdown": -0.05087007675600397 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14255816148697298, + "max_ret": -0.03075541870287457, + "all_pos": false + }, + "amtax": { + "name": "AB All Market Real Return Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.02329100370754931, + "corr_port": 0.36040625403460225, + "rets": { + "2022 bear mkt": -0.11414125970395228, + "2023 rate shock": -0.08296464064082132, + "2024 vol spike": -0.055016015034483834, + "2025 tariff crash": -0.11678836256997105, + "2026 Q1 drawdown": 0.0 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.11678836256997105, + "max_ret": 0.0, + "all_pos": false + }, + "amusx": { + "name": "U.S. Government Securities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.16439862436021924, + "corr_port": -0.15991398197880557, + "rets": { + "2022 bear mkt": -0.12036010116555618, + "2023 rate shock": -0.039076446928866915, + "2024 vol spike": 0.025318434810179147, + "2025 tariff crash": 0.023859401708940187, + "2026 Q1 drawdown": -0.006425527818451848 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12036010116555618, + "max_ret": 0.025318434810179147, + "all_pos": false + }, + "anagx": { + "name": "AB GLOBAL BOND FUND, INC.", + "verdict": "weak/unstable alpha", + "t5": -0.18903521277056506, + "corr_port": -0.028683816633699556, + "rets": { + "2022 bear mkt": -0.13656982159267483, + "2023 rate shock": -0.025664598996091414, + "2024 vol spike": 0.016108491949244907, + "2025 tariff crash": 0.005506854718316356, + "2026 Q1 drawdown": -0.011841196348225558 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13656982159267483, + "max_ret": 0.016108491949244907, + "all_pos": false + }, + "ancfx": { + "name": "AMERICAN FUNDS FUNDAMENTAL INVESTORS", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6978179582165551, + "corr_port": 0.2941062647402171, + "rets": { + "2022 bear mkt": -0.24086670740180094, + "2023 rate shock": -0.09451832146869199, + "2024 vol spike": -0.06357909134446815, + "2025 tariff crash": -0.1742272936783822, + "2026 Q1 drawdown": -0.10664626463807969 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24086670740180094, + "max_ret": -0.06357909134446815, + "all_pos": false + }, + "anefx": { + "name": "NEW ECONOMY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6082130800652039, + "corr_port": 0.18842591426708236, + "rets": { + "2022 bear mkt": -0.3251231832919733, + "2023 rate shock": -0.09646976958316877, + "2024 vol spike": -0.07847179069658816, + "2025 tariff crash": -0.2005885123974125, + "2026 Q1 drawdown": -0.12835970086638404 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3251231832919733, + "max_ret": -0.07847179069658816, + "all_pos": false + }, + "angl": { + "name": "VanEck Fallen Angel High Yield Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -0.8719850529405583, + "corr_port": 0.20483498703200104, + "rets": { + "2022 bear mkt": -0.1754921682110605, + "2023 rate shock": -0.03200889800013096, + "2024 vol spike": -0.006776234765862754, + "2025 tariff crash": -0.048681782856722755, + "2026 Q1 drawdown": -0.029406264777183 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1754921682110605, + "max_ret": -0.006776234765862754, + "all_pos": false + }, + "anglx": { + "name": "Angel Oak Multi-Strategy Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.353689236783684, + "corr_port": 0.07045150084116057, + "rets": { + "2022 bear mkt": -0.10217690991423822, + "2023 rate shock": -0.006939778424385423, + "2024 vol spike": 0.015564467642263713, + "2025 tariff crash": 0.014525798651407573, + "2026 Q1 drawdown": 0.0017973292709798638 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.10217690991423822, + "max_ret": 0.015564467642263713, + "all_pos": false + }, + "annpx": { + "name": "Virtus Convertible Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4037662178210554, + "corr_port": 0.1565869339053387, + "rets": { + "2022 bear mkt": -0.1968078282603779, + "2023 rate shock": -0.09880256932281029, + "2024 vol spike": -0.03863571719533565, + "2025 tariff crash": -0.11179855550185747, + "2026 Q1 drawdown": -0.060627622461184805 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1968078282603779, + "max_ret": -0.03863571719533565, + "all_pos": false + }, + "anwpx": { + "name": "NEW PERSPECTIVE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0070427321883746, + "corr_port": 0.25897191693061106, + "rets": { + "2022 bear mkt": -0.3257382143669121, + "2023 rate shock": -0.10856536923614213, + "2024 vol spike": -0.06665610708457903, + "2025 tariff crash": -0.1733312492888296, + "2026 Q1 drawdown": -0.11369225198141586 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3257382143669121, + "max_ret": -0.06665610708457903, + "all_pos": false + }, + "aotax": { + "name": "Virtus Emerging Markets Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3138226402136864, + "corr_port": 0.3274305623100404, + "rets": { + "2022 bear mkt": -0.2710951788266125, + "2023 rate shock": -0.11002784926196296, + "2024 vol spike": -0.08610120000658172, + "2025 tariff crash": -0.13331038556687547, + "2026 Q1 drawdown": -0.10261469899815734 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2710951788266125, + "max_ret": -0.08610120000658172, + "all_pos": false + }, + "apfdx": { + "name": "Artisan Global Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0147610068533752, + "corr_port": 0.12110403488665698, + "rets": { + "2022 bear mkt": -0.3452935548920305, + "2023 rate shock": -0.13359636645685002, + "2024 vol spike": -0.05906319288082007, + "2025 tariff crash": -0.19928822440650995, + "2026 Q1 drawdown": -0.11938825851011337 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3452935548920305, + "max_ret": -0.05906319288082007, + "all_pos": false + }, + "apgax": { + "name": "AB LARGE CAP GROWTH FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8982608295754166, + "corr_port": 0.15590970757624298, + "rets": { + "2022 bear mkt": -0.3191561922266153, + "2023 rate shock": -0.08242531386694607, + "2024 vol spike": -0.08286205368538635, + "2025 tariff crash": -0.1968020887367563, + "2026 Q1 drawdown": -0.12990473179075157 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3191561922266153, + "max_ret": -0.08242531386694607, + "all_pos": false + }, + "aphmx": { + "name": "Artisan Mid Cap Fund", + "verdict": "weak/unstable alpha", + "t5": -2.0781096611431513, + "corr_port": 0.10549465872117479, + "rets": { + "2022 bear mkt": -0.34115341630120255, + "2023 rate shock": -0.13566363491253475, + "2024 vol spike": -0.08480400217907735, + "2025 tariff crash": -0.22401277190743796, + "2026 Q1 drawdown": -0.11779866234663561 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34115341630120255, + "max_ret": -0.08480400217907735, + "all_pos": false + }, + "apoix": { + "name": "SHORT DURATION INFLATION PROTECTION BOND FUND", + "verdict": "weak/unstable alpha", + "t5": 2.1523576618177547, + "corr_port": 0.034343896411683, + "rets": { + "2022 bear mkt": -0.04483017539279355, + "2023 rate shock": 0.003006095363325745, + "2024 vol spike": 0.006822585222022948, + "2025 tariff crash": 0.01545898872419249, + "2026 Q1 drawdown": 0.0028762589787756365 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.04483017539279355, + "max_ret": 0.01545898872419249, + "all_pos": false + }, + "aqeax": { + "name": "Columbia Disciplined Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6332442088967201, + "corr_port": 0.30186867669294265, + "rets": { + "2022 bear mkt": -0.23691470503155054, + "2023 rate shock": -0.1055429132009249, + "2024 vol spike": -0.06921087839692741, + "2025 tariff crash": -0.19418765335296873, + "2026 Q1 drawdown": -0.08595800524934383 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23691470503155054, + "max_ret": -0.06921087839692741, + "all_pos": false + }, + "aqeix": { + "name": "LKCM Aquinas Catholic Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.523902796100778, + "corr_port": 0.2942622468332189, + "rets": { + "2022 bear mkt": -0.2190378603631049, + "2023 rate shock": -0.10754603511739935, + "2024 vol spike": -0.07887763093016731, + "2025 tariff crash": -0.1752747361797573, + "2026 Q1 drawdown": -0.06139386061946883 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2190378603631049, + "max_ret": -0.06139386061946883, + "all_pos": false + }, + "arbfx": { + "name": "ARBITRAGE FUND", + "verdict": "weak/unstable alpha", + "t5": 1.197474942533492, + "corr_port": 0.17090871277717415, + "rets": { + "2022 bear mkt": -0.014901959288830757, + "2023 rate shock": 0.007299225272606735, + "2024 vol spike": -0.0038941170865626207, + "2025 tariff crash": -0.01217665383852784, + "2026 Q1 drawdown": 0.0029695619896064063 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.014901959288830757, + "max_ret": 0.007299225272606735, + "all_pos": false + }, + "archx": { + "name": "Archer Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.327906436297196, + "corr_port": 0.3218546440899444, + "rets": { + "2022 bear mkt": -0.18000226186491097, + "2023 rate shock": -0.07919897803176357, + "2024 vol spike": -0.03626068722609099, + "2025 tariff crash": -0.11023428506836386, + "2026 Q1 drawdown": -0.03850111331787198 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18000226186491097, + "max_ret": -0.03626068722609099, + "all_pos": false + }, + "arcvx": { + "name": "ONE CHOICE 2030 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7054195553328397, + "corr_port": 0.314931550060772, + "rets": { + "2022 bear mkt": -0.19809236525420304, + "2023 rate shock": -0.06890751738326162, + "2024 vol spike": -0.025781173069399865, + "2025 tariff crash": -0.08163266569318073, + "2026 Q1 drawdown": -0.04173354735152501 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19809236525420304, + "max_ret": -0.025781173069399865, + "all_pos": false + }, + "ardex": { + "name": "AMG River Road Dividend All Cap Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.16184780897704795, + "corr_port": 0.3907568414482263, + "rets": { + "2022 bear mkt": -0.13191434081606335, + "2023 rate shock": -0.10678537979487712, + "2024 vol spike": -0.03804858948425405, + "2025 tariff crash": -0.12384962136935396, + "2026 Q1 drawdown": -0.017264866226284092 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13191434081606335, + "max_ret": -0.017264866226284092, + "all_pos": false + }, + "ardgx": { + "name": "Archer Dividend Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6540747583769206, + "corr_port": 0.3986965461826544, + "rets": { + "2022 bear mkt": -0.11895524307157357, + "2023 rate shock": -0.10608559984995314, + "2024 vol spike": -0.01752810155415241, + "2025 tariff crash": -0.10339170503799988, + "2026 Q1 drawdown": 0.015476314614851994 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11895524307157357, + "max_ret": 0.015476314614851994, + "all_pos": false + }, + "ardsx": { + "name": "ONE CHOICE 2040 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.2153881034243312, + "corr_port": 0.3158098469784318, + "rets": { + "2022 bear mkt": -0.220558320563067, + "2023 rate shock": -0.08339886925124429, + "2024 vol spike": -0.03460709524681538, + "2025 tariff crash": -0.10174413691444695, + "2026 Q1 drawdown": -0.05212922173274592 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.220558320563067, + "max_ret": -0.03460709524681538, + "all_pos": false + }, + "arevx": { + "name": "ONE CHOICE 2055 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0258172394571576, + "corr_port": 0.316315045732053, + "rets": { + "2022 bear mkt": -0.24379239503626982, + "2023 rate shock": -0.10174990937687856, + "2024 vol spike": -0.0493325936150355, + "2025 tariff crash": -0.1329149966943145, + "2026 Q1 drawdown": -0.0677582759886095 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24379239503626982, + "max_ret": -0.0493325936150355, + "all_pos": false + }, + "arfvx": { + "name": "ONE CHOICE 2050 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.564748320125105, + "corr_port": 0.314738518616855, + "rets": { + "2022 bear mkt": -0.23878711229367833, + "2023 rate shock": -0.09729331554390397, + "2024 vol spike": -0.04431217104654106, + "2025 tariff crash": -0.12294545306154658, + "2026 Q1 drawdown": -0.06353408338848443 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23878711229367833, + "max_ret": -0.04431217104654106, + "all_pos": false + }, + "argvx": { + "name": "ONE CHOICE 2060 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0365487351831497, + "corr_port": 0.2888538897463655, + "rets": { + "2022 bear mkt": -0.2461538473367454, + "2023 rate shock": -0.103645390663747, + "2024 vol spike": -0.051118292103357166, + "2025 tariff crash": -0.13752333154666407, + "2026 Q1 drawdown": -0.07082833133253297 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2461538473367454, + "max_ret": -0.051118292103357166, + "all_pos": false + }, + "arhfx": { + "name": "One Choice 2065 Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.68520083404096, + "corr_port": 0.12832723543030577, + "rets": { + "2022 bear mkt": -0.2509835141289347, + "2023 rate shock": -0.10647752597016968, + "2024 vol spike": -0.053090394915814354, + "2025 tariff crash": -0.14209325529664696, + "2026 Q1 drawdown": -0.07323943661971821 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2509835141289347, + "max_ret": -0.053090394915814354, + "all_pos": false + }, + "ariix": { + "name": "AB Global Real Estate Investment Fund II", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9490576800432892, + "corr_port": 0.3015486347106098, + "rets": { + "2022 bear mkt": -0.3309843349994739, + "2023 rate shock": -0.140724012929605, + "2024 vol spike": -0.027397220073658968, + "2025 tariff crash": -0.11691276114432148, + "2026 Q1 drawdown": -0.04177161457245837 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3309843349994739, + "max_ret": -0.027397220073658968, + "all_pos": false + }, + "arinx": { + "name": "Archer Income Fund", + "verdict": "weak/unstable alpha", + "t5": 2.6498770365825726, + "corr_port": 0.0847722756188009, + "rets": { + "2022 bear mkt": -0.07981713412071367, + "2023 rate shock": -0.0009824246579478446, + "2024 vol spike": 0.00694823034876535, + "2025 tariff crash": 0.0020834112907477387, + "2026 Q1 drawdown": -0.005255389490155138 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.07981713412071367, + "max_ret": 0.00694823034876535, + "all_pos": false + }, + "aroix": { + "name": "ONE CHOICE 2045 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.5636535731879415, + "corr_port": 0.3164812810302356, + "rets": { + "2022 bear mkt": -0.23158468694492818, + "2023 rate shock": -0.09157508376744616, + "2024 vol spike": -0.0394882088160009, + "2025 tariff crash": -0.11314479944345612, + "2026 Q1 drawdown": -0.05837004405286339 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23158468694492818, + "max_ret": -0.0394882088160009, + "all_pos": false + }, + "arskx": { + "name": "Archer Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9444574421168712, + "corr_port": 0.2500632859169881, + "rets": { + "2022 bear mkt": -0.27465087556132917, + "2023 rate shock": -0.09712015162277687, + "2024 vol spike": -0.052150620843465556, + "2025 tariff crash": -0.16695037556318415, + "2026 Q1 drawdown": -0.09216066112627563 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27465087556132917, + "max_ret": -0.052150620843465556, + "all_pos": false + }, + "artox": { + "name": "ONE CHOICE IN RETIREMENT PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1637947179693156, + "corr_port": 0.30206301935869606, + "rets": { + "2022 bear mkt": -0.179287577576409, + "2023 rate shock": -0.060215130515541504, + "2024 vol spike": -0.021462652667028626, + "2025 tariff crash": -0.07218203875468787, + "2026 Q1 drawdown": -0.038207584344238654 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.179287577576409, + "max_ret": -0.021462652667028626, + "all_pos": false + }, + "artrx": { + "name": "Artisan Global Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.967434265008641, + "corr_port": 0.21222457135615286, + "rets": { + "2022 bear mkt": -0.3416302464166605, + "2023 rate shock": -0.11856526203232154, + "2024 vol spike": -0.07765046456457125, + "2025 tariff crash": -0.18552039916752638, + "2026 Q1 drawdown": -0.1030179658449788 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3416302464166605, + "max_ret": -0.07765046456457125, + "all_pos": false + }, + "artsx": { + "name": "Artisan Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.741348538600345, + "corr_port": 0.07322123486962524, + "rets": { + "2022 bear mkt": -0.324040150374028, + "2023 rate shock": -0.20216930256638066, + "2024 vol spike": -0.09106427026801522, + "2025 tariff crash": -0.2299199476557059, + "2026 Q1 drawdown": -0.12956534948362308 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.324040150374028, + "max_ret": -0.09106427026801522, + "all_pos": false + }, + "aryix": { + "name": "ONE CHOICE 2035 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1548500686075283, + "corr_port": 0.3178996694847194, + "rets": { + "2022 bear mkt": -0.2104658067935664, + "2023 rate shock": -0.07636610302044156, + "2024 vol spike": -0.03043219570173772, + "2025 tariff crash": -0.09074305629267232, + "2026 Q1 drawdown": -0.04689403166869677 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2104658067935664, + "max_ret": -0.03043219570173772, + "all_pos": false + }, + "asbax": { + "name": "Short-Term Bond Fund of America", + "verdict": "weak/unstable alpha", + "t5": -3.1946124792424224, + "corr_port": -0.10194378494399323, + "rets": { + "2022 bear mkt": -0.04506751107506801, + "2023 rate shock": 0.004922697040273372, + "2024 vol spike": 0.01298866638839069, + "2025 tariff crash": 0.01293952045838731, + "2026 Q1 drawdown": -0.001474992339425829 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.04506751107506801, + "max_ret": 0.01298866638839069, + "all_pos": false + }, + "ascgx": { + "name": "Lisanti Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6232528694370119, + "corr_port": 0.1590243482586561, + "rets": { + "2022 bear mkt": -0.35694821329919657, + "2023 rate shock": -0.196376433579451, + "2024 vol spike": -0.09578737102378487, + "2025 tariff crash": -0.22662158801818189, + "2026 Q1 drawdown": -0.11199664429530198 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35694821329919657, + "max_ret": -0.09578737102378487, + "all_pos": false + }, + "asdvx": { + "name": "SHORT DURATION STRATEGIC INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 3.48714189139368, + "corr_port": 0.11317382167081359, + "rets": { + "2022 bear mkt": -0.06979204174318121, + "2023 rate shock": 0.002866550991646344, + "2024 vol spike": 0.009988259876116512, + "2025 tariff crash": 0.003674422144613221, + "2026 Q1 drawdown": -0.004243114431031869 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.06979204174318121, + "max_ret": 0.009988259876116512, + "all_pos": false + }, + "asfcx": { + "name": "Virtus AlphaSimplex Managed Futures Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -1.0719592828469746, + "corr_port": 0.2109754219397301, + "rets": { + "2022 bear mkt": 0.44514733075595125, + "2023 rate shock": 0.01472254672627904, + "2024 vol spike": -0.10960449118804427, + "2025 tariff crash": -0.16182037699427942, + "2026 Q1 drawdown": -0.008021390374331583 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16182037699427942, + "max_ret": 0.44514733075595125, + "all_pos": false + }, + "asiax": { + "name": "Invesco Asia Pacific Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2548568123228088, + "corr_port": 0.25857046103270287, + "rets": { + "2022 bear mkt": -0.227027019662997, + "2023 rate shock": -0.11122590144939848, + "2024 vol spike": -0.060731520773924075, + "2025 tariff crash": -0.1356910995704067, + "2026 Q1 drawdown": -0.09715796430931922 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.227027019662997, + "max_ret": -0.060731520773924075, + "all_pos": false + }, + "asihx": { + "name": "MULTISECTOR INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -0.24040995086239672, + "corr_port": 0.15481990395473977, + "rets": { + "2022 bear mkt": -0.1271649381876645, + "2023 rate shock": -0.027070682887300968, + "2024 vol spike": 0.01203180700244677, + "2025 tariff crash": -0.012241103236423023, + "2026 Q1 drawdown": -0.013166431303044512 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1271649381876645, + "max_ret": 0.01203180700244677, + "all_pos": false + }, + "asmmx": { + "name": "INVESCO SUMMIT FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7620455426028334, + "corr_port": 0.15544116019908738, + "rets": { + "2022 bear mkt": -0.3372757940600898, + "2023 rate shock": -0.11913873995055313, + "2024 vol spike": -0.09757010123032728, + "2025 tariff crash": -0.25264953419947767, + "2026 Q1 drawdown": -0.14414414414414412 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3372757940600898, + "max_ret": -0.09757010123032728, + "all_pos": false + }, + "asqix": { + "name": "SMALL COMPANY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1920809589627283, + "corr_port": 0.29289480334142154, + "rets": { + "2022 bear mkt": -0.258293273469253, + "2023 rate shock": -0.12951888841697523, + "2024 vol spike": -0.06936074562327521, + "2025 tariff crash": -0.19856335048721818, + "2026 Q1 drawdown": -0.07340420603213849 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.258293273469253, + "max_ret": -0.06936074562327521, + "all_pos": false + }, + "asrax": { + "name": "Invesco Global Real Estate Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1038671132184634, + "corr_port": 0.278166413578444, + "rets": { + "2022 bear mkt": -0.2572462093852955, + "2023 rate shock": -0.09724821135995176, + "2024 vol spike": -0.0180072916410825, + "2025 tariff crash": -0.10622660280407381, + "2026 Q1 drawdown": -0.030170927813091497 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2572462093852955, + "max_ret": -0.0180072916410825, + "all_pos": false + }, + "astex": { + "name": "AMERICAN FUNDS SHORT-TERM TAX-EXEMPT BOND FUND", + "verdict": "weak/unstable alpha", + "t5": 1.9377373640958462, + "corr_port": 0.037701686976375604, + "rets": { + "2022 bear mkt": -0.04362370938455784, + "2023 rate shock": -0.012463509619636715, + "2024 vol spike": 0.008276155359239201, + "2025 tariff crash": -0.004440985721968604, + "2026 Q1 drawdown": -0.003686408475216507 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04362370938455784, + "max_ret": 0.008276155359239201, + "all_pos": false + }, + "asvix": { + "name": "SMALL CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5408782132612334, + "corr_port": 0.3409741560710824, + "rets": { + "2022 bear mkt": -0.22751616784572481, + "2023 rate shock": -0.16777002458183832, + "2024 vol spike": -0.08660728567128151, + "2025 tariff crash": -0.21956093426182655, + "2026 Q1 drawdown": -0.03640256959314769 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22751616784572481, + "max_ret": -0.03640256959314769, + "all_pos": false + }, + "asylx": { + "name": "AB Select US Long/Short Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3672424657343596, + "corr_port": 0.3100471337195512, + "rets": { + "2022 bear mkt": -0.11901510426427064, + "2023 rate shock": -0.0466515453037909, + "2024 vol spike": -0.044502566330567594, + "2025 tariff crash": -0.07558132478721835, + "2026 Q1 drawdown": -0.03429355281207136 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.11901510426427064, + "max_ret": -0.03429355281207136, + "all_pos": false + }, + "atfax": { + "name": "Invesco Limited Term Municipal Income", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.8294952371974633, + "corr_port": 0.05986052684904451, + "rets": { + "2022 bear mkt": -0.045850505304433575, + "2023 rate shock": -0.022127524731426207, + "2024 vol spike": 0.00921017692013626, + "2025 tariff crash": -0.009904930432139136, + "2026 Q1 drawdown": -0.004399389856597047 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.045850505304433575, + "max_ret": 0.00921017692013626, + "all_pos": false + }, + "atoax": { + "name": "abrdn Ultra Short Municipal Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 6.326736305398161, + "corr_port": 0.055915486085780564, + "rets": { + "2022 bear mkt": 0.0011001882236265637, + "2023 rate shock": 0.00518468468713329, + "2024 vol spike": 0.00268334652004687, + "2025 tariff crash": 0.004674513398207569, + "2026 Q1 drawdown": 0.003178975007084528 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.0011001882236265637, + "max_ret": 0.00518468468713329, + "all_pos": true + }, + "attyx": { + "name": "AB Tax-Aware Fixed Income Opportunities Portfolio", + "verdict": "weak/unstable alpha", + "t5": 1.1499103022459904, + "corr_port": 0.11754577576422559, + "rets": { + "2022 bear mkt": -0.11838175304497567, + "2023 rate shock": -0.053267167091551215, + "2024 vol spike": 0.016393474255735452, + "2025 tariff crash": -0.025137418177446857, + "2026 Q1 drawdown": -0.01153691226940412 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11838175304497567, + "max_ret": 0.016393474255735452, + "all_pos": false + }, + "atwax": { + "name": "AB Tax-Managed Wealth Appreciation Strategy", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2287173075228492, + "corr_port": 0.3293266908696463, + "rets": { + "2022 bear mkt": -0.2616554958808973, + "2023 rate shock": -0.10289396214256796, + "2024 vol spike": -0.0778928166877435, + "2025 tariff crash": -0.17198278338766804, + "2026 Q1 drawdown": -0.08720060206589086 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2616554958808973, + "max_ret": -0.0778928166877435, + "all_pos": false + }, + "augax": { + "name": "Columbia Quality Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1203725242670417, + "corr_port": -0.09675380342003924, + "rets": { + "2022 bear mkt": -0.18434076597659343, + "2023 rate shock": -0.05920600019320743, + "2024 vol spike": 0.0394166868540855, + "2025 tariff crash": 0.025294560195754823, + "2026 Q1 drawdown": -0.0017553249220368938 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.18434076597659343, + "max_ret": 0.0394166868540855, + "all_pos": false + }, + "auiax": { + "name": "AB EQUITY INCOME FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.253769831337443, + "corr_port": 0.35236252731601975, + "rets": { + "2022 bear mkt": -0.19687424229171713, + "2023 rate shock": -0.09315929947260881, + "2024 vol spike": -0.06753631754145584, + "2025 tariff crash": -0.17134647857637286, + "2026 Q1 drawdown": -0.07469855040607076 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19687424229171713, + "max_ret": -0.06753631754145584, + "all_pos": false + }, + "aunax": { + "name": "AB Municipal Bond Inflation Strategy", + "verdict": "weak/unstable alpha", + "t5": 0.7368087556445448, + "corr_port": 0.1758125403949235, + "rets": { + "2022 bear mkt": -0.07042186620929125, + "2023 rate shock": -0.024738874022456336, + "2024 vol spike": -0.0009259262893976938, + "2025 tariff crash": -0.025318754764206863, + "2026 Q1 drawdown": -0.0075244684171020815 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.07042186620929125, + "max_ret": -0.0009259262893976938, + "all_pos": false + }, + "auuyx": { + "name": "AB Select US Equity Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6033232155277348, + "corr_port": 0.29845235513004115, + "rets": { + "2022 bear mkt": -0.2060426266787575, + "2023 rate shock": -0.08450703596343401, + "2024 vol spike": -0.06507310612980433, + "2025 tariff crash": -0.16983576207083229, + "2026 Q1 drawdown": -0.08004782636209373 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2060426266787575, + "max_ret": -0.06507310612980433, + "all_pos": false + }, + "avaax": { + "name": "AB Virginia Portfolio", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2476461713979967, + "corr_port": 0.03299234887675384, + "rets": { + "2022 bear mkt": -0.1125757189249218, + "2023 rate shock": -0.0519618683990527, + "2024 vol spike": 0.014801999211599526, + "2025 tariff crash": -0.024148742003376467, + "2026 Q1 drawdown": -0.01111434437649017 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1125757189249218, + "max_ret": 0.014801999211599526, + "all_pos": false + }, + "avalx": { + "name": "Aegis Value Fund", + "verdict": "weak/unstable alpha", + "t5": 1.2367544136698854, + "corr_port": 0.2789848556191489, + "rets": { + "2022 bear mkt": -0.06854418548786889, + "2023 rate shock": -0.029470756185629887, + "2024 vol spike": -0.06930696341821874, + "2025 tariff crash": -0.11049580352285648, + "2026 Q1 drawdown": 0.0010543756748662148 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11049580352285648, + "max_ret": 0.0010543756748662148, + "all_pos": false + }, + "aveax": { + "name": "Ave Maria Growth Focused Fund", + "verdict": "weak/unstable alpha", + "t5": -1.1015903973556103, + "corr_port": 0.13312533902393495, + "rets": { + "2022 bear mkt": -0.4324146981627296, + "2023 rate shock": -0.12181528662420393, + "2024 vol spike": -0.08516886930983836, + "2025 tariff crash": -0.19912335629304956, + "2026 Q1 drawdown": -0.044378698224852076 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4324146981627296, + "max_ret": -0.044378698224852076, + "all_pos": false + }, + "avedx": { + "name": "Ave Maria Rising Dividend Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1776141460109129, + "corr_port": 0.34685219473983747, + "rets": { + "2022 bear mkt": -0.1443332267283568, + "2023 rate shock": -0.08498272816471364, + "2024 vol spike": -0.037942727802717124, + "2025 tariff crash": -0.11738031115861036, + "2026 Q1 drawdown": -0.05955554106243188 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1443332267283568, + "max_ret": -0.037942727802717124, + "all_pos": false + }, + "avefx": { + "name": "Ave Maria Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.909616565691396, + "corr_port": 0.2994274311223647, + "rets": { + "2022 bear mkt": -0.060471547143804205, + "2023 rate shock": -0.017513246396178128, + "2024 vol spike": 0.0023924866830404845, + "2025 tariff crash": -0.013156927625451287, + "2026 Q1 drawdown": -0.005894717911379521 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.060471547143804205, + "max_ret": 0.0023924866830404845, + "all_pos": false + }, + "avegx": { + "name": "Ave Maria Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9229431150817636, + "corr_port": 0.252497779481658, + "rets": { + "2022 bear mkt": -0.29772884065730154, + "2023 rate shock": -0.09715356816066723, + "2024 vol spike": -0.05583966112622185, + "2025 tariff crash": -0.17103423800152395, + "2026 Q1 drawdown": -0.10491160687970114 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29772884065730154, + "max_ret": -0.05583966112622185, + "all_pos": false + }, + "avemx": { + "name": "Ave Maria Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.29691313430305594, + "corr_port": 0.3595137175867439, + "rets": { + "2022 bear mkt": -0.0704285300403259, + "2023 rate shock": -0.034821819133121545, + "2024 vol spike": -0.056421697948712435, + "2025 tariff crash": -0.14587669496473576, + "2026 Q1 drawdown": -0.01874797392875871 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14587669496473576, + "max_ret": -0.01874797392875871, + "all_pos": false + }, + "averx": { + "name": "Ave Maria Value Focused Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.9519606566885082, + "corr_port": 0.3276225907177993, + "rets": { + "2022 bear mkt": 0.05583095373927405, + "2023 rate shock": -0.014816425645466036, + "2024 vol spike": -0.06585134650698798, + "2025 tariff crash": -0.15843938419999537, + "2026 Q1 drawdown": 0.043567871412672154 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15843938419999537, + "max_ret": 0.05583095373927405, + "all_pos": false + }, + "avewx": { + "name": "Ave Maria World Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2187830794885848, + "corr_port": 0.34308242411368894, + "rets": { + "2022 bear mkt": -0.25038886611127353, + "2023 rate shock": -0.13443148419005524, + "2024 vol spike": -0.06176479642170363, + "2025 tariff crash": -0.15726005182519165, + "2026 Q1 drawdown": -0.08037304618117225 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25038886611127353, + "max_ret": -0.06176479642170363, + "all_pos": false + }, + "awaax": { + "name": "AB Wealth Appreciation Strategy", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9814429580821334, + "corr_port": 0.32516917759619807, + "rets": { + "2022 bear mkt": -0.26159732996117346, + "2023 rate shock": -0.10267611817661215, + "2024 vol spike": -0.07692292472852236, + "2025 tariff crash": -0.172335561793601, + "2026 Q1 drawdown": -0.08718572587185724 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26159732996117346, + "max_ret": -0.07692292472852236, + "all_pos": false + }, + "awgix": { + "name": "CIBC ATLAS ALL CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4781614047006648, + "corr_port": 0.19909059202363766, + "rets": { + "2022 bear mkt": -0.3079505184248069, + "2023 rate shock": -0.10360080672338234, + "2024 vol spike": -0.05465428392784599, + "2025 tariff crash": -0.18878838308244517, + "2026 Q1 drawdown": -0.12532366973909048 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3079505184248069, + "max_ret": -0.05465428392784599, + "all_pos": false + }, + "awpax": { + "name": "AB SUSTAINABLE INTERNATIONAL THEMATIC FUND, INC.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -4.433103401264237, + "corr_port": 0.27969258458992424, + "rets": { + "2022 bear mkt": -0.36288209856142606, + "2023 rate shock": -0.13638809360582715, + "2024 vol spike": -0.03450015395738992, + "2025 tariff crash": -0.13895906321581286, + "2026 Q1 drawdown": -0.1274989338071969 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36288209856142606, + "max_ret": -0.03450015395738992, + "all_pos": false + }, + "awsax": { + "name": "INVESCO Global Core Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3632914754456238, + "corr_port": 0.30179109639654944, + "rets": { + "2022 bear mkt": -0.30187500277837986, + "2023 rate shock": -0.09475956940310903, + "2024 vol spike": -0.05467796803463243, + "2025 tariff crash": -0.15582820356470117, + "2026 Q1 drawdown": -0.09096313912009524 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30187500277837986, + "max_ret": -0.05467796803463243, + "all_pos": false + }, + "awshx": { + "name": "WASHINGTON MUTUAL INVESTORS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.889412026113081, + "corr_port": 0.3470041192963953, + "rets": { + "2022 bear mkt": -0.18318955711980933, + "2023 rate shock": -0.07802178785632663, + "2024 vol spike": -0.048194806430551185, + "2025 tariff crash": -0.14394085944585677, + "2026 Q1 drawdown": -0.07382744483248138 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18318955711980933, + "max_ret": -0.048194806430551185, + "all_pos": false + }, + "axbax": { + "name": "Columbia Capital Allocation Aggressive Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3023491617228282, + "corr_port": 0.3052500649008229, + "rets": { + "2022 bear mkt": -0.2527607467957107, + "2023 rate shock": -0.08505172976302566, + "2024 vol spike": -0.06726468466364377, + "2025 tariff crash": -0.14981553929599856, + "2026 Q1 drawdown": -0.07330563017543479 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2527607467957107, + "max_ret": -0.06726468466364377, + "all_pos": false + }, + "azbax": { + "name": "Virtus Small-Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.22674270773168687, + "corr_port": 0.2897213963708376, + "rets": { + "2022 bear mkt": -0.25190230371327216, + "2023 rate shock": -0.12634038052395902, + "2024 vol spike": -0.05811030073701362, + "2025 tariff crash": -0.18394786898599502, + "2026 Q1 drawdown": -0.06287306258945735 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25190230371327216, + "max_ret": -0.05811030073701362, + "all_pos": false + }, + "aznax": { + "name": "Virtus Income & Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.714581966014987, + "corr_port": 0.23295714683976038, + "rets": { + "2022 bear mkt": -0.22852879887714506, + "2023 rate shock": -0.07132087014789268, + "2024 vol spike": -0.0387037124132924, + "2025 tariff crash": -0.10312341189585339, + "2026 Q1 drawdown": -0.059862100013967745 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22852879887714506, + "max_ret": -0.0387037124132924, + "all_pos": false + }, + "bacix": { + "name": "BLACKROCK ENERGY OPPORTUNITIES FUND", + "verdict": "weak/unstable alpha", + "t5": 0.716535161534573, + "corr_port": 0.3953517693774375, + "rets": { + "2022 bear mkt": 0.2504176924369548, + "2023 rate shock": 0.015837040420962012, + "2024 vol spike": -0.06202408187304009, + "2025 tariff crash": -0.14922212874239693, + "2026 Q1 drawdown": 0.21410890093206136 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.14922212874239693, + "max_ret": 0.2504176924369548, + "all_pos": false + }, + "batex": { + "name": "BATS: High Income Municipal Series", + "verdict": "weak/unstable alpha", + "t5": 0.97603005295404, + "corr_port": 0.06968535813486498, + "rets": { + "2022 bear mkt": -0.15454061453337276, + "2023 rate shock": -0.06585618033565932, + "2024 vol spike": 0.024244336101235664, + "2025 tariff crash": -0.03144102655606307, + "2026 Q1 drawdown": -0.011840808551566884 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15454061453337276, + "max_ret": 0.024244336101235664, + "all_pos": false + }, + "batpx": { + "name": "BATS: Interest Rate Hedge Series", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.3780698647973217, + "corr_port": 0.20521104552674088, + "rets": { + "2022 bear mkt": 0.18117640273811753, + "2023 rate shock": 0.06873190456370315, + "2024 vol spike": -0.024809085764479044, + "2025 tariff crash": -0.02071560252132465, + "2026 Q1 drawdown": 0.012409513960703222 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.024809085764479044, + "max_ret": 0.18117640273811753, + "all_pos": false + }, + "bbcpx": { + "name": "Bridge Builder Core Plus Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2496155181288413, + "corr_port": -0.046217446928404425, + "rets": { + "2022 bear mkt": -0.1462207904951176, + "2023 rate shock": -0.04209602326521844, + "2024 vol spike": 0.02252072394380078, + "2025 tariff crash": 0.006019178589754537, + "2026 Q1 drawdown": -0.008804945901058736 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1462207904951176, + "max_ret": 0.02252072394380078, + "all_pos": false + }, + "bbhlx": { + "name": "BBH Partner Fund - International Equity", + "verdict": "weak/unstable alpha", + "t5": -1.3997738814321992, + "corr_port": 0.2553591554424498, + "rets": { + "2022 bear mkt": -0.3498350583494083, + "2023 rate shock": -0.15389564378765308, + "2024 vol spike": -0.057260874554608265, + "2025 tariff crash": -0.10272077015706893, + "2026 Q1 drawdown": -0.10538537115202551 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3498350583494083, + "max_ret": -0.057260874554608265, + "all_pos": false + }, + "bchyx": { + "name": "CALIFORNIA HIGH-YIELD MUNICIPAL FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3249807535590938, + "corr_port": 0.03932388200017143, + "rets": { + "2022 bear mkt": -0.1430605460679416, + "2023 rate shock": -0.0698378540540231, + "2024 vol spike": 0.01639994173414938, + "2025 tariff crash": -0.03304097465441125, + "2026 Q1 drawdown": -0.009010010663669021 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1430605460679416, + "max_ret": 0.01639994173414938, + "all_pos": false + }, + "bciix": { + "name": "The Brown Capital Management International All Company Fund", + "verdict": "weak/unstable alpha", + "t5": -3.1667919230229225, + "corr_port": 0.12488389324425411, + "rets": { + "2022 bear mkt": -0.3778015102035065, + "2023 rate shock": -0.13285806869734273, + "2024 vol spike": -0.02027809965237548, + "2025 tariff crash": -0.17766776677667773, + "2026 Q1 drawdown": -0.1714456391875746 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3778015102035065, + "max_ret": -0.02027809965237548, + "all_pos": false + }, + "bcitx": { + "name": "CALIFORNIA INTERMEDIATE-TERM TAX-FREE BOND FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6310169450615271, + "corr_port": 0.039737974046262066, + "rets": { + "2022 bear mkt": -0.08930602931322107, + "2023 rate shock": -0.03670917537438134, + "2024 vol spike": 0.012252941856650379, + "2025 tariff crash": -0.021311311145236544, + "2026 Q1 drawdown": -0.010939521811910158 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08930602931322107, + "max_ret": 0.012252941856650379, + "all_pos": false + }, + "bcoix": { + "name": "Baird Core Plus Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.285096046384829, + "corr_port": -0.08115410658612981, + "rets": { + "2022 bear mkt": -0.14776748678013996, + "2023 rate shock": -0.03640335223433633, + "2024 vol spike": 0.019182423367792856, + "2025 tariff crash": 0.004820973097966252, + "2026 Q1 drawdown": -0.005670144913621611 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14776748678013996, + "max_ret": 0.019182423367792856, + "all_pos": false + }, + "bdsix": { + "name": "BlackRock Advantage Small Cap Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.18404610188820072, + "corr_port": 0.263315077489379, + "rets": { + "2022 bear mkt": -0.24954385455986028, + "2023 rate shock": -0.16135079451127932, + "2024 vol spike": -0.08331505248244409, + "2025 tariff crash": -0.21903239147628906, + "2026 Q1 drawdown": -0.07590754799774146 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24954385455986028, + "max_ret": -0.07590754799774146, + "all_pos": false + }, + "bearx": { + "name": "Federated Hermes Prudent Bear Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.302098853013213, + "corr_port": -0.24280372831359748, + "rets": { + "2022 bear mkt": 0.2763156459128413, + "2023 rate shock": 0.11160706671960274, + "2024 vol spike": 0.07869475308857976, + "2025 tariff crash": 0.20177371101812058, + "2026 Q1 drawdown": 0.09600000000000009 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.07869475308857976, + "max_ret": 0.2763156459128413, + "all_pos": true + }, + "bfiax": { + "name": "AMERICAN FUNDS INFLATION LINKED BOND FUND", + "verdict": "weak/unstable alpha", + "t5": -0.05228184356795351, + "corr_port": -0.08284191240370377, + "rets": { + "2022 bear mkt": -0.12534563205897675, + "2023 rate shock": -0.019999853965805836, + "2024 vol spike": 0.015086268455736906, + "2025 tariff crash": 0.018318888024795088, + "2026 Q1 drawdown": -0.004232804232804144 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12534563205897675, + "max_ret": 0.018318888024795088, + "all_pos": false + }, + "bflax": { + "name": "Lord Abbett Multi-Asset Balanced Opportunity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8796166397835283, + "corr_port": 0.3206688120952309, + "rets": { + "2022 bear mkt": -0.20498903830981596, + "2023 rate shock": -0.0711952803778102, + "2024 vol spike": -0.02860708496979225, + "2025 tariff crash": -0.1000334239858236, + "2026 Q1 drawdown": -0.051976980242525506 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20498903830981596, + "max_ret": -0.02860708496979225, + "all_pos": false + }, + "bgatx": { + "name": "Baillie Gifford Global Alpha Equities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.740415817767659, + "corr_port": 0.16192565986093974, + "rets": { + "2022 bear mkt": -0.357507576882211, + "2023 rate shock": -0.15924764034622985, + "2024 vol spike": -0.06829812888431941, + "2025 tariff crash": -0.20092112368206505, + "2026 Q1 drawdown": -0.13255644573925707 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.357507576882211, + "max_ret": -0.06829812888431941, + "all_pos": false + }, + "bgcbx": { + "name": "Baillie Gifford China Equities Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2444994762006572, + "corr_port": -0.031437816100062695, + "rets": { + "2022 bear mkt": -0.37174721819521783, + "2023 rate shock": -0.15724382310480722, + "2024 vol spike": -0.043383946002438445, + "2025 tariff crash": -0.16020228312048357, + "2026 Q1 drawdown": -0.12225274725274737 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37174721819521783, + "max_ret": -0.043383946002438445, + "all_pos": false + }, + "bgehx": { + "name": "Baillie Gifford Emerging Markets Equities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9700320285402007, + "corr_port": 0.252456398797194, + "rets": { + "2022 bear mkt": -0.3394458397137944, + "2023 rate shock": -0.12543911666282537, + "2024 vol spike": -0.08635497713386131, + "2025 tariff crash": -0.16761907389912323, + "2026 Q1 drawdown": -0.11518152195318554 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3394458397137944, + "max_ret": -0.08635497713386131, + "all_pos": false + }, + "bgeix": { + "name": "GLOBAL GOLD FUND", + "verdict": "weak/unstable alpha", + "t5": -0.6773255583458617, + "corr_port": 0.04873713833195247, + "rets": { + "2022 bear mkt": -0.2733536246862569, + "2023 rate shock": -0.040776746210483106, + "2024 vol spike": -0.07715358338532774, + "2025 tariff crash": -0.003984103703551178, + "2026 Q1 drawdown": -0.20963177670989785 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2733536246862569, + "max_ret": -0.003984103703551178, + "all_pos": false + }, + "bgetx": { + "name": "Baillie Gifford International Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -2.9312510546328383, + "corr_port": 0.12008002762196797, + "rets": { + "2022 bear mkt": -0.4261603363921165, + "2023 rate shock": -0.19969384451548633, + "2024 vol spike": -0.06615973572280309, + "2025 tariff crash": -0.21775892727263146, + "2026 Q1 drawdown": -0.15010141987829606 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4261603363921165, + "max_ret": -0.06615973572280309, + "all_pos": false + }, + "bggsx": { + "name": "Baillie Gifford U.S. Equity Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -1.8749569530247525, + "corr_port": -0.0662094455318813, + "rets": { + "2022 bear mkt": -0.5274924181628509, + "2023 rate shock": -0.22477068171403247, + "2024 vol spike": -0.11096132075471699, + "2025 tariff crash": -0.28176228545893833, + "2026 Q1 drawdown": -0.16713486657303367 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.5274924181628509, + "max_ret": -0.11096132075471699, + "all_pos": false + }, + "bgitx": { + "name": "Baillie Gifford International Alpha Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.6455051008876422, + "corr_port": 0.2308245524504255, + "rets": { + "2022 bear mkt": -0.38950095312347, + "2023 rate shock": -0.15974436476365772, + "2024 vol spike": -0.05830251834421729, + "2025 tariff crash": -0.12868441742835257, + "2026 Q1 drawdown": -0.12341325811001413 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.38950095312347, + "max_ret": -0.05830251834421729, + "all_pos": false + }, + "bglax": { + "name": "Brookfield Global Listed Infrastructure Fund", + "verdict": "weak/unstable alpha", + "t5": 0.20792395293311752, + "corr_port": 0.3164957100599383, + "rets": { + "2022 bear mkt": -0.15818679966735982, + "2023 rate shock": -0.10964977096321926, + "2024 vol spike": -0.004683875019309336, + "2025 tariff crash": -0.04874322413341503, + "2026 Q1 drawdown": 0.036298734280591605 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15818679966735982, + "max_ret": 0.036298734280591605, + "all_pos": false + }, + "bgnmx": { + "name": "GINNIE MAE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8417957141142065, + "corr_port": -0.08003202145349621, + "rets": { + "2022 bear mkt": -0.1339316899718107, + "2023 rate shock": -0.05443427877322582, + "2024 vol spike": 0.02336893387435368, + "2025 tariff crash": 0.00961298126371557, + "2026 Q1 drawdown": -0.004573213751055016 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1339316899718107, + "max_ret": 0.02336893387435368, + "all_pos": false + }, + "bgsix": { + "name": "BlackRock Technology Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.356056637662196, + "corr_port": 0.09273757751124205, + "rets": { + "2022 bear mkt": -0.43050846706873, + "2023 rate shock": -0.12371533860975437, + "2024 vol spike": -0.10996710434350765, + "2025 tariff crash": -0.2672212146001688, + "2026 Q1 drawdown": -0.14127353274067322 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.43050846706873, + "max_ret": -0.10996710434350765, + "all_pos": false + }, + "bhiax": { + "name": "HAWAII MUNICIPAL BOND FUND", + "verdict": "weak/unstable alpha", + "t5": -0.18402570448331848, + "corr_port": 0.03698338436401536, + "rets": { + "2022 bear mkt": -0.09066490574172448, + "2023 rate shock": -0.052415724524569884, + "2024 vol spike": 0.009926774279501505, + "2025 tariff crash": -0.022894251907392915, + "2026 Q1 drawdown": -0.012151808354772475 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09066490574172448, + "max_ret": 0.009926774279501505, + "all_pos": false + }, + "biiex": { + "name": "BRANDES INTERNATIONAL EQUITY FUND", + "verdict": "weak/unstable alpha", + "t5": 2.8030804082608425, + "corr_port": 0.41967649547512753, + "rets": { + "2022 bear mkt": -0.2615953154302044, + "2023 rate shock": -0.07482339251602843, + "2024 vol spike": -0.04522598764658414, + "2025 tariff crash": -0.09507328170860374, + "2026 Q1 drawdown": -0.05219501305035079 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2615953154302044, + "max_ret": -0.04522598764658414, + "all_pos": false + }, + "bils": { + "name": "State Street(R) SPDR(R) Bloomberg 3-12 Month T-Bill ETF", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 4.493785270023088, + "corr_port": -0.1470531268014389, + "rets": { + "2022 bear mkt": 0.0013723980232720479, + "2023 rate shock": 0.012778268274688198, + "2024 vol spike": 0.0039075555846792565, + "2025 tariff crash": 0.005898014568920695, + "2026 Q1 drawdown": 0.005492298698325904 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.0013723980232720479, + "max_ret": 0.012778268274688198, + "all_pos": true + }, + "bimix": { + "name": "Baird Intermediate Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.09060081301934617, + "corr_port": -0.1133116230887575, + "rets": { + "2022 bear mkt": -0.09967605103949129, + "2023 rate shock": -0.010436568677793634, + "2024 vol spike": 0.01590747575419993, + "2025 tariff crash": 0.013388362628032002, + "2026 Q1 drawdown": -0.0029647571715091248 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09967605103949129, + "max_ret": 0.01590747575419993, + "all_pos": false + }, + "bizd": { + "name": "VanEck BDC Income ETF", + "verdict": "weak/unstable alpha", + "t5": 0.17477672174683068, + "corr_port": 0.2982373368361338, + "rets": { + "2022 bear mkt": -0.16567955864070505, + "2023 rate shock": -0.04307547613449325, + "2024 vol spike": -0.08120923815713244, + "2025 tariff crash": -0.1914449992501095, + "2026 Q1 drawdown": -0.11527578463765031 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1914449992501095, + "max_ret": -0.04307547613449325, + "all_pos": false + }, + "blpax": { + "name": "American Funds Moderate Growth and Income Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4717302093949635, + "corr_port": 0.33121390379354715, + "rets": { + "2022 bear mkt": -0.20539169813122304, + "2023 rate shock": -0.07624810308596852, + "2024 vol spike": -0.03469157597301098, + "2025 tariff crash": -0.10210632806060815, + "2026 Q1 drawdown": -0.05845889635613288 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20539169813122304, + "max_ret": -0.03469157597301098, + "all_pos": false + }, + "bmbix": { + "name": "Baird Quality Intermediate Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.8500482213948424, + "corr_port": 0.023989768251854015, + "rets": { + "2022 bear mkt": -0.0777142852777154, + "2023 rate shock": -0.027370994135606952, + "2024 vol spike": 0.012336953990137234, + "2025 tariff crash": -0.016288170331506535, + "2026 Q1 drawdown": -0.007986674057870902 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0777142852777154, + "max_ret": 0.012336953990137234, + "all_pos": false + }, + "bmcix": { + "name": "BLACKROCK HIGH EQUITY INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.39690596630415587, + "corr_port": 0.41865444924064255, + "rets": { + "2022 bear mkt": -0.13807706784788365, + "2023 rate shock": -0.09930420369613491, + "2024 vol spike": -0.03336422598679756, + "2025 tariff crash": -0.13199550681157435, + "2026 Q1 drawdown": -0.07800661986556034 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13807706784788365, + "max_ret": -0.03336422598679756, + "all_pos": false + }, + "bmnix": { + "name": "Baird Core Intermediate Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.507885402619887, + "corr_port": 0.032155090280701557, + "rets": { + "2022 bear mkt": -0.0843585303560177, + "2023 rate shock": -0.029779364242888295, + "2024 vol spike": 0.011585777006510645, + "2025 tariff crash": -0.016231952118599402, + "2026 Q1 drawdown": -0.008496436592168255 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0843585303560177, + "max_ret": 0.011585777006510645, + "all_pos": false + }, + "bmqix": { + "name": "Baird Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3218966349736605, + "corr_port": 0.05860880915842941, + "rets": { + "2022 bear mkt": -0.1049764022367421, + "2023 rate shock": -0.043112783098116836, + "2024 vol spike": 0.014161142385232361, + "2025 tariff crash": -0.021847930088664924, + "2026 Q1 drawdown": -0.008606403906149307 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1049764022367421, + "max_ret": 0.014161142385232361, + "all_pos": false + }, + "bmsfx": { + "name": "MFS Blended Research Mid Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7994655815621613, + "corr_port": 0.32053787077144313, + "rets": { + "2022 bear mkt": -0.19340647643310505, + "2023 rate shock": -0.13186822755944505, + "2024 vol spike": -0.05660382970097877, + "2025 tariff crash": -0.18156990633480308, + "2026 Q1 drawdown": -0.06007751937984496 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19340647643310505, + "max_ret": -0.05660382970097877, + "all_pos": false + }, + "bndw": { + "name": "Vanguard Total World Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.11674093613362044, + "corr_port": -0.1030686112694082, + "rets": { + "2022 bear mkt": -0.14003294229243268, + "2023 rate shock": -0.024046261461490248, + "2024 vol spike": 0.017834938915757492, + "2025 tariff crash": 0.0057023212664606415, + "2026 Q1 drawdown": -0.008594494285973253 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14003294229243268, + "max_ret": 0.017834938915757492, + "all_pos": false + }, + "bnglx": { + "name": "UBS GLOBAL ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1542498702367867, + "corr_port": 0.341106470754438, + "rets": { + "2022 bear mkt": -0.2136616333405934, + "2023 rate shock": -0.08687455961434276, + "2024 vol spike": -0.04833045491224175, + "2025 tariff crash": -0.10702052041626586, + "2026 Q1 drawdown": -0.07838827838827844 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2136616333405934, + "max_ret": -0.04833045491224175, + "all_pos": false + }, + "bniex": { + "name": "UBS International Sustainable Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.4743550653461687, + "corr_port": 0.3821962016536943, + "rets": { + "2022 bear mkt": -0.2704401373715698, + "2023 rate shock": -0.11727743734742524, + "2024 vol spike": -0.06358375408840655, + "2025 tariff crash": -0.15032075413916057, + "2026 Q1 drawdown": -0.07568807339449546 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2704401373715698, + "max_ret": -0.06358375408840655, + "all_pos": false + }, + "bogsx": { + "name": "BLACK OAK EMERGING TECHNOLOGY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.22788023451768583, + "corr_port": 0.16068901313405165, + "rets": { + "2022 bear mkt": -0.3261364667601855, + "2023 rate shock": -0.1968084697168404, + "2024 vol spike": -0.10178132116933847, + "2025 tariff crash": -0.2225096501356143, + "2026 Q1 drawdown": -0.0989876265466817 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3261364667601855, + "max_ret": -0.0989876265466817, + "all_pos": false + }, + "bosox": { + "name": "Boston Trust Walden Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.10211344947624645, + "corr_port": 0.312103700162483, + "rets": { + "2022 bear mkt": -0.1700001066902045, + "2023 rate shock": -0.12090532297300394, + "2024 vol spike": -0.04538080632225083, + "2025 tariff crash": -0.16403266549074536, + "2026 Q1 drawdown": -0.0793283149971048 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1700001066902045, + "max_ret": -0.04538080632225083, + "all_pos": false + }, + "bracx": { + "name": "BATS: Corporate Credit Total Return Series", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3693211512192196, + "corr_port": -0.012112931604058548, + "rets": { + "2022 bear mkt": -0.17677306035279805, + "2023 rate shock": -0.04341776897519811, + "2024 vol spike": 0.014615451962728843, + "2025 tariff crash": -0.008079452932116649, + "2026 Q1 drawdown": -0.011542296001997188 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17677306035279805, + "max_ret": 0.014615451962728843, + "all_pos": false + }, + "bramx": { + "name": "BATS: Mortgage Total Return Series", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.12691559876718883, + "corr_port": -0.07427194300288935, + "rets": { + "2022 bear mkt": -0.1405995704577272, + "2023 rate shock": -0.05087403751409025, + "2024 vol spike": 0.02493428361592276, + "2025 tariff crash": 0.010722437887246805, + "2026 Q1 drawdown": -0.004622845902548134 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1405995704577272, + "max_ret": 0.02493428361592276, + "all_pos": false + }, + "brasx": { + "name": "BATS: Short Duration Taxable Total Return Series", + "verdict": "weak/unstable alpha", + "t5": -1.031659063229256, + "corr_port": 0.0727174556951187, + "rets": { + "2022 bear mkt": -0.0553795193181259, + "2023 rate shock": 0.0016799684334058984, + "2024 vol spike": 0.01163054435785682, + "2025 tariff crash": 0.010803387460405212, + "2026 Q1 drawdown": -0.0014245825469875184 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.0553795193181259, + "max_ret": 0.01163054435785682, + "all_pos": false + }, + "brcax": { + "name": "Invesco Balanced-Risk Commodity Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -0.22245161126787477, + "corr_port": 0.2570221795261163, + "rets": { + "2022 bear mkt": 0.04707558621578678, + "2023 rate shock": 0.0074075274205920305, + "2024 vol spike": -0.05505958531867927, + "2025 tariff crash": -0.08579888207162034, + "2026 Q1 drawdown": 0.10408432147562596 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.08579888207162034, + "max_ret": 0.10408432147562596, + "all_pos": false + }, + "brkax": { + "name": "MFS Blended Research Emerging Markets Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 0.953615012820109, + "corr_port": 0.30827940684020216, + "rets": { + "2022 bear mkt": -0.2786774629882981, + "2023 rate shock": -0.10896452134167245, + "2024 vol spike": -0.07968984884423758, + "2025 tariff crash": -0.1346684533062471, + "2026 Q1 drawdown": -0.08936599653689481 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2786774629882981, + "max_ret": -0.07968984884423758, + "all_pos": false + }, + "brsdx": { + "name": "MFS Blended Research Small Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.673233000614297, + "corr_port": 0.28325466994555876, + "rets": { + "2022 bear mkt": -0.23333339835956168, + "2023 rate shock": -0.15096952831693333, + "2024 vol spike": -0.07528225111385634, + "2025 tariff crash": -0.2320702935249792, + "2026 Q1 drawdown": -0.07637540453074432 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23333339835956168, + "max_ret": -0.07528225111385634, + "all_pos": false + }, + "brudx": { + "name": "MFS Blended Research Value Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.7124305747116306, + "corr_port": 0.3869012727262534, + "rets": { + "2022 bear mkt": -0.14760379331634899, + "2023 rate shock": -0.0983166428772192, + "2024 vol spike": -0.052538439586332086, + "2025 tariff crash": -0.13810106836694058, + "2026 Q1 drawdown": -0.04781829049611486 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14760379331634899, + "max_ret": -0.04781829049611486, + "all_pos": false + }, + "brwax": { + "name": "MFS Blended Research Growth Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1518059107159384, + "corr_port": 0.1514470927055474, + "rets": { + "2022 bear mkt": -0.3016031787110698, + "2023 rate shock": -0.0907078710199879, + "2024 vol spike": -0.0907939206466375, + "2025 tariff crash": -0.23047029521601303, + "2026 Q1 drawdown": -0.12253832968636036 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3016031787110698, + "max_ret": -0.0907078710199879, + "all_pos": false + }, + "brxax": { + "name": "MFS Blended Research International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.0415586597490436, + "corr_port": 0.3908893793034419, + "rets": { + "2022 bear mkt": -0.2577710799685343, + "2023 rate shock": -0.10097719514376835, + "2024 vol spike": -0.0666184356591556, + "2025 tariff crash": -0.10597441471809577, + "2026 Q1 drawdown": -0.0842549236440231 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2577710799685343, + "max_ret": -0.0666184356591556, + "all_pos": false + }, + "bsnix": { + "name": "Baird Strategic Municipal Bond Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.350948338078365, + "corr_port": 0.06293023209942626, + "rets": { + "2022 bear mkt": -0.07918868544548296, + "2023 rate shock": -0.02737357556107267, + "2024 vol spike": 0.011704571555029464, + "2025 tariff crash": -0.015128722991791022, + "2026 Q1 drawdown": -0.005404024501443838 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07918868544548296, + "max_ret": 0.011704571555029464, + "all_pos": false + }, + "btbfx": { + "name": "Boston Trust Asset Management Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9068286733378899, + "corr_port": 0.29031676763168085, + "rets": { + "2022 bear mkt": -0.20396691952917556, + "2023 rate shock": -0.07533904605463071, + "2024 vol spike": -0.0430495403106399, + "2025 tariff crash": -0.11295681527579227, + "2026 Q1 drawdown": -0.05677069722442318 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20396691952917556, + "max_ret": -0.0430495403106399, + "all_pos": false + }, + "btefx": { + "name": "Boston Trust Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.617575519147931, + "corr_port": 0.3102134274820844, + "rets": { + "2022 bear mkt": -0.22251489774403632, + "2023 rate shock": -0.09290585831813991, + "2024 vol spike": -0.05833147389384219, + "2025 tariff crash": -0.15740122449046423, + "2026 Q1 drawdown": -0.07513059996213411 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22251489774403632, + "max_ret": -0.05833147389384219, + "all_pos": false + }, + "btiix": { + "name": "DWS Equity 500 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2552698234559087, + "corr_port": 0.28282764728644855, + "rets": { + "2022 bear mkt": -0.24555616553134463, + "2023 rate shock": -0.09740524652878457, + "2024 vol spike": -0.07169348708479584, + "2025 tariff crash": -0.1842382339733024, + "2026 Q1 drawdown": -0.08801259011892171 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24555616553134463, + "max_ret": -0.07169348708479584, + "all_pos": false + }, + "btmfx": { + "name": "Boston Trust Midcap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.568189032512805, + "corr_port": 0.3319391498863168, + "rets": { + "2022 bear mkt": -0.20457282264963395, + "2023 rate shock": -0.1113020835275339, + "2024 vol spike": -0.03765183302251662, + "2025 tariff crash": -0.13772213852339887, + "2026 Q1 drawdown": -0.06032285215281008 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20457282264963395, + "max_ret": -0.03765183302251662, + "all_pos": false + }, + "btmix": { + "name": "Baird Short-Term Municipal Bond Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.83207932835309, + "corr_port": 0.04877994949248887, + "rets": { + "2022 bear mkt": -0.05291194319642578, + "2023 rate shock": -0.011092439493446071, + "2024 vol spike": 0.00873833505948518, + "2025 tariff crash": -0.005124043008381762, + "2026 Q1 drawdown": -0.005145704359953762 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.05291194319642578, + "max_ret": 0.00873833505948518, + "all_pos": false + }, + "btsmx": { + "name": "Boston Trust SMID Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.09084950059165557, + "corr_port": 0.3068438211099643, + "rets": { + "2022 bear mkt": -0.20016482120895807, + "2023 rate shock": -0.11005436320479922, + "2024 vol spike": -0.03675288533743104, + "2025 tariff crash": -0.1502958564639839, + "2026 Q1 drawdown": -0.06598182797241525 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20016482120895807, + "max_ret": -0.03675288533743104, + "all_pos": false + }, + "bubsx": { + "name": "Baird Ultra Short Bond Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 5.422586799408942, + "corr_port": 0.039249728754247065, + "rets": { + "2022 bear mkt": -0.0018792173407342627, + "2023 rate shock": 0.011855696128832083, + "2024 vol spike": 0.003948552371614289, + "2025 tariff crash": 0.006125873026294526, + "2026 Q1 drawdown": 0.004241277174523939 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.0018792173407342627, + "max_ret": 0.011855696128832083, + "all_pos": false + }, + "bufgx": { + "name": "Buffalo Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.505208242390493, + "corr_port": 0.1629044849287588, + "rets": { + "2022 bear mkt": -0.3315571128014424, + "2023 rate shock": -0.11845996454787333, + "2024 vol spike": -0.08105022220760127, + "2025 tariff crash": -0.21257651822321277, + "2026 Q1 drawdown": -0.15061861215707373 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3315571128014424, + "max_ret": -0.08105022220760127, + "all_pos": false + }, + "bufmx": { + "name": "Buffalo Mid Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.0618019561227587, + "corr_port": 0.1832470852859033, + "rets": { + "2022 bear mkt": -0.3206967392120491, + "2023 rate shock": -0.14224392393638285, + "2024 vol spike": -0.038020508069822045, + "2025 tariff crash": -0.17758116651637001, + "2026 Q1 drawdown": -0.11049723756906071 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3206967392120491, + "max_ret": -0.038020508069822045, + "all_pos": false + }, + "buftx": { + "name": "Buffalo Mid Cap Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.436881105810133, + "corr_port": 0.16452743835989508, + "rets": { + "2022 bear mkt": -0.3225351976471341, + "2023 rate shock": -0.15330404410244003, + "2024 vol spike": -0.06874237708822406, + "2025 tariff crash": -0.19908757243330766, + "2026 Q1 drawdown": -0.13453385246471683 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3225351976471341, + "max_ret": -0.06874237708822406, + "all_pos": false + }, + "bxfcx": { + "name": "MML Barings Global Floating Rate Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 3.4359065119621763, + "corr_port": 0.3176191729169925, + "rets": { + "2022 bear mkt": -0.08079410772875761, + "2023 rate shock": 0.007352418531845872, + "2024 vol spike": -0.0029797119218499812, + "2025 tariff crash": -0.022808231565372705, + "2026 Q1 drawdown": -0.005998046249491074 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08079410772875761, + "max_ret": 0.007352418531845872, + "all_pos": false + }, + "bxitx": { + "name": "MML Barings Unconstrained Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.28238628976364794, + "corr_port": 0.31098166796243903, + "rets": { + "2022 bear mkt": -0.1262630166439771, + "2023 rate shock": -0.005312801152780766, + "2024 vol spike": 0.0014405028250019658, + "2025 tariff crash": -0.02221034022952506, + "2026 Q1 drawdown": -0.014458216425432768 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1262630166439771, + "max_ret": 0.0014405028250019658, + "all_pos": false + }, + "cabdx": { + "name": "AB RELATIVE VALUE FUND, INC.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.92785161175982, + "corr_port": 0.4020338058839423, + "rets": { + "2022 bear mkt": -0.15052176137537443, + "2023 rate shock": -0.0830669651914443, + "2024 vol spike": -0.056439893909986716, + "2025 tariff crash": -0.14893603656204069, + "2026 Q1 drawdown": -0.032786885245901565 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15052176137537443, + "max_ret": -0.032786885245901565, + "all_pos": false + }, + "cabix": { + "name": "AB GLOBAL RISK ALLOCATION FUND, INC.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1012090629895647, + "corr_port": 0.30433399548201784, + "rets": { + "2022 bear mkt": -0.13184472308457706, + "2023 rate shock": -0.06851845159042391, + "2024 vol spike": -0.022491362597491182, + "2025 tariff crash": -0.06406148474146023, + "2026 Q1 drawdown": -0.04297120669298915 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13184472308457706, + "max_ret": -0.022491362597491182, + "all_pos": false + }, + "caeax": { + "name": "Columbia Acorn European Fund", + "verdict": "weak/unstable alpha", + "t5": -1.823156884632709, + "corr_port": 0.23604839174006473, + "rets": { + "2022 bear mkt": -0.48382178984372104, + "2023 rate shock": -0.20371903440123917, + "2024 vol spike": -0.0516982009130974, + "2025 tariff crash": -0.13757853920487928, + "2026 Q1 drawdown": -0.14061301995325814 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.48382178984372104, + "max_ret": -0.0516982009130974, + "all_pos": false + }, + "caibx": { + "name": "CAPITAL INCOME BUILDER", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.1284474731510885, + "corr_port": 0.40862954797602363, + "rets": { + "2022 bear mkt": -0.17166767246178727, + "2023 rate shock": -0.07926571334932175, + "2024 vol spike": -0.02381964927142821, + "2025 tariff crash": -0.08354432802045542, + "2026 Q1 drawdown": -0.03227146417605775 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17166767246178727, + "max_ret": -0.02381964927142821, + "all_pos": false + }, + "canax": { + "name": "American Funds Strategic Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.157864930449631, + "corr_port": -0.13472484858628656, + "rets": { + "2022 bear mkt": -0.14428343892876616, + "2023 rate shock": -0.04088532478334006, + "2024 vol spike": 0.02957263087729811, + "2025 tariff crash": 0.024240498260270193, + "2026 Q1 drawdown": -0.013437209712719889 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14428343892876616, + "max_ret": 0.02957263087729811, + "all_pos": false + }, + "capax": { + "name": "Federated Hermes Capital Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.38418848003812034, + "corr_port": 0.3398230925944674, + "rets": { + "2022 bear mkt": -0.17516902678923674, + "2023 rate shock": -0.06019232297544308, + "2024 vol spike": -0.022185618560478182, + "2025 tariff crash": -0.08414926771777897, + "2026 Q1 drawdown": -0.03833793737204494 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17516902678923674, + "max_ret": -0.022185618560478182, + "all_pos": false + }, + "cavax": { + "name": "Catholic Values Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7992118954654537, + "corr_port": 0.3277824326129511, + "rets": { + "2022 bear mkt": -0.2638436591386657, + "2023 rate shock": -0.11342428668729865, + "2024 vol spike": -0.06447611249032315, + "2025 tariff crash": -0.17500002116395086, + "2026 Q1 drawdown": -0.0769672601952901 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2638436591386657, + "max_ret": -0.06447611249032315, + "all_pos": false + }, + "cbhcx": { + "name": "Victory Market Neutral Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.427362028982236, + "corr_port": 0.10648062246387816, + "rets": { + "2022 bear mkt": -0.053930289744613, + "2023 rate shock": 0.03127891134024119, + "2024 vol spike": 0.00786733730170508, + "2025 tariff crash": 0.017873506102005665, + "2026 Q1 drawdown": 0.04523157010776857 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.053930289744613, + "max_ret": 0.04523157010776857, + "all_pos": false + }, + "cblax": { + "name": "Columbia Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7667399798703909, + "corr_port": 0.25242536057339715, + "rets": { + "2022 bear mkt": -0.2091504331816344, + "2023 rate shock": -0.07016190321756532, + "2024 vol spike": -0.03723118099667477, + "2025 tariff crash": -0.11973205657594899, + "2026 Q1 drawdown": -0.06095478450319525 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2091504331816344, + "max_ret": -0.03723118099667477, + "all_pos": false + }, + "cbon": { + "name": "VanEck China Bond ETF", + "verdict": "weak/unstable alpha", + "t5": 1.2659539573610057, + "corr_port": 0.06769148971140691, + "rets": { + "2022 bear mkt": -0.09773123854318433, + "2023 rate shock": -0.01877201090296543, + "2024 vol spike": 0.02719561699832518, + "2025 tariff crash": -0.020255967086445836, + "2026 Q1 drawdown": 0.01410958370359161 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09773123854318433, + "max_ret": 0.02719561699832518, + "all_pos": false + }, + "cbsax": { + "name": "Columbia Select Mid Cap Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7763539101916733, + "corr_port": 0.11799380942141321, + "rets": { + "2022 bear mkt": -0.32404752085356603, + "2023 rate shock": -0.15900565352324514, + "2024 vol spike": -0.08042541797678826, + "2025 tariff crash": -0.2352465808583467, + "2026 Q1 drawdown": -0.11733871440881916 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32404752085356603, + "max_ret": -0.08042541797678826, + "all_pos": false + }, + "ccasx": { + "name": "Conestoga Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.161870060224454, + "corr_port": 0.1597854724044828, + "rets": { + "2022 bear mkt": -0.31404856840978235, + "2023 rate shock": -0.1527974475990439, + "2024 vol spike": -0.05627940815610011, + "2025 tariff crash": -0.19916355193964308, + "2026 Q1 drawdown": -0.10806000706278718 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31404856840978235, + "max_ret": -0.05627940815610011, + "all_pos": false + }, + "cccmx": { + "name": "Capital Group California Core Municipal Fund", + "verdict": "weak/unstable alpha", + "t5": 1.1707228748521585, + "corr_port": 0.016158922618857183, + "rets": { + "2022 bear mkt": -0.05862628714521989, + "2023 rate shock": -0.02514581118288528, + "2024 vol spike": 0.010784114441726, + "2025 tariff crash": -0.014493150509866326, + "2026 Q1 drawdown": -0.013033876172756087 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.05862628714521989, + "max_ret": 0.010784114441726, + "all_pos": false + }, + "ccfax": { + "name": "American Funds College 2036 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1000603420767707, + "corr_port": 0.2444390401318746, + "rets": { + "2022 bear mkt": -0.2396240776748746, + "2023 rate shock": -0.08230073819329486, + "2024 vol spike": -0.03953484200038759, + "2025 tariff crash": -0.10831420054689378, + "2026 Q1 drawdown": -0.05836298932384343 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2396240776748746, + "max_ret": -0.03953484200038759, + "all_pos": false + }, + "ccrsx": { + "name": "Cantor Fitzgerald Commodity Return Strategy Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7867228692498865, + "corr_port": 0.21529015826697542, + "rets": { + "2022 bear mkt": 0.15073487992503232, + "2023 rate shock": -0.0037453219540687366, + "2024 vol spike": -0.05011247956501752, + "2025 tariff crash": -0.09154221873819257, + "2026 Q1 drawdown": 0.07994045450517318 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09154221873819257, + "max_ret": 0.15073487992503232, + "all_pos": false + }, + "ccsax": { + "name": "Columbia Commodity Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0992298809752896, + "corr_port": 0.2259886693211108, + "rets": { + "2022 bear mkt": 0.16160394267097988, + "2023 rate shock": -0.00530798973815183, + "2024 vol spike": -0.05128212181085534, + "2025 tariff crash": -0.10503288704599012, + "2026 Q1 drawdown": 0.0891181988742964 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.10503288704599012, + "max_ret": 0.16160394267097988, + "all_pos": false + }, + "ccsmx": { + "name": "Conestoga SMid Cap Fund", + "verdict": "weak/unstable alpha", + "t5": -2.2611728571239285, + "corr_port": 0.16673439861064654, + "rets": { + "2022 bear mkt": -0.3190495437003318, + "2023 rate shock": -0.1408450390312722, + "2024 vol spike": -0.040799682704113605, + "2025 tariff crash": -0.15914394439301804, + "2026 Q1 drawdown": -0.13322161151145318 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3190495437003318, + "max_ret": -0.040799682704113605, + "all_pos": false + }, + "cdazx": { + "name": "Multi-Manager Directional Alternative Strategies Fund", + "verdict": "weak/unstable alpha", + "t5": 2.2291065782162365, + "corr_port": 0.4579231297920752, + "rets": { + "2022 bear mkt": -0.06504068086828318, + "2023 rate shock": -0.030303080878243294, + "2024 vol spike": -0.03378385431785347, + "2025 tariff crash": -0.06973693979465223, + "2026 Q1 drawdown": -0.06301369863013695 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.06973693979465223, + "max_ret": -0.030303080878243294, + "all_pos": false + }, + "cdcdx": { + "name": "THE COMMUNITY DEVELOPMENT FUND", + "verdict": "weak/unstable alpha", + "t5": 1.9568285532426999, + "corr_port": -0.1136834692366959, + "rets": { + "2022 bear mkt": -0.07629805881715968, + "2023 rate shock": -0.022887482070007015, + "2024 vol spike": 0.015893129140597484, + "2025 tariff crash": 0.013214691153029756, + "2026 Q1 drawdown": -0.001143232720231535 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.07629805881715968, + "max_ret": 0.015893129140597484, + "all_pos": false + }, + "cdgrx": { + "name": "Copeland Dividend Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5647863153740516, + "corr_port": 0.2969700835023504, + "rets": { + "2022 bear mkt": -0.2175794090043509, + "2023 rate shock": -0.12725839797411553, + "2024 vol spike": -0.061151051232779974, + "2025 tariff crash": -0.1523501557637923, + "2026 Q1 drawdown": -0.07430830039525682 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2175794090043509, + "max_ret": -0.061151051232779974, + "all_pos": false + }, + "cdhax": { + "name": "Calvert International Responsible Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.32292659269961743, + "corr_port": 0.33924694881077827, + "rets": { + "2022 bear mkt": -0.31554980387694376, + "2023 rate shock": -0.11701373461011466, + "2024 vol spike": -0.07050865176439558, + "2025 tariff crash": -0.1208439767385544, + "2026 Q1 drawdown": -0.0814536300023243 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31554980387694376, + "max_ret": -0.07050865176439558, + "all_pos": false + }, + "cefix": { + "name": "Calvert Emerging Markets Advancement Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9145839012673592, + "corr_port": 0.2552762342686834, + "rets": { + "2022 bear mkt": -0.1930977082152716, + "2023 rate shock": -0.12976404237393357, + "2024 vol spike": -0.0763422394313581, + "2025 tariff crash": -0.10491798894535564, + "2026 Q1 drawdown": -0.11380699675372608 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1930977082152716, + "max_ret": -0.0763422394313581, + "all_pos": false + }, + "cemgx": { + "name": "Cullen Emerging Markets High Dividend Fund", + "verdict": "weak/unstable alpha", + "t5": 1.1559340414473251, + "corr_port": 0.38024233708245986, + "rets": { + "2022 bear mkt": -0.22764597724398727, + "2023 rate shock": -0.08760580506548732, + "2024 vol spike": -0.1026234274793758, + "2025 tariff crash": -0.11155397143841217, + "2026 Q1 drawdown": -0.0657407565915974 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22764597724398727, + "max_ret": -0.0657407565915974, + "all_pos": false + }, + "cemvx": { + "name": "Causeway Emerging Markets Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6807332072690758, + "corr_port": 0.31132981988565955, + "rets": { + "2022 bear mkt": -0.29084966394322975, + "2023 rate shock": -0.0907317812207693, + "2024 vol spike": -0.08121832501620174, + "2025 tariff crash": -0.1394943749656531, + "2026 Q1 drawdown": -0.08780487804878034 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29084966394322975, + "max_ret": -0.08121832501620174, + "all_pos": false + }, + "cenax": { + "name": "American Funds College Enrollment Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.392714385719712, + "corr_port": -0.08282129629361833, + "rets": { + "2022 bear mkt": -0.08779006379032583, + "2023 rate shock": -0.017467283938837674, + "2024 vol spike": 0.008519711316247847, + "2025 tariff crash": -0.003201678350458703, + "2026 Q1 drawdown": -0.01039501039501034 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08779006379032583, + "max_ret": 0.008519711316247847, + "all_pos": false + }, + "cetfx": { + "name": "Morningstar Conservative ETF Asset Allocation Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1334088904760729, + "corr_port": 0.203258708962709, + "rets": { + "2022 bear mkt": -0.1490300737444621, + "2023 rate shock": -0.04137236689775714, + "2024 vol spike": -0.002912510351370745, + "2025 tariff crash": -0.032786877129197256, + "2026 Q1 drawdown": -0.022914757103574712 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1490300737444621, + "max_ret": -0.002912510351370745, + "all_pos": false + }, + "cfagx": { + "name": "The MidCap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.248082990299521, + "corr_port": 0.23760368722835007, + "rets": { + "2022 bear mkt": -0.25340006268489434, + "2023 rate shock": -0.10751491502394162, + "2024 vol spike": -0.06197549609559627, + "2025 tariff crash": -0.18721358555142775, + "2026 Q1 drawdown": -0.0719423926934809 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25340006268489434, + "max_ret": -0.06197549609559627, + "all_pos": false + }, + "cfbnx": { + "name": "The Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.247011200709692, + "corr_port": -0.07413933997885729, + "rets": { + "2022 bear mkt": -0.1390865611444132, + "2023 rate shock": -0.037110307027236056, + "2024 vol spike": 0.020306225691421487, + "2025 tariff crash": 0.006055802645306585, + "2026 Q1 drawdown": -0.00682537850878373 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1390865611444132, + "max_ret": 0.020306225691421487, + "all_pos": false + }, + "cfgrx": { + "name": "The Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.819466874596007, + "corr_port": 0.19465803678240173, + "rets": { + "2022 bear mkt": -0.28192812172185056, + "2023 rate shock": -0.08154516562121117, + "2024 vol spike": -0.08415739178785675, + "2025 tariff crash": -0.20206664173838695, + "2026 Q1 drawdown": -0.10817609836108821 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28192812172185056, + "max_ret": -0.08154516562121117, + "all_pos": false + }, + "cfiax": { + "name": "Columbia Flexible Capital Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5686247611124834, + "corr_port": 0.39431784807985487, + "rets": { + "2022 bear mkt": -0.16555915442403102, + "2023 rate shock": -0.0855790450316638, + "2024 vol spike": -0.023460354475775658, + "2025 tariff crash": -0.10661098207161157, + "2026 Q1 drawdown": -0.027326666530746446 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16555915442403102, + "max_ret": -0.023460354475775658, + "all_pos": false + }, + "cficx": { + "name": "Calvert Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5609147770996412, + "corr_port": 0.015888564198465346, + "rets": { + "2022 bear mkt": -0.17680009933712582, + "2023 rate shock": -0.04302545444791006, + "2024 vol spike": 0.01718475982908685, + "2025 tariff crash": -0.0018750988687519232, + "2026 Q1 drawdown": -0.011186071840332712 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17680009933712582, + "max_ret": 0.01718475982908685, + "all_pos": false + }, + "cfimx": { + "name": "Clipper Fund", + "verdict": "weak/unstable alpha", + "t5": -1.0097494551582928, + "corr_port": 0.17530675769053233, + "rets": { + "2022 bear mkt": -0.3075559542057559, + "2023 rate shock": -0.10262089555732434, + "2024 vol spike": -0.09342277151608824, + "2025 tariff crash": -0.16095216778936827, + "2026 Q1 drawdown": -0.06999392712784469 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3075559542057559, + "max_ret": -0.06999392712784469, + "all_pos": false + }, + "cfipx": { + "name": "Franklin Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2746976430082784, + "corr_port": 0.36428903528165235, + "rets": { + "2022 bear mkt": -0.23836651692386057, + "2023 rate shock": -0.08041246786348177, + "2024 vol spike": -0.0741200867963826, + "2025 tariff crash": -0.16744734969930142, + "2026 Q1 drawdown": -0.08124789166952351 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23836651692386057, + "max_ret": -0.0741200867963826, + "all_pos": false + }, + "cfmox": { + "name": "The Missouri Tax-Free Intermediate Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.044312819725945994, + "corr_port": 0.022439878603947822, + "rets": { + "2022 bear mkt": -0.09572479687089919, + "2023 rate shock": -0.05248637674226497, + "2024 vol spike": 0.01222886263102363, + "2025 tariff crash": -0.02600328805150387, + "2026 Q1 drawdown": -0.014400781151310715 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09572479687089919, + "max_ret": 0.01222886263102363, + "all_pos": false + }, + "cfnlx": { + "name": "The National Tax-Free Intermediate Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.38090361349644447, + "corr_port": 0.01832507354325999, + "rets": { + "2022 bear mkt": -0.09652121285487536, + "2023 rate shock": -0.0485104147714267, + "2024 vol spike": 0.012788215607962616, + "2025 tariff crash": -0.02063333488337815, + "2026 Q1 drawdown": -0.014818280954798535 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09652121285487536, + "max_ret": 0.012788215607962616, + "all_pos": false + }, + "cfrax": { + "name": "Catalyst/CIFC Senior Secured Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.010224065892803, + "corr_port": 0.29318873586765865, + "rets": { + "2022 bear mkt": -0.04671634358015364, + "2023 rate shock": 0.011106806854627171, + "2024 vol spike": -0.0009606404036808236, + "2025 tariff crash": -0.018313680773625607, + "2026 Q1 drawdown": -0.009328925689542689 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04671634358015364, + "max_ret": 0.011106806854627171, + "all_pos": false + }, + "cfsix": { + "name": "TOUCHSTONE SANDS CAPITAL SELECT GROWTH FUND", + "verdict": "weak/unstable alpha", + "t5": -2.45599202585367, + "corr_port": 0.03687364903187224, + "rets": { + "2022 bear mkt": -0.4934924435932795, + "2023 rate shock": -0.1646616188320026, + "2024 vol spike": -0.11931119645903365, + "2025 tariff crash": -0.26117886028268644, + "2026 Q1 drawdown": -0.15976330573159236 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4934924435932795, + "max_ret": -0.11931119645903365, + "all_pos": false + }, + "cfvax": { + "name": "Catholic Values Fixed Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9840439936916265, + "corr_port": -0.06568406127744893, + "rets": { + "2022 bear mkt": -0.16646161521522052, + "2023 rate shock": -0.049938808048509364, + "2024 vol spike": 0.022704531993434474, + "2025 tariff crash": 0.010261456283384929, + "2026 Q1 drawdown": -0.007029119407282458 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16646161521522052, + "max_ret": 0.022704531993434474, + "all_pos": false + }, + "cfvlx": { + "name": "The Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.05220817997351251, + "corr_port": 0.412172699754171, + "rets": { + "2022 bear mkt": -0.15007009030381602, + "2023 rate shock": -0.1096386025039503, + "2024 vol spike": -0.048845360530429094, + "2025 tariff crash": -0.13228232726823475, + "2026 Q1 drawdown": -0.0374664034347405 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15007009030381602, + "max_ret": -0.0374664034347405, + "all_pos": false + }, + "cgafx": { + "name": "Calvert Green Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4230337648879898, + "corr_port": -0.07830314053756096, + "rets": { + "2022 bear mkt": -0.14511477977682807, + "2023 rate shock": -0.03217869326537237, + "2024 vol spike": 0.02059807742394071, + "2025 tariff crash": 0.007063245902960924, + "2026 Q1 drawdown": -0.008353686504756541 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14511477977682807, + "max_ret": 0.02059807742394071, + "all_pos": false + }, + "cgoax": { + "name": "Columbia Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8077086681957764, + "corr_port": 0.11465669828547256, + "rets": { + "2022 bear mkt": -0.3773066282786558, + "2023 rate shock": -0.14090025542958728, + "2024 vol spike": -0.08541667022261457, + "2025 tariff crash": -0.24498290112361198, + "2026 Q1 drawdown": -0.1552794982832454 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3773066282786558, + "max_ret": -0.08541667022261457, + "all_pos": false + }, + "cgvyx": { + "name": "American Funds Global Insight Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.148885700017561, + "corr_port": 0.26356185895058504, + "rets": { + "2022 bear mkt": -0.2527223324258774, + "2023 rate shock": -0.09716221355284826, + "2024 vol spike": -0.04875953668378619, + "2025 tariff crash": -0.13832380034980118, + "2026 Q1 drawdown": -0.09476568593910373 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2527223324258774, + "max_ret": -0.04875953668378619, + "all_pos": false + }, + "chcgx": { + "name": "The Chesapeake Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.7581041299638005, + "corr_port": 0.21006977881343883, + "rets": { + "2022 bear mkt": -0.29593346142433974, + "2023 rate shock": -0.08214686107647096, + "2024 vol spike": -0.07477349346208095, + "2025 tariff crash": -0.17574858928039194, + "2026 Q1 drawdown": -0.1188467278683768 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29593346142433974, + "max_ret": -0.07477349346208095, + "all_pos": false + }, + "chclx": { + "name": "AB DISCOVERY GROWTH FUND, INC.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.160011913124591, + "corr_port": 0.1391082167024179, + "rets": { + "2022 bear mkt": -0.3710546582210308, + "2023 rate shock": -0.16445343601597784, + "2024 vol spike": -0.07495418409191823, + "2025 tariff crash": -0.24811400779460024, + "2026 Q1 drawdown": -0.13506711409395966 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3710546582210308, + "max_ret": -0.07495418409191823, + "all_pos": false + }, + "chtrx": { + "name": "Invesco Charter Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6171710690422203, + "corr_port": 0.249148718749115, + "rets": { + "2022 bear mkt": -0.2649794269336956, + "2023 rate shock": -0.10285726084799451, + "2024 vol spike": -0.07107101551402595, + "2025 tariff crash": -0.1798351229436692, + "2026 Q1 drawdown": -0.10189907364520612 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2649794269336956, + "max_ret": -0.07107101551402595, + "all_pos": false + }, + "chusx": { + "name": "ALGER GLOBAL EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.1803330794864824, + "corr_port": 0.20284846945399435, + "rets": { + "2022 bear mkt": -0.3611371147033752, + "2023 rate shock": -0.13598165373029314, + "2024 vol spike": -0.08336003067772468, + "2025 tariff crash": -0.20000004552773643, + "2026 Q1 drawdown": -0.11894125128910271 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3611371147033752, + "max_ret": -0.08336003067772468, + "all_pos": false + }, + "cibr": { + "name": "First Trust NASDAQ Cybersecurity ETF", + "verdict": "weak/unstable alpha", + "t5": 0.32727052779107013, + "corr_port": 0.0900177648008925, + "rets": { + "2022 bear mkt": -0.2674782246235744, + "2023 rate shock": -0.07931215921310586, + "2024 vol spike": -0.08852338180727748, + "2025 tariff crash": -0.18166470910392052, + "2026 Q1 drawdown": -0.12455847062215786 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2674782246235744, + "max_ret": -0.07931215921310586, + "all_pos": false + }, + "cigyx": { + "name": "AB International Growth Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -4.766381162465042, + "corr_port": 0.23867671110891847, + "rets": { + "2022 bear mkt": -0.3969883345013355, + "2023 rate shock": -0.19873533745117655, + "2024 vol spike": -0.06124307432490261, + "2025 tariff crash": -0.118131849908238, + "2026 Q1 drawdown": -0.15517241379310331 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3969883345013355, + "max_ret": -0.06124307432490261, + "all_pos": false + }, + "clazx": { + "name": "Columbia Multi Strategy Alternatives Fund", + "verdict": "weak/unstable alpha", + "t5": 1.7167110474117429, + "corr_port": 0.3536996714256518, + "rets": { + "2022 bear mkt": 0.009862798706049114, + "2023 rate shock": -0.01086587396224048, + "2024 vol spike": -0.02572673869768105, + "2025 tariff crash": -0.016549281692899487, + "2026 Q1 drawdown": 0.012618225986041898 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.02572673869768105, + "max_ret": 0.012618225986041898, + "all_pos": false + }, + "cldax": { + "name": "Calvert Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.09238760946103161, + "corr_port": -0.05912903549634408, + "rets": { + "2022 bear mkt": -0.1438491778612575, + "2023 rate shock": -0.037904686773244545, + "2024 vol spike": 0.021630929559401046, + "2025 tariff crash": 0.008558261251079724, + "2026 Q1 drawdown": -0.008939919319529754 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1438491778612575, + "max_ret": 0.021630929559401046, + "all_pos": false + }, + "clmax": { + "name": "Columbia Mortgage Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 1.2086129376246433, + "corr_port": -0.046601577797095305, + "rets": { + "2022 bear mkt": -0.18030002212305019, + "2023 rate shock": -0.050417155574140504, + "2024 vol spike": 0.03615343650670577, + "2025 tariff crash": 0.023278560742258758, + "2026 Q1 drawdown": -0.0030744401094863205 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.18030002212305019, + "max_ret": 0.03615343650670577, + "all_pos": false + }, + "clmpx": { + "name": "Columbia Strategic California Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2603865214532447, + "corr_port": 0.034013605119420955, + "rets": { + "2022 bear mkt": -0.1632682164325916, + "2023 rate shock": -0.07389327874953355, + "2024 vol spike": 0.019561205250564928, + "2025 tariff crash": -0.0378642815907031, + "2026 Q1 drawdown": -0.011290665235290986 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1632682164325916, + "max_ret": 0.019561205250564928, + "all_pos": false + }, + "cmaix": { + "name": "Invesco Select Risk: Moderately Conservative Investor Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.42556848418350796, + "corr_port": 0.26013724291360324, + "rets": { + "2022 bear mkt": -0.20178675623567632, + "2023 rate shock": -0.06680818335441052, + "2024 vol spike": -0.01691734908408271, + "2025 tariff crash": -0.0713609593587391, + "2026 Q1 drawdown": -0.03549087528544226 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20178675623567632, + "max_ret": -0.01691734908408271, + "all_pos": false + }, + "cmgix": { + "name": "BLACKROCK MID CAP GROWTH EQUITY PORTFOLIO", + "verdict": "weak/unstable alpha", + "t5": -2.543800068551448, + "corr_port": 0.12572878999219636, + "rets": { + "2022 bear mkt": -0.3903962479264935, + "2023 rate shock": -0.14199062185789624, + "2024 vol spike": -0.07935307632876898, + "2025 tariff crash": -0.25933337015942304, + "2026 Q1 drawdown": -0.11167920688569422 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3903962479264935, + "max_ret": -0.07935307632876898, + "all_pos": false + }, + "cmgux": { + "name": "Columbia Ultra Short Term Bond Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 2.967566252326398, + "corr_port": 0.08262610435958427, + "rets": { + "2022 bear mkt": -0.0004166707794152069, + "2023 rate shock": 0.010170576611425508, + "2024 vol spike": 0.005320920712892807, + "2025 tariff crash": 0.006612171319172466, + "2026 Q1 drawdown": 0.0042192286632614096 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.0004166707794152069, + "max_ret": 0.010170576611425508, + "all_pos": false + }, + "cmiex": { + "name": "Multi-Manager International Equity Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.17639529799774897, + "corr_port": 0.34449815461155114, + "rets": { + "2022 bear mkt": -0.30157412500244085, + "2023 rate shock": -0.10590280450034617, + "2024 vol spike": -0.06509798576949877, + "2025 tariff crash": -0.11945120532555054, + "2026 Q1 drawdown": -0.10562414266117981 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30157412500244085, + "max_ret": -0.06509798576949877, + "all_pos": false + }, + "cmvix": { + "name": "BLACKROCK ADVANTAGE LARGE CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1603571599314935, + "corr_port": 0.17005198642697925, + "rets": { + "2022 bear mkt": -0.32108567642124364, + "2023 rate shock": -0.09049150203823297, + "2024 vol spike": -0.09118994609109898, + "2025 tariff crash": -0.22548647428204427, + "2026 Q1 drawdown": -0.11493051434977741 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32108567642124364, + "max_ret": -0.09049150203823297, + "all_pos": false + }, + "cnsax": { + "name": "INVESCO CONVERTIBLE SECURITIES FUND", + "verdict": "weak/unstable alpha", + "t5": -0.2557622389172072, + "corr_port": 0.16525270547191712, + "rets": { + "2022 bear mkt": -0.1825072128092451, + "2023 rate shock": -0.07365286819623229, + "2024 vol spike": -0.03294326742596665, + "2025 tariff crash": -0.11803624550050595, + "2026 Q1 drawdown": -0.07479229572193791 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1825072128092451, + "max_ret": -0.03294326742596665, + "all_pos": false + }, + "cnxt": { + "name": "VanEck ChiNext Innovators ETF", + "verdict": "weak/unstable alpha", + "t5": 0.3927872413484875, + "corr_port": 0.0895312973950305, + "rets": { + "2022 bear mkt": -0.3685058922896469, + "2023 rate shock": -0.1524259637406331, + "2024 vol spike": -0.0319221950937959, + "2025 tariff crash": -0.22707781042320818, + "2026 Q1 drawdown": -0.006138982544639626 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3685058922896469, + "max_ret": -0.006138982544639626, + "all_pos": false + }, + "coeax": { + "name": "Columbia Oregon Intermediate Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.06651501582449484, + "corr_port": 0.027366078343223875, + "rets": { + "2022 bear mkt": -0.08898045224017903, + "2023 rate shock": -0.03402266723609648, + "2024 vol spike": 0.011333130215397613, + "2025 tariff crash": -0.019833020080691544, + "2026 Q1 drawdown": -0.010983497998338865 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08898045224017903, + "max_ret": 0.011333130215397613, + "all_pos": false + }, + "coiax": { + "name": "SIMT Conservative Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 6.970407323093557, + "corr_port": 0.05713621484344017, + "rets": { + "2022 bear mkt": 0.006629600733365715, + "2023 rate shock": 0.008959970576569054, + "2024 vol spike": 0.0052219873634360425, + "2025 tariff crash": 0.007037024663842262, + "2026 Q1 drawdown": 0.005926273082737188 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.0052219873634360425, + "max_ret": 0.008959970576569054, + "all_pos": true + }, + "colnx": { + "name": "Columbia Strategic New York Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.09235181439637621, + "corr_port": 0.0348745816334198, + "rets": { + "2022 bear mkt": -0.16478729103456236, + "2023 rate shock": -0.07003911948593255, + "2024 vol spike": 0.019548491309664184, + "2025 tariff crash": -0.04483308856134327, + "2026 Q1 drawdown": -0.006944517835801967 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16478729103456236, + "max_ret": 0.019548491309664184, + "all_pos": false + }, + "coltx": { + "name": "Columbia Total Return Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.24755892471027882, + "corr_port": 0.04415948336824439, + "rets": { + "2022 bear mkt": -0.14282969335487206, + "2023 rate shock": -0.07244403214740847, + "2024 vol spike": 0.0178152412829109, + "2025 tariff crash": -0.04648819267277071, + "2026 Q1 drawdown": -0.009469966794992235 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14282969335487206, + "max_ret": 0.0178152412829109, + "all_pos": false + }, + "comax": { + "name": "DWS Digital Horizons Fund", + "verdict": "weak/unstable alpha", + "t5": -1.613201315475665, + "corr_port": 0.15260101179665342, + "rets": { + "2022 bear mkt": -0.3996970147668948, + "2023 rate shock": -0.08308385199665791, + "2024 vol spike": -0.0566667578881056, + "2025 tariff crash": -0.25346483973701694, + "2026 Q1 drawdown": -0.15566897668013757 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3996970147668948, + "max_ret": -0.0566667578881056, + "all_pos": false + }, + "cosix": { + "name": "Columbia Strategic Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6544462573044783, + "corr_port": 0.14900065311998206, + "rets": { + "2022 bear mkt": -0.13786443204808008, + "2023 rate shock": -0.02945980303412521, + "2024 vol spike": 0.012612396417294613, + "2025 tariff crash": -0.0008786094119296317, + "2026 Q1 drawdown": -0.008165541945801436 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13786443204808008, + "max_ret": 0.012612396417294613, + "all_pos": false + }, + "cpoax": { + "name": "Morgan Stanley Insight Fund", + "verdict": "weak/unstable alpha", + "t5": -1.397145915923353, + "corr_port": -0.04783552231926079, + "rets": { + "2022 bear mkt": -0.5399641932096853, + "2023 rate shock": -0.2236894878051814, + "2024 vol spike": -0.09417375501104386, + "2025 tariff crash": -0.2695219483919522, + "2026 Q1 drawdown": -0.13834175446633068 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.5399641932096853, + "max_ret": -0.09417375501104386, + "all_pos": false + }, + "cppcx": { + "name": "American Funds Preservation Portfolio", + "verdict": "weak/unstable alpha", + "t5": -2.6498085972737275, + "corr_port": -0.1178745243515308, + "rets": { + "2022 bear mkt": -0.07453144468796757, + "2023 rate shock": -0.002375226921440432, + "2024 vol spike": 0.012810501164999266, + "2025 tariff crash": 0.012908273269262693, + "2026 Q1 drawdown": -0.00369096219610332 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.07453144468796757, + "max_ret": 0.012908273269262693, + "all_pos": false + }, + "cptnx": { + "name": "GOVERNMENT BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.07853384145182744, + "corr_port": -0.14367553545814413, + "rets": { + "2022 bear mkt": -0.1316647975808659, + "2023 rate shock": -0.0480047709892667, + "2024 vol spike": 0.025918230839759193, + "2025 tariff crash": 0.01319733935826628, + "2026 Q1 drawdown": -0.004292901194891119 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1316647975808659, + "max_ret": 0.025918230839759193, + "all_pos": false + }, + "cpxax": { + "name": "Cohen & Steers Preferred Securities & Income Fund, Inc.", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5822177224226556, + "corr_port": 0.297230736431155, + "rets": { + "2022 bear mkt": -0.15052935294376002, + "2023 rate shock": -0.030193678277707137, + "2024 vol spike": -0.007105919886636891, + "2025 tariff crash": -0.027869455637824392, + "2026 Q1 drawdown": -0.021317140863856943 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15052935294376002, + "max_ret": -0.007105919886636891, + "all_pos": false + }, + "cracx": { + "name": "Columbia Adaptive Risk Allocation Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2687045057053054, + "corr_port": 0.22532847308145257, + "rets": { + "2022 bear mkt": -0.1754212627717363, + "2023 rate shock": -0.0811138131581165, + "2024 vol spike": -0.03497261057504075, + "2025 tariff crash": -0.08737881927899727, + "2026 Q1 drawdown": -0.031853281853281845 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1754212627717363, + "max_ret": -0.031853281853281845, + "all_pos": false + }, + "craix": { + "name": "CCM Community Impact Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.20881308811852053, + "corr_port": -0.12780976941594752, + "rets": { + "2022 bear mkt": -0.10957094938740419, + "2023 rate shock": -0.029276413387385625, + "2024 vol spike": 0.0194276303248051, + "2025 tariff crash": 0.011472285336356247, + "2026 Q1 drawdown": -0.0032422183134305227 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.10957094938740419, + "max_ret": 0.0194276303248051, + "all_pos": false + }, + "crak": { + "name": "VanEck Oil Refiners ETF", + "verdict": "weak/unstable alpha", + "t5": 0.6180015400103968, + "corr_port": 0.44154640834709485, + "rets": { + "2022 bear mkt": -0.002482240670268032, + "2023 rate shock": -0.011510488741903968, + "2024 vol spike": -0.061149378991071535, + "2025 tariff crash": -0.16378199222501677, + "2026 Q1 drawdown": 0.1595882919576077 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16378199222501677, + "max_ret": 0.1595882919576077, + "all_pos": false + }, + "creax": { + "name": "Columbia Real Estate Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.249061664657635, + "corr_port": 0.23768212860082066, + "rets": { + "2022 bear mkt": -0.30205747579197373, + "2023 rate shock": -0.15174305303857083, + "2024 vol spike": -0.01947420745751094, + "2025 tariff crash": -0.1466798536743571, + "2026 Q1 drawdown": 0.00423280914379176 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.30205747579197373, + "max_ret": 0.00423280914379176, + "all_pos": false + }, + "crihx": { + "name": "CRM LONG/SHORT OPPORTUNITIES FUND", + "verdict": "weak/unstable alpha", + "t5": -0.23393840653966574, + "corr_port": 0.23881152028192626, + "rets": { + "2022 bear mkt": -0.08774837821314485, + "2023 rate shock": -0.061475402039496085, + "2024 vol spike": -0.03487494841795136, + "2025 tariff crash": -0.09646302250803851, + "2026 Q1 drawdown": -0.05429864253393668 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.09646302250803851, + "max_ret": -0.03487494841795136, + "all_pos": false + }, + "crsox": { + "name": "Cantor Fitzgerald Commodity Return Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9528994793145646, + "corr_port": 0.21409020123230452, + "rets": { + "2022 bear mkt": 0.15662004154179354, + "2023 rate shock": -0.0040592382356220424, + "2024 vol spike": -0.049579654120925576, + "2025 tariff crash": -0.0912676256106979, + "2026 Q1 drawdown": 0.07827041553555247 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.0912676256106979, + "max_ret": 0.15662004154179354, + "all_pos": false + }, + "csdax": { + "name": "Calvert Short Duration Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 4.475528981728228, + "corr_port": 0.05323246528588834, + "rets": { + "2022 bear mkt": -0.06648542156504167, + "2023 rate shock": -0.000262400905125304, + "2024 vol spike": 0.01050874108139177, + "2025 tariff crash": 0.008648004784237884, + "2026 Q1 drawdown": -0.00426919098071965 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06648542156504167, + "max_ret": 0.01050874108139177, + "all_pos": false + }, + "cseix": { + "name": "Cohen & Steers Real Estate Securities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7443075392476869, + "corr_port": 0.2359617245755928, + "rets": { + "2022 bear mkt": -0.3221885266100235, + "2023 rate shock": -0.15074965960418696, + "2024 vol spike": -0.003687862172703449, + "2025 tariff crash": -0.11652369552100428, + "2026 Q1 drawdown": -0.0018349226697875753 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3221885266100235, + "max_ret": -0.0018349226697875753, + "all_pos": false + }, + "csfax": { + "name": "Cohen & Steers Global Realty Shares, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3085042309041912, + "corr_port": 0.3050305362528093, + "rets": { + "2022 bear mkt": -0.32332925806856383, + "2023 rate shock": -0.14711722988579867, + "2024 vol spike": -0.02551990823974004, + "2025 tariff crash": -0.11654346930530823, + "2026 Q1 drawdown": -0.03395895316894182 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32332925806856383, + "max_ret": -0.02551990823974004, + "all_pos": false + }, + "cshix": { + "name": "Credit Suisse Floating Rate High Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.094230689665389, + "corr_port": 0.29103328055713173, + "rets": { + "2022 bear mkt": -0.03374530900537809, + "2023 rate shock": 0.0109431829714155, + "2024 vol spike": 0.0012693919732638115, + "2025 tariff crash": -0.018125037663014543, + "2026 Q1 drawdown": 0.00017892386832363272 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.03374530900537809, + "max_ret": 0.0109431829714155, + "all_pos": false + }, + "cshtx": { + "name": "AB Taxable Multi-Sector Income Shares", + "verdict": "weak/unstable alpha", + "t5": -0.9186764375211717, + "corr_port": 0.006816165978215763, + "rets": { + "2022 bear mkt": -0.04168753431079497, + "2023 rate shock": 0.005902457283032847, + "2024 vol spike": 0.009986500908184981, + "2025 tariff crash": 0.007166600113810873, + "2026 Q1 drawdown": 8.58498190843271e-05 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.04168753431079497, + "max_ret": 0.009986500908184981, + "all_pos": false + }, + "csibx": { + "name": "Calvert Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6773431195414596, + "corr_port": -0.05935996297691614, + "rets": { + "2022 bear mkt": -0.14016841571729777, + "2023 rate shock": -0.038956184680587924, + "2024 vol spike": 0.021185321426615777, + "2025 tariff crash": 0.006626225091049154, + "2026 Q1 drawdown": -0.008761688398486345 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14016841571729777, + "max_ret": 0.021185321426615777, + "all_pos": false + }, + "csmdx": { + "name": "Copeland SMID Cap Dividend Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2533088603439952, + "corr_port": 0.3022380150238775, + "rets": { + "2022 bear mkt": -0.2018987384745381, + "2023 rate shock": -0.1395036845836236, + "2024 vol spike": -0.06475250341048033, + "2025 tariff crash": -0.1712813408724606, + "2026 Q1 drawdown": -0.04559457794208255 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2018987384745381, + "max_ret": -0.04559457794208255, + "all_pos": false + }, + "csmix": { + "name": "Columbia Small Cap Value Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.9384719337367438, + "corr_port": 0.31437704867992783, + "rets": { + "2022 bear mkt": -0.18955984389266523, + "2023 rate shock": -0.14209045703984002, + "2024 vol spike": -0.0873323588771937, + "2025 tariff crash": -0.21903910323786124, + "2026 Q1 drawdown": -0.07647305181117847 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21903910323786124, + "max_ret": -0.07647305181117847, + "all_pos": false + }, + "csoax": { + "name": "Credit Suisse Strategic Income Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.7381120230082334, + "corr_port": 0.3199550604966908, + "rets": { + "2022 bear mkt": -0.09007987695668562, + "2023 rate shock": -0.009600318233166094, + "2024 vol spike": 6.781369495278966e-06, + "2025 tariff crash": -0.024110756222272656, + "2026 Q1 drawdown": -0.01743843977395243 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09007987695668562, + "max_ret": 6.781369495278966e-06, + "all_pos": false + }, + "csrix": { + "name": "Cohen & Steers Institutional Realty Shares", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1536637300779, + "corr_port": 0.23396974002922233, + "rets": { + "2022 bear mkt": -0.3045807094674934, + "2023 rate shock": -0.15060336351103254, + "2024 vol spike": -0.0026811113642499773, + "2025 tariff crash": -0.1148189157009405, + "2026 Q1 drawdown": -0.0014323554529436233 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3045807094674934, + "max_ret": -0.0014323554529436233, + "all_pos": false + }, + "csrsx": { + "name": "Cohen & Steers Realty Shares", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1670064174343884, + "corr_port": 0.2338349034359993, + "rets": { + "2022 bear mkt": -0.3073949432123525, + "2023 rate shock": -0.15200452266646247, + "2024 vol spike": -0.0030189290350803866, + "2025 tariff crash": -0.11399502051981081, + "2026 Q1 drawdown": -0.0020903997517141004 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3073949432123525, + "max_ret": -0.0020903997517141004, + "all_pos": false + }, + "cstax": { + "name": "American Funds College 2027 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9947536420104309, + "corr_port": 0.29097203798924515, + "rets": { + "2022 bear mkt": -0.13699693606874586, + "2023 rate shock": -0.04314062790731832, + "2024 vol spike": 0.003303015844534629, + "2025 tariff crash": -0.01654257615847965, + "2026 Q1 drawdown": -0.012944983818770184 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13699693606874586, + "max_ret": 0.003303015844534629, + "all_pos": false + }, + "csuax": { + "name": "Cohen & Steers Global Infrastructure Fund Inc.", + "verdict": "weak/unstable alpha", + "t5": 0.638359571449061, + "corr_port": 0.335281436257169, + "rets": { + "2022 bear mkt": -0.1565400402458127, + "2023 rate shock": -0.11234401674761185, + "2024 vol spike": 0.00215871356168984, + "2025 tariff crash": -0.04198807933814941, + "2026 Q1 drawdown": 0.038446349715096195 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1565400402458127, + "max_ret": 0.038446349715096195, + "all_pos": false + }, + "csvax": { + "name": "Columbia International Dividend Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5183489649872852, + "corr_port": 0.3811103660198612, + "rets": { + "2022 bear mkt": -0.2832223862211488, + "2023 rate shock": -0.09175281053785422, + "2024 vol spike": -0.0753720726430479, + "2025 tariff crash": -0.1096686387017406, + "2026 Q1 drawdown": -0.058038849907764756 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2832223862211488, + "max_ret": -0.058038849907764756, + "all_pos": false + }, + "ctagx": { + "name": "Calamos Timpani SMID Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.41928450524625405, + "corr_port": 0.08687582320090943, + "rets": { + "2022 bear mkt": -0.3251057782029171, + "2023 rate shock": -0.16104878284291457, + "2024 vol spike": -0.08230769783196945, + "2025 tariff crash": -0.22051972969462708, + "2026 Q1 drawdown": -0.06880739284361281 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3251057782029171, + "max_ret": -0.06880739284361281, + "all_pos": false + }, + "ctcax": { + "name": "Columbia Global Technology Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.20227247140495355, + "corr_port": 0.1353958588519295, + "rets": { + "2022 bear mkt": -0.3754375930866882, + "2023 rate shock": -0.10830037565733952, + "2024 vol spike": -0.11380239061661779, + "2025 tariff crash": -0.2555964954452088, + "2026 Q1 drawdown": -0.1361165213138601 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3754375930866882, + "max_ret": -0.10830037565733952, + "all_pos": false + }, + "ctfax": { + "name": "Columbia Thermostat Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.13072715476015, + "corr_port": 0.19533431960962236, + "rets": { + "2022 bear mkt": -0.16365385534147858, + "2023 rate shock": -0.05897770421519477, + "2024 vol spike": -0.012851909151632368, + "2025 tariff crash": -0.061557002907201896, + "2026 Q1 drawdown": -0.03188561891914066 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16365385534147858, + "max_ret": -0.012851909151632368, + "all_pos": false + }, + "cthax": { + "name": "American Funds College 2030 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3031530020256977, + "corr_port": 0.3213946789819491, + "rets": { + "2022 bear mkt": -0.16702512699759509, + "2023 rate shock": -0.05711990368275088, + "2024 vol spike": -0.00751307604776319, + "2025 tariff crash": -0.04253737180611705, + "2026 Q1 drawdown": -0.022955523672883782 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16702512699759509, + "max_ret": -0.00751307604776319, + "all_pos": false + }, + "ctlax": { + "name": "American Funds College 2033 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.07276072307707751, + "corr_port": 0.2892663968944992, + "rets": { + "2022 bear mkt": -0.20649661334433, + "2023 rate shock": -0.06748471232420328, + "2024 vol spike": -0.01985701918996785, + "2025 tariff crash": -0.06998444867980813, + "2026 Q1 drawdown": -0.03797468354430378 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20649661334433, + "max_ret": -0.01985701918996785, + "all_pos": false + }, + "ctrzx": { + "name": "Multi-Manager Total Return Bond Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5646938678714031, + "corr_port": -0.09873744886889077, + "rets": { + "2022 bear mkt": -0.15708630764391074, + "2023 rate shock": -0.044291905996065584, + "2024 vol spike": 0.02364941197073911, + "2025 tariff crash": 0.008608551973573908, + "2026 Q1 drawdown": -0.006485027809285948 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15708630764391074, + "max_ret": 0.02364941197073911, + "all_pos": false + }, + "cusex": { + "name": "Capital Group U.S. Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.12328224910700027, + "corr_port": 0.27967211508772066, + "rets": { + "2022 bear mkt": -0.20184744549230038, + "2023 rate shock": -0.07633114013681597, + "2024 vol spike": -0.05362239807937552, + "2025 tariff crash": -0.1734545886244686, + "2026 Q1 drawdown": -0.09008853599575928 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20184744549230038, + "max_ret": -0.05362239807937552, + "all_pos": false + }, + "cwbfx": { + "name": "CAPITAL WORLD BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1780183844859726, + "corr_port": 0.017548836695955257, + "rets": { + "2022 bear mkt": -0.22541421911050386, + "2023 rate shock": -0.05151633350848772, + "2024 vol spike": 0.022896035126548586, + "2025 tariff crash": 0.008771926915906336, + "2026 Q1 drawdown": -0.03863826678191751 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.22541421911050386, + "max_ret": 0.022896035126548586, + "all_pos": false + }, + "cwgix": { + "name": "CAPITAL WORLD GROWTH & INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4024377755412209, + "corr_port": 0.3455265621097431, + "rets": { + "2022 bear mkt": -0.270345684558449, + "2023 rate shock": -0.09515847874740568, + "2024 vol spike": -0.06984761585497579, + "2025 tariff crash": -0.15144860040676844, + "2026 Q1 drawdown": -0.09888672291912037 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.270345684558449, + "max_ret": -0.06984761585497579, + "all_pos": false + }, + "cxhyx": { + "name": "Nomura National High-Yield Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.09001315641123613, + "corr_port": 0.05541654463553314, + "rets": { + "2022 bear mkt": -0.16470542362901464, + "2023 rate shock": -0.08605119726558563, + "2024 vol spike": 0.018567689544606303, + "2025 tariff crash": -0.04687273683307269, + "2026 Q1 drawdown": -0.01083195635380263 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16470542362901464, + "max_ret": 0.018567689544606303, + "all_pos": false + }, + "cybax": { + "name": "Calvert High Yield Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.41331100071632576, + "corr_port": 0.2903668700091865, + "rets": { + "2022 bear mkt": -0.13612296344213937, + "2023 rate shock": -0.027800159319948947, + "2024 vol spike": -0.0018646595332167948, + "2025 tariff crash": -0.0259304100270511, + "2026 Q1 drawdown": -0.018452478661970306 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13612296344213937, + "max_ret": -0.0018646595332167948, + "all_pos": false + }, + "czmgx": { + "name": "Columbia Integrated Large Cap Growth Fund II", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6120388371330538, + "corr_port": 0.11409922483904655, + "rets": { + "2022 bear mkt": -0.32312713809748383, + "2023 rate shock": -0.10280929051833976, + "2024 vol spike": -0.08746807298675496, + "2025 tariff crash": -0.21877932529100375, + "2026 Q1 drawdown": -0.12511988853691813 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32312713809748383, + "max_ret": -0.08746807298675496, + "all_pos": false + }, + "czmsx": { + "name": "Multi-Manager Small Cap Equity Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4827326889061718, + "corr_port": 0.2651823518503439, + "rets": { + "2022 bear mkt": -0.254184150727789, + "2023 rate shock": -0.167845631787915, + "2024 vol spike": -0.08095234797026407, + "2025 tariff crash": -0.22309074976955212, + "2026 Q1 drawdown": -0.07777783470507194 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.254184150727789, + "max_ret": -0.07777783470507194, + "all_pos": false + }, + "czmvx": { + "name": "Multi-Manager Value Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.0004964458525896136, + "corr_port": 0.388798668971174, + "rets": { + "2022 bear mkt": -0.18476187215540096, + "2023 rate shock": -0.10552190258385352, + "2024 vol spike": -0.054556193561809185, + "2025 tariff crash": -0.13659187558130303, + "2026 Q1 drawdown": -0.033422630906095985 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18476187215540096, + "max_ret": -0.033422630906095985, + "all_pos": false + }, + "dagvx": { + "name": "BNY Mellon Dynamic Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.106284973269072, + "corr_port": 0.3990619591523295, + "rets": { + "2022 bear mkt": -0.10277452421583622, + "2023 rate shock": -0.06886607344727558, + "2024 vol spike": -0.054331267324696175, + "2025 tariff crash": -0.14776849534073555, + "2026 Q1 drawdown": -0.046457193050946644 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14776849534073555, + "max_ret": -0.046457193050946644, + "all_pos": false + }, + "davpx": { + "name": "Davenport Core Leaders Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2929862646875623, + "corr_port": 0.26715307721690285, + "rets": { + "2022 bear mkt": -0.25604617399574436, + "2023 rate shock": -0.07611790437997368, + "2024 vol spike": -0.05007069144511045, + "2025 tariff crash": -0.16884072019879093, + "2026 Q1 drawdown": -0.08589325933921765 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25604617399574436, + "max_ret": -0.05007069144511045, + "all_pos": false + }, + "dbalx": { + "name": "Davenport Balanced Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.023451539120395437, + "corr_port": 0.3587815708726959, + "rets": { + "2022 bear mkt": -0.15414862992189204, + "2023 rate shock": -0.07787411721406312, + "2024 vol spike": -0.015969573281870986, + "2025 tariff crash": -0.06353514157041251, + "2026 Q1 drawdown": -0.018166328445074154 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15414862992189204, + "max_ret": -0.015969573281870986, + "all_pos": false + }, + "dbicx": { + "name": "DWS Global Macro Fund", + "verdict": "weak/unstable alpha", + "t5": -0.781548491843171, + "corr_port": 0.30334616811530735, + "rets": { + "2022 bear mkt": -0.12645703184722912, + "2023 rate shock": -0.05079936129319895, + "2024 vol spike": -0.02620965222643723, + "2025 tariff crash": -0.04459156111619644, + "2026 Q1 drawdown": -0.05747076862909861 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12645703184722912, + "max_ret": -0.02620965222643723, + "all_pos": false + }, + "dbmix": { + "name": "BNY Mellon Bond Market Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.21515100179507393, + "corr_port": -0.11772772706375804, + "rets": { + "2022 bear mkt": -0.14814612912573644, + "2023 rate shock": -0.0409612039851982, + "2024 vol spike": 0.022955221718546914, + "2025 tariff crash": 0.008961402691819664, + "2026 Q1 drawdown": -0.005325396921284198 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14814612912573644, + "max_ret": 0.022955221718546914, + "all_pos": false + }, + "dboax": { + "name": "BNY Mellon Balanced Opportunity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1092097859328263, + "corr_port": 0.26024753055931127, + "rets": { + "2022 bear mkt": -0.20900018265898213, + "2023 rate shock": -0.07478717025624682, + "2024 vol spike": -0.0438015355355329, + "2025 tariff crash": -0.12020595398123335, + "2026 Q1 drawdown": -0.059008833463237265 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20900018265898213, + "max_ret": -0.0438015355355329, + "all_pos": false + }, + "dccax": { + "name": "Nomura Small Cap Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5590415061198096, + "corr_port": 0.2797211782632119, + "rets": { + "2022 bear mkt": -0.22351421570564955, + "2023 rate shock": -0.17085615301515267, + "2024 vol spike": -0.07958008912096326, + "2025 tariff crash": -0.2117765151219032, + "2026 Q1 drawdown": -0.07492701913720401 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22351421570564955, + "max_ret": -0.07492701913720401, + "all_pos": false + }, + "dcpyx": { + "name": "BNY Mellon Core Plus Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8347756777268637, + "corr_port": -0.016272728918928288, + "rets": { + "2022 bear mkt": -0.1557171086280803, + "2023 rate shock": -0.04332021083924775, + "2024 vol spike": 0.022111775100501108, + "2025 tariff crash": 0.001584321075306594, + "2026 Q1 drawdown": -0.009886915225371329 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1557171086280803, + "max_ret": 0.022111775100501108, + "all_pos": false + }, + "dcsvx": { + "name": "Dunham Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9097294159148681, + "corr_port": 0.3618114563621494, + "rets": { + "2022 bear mkt": -0.21257696529164227, + "2023 rate shock": -0.14622257476251166, + "2024 vol spike": -0.07014926780881103, + "2025 tariff crash": -0.2104802717936115, + "2026 Q1 drawdown": -0.04358353510895896 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21257696529164227, + "max_ret": -0.04358353510895896, + "all_pos": false + }, + "dcuax": { + "name": "DWS CROCI U.S. Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5098007733705114, + "corr_port": 0.3561586474358129, + "rets": { + "2022 bear mkt": -0.23275209612887537, + "2023 rate shock": -0.1021069368145392, + "2024 vol spike": -0.06901215490555501, + "2025 tariff crash": -0.1915473295641631, + "2026 Q1 drawdown": -0.051401869158878455 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23275209612887537, + "max_ret": -0.051401869158878455, + "all_pos": false + }, + "dddax": { + "name": "13D Activist Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5458671563309999, + "corr_port": 0.29151716718119575, + "rets": { + "2022 bear mkt": -0.25000004721462066, + "2023 rate shock": -0.17172680689174624, + "2024 vol spike": -0.06093530768477762, + "2025 tariff crash": -0.22189774272832263, + "2026 Q1 drawdown": -0.06422018658716488 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25000004721462066, + "max_ret": -0.06093530768477762, + "all_pos": false + }, + "ddfax": { + "name": "Nomura Floating Rate Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 5.099297100814656, + "corr_port": 0.2782139573064615, + "rets": { + "2022 bear mkt": -0.031833832921784655, + "2023 rate shock": 0.009777933078693346, + "2024 vol spike": -0.00011663917108040156, + "2025 tariff crash": -0.013899210323920386, + "2026 Q1 drawdown": -0.005232924499192326 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.031833832921784655, + "max_ret": 0.009777933078693346, + "all_pos": false + }, + "ddiax": { + "name": "Nomura Wealth Builder Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0996717470065709, + "corr_port": 0.3564902135728801, + "rets": { + "2022 bear mkt": -0.15396341927508816, + "2023 rate shock": -0.07984118465445289, + "2024 vol spike": -0.03493339190021516, + "2025 tariff crash": -0.10670433716938332, + "2026 Q1 drawdown": -0.051010222642314695 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15396341927508816, + "max_ret": -0.03493339190021516, + "all_pos": false + }, + "ddvax": { + "name": "Nomura Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.166688796815623, + "corr_port": 0.3988104415560527, + "rets": { + "2022 bear mkt": -0.1637494265517927, + "2023 rate shock": -0.10197874237592308, + "2024 vol spike": -0.037263728026407206, + "2025 tariff crash": -0.1368545755729622, + "2026 Q1 drawdown": -0.04170723254993047 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1637494265517927, + "max_ret": -0.037263728026407206, + "all_pos": false + }, + "dedax": { + "name": "Nomura Emerging Markets Debt Corporate Fund", + "verdict": "weak/unstable alpha", + "t5": -1.0358914482895578, + "corr_port": 0.2547809871673848, + "rets": { + "2022 bear mkt": -0.1665858344971337, + "2023 rate shock": -0.027953831555917685, + "2024 vol spike": 0.005388379192327042, + "2025 tariff crash": -0.015253115688080299, + "2026 Q1 drawdown": -0.01800071855984875 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1665858344971337, + "max_ret": 0.005388379192327042, + "all_pos": false + }, + "deeax": { + "name": "Nomura Extended Duration Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.165107729436209, + "corr_port": -0.03530938114328294, + "rets": { + "2022 bear mkt": -0.28773892301120685, + "2023 rate shock": -0.09465082514788514, + "2024 vol spike": 0.01574528281461962, + "2025 tariff crash": -0.028371109256237537, + "2026 Q1 drawdown": -0.020631331478310977 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.28773892301120685, + "max_ret": 0.01574528281461962, + "all_pos": false + }, + "deffx": { + "name": "Nomura Tax-Free Minnesota Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.12435193144419887, + "corr_port": 0.0347045108061029, + "rets": { + "2022 bear mkt": -0.1180827638091132, + "2023 rate shock": -0.06609041924469117, + "2024 vol spike": 0.01528355151937566, + "2025 tariff crash": -0.04283018588338805, + "2026 Q1 drawdown": -0.014000154376481722 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1180827638091132, + "max_ret": 0.01528355151937566, + "all_pos": false + }, + "deggx": { + "name": "Nomura Strategic Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 0.8164310865590094, + "corr_port": 0.16807549200539695, + "rets": { + "2022 bear mkt": -0.1430407525287578, + "2023 rate shock": -0.030517253470180195, + "2024 vol spike": 0.005774096068428047, + "2025 tariff crash": -0.02354717543116913, + "2026 Q1 drawdown": -0.018081799369121576 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1430407525287578, + "max_ret": 0.005774096068428047, + "all_pos": false + }, + "delix": { + "name": "Nomura Tax-Free Pennsylvania Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3954484444107668, + "corr_port": 0.03155382856600083, + "rets": { + "2022 bear mkt": -0.13759940261745907, + "2023 rate shock": -0.07841814210726628, + "2024 vol spike": 0.017964669891379126, + "2025 tariff crash": -0.04457413411886868, + "2026 Q1 drawdown": -0.00885966188097631 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13759940261745907, + "max_ret": 0.017964669891379126, + "all_pos": false + }, + "demax": { + "name": "Nomura Emerging Markets Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 1.1549450738947462, + "corr_port": 0.24401351630599663, + "rets": { + "2022 bear mkt": -0.3552091372807369, + "2023 rate shock": -0.10140404418027504, + "2024 vol spike": -0.12516226631258864, + "2025 tariff crash": -0.1833184698104109, + "2026 Q1 drawdown": -0.08585467214143638 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3552091372807369, + "max_ret": -0.08585467214143638, + "all_pos": false + }, + "deopx": { + "name": "Davenport Equity Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -1.326209561373008, + "corr_port": 0.2572406006709522, + "rets": { + "2022 bear mkt": -0.2746158270440495, + "2023 rate shock": -0.12266786849471978, + "2024 vol spike": -0.05046656645979419, + "2025 tariff crash": -0.1620133941134544, + "2026 Q1 drawdown": -0.0731293264587819 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2746158270440495, + "max_ret": -0.05046656645979419, + "all_pos": false + }, + "deqax": { + "name": "BNY Mellon Global Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1953615691330124, + "corr_port": 0.4143968153077278, + "rets": { + "2022 bear mkt": -0.17032270106389957, + "2023 rate shock": -0.10541686931999394, + "2024 vol spike": -0.038461337486231595, + "2025 tariff crash": -0.10653300945023059, + "2026 Q1 drawdown": -0.050471055613597327 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17032270106389957, + "max_ret": -0.038461337486231595, + "all_pos": false + }, + "dessx": { + "name": "DWS Enhanced Core Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4212454409113935, + "corr_port": 0.26947614275456194, + "rets": { + "2022 bear mkt": -0.21357294044741082, + "2023 rate shock": -0.10056436945164393, + "2024 vol spike": -0.07103830527181398, + "2025 tariff crash": -0.19726146719483162, + "2026 Q1 drawdown": -0.08935353951914593 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21357294044741082, + "max_ret": -0.07103830527181398, + "all_pos": false + }, + "devlx": { + "name": "Nomura Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5408365966590558, + "corr_port": 0.36246876752111673, + "rets": { + "2022 bear mkt": -0.21708093069877687, + "2023 rate shock": -0.15118120048255546, + "2024 vol spike": -0.07573254901474435, + "2025 tariff crash": -0.1860536295102897, + "2026 Q1 drawdown": -0.034472148052956064 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21708093069877687, + "max_ret": -0.034472148052956064, + "all_pos": false + }, + "dfac": { + "name": "Dimensional U.S. Core Equity 2 ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3963931186837382, + "corr_port": 0.16747873728248439, + "rets": { + "2022 bear mkt": -0.22249662768094314, + "2023 rate shock": -0.11160441999172532, + "2024 vol spike": -0.07202624563700522, + "2025 tariff crash": -0.18641740668077855, + "2026 Q1 drawdown": -0.07322247806877724 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22249662768094314, + "max_ret": -0.07202624563700522, + "all_pos": false + }, + "dfas": { + "name": "Dimensional U.S. Small Cap ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0709699411325257, + "corr_port": 0.18879371269858014, + "rets": { + "2022 bear mkt": -0.2091372854978426, + "2023 rate shock": -0.147818414120517, + "2024 vol spike": -0.0803158001838904, + "2025 tariff crash": -0.2071617109554963, + "2026 Q1 drawdown": -0.06382633068153143 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2091372854978426, + "max_ret": -0.06382633068153143, + "all_pos": false + }, + "dfat": { + "name": "Dimensional U.S. Targeted Value ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4946678211217461, + "corr_port": 0.2707254645063862, + "rets": { + "2022 bear mkt": -0.16214276597533928, + "2023 rate shock": -0.1358326763316995, + "2024 vol spike": -0.0800071563868916, + "2025 tariff crash": -0.205239427289453, + "2026 Q1 drawdown": -0.03461548551517546 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.205239427289453, + "max_ret": -0.03461548551517546, + "all_pos": false + }, + "dfeox": { + "name": "U.S. CORE EQUITY 1 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8847892278798363, + "corr_port": 0.30463920703149805, + "rets": { + "2022 bear mkt": -0.22092294819484415, + "2023 rate shock": -0.10407558841186038, + "2024 vol spike": -0.07100029472379632, + "2025 tariff crash": -0.18467183593405734, + "2026 Q1 drawdown": -0.07170164804262169 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22092294819484415, + "max_ret": -0.07100029472379632, + "all_pos": false + }, + "dffvx": { + "name": "U.S. Targeted Value Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.0191713750499916, + "corr_port": 0.3561392477750663, + "rets": { + "2022 bear mkt": -0.14655568157293797, + "2023 rate shock": -0.13764430636475344, + "2024 vol spike": -0.08122277429535452, + "2025 tariff crash": -0.20616202688091345, + "2026 Q1 drawdown": -0.035140649172283545 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20616202688091345, + "max_ret": -0.035140649172283545, + "all_pos": false + }, + "dflax": { + "name": "BNY Mellon Floating Rate Income Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 3.624539313567535, + "corr_port": 0.31587241732489957, + "rets": { + "2022 bear mkt": -0.03826001189012884, + "2023 rate shock": 0.017665291255862137, + "2024 vol spike": -0.0017361361743366555, + "2025 tariff crash": -0.01647428879366386, + "2026 Q1 drawdown": -0.007373590988271617 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.03826001189012884, + "max_ret": 0.017665291255862137, + "all_pos": false + }, + "dflex": { + "name": "DoubleLine Flexible Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 5.4419309306895505, + "corr_port": 0.16057088019139903, + "rets": { + "2022 bear mkt": -0.09634897813159848, + "2023 rate shock": 0.005691983224649144, + "2024 vol spike": 0.006481259109176518, + "2025 tariff crash": -0.0010857779490900388, + "2026 Q1 drawdown": -0.0034483105924877355 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09634897813159848, + "max_ret": 0.006481259109176518, + "all_pos": false + }, + "dfqtx": { + "name": "U.S. CORE EQUITY 2 PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0036779907103788, + "corr_port": 0.31206193350712147, + "rets": { + "2022 bear mkt": -0.21632927416329473, + "2023 rate shock": -0.10837863941641668, + "2024 vol spike": -0.07117979970899746, + "2025 tariff crash": -0.18591366291662137, + "2026 Q1 drawdown": -0.07044547251134381 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21632927416329473, + "max_ret": -0.07044547251134381, + "all_pos": false + }, + "dfrex": { + "name": "DFA REAL ESTATE SECURITIES PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2617747845659293, + "corr_port": 0.22431609337800076, + "rets": { + "2022 bear mkt": -0.3077122831834307, + "2023 rate shock": -0.14652032833150952, + "2024 vol spike": -0.012980493067988652, + "2025 tariff crash": -0.12459679131892898, + "2026 Q1 drawdown": -0.006158623907049909 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3077122831834307, + "max_ret": -0.006158623907049909, + "all_pos": false + }, + "dfstx": { + "name": "U.S. SMALL CAP PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.588029621231152, + "corr_port": 0.30651412729276556, + "rets": { + "2022 bear mkt": -0.20611987936013332, + "2023 rate shock": -0.1437690113151494, + "2024 vol spike": -0.077066232417773, + "2025 tariff crash": -0.20413864401198867, + "2026 Q1 drawdown": -0.06232381080042937 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20611987936013332, + "max_ret": -0.06232381080042937, + "all_pos": false + }, + "dfsvx": { + "name": "U.S. SMALL CAP VALUE PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.127016196408087, + "corr_port": 0.3541278112011921, + "rets": { + "2022 bear mkt": -0.13930242588021957, + "2023 rate shock": -0.1273004414375729, + "2024 vol spike": -0.08185714074894035, + "2025 tariff crash": -0.21331486413963496, + "2026 Q1 drawdown": -0.024961334820683412 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21331486413963496, + "max_ret": -0.024961334820683412, + "all_pos": false + }, + "dfusx": { + "name": "U.S. LARGE COMPANY PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.19309930130657227, + "corr_port": 0.28268444464424947, + "rets": { + "2022 bear mkt": -0.24536643134036562, + "2023 rate shock": -0.0966312425415351, + "2024 vol spike": -0.07173673936156433, + "2025 tariff crash": -0.1841934247316679, + "2026 Q1 drawdown": -0.08757800268988825 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24536643134036562, + "max_ret": -0.07173673936156433, + "all_pos": false + }, + "dfvex": { + "name": "U.S. VECTOR EQUITY PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8234395540831263, + "corr_port": 0.34908907495294184, + "rets": { + "2022 bear mkt": -0.18393206412287055, + "2023 rate shock": -0.12360531211993186, + "2024 vol spike": -0.07363332626840535, + "2025 tariff crash": -0.18719834852240258, + "2026 Q1 drawdown": -0.06680465385187517 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18719834852240258, + "max_ret": -0.06680465385187517, + "all_pos": false + }, + "dgagx": { + "name": "BNY Mellon Appreciation Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.950849828450629, + "corr_port": 0.2534308050139968, + "rets": { + "2022 bear mkt": -0.25574317496507915, + "2023 rate shock": -0.08261372402405764, + "2024 vol spike": -0.06627979168932241, + "2025 tariff crash": -0.16768983540850269, + "2026 Q1 drawdown": -0.10472216558516556 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25574317496507915, + "max_ret": -0.06627979168932241, + "all_pos": false + }, + "dgcax": { + "name": "Nomura Corporate Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0878685994525508, + "corr_port": 0.02335937417244287, + "rets": { + "2022 bear mkt": -0.19562720753056118, + "2023 rate shock": -0.04692055819098606, + "2024 vol spike": 0.012229494303003907, + "2025 tariff crash": -0.0107928834921448, + "2026 Q1 drawdown": -0.013549144950377512 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.19562720753056118, + "max_ret": 0.012229494303003907, + "all_pos": false + }, + "dgeax": { + "name": "BNY Mellon Global Emerging Markets Fund", + "verdict": "weak/unstable alpha", + "t5": -1.218227649391482, + "corr_port": 0.25101831558617815, + "rets": { + "2022 bear mkt": -0.3000413332847468, + "2023 rate shock": -0.13623190285049147, + "2024 vol spike": -0.06073863532664037, + "2025 tariff crash": -0.1529690858541336, + "2026 Q1 drawdown": -0.07389524693650207 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3000413332847468, + "max_ret": -0.06073863532664037, + "all_pos": false + }, + "dglax": { + "name": "BNY Mellon Global Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3044467472291634, + "corr_port": 0.26884547636106726, + "rets": { + "2022 bear mkt": -0.28974613736839705, + "2023 rate shock": -0.10698869393606414, + "2024 vol spike": -0.06142731452632422, + "2025 tariff crash": -0.15440927905043922, + "2026 Q1 drawdown": -0.09480664901278468 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28974613736839705, + "max_ret": -0.06142731452632422, + "all_pos": false + }, + "dhgax": { + "name": "BNY Mellon Global Fixed Income Fund", + "verdict": "weak/unstable alpha", + "t5": 1.0371038205763823, + "corr_port": 0.018443089889281766, + "rets": { + "2022 bear mkt": -0.12085275204900925, + "2023 rate shock": -0.025654691929554607, + "2024 vol spike": 0.01639353657292153, + "2025 tariff crash": 0.0020878670923225595, + "2026 Q1 drawdown": -0.012916012074939642 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12085275204900925, + "max_ret": 0.01639353657292153, + "all_pos": false + }, + "dhlax": { + "name": "Diamond Hill Large Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1067791286606328, + "corr_port": 0.37413884182690993, + "rets": { + "2022 bear mkt": -0.22036734211612907, + "2023 rate shock": -0.11387561758553422, + "2024 vol spike": -0.058375560882175104, + "2025 tariff crash": -0.13321385014688936, + "2026 Q1 drawdown": -0.05245297747608757 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22036734211612907, + "max_ret": -0.05245297747608757, + "all_pos": false + }, + "dhmbx": { + "name": "BNY Mellon High Yield Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.014529822769043283, + "corr_port": 0.06541736603955979, + "rets": { + "2022 bear mkt": -0.1832662304038698, + "2023 rate shock": -0.08499343508109469, + "2024 vol spike": 0.019620703186691735, + "2025 tariff crash": -0.053724842530751604, + "2026 Q1 drawdown": -0.00763530868838147 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1832662304038698, + "max_ret": 0.019620703186691735, + "all_pos": false + }, + "dhtax": { + "name": "Diamond Hill Select Fund", + "verdict": "weak/unstable alpha", + "t5": 0.29095139178166085, + "corr_port": 0.34241889613018117, + "rets": { + "2022 bear mkt": -0.2179897145371542, + "2023 rate shock": -0.15171746435523248, + "2024 vol spike": -0.0874209863495371, + "2025 tariff crash": -0.1673640029202812, + "2026 Q1 drawdown": -0.03959999999999997 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2179897145371542, + "max_ret": -0.03959999999999997, + "all_pos": false + }, + "dial": { + "name": "Columbia Diversified Fixed Income Allocation ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8118403516790604, + "corr_port": 0.051727050486643424, + "rets": { + "2022 bear mkt": -0.19364953508893734, + "2023 rate shock": -0.049698016704301184, + "2024 vol spike": 0.01029555513683511, + "2025 tariff crash": -0.011145414210532056, + "2026 Q1 drawdown": -0.02060304281520342 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.19364953508893734, + "max_ret": 0.01029555513683511, + "all_pos": false + }, + "dibax": { + "name": "BNY Mellon International Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -1.255661127520654, + "corr_port": 0.06975656000439666, + "rets": { + "2022 bear mkt": -0.24525821590707486, + "2023 rate shock": -0.055326178016391614, + "2024 vol spike": 0.02889227438983455, + "2025 tariff crash": 0.012244880328406982, + "2026 Q1 drawdown": -0.05038757408454275 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.24525821590707486, + "max_ret": 0.02889227438983455, + "all_pos": false + }, + "difax": { + "name": "MFS Diversified Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1032694900725035, + "corr_port": 0.33920779248964134, + "rets": { + "2022 bear mkt": -0.18895953535471333, + "2023 rate shock": -0.06444646068358417, + "2024 vol spike": -0.0045747445490020855, + "2025 tariff crash": -0.043157434972988185, + "2026 Q1 drawdown": -0.013231157197164278 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18895953535471333, + "max_ret": -0.0045747445490020855, + "all_pos": false + }, + "diisx": { + "name": "BNY Mellon International Stock Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.08357917766730465, + "corr_port": 0.38436017062138594, + "rets": { + "2022 bear mkt": -0.28353060904928085, + "2023 rate shock": -0.10738605064705808, + "2024 vol spike": -0.06840076015275165, + "2025 tariff crash": -0.10343163343750139, + "2026 Q1 drawdown": -0.06714342471195878 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28353060904928085, + "max_ret": -0.06714342471195878, + "all_pos": false + }, + "disax": { + "name": "BNY Mellon International Stock Fund", + "verdict": "weak/unstable alpha", + "t5": -2.7885819935543625, + "corr_port": 0.2685181245126496, + "rets": { + "2022 bear mkt": -0.33084951764681614, + "2023 rate shock": -0.12451872559585253, + "2024 vol spike": -0.05643254228713368, + "2025 tariff crash": -0.13956231998242297, + "2026 Q1 drawdown": -0.09935894050737426 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33084951764681614, + "max_ret": -0.05643254228713368, + "all_pos": false + }, + "dissx": { + "name": "BNY Mellon Smallcap Stock Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7084644466315528, + "corr_port": 0.30841779164833555, + "rets": { + "2022 bear mkt": -0.23065644132402974, + "2023 rate shock": -0.15988258398917643, + "2024 vol spike": -0.07372947527971474, + "2025 tariff crash": -0.2180698210924611, + "2026 Q1 drawdown": -0.054306279168434446 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23065644132402974, + "max_ret": -0.054306279168434446, + "all_pos": false + }, + "ditex": { + "name": "BNY Mellon Intermediate Municipal Bond Fund, Inc.", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.32342359815370453, + "corr_port": 0.03340548286177864, + "rets": { + "2022 bear mkt": -0.09529630234048925, + "2023 rate shock": -0.03922666886746884, + "2024 vol spike": 0.012482000130976445, + "2025 tariff crash": -0.0243160011399981, + "2026 Q1 drawdown": -0.015477313580627428 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09529630234048925, + "max_ret": 0.012482000130976445, + "all_pos": false + }, + "divhx": { + "name": "Cutler Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 0.2228921887764687, + "corr_port": 0.17297900516203735, + "rets": { + "2022 bear mkt": -0.16046347021386598, + "2023 rate shock": -0.11152425502109431, + "2024 vol spike": -0.043058637095130914, + "2025 tariff crash": -0.12557429154406408, + "2026 Q1 drawdown": -0.02054339244387915 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16046347021386598, + "max_ret": -0.02054339244387915, + "all_pos": false + }, + "dlhax": { + "name": "Nomura Healthcare Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3484929671630248, + "corr_port": 0.22129741856273794, + "rets": { + "2022 bear mkt": -0.09778264863977748, + "2023 rate shock": -0.06677452890377256, + "2024 vol spike": -0.032860599203002216, + "2025 tariff crash": -0.1404000112151763, + "2026 Q1 drawdown": -0.06476194285714287 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1404000112151763, + "max_ret": -0.032860599203002216, + "all_pos": false + }, + "dlqax": { + "name": "BNY Mellon Large Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7040759825016787, + "corr_port": 0.2684712043554961, + "rets": { + "2022 bear mkt": -0.30140825401647564, + "2023 rate shock": -0.09831763428187401, + "2024 vol spike": -0.07754846163544504, + "2025 tariff crash": -0.1899083581329759, + "2026 Q1 drawdown": -0.09180754716496164 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30140825401647564, + "max_ret": -0.07754846163544504, + "all_pos": false + }, + "dltrx": { + "name": "Nomura Limited-Term Diversified Income Fund", + "verdict": "weak/unstable alpha", + "t5": -2.410119727303281, + "corr_port": -0.023842928935355934, + "rets": { + "2022 bear mkt": -0.0584502825632679, + "2023 rate shock": 0.0001371446398990006, + "2024 vol spike": 0.009596837151174764, + "2025 tariff crash": 0.007513967644256159, + "2026 Q1 drawdown": -0.0019138727609127049 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.0584502825632679, + "max_ret": 0.009596837151174764, + "all_pos": false + }, + "dmcvx": { + "name": "BNY Mellon Midcap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1936643020759081, + "corr_port": 0.33320416418562776, + "rets": { + "2022 bear mkt": -0.1695069239770438, + "2023 rate shock": -0.09776440131767306, + "2024 vol spike": -0.05835383456797816, + "2025 tariff crash": -0.17869634943900603, + "2026 Q1 drawdown": -0.0661401798664093 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17869634943900603, + "max_ret": -0.05835383456797816, + "all_pos": false + }, + "dmszx": { + "name": "Destinations Multi Strategy Alternatives Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.4731356626798315, + "corr_port": 0.27114533278059666, + "rets": { + "2022 bear mkt": -0.04889834876163657, + "2023 rate shock": 0.012670003080466286, + "2024 vol spike": -0.0029410952139972135, + "2025 tariff crash": -0.033489198436259526, + "2026 Q1 drawdown": -0.01548283047126442 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04889834876163657, + "max_ret": 0.012670003080466286, + "all_pos": false + }, + "dmtfx": { + "name": "Nomura Tax-Free USA Fund", + "verdict": "weak/unstable alpha", + "t5": -0.07892471126759609, + "corr_port": 0.036736675334167974, + "rets": { + "2022 bear mkt": -0.1801209650038177, + "2023 rate shock": -0.09847017449460194, + "2024 vol spike": 0.02219140859832458, + "2025 tariff crash": -0.0508514038459803, + "2026 Q1 drawdown": -0.012945036711906055 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1801209650038177, + "max_ret": 0.02219140859832458, + "all_pos": false + }, + "dmuax": { + "name": "BNY Mellon AMT-Free Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.16780938679184762, + "corr_port": 0.03746674191228839, + "rets": { + "2022 bear mkt": -0.11636453063137375, + "2023 rate shock": -0.05431264462036822, + "2024 vol spike": 0.013616398908144367, + "2025 tariff crash": -0.033762474457367686, + "2026 Q1 drawdown": -0.008917342129217132 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11636453063137375, + "max_ret": 0.013616398908144367, + "all_pos": false + }, + "dmusx": { + "name": "Nomura Tax-Free USA Intermediate Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.15689089607979162, + "corr_port": 0.034201496748888525, + "rets": { + "2022 bear mkt": -0.13775562703505084, + "2023 rate shock": -0.05904146265483945, + "2024 vol spike": 0.015627919333203177, + "2025 tariff crash": -0.037638604914731255, + "2026 Q1 drawdown": -0.013081357791982717 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13775562703505084, + "max_ret": 0.015627919333203177, + "all_pos": false + }, + "dnlax": { + "name": "BNY Mellon Natural Resources Fund", + "verdict": "weak/unstable alpha", + "t5": 0.007367669204971283, + "corr_port": 0.40808297282880157, + "rets": { + "2022 bear mkt": 0.19740566233457835, + "2023 rate shock": -0.07031393000471431, + "2024 vol spike": -0.09934983836704259, + "2025 tariff crash": -0.2596837606849628, + "2026 Q1 drawdown": 0.05064441822472321 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.2596837606849628, + "max_ret": 0.19740566233457835, + "all_pos": false + }, + "dnldx": { + "name": "BNY Mellon Active MidCap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.16091812578034106, + "corr_port": 0.3173049122582174, + "rets": { + "2022 bear mkt": -0.21906776673713835, + "2023 rate shock": -0.13637170426836775, + "2024 vol spike": -0.0613557395857125, + "2025 tariff crash": -0.17704363085876573, + "2026 Q1 drawdown": -0.04928231191675425 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21906776673713835, + "max_ret": -0.04928231191675425, + "all_pos": false + }, + "dnmzx": { + "name": "PGIM NATIONAL MUNI FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.8960162241916837, + "corr_port": 0.06565112484460696, + "rets": { + "2022 bear mkt": -0.09942530493622037, + "2023 rate shock": -0.030387948420735333, + "2024 vol spike": 0.012776325140355649, + "2025 tariff crash": -0.016861832432488844, + "2026 Q1 drawdown": -0.012164099711204468 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09942530493622037, + "max_ret": 0.012776325140355649, + "all_pos": false + }, + "dodwx": { + "name": "Dodge & Cox Global Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4709959061069844, + "corr_port": 0.40869798583939865, + "rets": { + "2022 bear mkt": -0.1784259443285514, + "2023 rate shock": -0.11073363746631071, + "2024 vol spike": -0.05575979852993607, + "2025 tariff crash": -0.12761650377610767, + "2026 Q1 drawdown": -0.06938527084601342 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1784259443285514, + "max_ret": -0.05575979852993607, + "all_pos": false + }, + "domix": { + "name": "Domini Impact International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1073373807556698, + "corr_port": 0.38584491300828866, + "rets": { + "2022 bear mkt": -0.32508839832642633, + "2023 rate shock": -0.10297775616251703, + "2024 vol spike": -0.07914440414653334, + "2025 tariff crash": -0.12945974241392255, + "2026 Q1 drawdown": -0.07313072737018689 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32508839832642633, + "max_ret": -0.07313072737018689, + "all_pos": false + }, + "dpcfx": { + "name": "Nomura Diversified Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7573068717890346, + "corr_port": -0.009656929667627531, + "rets": { + "2022 bear mkt": -0.1685996757975463, + "2023 rate shock": -0.049430125591319984, + "2024 vol spike": 0.019710968130740802, + "2025 tariff crash": -0.001248874520391352, + "2026 Q1 drawdown": -0.008968718839458822 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1685996757975463, + "max_ret": 0.019710968130740802, + "all_pos": false + }, + "dpiax": { + "name": "Destra Flaherty & Crumrine Preferred and Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.7149326228966277, + "corr_port": 0.2620759028493733, + "rets": { + "2022 bear mkt": -0.15265041895799392, + "2023 rate shock": -0.03828521049651956, + "2024 vol spike": -0.008507321335450957, + "2025 tariff crash": -0.022273661951053514, + "2026 Q1 drawdown": -0.0171721703045975 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15265041895799392, + "max_ret": -0.008507321335450957, + "all_pos": false + }, + "dpltx": { + "name": "BNY Mellon High Yield Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4071015550497357, + "corr_port": 0.3045541105076022, + "rets": { + "2022 bear mkt": -0.14844450041091162, + "2023 rate shock": -0.022520181129642047, + "2024 vol spike": -0.0016853765374429397, + "2025 tariff crash": -0.025041225798097644, + "2026 Q1 drawdown": -0.019325206738318612 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14844450041091162, + "max_ret": -0.0016853765374429397, + "all_pos": false + }, + "dprex": { + "name": "Nomura Global Listed Real Assets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.28722101132743744, + "corr_port": 0.3218496306006807, + "rets": { + "2022 bear mkt": -0.14101060364837803, + "2023 rate shock": -0.0810585787607856, + "2024 vol spike": -0.027642322098649807, + "2025 tariff crash": -0.07014499955950448, + "2026 Q1 drawdown": 0.005609256644619975 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14101060364837803, + "max_ret": 0.005609256644619975, + "all_pos": false + }, + "dqiax": { + "name": "BNY Mellon Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4280882453151071, + "corr_port": 0.3479695908320923, + "rets": { + "2022 bear mkt": -0.19177002522315967, + "2023 rate shock": -0.08340348597291236, + "2024 vol spike": -0.0694069306412951, + "2025 tariff crash": -0.17992385807588707, + "2026 Q1 drawdown": -0.04618629222434001 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19177002522315967, + "max_ret": -0.04618629222434001, + "all_pos": false + }, + "drcax": { + "name": "BNY Mellon California AMT-Free Municipal Bond Fund, Inc.", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.0599765686942929, + "corr_port": 0.034329131261950294, + "rets": { + "2022 bear mkt": -0.12830164870558547, + "2023 rate shock": -0.054847743674271254, + "2024 vol spike": 0.014847939994041326, + "2025 tariff crash": -0.0296516185600334, + "2026 Q1 drawdown": -0.009308715126139733 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12830164870558547, + "max_ret": 0.014847939994041326, + "all_pos": false + }, + "drcvx": { + "name": "COMSTOCK CAPITAL VALUE FUND", + "verdict": "weak/unstable alpha", + "t5": 2.111689500738219, + "corr_port": -0.15244119638974044, + "rets": { + "2022 bear mkt": 0.016528882209609463, + "2023 rate shock": -0.005154716575221707, + "2024 vol spike": -0.01237600090530333, + "2025 tariff crash": -0.03357305763286467, + "2026 Q1 drawdown": 0.006772009029345494 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.03357305763286467, + "max_ret": 0.016528882209609463, + "all_pos": false + }, + "dregx": { + "name": "DRIEHAUS EMERGING MARKETS GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6693457064545, + "corr_port": 0.2924649406410685, + "rets": { + "2022 bear mkt": -0.2565281347395648, + "2023 rate shock": -0.09908096274040701, + "2024 vol spike": -0.07956003291763247, + "2025 tariff crash": -0.1413639643542225, + "2026 Q1 drawdown": -0.09670660759007432 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2565281347395648, + "max_ret": -0.07956003291763247, + "all_pos": false + }, + "dreqx": { + "name": "BNY Mellon Research Growth Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.055459709064311, + "corr_port": 0.12725585195737063, + "rets": { + "2022 bear mkt": -0.3463728246470825, + "2023 rate shock": -0.12515257246906852, + "2024 vol spike": -0.11352432006028512, + "2025 tariff crash": -0.24941617277864436, + "2026 Q1 drawdown": -0.134385375028924 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3463728246470825, + "max_ret": -0.11352432006028512, + "all_pos": false + }, + "drevx": { + "name": "BNY Mellon Large Cap Securities Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6738515964150399, + "corr_port": 0.2541088104083007, + "rets": { + "2022 bear mkt": -0.23155964006773144, + "2023 rate shock": -0.07268254635596516, + "2024 vol spike": -0.09137332886548388, + "2025 tariff crash": -0.2064396557738165, + "2026 Q1 drawdown": -0.1104944726007987 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23155964006773144, + "max_ret": -0.07268254635596516, + "all_pos": false + }, + "drlix": { + "name": "BNY Mellon Developed Markets Real Estate Securities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.404322052154902, + "corr_port": 0.29432039074532024, + "rets": { + "2022 bear mkt": -0.3147059547422384, + "2023 rate shock": -0.14877097514104853, + "2024 vol spike": -0.020631101196694535, + "2025 tariff crash": -0.11432002818844578, + "2026 Q1 drawdown": -0.02947845804988658 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3147059547422384, + "max_ret": -0.020631101196694535, + "all_pos": false + }, + "drnjx": { + "name": "BNY Mellon New Jersey Municipal Bond Fund, Inc.", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.05281205818877172, + "corr_port": 0.03351997154967943, + "rets": { + "2022 bear mkt": -0.11552508338433765, + "2023 rate shock": -0.05080187638906963, + "2024 vol spike": 0.014088835211662154, + "2025 tariff crash": -0.0367468106586879, + "2026 Q1 drawdown": -0.008781073589513633 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11552508338433765, + "max_ret": 0.014088835211662154, + "all_pos": false + }, + "dscpx": { + "name": "Davenport Small Cap Focus Fund", + "verdict": "weak/unstable alpha", + "t5": -1.010919908880988, + "corr_port": 0.2565656977420842, + "rets": { + "2022 bear mkt": -0.21387604004112015, + "2023 rate shock": -0.12163135337876796, + "2024 vol spike": -0.06846241191259195, + "2025 tariff crash": -0.2029312086251227, + "2026 Q1 drawdown": -0.03255018382066299 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21387604004112015, + "max_ret": -0.03255018382066299, + "all_pos": false + }, + "dsibx": { + "name": "BNY Mellon Short Term Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.730254601494266, + "corr_port": 0.042088645703269444, + "rets": { + "2022 bear mkt": -0.04884394881787435, + "2023 rate shock": -0.007538009073264296, + "2024 vol spike": 0.00780544088278412, + "2025 tariff crash": -0.00462278283248263, + "2026 Q1 drawdown": -0.004107571634134222 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04884394881787435, + "max_ret": 0.00780544088278412, + "all_pos": false + }, + "dspix": { + "name": "BNY Mellon Institutional S&P 500 Stock Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.04229688474301563, + "corr_port": 0.27933354213830136, + "rets": { + "2022 bear mkt": -0.24571444048388236, + "2023 rate shock": -0.09757647842316064, + "2024 vol spike": -0.07185631623954625, + "2025 tariff crash": -0.1847110178655248, + "2026 Q1 drawdown": -0.08796498405366782 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24571444048388236, + "max_ret": -0.07185631623954625, + "all_pos": false + }, + "dstix": { + "name": "BNY Mellon Short Term Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 2.5859378471967895, + "corr_port": 0.06714814425872993, + "rets": { + "2022 bear mkt": -0.07000736137219998, + "2023 rate shock": -0.002439561192708717, + "2024 vol spike": 0.009825548128099326, + "2025 tariff crash": 0.0030665091793147248, + "2026 Q1 drawdown": -0.005868790083615516 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.07000736137219998, + "max_ret": 0.009825548128099326, + "all_pos": false + }, + "dtcax": { + "name": "BNY Mellon Sustainable U.S. Equity Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9134557003312158, + "corr_port": 0.24616118011124877, + "rets": { + "2022 bear mkt": -0.2704108003193273, + "2023 rate shock": -0.09576553576926872, + "2024 vol spike": -0.08704884618248676, + "2025 tariff crash": -0.19671271345341013, + "2026 Q1 drawdown": -0.1003102378490176 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2704108003193273, + "max_ret": -0.08704884618248676, + "all_pos": false + }, + "dtgrx": { + "name": "BNY Mellon Technology Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.836577680453762, + "corr_port": 0.08230918368104896, + "rets": { + "2022 bear mkt": -0.46541099642613715, + "2023 rate shock": -0.14087212098057666, + "2024 vol spike": -0.11708864660103246, + "2025 tariff crash": -0.2697618179325212, + "2026 Q1 drawdown": -0.16435939196525529 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.46541099642613715, + "max_ret": -0.11708864660103246, + "all_pos": false + }, + "dtlgx": { + "name": "LARGE COMPANY GROWTH PORTFOLIO", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3713524370153765, + "corr_port": 0.155855961606925, + "rets": { + "2022 bear mkt": -0.33242518394870535, + "2023 rate shock": -0.09620025102742169, + "2024 vol spike": -0.09312497717109414, + "2025 tariff crash": -0.2305612214840842, + "2026 Q1 drawdown": -0.13646268393599403 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33242518394870535, + "max_ret": -0.09312497717109414, + "all_pos": false + }, + "dultx": { + "name": "Nomura Ultrashort Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.9267646517808714, + "corr_port": 0.10322573220202592, + "rets": { + "2022 bear mkt": -0.0023936716355718035, + "2023 rate shock": 0.008603027086622195, + "2024 vol spike": 0.005237600402015374, + "2025 tariff crash": 0.007166774426864864, + "2026 Q1 drawdown": 0.00524374875011957 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.0023936716355718035, + "max_ret": 0.008603027086622195, + "all_pos": false + }, + "dura": { + "name": "VanEck Durable High Dividend ETF", + "verdict": "weak/unstable alpha", + "t5": 0.3235541737822752, + "corr_port": 0.35947040355437215, + "rets": { + "2022 bear mkt": -0.12475489141668683, + "2023 rate shock": -0.10847490338328558, + "2024 vol spike": -0.010667390238007113, + "2025 tariff crash": -0.11638595784680839, + "2026 Q1 drawdown": 0.04720430747490667 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12475489141668683, + "max_ret": 0.04720430747490667, + "all_pos": false + }, + "durpx": { + "name": "U.S. High Relative Profitability Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.16230495688347746, + "corr_port": 0.23017095661758966, + "rets": { + "2022 bear mkt": -0.20849696883344426, + "2023 rate shock": -0.0887729912489782, + "2024 vol spike": -0.06677934543923791, + "2025 tariff crash": -0.18028358844837122, + "2026 Q1 drawdown": -0.07466820568536481 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20849696883344426, + "max_ret": -0.06677934543923791, + "all_pos": false + }, + "dusa": { + "name": "Davis Select U.S. Equity ETF", + "verdict": "weak/unstable alpha", + "t5": 0.47986294139182184, + "corr_port": 0.3048620383627722, + "rets": { + "2022 bear mkt": -0.27633453056754353, + "2023 rate shock": -0.10385284575068998, + "2024 vol spike": -0.09199811105725841, + "2025 tariff crash": -0.1625790842988447, + "2026 Q1 drawdown": -0.053381402989768345 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27633453056754353, + "max_ret": -0.053381402989768345, + "all_pos": false + }, + "dvipx": { + "name": "Davenport Value & Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7420935153460833, + "corr_port": 0.38346202984370553, + "rets": { + "2022 bear mkt": -0.1997296076361732, + "2023 rate shock": -0.11703002966144349, + "2024 vol spike": -0.03469707161831048, + "2025 tariff crash": -0.11031473275486947, + "2026 Q1 drawdown": -0.03433153444848824 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1997296076361732, + "max_ret": -0.03433153444848824, + "all_pos": false + }, + "dvmhx": { + "name": "Nomura Minnesota High-Yield Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.42247343589282477, + "corr_port": 0.049883532401377446, + "rets": { + "2022 bear mkt": -0.1260931072707815, + "2023 rate shock": -0.0727820939886521, + "2024 vol spike": 0.016868188420434915, + "2025 tariff crash": -0.04605305870811649, + "2026 Q1 drawdown": -0.012046114987616763 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1260931072707815, + "max_ret": 0.016868188420434915, + "all_pos": false + }, + "dvrkx": { + "name": "MFS Global Alternative Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -2.5601792923871005, + "corr_port": 0.28939483231244806, + "rets": { + "2022 bear mkt": -0.08530391531737436, + "2023 rate shock": -0.01358236286848391, + "2024 vol spike": -0.02601389343542182, + "2025 tariff crash": -0.021497414321763664, + "2026 Q1 drawdown": -0.018595041322314043 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.08530391531737436, + "max_ret": -0.01358236286848391, + "all_pos": false + }, + "dvrux": { + "name": "UBS US Dividend Ruler Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.16725479836717647, + "corr_port": 0.19992630810397963, + "rets": { + "2022 bear mkt": -0.1876812200863217, + "2023 rate shock": -0.09656173322447037, + "2024 vol spike": -0.05028638666512841, + "2025 tariff crash": -0.15217381540373665, + "2026 Q1 drawdown": -0.057603683317760224 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1876812200863217, + "max_ret": -0.05028638666512841, + "all_pos": false + }, + "dvtax": { + "name": "Nomura Tax-Free California Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.11451389175285667, + "corr_port": 0.03034395265203771, + "rets": { + "2022 bear mkt": -0.15153825728896264, + "2023 rate shock": -0.07686980580892622, + "2024 vol spike": 0.01894377383974044, + "2025 tariff crash": -0.045646028627903235, + "2026 Q1 drawdown": -0.012096744927153957 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15153825728896264, + "max_ret": 0.01894377383974044, + "all_pos": false + }, + "dwas": { + "name": "Invesco Dorsey Wright SmallCap Momentum ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3815967345769216, + "corr_port": 0.23412808528516077, + "rets": { + "2022 bear mkt": -0.21945900585142053, + "2023 rate shock": -0.17018581862896176, + "2024 vol spike": -0.10078285415197097, + "2025 tariff crash": -0.2406112259119203, + "2026 Q1 drawdown": -0.07745925704438195 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2406112259119203, + "max_ret": -0.07745925704438195, + "all_pos": false + }, + "dxhyx": { + "name": "DIREXION MONTHLY HIGH YIELD BULL 1.2X FUND", + "verdict": "weak/unstable alpha", + "t5": -2.5256993852942085, + "corr_port": 0.23914444356402656, + "rets": { + "2022 bear mkt": -0.17027221617149169, + "2023 rate shock": -0.029251386682058067, + "2024 vol spike": -0.011008476330508832, + "2025 tariff crash": -0.05693758735822896, + "2026 Q1 drawdown": -0.02530116610305333 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17027221617149169, + "max_ret": -0.011008476330508832, + "all_pos": false + }, + "dxklx": { + "name": "Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -9.813571161137762, + "corr_port": -0.1957721594969771, + "rets": { + "2022 bear mkt": -0.28958506588082333, + "2023 rate shock": -0.09483447688553293, + "2024 vol spike": 0.05020580273890318, + "2025 tariff crash": 0.03571428926836795, + "2026 Q1 drawdown": -0.013640686735653773 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.28958506588082333, + "max_ret": 0.05020580273890318, + "all_pos": false + }, + "dxksx": { + "name": "Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 6.975249604266987, + "corr_port": 0.1950823168815919, + "rets": { + "2022 bear mkt": 0.33958906645720344, + "2023 rate shock": 0.1157827103001321, + "2024 vol spike": -0.046735711045964745, + "2025 tariff crash": -0.03128253252076585, + "2026 Q1 drawdown": 0.013518886679920517 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.046735711045964745, + "max_ret": 0.33958906645720344, + "all_pos": false + }, + "dxnlx": { + "name": "Direxion Monthly NASDAQ-100(R) Bull 1.25X Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.595293466647759, + "corr_port": 0.08683276086212995, + "rets": { + "2022 bear mkt": -0.41392226545370736, + "2023 rate shock": -0.12517042628161967, + "2024 vol spike": -0.12123588048774858, + "2025 tariff crash": -0.27890018183003606, + "2026 Q1 drawdown": -0.14367109425794766 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.41392226545370736, + "max_ret": -0.12123588048774858, + "all_pos": false + }, + "eaalx": { + "name": "Eaton Vance Atlanta Capital Focused Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -1.1317929490686065, + "corr_port": 0.2230849197328193, + "rets": { + "2022 bear mkt": -0.2586473182764957, + "2023 rate shock": -0.09830693676676827, + "2024 vol spike": -0.03642234664708155, + "2025 tariff crash": -0.1264527844494553, + "2026 Q1 drawdown": -0.10928957323842892 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2586473182764957, + "max_ret": -0.03642234664708155, + "all_pos": false + }, + "eaamx": { + "name": "Eaton Vance Multi-Asset Credit Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5432281809740749, + "corr_port": 0.3597123650486147, + "rets": { + "2022 bear mkt": -0.09351971505282641, + "2023 rate shock": -0.006595197980189482, + "2024 vol spike": -0.0010122458477558327, + "2025 tariff crash": -0.023600240738427702, + "2026 Q1 drawdown": -0.010325769595642575 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.09351971505282641, + "max_ret": -0.0010122458477558327, + "all_pos": false + }, + "eaasx": { + "name": "Eaton Vance Atlanta Capital SMID-Cap Fund", + "verdict": "weak/unstable alpha", + "t5": -0.693280447363873, + "corr_port": 0.3177014082475925, + "rets": { + "2022 bear mkt": -0.16713570687042822, + "2023 rate shock": -0.10509554550157407, + "2024 vol spike": -0.035997758051374396, + "2025 tariff crash": -0.13096983852655109, + "2026 Q1 drawdown": -0.08072913674248505 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16713570687042822, + "max_ret": -0.035997758051374396, + "all_pos": false + }, + "eablx": { + "name": "Eaton Vance Floating-Rate Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.903486115664523, + "corr_port": 0.2986668557019146, + "rets": { + "2022 bear mkt": -0.04846093007527719, + "2023 rate shock": 0.005610613781994456, + "2024 vol spike": -0.00023218963249127533, + "2025 tariff crash": -0.02078892387775555, + "2026 Q1 drawdown": -0.010017145165145847 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04846093007527719, + "max_ret": 0.005610613781994456, + "all_pos": false + }, + "eacax": { + "name": "Eaton Vance California Municipal Opportunities Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6429912764094885, + "corr_port": 0.007281130014724794, + "rets": { + "2022 bear mkt": -0.09932485194453755, + "2023 rate shock": -0.04353404421218188, + "2024 vol spike": 0.013633734885670101, + "2025 tariff crash": -0.03214753090948641, + "2026 Q1 drawdown": -0.008203399492787145 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09932485194453755, + "max_ret": 0.013633734885670101, + "all_pos": false + }, + "eacox": { + "name": "Eaton Vance Emerging and Frontier Countries Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 2.280845478431211, + "corr_port": 0.3503994721720836, + "rets": { + "2022 bear mkt": -0.20983879099350877, + "2023 rate shock": -0.11033413621110644, + "2024 vol spike": -0.08030200873055082, + "2025 tariff crash": -0.1102095372595725, + "2026 Q1 drawdown": -0.10673880964092464 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20983879099350877, + "max_ret": -0.08030200873055082, + "all_pos": false + }, + "eacpx": { + "name": "Eaton Vance Tax-Managed Multi-Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.615630195744913, + "corr_port": 0.16248589674323227, + "rets": { + "2022 bear mkt": -0.3107729182156995, + "2023 rate shock": -0.0896686680194494, + "2024 vol spike": -0.07929818828768731, + "2025 tariff crash": -0.19532021024208845, + "2026 Q1 drawdown": -0.13601498673990065 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3107729182156995, + "max_ret": -0.07929818828768731, + "all_pos": false + }, + "eadix": { + "name": "Eaton Vance Global Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1849582220873642, + "corr_port": 0.3245131044438337, + "rets": { + "2022 bear mkt": -0.2757138257174928, + "2023 rate shock": -0.09821712706980423, + "2024 vol spike": -0.07514394969853633, + "2025 tariff crash": -0.16029433644415747, + "2026 Q1 drawdown": -0.1082715239010903 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2757138257174928, + "max_ret": -0.07514394969853633, + "all_pos": false + }, + "eaeax": { + "name": "Eaton Vance Tax-Managed Equity Asset Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.869367173259894, + "corr_port": 0.30164070103259244, + "rets": { + "2022 bear mkt": -0.24557517783797556, + "2023 rate shock": -0.1031450211209195, + "2024 vol spike": -0.0629450367085278, + "2025 tariff crash": -0.17152795369302998, + "2026 Q1 drawdown": -0.09235032247859465 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24557517783797556, + "max_ret": -0.0629450367085278, + "all_pos": false + }, + "eaemx": { + "name": "Parametric Emerging Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8467740713036904, + "corr_port": 0.3687978123369471, + "rets": { + "2022 bear mkt": -0.20568788763617085, + "2023 rate shock": -0.10084621012989414, + "2024 vol spike": -0.05346133936739328, + "2025 tariff crash": -0.10149866446729261, + "2026 Q1 drawdown": -0.07761361786622911 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20568788763617085, + "max_ret": -0.05346133936739328, + "all_pos": false + }, + "eaerx": { + "name": "Eaton Vance Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1406610081977264, + "corr_port": 0.2602336920205062, + "rets": { + "2022 bear mkt": -0.2239237871040487, + "2023 rate shock": -0.08695651236918989, + "2024 vol spike": -0.06524645441614085, + "2025 tariff crash": -0.18626998326887068, + "2026 Q1 drawdown": -0.10274902646466755 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2239237871040487, + "max_ret": -0.06524645441614085, + "all_pos": false + }, + "eafgx": { + "name": "Eaton Vance Focused Growth Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.498387320233103, + "corr_port": 0.16805590928470746, + "rets": { + "2022 bear mkt": -0.35046413305183755, + "2023 rate shock": -0.09289878229460136, + "2024 vol spike": -0.08803617121855223, + "2025 tariff crash": -0.21262938482377558, + "2026 Q1 drawdown": -0.11977030844012759 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35046413305183755, + "max_ret": -0.08803617121855223, + "all_pos": false + }, + "eafhx": { + "name": "Eaton Vance Floating-Rate & High Income Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 4.089675868581449, + "corr_port": 0.3144001347038375, + "rets": { + "2022 bear mkt": -0.05898477249288192, + "2023 rate shock": -0.0002919801133129951, + "2024 vol spike": -0.0005983475759621104, + "2025 tariff crash": -0.022427804499678294, + "2026 Q1 drawdown": -0.009928848248952904 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.05898477249288192, + "max_ret": -0.0002919801133129951, + "all_pos": false + }, + "eafvx": { + "name": "Eaton Vance Focused Value Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.31944396697242333, + "corr_port": 0.39404311760646044, + "rets": { + "2022 bear mkt": -0.13404687307599528, + "2023 rate shock": -0.13109598397534605, + "2024 vol spike": -0.04154431174237605, + "2025 tariff crash": -0.13924681259629512, + "2026 Q1 drawdown": -0.0674364434180138 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13924681259629512, + "max_ret": -0.04154431174237605, + "all_pos": false + }, + "eagmx": { + "name": "Eaton Vance Global Macro Absolute Return Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 5.2379756386224, + "corr_port": 0.23667567422802827, + "rets": { + "2022 bear mkt": -0.0510310985289234, + "2023 rate shock": -0.0017008447937019167, + "2024 vol spike": -0.006179621886971187, + "2025 tariff crash": 0.0018283214731245057, + "2026 Q1 drawdown": -0.00271623581233571 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0510310985289234, + "max_ret": 0.0018283214731245057, + "all_pos": false + }, + "eaiix": { + "name": "Eaton Vance Diversified Currency Income Fund", + "verdict": "weak/unstable alpha", + "t5": 1.0942973407945327, + "corr_port": 0.09900715819469041, + "rets": { + "2022 bear mkt": -0.19265072994811971, + "2023 rate shock": -0.05056728808465494, + "2024 vol spike": 0.029628070864495815, + "2025 tariff crash": 0.029696973563093643, + "2026 Q1 drawdown": -0.013184189688064119 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.19265072994811971, + "max_ret": 0.029696973563093643, + "all_pos": false + }, + "eaisx": { + "name": "Parametric International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.05854423647203432, + "corr_port": 0.37272659803094654, + "rets": { + "2022 bear mkt": -0.29700450176618387, + "2023 rate shock": -0.1051883064429997, + "2024 vol spike": -0.04730183113224573, + "2025 tariff crash": -0.07098968799810323, + "2026 Q1 drawdown": -0.05292307692307685 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29700450176618387, + "max_ret": -0.04730183113224573, + "all_pos": false + }, + "ealbx": { + "name": "Parametric TABS 1-to-10 Year Laddered Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.5133680517434664, + "corr_port": 0.03614008240448274, + "rets": { + "2022 bear mkt": -0.0692576699149886, + "2023 rate shock": -0.034739095243224605, + "2024 vol spike": 0.01519120104791516, + "2025 tariff crash": -0.01680607765081643, + "2026 Q1 drawdown": -0.008529705107402807 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0692576699149886, + "max_ret": 0.01519120104791516, + "all_pos": false + }, + "ealcx": { + "name": "Eaton Vance Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.514865665162581, + "corr_port": 0.17175278684910453, + "rets": { + "2022 bear mkt": -0.3263344910806544, + "2023 rate shock": -0.09466938674596082, + "2024 vol spike": -0.09073173690947989, + "2025 tariff crash": -0.20816711045885905, + "2026 Q1 drawdown": -0.12004835168848549 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3263344910806544, + "max_ret": -0.09073173690947989, + "all_pos": false + }, + "ealdx": { + "name": "Eaton Vance Short Duration Government Income Fund", + "verdict": "weak/unstable alpha", + "t5": 1.4222162086730405, + "corr_port": 0.0013074657175294587, + "rets": { + "2022 bear mkt": -0.02895961628292021, + "2023 rate shock": -0.01975131645386996, + "2024 vol spike": 0.013392375519151845, + "2025 tariff crash": 0.015950463232015988, + "2026 Q1 drawdown": 0.0028631310023075063 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.02895961628292021, + "max_ret": 0.015950463232015988, + "all_pos": false + }, + "ealtx": { + "name": "Parametric TABS 5-to-15 Year Laddered Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5483158158357734, + "corr_port": 0.016455493216809204, + "rets": { + "2022 bear mkt": -0.10471708620639963, + "2023 rate shock": -0.061301861583293205, + "2024 vol spike": 0.01724447444479682, + "2025 tariff crash": -0.028138999464812908, + "2026 Q1 drawdown": -0.01836605049479345 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10471708620639963, + "max_ret": 0.01724447444479682, + "all_pos": false + }, + "eanax": { + "name": "Eaton Vance National Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.08776968078723449, + "corr_port": 0.029268195799753982, + "rets": { + "2022 bear mkt": -0.12322677491885026, + "2023 rate shock": -0.06254091515857085, + "2024 vol spike": 0.014967690596695116, + "2025 tariff crash": -0.03643138150094749, + "2026 Q1 drawdown": -0.007002107884312325 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12322677491885026, + "max_ret": 0.014967690596695116, + "all_pos": false + }, + "earax": { + "name": "Eaton Vance All Asset Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1806946354379628, + "corr_port": 0.2861148464460332, + "rets": { + "2022 bear mkt": -0.19277889180045205, + "2023 rate shock": -0.07613461857813397, + "2024 vol spike": -0.02139403670304696, + "2025 tariff crash": -0.07597537721276282, + "2026 Q1 drawdown": -0.06621287128712872 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19277889180045205, + "max_ret": -0.02139403670304696, + "all_pos": false + }, + "earrx": { + "name": "Eaton Vance Short Duration Inflation-Protected Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 2.7597180620853816, + "corr_port": 0.1740512995312191, + "rets": { + "2022 bear mkt": -0.04261308552660881, + "2023 rate shock": 0.008247675852913083, + "2024 vol spike": 0.002018375817663065, + "2025 tariff crash": 0.007701353758824636, + "2026 Q1 drawdown": -0.0011796448822792849 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.04261308552660881, + "max_ret": 0.008247675852913083, + "all_pos": false + }, + "eascx": { + "name": "Eaton Vance South Carolina Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5436783216466674, + "corr_port": 0.026128940466246968, + "rets": { + "2022 bear mkt": -0.09407113172869808, + "2023 rate shock": -0.048490537308841564, + "2024 vol spike": 0.0144290591674332, + "2025 tariff crash": -0.03505622806634945, + "2026 Q1 drawdown": -0.007156744840068008 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09407113172869808, + "max_ret": 0.0144290591674332, + "all_pos": false + }, + "eatvx": { + "name": "Eaton Vance Tax-Managed Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.0068626052592791476, + "corr_port": 0.38241232550792503, + "rets": { + "2022 bear mkt": -0.20065795687685295, + "2023 rate shock": -0.11129335577474653, + "2024 vol spike": -0.051598817669798125, + "2025 tariff crash": -0.1586504117261105, + "2026 Q1 drawdown": -0.060718192367395285 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20065795687685295, + "max_ret": -0.051598817669798125, + "all_pos": false + }, + "ebabx": { + "name": "Eaton Vance Total Return Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.3075119215063, + "corr_port": 0.0437455195288118, + "rets": { + "2022 bear mkt": -0.14378432954726972, + "2023 rate shock": -0.036474056013247824, + "2024 vol spike": 0.019953642524141335, + "2025 tariff crash": 0.007144638043831586, + "2026 Q1 drawdown": -0.010298310640516894 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14378432954726972, + "max_ret": 0.019953642524141335, + "all_pos": false + }, + "ebnd": { + "name": "State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -0.6195190836004978, + "corr_port": 0.18737519696763094, + "rets": { + "2022 bear mkt": -0.1945221231294133, + "2023 rate shock": -0.06471435806372694, + "2024 vol spike": 0.005895018066716329, + "2025 tariff crash": -0.02314254365652768, + "2026 Q1 drawdown": -0.05887533053391392 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1945221231294133, + "max_ret": 0.005895018066716329, + "all_pos": false + }, + "ebsax": { + "name": "Campbell Systematic Macro Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.0743387241177764, + "corr_port": 0.16552819228588075, + "rets": { + "2022 bear mkt": 0.35922342690884723, + "2023 rate shock": 0.02132188345568875, + "2024 vol spike": -0.04054067853614651, + "2025 tariff crash": -0.02702697968739287, + "2026 Q1 drawdown": 0.04952581664910438 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.04054067853614651, + "max_ret": 0.35922342690884723, + "all_pos": false + }, + "ecbsx": { + "name": "Parametric TABS Short-Term Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.2786047999944473, + "corr_port": 0.0065621686361041825, + "rets": { + "2022 bear mkt": -0.07653656914060347, + "2023 rate shock": -0.03388843798460661, + "2024 vol spike": 0.014999785292426626, + "2025 tariff crash": -0.014833469571966296, + "2026 Q1 drawdown": -0.009114530638045903 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07653656914060347, + "max_ret": 0.014999785292426626, + "all_pos": false + }, + "ecctx": { + "name": "Eaton Vance Connecticut Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.028708177406360898, + "corr_port": 0.031128764697784188, + "rets": { + "2022 bear mkt": -0.10718931250408292, + "2023 rate shock": -0.0547243205497564, + "2024 vol spike": 0.012512259900792744, + "2025 tariff crash": -0.037884222840491866, + "2026 Q1 drawdown": -0.012034527654253613 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10718931250408292, + "max_ret": 0.012512259900792744, + "all_pos": false + }, + "ediax": { + "name": "Eaton Vance Global Income Builder Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.904878630380159, + "corr_port": 0.34682943452982234, + "rets": { + "2022 bear mkt": -0.2345342105907805, + "2023 rate shock": -0.07068551601173623, + "2024 vol spike": -0.04942285442611727, + "2025 tariff crash": -0.10057854278831169, + "2026 Q1 drawdown": -0.08225505028775848 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2345342105907805, + "max_ret": -0.04942285442611727, + "all_pos": false + }, + "ediv": { + "name": "State Street(R) SPDR(R) S&P Emerging Markets Dividend ETF", + "verdict": "weak/unstable alpha", + "t5": 2.2383704244566265, + "corr_port": 0.3199748749556711, + "rets": { + "2022 bear mkt": -0.2352817189639409, + "2023 rate shock": -0.0419926244765938, + "2024 vol spike": -0.06533220231663073, + "2025 tariff crash": -0.099016619077405, + "2026 Q1 drawdown": -0.06661198352271802 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2352817189639409, + "max_ret": -0.0419926244765938, + "all_pos": false + }, + "eeiax": { + "name": "Eaton Vance Emerging Markets Local Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8128307803618916, + "corr_port": 0.25244039499299076, + "rets": { + "2022 bear mkt": -0.20744595807526056, + "2023 rate shock": -0.0738605703413755, + "2024 vol spike": -0.00016873143543327807, + "2025 tariff crash": -0.01010045448116137, + "2026 Q1 drawdown": -0.05712070501911004 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20744595807526056, + "max_ret": -0.00016873143543327807, + "all_pos": false + }, + "eeldx": { + "name": "Eaton Vance Emerging Markets Debt Opportunities Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.9865967321618315, + "corr_port": 0.33522567386556074, + "rets": { + "2022 bear mkt": -0.13417267321047321, + "2023 rate shock": -0.018263035622232193, + "2024 vol spike": -0.009355390474279135, + "2025 tariff crash": -0.024452122508950458, + "2026 Q1 drawdown": -0.01742249087854597 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13417267321047321, + "max_ret": -0.009355390474279135, + "all_pos": false + }, + "eelv": { + "name": "Invesco S&P Emerging Markets Low Volatility ETF", + "verdict": "weak/unstable alpha", + "t5": 1.7573118720073726, + "corr_port": 0.32022259847507667, + "rets": { + "2022 bear mkt": -0.12276899699773547, + "2023 rate shock": -0.0880933243583808, + "2024 vol spike": -0.033661706552250314, + "2025 tariff crash": -0.07362657949200568, + "2026 Q1 drawdown": -0.05179701375534351 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12276899699773547, + "max_ret": -0.033661706552250314, + "all_pos": false + }, + "eemgx": { + "name": "MFS Emerging Markets Equity Research Fund", + "verdict": "weak/unstable alpha", + "t5": 0.1824548418491616, + "corr_port": 0.15473111892155827, + "rets": { + "2022 bear mkt": -0.3120258781195676, + "2023 rate shock": -0.10831246710193099, + "2024 vol spike": -0.07701707578927153, + "2025 tariff crash": -0.12711862209607894, + "2026 Q1 drawdown": -0.0888689407540395 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3120258781195676, + "max_ret": -0.07701707578927153, + "all_pos": false + }, + "eemx": { + "name": "State Street(R) SPDR(R) MSCI Emerging Markets Fossil Fuel Reserves Free ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.01072777250461181, + "corr_port": 0.21010918539523793, + "rets": { + "2022 bear mkt": -0.279534316245344, + "2023 rate shock": -0.11879850019495386, + "2024 vol spike": -0.06576283259073956, + "2025 tariff crash": -0.14902192152544014, + "2026 Q1 drawdown": -0.09672220414183352 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.279534316245344, + "max_ret": -0.06576283259073956, + "all_pos": false + }, + "efax": { + "name": "State Street(R) SPDR(R) MSCI EAFE Fossil Fuel Reserves Free ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3659424422707617, + "corr_port": 0.3158306247120682, + "rets": { + "2022 bear mkt": -0.30349115879811683, + "2023 rate shock": -0.11627794655760981, + "2024 vol spike": -0.06939006489160326, + "2025 tariff crash": -0.10896623377884429, + "2026 Q1 drawdown": -0.09200149066889185 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30349115879811683, + "max_ret": -0.06939006489160326, + "all_pos": false + }, + "egrix": { + "name": "Eaton Vance Global Macro Absolute Return Advantage Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.921025818208902, + "corr_port": 0.22290815991893495, + "rets": { + "2022 bear mkt": -0.062439224580987274, + "2023 rate shock": -0.012720117038028111, + "2024 vol spike": -0.013047358895481476, + "2025 tariff crash": 0.0018655520915795698, + "2026 Q1 drawdown": -0.010620915032679812 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.062439224580987274, + "max_ret": 0.0018655520915795698, + "all_pos": false + }, + "ehstx": { + "name": "Eaton Vance Large-Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4340116532914415, + "corr_port": 0.39669004664227214, + "rets": { + "2022 bear mkt": -0.1336148945292921, + "2023 rate shock": -0.1181175033354599, + "2024 vol spike": -0.0357560435002342, + "2025 tariff crash": -0.13618655437017124, + "2026 Q1 drawdown": -0.06198549292580413 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13618655437017124, + "max_ret": -0.0357560435002342, + "all_pos": false + }, + "eigix": { + "name": "Eaton Vance Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3766161981089806, + "corr_port": -0.054562728902114596, + "rets": { + "2022 bear mkt": -0.1452363039629132, + "2023 rate shock": -0.04005808484882778, + "2024 vol spike": 0.021370961456243398, + "2025 tariff crash": 0.009498262030528837, + "2026 Q1 drawdown": -0.008116484510876765 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1452363039629132, + "max_ret": 0.021370961456243398, + "all_pos": false + }, + "eimgx": { + "name": "Eaton Vance Tax-Managed Small-Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3309178742032255, + "corr_port": 0.28163695375428943, + "rets": { + "2022 bear mkt": -0.22933638889870045, + "2023 rate shock": -0.17292267672948347, + "2024 vol spike": -0.05035965112826013, + "2025 tariff crash": -0.1674583492191749, + "2026 Q1 drawdown": -0.08065045073516264 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22933638889870045, + "max_ret": -0.05035965112826013, + "all_pos": false + }, + "einc": { + "name": "VanEck Energy Income ETF", + "verdict": "weak/unstable alpha", + "t5": 2.1200395642009715, + "corr_port": 0.2785385639464503, + "rets": { + "2022 bear mkt": 0.08428783851413302, + "2023 rate shock": -0.020268217982500114, + "2024 vol spike": -0.040724611906554964, + "2025 tariff crash": -0.1166903594314922, + "2026 Q1 drawdown": 0.1597317344064919 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1166903594314922, + "max_ret": 0.1597317344064919, + "all_pos": false + }, + "eipcx": { + "name": "Parametric Commodity Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": 1.71754108209293, + "corr_port": 0.2448952420816305, + "rets": { + "2022 bear mkt": 0.11285261517173106, + "2023 rate shock": -0.02157161499989646, + "2024 vol spike": -0.05443225979446431, + "2025 tariff crash": -0.09009007472223951, + "2026 Q1 drawdown": 0.037634408602150504 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09009007472223951, + "max_ret": 0.11285261517173106, + "all_pos": false + }, + "eipix": { + "name": "EIP Growth and Income Fund", + "verdict": "weak/unstable alpha", + "t5": 1.4681532229734653, + "corr_port": 0.3782233394782601, + "rets": { + "2022 bear mkt": 0.03635708117203085, + "2023 rate shock": -0.03861186836641495, + "2024 vol spike": -0.021114318453106073, + "2025 tariff crash": -0.111861540740811, + "2026 Q1 drawdown": 0.10435712518988538 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.111861540740811, + "max_ret": 0.10435712518988538, + "all_pos": false + }, + "eitax": { + "name": "Parametric TABS Intermediate-Term Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.554725257873979, + "corr_port": 0.006865553426098434, + "rets": { + "2022 bear mkt": -0.09503698239193781, + "2023 rate shock": -0.06385458529382282, + "2024 vol spike": 0.018463982405792834, + "2025 tariff crash": -0.02577959996123136, + "2026 Q1 drawdown": -0.011312179197145111 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09503698239193781, + "max_ret": 0.018463982405792834, + "all_pos": false + }, + "eitex": { + "name": "Parametric Tax-Managed Emerging Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.952281494856256, + "corr_port": 0.36553572604288354, + "rets": { + "2022 bear mkt": -0.21121142177421426, + "2023 rate shock": -0.1017150033551264, + "2024 vol spike": -0.05653198399612158, + "2025 tariff crash": -0.10086677286760104, + "2026 Q1 drawdown": -0.07760242244264515 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21121142177421426, + "max_ret": -0.05653198399612158, + "all_pos": false + }, + "eivpx": { + "name": "Parametric Volatility Risk Premium - Defensive Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.8605041575573236, + "corr_port": 0.26024034281045877, + "rets": { + "2022 bear mkt": -0.1373361317206505, + "2023 rate shock": -0.04450831173241454, + "2024 vol spike": -0.045695408108812785, + "2025 tariff crash": -0.12657432331653873, + "2026 Q1 drawdown": -0.033038464127524314 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1373361317206505, + "max_ret": -0.033038464127524314, + "all_pos": false + }, + "emaax": { + "name": "Enterprise Mergers and Acquisitions Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5322555665152933, + "corr_port": 0.34458663331372796, + "rets": { + "2022 bear mkt": -0.15288716189892992, + "2023 rate shock": -0.07816898469379818, + "2024 vol spike": -0.038696572090209935, + "2025 tariff crash": -0.09683792554068671, + "2026 Q1 drawdown": -0.011428628571428567 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15288716189892992, + "max_ret": -0.011428628571428567, + "all_pos": false + }, + "emdax": { + "name": "PGIM Emerging Markets Debt Local Currency Fund", + "verdict": "weak/unstable alpha", + "t5": -0.285039334604484, + "corr_port": 0.2678043713363414, + "rets": { + "2022 bear mkt": -0.1665243914931479, + "2023 rate shock": -0.05542441431024425, + "2024 vol spike": -0.0014536350627599726, + "2025 tariff crash": -0.01114660169790238, + "2026 Q1 drawdown": -0.07216760513118403 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1665243914931479, + "max_ret": -0.0014536350627599726, + "all_pos": false + }, + "emlax": { + "name": "MFS Emerging Markets Debt Local Currency Fund", + "verdict": "weak/unstable alpha", + "t5": 0.03584511499729168, + "corr_port": 0.2618804776583188, + "rets": { + "2022 bear mkt": -0.1699128120577441, + "2023 rate shock": -0.07351656281533436, + "2024 vol spike": 0.006487608641589704, + "2025 tariff crash": -0.0003862160969521078, + "2026 Q1 drawdown": -0.05865666133106262 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1699128120577441, + "max_ret": 0.006487608641589704, + "all_pos": false + }, + "emlc": { + "name": "VanEck J.P. Morgan EM Local Currency Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -0.17023374393637064, + "corr_port": 0.2163830133430265, + "rets": { + "2022 bear mkt": -0.1672095154259865, + "2023 rate shock": -0.061280439995977876, + "2024 vol spike": -0.002430202331110687, + "2025 tariff crash": -0.016379977000165247, + "2026 Q1 drawdown": -0.05513384756330442 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1672095154259865, + "max_ret": -0.002430202331110687, + "all_pos": false + }, + "emoax": { + "name": "Eaton Vance Municipal Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.7821269894679228, + "corr_port": 0.04257153587133872, + "rets": { + "2022 bear mkt": -0.11711798217687219, + "2023 rate shock": -0.05151683750556324, + "2024 vol spike": 0.015917443050489366, + "2025 tariff crash": -0.03266434557527442, + "2026 Q1 drawdown": -0.009571358792539009 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11711798217687219, + "max_ret": 0.015917443050489366, + "all_pos": false + }, + "emptx": { + "name": "UBS Emerging Markets Equity Opportunity Fund", + "verdict": "weak/unstable alpha", + "t5": 0.07073542107104075, + "corr_port": 0.25462655692431463, + "rets": { + "2022 bear mkt": -0.31863725072498406, + "2023 rate shock": -0.11068202721340392, + "2024 vol spike": -0.0938271826604199, + "2025 tariff crash": -0.13258973852817624, + "2026 Q1 drawdown": -0.1063829787234043 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31863725072498406, + "max_ret": -0.0938271826604199, + "all_pos": false + }, + "emrgx": { + "name": "EMERGING MARKETS EQUITIES FUND, INC", + "verdict": "weak/unstable alpha", + "t5": -0.5131632922050484, + "corr_port": 0.2577044950509996, + "rets": { + "2022 bear mkt": -0.33173072965333816, + "2023 rate shock": -0.12714288187876255, + "2024 vol spike": -0.06861312990771096, + "2025 tariff crash": -0.11881191323719675, + "2026 Q1 drawdown": -0.09694989106753815 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33173072965333816, + "max_ret": -0.06861312990771096, + "all_pos": false + }, + "emsqx": { + "name": "Shelton Emerging Markets Fund", + "verdict": "weak/unstable alpha", + "t5": 0.4845373019592554, + "corr_port": 0.30110318777288325, + "rets": { + "2022 bear mkt": -0.24498986033854486, + "2023 rate shock": -0.09744891498912, + "2024 vol spike": -0.09336209370440052, + "2025 tariff crash": -0.1320224339225109, + "2026 Q1 drawdown": -0.09274000000000016 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24498986033854486, + "max_ret": -0.09274000000000016, + "all_pos": false + }, + "eniax": { + "name": "SIIT Opportunistic Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 10.103110023066812, + "corr_port": 0.2370003414548006, + "rets": { + "2022 bear mkt": -0.022441585341719694, + "2023 rate shock": 0.015034020284609095, + "2024 vol spike": 0.003764102971555827, + "2025 tariff crash": -0.0030447001322032596, + "2026 Q1 drawdown": 0.0012484608657172824 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.022441585341719694, + "max_ret": 0.015034020284609095, + "all_pos": false + }, + "epgax": { + "name": "Fidelity Advisor Equity Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.703668125551102, + "corr_port": 0.1763822494321909, + "rets": { + "2022 bear mkt": -0.2665495599861355, + "2023 rate shock": -0.09221179075492336, + "2024 vol spike": -0.09009442129390333, + "2025 tariff crash": -0.21481116813376944, + "2026 Q1 drawdown": -0.11188807307203119 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2665495599861355, + "max_ret": -0.09009442129390333, + "all_pos": false + }, + "eqal": { + "name": "Invesco Russell 1000 Equal Weight ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9140270476755283, + "corr_port": 0.3124760080274654, + "rets": { + "2022 bear mkt": -0.20827229919478807, + "2023 rate shock": -0.13414291379952237, + "2024 vol spike": -0.05115123126133014, + "2025 tariff crash": -0.17274296346089546, + "2026 Q1 drawdown": -0.014194806264232862 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20827229919478807, + "max_ret": -0.014194806264232862, + "all_pos": false + }, + "eqnax": { + "name": "MFS Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3271190724995938, + "corr_port": 0.3802058118675553, + "rets": { + "2022 bear mkt": -0.17474567891512127, + "2023 rate shock": -0.09988126352404647, + "2024 vol spike": -0.06825329098796562, + "2025 tariff crash": -0.15920541254121334, + "2026 Q1 drawdown": -0.04856288653494467 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17474567891512127, + "max_ret": -0.04856288653494467, + "all_pos": false + }, + "eqwl": { + "name": "Invesco S&P 100 Equal Weight ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3853205774025836, + "corr_port": 0.347663110238882, + "rets": { + "2022 bear mkt": -0.22770833520274947, + "2023 rate shock": -0.10653061259298957, + "2024 vol spike": -0.053397125074691854, + "2025 tariff crash": -0.14777421783719646, + "2026 Q1 drawdown": -0.05916861721499389 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22770833520274947, + "max_ret": -0.053397125074691854, + "all_pos": false + }, + "erbax": { + "name": "Eaton Vance Equity Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8060861208545296, + "corr_port": 0.34034623966180805, + "rets": { + "2022 bear mkt": -0.24372748276288647, + "2023 rate shock": -0.10445215141709352, + "2024 vol spike": -0.0702412525305035, + "2025 tariff crash": -0.16072380522250151, + "2026 Q1 drawdown": -0.09480927408947437 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24372748276288647, + "max_ret": -0.0702412525305035, + "all_pos": false + }, + "ergox": { + "name": "Eaton Vance Government Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.510655388230874, + "corr_port": -0.04604971440369462, + "rets": { + "2022 bear mkt": -0.06293365534847717, + "2023 rate shock": -0.025270283337310517, + "2024 vol spike": 0.029078829005621865, + "2025 tariff crash": 0.037635664858460816, + "2026 Q1 drawdown": -0.004730270690629923 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06293365534847717, + "max_ret": 0.037635664858460816, + "all_pos": false + }, + "erth": { + "name": "Invesco MSCI Sustainable Future ETF", + "verdict": "weak/unstable alpha", + "t5": -2.6646433591735543, + "corr_port": 0.1735398376660114, + "rets": { + "2022 bear mkt": -0.2994020081295188, + "2023 rate shock": -0.2513743479497772, + "2024 vol spike": -0.051617539568741266, + "2025 tariff crash": -0.1733785679958615, + "2026 Q1 drawdown": -0.052443398284573006 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2994020081295188, + "max_ret": -0.051617539568741266, + "all_pos": false + }, + "eseax": { + "name": "Eaton Vance Atlanta Capital Select Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.5637947974743793, + "corr_port": 0.2896752147122143, + "rets": { + "2022 bear mkt": -0.20856433270696617, + "2023 rate shock": -0.09250650945464989, + "2024 vol spike": -0.034924387766287035, + "2025 tariff crash": -0.1395282535496043, + "2026 Q1 drawdown": -0.09247706422018342 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20856433270696617, + "max_ret": -0.034924387766287035, + "all_pos": false + }, + "esge": { + "name": "iShares ESG Aware MSCI EM ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7058560834378983, + "corr_port": 0.22484781397822062, + "rets": { + "2022 bear mkt": -0.3055179256605105, + "2023 rate shock": -0.11814338986035988, + "2024 vol spike": -0.0672488406712598, + "2025 tariff crash": -0.14723758750436722, + "2026 Q1 drawdown": -0.09746543839067834 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3055179256605105, + "max_ret": -0.0672488406712598, + "all_pos": false + }, + "esgv": { + "name": "Vanguard ESG U.S. Stock ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3937400110362672, + "corr_port": 0.1946332394520856, + "rets": { + "2022 bear mkt": -0.2835918437316237, + "2023 rate shock": -0.10712886844908187, + "2024 vol spike": -0.07762958129304776, + "2025 tariff crash": -0.19974167285289535, + "2026 Q1 drawdown": -0.10945385397695717 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2835918437316237, + "max_ret": -0.07762958129304776, + "all_pos": false + }, + "eshix": { + "name": "Eaton Vance Short Duration High Income Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 4.305284772445875, + "corr_port": 0.3054489927412481, + "rets": { + "2022 bear mkt": -0.056626003864800434, + "2023 rate shock": -0.0037752762667317974, + "2024 vol spike": 0.00011840965165710315, + "2025 tariff crash": -0.01717793054572092, + "2026 Q1 drawdown": -0.009546141928648777 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.056626003864800434, + "max_ret": 0.00011840965165710315, + "all_pos": false + }, + "esmax": { + "name": "Invesco Global Small Cap Equity Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.5657566647394408, + "corr_port": 0.32131001661634234, + "rets": { + "2022 bear mkt": -0.3238667731969015, + "2023 rate shock": -0.1379770569390818, + "2024 vol spike": -0.057549680625373356, + "2025 tariff crash": -0.0766643732034259, + "2026 Q1 drawdown": -0.11020710059171601 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3238667731969015, + "max_ret": -0.057549680625373356, + "all_pos": false + }, + "espo": { + "name": "VanEck Video Gaming and eSports ETF", + "verdict": "weak/unstable alpha", + "t5": 0.04153006271483071, + "corr_port": 0.0034314772185579626, + "rets": { + "2022 bear mkt": -0.3897704647625603, + "2023 rate shock": -0.15214033047442488, + "2024 vol spike": -0.09682063416174314, + "2025 tariff crash": -0.17071400135748027, + "2026 Q1 drawdown": -0.16719092871257546 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3897704647625603, + "max_ret": -0.09682063416174314, + "all_pos": false + }, + "etazx": { + "name": "Eaton Vance Arizona Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5227020842651265, + "corr_port": 0.0397228141965349, + "rets": { + "2022 bear mkt": -0.1000596553439449, + "2023 rate shock": -0.04927835508430445, + "2024 vol spike": 0.013884431023486687, + "2025 tariff crash": -0.03281575848455531, + "2026 Q1 drawdown": -0.010264189550810543 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1000596553439449, + "max_ret": 0.013884431023486687, + "all_pos": false + }, + "etegx": { + "name": "Eaton Vance Small-Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2692195187659159, + "corr_port": 0.2833109800903885, + "rets": { + "2022 bear mkt": -0.22321427521948, + "2023 rate shock": -0.17132865166740407, + "2024 vol spike": -0.04941471119188878, + "2025 tariff crash": -0.16613619551530978, + "2026 Q1 drawdown": -0.08063354931605482 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22321427521948, + "max_ret": -0.04941471119188878, + "all_pos": false + }, + "etgax": { + "name": "Eaton Vance Georgia Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4745989615406837, + "corr_port": 0.03367015698722151, + "rets": { + "2022 bear mkt": -0.10112393980140666, + "2023 rate shock": -0.051613287214466785, + "2024 vol spike": 0.01233657029155788, + "2025 tariff crash": -0.032268586530555976, + "2026 Q1 drawdown": -0.009306552016052128 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10112393980140666, + "max_ret": 0.01233657029155788, + "all_pos": false + }, + "etgix": { + "name": "Eaton Vance Greater India Fund", + "verdict": "weak/unstable alpha", + "t5": 0.07614137389662627, + "corr_port": 0.2646519871673826, + "rets": { + "2022 bear mkt": -0.23365083811192866, + "2023 rate shock": -0.021848260725802704, + "2024 vol spike": -0.02581393966590184, + "2025 tariff crash": -0.0427188809721355, + "2026 Q1 drawdown": -0.1324482597236265 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23365083811192866, + "max_ret": -0.021848260725802704, + "all_pos": false + }, + "ethix": { + "name": "Eaton Vance High Income Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 1.5134395571960655, + "corr_port": 0.3110437519252008, + "rets": { + "2022 bear mkt": -0.10707333412835929, + "2023 rate shock": -0.02681651885210834, + "2024 vol spike": -0.004285862196581447, + "2025 tariff crash": -0.029978928102437075, + "2026 Q1 drawdown": -0.015838387184576308 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.10707333412835929, + "max_ret": -0.004285862196581447, + "all_pos": false + }, + "ethsx": { + "name": "Eaton Vance Worldwide Health Sciences Fund", + "verdict": "weak/unstable alpha", + "t5": -0.16380326557739866, + "corr_port": 0.240725263562113, + "rets": { + "2022 bear mkt": -0.16502808893907694, + "2023 rate shock": -0.0958173957090539, + "2024 vol spike": -0.019594564098946443, + "2025 tariff crash": -0.12020273895764799, + "2026 Q1 drawdown": -0.07912584777694043 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16502808893907694, + "max_ret": -0.019594564098946443, + "all_pos": false + }, + "ethyx": { + "name": "Eaton Vance High Yield Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.7573710660419589, + "corr_port": 0.048929629904924776, + "rets": { + "2022 bear mkt": -0.1415569585502171, + "2023 rate shock": -0.06951011196781531, + "2024 vol spike": 0.018208334442894714, + "2025 tariff crash": -0.04315710937083872, + "2026 Q1 drawdown": -0.006166776810340724 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1415569585502171, + "max_ret": 0.018208334442894714, + "all_pos": false + }, + "etmax": { + "name": "Eaton Vance Massachusetts Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2802900055849041, + "corr_port": 0.011349907894668686, + "rets": { + "2022 bear mkt": -0.12058108340823837, + "2023 rate shock": -0.05296631535694174, + "2024 vol spike": 0.015403627804860376, + "2025 tariff crash": -0.0377875038008767, + "2026 Q1 drawdown": -0.009911372026084386 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12058108340823837, + "max_ret": 0.015403627804860376, + "all_pos": false + }, + "etmbx": { + "name": "Eaton Vance AMT-Free Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.21649224336033776, + "corr_port": 0.033233419229256184, + "rets": { + "2022 bear mkt": -0.1375118464919065, + "2023 rate shock": -0.06730488406607871, + "2024 vol spike": 0.016623152955370868, + "2025 tariff crash": -0.038542758378733555, + "2026 Q1 drawdown": -0.006374086423603709 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1375118464919065, + "max_ret": 0.016623152955370868, + "all_pos": false + }, + "etmdx": { + "name": "Eaton Vance Maryland Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5038230251150895, + "corr_port": 0.024676631096766644, + "rets": { + "2022 bear mkt": -0.11339174101901262, + "2023 rate shock": -0.054215685776692335, + "2024 vol spike": 0.013300999196327767, + "2025 tariff crash": -0.035974756636345195, + "2026 Q1 drawdown": -0.01148186645702376 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11339174101901262, + "max_ret": 0.013300999196327767, + "all_pos": false + }, + "etmnx": { + "name": "Eaton Vance Minnesota Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.33371966428029803, + "corr_port": 0.02873546839697446, + "rets": { + "2022 bear mkt": -0.08412515482995697, + "2023 rate shock": -0.055659658405398105, + "2024 vol spike": 0.01253533048286637, + "2025 tariff crash": -0.03853987854602969, + "2026 Q1 drawdown": -0.010325885363666965 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08412515482995697, + "max_ret": 0.01253533048286637, + "all_pos": false + }, + "etmox": { + "name": "Eaton Vance Missouri Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2109758263924169, + "corr_port": 0.033733671206616675, + "rets": { + "2022 bear mkt": -0.11089324293410052, + "2023 rate shock": -0.05498116176574064, + "2024 vol spike": 0.014416005833268741, + "2025 tariff crash": -0.029265151969335657, + "2026 Q1 drawdown": -0.008466685750170178 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11089324293410052, + "max_ret": 0.014416005833268741, + "all_pos": false + }, + "etncx": { + "name": "Eaton Vance North Carolina Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.35811503711706405, + "corr_port": 0.031616235356986246, + "rets": { + "2022 bear mkt": -0.09802888164052492, + "2023 rate shock": -0.048134411413353395, + "2024 vol spike": 0.013260893643715299, + "2025 tariff crash": -0.03532089057622334, + "2026 Q1 drawdown": -0.011544394044993855 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09802888164052492, + "max_ret": 0.013260893643715299, + "all_pos": false + }, + "etnjx": { + "name": "Eaton Vance New Jersey Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.08457026383604997, + "corr_port": 0.04070918578125772, + "rets": { + "2022 bear mkt": -0.12142091162075797, + "2023 rate shock": -0.0431521594021238, + "2024 vol spike": 0.013116378944078022, + "2025 tariff crash": -0.03676634342635554, + "2026 Q1 drawdown": -0.008321406626603745 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12142091162075797, + "max_ret": 0.013116378944078022, + "all_pos": false + }, + "etnyx": { + "name": "Eaton Vance New York Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.10899026851639633, + "corr_port": 0.02932107808342956, + "rets": { + "2022 bear mkt": -0.1281157222901259, + "2023 rate shock": -0.06831588153192492, + "2024 vol spike": 0.015717353913140997, + "2025 tariff crash": -0.04366436254503747, + "2026 Q1 drawdown": -0.009117938003477821 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1281157222901259, + "max_ret": 0.015717353913140997, + "all_pos": false + }, + "etohx": { + "name": "Eaton Vance Ohio Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.16798818291259462, + "corr_port": 0.04482242614897429, + "rets": { + "2022 bear mkt": -0.10720471414573352, + "2023 rate shock": -0.05543050946432704, + "2024 vol spike": 0.01369520804073776, + "2025 tariff crash": -0.02960741595699956, + "2026 Q1 drawdown": -0.010024890798509656 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10720471414573352, + "max_ret": 0.01369520804073776, + "all_pos": false + }, + "etorx": { + "name": "Eaton Vance Oregon Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.04543410619205843, + "corr_port": 0.02885830268350444, + "rets": { + "2022 bear mkt": -0.10968489166676298, + "2023 rate shock": -0.051317129824654195, + "2024 vol spike": 0.014024243489801691, + "2025 tariff crash": -0.023821385195534228, + "2026 Q1 drawdown": -0.008436574450452317 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10968489166676298, + "max_ret": 0.014024243489801691, + "all_pos": false + }, + "etpax": { + "name": "Eaton Vance Pennsylvania Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4654975232597695, + "corr_port": 0.025046369879028064, + "rets": { + "2022 bear mkt": -0.11908622848250938, + "2023 rate shock": -0.05658247912985348, + "2024 vol spike": 0.014664560841073149, + "2025 tariff crash": -0.0367004127039563, + "2026 Q1 drawdown": -0.008292115236087416 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11908622848250938, + "max_ret": 0.014664560841073149, + "all_pos": false + }, + "etsix": { + "name": "Eaton Vance Strategic Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.111542447931916, + "corr_port": 0.16987947446299345, + "rets": { + "2022 bear mkt": -0.0537900172469693, + "2023 rate shock": -0.014410028842938405, + "2024 vol spike": 0.0057124158095509525, + "2025 tariff crash": 0.003827461156780787, + "2026 Q1 drawdown": -0.010324429092081866 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.0537900172469693, + "max_ret": 0.0057124158095509525, + "all_pos": false + }, + "ettgx": { + "name": "Eaton Vance Tax-Managed Growth Fund 1.1", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4286504520550778, + "corr_port": 0.2604757771360321, + "rets": { + "2022 bear mkt": -0.2578316587765763, + "2023 rate shock": -0.0895850934582938, + "2024 vol spike": -0.07319458712255211, + "2025 tariff crash": -0.1857481767044844, + "2026 Q1 drawdown": -0.1048333342514911 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2578316587765763, + "max_ret": -0.07319458712255211, + "all_pos": false + }, + "etvax": { + "name": "Eaton Vance Virginia Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2689160715097323, + "corr_port": 0.04799583417715261, + "rets": { + "2022 bear mkt": -0.11224865078883928, + "2023 rate shock": -0.05807299364254537, + "2024 vol spike": 0.012807702531893117, + "2025 tariff crash": -0.03670276819079743, + "2026 Q1 drawdown": -0.008755455148845459 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11224865078883928, + "max_ret": 0.012807702531893117, + "all_pos": false + }, + "evcgx": { + "name": "Eaton Vance China Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.3170692497148546, + "corr_port": 0.17268411749891205, + "rets": { + "2022 bear mkt": -0.34156550159500354, + "2023 rate shock": -0.12023798727572066, + "2024 vol spike": -0.050075914967359636, + "2025 tariff crash": -0.12901236495053914, + "2026 Q1 drawdown": -0.1420212841500682 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34156550159500354, + "max_ret": -0.050075914967359636, + "all_pos": false + }, + "evfax": { + "name": "Eaton Vance Floating-Rate Advantage Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.021323907165813, + "corr_port": 0.29869390204325696, + "rets": { + "2022 bear mkt": -0.05904037738560686, + "2023 rate shock": 0.007319862047568293, + "2024 vol spike": -0.001600979951269066, + "2025 tariff crash": -0.02771076691511598, + "2026 Q1 drawdown": -0.013113967821765216 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.05904037738560686, + "max_ret": 0.007319862047568293, + "all_pos": false + }, + "evibx": { + "name": "Eaton Vance Income Fund of Boston", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.8364764047987797, + "corr_port": 0.3100889943584041, + "rets": { + "2022 bear mkt": -0.11541547221754722, + "2023 rate shock": -0.026383640032469624, + "2024 vol spike": -0.002894330405734724, + "2025 tariff crash": -0.02860238794061254, + "2026 Q1 drawdown": -0.014747049883502727 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.11541547221754722, + "max_ret": -0.002894330405734724, + "all_pos": false + }, + "evifx": { + "name": "Eaton Vance Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.22579595976413142, + "corr_port": 0.23962413445236072, + "rets": { + "2022 bear mkt": -0.19310793928937775, + "2023 rate shock": -0.06715107953025978, + "2024 vol spike": -0.03553307088459412, + "2025 tariff crash": -0.11496774675503973, + "2026 Q1 drawdown": -0.06959576645707344 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19310793928937775, + "max_ret": -0.03553307088459412, + "all_pos": false + }, + "evtmx": { + "name": "Eaton Vance Dividend Builder Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.928088791612065, + "corr_port": 0.34464828061221303, + "rets": { + "2022 bear mkt": -0.2039358446423657, + "2023 rate shock": -0.09111793795486045, + "2024 vol spike": -0.04942047692244533, + "2025 tariff crash": -0.14162841155343697, + "2026 Q1 drawdown": -0.04408466150537815 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2039358446423657, + "max_ret": -0.04408466150537815, + "all_pos": false + }, + "evvcx": { + "name": "The E-Valuator Very Conservative (0%-15%) RMS Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5817712388657545, + "corr_port": 0.17121927716575955, + "rets": { + "2022 bear mkt": -0.0842581958136075, + "2023 rate shock": -0.0326660287171171, + "2024 vol spike": 0.004983860850291455, + "2025 tariff crash": -0.02736833465978017, + "2026 Q1 drawdown": -0.02697302364025367 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0842581958136075, + "max_ret": 0.004983860850291455, + "all_pos": false + }, + "exflx": { + "name": "Eaton Vance National Ultra-Short Municipal Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 4.953805480702568, + "corr_port": 0.08600758975449137, + "rets": { + "2022 bear mkt": -0.006706054826379315, + "2023 rate shock": 0.003411964098382958, + "2024 vol spike": 0.004833855611610094, + "2025 tariff crash": 0.0009214812870472766, + "2026 Q1 drawdown": 0.0010213319265388598 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.006706054826379315, + "max_ret": 0.004833855611610094, + "all_pos": false + }, + "exmax": { + "name": "Eaton Vance Short Duration Municipal Opportunities Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.0078256435615387, + "corr_port": 0.04408312634635546, + "rets": { + "2022 bear mkt": -0.0634888995407421, + "2023 rate shock": -0.01806157678090692, + "2024 vol spike": 0.011658271655627273, + "2025 tariff crash": -0.014353558445261316, + "2026 Q1 drawdown": -0.00813268685364954 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0634888995407421, + "max_ret": 0.011658271655627273, + "all_pos": false + }, + "exnax": { + "name": "Eaton Vance National Limited Maturity Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.5828657425668524, + "corr_port": 0.04265226594998753, + "rets": { + "2022 bear mkt": -0.05430975793900328, + "2023 rate shock": -0.017659311534507505, + "2024 vol spike": 0.009253497555702594, + "2025 tariff crash": -0.01539774474616884, + "2026 Q1 drawdown": -0.007813135614783917 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.05430975793900328, + "max_ret": 0.009253497555702594, + "all_pos": false + }, + "extgx": { + "name": "Eaton Vance Tax-Managed Growth Fund 1.2", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5763801846977499, + "corr_port": 0.2608453934673268, + "rets": { + "2022 bear mkt": -0.2585596394991182, + "2023 rate shock": -0.09006128871321062, + "2024 vol spike": -0.07314673336697641, + "2025 tariff crash": -0.18581513950382833, + "2026 Q1 drawdown": -0.10510850334584632 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2585596394991182, + "max_ret": -0.07314673336697641, + "all_pos": false + }, + "facdx": { + "name": "Fidelity Advisor Health Care Fund", + "verdict": "weak/unstable alpha", + "t5": -0.12352847767670486, + "corr_port": 0.1584172014378725, + "rets": { + "2022 bear mkt": -0.16430331115621488, + "2023 rate shock": -0.12577983111766822, + "2024 vol spike": -0.04464281287687255, + "2025 tariff crash": -0.13074809910645835, + "2026 Q1 drawdown": -0.10303997514881669 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16430331115621488, + "max_ret": -0.04464281287687255, + "all_pos": false + }, + "facfx": { + "name": "Fidelity Advisor Freedom 2010 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.020830883067252587, + "corr_port": 0.2772893596403795, + "rets": { + "2022 bear mkt": -0.16930225500294305, + "2023 rate shock": -0.05063293072568775, + "2024 vol spike": -0.007379941047539917, + "2025 tariff crash": -0.03771829834033791, + "2026 Q1 drawdown": -0.02541642508074049 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16930225500294305, + "max_ret": -0.007379941047539917, + "all_pos": false + }, + "facnx": { + "name": "Fidelity Canada Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5945367718164201, + "corr_port": 0.34299985498483593, + "rets": { + "2022 bear mkt": -0.14312411088061883, + "2023 rate shock": -0.09960712558118867, + "2024 vol spike": -0.05314842078803306, + "2025 tariff crash": -0.11030369333649825, + "2026 Q1 drawdown": -0.031997942403495294 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14312411088061883, + "max_ret": -0.031997942403495294, + "all_pos": false + }, + "fafdx": { + "name": "Fidelity Advisor Financials Fund", + "verdict": "weak/unstable alpha", + "t5": 1.0737943162215335, + "corr_port": 0.40501621686762496, + "rets": { + "2022 bear mkt": -0.19854402710239327, + "2023 rate shock": -0.11533985006494885, + "2024 vol spike": -0.07614369287036471, + "2025 tariff crash": -0.17475464708607358, + "2026 Q1 drawdown": -0.09841262165112752 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19854402710239327, + "max_ret": -0.07614369287036471, + "all_pos": false + }, + "fafrx": { + "name": "FRANKLIN FLOATING RATE DAILY ACCESS FUND", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.5389934068951625, + "corr_port": 0.25034999241740596, + "rets": { + "2022 bear mkt": -0.04127355382259257, + "2023 rate shock": 0.020113576458184124, + "2024 vol spike": -0.004285309393767145, + "2025 tariff crash": -0.022112150091468386, + "2026 Q1 drawdown": -0.008351784231308557 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04127355382259257, + "max_ret": 0.020113576458184124, + "all_pos": false + }, + "fagax": { + "name": "Fidelity Advisor Growth Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.300921143322413, + "corr_port": 0.12142345178805553, + "rets": { + "2022 bear mkt": -0.3760767911890389, + "2023 rate shock": -0.1300139980979822, + "2024 vol spike": -0.1008832487374961, + "2025 tariff crash": -0.2539110364832924, + "2026 Q1 drawdown": -0.143094629968604 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3760767911890389, + "max_ret": -0.1008832487374961, + "all_pos": false + }, + "fagix": { + "name": "Fidelity Capital & Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6139189979082451, + "corr_port": 0.33808986339702785, + "rets": { + "2022 bear mkt": -0.1372448886101275, + "2023 rate shock": -0.03427061490880223, + "2024 vol spike": -0.023060708225536852, + "2025 tariff crash": -0.0686332181288738, + "2026 Q1 drawdown": -0.027285158092604456 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1372448886101275, + "max_ret": -0.023060708225536852, + "all_pos": false + }, + "fairx": { + "name": "The Fairholme Fund", + "verdict": "weak/unstable alpha", + "t5": 0.03779422667013526, + "corr_port": 0.1644405866652513, + "rets": { + "2022 bear mkt": -0.33559740156716766, + "2023 rate shock": -0.2194926545703818, + "2024 vol spike": -0.07794287165967273, + "2025 tariff crash": -0.1151748072113794, + "2026 Q1 drawdown": -0.05525509182353838 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33559740156716766, + "max_ret": -0.05525509182353838, + "all_pos": false + }, + "famex": { + "name": "FAM Dividend Focus Fund", + "verdict": "weak/unstable alpha", + "t5": -1.0725734989839286, + "corr_port": 0.2888610222554051, + "rets": { + "2022 bear mkt": -0.2104337610447481, + "2023 rate shock": -0.07874114988190917, + "2024 vol spike": -0.05368315805224344, + "2025 tariff crash": -0.11490063988818477, + "2026 Q1 drawdown": -0.09424707574773439 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2104337610447481, + "max_ret": -0.05368315805224344, + "all_pos": false + }, + "fascx": { + "name": "Franklin Alternative Strategies Fund", + "verdict": "weak/unstable alpha", + "t5": 0.4418028564177769, + "corr_port": 0.28780292636448235, + "rets": { + "2022 bear mkt": -0.09326434889629764, + "2023 rate shock": -0.018026463213111188, + "2024 vol spike": -0.018600573468259385, + "2025 tariff crash": -0.0337709431194696, + "2026 Q1 drawdown": -0.00551977920883151 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.09326434889629764, + "max_ret": -0.00551977920883151, + "all_pos": false + }, + "faztx": { + "name": "Nuveen Arizona Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.20215800369260412, + "corr_port": 0.034841296493306466, + "rets": { + "2022 bear mkt": -0.12779110346665912, + "2023 rate shock": -0.056522698494096746, + "2024 vol spike": 0.012399340854247987, + "2025 tariff crash": -0.032782361398138615, + "2026 Q1 drawdown": -0.0065948059484741695 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12779110346665912, + "max_ret": 0.012399340854247987, + "all_pos": false + }, + "fbdix": { + "name": "FRANKLIN BIOTECHNOLOGY DISCOVERY FUND", + "verdict": "weak/unstable alpha", + "t5": 0.6378709521421704, + "corr_port": 0.0907339134154907, + "rets": { + "2022 bear mkt": -0.17092825343423057, + "2023 rate shock": -0.1072823840536522, + "2024 vol spike": -0.06220671982448911, + "2025 tariff crash": -0.19945175647541713, + "2026 Q1 drawdown": -0.04492913648847596 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19945175647541713, + "max_ret": -0.04492913648847596, + "all_pos": false + }, + "fblax": { + "name": "Franklin Managed Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5465376619531439, + "corr_port": 0.35209473883124703, + "rets": { + "2022 bear mkt": -0.15365129713750414, + "2023 rate shock": -0.07400594559548068, + "2024 vol spike": -0.0064298675781431225, + "2025 tariff crash": -0.06249347095342084, + "2026 Q1 drawdown": -0.004750660590522204 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15365129713750414, + "max_ret": -0.004750660590522204, + "all_pos": false + }, + "fbnd": { + "name": "Fidelity Total Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6911705083305129, + "corr_port": -0.0009964047501210768, + "rets": { + "2022 bear mkt": -0.14167719396264333, + "2023 rate shock": -0.03381092877256464, + "2024 vol spike": 0.019000754098140504, + "2025 tariff crash": 0.0020567796068897692, + "2026 Q1 drawdown": -0.00527163366167871 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14167719396264333, + "max_ret": 0.019000754098140504, + "all_pos": false + }, + "fbtax": { + "name": "Fidelity Advisor Biotechnology Fund", + "verdict": "weak/unstable alpha", + "t5": 1.161535393224567, + "corr_port": 0.0938475100637796, + "rets": { + "2022 bear mkt": -0.13190068044244785, + "2023 rate shock": -0.13012320154062929, + "2024 vol spike": -0.03715263955791215, + "2025 tariff crash": -0.20397113565441405, + "2026 Q1 drawdown": -0.048576676715155975 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20397113565441405, + "max_ret": -0.03715263955791215, + "all_pos": false + }, + "fcamx": { + "name": "FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3431254237551467, + "corr_port": 0.03850827738175056, + "rets": { + "2022 bear mkt": -0.14528642637551725, + "2023 rate shock": -0.06550982082087764, + "2024 vol spike": 0.0166094079376069, + "2025 tariff crash": -0.033399146243794475, + "2026 Q1 drawdown": -0.0064825038103171195 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14528642637551725, + "max_ret": 0.0166094079376069, + "all_pos": false + }, + "fceex": { + "name": "Franklin Emerging Market Core Equity (IU) Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6359052858455618, + "corr_port": 0.23480754616219335, + "rets": { + "2022 bear mkt": -0.2527584175085965, + "2023 rate shock": -0.09042815785535285, + "2024 vol spike": -0.07365959454572168, + "2025 tariff crash": -0.12987023197465675, + "2026 Q1 drawdown": -0.08150693975100032 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2527584175085965, + "max_ret": -0.07365959454572168, + "all_pos": false + }, + "fcenx": { + "name": "Franklin International Core Equity (IU) Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0273563921740823, + "corr_port": 0.3619692691169246, + "rets": { + "2022 bear mkt": -0.30020760374944966, + "2023 rate shock": -0.08617620617255217, + "2024 vol spike": -0.07959555808546137, + "2025 tariff crash": -0.10857588232812121, + "2026 Q1 drawdown": -0.07083329195989863 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30020760374944966, + "max_ret": -0.07083329195989863, + "all_pos": false + }, + "fceux": { + "name": "Franklin U.S. Core Equity (IU) Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1653403664295883, + "corr_port": 0.24597417432940427, + "rets": { + "2022 bear mkt": -0.22188299459948901, + "2023 rate shock": -0.08228755868682813, + "2024 vol spike": -0.07291632132599268, + "2025 tariff crash": -0.1840490761750102, + "2026 Q1 drawdown": -0.0834582340468275 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22188299459948901, + "max_ret": -0.07291632132599268, + "all_pos": false + }, + "fcfgx": { + "name": "American Funds College 2039 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3392576445283824, + "corr_port": 0.08664456042409864, + "rets": { + "2022 bear mkt": -0.26502735763364194, + "2023 rate shock": -0.09687193891533474, + "2024 vol spike": -0.05492599007155963, + "2025 tariff crash": -0.14011674909960659, + "2026 Q1 drawdown": -0.07912584777694043 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26502735763364194, + "max_ret": -0.05492599007155963, + "all_pos": false + }, + "fcfix": { + "name": "FROST CREDIT FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 5.709904215588121, + "corr_port": 0.16484050675681672, + "rets": { + "2022 bear mkt": -0.09907725783759946, + "2023 rate shock": -0.0037517420093964304, + "2024 vol spike": 0.006698289031340288, + "2025 tariff crash": -0.014728971355337572, + "2026 Q1 drawdown": -0.007320470349093111 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09907725783759946, + "max_ret": 0.006698289031340288, + "all_pos": false + }, + "fclax": { + "name": "Fidelity Advisor Industrials Fund", + "verdict": "weak/unstable alpha", + "t5": 0.419115772241196, + "corr_port": 0.3309650341145926, + "rets": { + "2022 bear mkt": -0.22120976316953478, + "2023 rate shock": -0.14942810835299547, + "2024 vol spike": -0.06508610143926119, + "2025 tariff crash": -0.1777778294472807, + "2026 Q1 drawdown": -0.053565427509293606 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22120976316953478, + "max_ret": -0.053565427509293606, + "all_pos": false + }, + "fcntx": { + "name": "Fidelity Contrafund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.0646247299258211, + "corr_port": 0.20170175767252355, + "rets": { + "2022 bear mkt": -0.3056208516253184, + "2023 rate shock": -0.06439162687778244, + "2024 vol spike": -0.07341252849006297, + "2025 tariff crash": -0.18598377422534584, + "2026 Q1 drawdown": -0.11303015093643498 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3056208516253184, + "max_ret": -0.06439162687778244, + "all_pos": false + }, + "fcotx": { + "name": "Nuveen Colorado Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.08354136864138398, + "corr_port": 0.03413350893354209, + "rets": { + "2022 bear mkt": -0.1257185943655711, + "2023 rate shock": -0.059578538434468364, + "2024 vol spike": 0.012735954284202045, + "2025 tariff crash": -0.03217028626294305, + "2026 Q1 drawdown": -0.006090500697671253 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1257185943655711, + "max_ret": 0.012735954284202045, + "all_pos": false + }, + "fcspx": { + "name": "Federated Hermes Corporate Bond Strategy Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.26424316260291236, + "corr_port": 0.0036003250864469847, + "rets": { + "2022 bear mkt": -0.18260686718957386, + "2023 rate shock": -0.04277077830966591, + "2024 vol spike": 0.014557593069897345, + "2025 tariff crash": -0.006506520564957596, + "2026 Q1 drawdown": -0.011628588685952734 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.18260686718957386, + "max_ret": 0.014557593069897345, + "all_pos": false + }, + "fcssx": { + "name": "Fidelity Series Commodity Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9722264248101525, + "corr_port": 0.023052033980061434, + "rets": { + "2023 rate shock": 0.002935914318940469, + "2024 vol spike": -0.048488051698073464, + "2025 tariff crash": -0.09389232215660137, + "2026 Q1 drawdown": 0.03506517284624233 + }, + "n_avail": 4, + "n_pos": 2, + "min_ret": -0.09389232215660137, + "max_ret": 0.03506517284624233, + "all_pos": false + }, + "fcstx": { + "name": "Fidelity California Limited Term Tax-Free Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.116434516817574, + "corr_port": 0.050262834855465253, + "rets": { + "2022 bear mkt": -0.06049157807470429, + "2023 rate shock": -0.01578173944770056, + "2024 vol spike": 0.010434194870924562, + "2025 tariff crash": -0.00824201811352121, + "2026 Q1 drawdown": -0.011363224641577796 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.06049157807470429, + "max_ret": 0.010434194870924562, + "all_pos": false + }, + "fcttx": { + "name": "Nuveen Connecticut Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.014766631971219062, + "corr_port": 0.035952118268702454, + "rets": { + "2022 bear mkt": -0.13834188110893197, + "2023 rate shock": -0.05566831052940202, + "2024 vol spike": 0.01392272773689296, + "2025 tariff crash": -0.034570603612966155, + "2026 Q1 drawdown": -0.007149545282981062 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13834188110893197, + "max_ret": 0.01392272773689296, + "all_pos": false + }, + "fcvsx": { + "name": "Fidelity Convertible Securities Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6113138971935916, + "corr_port": 0.1885307532130471, + "rets": { + "2022 bear mkt": -0.18255804843948675, + "2023 rate shock": -0.07001123136675935, + "2024 vol spike": -0.04177762487035075, + "2025 tariff crash": -0.12742194936499796, + "2026 Q1 drawdown": -0.050346724665099596 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18255804843948675, + "max_ret": -0.04177762487035075, + "all_pos": false + }, + "fdbax": { + "name": "Federated Hermes Corporate Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3188154262228635, + "corr_port": 0.026181063107477583, + "rets": { + "2022 bear mkt": -0.169865095859716, + "2023 rate shock": -0.03429498233456052, + "2024 vol spike": 0.011481198123571401, + "2025 tariff crash": -0.004902044738283706, + "2026 Q1 drawdown": -0.011639546408368173 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.169865095859716, + "max_ret": 0.011481198123571401, + "all_pos": false + }, + "fdcax": { + "name": "Fidelity Capital Appreciation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.13329282467570044, + "corr_port": 0.2251570152370107, + "rets": { + "2022 bear mkt": -0.2504564771059905, + "2023 rate shock": -0.10567010029847779, + "2024 vol spike": -0.0788425894162581, + "2025 tariff crash": -0.1891091286322759, + "2026 Q1 drawdown": -0.10917299404884051 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2504564771059905, + "max_ret": -0.0788425894162581, + "all_pos": false + }, + "fdegx": { + "name": "Fidelity Growth Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1876978302048784, + "corr_port": 0.1862629218995779, + "rets": { + "2022 bear mkt": -0.2893624587487771, + "2023 rate shock": -0.13623134353794508, + "2024 vol spike": -0.07927985182067021, + "2025 tariff crash": -0.22530202322441428, + "2026 Q1 drawdown": -0.09593148768316262 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2893624587487771, + "max_ret": -0.07927985182067021, + "all_pos": false + }, + "fdetx": { + "name": "Fidelity Advisor Capital Development Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6686885539725782, + "corr_port": 0.3605439910561396, + "rets": { + "2022 bear mkt": -0.19038274558670343, + "2023 rate shock": -0.0950756321023416, + "2024 vol spike": -0.06965368824853013, + "2025 tariff crash": -0.18203401764683325, + "2026 Q1 drawdown": -0.08347883630732933 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19038274558670343, + "max_ret": -0.06965368824853013, + "all_pos": false + }, + "fdgfx": { + "name": "Fidelity Dividend Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5371015939268406, + "corr_port": 0.33917921494523523, + "rets": { + "2022 bear mkt": -0.19995133918677, + "2023 rate shock": -0.08140750877640279, + "2024 vol spike": -0.07520127980418989, + "2025 tariff crash": -0.18849225068770592, + "2026 Q1 drawdown": -0.08908048947655545 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19995133918677, + "max_ret": -0.07520127980418989, + "all_pos": false + }, + "fdgrx": { + "name": "Fidelity Growth Company Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5962783041068337, + "corr_port": 0.12394418778043025, + "rets": { + "2022 bear mkt": -0.3470345008474921, + "2023 rate shock": -0.11734700763957995, + "2024 vol spike": -0.10280598651624095, + "2025 tariff crash": -0.24588974011205444, + "2026 Q1 drawdown": -0.09764991698440206 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3470345008474921, + "max_ret": -0.09764991698440206, + "all_pos": false + }, + "fdiax": { + "name": "Fidelity Advisor Limited Term Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.563859760600212, + "corr_port": -0.018102776527452603, + "rets": { + "2022 bear mkt": -0.07572930873283412, + "2023 rate shock": -0.0008264897050906939, + "2024 vol spike": 0.011553326560444166, + "2025 tariff crash": 0.0072994403223454185, + "2026 Q1 drawdown": -0.003571118495516279 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.07572930873283412, + "max_ret": 0.011553326560444166, + "all_pos": false + }, + "fdivx": { + "name": "Fidelity Diversified International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4291140728813316, + "corr_port": 0.3275521002238399, + "rets": { + "2022 bear mkt": -0.3410821304959045, + "2023 rate shock": -0.11370678966585546, + "2024 vol spike": -0.07353902970054249, + "2025 tariff crash": -0.1286781132269763, + "2026 Q1 drawdown": -0.0945292866808427 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3410821304959045, + "max_ret": -0.07353902970054249, + "all_pos": false + }, + "fdmmx": { + "name": "Fidelity Massachusetts Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.08107606656545503, + "corr_port": 0.025630498160248337, + "rets": { + "2022 bear mkt": -0.10941860485979149, + "2023 rate shock": -0.04559676909751609, + "2024 vol spike": 0.013705475362963071, + "2025 tariff crash": -0.02579715619776557, + "2026 Q1 drawdown": -0.01055902776004447 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10941860485979149, + "max_ret": 0.013705475362963071, + "all_pos": false + }, + "fdvax": { + "name": "Fidelity Advisor Diversified International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.555130416443453, + "corr_port": 0.32879646650734784, + "rets": { + "2022 bear mkt": -0.33975650366128396, + "2023 rate shock": -0.11352840960431754, + "2024 vol spike": -0.07625271891212693, + "2025 tariff crash": -0.12957430700757044, + "2026 Q1 drawdown": -0.09653297076818501 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33975650366128396, + "max_ret": -0.07625271891212693, + "all_pos": false + }, + "fedax": { + "name": "Fidelity Emerging Markets Discovery Fund", + "verdict": "weak/unstable alpha", + "t5": 1.1889598921443567, + "corr_port": 0.34162157917271996, + "rets": { + "2022 bear mkt": -0.21200749798234786, + "2023 rate shock": -0.09248923838781709, + "2024 vol spike": -0.07886993697037592, + "2025 tariff crash": -0.10920630665379749, + "2026 Q1 drawdown": -0.049424232245681265 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21200749798234786, + "max_ret": -0.049424232245681265, + "all_pos": false + }, + "felax": { + "name": "Fidelity Advisor Semiconductors Fund", + "verdict": "weak/unstable alpha", + "t5": 1.9887979935359148, + "corr_port": 0.12357542132193626, + "rets": { + "2022 bear mkt": -0.44131941213176296, + "2023 rate shock": -0.17514127512765987, + "2024 vol spike": -0.15355372295974712, + "2025 tariff crash": -0.34219350340099686, + "2026 Q1 drawdown": -0.12769612478662185 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.44131941213176296, + "max_ret": -0.12769612478662185, + "all_pos": false + }, + "femdx": { + "name": "Franklin Emerging Market Debt Opportunities Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.003233030193939, + "corr_port": 0.2779203240903428, + "rets": { + "2022 bear mkt": -0.16045093197047744, + "2023 rate shock": -0.023054811063782266, + "2024 vol spike": -0.006060601966003887, + "2025 tariff crash": -0.04131526329877522, + "2026 Q1 drawdown": -0.021823850350740415 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16045093197047744, + "max_ret": -0.006060601966003887, + "all_pos": false + }, + "femgx": { + "name": "Templeton Sustainable Emerging Markets Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5224178601366307, + "corr_port": 0.21856443755349889, + "rets": { + "2022 bear mkt": -0.1803279967691197, + "2023 rate shock": -0.06000869175445955, + "2024 vol spike": -0.003999793917217276, + "2025 tariff crash": -0.02688541941076794, + "2026 Q1 drawdown": -0.06711982595113242 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1803279967691197, + "max_ret": -0.003999793917217276, + "all_pos": false + }, + "feqmx": { + "name": "Fidelity Emerging Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5536252360507568, + "corr_port": 0.041991760606344894, + "rets": { + "2022 bear mkt": -0.35156254015206445, + "2023 rate shock": -0.12074223754829894, + "2024 vol spike": -0.07909886505084629, + "2025 tariff crash": -0.15493310232316182, + "2026 Q1 drawdown": -0.10255453845693574 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35156254015206445, + "max_ret": -0.07909886505084629, + "all_pos": false + }, + "feqtx": { + "name": "Fidelity Equity Dividend Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.7950942192958894, + "corr_port": 0.42123668014508014, + "rets": { + "2022 bear mkt": -0.1311434603025441, + "2023 rate shock": -0.09389339699444021, + "2024 vol spike": -0.03036423997248816, + "2025 tariff crash": -0.10853850169273171, + "2026 Q1 drawdown": -0.027018127585343277 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1311434603025441, + "max_ret": -0.027018127585343277, + "all_pos": false + }, + "feugx": { + "name": "FEDERATED HERMES ADJUSTABLE RATE FUND", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 1.5490239366084984, + "corr_port": 0.0260029236951217, + "rets": { + "2022 bear mkt": -0.017744722777071065, + "2023 rate shock": 0.0008841755100896798, + "2024 vol spike": 0.007760438225406174, + "2025 tariff crash": 0.008712919672316577, + "2026 Q1 drawdown": 0.00586973517334366 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.017744722777071065, + "max_ret": 0.008712919672316577, + "all_pos": false + }, + "ffalx": { + "name": "FRANKLIN GLOBAL ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.33607982381196627, + "corr_port": 0.3270600187158144, + "rets": { + "2022 bear mkt": -0.18239243132971705, + "2023 rate shock": -0.07317081064880582, + "2024 vol spike": -0.04023362680859566, + "2025 tariff crash": -0.10721158323139368, + "2026 Q1 drawdown": -0.06183244206937377 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18239243132971705, + "max_ret": -0.04023362680859566, + "all_pos": false + }, + "ffrsx": { + "name": "Federated Hermes Floating Rate Strategic Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.216442875460218, + "corr_port": 0.29407866487899664, + "rets": { + "2022 bear mkt": -0.05920217009597395, + "2023 rate shock": 0.014583640389476349, + "2024 vol spike": 0.0005869390518553619, + "2025 tariff crash": -0.009128089426518105, + "2026 Q1 drawdown": -0.002582295261910783 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.05920217009597395, + "max_ret": 0.014583640389476349, + "all_pos": false + }, + "ffsax": { + "name": "Touchstone Flexible Income Fund", + "verdict": "weak/unstable alpha", + "t5": 2.4873137341836657, + "corr_port": 0.18088247837182012, + "rets": { + "2022 bear mkt": -0.09249657606607231, + "2023 rate shock": -0.012185530424362545, + "2024 vol spike": 0.00814881049625149, + "2025 tariff crash": -0.004444463004655841, + "2026 Q1 drawdown": -0.009586581869537647 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09249657606607231, + "max_ret": 0.00814881049625149, + "all_pos": false + }, + "fftfx": { + "name": "FRANKLIN FEDERAL LIMITED-TERM TAX-FREE INCOME FUND", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 2.019708951855292, + "corr_port": 0.05755949120148044, + "rets": { + "2022 bear mkt": -0.05216292408303591, + "2023 rate shock": -0.013795233222061443, + "2024 vol spike": 0.00909113650887372, + "2025 tariff crash": -0.008282861007820497, + "2026 Q1 drawdown": -0.004339579460445719 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.05216292408303591, + "max_ret": 0.00909113650887372, + "all_pos": false + }, + "ffxsx": { + "name": "Fidelity Limited Term Government Fund", + "verdict": "weak/unstable alpha", + "t5": -3.166289403326394, + "corr_port": -0.16616767517191267, + "rets": { + "2022 bear mkt": -0.06866070961545512, + "2023 rate shock": -0.0027813949485864242, + "2024 vol spike": 0.014869859328088486, + "2025 tariff crash": 0.01779228736442895, + "2026 Q1 drawdown": -1.91371908611071e-05 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06866070961545512, + "max_ret": 0.01779228736442895, + "all_pos": false + }, + "fgatx": { + "name": "Nuveen Georgia Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -2.3060557233894188, + "corr_port": 0.032318706815332124, + "rets": { + "2022 bear mkt": -0.1400714621401855, + "2023 rate shock": -0.05316257889494891, + "2024 vol spike": 0.012660811632147606, + "2025 tariff crash": -0.032029853301950295, + "2026 Q1 drawdown": -0.009170268479666843 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1400714621401855, + "max_ret": 0.012660811632147606, + "all_pos": false + }, + "fgcsx": { + "name": "Federated Hermes Short-Intermediate Total Return Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -1.9405638717131206, + "corr_port": -0.04608286499029638, + "rets": { + "2022 bear mkt": -0.06826796892902443, + "2023 rate shock": -0.005088913244802429, + "2024 vol spike": 0.013071928557337964, + "2025 tariff crash": 0.010451696760989337, + "2026 Q1 drawdown": -0.001695759948337927 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06826796892902443, + "max_ret": 0.013071928557337964, + "all_pos": false + }, + "fgfax": { + "name": "Federated Hermes International Leaders Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8654925164729547, + "corr_port": 0.3805931616410568, + "rets": { + "2022 bear mkt": -0.26223885992235685, + "2023 rate shock": -0.1206662716901653, + "2024 vol spike": -0.07501899766973752, + "2025 tariff crash": -0.08823528335155639, + "2026 Q1 drawdown": -0.10110925552241345 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26223885992235685, + "max_ret": -0.07501899766973752, + "all_pos": false + }, + "fgiax": { + "name": "Nuveen Global Infrastructure Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8272499313320312, + "corr_port": 0.3381279296996438, + "rets": { + "2022 bear mkt": -0.1715266028741419, + "2023 rate shock": -0.10386014755896877, + "2024 vol spike": -0.017391171289298013, + "2025 tariff crash": -0.051738702956171445, + "2026 Q1 drawdown": 0.0401257768711043 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1715266028741419, + "max_ret": 0.0401257768711043, + "all_pos": false + }, + "fgilx": { + "name": "Fidelity Global Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7909767810854346, + "corr_port": 0.37670632423538847, + "rets": { + "2022 bear mkt": -0.20934253617175858, + "2023 rate shock": -0.09790459753903769, + "2024 vol spike": -0.05711482951908109, + "2025 tariff crash": -0.12001898544449263, + "2026 Q1 drawdown": -0.056470620875427646 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20934253617175858, + "max_ret": -0.056470620875427646, + "all_pos": false + }, + "fginx": { + "name": "Nomura Growth and Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.498384689219362, + "corr_port": 0.4225712991117054, + "rets": { + "2022 bear mkt": -0.10643174718949044, + "2023 rate shock": -0.0790549950752033, + "2024 vol spike": -0.06561523147047454, + "2025 tariff crash": -0.13115705703160463, + "2026 Q1 drawdown": -0.039474246569334404 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13115705703160463, + "max_ret": -0.039474246569334404, + "all_pos": false + }, + "fgrax": { + "name": "FRANKLIN GROWTH OPPORTUNITIES FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.5192398426211176, + "corr_port": 0.11181137587730096, + "rets": { + "2022 bear mkt": -0.3715499485145697, + "2023 rate shock": -0.10847401576866744, + "2024 vol spike": -0.07843530211712502, + "2025 tariff crash": -0.2190910751697811, + "2026 Q1 drawdown": -0.12278708300528629 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3715499485145697, + "max_ret": -0.07843530211712502, + "all_pos": false + }, + "fgrix": { + "name": "Fidelity Growth & Income Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4751420639307793, + "corr_port": 0.383795104572071, + "rets": { + "2022 bear mkt": -0.1681723353426774, + "2023 rate shock": -0.0947561929670292, + "2024 vol spike": -0.0614091769427112, + "2025 tariff crash": -0.16063478514779983, + "2026 Q1 drawdown": -0.05940026076886218 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1681723353426774, + "max_ret": -0.05940026076886218, + "all_pos": false + }, + "fgsax": { + "name": "Federated Hermes MDT Mid Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4655192311620683, + "corr_port": 0.17710111824068858, + "rets": { + "2022 bear mkt": -0.2722603428286078, + "2023 rate shock": -0.1267010552483826, + "2024 vol spike": -0.07069312301585706, + "2025 tariff crash": -0.21901784023566284, + "2026 Q1 drawdown": -0.08692763913284074 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2722603428286078, + "max_ret": -0.07069312301585706, + "all_pos": false + }, + "fgtax": { + "name": "Fidelity Mega Cap Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9601653970333451, + "corr_port": 0.35468380919499554, + "rets": { + "2022 bear mkt": -0.20913031485498934, + "2023 rate shock": -0.08656739479759856, + "2024 vol spike": -0.07006107440185616, + "2025 tariff crash": -0.18123821779571814, + "2026 Q1 drawdown": -0.08236039500282755 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20913031485498934, + "max_ret": -0.07006107440185616, + "all_pos": false + }, + "fgtix": { + "name": "Franklin Templeton SMACS: Series I", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.594691379496108, + "corr_port": 0.28342589693421244, + "rets": { + "2022 bear mkt": -0.23038127689989585, + "2023 rate shock": -0.0848678287801542, + "2024 vol spike": -0.05383844899737922, + "2025 tariff crash": -0.1393295945758991, + "2026 Q1 drawdown": -0.0729633513553648 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23038127689989585, + "max_ret": -0.05383844899737922, + "all_pos": false + }, + "fgtzx": { + "name": "FRANKLIN GROWTH ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6313203101845805, + "corr_port": 0.2826435217565014, + "rets": { + "2022 bear mkt": -0.22901275803634036, + "2023 rate shock": -0.08425481284026626, + "2024 vol spike": -0.0544015747982044, + "2025 tariff crash": -0.1403674407896337, + "2026 Q1 drawdown": -0.07234794694938385 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22901275803634036, + "max_ret": -0.0544015747982044, + "all_pos": false + }, + "fguax": { + "name": "Federated Hermes Government Ultrashort Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 5.265617698160602, + "corr_port": 0.06311740463444661, + "rets": { + "2022 bear mkt": -0.004146606848870027, + "2023 rate shock": 0.0040343437168870455, + "2024 vol spike": 0.005655567059661859, + "2025 tariff crash": 0.007513883638001095, + "2026 Q1 drawdown": 0.00450525675913771 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.004146606848870027, + "max_ret": 0.007513883638001095, + "all_pos": false + }, + "fhaix": { + "name": "FRANKLIN HIGH INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.9282756435189641, + "corr_port": 0.24284850322206605, + "rets": { + "2022 bear mkt": -0.12914234370593358, + "2023 rate shock": -0.019452853827053418, + "2024 vol spike": -0.006317971785763654, + "2025 tariff crash": -0.02984814507111755, + "2026 Q1 drawdown": -0.017605811460421728 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12914234370593358, + "max_ret": -0.006317971785763654, + "all_pos": false + }, + "fhcox": { + "name": "Federated Hermes Conservative Microshort Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 6.325241623664833, + "corr_port": 0.05353899990294209, + "rets": { + "2022 bear mkt": 0.0032377808607242375, + "2023 rate shock": 0.009287133590377472, + "2024 vol spike": 0.005625951038032984, + "2025 tariff crash": 0.007729179698867661, + "2026 Q1 drawdown": 0.005812938563857228 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.0032377808607242375, + "max_ret": 0.009287133590377472, + "all_pos": true + }, + "fhesx": { + "name": "Federated Hermes SDG Engagement Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.999890817143131, + "corr_port": 0.33825517474865674, + "rets": { + "2022 bear mkt": -0.2726638232511842, + "2023 rate shock": -0.14814798935144036, + "2024 vol spike": -0.062240604905823504, + "2025 tariff crash": -0.16789944329488782, + "2026 Q1 drawdown": -0.07347795661301604 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2726638232511842, + "max_ret": -0.062240604905823504, + "all_pos": false + }, + "fhhix": { + "name": "Federated Hermes SDG Engagement High Yield Credit Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6359536680094938, + "corr_port": 0.3280656346818803, + "rets": { + "2022 bear mkt": -0.16590827655446438, + "2023 rate shock": -0.02460132960592054, + "2024 vol spike": -0.0027029183345040897, + "2025 tariff crash": -0.028986007237003508, + "2026 Q1 drawdown": -0.02212917223602673 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16590827655446438, + "max_ret": -0.0027029183345040897, + "all_pos": false + }, + "fhiix": { + "name": "Federated Hermes Sustainable High Yield Bond Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": -0.1272429466381134, + "corr_port": 0.3041317619362033, + "rets": { + "2022 bear mkt": -0.1452251285976366, + "2023 rate shock": -0.02795141934613954, + "2024 vol spike": -0.004437927641164796, + "2025 tariff crash": -0.024180029986605067, + "2026 Q1 drawdown": -0.018228248885986287 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1452251285976366, + "max_ret": -0.004437927641164796, + "all_pos": false + }, + "fhjux": { + "name": "Fidelity Europe Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6787004485434458, + "corr_port": 0.3446897917774869, + "rets": { + "2022 bear mkt": -0.3420245127675494, + "2023 rate shock": -0.11377068835252546, + "2024 vol spike": -0.0478709872708627, + "2025 tariff crash": -0.09489238356851559, + "2026 Q1 drawdown": -0.10792099149010392 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3420245127675494, + "max_ret": -0.0478709872708627, + "all_pos": false + }, + "fhkax": { + "name": "Fidelity China Region Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7649860780553333, + "corr_port": 0.19096113445151713, + "rets": { + "2022 bear mkt": -0.35876428921246295, + "2023 rate shock": -0.10458656376870734, + "2024 vol spike": -0.07966504902516669, + "2025 tariff crash": -0.19109946042468318, + "2026 Q1 drawdown": -0.06647969426723344 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35876428921246295, + "max_ret": -0.06647969426723344, + "all_pos": false + }, + "fhmix": { + "name": "Federated Hermes Conservative Municipal Microshort Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.415110420122883, + "corr_port": 0.05644161193443383, + "rets": { + "2022 bear mkt": 0.006782235967553785, + "2023 rate shock": 0.006351249831922701, + "2024 vol spike": 0.0038954898968095453, + "2025 tariff crash": 0.005094230189871984, + "2026 Q1 drawdown": 0.007440737188760371 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.0038954898968095453, + "max_ret": 0.007440737188760371, + "all_pos": true + }, + "fhumx": { + "name": "Federated Hermes U.S. SMID Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2401284580521577, + "corr_port": 0.1377873513577305, + "rets": { + "2022 bear mkt": -0.2401337577880609, + "2023 rate shock": -0.1620690074345571, + "2024 vol spike": -0.06441524245453145, + "2025 tariff crash": -0.19830944453882626, + "2026 Q1 drawdown": -0.07384823848238486 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2401337577880609, + "max_ret": -0.06441524245453145, + "all_pos": false + }, + "fhysx": { + "name": "Federated Hermes High Yield Strategy Portfolio", + "verdict": "weak/unstable alpha", + "t5": 0.32505467316514874, + "corr_port": 0.2995364946115635, + "rets": { + "2022 bear mkt": -0.14699905606629737, + "2023 rate shock": -0.02677743501475771, + "2024 vol spike": -0.0019042716991730657, + "2025 tariff crash": -0.024929718678121437, + "2026 Q1 drawdown": -0.014293763636276435 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14699905606629737, + "max_ret": -0.0019042716991730657, + "all_pos": false + }, + "fhytx": { + "name": "Federated Hermes Opportunistic High Yield Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.14445362905732362, + "corr_port": 0.3433367839410697, + "rets": { + "2022 bear mkt": -0.15010468412408617, + "2023 rate shock": -0.0331967597262407, + "2024 vol spike": -0.006826638911630267, + "2025 tariff crash": -0.03879395865810942, + "2026 Q1 drawdown": -0.019382511997356522 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15010468412408617, + "max_ret": -0.006826638911630267, + "all_pos": false + }, + "fhyvx": { + "name": "FRANKLIN HIGH YIELD TAX-FREE INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -1.3086200500298932, + "corr_port": 0.04266392680069761, + "rets": { + "2022 bear mkt": -0.1587530312363592, + "2023 rate shock": -0.06679629009654875, + "2024 vol spike": 0.019498197967103392, + "2025 tariff crash": -0.03850139624019322, + "2026 Q1 drawdown": -0.007276671311056915 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1587530312363592, + "max_ret": 0.019498197967103392, + "all_pos": false + }, + "fiasx": { + "name": "Fidelity International Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5258833358919294, + "corr_port": 0.3993664161988218, + "rets": { + "2022 bear mkt": -0.29328728649774005, + "2023 rate shock": -0.10722700123441331, + "2024 vol spike": -0.06684974526427123, + "2025 tariff crash": -0.08043404447844127, + "2026 Q1 drawdown": -0.07714589257503945 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29328728649774005, + "max_ret": -0.06684974526427123, + "all_pos": false + }, + "fibpx": { + "name": "Federated Hermes International Bond Strategy Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.36635508300542796, + "corr_port": 0.11262855631457803, + "rets": { + "2022 bear mkt": -0.2432815142150221, + "2023 rate shock": -0.04624268243836438, + "2024 vol spike": 0.018429517011434804, + "2025 tariff crash": -0.001624761144379816, + "2026 Q1 drawdown": -0.041634541249036316 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.2432815142150221, + "max_ret": 0.018429517011434804, + "all_pos": false + }, + "ficgx": { + "name": "Cantor Fitzgerald Large Cap Focused Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4124781900794763, + "corr_port": 0.2560173242722527, + "rets": { + "2022 bear mkt": -0.3012912787841635, + "2023 rate shock": -0.07959187849031657, + "2024 vol spike": -0.07161559236596526, + "2025 tariff crash": -0.19668239394416065, + "2026 Q1 drawdown": -0.09477351916376298 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3012912787841635, + "max_ret": -0.07161559236596526, + "all_pos": false + }, + "ficmx": { + "name": "Federated Hermes Government Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0204570292781108, + "corr_port": -0.07929210277190167, + "rets": { + "2022 bear mkt": -0.1356845387043787, + "2023 rate shock": -0.06101002022377344, + "2024 vol spike": 0.024368299674150107, + "2025 tariff crash": 0.010756031375691144, + "2026 Q1 drawdown": -0.005189677253271241 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1356845387043787, + "max_ret": 0.024368299674150107, + "all_pos": false + }, + "ficnx": { + "name": "Fidelity Connecticut Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.532385128143136, + "corr_port": 0.023796426796007783, + "rets": { + "2022 bear mkt": -0.1081041972530461, + "2023 rate shock": -0.044000220088452946, + "2024 vol spike": 0.015172251870887887, + "2025 tariff crash": -0.02435185541300644, + "2026 Q1 drawdown": -0.014041554816658586 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1081041972530461, + "max_ret": 0.015172251870887887, + "all_pos": false + }, + "fidpx": { + "name": "Federated Hermes International Dividend Strategy Portfolio", + "verdict": "weak/unstable alpha", + "t5": 1.6908875813076545, + "corr_port": 0.3663726768624107, + "rets": { + "2022 bear mkt": -0.20636352665161029, + "2023 rate shock": -0.09698025878142247, + "2024 vol spike": -0.021355676677943025, + "2025 tariff crash": 0.012402066987907245, + "2026 Q1 drawdown": -0.007976788228627685 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.20636352665161029, + "max_ret": 0.012402066987907245, + "all_pos": false + }, + "fidsx": { + "name": "Financials Portfolio", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.3550324627800368, + "corr_port": 0.4069709771975497, + "rets": { + "2022 bear mkt": -0.19373155576166434, + "2023 rate shock": -0.11566469792138367, + "2024 vol spike": -0.07620413023333383, + "2025 tariff crash": -0.1742472819100921, + "2026 Q1 drawdown": -0.09850382159293969 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19373155576166434, + "max_ret": -0.07620413023333383, + "all_pos": false + }, + "fifnx": { + "name": "Fidelity Founders Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9128962482462726, + "corr_port": 0.12245495183918613, + "rets": { + "2022 bear mkt": -0.2729448774690806, + "2023 rate shock": -0.12672814677413957, + "2024 vol spike": -0.08785646582042239, + "2025 tariff crash": -0.22298664466963858, + "2026 Q1 drawdown": -0.1178214406862621 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2729448774690806, + "max_ret": -0.08785646582042239, + "all_pos": false + }, + "figfx": { + "name": "Fidelity International Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1660647908682615, + "corr_port": 0.2852863714783406, + "rets": { + "2022 bear mkt": -0.3390232123713065, + "2023 rate shock": -0.11919082154026261, + "2024 vol spike": -0.06608772873195068, + "2025 tariff crash": -0.15626445380539888, + "2026 Q1 drawdown": -0.12037797863599009 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3390232123713065, + "max_ret": -0.06608772873195068, + "all_pos": false + }, + "figkx": { + "name": "Federated Hermes Short-Intermediate Government Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -4.986972595807857, + "corr_port": -0.12543125832710775, + "rets": { + "2022 bear mkt": -0.10030649312549855, + "2023 rate shock": -0.01359522519804135, + "2024 vol spike": 0.019455121943492637, + "2025 tariff crash": 0.01991738576084745, + "2026 Q1 drawdown": -0.004946919636486746 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.10030649312549855, + "max_ret": 0.01991738576084745, + "all_pos": false + }, + "figrx": { + "name": "Fidelity International Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5306334152203849, + "corr_port": 0.35153408594535474, + "rets": { + "2022 bear mkt": -0.34353868365010964, + "2023 rate shock": -0.11972937455102173, + "2024 vol spike": -0.07880898196121244, + "2025 tariff crash": -0.1353864238324204, + "2026 Q1 drawdown": -0.11900502744285579 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34353868365010964, + "max_ret": -0.07880898196121244, + "all_pos": false + }, + "fihbx": { + "name": "Federated Hermes Institutional High Yield Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1903301000460603, + "corr_port": 0.30685938918527705, + "rets": { + "2022 bear mkt": -0.14433480221475503, + "2023 rate shock": -0.028912947046783488, + "2024 vol spike": -0.003063833771519975, + "2025 tariff crash": -0.024425276397080697, + "2026 Q1 drawdown": -0.015506961681272746 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14433480221475503, + "max_ret": -0.003063833771519975, + "all_pos": false + }, + "fiiax": { + "name": "Fidelity Advisor Mid Cap II Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2118403928098918, + "corr_port": 0.3228179825299242, + "rets": { + "2022 bear mkt": -0.22130065178571967, + "2023 rate shock": -0.12948962878156745, + "2024 vol spike": -0.07408980381222585, + "2025 tariff crash": -0.2159336991106119, + "2026 Q1 drawdown": -0.05103327239819133 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22130065178571967, + "max_ret": -0.05103327239819133, + "all_pos": false + }, + "fiifx": { + "name": "Federated Hermes Intermediate Corporate Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5597147484332314, + "corr_port": -0.012525883937382793, + "rets": { + "2022 bear mkt": -0.11470965904599362, + "2023 rate shock": -0.022195310057719353, + "2024 vol spike": 0.015224246678089859, + "2025 tariff crash": 0.007046327095888261, + "2026 Q1 drawdown": -0.006739932933916837 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.11470965904599362, + "max_ret": 0.015224246678089859, + "all_pos": false + }, + "filfx": { + "name": "Strategic Advisers International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.09200917112158744, + "corr_port": 0.3712526955683894, + "rets": { + "2022 bear mkt": -0.30011774415083736, + "2023 rate shock": -0.10202291096407756, + "2024 vol spike": -0.0677830861763562, + "2025 tariff crash": -0.11039995700449079, + "2026 Q1 drawdown": -0.07914145475267609 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30011774415083736, + "max_ret": -0.0677830861763562, + "all_pos": false + }, + "fimyx": { + "name": "Federated Hermes Intermediate Municipal Fund", + "verdict": "weak/unstable alpha", + "t5": 0.7156227094946127, + "corr_port": 0.04143770092798555, + "rets": { + "2022 bear mkt": -0.09621348894597048, + "2023 rate shock": -0.03902731302061224, + "2024 vol spike": 0.012987271484229623, + "2025 tariff crash": -0.021642443040646997, + "2026 Q1 drawdown": -0.013066963242369112 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09621348894597048, + "max_ret": 0.012987271484229623, + "all_pos": false + }, + "fisax": { + "name": "FRANKLIN LOW DURATION U.S. GOVERNMENT SECURITIES FUND", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 0.4751633686029479, + "corr_port": -0.02163686881330993, + "rets": { + "2022 bear mkt": -0.03410515859014096, + "2023 rate shock": 0.008125055674593984, + "2024 vol spike": 0.00810725295625625, + "2025 tariff crash": 0.01172585319342323, + "2026 Q1 drawdown": 0.0017193293694293121 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.03410515859014096, + "max_ret": 0.01172585319342323, + "all_pos": false + }, + "fiscx": { + "name": "FRANKLIN CONVERTIBLE SECURITIES FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.8327327286364533, + "corr_port": 0.16063466343929783, + "rets": { + "2022 bear mkt": -0.18483977799535845, + "2023 rate shock": -0.08456372104975518, + "2024 vol spike": -0.032628552739093375, + "2025 tariff crash": -0.11515209034992424, + "2026 Q1 drawdown": -0.060313182524420084 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18483977799535845, + "max_ret": -0.032628552739093375, + "all_pos": false + }, + "fisex": { + "name": "FRANKLIN EQUITY INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7941070855590396, + "corr_port": 0.37683528230834645, + "rets": { + "2022 bear mkt": -0.18184697031420372, + "2023 rate shock": -0.11066040134224786, + "2024 vol spike": -0.043859667529537294, + "2025 tariff crash": -0.14207374493878955, + "2026 Q1 drawdown": -0.04463986304981982 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18184697031420372, + "max_ret": -0.043859667529537294, + "all_pos": false + }, + "fite": { + "name": "State Street(R) SPDR(R) S&P Kensho Future Security ETF", + "verdict": "weak/unstable alpha", + "t5": 0.9419899905551398, + "corr_port": 0.1781322555124147, + "rets": { + "2022 bear mkt": -0.20944659197508086, + "2023 rate shock": -0.10040467533427055, + "2024 vol spike": -0.06199955064968632, + "2025 tariff crash": -0.18259629930588706, + "2026 Q1 drawdown": -0.12765528183402886 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20944659197508086, + "max_ret": -0.06199955064968632, + "all_pos": false + }, + "fiusx": { + "name": "Nomura Opportunity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3263964985064765, + "corr_port": 0.3756084047144957, + "rets": { + "2022 bear mkt": -0.18796986308329944, + "2023 rate shock": -0.1249200299010188, + "2024 vol spike": -0.04620272084346533, + "2025 tariff crash": -0.16849812613841586, + "2026 Q1 drawdown": -0.0008700406032481345 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18796986308329944, + "max_ret": -0.0008700406032481345, + "all_pos": false + }, + "fivlx": { + "name": "Fidelity International Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5148706316154246, + "corr_port": 0.4537226698844224, + "rets": { + "2022 bear mkt": -0.24947366322214348, + "2023 rate shock": -0.07505279634558948, + "2024 vol spike": -0.08181825748554372, + "2025 tariff crash": -0.07887582500938672, + "2026 Q1 drawdown": -0.06961178045515393 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24947366322214348, + "max_ret": -0.06961178045515393, + "all_pos": false + }, + "fkasx": { + "name": "Federated Hermes Kaufmann Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.727684215833071, + "corr_port": 0.12008726721656038, + "rets": { + "2022 bear mkt": -0.33824802446630964, + "2023 rate shock": -0.18379190576326265, + "2024 vol spike": -0.08282830077448833, + "2025 tariff crash": -0.22906759439524993, + "2026 Q1 drawdown": -0.11186900864029103 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33824802446630964, + "max_ret": -0.08282830077448833, + "all_pos": false + }, + "fkbax": { + "name": "FRANKLIN TOTAL RETURN FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3140963711550095, + "corr_port": -0.021287601943781445, + "rets": { + "2022 bear mkt": -0.16715694823524518, + "2023 rate shock": -0.03955675758054311, + "2024 vol spike": 0.020264729230708323, + "2025 tariff crash": 0.00151573305809527, + "2026 Q1 drawdown": -0.00864965450973576 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16715694823524518, + "max_ret": 0.020264729230708323, + "all_pos": false + }, + "fkcix": { + "name": "FRANKLIN CALIFORNIA INTERMEDIATE-TERM TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4481610491032213, + "corr_port": 0.02355173155235927, + "rets": { + "2022 bear mkt": -0.09444325916657448, + "2023 rate shock": -0.031756045162743884, + "2024 vol spike": 0.011739310164609273, + "2025 tariff crash": -0.01787101458781326, + "2026 Q1 drawdown": -0.009869936952852432 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09444325916657448, + "max_ret": 0.011739310164609273, + "all_pos": false + }, + "fkdnx": { + "name": "FRANKLIN DYNATECH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1651995772821513, + "corr_port": 0.08533869616333321, + "rets": { + "2022 bear mkt": -0.39722721822419227, + "2023 rate shock": -0.1280874357850984, + "2024 vol spike": -0.095879268346312, + "2025 tariff crash": -0.2434119162178423, + "2026 Q1 drawdown": -0.16019577363693704 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.39722721822419227, + "max_ret": -0.095879268346312, + "all_pos": false + }, + "fkgrx": { + "name": "FRANKLIN GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.542798583769595, + "corr_port": 0.1931121147672275, + "rets": { + "2022 bear mkt": -0.2957405278792514, + "2023 rate shock": -0.11020440404420273, + "2024 vol spike": -0.06545218439737466, + "2025 tariff crash": -0.18057575221363054, + "2026 Q1 drawdown": -0.10455132857248295 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2957405278792514, + "max_ret": -0.06545218439737466, + "all_pos": false + }, + "fkinx": { + "name": "FRANKLIN INCOME FUND", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.9315834468192531, + "corr_port": 0.37506785017261673, + "rets": { + "2022 bear mkt": -0.12181678504796933, + "2023 rate shock": -0.06911796259201886, + "2024 vol spike": -0.008058516180681985, + "2025 tariff crash": -0.07033485250013183, + "2026 Q1 drawdown": -0.0032832148670952632 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12181678504796933, + "max_ret": -0.0032832148670952632, + "all_pos": false + }, + "fkitx": { + "name": "FRANKLIN FEDERAL INTERMEDIATE-TERM TAX-FREE INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -1.530774033933179, + "corr_port": 0.02674321420755038, + "rets": { + "2022 bear mkt": -0.10414207944554366, + "2023 rate shock": -0.04133656848343037, + "2024 vol spike": 0.013190547398145958, + "2025 tariff crash": -0.02272587832608919, + "2026 Q1 drawdown": -0.009355794926271477 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10414207944554366, + "max_ret": 0.013190547398145958, + "all_pos": false + }, + "fklax": { + "name": "FRANKLIN LOUISIANA TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.1583019948741872, + "corr_port": 0.02606327662481822, + "rets": { + "2022 bear mkt": -0.1305238854559162, + "2023 rate shock": -0.06709397829110975, + "2024 vol spike": 0.013231342560738435, + "2025 tariff crash": -0.033739147859588425, + "2026 Q1 drawdown": -0.008676428639345812 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1305238854559162, + "max_ret": 0.013231342560738435, + "all_pos": false + }, + "fknix": { + "name": "FRANKLIN NEW YORK INTERMEDIATE-TERM TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.15666255690366332, + "corr_port": 0.023549153086327893, + "rets": { + "2022 bear mkt": -0.10254630624621064, + "2023 rate shock": -0.041974374046239715, + "2024 vol spike": 0.01332045179538821, + "2025 tariff crash": -0.021075472752869473, + "2026 Q1 drawdown": -0.010206391060224362 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10254630624621064, + "max_ret": 0.01332045179538821, + "all_pos": false + }, + "fkrcx": { + "name": "FRANKLIN GOLD & PRECIOUS METALS FUND", + "verdict": "weak/unstable alpha", + "t5": -0.7247427714761386, + "corr_port": 0.08327335667154538, + "rets": { + "2022 bear mkt": -0.35926772204259405, + "2023 rate shock": -0.09380525346497637, + "2024 vol spike": -0.08067639491243972, + "2025 tariff crash": -0.024556566190656715, + "2026 Q1 drawdown": -0.20897618848218458 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35926772204259405, + "max_ret": -0.024556566190656715, + "all_pos": false + }, + "fkstx": { + "name": "Nuveen Kansas Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.41382822500056105, + "corr_port": 0.04525520716702755, + "rets": { + "2022 bear mkt": -0.09450305273851922, + "2023 rate shock": -0.05434689745788224, + "2024 vol spike": 0.01101710731733152, + "2025 tariff crash": -0.023791217201189152, + "2026 Q1 drawdown": -0.007985589507413127 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09450305273851922, + "max_ret": 0.01101710731733152, + "all_pos": false + }, + "fktfx": { + "name": "FRANKLIN CALIFORNIA TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.14589966312438302, + "corr_port": 0.022989600764578136, + "rets": { + "2022 bear mkt": -0.13251751948632462, + "2023 rate shock": -0.05756530281135874, + "2024 vol spike": 0.014691522699828985, + "2025 tariff crash": -0.03408879403841436, + "2026 Q1 drawdown": -0.010139773702018906 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13251751948632462, + "max_ret": 0.014691522699828985, + "all_pos": false + }, + "fktix": { + "name": "FRANKLIN FEDERAL TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.39452825519949974, + "corr_port": 0.013271103082671484, + "rets": { + "2022 bear mkt": -0.1394356218322098, + "2023 rate shock": -0.06284314827532012, + "2024 vol spike": 0.01603403651848878, + "2025 tariff crash": -0.03607380207717392, + "2026 Q1 drawdown": -0.008722986649898457 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1394356218322098, + "max_ret": 0.01603403651848878, + "all_pos": false + }, + "fkusx": { + "name": "FRANKLIN U.S. GOVERNMENT SECURITIES FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.549957589467208, + "corr_port": -0.09173085737296217, + "rets": { + "2022 bear mkt": -0.12254677628704547, + "2023 rate shock": -0.04585460381887485, + "2024 vol spike": 0.020539860652452502, + "2025 tariff crash": 0.0077501389227221384, + "2026 Q1 drawdown": -0.003907938309111292 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12254677628704547, + "max_ret": 0.020539860652452502, + "all_pos": false + }, + "fkutx": { + "name": "FRANKLIN UTILITIES FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.582196410430751, + "corr_port": 0.24849461315670016, + "rets": { + "2022 bear mkt": -0.10592933167706509, + "2023 rate shock": -0.10296415999741926, + "2024 vol spike": 0.025830159600022995, + "2025 tariff crash": -0.06885993963922776, + "2026 Q1 drawdown": 0.06546882204458515 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.10592933167706509, + "max_ret": 0.06546882204458515, + "all_pos": false + }, + "fkytx": { + "name": "Nuveen Kentucky Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.0020650200448625493, + "corr_port": 0.028148757960405855, + "rets": { + "2022 bear mkt": -0.12747394065405193, + "2023 rate shock": -0.06402400293645827, + "2024 vol spike": 0.014293049912956768, + "2025 tariff crash": -0.03882916879619813, + "2026 Q1 drawdown": -0.012802694598871955 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12747394065405193, + "max_ret": 0.014293049912956768, + "all_pos": false + }, + "flaax": { + "name": "Nuveen All-American Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -2.631726912386671, + "corr_port": 0.047378915544202524, + "rets": { + "2022 bear mkt": -0.17963919181731247, + "2023 rate shock": -0.05378550595783149, + "2024 vol spike": 0.013913266543176928, + "2025 tariff crash": -0.030850555608870844, + "2026 Q1 drawdown": -0.010948582042789257 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17963919181731247, + "max_ret": 0.013913266543176928, + "all_pos": false + }, + "fldax": { + "name": "FRANKLIN LOW DURATION TOTAL RETURN FUND", + "verdict": "weak/unstable alpha", + "t5": -2.323939575322524, + "corr_port": 0.09648299329217484, + "rets": { + "2022 bear mkt": -0.058643937658863554, + "2023 rate shock": 0.005851192174260111, + "2024 vol spike": 0.00933967126346702, + "2025 tariff crash": 0.007727343369932083, + "2026 Q1 drawdown": -0.0022468437843682354 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.058643937658863554, + "max_ret": 0.00933967126346702, + "all_pos": false + }, + "flerx": { + "name": "Franklin LifeSmart 2030 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.49587567981669656, + "corr_port": 0.2547448057012771, + "rets": { + "2022 bear mkt": -0.2104869310501537, + "2023 rate shock": -0.07592969304983599, + "2024 vol spike": -0.03897936107030775, + "2025 tariff crash": -0.10375414039231357, + "2026 Q1 drawdown": -0.056532673803130096 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2104869310501537, + "max_ret": -0.03897936107030775, + "all_pos": false + }, + "fljsx": { + "name": "Franklin LifeSmart 2060 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.6104855819543005, + "corr_port": 0.14943359245391985, + "rets": { + "2022 bear mkt": -0.24809261123564452, + "2023 rate shock": -0.09230128131460535, + "2024 vol spike": -0.06734002121384319, + "2025 tariff crash": -0.15495197046752007, + "2026 Q1 drawdown": -0.08345025030779452 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24809261123564452, + "max_ret": -0.06734002121384319, + "all_pos": false + }, + "flncx": { + "name": "Nuveen North Carolina Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.31772952509755736, + "corr_port": 0.028965735782885728, + "rets": { + "2022 bear mkt": -0.13354204839925077, + "2023 rate shock": -0.054070976319622543, + "2024 vol spike": 0.013202594153230551, + "2025 tariff crash": -0.035341634507625064, + "2026 Q1 drawdown": -0.013619127314891899 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13354204839925077, + "max_ret": 0.013202594153230551, + "all_pos": false + }, + "flpsx": { + "name": "Fidelity Low-Priced Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9499322562256793, + "corr_port": 0.4301521797881466, + "rets": { + "2022 bear mkt": -0.16536205622724043, + "2023 rate shock": -0.08131286913648816, + "2024 vol spike": -0.07008586935235506, + "2025 tariff crash": -0.15142854891165847, + "2026 Q1 drawdown": -0.058823509057601364 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16536205622724043, + "max_ret": -0.058823509057601364, + "all_pos": false + }, + "flrex": { + "name": "Franklin LifeSmart 2040 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7169010552576391, + "corr_port": 0.2674140587662955, + "rets": { + "2022 bear mkt": -0.23537618639420466, + "2023 rate shock": -0.08556375950712147, + "2024 vol spike": -0.054310706152419175, + "2025 tariff crash": -0.13063368404282216, + "2026 Q1 drawdown": -0.06880190579216439 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23537618639420466, + "max_ret": -0.054310706152419175, + "all_pos": false + }, + "flrn": { + "name": "State Street(R) SPDR(R) Bloomberg Investment Grade Floating Rate ETF", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 5.5100003678534595, + "corr_port": 0.15087752136975396, + "rets": { + "2022 bear mkt": -0.0023050551922286777, + "2023 rate shock": 0.014827308855968946, + "2024 vol spike": -0.002459045923083103, + "2025 tariff crash": -0.007379607396258647, + "2026 Q1 drawdown": 0.003154041515535777 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.007379607396258647, + "max_ret": 0.014827308855968946, + "all_pos": false + }, + "fltdx": { + "name": "Nuveen Limited Term Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.2265406396060219, + "corr_port": 0.060791547953353404, + "rets": { + "2022 bear mkt": -0.06097229849541075, + "2023 rate shock": -0.02060647105449931, + "2024 vol spike": 0.007533913677307158, + "2025 tariff crash": -0.011956324729414436, + "2026 Q1 drawdown": -0.009091432959146828 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.06097229849541075, + "max_ret": 0.007533913677307158, + "all_pos": false + }, + "fltfx": { + "name": "Franklin LifeSmart 2055 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8776284362618966, + "corr_port": 0.2611843841923876, + "rets": { + "2022 bear mkt": -0.24851962789310833, + "2023 rate shock": -0.09457639570808074, + "2024 vol spike": -0.06791903946722622, + "2025 tariff crash": -0.15590671060600447, + "2026 Q1 drawdown": -0.08399268902665247 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24851962789310833, + "max_ret": -0.06791903946722622, + "all_pos": false + }, + "fltmx": { + "name": "Fidelity Intermediate Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6452039530266694, + "corr_port": 0.04456910784556028, + "rets": { + "2022 bear mkt": -0.08525261512720028, + "2023 rate shock": -0.034933686705189704, + "2024 vol spike": 0.01319828612025109, + "2025 tariff crash": -0.020376979603063283, + "2026 Q1 drawdown": -0.01490494115348473 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08525261512720028, + "max_ret": 0.01319828612025109, + "all_pos": false + }, + "fltr": { + "name": "VanEck IG Floating Rate ETF", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.540223385953635, + "corr_port": 0.145253641889904, + "rets": { + "2022 bear mkt": -0.007282815425162736, + "2023 rate shock": 0.011523906798547978, + "2024 vol spike": -0.004675615722742776, + "2025 tariff crash": -0.010670559527473422, + "2026 Q1 drawdown": 0.001991457582142031 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.010670559527473422, + "max_ret": 0.011523906798547978, + "all_pos": false + }, + "flvcx": { + "name": "Fidelity Leveraged Company Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3869548301846794, + "corr_port": 0.25392523031296393, + "rets": { + "2022 bear mkt": -0.26286264418012883, + "2023 rate shock": -0.1190550275185045, + "2024 vol spike": -0.09226997757903366, + "2025 tariff crash": -0.25415734098659204, + "2026 Q1 drawdown": -0.11920668504433474 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26286264418012883, + "max_ret": -0.09226997757903366, + "all_pos": false + }, + "fmagx": { + "name": "Fidelity Magellan Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.859796989804183, + "corr_port": 0.18824281846246044, + "rets": { + "2022 bear mkt": -0.3084197002735889, + "2023 rate shock": -0.08189680527563192, + "2024 vol spike": -0.06981517640240031, + "2025 tariff crash": -0.18240613769537972, + "2026 Q1 drawdown": -0.11857708759323704 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3084197002735889, + "max_ret": -0.06981517640240031, + "all_pos": false + }, + "fmbpx": { + "name": "Federated Hermes Mortgage Strategy Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.26969305467022353, + "corr_port": -0.08957037751888076, + "rets": { + "2022 bear mkt": -0.13457719075856855, + "2023 rate shock": -0.054024053338790456, + "2024 vol spike": 0.025584798883547588, + "2025 tariff crash": 0.010194788748350225, + "2026 Q1 drawdown": -0.004057039729885581 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13457719075856855, + "max_ret": 0.025584798883547588, + "all_pos": false + }, + "fmcdx": { + "name": "Fidelity Advisor Stock Selector Mid Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3306310208545764, + "corr_port": 0.32542519278364684, + "rets": { + "2022 bear mkt": -0.21510139356760893, + "2023 rate shock": -0.14372837789547754, + "2024 vol spike": -0.06939826165247553, + "2025 tariff crash": -0.19347431465163611, + "2026 Q1 drawdown": -0.043381556320766235 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21510139356760893, + "max_ret": -0.043381556320766235, + "all_pos": false + }, + "fmdcx": { + "name": "Federated Hermes Mid-Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5414987424092137, + "corr_port": 0.32200303333575997, + "rets": { + "2022 bear mkt": -0.20930359465038917, + "2023 rate shock": -0.14186182038923223, + "2024 vol spike": -0.06535571379366989, + "2025 tariff crash": -0.19190258591110365, + "2026 Q1 drawdown": -0.050863549644583395 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20930359465038917, + "max_ret": -0.050863549644583395, + "all_pos": false + }, + "fmdtx": { + "name": "FRANKLIN MARYLAND TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.23632821350333302, + "corr_port": 0.010469103382880162, + "rets": { + "2022 bear mkt": -0.12406584336342352, + "2023 rate shock": -0.06464357090173034, + "2024 vol spike": 0.014921838656465347, + "2025 tariff crash": -0.034533973643479876, + "2026 Q1 drawdown": -0.008665510903667517 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12406584336342352, + "max_ret": 0.014921838656465347, + "all_pos": false + }, + "fmgix": { + "name": "MFG Core Infrastructure Fund", + "verdict": "weak/unstable alpha", + "t5": 1.2324301518384633, + "corr_port": 0.3165625489670571, + "rets": { + "2022 bear mkt": -0.2036744523177514, + "2023 rate shock": -0.11883158063029908, + "2024 vol spike": 0.008720678041000962, + "2025 tariff crash": -0.008319843266173632, + "2026 Q1 drawdown": 0.024878591790178817 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.2036744523177514, + "max_ret": 0.024878591790178817, + "all_pos": false + }, + "fmiex": { + "name": "Wasatch Global Value Fund", + "verdict": "weak/unstable alpha", + "t5": 2.5925854968173603, + "corr_port": 0.4639314939358499, + "rets": { + "2022 bear mkt": -0.16287225052927634, + "2023 rate shock": -0.07448601955689182, + "2024 vol spike": -0.02623298805119001, + "2025 tariff crash": -0.0723319500799382, + "2026 Q1 drawdown": 0.00943396226415083 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16287225052927634, + "max_ret": 0.00943396226415083, + "all_pos": false + }, + "fmifx": { + "name": "International Fund II - Currency Unhedged", + "verdict": "weak/unstable alpha", + "t5": -0.8652108183334749, + "corr_port": 0.3520698319121028, + "rets": { + "2022 bear mkt": -0.31939336241365623, + "2023 rate shock": -0.1099274528067633, + "2024 vol spike": -0.05234903069524144, + "2025 tariff crash": -0.1369427466093569, + "2026 Q1 drawdown": -0.12410601598653759 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31939336241365623, + "max_ret": -0.05234903069524144, + "all_pos": false + }, + "fmihx": { + "name": "Large Cap Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7909990034960893, + "corr_port": 0.33790912839241377, + "rets": { + "2022 bear mkt": -0.24510291559847108, + "2023 rate shock": -0.11506676926086046, + "2024 vol spike": -0.05402169615138808, + "2025 tariff crash": -0.11788082394920674, + "2026 Q1 drawdown": -0.09144111192392101 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24510291559847108, + "max_ret": -0.05402169615138808, + "all_pos": false + }, + "fmijx": { + "name": "International Fund", + "verdict": "weak/unstable alpha", + "t5": -0.16372012084621249, + "corr_port": 0.3844702799740413, + "rets": { + "2022 bear mkt": -0.21351426587123534, + "2023 rate shock": -0.0745856906697383, + "2024 vol spike": -0.05496308408971462, + "2025 tariff crash": -0.1505462550792971, + "2026 Q1 drawdown": -0.09309389245596977 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21351426587123534, + "max_ret": -0.05496308408971462, + "all_pos": false + }, + "fmilx": { + "name": "Fidelity New Millennium Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.8261120695313129, + "corr_port": 0.36359325775396745, + "rets": { + "2022 bear mkt": -0.12621146855845833, + "2023 rate shock": -0.09195157472675719, + "2024 vol spike": -0.08091177098384728, + "2025 tariff crash": -0.19278082094586713, + "2026 Q1 drawdown": -0.08884059420289858 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19278082094586713, + "max_ret": -0.08091177098384728, + "all_pos": false + }, + "fmimx": { + "name": "Common Stock Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.2434138866566704, + "corr_port": 0.3423535539078506, + "rets": { + "2022 bear mkt": -0.16002475794029958, + "2023 rate shock": -0.1028606655546701, + "2024 vol spike": -0.07495374685388423, + "2025 tariff crash": -0.17486909505073478, + "2026 Q1 drawdown": -0.07542924501630288 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17486909505073478, + "max_ret": -0.07495374685388423, + "all_pos": false + }, + "fminx": { + "name": "FRANKLIN MINNESOTA TAX-FREE INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -0.16306897618838473, + "corr_port": 0.01846919801948847, + "rets": { + "2022 bear mkt": -0.13556375232327145, + "2023 rate shock": -0.0667294233745761, + "2024 vol spike": 0.016923686594635168, + "2025 tariff crash": -0.03368620577017756, + "2026 Q1 drawdown": -0.013567359114252553 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13556375232327145, + "max_ret": 0.016923686594635168, + "all_pos": false + }, + "fmisx": { + "name": "FRANKLIN MASSACHUSETTS TAX-FREE INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -0.38530158691243255, + "corr_port": 0.01835786638762618, + "rets": { + "2022 bear mkt": -0.13351639704669072, + "2023 rate shock": -0.05665175904163855, + "2024 vol spike": 0.014702116707776547, + "2025 tariff crash": -0.03355392408239599, + "2026 Q1 drawdown": -0.008251328611147746 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13351639704669072, + "max_ret": 0.014702116707776547, + "all_pos": false + }, + "fmitx": { + "name": "Nuveen Michigan Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.4654979854755627, + "corr_port": 0.026617862478606993, + "rets": { + "2022 bear mkt": -0.12884151043006942, + "2023 rate shock": -0.05607511552718358, + "2024 vol spike": 0.011820309218553149, + "2025 tariff crash": -0.031982579762258156, + "2026 Q1 drawdown": -0.009776071258125962 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12884151043006942, + "max_ret": 0.011820309218553149, + "all_pos": false + }, + "fmndx": { + "name": "Fidelity Conservative Income Municipal Bond Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 5.515726341256112, + "corr_port": 0.08500633852659215, + "rets": { + "2022 bear mkt": -0.005279195894192346, + "2023 rate shock": 0.0032181865809184362, + "2024 vol spike": 0.003691700811062848, + "2025 tariff crash": 0.0017946474313550453, + "2026 Q1 drawdown": 0.002085696151479244 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.005279195894192346, + "max_ret": 0.003691700811062848, + "all_pos": false + }, + "fmoax": { + "name": "Federated Hermes Municipal High Yield Advantage Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.7022398726892968, + "corr_port": 0.0526328399721355, + "rets": { + "2022 bear mkt": -0.1480969089047055, + "2023 rate shock": -0.06526583885925841, + "2024 vol spike": 0.013463556589042414, + "2025 tariff crash": -0.03804775509059033, + "2026 Q1 drawdown": -0.006776039443155635 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1480969089047055, + "max_ret": 0.013463556589042414, + "all_pos": false + }, + "fmotx": { + "name": "Nuveen Missouri Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.40929422682465366, + "corr_port": 0.03343037479825059, + "rets": { + "2022 bear mkt": -0.11685286931186367, + "2023 rate shock": -0.056203567432100865, + "2024 vol spike": 0.014236934171105942, + "2025 tariff crash": -0.03167563150605779, + "2026 Q1 drawdown": -0.0056256863276681335 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11685286931186367, + "max_ret": 0.014236934171105942, + "all_pos": false + }, + "fmsfx": { + "name": "Fidelity Advisor Mortgage Securities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6281793967976285, + "corr_port": -0.0775404460516527, + "rets": { + "2022 bear mkt": -0.14439416042123832, + "2023 rate shock": -0.056536244416123815, + "2024 vol spike": 0.02470236390831393, + "2025 tariff crash": 0.010696971268665534, + "2026 Q1 drawdown": -0.0029469740084954177 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14439416042123832, + "max_ret": 0.02470236390831393, + "all_pos": false + }, + "fmsgx": { + "name": "MFG Global Sustainable Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5891521700621833, + "corr_port": 0.1401038635006115, + "rets": { + "2022 bear mkt": -0.27417937690707295, + "2023 rate shock": -0.08132057136677773, + "2024 vol spike": -0.048128362394758595, + "2025 tariff crash": -0.09031420421385528, + "2026 Q1 drawdown": -0.10558252427184467 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27417937690707295, + "max_ret": -0.048128362394758595, + "all_pos": false + }, + "fmtzx": { + "name": "FRANKLIN MODERATE ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6590491522085455, + "corr_port": 0.2693530060667577, + "rets": { + "2022 bear mkt": -0.20832624129776178, + "2023 rate shock": -0.07210910517268654, + "2024 vol spike": -0.03635198322138666, + "2025 tariff crash": -0.10698224860261252, + "2026 Q1 drawdown": -0.05712603151886231 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20832624129776178, + "max_ret": -0.03635198322138666, + "all_pos": false + }, + "fmuax": { + "name": "Federated Hermes Muni and Stock Advantage Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.029956609516620367, + "corr_port": 0.33167864174946327, + "rets": { + "2022 bear mkt": -0.15315199457457063, + "2023 rate shock": -0.07112341371066166, + "2024 vol spike": -0.02140569237893808, + "2025 tariff crash": -0.09523988002664396, + "2026 Q1 drawdown": -0.03903074007642826 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15315199457457063, + "max_ret": -0.02140569237893808, + "all_pos": false + }, + "fmuux": { + "name": "Federated Hermes Municipal Ultrashort Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 5.093402162003762, + "corr_port": 0.08618921106084068, + "rets": { + "2022 bear mkt": -0.013064855221167737, + "2023 rate shock": 0.00213122680299227, + "2024 vol spike": 0.004611830031857611, + "2025 tariff crash": 0.0019017173791302522, + "2026 Q1 drawdown": 0.000993060196318618 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.013064855221167737, + "max_ret": 0.004611830031857611, + "all_pos": false + }, + "fncrx": { + "name": "FRANKLIN NATURAL RESOURCES FUND", + "verdict": "weak/unstable alpha", + "t5": 0.4242867602258283, + "corr_port": 0.3451815721552762, + "rets": { + "2022 bear mkt": 0.10487061294800104, + "2023 rate shock": -0.062052530860494115, + "2024 vol spike": -0.07664709632360056, + "2025 tariff crash": -0.1717340647239498, + "2026 Q1 drawdown": 0.042189006750241065 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1717340647239498, + "max_ret": 0.10487061294800104, + "all_pos": false + }, + "fndb": { + "name": "Schwab Fundamental U.S. Broad Market ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.1358946487295283, + "corr_port": 0.3821786390854278, + "rets": { + "2022 bear mkt": -0.1810919703472047, + "2023 rate shock": -0.10245867293576205, + "2024 vol spike": -0.06334837775850444, + "2025 tariff crash": -0.16206896899432088, + "2026 Q1 drawdown": -0.03590774237602701 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1810919703472047, + "max_ret": -0.03590774237602701, + "all_pos": false + }, + "fngax": { + "name": "Franklin International Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -4.221972932663869, + "corr_port": 0.20234693660973874, + "rets": { + "2022 bear mkt": -0.41421798177887426, + "2023 rate shock": -0.20751239568566726, + "2024 vol spike": -0.06076397902971864, + "2025 tariff crash": -0.18527668235774197, + "2026 Q1 drawdown": -0.15371711312001746 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.41421798177887426, + "max_ret": -0.06076397902971864, + "all_pos": false + }, + "fniax": { + "name": "Fidelity Advisor New Insights Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2575919490615838, + "corr_port": 0.20887756832081222, + "rets": { + "2022 bear mkt": -0.30295491471075775, + "2023 rate shock": -0.07042685176033392, + "2024 vol spike": -0.07480127649248125, + "2025 tariff crash": -0.19122407387025642, + "2026 Q1 drawdown": -0.10410307489434367 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30295491471075775, + "max_ret": -0.07042685176033392, + "all_pos": false + }, + "fnmtx": { + "name": "Nuveen New Mexico Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.37746700295312824, + "corr_port": 0.028888207157064895, + "rets": { + "2022 bear mkt": -0.1129920755182926, + "2023 rate shock": -0.054008147012738816, + "2024 vol spike": 0.01397062622436196, + "2025 tariff crash": -0.033414953354539256, + "2026 Q1 drawdown": -0.009356220634851864 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1129920755182926, + "max_ret": 0.01397062622436196, + "all_pos": false + }, + "fnytx": { + "name": "FRANKLIN NEW YORK TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.03742521709805376, + "corr_port": 0.02265458870353566, + "rets": { + "2022 bear mkt": -0.14503230818461355, + "2023 rate shock": -0.06473999524490959, + "2024 vol spike": 0.01480299909205507, + "2025 tariff crash": -0.03928364965597575, + "2026 Q1 drawdown": -0.008513299232895455 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14503230818461355, + "max_ret": 0.01480299909205507, + "all_pos": false + }, + "fobax": { + "name": "Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6372881007687224, + "corr_port": 0.2624359453635759, + "rets": { + "2022 bear mkt": -0.19451709464871558, + "2023 rate shock": -0.06764242894436978, + "2024 vol spike": -0.04007810841587012, + "2025 tariff crash": -0.10974958683647695, + "2026 Q1 drawdown": -0.055014161086702096 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19451709464871558, + "max_ret": -0.04007810841587012, + "all_pos": false + }, + "focpx": { + "name": "Fidelity OTC Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5185876552166047, + "corr_port": 0.13344952105134059, + "rets": { + "2022 bear mkt": -0.3376946417848744, + "2023 rate shock": -0.09512755093596259, + "2024 vol spike": -0.09239614118891426, + "2025 tariff crash": -0.23702031966158243, + "2026 Q1 drawdown": -0.10761263451574332 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3376946417848744, + "max_ret": -0.09239614118891426, + "all_pos": false + }, + "fohtx": { + "name": "Nuveen Ohio Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.1448689747349866, + "corr_port": 0.038222900934000284, + "rets": { + "2022 bear mkt": -0.1006964942012093, + "2023 rate shock": -0.05116394114899425, + "2024 vol spike": 0.008589708516917982, + "2025 tariff crash": -0.030373908646796677, + "2026 Q1 drawdown": -0.009208953024274158 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1006964942012093, + "max_ret": 0.008589708516917982, + "all_pos": false + }, + "fopax": { + "name": "Fidelity International Small Cap Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2248190445522262, + "corr_port": 0.2970551253249762, + "rets": { + "2022 bear mkt": -0.3827160587575069, + "2023 rate shock": -0.13018367750551185, + "2024 vol spike": -0.06849981607187017, + "2025 tariff crash": -0.10761675994410469, + "2026 Q1 drawdown": -0.09025594970812745 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3827160587575069, + "max_ret": -0.06849981607187017, + "all_pos": false + }, + "fosfx": { + "name": "Fidelity Overseas Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5247695798243122, + "corr_port": 0.31631858762168347, + "rets": { + "2022 bear mkt": -0.3584515875426705, + "2023 rate shock": -0.11885960747919733, + "2024 vol spike": -0.06783959829109887, + "2025 tariff crash": -0.11654181791742002, + "2026 Q1 drawdown": -0.09789837722798633 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3584515875426705, + "max_ret": -0.06783959829109887, + "all_pos": false + }, + "fpjax": { + "name": "Fidelity Japan Fund", + "verdict": "weak/unstable alpha", + "t5": -0.0693921967987651, + "corr_port": 0.2918063617588965, + "rets": { + "2022 bear mkt": -0.306616455456313, + "2023 rate shock": -0.11872706758181917, + "2024 vol spike": -0.11876761914400658, + "2025 tariff crash": -0.13665683340406687, + "2026 Q1 drawdown": -0.05275548751766368 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.306616455456313, + "max_ret": -0.05275548751766368, + "all_pos": false + }, + "fpntx": { + "name": "Nuveen Pennsylvania Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.00021598839268387163, + "corr_port": 0.03476890870543112, + "rets": { + "2022 bear mkt": -0.1297617830935348, + "2023 rate shock": -0.059815572985417176, + "2024 vol spike": 0.014135568915253804, + "2025 tariff crash": -0.03608956436513033, + "2026 Q1 drawdown": -0.012971417588862777 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1297617830935348, + "max_ret": 0.014135568915253804, + "all_pos": false + }, + "fqchx": { + "name": "Franklin Templeton SMACS: Series CH", + "verdict": "weak/unstable alpha", + "t5": 0.5107227524029464, + "corr_port": 0.059486636779894575, + "rets": { + "2022 bear mkt": -0.1711629704825579, + "2023 rate shock": -0.07993727606814516, + "2024 vol spike": 0.019110441209992057, + "2025 tariff crash": -0.031317217851256296, + "2026 Q1 drawdown": -0.003921305958082155 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1711629704825579, + "max_ret": 0.019110441209992057, + "all_pos": false + }, + "fqtex": { + "name": "Franklin Templeton SMACS: Series E", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.46869126986524, + "corr_port": 0.349300001073663, + "rets": { + "2022 bear mkt": -0.12981569191467812, + "2023 rate shock": -0.0894323487331059, + "2024 vol spike": -0.03707729980764485, + "2025 tariff crash": -0.1437860915548772, + "2026 Q1 drawdown": -0.044553914127284266 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1437860915548772, + "max_ret": -0.03707729980764485, + "all_pos": false + }, + "fralx": { + "name": "FRANKLIN ALABAMA TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.20345949961894352, + "corr_port": -0.0006074508923780442, + "rets": { + "2022 bear mkt": -0.13020855198686332, + "2023 rate shock": -0.06667071517256451, + "2024 vol spike": 0.017065778281973643, + "2025 tariff crash": -0.032171465475029914, + "2026 Q1 drawdown": -0.008948846460104298 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13020855198686332, + "max_ret": 0.017065778281973643, + "all_pos": false + }, + "frbsx": { + "name": "FRANKLIN MUTUAL U.S. MID CAP VALUE FUND", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.13352034715673206, + "corr_port": 0.3784842737986856, + "rets": { + "2022 bear mkt": -0.19466375270404723, + "2023 rate shock": -0.1329412508251524, + "2024 vol spike": -0.03831307118064631, + "2025 tariff crash": -0.15618100319027606, + "2026 Q1 drawdown": -0.060391651816738556 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19466375270404723, + "max_ret": -0.03831307118064631, + "all_pos": false + }, + "frcox": { + "name": "FRANKLIN COLORADO TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.17324121995105482, + "corr_port": 0.029873471012108455, + "rets": { + "2022 bear mkt": -0.1296091869940731, + "2023 rate shock": -0.059853149310136966, + "2024 vol spike": 0.014015292501112775, + "2025 tariff crash": -0.034048671004291986, + "2026 Q1 drawdown": -0.008047842484746659 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1296091869940731, + "max_ret": 0.014015292501112775, + "all_pos": false + }, + "frdax": { + "name": "FRANKLIN RISING DIVIDENDS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8607201066818404, + "corr_port": 0.3141703046979336, + "rets": { + "2022 bear mkt": -0.19742356869372202, + "2023 rate shock": -0.09373064342929727, + "2024 vol spike": -0.04481672956844751, + "2025 tariff crash": -0.14377092335771924, + "2026 Q1 drawdown": -0.0552813324946293 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19742356869372202, + "max_ret": -0.04481672956844751, + "all_pos": false + }, + "freex": { + "name": "FRANKLIN REAL ESTATE SECURITIES FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.0541890450490587, + "corr_port": 0.2281023719262297, + "rets": { + "2022 bear mkt": -0.3140507646903604, + "2023 rate shock": -0.15139712010939899, + "2024 vol spike": -0.007154700356394206, + "2025 tariff crash": -0.1186442285090894, + "2026 Q1 drawdown": -0.0049412180354857504 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3140507646903604, + "max_ret": -0.0049412180354857504, + "all_pos": false + }, + "frfax": { + "name": "PGIM Floating Rate Income Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.8449816590865966, + "corr_port": 0.3093019675814335, + "rets": { + "2022 bear mkt": -0.05775842427350697, + "2023 rate shock": 0.003757212531266818, + "2024 vol spike": -0.0036372488011070514, + "2025 tariff crash": -0.028368312515823724, + "2026 Q1 drawdown": -0.0045128673778978 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.05775842427350697, + "max_ret": 0.003757212531266818, + "all_pos": false + }, + "frifx": { + "name": "Fidelity Real Estate Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.123048135140926, + "corr_port": 0.2555798751127451, + "rets": { + "2022 bear mkt": -0.1737016402533037, + "2023 rate shock": -0.0667516854864939, + "2024 vol spike": 0.005033468282965359, + "2025 tariff crash": -0.034796632624283785, + "2026 Q1 drawdown": -0.007323112384721608 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1737016402533037, + "max_ret": 0.005033468282965359, + "all_pos": false + }, + "frlex": { + "name": "Franklin LifeSmart 2050 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.619251927708441, + "corr_port": 0.26981309029616685, + "rets": { + "2022 bear mkt": -0.24595623212088757, + "2023 rate shock": -0.09344459232038627, + "2024 vol spike": -0.06735750355568204, + "2025 tariff crash": -0.15332507412196827, + "2026 Q1 drawdown": -0.08186823864813941 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24595623212088757, + "max_ret": -0.06735750355568204, + "all_pos": false + }, + "frmox": { + "name": "FRANKLIN MISSOURI TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.20603319647286045, + "corr_port": 0.02122564764361773, + "rets": { + "2022 bear mkt": -0.13507373006288914, + "2023 rate shock": -0.06310531073470682, + "2024 vol spike": 0.013474038474372119, + "2025 tariff crash": -0.03702531995215963, + "2026 Q1 drawdown": -0.004784494653549132 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13507373006288914, + "max_ret": 0.013474038474372119, + "all_pos": false + }, + "frnjx": { + "name": "FRANKLIN NEW JERSEY TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.32528872453676, + "corr_port": 0.03789976619329536, + "rets": { + "2022 bear mkt": -0.12767492604378405, + "2023 rate shock": -0.0558459789587028, + "2024 vol spike": 0.013248041802911281, + "2025 tariff crash": -0.03411931106974031, + "2026 Q1 drawdown": -0.00955618298021732 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12767492604378405, + "max_ret": 0.013248041802911281, + "all_pos": false + }, + "frorx": { + "name": "FRANKLIN OREGON TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.1009437444878454, + "corr_port": 0.02727136816522233, + "rets": { + "2022 bear mkt": -0.12734573384072234, + "2023 rate shock": -0.05665060026913993, + "2024 vol spike": 0.013226740553220928, + "2025 tariff crash": -0.03696963114872709, + "2026 Q1 drawdown": -0.009745907342977533 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12734573384072234, + "max_ret": 0.013226740553220928, + "all_pos": false + }, + "frpax": { + "name": "FRANKLIN PENNSYLVANIA TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.0362396089679848, + "corr_port": 0.009625748087209618, + "rets": { + "2022 bear mkt": -0.13869823041539642, + "2023 rate shock": -0.06368817363807977, + "2024 vol spike": 0.016263244559597823, + "2025 tariff crash": -0.03579650126483436, + "2026 Q1 drawdown": -0.010453570896582609 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13869823041539642, + "max_ret": 0.016263244559597823, + "all_pos": false + }, + "frsgx": { + "name": "FRANKLIN SMALL-MID CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.5420814048514546, + "corr_port": 0.12386082761189199, + "rets": { + "2022 bear mkt": -0.3545687022776186, + "2023 rate shock": -0.1401157824895306, + "2024 vol spike": -0.07673343863871995, + "2025 tariff crash": -0.22405719994671636, + "2026 Q1 drawdown": -0.09556311367813086 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3545687022776186, + "max_ret": -0.07673343863871995, + "all_pos": false + }, + "frstx": { + "name": "FRANKLIN CORE PLUS BOND FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.8780259378643804, + "corr_port": 0.17129477054094516, + "rets": { + "2022 bear mkt": -0.1329545200889194, + "2023 rate shock": -0.02275697636088936, + "2024 vol spike": 0.007476216323900831, + "2025 tariff crash": -0.0020120865008181887, + "2026 Q1 drawdown": -0.008648571813871131 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1329545200889194, + "max_ret": 0.007476216323900831, + "all_pos": false + }, + "frtsx": { + "name": "Franklin LifeSmart 2020 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2379317389620376, + "corr_port": 0.24296520751700718, + "rets": { + "2022 bear mkt": -0.1821164503790177, + "2023 rate shock": -0.06638653369824221, + "2024 vol spike": -0.023107503918029515, + "2025 tariff crash": -0.07602796015843583, + "2026 Q1 drawdown": -0.04389171044713769 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1821164503790177, + "max_ret": -0.023107503918029515, + "all_pos": false + }, + "frvax": { + "name": "FRANKLIN VIRGINIA TAX-FREE INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -0.038319364652261954, + "corr_port": 0.01715915792224081, + "rets": { + "2022 bear mkt": -0.13463097287153336, + "2023 rate shock": -0.05864239316795972, + "2024 vol spike": 0.014468865847482082, + "2025 tariff crash": -0.036748161598985085, + "2026 Q1 drawdown": -0.007239809788478713 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13463097287153336, + "max_ret": 0.014468865847482082, + "all_pos": false + }, + "frvlx": { + "name": "FRANKLIN SMALL CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7238617633622837, + "corr_port": 0.36177010923479935, + "rets": { + "2022 bear mkt": -0.20528567780308082, + "2023 rate shock": -0.14544451093878497, + "2024 vol spike": -0.07127161971277007, + "2025 tariff crash": -0.21326852085877124, + "2026 Q1 drawdown": -0.06491575710413355 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21326852085877124, + "max_ret": -0.06491575710413355, + "all_pos": false + }, + "fsamx": { + "name": "Strategic Advisers Emerging Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2696254713225273, + "corr_port": 0.27295007160391915, + "rets": { + "2022 bear mkt": -0.3008709791526307, + "2023 rate shock": -0.1072762549777635, + "2024 vol spike": -0.0703124699526475, + "2025 tariff crash": -0.13710370291733331, + "2026 Q1 drawdown": -0.08920783281495848 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3008709791526307, + "max_ret": -0.0703124699526475, + "all_pos": false + }, + "fsazx": { + "name": "Fidelity Arizona Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5309831050313054, + "corr_port": 0.022907380352472844, + "rets": { + "2022 bear mkt": -0.11117251664393812, + "2023 rate shock": -0.04309250128763609, + "2024 vol spike": 0.015252352236660993, + "2025 tariff crash": -0.02469692222584874, + "2026 Q1 drawdown": -0.012127479708692213 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11117251664393812, + "max_ret": 0.015252352236660993, + "all_pos": false + }, + "fscdx": { + "name": "Fidelity Advisor Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8598083248829278, + "corr_port": 0.2721055399898308, + "rets": { + "2022 bear mkt": -0.2703208649349105, + "2023 rate shock": -0.14546113948749895, + "2024 vol spike": -0.07149603409980676, + "2025 tariff crash": -0.1980519795503789, + "2026 Q1 drawdown": -0.05955340821628974 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2703208649349105, + "max_ret": -0.05955340821628974, + "all_pos": false + }, + "fsgrx": { + "name": "FRANKLIN SMALL CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6518936877228039, + "corr_port": 0.16242631954178588, + "rets": { + "2022 bear mkt": -0.3334793954170868, + "2023 rate shock": -0.16873704995870675, + "2024 vol spike": -0.10431654025324688, + "2025 tariff crash": -0.24883618430758525, + "2026 Q1 drawdown": -0.0928938316398189 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3334793954170868, + "max_ret": -0.0928938316398189, + "all_pos": false + }, + "fshix": { + "name": "Federated Hermes Short-Intermediate Municipal Fund", + "verdict": "weak/unstable alpha", + "t5": -0.03873955086968403, + "corr_port": 0.072049524327568, + "rets": { + "2022 bear mkt": -0.04995554774454303, + "2023 rate shock": -0.012852565641036984, + "2024 vol spike": 0.01036278214549724, + "2025 tariff crash": -0.00633143060756447, + "2026 Q1 drawdown": -0.003390841512324827 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04995554774454303, + "max_ret": 0.01036278214549724, + "all_pos": false + }, + "fslbx": { + "name": "Brokerage and Investment Management Portfolio", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.041620989182273894, + "corr_port": 0.3071559612412713, + "rets": { + "2022 bear mkt": -0.27373061802293486, + "2023 rate shock": -0.10893248559568036, + "2024 vol spike": -0.06883746408350044, + "2025 tariff crash": -0.22910131456067262, + "2026 Q1 drawdown": -0.17573199668341 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27373061802293486, + "max_ret": -0.06883746408350044, + "all_pos": false + }, + "fsoax": { + "name": "Fidelity Advisor Value Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2668663742964472, + "corr_port": 0.38433603057043403, + "rets": { + "2022 bear mkt": -0.16752107269345395, + "2023 rate shock": -0.12723112794118152, + "2024 vol spike": -0.07199336578132831, + "2025 tariff crash": -0.2074159964522243, + "2026 Q1 drawdown": -0.05401873230233056 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2074159964522243, + "max_ret": -0.05401873230233056, + "all_pos": false + }, + "fspcx": { + "name": "Insurance Portfolio", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.1746762806175925, + "corr_port": 0.4015987041891363, + "rets": { + "2022 bear mkt": -0.06901969598708757, + "2023 rate shock": -0.0001352640932285043, + "2024 vol spike": -0.02777170541446672, + "2025 tariff crash": -0.060438953949182084, + "2026 Q1 drawdown": -0.030495439010733483 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.06901969598708757, + "max_ret": -0.0001352640932285043, + "all_pos": false + }, + "fsrbx": { + "name": "Banking Portfolio", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.1199255187971344, + "corr_port": 0.37792597383752186, + "rets": { + "2022 bear mkt": -0.2036211448292613, + "2023 rate shock": -0.15517233868783686, + "2024 vol spike": -0.0983550890084437, + "2025 tariff crash": -0.22398534148759663, + "2026 Q1 drawdown": -0.08590007516094034 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22398534148759663, + "max_ret": -0.08590007516094034, + "all_pos": false + }, + "fstbx": { + "name": "Federated Hermes Global Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4903149323601346, + "corr_port": 0.3359353016434706, + "rets": { + "2022 bear mkt": -0.21094278133136202, + "2023 rate shock": -0.08472619973477291, + "2024 vol spike": -0.04367240944706885, + "2025 tariff crash": -0.10761794085078613, + "2026 Q1 drawdown": -0.061720044444094846 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21094278133136202, + "max_ret": -0.04367240944706885, + "all_pos": false + }, + "fstkx": { + "name": "Federated Hermes MDT Large Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.4167690227989627, + "corr_port": 0.38752070665304267, + "rets": { + "2022 bear mkt": -0.15549972585406435, + "2023 rate shock": -0.09924398695538206, + "2024 vol spike": -0.04135006409844033, + "2025 tariff crash": -0.1407273212600335, + "2026 Q1 drawdown": -0.046641468118290064 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15549972585406435, + "max_ret": -0.04135006409844033, + "all_pos": false + }, + "fsvlx": { + "name": "Fintech Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.8275208580373197, + "corr_port": 0.26358596306519483, + "rets": { + "2022 bear mkt": -0.3433242506811989, + "2023 rate shock": -0.1785252263906857, + "2024 vol spike": -0.08943577430972394, + "2025 tariff crash": -0.21225490196078423, + "2026 Q1 drawdown": -0.18824199048942958 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3433242506811989, + "max_ret": -0.08943577430972394, + "all_pos": false + }, + "ftazx": { + "name": "FRANKLIN ARIZONA TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3392896786126611, + "corr_port": 0.03161666841450128, + "rets": { + "2022 bear mkt": -0.1275319773184339, + "2023 rate shock": -0.055898328118269, + "2024 vol spike": 0.014879286167423178, + "2025 tariff crash": -0.03587049466584835, + "2026 Q1 drawdown": -0.008870024093727502 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1275319773184339, + "max_ret": 0.014879286167423178, + "all_pos": false + }, + "ftbfx": { + "name": "Fidelity Total Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.7581655955432107, + "corr_port": -0.029365959342688035, + "rets": { + "2022 bear mkt": -0.14639897480085007, + "2023 rate shock": -0.04105499252974398, + "2024 vol spike": 0.021679330286682674, + "2025 tariff crash": 0.0038561107134937878, + "2026 Q1 drawdown": -0.004835504374311683 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14639897480085007, + "max_ret": 0.021679330286682674, + "all_pos": false + }, + "ftcex": { + "name": "Fidelity Total International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1249458068891056, + "corr_port": 0.3672585313567008, + "rets": { + "2022 bear mkt": -0.2948276951626688, + "2023 rate shock": -0.10690650805953139, + "2024 vol spike": -0.07394961349454554, + "2025 tariff crash": -0.12317669666891562, + "2026 Q1 drawdown": -0.09322560596643881 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2948276951626688, + "max_ret": -0.07394961349454554, + "all_pos": false + }, + "ftcox": { + "name": "FRANKLIN COREFOLIO ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.6587605087765245, + "corr_port": 0.2500957047432057, + "rets": { + "2022 bear mkt": -0.2737554742951317, + "2023 rate shock": -0.10647699538440625, + "2024 vol spike": -0.06735749674126668, + "2025 tariff crash": -0.17239951298441236, + "2026 Q1 drawdown": -0.10366824689614262 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2737554742951317, + "max_ret": -0.06735749674126668, + "all_pos": false + }, + "ftczx": { + "name": "FRANKLIN CONSERVATIVE ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8519036722335619, + "corr_port": 0.24777174545202987, + "rets": { + "2022 bear mkt": -0.18931271558184581, + "2023 rate shock": -0.061397561602868245, + "2024 vol spike": -0.017934055782115044, + "2025 tariff crash": -0.07393728857256998, + "2026 Q1 drawdown": -0.04205598678507627 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18931271558184581, + "max_ret": -0.017934055782115044, + "all_pos": false + }, + "ftfmx": { + "name": "Fidelity New York Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5245868023937912, + "corr_port": 0.019806408170131743, + "rets": { + "2022 bear mkt": -0.12905773258150754, + "2023 rate shock": -0.05814603277408992, + "2024 vol spike": 0.01692558973009195, + "2025 tariff crash": -0.03300082430787632, + "2026 Q1 drawdown": -0.012182378162775231 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12905773258150754, + "max_ret": 0.01692558973009195, + "all_pos": false + }, + "ftgax": { + "name": "FRANKLIN GEORGIA TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.1354530922404612, + "corr_port": 0.018390127439754576, + "rets": { + "2022 bear mkt": -0.13435719126301782, + "2023 rate shock": -0.06468799417909221, + "2024 vol spike": 0.015496233795783354, + "2025 tariff crash": -0.03790766051297878, + "2026 Q1 drawdown": -0.007238103030797083 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13435719126301782, + "max_ret": 0.015496233795783354, + "all_pos": false + }, + "ftgsx": { + "name": "Federated Hermes Total Return Government Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5697812305190104, + "corr_port": -0.16596085921787743, + "rets": { + "2022 bear mkt": -0.1295438155990104, + "2023 rate shock": -0.04377581980053058, + "2024 vol spike": 0.024585257210773204, + "2025 tariff crash": 0.012976603955098476, + "2026 Q1 drawdown": -0.0034392806641332374 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1295438155990104, + "max_ret": 0.024585257210773204, + "all_pos": false + }, + "ftiax": { + "name": "Federated Hermes Short-Term Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 0.3939755569757987, + "corr_port": -0.033250572639175864, + "rets": { + "2022 bear mkt": -0.0409483624237279, + "2023 rate shock": 0.0035336200240396742, + "2024 vol spike": 0.010791665459799482, + "2025 tariff crash": 0.009927632205836368, + "2026 Q1 drawdown": 0.0003310486343046648 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.0409483624237279, + "max_ret": 0.010791665459799482, + "all_pos": false + }, + "ftlax": { + "name": "Nuveen Louisiana Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.33852852509917086, + "corr_port": 0.042525847059877574, + "rets": { + "2022 bear mkt": -0.1154731436189319, + "2023 rate shock": -0.061277740018260585, + "2024 vol spike": 0.01182360309762287, + "2025 tariff crash": -0.033932189121621104, + "2026 Q1 drawdown": -0.008611273997892188 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1154731436189319, + "max_ret": 0.01182360309762287, + "all_pos": false + }, + "ftnyx": { + "name": "Nomura Tax-Free New York Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2270806357994201, + "corr_port": 0.03421045614263646, + "rets": { + "2022 bear mkt": -0.14227842441469463, + "2023 rate shock": -0.07673451937263764, + "2024 vol spike": 0.01701529491036835, + "2025 tariff crash": -0.04337679263751548, + "2026 Q1 drawdown": -0.008921974503036778 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14227842441469463, + "max_ret": 0.01701529491036835, + "all_pos": false + }, + "ftoix": { + "name": "FRANKLIN OHIO TAX-FREE INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -0.21222678866956335, + "corr_port": 0.015404188956118737, + "rets": { + "2022 bear mkt": -0.13576920891776068, + "2023 rate shock": -0.057453744349747815, + "2024 vol spike": 0.013147779304253593, + "2025 tariff crash": -0.03336442196659373, + "2026 Q1 drawdown": -0.006636392490138254 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13576920891776068, + "max_ret": 0.013147779304253593, + "all_pos": false + }, + "ftorx": { + "name": "Nomura Tax-Free Oregon Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.34334407746773066, + "corr_port": 0.04259101417997382, + "rets": { + "2022 bear mkt": -0.12060158265337007, + "2023 rate shock": -0.07068193359666719, + "2024 vol spike": 0.01737617287342319, + "2025 tariff crash": -0.045012770400212454, + "2026 Q1 drawdown": -0.011195288434738604 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12060158265337007, + "max_ret": 0.01737617287342319, + "all_pos": false + }, + "ftrax": { + "name": "Franklin LifeSmart Retirement Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5226437576004306, + "corr_port": 0.2723652241397532, + "rets": { + "2022 bear mkt": -0.16946929864611693, + "2023 rate shock": -0.04987202914816502, + "2024 vol spike": -0.01750798072473614, + "2025 tariff crash": -0.07203457463505525, + "2026 Q1 drawdown": -0.03384787302044656 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16946929864611693, + "max_ret": -0.01750798072473614, + "all_pos": false + }, + "ftrcx": { + "name": "Franklin LifeSmart 2035 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.595400530774896, + "corr_port": 0.2792491283593437, + "rets": { + "2022 bear mkt": -0.23340860605035174, + "2023 rate shock": -0.08358643921809072, + "2024 vol spike": -0.0468085860791394, + "2025 tariff crash": -0.11934155475811281, + "2026 Q1 drawdown": -0.06513408376477159 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23340860605035174, + "max_ret": -0.0468085860791394, + "all_pos": false + }, + "ftrfx": { + "name": "Federated Hermes Total Return Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.004640452377462173, + "corr_port": -0.04190120176301571, + "rets": { + "2022 bear mkt": -0.1398081355321814, + "2023 rate shock": -0.04215482405348858, + "2024 vol spike": 0.0205417035337494, + "2025 tariff crash": 0.00871843669129202, + "2026 Q1 drawdown": -0.007922211252266442 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1398081355321814, + "max_ret": 0.0205417035337494, + "all_pos": false + }, + "ftrnx": { + "name": "Fidelity Trend Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7661861153305032, + "corr_port": 0.1370489391994637, + "rets": { + "2022 bear mkt": -0.3597562269455292, + "2023 rate shock": -0.11329099691976341, + "2024 vol spike": -0.10341105104104009, + "2025 tariff crash": -0.25263230438888196, + "2026 Q1 drawdown": -0.1201795596754186 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3597562269455292, + "max_ret": -0.10341105104104009, + "all_pos": false + }, + "ftrtx": { + "name": "Franklin LifeSmart 2025 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1830686606224334, + "corr_port": 0.28039372144725155, + "rets": { + "2022 bear mkt": -0.21176828982307683, + "2023 rate shock": -0.07186894802455668, + "2024 vol spike": -0.03134548057144981, + "2025 tariff crash": -0.09043339090297708, + "2026 Q1 drawdown": -0.0501791531696405 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21176828982307683, + "max_ret": -0.03134548057144981, + "all_pos": false + }, + "ftsd": { + "name": "Franklin Short Duration U.S. Government ETF", + "verdict": "weak/unstable alpha", + "t5": 0.14710756084461615, + "corr_port": -0.06619646753337831, + "rets": { + "2022 bear mkt": -0.03945723154377101, + "2023 rate shock": 0.00752588729655046, + "2024 vol spike": 0.008263730651452361, + "2025 tariff crash": 0.01425001534332937, + "2026 Q1 drawdown": 0.002104040390089379 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.03945723154377101, + "max_ret": 0.01425001534332937, + "all_pos": false + }, + "fttax": { + "name": "Franklin LifeSmart 2045 Retirement Target Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9885309278313317, + "corr_port": 0.2966844959383955, + "rets": { + "2022 bear mkt": -0.246098802295304, + "2023 rate shock": -0.0917792822090373, + "2024 vol spike": -0.062099820141285345, + "2025 tariff crash": -0.1445264319005387, + "2026 Q1 drawdown": -0.0772221939862594 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.246098802295304, + "max_ret": -0.062099820141285345, + "all_pos": false + }, + "fttmx": { + "name": "FRANKLIN MICHIGAN TAX-FREE INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -0.048675133161461465, + "corr_port": 0.030386064276062247, + "rets": { + "2022 bear mkt": -0.1279710144927535, + "2023 rate shock": -0.05549551141359066, + "2024 vol spike": 0.015076024068042537, + "2025 tariff crash": -0.029665122586700288, + "2026 Q1 drawdown": -0.006104223077288418 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1279710144927535, + "max_ret": 0.015076024068042537, + "all_pos": false + }, + "fulax": { + "name": "Federated Hermes Ultrashort Bond Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 1.7138914028182257, + "corr_port": 0.05345494877391817, + "rets": { + "2022 bear mkt": -0.017894486270495502, + "2023 rate shock": 0.009193546062911784, + "2024 vol spike": 0.006405502744483371, + "2025 tariff crash": 0.006811223875257122, + "2026 Q1 drawdown": 0.0029016248725648452 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.017894486270495502, + "max_ret": 0.009193546062911784, + "all_pos": false + }, + "fusgx": { + "name": "Federated Hermes Fund for U.S. Government Securities", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0236056665738338, + "corr_port": -0.09558513282930542, + "rets": { + "2022 bear mkt": -0.13936278423977133, + "2023 rate shock": -0.05483516069929539, + "2024 vol spike": 0.02402853391666615, + "2025 tariff crash": 0.007609810925679694, + "2026 Q1 drawdown": -0.0062128991190724125 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13936278423977133, + "max_ret": 0.02402853391666615, + "all_pos": false + }, + "fusix": { + "name": "Strategic Advisers Fidelity International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.024119934760885618, + "corr_port": 0.38027089593579194, + "rets": { + "2022 bear mkt": -0.3028066494007151, + "2023 rate shock": -0.10314673306305733, + "2024 vol spike": -0.07114926665870835, + "2025 tariff crash": -0.1078124140197847, + "2026 Q1 drawdown": -0.07644108235990099 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3028066494007151, + "max_ret": -0.07114926665870835, + "all_pos": false + }, + "fvatx": { + "name": "Nuveen Virginia Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.013962359214560044, + "corr_port": 0.041970416178658876, + "rets": { + "2022 bear mkt": -0.13117096066982326, + "2023 rate shock": -0.06037356641128144, + "2024 vol spike": 0.014400357377798656, + "2025 tariff crash": -0.0382432682339785, + "2026 Q1 drawdown": -0.009495465618096444 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13117096066982326, + "max_ret": 0.014400357377798656, + "all_pos": false + }, + "fvdfx": { + "name": "Fidelity Value Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9134372771098709, + "corr_port": 0.40881937648319316, + "rets": { + "2022 bear mkt": -0.1506451463173052, + "2023 rate shock": -0.08515759083560581, + "2024 vol spike": -0.0375859285908523, + "2025 tariff crash": -0.10021491816460193, + "2026 Q1 drawdown": -0.04300273427790202 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1506451463173052, + "max_ret": -0.0375859285908523, + "all_pos": false + }, + "fvilx": { + "name": "Forester Value Fund", + "verdict": "weak/unstable alpha", + "t5": -1.3053387998601265, + "corr_port": 0.22307425623849597, + "rets": { + "2022 bear mkt": 0.10516929540980291, + "2023 rate shock": -0.007380028503702896, + "2024 vol spike": 0.0811320086781937, + "2025 tariff crash": 0.15134090497616803, + "2026 Q1 drawdown": 0.036977491961414755 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.007380028503702896, + "max_ret": 0.15134090497616803, + "all_pos": false + }, + "fvrmx": { + "name": "FRANKLIN MUTUAL SMALL-MID CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2564688701247586, + "corr_port": 0.31873132086378847, + "rets": { + "2022 bear mkt": -0.12482759556944645, + "2023 rate shock": -0.10957002815426697, + "2024 vol spike": -0.05915589951589906, + "2025 tariff crash": -0.21005452020716375, + "2026 Q1 drawdown": -0.0797743755036261 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21005452020716375, + "max_ret": -0.05915589951589906, + "all_pos": false + }, + "fwiax": { + "name": "Nuveen Wisconsin Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3218039474782984, + "corr_port": 0.030345632717429637, + "rets": { + "2022 bear mkt": -0.12204190541925419, + "2023 rate shock": -0.06553771215639992, + "2024 vol spike": 0.012440590228290915, + "2025 tariff crash": -0.04206008277698914, + "2026 Q1 drawdown": -0.007004078945190284 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12204190541925419, + "max_ret": 0.012440590228290915, + "all_pos": false + }, + "fwwfx": { + "name": "Fidelity Worldwide Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.044179137625977, + "corr_port": 0.2652367378066896, + "rets": { + "2022 bear mkt": -0.31403118749382253, + "2023 rate shock": -0.107072036946943, + "2024 vol spike": -0.08979054001256948, + "2025 tariff crash": -0.21055524037732487, + "2026 Q1 drawdown": -0.11140307116649839 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31403118749382253, + "max_ret": -0.08979054001256948, + "all_pos": false + }, + "fxctx": { + "name": "FRANKLIN CONNECTICUT TAX-FREE INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -0.02966244392120896, + "corr_port": 0.018336792545990025, + "rets": { + "2022 bear mkt": -0.1395144138576947, + "2023 rate shock": -0.06331308470988017, + "2024 vol spike": 0.014484821495756472, + "2025 tariff crash": -0.037480541983423765, + "2026 Q1 drawdown": -0.010565920248752692 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1395144138576947, + "max_ret": 0.014484821495756472, + "all_pos": false + }, + "fxidx": { + "name": "Fixed Income SHares: Series LD", + "verdict": "weak/unstable alpha", + "t5": -3.7836082253976864, + "corr_port": 0.09284711189289317, + "rets": { + "2022 bear mkt": -0.057825658655946244, + "2023 rate shock": 0.024950787533019714, + "2024 vol spike": 0.007356490292633966, + "2025 tariff crash": 0.0072545689170260275, + "2026 Q1 drawdown": -0.00457553875984984 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.057825658655946244, + "max_ret": 0.024950787533019714, + "all_pos": false + }, + "fxncx": { + "name": "FRANKLIN NORTH CAROLINA TAX-FREE INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.05360942366457367, + "corr_port": 0.01843905074162645, + "rets": { + "2022 bear mkt": -0.1303506285791337, + "2023 rate shock": -0.06132839099082288, + "2024 vol spike": 0.014731060148430952, + "2025 tariff crash": -0.03960899568254672, + "2026 Q1 drawdown": -0.011272709157500116 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1303506285791337, + "max_ret": 0.014731060148430952, + "all_pos": false + }, + "fyhtx": { + "name": "Fidelity Commodity Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8951044876416684, + "corr_port": 0.024713011317094843, + "rets": { + "2023 rate shock": 0.0018352721081968948, + "2024 vol spike": -0.04901235418100347, + "2025 tariff crash": -0.09449598704003637, + "2026 Q1 drawdown": 0.03397973356097839 + }, + "n_avail": 4, + "n_pos": 2, + "min_ret": -0.09449598704003637, + "max_ret": 0.03397973356097839, + "all_pos": false + }, + "gaaex": { + "name": "Guinness Atkinson Alternative Energy Fund", + "verdict": "weak/unstable alpha", + "t5": -1.5456830136259285, + "corr_port": 0.2260170661068926, + "rets": { + "2022 bear mkt": -0.2351189776911311, + "2023 rate shock": -0.2566928739792159, + "2024 vol spike": -0.06502626077526008, + "2025 tariff crash": -0.1782946942162449, + "2026 Q1 drawdown": -0.10948905109489049 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2566928739792159, + "max_ret": -0.06502626077526008, + "all_pos": false + }, + "gaawx": { + "name": "GMO International Developed Equity Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.8906775251793286, + "corr_port": 0.3164268708590185, + "rets": { + "2022 bear mkt": -0.2608066673622218, + "2023 rate shock": -0.07990318501497007, + "2024 vol spike": -0.07815982613005612, + "2025 tariff crash": -0.09129964973737537, + "2026 Q1 drawdown": -0.04236248440642898 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2608066673622218, + "max_ret": -0.04236248440642898, + "all_pos": false + }, + "gabcx": { + "name": "THE GABELLI ABC FUND", + "verdict": "alpha, but correlated with current portfolio", + "t5": 2.7030721041162797, + "corr_port": 0.30202108643448183, + "rets": { + "2022 bear mkt": -0.041108891970560446, + "2023 rate shock": -0.024436181953517933, + "2024 vol spike": -0.015482565256979663, + "2025 tariff crash": -0.04047828526695729, + "2026 Q1 drawdown": -0.009900990099009799 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.041108891970560446, + "max_ret": -0.009900990099009799, + "all_pos": false + }, + "gabvx": { + "name": "THE GABELLI VALUE 25 FUND INC.", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.3469371460794164, + "corr_port": 0.35375802962779046, + "rets": { + "2022 bear mkt": -0.2514285444212919, + "2023 rate shock": -0.12723839781876667, + "2024 vol spike": -0.06925982383500984, + "2025 tariff crash": -0.1389926512559514, + "2026 Q1 drawdown": -0.04552980132450335 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2514285444212919, + "max_ret": -0.04552980132450335, + "all_pos": false + }, + "gagax": { + "name": "The Gabelli Global Rising Income and Dividend Fund", + "verdict": "weak/unstable alpha", + "t5": -0.10124296502139714, + "corr_port": 0.41212339849778756, + "rets": { + "2022 bear mkt": -0.2838030442214273, + "2023 rate shock": -0.13703942494314403, + "2024 vol spike": -0.06857502307825947, + "2025 tariff crash": -0.10839600376275493, + "2026 Q1 drawdown": -0.05326084383860974 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2838030442214273, + "max_ret": -0.05326084383860974, + "all_pos": false + }, + "gaigx": { + "name": "GABELLI INTERNATIONAL GROWTH FUND, INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7414031772879017, + "corr_port": 0.27221411673735507, + "rets": { + "2022 bear mkt": -0.33900066376666405, + "2023 rate shock": -0.13955350669202504, + "2024 vol spike": -0.07823272628982347, + "2025 tariff crash": -0.12914333768232866, + "2026 Q1 drawdown": -0.10748411196321195 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33900066376666405, + "max_ret": -0.07823272628982347, + "all_pos": false + }, + "gaiox": { + "name": "American Funds Growth and Income Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.011999589441038497, + "corr_port": 0.3089997246219954, + "rets": { + "2022 bear mkt": -0.22948456741524081, + "2023 rate shock": -0.08544736494085647, + "2024 vol spike": -0.043749993143050725, + "2025 tariff crash": -0.12602620617788973, + "2026 Q1 drawdown": -0.07409316298291857 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22948456741524081, + "max_ret": -0.043749993143050725, + "all_pos": false + }, + "gatax": { + "name": "THE GABELLI ASSET FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8530727640446757, + "corr_port": 0.37558967055293235, + "rets": { + "2022 bear mkt": -0.21073379402403114, + "2023 rate shock": -0.12648829835557152, + "2024 vol spike": -0.06368048056636755, + "2025 tariff crash": -0.14088391471635364, + "2026 Q1 drawdown": -0.06663961668753327 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21073379402403114, + "max_ret": -0.06368048056636755, + "all_pos": false + }, + "gauax": { + "name": "THE GABELLI UTILITIES FUND", + "verdict": "weak/unstable alpha", + "t5": -0.08750999390068115, + "corr_port": 0.3114266966469097, + "rets": { + "2022 bear mkt": -0.1537458176253692, + "2023 rate shock": -0.1316600803301461, + "2024 vol spike": 0.0016403904211017561, + "2025 tariff crash": -0.05449256511071032, + "2026 Q1 drawdown": 0.04182958389548275 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1537458176253692, + "max_ret": 0.04182958389548275, + "all_pos": false + }, + "gbcix": { + "name": "THE GABELLI DIVIDEND GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.002490307127821779, + "corr_port": 0.3722541339424277, + "rets": { + "2022 bear mkt": -0.1971982582778815, + "2023 rate shock": -0.1237822754794764, + "2024 vol spike": -0.07304265601281223, + "2025 tariff crash": -0.13948258721577733, + "2026 Q1 drawdown": -0.03791977453519901 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1971982582778815, + "max_ret": -0.03791977453519901, + "all_pos": false + }, + "gblax": { + "name": "AMERICAN FUNDS GLOBAL BALANCED FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4265751277771813, + "corr_port": 0.3436925226928844, + "rets": { + "2022 bear mkt": -0.22358049147786996, + "2023 rate shock": -0.07648420192173333, + "2024 vol spike": -0.026583262216669845, + "2025 tariff crash": -0.08413429840609077, + "2026 Q1 drawdown": -0.04965641605725102 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22358049147786996, + "max_ret": -0.026583262216669845, + "all_pos": false + }, + "gbonx": { + "name": "JPMorgan Global Bond Opportunities Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.5865150076163936, + "corr_port": 0.20130997377520285, + "rets": { + "2022 bear mkt": -0.09959778583559176, + "2023 rate shock": -0.0252549354131123, + "2024 vol spike": 0.001872965103606239, + "2025 tariff crash": -0.011733542971332334, + "2026 Q1 drawdown": -0.026631167473457285 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09959778583559176, + "max_ret": 0.001872965103606239, + "all_pos": false + }, + "gcaex": { + "name": "THE GABELLI EQUITY INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.41345556508602643, + "corr_port": 0.4080728713690798, + "rets": { + "2022 bear mkt": -0.16588874502315298, + "2023 rate shock": -0.12074600900423449, + "2024 vol spike": -0.06055265758423345, + "2025 tariff crash": -0.13904007698863152, + "2026 Q1 drawdown": -0.05055996841464727 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16588874502315298, + "max_ret": -0.05055996841464727, + "all_pos": false + }, + "gcasx": { + "name": "THE GABELLI SMALL CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.359159440308663, + "corr_port": 0.34394131719473475, + "rets": { + "2022 bear mkt": -0.22523080866253176, + "2023 rate shock": -0.13704978635939402, + "2024 vol spike": -0.06705991599979455, + "2025 tariff crash": -0.18159210408939097, + "2026 Q1 drawdown": -0.0590575916230367 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22523080866253176, + "max_ret": -0.0590575916230367, + "all_pos": false + }, + "gcblx": { + "name": "GREEN CENTURY BALANCED FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.6867862389619384, + "corr_port": 0.24647119185403502, + "rets": { + "2022 bear mkt": -0.20701658181483074, + "2023 rate shock": -0.08670873296244741, + "2024 vol spike": -0.039912567883882755, + "2025 tariff crash": -0.10986478029784308, + "2026 Q1 drawdown": -0.062063205174107905 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20701658181483074, + "max_ret": -0.039912567883882755, + "all_pos": false + }, + "gcecx": { + "name": "AB Global Core Equity Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.6540666185228243, + "corr_port": 0.31085149580706256, + "rets": { + "2022 bear mkt": -0.3009367856256605, + "2023 rate shock": -0.11251664116621685, + "2024 vol spike": -0.05731347682205301, + "2025 tariff crash": -0.1518265010053199, + "2026 Q1 drawdown": -0.11521003886435643 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3009367856256605, + "max_ret": -0.05731347682205301, + "all_pos": false + }, + "gceqx": { + "name": "GREEN CENTURY EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.998511145408243, + "corr_port": 0.24874460454943245, + "rets": { + "2022 bear mkt": -0.289806773209051, + "2023 rate shock": -0.1072769835613071, + "2024 vol spike": -0.08068186243312647, + "2025 tariff crash": -0.1873718406249043, + "2026 Q1 drawdown": -0.1135701547341339 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.289806773209051, + "max_ret": -0.08068186243312647, + "all_pos": false + }, + "gcinx": { + "name": "Green Century MSCI International Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.6368725771256685, + "corr_port": 0.2934184139102037, + "rets": { + "2022 bear mkt": -0.3283801726895529, + "2023 rate shock": -0.11678279774219869, + "2024 vol spike": -0.061891495144478004, + "2025 tariff crash": -0.12406259889572346, + "2026 Q1 drawdown": -0.11703431447682222 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3283801726895529, + "max_ret": -0.061891495144478004, + "all_pos": false + }, + "gcpax": { + "name": "Gateway Equity Call Premium Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.01924634589650339, + "corr_port": 0.27500067747889867, + "rets": { + "2022 bear mkt": -0.18208892305008406, + "2023 rate shock": -0.05634572626215184, + "2024 vol spike": -0.056494304120273786, + "2025 tariff crash": -0.1528397907753294, + "2026 Q1 drawdown": -0.0652839171555546 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18208892305008406, + "max_ret": -0.05634572626215184, + "all_pos": false + }, + "gdxj": { + "name": "VanEck Junior Gold Miners ETF", + "verdict": "weak/unstable alpha", + "t5": -1.2114097806058797, + "corr_port": 0.05008198972720657, + "rets": { + "2022 bear mkt": -0.28191495402041644, + "2023 rate shock": -0.05125380864438467, + "2024 vol spike": -0.11543319961832021, + "2025 tariff crash": -0.037912008859135926, + "2026 Q1 drawdown": -0.23016420943171956 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28191495402041644, + "max_ret": -0.037912008859135926, + "all_pos": false + }, + "gegax": { + "name": "abrdn Emerging Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5317869780525095, + "corr_port": 0.26799279259527387, + "rets": { + "2022 bear mkt": -0.3335276398384731, + "2023 rate shock": -0.12175216056808291, + "2024 vol spike": -0.06652363815442308, + "2025 tariff crash": -0.14113478784563316, + "2026 Q1 drawdown": -0.09056192034915422 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3335276398384731, + "max_ret": -0.06652363815442308, + "all_pos": false + }, + "geosx": { + "name": "Pear Tree Essex Environmental Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -1.5016689566956658, + "corr_port": 0.14548082640740237, + "rets": { + "2022 bear mkt": -0.3107960545779813, + "2023 rate shock": -0.2909697984816243, + "2024 vol spike": -0.10415203853510224, + "2025 tariff crash": -0.1935007072224637, + "2026 Q1 drawdown": -0.0836676742883854 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3107960545779813, + "max_ret": -0.0836676742883854, + "all_pos": false + }, + "ggbfx": { + "name": "Global Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -1.1104873288841883, + "corr_port": 0.1441072344148912, + "rets": { + "2022 bear mkt": -0.17585454455513116, + "2023 rate shock": -0.04410024835369586, + "2024 vol spike": 0.02031941778401336, + "2025 tariff crash": 0.0009330971775955987, + "2026 Q1 drawdown": -0.02856348135206188 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.17585454455513116, + "max_ret": 0.02031941778401336, + "all_pos": false + }, + "ggcax": { + "name": "The Gabelli Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0891466984216978, + "corr_port": 0.12745366081566153, + "rets": { + "2022 bear mkt": -0.38155621376151194, + "2023 rate shock": -0.08258421803658711, + "2024 vol spike": -0.09323518048929236, + "2025 tariff crash": -0.20989671808825028, + "2026 Q1 drawdown": -0.13023928753621905 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.38155621376151194, + "max_ret": -0.08258421803658711, + "all_pos": false + }, + "gghcx": { + "name": "INVESCO Health Care Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7999706459408061, + "corr_port": 0.1953237815136779, + "rets": { + "2022 bear mkt": -0.18584299540656168, + "2023 rate shock": -0.0840695780704418, + "2024 vol spike": -0.037442308762804966, + "2025 tariff crash": -0.11881188118811892, + "2026 Q1 drawdown": -0.07622035822969564 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18584299540656168, + "max_ret": -0.037442308762804966, + "all_pos": false + }, + "gglix": { + "name": "abrdn U.S. Sustainable Leaders Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.6557581005874207, + "corr_port": 0.25109942277533287, + "rets": { + "2022 bear mkt": -0.32518672419626804, + "2023 rate shock": -0.11702133643089607, + "2024 vol spike": -0.0738553046514886, + "2025 tariff crash": -0.15982723100120955, + "2026 Q1 drawdown": -0.10278372591006424 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32518672419626804, + "max_ret": -0.0738553046514886, + "all_pos": false + }, + "ggmmx": { + "name": "Gabelli Global Mini Mites Fund", + "verdict": "weak/unstable alpha", + "t5": 1.536462298918809, + "corr_port": 0.3026621833723879, + "rets": { + "2022 bear mkt": -0.25066659866672947, + "2023 rate shock": -0.08550191405895113, + "2024 vol spike": -0.08522217702507306, + "2025 tariff crash": -0.15282686670026124, + "2026 Q1 drawdown": -0.04228855721393032 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25066659866672947, + "max_ret": -0.04228855721393032, + "all_pos": false + }, + "gibax": { + "name": "Guggenheim Total Return Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3061887867644975, + "corr_port": -0.09976891827423345, + "rets": { + "2022 bear mkt": -0.17015096034797295, + "2023 rate shock": -0.04190136332504324, + "2024 vol spike": 0.02274514184584797, + "2025 tariff crash": 0.007385347106294571, + "2026 Q1 drawdown": -0.008973665477513104 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.17015096034797295, + "max_ret": 0.02274514184584797, + "all_pos": false + }, + "gifax": { + "name": "Guggenheim Floating Rate Strategies Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 5.184351984229736, + "corr_port": 0.30690248217219446, + "rets": { + "2022 bear mkt": -0.03589233598572594, + "2023 rate shock": 0.010064846501813385, + "2024 vol spike": -0.002846372020174348, + "2025 tariff crash": -0.019044881194575702, + "2026 Q1 drawdown": -0.00577405408181797 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.03589233598572594, + "max_ret": 0.010064846501813385, + "all_pos": false + }, + "gijax": { + "name": "Guggenheim Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": -2.521955930860613, + "corr_port": 0.044223639837432854, + "rets": { + "2022 bear mkt": -0.16254461686237553, + "2023 rate shock": -0.06378738572559783, + "2024 vol spike": 0.01610192086554596, + "2025 tariff crash": -0.025413275779337496, + "2026 Q1 drawdown": -0.009218105489624318 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16254461686237553, + "max_ret": 0.01610192086554596, + "all_pos": false + }, + "gildx": { + "name": "Guggenheim Limited Duration Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8387253509316639, + "corr_port": -0.024132619708872777, + "rets": { + "2022 bear mkt": -0.06254146611284994, + "2023 rate shock": 0.0013130262826777095, + "2024 vol spike": 0.010084177544131379, + "2025 tariff crash": 0.008525764530305624, + "2026 Q1 drawdown": -0.002127421976785504 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.06254146611284994, + "max_ret": 0.010084177544131379, + "all_pos": false + }, + "giocx": { + "name": "Guggenheim Macro Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.827788330074194, + "corr_port": 0.16431505902713575, + "rets": { + "2022 bear mkt": -0.1178377405578721, + "2023 rate shock": -0.016155962128654, + "2024 vol spike": 0.006071993985075963, + "2025 tariff crash": -0.009540765045452093, + "2026 Q1 drawdown": -0.01685694938085025 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1178377405578721, + "max_ret": 0.006071993985075963, + "all_pos": false + }, + "giyix": { + "name": "Guggenheim Ultra Short Duration Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.05411147807034, + "corr_port": 0.0522512101758764, + "rets": { + "2022 bear mkt": -0.021733506107538547, + "2023 rate shock": 0.007836386563124131, + "2024 vol spike": 0.0063420478545368475, + "2025 tariff crash": 0.007116574068389614, + "2026 Q1 drawdown": 0.00328134989464246 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.021733506107538547, + "max_ret": 0.007836386563124131, + "all_pos": false + }, + "gldax": { + "name": "GABELLI GOLD FUND INC", + "verdict": "weak/unstable alpha", + "t5": -0.41754003302576664, + "corr_port": 0.05496567799534564, + "rets": { + "2022 bear mkt": -0.24369294620327353, + "2023 rate shock": -0.04485326485018304, + "2024 vol spike": -0.055966809969738796, + "2025 tariff crash": -0.0016314205817336003, + "2026 Q1 drawdown": -0.20769888438496353 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24369294620327353, + "max_ret": -0.0016314205817336003, + "all_pos": false + }, + "glnax": { + "name": "MFS Global New Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.193331847208757, + "corr_port": 0.2801803809706554, + "rets": { + "2022 bear mkt": -0.3507013843426451, + "2023 rate shock": -0.12738546401877004, + "2024 vol spike": -0.04643963059069123, + "2025 tariff crash": -0.1267047633376781, + "2026 Q1 drawdown": -0.08113590263691683 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3507013843426451, + "max_ret": -0.04643963059069123, + "all_pos": false + }, + "glrbx": { + "name": "James Balanced: Golden Rainbow Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.23287391021408418, + "corr_port": 0.27684173601884055, + "rets": { + "2022 bear mkt": -0.16269762619594264, + "2023 rate shock": -0.0566201144328502, + "2024 vol spike": -0.027617017501238128, + "2025 tariff crash": -0.08394056541163608, + "2026 Q1 drawdown": -0.05241306685210645 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16269762619594264, + "max_ret": -0.027617017501238128, + "all_pos": false + }, + "gmdyx": { + "name": "MEDIUM-DURATION BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.02661918107726218, + "corr_port": -0.05989193133633897, + "rets": { + "2022 bear mkt": -0.16352574407092213, + "2023 rate shock": -0.04317790171313518, + "2024 vol spike": 0.01862236138790241, + "2025 tariff crash": 0.002820247254623265, + "2026 Q1 drawdown": -0.009516091944031912 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16352574407092213, + "max_ret": 0.01862236138790241, + "all_pos": false + }, + "goodx": { + "name": "GoodHaven Fund", + "verdict": "weak/unstable alpha", + "t5": 0.355739744809695, + "corr_port": 0.3051141494373559, + "rets": { + "2022 bear mkt": -0.1712886455438758, + "2023 rate shock": -0.07823719249107786, + "2024 vol spike": -0.06357922974799657, + "2025 tariff crash": -0.1382049228707185, + "2026 Q1 drawdown": -0.07743447550712712 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1712886455438758, + "max_ret": -0.06357922974799657, + "all_pos": false + }, + "gpgix": { + "name": "Grandeur Peak Global Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -2.7157965046862675, + "corr_port": 0.2733460673625462, + "rets": { + "2022 bear mkt": -0.399598408202433, + "2023 rate shock": -0.15384626795486256, + "2024 vol spike": -0.07567579002397407, + "2025 tariff crash": -0.17191977077363907, + "2026 Q1 drawdown": -0.1150684931506849 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.399598408202433, + "max_ret": -0.07567579002397407, + "all_pos": false + }, + "gpmfx": { + "name": "GuidePath(R) Managed Futures Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": 1.8358247548739033, + "corr_port": 0.18881712161413045, + "rets": { + "2022 bear mkt": 0.46153833715647763, + "2023 rate shock": 0.020905899436667985, + "2024 vol spike": -0.11073069800211188, + "2025 tariff crash": -0.15628970775095308, + "2026 Q1 drawdown": -0.002645502645502562 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15628970775095308, + "max_ret": 0.46153833715647763, + "all_pos": false + }, + "grnb": { + "name": "VanEck Green Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -2.251844894880418, + "corr_port": -0.06452931945691126, + "rets": { + "2022 bear mkt": -0.1431567417127002, + "2023 rate shock": -0.02540140767074195, + "2024 vol spike": 0.015040289300113807, + "2025 tariff crash": -0.005543432822036953, + "2026 Q1 drawdown": -0.015609638700663342 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1431567417127002, + "max_ret": 0.015040289300113807, + "all_pos": false + }, + "gsxax": { + "name": "abrdn U.S. Small Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.045261316714965395, + "corr_port": 0.26147082437191355, + "rets": { + "2022 bear mkt": -0.29782990053811154, + "2023 rate shock": -0.1720674603996286, + "2024 vol spike": -0.0780560212649184, + "2025 tariff crash": -0.19893610100723946, + "2026 Q1 drawdown": -0.06665036783814393 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29782990053811154, + "max_ret": -0.06665036783814393, + "all_pos": false + }, + "gtcix": { + "name": "Disciplined International Equity Portfolio", + "verdict": "weak/unstable alpha", + "t5": 2.487929727503822, + "corr_port": 0.45501145588195124, + "rets": { + "2022 bear mkt": -0.24199235426395205, + "2023 rate shock": -0.0815712108098533, + "2024 vol spike": -0.07324281011833345, + "2025 tariff crash": -0.06279898724122523, + "2026 Q1 drawdown": -0.04071376868753429 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24199235426395205, + "max_ret": -0.04071376868753429, + "all_pos": false + }, + "gtddx": { + "name": "Invesco Emerging Markets ex-China Fund", + "verdict": "weak/unstable alpha", + "t5": -0.06549364750316257, + "corr_port": 0.28447610987018424, + "rets": { + "2022 bear mkt": -0.2771809383896954, + "2023 rate shock": -0.10797580477081992, + "2024 vol spike": -0.06746619356306482, + "2025 tariff crash": -0.11124157559166847, + "2026 Q1 drawdown": -0.07033248441598383 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2771809383896954, + "max_ret": -0.06746619356306482, + "all_pos": false + }, + "gtfbx": { + "name": "T. Rowe Price Georgia Tax-Free Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4704297650084404, + "corr_port": 0.023185623784760447, + "rets": { + "2022 bear mkt": -0.12421069001212814, + "2023 rate shock": -0.056616683649675426, + "2024 vol spike": 0.015530314905089604, + "2025 tariff crash": -0.033511679283745655, + "2026 Q1 drawdown": -0.009814901659951913 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12421069001212814, + "max_ret": 0.015530314905089604, + "all_pos": false + }, + "gtrax": { + "name": "PGIM Global Total Return Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2515739992325834, + "corr_port": 0.06309700945316615, + "rets": { + "2022 bear mkt": -0.26908518954818106, + "2023 rate shock": -0.04888902844605614, + "2024 vol spike": 0.02207295358350403, + "2025 tariff crash": 0.014410142504180268, + "2026 Q1 drawdown": -0.03336245096566759 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.26908518954818106, + "max_ret": 0.02207295358350403, + "all_pos": false + }, + "gtsax": { + "name": "INVESCO Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4138198669243986, + "corr_port": 0.15488961593978354, + "rets": { + "2022 bear mkt": -0.3701425614844517, + "2023 rate shock": -0.16805386635535924, + "2024 vol spike": -0.08744319188036542, + "2025 tariff crash": -0.2234332500045233, + "2026 Q1 drawdown": -0.11129293326654455 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3701425614844517, + "max_ret": -0.08744319188036542, + "all_pos": false + }, + "gwlix": { + "name": "abrdn Emerging Markets Ex-China Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9750059120264549, + "corr_port": 0.29267992380277275, + "rets": { + "2022 bear mkt": -0.2881862064668228, + "2023 rate shock": -0.11111120025051735, + "2024 vol spike": -0.08161705697604327, + "2025 tariff crash": -0.13688523535155084, + "2026 Q1 drawdown": -0.06796662574002088 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2881862064668228, + "max_ret": -0.06796662574002088, + "all_pos": false + }, + "gyld": { + "name": "Arrow Dow Jones Global Yield ETF", + "verdict": "weak/unstable alpha", + "t5": 0.5033229444876588, + "corr_port": 0.2879099144262629, + "rets": { + "2022 bear mkt": -0.1566379609111116, + "2023 rate shock": -0.05994616489742555, + "2024 vol spike": -0.023308324175030815, + "2025 tariff crash": -0.07534261032075329, + "2026 Q1 drawdown": 0.002039248741281696 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1566379609111116, + "max_ret": 0.002039248741281696, + "all_pos": false + }, + "hacsx": { + "name": "Harbor Ares Systematic Convertible Securities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.7900444615258669, + "corr_port": 0.15980383876556412, + "rets": { + "2022 bear mkt": -0.1786192758206474, + "2023 rate shock": -0.08863049317420901, + "2024 vol spike": -0.02957500518034617, + "2025 tariff crash": -0.09601192125463975, + "2026 Q1 drawdown": -0.053883818753055146 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1786192758206474, + "max_ret": -0.02957500518034617, + "all_pos": false + }, + "hadax": { + "name": "HARTFORD BALANCED HLS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1533714749253645, + "corr_port": 0.302734634080271, + "rets": { + "2022 bear mkt": -0.1856433107299056, + "2023 rate shock": -0.07849689934981152, + "2024 vol spike": -0.033407604166158955, + "2025 tariff crash": -0.10484668685189302, + "2026 Q1 drawdown": -0.06382985262310525 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1856433107299056, + "max_ret": -0.033407604166158955, + "all_pos": false + }, + "hcegx": { + "name": "The U.S. Equity Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.265507247289941, + "corr_port": 0.2180095346448567, + "rets": { + "2022 bear mkt": -0.2789016635203273, + "2023 rate shock": -0.09507982047872332, + "2024 vol spike": -0.07400376996486246, + "2025 tariff crash": -0.19077300203356617, + "2026 Q1 drawdown": -0.09206134996528026 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2789016635203273, + "max_ret": -0.07400376996486246, + "all_pos": false + }, + "hcemx": { + "name": "The Emerging Markets Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.3973616658562884, + "corr_port": 0.2920326065467385, + "rets": { + "2022 bear mkt": -0.2820143884892087, + "2023 rate shock": -0.11871898847493156, + "2024 vol spike": -0.0673740053050399, + "2025 tariff crash": -0.12657572864623268, + "2026 Q1 drawdown": -0.08269771176234442 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2820143884892087, + "max_ret": -0.0673740053050399, + "all_pos": false + }, + "hcesx": { + "name": "The ESG Growth Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.811506762238525, + "corr_port": 0.2898270895944922, + "rets": { + "2022 bear mkt": -0.2729070533948583, + "2023 rate shock": -0.10469314079422376, + "2024 vol spike": -0.07116336633663367, + "2025 tariff crash": -0.16367847520656587, + "2026 Q1 drawdown": -0.07997589176042652 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2729070533948583, + "max_ret": -0.07116336633663367, + "all_pos": false + }, + "hchyx": { + "name": "The Corporate Opportunities Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.860481004365593, + "corr_port": 0.15713348018647716, + "rets": { + "2022 bear mkt": -0.15026595744680848, + "2023 rate shock": -0.060518731988472685, + "2024 vol spike": -0.017687074829931926, + "2025 tariff crash": -0.03648648648648656, + "2026 Q1 drawdown": -0.0223390275952694 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15026595744680848, + "max_ret": -0.017687074829931926, + "all_pos": false + }, + "hciex": { + "name": "The International Equity Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8566646463791516, + "corr_port": 0.37479665018767877, + "rets": { + "2022 bear mkt": -0.2792511700468019, + "2023 rate shock": -0.10356255178127594, + "2024 vol spike": -0.0680786686838124, + "2025 tariff crash": -0.11028315946348732, + "2026 Q1 drawdown": -0.06220373591254369 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2792511700468019, + "max_ret": -0.06220373591254369, + "all_pos": false + }, + "hcigx": { + "name": "The Institutional U.S. Equity Portfolio", + "verdict": "weak/unstable alpha", + "t5": -2.4114793143427335, + "corr_port": 0.2102011574035606, + "rets": { + "2022 bear mkt": -0.2740434332988625, + "2023 rate shock": -0.10737468393069705, + "2024 vol spike": -0.06710310965630095, + "2025 tariff crash": -0.17260108630054316, + "2026 Q1 drawdown": -0.08687500000000004 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2740434332988625, + "max_ret": -0.06710310965630095, + "all_pos": false + }, + "hciix": { + "name": "The Core Fixed Income Portfolio", + "verdict": "weak/unstable alpha", + "t5": 0.9472179578544034, + "corr_port": -0.022000547838340403, + "rets": { + "2022 bear mkt": -0.15646940822467403, + "2023 rate shock": -0.033214709371292894, + "2024 vol spike": 0.0175029171528589, + "2025 tariff crash": 0.010625737898465104, + "2026 Q1 drawdown": -0.009891879229540601 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15646940822467403, + "max_ret": 0.0175029171528589, + "all_pos": false + }, + "hcimx": { + "name": "The Intermediate Term Municipal Bond Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.2582217480599602, + "corr_port": 0.012626396237010437, + "rets": { + "2022 bear mkt": -0.0852713178294574, + "2023 rate shock": -0.03523316062176163, + "2024 vol spike": 0.010235414534288667, + "2025 tariff crash": -0.027607361963190136, + "2026 Q1 drawdown": -0.019999999999999907 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0852713178294574, + "max_ret": 0.010235414534288667, + "all_pos": false + }, + "hcinx": { + "name": "The Institutional International Equity Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.9193114633087156, + "corr_port": 0.3610331275666343, + "rets": { + "2022 bear mkt": -0.30438756855575866, + "2023 rate shock": -0.11477045908183636, + "2024 vol spike": -0.06533575317604345, + "2025 tariff crash": -0.10401459854014605, + "2026 Q1 drawdown": -0.0881632653061225 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30438756855575866, + "max_ret": -0.06533575317604345, + "all_pos": false + }, + "hcmex": { + "name": "HCM Multi-Asset Plus Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7564001409715364, + "corr_port": 0.08040606212156497, + "rets": { + "2022 bear mkt": -0.24216867719746993, + "2023 rate shock": -0.08750838342049383, + "2024 vol spike": -0.09278928092944161, + "2025 tariff crash": -0.14967580697854033, + "2026 Q1 drawdown": -0.094836670179136 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24216867719746993, + "max_ret": -0.08750838342049383, + "all_pos": false + }, + "hcmgx": { + "name": "HCM Tactical Plus Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6180885393437388, + "corr_port": 0.1496846800246356, + "rets": { + "2022 bear mkt": -0.3758213213127001, + "2023 rate shock": -0.14029358493181732, + "2024 vol spike": -0.1259355183722045, + "2025 tariff crash": -0.2207147380375042, + "2026 Q1 drawdown": -0.13921515325121736 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3758213213127001, + "max_ret": -0.1259355183722045, + "all_pos": false + }, + "hcmnx": { + "name": "HCM Sector Plus Fund", + "verdict": "weak/unstable alpha", + "t5": -0.24429175209875345, + "corr_port": 0.2544213265042605, + "rets": { + "2022 bear mkt": -0.2543063327359485, + "2023 rate shock": -0.14385027477697598, + "2024 vol spike": -0.11312008382237593, + "2025 tariff crash": -0.16795067388306084, + "2026 Q1 drawdown": -0.0881965735762803 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2543063327359485, + "max_ret": -0.0881965735762803, + "all_pos": false + }, + "hcrb": { + "name": "Hartford Core Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.26685275185015583, + "corr_port": -0.11410706527521192, + "rets": { + "2022 bear mkt": -0.16002392272143606, + "2023 rate shock": -0.03954377538455267, + "2024 vol spike": 0.022312447820487913, + "2025 tariff crash": 0.0051101219667135656, + "2026 Q1 drawdown": -0.006049212572009077 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16002392272143606, + "max_ret": 0.022312447820487913, + "all_pos": false + }, + "hcsbx": { + "name": "The Short-Term Municipal Bond Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.0762906094909572, + "corr_port": 0.013273237070412428, + "rets": { + "2022 bear mkt": -0.04828973843058337, + "2023 rate shock": -0.01465968586387445, + "2024 vol spike": 0.005202913631633832, + "2025 tariff crash": -0.010384215991692813, + "2026 Q1 drawdown": -0.009268795056642798 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04828973843058337, + "max_ret": 0.005202913631633832, + "all_pos": false + }, + "hcsrx": { + "name": "The Catholic SRI Growth Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.5091535447363347, + "corr_port": 0.2641260775424393, + "rets": { + "2022 bear mkt": -0.28799328295549953, + "2023 rate shock": -0.10756608933454892, + "2024 vol spike": -0.07621247113163976, + "2025 tariff crash": -0.17796610169491522, + "2026 Q1 drawdown": -0.08843125378558458 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28799328295549953, + "max_ret": -0.07621247113163976, + "all_pos": false + }, + "hdvax": { + "name": "Hartford International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.09436249143247825, + "corr_port": 0.3788054405350635, + "rets": { + "2022 bear mkt": -0.2775544723459439, + "2023 rate shock": -0.10918543574068496, + "2024 vol spike": -0.057119765067472406, + "2025 tariff crash": -0.11755486630839929, + "2026 Q1 drawdown": -0.08985879332477542 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2775544723459439, + "max_ret": -0.057119765067472406, + "all_pos": false + }, + "heomx": { + "name": "Hartford Climate Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1210671024117276, + "corr_port": 0.28755074344440584, + "rets": { + "2022 bear mkt": -0.2735685671539516, + "2023 rate shock": -0.16793410395164943, + "2024 vol spike": -0.07505913944121223, + "2025 tariff crash": -0.15742926033680715, + "2026 Q1 drawdown": -0.07563907146583204 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2735685671539516, + "max_ret": -0.07505913944121223, + "all_pos": false + }, + "herix": { + "name": "Hartford Emerging Markets Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9582486511725223, + "corr_port": 0.31545554833879136, + "rets": { + "2022 bear mkt": -0.29017000588451736, + "2023 rate shock": -0.09150329124460799, + "2024 vol spike": -0.07220569720148573, + "2025 tariff crash": -0.12559925536259087, + "2026 Q1 drawdown": -0.07068452380952372 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29017000588451736, + "max_ret": -0.07068452380952372, + "all_pos": false + }, + "hfcgx": { + "name": "Hennessy Cornerstone Growth Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5258221839014983, + "corr_port": 0.3629103084587785, + "rets": { + "2022 bear mkt": -0.12609023890468696, + "2023 rate shock": -0.09073358271161902, + "2024 vol spike": -0.07834228236213359, + "2025 tariff crash": -0.1667182389905204, + "2026 Q1 drawdown": -0.04359050884974214 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1667182389905204, + "max_ret": -0.04359050884974214, + "all_pos": false + }, + "hfqax": { + "name": "Janus Henderson Global Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5297880780014421, + "corr_port": 0.4451446410112785, + "rets": { + "2022 bear mkt": -0.19820160308340062, + "2023 rate shock": -0.07800473186921031, + "2024 vol spike": -0.06022197891064052, + "2025 tariff crash": -0.09627141341642131, + "2026 Q1 drawdown": -0.03201030629033108 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19820160308340062, + "max_ret": -0.03201030629033108, + "all_pos": false + }, + "hgxax": { + "name": "Hartford Global Impact Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.022813034009649, + "corr_port": 0.23377034234522157, + "rets": { + "2022 bear mkt": -0.2822677050589927, + "2023 rate shock": -0.1526391413804239, + "2024 vol spike": -0.046587975901143386, + "2025 tariff crash": -0.1461158521525071, + "2026 Q1 drawdown": -0.08962795941375423 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2822677050589927, + "max_ret": -0.046587975901143386, + "all_pos": false + }, + "hhccx": { + "name": "NexPoint Event Driven Fund", + "verdict": "weak/unstable alpha", + "t5": -1.0731553160174967, + "corr_port": 0.16753661541792386, + "rets": { + "2022 bear mkt": -0.055232578366134266, + "2023 rate shock": 0.01352366112686254, + "2024 vol spike": -0.012875536480686622, + "2025 tariff crash": -0.02746478873239433, + "2026 Q1 drawdown": -0.09233791748526521 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09233791748526521, + "max_ret": 0.01352366112686254, + "all_pos": false + }, + "hiabx": { + "name": "HARTFORD TOTAL RETURN BOND HLS FUND", + "verdict": "weak/unstable alpha", + "t5": -0.5875097610592258, + "corr_port": -0.04836787545419665, + "rets": { + "2022 bear mkt": -0.16077738778351214, + "2023 rate shock": -0.04152415695474565, + "2024 vol spike": 0.01736461574242898, + "2025 tariff crash": 0.0020919204163405425, + "2026 Q1 drawdown": -0.007276507276507083 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16077738778351214, + "max_ret": 0.01736461574242898, + "all_pos": false + }, + "hiacx": { + "name": "HARTFORD CAPITAL APPRECIATION HLS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.593564903716002, + "corr_port": 0.26793326527025774, + "rets": { + "2022 bear mkt": -0.2412579582948584, + "2023 rate shock": -0.10479217289021414, + "2024 vol spike": -0.06265336754190243, + "2025 tariff crash": -0.18593606207696523, + "2026 Q1 drawdown": -0.09630725730761291 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2412579582948584, + "max_ret": -0.06265336754190243, + "all_pos": false + }, + "hiadx": { + "name": "HARTFORD DIVIDEND AND GROWTH HLS FUND", + "verdict": "weak/unstable alpha", + "t5": -0.4223323006756963, + "corr_port": 0.361267248093254, + "rets": { + "2022 bear mkt": -0.19159641886296952, + "2023 rate shock": -0.08806520205284951, + "2024 vol spike": -0.05559911173426357, + "2025 tariff crash": -0.13493684863131006, + "2026 Q1 drawdown": -0.06968786103838642 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19159641886296952, + "max_ret": -0.05559911173426357, + "all_pos": false + }, + "hiagx": { + "name": "HARTFORD DISCIPLINED EQUITY HLS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7128872225564642, + "corr_port": 0.2810048902978362, + "rets": { + "2022 bear mkt": -0.24998073506322727, + "2023 rate shock": -0.08510470405966708, + "2024 vol spike": -0.07047276265117453, + "2025 tariff crash": -0.16681002684296542, + "2026 Q1 drawdown": -0.08798646734291315 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24998073506322727, + "max_ret": -0.07047276265117453, + "all_pos": false + }, + "hiahx": { + "name": "HARTFORD HEALTHCARE HLS FUND", + "verdict": "weak/unstable alpha", + "t5": -0.6914403120766873, + "corr_port": 0.20701274267115943, + "rets": { + "2022 bear mkt": -0.18894799826968067, + "2023 rate shock": -0.09478193209830399, + "2024 vol spike": -0.039847194263924246, + "2025 tariff crash": -0.12158235623793323, + "2026 Q1 drawdown": -0.07275798082346319 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18894799826968067, + "max_ret": -0.039847194263924246, + "all_pos": false + }, + "hiaox": { + "name": "HARTFORD INTERNATIONAL OPPORTUNITIES HLS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6263829739695306, + "corr_port": 0.34761292853830694, + "rets": { + "2022 bear mkt": -0.303494045262793, + "2023 rate shock": -0.10587197467110454, + "2024 vol spike": -0.06841168275974085, + "2025 tariff crash": -0.1283514258026649, + "2026 Q1 drawdown": -0.0890221402214022 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.303494045262793, + "max_ret": -0.06841168275974085, + "all_pos": false + }, + "hiasx": { + "name": "HARTFORD SMALL COMPANY HLS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1587461045524483, + "corr_port": 0.18077542240863795, + "rets": { + "2022 bear mkt": -0.3369795445685617, + "2023 rate shock": -0.15536539210830513, + "2024 vol spike": -0.08257405293131814, + "2025 tariff crash": -0.2347215101363579, + "2026 Q1 drawdown": -0.11485816788163083 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3369795445685617, + "max_ret": -0.08257405293131814, + "all_pos": false + }, + "hicox": { + "name": "COLORADO BONDSHARES A TAX EXEMPT FUND", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.02265746528423, + "corr_port": 0.040750828443813995, + "rets": { + "2022 bear mkt": -0.06594989098099036, + "2023 rate shock": -0.03012004979161309, + "2024 vol spike": 0.011223189634224973, + "2025 tariff crash": -0.01883438348949007, + "2026 Q1 drawdown": 0.0009858558466779854 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06594989098099036, + "max_ret": 0.011223189634224973, + "all_pos": false + }, + "hilax": { + "name": "The Hartford International Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.245666562237481, + "corr_port": 0.4651450179980374, + "rets": { + "2022 bear mkt": -0.2092592804160972, + "2023 rate shock": -0.0817029913497318, + "2024 vol spike": -0.06266455678184868, + "2025 tariff crash": -0.07893349544172512, + "2026 Q1 drawdown": -0.056964457938527446 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2092592804160972, + "max_ret": -0.056964457938527446, + "all_pos": false + }, + "himcx": { + "name": "HARTFORD MIDCAP HLS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.7891605581318752, + "corr_port": 0.23667182669655487, + "rets": { + "2022 bear mkt": -0.303375411078287, + "2023 rate shock": -0.15379644340837728, + "2024 vol spike": -0.07631949219754908, + "2025 tariff crash": -0.2292584769507695, + "2026 Q1 drawdown": -0.12406022873599698 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.303375411078287, + "max_ret": -0.07631949219754908, + "all_pos": false + }, + "hiscx": { + "name": "HARTFORD SMALL CAP GROWTH HLS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.276990966508946, + "corr_port": 0.18731974970635779, + "rets": { + "2022 bear mkt": -0.314756140368315, + "2023 rate shock": -0.15909088053849496, + "2024 vol spike": -0.09050087500166526, + "2025 tariff crash": -0.2398625393346061, + "2026 Q1 drawdown": -0.11366242302573382 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.314756140368315, + "max_ret": -0.09050087500166526, + "all_pos": false + }, + "hisix": { + "name": "International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9766754613022732, + "corr_port": 0.3203014969785692, + "rets": { + "2022 bear mkt": -0.3141466948141244, + "2023 rate shock": -0.11991855229446002, + "2024 vol spike": -0.048951008820175335, + "2025 tariff crash": -0.11776047656778343, + "2026 Q1 drawdown": -0.08186614064783515 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3141466948141244, + "max_ret": -0.048951008820175335, + "all_pos": false + }, + "hmezx": { + "name": "NexPoint Merger Arbitrage Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 7.119670612894564, + "corr_port": 0.1403541161190693, + "rets": { + "2022 bear mkt": 0.014587300352127963, + "2023 rate shock": 0.031164548655345126, + "2024 vol spike": 0.001012774855220222, + "2025 tariff crash": -0.00405474147374707, + "2026 Q1 drawdown": 0.0035978190149608125 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.00405474147374707, + "max_ret": 0.031164548655345126, + "all_pos": false + }, + "hncax": { + "name": "THE HARTFORD INTERNATIONAL GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.6840643272170372, + "corr_port": 0.28343523410060617, + "rets": { + "2022 bear mkt": -0.39723116767092714, + "2023 rate shock": -0.14726241291873787, + "2024 vol spike": -0.08290157158561307, + "2025 tariff crash": -0.18703107107197903, + "2026 Q1 drawdown": -0.14875666074600347 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.39723116767092714, + "max_ret": -0.08290157158561307, + "all_pos": false + }, + "hnddx": { + "name": "Horizon Equity Premium Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6451055791079285, + "corr_port": 0.38573850769273543, + "rets": { + "2022 bear mkt": -0.1722082545666901, + "2023 rate shock": -0.08750682109427932, + "2024 vol spike": -0.061175276077335417, + "2025 tariff crash": -0.16362692923275646, + "2026 Q1 drawdown": -0.06208420412107829 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1722082545666901, + "max_ret": -0.061175276077335417, + "all_pos": false + }, + "hnmdx": { + "name": "HEARTLAND MID CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.20816249440009052, + "corr_port": 0.36165527435061445, + "rets": { + "2022 bear mkt": -0.12755092564418136, + "2023 rate shock": -0.12305521113413187, + "2024 vol spike": -0.02176872228777038, + "2025 tariff crash": -0.12996392321169792, + "2026 Q1 drawdown": -0.037535410764872434 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12996392321169792, + "max_ret": -0.02176872228777038, + "all_pos": false + }, + "hrsax": { + "name": "Rational Premium Income Fund", + "verdict": "weak/unstable alpha", + "t5": 3.3704802444171436, + "corr_port": 0.032457341381386354, + "rets": { + "2022 bear mkt": 0.01091037290854402, + "2023 rate shock": 0.013753469319661704, + "2024 vol spike": -0.006365979333670668, + "2025 tariff crash": 0.002378054242163641, + "2026 Q1 drawdown": -0.018397393599472123 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.018397393599472123, + "max_ret": 0.013753469319661704, + "all_pos": false + }, + "hspgx": { + "name": "Emerald Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5390354131443225, + "corr_port": 0.11458832610971298, + "rets": { + "2022 bear mkt": -0.2777750851389035, + "2023 rate shock": -0.19350651420826626, + "2024 vol spike": -0.08695633568023209, + "2025 tariff crash": -0.24894332145737408, + "2026 Q1 drawdown": -0.12118055976321385 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2777750851389035, + "max_ret": -0.08695633568023209, + "all_pos": false + }, + "hstax": { + "name": "HARTFORD STOCK HLS FUND", + "verdict": "weak/unstable alpha", + "t5": -1.39191389921613, + "corr_port": 0.3316252882523144, + "rets": { + "2022 bear mkt": -0.1631190024610666, + "2023 rate shock": -0.08376031411608809, + "2024 vol spike": -0.02579789467788618, + "2025 tariff crash": -0.11331006965023249, + "2026 Q1 drawdown": -0.07889986362747936 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1631190024610666, + "max_ret": -0.02579789467788618, + "all_pos": false + }, + "hstrx": { + "name": "Hussman Strategic Total Return Fund", + "verdict": "weak/unstable alpha", + "t5": 1.409118562424912, + "corr_port": 0.025000296360608344, + "rets": { + "2022 bear mkt": -0.08091332369037507, + "2023 rate shock": -0.006974507763332749, + "2024 vol spike": -0.004881311479487005, + "2025 tariff crash": 0.019620066717856988, + "2026 Q1 drawdown": -0.0005739541936738979 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08091332369037507, + "max_ret": 0.019620066717856988, + "all_pos": false + }, + "htrb": { + "name": "Hartford Total Return Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3881553654739515, + "corr_port": -0.07224841168982185, + "rets": { + "2022 bear mkt": -0.1622151126885064, + "2023 rate shock": -0.03992236570016827, + "2024 vol spike": 0.01953908467878729, + "2025 tariff crash": 0.0035842216310302266, + "2026 Q1 drawdown": -0.008244518094849385 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1622151126885064, + "max_ret": 0.01953908467878729, + "all_pos": false + }, + "hubax": { + "name": "HARTFORD ULTRASHORT BOND HLS FUND", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.107913019014453, + "corr_port": -0.012658213501320844, + "rets": { + "2022 bear mkt": -0.009701409383829462, + "2023 rate shock": 0.011185573011377903, + "2024 vol spike": 0.005644224598271741, + "2025 tariff crash": 0.006685733316823539, + "2026 Q1 drawdown": 0.0028957528957529455 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.009701409383829462, + "max_ret": 0.011185573011377903, + "all_pos": false + }, + "hulax": { + "name": "HAWAIIAN TAX-FREE TRUST", + "verdict": "weak/unstable alpha", + "t5": -0.04989330020044807, + "corr_port": 0.026065755754304896, + "rets": { + "2022 bear mkt": -0.08523068240287046, + "2023 rate shock": -0.049875875673020986, + "2024 vol spike": 0.015150452817406235, + "2025 tariff crash": -0.020044743349925565, + "2026 Q1 drawdown": -0.009550514388442677 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08523068240287046, + "max_ret": 0.015150452817406235, + "all_pos": false + }, + "hyem": { + "name": "VanEck Emerging Markets High Yield Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -2.9476256380063894, + "corr_port": 0.19700725733000526, + "rets": { + "2022 bear mkt": -0.21134785399506328, + "2023 rate shock": -0.026133838062582737, + "2024 vol spike": -0.002924538443855762, + "2025 tariff crash": -0.04841766111104395, + "2026 Q1 drawdown": -0.01682944895981464 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21134785399506328, + "max_ret": -0.002924538443855762, + "all_pos": false + }, + "hymax": { + "name": "Lord Abbett High Income Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.20318254594528531, + "corr_port": 0.08678559819714562, + "rets": { + "2022 bear mkt": -0.18650927049454025, + "2023 rate shock": -0.06851342027907736, + "2024 vol spike": 0.01650206211552563, + "2025 tariff crash": -0.036703953253456434, + "2026 Q1 drawdown": -0.007885360947110343 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.18650927049454025, + "max_ret": 0.01650206211552563, + "all_pos": false + }, + "hysax": { + "name": "PGIM Short Duration High Yield Income Fund", + "verdict": "weak/unstable alpha", + "t5": 2.386430481986085, + "corr_port": 0.27790451799258387, + "rets": { + "2022 bear mkt": -0.08368603136356356, + "2023 rate shock": -0.020816970000334334, + "2024 vol spike": 0.00048640346698713977, + "2025 tariff crash": -0.022135795714084194, + "2026 Q1 drawdown": -0.011122638402640828 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08368603136356356, + "max_ret": 0.00048640346698713977, + "all_pos": false + }, + "iarax": { + "name": "INVESCO Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3608910957623208, + "corr_port": 0.23031561364349118, + "rets": { + "2022 bear mkt": -0.30479591997464794, + "2023 rate shock": -0.14573544497680713, + "2024 vol spike": -0.01823357087008315, + "2025 tariff crash": -0.12581280949950036, + "2026 Q1 drawdown": -0.006626529684372273 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30479591997464794, + "max_ret": -0.006626529684372273, + "all_pos": false + }, + "iautx": { + "name": "INVESCO Dividend Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.48278717240772023, + "corr_port": 0.4154534378783923, + "rets": { + "2022 bear mkt": -0.11777632065567567, + "2023 rate shock": -0.10192209656761209, + "2024 vol spike": -0.04367091806420664, + "2025 tariff crash": -0.12567455375240444, + "2026 Q1 drawdown": -0.0313318619107148 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12567455375240444, + "max_ret": -0.0313318619107148, + "all_pos": false + }, + "ibnax": { + "name": "Nomura Balanced Fund", + "verdict": "weak/unstable alpha", + "t5": -0.10017688931375168, + "corr_port": 0.22571531474509635, + "rets": { + "2022 bear mkt": -0.2013452487215217, + "2023 rate shock": -0.07780819831608865, + "2024 vol spike": -0.03076919005146095, + "2025 tariff crash": -0.1025399720542367, + "2026 Q1 drawdown": -0.07031385121302847 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2013452487215217, + "max_ret": -0.03076919005146095, + "all_pos": false + }, + "ibnd": { + "name": "State Street(R) SPDR(R) Bloomberg International Corporate Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -1.312921908620629, + "corr_port": 0.0702528402288313, + "rets": { + "2022 bear mkt": -0.2807718037497925, + "2023 rate shock": -0.045809741544291516, + "2024 vol spike": 0.0068584616719298275, + "2025 tariff crash": 0.03259553724838371, + "2026 Q1 drawdown": -0.06641130573004672 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.2807718037497925, + "max_ret": 0.03259553724838371, + "all_pos": false + }, + "ibrax": { + "name": "Voya Inflation Protected Bond Plus Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.325642457573752, + "corr_port": -0.023100696847857292, + "rets": { + "2022 bear mkt": -0.14558241470377298, + "2023 rate shock": -0.03300965729571392, + "2024 vol spike": 0.00785110276465395, + "2025 tariff crash": 0.0027634670193759092, + "2026 Q1 drawdown": -0.004525864150932923 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14558241470377298, + "max_ret": 0.00785110276465395, + "all_pos": false + }, + "iceux": { + "name": "NYLI Epoch International Choice Fund", + "verdict": "weak/unstable alpha", + "t5": -0.20907079732534764, + "corr_port": 0.35463505084276475, + "rets": { + "2022 bear mkt": -0.2931618776352911, + "2023 rate shock": -0.11734827876593146, + "2024 vol spike": -0.07775944199240914, + "2025 tariff crash": -0.08154722359547795, + "2026 Q1 drawdown": -0.058974397258887534 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2931618776352911, + "max_ret": -0.058974397258887534, + "all_pos": false + }, + "icifx": { + "name": "Invesco Conservative Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.0078556590469891, + "corr_port": 0.05080896185756704, + "rets": { + "2022 bear mkt": -0.005576495541533166, + "2023 rate shock": 0.007853795364299643, + "2024 vol spike": 0.006697857955905384, + "2025 tariff crash": 0.00799157000321915, + "2026 Q1 drawdown": 0.003687690859062398 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.005576495541533166, + "max_ret": 0.00799157000321915, + "all_pos": false + }, + "icmbx": { + "name": "Intrepid Capital Fund", + "verdict": "weak/unstable alpha", + "t5": 0.398421485455882, + "corr_port": 0.2865401900968498, + "rets": { + "2022 bear mkt": -0.16150387419797785, + "2023 rate shock": -0.04716001282839555, + "2024 vol spike": -0.051239743543860294, + "2025 tariff crash": -0.1081246936434892, + "2026 Q1 drawdown": -0.04599306934790104 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16150387419797785, + "max_ret": -0.04599306934790104, + "all_pos": false + }, + "icmux": { + "name": "Intrepid Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 6.096024753495836, + "corr_port": 0.23507511273099085, + "rets": { + "2022 bear mkt": -0.04953889256909949, + "2023 rate shock": 0.009457034854856605, + "2024 vol spike": 0.002331341540555032, + "2025 tariff crash": -0.025725942645248523, + "2026 Q1 drawdown": -0.007900250541736709 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.04953889256909949, + "max_ret": 0.009457034854856605, + "all_pos": false + }, + "icpax": { + "name": "Integrity Mid-North American Resources Fund", + "verdict": "weak/unstable alpha", + "t5": 0.34407765442606864, + "corr_port": 0.33053609551411284, + "rets": { + "2022 bear mkt": 0.16229732142813225, + "2023 rate shock": -0.05549518352687499, + "2024 vol spike": -0.07491284990294511, + "2025 tariff crash": -0.20013538122470786, + "2026 Q1 drawdown": 0.16378662168435243 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.20013538122470786, + "max_ret": 0.16378662168435243, + "all_pos": false + }, + "idivx": { + "name": "Integrity Dividend Harvest Fund", + "verdict": "weak/unstable alpha", + "t5": 1.886445319310465, + "corr_port": 0.40212063568168777, + "rets": { + "2022 bear mkt": -0.10910446166468268, + "2023 rate shock": -0.10665132545921974, + "2024 vol spike": -0.03198648901990697, + "2025 tariff crash": -0.12937425695541938, + "2026 Q1 drawdown": 0.01730710838390892 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12937425695541938, + "max_ret": 0.01730710838390892, + "all_pos": false + }, + "idlv": { + "name": "Invesco S&P International Developed Low Volatility ETF", + "verdict": "weak/unstable alpha", + "t5": 0.9932633934948355, + "corr_port": 0.3661491475167419, + "rets": { + "2022 bear mkt": -0.21815678875365296, + "2023 rate shock": -0.07384603990371197, + "2024 vol spike": -0.019448373490428494, + "2025 tariff crash": -0.04042218146273713, + "2026 Q1 drawdown": -0.02392375625017562 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21815678875365296, + "max_ret": -0.019448373490428494, + "all_pos": false + }, + "idmo": { + "name": "Invesco S&P International Developed Momentum ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1918238890137316, + "corr_port": 0.2948630207438445, + "rets": { + "2022 bear mkt": -0.25585948228482425, + "2023 rate shock": -0.04821729240806272, + "2024 vol spike": -0.10439310262427104, + "2025 tariff crash": -0.0971413405103071, + "2026 Q1 drawdown": -0.09221650857871422 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25585948228482425, + "max_ret": -0.04821729240806272, + "all_pos": false + }, + "iegax": { + "name": "Invesco International Small Company Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5015746433957665, + "corr_port": 0.37024746676687265, + "rets": { + "2022 bear mkt": -0.22662902894682813, + "2023 rate shock": -0.11598591681203352, + "2024 vol spike": -0.05616381539142257, + "2025 tariff crash": -0.10874812410590962, + "2026 Q1 drawdown": -0.09714799032317323 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22662902894682813, + "max_ret": -0.05616381539142257, + "all_pos": false + }, + "iemfx": { + "name": "T. Rowe Price Institutional Emerging Markets Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4967563007431623, + "corr_port": 0.26294995654246084, + "rets": { + "2022 bear mkt": -0.32061589111660393, + "2023 rate shock": -0.13751827987454113, + "2024 vol spike": -0.06505063532578093, + "2025 tariff crash": -0.11938930010668769, + "2026 Q1 drawdown": -0.09340537924825576 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32061589111660393, + "max_ret": -0.06505063532578093, + "all_pos": false + }, + "ienax": { + "name": "INVESCO Energy Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9396731209874037, + "corr_port": 0.3559047108778721, + "rets": { + "2022 bear mkt": 0.3413655326709797, + "2023 rate shock": 0.002789413410586361, + "2024 vol spike": -0.06993235059477043, + "2025 tariff crash": -0.1730644119262793, + "2026 Q1 drawdown": 0.23855568601397126 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.1730644119262793, + "max_ret": 0.3413655326709797, + "all_pos": false + }, + "ieyax": { + "name": "Nomura Climate Solutions Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5635272841500655, + "corr_port": 0.2802944508769317, + "rets": { + "2022 bear mkt": 0.19072839238549832, + "2023 rate shock": -0.15384617799538247, + "2024 vol spike": -0.033543042899069064, + "2025 tariff crash": -0.14333328996809525, + "2026 Q1 drawdown": 0.028887000849617595 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15384617799538247, + "max_ret": 0.19072839238549832, + "all_pos": false + }, + "igaax": { + "name": "International Growth and Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3633306878982252, + "corr_port": 0.39220557400606937, + "rets": { + "2022 bear mkt": -0.2883000240393122, + "2023 rate shock": -0.0995210378152116, + "2024 vol spike": -0.07170883191727873, + "2025 tariff crash": -0.09252847634001182, + "2026 Q1 drawdown": -0.08051760640088623 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2883000240393122, + "max_ret": -0.07170883191727873, + "all_pos": false + }, + "igiax": { + "name": "INTEGRITY GROWTH & INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2788279313417715, + "corr_port": 0.27240010023681477, + "rets": { + "2022 bear mkt": -0.30032705821789374, + "2023 rate shock": -0.10202353070015169, + "2024 vol spike": -0.07329372587292748, + "2025 tariff crash": -0.18846371077829327, + "2026 Q1 drawdown": -0.0680787173958971 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30032705821789374, + "max_ret": -0.0680787173958971, + "all_pos": false + }, + "iglgx": { + "name": "Columbia Select Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6732491422409819, + "corr_port": 0.21918864684824255, + "rets": { + "2022 bear mkt": -0.3328198021972816, + "2023 rate shock": -0.09661837133278572, + "2024 vol spike": -0.08112240026149442, + "2025 tariff crash": -0.1858942809033136, + "2026 Q1 drawdown": -0.126227121375742 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3328198021972816, + "max_ret": -0.08112240026149442, + "all_pos": false + }, + "igmax": { + "name": "Voya Global Insights Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4693274301188435, + "corr_port": 0.2159252593533561, + "rets": { + "2022 bear mkt": -0.3817106173643131, + "2023 rate shock": -0.12285078754962686, + "2024 vol spike": -0.12031656838375104, + "2025 tariff crash": -0.18860761398326908, + "2026 Q1 drawdown": -0.10985594120355202 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3817106173643131, + "max_ret": -0.10985594120355202, + "all_pos": false + }, + "igncx": { + "name": "Nomura Natural Resources Fund", + "verdict": "weak/unstable alpha", + "t5": -0.3535492519496068, + "corr_port": 0.3230523584707185, + "rets": { + "2022 bear mkt": 0.08910026385879766, + "2023 rate shock": -0.08947365474549507, + "2024 vol spike": -0.0932451813652434, + "2025 tariff crash": -0.1833466773418736, + "2026 Q1 drawdown": 0.019386106623586308 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1833466773418736, + "max_ret": 0.08910026385879766, + "all_pos": false + }, + "ihfax": { + "name": "Integrity High Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.35526310941235584, + "corr_port": 0.3147744277415055, + "rets": { + "2022 bear mkt": -0.12629893144507542, + "2023 rate shock": -0.024773434924295845, + "2024 vol spike": -0.00352518383435918, + "2025 tariff crash": -0.024682970852452746, + "2026 Q1 drawdown": -0.01063421062611647 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12629893144507542, + "max_ret": -0.00352518383435918, + "all_pos": false + }, + "ihiax": { + "name": "Federated Hermes Emerging Market Debt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.8671822583022819, + "corr_port": 0.2535183355567133, + "rets": { + "2022 bear mkt": -0.22643764515847487, + "2023 rate shock": -0.03822292791610915, + "2024 vol spike": -0.0026042843685651906, + "2025 tariff crash": -0.035353446440054226, + "2026 Q1 drawdown": -0.04609880144977041 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22643764515847487, + "max_ret": -0.0026042843685651906, + "all_pos": false + }, + "ihoax": { + "name": "THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6551444573397023, + "corr_port": 0.3544846197944762, + "rets": { + "2022 bear mkt": -0.29765014930771583, + "2023 rate shock": -0.1058822836743446, + "2024 vol spike": -0.0693121122076017, + "2025 tariff crash": -0.1279187949482098, + "2026 Q1 drawdown": -0.08964316797214966 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29765014930771583, + "max_ret": -0.0693121122076017, + "all_pos": false + }, + "iifax": { + "name": "Voya Balanced Income Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.25243107374650386, + "corr_port": 0.29606531800183267, + "rets": { + "2022 bear mkt": -0.17158664779291866, + "2023 rate shock": -0.04727269426673553, + "2024 vol spike": -0.012958872065712557, + "2025 tariff crash": -0.06224498819689561, + "2026 Q1 drawdown": -0.03662720359759586 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17158664779291866, + "max_ret": -0.012958872065712557, + "all_pos": false + }, + "iigix": { + "name": "Voya Multi-Manager International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.177612694458389, + "corr_port": 0.35607863948851787, + "rets": { + "2022 bear mkt": -0.3350739789822951, + "2023 rate shock": -0.12249001350913491, + "2024 vol spike": -0.054934761782135855, + "2025 tariff crash": -0.10766428927842264, + "2026 Q1 drawdown": -0.08496732026143794 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3350739789822951, + "max_ret": -0.054934761782135855, + "all_pos": false + }, + "imanx": { + "name": "Iman Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2996711589113659, + "corr_port": 0.1536226802582863, + "rets": { + "2022 bear mkt": -0.3452703160817707, + "2023 rate shock": -0.1076922709602508, + "2024 vol spike": -0.07460811780414145, + "2025 tariff crash": -0.20216612239800635, + "2026 Q1 drawdown": -0.08706467661691542 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3452703160817707, + "max_ret": -0.07460811780414145, + "all_pos": false + }, + "imntx": { + "name": "Columbia Minnesota Tax-Exempt Fund", + "verdict": "weak/unstable alpha", + "t5": -0.3924137575792421, + "corr_port": 0.03917570892692516, + "rets": { + "2022 bear mkt": -0.14904248870857062, + "2023 rate shock": -0.07038748246985183, + "2024 vol spike": 0.018316570072399063, + "2025 tariff crash": -0.04358445004932865, + "2026 Q1 drawdown": -0.014955849174635882 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14904248870857062, + "max_ret": 0.018316570072399063, + "all_pos": false + }, + "imrfx": { + "name": "Columbia Global Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.0894087540372817, + "corr_port": 0.2837823525462289, + "rets": { + "2022 bear mkt": -0.2680209893811609, + "2023 rate shock": -0.07598029983654209, + "2024 vol spike": -0.05147060297331951, + "2025 tariff crash": -0.09503249977660766, + "2026 Q1 drawdown": -0.06997084548104959 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2680209893811609, + "max_ret": -0.05147060297331951, + "all_pos": false + }, + "inco": { + "name": "Columbia India Consumer ETF", + "verdict": "weak/unstable alpha", + "t5": 0.8769095832005896, + "corr_port": 0.207105792244564, + "rets": { + "2022 bear mkt": -0.07295504509439077, + "2023 rate shock": 0.005140844458525029, + "2024 vol spike": -0.009183237617024442, + "2025 tariff crash": -0.024234231714380106, + "2026 Q1 drawdown": -0.12135203227198577 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12135203227198577, + "max_ret": 0.005140844458525029, + "all_pos": false + }, + "index": { + "name": "CYBER HORNET S&P 500(R)", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5996629396419243, + "corr_port": 0.3289929060004562, + "rets": { + "2022 bear mkt": -0.21009600245684157, + "2023 rate shock": -0.12779478417420853, + "2024 vol spike": -0.07105270212374526, + "2025 tariff crash": -0.18414191746347808, + "2026 Q1 drawdown": -0.08803785340192471 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21009600245684157, + "max_ret": -0.07105270212374526, + "all_pos": false + }, + "indzx": { + "name": "Columbia Intrinsic Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0998801867321981, + "corr_port": 0.3986069899888915, + "rets": { + "2022 bear mkt": -0.172663688554468, + "2023 rate shock": -0.09643798147162663, + "2024 vol spike": -0.054524280619944965, + "2025 tariff crash": -0.15232128178227855, + "2026 Q1 drawdown": -0.042314285394173146 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.172663688554468, + "max_ret": -0.042314285394173146, + "all_pos": false + }, + "ineax": { + "name": "Columbia High Yield Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3952562042241256, + "corr_port": 0.29841148131519357, + "rets": { + "2022 bear mkt": -0.1374259352109345, + "2023 rate shock": -0.025760759362808527, + "2024 vol spike": -0.0027556187118186193, + "2025 tariff crash": -0.029157177155864633, + "2026 Q1 drawdown": -0.014164601112953368 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1374259352109345, + "max_ret": -0.0027556187118186193, + "all_pos": false + }, + "inivx": { + "name": "International Investors Gold Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5815766598323042, + "corr_port": 0.05335339354433339, + "rets": { + "2022 bear mkt": -0.27389155736811877, + "2023 rate shock": -0.0450642763051643, + "2024 vol spike": -0.07347971424438249, + "2025 tariff crash": 0.0, + "2026 Q1 drawdown": -0.1736841539840296 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27389155736811877, + "max_ret": 0.0, + "all_pos": false + }, + "inpax": { + "name": "American Funds Conservative Growth and Income Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.7607535754053159, + "corr_port": 0.3816616738087967, + "rets": { + "2022 bear mkt": -0.15286197854878414, + "2023 rate shock": -0.05901199238556143, + "2024 vol spike": -0.01807221044064944, + "2025 tariff crash": -0.07016976152161514, + "2026 Q1 drawdown": -0.034160052064039936 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15286197854878414, + "max_ret": -0.01807221044064944, + "all_pos": false + }, + "intax": { + "name": "Columbia Strategic Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.026551887374846112, + "corr_port": 0.03881993508657639, + "rets": { + "2022 bear mkt": -0.16324262919008048, + "2023 rate shock": -0.07961167503953426, + "2024 vol spike": 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-0.16043526487716986, + "2023 rate shock": -0.043451070272927605, + "2024 vol spike": 0.02234448685144441, + "2025 tariff crash": 0.010453595986312125, + "2026 Q1 drawdown": -0.006077391993785319 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16043526487716986, + "max_ret": 0.02234448685144441, + "all_pos": false + }, + "ipkw": { + "name": "Invesco International BuyBack Achievers ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5899906938900064, + "corr_port": 0.41378219702317837, + "rets": { + "2022 bear mkt": -0.25894247831320183, + "2023 rate shock": -0.0650192207078415, + "2024 vol spike": -0.07490981049497225, + "2025 tariff crash": -0.13547303206964745, + "2026 Q1 drawdown": -0.06577808516702177 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25894247831320183, + "max_ret": -0.0650192207078415, + "all_pos": false + }, + "ipoyx": { + "name": "Nomura Systematic Emerging Markets Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6010822804915144, + "corr_port": 0.2842446457153831, + "rets": { + "2022 bear mkt": -0.3299549313420639, + "2023 rate shock": -0.10154170203021307, + "2024 vol spike": -0.0753322357775309, + "2025 tariff crash": -0.12799596530073365, + "2026 Q1 drawdown": -0.08863364429078191 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3299549313420639, + "max_ret": -0.0753322357775309, + "all_pos": false + }, + "ircyx": { + "name": "International Small Cap Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.36782989399019106, + "corr_port": 0.37520127062745595, + "rets": { + "2022 bear mkt": -0.31821684012852947, + "2023 rate shock": -0.1280487238109036, + "2024 vol spike": -0.07729456388196976, + "2025 tariff crash": -0.10564512662970449, + "2026 Q1 drawdown": -0.08055925432756317 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31821684012852947, + "max_ret": -0.07729456388196976, + "all_pos": false + }, + "irfax": { + "name": "Cohen & Steers International Realty Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": -1.8290343500276136, + "corr_port": 0.32342182461334856, + "rets": { + "2022 bear mkt": -0.337074259190555, + "2023 rate shock": -0.12877017072185204, + "2024 vol spike": -0.04081626606824318, + "2025 tariff crash": -0.06519065581322536, + "2026 Q1 drawdown": -0.09822368149704719 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.337074259190555, + "max_ret": -0.04081626606824318, + "all_pos": false + }, + "irsyx": { + "name": "Nomura Real Estate Securities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.31090108551077056, + "corr_port": 0.19747646568530075, + "rets": { + "2022 bear mkt": -0.3057352048244728, + "2023 rate shock": -0.14378949861771972, + "2024 vol spike": -0.02014665240591451, + "2025 tariff crash": -0.14458194113835177, + "2026 Q1 drawdown": 0.005306414963087258 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.3057352048244728, + "max_ret": 0.005306414963087258, + "all_pos": false + }, + "iscax": { + "name": "Federated Hermes International Small-Mid Company Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.729027297252316, + "corr_port": 0.32602729907918854, + "rets": { + "2022 bear mkt": -0.33940244927017593, + "2023 rate shock": -0.12527521909961847, + "2024 vol spike": -0.07682735399781815, + "2025 tariff crash": -0.08745798899498836, + "2026 Q1 drawdown": -0.09149561714582133 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33940244927017593, + "max_ret": -0.07682735399781815, + "all_pos": false + }, + "isfax": { + "name": "Lord Abbett Multi-Asset Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7525786987083127, + "corr_port": 0.3141685091103915, + "rets": { + "2022 bear mkt": -0.17471696524831126, + "2023 rate shock": -0.05343471576362557, + "2024 vol spike": -0.011574347842638222, + "2025 tariff crash": -0.05946261085128679, + "2026 Q1 drawdown": -0.035251426270690556 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17471696524831126, + "max_ret": -0.011574347842638222, + "all_pos": false + }, + "isgdx": { + "name": "Columbia Integrated Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.18409017559009022, + "corr_port": 0.1792949067816896, + "rets": { + "2022 bear mkt": -0.3014412221574404, + "2023 rate shock": -0.17814728875213393, + "2024 vol spike": -0.0780802627409064, + "2025 tariff crash": -0.2532189058066885, + "2026 Q1 drawdown": -0.10964912280701755 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3014412221574404, + "max_ret": -0.0780802627409064, + "all_pos": false + }, + "isra": { + "name": "VanEck Israel ETF", + "verdict": "weak/unstable alpha", + "t5": -0.33195459148306117, + "corr_port": 0.16580397585639522, + "rets": { + "2022 bear mkt": -0.2717928476775089, + "2023 rate shock": -0.2520895429409814, + "2024 vol spike": -0.08131826685778043, + "2025 tariff crash": -0.1540459022386873, + "2026 Q1 drawdown": -0.088829298062018 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2717928476775089, + "max_ret": -0.08131826685778043, + "all_pos": false + }, + "itiox": { + "name": "Transamerica Inflation Opportunities", + "verdict": "weak/unstable alpha", + "t5": 0.8661757001710951, + "corr_port": -0.024675924114808078, + "rets": { + "2022 bear mkt": -0.12701160917648535, + "2023 rate shock": -0.027350952460371336, + "2024 vol spike": 0.010173308372688483, + "2025 tariff crash": 0.006640737881330017, + "2026 Q1 drawdown": -0.003358699852816671 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12701160917648535, + "max_ret": 0.010173308372688483, + "all_pos": false + }, + "ityax": { + "name": "INVESCO Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8060055694222059, + "corr_port": 0.09941350887137672, + "rets": { + "2022 bear mkt": -0.3899027674010078, + "2023 rate shock": -0.12510201473324878, + "2024 vol spike": -0.10843168729778208, + "2025 tariff crash": -0.2672153775369358, + "2026 Q1 drawdown": -0.1281767680560938 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3899027674010078, + "max_ret": -0.10843168729778208, + "all_pos": false + }, + "ivcsx": { + "name": "Voya Small Company Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6386505713115704, + "corr_port": 0.28258875295820113, + "rets": { + "2022 bear mkt": -0.2617292962918101, + "2023 rate shock": -0.16277479549289897, + "2024 vol spike": -0.07894734696705974, + "2025 tariff crash": -0.2157330406661585, + "2026 Q1 drawdown": -0.10798427471556415 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2617292962918101, + "max_ret": -0.07894734696705974, + "all_pos": false + }, + "ivfax": { + "name": "Federated Hermes International Strategic Value Dividend Fund", + "verdict": "weak/unstable alpha", + "t5": 1.9063658679121407, + "corr_port": 0.4043535649116539, + "rets": { + "2022 bear mkt": -0.17097623997320222, + "2023 rate shock": -0.09096460826645136, + "2024 vol spike": -0.007008350257837748, + "2025 tariff crash": -0.01924138356079952, + "2026 Q1 drawdown": 0.007291187645440234 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17097623997320222, + "max_ret": 0.007291187645440234, + "all_pos": false + }, + "ivinx": { + "name": "Nomura Global Growth Fund", + "verdict": "weak/unstable alpha", + "t5": 0.2339941272841639, + "corr_port": 0.1866707263969766, + "rets": { + "2022 bear mkt": -0.2781005519275408, + "2023 rate shock": -0.08328075993814976, + "2024 vol spike": -0.07413498337742119, + "2025 tariff crash": -0.16440548296949864, + "2026 Q1 drawdown": -0.09867421981962732 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2781005519275408, + "max_ret": -0.07413498337742119, + "all_pos": false + }, + "ivoax": { + "name": "Nomura Mid Cap Income Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2214240507656811, + "corr_port": 0.3341809680473075, + "rets": { + "2022 bear mkt": -0.2092337394518745, + "2023 rate shock": -0.13135641135657183, + "2024 vol spike": -0.051061693242683726, + "2025 tariff crash": -0.16720472800221486, + "2026 Q1 drawdown": -0.05742497200957597 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2092337394518745, + "max_ret": -0.051061693242683726, + "all_pos": false + }, + "ivsox": { + "name": "Voya SmallCap Opportunities Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.85047175202761, + "corr_port": 0.21354133959592847, + "rets": { + "2022 bear mkt": -0.2695575964270044, + "2023 rate shock": -0.15368417375538468, + "2024 vol spike": -0.09579039180001248, + "2025 tariff crash": -0.2378929056928777, + "2026 Q1 drawdown": -0.14824026326069162 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2695575964270044, + "max_ret": -0.09579039180001248, + "all_pos": false + }, + "ivsyx": { + "name": "Nomura Global Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.16938362191638845, + "corr_port": 0.10225865544471639, + "rets": { + "2022 bear mkt": -0.12269579732623592, + "2023 rate shock": -0.020122327547919316, + "2024 vol spike": 0.017104107053629747, + "2025 tariff crash": 0.0009731587976058442, + "2026 Q1 drawdown": -0.008576077212186117 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12269579732623592, + "max_ret": 0.017104107053629747, + "all_pos": false + }, + "ivvyx": { + "name": "Nomura International Core Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6973219318780941, + "corr_port": 0.3897586658236652, + "rets": { + "2022 bear mkt": -0.2863915849388212, + "2023 rate shock": -0.08537192530248972, + "2024 vol spike": -0.07037039049201932, + "2025 tariff crash": -0.12760302826884362, + "2026 Q1 drawdown": -0.13640171548117153 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2863915849388212, + "max_ret": -0.07037039049201932, + "all_pos": false + }, + "iysyx": { + "name": "Nomura Smid Cap Core Fund", + "verdict": "weak/unstable alpha", + "t5": 0.23990650136535652, + "corr_port": 0.2670692884065757, + "rets": { + "2022 bear mkt": -0.2188096612948296, + "2023 rate shock": -0.14935628172821291, + "2024 vol spike": -0.0687918543131486, + "2025 tariff crash": -0.19197970520279906, + "2026 Q1 drawdown": -0.05628774432471706 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2188096612948296, + "max_ret": -0.05628774432471706, + "all_pos": false + }, + "jaagx": { + "name": "Janus Henderson Enterprise Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2220125121795684, + "corr_port": 0.27999098286202007, + "rets": { + "2022 bear mkt": -0.22967972684825344, + "2023 rate shock": -0.14094221421234676, + "2024 vol spike": -0.04104797453979381, + "2025 tariff crash": -0.18446493966207, + "2026 Q1 drawdown": -0.09779668413866527 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22967972684825344, + "max_ret": -0.04104797453979381, + "all_pos": false + }, + "jablx": { + "name": "Janus Henderson Balanced Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1764462307281173, + "corr_port": 0.23872096970249831, + "rets": { + "2022 bear mkt": -0.2065216714574688, + "2023 rate shock": -0.07403196180997673, + "2024 vol spike": -0.04111767960652313, + "2025 tariff crash": -0.11621309140280989, + "2026 Q1 drawdown": -0.07827166717548606 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2065216714574688, + "max_ret": -0.04111767960652313, + "all_pos": false + }, + "jacax": { + "name": "Janus Henderson Forty Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7977679379851335, + "corr_port": 0.1521234138036506, + "rets": { + "2022 bear mkt": -0.3653565987607815, + "2023 rate shock": -0.1039659980399541, + "2024 vol spike": -0.07256407288660671, + "2025 tariff crash": -0.21316144187944708, + "2026 Q1 drawdown": -0.1468579169502916 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3653565987607815, + "max_ret": -0.07256407288660671, + "all_pos": false + }, + "jacdx": { + "name": "John Hancock Global Environmental Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -1.5037293449287832, + "corr_port": 0.04213717948229134, + "rets": { + "2022 bear mkt": -0.3247941736375328, + "2023 rate shock": -0.14008180884342625, + "2024 vol spike": -0.06272718079488904, + "2025 tariff crash": -0.14056213635936565, + "2026 Q1 drawdown": -0.08565928777670839 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3247941736375328, + "max_ret": -0.06272718079488904, + "all_pos": false + }, + "jaflx": { + "name": "Janus Henderson Flexible Bond Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.43697908159617976, + "corr_port": -0.08299147441317224, + "rets": { + "2022 bear mkt": -0.14690504211489208, + "2023 rate shock": -0.04060905726808939, + "2024 vol spike": 0.02106327873668956, + "2025 tariff crash": 0.005070951010437863, + "2026 Q1 drawdown": -0.008032051055274936 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14690504211489208, + "max_ret": 0.02106327873668956, + "all_pos": false + }, + "jagrx": { + "name": "Janus Henderson Research Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5314349720073162, + "corr_port": 0.16250544203640294, + "rets": { + "2022 bear mkt": -0.3293348909196696, + "2023 rate shock": -0.08355159729495398, + "2024 vol spike": -0.08755498251825888, + "2025 tariff crash": -0.21732047019367406, + "2026 Q1 drawdown": -0.1385803145891995 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3293348909196696, + "max_ret": -0.08355159729495398, + "all_pos": false + }, + "jaigx": { + "name": "Janus Henderson Overseas Portfolio", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.1653502528565567, + "corr_port": 0.3739754233277747, + "rets": { + "2022 bear mkt": -0.2373805455241753, + "2023 rate shock": -0.10448827223272905, + "2024 vol spike": -0.08245237053758159, + "2025 tariff crash": -0.13887129428129008, + "2026 Q1 drawdown": -0.08889631666378595 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2373805455241753, + "max_ret": -0.08245237053758159, + "all_pos": false + }, + "jamfx": { + "name": "Jacob Internet Fund", + "verdict": "weak/unstable alpha", + "t5": -1.9769719111350432, + "corr_port": 0.04238174298684863, + "rets": { + "2022 bear mkt": -0.566304381176989, + "2023 rate shock": -0.24895390112352866, + "2024 vol spike": -0.13441951823982468, + "2025 tariff crash": -0.30402379584314243, + "2026 Q1 drawdown": -0.23217247097844118 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.566304381176989, + "max_ret": -0.13441951823982468, + "all_pos": false + }, + "jascx": { + "name": "James Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.731439769690523, + "corr_port": 0.35206231753478767, + "rets": { + "2022 bear mkt": -0.18899945981609023, + "2023 rate shock": 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+ "2022 bear mkt": -0.2695876642385674, + "2023 rate shock": -0.09195988089395357, + "2024 vol spike": -0.0744513041468774, + "2025 tariff crash": -0.1682025270749603, + "2026 Q1 drawdown": -0.10496763654403207 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2695876642385674, + "max_ret": -0.0744513041468774, + "all_pos": false + }, + "jcsrx": { + "name": "John Hancock California Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5394148190700724, + "corr_port": 0.040043658623080174, + "rets": { + "2022 bear mkt": -0.11344283036256464, + "2023 rate shock": -0.07187829160468173, + "2024 vol spike": 0.017863158655515354, + "2025 tariff crash": -0.04600233110878904, + "2026 Q1 drawdown": -0.013495131421933038 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11344283036256464, + "max_ret": 0.017863158655515354, + "all_pos": false + }, + "jctrx": { + "name": "John Hancock High Yield Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.24157947047236236, + "corr_port": 0.07266975890756881, + "rets": { + "2022 bear mkt": -0.1827097193170576, + "2023 rate shock": -0.07568670239869968, + "2024 vol spike": 0.01933988309363155, + "2025 tariff crash": -0.04562507995102427, + "2026 Q1 drawdown": -0.01043448091968513 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1827097193170576, + "max_ret": 0.01933988309363155, + "all_pos": false + }, + "jderx": { + "name": "PGIM JENNISON MID-CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7182483651267733, + "corr_port": 0.1594362435068323, + "rets": { + "2022 bear mkt": -0.2893585286386958, + "2023 rate shock": -0.1601941737293071, + "2024 vol spike": -0.08776169498636455, + "2025 tariff crash": -0.23615630229674855, + "2026 Q1 drawdown": -0.11787439613526562 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2893585286386958, + "max_ret": -0.08776169498636455, + "all_pos": false + }, + "jdvrx": { + "name": "PGIM JENNISON VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.823718927701444, + "corr_port": 0.37756962133418653, + "rets": { + "2022 bear mkt": -0.19377785413657655, + "2023 rate shock": -0.09095318324794532, + "2024 vol spike": -0.05841322378027247, + "2025 tariff crash": -0.1557939330294842, + "2026 Q1 drawdown": -0.05716619028174763 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19377785413657655, + "max_ret": -0.05716619028174763, + "all_pos": false + }, + "jdvwx": { + "name": "John Hancock Disciplined Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5330348432254748, + "corr_port": 0.41200608908832204, + "rets": { + "2022 bear mkt": -0.15471220746363068, + "2023 rate shock": -0.08611615552642782, + "2024 vol spike": -0.06545735685059595, + "2025 tariff crash": -0.1584906314199923, + "2026 Q1 drawdown": -0.06664142370314285 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1584906314199923, + "max_ret": -0.06545735685059595, + "all_pos": false + }, + "jdyrx": { + "name": "PGIM HIGH YIELD FUND", + "verdict": "weak/unstable alpha", + "t5": 0.6442414962987695, + "corr_port": 0.2794624904810018, + "rets": { + "2022 bear mkt": -0.14601636635757254, + "2023 rate shock": -0.03327990394843772, + "2024 vol spike": 0.0012700838037995599, + "2025 tariff crash": -0.029331371164012632, + "2026 Q1 drawdown": -0.015017980341607173 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14601636635757254, + "max_ret": 0.0012700838037995599, + "all_pos": false + }, + "jensx": { + "name": "The Jensen Quality Growth Fund Inc", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9703483872242105, + "corr_port": 0.26411296883124025, + "rets": { + "2022 bear mkt": -0.22983681553182833, + "2023 rate shock": -0.0882335243815473, + "2024 vol spike": -0.04486685910345867, + "2025 tariff crash": -0.13630645045005085, + "2026 Q1 drawdown": -0.12494283437109355 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22983681553182833, + "max_ret": -0.04486685910345867, + "all_pos": false + }, + "jeqix": { + "name": "Johnson Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5394268242085746, + "corr_port": 0.319594807258552, + "rets": { + "2022 bear mkt": -0.17969826475736983, + "2023 rate shock": -0.08952157771688263, + "2024 vol spike": -0.04008545237427408, + "2025 tariff crash": -0.12290655397412387, + "2026 Q1 drawdown": -0.07365224366753964 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17969826475736983, + "max_ret": -0.04008545237427408, + "all_pos": false + }, + "jfdrx": { + "name": "Financial Industries Fund", + "verdict": "weak/unstable alpha", + "t5": 0.045122470728350544, + "corr_port": 0.40511596210200407, + "rets": { + "2022 bear mkt": -0.21245598139335597, + "2023 rate shock": -0.1117886900582411, + "2024 vol spike": -0.06402266416261593, + "2025 tariff crash": -0.17028034139492332, + "2026 Q1 drawdown": -0.1012472487160675 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21245598139335597, + "max_ret": -0.06402266416261593, + "all_pos": false + }, + "jgrsx": { + "name": "John Hancock Global Shareholder Yield Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.916897806198198, + "corr_port": 0.4089044669659433, + "rets": { + "2022 bear mkt": -0.1799005340918668, + "2023 rate shock": -0.09512769002639587, + "2024 vol spike": -0.03502930328239506, + "2025 tariff crash": -0.1192440508544308, + "2026 Q1 drawdown": -0.005403101284908729 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1799005340918668, + "max_ret": -0.005403101284908729, + "all_pos": false + }, + "jhbsx": { + "name": "John Hancock Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4738528055107725, + "corr_port": -0.01184641721406363, + "rets": { + "2022 bear mkt": -0.159993192517493, + "2023 rate shock": -0.047665212738273954, + "2024 vol spike": 0.021392730028079843, + "2025 tariff crash": 0.0014900978007514887, + "2026 Q1 drawdown": -0.009443472318138246 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.159993192517493, + "max_ret": 0.021392730028079843, + "all_pos": false + }, + "jhhbx": { + "name": "John Hancock High Yield Fund", + "verdict": "weak/unstable alpha", + "t5": -0.18075166800052006, + "corr_port": 0.30605067084117493, + "rets": { + "2022 bear mkt": -0.1402042578949415, + "2023 rate shock": -0.02391190728476278, + "2024 vol spike": -0.0016365985907171865, + "2025 tariff crash": -0.02892578291777914, + "2026 Q1 drawdown": -0.015826905875463648 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1402042578949415, + "max_ret": -0.0016365985907171865, + "all_pos": false + }, + "jhyix": { + "name": "abrdn High Income Opportunities Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.6189691346176189, + "corr_port": 0.3254426322092962, + "rets": { + "2022 bear mkt": -0.16190064275177174, + "2023 rate shock": -0.019692476883477972, + "2024 vol spike": -0.004349716536461212, + "2025 tariff crash": -0.03899045884115415, + "2026 Q1 drawdown": -0.01854798995337914 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16190064275177174, + "max_ret": -0.004349716536461212, + "all_pos": false + }, + "jigtx": { + "name": "John Hancock International Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.29627889930866, + "corr_port": 0.2996664354170968, + "rets": { + "2022 bear mkt": -0.35311071357244916, + "2023 rate shock": -0.11850969664355038, + "2024 vol spike": -0.07778179658563678, + "2025 tariff crash": -0.11558311605121874, + "2026 Q1 drawdown": -0.11714813146037628 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35311071357244916, + "max_ret": -0.07778179658563678, + "all_pos": false + }, + "jmbs": { + "name": "Janus Henderson Mortgage-Backed Securities ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.32517018004889664, + "corr_port": -0.10666251552754187, + "rets": { + "2022 bear mkt": -0.13937306282551853, + "2023 rate shock": -0.05388883843011938, + "2024 vol spike": 0.020700274116541406, + "2025 tariff crash": 0.007987299851274443, + "2026 Q1 drawdown": -0.0072679929912901065 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13937306282551853, + "max_ret": 0.020700274116541406, + "all_pos": false + }, + "jmcgx": { + "name": "Jacob Discovery Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9951355636027381, + "corr_port": 0.11080412233015689, + "rets": { + "2022 bear mkt": -0.42853075423422493, + "2023 rate shock": -0.2552174946215541, + "2024 vol spike": -0.10574026842711381, + "2025 tariff crash": -0.2829287139104242, + "2026 Q1 drawdown": -0.15460320634920632 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.42853075423422493, + "max_ret": -0.10574026842711381, + "all_pos": false + }, + "jmcrx": { + "name": "JAMES MICRO CAP FUND", + "verdict": "weak/unstable alpha", + "t5": 0.6514728357231071, + "corr_port": 0.22164368129896644, + "rets": { + "2022 bear mkt": -0.24319145422510446, + "2023 rate shock": -0.11317741939455872, + "2024 vol spike": -0.07871585932619318, + "2025 tariff crash": -0.18954241583989184, + "2026 Q1 drawdown": -0.039363401983392166 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24319145422510446, + "max_ret": -0.039363401983392166, + "all_pos": false + }, + "jmvsx": { + "name": "JPMorgan Mid Cap Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.22620832131339935, + "corr_port": 0.3630518002522755, + "rets": { + "2022 bear mkt": -0.17811817505492344, + "2023 rate shock": -0.1193325558280387, + "2024 vol spike": -0.03273121581991911, + "2025 tariff crash": -0.1472342059926256, + "2026 Q1 drawdown": -0.03228807923899657 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17811817505492344, + "max_ret": -0.03228807923899657, + "all_pos": false + }, + "jrgrx": { + "name": "Regional Bank Fund", + "verdict": "weak/unstable alpha", + "t5": 1.0969446115331665, + "corr_port": 0.3644286841949357, + "rets": { + "2022 bear mkt": -0.18566497922602387, + "2023 rate shock": -0.16798205310110914, + "2024 vol spike": -0.0703675919234813, + "2025 tariff crash": -0.19962999943392734, + "2026 Q1 drawdown": -0.05794902124112755 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19962999943392734, + "max_ret": -0.05794902124112755, + "all_pos": false + }, + "jsgtx": { + "name": "John Hancock U.S. Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6861216059008014, + "corr_port": 0.18011054144795274, + "rets": { + "2022 bear mkt": -0.26992190626701895, + "2023 rate shock": -0.07090910472166645, + "2024 vol spike": -0.09126699333129873, + "2025 tariff crash": -0.21282504340686292, + "2026 Q1 drawdown": -0.137210090257756 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26992190626701895, + "max_ret": -0.07090910472166645, + "all_pos": false + }, + "jsigx": { + "name": "Jacob Small Cap Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2608178135006414, + "corr_port": 0.0634413368404604, + "rets": { + "2022 bear mkt": -0.4910179640718564, + "2023 rate shock": -0.2935483870967742, + "2024 vol spike": -0.12405068354430382, + "2025 tariff crash": -0.27226463104325693, + "2026 Q1 drawdown": -0.23215576784426817 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4910179640718564, + "max_ret": -0.12405068354430382, + "all_pos": false + }, + "jsnwx": { + "name": "John Hancock Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.48339419272174916, + "corr_port": 0.17804502466904246, + "rets": { + "2022 bear mkt": -0.1275757704853051, + "2023 rate shock": -0.037283412128623294, + "2024 vol spike": 0.012360583212443155, + "2025 tariff crash": -0.01102215883645985, + "2026 Q1 drawdown": -0.014341663938913896 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1275757704853051, + "max_ret": 0.012360583212443155, + "all_pos": false + }, + "jtmrx": { + "name": "John Hancock Municipal Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6546878795365453, + "corr_port": 0.06862810566297263, + "rets": { + "2022 bear mkt": -0.11868088987458403, + "2023 rate shock": -0.05484807153661653, + "2024 vol spike": 0.015136531934955677, + "2025 tariff crash": -0.02614057575448303, + "2026 Q1 drawdown": -0.014460712836532053 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11868088987458403, + "max_ret": 0.015136531934955677, + "all_pos": false + }, + "jvmrx": { + "name": "John Hancock Disciplined Value Mid Cap Fund", + "verdict": "weak/unstable alpha", + "t5": 0.23849964668848753, + "corr_port": 0.38035008769406287, + "rets": { + "2022 bear mkt": -0.1818183162017286, + "2023 rate shock": -0.11008499427414897, + "2024 vol spike": -0.05376344618223328, + "2025 tariff crash": -0.1647605029423953, + "2026 Q1 drawdown": -0.0511126216968012 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1818183162017286, + "max_ret": -0.0511126216968012, + "all_pos": false + }, + "kauax": { + "name": "Federated Hermes Kaufmann Fund", + "verdict": "weak/unstable alpha", + "t5": -1.7882055536709305, + "corr_port": 0.11428759232534398, + "rets": { + "2022 bear mkt": -0.3113496747972915, + "2023 rate shock": -0.13346252931236136, + "2024 vol spike": -0.06735745287151984, + "2025 tariff crash": -0.1992945095772577, + "2026 Q1 drawdown": -0.11827956989247312 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3113496747972915, + "max_ret": -0.06735745287151984, + "all_pos": false + }, + "kbwb": { + "name": "Invesco KBW Bank ETF", + "verdict": "weak/unstable alpha", + "t5": 0.12085753480940488, + "corr_port": 0.38626798894940423, + "rets": { + "2022 bear mkt": -0.31109963928385787, + "2023 rate shock": -0.1822258523461927, + "2024 vol spike": -0.09516515476609277, + "2025 tariff crash": -0.23324399360387305, + "2026 Q1 drawdown": -0.10822564588126637 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31109963928385787, + "max_ret": -0.09516515476609277, + "all_pos": false + }, + "kbwd": { + "name": "Invesco KBW High Dividend Yield Financial ETF", + "verdict": "weak/unstable alpha", + "t5": -0.6515568751714812, + "corr_port": 0.33051322403772276, + "rets": { + "2022 bear mkt": -0.26871620941298135, + "2023 rate shock": -0.17512659578292467, + "2024 vol spike": -0.0851502142729238, + "2025 tariff crash": -0.19648920114184887, + "2026 Q1 drawdown": -0.12414964340884638 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26871620941298135, + "max_ret": -0.0851502142729238, + "all_pos": false + }, + "kbwp": { + "name": "Invesco KBW Property & Casualty Insurance ETF", + "verdict": "weak/unstable alpha", + "t5": 1.1636538579328655, + "corr_port": 0.39315131299652295, + "rets": { + "2022 bear mkt": -0.044604791727921866, + "2023 rate shock": 0.013098153859849582, + "2024 vol spike": -0.034040633290270406, + "2025 tariff crash": -0.008856789342971738, + "2026 Q1 drawdown": -0.024384822957672636 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.044604791727921866, + "max_ret": 0.013098153859849582, + "all_pos": false + }, + "kbwy": { + "name": "Invesco KBW Premium Yield Equity REIT ETF", + "verdict": "weak/unstable alpha", + "t5": 0.29758761678240425, + "corr_port": 0.28917662316108217, + "rets": { + "2022 bear mkt": -0.2599337837537534, + "2023 rate shock": -0.1492448165817576, + "2024 vol spike": -0.046105227714770436, + "2025 tariff crash": -0.1603692561233363, + "2026 Q1 drawdown": -0.03528717511595625 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2599337837537534, + "max_ret": -0.03528717511595625, + "all_pos": false + }, + "kctax": { + "name": "DWS California Tax-Free Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.07978584912129395, + "corr_port": 0.024274458468918528, + "rets": { + "2022 bear mkt": -0.13854706480742773, + "2023 rate shock": -0.06085539584521049, + "2024 vol spike": 0.016083258137552736, + "2025 tariff crash": -0.02823227416443952, + "2026 Q1 drawdown": -0.007959121359929044 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13854706480742773, + "max_ret": 0.016083258137552736, + "all_pos": false + }, + "kdhax": { + "name": "DWS CROCI Equity Dividend Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.5537784501045189, + "corr_port": 0.4205567789087717, + "rets": { + "2022 bear mkt": -0.11559133177549097, + "2023 rate shock": -0.08629133110388909, + "2024 vol spike": -0.022747414247425768, + "2025 tariff crash": -0.14514296616115907, + "2026 Q1 drawdown": -0.038564756648143295 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14514296616115907, + "max_ret": -0.022747414247425768, + "all_pos": false + }, + "kgdax": { + "name": "DWS Global Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7098251750540409, + "corr_port": 0.3270147490592469, + "rets": { + "2022 bear mkt": -0.3147758309642811, + "2023 rate shock": -0.15654037851404157, + "2024 vol spike": -0.07060421374447134, + "2025 tariff crash": -0.15860810237796097, + "2026 Q1 drawdown": -0.06030150753768837 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3147758309642811, + "max_ret": -0.06030150753768837, + "all_pos": false + }, + "khyax": { + "name": "DWS High Income Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.6287070596372801, + "corr_port": 0.3098140801868416, + "rets": { + "2022 bear mkt": -0.12199701617391101, + "2023 rate shock": -0.023004247475443163, + "2024 vol spike": -0.00640734498497042, + "2025 tariff crash": -0.0347285284418174, + "2026 Q1 drawdown": -0.016225478237291813 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12199701617391101, + "max_ret": -0.00640734498497042, + "all_pos": false + }, + "klcax": { + "name": "Federated Hermes Kaufmann Large Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.845531266030544, + "corr_port": 0.16426511338356983, + "rets": { + "2022 bear mkt": -0.32871763097984563, + "2023 rate shock": -0.07485436425035341, + "2024 vol spike": -0.08102948253365949, + "2025 tariff crash": -0.20679551127584872, + "2026 Q1 drawdown": -0.11862068965517247 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32871763097984563, + "max_ret": -0.07485436425035341, + "all_pos": false + }, + "kmdnx": { + "name": "Kinetics Multi-Disciplinary Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 5.099765598064774, + "corr_port": 0.2993809490289425, + "rets": { + "2022 bear mkt": -0.029344529685894516, + "2023 rate shock": 0.01581497905776308, + "2024 vol spike": 0.004012087098009598, + "2025 tariff crash": 0.002865142623692307, + "2026 Q1 drawdown": 0.004902753889905798 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.029344529685894516, + "max_ret": 0.01581497905776308, + "all_pos": false + }, + "kmknx": { + "name": "Kinetics Market Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3927749808849552, + "corr_port": 0.22899419322788986, + "rets": { + "2022 bear mkt": 0.04195292821099472, + "2023 rate shock": 0.11406749254989168, + "2024 vol spike": -0.08386987461877338 + }, + "n_avail": 3, + "n_pos": 2, + "min_ret": -0.08386987461877338, + "max_ret": 0.11406749254989168, + "all_pos": false + }, + "kntax": { + "name": "DWS New York Tax-Free Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.16034135781282888, + "corr_port": 0.014549880067330047, + "rets": { + "2022 bear mkt": -0.13871568569037906, + "2023 rate shock": -0.06302265168837307, + "2024 vol spike": 0.016524894648579203, + "2025 tariff crash": -0.03752789560222736, + "2026 Q1 drawdown": -0.005521307977160994 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13871568569037906, + "max_ret": 0.016524894648579203, + "all_pos": false + }, + "komp": { + "name": "State Street(R) SPDR(R) S&P Kensho New Economies Composite ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.352589249022046, + "corr_port": 0.1288034570364424, + "rets": { + "2022 bear mkt": -0.34884222520755026, + "2023 rate shock": -0.22644771525365437, + "2024 vol spike": -0.10080818356810084, + "2025 tariff crash": -0.23486974268436855, + "2026 Q1 drawdown": -0.1337332275278137 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34884222520755026, + "max_ret": -0.10080818356810084, + "all_pos": false + }, + "korp": { + "name": "American Century Diversified Corporate Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.49061033310898106, + "corr_port": 0.011792002070600799, + "rets": { + "2022 bear mkt": -0.1253234031887145, + "2023 rate shock": -0.021394377305892553, + "2024 vol spike": 0.0169463954327298, + "2025 tariff crash": -0.011865634131984715, + "2026 Q1 drawdown": -0.01598880156594551 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1253234031887145, + "max_ret": 0.0169463954327298, + "all_pos": false + }, + "kscox": { + "name": "Kinetics Small Cap Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8854746819473699, + "corr_port": 0.27524982547663596, + "rets": { + "2022 bear mkt": 0.16165403244323162, + "2023 rate shock": 0.06145057712077917, + "2024 vol spike": -0.05575865146279502, + "2025 tariff crash": -0.1684831928949475, + "2026 Q1 drawdown": 0.12900862132866475 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.1684831928949475, + "max_ret": 0.16165403244323162, + "all_pos": false + }, + "ksdvx": { + "name": "Keeley Gabelli Small Cap Dividend Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2723683680663087, + "corr_port": 0.3513422070270066, + "rets": { + "2022 bear mkt": -0.16727808949149847, + "2023 rate shock": -0.1263557688315322, + "2024 vol spike": -0.06622524666087848, + "2025 tariff crash": -0.17618211593780908, + "2026 Q1 drawdown": -0.014264219774263287 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17618211593780908, + "max_ret": -0.014264219774263287, + "all_pos": false + }, + "ktcix": { + "name": "DWS Science and Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.398837628429794, + "corr_port": 0.12032390477349895, + "rets": { + "2022 bear mkt": -0.37786904300658664, + "2023 rate shock": -0.09959622655876754, + "2024 vol spike": -0.08646539016159183, + "2025 tariff crash": -0.24841549931347895, + "2026 Q1 drawdown": -0.1357956499741143 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37786904300658664, + "max_ret": -0.08646539016159183, + "all_pos": false + }, + "ktrax": { + "name": "DWS Global Income Builder Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.34268211154211414, + "corr_port": 0.33630760883611177, + "rets": { + "2022 bear mkt": -0.21602753465581281, + "2023 rate shock": -0.0757853077172218, + "2024 vol spike": -0.040877384450233034, + "2025 tariff crash": -0.1012871665236782, + "2026 Q1 drawdown": -0.05203232913561284 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21602753465581281, + "max_ret": -0.040877384450233034, + "all_pos": false + }, + "ktxix": { + "name": "The Kansas Tax-Free Intermediate Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.22067443626473246, + "corr_port": 0.02231242034110726, + "rets": { + "2022 bear mkt": -0.09934877946908582, + "2023 rate shock": -0.04873192953810468, + "2024 vol spike": 0.011747490912371594, + "2025 tariff crash": -0.020993517542794105, + "2026 Q1 drawdown": -0.014898145631233595 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09934877946908582, + "max_ret": 0.011747490912371594, + "all_pos": false + }, + "labcx": { + "name": "Loomis Sayles Strategic Alpha Fund", + "verdict": "weak/unstable alpha", + "t5": -1.4582651596529626, + "corr_port": 0.20942626058999067, + "rets": { + "2022 bear mkt": -0.10832583113049532, + "2023 rate shock": -0.006181124360649104, + "2024 vol spike": 0.005308053044767336, + "2025 tariff crash": -0.006545118864446753, + "2026 Q1 drawdown": -0.009684975866285694 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10832583113049532, + "max_ret": 0.005308053044767336, + "all_pos": false + }, + "lacax": { + "name": "Columbia Acorn Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1233199108503342, + "corr_port": 0.1238797763513325, + "rets": { + "2022 bear mkt": -0.34671561008287677, + "2023 rate shock": -0.1644021692349793, + "2024 vol spike": -0.06939283109768302, + "2025 tariff crash": -0.23591555370013206, + "2026 Q1 drawdown": -0.14511039193798458 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34671561008287677, + "max_ret": -0.06939283109768302, + "all_pos": false + }, + "lacfx": { + "name": "Lord Abbett Convertible Fund", + "verdict": "weak/unstable alpha", + "t5": -0.4398939756246353, + "corr_port": 0.12912506271740268, + "rets": { + "2022 bear mkt": -0.22961568697134294, + "2023 rate shock": -0.0761321481102254, + "2024 vol spike": -0.033057864119551694, + "2025 tariff crash": -0.10687759403422892, + "2026 Q1 drawdown": -0.056590467388837995 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22961568697134294, + "max_ret": -0.033057864119551694, + "all_pos": false + }, + "lafax": { + "name": "Columbia Acorn International Select", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.273346989617757, + "corr_port": 0.23466328551276797, + "rets": { + "2022 bear mkt": -0.4419961146625144, + "2023 rate shock": -0.1632316643190631, + "2024 vol spike": -0.08714925733786183, + "2025 tariff crash": -0.1497620447762219, + "2026 Q1 drawdown": -0.1338028169014085 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4419961146625144, + "max_ret": -0.08714925733786183, + "all_pos": false + }, + "laffx": { + "name": "LORD ABBETT AFFILIATED FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.10694727817485333, + "corr_port": 0.38902319229761606, + "rets": { + "2022 bear mkt": -0.19055533734719377, + "2023 rate shock": -0.08699739244696647, + "2024 vol spike": -0.05134971883810335, + "2025 tariff crash": -0.1486100417542514, + "2026 Q1 drawdown": -0.05160480199760642 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19055533734719377, + "max_ret": -0.05134971883810335, + "all_pos": false + }, + "lagwx": { + "name": "LORD ABBETT DEVELOPING GROWTH FUND INC", + "verdict": "weak/unstable alpha", + "t5": -1.4957794728585776, + "corr_port": 0.10916139985848085, + "rets": { + "2022 bear mkt": -0.3581054679714142, + "2023 rate shock": -0.2192428506142695, + "2024 vol spike": -0.08194367927343915, + "2025 tariff crash": -0.24342693759868272, + "2026 Q1 drawdown": -0.12445255474452555 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3581054679714142, + "max_ret": -0.08194367927343915, + "all_pos": false + }, + "laiax": { + "name": "Columbia Acorn International", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.8715100844847767, + "corr_port": 0.2618879903060934, + "rets": { + "2022 bear mkt": -0.43148870211439694, + "2023 rate shock": -0.1553913904858223, + "2024 vol spike": -0.08317139557454467, + "2025 tariff crash": -0.1462777016372182, + "2026 Q1 drawdown": -0.12232295208976451 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.43148870211439694, + "max_ret": -0.08317139557454467, + "all_pos": false + }, + "laiex": { + "name": "Lord Abbett International Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9582316350503535, + "corr_port": 0.3652779361884927, + "rets": { + "2022 bear mkt": -0.3219844149588442, + "2023 rate shock": -0.1271515942169219, + "2024 vol spike": -0.05284956620358183, + "2025 tariff crash": -0.08034276703506038, + "2026 Q1 drawdown": -0.08688313314564045 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3219844149588442, + "max_ret": -0.05284956620358183, + "all_pos": false + }, + "lamax": { + "name": "Lord Abbett Dividend Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5468906983414511, + "corr_port": 0.29426027343777766, + "rets": { + "2022 bear mkt": -0.21630101666989654, + "2023 rate shock": -0.08629191265435243, + "2024 vol spike": -0.05509040453415026, + "2025 tariff crash": -0.159771191170198, + "2026 Q1 drawdown": -0.05533401560766216 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21630101666989654, + "max_ret": -0.05509040453415026, + "all_pos": false + }, + "lanjx": { + "name": "Lord Abbett New Jersey Tax-Free Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.15829887693812147, + "corr_port": 0.05361124385762371, + "rets": { + "2022 bear mkt": -0.1481911528405906, + "2023 rate shock": -0.05899646672954295, + "2024 vol spike": 0.013063551007504337, + "2025 tariff crash": -0.03927938439363765, + "2026 Q1 drawdown": -0.009395520100834887 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1481911528405906, + "max_ret": 0.013063551007504337, + "all_pos": false + }, + "lansx": { + "name": "Lord Abbett National Tax-Free Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.04401801155520503, + "corr_port": 0.05267073675156648, + "rets": { + "2022 bear mkt": -0.16304404886790913, + "2023 rate shock": -0.06307317305879323, + "2024 vol spike": 0.016293167752987392, + "2025 tariff crash": -0.0342509492613563, + "2026 Q1 drawdown": -0.008906359792190233 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16304404886790913, + "max_ret": 0.016293167752987392, + "all_pos": false + }, + "lanyx": { + "name": "Lord Abbett New York Tax-Free Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.08587140804776913, + "corr_port": 0.040708817707542956, + "rets": { + "2022 bear mkt": -0.15815132475110072, + "2023 rate shock": -0.06641867757195952, + "2024 vol spike": 0.01570318969224238, + "2025 tariff crash": -0.03604836643015141, + "2026 Q1 drawdown": -0.006267996588710578 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15815132475110072, + "max_ret": 0.01570318969224238, + "all_pos": false + }, + "laplx": { + "name": "Lord Abbett Core Plus Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0218695567704694, + "corr_port": 0.007711238308863402, + "rets": { + "2022 bear mkt": -0.15450896767305244, + "2023 rate shock": -0.04036749862760791, + "2024 vol spike": 0.019330338519670143, + "2025 tariff crash": -0.001587673109426202, + "2026 Q1 drawdown": -0.010526975523343696 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15450896767305244, + "max_ret": 0.019330338519670143, + "all_pos": false + }, + "lauyx": { + "name": "Lord Abbett Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9545435717497167, + "corr_port": 0.04899210182560312, + "rets": { + "2022 bear mkt": -0.17511697399295711, + "2023 rate shock": -0.045228443643719585, + "2024 vol spike": 0.017227163885298102, + "2025 tariff crash": -0.010871010861606911, + "2026 Q1 drawdown": -0.015180552036796913 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17511697399295711, + "max_ret": 0.017227163885298102, + "all_pos": false + }, + "lavgx": { + "name": "Lord Abbett International Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1500602855518145, + "corr_port": 0.07591903501319693, + "rets": { + "2022 bear mkt": -0.3456954795347822, + "2023 rate shock": -0.13809525153347013, + "2024 vol spike": -0.07911174171088586, + "2025 tariff crash": -0.1635761846519016, + "2026 Q1 drawdown": -0.11169921184220288 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3456954795347822, + "max_ret": -0.07911174171088586, + "all_pos": false + }, + "lavlx": { + "name": "LORD ABBETT MID CAP STOCK FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.16414429189923294, + "corr_port": 0.3774411324446514, + "rets": { + "2022 bear mkt": -0.19804467480786758, + "2023 rate shock": -0.11075227264219822, + "2024 vol spike": -0.05296893993783813, + "2025 tariff crash": -0.1799198185923857, + "2026 Q1 drawdown": -0.04989953951678738 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19804467480786758, + "max_ret": -0.04989953951678738, + "all_pos": false + }, + "lbndx": { + "name": "LORD ABBETT BOND DEBENTURE FUND INC", + "verdict": "weak/unstable alpha", + "t5": -0.20179547467855616, + "corr_port": 0.2856706212332894, + "rets": { + "2022 bear mkt": -0.14586457672489828, + "2023 rate shock": -0.037310448115357, + "2024 vol spike": -0.0006830252971803397, + "2025 tariff crash": -0.03593749666723445, + "2026 Q1 drawdown": -0.02433466667440909 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14586457672489828, + "max_ret": -0.0006830252971803397, + "all_pos": false + }, + "lbsax": { + "name": "Columbia Dividend Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6599448593143021, + "corr_port": 0.3791406337981439, + "rets": { + "2022 bear mkt": -0.16904956329552745, + "2023 rate shock": -0.09198813112492832, + "2024 vol spike": -0.04336201599553968, + "2025 tariff crash": -0.12681193718238792, + "2026 Q1 drawdown": -0.025417190630957043 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16904956329552745, + "max_ret": -0.025417190630957043, + "all_pos": false + }, + "lcdvx": { + "name": "Lord Abbett Emerging Markets Corporate Debt Fund", + "verdict": "weak/unstable alpha", + "t5": -2.489465748862606, + "corr_port": 0.23547428505381848, + "rets": { + "2022 bear mkt": -0.16393126195501195, + "2023 rate shock": -0.03358479897907651, + "2024 vol spike": 0.006084583800571419, + "2025 tariff crash": -0.011382768349056716, + "2026 Q1 drawdown": 0.001411460779190632 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16393126195501195, + "max_ret": 0.006084583800571419, + "all_pos": false + }, + "lceax": { + "name": "Invesco Diversified Dividend Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.12301856810294234, + "corr_port": 0.4118544776857205, + "rets": { + "2022 bear mkt": -0.13098518355377498, + "2023 rate shock": -0.10413278955147176, + "2024 vol spike": -0.049740986810341115, + "2025 tariff crash": -0.13578472579421075, + "2026 Q1 drawdown": -0.04804155412530875 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13578472579421075, + "max_ret": -0.04804155412530875, + "all_pos": false + }, + "lcfix": { + "name": "Lord Abbett California Tax-Free Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.203621321001226, + "corr_port": 0.04645686940604759, + "rets": { + "2022 bear mkt": -0.1598521381534409, + "2023 rate shock": -0.06354128381046653, + "2024 vol spike": 0.016518507759818224, + "2025 tariff crash": -0.03406480939627998, + "2026 Q1 drawdown": -0.011967228140284836 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1598521381534409, + "max_ret": 0.016518507759818224, + "all_pos": false + }, + "lcflx": { + "name": "Lord Abbett Focused Large Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.0014362249256978385, + "corr_port": 0.3817163812719706, + "rets": { + "2022 bear mkt": -0.2089457126121207, + "2023 rate shock": -0.10258866519799636, + "2024 vol spike": -0.04841277113912179, + "2025 tariff crash": -0.1608442511071443, + "2026 Q1 drawdown": -0.07458912768647274 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2089457126121207, + "max_ret": -0.04841277113912179, + "all_pos": false + }, + "lciax": { + "name": "SIIT LARGE CAP INDEX FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6839959560997938, + "corr_port": 0.2752483389361533, + "rets": { + "2022 bear mkt": -0.24973295773692095, + "2023 rate shock": -0.1009253075478328, + "2024 vol spike": -0.07163196608471734, + "2025 tariff crash": -0.1875185521190842, + "2026 Q1 drawdown": -0.08597842049411719 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24973295773692095, + "max_ret": -0.07163196608471734, + "all_pos": false + }, + "lcrax": { + "name": "Lord Abbett Core Fixed Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6451564954272284, + "corr_port": -0.09005928406489223, + "rets": { + "2022 bear mkt": -0.1497779940191971, + "2023 rate shock": -0.040658402612826494, + "2024 vol spike": 0.02220208266821322, + "2025 tariff crash": 0.007590627379316484, + "2026 Q1 drawdown": -0.0067202141519210334 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1497779940191971, + "max_ret": 0.02220208266821322, + "all_pos": false + }, + "lcsmx": { + "name": "ClearBridge SMASh Series EM Fund", + "verdict": "weak/unstable alpha", + "t5": -0.40972267026801784, + "corr_port": 0.255134898256242, + "rets": { + "2022 bear mkt": -0.3306451585657392, + "2023 rate shock": -0.14466017395943653, + "2024 vol spike": -0.08453413364191442, + "2025 tariff crash": -0.12781957662130927, + "2026 Q1 drawdown": -0.037061994609164484 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3306451585657392, + "max_ret": -0.037061994609164484, + "all_pos": false + }, + "ldcax": { + "name": "Lord Abbett Short Duration Core Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -1.043337389360445, + "corr_port": 0.0064326474539944094, + "rets": { + "2022 bear mkt": -0.04879014101876511, + "2023 rate shock": 0.0038822677036109976, + "2024 vol spike": 0.010597373750431016, + "2025 tariff crash": 0.010700872566669073, + "2026 Q1 drawdown": -0.0025188766288504194 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.04879014101876511, + "max_ret": 0.010700872566669073, + "all_pos": false + }, + "ldfvx": { + "name": "Lord Abbett Fundamental Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.37740248962513606, + "corr_port": 0.38642488483813675, + "rets": { + "2022 bear mkt": -0.18857142306852537, + "2023 rate shock": -0.09999997316438347, + "2024 vol spike": -0.03992151435528635, + "2025 tariff crash": -0.1564070119407044, + "2026 Q1 drawdown": -0.059417706476529886 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18857142306852537, + "max_ret": -0.03992151435528635, + "all_pos": false + }, + "ldmvx": { + "name": "Lord Abbett Emerging Markets Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.137522650403942, + "corr_port": 0.2176902417985382, + "rets": { + "2022 bear mkt": -0.22786915760677706, + "2023 rate shock": -0.06012717190473482, + "2024 vol spike": 0.0001291356415427103, + "2025 tariff crash": -0.033467799198196424, + "2026 Q1 drawdown": 0.0021687107884900136 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.22786915760677706, + "max_ret": 0.0021687107884900136, + "all_pos": false + }, + "ldrax": { + "name": "SIIT LONG DURATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.11362577980375288, + "corr_port": -0.09506168711401779, + "rets": { + "2022 bear mkt": -0.28325198264649765, + "2023 rate shock": -0.10478474120701142, + "2024 vol spike": 0.030460619719464788, + "2025 tariff crash": -0.01084888823954766, + "2026 Q1 drawdown": -0.013949285385615795 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.28325198264649765, + "max_ret": 0.030460619719464788, + "all_pos": false + }, + "legax": { + "name": "Columbia Cornerstone Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6380183289840426, + "corr_port": 0.15975208035164568, + "rets": { + "2022 bear mkt": -0.33826910658309506, + "2023 rate shock": -0.08816667604267425, + "2024 vol spike": -0.08971588155219545, + "2025 tariff crash": -0.23154186380183317, + "2026 Q1 drawdown": -0.12495016117439217 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33826910658309506, + "max_ret": -0.08816667604267425, + "all_pos": false + }, + "leifx": { + "name": "Federated Hermes Strategic Dividend Growth Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4256344267291774, + "corr_port": 0.39229060348301764, + "rets": { + "2022 bear mkt": -0.17760568201817317, + "2023 rate shock": -0.11531229471179605, + "2024 vol spike": -0.044381568179198694, + "2025 tariff crash": -0.140875608924392, + "2026 Q1 drawdown": -0.006589494544641528 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17760568201817317, + "max_ret": -0.006589494544641528, + "all_pos": false + }, + "lfeax": { + "name": "MFS Lifetime 2035 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5783935310085332, + "corr_port": 0.33712404190099166, + "rets": { + "2022 bear mkt": -0.20956486698265475, + "2023 rate shock": -0.0830280135953767, + "2024 vol spike": -0.03335189010241424, + "2025 tariff crash": -0.09571504338845171, + "2026 Q1 drawdown": -0.04749199573105645 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20956486698265475, + "max_ret": -0.03335189010241424, + "all_pos": false + }, + "lfgcx": { + "name": "Lord Abbett Focused Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9589272734690757, + "corr_port": 0.020125010472062194, + "rets": { + "2022 bear mkt": -0.36125841777099976, + "2023 rate shock": -0.13779182505422682, + "2024 vol spike": -0.1040171845056379, + "2025 tariff crash": -0.26275370989450664, + "2026 Q1 drawdown": -0.14566323608001952 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36125841777099976, + "max_ret": -0.1040171845056379, + "all_pos": false + }, + "lfiax": { + "name": "MFS Lifetime 2055 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.028064738187761, + "corr_port": 0.34018319479828824, + "rets": { + "2022 bear mkt": -0.229166785827016, + "2023 rate shock": -0.10021794115588789, + "2024 vol spike": -0.05517574611974041, + "2025 tariff crash": -0.141626733606097, + "2026 Q1 drawdown": -0.06989010989010991 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.229166785827016, + "max_ret": -0.05517574611974041, + "all_pos": false + }, + "lfmax": { + "name": "LoCorr Macro Strategies Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8371660435793813, + "corr_port": 0.18762605088595855, + "rets": { + "2022 bear mkt": 0.21297436537514658, + "2023 rate shock": 0.03430748714040788, + "2024 vol spike": -0.05412049343430847, + "2025 tariff crash": -0.0261439192810361, + "2026 Q1 drawdown": 0.044247787610619316 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.05412049343430847, + "max_ret": 0.21297436537514658, + "all_pos": false + }, + "lfrax": { + "name": "Lord Abbett Floating Rate Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 2.612347788472403, + "corr_port": 0.32732077736856824, + "rets": { + "2022 bear mkt": -0.03945529014290905, + "2023 rate shock": 0.009594753576241288, + "2024 vol spike": -0.001604313229982779, + "2025 tariff crash": -0.020565863606507362, + "2026 Q1 drawdown": -0.005990411160625375 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.03945529014290905, + "max_ret": 0.009594753576241288, + "all_pos": false + }, + "lftlx": { + "name": "MFS Lifetime 2065 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1027979519602762, + "corr_port": 0.17111669597552215, + "rets": { + "2022 bear mkt": -0.23194305769623247, + "2023 rate shock": -0.09999990059590269, + "2024 vol spike": -0.05467205589073931, + "2025 tariff crash": -0.14202907238487972, + "2026 Q1 drawdown": -0.0699300699300699 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23194305769623247, + "max_ret": -0.05467205589073931, + "all_pos": false + }, + "lgcax": { + "name": "Lord Abbett Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0324970573800134, + "corr_port": 0.27223123424218953, + "rets": { + "2022 bear mkt": -0.25345303715766665, + "2023 rate shock": -0.10095803673443737, + "2024 vol spike": -0.07121120205692855, + "2025 tariff crash": -0.1517240940700878, + "2026 Q1 drawdown": -0.0984156985117619 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25345303715766665, + "max_ret": -0.07121120205692855, + "all_pos": false + }, + "lgilx": { + "name": "Schwab Select Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.2568859646574286, + "corr_port": 0.14212965668676317, + "rets": { + "2022 bear mkt": -0.3867768277036592, + "2023 rate shock": -0.09399137724382733, + "2024 vol spike": -0.09428127624384686, + "2025 tariff crash": -0.21955798555666095, + "2026 Q1 drawdown": -0.12012352723536224 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3867768277036592, + "max_ret": -0.09399137724382733, + "all_pos": false + }, + "lglax": { + "name": "Lord Abbett Growth Leaders Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.219892489167622, + "corr_port": 0.10990416132530081, + "rets": { + "2022 bear mkt": -0.3645569365719926, + "2023 rate shock": -0.12560383932005892, + "2024 vol spike": -0.09850600167513612, + "2025 tariff crash": -0.2646940849571695, + "2026 Q1 drawdown": -0.14836795802551772 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3645569365719926, + "max_ret": -0.09850600167513612, + "all_pos": false + }, + "lglv": { + "name": "State Street(R) SPDR(R) US Large Cap Low Volatility Index ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6692183201028367, + "corr_port": 0.32243046503034684, + "rets": { + "2022 bear mkt": -0.16645294158740298, + "2023 rate shock": -0.08082507482131485, + "2024 vol spike": -0.010373546676306855, + "2025 tariff crash": -0.07944095843736532, + "2026 Q1 drawdown": -0.025758923419722413 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16645294158740298, + "max_ret": -0.010373546676306855, + "all_pos": false + }, + "lhcax": { + "name": "Lord Abbett Health Care Fund", + "verdict": "weak/unstable alpha", + "t5": -0.26557501943952555, + "corr_port": 0.07420008890840657, + "rets": { + "2022 bear mkt": -0.16562510070557723, + "2023 rate shock": -0.15075373953469806, + "2024 vol spike": -0.06633413433057966, + "2025 tariff crash": -0.17752360542935086, + "2026 Q1 drawdown": -0.07730332584269672 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17752360542935086, + "max_ret": -0.06633413433057966, + "all_pos": false + }, + "lhiax": { + "name": "Columbia High Yield Municipal Fund", + "verdict": "weak/unstable alpha", + "t5": -1.5035420102315848, + "corr_port": 0.05836551918611899, + "rets": { + "2022 bear mkt": -0.18763084228876103, + "2023 rate shock": -0.0805412760869405, + "2024 vol spike": 0.025890992253469358, + "2025 tariff crash": -0.04447731219205753, + "2026 Q1 drawdown": -0.00813052117746571 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.18763084228876103, + "max_ret": 0.025890992253469358, + "all_pos": false + }, + "lhyax": { + "name": "Lord Abbett High Yield Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9941107558175883, + "corr_port": 0.3296646412529174, + "rets": { + "2022 bear mkt": -0.16162561519912166, + "2023 rate shock": -0.037474563291858165, + "2024 vol spike": -0.0034612738516743846, + "2025 tariff crash": -0.040351603836208505, + "2026 Q1 drawdown": -0.022787119512694964 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16162561519912166, + "max_ret": -0.0034612738516743846, + "all_pos": false + }, + "libax": { + "name": "Columbia Total Return Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.18427503394530464, + "corr_port": -0.06831113169640796, + "rets": { + "2022 bear mkt": -0.18914995402678692, + "2023 rate shock": -0.044183416750435134, + "2024 vol spike": 0.029063271967004756, + "2025 tariff crash": 0.01713857776478811, + "2026 Q1 drawdown": -0.005444430702773673 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.18914995402678692, + "max_ret": 0.029063271967004756, + "all_pos": false + }, + "licax": { + "name": "Lord Abbett International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6722287322416806, + "corr_port": 0.3651164263172017, + "rets": { + "2022 bear mkt": -0.2965078470703314, + "2023 rate shock": -0.10714287166916303, + "2024 vol spike": -0.07215844556194217, + "2025 tariff crash": -0.12357408602321962, + "2026 Q1 drawdown": -0.10148636596617133 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2965078470703314, + "max_ret": -0.07215844556194217, + "all_pos": false + }, + "lidax": { + "name": "Lord Abbett International Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5011896205464808, + "corr_port": 0.4478020802871156, + "rets": { + "2022 bear mkt": -0.2575238973548014, + "2023 rate shock": -0.09702727856807536, + "2024 vol spike": -0.060679674545608964, + "2025 tariff crash": -0.08491143386843358, + "2026 Q1 drawdown": -0.07540041224278493 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2575238973548014, + "max_ret": -0.060679674545608964, + "all_pos": false + }, + "lifax": { + "name": "Lord Abbett Inflation Focused Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3351551093537126, + "corr_port": 0.21173617706842604, + "rets": { + "2022 bear mkt": -0.06137012125168084, + "2023 rate shock": -0.008778972765985937, + "2024 vol spike": 0.002773945499404018, + "2025 tariff crash": 0.005973778409343433, + "2026 Q1 drawdown": -0.004078446896059296 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06137012125168084, + "max_ret": 0.005973778409343433, + "all_pos": false + }, + "liiax": { + "name": "Columbia Select Corporate Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6211949714612292, + "corr_port": 0.042662000306044695, + "rets": { + "2022 bear mkt": -0.1844286172206221, + "2023 rate shock": -0.04534324777547383, + "2024 vol spike": 0.011210516605740128, + "2025 tariff crash": -0.01189810375035616, + "2026 Q1 drawdown": -0.011440419466186014 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1844286172206221, + "max_ret": 0.011210516605740128, + "all_pos": false + }, + "lisax": { + "name": "Lord Abbett Intermediate Tax Free Fund", + "verdict": "weak/unstable alpha", + "t5": 0.17462694961625544, + "corr_port": 0.05774612603446026, + "rets": { + "2022 bear mkt": -0.1230524032725171, + "2023 rate shock": -0.0418338187088374, + "2024 vol spike": 0.013387855526648673, + "2025 tariff crash": -0.02293773895511486, + "2026 Q1 drawdown": -0.014544968601776787 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1230524032725171, + "max_ret": 0.013387855526648673, + "all_pos": false + }, + "litax": { + "name": "Columbia Intermediate Duration Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9037489580546969, + "corr_port": 0.042208339708650795, + "rets": { + "2022 bear mkt": -0.09152394936707753, + "2023 rate shock": -0.030861523664432844, + "2024 vol spike": 0.011156131872166686, + "2025 tariff crash": -0.019136287354759807, + "2026 Q1 drawdown": -0.009564341290018374 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09152394936707753, + "max_ret": 0.011156131872166686, + "all_pos": false + }, + "lldyx": { + "name": "Lord Abbett Short Duration Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.07097736271051372, + "corr_port": 0.07260113675410229, + "rets": { + "2022 bear mkt": -0.057879242879514736, + "2023 rate shock": 0.003180794288723421, + "2024 vol spike": 0.009627743967620672, + "2025 tariff crash": 0.008581778901517678, + "2026 Q1 drawdown": -0.004682673631172141 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.057879242879514736, + "max_ret": 0.009627743967620672, + "all_pos": false + }, + "lmecx": { + "name": "Western Asset SMASh Series Core Plus Completion Fund", + "verdict": "weak/unstable alpha", + "t5": -2.3051885068252895, + "corr_port": 0.1624461064124661, + "rets": { + "2022 bear mkt": -0.3285083403808641, + "2023 rate shock": -0.10631776060488407, + "2024 vol spike": -0.01507540109558081, + "2025 tariff crash": -0.026395302777867613, + "2026 Q1 drawdown": -0.027772342987210874 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3285083403808641, + "max_ret": -0.01507540109558081, + "all_pos": false + }, + "lmgax": { + "name": "Lord Abbett Growth Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -1.6738653301112547, + "corr_port": 0.1316053822425377, + "rets": { + "2022 bear mkt": -0.319952255790127, + "2023 rate shock": -0.18526005196012496, + "2024 vol spike": -0.0974477731977178, + "2025 tariff crash": -0.2673896748877145, + "2026 Q1 drawdown": -0.11042725885491456 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.319952255790127, + "max_ret": -0.0974477731977178, + "all_pos": false + }, + "lmiax": { + "name": "Columbia Massachusetts Intermediate Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.131966955284085, + "corr_port": 0.05225783328662071, + "rets": { + "2022 bear mkt": -0.09906308476594883, + "2023 rate shock": -0.030500850980956562, + "2024 vol spike": 0.010354253422041548, + "2025 tariff crash": -0.020797087356149713, + "2026 Q1 drawdown": -0.010265675397508334 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09906308476594883, + "max_ret": 0.010354253422041548, + "all_pos": false + }, + "lmiyx": { + "name": "Lord Abbett Micro-Cap Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.0798987861360044, + "corr_port": 0.11502327115708799, + "rets": { + "2022 bear mkt": -0.30622221856760323, + "2023 rate shock": -0.2626096361369832, + "2024 vol spike": -0.09506675056525671, + "2025 tariff crash": -0.24894510850861717, + "2026 Q1 drawdown": -0.09858594259960496 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30622221856760323, + "max_ret": -0.09506675056525671, + "all_pos": false + }, + "lmsfx": { + "name": "Federated Hermes Municipal Bond Fund, Inc.", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.02631751607646473, + "corr_port": 0.02595858620388842, + "rets": { + "2022 bear mkt": -0.13060334512418548, + "2023 rate shock": -0.06192978508245528, + "2024 vol spike": 0.014827930664659483, + "2025 tariff crash": -0.03675688733214022, + "2026 Q1 drawdown": -0.007011348976552978 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13060334512418548, + "max_ret": 0.014827930664659483, + "all_pos": false + }, + "lmvyx": { + "name": "Lord Abbett Focused Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5944594072820891, + "corr_port": 0.34305071842956036, + "rets": { + "2022 bear mkt": -0.23720786037019392, + "2023 rate shock": -0.15808167283482577, + "2024 vol spike": -0.07060698375622299, + "2025 tariff crash": -0.22297532564910494, + "2026 Q1 drawdown": -0.07445067235159064 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23720786037019392, + "max_ret": -0.07060698375622299, + "all_pos": false + }, + "lnyax": { + "name": "Columbia New York Intermediate Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.0553432615772366, + "corr_port": 0.046621831062723905, + "rets": { + "2022 bear mkt": -0.09359109065431737, + "2023 rate shock": -0.03424415852325735, + "2024 vol spike": 0.011012791535783828, + "2025 tariff crash": -0.019735081315349734, + "2026 Q1 drawdown": -0.010290378172255532 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09359109065431737, + "max_ret": 0.011012791535783828, + "all_pos": false + }, + "lphax": { + "name": "BlackRock LifePath Dynamic 2045 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4654841763175135, + "corr_port": 0.3008702985045181, + "rets": { + "2022 bear mkt": -0.2590648745651303, + "2023 rate shock": -0.10269053404654827, + "2024 vol spike": -0.06434311657942049, + "2025 tariff crash": -0.15187813777623704, + "2026 Q1 drawdown": -0.07023574829923063 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2590648745651303, + "max_ret": -0.06434311657942049, + "all_pos": false + }, + "lpjrx": { + "name": "BlackRock LifePath Dynamic 2035 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6487990476320455, + "corr_port": 0.29253854556778164, + "rets": { + "2022 bear mkt": -0.23487665943279712, + "2023 rate shock": -0.09121804377644205, + "2024 vol spike": -0.04573562708959911, + "2025 tariff crash": -0.11389227808262203, + "2026 Q1 drawdown": -0.05293114556784617 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23487665943279712, + "max_ret": -0.04573562708959911, + "all_pos": false + }, + "lprax": { + "name": "BlackRock LifePath Dynamic Retirement Fund", + "verdict": "weak/unstable alpha", + "t5": -0.16820708717872285, + "corr_port": 0.21605857393415892, + "rets": { + "2022 bear mkt": -0.1968930950220531, + "2023 rate shock": -0.07149571963808099, + "2024 vol spike": -0.024327670830017745, + "2025 tariff crash": -0.07499994373291596, + "2026 Q1 drawdown": -0.03522003991670508 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1968930950220531, + "max_ret": -0.024327670830017745, + "all_pos": false + }, + "lprdx": { + "name": "BlackRock LifePath Dynamic 2030 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.48253617385911657, + "corr_port": 0.27651609253370835, + "rets": { + "2022 bear mkt": -0.2194940025379558, + "2023 rate shock": -0.08518593218759085, + "2024 vol spike": -0.035795808709018884, + "2025 tariff crash": -0.09505409131173015, + "2026 Q1 drawdown": -0.04301070297176335 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2194940025379558, + "max_ret": -0.035795808709018884, + "all_pos": false + }, + "lprex": { + "name": "BlackRock LifePath Dynamic 2040 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4549585484902397, + "corr_port": 0.2901223269320349, + "rets": { + "2022 bear mkt": -0.24824499707468062, + "2023 rate shock": -0.09797998734333047, + "2024 vol spike": -0.05548379159274752, + "2025 tariff crash": -0.13400000302756443, + "2026 Q1 drawdown": -0.061262417895383 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24824499707468062, + "max_ret": -0.05548379159274752, + "all_pos": false + }, + "lprfx": { + "name": "BlackRock Lifepath Dynamic 2050 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4031770098130114, + "corr_port": 0.2900881363272262, + "rets": { + "2022 bear mkt": -0.26929724544779854, + "2023 rate shock": -0.1088026401021085, + "2024 vol spike": -0.06836180590073404, + "2025 tariff crash": -0.1643951965404825, + "2026 Q1 drawdown": -0.07987831581593552 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26929724544779854, + "max_ret": -0.06836180590073404, + "all_pos": false + }, + "lpvax": { + "name": "BlackRock LifePath Dynamic 2055 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.47120700574294067, + "corr_port": 0.298173360369884, + "rets": { + "2022 bear mkt": -0.2698709444983066, + "2023 rate shock": -0.10863160060820332, + "2024 vol spike": -0.07153575647765842, + "2025 tariff crash": -0.1705115232089447, + "2026 Q1 drawdown": -0.08384816044436938 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2698709444983066, + "max_ret": -0.07153575647765842, + "all_pos": false + }, + "lpxax": { + "name": "Cohen & Steers Low Duration Preferred & Income Fund,Inc.", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.570447332198512, + "corr_port": 0.2891136404609443, + "rets": { + "2022 bear mkt": -0.08437694310041266, + "2023 rate shock": -0.0021460567163066324, + "2024 vol spike": -0.00032935991821347876, + "2025 tariff crash": -0.012256669723207936, + "2026 Q1 drawdown": -0.013325012945284542 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.08437694310041266, + "max_ret": -0.00032935991821347876, + "all_pos": false + }, + "lrscx": { + "name": "Small-Cap Value Series", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6102219022357013, + "corr_port": 0.3476919336906812, + "rets": { + "2022 bear mkt": -0.25325885436061446, + "2023 rate shock": -0.1408934838767022, + "2024 vol spike": -0.06503583372745791, + "2025 tariff crash": -0.22331368445306343, + "2026 Q1 drawdown": -0.06905537459283395 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25325885436061446, + "max_ret": -0.06503583372745791, + "all_pos": false + }, + "lsbdx": { + "name": "Loomis Sayles Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.0607690050792595, + "corr_port": 0.201632702085767, + "rets": { + "2022 bear mkt": -0.14757143008602047, + "2023 rate shock": -0.04168619434765464, + "2024 vol spike": 0.011051631595632161, + "2025 tariff crash": -0.005159891196140132, + "2026 Q1 drawdown": -0.01528706810494318 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14757143008602047, + "max_ret": 0.011051631595632161, + "all_pos": false + }, + "lsdax": { + "name": "Lord Abbett Short Duration Tax Free Fund", + "verdict": "weak/unstable alpha", + "t5": -0.8212987820009807, + "corr_port": 0.08376236556155268, + "rets": { + "2022 bear mkt": -0.053600477242552125, + "2023 rate shock": -0.007560842375582411, + "2024 vol spike": 0.0075804993050547775, + "2025 tariff crash": -0.0072402628158827476, + "2026 Q1 drawdown": -0.005420414904533932 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.053600477242552125, + "max_ret": 0.0075804993050547775, + "all_pos": false + }, + "lsgbx": { + "name": "Loomis Sayles Global Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3006893795370695, + "corr_port": 0.01870983467854544, + "rets": { + "2022 bear mkt": -0.2146722014761513, + "2023 rate shock": -0.05060582656395063, + "2024 vol spike": 0.023529401983953147, + "2025 tariff crash": 0.008940849126260586, + "2026 Q1 drawdown": -0.03309993634627639 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.2146722014761513, + "max_ret": 0.023529401983953147, + "all_pos": false + }, + "lsofx": { + "name": "LS Opportunity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6529861669973408, + "corr_port": 0.37356797611815196, + "rets": { + "2022 bear mkt": -0.10328348523201902, + "2023 rate shock": -0.03306807813085011, + "2024 vol spike": -0.028914454876222795, + "2025 tariff crash": -0.07529790110342538, + "2026 Q1 drawdown": -0.038545119313196374 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.10328348523201902, + "max_ret": -0.028914454876222795, + "all_pos": false + }, + "lssix": { + "name": "Loomis Sayles Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2748689604799317, + "corr_port": 0.1987403198528196, + "rets": { + "2022 bear mkt": -0.27640243639142126, + "2023 rate shock": -0.14660653898761455, + "2024 vol spike": -0.07765992936155341, + "2025 tariff crash": -0.22414964438236729, + "2026 Q1 drawdown": -0.08726415094339623 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27640243639142126, + "max_ret": -0.07765992936155341, + "all_pos": false + }, + "lswwx": { + "name": "Loomis Sayles Global Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.2025170125460267, + "corr_port": 0.2378265387051347, + "rets": { + "2022 bear mkt": -0.2939725732712277, + "2023 rate shock": -0.09536183035706114, + "2024 vol spike": -0.04015441336751202, + "2025 tariff crash": -0.12602414586503385, + "2026 Q1 drawdown": -0.07832898464487081 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2939725732712277, + "max_ret": -0.04015441336751202, + "all_pos": false + }, + "lsyux": { + "name": "Lord Abbett Short Duration High Yield Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 2.826163787976745, + "corr_port": 0.20796434486020934, + "rets": { + "2022 bear mkt": -0.08681200968452885, + "2023 rate shock": -0.012509694061579979, + "2024 vol spike": -0.005071828414623503, + "2025 tariff crash": -0.04655528923811336, + "2026 Q1 drawdown": -0.02072938608518915 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.08681200968452885, + "max_ret": -0.005071828414623503, + "all_pos": false + }, + "ltebx": { + "name": "LIMITED TERM TAX EXEMPT BOND FUND OF AMERICA", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.1558699905661787, + "corr_port": 0.029243199926853168, + "rets": { + "2022 bear mkt": -0.06661974124308423, + "2023 rate shock": -0.023142767523430363, + "2024 vol spike": 0.01178801682468289, + "2025 tariff crash": -0.012141565888591832, + "2026 Q1 drawdown": -0.010028308302030942 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.06661974124308423, + "max_ret": 0.01178801682468289, + "all_pos": false + }, + "ltmax": { + "name": "MFS Lifetime 2045 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1018872843467968, + "corr_port": 0.33979211134061205, + "rets": { + "2022 bear mkt": -0.22684030880781947, + "2023 rate shock": -0.09706528845112261, + "2024 vol spike": -0.051113442935408315, + "2025 tariff crash": -0.13423155141150955, + "2026 Q1 drawdown": -0.06610805400372433 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22684030880781947, + "max_ret": -0.051113442935408315, + "all_pos": false + }, + "ltnyx": { + "name": "Invesco Rochester Limited Term New York Municipal Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6215855765912646, + "corr_port": 0.02955472525091859, + "rets": { + "2022 bear mkt": -0.08716300757840523, + "2023 rate shock": -0.034614340021775325, + "2024 vol spike": 0.009992875881342123, + "2025 tariff crash": -0.01938445145690748, + "2026 Q1 drawdown": -0.008224671112859516 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08716300757840523, + "max_ret": 0.009992875881342123, + "all_pos": false + }, + "ltrax": { + "name": "Lord Abbett Total Return Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.448760005262959, + "corr_port": -0.040461416155758906, + "rets": { + "2022 bear mkt": -0.15279036854217432, + "2023 rate shock": -0.041061715947288024, + "2024 vol spike": 0.020062118969442766, + "2025 tariff crash": 0.0010797605689265577, + "2026 Q1 drawdown": -0.008368557253338405 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15279036854217432, + "max_ret": 0.020062118969442766, + "all_pos": false + }, + "lttkx": { + "name": "MFS Lifetime 2025 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5868584238255631, + "corr_port": 0.2498207435789634, + "rets": { + "2022 bear mkt": -0.15940064855076475, + "2023 rate shock": -0.05173737624033581, + "2024 vol spike": -0.007304589263927075, + "2025 tariff crash": -0.042232288724714184, + "2026 Q1 drawdown": -0.023987956025615653 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15940064855076475, + "max_ret": -0.007304589263927075, + "all_pos": false + }, + "lubax": { + "name": "Lord Abbett Ultra Short Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.952353815646435, + "corr_port": 0.05602014852013801, + "rets": { + "2022 bear mkt": -0.01152068217374913, + "2023 rate shock": 0.007933488435905467, + "2024 vol spike": 0.006327311077274578, + "2025 tariff crash": 0.006712977021777311, + "2026 Q1 drawdown": 0.003795362898092014 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.01152068217374913, + "max_ret": 0.007933488435905467, + "all_pos": false + }, + "lutax": { + "name": "Columbia U.S. Treasury Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.682579052650083, + "corr_port": -0.19225644697737646, + "rets": { + "2022 bear mkt": -0.12811351978152896, + "2023 rate shock": -0.0331462277464627, + "2024 vol spike": 0.026055288680201683, + "2025 tariff crash": 0.017877804357776084, + "2026 Q1 drawdown": -0.0013532350592985187 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12811351978152896, + "max_ret": 0.026055288680201683, + "all_pos": false + }, + "lvhd": { + "name": "Franklin U.S. Low Volatility High Dividend Index ETF", + "verdict": "weak/unstable alpha", + "t5": 1.0247472102397248, + "corr_port": 0.3600539207172053, + "rets": { + "2022 bear mkt": -0.14528154981759867, + "2023 rate shock": -0.12981176831210361, + "2024 vol spike": 0.0015567359862116437, + "2025 tariff crash": -0.06900861244665635, + "2026 Q1 drawdown": 0.020509814516217695 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14528154981759867, + "max_ret": 0.020509814516217695, + "all_pos": false + }, + "lvhi": { + "name": "Franklin International Low Volatility High Dividend Index ETF", + "verdict": "weak/unstable alpha", + "t5": 4.134496758510483, + "corr_port": 0.4080396145073452, + "rets": { + "2022 bear mkt": -0.0718608115075593, + "2023 rate shock": -0.034239788616096, + "2024 vol spike": -0.05743352380885747, + "2025 tariff crash": -0.08927528532823492, + "2026 Q1 drawdown": 0.043890014661186916 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08927528532823492, + "max_ret": 0.043890014661186916, + "all_pos": false + }, + "lvitx": { + "name": "Western Asset Core Plus VIT Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.4360549063081464, + "corr_port": 0.0011354531754161595, + "rets": { + "2022 bear mkt": -0.18983058803839903, + "2023 rate shock": -0.0546557798820968, + "2024 vol spike": 0.018181726363032613, + "2025 tariff crash": 0.002178616407342293, + "2026 Q1 drawdown": -0.00854701770982047 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.18983058803839903, + "max_ret": 0.018181726363032613, + "all_pos": false + }, + "lvoax": { + "name": "Lord Abbett Value Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.533055860258414, + "corr_port": 0.31704985012472137, + "rets": { + "2022 bear mkt": -0.2631579530618131, + "2023 rate shock": -0.12161380142638012, + "2024 vol spike": -0.05073563506471013, + "2025 tariff crash": -0.19780220024444684, + "2026 Q1 drawdown": -0.06574761051179168 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2631579530618131, + "max_ret": -0.05073563506471013, + "all_pos": false + }, + "lzhox": { + "name": "Lazard US High Yield Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5934538440300994, + "corr_port": 0.28682393672623435, + "rets": { + "2022 bear mkt": -0.1325256620935198, + "2023 rate shock": -0.028269276274761834, + "2024 vol spike": -0.005322389084228885, + "2025 tariff crash": -0.030274823192815048, + "2026 Q1 drawdown": -0.009609993274895423 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1325256620935198, + "max_ret": -0.005322389084228885, + "all_pos": false + }, + "maagx": { + "name": "MFS Aggressive Growth Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3073028852141544, + "corr_port": 0.32337035826045657, + "rets": { + "2022 bear mkt": -0.24863820275231652, + "2023 rate shock": -0.10104289667503608, + "2024 vol spike": -0.055194806148280096, + "2025 tariff crash": -0.1455187245206202, + "2026 Q1 drawdown": -0.07692307692307698 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24863820275231652, + "max_ret": -0.055194806148280096, + "all_pos": false + }, + "macfx": { + "name": "MFS Conservative Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2340341096749772, + "corr_port": 0.28071159331414164, + "rets": { + "2022 bear mkt": -0.17614886421557652, + "2023 rate shock": -0.05853705813223953, + "2024 vol spike": -0.01291087439480787, + "2025 tariff crash": -0.058411410565243904, + "2026 Q1 drawdown": -0.035256830926744254 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17614886421557652, + "max_ret": -0.01291087439480787, + "all_pos": false + }, + "madfx": { + "name": "Matrix Advisors Dividend Fund", + "verdict": "weak/unstable alpha", + "t5": 0.816969943511863, + "corr_port": 0.37176128451370805, + "rets": { + "2022 bear mkt": -0.16907634167808183, + "2023 rate shock": -0.10899697346808102, + "2024 vol spike": -0.04388994975752958, + "2025 tariff crash": -0.14028615899590313, + "2026 Q1 drawdown": -0.05633025643226697 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16907634167808183, + "max_ret": -0.04388994975752958, + "all_pos": false + }, + "magwx": { + "name": "MFS Growth Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.480704697759215, + "corr_port": 0.32017742045715314, + "rets": { + "2022 bear mkt": -0.22778006000876272, + "2023 rate shock": -0.08842642757469321, + "2024 vol spike": -0.04254483173479806, + "2025 tariff crash": -0.12025568516432628, + "2026 Q1 drawdown": -0.06436781609195397 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22778006000876272, + "max_ret": -0.04254483173479806, + "all_pos": false + }, + "mamax": { + "name": "MFS Moderate Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9872294949319749, + "corr_port": 0.3028602664995795, + "rets": { + "2022 bear mkt": -0.20610355375489453, + "2023 rate shock": -0.07593259368841943, + "2024 vol spike": -0.027281842404431877, + "2025 tariff crash": -0.08930866653971004, + "2026 Q1 drawdown": -0.05036575275957511 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20610355375489453, + "max_ret": -0.027281842404431877, + "all_pos": false + }, + "mapax": { + "name": "NYLI WMC Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3483765740659093, + "corr_port": 0.3752126312874388, + "rets": { + "2022 bear mkt": -0.13982773919473634, + "2023 rate shock": -0.1040280574803164, + "2024 vol spike": -0.046320575786147344, + "2025 tariff crash": -0.12905313475559488, + "2026 Q1 drawdown": -0.04843746874999999 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13982773919473634, + "max_ret": -0.046320575786147344, + "all_pos": false + }, + "masax": { + "name": "NYLI MacKay Strategic Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 3.7000414338474026, + "corr_port": 0.1835947687456399, + "rets": { + "2022 bear mkt": -0.10374694212950797, + "2023 rate shock": -0.020568423449664808, + "2024 vol spike": 0.016924955884447757, + "2025 tariff crash": -0.0008797437293185384, + "2026 Q1 drawdown": -0.00483378896814024 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10374694212950797, + "max_ret": 0.016924955884447757, + "all_pos": false + }, + "masgx": { + "name": "MATTHEWS EMERGING MARKETS SUSTAINABLE FUTURE FUND", + "verdict": "weak/unstable alpha", + "t5": 0.5219260479781271, + "corr_port": 0.19717149151256882, + "rets": { + "2022 bear mkt": -0.2347480446524498, + "2023 rate shock": -0.14226509131645138, + "2024 vol spike": -0.0884615695753409, + "2025 tariff crash": -0.1640503002102056, + "2026 Q1 drawdown": -0.07051282051282048 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2347480446524498, + "max_ret": -0.07051282051282048, + "all_pos": false + }, + "mbdfx": { + "name": "AMG GW&K Core Bond ESG Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.15354868741108138, + "corr_port": -0.08390690517822925, + "rets": { + "2022 bear mkt": -0.15517707768965794, + "2023 rate shock": -0.044467320504209984, + "2024 vol spike": 0.020759374471615022, + "2025 tariff crash": 0.0036640489290362677, + "2026 Q1 drawdown": -0.00901761113581201 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15517707768965794, + "max_ret": 0.020759374471615022, + "all_pos": false + }, + "mbeqx": { + "name": "M International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5247954375410483, + "corr_port": 0.3743192138064768, + "rets": { + "2022 bear mkt": -0.2632301976117485, + "2023 rate shock": -0.09822750981968942, + "2024 vol spike": -0.06839944184055713, + "2025 tariff crash": -0.1066758422076487, + "2026 Q1 drawdown": -0.06529752501316477 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2632301976117485, + "max_ret": -0.06529752501316477, + "all_pos": false + }, + "mbovx": { + "name": "M Large Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.7748752640848404, + "corr_port": 0.41917093753793255, + "rets": { + "2022 bear mkt": -0.16063478108988793, + "2023 rate shock": -0.0967741771539452, + "2024 vol spike": -0.04922888198664366, + "2025 tariff crash": -0.12800473231346277, + "2026 Q1 drawdown": -0.01815081196255064 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16063478108988793, + "max_ret": -0.01815081196255064, + "all_pos": false + }, + "mbsax": { + "name": "Multisector Bond SMA Completion Portfolio", + "verdict": "weak/unstable alpha", + "t5": 2.2172961071327992, + "corr_port": 0.1895886642274946, + "rets": { + "2022 bear mkt": -0.08665522639346546, + "2023 rate shock": -0.037375511711888354, + "2024 vol spike": 2.6831022329698584e-05, + "2025 tariff crash": -0.01795098284900909, + "2026 Q1 drawdown": -0.02820339673325256 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08665522639346546, + "max_ret": 2.6831022329698584e-05, + "all_pos": false + }, + "mcfix": { + "name": "Mercer Core Fixed Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1581880770856978, + "corr_port": -0.12979653595413917, + "rets": { + "2022 bear mkt": -0.15250956533000748, + "2023 rate shock": -0.040449483002358955, + "2024 vol spike": 0.020879317701721245, + "2025 tariff crash": 0.005656136088918462, + "2026 Q1 drawdown": -0.009856519921205176 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15250956533000748, + "max_ret": 0.020879317701721245, + "all_pos": false + }, + "mcftx": { + "name": "MFS California Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.07538774748567541, + "corr_port": 0.03969737338033718, + "rets": { + "2022 bear mkt": -0.1410961422374255, + "2023 rate shock": -0.06003035890343522, + "2024 vol spike": 0.015378760779352962, + "2025 tariff crash": -0.037766238104456784, + "2026 Q1 drawdown": -0.010571839752661294 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1410961422374255, + "max_ret": 0.015378760779352962, + "all_pos": false + }, + "mcoax": { + "name": "NYLI MacKay Convertible Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3961205673380248, + "corr_port": 0.24416998396375064, + "rets": { + "2022 bear mkt": -0.14484683543506993, + "2023 rate shock": -0.07544402084058643, + "2024 vol spike": -0.03535623298936774, + "2025 tariff crash": -0.09551867115444257, + "2026 Q1 drawdown": -0.036433315432714664 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14484683543506993, + "max_ret": -0.03535623298936774, + "all_pos": false + }, + "mcsax": { + "name": "MFS Commodity Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.33581415978307455, + "corr_port": 0.23259811533343494, + "rets": { + "2022 bear mkt": 0.12413802239127936, + "2023 rate shock": 0.002732338630296871, + "2024 vol spike": -0.04469286989278376, + "2025 tariff crash": -0.09560705932638514, + "2026 Q1 drawdown": 0.04589371980676349 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.09560705932638514, + "max_ret": 0.12413802239127936, + "all_pos": false + }, + "mctox": { + "name": "Modern Capital Tactical Income Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3844191649860178, + "corr_port": 0.2557670456315404, + "rets": { + "2022 bear mkt": 0.050685792505258176, + "2023 rate shock": -0.09133106713847139, + "2024 vol spike": -0.03631590830699205, + "2025 tariff crash": -0.11282003428257681, + "2026 Q1 drawdown": -0.06296961589701267 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11282003428257681, + "max_ret": 0.050685792505258176, + "all_pos": false + }, + "mdidx": { + "name": "MFS International Diversification Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2704123703873262, + "corr_port": 0.35644072741846355, + "rets": { + "2022 bear mkt": -0.28863909036513513, + "2023 rate shock": -0.10582470495382468, + "2024 vol spike": -0.061743806813988056, + "2025 tariff crash": -0.1075713193542931, + "2026 Q1 drawdown": -0.08576329331046317 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28863909036513513, + "max_ret": -0.061743806813988056, + "all_pos": false + }, + "mdsix": { + "name": "Integrity Short Term Government Fund", + "verdict": "weak/unstable alpha", + "t5": -0.670496193732431, + "corr_port": -0.0833671328390721, + "rets": { + "2022 bear mkt": -0.08391324040629677, + "2023 rate shock": -0.010276770995949813, + "2024 vol spike": 0.00937873640210185, + "2025 tariff crash": 0.01763244412620546, + "2026 Q1 drawdown": 0.0011133451982243692 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.08391324040629677, + "max_ret": 0.01763244412620546, + "all_pos": false + }, + "mdxbx": { + "name": "T. Rowe Price Maryland Tax-Free Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6688908879781814, + "corr_port": 0.022030906709744655, + "rets": { + "2022 bear mkt": -0.11879200341521112, + "2023 rate shock": -0.06024391113383887, + "2024 vol spike": 0.01564326853557385, + "2025 tariff crash": -0.032588707826558205, + "2026 Q1 drawdown": -0.008197995562912452 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11879200341521112, + "max_ret": 0.01564326853557385, + "all_pos": false + }, + "mdyg": { + "name": "State Street(R) SPDR(R) S & P 400(TM) Mid Cap Growth ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.855506676019241, + "corr_port": 0.2736991714000943, + "rets": { + "2022 bear mkt": -0.23368054216632694, + "2023 rate shock": -0.12349926784848098, + "2024 vol spike": -0.06947936205134908, + "2025 tariff crash": -0.19880053153147736, + "2026 Q1 drawdown": -0.047254677361700526 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23368054216632694, + "max_ret": -0.047254677361700526, + "all_pos": false + }, + "mdyv": { + "name": "State Street(R) SPDR(R) S & P 400(TM) Mid Cap Value ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5038658742060056, + "corr_port": 0.3515645693783067, + "rets": { + "2022 bear mkt": -0.17416537710571567, + "2023 rate shock": -0.16111282151208672, + "2024 vol spike": -0.06134556588208839, + "2025 tariff crash": -0.1842052534065305, + "2026 Q1 drawdown": -0.056525345990609766 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1842052534065305, + "max_ret": -0.056525345990609766, + "all_pos": false + }, + "medhx": { + "name": "MFS Emerging Markets Debt Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3308675044995851, + "corr_port": 0.23448457555523777, + "rets": { + "2022 bear mkt": -0.21928863380876906, + "2023 rate shock": -0.05752921108926845, + "2024 vol spike": 0.006379144439391249, + "2025 tariff crash": -0.01869480090883402, + "2026 Q1 drawdown": -0.025426152994914575 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.21928863380876906, + "max_ret": 0.006379144439391249, + "all_pos": false + }, + "mefix": { + "name": "ClearBridge Emerging Markets Fund", + "verdict": "weak/unstable alpha", + "t5": -1.204421562740652, + "corr_port": 0.24957286848026347, + "rets": { + "2022 bear mkt": -0.3530143401476703, + "2023 rate shock": -0.16076924380644264, + "2024 vol spike": -0.08126935153302928, + "2025 tariff crash": -0.15401789948205524, + "2026 Q1 drawdown": -0.09608154031570271 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3530143401476703, + "max_ret": -0.08126935153302928, + "all_pos": false + }, + "meifx": { + "name": "MERIDIAN HEDGED EQUITY FUND", + "verdict": "weak/unstable alpha", + "t5": -0.3020390214036533, + "corr_port": 0.2013355737663194, + "rets": { + "2022 bear mkt": -0.22013419293105874, + "2023 rate shock": -0.057031434303822515, + "2024 vol spike": -0.04545465330533072, + "2025 tariff crash": -0.10178305026622891, + "2026 Q1 drawdown": -0.02865761689291091 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22013419293105874, + "max_ret": -0.02865761689291091, + "all_pos": false + }, + "meikx": { + "name": "MFS Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.015563477750040888, + "corr_port": 0.3872353306134152, + "rets": { + "2022 bear mkt": -0.16928832076118616, + "2023 rate shock": -0.0907158369146508, + "2024 vol spike": -0.03852781632561375, + "2025 tariff crash": -0.11800701920431333, + "2026 Q1 drawdown": -0.03931534922620783 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16928832076118616, + "max_ret": -0.03852781632561375, + "all_pos": false + }, + "memax": { + "name": "MFS Emerging Markets Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.14944616653765352, + "corr_port": 0.31192719831182886, + "rets": { + "2022 bear mkt": -0.2965460279871157, + "2023 rate shock": -0.10403528546991259, + "2024 vol spike": -0.07187778793346256, + "2025 tariff crash": -0.13308748330817066, + "2026 Q1 drawdown": -0.09071180161841141 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2965460279871157, + "max_ret": -0.07187778793346256, + "all_pos": false + }, + "memqx": { + "name": "Mercer Emerging Markets Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5725445525745593, + "corr_port": 0.3166151938706432, + "rets": { + "2022 bear mkt": -0.31622183097201995, + "2023 rate shock": -0.11210194472513002, + "2024 vol spike": -0.07750946706121664, + "2025 tariff crash": -0.12656647373795105, + "2026 Q1 drawdown": -0.08598130841121499 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31622183097201995, + "max_ret": -0.07750946706121664, + "all_pos": false + }, + "memux": { + "name": "Maine Municipal Fund", + "verdict": "weak/unstable alpha", + "t5": -0.44845043269888146, + "corr_port": 0.03393714870872268, + "rets": { + "2022 bear mkt": -0.12205977086766351, + "2023 rate shock": -0.04354595503711989, + "2024 vol spike": 0.01710985770142659, + "2025 tariff crash": -0.028184914407850092, + "2026 Q1 drawdown": -0.008817939123861196 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12205977086766351, + "max_ret": 0.01710985770142659, + "all_pos": false + }, + "merdx": { + "name": "MERIDIAN GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.185213187211282, + "corr_port": 0.2063994031498285, + "rets": { + "2022 bear mkt": -0.3318097006632057, + "2023 rate shock": -0.1873563376197115, + "2024 vol spike": -0.07803784955789861, + "2025 tariff crash": -0.22239869111744814, + "2026 Q1 drawdown": -0.11543332968269027 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3318097006632057, + "max_ret": -0.07803784955789861, + "all_pos": false + }, + "mervx": { + "name": "The Merger Fund VL", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.715002279438883, + "corr_port": 0.1901794502253247, + "rets": { + "2022 bear mkt": 0.00169926946472998, + "2023 rate shock": 0.02577315347876241, + "2024 vol spike": 0.0, + "2025 tariff crash": 0.005240242052101607, + "2026 Q1 drawdown": 0.003527336860670305 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": 0.0, + "max_ret": 0.02577315347876241, + "all_pos": false + }, + "mfaax": { + "name": "AMERICAN FUNDS MORTGAGE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.11160934246534777, + "corr_port": -0.1133606170322778, + "rets": { + "2022 bear mkt": -0.11964580340226982, + "2023 rate shock": -0.04787768119395919, + "2024 vol spike": 0.02558219559556618, + "2025 tariff crash": 0.021070205654218244, + "2026 Q1 drawdown": -0.005788721132309993 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.11964580340226982, + "max_ret": 0.02558219559556618, + "all_pos": false + }, + "mfalx": { + "name": "MFS Alabama Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.0813724088511909, + "corr_port": 0.03820187136005199, + "rets": { + "2022 bear mkt": -0.13303476092385247, + "2023 rate shock": -0.0598388178315401, + "2024 vol spike": 0.017291355558690436, + "2025 tariff crash": -0.03646296316318565, + "2026 Q1 drawdown": -0.01079451429543632 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13303476092385247, + "max_ret": 0.017291355558690436, + "all_pos": false + }, + "mfarx": { + "name": "MFS Arkansas Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3149422637829101, + "corr_port": 0.02261714643723891, + "rets": { + "2022 bear mkt": -0.11830833767363036, + "2023 rate shock": -0.06738506802345967, + "2024 vol spike": 0.015836951678255717, + "2025 tariff crash": -0.040029362533672175, + "2026 Q1 drawdown": -0.009907285799545695 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11830833767363036, + "max_ret": 0.015836951678255717, + "all_pos": false + }, + "mfbfx": { + "name": "MFS Corporate Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.316427542879068, + "corr_port": 0.01292161194826797, + "rets": { + "2022 bear mkt": -0.19339036668125298, + "2023 rate shock": -0.04812243816707351, + "2024 vol spike": 0.015065060756554782, + "2025 tariff crash": -0.007109265944540311, + "2026 Q1 drawdown": -0.013282478205675186 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.19339036668125298, + "max_ret": 0.015065060756554782, + "all_pos": false + }, + "mfcpx": { + "name": "M Capital Appreciation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7070858711771992, + "corr_port": 0.25952942042787197, + "rets": { + "2022 bear mkt": -0.28183720436574156, + "2023 rate shock": -0.18522862090107772, + "2024 vol spike": -0.08617453016019772, + "2025 tariff crash": -0.2552684655841584, + "2026 Q1 drawdown": -0.08333325743818032 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28183720436574156, + "max_ret": -0.08333325743818032, + "all_pos": false + }, + "mfegx": { + "name": "MFS Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.538432511262309, + "corr_port": 0.15407008501252803, + "rets": { + "2022 bear mkt": -0.33312668710643734, + "2023 rate shock": -0.07685341713116045, + "2024 vol spike": -0.07918578561472489, + "2025 tariff crash": -0.2141727171925022, + "2026 Q1 drawdown": -0.13775947043877257 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33312668710643734, + "max_ret": -0.07685341713116045, + "all_pos": false + }, + "mffsx": { + "name": "MFS Lifetime 2050 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0548744502943965, + "corr_port": 0.3395281297320811, + "rets": { + "2022 bear mkt": -0.22939215296410997, + "2023 rate shock": -0.10037523579519747, + "2024 vol spike": -0.05466777798681943, + "2025 tariff crash": -0.14167697494782994, + "2026 Q1 drawdown": -0.06990068754774625 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22939215296410997, + "max_ret": -0.05466777798681943, + "all_pos": false + }, + "mfiax": { + "name": "MFS Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4777905921613778, + "corr_port": 0.040822613253877156, + "rets": { + "2022 bear mkt": -0.13191622556506022, + "2023 rate shock": -0.061857552364464996, + "2024 vol spike": 0.016293560023006526, + "2025 tariff crash": -0.03354288678538597, + "2026 Q1 drawdown": -0.009868712922910028 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13191622556506022, + "max_ret": 0.016293560023006526, + "all_pos": false + }, + "mfiox": { + "name": "MFS Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0990947799727848, + "corr_port": 0.030582380696160705, + "rets": { + "2022 bear mkt": -0.15321261689485732, + "2023 rate shock": -0.04280055976333297, + "2024 vol spike": 0.019449457265788617, + "2025 tariff crash": 0.0012926739892629158, + "2026 Q1 drawdown": -0.007448903037935217 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15321261689485732, + "max_ret": 0.019449457265788617, + "all_pos": false + }, + "mfjax": { + "name": "MFS Lifetime 2060 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0210915580912714, + "corr_port": 0.31285057279273243, + "rets": { + "2022 bear mkt": -0.22973792385530722, + "2023 rate shock": -0.09993208937331888, + "2024 vol spike": -0.05467799467232681, + "2025 tariff crash": -0.14226442602577405, + "2026 Q1 drawdown": -0.07010864130434769 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22973792385530722, + "max_ret": -0.05467799467232681, + "all_pos": false + }, + "mfpax": { + "name": "MFS Pennsylvania Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5050298625448095, + "corr_port": 0.03650822920090405, + "rets": { + "2022 bear mkt": -0.1265066966816446, + "2023 rate shock": -0.0615649375384264, + "2024 vol spike": 0.014223008612474164, + "2025 tariff crash": -0.03243682207936838, + "2026 Q1 drawdown": -0.009069114905362885 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1265066966816446, + "max_ret": 0.014223008612474164, + "all_pos": false + }, + "mfrkx": { + "name": "MFS Research Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.5705650756138128, + "corr_port": 0.2751198803792067, + "rets": { + "2022 bear mkt": -0.22829153160624904, + "2023 rate shock": -0.09380212013343148, + "2024 vol spike": -0.06194105691704266, + "2025 tariff crash": -0.18434722832854145, + "2026 Q1 drawdown": -0.09333333333333338 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22829153160624904, + "max_ret": -0.06194105691704266, + "all_pos": false + }, + "mfscx": { + "name": "MFS South Carolina Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.0565540476062628, + "corr_port": 0.03344869803622136, + "rets": { + "2022 bear mkt": -0.12726409624757407, + "2023 rate shock": -0.06557638796606147, + "2024 vol spike": 0.01605449911766943, + "2025 tariff crash": -0.036499836161331234, + "2026 Q1 drawdown": -0.009756224279484749 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12726409624757407, + "max_ret": 0.01605449911766943, + "all_pos": false + }, + "mfsmx": { + "name": "MFS Maryland Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.28269499853649704, + "corr_port": 0.04800689407078949, + "rets": { + "2022 bear mkt": -0.12307223889070806, + "2023 rate shock": -0.05678401206390782, + "2024 vol spike": 0.015518905445353282, + "2025 tariff crash": -0.032974658956828606, + "2026 Q1 drawdown": -0.009748618921962215 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12307223889070806, + "max_ret": 0.015518905445353282, + "all_pos": false + }, + "mfssx": { + "name": "MFS Massachusetts Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.023427303157719914, + "corr_port": 0.045540515275922976, + "rets": { + "2022 bear mkt": -0.12641759311940926, + "2023 rate shock": -0.05694853415462242, + "2024 vol spike": 0.01337779795405969, + "2025 tariff crash": -0.0343927885673011, + "2026 Q1 drawdown": -0.007646178278808646 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12641759311940926, + "max_ret": 0.01337779795405969, + "all_pos": false + }, + "mfwtx": { + "name": "MFS Global Total Return Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.10366002883649138, + "corr_port": 0.3973400121594816, + "rets": { + "2022 bear mkt": -0.1989217844018134, + "2023 rate shock": -0.07870568411342194, + "2024 vol spike": -0.022396676174196273, + "2025 tariff crash": -0.06876852091601315, + "2026 Q1 drawdown": -0.03820486866747108 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1989217844018134, + "max_ret": -0.022396676174196273, + "all_pos": false + }, + "mfwvx": { + "name": "MFS West Virginia Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3067867595429904, + "corr_port": 0.0168838892195488, + "rets": { + "2022 bear mkt": -0.11801394864873604, + "2023 rate shock": -0.06173549517137, + "2024 vol spike": 0.01435564725968308, + "2025 tariff crash": -0.03670284300763604, + "2026 Q1 drawdown": -0.007663609950424699 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11801394864873604, + "max_ret": 0.01435564725968308, + "all_pos": false + }, + "mgfox": { + "name": "Income Opportunities Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.1228489219827082, + "corr_port": 0.1175539403175502, + "rets": { + "2022 bear mkt": -0.08986643572986541, + "2023 rate shock": -0.009541832467852007, + "2024 vol spike": 0.00855389193713374, + "2025 tariff crash": -0.000901516802019553 + }, + "n_avail": 4, + "n_pos": 1, + "min_ret": -0.08986643572986541, + "max_ret": 0.00855389193713374, + "all_pos": false + }, + "mghax": { + "name": "NYLI Candriam Emerging Markets Debt Fund", + "verdict": "weak/unstable alpha", + "t5": -0.3704194202928966, + "corr_port": 0.24351720759190532, + "rets": { + "2022 bear mkt": -0.23873458585221075, + "2023 rate shock": -0.038470466158166294, + "2024 vol spike": -0.006506268028285134, + "2025 tariff crash": -0.03090985776915056, + "2026 Q1 drawdown": -0.036568657321175646 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23873458585221075, + "max_ret": -0.006506268028285134, + "all_pos": false + }, + "mgiax": { + "name": "MFS International Intrinsic Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6852558324855665, + "corr_port": 0.2942403533342004, + "rets": { + "2022 bear mkt": -0.3291925593577515, + "2023 rate shock": -0.0978073018166502, + "2024 vol spike": -0.06543179082105166, + "2025 tariff crash": -0.1047052278270948, + "2026 Q1 drawdown": -0.08766231411986336 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3291925593577515, + "max_ret": -0.06543179082105166, + "all_pos": false + }, + "mglax": { + "name": "MFS Global Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7011916606555535, + "corr_port": 0.2817107060825477, + "rets": { + "2022 bear mkt": -0.3405308012554299, + "2023 rate shock": -0.1515152096762057, + "2024 vol spike": -0.03263391693328688, + "2025 tariff crash": -0.13006121803645776, + "2026 Q1 drawdown": -0.052343274497869685 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3405308012554299, + "max_ret": -0.03263391693328688, + "all_pos": false + }, + "mgrax": { + "name": "MFS International Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.47727353929660143, + "corr_port": 0.3147090461687435, + "rets": { + "2022 bear mkt": -0.2661031725238684, + "2023 rate shock": -0.1285993914050323, + "2024 vol spike": -0.054985296575378095, + "2025 tariff crash": -0.123822312626237, + "2026 Q1 drawdown": -0.10685482285704928 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2661031725238684, + "max_ret": -0.054985296575378095, + "all_pos": false + }, + "mgsex": { + "name": "AMG Veritas Asia Pacific Fund", + "verdict": "weak/unstable alpha", + "t5": -0.09378876278456892, + "corr_port": 0.20789473475757803, + "rets": { + "2022 bear mkt": -0.32245098091181645, + "2023 rate shock": -0.14401996925192173, + "2024 vol spike": -0.07695969233057165, + "2025 tariff crash": -0.17804651706161168, + "2026 Q1 drawdown": -0.07073317255039713 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32245098091181645, + "max_ret": -0.07073317255039713, + "all_pos": false + }, + "mgsix": { + "name": "MFS Government Securities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.02722411275943238, + "corr_port": -0.14548801784044005, + "rets": { + "2022 bear mkt": -0.1295679742035305, + "2023 rate shock": -0.04215728194627877, + "2024 vol spike": 0.02561121046495085, + "2025 tariff crash": 0.017917027864394752, + "2026 Q1 drawdown": -0.005361772088480099 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1295679742035305, + "max_ret": 0.02561121046495085, + "all_pos": false + }, + "mgvax": { + "name": "NYLI MacKay U.S. Infrastructure Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.3824497231825887, + "corr_port": -0.1112774913744201, + "rets": { + "2022 bear mkt": -0.1325486437954877, + "2023 rate shock": -0.02987781712632198, + "2024 vol spike": 0.02501849509059295, + "2025 tariff crash": 0.015264094387828608, + "2026 Q1 drawdown": -0.0009883085374621237 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1325486437954877, + "max_ret": 0.02501849509059295, + "all_pos": false + }, + "mhcax": { + "name": "NYLI MacKay High Yield Corporate Bond Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.1291009006715989, + "corr_port": 0.3073651290547232, + "rets": { + "2022 bear mkt": -0.11185691723706104, + "2023 rate shock": -0.014596957591350046, + "2024 vol spike": -0.006737269235266297, + "2025 tariff crash": -0.030753482492605344, + "2026 Q1 drawdown": -0.011953818344103806 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.11185691723706104, + "max_ret": -0.006737269235266297, + "all_pos": false + }, + "mhitx": { + "name": "MFS High Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.4226805506103496, + "corr_port": 0.28028737938879433, + "rets": { + "2022 bear mkt": -0.14329671664464116, + "2023 rate shock": -0.02713432906025537, + "2024 vol spike": -0.001305411598384154, + "2025 tariff crash": -0.028550724944752637, + "2026 Q1 drawdown": -0.01798415207062576 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14329671664464116, + "max_ret": -0.001305411598384154, + "all_pos": false + }, + "mhoax": { + "name": "MFS Global High Yield Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.5942597996492694, + "corr_port": 0.30456198897159154, + "rets": { + "2022 bear mkt": -0.14612162801146067, + "2023 rate shock": -0.020753475801526755, + "2024 vol spike": -0.0023710811859088965, + "2025 tariff crash": -0.02870541429363682, + "2026 Q1 drawdown": -0.016151918498241602 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14612162801146067, + "max_ret": -0.0023710811859088965, + "all_pos": false + }, + "miaax": { + "name": "MFS Inflation-Adjusted Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.0688684790311801, + "corr_port": -0.06085626706382225, + "rets": { + "2022 bear mkt": -0.1237014996392578, + "2023 rate shock": -0.03280191013011069, + "2024 vol spike": 0.013201115809024166, + "2025 tariff crash": 0.008980219399233436, + "2026 Q1 drawdown": -0.004419888259988181 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1237014996392578, + "max_ret": 0.013201115809024166, + "all_pos": false + }, + "miazx": { + "name": "American Funds Multi-Sector Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.537555963250717, + "corr_port": 0.188515737598151, + "rets": { + "2022 bear mkt": -0.15105167648552176, + "2023 rate shock": -0.03558871257354845, + "2024 vol spike": 0.005472766982141275, + "2025 tariff crash": -0.02066388531259078, + "2026 Q1 drawdown": -0.014320159933392529 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15105167648552176, + "max_ret": 0.005472766982141275, + "all_pos": false + }, + "midax": { + "name": "MFS International New Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4277487966398312, + "corr_port": 0.33810503095247857, + "rets": { + "2022 bear mkt": -0.29353786504282675, + "2023 rate shock": -0.10800258239154736, + "2024 vol spike": -0.051724099017257386, + "2025 tariff crash": -0.08372728316297395, + "2026 Q1 drawdown": -0.08564683739967982 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29353786504282675, + "max_ret": -0.051724099017257386, + "all_pos": false + }, + "midsx": { + "name": "Midas Discovery", + "verdict": "weak/unstable alpha", + "t5": -0.7635851367643817, + "corr_port": 0.07419810240469338, + "rets": { + "2022 bear mkt": -0.25806451612903225, + "2023 rate shock": -0.0803571428571429, + "2024 vol spike": -0.08730158730158732, + "2025 tariff crash": 0.019867549668874274, + "2026 Q1 drawdown": -0.18651685393258433 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.25806451612903225, + "max_ret": 0.019867549668874274, + "all_pos": false + }, + "mieix": { + "name": "MFS International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.15230068022339197, + "corr_port": 0.36036571349694957, + "rets": { + "2022 bear mkt": -0.2761480547668119, + "2023 rate shock": -0.10926442910471046, + "2024 vol spike": -0.05218846254693321, + "2025 tariff crash": -0.10373217865311346, + "2026 Q1 drawdown": -0.08272864054184814 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2761480547668119, + "max_ret": -0.05218846254693321, + "all_pos": false + }, + "migfx": { + "name": "Massachusetts Investors Growth Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.2798102851251274, + "corr_port": 0.24585830162798583, + "rets": { + "2022 bear mkt": -0.2611753450353046, + "2023 rate shock": -0.0994631291991609, + "2024 vol spike": -0.056232974041432016, + "2025 tariff crash": -0.18029409122701034, + "2026 Q1 drawdown": -0.11812914416945586 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2611753450353046, + "max_ret": -0.056232974041432016, + "all_pos": false + }, + "mishx": { + "name": "AB Municipal Income Shares", + "verdict": "weak/unstable alpha", + "t5": 0.7419287284250975, + "corr_port": 0.07425345783766146, + "rets": { + "2022 bear mkt": -0.1480172584398447, + "2023 rate shock": -0.07100055862056742, + "2024 vol spike": 0.019796190851719464, + "2025 tariff crash": -0.026688948678955327, + "2026 Q1 drawdown": -0.009153549362371671 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1480172584398447, + "max_ret": 0.019796190851719464, + "all_pos": false + }, + "missx": { + "name": "MFS Mississippi Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.09067103851556427, + "corr_port": 0.043796846835850334, + "rets": { + "2022 bear mkt": -0.12281737020747685, + "2023 rate shock": -0.056957987045808456, + "2024 vol spike": 0.015943655900351628, + "2025 tariff crash": -0.036680754337764965, + "2026 Q1 drawdown": -0.01032283710783588 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12281737020747685, + "max_ret": 0.015943655900351628, + "all_pos": false + }, + "mittx": { + "name": "Massachusetts Investors Trust", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.367731246029588, + "corr_port": 0.29394342048664124, + "rets": { + "2022 bear mkt": -0.2301021935011628, + "2023 rate shock": -0.09826120725782583, + "2024 vol spike": -0.0691958086552864, + "2025 tariff crash": -0.1580921786459325, + "2026 Q1 drawdown": -0.09758083563975073 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2301021935011628, + "max_ret": -0.0691958086552864, + "all_pos": false + }, + "miucx": { + "name": "MFS Municipal Intermediate Fund", + "verdict": "weak/unstable alpha", + "t5": 0.06900515606492541, + "corr_port": -0.044368406885342215, + "rets": { + "2022 bear mkt": -0.10495201701514334, + "2023 rate shock": -0.04335058282956383, + "2024 vol spike": 0.014086691218927916, + "2025 tariff crash": -0.02406104048750146, + "2026 Q1 drawdown": -0.014893679174447394 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10495201701514334, + "max_ret": 0.014086691218927916, + "all_pos": false + }, + "mkvhx": { + "name": "MFS International Large Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.1935895543826374, + "corr_port": 0.33790459233033604, + "rets": { + "2022 bear mkt": -0.25185177576609086, + "2023 rate shock": -0.08925864476449386, + "2024 vol spike": -0.05915091664854488, + "2025 tariff crash": -0.0911660873889295, + "2026 Q1 drawdown": -0.07444444444444442 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25185177576609086, + "max_ret": -0.05915091664854488, + "all_pos": false + }, + "mlaax": { + "name": "NYLI Winslow Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.218898761905965, + "corr_port": 0.15129553297888432, + "rets": { + "2022 bear mkt": -0.35503485122834, + "2023 rate shock": -0.09271530415874085, + "2024 vol spike": -0.08744177582777524, + "2025 tariff crash": -0.21921916588536405, + "2026 Q1 drawdown": -0.1398843930635838 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35503485122834, + "max_ret": -0.08744177582777524, + "all_pos": false + }, + "mlfax": { + "name": "MFS Lifetime 2040 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1925212912316558, + "corr_port": 0.3403442129200188, + "rets": { + "2022 bear mkt": -0.22140051612922218, + "2023 rate shock": -0.09242773343062338, + "2024 vol spike": -0.046277617227132306, + "2025 tariff crash": -0.12468831208481745, + "2026 Q1 drawdown": -0.06138701968134963 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22140051612922218, + "max_ret": -0.046277617227132306, + "all_pos": false + }, + "mllax": { + "name": "MFS Lifetime Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3436561669668705, + "corr_port": 0.2652696110425647, + "rets": { + "2022 bear mkt": -0.14879624693026683, + "2023 rate shock": -0.04968201518688686, + "2024 vol spike": -0.00473345444150397, + "2025 tariff crash": -0.0393549845648804, + "2026 Q1 drawdown": -0.023944050043054776 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14879624693026683, + "max_ret": -0.00473345444150397, + "all_pos": false + }, + "mlozx": { + "name": "Cohen & Steers Future of Energy Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": 1.8617711033891573, + "corr_port": 0.3150019859671362, + "rets": { + "2022 bear mkt": 0.10259227082524025, + "2023 rate shock": -0.02614851820427988, + "2024 vol spike": -0.04157065933320081, + "2025 tariff crash": -0.17421901247657479, + "2026 Q1 drawdown": 0.13461535976196615 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.17421901247657479, + "max_ret": 0.13461535976196615, + "all_pos": false + }, + "mlpnx": { + "name": "Invesco SteelPath MLP Alpha Plus Fund", + "verdict": "weak/unstable alpha", + "t5": 1.9717176111970138, + "corr_port": 0.27161437559147467, + "rets": { + "2022 bear mkt": 0.2003923784294137, + "2023 rate shock": 0.031665503556491004, + "2024 vol spike": -0.05837452369361151, + "2025 tariff crash": -0.17926995035706939, + "2026 Q1 drawdown": 0.14242245690010824 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.17926995035706939, + "max_ret": 0.2003923784294137, + "all_pos": false + }, + "mlpox": { + "name": "Invesco SteelPath MLP Alpha Fund", + "verdict": "weak/unstable alpha", + "t5": 2.02786521621799, + "corr_port": 0.2807528433865705, + "rets": { + "2022 bear mkt": 0.1598230440130246, + "2023 rate shock": 0.01926091455118395, + "2024 vol spike": -0.05475722693887508, + "2025 tariff crash": -0.14117034503089076, + "2026 Q1 drawdown": 0.10071270230103058 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.14117034503089076, + "max_ret": 0.1598230440130246, + "all_pos": false + }, + "mlptx": { + "name": "Invesco SteelPath MLP Select 40 Fund", + "verdict": "weak/unstable alpha", + "t5": 2.3510972278672675, + "corr_port": 0.28958630942917907, + "rets": { + "2022 bear mkt": 0.09282648309197317, + "2023 rate shock": 0.02491188565276925, + "2024 vol spike": -0.05809109783928523, + "2025 tariff crash": -0.13063437911960352, + "2026 Q1 drawdown": 0.10989554442682259 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.13063437911960352, + "max_ret": 0.10989554442682259, + "all_pos": false + }, + "mlpzx": { + "name": "Invesco SteelPath MLP Income Fund", + "verdict": "weak/unstable alpha", + "t5": 2.3057578486075245, + "corr_port": 0.2745000022239705, + "rets": { + "2022 bear mkt": 0.12320180235592404, + "2023 rate shock": 0.03288523000597787, + "2024 vol spike": -0.056482338101929264, + "2025 tariff crash": -0.1413200634628523, + "2026 Q1 drawdown": 0.08473924676423938 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.1413200634628523, + "max_ret": 0.12320180235592404, + "all_pos": false + }, + "mltax": { + "name": "MFS Lifetime 2030 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6320101420323838, + "corr_port": 0.3250432882114806, + "rets": { + "2022 bear mkt": -0.1871476466727795, + "2023 rate shock": -0.0663660936822218, + "2024 vol spike": -0.018137942313761313, + "2025 tariff crash": -0.06320396650537463, + "2026 Q1 drawdown": -0.033498819261859714 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1871476466727795, + "max_ret": -0.018137942313761313, + "all_pos": false + }, + "mlvax": { + "name": "MFS Low Volatility Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.09056734313535268, + "corr_port": 0.3195517291622279, + "rets": { + "2022 bear mkt": -0.18381042055154895, + "2023 rate shock": -0.07560978791687145, + "2024 vol spike": -0.038904962727259296, + "2025 tariff crash": -0.10879321455721369, + "2026 Q1 drawdown": -0.0427600433245644 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18381042055154895, + "max_ret": -0.038904962727259296, + "all_pos": false + }, + "mmgax": { + "name": "MFS Georgia Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.17041547698355364, + "corr_port": 0.04309198045061873, + "rets": { + "2022 bear mkt": -0.1274560923393495, + "2023 rate shock": -0.0640607462419539, + "2024 vol spike": 0.015258126324112942, + "2025 tariff crash": -0.036971230212182404, + "2026 Q1 drawdown": -0.00982028726551476 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1274560923393495, + "max_ret": 0.015258126324112942, + "all_pos": false + }, + "mmgpx": { + "name": "Discovery Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.6505609727256703, + "corr_port": -0.043805004540106864, + "rets": { + "2022 bear mkt": -0.7722709869144018, + "2023 rate shock": -0.242081277870688, + "2024 vol spike": -0.08559495193189381, + "2025 tariff crash": -0.2450980047533391, + "2026 Q1 drawdown": -0.12411847672778564 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.7722709869144018, + "max_ret": -0.08559495193189381, + "all_pos": false + }, + "mmhyx": { + "name": "MFS Municipal High Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6951960074777012, + "corr_port": 0.05806639493438524, + "rets": { + "2022 bear mkt": -0.157104137637473, + "2023 rate shock": -0.06636826942276064, + "2024 vol spike": 0.01831309376579915, + "2025 tariff crash": -0.034528115190876396, + "2026 Q1 drawdown": -0.007758233646327106 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.157104137637473, + "max_ret": 0.01831309376579915, + "all_pos": false + }, + "mmufx": { + "name": "MFS Utilities Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2896147131385606, + "corr_port": 0.2645562463413659, + "rets": { + "2022 bear mkt": -0.12184343935485031, + "2023 rate shock": -0.12144343955602765, + "2024 vol spike": 0.02110085637556325, + "2025 tariff crash": -0.07666921203668009, + "2026 Q1 drawdown": 0.0629292478914456 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12184343935485031, + "max_ret": 0.0629292478914456, + "all_pos": false + }, + "mncex": { + "name": "Mercer Non-US Core Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 0.49369851865724895, + "corr_port": 0.37325419427824674, + "rets": { + "2022 bear mkt": -0.294326240303307, + "2023 rate shock": -0.08454811695393039, + "2024 vol spike": -0.07310703611399394, + "2025 tariff crash": -0.09454549030344461, + "2026 Q1 drawdown": -0.0768049155145929 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.294326240303307, + "max_ret": -0.07310703611399394, + "all_pos": false + }, + "mndax": { + "name": "MFS New Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.369426168259726, + "corr_port": 0.170527931263082, + "rets": { + "2022 bear mkt": -0.33459421201365025, + "2023 rate shock": -0.16609880749574113, + "2024 vol spike": -0.08511476642913707, + "2025 tariff crash": -0.21925753212461208, + "2026 Q1 drawdown": -0.10866624547507642 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33459421201365025, + "max_ret": -0.08511476642913707, + "all_pos": false + }, + "mnrbx": { + "name": "Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7914312339198287, + "corr_port": -0.20083925143501813, + "rets": { + "2022 bear mkt": -0.08301888444767225, + "2023 rate shock": -0.01631006304690763, + "2024 vol spike": 0.019861122900929784, + "2025 tariff crash": 0.01992028071935903, + "2026 Q1 drawdown": -0.0009661835748792091 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.08301888444767225, + "max_ret": 0.01992028071935903, + "all_pos": false + }, + "mnrgx": { + "name": "Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9037898682604585, + "corr_port": 0.2601146454460685, + "rets": { + "2022 bear mkt": -0.20474302111136145, + "2023 rate shock": -0.09007721144563507, + "2024 vol spike": -0.08203994026736317, + "2025 tariff crash": -0.24272061060372874, + "2026 Q1 drawdown": -0.11349131464240392 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24272061060372874, + "max_ret": -0.08203994026736317, + "all_pos": false + }, + "mnrmx": { + "name": "Manor Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.19479662111974452, + "corr_port": 0.33636152587969614, + "rets": { + "2022 bear mkt": -0.2035549818797835, + "2023 rate shock": -0.11414397878220983, + "2024 vol spike": -0.07419193182288075, + "2025 tariff crash": -0.21269602352703554, + "2026 Q1 drawdown": -0.06494109082505195 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21269602352703554, + "max_ret": -0.06494109082505195, + "all_pos": false + }, + "moat": { + "name": "VanEck Morningstar Wide Moat ETF", + "verdict": "weak/unstable alpha", + "t5": 0.0175076342665244, + "corr_port": 0.25721371933567966, + "rets": { + "2022 bear mkt": -0.2274973093450987, + "2023 rate shock": -0.1459113211349976, + "2024 vol spike": -0.026339309212915385, + "2025 tariff crash": -0.17523445247972758, + "2026 Q1 drawdown": -0.0984574109252736 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2274973093450987, + "max_ret": -0.026339309212915385, + "all_pos": false + }, + "mofix": { + "name": "Mercer Opportunistic Fixed Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.210297341120211, + "corr_port": 0.09597879206857933, + "rets": { + "2022 bear mkt": -0.16025631391136996, + "2023 rate shock": -0.040792600883809094, + "2024 vol spike": 0.0011668215097546675, + "2025 tariff crash": -0.021791759900299024, + "2026 Q1 drawdown": -0.02107728838646772 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16025631391136996, + "max_ret": 0.0011668215097546675, + "all_pos": false + }, + "moglx": { + "name": "Gabelli Media Mogul Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9861003681024647, + "corr_port": 0.24621880862907888, + "rets": { + "2022 bear mkt": -0.34708739306654846, + "2023 rate shock": -0.15608166102476317, + "2024 vol spike": -0.04961418501206216, + "2025 tariff crash": -0.1594650787153885, + "2026 Q1 drawdown": 0.006283612773037461 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.34708739306654846, + "max_ret": 0.006283612773037461, + "all_pos": false + }, + "montx": { + "name": "Monetta Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6517931119407059, + "corr_port": 0.21841731619562407, + "rets": { + "2022 bear mkt": -0.304761884906695, + "2023 rate shock": -0.09075413903619522, + "2024 vol spike": -0.09610661428510925, + "2025 tariff crash": -0.22152500865171332, + "2026 Q1 drawdown": -0.11875198981216173 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.304761884906695, + "max_ret": -0.09075413903619522, + "all_pos": false + }, + "mort": { + "name": "VanEck Mortgage REIT Income ETF", + "verdict": "weak/unstable alpha", + "t5": -0.8001561033635611, + "corr_port": 0.2600694928777911, + "rets": { + "2022 bear mkt": -0.36251072132426465, + "2023 rate shock": -0.18902736640131845, + "2024 vol spike": -0.08083345604763714, + "2025 tariff crash": -0.1697645947115366, + "2026 Q1 drawdown": -0.1159292163183332 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36251072132426465, + "max_ret": -0.08083345604763714, + "all_pos": false + }, + "motg": { + "name": "VanEck Morningstar Global Wide Moat ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8584007779566446, + "corr_port": 0.2759722374625135, + "rets": { + "2022 bear mkt": -0.22733275327406932, + "2023 rate shock": -0.14378723437082597, + "2024 vol spike": -0.03590567788469834, + "2025 tariff crash": -0.12366691064305435, + "2026 Q1 drawdown": -0.1152141830431852 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22733275327406932, + "max_ret": -0.03590567788469834, + "all_pos": false + }, + "moti": { + "name": "VanEck Morningstar International Moat ETF", + "verdict": "weak/unstable alpha", + "t5": -0.23882261313975328, + "corr_port": 0.31413539446318167, + "rets": { + "2022 bear mkt": -0.2426191620953596, + "2023 rate shock": -0.1521338916103795, + "2024 vol spike": -0.06266778344241797, + "2025 tariff crash": -0.1006892052278594, + "2026 Q1 drawdown": -0.14363074119728558 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2426191620953596, + "max_ret": -0.06266778344241797, + "all_pos": false + }, + "mpblx": { + "name": "BNY Mellon Asset Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8691672215177436, + "corr_port": 0.30356474535184985, + "rets": { + "2022 bear mkt": -0.20696816214031033, + "2023 rate shock": -0.0832453717756999, + "2024 vol spike": -0.04442629261715125, + "2025 tariff crash": -0.12893087403260728, + "2026 Q1 drawdown": -0.06654710500352035 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20696816214031033, + "max_ret": -0.04442629261715125, + "all_pos": false + }, + "mqlix": { + "name": "MFS Limited Maturity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.0837457888624018, + "corr_port": -0.0016491179864874315, + "rets": { + "2022 bear mkt": -0.05366272486470358, + "2023 rate shock": 0.003196336384604148, + "2024 vol spike": 0.012482740976307305, + "2025 tariff crash": 0.010685559730332361, + "2026 Q1 drawdown": 0.0004885076014293777 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.05366272486470358, + "max_ret": 0.012482740976307305, + "all_pos": false + }, + "mrbkx": { + "name": "MFS Total Return Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0930032463783625, + "corr_port": -0.024247344596193824, + "rets": { + "2022 bear mkt": -0.15462089690723557, + "2023 rate shock": -0.04204939681537445, + "2024 vol spike": 0.020476580937958788, + "2025 tariff crash": 0.00610307518723574, + "2026 Q1 drawdown": -0.004534190728169074 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15462089690723557, + "max_ret": 0.020476580937958788, + "all_pos": false + }, + "mresx": { + "name": "Cromwell CenterSquare Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0962634498652928, + "corr_port": 0.2321578792288191, + "rets": { + "2022 bear mkt": -0.309063156506142, + "2023 rate shock": -0.1501896620754274, + "2024 vol spike": -0.007098661177875276, + "2025 tariff crash": -0.12252310697090674, + "2026 Q1 drawdown": 0.0004058988654838114 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.309063156506142, + "max_ret": 0.0004058988654838114, + "all_pos": false + }, + "mrgax": { + "name": "MFS Core Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9521149661313162, + "corr_port": 0.27634311013642404, + "rets": { + "2022 bear mkt": -0.22771247692452112, + "2023 rate shock": -0.10027045647433208, + "2024 vol spike": -0.06212619868817548, + "2025 tariff crash": -0.18403047122506466, + "2026 Q1 drawdown": -0.0917431387858677 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22771247692452112, + "max_ret": -0.06212619868817548, + "all_pos": false + }, + "mrskx": { + "name": "MFS Research International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8140070168444207, + "corr_port": 0.3581214974209057, + "rets": { + "2022 bear mkt": -0.29288357438603063, + "2023 rate shock": -0.1082310019701096, + "2024 vol spike": -0.06221294969373781, + "2025 tariff crash": -0.10182437507001285, + "2026 Q1 drawdown": -0.0770629225736097 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29288357438603063, + "max_ret": -0.06221294969373781, + "all_pos": false + }, + "mscgx": { + "name": "Mercer US Small/Mid Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4498670753751562, + "corr_port": 0.2782281710530694, + "rets": { + "2022 bear mkt": -0.22663547548486573, + "2023 rate shock": -0.13223148439105126, + "2024 vol spike": -0.06928212194983707, + "2025 tariff crash": -0.20086961443133378, + "2026 Q1 drawdown": -0.06260720411663812 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22663547548486573, + "max_ret": -0.06260720411663812, + "all_pos": false + }, + "msfrx": { + "name": "MFS Total Return Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3024521290653845, + "corr_port": 0.3683323917778254, + "rets": { + "2022 bear mkt": -0.16646443008659284, + "2023 rate shock": -0.08167989129024233, + "2024 vol spike": -0.019986951911079687, + "2025 tariff crash": -0.07928034853398158, + "2026 Q1 drawdown": -0.022405893118697784 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16646443008659284, + "max_ret": -0.019986951911079687, + "all_pos": false + }, + "msggx": { + "name": "Meridian Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7929810350570483, + "corr_port": 0.19653228345622936, + "rets": { + "2022 bear mkt": -0.2915398461514547, + "2023 rate shock": -0.20742539048487874, + "2024 vol spike": -0.07060624650276093, + "2025 tariff crash": -0.24140460182636714, + "2026 Q1 drawdown": -0.10815173527037936 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2915398461514547, + "max_ret": -0.07060624650276093, + "all_pos": false + }, + "msncx": { + "name": "MFS North Carolina Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.20384050699588666, + "corr_port": 0.048390994087632665, + "rets": { + "2022 bear mkt": -0.12342874459666531, + "2023 rate shock": -0.06097435139684226, + "2024 vol spike": 0.015443428632093248, + "2025 tariff crash": -0.036592672914028346, + "2026 Q1 drawdown": -0.010527739662101299 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12342874459666531, + "max_ret": 0.015443428632093248, + "all_pos": false + }, + "msnyx": { + "name": "MFS New York Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.18007206237640622, + "corr_port": 0.03825837225700997, + "rets": { + "2022 bear mkt": -0.1453171070227689, + "2023 rate shock": -0.07207615227854225, + "2024 vol spike": 0.01760450736202901, + "2025 tariff crash": -0.0391188328816775, + "2026 Q1 drawdown": -0.008145606381268156 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1453171070227689, + "max_ret": 0.01760450736202901, + "all_pos": false + }, + "msoax": { + "name": "NYLI WMC Enduring Capital Fund", + "verdict": "weak/unstable alpha", + "t5": -0.48138864630322453, + "corr_port": 0.31599586906236515, + "rets": { + "2022 bear mkt": -0.19559624392081387, + "2023 rate shock": -0.0992624842065648, + "2024 vol spike": -0.043184233931615856, + "2025 tariff crash": -0.10231505886646719, + "2026 Q1 drawdown": -0.06951154425719519 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19559624392081387, + "max_ret": -0.043184233931615856, + "all_pos": false + }, + "mstbx": { + "name": "Morningstar Defensive Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3302126864268995, + "corr_port": -0.09222762338952366, + "rets": { + "2022 bear mkt": -0.05239216052977991, + "2023 rate shock": 0.00883742033823487, + "2024 vol spike": 0.011996060614265946, + "2025 tariff crash": 0.010404621631844524, + "2026 Q1 drawdown": -0.0002257383809672886 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.05239216052977991, + "max_ret": 0.011996060614265946, + "all_pos": false + }, + "mstfx": { + "name": "Morningstar International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.06525150810133654, + "corr_port": 0.3481834003496687, + "rets": { + "2022 bear mkt": -0.28865057266868444, + "2023 rate shock": -0.12150437803991188, + "2024 vol spike": -0.06250007669713475, + "2025 tariff crash": -0.11898025728723294, + "2026 Q1 drawdown": -0.08416666666666661 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28865057266868444, + "max_ret": -0.06250007669713475, + "all_pos": false + }, + "mstgx": { + "name": "Morningstar Global Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9933531707798834, + "corr_port": 0.39633968676694725, + "rets": { + "2022 bear mkt": -0.18310638439221805, + "2023 rate shock": -0.055943812594382525, + "2024 vol spike": -0.02131324981773941, + "2025 tariff crash": -0.05775244067938856, + "2026 Q1 drawdown": -0.009625154021934423 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18310638439221805, + "max_ret": -0.009625154021934423, + "all_pos": false + }, + "mstpx": { + "name": "Morningstar Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8044695679879178, + "corr_port": 0.06023607150977809, + "rets": { + "2022 bear mkt": -0.0885587211468335, + "2023 rate shock": -0.03586269615894433, + "2024 vol spike": 0.010718430862400874, + "2025 tariff crash": -0.02509098865640491, + "2026 Q1 drawdown": -0.006358255774320809 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0885587211468335, + "max_ret": 0.010718430862400874, + "all_pos": false + }, + "mstqx": { + "name": "Morningstar U.S. Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1608694975109107, + "corr_port": 0.28865935307024193, + "rets": { + "2022 bear mkt": -0.22911886703312978, + "2023 rate shock": -0.10144932315027322, + "2024 vol spike": -0.05535050731347424, + "2025 tariff crash": -0.16565821771985634, + "2026 Q1 drawdown": -0.0831973898858075 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22911886703312978, + "max_ret": -0.05535050731347424, + "all_pos": false + }, + "msvax": { + "name": "MFS Virginia Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.0687098259676151, + "corr_port": 0.0410074257904861, + "rets": { + "2022 bear mkt": -0.12222834009131167, + "2023 rate shock": -0.06721518061403553, + "2024 vol spike": 0.014245316461135138, + "2025 tariff crash": -0.039911403435927584, + "2026 Q1 drawdown": -0.012464648871665762 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12222834009131167, + "max_ret": 0.014245316461135138, + "all_pos": false + }, + "mtbax": { + "name": "NYLI MacKay Tax Free Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.05489553348841294, + "corr_port": 0.04895433019990402, + "rets": { + "2022 bear mkt": -0.12949577901630915, + "2023 rate shock": -0.054215306130610985, + "2024 vol spike": 0.01471555606345576, + "2025 tariff crash": -0.029897147929582202, + "2026 Q1 drawdown": -0.01034498248233795 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12949577901630915, + "max_ret": 0.01471555606345576, + "all_pos": false + }, + "mtcax": { + "name": "MFS Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0468238163735417, + "corr_port": 0.11863020730276233, + "rets": { + "2022 bear mkt": -0.3720609119707259, + "2023 rate shock": -0.09127509337847384, + "2024 vol spike": -0.09409226841759644, + "2025 tariff crash": -0.24844721876417375, + "2026 Q1 drawdown": -0.15500794419688568 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3720609119707259, + "max_ret": -0.09127509337847384, + "all_pos": false + }, + "mtcgx": { + "name": "M Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8592490141886018, + "corr_port": 0.17749945161539604, + "rets": { + "2022 bear mkt": -0.31566547308516035, + "2023 rate shock": -0.09603707230873937, + "2024 vol spike": -0.0945986268598158, + "2025 tariff crash": -0.21856983146712994, + "2026 Q1 drawdown": -0.112057226432413 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31566547308516035, + "max_ret": -0.0945986268598158, + "all_pos": false + }, + "mtlfx": { + "name": "MFS Municipal Limited Maturity Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.4411309183080558, + "corr_port": 0.055601718906850804, + "rets": { + "2022 bear mkt": -0.06836194061055567, + "2023 rate shock": -0.01639807103201074, + "2024 vol spike": 0.010097788102919392, + "2025 tariff crash": -0.010061467525373957, + "2026 Q1 drawdown": -0.009908801117824884 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.06836194061055567, + "max_ret": 0.010097788102919392, + "all_pos": false + }, + "mtrax": { + "name": "NYLI Income Builder Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2772142500410893, + "corr_port": 0.36856847268694853, + "rets": { + "2022 bear mkt": -0.21684407551746976, + "2023 rate shock": -0.08608862552196539, + "2024 vol spike": -0.03199112800344894, + "2025 tariff crash": -0.09835282129151668, + "2026 Q1 drawdown": -0.025163718110992495 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21684407551746976, + "max_ret": -0.025163718110992495, + "all_pos": false + }, + "mueax": { + "name": "MFS Blended Research Core Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7467263110146874, + "corr_port": 0.29953587757080846, + "rets": { + "2022 bear mkt": -0.21512852316155306, + "2023 rate shock": -0.09174007923409311, + "2024 vol spike": -0.07253749940235854, + "2025 tariff crash": -0.19002437093503366, + "2026 Q1 drawdown": -0.08500890595548716 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21512852316155306, + "max_ret": -0.07253749940235854, + "all_pos": false + }, + "mvalx": { + "name": "MERIDIAN CONTRARIAN FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.35100415979053534, + "corr_port": 0.28539187167281904, + "rets": { + "2022 bear mkt": -0.2429644334868405, + "2023 rate shock": -0.17747272047892848, + "2024 vol spike": -0.08165891132067782, + "2025 tariff crash": -0.21845770424560151, + "2026 Q1 drawdown": -0.08452683728574795 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2429644334868405, + "max_ret": -0.08165891132067782, + "all_pos": false + }, + "mvcax": { + "name": "MFS Mid Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5090570929725464, + "corr_port": 0.3834691698977543, + "rets": { + "2022 bear mkt": -0.18397989021849515, + "2023 rate shock": -0.12239398461083006, + "2024 vol spike": -0.04146486105153657, + "2025 tariff crash": -0.16287999576578793, + "2026 Q1 drawdown": -0.05110188601411325 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18397989021849515, + "max_ret": -0.04146486105153657, + "all_pos": false + }, + "mveix": { + "name": "Monteagle Select Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.7421827545915518, + "corr_port": 0.2671727990757026, + "rets": { + "2022 bear mkt": -0.2020813188411813, + "2023 rate shock": -0.09791991225454377, + "2024 vol spike": -0.045768640654987314, + "2025 tariff crash": -0.13613177772616936, + "2026 Q1 drawdown": -0.04851521758211608 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2020813188411813, + "max_ret": -0.045768640654987314, + "all_pos": false + }, + "mvgax": { + "name": "MFS Low Volatility Global Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 1.355411563208218, + "corr_port": 0.3671156432313979, + "rets": { + "2022 bear mkt": -0.18012416372340712, + "2023 rate shock": -0.06655446542427157, + "2024 vol spike": -0.03255279765297581, + "2025 tariff crash": -0.07500029403424124, + "2026 Q1 drawdown": -0.0442296060039703 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18012416372340712, + "max_ret": -0.03255279765297581, + "all_pos": false + }, + "mwefx": { + "name": "MFS Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3525855128403492, + "corr_port": 0.3415246808052925, + "rets": { + "2022 bear mkt": -0.28271545366093176, + "2023 rate shock": -0.13294341389641107, + "2024 vol spike": -0.04268786290311344, + "2025 tariff crash": -0.14223294052961244, + "2026 Q1 drawdown": -0.11907097217256868 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28271545366093176, + "max_ret": -0.04268786290311344, + "all_pos": false + }, + "mwofx": { + "name": "MFS Global Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.6787926472571937, + "corr_port": 0.2724918535417036, + "rets": { + "2022 bear mkt": -0.2733007107551527, + "2023 rate shock": -0.11725203626201774, + "2024 vol spike": -0.04821547877548871, + "2025 tariff crash": -0.1597113648178734, + "2026 Q1 drawdown": -0.11698897235096695 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2733007107551527, + "max_ret": -0.04821547877548871, + "all_pos": false + }, + "mxccx": { + "name": "Federated Hermes Max-Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6392675457752635, + "corr_port": 0.28164085365563, + "rets": { + "2022 bear mkt": -0.25228186495507876, + "2023 rate shock": -0.10017563950859032, + "2024 vol spike": -0.071999957200782, + "2025 tariff crash": -0.18630132200690663, + "2026 Q1 drawdown": -0.0896103896103897 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25228186495507876, + "max_ret": -0.071999957200782, + "all_pos": false + }, + "mxigx": { + "name": "Empower International Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -2.462720695469626, + "corr_port": 0.23829870978608336, + "rets": { + "2022 bear mkt": -0.39151062999466957, + "2023 rate shock": -0.15384606731432282, + "2024 vol spike": -0.06709948024503376, + "2025 tariff crash": -0.15676456562279883, + "2026 Q1 drawdown": -0.12306610407876228 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.39151062999466957, + "max_ret": -0.06709948024503376, + "all_pos": false + }, + "naarx": { + "name": "American Funds Retirement Income Portfolio - Conservative", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3072062850402153, + "corr_port": 0.2989441800367642, + "rets": { + "2022 bear mkt": -0.1534856959056946, + "2023 rate shock": -0.05611831644353116, + "2024 vol spike": -0.005987736553853096, + "2025 tariff crash": -0.04414643904251214, + "2026 Q1 drawdown": -0.024037806365384884 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1534856959056946, + "max_ret": -0.005987736553853096, + "all_pos": false + }, + "nacmx": { + "name": "Columbia California Intermediate Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.09396480245326518, + "corr_port": 0.043295790890780374, + "rets": { + "2022 bear mkt": -0.08789719296434895, + "2023 rate shock": -0.030897351234708936, + "2024 vol spike": 0.011318100111697094, + "2025 tariff crash": -0.019393043704392876, + "2026 Q1 drawdown": -0.01295142413424677 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08789719296434895, + "max_ret": 0.011318100111697094, + "all_pos": false + }, + "nanr": { + "name": "State Street(R) SPDR(R) S&P(R) North American Natural Resources ETF", + "verdict": "weak/unstable alpha", + "t5": 0.5466302547761017, + "corr_port": 0.37113923738377547, + "rets": { + "2022 bear mkt": 0.13880246166415033, + "2023 rate shock": -0.07414947418377227, + "2024 vol spike": -0.08565262826044706, + "2025 tariff crash": -0.15996278176580192, + "2026 Q1 drawdown": 0.04203374047422326 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15996278176580192, + "max_ret": 0.13880246166415033, + "all_pos": false + }, + "napix": { + "name": "Voya Multi-Manager International Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.005725340198476609, + "corr_port": 0.3828035762522231, + "rets": { + "2022 bear mkt": -0.29930233625140945, + "2023 rate shock": -0.1259312097631511, + "2024 vol spike": -0.0789216478916912, + "2025 tariff crash": -0.10989714251827942, + "2026 Q1 drawdown": -0.0862282403530581 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29930233625140945, + "max_ret": -0.0789216478916912, + "all_pos": false + }, + "nbarx": { + "name": "American Funds Retirement Income Portfolio - Moderate", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4007587078841768, + "corr_port": 0.3413642604774375, + "rets": { + "2022 bear mkt": -0.1670543202659367, + "2023 rate shock": -0.06499783141881021, + "2024 vol spike": -0.0176565906370717, + "2025 tariff crash": -0.06743419664318606, + "2026 Q1 drawdown": -0.03468548636505264 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1670543202659367, + "max_ret": -0.0176565906370717, + "all_pos": false + }, + "nbiax": { + "name": "Columbia Capital Allocation Moderate Aggressive Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3772404613115654, + "corr_port": 0.29696032043443304, + "rets": { + "2022 bear mkt": -0.23520105673985936, + "2023 rate shock": -0.07629681020954115, + "2024 vol spike": -0.05192633622829179, + "2025 tariff crash": -0.12190982811161544, + "2026 Q1 drawdown": -0.061210302411778494 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23520105673985936, + "max_ret": -0.05192633622829179, + "all_pos": false + }, + "nbngx": { + "name": "SIT MID CAP GROWTH FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5296341818558834, + "corr_port": 0.20404761280611597, + "rets": { + "2022 bear mkt": -0.2922623778137414, + "2023 rate shock": -0.1373971594411043, + "2024 vol spike": -0.07988036981846014, + "2025 tariff crash": -0.21341463132721017, + "2026 Q1 drawdown": -0.08562691131498468 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2922623778137414, + "max_ret": -0.07988036981846014, + "all_pos": false + }, + "nbrvx": { + "name": "Neuberger Mid Cap Intrinsic Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5424708792138131, + "corr_port": 0.3552160849152223, + "rets": { + "2022 bear mkt": -0.19242196664925282, + "2023 rate shock": -0.12603387868062832, + "2024 vol spike": -0.07725783690751165, + "2025 tariff crash": -0.2158327138918017, + "2026 Q1 drawdown": -0.06822323969354249 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2158327138918017, + "max_ret": -0.06822323969354249, + "all_pos": false + }, + "ncaax": { + "name": "Nuveen California Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.4168978725143216, + "corr_port": 0.04365935184667315, + "rets": { + "2022 bear mkt": -0.13951008165980883, + "2023 rate shock": -0.053973734686903585, + "2024 vol spike": 0.01490758364366851, + "2025 tariff crash": -0.032857164991271226, + "2026 Q1 drawdown": -0.003879161967339284 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13951008165980883, + "max_ret": 0.01490758364366851, + "all_pos": false + }, + "ncbgx": { + "name": "New Covenant Balanced Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3393183654919558, + "corr_port": 0.2453627938211466, + "rets": { + "2022 bear mkt": -0.1988413036440997, + "2023 rate shock": -0.076448973344025, + "2024 vol spike": -0.0376800472102129, + "2025 tariff crash": -0.11062873864088629, + "2026 Q1 drawdown": -0.056919546310820746 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1988413036440997, + "max_ret": -0.0376800472102129, + "all_pos": false + }, + "ncbix": { + "name": "New Covenant Balanced Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7158635301584895, + "corr_port": 0.22805894703209006, + "rets": { + "2022 bear mkt": -0.16652601671062384, + "2023 rate shock": -0.055595326677453705, + "2024 vol spike": -0.014977859760600731, + "2025 tariff crash": -0.058323646959991815, + "2026 Q1 drawdown": -0.035546057139532294 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16652601671062384, + "max_ret": -0.014977859760600731, + "all_pos": false + }, + "ncgfx": { + "name": "New Covenant Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5743029915763584, + "corr_port": 0.27681392175362945, + "rets": { + "2022 bear mkt": -0.252875750750687, + "2023 rate shock": -0.10656104890679485, + "2024 vol spike": -0.07283160714403314, + "2025 tariff crash": -0.19044961392069748, + "2026 Q1 drawdown": -0.0906035703724889 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.252875750750687, + "max_ret": -0.07283160714403314, + "all_pos": false + }, + "nchax": { + "name": "Nuveen California High Yield Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.8845901598319669, + "corr_port": 0.07303664238728719, + "rets": { + "2022 bear mkt": -0.23774068032038298, + "2023 rate shock": -0.10000095253098473, + "2024 vol spike": 0.018349938886726536, + "2025 tariff crash": -0.0445259575545941, + "2026 Q1 drawdown": -0.009325786799012525 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.23774068032038298, + "max_ret": 0.018349938886726536, + "all_pos": false + }, + "ncicx": { + "name": "New Covenant Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.04739152982244618, + "corr_port": -0.06398565563681417, + "rets": { + "2022 bear mkt": -0.1237438762417109, + "2023 rate shock": -0.0293989575972311, + "2024 vol spike": 0.01929845925372864, + "2025 tariff crash": 0.014576411605722539, + "2026 Q1 drawdown": -0.005266966986761101 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1237438762417109, + "max_ret": 0.01929845925372864, + "all_pos": false + }, + "ncirx": { + "name": "Nuveen Core Impact Bond Managed Accounts Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4329515068452245, + "corr_port": -0.0343748666498373, + "rets": { + "2022 bear mkt": -0.18303299183504673, + "2023 rate shock": -0.04816336893167439, + "2024 vol spike": 0.018173797109878542, + "2025 tariff crash": 0.004309954127130755, + "2026 Q1 drawdown": -0.0032368029484909355 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.18303299183504673, + "max_ret": 0.018173797109878542, + "all_pos": false + }, + "nclex": { + "name": "NICHOLAS LTD EDITION INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0326605486131437, + "corr_port": 0.20661377332384387, + "rets": { + "2022 bear mkt": -0.25171480211105635, + "2023 rate shock": -0.1479374450569204, + "2024 vol spike": -0.04612302478297858, + "2025 tariff crash": -0.16194867201794916, + "2026 Q1 drawdown": -0.14696608144074408 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25171480211105635, + "max_ret": -0.04612302478297858, + "all_pos": false + }, + "ncoax": { + "name": "Nuveen High Yield Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.362503340232803, + "corr_port": 0.31640160909042697, + "rets": { + "2022 bear mkt": -0.13601474941373348, + "2023 rate shock": -0.021265418747361098, + "2024 vol spike": -0.005217230615314539, + "2025 tariff crash": -0.035989862140222595, + "2026 Q1 drawdown": -0.012561348799787098 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13601474941373348, + "max_ret": -0.005217230615314539, + "all_pos": false + }, + "nctwx": { + "name": "NICHOLAS II INC", + "verdict": "weak/unstable alpha", + "t5": -1.6128804987823193, + "corr_port": 0.24851656176619372, + "rets": { + "2022 bear mkt": -0.2379578838780404, + "2023 rate shock": -0.12547769589783153, + "2024 vol spike": -0.06289484498984588, + "2025 tariff crash": -0.17282509283525538, + "2026 Q1 drawdown": -0.12078742478436522 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2379578838780404, + "max_ret": -0.06289484498984588, + "all_pos": false + }, + "ndarx": { + "name": "American Funds Retirement Income Portfolio - Enhanced", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8154419164824598, + "corr_port": 0.34374519607458276, + "rets": { + "2022 bear mkt": -0.1829492956800094, + "2023 rate shock": -0.07009234395557506, + "2024 vol spike": -0.028718835933194575, + "2025 tariff crash": -0.09120230606976232, + "2026 Q1 drawdown": -0.0466150567473973 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1829492956800094, + "max_ret": -0.028718835933194575, + "all_pos": false + }, + "ndvax": { + "name": "MFS New Discovery Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.17881004193510458, + "corr_port": 0.3535439794998781, + "rets": { + "2022 bear mkt": -0.21344093367690864, + "2023 rate shock": -0.1524662083521071, + "2024 vol spike": -0.06173393672791749, + "2025 tariff crash": -0.19835618365989893, + "2026 Q1 drawdown": -0.06964891214214763 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21344093367690864, + "max_ret": -0.06173393672791749, + "all_pos": false + }, + "nefjx": { + "name": "Vaughan Nelson Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6600215438950806, + "corr_port": 0.32576348070799194, + "rets": { + "2022 bear mkt": -0.16240878873362286, + "2023 rate shock": -0.1365937245011497, + "2024 vol spike": -0.08276858929340292, + "2025 tariff crash": -0.19740764760770146, + "2026 Q1 drawdown": -0.05823462873878482 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19740764760770146, + "max_ret": -0.05823462873878482, + "all_pos": false + }, + "nefox": { + "name": "Natixis Oakmark Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7064423213528095, + "corr_port": 0.36024682999505664, + "rets": { + "2022 bear mkt": -0.2179056719956033, + "2023 rate shock": -0.11652301195130355, + "2024 vol spike": -0.05315613933937413, + "2025 tariff crash": -0.16109328445922233, + "2026 Q1 drawdown": -0.04214189450689776 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2179056719956033, + "max_ret": -0.04214189450689776, + "all_pos": false + }, + "nefrx": { + "name": "Loomis Sayles Core Plus Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3775061410688526, + "corr_port": -0.04483250045239879, + "rets": { + "2022 bear mkt": -0.1503094096426031, + "2023 rate shock": -0.05305693855115223, + "2024 vol spike": 0.019152306814727904, + "2025 tariff crash": 0.004986525169492273, + "2026 Q1 drawdown": -0.007632860577230005 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1503094096426031, + "max_ret": 0.019152306814727904, + "all_pos": false + }, + "nefzx": { + "name": "Loomis Sayles Strategic Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.42368016283446797, + "corr_port": 0.2502792435552544, + "rets": { + "2022 bear mkt": -0.15325539882995554, + "2023 rate shock": -0.04742148022876991, + "2024 vol spike": 0.006673076660609567, + "2025 tariff crash": -0.02094192341220069, + "2026 Q1 drawdown": -0.02195464361082955 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15325539882995554, + "max_ret": 0.006673076660609567, + "all_pos": false + }, + "nesgx": { + "name": "Needham Small Cap Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.012951966507039458, + "corr_port": 0.11422310600775452, + "rets": { + "2022 bear mkt": -0.40196493793987975, + "2023 rate shock": -0.2591241326566829, + "2024 vol spike": -0.1415143080939948, + "2025 tariff crash": -0.3105120922108945, + "2026 Q1 drawdown": -0.03580672993960299 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.40196493793987975, + "max_ret": -0.03580672993960299, + "all_pos": false + }, + "newfx": { + "name": "NEW WORLD FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1962453841989074, + "corr_port": 0.2893721125804052, + "rets": { + "2022 bear mkt": -0.2884502394335604, + "2023 rate shock": -0.10959808631841916, + "2024 vol spike": -0.06495747222802783, + "2025 tariff crash": -0.1296182125563673, + "2026 Q1 drawdown": -0.10788712625498931 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2884502394335604, + "max_ret": -0.06495747222802783, + "all_pos": false + }, + "nfrax": { + "name": "Nuveen Floating Rate Income Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 4.9322736737743265, + "corr_port": 0.32008937488256256, + "rets": { + "2022 bear mkt": -0.03742623831598724, + "2023 rate shock": 0.011557864501364534, + "2024 vol spike": -0.0011037631629720046, + "2025 tariff crash": -0.016717226011150443, + "2026 Q1 drawdown": -0.0013418442053222401 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.03742623831598724, + "max_ret": 0.011557864501364534, + "all_pos": false + }, + "ngcax": { + "name": "Columbia Greater China Fund", + "verdict": "weak/unstable alpha", + "t5": -1.9158713504078442, + "corr_port": 0.13124746807645205, + "rets": { + "2022 bear mkt": -0.3719123685262177, + "2023 rate shock": -0.14717407768115853, + "2024 vol spike": -0.05930269857351833, + "2025 tariff crash": -0.1749607281306591, + "2026 Q1 drawdown": -0.14612076783806316 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3719123685262177, + "max_ret": -0.05930269857351833, + "all_pos": false + }, + "nhmax": { + "name": "Nuveen High Yield Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.18272527923420856, + "corr_port": 0.09222306824618037, + "rets": { + "2022 bear mkt": -0.17894145191565425, + "2023 rate shock": -0.0968888408361327, + "2024 vol spike": 0.013966473313540062, + "2025 tariff crash": -0.05126254383352136, + "2026 Q1 drawdown": -0.008551626589392458 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17894145191565425, + "max_ret": 0.013966473313540062, + "all_pos": false + }, + "nicsx": { + "name": "NICHOLAS FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0734891037849508, + "corr_port": 0.23453129754015895, + "rets": { + "2022 bear mkt": -0.24330939116788652, + "2023 rate shock": -0.08344348528404633, + "2024 vol spike": -0.0648226850468897, + "2025 tariff crash": -0.16811228980934534, + "2026 Q1 drawdown": -0.11073899163166123 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24330939116788652, + "max_ret": -0.0648226850468897, + "all_pos": false + }, + "njtfx": { + "name": "T. Rowe Price New Jersey Tax-Free Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6152588519873272, + "corr_port": 0.04417422438142261, + "rets": { + "2022 bear mkt": -0.11533941532010838, + "2023 rate shock": -0.05142720370439191, + "2024 vol spike": 0.014161402212453433, + "2025 tariff crash": -0.03274674950924383, + "2026 Q1 drawdown": -0.00863779218053251 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11533941532010838, + "max_ret": 0.014161402212453433, + "all_pos": false + }, + "nlgax": { + "name": "Columbia Capital Allocation Moderate Conservative Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7942240932657684, + "corr_port": 0.25900962498748575, + "rets": { + "2022 bear mkt": -0.1926343666193493, + "2023 rate shock": -0.05962914582246148, + "2024 vol spike": -0.02003995118970714, + "2025 tariff crash": -0.06248668610539265, + "2026 Q1 drawdown": -0.041035829047525674 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1926343666193493, + "max_ret": -0.02003995118970714, + "all_pos": false + }, + "nmaax": { + "name": "Nuveen Massachusetts Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.36106150457886943, + "corr_port": 0.03781494868656306, + "rets": { + "2022 bear mkt": -0.13282139896347256, + "2023 rate shock": -0.051578271791732244, + "2024 vol spike": 0.013327714839846072, + "2025 tariff crash": -0.031528056645268365, + "2026 Q1 drawdown": -0.004204646782831611 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13282139896347256, + "max_ret": 0.013327714839846072, + "all_pos": false + }, + "nmbax": { + "name": "Nuveen Intermediate Duration Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.35536241947149133, + "corr_port": 0.05331358698509937, + "rets": { + "2022 bear mkt": -0.10312457095582139, + "2023 rate shock": -0.041598672587955576, + "2024 vol spike": 0.012615449308150284, + "2025 tariff crash": -0.024351481558854138, + "2026 Q1 drawdown": -0.013750653002168822 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10312457095582139, + "max_ret": 0.012615449308150284, + "all_pos": false + }, + "nmdax": { + "name": "Nuveen Maryland Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.19942998805631712, + "corr_port": 0.03606238437182063, + "rets": { + "2022 bear mkt": -0.13212812517953287, + "2023 rate shock": -0.06342080583329046, + "2024 vol spike": 0.01686880516376732, + "2025 tariff crash": -0.03706639540908363, + "2026 Q1 drawdown": -0.009423966895855895 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13212812517953287, + "max_ret": 0.01686880516376732, + "all_pos": false + }, + "nmiex": { + "name": "ACTIVE M INTERNATIONAL EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5194819856247018, + "corr_port": 0.373239667676834, + "rets": { + "2022 bear mkt": -0.3014996377252087, + "2023 rate shock": -0.11305065765899003, + "2024 vol spike": -0.06530286711488908, + "2025 tariff crash": -0.12243153856656097, + "2026 Q1 drawdown": -0.08900144717800296 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3014996377252087, + "max_ret": -0.06530286711488908, + "all_pos": false + }, + "nmmex": { + "name": "ACTIVE M EMERGING MARKETS EQUITY FUND", + "verdict": "weak/unstable alpha", + "t5": -0.3873971184733235, + "corr_port": 0.3187242722465449, + "rets": { + "2022 bear mkt": -0.2826086817823954, + "2023 rate shock": -0.10828015232518284, + "2024 vol spike": -0.09197651007184027, + "2025 tariff crash": -0.1345407272786292, + "2026 Q1 drawdown": -0.10000004054053868 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2826086817823954, + "max_ret": -0.09197651007184027, + "all_pos": false + }, + "nmmgx": { + "name": "MULTI-MANAGER GLOBAL REAL ESTATE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6674972243241934, + "corr_port": 0.28490440299527303, + "rets": { + "2022 bear mkt": -0.3299642428467109, + "2023 rate shock": -0.14701060156103396, + "2024 vol spike": -0.026901741397853507, + "2025 tariff crash": -0.12530149247118139, + "2026 Q1 drawdown": -0.04059049712715279 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3299642428467109, + "max_ret": -0.026901741397853507, + "all_pos": false + }, + "nmuix": { + "name": "Neuberger Municipal Intermediate Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.15120668817106414, + "corr_port": 0.03703433854372351, + "rets": { + "2022 bear mkt": -0.11255591702142165, + "2023 rate shock": -0.03632275009238761, + "2024 vol spike": 0.01325025842256089, + "2025 tariff crash": -0.0199391081413699, + "2026 Q1 drawdown": -0.008770258206211912 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11255591702142165, + "max_ret": 0.01325025842256089, + "all_pos": false + }, + "nnjax": { + "name": "Nuveen New Jersey Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.1487288268076536, + "corr_port": 0.037425505792616685, + "rets": { + "2022 bear mkt": -0.13361273533743567, + "2023 rate shock": -0.06330756808467142, + "2024 vol spike": 0.015938810243451007, + "2025 tariff crash": -0.03574951815246097, + "2026 Q1 drawdown": -0.009925729510958603 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13361273533743567, + "max_ret": 0.015938810243451007, + "all_pos": false + }, + "nnyax": { + "name": "Nuveen New York Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.0358315136149504, + "corr_port": 0.03868299559179597, + "rets": { + "2022 bear mkt": -0.144450940837201, + "2023 rate shock": -0.06926421032836105, + "2024 vol spike": 0.014425659128329382, + "2025 tariff crash": -0.03366844402826907, + "2026 Q1 drawdown": -0.003823426218504178 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.144450940837201, + "max_ret": 0.014425659128329382, + "all_pos": false + }, + "noiax": { + "name": "Natixis Oakmark International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3674126222295156, + "corr_port": 0.37828800074791696, + "rets": { + "2022 bear mkt": -0.33505166973901845, + "2023 rate shock": -0.17786562192322886, + "2024 vol spike": -0.06561858935873677, + "2025 tariff crash": -0.12567569525659772, + "2026 Q1 drawdown": -0.1210262130507529 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33505166973901845, + "max_ret": -0.06561858935873677, + "all_pos": false + }, + "notax": { + "name": "DWS Strategic High Yield Tax-Free Fund", + "verdict": "weak/unstable alpha", + "t5": -1.7410536981851819, + "corr_port": 0.04383475934520356, + "rets": { + "2022 bear mkt": -0.18264807699825347, + "2023 rate shock": -0.06593030707052505, + "2024 vol spike": 0.02025900773537259, + "2025 tariff crash": -0.037741485500868976, + "2026 Q1 drawdown": -0.009725626530474374 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.18264807699825347, + "max_ret": 0.02025900773537259, + "all_pos": false + }, + "nphix": { + "name": "HIGH INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.31662536619806503, + "corr_port": 0.3057061267757481, + "rets": { + "2022 bear mkt": -0.14687277961945622, + "2023 rate shock": -0.027699512265229265, + "2024 vol spike": -0.002688809880289633, + "2025 tariff crash": -0.03315882944304216, + "2026 Q1 drawdown": -0.015098406818847665 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14687277961945622, + "max_ret": -0.002688809880289633, + "all_pos": false + }, + "npscx": { + "name": "Nuveen Preferred Securities and Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8919480005195736, + "corr_port": 0.31228592721714066, + "rets": { + "2022 bear mkt": -0.1358989895485937, + "2023 rate shock": -0.029631780737320756, + "2024 vol spike": -0.0010378741913920075, + "2025 tariff crash": -0.018327148779793134, + "2026 Q1 drawdown": -0.022897435928181387 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1358989895485937, + "max_ret": -0.0010378741913920075, + "all_pos": false + }, + "nrfax": { + "name": "AEW Global Focused Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9017434413213036, + "corr_port": 0.27070702838404087, + "rets": { + "2022 bear mkt": -0.3317827709394454, + "2023 rate shock": -0.1364739095990236, + "2024 vol spike": -0.02403835338319249, + "2025 tariff crash": -0.12703475302475653, + "2026 Q1 drawdown": -0.034912948626430684 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3317827709394454, + "max_ret": -0.02403835338319249, + "all_pos": false + }, + "nsaox": { + "name": "Nuveen Strategic Municipal Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -0.13906876621021944, + "corr_port": 0.06210329639707311, + "rets": { + "2022 bear mkt": -0.160047741225672, + "2023 rate shock": -0.05650756651218147, + "2024 vol spike": 0.015299482972834788, + "2025 tariff crash": -0.03019507858532544, + "2026 Q1 drawdown": -0.010062105044541081 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.160047741225672, + "max_ret": 0.015299482972834788, + "all_pos": false + }, + "nsbax": { + "name": "Nuveen Dividend Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9221635563647291, + "corr_port": 0.3366858977482437, + "rets": { + "2022 bear mkt": -0.19524327443444078, + "2023 rate shock": -0.09706112521013455, + "2024 vol spike": -0.036500978082604774, + "2025 tariff crash": -0.1443439656933957, + "2026 Q1 drawdown": -0.058973090494668146 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19524327443444078, + "max_ret": -0.036500978082604774, + "all_pos": false + }, + "nseix": { + "name": "NICHOLAS EQUITY INCOME FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5649936182087678, + "corr_port": 0.35928196616379293, + "rets": { + "2022 bear mkt": -0.18982283209647788, + "2023 rate shock": -0.10354583414549656, + "2024 vol spike": -0.03737446819245771, + "2025 tariff crash": -0.13767166979353063, + "2026 Q1 drawdown": -0.046308362109379386 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18982283209647788, + "max_ret": -0.03737446819245771, + "all_pos": false + }, + "nsmax": { + "name": "Nuveen Small/Mid Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5209001241271212, + "corr_port": 0.34892264523238886, + "rets": { + "2022 bear mkt": -0.17169997726965458, + "2023 rate shock": -0.10150509297037613, + "2024 vol spike": -0.07339992966388276, + "2025 tariff crash": -0.19253135541355504, + "2026 Q1 drawdown": -0.08699249066535475 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19253135541355504, + "max_ret": -0.07339992966388276, + "all_pos": false + }, + "nsmmx": { + "name": "Columbia Short Duration Municipal Bond Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.0908363335975677, + "corr_port": 0.057607466928766934, + "rets": { + "2022 bear mkt": -0.04428032105231483, + "2023 rate shock": -0.012504953318844825, + "2024 vol spike": 0.009026492921546891, + "2025 tariff crash": -0.006636761507501476, + "2026 Q1 drawdown": -0.00558546769513657 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04428032105231483, + "max_ret": 0.009026492921546891, + "all_pos": false + }, + "nstrx": { + "name": "Columbia Short Term Bond Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 4.339387784265224, + "corr_port": 0.01981580740616467, + "rets": { + "2022 bear mkt": -0.05748104685207256, + "2023 rate shock": 0.00426103750850082, + "2024 vol spike": 0.009993058841839764, + "2025 tariff crash": 0.004601240217589897, + "2026 Q1 drawdown": -0.001136929092062866 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.05748104685207256, + "max_ret": 0.009993058841839764, + "all_pos": false + }, + "nthex": { + "name": "NORTHEAST INVESTORS TRUST", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.8022220176987005, + "corr_port": 0.25014664725373204, + "rets": { + "2022 bear mkt": -0.04988985032503468, + "2023 rate shock": 0.005698062334111409, + "2024 vol spike": 0.002777574135845562, + "2025 tariff crash": -0.030137223544457914, + "2026 Q1 drawdown": -0.007826148752304696 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.04988985032503468, + "max_ret": 0.005698062334111409, + "all_pos": false + }, + "nugax": { + "name": "Nuveen Global Dividend Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.967655282856788, + "corr_port": 0.36446663347120906, + "rets": { + "2022 bear mkt": -0.213085948573566, + "2023 rate shock": -0.10400027975854997, + "2024 vol spike": -0.04121101328641186, + "2025 tariff crash": -0.14675199389736582, + "2026 Q1 drawdown": -0.052722517923350476 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.213085948573566, + "max_ret": -0.04121101328641186, + "all_pos": false + }, + "nvhax": { + "name": "Nuveen Short Duration High Yield Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.4923718940941686, + "corr_port": 0.12459817908509871, + "rets": { + "2022 bear mkt": -0.09074138415975919, + "2023 rate shock": -0.03529661790961136, + "2024 vol spike": 0.0068001035031526325, + "2025 tariff crash": -0.020859567838215076, + "2026 Q1 drawdown": -0.0028204461448865237 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09074138415975919, + "max_ret": 0.0068001035031526325, + "all_pos": false + }, + "nwhnx": { + "name": "Nationwide Bailard International Equities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5342647756988546, + "corr_port": 0.41181144969138145, + "rets": { + "2022 bear mkt": -0.2888451589702684, + "2023 rate shock": -0.09024714397132672, + "2024 vol spike": -0.07302239020958678, + "2025 tariff crash": -0.10541853322326833, + "2026 Q1 drawdown": -0.06329351460115196 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2888451589702684, + "max_ret": -0.06329351460115196, + "all_pos": false + }, + "nwqax": { + "name": "Nuveen Flexible Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.20032520772573356, + "corr_port": 0.3139708138195088, + "rets": { + "2022 bear mkt": -0.17502632567715848, + "2023 rate shock": -0.0466824665525678, + "2024 vol spike": -0.011844411022687962, + "2025 tariff crash": -0.04057815834763512, + "2026 Q1 drawdown": -0.01672963414736095 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17502632567715848, + "max_ret": -0.011844411022687962, + "all_pos": false + }, + "nyaax": { + "name": "AMERICAN FUNDS TAX-EXEMPT FUND OF NEW YORK", + "verdict": "weak/unstable alpha", + "t5": 0.2848485416020885, + "corr_port": 0.02123427901126245, + "rets": { + "2022 bear mkt": -0.1282595005059297, + "2023 rate shock": -0.06074160407989604, + "2024 vol spike": 0.014515167124987904, + "2025 tariff crash": -0.03766006727059101, + "2026 Q1 drawdown": -0.007755216988444724 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1282595005059297, + "max_ret": 0.014515167124987904, + "all_pos": false + }, + "nyvtx": { + "name": "Davis New York Venture Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.305030339887884, + "corr_port": 0.33328620674551024, + "rets": { + "2022 bear mkt": -0.2788240318253732, + "2023 rate shock": -0.11843586748081825, + "2024 vol spike": -0.0879886997712156, + "2025 tariff crash": -0.16636796683874766, + "2026 Q1 drawdown": -0.06303912639505327 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2788240318253732, + "max_ret": -0.06303912639505327, + "all_pos": false + }, + "oafix": { + "name": "OPTIMUM FIXED INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9567030956863072, + "corr_port": -0.05197692247785588, + "rets": { + "2022 bear mkt": -0.158829696468769, + "2023 rate shock": -0.04551041254509647, + "2024 vol spike": 0.019300372787349973, + "2025 tariff crash": 0.0012299556480563911, + "2026 Q1 drawdown": -0.010765550239234423 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.158829696468769, + "max_ret": 0.019300372787349973, + "all_pos": false + }, + "oaiex": { + "name": "OPTIMUM INTERNATIONAL FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2271578548125173, + "corr_port": 0.356212961585428, + "rets": { + "2022 bear mkt": -0.3274596350954897, + "2023 rate shock": -0.12326395033413529, + "2024 vol spike": -0.06509795705867238, + "2025 tariff crash": -0.1396198964790335, + "2026 Q1 drawdown": -0.09856630824372747 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3274596350954897, + "max_ret": -0.06509795705867238, + "all_pos": false + }, + "oakbx": { + "name": "Oakmark Equity and Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3411134866879809, + "corr_port": 0.371246958449659, + "rets": { + "2022 bear mkt": -0.19210966442171584, + "2023 rate shock": -0.08933977019518158, + "2024 vol spike": -0.030200238686291403, + "2025 tariff crash": -0.10177730751160508, + "2026 Q1 drawdown": -0.05159719872413926 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19210966442171584, + "max_ret": -0.030200238686291403, + "all_pos": false + }, + "oakex": { + "name": "Oakmark International Small Cap Fund", + "verdict": "weak/unstable alpha", + "t5": -0.0838268344792201, + "corr_port": 0.38778961147919666, + "rets": { + "2022 bear mkt": -0.3423020021333474, + "2023 rate shock": -0.15204979251051665, + "2024 vol spike": -0.03298344200972447, + "2025 tariff crash": -0.10567003293386323, + "2026 Q1 drawdown": -0.12119860817537542 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3423020021333474, + "max_ret": -0.03298344200972447, + "all_pos": false + }, + "oakgx": { + "name": "Oakmark Global Fund", + "verdict": "weak/unstable alpha", + "t5": -0.49411143847921185, + "corr_port": 0.38368831105478474, + "rets": { + "2022 bear mkt": -0.29626512433159824, + "2023 rate shock": -0.14556213380731986, + "2024 vol spike": -0.05637543772199349, + "2025 tariff crash": -0.1453555767204051, + "2026 Q1 drawdown": -0.10968376976284588 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29626512433159824, + "max_ret": -0.05637543772199349, + "all_pos": false + }, + "oakix": { + "name": "Oakmark International Fund", + "verdict": "weak/unstable alpha", + "t5": -0.15158001376875913, + "corr_port": 0.39305299592865506, + "rets": { + "2022 bear mkt": -0.32996523566618485, + "2023 rate shock": -0.1779053109260612, + "2024 vol spike": -0.06718643812921465, + "2025 tariff crash": -0.12321756708188225, + "2026 Q1 drawdown": -0.1164384087886593 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32996523566618485, + "max_ret": -0.06718643812921465, + "all_pos": false + }, + "oaklx": { + "name": "Oakmark Select Fund", + "verdict": "weak/unstable alpha", + "t5": 0.7433530011353997, + "corr_port": 0.3292542457621716, + "rets": { + "2022 bear mkt": -0.2653588270728513, + "2023 rate shock": -0.12418104558756127, + "2024 vol spike": -0.02319853189692156, + "2025 tariff crash": -0.18304528256820418, + "2026 Q1 drawdown": -0.09115900393316467 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2653588270728513, + "max_ret": -0.02319853189692156, + "all_pos": false + }, + "oakmx": { + "name": "Oakmark Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6820528429873625, + "corr_port": 0.3614110401250136, + "rets": { + "2022 bear mkt": -0.21891840958968967, + "2023 rate shock": -0.11622757553002416, + "2024 vol spike": -0.05329551459994741, + "2025 tariff crash": -0.16222288535450102, + "2026 Q1 drawdown": -0.04222319256337759 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21891840958968967, + "max_ret": -0.04222319256337759, + "all_pos": false + }, + "oakwx": { + "name": "Oakmark Global Select Fund", + "verdict": "weak/unstable alpha", + "t5": -0.8342949415080407, + "corr_port": 0.3572884769591909, + "rets": { + "2022 bear mkt": -0.31961891997685454, + "2023 rate shock": -0.12797757756774786, + "2024 vol spike": -0.041155940289883786, + "2025 tariff crash": -0.10964002610281953, + "2026 Q1 drawdown": -0.13917147529069773 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31961891997685454, + "max_ret": -0.041155940289883786, + "all_pos": false + }, + "oalgx": { + "name": "OPTIMUM LARGE CAP GROWTH FUND", + "verdict": "weak/unstable alpha", + "t5": -1.2238479750597648, + "corr_port": 0.15027332377364522, + "rets": { + "2022 bear mkt": -0.3641618231841667, + "2023 rate shock": -0.09914263193492756, + "2024 vol spike": -0.09877710776476512, + "2025 tariff crash": -0.22616821400176823, + "2026 Q1 drawdown": -0.12403846750184933 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3641618231841667, + "max_ret": -0.09877710776476512, + "all_pos": false + }, + "oalvx": { + "name": "OPTIMUM LARGE CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.37899607351213915, + "corr_port": 0.3899025452244982, + "rets": { + "2022 bear mkt": -0.17456596878425612, + "2023 rate shock": -0.09898989816529358, + "2024 vol spike": -0.042159484367416344, + "2025 tariff crash": -0.1321928951209428, + "2026 Q1 drawdown": -0.05142012732615098 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17456596878425612, + "max_ret": -0.042159484367416344, + "all_pos": false + }, + "oasgx": { + "name": "OPTIMUM SMALL-MID CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.132480666474915, + "corr_port": 0.18308409102204284, + "rets": { + "2022 bear mkt": -0.28385218838905724, + "2023 rate shock": -0.16490903403875135, + "2024 vol spike": -0.08420134860483564, + "2025 tariff crash": -0.24746622482993763, + "2026 Q1 drawdown": -0.12790697674418605 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28385218838905724, + "max_ret": -0.08420134860483564, + "all_pos": false + }, + "oasvx": { + "name": "OPTIMUM SMALL-MID CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.48273202914651253, + "corr_port": 0.3645870426194703, + "rets": { + "2022 bear mkt": -0.22686384091987322, + "2023 rate shock": -0.13771510862959258, + "2024 vol spike": -0.07296144931416826, + "2025 tariff crash": -0.20313666134185293, + "2026 Q1 drawdown": -0.06179351921627729 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22686384091987322, + "max_ret": -0.06179351921627729, + "all_pos": false + }, + "oaycx": { + "name": "Oakmark Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6336991939583092, + "corr_port": -0.05592867742699571, + "rets": { + "2022 bear mkt": -0.12932416601740426, + "2023 rate shock": -0.036289098167952116, + "2024 vol spike": 0.01663009128614834, + "2025 tariff crash": 0.0009433834943270991, + "2026 Q1 drawdown": -0.005688716274354966 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12932416601740426, + "max_ret": 0.01663009128614834, + "all_pos": false + }, + "obegx": { + "name": "Oberweis Global Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5528040062107605, + "corr_port": 0.2111946331361633, + "rets": { + "2022 bear mkt": -0.3499136792047881, + "2023 rate shock": -0.1673320558829734, + "2024 vol spike": -0.10753050496025518, + "2025 tariff crash": -0.1957025206194184, + "2026 Q1 drawdown": -0.04490180854381043 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3499136792047881, + "max_ret": -0.04490180854381043, + "all_pos": false + }, + "olcax": { + "name": "Invesco Limited Term California Municipal Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.7711933676612448, + "corr_port": 0.037146901485240455, + "rets": { + "2022 bear mkt": -0.07922021477146979, + "2023 rate shock": -0.02707339719477153, + "2024 vol spike": 0.005765379478148258, + "2025 tariff crash": -0.014211008788528545, + "2026 Q1 drawdown": -0.004518786969191502 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07922021477146979, + "max_ret": 0.005765379478148258, + "all_pos": false + }, + "omfcx": { + "name": "Invesco AMT-Free Municipal Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.306479321662273, + "corr_port": 0.04380186576319111, + "rets": { + "2022 bear mkt": -0.14288795772025764, + "2023 rate shock": -0.06996442067379627, + "2024 vol spike": 0.01415808513881478, + "2025 tariff crash": -0.0392872709069646, + "2026 Q1 drawdown": -0.00801339282649638 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14288795772025764, + "max_ret": 0.01415808513881478, + "all_pos": false + }, + "omfl": { + "name": "Invesco Russell 1000(R) Dynamic Multifactor ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.19156824004429862, + "corr_port": 0.29430402201853684, + "rets": { + "2022 bear mkt": -0.20720613446474911, + "2023 rate shock": -0.14008846184494095, + "2024 vol spike": -0.06476939901770984, + "2025 tariff crash": -0.14638576349924215, + "2026 Q1 drawdown": -0.07490618599280907 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20720613446474911, + "max_ret": -0.06476939901770984, + "all_pos": false + }, + "omfs": { + "name": "Invesco Russell 2000(R) Dynamic Multifactor ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6847551823718495, + "corr_port": 0.303636900879426, + "rets": { + "2022 bear mkt": -0.22749432408837933, + "2023 rate shock": -0.1611964029739571, + "2024 vol spike": -0.06494531580933471, + "2025 tariff crash": -0.16561163603757656, + "2026 Q1 drawdown": -0.06594034855957198 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22749432408837933, + "max_ret": -0.06494531580933471, + "all_pos": false + }, + "omifx": { + "name": "Federated Hermes Ohio Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.016927665806262975, + "corr_port": 0.01601933667818547, + "rets": { + "2022 bear mkt": -0.10737978478863952, + "2023 rate shock": -0.05342501509913189, + "2024 vol spike": 0.013435815989064626, + "2025 tariff crash": -0.03448615324653792, + "2026 Q1 drawdown": -0.009338929623664671 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10737978478863952, + "max_ret": 0.013435815989064626, + "all_pos": false + }, + "oneo": { + "name": "State Street(R) SPDR(R) Russell 1000 Momentum Focus ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3390983028993232, + "corr_port": 0.3427412505732648, + "rets": { + "2022 bear mkt": -0.20054145160625936, + "2023 rate shock": -0.11842648471640271, + "2024 vol spike": -0.05757782779914988, + "2025 tariff crash": -0.16402168583533971, + "2026 Q1 drawdown": -0.03896161846548152 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20054145160625936, + "max_ret": -0.03896161846548152, + "all_pos": false + }, + "oneq": { + "name": "Fidelity Nasdaq Composite Index ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8425343303158125, + "corr_port": 0.1560306917231467, + "rets": { + "2022 bear mkt": -0.3248556765781525, + "2023 rate shock": -0.11044074783380453, + "2024 vol spike": -0.1007740827506256, + "2025 tariff crash": -0.233816323733818, + "2026 Q1 drawdown": -0.12013193324975646 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3248556765781525, + "max_ret": -0.1007740827506256, + "all_pos": false + }, + "onev": { + "name": "State Street(R) SPDR(R) Russell 1000 Low Volatility Focus ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0047813435079238, + "corr_port": 0.34306727591059877, + "rets": { + "2022 bear mkt": -0.1759704780537661, + "2023 rate shock": -0.10413783006650201, + "2024 vol spike": -0.024636825965184128, + "2025 tariff crash": -0.11532687015163112, + "2026 Q1 drawdown": -0.03406173122095091 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1759704780537661, + "max_ret": -0.024636825965184128, + "all_pos": false + }, + "oney": { + "name": "State Street(R) SPDR(R) Russell 1000 Yield Focus ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4219969359286198, + "corr_port": 0.38368395271898603, + "rets": { + "2022 bear mkt": -0.14661306858050482, + "2023 rate shock": -0.13118640773686185, + "2024 vol spike": -0.047288228241755714, + "2025 tariff crash": -0.14829125156428835, + "2026 Q1 drawdown": -0.002220291899248883 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14829125156428835, + "max_ret": -0.002220291899248883, + "all_pos": false + }, + "onjcx": { + "name": "Invesco New Jersey Municipal Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.24808161066882115, + "corr_port": 0.06695743772049785, + "rets": { + "2022 bear mkt": -0.11774009089199011, + "2023 rate shock": -0.058164248245584416, + "2024 vol spike": 0.01226566302211829, + "2025 tariff crash": -0.036013363726546954, + "2026 Q1 drawdown": -0.008624870091509251 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11774009089199011, + "max_ret": 0.01226566302211829, + "all_pos": false + }, + "opacx": { + "name": "Invesco Pennsylvania Municipal Fund", + "verdict": "weak/unstable alpha", + "t5": -0.23029050156838615, + "corr_port": 0.04132377237750224, + "rets": { + "2022 bear mkt": -0.12242742201382406, + "2023 rate shock": -0.06788345959517794, + "2024 vol spike": 0.013453058564727893, + "2025 tariff crash": -0.03929110534648983, + "2026 Q1 drawdown": -0.011675431503720746 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12242742201382406, + "max_ret": 0.013453058564727893, + "all_pos": false + }, + "opcax": { + "name": "Invesco California Municipal Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.12281996495938682, + "corr_port": 0.04440212878224746, + "rets": { + "2022 bear mkt": -0.14638568823336706, + "2023 rate shock": -0.0717556853119059, + "2024 vol spike": 0.015532619554793348, + "2025 tariff crash": -0.040833449238542485, + "2026 Q1 drawdown": -0.009643655287619124 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14638568823336706, + "max_ret": 0.015532619554793348, + "all_pos": false + }, + "opnyx": { + "name": "Invesco Rochester AMT-Free New York Municipal Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.03759246373750551, + "corr_port": 0.03867434841608233, + "rets": { + "2022 bear mkt": -0.15539262400930665, + "2023 rate shock": -0.07829665362055294, + "2024 vol spike": 0.01569403691465654, + "2025 tariff crash": -0.048663753405836285, + "2026 Q1 drawdown": -0.006338631361546998 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15539262400930665, + "max_ret": 0.01569403691465654, + "all_pos": false + }, + "origx": { + "name": "NORTH SQUARE SPECTRUM ALPHA FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.49370192716614214, + "corr_port": 0.22193308460528877, + "rets": { + "2022 bear mkt": -0.29547087556504903, + "2023 rate shock": -0.1524664567029992, + "2024 vol spike": -0.0757763849439006, + "2025 tariff crash": -0.21908115822430685, + "2026 Q1 drawdown": -0.07743073305711023 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29547087556504903, + "max_ret": -0.0757763849439006, + "all_pos": false + }, + "orilx": { + "name": "NORTH SQUARE MULTI STRATEGY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.37896947051588986, + "corr_port": 0.3126301165977903, + "rets": { + "2022 bear mkt": -0.217248530033606, + "2023 rate shock": -0.10071012195585638, + "2024 vol spike": -0.047052144766189796, + "2025 tariff crash": -0.12890835366385966, + "2026 Q1 drawdown": -0.06030707236842103 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.217248530033606, + "max_ret": -0.047052144766189796, + "all_pos": false + }, + "orncx": { + "name": "Invesco Rochester Municipal Opportunities Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.04934279283168825, + "corr_port": 0.06116409683918144, + "rets": { + "2022 bear mkt": -0.16798135827058636, + "2023 rate shock": -0.08302674802707555, + "2024 vol spike": 0.01545397434481166, + "2025 tariff crash": -0.04263209384112565, + "2026 Q1 drawdown": -0.007723265984805994 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16798135827058636, + "max_ret": 0.01545397434481166, + "all_pos": false + }, + "oscbx": { + "name": "Overseas SMA Completion Portfolio", + "verdict": "weak/unstable alpha", + "t5": 0.6025517998033428, + "corr_port": 0.38988286779613984, + "rets": { + "2022 bear mkt": -0.27389451156594613, + "2023 rate shock": -0.09606308276735342, + "2024 vol spike": -0.07233405252403302, + "2025 tariff crash": -0.06268224886920493, + "2026 Q1 drawdown": -0.10572455418899196 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27389451156594613, + "max_ret": -0.06268224886920493, + "all_pos": false + }, + "ostax": { + "name": "JPMorgan Short-Intermediate Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2997954098712943, + "corr_port": 0.03480540353218741, + "rets": { + "2022 bear mkt": -0.07040593198409761, + "2023 rate shock": -0.01841962799263752, + "2024 vol spike": 0.008034229451290953, + "2025 tariff crash": -0.007539718093671155, + "2026 Q1 drawdown": -0.006566997220859849 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07040593198409761, + "max_ret": 0.008034229451290953, + "all_pos": false + }, + "ostfx": { + "name": "Osterweis Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.812646164511442, + "corr_port": 0.24423997908745645, + "rets": { + "2022 bear mkt": -0.267515904685094, + "2023 rate shock": -0.09224088319719681, + "2024 vol spike": -0.0627950951154127, + "2025 tariff crash": -0.14839705613423093, + "2026 Q1 drawdown": -0.09046214355948867 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.267515904685094, + "max_ret": -0.0627950951154127, + "all_pos": false + }, + "otcax": { + "name": "MFS Mid Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4031132570756344, + "corr_port": 0.17085654348149606, + "rets": { + "2022 bear mkt": -0.32201134408981447, + "2023 rate shock": -0.11269287088005153, + "2024 vol spike": -0.05570925948413019, + "2025 tariff crash": -0.191854555295067, + "2026 Q1 drawdown": -0.11137071651090336 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32201134408981447, + "max_ret": -0.05570925948413019, + "all_pos": false + }, + "otcfx": { + "name": "T. Rowe Price Small-Cap Stock Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0276782538307054, + "corr_port": 0.24543526552486156, + "rets": { + "2022 bear mkt": -0.258452695402273, + "2023 rate shock": -0.15036163068731967, + "2024 vol spike": -0.06620375846478777, + "2025 tariff crash": -0.19668166019048872, + "2026 Q1 drawdown": -0.08522172133918804 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.258452695402273, + "max_ret": -0.06620375846478777, + "all_pos": false + }, + "owacx": { + "name": "Old Westbury All Cap Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3867213920758976, + "corr_port": 0.262708944380579, + "rets": { + "2022 bear mkt": -0.26999995410567557, + "2023 rate shock": -0.09983213436140781, + "2024 vol spike": -0.050809208335602984, + "2025 tariff crash": -0.1768734052159222, + "2026 Q1 drawdown": -0.09585397124937345 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26999995410567557, + "max_ret": -0.050809208335602984, + "all_pos": false + }, + "owcax": { + "name": "Old Westbury California Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.07002911325230707, + "corr_port": 0.004478905148697983, + "rets": { + "2022 bear mkt": -0.07139188072738678, + "2023 rate shock": -0.028095155541871364, + "2024 vol spike": 0.012371072296673002, + "2025 tariff crash": -0.0162744089880692, + "2026 Q1 drawdown": -0.022222222222222254 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07139188072738678, + "max_ret": 0.012371072296673002, + "all_pos": false + }, + "owcix": { + "name": "Old Westbury Credit Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.25211566209332836, + "corr_port": -0.10770440633066697, + "rets": { + "2022 bear mkt": -0.1594591308960701, + "2023 rate shock": -0.0529039131740876, + "2024 vol spike": 0.01992523524908152, + "2025 tariff crash": -0.005486304033763267, + "2026 Q1 drawdown": -0.022360248447205078 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1594591308960701, + "max_ret": 0.01992523524908152, + "all_pos": false + }, + "owfix": { + "name": "Old Westbury Fixed Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.22696895678173054, + "corr_port": -0.15737763269114566, + "rets": { + "2022 bear mkt": -0.09513804327848796, + "2023 rate shock": -0.020109410762845337, + "2024 vol spike": 0.019762851587514785, + "2025 tariff crash": 0.014441313013101809, + "2026 Q1 drawdown": -0.010742187499999889 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09513804327848796, + "max_ret": 0.019762851587514785, + "all_pos": false + }, + "owlsx": { + "name": "Old Westbury Large Cap Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9822366087228702, + "corr_port": 0.2813199070884734, + "rets": { + "2022 bear mkt": -0.2862473247515094, + "2023 rate shock": -0.10781974692478324, + "2024 vol spike": -0.0700099236781987, + "2025 tariff crash": -0.1608526725219318, + "2026 Q1 drawdown": -0.09244481897910939 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2862473247515094, + "max_ret": -0.0700099236781987, + "all_pos": false + }, + "owmbx": { + "name": "Old Westbury Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.19664637835704296, + "corr_port": -0.0027759167346638287, + "rets": { + "2022 bear mkt": -0.07513800885846522, + "2023 rate shock": -0.029547778254676582, + "2024 vol spike": 0.012174020566602994, + "2025 tariff crash": -0.017163350263811772, + "2026 Q1 drawdown": -0.021404109589041043 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07513800885846522, + "max_ret": 0.012174020566602994, + "all_pos": false + }, + "ownyx": { + "name": "Old Westbury New York Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.048976650435389096, + "corr_port": 0.01038791464832866, + "rets": { + "2022 bear mkt": -0.07176616799490454, + "2023 rate shock": -0.030422115275758888, + "2024 vol spike": 0.013224849687136109, + "2025 tariff crash": -0.016940408312363098, + "2026 Q1 drawdown": -0.018000000000000016 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07176616799490454, + "max_ret": 0.013224849687136109, + "all_pos": false + }, + "owsmx": { + "name": "Old Westbury Small & Mid Cap Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7156753094117443, + "corr_port": 0.27740092911944125, + "rets": { + "2022 bear mkt": -0.29966699090606796, + "2023 rate shock": -0.14173744106840402, + "2024 vol spike": -0.042719614169381304, + "2025 tariff crash": -0.14165159734779986, + "2026 Q1 drawdown": -0.08940925548646861 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29966699090606796, + "max_ret": -0.042719614169381304, + "all_pos": false + }, + "paakx": { + "name": "Putnam Retirement Advantage 2060 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7348709912306101, + "corr_port": 0.24969583599943557, + "rets": { + "2022 bear mkt": -0.2441354918353995, + "2023 rate shock": -0.08820702196861041, + "2024 vol spike": -0.06694567997200174, + "2025 tariff crash": -0.1605839183697073, + "2026 Q1 drawdown": -0.07313432835820899 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2441354918353995, + "max_ret": -0.06694567997200174, + "all_pos": false + }, + "pabax": { + "name": "Putnam Dynamic Asset Allocation Balanced Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.34918494468566885, + "corr_port": 0.2799692589209536, + "rets": { + "2022 bear mkt": -0.203895106730547, + "2023 rate shock": -0.06598535141235107, + "2024 vol spike": -0.037080724500579865, + "2025 tariff crash": -0.11247789233775407, + "2026 Q1 drawdown": -0.05000015798929014 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.203895106730547, + "max_ret": -0.037080724500579865, + "all_pos": false + }, + "pacax": { + "name": "Putnam Dynamic Asset Allocation Conservative Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.17043621768800113, + "corr_port": 0.22838171137594437, + "rets": { + "2022 bear mkt": -0.17531695578724904, + "2023 rate shock": -0.0499011647611608, + "2024 vol spike": -0.009084242339746917, + "2025 tariff crash": -0.058064600791730814, + "2026 Q1 drawdown": -0.028293542932968152 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17531695578724904, + "max_ret": -0.009084242339746917, + "all_pos": false + }, + "pacex": { + "name": "T. Rowe Price Emerging Markets Corporate Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -2.4373056348810094, + "corr_port": 0.2083813536476997, + "rets": { + "2022 bear mkt": -0.17667472593977407, + "2023 rate shock": -0.03483523450833015, + "2024 vol spike": 0.006581656260203683, + "2025 tariff crash": -0.018357582645695425, + "2026 Q1 drawdown": -0.022037436722435078 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17667472593977407, + "max_ret": 0.006581656260203683, + "all_pos": false + }, + "pacjx": { + "name": "Putnam Retirement Advantage 2055 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8276727313441403, + "corr_port": 0.25136479315584387, + "rets": { + "2022 bear mkt": -0.23931630395301173, + "2023 rate shock": -0.08463031200065685, + "2024 vol spike": -0.06342675073001569, + "2025 tariff crash": -0.15347337306516762, + "2026 Q1 drawdown": -0.06992481203007528 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23931630395301173, + "max_ret": -0.06342675073001569, + "all_pos": false + }, + "padcx": { + "name": "PGIM Absolute Return Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.1017317652378988, + "corr_port": 0.29093168096348476, + "rets": { + "2022 bear mkt": -0.03210523054121006, + "2023 rate shock": 0.004722669079975539, + "2024 vol spike": -0.0027548077624318656, + "2025 tariff crash": -0.005590680664590342, + "2026 Q1 drawdown": 0.0008643528958998115 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.03210523054121006, + "max_ret": 0.004722669079975539, + "all_pos": false + }, + "padlx": { + "name": "Putnam Retirement Advantage Maturity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3545995722690176, + "corr_port": 0.16931137694406587, + "rets": { + "2022 bear mkt": -0.15555531865618433, + "2023 rate shock": -0.044065660519331584, + "2024 vol spike": -0.007084451145781379, + "2025 tariff crash": -0.053420913840911965, + "2026 Q1 drawdown": -0.02146735010710954 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15555531865618433, + "max_ret": -0.007084451145781379, + "all_pos": false + }, + "paeax": { + "name": "Putnam Dynamic Asset Allocation Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3114549441717415, + "corr_port": 0.3231359622542102, + "rets": { + "2022 bear mkt": -0.2289282348913766, + "2023 rate shock": -0.07782767421574643, + "2024 vol spike": -0.056910691894766496, + "2025 tariff crash": -0.1446913694367813, + "2026 Q1 drawdown": -0.06591417607223471 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2289282348913766, + "max_ret": -0.056910691894766496, + "all_pos": false + }, + "paekx": { + "name": "Putnam Retirement Advantage 2050 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0246210347160993, + "corr_port": 0.2534741608954214, + "rets": { + "2022 bear mkt": -0.23170734609053512, + "2023 rate shock": -0.0789472604907876, + "2024 vol spike": -0.05892541288473496, + "2025 tariff crash": -0.14613420671134514, + "2026 Q1 drawdown": -0.06608280254777066 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23170734609053512, + "max_ret": -0.05892541288473496, + "all_pos": false + }, + "paelx": { + "name": "T. Rowe Price Emerging Markets Local Currency Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.3730812994788119, + "corr_port": 0.2515849240133518, + "rets": { + "2022 bear mkt": -0.18769347270799452, + "2023 rate shock": -0.06851790862207496, + "2024 vol spike": 0.0009140395141935542, + "2025 tariff crash": -0.011863485332014978, + "2026 Q1 drawdown": -0.06264521867903072 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.18769347270799452, + "max_ret": 0.0009140395141935542, + "all_pos": false + }, + "paffx": { + "name": "T. Rowe Price Target 2045 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2180134429300506, + "corr_port": 0.1920931357420296, + "rets": { + "2022 bear mkt": -0.25171239160458747, + "2023 rate shock": -0.09350657238845861, + "2024 vol spike": -0.0547867123895851, + "2025 tariff crash": -0.13471212144602174, + "2026 Q1 drawdown": -0.0698733670886077 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25171239160458747, + "max_ret": -0.0547867123895851, + "all_pos": false + }, + "pafmx": { + "name": "Putnam Retirement Advantage 2045 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9303034691694104, + "corr_port": 0.2552308453591416, + "rets": { + "2022 bear mkt": -0.22500003228100773, + "2023 rate shock": -0.07512697897593323, + "2024 vol spike": -0.05460742773919569, + "2025 tariff crash": -0.13746866422614878, + "2026 Q1 drawdown": -0.061797752808988915 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22500003228100773, + "max_ret": -0.05460742773919569, + "all_pos": false + }, + "pajrx": { + "name": "T. Rowe Price Target 2025 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.48389648610656616, + "corr_port": 0.30150612291698736, + "rets": { + "2022 bear mkt": -0.18374321609428923, + "2023 rate shock": -0.05766191176587043, + "2024 vol spike": -0.023633628394927997, + "2025 tariff crash": -0.06716414100358858, + "2026 Q1 drawdown": -0.037599421547360734 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18374321609428923, + "max_ret": -0.023633628394927997, + "all_pos": false + }, + "pamfx": { + "name": "Federated Hermes Pennsylvania Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2061124665475312, + "corr_port": 0.017487474655490075, + "rets": { + "2022 bear mkt": -0.11021484495283163, + "2023 rate shock": -0.05335652766229637, + "2024 vol spike": 0.011952335339431963, + "2025 tariff crash": -0.03136876593754234, + "2026 Q1 drawdown": -0.008577102370222023 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11021484495283163, + "max_ret": 0.011952335339431963, + "all_pos": false + }, + "pappx": { + "name": "Papp Small & Mid-Cap Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -2.430858259430634, + "corr_port": 0.23771978011145273, + "rets": { + "2022 bear mkt": -0.2961745295957482, + "2023 rate shock": -0.1492849923645373, + "2024 vol spike": -0.0498670469604483, + "2025 tariff crash": -0.169545765218026, + "2026 Q1 drawdown": -0.07692301579539151 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2961745295957482, + "max_ret": -0.0498670469604483, + "all_pos": false + }, + "parmx": { + "name": "Parnassus Mid Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.699292150118334, + "corr_port": 0.26342323955782126, + "rets": { + "2022 bear mkt": -0.27552857540360487, + "2023 rate shock": -0.12738319536738785, + "2024 vol spike": -0.026342458008854375, + "2025 tariff crash": -0.17115739139273078, + "2026 Q1 drawdown": -0.10265874206446923 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27552857540360487, + "max_ret": -0.026342458008854375, + "all_pos": false + }, + "parnx": { + "name": "Parnassus Mid Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.112695417788619, + "corr_port": 0.1299055680772606, + "rets": { + "2022 bear mkt": -0.35858669717363634, + "2023 rate shock": -0.1046848645916787, + "2024 vol spike": -0.05455777277663476, + "2025 tariff crash": -0.24322955274735125, + "2026 Q1 drawdown": -0.12720019729268373 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35858669717363634, + "max_ret": -0.05455777277663476, + "all_pos": false + }, + "parwx": { + "name": "Parnassus Value Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 0.258438746885427, + "corr_port": 0.3168857601968209, + "rets": { + "2022 bear mkt": -0.24267253854279724, + "2023 rate shock": -0.12266064432907009, + "2024 vol spike": -0.06590043459259554, + "2025 tariff crash": -0.17460031636054008, + "2026 Q1 drawdown": -0.08076457723437236 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24267253854279724, + "max_ret": -0.06590043459259554, + "all_pos": false + }, + "pasux": { + "name": "T. Rowe Price Retirement 2065 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2686963849143098, + "corr_port": 0.1435986409014807, + "rets": { + "2022 bear mkt": -0.2623603304969867, + "2023 rate shock": -0.10088500347409834, + "2024 vol spike": -0.06516687767187956, + "2025 tariff crash": -0.15515966511394919, + "2026 Q1 drawdown": -0.08072916666666663 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2623603304969867, + "max_ret": -0.06516687767187956, + "all_pos": false + }, + "paxhx": { + "name": "Impax High Yield Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5488176887273055, + "corr_port": 0.28935698848359653, + "rets": { + "2022 bear mkt": -0.15908554196327307, + "2023 rate shock": -0.03217640645314568, + "2024 vol spike": -0.0003340591533328441, + "2025 tariff crash": -0.023769534397009906, + "2026 Q1 drawdown": -0.017960223336321857 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15908554196327307, + "max_ret": -0.0003340591533328441, + "all_pos": false + }, + "paxwx": { + "name": "Impax Sustainable Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6465036968152327, + "corr_port": 0.2835793123347549, + "rets": { + "2022 bear mkt": -0.21453949507132042, + "2023 rate shock": -0.0883795878946475, + "2024 vol spike": -0.03140571307176476, + "2025 tariff crash": -0.10888470990895482, + "2026 Q1 drawdown": -0.05766314279955653 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21453949507132042, + "max_ret": -0.03140571307176476, + "all_pos": false + }, + "pazlx": { + "name": "T. Rowe Price Target 2065 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2769221995118432, + "corr_port": 0.14345644844421257, + "rets": { + "2022 bear mkt": -0.26311618722223273, + "2023 rate shock": -0.10114340432572422, + "2024 vol spike": -0.06451600877651509, + "2025 tariff crash": -0.15503308060322785, + "2026 Q1 drawdown": -0.08085381630012933 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26311618722223273, + "max_ret": -0.06451600877651509, + "all_pos": false + }, + "pbaix": { + "name": "BLACKROCK TACTICAL OPPORTUNITIES FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.9584168684636383, + "corr_port": 0.2695792703045866, + "rets": { + "2022 bear mkt": 0.004246093342614943, + "2023 rate shock": 0.01622000357167197, + "2024 vol spike": -0.060754189944134174, + "2025 tariff crash": -0.04437086092715237, + "2026 Q1 drawdown": 0.025125628140703515 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.060754189944134174, + "max_ret": 0.025125628140703515, + "all_pos": false + }, + "pbamx": { + "name": "Putnam Retirement Advantage 2040 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6457535508190279, + "corr_port": 0.2534039262718372, + "rets": { + "2022 bear mkt": -0.21534432007566262, + "2023 rate shock": -0.06943012377295932, + "2024 vol spike": -0.046099232440137694, + "2025 tariff crash": -0.12433394860425873, + "2026 Q1 drawdown": -0.05426356589147274 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21534432007566262, + "max_ret": -0.046099232440137694, + "all_pos": false + }, + "pbbbx": { + "name": "PIA BBB Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.595739502421347, + "corr_port": -0.008158122296365403, + "rets": { + "2022 bear mkt": -0.1889759438012103, + "2023 rate shock": -0.042501110473265435, + "2024 vol spike": 0.01306586510909602, + "2025 tariff crash": -0.006731188170410629, + "2026 Q1 drawdown": -0.011797130206742557 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1889759438012103, + "max_ret": 0.01306586510909602, + "all_pos": false + }, + "pbcax": { + "name": "PGIM CALIFORNIA MUNI INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4970874636131826, + "corr_port": 0.06112092308892659, + "rets": { + "2022 bear mkt": -0.09244563057227906, + "2023 rate shock": -0.02979895623565798, + "2024 vol spike": 0.013403551061177632, + "2025 tariff crash": -0.016883718307319828, + "2026 Q1 drawdown": -0.015187744295406147 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09244563057227906, + "max_ret": 0.013403551061177632, + "all_pos": false + }, + "pbdix": { + "name": "T. Rowe Price QM U.S. Bond Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7593426315458411, + "corr_port": -0.12067708726934477, + "rets": { + "2022 bear mkt": -0.1471215963712147, + "2023 rate shock": -0.04126628245648123, + "2024 vol spike": 0.02438509635857744, + "2025 tariff crash": 0.009851349522854713, + "2026 Q1 drawdown": -0.004503489967365826 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1471215963712147, + "max_ret": 0.02438509635857744, + "all_pos": false + }, + "pbqax": { + "name": "PGIM Jennison Blend Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.540358451636547, + "corr_port": 0.23477399134760737, + "rets": { + "2022 bear mkt": -0.28861783226684534, + "2023 rate shock": -0.11422011701467893, + "2024 vol spike": -0.07933433547053637, + "2025 tariff crash": -0.20257762421786385, + "2026 Q1 drawdown": -0.09226533538536863 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28861783226684534, + "max_ret": -0.07933433547053637, + "all_pos": false + }, + "pbsmx": { + "name": "PGIM SHORT-TERM CORPORATE BOND FUND", + "verdict": "weak/unstable alpha", + "t5": -1.7499118270509664, + "corr_port": 0.035315849491460494, + "rets": { + "2022 bear mkt": -0.08480854438355745, + "2023 rate shock": -0.005002698782617276, + "2024 vol spike": 0.011607686725346955, + "2025 tariff crash": 0.006875089826972047, + "2026 Q1 drawdown": -0.004106363590054007 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.08480854438355745, + "max_ret": 0.011607686725346955, + "all_pos": false + }, + "pbus": { + "name": "Invesco MSCI USA ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1688510402932283, + "corr_port": 0.22482660784505068, + "rets": { + "2022 bear mkt": -0.25204909249498353, + "2023 rate shock": -0.09860842254949842, + "2024 vol spike": -0.07163368964495542, + "2025 tariff crash": -0.18683722310405682, + "2026 Q1 drawdown": -0.08734473014430533 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25204909249498353, + "max_ret": -0.07163368964495542, + "all_pos": false + }, + "pcdlx": { + "name": "Putnam Retirement Advantage 2035 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0457501934622992, + "corr_port": 0.24569529384555935, + "rets": { + "2022 bear mkt": -0.20107243936794295, + "2023 rate shock": -0.06365500909073174, + "2024 vol spike": -0.035166796465937344, + "2025 tariff crash": -0.10559563607451128, + "2026 Q1 drawdown": -0.043975373790677175 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20107243936794295, + "max_ret": -0.035166796465937344, + "all_pos": false + }, + "pcef": { + "name": "Invesco CEF Income Composite ETF", + "verdict": "weak/unstable alpha", + "t5": -0.8928583497832183, + "corr_port": 0.31097148749226433, + "rets": { + "2022 bear mkt": -0.23004726188967695, + "2023 rate shock": -0.10588795188702138, + "2024 vol spike": -0.041259266381637905, + "2025 tariff crash": -0.13239935134570802, + "2026 Q1 drawdown": -0.07518119520027966 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23004726188967695, + "max_ret": -0.041259266381637905, + "all_pos": false + }, + "pcjsx": { + "name": "Putnam Retirement Advantage Plus 2065 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5370818314832475, + "corr_port": 0.12019192471696326, + "rets": { + "2022 bear mkt": -0.22350832787965214, + "2023 rate shock": -0.09574475964327755, + "2024 vol spike": -0.07024474460693952, + "2025 tariff crash": -0.1882811920317058, + "2026 Q1 drawdown": -0.08294209702660393 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22350832787965214, + "max_ret": -0.07024474460693952, + "all_pos": false + }, + "pckex": { + "name": "Putnam Retirement Advantage 2065 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7285977741086249, + "corr_port": 0.1287446631130224, + "rets": { + "2022 bear mkt": -0.2465157057507691, + "2023 rate shock": -0.08996214706540784, + "2024 vol spike": -0.06987948001218303, + "2025 tariff crash": -0.16562492428690112, + "2026 Q1 drawdown": -0.07616361071932298 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2465157057507691, + "max_ret": -0.06987948001218303, + "all_pos": false + }, + "pclcx": { + "name": "PACE Large Co Growth Equity Investments", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.1175729035535626, + "corr_port": 0.18688602618820402, + "rets": { + "2022 bear mkt": -0.29752382996876336, + "2023 rate shock": -0.0997357869012433, + "2024 vol spike": -0.07967928956973458, + "2025 tariff crash": -0.19968214114189786, + "2026 Q1 drawdown": -0.11604943728089889 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29752382996876336, + "max_ret": -0.07967928956973458, + "all_pos": false + }, + "pclrx": { + "name": "PGIM INCOME BUILDER FUND", + "verdict": "weak/unstable alpha", + "t5": 1.309592788560438, + "corr_port": 0.3577821109011818, + "rets": { + "2022 bear mkt": -0.17398853662336933, + "2023 rate shock": -0.05619055203948842, + "2024 vol spike": -0.02230435232389394, + "2025 tariff crash": -0.07398556507649723, + "2026 Q1 drawdown": -0.017128034866342734 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17398853662336933, + "max_ret": -0.017128034866342734, + "all_pos": false + }, + "pconx": { + "name": "PUTNAM CONVERTIBLE SECURITIES FUND", + "verdict": "weak/unstable alpha", + "t5": -0.4369855409750212, + "corr_port": 0.1686685629112609, + "rets": { + "2022 bear mkt": -0.20321942971572804, + "2023 rate shock": -0.09204629015988852, + "2024 vol spike": -0.034582093335959074, + "2025 tariff crash": -0.11531205423252067, + "2026 Q1 drawdown": -0.06578948327433864 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20321942971572804, + "max_ret": -0.034582093335959074, + "all_pos": false + }, + "pcrix": { + "name": "PIMCO CommodityRealReturn Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.25766020689140984, + "corr_port": 0.2230505578777076, + "rets": { + "2022 bear mkt": 0.07681807385157402, + "2023 rate shock": -0.0022073352318728867, + "2024 vol spike": -0.04916790163972207, + "2025 tariff crash": -0.08415289437096707, + "2026 Q1 drawdown": 0.07975466569939793 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.08415289437096707, + "max_ret": 0.07975466569939793, + "all_pos": false + }, + "pcvax": { + "name": "Virtus NFJ Small-Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.054924218644246625, + "corr_port": 0.31790831590723373, + "rets": { + "2022 bear mkt": -0.23612904085241726, + "2023 rate shock": -0.16271706999050928, + "2024 vol spike": -0.06740679823615803, + "2025 tariff crash": -0.20729690351999464, + "2026 Q1 drawdown": -0.03778135048231501 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23612904085241726, + "max_ret": -0.03778135048231501, + "all_pos": false + }, + "pdbax": { + "name": "PGIM TOTAL RETURN BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7849784438491307, + "corr_port": -0.040165300557592445, + "rets": { + "2022 bear mkt": -0.16740154331343826, + "2023 rate shock": -0.04107271581424787, + "2024 vol spike": 0.02044228909165624, + "2025 tariff crash": 0.004389020706349056, + "2026 Q1 drawdown": -0.0065578916394755105 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16740154331343826, + "max_ret": 0.02044228909165624, + "all_pos": false + }, + "pdeax": { + "name": "PGIM JENNISON EMERGING MARKETS EQUITY OPPORTUNITIES FUND", + "verdict": "weak/unstable alpha", + "t5": -1.0581462896889096, + "corr_port": 0.15648877934987504, + "rets": { + "2022 bear mkt": -0.3989539032856635, + "2023 rate shock": -0.05909092595592902, + "2024 vol spike": -0.09981631494208398, + "2025 tariff crash": -0.1928733040487567, + "2026 Q1 drawdown": -0.102283105022831 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3989539032856635, + "max_ret": -0.05909092595592902, + "all_pos": false + }, + "pdhax": { + "name": "PGIM Emerging Markets Debt Hard Currency Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3278762504745587, + "corr_port": 0.2210099352847333, + "rets": { + "2022 bear mkt": -0.24915556931711347, + "2023 rate shock": -0.056617846252953075, + "2024 vol spike": 0.0005861724340865404, + "2025 tariff crash": -0.02563776568252729, + "2026 Q1 drawdown": -0.03184471509774933 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.24915556931711347, + "max_ret": 0.0005861724340865404, + "all_pos": false + }, + "pdinx": { + "name": "PUTNAM DIVERSIFIED INCOME TRUST", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.25603001007596793, + "corr_port": 0.1515436580369243, + "rets": { + "2022 bear mkt": -0.06923403562957442, + "2023 rate shock": -0.03186978052311351, + "2024 vol spike": 0.015312035349926312, + "2025 tariff crash": 0.004668530403853399, + "2026 Q1 drawdown": -0.005204141275012675 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06923403562957442, + "max_ret": 0.015312035349926312, + "all_pos": false + }, + "pdizx": { + "name": "Putnam Retirement Advantage 2030 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7886346210078021, + "corr_port": 0.22337045683986115, + "rets": { + "2022 bear mkt": -0.18330307578638094, + "2023 rate shock": -0.053459107587564225, + "2024 vol spike": -0.01779031699306277, + "2025 tariff crash": -0.0692235591208572, + "2026 Q1 drawdown": -0.02820746132848051 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18330307578638094, + "max_ret": -0.01779031699306277, + "all_pos": false + }, + "pdsax": { + "name": "PGIM Short Duration Muni Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9490147305785134, + "corr_port": 0.06475583689920278, + "rets": { + "2022 bear mkt": -0.07560463598543388, + "2023 rate shock": -0.019104114993166443, + "2024 vol spike": 0.01021328140769473, + "2025 tariff crash": -0.009699785603928368, + "2026 Q1 drawdown": -0.007188881320619123 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.07560463598543388, + "max_ret": 0.01021328140769473, + "all_pos": false + }, + "pennx": { + "name": "Royce Small-Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4554771774980609, + "corr_port": 0.2879428555445985, + "rets": { + "2022 bear mkt": -0.2489755041568632, + "2023 rate shock": -0.1342795243457825, + "2024 vol spike": -0.09188665375650729, + "2025 tariff crash": -0.20682077116161102, + "2026 Q1 drawdown": -0.06706706706706711 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2489755041568632, + "max_ret": -0.06706706706706711, + "all_pos": false + }, + "peopx": { + "name": "BNY Mellon S&P 500 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5836808973177723, + "corr_port": 0.279275175918218, + "rets": { + "2022 bear mkt": -0.24742609423660566, + "2023 rate shock": -0.09801308421698363, + "2024 vol spike": -0.0717137429581628, + "2025 tariff crash": -0.18466672107118387, + "2026 Q1 drawdown": -0.08843313324040802 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24742609423660566, + "max_ret": -0.0717137429581628, + "all_pos": false + }, + "pequx": { + "name": "PUTNAM FOCUSED INTERNATIONAL EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.15913611833209704, + "corr_port": 0.31470685857300573, + "rets": { + "2022 bear mkt": -0.3159235870989703, + "2023 rate shock": -0.1082981389447304, + "2024 vol spike": -0.06883359242705556, + "2025 tariff crash": -0.08950413069250396, + "2026 Q1 drawdown": -0.09637949534015822 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3159235870989703, + "max_ret": -0.06883359242705556, + "all_pos": false + }, + "pespx": { + "name": "BNY Mellon Midcap Index Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5690147353192967, + "corr_port": 0.3185452135295827, + "rets": { + "2022 bear mkt": -0.20733746453439816, + "2023 rate shock": -0.1425710054770306, + "2024 vol spike": -0.0658568342652045, + "2025 tariff crash": -0.19249479710509365, + "2026 Q1 drawdown": -0.0525944228732792 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20733746453439816, + "max_ret": -0.0525944228732792, + "all_pos": false + }, + "pexmx": { + "name": "T. Rowe Price Extended Equity Market Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.57924938037728, + "corr_port": 0.22763119450862992, + "rets": { + "2022 bear mkt": -0.2913320442648809, + "2023 rate shock": -0.15444396088427914, + "2024 vol spike": -0.08049811421090125, + "2025 tariff crash": -0.23276371353373948, + "2026 Q1 drawdown": -0.0831047472052866 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2913320442648809, + "max_ret": -0.08049811421090125, + "all_pos": false + }, + "peyax": { + "name": "PUTNAM LARGE CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.535882771088448, + "corr_port": 0.399023279762834, + "rets": { + "2022 bear mkt": -0.13499570295582497, + "2023 rate shock": -0.0863342655044208, + "2024 vol spike": -0.049461064574347624, + "2025 tariff crash": -0.14030517217809835, + "2026 Q1 drawdown": -0.04863668345728556 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14030517217809835, + "max_ret": -0.04863668345728556, + "all_pos": false + }, + "pflrx": { + "name": "Putnam Floating Rate Income Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 3.541135268202159, + "corr_port": 0.3094628283236659, + "rets": { + "2022 bear mkt": -0.04366949554415267, + "2023 rate shock": 0.00707955687451256, + "2024 vol spike": 0.0012547103991777941, + "2025 tariff crash": -0.025025491555584534, + "2026 Q1 drawdown": -0.012263665612849528 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.04366949554415267, + "max_ret": 0.00707955687451256, + "all_pos": false + }, + "pfsax": { + "name": "PGIM Jennison Financial Services Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3093739500224108, + "corr_port": 0.3595935750629374, + "rets": { + "2022 bear mkt": -0.2851692357929917, + "2023 rate shock": -0.10746097906098007, + "2024 vol spike": -0.06912034520835864, + "2025 tariff crash": -0.17651928442871578, + "2026 Q1 drawdown": -0.11302110012892141 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2851692357929917, + "max_ret": -0.06912034520835864, + "all_pos": false + }, + "pfslx": { + "name": "Paradigm Select Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9449936714823882, + "corr_port": 0.2328617107071564, + "rets": { + "2022 bear mkt": -0.3406212337344878, + "2023 rate shock": -0.16115891524662174, + "2024 vol spike": -0.08294228721930352, + "2025 tariff crash": -0.2379600208141458, + "2026 Q1 drawdown": 0.006521032951857686 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.3406212337344878, + "max_ret": 0.006521032951857686, + "all_pos": false + }, + "pfxf": { + "name": "VanEck Preferred Securities ex Financials ETF", + "verdict": "weak/unstable alpha", + "t5": -0.8322256499550678, + "corr_port": 0.2335996519509493, + "rets": { + "2022 bear mkt": -0.20034904273905396, + "2023 rate shock": -0.0853873873629919, + "2024 vol spike": -0.017221496920576618, + "2025 tariff crash": -0.09788066121004613, + "2026 Q1 drawdown": -0.04496529205175481 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20034904273905396, + "max_ret": -0.017221496920576618, + "all_pos": false + }, + "pgdix": { + "name": "Diversified Income Fund (f/k/a Global Diversified Income Fund)", + "verdict": "weak/unstable alpha", + "t5": 1.176338106480683, + "corr_port": 0.30646260408143494, + "rets": { + "2022 bear mkt": -0.13589514287951487, + "2023 rate shock": -0.02781899481383132, + "2024 vol spike": 0.0033825443478185946, + "2025 tariff crash": -0.01501005725338267, + "2026 Q1 drawdown": -0.021760206556634687 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13589514287951487, + "max_ret": 0.0033825443478185946, + "all_pos": false + }, + "pgeix": { + "name": "Polen Emerging Markets Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -1.334552951852035, + "corr_port": 0.06634917200636273, + "rets": { + "2022 bear mkt": -0.32230521517239574, + "2023 rate shock": -0.0996263919810012, + "2024 vol spike": -0.07308163157720049, + "2025 tariff crash": -0.1547085201793722, + "2026 Q1 drawdown": -0.10516605166051662 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32230521517239574, + "max_ret": -0.07308163157720049, + "all_pos": false + }, + "pgeox": { + "name": "GEORGE PUTNAM FUND OF BOSTON", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7830734179306102, + "corr_port": 0.2590824763726946, + "rets": { + "2022 bear mkt": -0.2023610733291129, + "2023 rate shock": -0.06771408303187698, + "2024 vol spike": -0.03970410596045182, + "2025 tariff crash": -0.12072979947055551, + "2026 Q1 drawdown": -0.054459033524299816 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2023610733291129, + "max_ret": -0.03970410596045182, + "all_pos": false + }, + "pggax": { + "name": "American Funds Global Growth Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.05125377094395, + "corr_port": 0.2665020520448951, + "rets": { + "2022 bear mkt": -0.31637716450766706, + "2023 rate shock": -0.11144715420378815, + "2024 vol spike": -0.072545535776246, + "2025 tariff crash": -0.1736753963284503, + "2026 Q1 drawdown": -0.1113529198404063 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31637716450766706, + "max_ret": -0.072545535776246, + "all_pos": false + }, + "pggix": { + "name": "PUTNAM GLOBAL INCOME TRUST", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.197114655331362, + "corr_port": 0.02258874692232828, + "rets": { + "2022 bear mkt": -0.19065651762265, + "2023 rate shock": -0.03457503666353012, + "2024 vol spike": 0.021838580614230496, + "2025 tariff crash": 0.007454876866164195, + "2026 Q1 drawdown": -0.01794213835367975 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.19065651762265, + "max_ret": 0.021838580614230496, + "all_pos": false + }, + "pgjax": { + "name": "PGIM Jennison Global Infrastructure Fund", + "verdict": "weak/unstable alpha", + "t5": 0.07947600449267134, + "corr_port": 0.3399575947961548, + "rets": { + "2022 bear mkt": -0.17541946111315843, + "2023 rate shock": -0.10179562275221399, + "2024 vol spike": -0.02388825726495114, + "2025 tariff crash": -0.06873868851422804, + "2026 Q1 drawdown": 0.030303154108590746 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17541946111315843, + "max_ret": 0.030303154108590746, + "all_pos": false + }, + "pgkax": { + "name": "PGIM Jennison Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.218473592572552, + "corr_port": 0.027682586996486454, + "rets": { + "2022 bear mkt": -0.43323144098936306, + "2023 rate shock": -0.13503256070166814, + "2024 vol spike": -0.11771602068978293, + "2025 tariff crash": -0.2783206437750261, + "2026 Q1 drawdown": -0.1162554917201758 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.43323144098936306, + "max_ret": -0.1162554917201758, + "all_pos": false + }, + "pgoax": { + "name": "PGIM JENNISON SMALL COMPANY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.692726780799233, + "corr_port": 0.27704460529005365, + "rets": { + "2022 bear mkt": -0.23698635483012287, + "2023 rate shock": -0.15159712910018552, + "2024 vol spike": -0.07572046773156516, + "2025 tariff crash": -0.19404420208296747, + "2026 Q1 drawdown": -0.08071135430916554 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23698635483012287, + "max_ret": -0.07572046773156516, + "all_pos": false + }, + "pgrnx": { + "name": "Impax Global Environmental Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7585470988594156, + "corr_port": 0.28908973826942125, + "rets": { + "2022 bear mkt": -0.3322141210771429, + "2023 rate shock": -0.150483310837495, + "2024 vol spike": -0.056372676688318135, + "2025 tariff crash": -0.16349010135073372, + "2026 Q1 drawdown": -0.08725761663916687 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3322141210771429, + "max_ret": -0.056372676688318135, + "all_pos": false + }, + "pgrox": { + "name": "BNY Mellon Worldwide Growth Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.620460727022271, + "corr_port": 0.25372969602646644, + "rets": { + "2022 bear mkt": -0.2595431644080478, + "2023 rate shock": -0.09570386482318038, + "2024 vol spike": -0.06917004276637351, + "2025 tariff crash": -0.17130831999717266, + "2026 Q1 drawdown": -0.10310891791729226 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2595431644080478, + "max_ret": -0.06917004276637351, + "all_pos": false + }, + "pgsix": { + "name": "PUTNAM MORTGAGE SECURITIES FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2931746338664741, + "corr_port": 0.03291500162663316, + "rets": { + "2022 bear mkt": -0.14124546641411106, + "2023 rate shock": -0.05193763118218264, + "2024 vol spike": 0.027413331452320167, + "2025 tariff crash": 0.0019933014356736667, + "2026 Q1 drawdown": 0.003874241141622603 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.14124546641411106, + "max_ret": 0.027413331452320167, + "all_pos": false + }, + "pgvax": { + "name": "PGIM GOVERNMENT INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1075971377715066, + "corr_port": -0.13365504927537805, + "rets": { + "2022 bear mkt": -0.151961994450725, + "2023 rate shock": -0.039819216680307634, + "2024 vol spike": 0.02450132855734566, + "2025 tariff crash": 0.012408764633511149, + "2026 Q1 drawdown": -0.005543723552511648 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.151961994450725, + "max_ret": 0.02450132855734566, + "all_pos": false + }, + "pgwax": { + "name": "Virtus Silvant Focused Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1307944600072044, + "corr_port": 0.14337637652874352, + "rets": { + "2022 bear mkt": -0.35141565213742143, + "2023 rate shock": -0.08365316855340577, + "2024 vol spike": -0.10174938009801637, + "2025 tariff crash": -0.21753724845344702, + "2026 Q1 drawdown": -0.13460564136421393 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35141565213742143, + "max_ret": -0.08365316855340577, + "all_pos": false + }, + "pheax": { + "name": "PGIM Global Total Return (USD Hedged) Fund", + "verdict": "weak/unstable alpha", + "t5": -0.128444235603477, + "corr_port": 0.007729324796808906, + "rets": { + "2022 bear mkt": -0.19003910669475021, + "2023 rate shock": -0.028207802018244688, + "2024 vol spike": 0.012703355651653814, + "2025 tariff crash": 0.005360033650790408, + "2026 Q1 drawdown": -0.013692938128809673 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.19003910669475021, + "max_ret": 0.012703355651653814, + "all_pos": false + }, + "phizx": { + "name": "PGIM Muni High Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6893606843082871, + "corr_port": 0.06294927896467394, + "rets": { + "2022 bear mkt": -0.1547468889845749, + "2023 rate shock": -0.0580930729582656, + "2024 vol spike": 0.020536945626759007, + "2025 tariff crash": -0.029516914093892233, + "2026 Q1 drawdown": -0.011396533473599257 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1547468889845749, + "max_ret": 0.020536945626759007, + "all_pos": false + }, + "phstx": { + "name": "PUTNAM GLOBAL HEALTH CARE FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.41334482537676615, + "corr_port": 0.2545256412608181, + "rets": { + "2022 bear mkt": -0.12639394166075524, + "2023 rate shock": -0.0573583570665841, + "2024 vol spike": -0.01991718693029243, + "2025 tariff crash": -0.10946603694025614, + "2026 Q1 drawdown": -0.05632691611980256 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12639394166075524, + "max_ret": -0.01991718693029243, + "all_pos": false + }, + "phyix": { + "name": "PUTNAM HIGH YIELD FUND", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.5042453583995471, + "corr_port": 0.3173759246439919, + "rets": { + "2022 bear mkt": -0.14519581922212654, + "2023 rate shock": -0.025623323806284737, + "2024 vol spike": -0.004694785148299463, + "2025 tariff crash": -0.03815930921369193, + "2026 Q1 drawdown": -0.016374878681559957 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14519581922212654, + "max_ret": -0.004694785148299463, + "all_pos": false + }, + "phyl": { + "name": "PGIM Active High Yield Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -0.00022905775084075596, + "corr_port": 0.23769756784724355, + "rets": { + "2022 bear mkt": -0.14922045263464234, + "2023 rate shock": -0.02793216645992469, + "2024 vol spike": -0.004557650260374468, + "2025 tariff crash": -0.040913534683168384, + "2026 Q1 drawdown": -0.02066172420182799 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14922045263464234, + "max_ret": -0.004557650260374468, + "all_pos": false + }, + "physx": { + "name": "PIA High Yield Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.603314651747347, + "corr_port": 0.32596098530328316, + "rets": { + "2022 bear mkt": -0.1302870147968953, + "2023 rate shock": -0.015427060642029256, + "2024 vol spike": -0.009731601242483512, + "2025 tariff crash": -0.05330306426869669, + "2026 Q1 drawdown": -0.02460886569066656 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1302870147968953, + "max_ret": -0.009731601242483512, + "all_pos": false + }, + "piafx": { + "name": "Invesco Multi-Asset Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6870960946580325, + "corr_port": 0.2936242675533314, + "rets": { + "2022 bear mkt": -0.18906457318243386, + "2023 rate shock": -0.058523633336901804, + "2024 vol spike": -0.02285079245065702, + "2025 tariff crash": -0.07104673200516542, + "2026 Q1 drawdown": -0.03858654118508853 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18906457318243386, + "max_ret": -0.02285079245065702, + "all_pos": false + }, + "piamx": { + "name": "PIA High Yield (MACS) Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 2.109240435603496, + "corr_port": 0.32496370670834335, + "rets": { + "2022 bear mkt": -0.12707654538293023, + "2023 rate shock": -0.01652456873781738, + "2024 vol spike": -0.009541728688546525, + "2025 tariff crash": -0.053660377684540794, + "2026 Q1 drawdown": -0.02305752866210853 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12707654538293023, + "max_ret": -0.009541728688546525, + "all_pos": false + }, + "piasx": { + "name": "PIA Short-Term Securities Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 1.4017752578691653, + "corr_port": -0.03850980419266495, + "rets": { + "2022 bear mkt": -0.020355029864304486, + "2023 rate shock": 0.011090596369226713, + "2024 vol spike": 0.006410832680292966, + "2025 tariff crash": 0.005488692246058635, + "2026 Q1 drawdown": 0.0017912503187063056 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.020355029864304486, + "max_ret": 0.011090596369226713, + "all_pos": false + }, + "pibax": { + "name": "PGIM BALANCED FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.42867863919699584, + "corr_port": 0.29353236941329236, + "rets": { + "2022 bear mkt": -0.21204250098977784, + "2023 rate shock": -0.07578882436389933, + "2024 vol spike": -0.03966927678197596, + "2025 tariff crash": -0.11243037734809624, + "2026 Q1 drawdown": -0.05594783858685837 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21204250098977784, + "max_ret": -0.03966927678197596, + "all_pos": false + }, + "piefx": { + "name": "Federated Hermes Emerging Markets Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.20231919881624377, + "corr_port": 0.2069763289118946, + "rets": { + "2022 bear mkt": -0.37097626567262343, + "2023 rate shock": -0.12638881179459327, + "2024 vol spike": -0.09475029590101036, + "2025 tariff crash": -0.16175580226936903, + "2026 Q1 drawdown": -0.11592962147146324 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37097626567262343, + "max_ret": -0.09475029590101036, + "all_pos": false + }, + "pieqx": { + "name": "T. Rowe Price International Equity Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.17727351715262274, + "corr_port": 0.3812007982122021, + "rets": { + "2022 bear mkt": -0.28606062955417877, + "2023 rate shock": -0.10573811563116309, + "2024 vol spike": -0.06709828623954683, + "2025 tariff crash": -0.10863176771550842, + "2026 Q1 drawdown": -0.0760151085930123 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28606062955417877, + "max_ret": -0.06709828623954683, + "all_pos": false + }, + "pigdx": { + "name": "Federated Hermes International Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.459921058671588, + "corr_port": 0.2181459046319916, + "rets": { + "2022 bear mkt": -0.3627287274022434, + "2023 rate shock": -0.13497846329524177, + "2024 vol spike": -0.08305661360653216, + "2025 tariff crash": -0.14702078819662, + "2026 Q1 drawdown": -0.11395348837209296 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3627287274022434, + "max_ret": -0.08305661360653216, + "all_pos": false + }, + "pincx": { + "name": "PUTNAM INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.141161076855564, + "corr_port": -0.04570700363792774, + "rets": { + "2022 bear mkt": -0.15643033633309156, + "2023 rate shock": -0.039093543036798906, + "2024 vol spike": 0.021057285258302194, + "2025 tariff crash": 0.0035716245107517697, + "2026 Q1 drawdown": -0.0037703795117068895 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15643033633309156, + "max_ret": 0.021057285258302194, + "all_pos": false + }, + "pisdx": { + "name": "Columbia Pyrford International Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1200523151544894, + "corr_port": 0.2289659175572172, + "rets": { + "2022 bear mkt": -0.21872917487241583, + "2023 rate shock": -0.0838487388536231, + "2024 vol spike": -0.03902122706999789, + "2025 tariff crash": -0.08147633354211425, + "2026 Q1 drawdown": -0.040000000000000036 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21872917487241583, + "max_ret": -0.03902122706999789, + "all_pos": false + }, + "pishx": { + "name": "Preferred Securities and Income SMA Shares", + "verdict": "alpha, but correlated with current portfolio", + "t5": 1.2146984373394836, + "corr_port": 0.3036180456843369, + "rets": { + "2022 bear mkt": -0.1514924279388845, + "2023 rate shock": -0.022584589319534887, + "2024 vol spike": -0.004347035811000599, + "2025 tariff crash": -0.025165699274461106, + "2026 Q1 drawdown": -0.02276497141441669 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1514924279388845, + "max_ret": -0.004347035811000599, + "all_pos": false + }, + "piuix": { + "name": "Federated Hermes International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8986407506882619, + "corr_port": 0.3660623641534356, + "rets": { + "2022 bear mkt": -0.32505189115222277, + "2023 rate shock": -0.1171477759841354, + "2024 vol spike": -0.07798686183854209, + "2025 tariff crash": -0.12363950922739919, + "2026 Q1 drawdown": -0.0965092402464065 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32505189115222277, + "max_ret": -0.07798686183854209, + "all_pos": false + }, + "pjdax": { + "name": "PGIM JENNISON RISING DIVIDEND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2948738098729123, + "corr_port": 0.3701518234364948, + "rets": { + "2022 bear mkt": -0.17714460561301248, + "2023 rate shock": -0.08048257674380332, + "2024 vol spike": -0.06576200567199353, + "2025 tariff crash": -0.15552803002055837, + "2026 Q1 drawdown": -0.024066459325871148 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17714460561301248, + "max_ret": -0.024066459325871148, + "all_pos": false + }, + "pjeax": { + "name": "PGIM US Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.689939100044958, + "corr_port": 0.24809897828753966, + "rets": { + "2022 bear mkt": -0.339257762608168, + "2023 rate shock": -0.14091403797604363, + "2024 vol spike": -0.024882239312702725, + "2025 tariff crash": -0.14737512432810373, + "2026 Q1 drawdown": 0.015160979334252644 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.339257762608168, + "max_ret": 0.015160979334252644, + "all_pos": false + }, + "pjgrx": { + "name": "PGIM JENNISON GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1064780323134427, + "corr_port": 0.10389450539478608, + "rets": { + "2022 bear mkt": -0.37801326951843617, + "2023 rate shock": -0.09506356409288097, + "2024 vol spike": -0.09491453353013879, + "2025 tariff crash": -0.2305926349759535, + "2026 Q1 drawdown": -0.13180782307075922 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37801326951843617, + "max_ret": -0.09491453353013879, + "all_pos": false + }, + "pjiax": { + "name": "PGIM JENNISON FOCUSED VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0305887616400875, + "corr_port": 0.3646155331018018, + "rets": { + "2022 bear mkt": -0.21303902665327024, + "2023 rate shock": -0.08433741761317637, + "2024 vol spike": -0.06605596498918875, + "2025 tariff crash": -0.17059101177957559, + "2026 Q1 drawdown": -0.05234899328859066 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21303902665327024, + "max_ret": -0.05234899328859066, + "all_pos": false + }, + "pjrax": { + "name": "PGIM QUANT SOLUTIONS INTERNATIONAL EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2502734368155664, + "corr_port": 0.41221789578212525, + "rets": { + "2022 bear mkt": -0.2882882012952639, + "2023 rate shock": -0.09235207061339046, + "2024 vol spike": -0.07468354997700533, + "2025 tariff crash": -0.10861432578628083, + "2026 Q1 drawdown": -0.08187134502923976 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2882882012952639, + "max_ret": -0.07468354997700533, + "all_pos": false + }, + "plbbx": { + "name": "Plumb Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7201029121529514, + "corr_port": 0.19757991275531636, + "rets": { + "2022 bear mkt": -0.26755072677852365, + "2023 rate shock": -0.0654745066963146, + "2024 vol spike": -0.05552719663959016, + "2025 tariff crash": -0.12409545654692955, + "2026 Q1 drawdown": -0.0703820494405536 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26755072677852365, + "max_ret": -0.05552719663959016, + "all_pos": false + }, + "plbex": { + "name": "Plumb Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3719402895585486, + "corr_port": 0.16104965543037375, + "rets": { + "2022 bear mkt": -0.37019551567404074, + "2023 rate shock": -0.1036204206921224, + "2024 vol spike": -0.08761531998600824, + "2025 tariff crash": -0.19248367151489043, + "2026 Q1 drawdown": -0.14693249367684003 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37019551567404074, + "max_ret": -0.08761531998600824, + "all_pos": false + }, + "plusx": { + "name": "DWS Multi-Asset Moderate Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.501985477291146, + "corr_port": 0.314050610220202, + "rets": { + "2022 bear mkt": -0.204022961531229, + "2023 rate shock": -0.07470642257724525, + "2024 vol spike": -0.041041127525619614, + "2025 tariff crash": -0.10792337116160677, + "2026 Q1 drawdown": -0.05465838509316778 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.204022961531229, + "max_ret": -0.041041127525619614, + "all_pos": false + }, + "pmegx": { + "name": "T. Rowe Price Institutional Mid-Cap Equity Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.422982260493029, + "corr_port": 0.219901371065793, + "rets": { + "2022 bear mkt": -0.28473085129458775, + "2023 rate shock": -0.13933543771297285, + "2024 vol spike": -0.04979744909254613, + "2025 tariff crash": -0.1928082982246816, + "2026 Q1 drawdown": -0.07828573333333333 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28473085129458775, + "max_ret": -0.04979744909254613, + "all_pos": false + }, + "pmtgx": { + "name": "PIA MBS Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.12571659361489895, + "corr_port": -0.10449523975284405, + "rets": { + "2022 bear mkt": -0.1311020366933342, + "2023 rate shock": -0.05086764462829241, + "2024 vol spike": 0.022767478363743043, + "2025 tariff crash": 0.011011201464296017, + "2026 Q1 drawdown": -0.005851116416923485 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1311020366933342, + "max_ret": 0.022767478363743043, + "all_pos": false + }, + "pmvax": { + "name": "Putnam Sustainable Future Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.0009644814547345, + "corr_port": 0.07997805413937256, + "rets": { + "2022 bear mkt": -0.34646373822742305, + "2023 rate shock": -0.12254089109192368, + "2024 vol spike": -0.06874436488099012, + "2025 tariff crash": -0.2460507294083384, + "2026 Q1 drawdown": -0.0949152542372882 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34646373822742305, + "max_ret": -0.06874436488099012, + "all_pos": false + }, + "pnbax": { + "name": "Virtus NFJ Large-Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.958290039932699, + "corr_port": 0.3409935266835361, + "rets": { + "2022 bear mkt": -0.23835988282690057, + "2023 rate shock": -0.1476009881114272, + "2024 vol spike": -0.04508346319067169, + "2025 tariff crash": -0.1638079876188815, + "2026 Q1 drawdown": -0.0610004738156148 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23835988282690057, + "max_ret": -0.04508346319067169, + "all_pos": false + }, + "pneax": { + "name": "Virtus NFJ Dividend Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1552536364874618, + "corr_port": 0.3445880684032292, + "rets": { + "2022 bear mkt": -0.2342078566135436, + "2023 rate shock": -0.15063425996387003, + "2024 vol spike": -0.03551408173980619, + "2025 tariff crash": -0.15601978043815767, + "2026 Q1 drawdown": -0.03546710714485046 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2342078566135436, + "max_ret": -0.03546710714485046, + "all_pos": false + }, + "pngax": { + "name": "Putnam International Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.798907028318978, + "corr_port": 0.456500172262473, + "rets": { + "2022 bear mkt": -0.24296055573828812, + "2023 rate shock": -0.09379843657093767, + "2024 vol spike": -0.06978370189430305, + "2025 tariff crash": -0.08134645638240601, + "2026 Q1 drawdown": -0.05891980360065463 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24296055573828812, + "max_ret": -0.05891980360065463, + "all_pos": false + }, + "pnopx": { + "name": "PUTNAM SUSTAINABLE LEADERS FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.605814427275855, + "corr_port": 0.24102511009539707, + "rets": { + "2022 bear mkt": -0.26636351771518363, + "2023 rate shock": -0.08699428670241949, + "2024 vol spike": -0.07442256591820484, + "2025 tariff crash": -0.2099049047722884, + "2026 Q1 drawdown": -0.10638475300803896 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26636351771518363, + "max_ret": -0.07442256591820484, + "all_pos": false + }, + "pnrax": { + "name": "Putnam U.S. Research Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6819207949445134, + "corr_port": 0.276478412264447, + "rets": { + "2022 bear mkt": -0.23246279456836594, + "2023 rate shock": -0.08416070424180655, + "2024 vol spike": -0.07322064247058102, + "2025 tariff crash": -0.19403809823324392, + "2026 Q1 drawdown": -0.08155406163027767 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23246279456836594, + "max_ret": -0.07322064247058102, + "all_pos": false + }, + "pnsax": { + "name": "Putnam Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.38602354240621056, + "corr_port": 0.18048580695872893, + "rets": { + "2022 bear mkt": -0.2874887782468566, + "2023 rate shock": -0.14290644592572244, + "2024 vol spike": -0.054714590603512914, + "2025 tariff crash": -0.1831217100957624, + "2026 Q1 drawdown": -0.11651502487788723 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2874887782468566, + "max_ret": -0.054714590603512914, + "all_pos": false + }, + "pnvax": { + "name": "Putnam International Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7418658434781341, + "corr_port": 0.37843130784261586, + "rets": { + "2022 bear mkt": -0.3419186514871566, + "2023 rate shock": -0.11725603659778927, + "2024 vol spike": -0.061468619318266415, + "2025 tariff crash": -0.07276763914567985, + "2026 Q1 drawdown": -0.10772879965457682 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3419186514871566, + "max_ret": -0.061468619318266415, + "all_pos": false + }, + "pogax": { + "name": "Putnam Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.190143201327193, + "corr_port": 0.15037798580951137, + "rets": { + "2022 bear mkt": -0.32144691264340963, + "2023 rate shock": -0.08738436424783913, + "2024 vol spike": -0.09254501269673476, + "2025 tariff crash": -0.22769110157502592, + "2026 Q1 drawdown": -0.1253008174017226 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32144691264340963, + "max_ret": -0.08738436424783913, + "all_pos": false + }, + "pomix": { + "name": "T. Rowe Price Total Equity Market Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.45004494071921014, + "corr_port": 0.27750396171977787, + "rets": { + "2022 bear mkt": -0.2544684465556094, + "2023 rate shock": -0.10502844340336759, + "2024 vol spike": -0.07241027856647941, + "2025 tariff crash": -0.1907120895253277, + "2026 Q1 drawdown": -0.0865795020900344 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2544684465556094, + "max_ret": -0.07241027856647941, + "all_pos": false + }, + "povsx": { + "name": "PUTNAM INTERNATIONAL EQUITY FUND /MA/", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.45391160669396213, + "corr_port": 0.3812505260466762, + "rets": { + "2022 bear mkt": -0.28655428706614516, + "2023 rate shock": -0.0964733448669538, + "2024 vol spike": -0.08475193026635686, + "2025 tariff crash": -0.10541831788389622, + "2026 Q1 drawdown": -0.08900996333666245 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28655428706614516, + "max_ret": -0.08475193026635686, + "all_pos": false + }, + "ppiax": { + "name": "DWS Short Duration Fund", + "verdict": "weak/unstable alpha", + "t5": 3.644510147313814, + "corr_port": 0.060166731590796295, + "rets": { + "2022 bear mkt": -0.061113695909998045, + "2023 rate shock": -0.003067434501321409, + "2024 vol spike": 0.009967462144543582, + "2025 tariff crash": 0.003926994108487625, + "2026 Q1 drawdown": -0.005818938738308521 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.061113695909998045, + "max_ret": 0.009967462144543582, + "all_pos": false + }, + "ppnax": { + "name": "Putnam Strategic Intermediate Municipal Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.0191118873201728, + "corr_port": 0.05979544508950956, + "rets": { + "2022 bear mkt": -0.09336558412492402, + "2023 rate shock": -0.03798211009042396, + "2024 vol spike": 0.013236442497113643, + "2025 tariff crash": -0.01928337465254304, + "2026 Q1 drawdown": -0.007762354349822753 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09336558412492402, + "max_ret": 0.013236442497113643, + "all_pos": false + }, + "ppqax": { + "name": "PIMCO REALPATH Blend 2050 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5531597224081772, + "corr_port": 0.3203385256305766, + "rets": { + "2022 bear mkt": -0.25773553614691, + "2023 rate shock": -0.10265526341211006, + "2024 vol spike": -0.06028618174064204, + "2025 tariff crash": -0.14354232150346224, + "2026 Q1 drawdown": -0.07223301523691927 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25773553614691, + "max_ret": -0.06028618174064204, + "all_pos": false + }, + "pqcnx": { + "name": "PGIM Core Conservative Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.05243749088243829, + "corr_port": -0.12208725182398114, + "rets": { + "2022 bear mkt": -0.15185071378947268, + "2023 rate shock": -0.04262263751533735, + "2024 vol spike": 0.02316388549277204, + "2025 tariff crash": 0.010425647899016566, + "2026 Q1 drawdown": -0.00478154937572961 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15185071378947268, + "max_ret": 0.02316388549277204, + "all_pos": false + }, + "pqnax": { + "name": "Virtus NFJ Mid-Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.618897430248418, + "corr_port": 0.3193668779213482, + "rets": { + "2022 bear mkt": -0.22782608839814633, + "2023 rate shock": -0.18161523999196272, + "2024 vol spike": -0.04608298233346708, + "2025 tariff crash": -0.15805582658203254, + "2026 Q1 drawdown": -0.059439252336448645 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22782608839814633, + "max_ret": -0.04608298233346708, + "all_pos": false + }, + "pqtsx": { + "name": "PGIM TIPS Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3513170989280061, + "corr_port": -0.05620344151323078, + "rets": { + "2022 bear mkt": -0.12335761285109004, + "2023 rate shock": -0.030415121507784693, + "2024 vol spike": 0.012790791529879941, + "2025 tariff crash": 0.010135559406694084, + "2026 Q1 drawdown": -0.003567213286888249 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12335761285109004, + "max_ret": 0.012790791529879941, + "all_pos": false + }, + "prafx": { + "name": "T. Rowe Price Real Assets Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1593583917602257, + "corr_port": 0.3616104070333625, + "rets": { + "2022 bear mkt": -0.20865626306079776, + "2023 rate shock": -0.10774645696519147, + "2024 vol spike": -0.050331180638423345, + "2025 tariff crash": -0.13639391683983304, + "2026 Q1 drawdown": -0.06387230220198081 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20865626306079776, + "max_ret": -0.050331180638423345, + "all_pos": false + }, + "prasx": { + "name": "T. Rowe Price New Asia Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.162621641080458, + "corr_port": 0.2270964862712669, + "rets": { + "2022 bear mkt": -0.32461967320513896, + "2023 rate shock": -0.12901295683235237, + "2024 vol spike": -0.0675990634559599, + "2025 tariff crash": -0.1463413868430231, + "2026 Q1 drawdown": -0.0962897569032578 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32461967320513896, + "max_ret": -0.0675990634559599, + "all_pos": false + }, + "prblx": { + "name": "Parnassus Core Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.765083373213355, + "corr_port": 0.2529541274621002, + "rets": { + "2022 bear mkt": -0.2596432640966545, + "2023 rate shock": -0.098133345030749, + "2024 vol spike": -0.06060137575345392, + "2025 tariff crash": -0.15989143184314714, + "2026 Q1 drawdown": -0.10824014382724356 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2596432640966545, + "max_ret": -0.06060137575345392, + "all_pos": false + }, + "prcix": { + "name": "T. Rowe Price New Income Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.13723433201003477, + "corr_port": -0.07390681462461982, + "rets": { + "2022 bear mkt": -0.15507593405059794, + "2023 rate shock": -0.04238830151363149, + "2024 vol spike": 0.021334705536937504, + "2025 tariff crash": 0.008202610247211473, + "2026 Q1 drawdown": -0.006813100209668299 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15507593405059794, + "max_ret": 0.021334705536937504, + "all_pos": false + }, + "prcox": { + "name": "T. Rowe Price U.S. Equity Research Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2514160392085182, + "corr_port": 0.2793212368117234, + "rets": { + "2022 bear mkt": -0.24890057398755205, + "2023 rate shock": -0.09191003685831067, + "2024 vol spike": -0.07334659270821953, + "2025 tariff crash": -0.18790069122494923, + "2026 Q1 drawdown": -0.09290491557000458 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24890057398755205, + "max_ret": -0.07334659270821953, + "all_pos": false + }, + "prcpx": { + "name": "T. Rowe Price Credit Opportunities Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.966352022579707, + "corr_port": 0.29507505709464416, + "rets": { + "2022 bear mkt": -0.12517861179912038, + "2023 rate shock": -0.01919434113872376, + "2024 vol spike": -0.0026499302244193945, + "2025 tariff crash": -0.029247281875831033, + "2026 Q1 drawdown": -0.011891923206900468 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12517861179912038, + "max_ret": -0.0026499302244193945, + "all_pos": false + }, + "prdgx": { + "name": "T. Rowe Price Dividend Growth Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.05559737972462914, + "corr_port": 0.33565727897385983, + "rets": { + "2022 bear mkt": -0.18948010622116462, + "2023 rate shock": -0.08844960947275371, + "2024 vol spike": -0.043615012229771266, + "2025 tariff crash": -0.13850746863391383, + "2026 Q1 drawdown": -0.04368176922170419 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18948010622116462, + "max_ret": -0.043615012229771266, + "all_pos": false + }, + "prdmx": { + "name": "T. Rowe Price Diversified Mid-Cap Growth Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6126165694919894, + "corr_port": 0.1684411951880748, + "rets": { + "2022 bear mkt": -0.2735748064123368, + "2023 rate shock": -0.13777236134879134, + "2024 vol spike": -0.07319304512597868, + "2025 tariff crash": -0.22332103491193867, + "2026 Q1 drawdown": -0.10877336647955749 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2735748064123368, + "max_ret": -0.07319304512597868, + "all_pos": false + }, + "prdsx": { + "name": "T. Rowe Price Integrated U.S. Small-Cap Growth Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9195925460289647, + "corr_port": 0.22615277703065123, + "rets": { + "2022 bear mkt": -0.2667821452365089, + "2023 rate shock": -0.13615967392755735, + "2024 vol spike": -0.06764647592835082, + "2025 tariff crash": -0.20628105522510976, + "2026 Q1 drawdown": -0.10320130581297382 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2667821452365089, + "max_ret": -0.06764647592835082, + "all_pos": false + }, + "prefx": { + "name": "T. Rowe Price Tax-Efficient Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0873421539216492, + "corr_port": 0.1609796336184138, + "rets": { + "2022 bear mkt": -0.32205369246461646, + "2023 rate shock": -0.09195618755694812, + "2024 vol spike": -0.08537993283719847, + "2025 tariff crash": -0.22003600257109046, + "2026 Q1 drawdown": -0.12722262538081064 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32205369246461646, + "max_ret": -0.08537993283719847, + "all_pos": false + }, + "preix": { + "name": "T. Rowe Price Equity Index 500 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.15271533683191882, + "corr_port": 0.28552423571778457, + "rets": { + "2022 bear mkt": -0.24562275474943007, + "2023 rate shock": -0.09740125560729984, + "2024 vol spike": -0.07168117909558702, + "2025 tariff crash": -0.1842562923102169, + "2026 Q1 drawdown": -0.08807730536334502 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24562275474943007, + "max_ret": -0.07168117909558702, + "all_pos": false + }, + "premx": { + "name": "T. Rowe Price Emerging Markets Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -2.5658470612262696, + "corr_port": 0.2151914326331403, + "rets": { + "2022 bear mkt": -0.2545726712154056, + "2023 rate shock": -0.033434513602542126, + "2024 vol spike": -0.0007482355043331168, + "2025 tariff crash": -0.032040932372009334, + "2026 Q1 drawdown": -0.02617773955091962 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2545726712154056, + "max_ret": -0.0007482355043331168, + "all_pos": false + }, + "presx": { + "name": "T. Rowe Price European Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3568772995283505, + "corr_port": 0.3143544878092174, + "rets": { + "2022 bear mkt": -0.3587278451001986, + "2023 rate shock": -0.13234701132026838, + "2024 vol spike": -0.053523300527595796, + "2025 tariff crash": -0.11382765545306894, + "2026 Q1 drawdown": -0.11081390905617128 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3587278451001986, + "max_ret": -0.053523300527595796, + "all_pos": false + }, + "prfdx": { + "name": "T. Rowe Price Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8493285891163505, + "corr_port": 0.41059227467005194, + "rets": { + "2022 bear mkt": -0.1586814834609358, + "2023 rate shock": -0.1072974188517396, + "2024 vol spike": -0.04676163790027621, + "2025 tariff crash": -0.13494994639946734, + "2026 Q1 drawdown": -0.04432384121709576 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1586814834609358, + "max_ret": -0.04432384121709576, + "all_pos": false + }, + "prfhx": { + "name": "T. Rowe Price Tax-Free High Yield Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.9252909898532471, + "corr_port": 0.061850043959495386, + "rets": { + "2022 bear mkt": -0.15025571469457333, + "2023 rate shock": -0.06406983086916018, + "2024 vol spike": 0.017407870648859403, + "2025 tariff crash": -0.0398202324802146, + "2026 Q1 drawdown": -0.005922814014280076 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15025571469457333, + "max_ret": 0.017407870648859403, + "all_pos": false + }, + "prfrx": { + "name": "T. Rowe Price Floating Rate Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.941659064754437, + "corr_port": 0.2690895919530133, + "rets": { + "2022 bear mkt": -0.030682407803128586, + "2023 rate shock": 0.009528294308679186, + "2024 vol spike": -0.00042555251337972333, + "2025 tariff crash": -0.0170466775053445, + "2026 Q1 drawdown": -0.005779852009588415 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.030682407803128586, + "max_ret": 0.009528294308679186, + "all_pos": false + }, + "prfsx": { + "name": "T. Rowe Price Tax-Free Short-Intermediate Fund, Inc.", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.4082729119149122, + "corr_port": 0.02885677905964834, + "rets": { + "2022 bear mkt": -0.05376250853605391, + "2023 rate shock": -0.01483887058579525, + "2024 vol spike": 0.009544894941554194, + "2025 tariff crash": -0.008253630780994614, + "2026 Q1 drawdown": -0.004175359613484031 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.05376250853605391, + "max_ret": 0.009544894941554194, + "all_pos": false + }, + "prfz": { + "name": "Invesco RAFI US 1500 Small-Mid ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.7501722701733153, + "corr_port": 0.2959095779192841, + "rets": { + "2022 bear mkt": -0.22847625184955256, + "2023 rate shock": -0.17030475696052527, + "2024 vol spike": -0.08190372181988281, + "2025 tariff crash": -0.2164458908903818, + "2026 Q1 drawdown": -0.07796656594057894 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22847625184955256, + "max_ret": -0.07796656594057894, + "all_pos": false + }, + "prgfx": { + "name": "T. Rowe Price Growth Stock Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.8134703041451337, + "corr_port": 0.13003335259566215, + "rets": { + "2022 bear mkt": -0.38746891020482743, + "2023 rate shock": -0.07970577339206841, + "2024 vol spike": -0.08596392232916983, + "2025 tariff crash": -0.22121710316685872, + "2026 Q1 drawdown": -0.1335406546645871 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.38746891020482743, + "max_ret": -0.07970577339206841, + "all_pos": false + }, + "prgmx": { + "name": "T. Rowe Price GNMA Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9840285049952521, + "corr_port": -0.0706605559505961, + "rets": { + "2022 bear mkt": -0.13463147602917658, + "2023 rate shock": -0.048479797352809495, + "2024 vol spike": 0.02284004215504143, + "2025 tariff crash": 0.008449769852679312, + "2026 Q1 drawdown": -0.0035680952395075183 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13463147602917658, + "max_ret": 0.02284004215504143, + "all_pos": false + }, + "prgsx": { + "name": "T. Rowe Price Global Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5198415816388946, + "corr_port": 0.22843565147246797, + "rets": { + "2022 bear mkt": -0.33803920005682664, + "2023 rate shock": -0.10082040592137997, + "2024 vol spike": -0.07848747241115339, + "2025 tariff crash": -0.20603987915727584, + "2026 Q1 drawdown": -0.1207246164563387 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33803920005682664, + "max_ret": -0.07848747241115339, + "all_pos": false + }, + "prgtx": { + "name": "T. Rowe Price Global Technology Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6585885458491253, + "corr_port": 0.025204360570885428, + "rets": { + "2022 bear mkt": -0.5216801770996427, + "2023 rate shock": -0.11307901907356954, + "2024 vol spike": -0.11937278705108745, + "2025 tariff crash": -0.26205646041856223, + "2026 Q1 drawdown": -0.11014813614488494 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.5216801770996427, + "max_ret": -0.11014813614488494, + "all_pos": false + }, + "prhsx": { + "name": "T. Rowe Price Health Sciences Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": -0.08281148720398579, + "corr_port": 0.16322865740056094, + "rets": { + "2022 bear mkt": -0.16958363777838892, + "2023 rate shock": -0.09519048266442076, + "2024 vol spike": -0.03996331350349147, + "2025 tariff crash": -0.14306130960730457, + "2026 Q1 drawdown": -0.0907119481818589 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16958363777838892, + "max_ret": -0.03996331350349147, + "all_pos": false + }, + "prhyx": { + "name": "T. Rowe Price High Yield Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": -1.7196655431233385, + "corr_port": 0.3039921344562706, + "rets": { + "2022 bear mkt": -0.146887662607055, + "2023 rate shock": -0.02579216753597091, + "2024 vol spike": -0.0028834232336697463, + "2025 tariff crash": -0.02849825249456539, + "2026 Q1 drawdown": -0.012980873828518424 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.146887662607055, + "max_ret": -0.0028834232336697463, + "all_pos": false + }, + "pridx": { + "name": "T. Rowe Price International Discovery Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3041902027684213, + "corr_port": 0.2886968205250515, + "rets": { + "2022 bear mkt": -0.3814507094503704, + "2023 rate shock": -0.13095808010915977, + "2024 vol spike": -0.06322010726930738, + "2025 tariff crash": -0.11526097969796323, + "2026 Q1 drawdown": -0.10583987313758869 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3814507094503704, + "max_ret": -0.06322010726930738, + "all_pos": false + }, + "prigx": { + "name": "T. Rowe Price Global Value Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4593446267140102, + "corr_port": 0.4001366014303038, + "rets": { + "2022 bear mkt": -0.19721869681394089, + "2023 rate shock": -0.09974588862308165, + "2024 vol spike": -0.06204983544720666, + "2025 tariff crash": -0.13518003649870847, + "2026 Q1 drawdown": -0.08060230292294057 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19721869681394089, + "max_ret": -0.06204983544720666, + "all_pos": false + }, + "prihx": { + "name": "T. Rowe Price Intermediate Tax-Free High Yield Fund", + "verdict": "weak/unstable alpha", + "t5": -0.27249664997420786, + "corr_port": 0.05114643882505112, + "rets": { + "2022 bear mkt": -0.10577992772902556, + "2023 rate shock": -0.03230274763113894, + "2024 vol spike": 0.012295054782508252, + "2025 tariff crash": -0.018733638805218833, + "2026 Q1 drawdown": -0.006758576810831585 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10577992772902556, + "max_ret": 0.012295054782508252, + "all_pos": false + }, + "prijx": { + "name": "T. Rowe Price Emerging Markets Discovery Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6440874397375941, + "corr_port": 0.3115481043672766, + "rets": { + "2022 bear mkt": -0.25067015666476467, + "2023 rate shock": -0.1115973709843947, + "2024 vol spike": -0.07783190450023425, + "2025 tariff crash": -0.15127173493068502, + "2026 Q1 drawdown": -0.09771820436507939 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25067015666476467, + "max_ret": -0.07783190450023425, + "all_pos": false + }, + "prinx": { + "name": "T. Rowe Price Summit Municipal Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4669921937771193, + "corr_port": 0.03896594900073883, + "rets": { + "2022 bear mkt": -0.1274624003098057, + "2023 rate shock": -0.057383588853553213, + "2024 vol spike": 0.015152525992846222, + "2025 tariff crash": -0.03468685262023208, + "2026 Q1 drawdown": -0.008287347894814667 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1274624003098057, + "max_ret": 0.015152525992846222, + "all_pos": false + }, + "pripx": { + "name": "T. Rowe Price Inflation Protected Bond Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": -0.06396117503791127, + "corr_port": -0.06251941913314667, + "rets": { + "2022 bear mkt": -0.1316397017587232, + "2023 rate shock": -0.025233303880921487, + "2024 vol spike": 0.011363886701288406, + "2025 tariff crash": 0.010304847184349875, + "2026 Q1 drawdown": -0.0024456726951598284 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1316397017587232, + "max_ret": 0.011363886701288406, + "all_pos": false + }, + "prisx": { + "name": "T. Rowe Price Financial Services Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": 1.3370959313865873, + "corr_port": 0.41080611841916165, + "rets": { + "2022 bear mkt": -0.22973685778817632, + "2023 rate shock": -0.09440343991777822, + "2024 vol spike": -0.0749577545702943, + "2025 tariff crash": -0.1673695458504334, + "2026 Q1 drawdown": -0.09913154202778118 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22973685778817632, + "max_ret": -0.0749577545702943, + "all_pos": false + }, + "pritx": { + "name": "T. Rowe Price International Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6371506790867947, + "corr_port": 0.3020770186310091, + "rets": { + "2022 bear mkt": -0.2684396013766962, + "2023 rate shock": -0.12433858647558516, + "2024 vol spike": -0.05664072417512722, + "2025 tariff crash": -0.13206641316374124, + "2026 Q1 drawdown": -0.11390130555611222 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2684396013766962, + "max_ret": -0.05664072417512722, + "all_pos": false + }, + "prjax": { + "name": "PGIM Jennison Global Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.808418507390307, + "corr_port": 0.10844358415893751, + "rets": { + "2022 bear mkt": -0.4146452033955178, + "2023 rate shock": -0.09813212751685496, + "2024 vol spike": -0.08239693626232814, + "2025 tariff crash": -0.23347729099989312, + "2026 Q1 drawdown": -0.16034434545839904 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4146452033955178, + "max_ret": -0.08239693626232814, + "all_pos": false + }, + "prjpx": { + "name": "T. Rowe Price Japan Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2114201817483619, + "corr_port": 0.2589504178041694, + "rets": { + "2022 bear mkt": -0.3398231033480652, + "2023 rate shock": -0.13957324214800526, + "2024 vol spike": -0.12867353520395697, + "2025 tariff crash": -0.0965910006380658, + "2026 Q1 drawdown": -0.08008356545960993 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3398231033480652, + "max_ret": -0.08008356545960993, + "all_pos": false + }, + "prkax": { + "name": "PGIM Real Estate Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8213535881343723, + "corr_port": 0.28782008348335264, + "rets": { + "2022 bear mkt": -0.25123430665059154, + "2023 rate shock": -0.1260117250284699, + "2024 vol spike": -0.00914835898709887, + "2025 tariff crash": -0.10872486109125279, + "2026 Q1 drawdown": -0.030955666518754255 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25123430665059154, + "max_ret": -0.00914835898709887, + "all_pos": false + }, + "prlax": { + "name": "T. Rowe Price Latin America Fund", + "verdict": "weak/unstable alpha", + "t5": -0.18093671774474743, + "corr_port": 0.2639642700534686, + "rets": { + "2022 bear mkt": 0.06520488301007754, + "2023 rate shock": -0.1360511632457131, + "2024 vol spike": -0.07612977453176284, + "2025 tariff crash": -0.10752685264276773, + "2026 Q1 drawdown": -0.08835962011680287 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1360511632457131, + "max_ret": 0.06520488301007754, + "all_pos": false + }, + "prmdx": { + "name": "T. Rowe Price Maryland Short-Term Tax-Free Bond Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.0996599140924417, + "corr_port": 0.06381874322112839, + "rets": { + "2022 bear mkt": -0.03314245336312516, + "2023 rate shock": -0.0067240715468255274, + "2024 vol spike": 0.005882162345782094, + "2025 tariff crash": -0.003917806887107078, + "2026 Q1 drawdown": -0.0017595927451846682 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.03314245336312516, + "max_ret": 0.005882162345782094, + "all_pos": false + }, + "prmsx": { + "name": "T. Rowe Price Emerging Markets Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5207619964848047, + "corr_port": 0.26268027427304835, + "rets": { + "2022 bear mkt": -0.32016677261910464, + "2023 rate shock": -0.13737751205594706, + "2024 vol spike": -0.06496456256128724, + "2025 tariff crash": -0.11979753738366994, + "2026 Q1 drawdown": -0.09400491243872522 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32016677261910464, + "max_ret": -0.06496456256128724, + "all_pos": false + }, + "prmtx": { + "name": "T. Rowe Price Communications & Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.812216225248002, + "corr_port": 0.09362266575662449, + "rets": { + "2022 bear mkt": -0.3949363391502574, + "2023 rate shock": -0.08340331677634139, + "2024 vol spike": -0.07085571429029824, + "2025 tariff crash": -0.19239035199994214, + "2026 Q1 drawdown": -0.09886337169466397 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3949363391502574, + "max_ret": -0.07085571429029824, + "all_pos": false + }, + "prnex": { + "name": "T. Rowe Price New Era Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7091624838473614, + "corr_port": 0.39461346009344894, + "rets": { + "2022 bear mkt": -0.05408701762383117, + "2023 rate shock": -0.06264455285654458, + "2024 vol spike": -0.06318882051571961, + "2025 tariff crash": -0.1675089083448591, + "2026 Q1 drawdown": 0.04502160075710804 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1675089083448591, + "max_ret": 0.04502160075710804, + "all_pos": false + }, + "prnhx": { + "name": "T. Rowe Price New Horizons Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": -2.1588297415137956, + "corr_port": 0.07001504200858648, + "rets": { + "2022 bear mkt": -0.35671885039296924, + "2023 rate shock": -0.1656232891028303, + "2024 vol spike": -0.06560246571787298, + "2025 tariff crash": -0.23451797478376035, + "2026 Q1 drawdown": -0.1188118473233456 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35671885039296924, + "max_ret": -0.06560246571787298, + "all_pos": false + }, + "prnyx": { + "name": "T. Rowe Price New York Tax-Free Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.603197034304182, + "corr_port": 0.0225160326168523, + "rets": { + "2022 bear mkt": -0.12668432799224516, + "2023 rate shock": -0.06042865778613149, + "2024 vol spike": 0.016623517433972168, + "2025 tariff crash": -0.03749549558027698, + "2026 Q1 drawdown": -0.007254398523194094 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12668432799224516, + "max_ret": 0.016623517433972168, + "all_pos": false + }, + "provx": { + "name": "Provident Trust Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2641552706687867, + "corr_port": 0.2528081890658962, + "rets": { + "2022 bear mkt": -0.2537500335202697, + "2023 rate shock": -0.09628763669462848, + "2024 vol spike": -0.06433639530358015, + "2025 tariff crash": -0.13468179089076115, + "2026 Q1 drawdown": -0.10923935681470132 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2537500335202697, + "max_ret": -0.06433639530358015, + "all_pos": false + }, + "prpax": { + "name": "PGIM Jennison Energy Infrastructure Fund", + "verdict": "weak/unstable alpha", + "t5": 1.8033785446309913, + "corr_port": 0.3025424402149182, + "rets": { + "2022 bear mkt": 0.11661716915189735, + "2023 rate shock": 0.013635777163386154, + "2024 vol spike": -0.04494388338762756, + "2025 tariff crash": -0.14100483019992316, + "2026 Q1 drawdown": 0.12897831829407025 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.14100483019992316, + "max_ret": 0.12897831829407025, + "all_pos": false + }, + "prpix": { + "name": "T. Rowe Price Corporate Income Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4945060678031237, + "corr_port": -0.030619609454478044, + "rets": { + "2022 bear mkt": -0.19383639661954877, + "2023 rate shock": -0.04527045020814091, + "2024 vol spike": 0.016600001563695788, + "2025 tariff crash": -0.003752162497395406, + "2026 Q1 drawdown": -0.013875344207243234 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.19383639661954877, + "max_ret": 0.016600001563695788, + "all_pos": false + }, + "prscx": { + "name": "T. Rowe Price Science & Technology Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.0035932582306656604, + "corr_port": 0.11127326033787904, + "rets": { + "2022 bear mkt": -0.38349179774107134, + "2023 rate shock": -0.12606343742779003, + "2024 vol spike": -0.1029762214750376, + "2025 tariff crash": -0.27310847484556955, + "2026 Q1 drawdown": -0.1781415795515714 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.38349179774107134, + "max_ret": -0.1029762214750376, + "all_pos": false + }, + "prsgx": { + "name": "T. Rowe Price Spectrum Diversified Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9885229652051408, + "corr_port": 0.3003703183425758, + "rets": { + "2022 bear mkt": -0.25510198224532776, + "2023 rate shock": -0.09953003788066217, + "2024 vol spike": -0.06304268689067449, + "2025 tariff crash": -0.17104275056142781, + "2026 Q1 drawdown": -0.08529521420301045 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25510198224532776, + "max_ret": -0.06304268689067449, + "all_pos": false + }, + "prsix": { + "name": "T. Rowe Price Spectrum Conservative Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.18091812923501277, + "corr_port": 0.30249819072080175, + "rets": { + "2022 bear mkt": -0.17328656831204903, + "2023 rate shock": -0.05021631806946181, + "2024 vol spike": -0.024684974846729713, + "2025 tariff crash": -0.06750631769695159, + "2026 Q1 drawdown": -0.03881759670961715 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17328656831204903, + "max_ret": -0.024684974846729713, + "all_pos": false + }, + "prsmx": { + "name": "T. Rowe Price Summit Municipal Intermediate Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6398847899464606, + "corr_port": 0.037428885095898944, + "rets": { + "2022 bear mkt": -0.09723545961849356, + "2023 rate shock": -0.035864294262336616, + "2024 vol spike": 0.010316903839298952, + "2025 tariff crash": -0.022514268053752562, + "2026 Q1 drawdown": -0.01057957092199624 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09723545961849356, + "max_ret": 0.010316903839298952, + "all_pos": false + }, + "prsnx": { + "name": "T. Rowe Price Global Multi-Sector Bond Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": 0.7816898076518033, + "corr_port": 0.11480264680027129, + "rets": { + "2022 bear mkt": -0.16227797867975324, + "2023 rate shock": -0.019380256025221643, + "2024 vol spike": 0.019141299068132556, + "2025 tariff crash": -0.004781564423497087, + "2026 Q1 drawdown": -0.012020483373285096 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16227797867975324, + "max_ret": 0.019141299068132556, + "all_pos": false + }, + "prsvx": { + "name": "T. Rowe Price Small-Cap Value Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.16271865916575903, + "corr_port": 0.3129582719340149, + "rets": { + "2022 bear mkt": -0.22264818238866269, + "2023 rate shock": -0.1506379545050165, + "2024 vol spike": -0.06915458152107301, + "2025 tariff crash": -0.1928584725128567, + "2026 Q1 drawdown": -0.05807387584198076 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22264818238866269, + "max_ret": -0.05807387584198076, + "all_pos": false + }, + "prtax": { + "name": "T. Rowe Price Tax-Free Income Fund, Inc.", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5586664889126662, + "corr_port": 0.03652415690347229, + "rets": { + "2022 bear mkt": -0.12234631230444448, + "2023 rate shock": -0.055220905015687216, + "2024 vol spike": 0.016629345392338735, + "2025 tariff crash": -0.03491769726920324, + "2026 Q1 drawdown": -0.007847086233308431 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12234631230444448, + "max_ret": 0.016629345392338735, + "all_pos": false + }, + "prtix": { + "name": "T. Rowe Price U.S. Treasury Intermediate Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7142949421806118, + "corr_port": -0.17484520489643376, + "rets": { + "2022 bear mkt": -0.12756701895457878, + "2023 rate shock": -0.029860803668207647, + "2024 vol spike": 0.027166577099321465, + "2025 tariff crash": 0.028232108641456533, + "2026 Q1 drawdown": -0.002014190331886434 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12756701895457878, + "max_ret": 0.028232108641456533, + "all_pos": false + }, + "pruax": { + "name": "PGIM Jennison Utility Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4620078736865295, + "corr_port": 0.24695883770855193, + "rets": { + "2022 bear mkt": -0.0965210140523769, + "2023 rate shock": -0.0971490876896629, + "2024 vol spike": 0.014664807105733146, + "2025 tariff crash": -0.10249286148379366, + "2026 Q1 drawdown": 0.056903348050219904 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.10249286148379366, + "max_ret": 0.056903348050219904, + "all_pos": false + }, + "prulx": { + "name": "T. Rowe Price U.S. Treasury Long-Term Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8691385650874103, + "corr_port": -0.18938618092441037, + "rets": { + "2022 bear mkt": -0.2829796397779005, + "2023 rate shock": -0.12558668850961607, + "2024 vol spike": 0.051104740750584465, + "2025 tariff crash": 0.007569602917998575, + "2026 Q1 drawdown": -0.0036071084938585907 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.2829796397779005, + "max_ret": 0.051104740750584465, + "all_pos": false + }, + "prvax": { + "name": "T. Rowe Price Virginia Tax-Free Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.3024311287754445, + "corr_port": 0.02707648109290171, + "rets": { + "2022 bear mkt": -0.12643014397362473, + "2023 rate shock": -0.06205038510172434, + "2024 vol spike": 0.014204074294383418, + "2025 tariff crash": -0.03965610923505214, + "2026 Q1 drawdown": -0.008021752029087836 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12643014397362473, + "max_ret": 0.014204074294383418, + "all_pos": false + }, + "prvbx": { + "name": "Versatile Bond Portfolio", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 3.8266912042014902, + "corr_port": 0.16349827035446948, + "rets": { + "2022 bear mkt": -0.06572905382568628, + "2023 rate shock": 0.00031988107380476194, + "2024 vol spike": 0.007104195032743288, + "2025 tariff crash": -0.001396874035889284, + "2026 Q1 drawdown": -0.008272074268873775 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06572905382568628, + "max_ret": 0.007104195032743288, + "all_pos": false + }, + "prwax": { + "name": "T. Rowe Price All-Cap Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4376113825709051, + "corr_port": 0.22719629213673218, + "rets": { + "2022 bear mkt": -0.26395196643794605, + "2023 rate shock": -0.07900499131093874, + "2024 vol spike": -0.07003787538498518, + "2025 tariff crash": -0.18335502268915904, + "2026 Q1 drawdown": -0.12806958176201577 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26395196643794605, + "max_ret": -0.07003787538498518, + "all_pos": false + }, + "prwbx": { + "name": "T. Rowe Price Short-Term Bond Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": -1.257466873159423, + "corr_port": -0.013774754886392203, + "rets": { + "2022 bear mkt": -0.05548905891455436, + "2023 rate shock": 0.003357875914560937, + "2024 vol spike": 0.012269636075689094, + "2025 tariff crash": 0.010901482062712908, + "2026 Q1 drawdown": 0.00019830253034025525 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.05548905891455436, + "max_ret": 0.012269636075689094, + "all_pos": false + }, + "prwcx": { + "name": "T. Rowe Price Capital Appreciation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.497036930177046, + "corr_port": 0.2700802494999485, + "rets": { + "2022 bear mkt": -0.16616899279105546, + "2023 rate shock": -0.06168454247421873, + "2024 vol spike": -0.025432800804346734, + "2025 tariff crash": -0.08787195770052358, + "2026 Q1 drawdown": -0.05746804553026108 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16616899279105546, + "max_ret": -0.025432800804346734, + "all_pos": false + }, + "prxcx": { + "name": "T. Rowe Price California Tax-Free Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6742572951902659, + "corr_port": 0.021894240595151666, + "rets": { + "2022 bear mkt": -0.11963815383775422, + "2023 rate shock": -0.05608920758664604, + "2024 vol spike": 0.014737906093315711, + "2025 tariff crash": -0.032929065878616104, + "2026 Q1 drawdown": -0.00835848008384954 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11963815383775422, + "max_ret": 0.014737906093315711, + "all_pos": false + }, + "pscc": { + "name": "Invesco S&P SmallCap Consumer Staples ETF", + "verdict": "weak/unstable alpha", + "t5": 0.49442303284485795, + "corr_port": 0.22111650097711708, + "rets": { + "2022 bear mkt": -0.12703635481037312, + "2023 rate shock": -0.10968562614913646, + "2024 vol spike": -0.041355122876776895, + "2025 tariff crash": -0.11522078928308743, + "2026 Q1 drawdown": -0.059932293519259106 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12703635481037312, + "max_ret": -0.041355122876776895, + "all_pos": false + }, + "pscd": { + "name": "Invesco S&P SmallCap Consumer Discretionary ETF", + "verdict": "weak/unstable alpha", + "t5": 0.4521254730705201, + "corr_port": 0.24590999162651103, + "rets": { + "2022 bear mkt": -0.33456832517523105, + "2023 rate shock": -0.17345250187977024, + "2024 vol spike": -0.0577534508451788, + "2025 tariff crash": -0.2637268520199275, + "2026 Q1 drawdown": -0.09640572303225192 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33456832517523105, + "max_ret": -0.0577534508451788, + "all_pos": false + }, + "psce": { + "name": "Invesco S&P SmallCap Energy ETF", + "verdict": "weak/unstable alpha", + "t5": -0.14379709039845345, + "corr_port": 0.27287692029994404, + "rets": { + "2022 bear mkt": 0.24222494265004935, + "2023 rate shock": -0.0080447264067256, + "2024 vol spike": -0.12562636478253142, + "2025 tariff crash": -0.3139699021439539, + "2026 Q1 drawdown": 0.23070400710123184 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.3139699021439539, + "max_ret": 0.24222494265004935, + "all_pos": false + }, + "psch": { + "name": "Invesco S&P SmallCap Health Care ETF", + "verdict": "weak/unstable alpha", + "t5": -0.8526892285627284, + "corr_port": 0.16749046987568175, + "rets": { + "2022 bear mkt": -0.278705218769575, + "2023 rate shock": -0.2094503883876595, + "2024 vol spike": -0.053170624605393124, + "2025 tariff crash": -0.21291139288533778, + "2026 Q1 drawdown": -0.11856019980741961 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.278705218769575, + "max_ret": -0.053170624605393124, + "all_pos": false + }, + "psci": { + "name": "Invesco S&P SmallCap Industrials ETF", + "verdict": "weak/unstable alpha", + "t5": 1.4477600957764276, + "corr_port": 0.3348767944662836, + "rets": { + "2022 bear mkt": -0.19343592817926158, + "2023 rate shock": -0.12720171738311925, + "2024 vol spike": -0.07820378261679806, + "2025 tariff crash": -0.2219994088624465, + "2026 Q1 drawdown": -0.09091981453790399 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2219994088624465, + "max_ret": -0.07820378261679806, + "all_pos": false + }, + "pscm": { + "name": "Invesco S&P SmallCap Materials ETF", + "verdict": "weak/unstable alpha", + "t5": -0.010696629894784896, + "corr_port": 0.3054291724058675, + "rets": { + "2022 bear mkt": -0.15304778398604546, + "2023 rate shock": -0.18600377268428858, + "2024 vol spike": -0.08466656753779878, + "2025 tariff crash": -0.2419877941725258, + "2026 Q1 drawdown": 0.035104183205873385 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.2419877941725258, + "max_ret": 0.035104183205873385, + "all_pos": false + }, + "psct": { + "name": "Invesco S&P SmallCap Information Technology ETF", + "verdict": "weak/unstable alpha", + "t5": 0.22888983813093297, + "corr_port": 0.20000656591873878, + "rets": { + "2022 bear mkt": -0.2944871558224891, + "2023 rate shock": -0.1992628918864724, + "2024 vol spike": -0.1346269673585584, + "2025 tariff crash": -0.2700383247680357, + "2026 Q1 drawdown": -0.058669734575416466 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2944871558224891, + "max_ret": -0.058669734575416466, + "all_pos": false + }, + "psecx": { + "name": "1789 Growth and Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.24627239975227347, + "corr_port": 0.3663360488284164, + "rets": { + "2022 bear mkt": -0.18353343783109388, + "2023 rate shock": -0.07988425219255713, + "2024 vol spike": -0.029310610730404085, + "2025 tariff crash": -0.10344821965371276, + "2026 Q1 drawdown": -0.047741233249600556 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18353343783109388, + "max_ret": -0.029310610730404085, + "all_pos": false + }, + "psgix": { + "name": "BLACKROCK ADVANTAGE SMALL CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2241231255011897, + "corr_port": 0.19187645951143711, + "rets": { + "2022 bear mkt": -0.2848399012375755, + "2023 rate shock": -0.17348617282551937, + "2024 vol spike": -0.08574143749272722, + "2025 tariff crash": -0.23262158207782058, + "2026 Q1 drawdown": -0.11055658773729693 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2848399012375755, + "max_ret": -0.08574143749272722, + "all_pos": false + }, + "psiax": { + "name": "PGIM QUANT SOLUTIONS LARGE-CAP INDEX FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6873353303917802, + "corr_port": 0.2779716920570887, + "rets": { + "2022 bear mkt": -0.2475728592239469, + "2023 rate shock": -0.09810860055340631, + "2024 vol spike": -0.0717446841811532, + "2025 tariff crash": -0.18452377536690123, + "2026 Q1 drawdown": -0.08837011254689453 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2475728592239469, + "max_ret": -0.0717446841811532, + "all_pos": false + }, + "psilx": { + "name": "T. Rowe Price Spectrum International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8692435969250436, + "corr_port": 0.3488392123650639, + "rets": { + "2022 bear mkt": -0.2977147346232475, + "2023 rate shock": -0.11979900068537508, + "2024 vol spike": -0.06399997990439521, + "2025 tariff crash": -0.11490475455528626, + "2026 Q1 drawdown": -0.09684333350222918 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2977147346232475, + "max_ret": -0.06399997990439521, + "all_pos": false + }, + "pslax": { + "name": "Putnam Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3047967198375092, + "corr_port": 0.3423957118076743, + "rets": { + "2022 bear mkt": -0.19263819674925542, + "2023 rate shock": -0.1288982474044008, + "2024 vol spike": -0.09481744173689699, + "2025 tariff crash": -0.21401993570102318, + "2026 Q1 drawdown": -0.06982386580594213 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21401993570102318, + "max_ret": -0.06982386580594213, + "all_pos": false + }, + "psnyx": { + "name": "BNY Mellon New York AMT-Free Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.0535054353421678, + "corr_port": 0.030790299320097442, + "rets": { + "2022 bear mkt": -0.12838918903084162, + "2023 rate shock": -0.05073993584024139, + "2024 vol spike": 0.011783615804130898, + "2025 tariff crash": -0.03392081146200843, + "2026 Q1 drawdown": -0.007000211128800227 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12838918903084162, + "max_ret": 0.011783615804130898, + "all_pos": false + }, + "pstax": { + "name": "Virtus KAR Capital Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3185071604676306, + "corr_port": 0.12212040676148986, + "rets": { + "2022 bear mkt": -0.37303373251300154, + "2023 rate shock": -0.1295081787301683, + "2024 vol spike": -0.07703348090476658, + "2025 tariff crash": -0.1957672861853288, + "2026 Q1 drawdown": -0.16042510121457498 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37303373251300154, + "max_ret": -0.07703348090476658, + "all_pos": false + }, + "ptebx": { + "name": "BNY Mellon Opportunistic Municipal Securities Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.36009723510483954, + "corr_port": 0.030865747406853918, + "rets": { + "2022 bear mkt": -0.11985932353525286, + "2023 rate shock": -0.05549378854363929, + "2024 vol spike": 0.014211550923822314, + "2025 tariff crash": -0.03290227827737602, + "2026 Q1 drawdown": -0.008527500650793107 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11985932353525286, + "max_ret": 0.014211550923822314, + "all_pos": false + }, + "ptmax": { + "name": "PGIM QUANT SOLUTIONS LARGE-CAP CORE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.031342220335521635, + "corr_port": 0.2978803783863442, + "rets": { + "2022 bear mkt": -0.23109465061154566, + "2023 rate shock": -0.09400766764969692, + "2024 vol spike": -0.07574392134456764, + "2025 tariff crash": -0.2011943464029734, + "2026 Q1 drawdown": -0.0828138505259951 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23109465061154566, + "max_ret": -0.07574392134456764, + "all_pos": false + }, + "pttfx": { + "name": "T. Rowe Price Total Return Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3388228260218528, + "corr_port": -0.0795830761065578, + "rets": { + "2022 bear mkt": -0.16508365799714853, + "2023 rate shock": -0.04317193844892209, + "2024 vol spike": 0.023405842892385342, + "2025 tariff crash": 0.004744790477113181, + "2026 Q1 drawdown": -0.006736247530109707 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16508365799714853, + "max_ret": 0.023405842892385342, + "all_pos": false + }, + "pucax": { + "name": "PGIM Strategic Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.818925016836537, + "corr_port": 0.15911867688103165, + "rets": { + "2022 bear mkt": -0.15424225666776126, + "2023 rate shock": -0.03000615085489977, + "2024 vol spike": 0.0118909710661117, + "2025 tariff crash": 0.0009931267359137852, + "2026 Q1 drawdown": -0.009761202999476137 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15424225666776126, + "max_ret": 0.0118909710661117, + "all_pos": false + }, + "pudax": { + "name": "PGIM Real Assets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.18208537496841123, + "corr_port": 0.3257886475180679, + "rets": { + "2022 bear mkt": -0.0805243358691935, + "2023 rate shock": -0.05298018916498948, + "2024 vol spike": -0.029210936258263098, + "2025 tariff crash": -0.07740612376956524, + "2026 Q1 drawdown": 0.011707274764393594 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0805243358691935, + "max_ret": 0.011707274764393594, + "all_pos": false + }, + "puls": { + "name": "PGIM Ultra Short Bond ETF", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 5.834216426215935, + "corr_port": 0.09687214369181021, + "rets": { + "2022 bear mkt": 0.003637359929839157, + "2023 rate shock": 0.013910249365426175, + "2024 vol spike": 0.0025616376377906036, + "2025 tariff crash": 0.0026318629410739813, + "2026 Q1 drawdown": 0.004617556157326952 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.0025616376377906036, + "max_ret": 0.013910249365426175, + "all_pos": true + }, + "purcx": { + "name": "PGIM GLOBAL REAL ESTATE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.519850965295717, + "corr_port": 0.29633371988243534, + "rets": { + "2022 bear mkt": -0.3480184127601549, + "2023 rate shock": -0.1411774702470836, + "2024 vol spike": -0.027971463241798333, + "2025 tariff crash": -0.12545751521308757, + "2026 Q1 drawdown": -0.03169182709266627 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3480184127601549, + "max_ret": -0.027971463241798333, + "all_pos": false + }, + "pvfax": { + "name": "Paradigm Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.10407233244823162, + "corr_port": 0.2553389631927727, + "rets": { + "2022 bear mkt": -0.2912203455452519, + "2023 rate shock": -0.12280377877138315, + "2024 vol spike": -0.08350631135861408, + "2025 tariff crash": -0.22597550036182257, + "2026 Q1 drawdown": -0.07851235733963002 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2912203455452519, + "max_ret": -0.07851235733963002, + "all_pos": false + }, + "pvfix": { + "name": "Pinnacle Value Fund", + "verdict": "weak/unstable alpha", + "t5": 1.4972828952679593, + "corr_port": 0.26004502957055886, + "rets": { + "2022 bear mkt": -0.08322824460768907, + "2023 rate shock": 0.006169034830067366, + "2024 vol spike": -0.03825125593204437, + "2025 tariff crash": -0.12143285309412488, + "2026 Q1 drawdown": -0.014354008035526888 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12143285309412488, + "max_ret": 0.006169034830067366, + "all_pos": false + }, + "pvivx": { + "name": "Paradigm Micro-Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1344168341287318, + "corr_port": 0.2021265401538122, + "rets": { + "2022 bear mkt": -0.3162968126434246, + "2023 rate shock": -0.16669941820652656, + "2024 vol spike": -0.09648823447449517, + "2025 tariff crash": -0.25305605430902955, + "2026 Q1 drawdown": -0.057598279651397966 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3162968126434246, + "max_ret": -0.057598279651397966, + "all_pos": false + }, + "pwjax": { + "name": "PGIM Jennison International Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -2.0056937528187198, + "corr_port": 0.1485942633159084, + "rets": { + "2022 bear mkt": -0.41857223670637533, + "2023 rate shock": -0.128888906009753, + "2024 vol spike": -0.07400187728483087, + "2025 tariff crash": -0.1915023341528599, + "2026 Q1 drawdown": -0.16821644585987905 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.41857223670637533, + "max_ret": -0.07400187728483087, + "all_pos": false + }, + "pwtax": { + "name": "UBS U.S. Allocation Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5980021331424188, + "corr_port": 0.2534107357306364, + "rets": { + "2022 bear mkt": -0.21527263589086332, + "2023 rate shock": -0.08667843434548239, + "2024 vol spike": -0.04411762793649088, + "2025 tariff crash": -0.12898095070348636, + "2026 Q1 drawdown": -0.07759291795665635 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21527263589086332, + "max_ret": -0.04411762793649088, + "all_pos": false + }, + "pxbix": { + "name": "Impax Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.06981107835048943, + "corr_port": -0.12270355732331227, + "rets": { + "2022 bear mkt": -0.13979005686161783, + "2023 rate shock": -0.03974182452289776, + "2024 vol spike": 0.021294799932653374, + "2025 tariff crash": 0.0075408372948113644, + "2026 Q1 drawdown": -0.00591746750353106 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13979005686161783, + "max_ret": 0.021294799932653374, + "all_pos": false + }, + "pxgox": { + "name": "Impax Global Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.131147771251523, + "corr_port": 0.23325021785817743, + "rets": { + "2022 bear mkt": -0.2953998015967343, + "2023 rate shock": -0.13063068535211397, + "2024 vol spike": -0.039458258341498964, + "2025 tariff crash": -0.15869305088790553, + "2026 Q1 drawdown": -0.10470583023272084 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2953998015967343, + "max_ret": -0.039458258341498964, + "all_pos": false + }, + "pxlix": { + "name": "Impax Large Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5070702520779335, + "corr_port": 0.2459024657886835, + "rets": { + "2022 bear mkt": -0.2602409460968279, + "2023 rate shock": -0.12009068628047515, + "2024 vol spike": -0.06540804250679311, + "2025 tariff crash": -0.18735725310019957, + "2026 Q1 drawdown": -0.10388435757381287 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2602409460968279, + "max_ret": -0.06540804250679311, + "all_pos": false + }, + "pxnix": { + "name": "Impax International Sustainable Economy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3503682998657958, + "corr_port": 0.3595703611054983, + "rets": { + "2022 bear mkt": -0.3115719388278244, + "2023 rate shock": -0.10903446159694286, + "2024 vol spike": -0.05882368534573512, + "2025 tariff crash": -0.1018182002272564, + "2026 Q1 drawdown": -0.0878011266629879 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3115719388278244, + "max_ret": -0.05882368534573512, + "all_pos": false + }, + "pxsix": { + "name": "Impax Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5622349649772583, + "corr_port": 0.2562559234296981, + "rets": { + "2022 bear mkt": -0.2639074984259897, + "2023 rate shock": -0.16968187813697688, + "2024 vol spike": -0.07304634790057218, + "2025 tariff crash": -0.2175593262550931, + "2026 Q1 drawdown": -0.07763975155279501 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2639074984259897, + "max_ret": -0.07304634790057218, + "all_pos": false + }, + "pxwgx": { + "name": "Impax US Sustainable Economy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.34813188392631045, + "corr_port": 0.2835235107332352, + "rets": { + "2022 bear mkt": -0.25499415073063103, + "2023 rate shock": -0.11106192072614907, + "2024 vol spike": -0.06995406302958829, + "2025 tariff crash": -0.19182652360992414, + "2026 Q1 drawdown": -0.09111795344098439 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25499415073063103, + "max_ret": -0.06995406302958829, + "all_pos": false + }, + "pxwix": { + "name": "Impax Global Women's Leadership Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.437969492965448, + "corr_port": 0.31139912512039786, + "rets": { + "2022 bear mkt": -0.2804326393182406, + "2023 rate shock": -0.09758503512950212, + "2024 vol spike": -0.06942786047757477, + "2025 tariff crash": -0.1650970056030302, + "2026 Q1 drawdown": -0.08345086182727424 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2804326393182406, + "max_ret": -0.06942786047757477, + "all_pos": false + }, + "pyaix": { + "name": "Payden Absolute Return Bond Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.784530488694529, + "corr_port": 0.12526637204534918, + "rets": { + "2022 bear mkt": -0.04847778192753993, + "2023 rate shock": 0.006516035620686145, + "2024 vol spike": 0.0002915783626122881, + "2025 tariff crash": 0.0018728036277388949, + "2026 Q1 drawdown": -0.015804605847658415 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.04847778192753993, + "max_ret": 0.006516035620686145, + "all_pos": false + }, + "pycix": { + "name": "Payden Emerging Markets Corporate Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6328940046317238, + "corr_port": 0.230286091920182, + "rets": { + "2022 bear mkt": -0.16558888902436775, + "2023 rate shock": -0.018702891032622126, + "2024 vol spike": 0.00470535308991038, + "2025 tariff crash": -0.015283477523747813, + "2026 Q1 drawdown": -0.01602957443092512 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16558888902436775, + "max_ret": 0.00470535308991038, + "all_pos": false + }, + "pycsx": { + "name": "Payden Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.48845206180549, + "corr_port": -0.09098688448639893, + "rets": { + "2022 bear mkt": -0.15042274777284592, + "2023 rate shock": -0.03859865395513584, + "2024 vol spike": 0.020785913960450486, + "2025 tariff crash": -0.002047789955860635, + "2026 Q1 drawdown": -0.00980623931078295 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15042274777284592, + "max_ret": 0.020785913960450486, + "all_pos": false + }, + "pyeix": { + "name": "Payden Emerging Markets Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3441594965578717, + "corr_port": 0.24792164015207357, + "rets": { + "2022 bear mkt": -0.2547395559422917, + "2023 rate shock": -0.054270301493516304, + "2024 vol spike": -0.0030757444628868313, + "2025 tariff crash": -0.029471598568661106, + "2026 Q1 drawdown": -0.03161615940107387 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2547395559422917, + "max_ret": -0.0030757444628868313, + "all_pos": false + }, + "pyfix": { + "name": "Payden Floating Rate Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 7.97894303657406, + "corr_port": 0.30142074688661386, + "rets": { + "2022 bear mkt": -0.022297666481315592, + "2023 rate shock": 0.01879117032658084, + "2024 vol spike": -0.002881796234129874, + "2025 tariff crash": -0.022776489019249446, + "2026 Q1 drawdown": -0.003009700040012997 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.022776489019249446, + "max_ret": 0.01879117032658084, + "all_pos": false + }, + "pygix": { + "name": "Payden Global Fixed Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9460936641979769, + "corr_port": -0.11480852972088013, + "rets": { + "2022 bear mkt": -0.1358072991989574, + "2023 rate shock": -0.02600489592272015, + "2024 vol spike": 0.016402512499874122, + "2025 tariff crash": -0.0024073978247221017, + "2026 Q1 drawdown": -0.01394750882466933 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1358072991989574, + "max_ret": 0.016402512499874122, + "all_pos": false + }, + "pysix": { + "name": "Payden Strategic Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 3.65427226582417, + "corr_port": 0.1060950436468034, + "rets": { + "2022 bear mkt": -0.08547223181369523, + "2023 rate shock": -0.007750954300644541, + "2024 vol spike": 0.011067792367974727, + "2025 tariff crash": -0.00893420622429042, + "2026 Q1 drawdown": -0.008076960279092993 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08547223181369523, + "max_ret": 0.011067792367974727, + "all_pos": false + }, + "pyvsx": { + "name": "Payden Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5566227681040532, + "corr_port": 0.40600984307453913, + "rets": { + "2022 bear mkt": -0.1522224038214398, + "2023 rate shock": -0.09422982032103977, + "2024 vol spike": -0.05248899686334407, + "2025 tariff crash": -0.14777708968443626, + "2026 Q1 drawdown": -0.03501979898518259 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1522224038214398, + "max_ret": -0.03501979898518259, + "all_pos": false + }, + "pzrmx": { + "name": "PIMCO Inflation Response Multi-Asset Fund", + "verdict": "weak/unstable alpha", + "t5": 1.1936313085675903, + "corr_port": 0.24194658407323663, + "rets": { + "2022 bear mkt": -0.09091308379590368, + "2023 rate shock": -0.022309737720492717, + "2024 vol spike": -0.012330383122913902, + "2025 tariff crash": -0.03365399639647959, + "2026 Q1 drawdown": -0.01170210400044669 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.09091308379590368, + "max_ret": -0.01170210400044669, + "all_pos": false + }, + "qaacx": { + "name": "Federated Hermes MDT All Cap Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5485839387269356, + "corr_port": 0.28820387408659404, + "rets": { + "2022 bear mkt": -0.21217519642197058, + "2023 rate shock": -0.10155147066611314, + "2024 vol spike": -0.06376751150825266, + "2025 tariff crash": -0.18809173380827127, + "2026 Q1 drawdown": -0.07720444892576916 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21217519642197058, + "max_ret": -0.06376751150825266, + "all_pos": false + }, + "qabgx": { + "name": "Federated Hermes MDT Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8770076650605156, + "corr_port": 0.2925555523569823, + "rets": { + "2022 bear mkt": -0.18590922894183037, + "2023 rate shock": -0.08076136417340651, + "2024 vol spike": -0.03617687948408954, + "2025 tariff crash": -0.11650051310210041, + "2026 Q1 drawdown": -0.05389759225400492 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18590922894183037, + "max_ret": -0.03617687948408954, + "all_pos": false + }, + "qalgx": { + "name": "Federated Hermes MDT Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.09132579568016104, + "corr_port": 0.17575857658870161, + "rets": { + "2022 bear mkt": -0.2726296836882308, + "2023 rate shock": -0.09362055393793489, + "2024 vol spike": -0.07657654541143133, + "2025 tariff crash": -0.22437354683424904, + "2026 Q1 drawdown": -0.10794405141050556 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2726296836882308, + "max_ret": -0.07657654541143133, + "all_pos": false + }, + "qascx": { + "name": "Federated Hermes MDT Small Cap Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2173670424796172, + "corr_port": 0.25814681433836045, + "rets": { + "2022 bear mkt": -0.286671908859251, + "2023 rate shock": -0.16247041181448196, + "2024 vol spike": -0.06999599289654279, + "2025 tariff crash": -0.21646698552416777, + "2026 Q1 drawdown": -0.09978991946043136 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.286671908859251, + "max_ret": -0.06999599289654279, + "all_pos": false + }, + "qasgx": { + "name": "Federated Hermes MDT Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.10375647296323885, + "corr_port": 0.1898189507923645, + "rets": { + "2022 bear mkt": -0.32967846664909084, + "2023 rate shock": -0.19427030786065203, + "2024 vol spike": -0.07018957369471168, + "2025 tariff crash": -0.21882170942374624, + "2026 Q1 drawdown": -0.11697993788140193 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32967846664909084, + "max_ret": -0.07018957369471168, + "all_pos": false + }, + "qbdsx": { + "name": "Quantified Managed Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3024524292550805, + "corr_port": 0.20671682055193985, + "rets": { + "2022 bear mkt": -0.027397278117268442, + "2023 rate shock": -0.017857183872909577, + "2024 vol spike": -0.004854479597915962, + "2025 tariff crash": 0.002493804556044088, + "2026 Q1 drawdown": -0.01622971285892638 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.027397278117268442, + "max_ret": 0.002493804556044088, + "all_pos": false + }, + "qcbmrx": { + "name": "Core Bond Account", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6799038582688277, + "corr_port": -0.06151783360619771, + "rets": { + "2022 bear mkt": -0.14823635948993152, + "2023 rate shock": -0.03805727406270221, + "2024 vol spike": 0.020186252566487095, + "2025 tariff crash": 0.00714740825425797, + "2026 Q1 drawdown": -0.00545339802909639 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14823635948993152, + "max_ret": 0.020186252566487095, + "all_pos": false + }, + "qceqrx": { + "name": "S&P 500 Index Account", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6604600263836424, + "corr_port": 0.2157357670725372, + "rets": { + "2022 bear mkt": -0.25111962114537456, + "2023 rate shock": -0.10525037781129265, + "2024 vol spike": -0.07254229824685243, + "2025 tariff crash": -0.1890787824027289, + "2026 Q1 drawdown": -0.08817222684234371 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25111962114537456, + "max_ret": -0.07254229824685243, + "all_pos": false + }, + "qcgdx": { + "name": "Quantified Common Ground Fund", + "verdict": "weak/unstable alpha", + "t5": -0.032687733924103214, + "corr_port": 0.2951975166190455, + "rets": { + "2022 bear mkt": -0.1292134075320306, + "2023 rate shock": -0.11665443482680249, + "2024 vol spike": -0.07066912750200349, + "2025 tariff crash": -0.13581033428721845, + "2026 Q1 drawdown": -0.005148005148005064 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13581033428721845, + "max_ret": -0.005148005148005064, + "all_pos": false + }, + "qcglrx": { + "name": "Global Equities Account", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1495208492201114, + "corr_port": 0.2573468130163028, + "rets": { + "2022 bear mkt": -0.26827209520860296, + "2023 rate shock": -0.10130612218410873, + "2024 vol spike": -0.0778221608694517, + "2025 tariff crash": -0.17762547952746932, + "2026 Q1 drawdown": -0.09255755041336033 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26827209520860296, + "max_ret": -0.0778221608694517, + "all_pos": false + }, + "qcgrrx": { + "name": "Growth Account", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.362806460682149, + "corr_port": 0.06475399800760005, + "rets": { + "2022 bear mkt": -0.35174502147800135, + "2023 rate shock": -0.09225570344376377, + "2024 vol spike": -0.09348214686744394, + "2025 tariff crash": -0.22962929254796594, + "2026 Q1 drawdown": -0.12731946416257856 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35174502147800135, + "max_ret": -0.09225570344376377, + "all_pos": false + }, + "qcilrx": { + "name": "Inflation-Linked Bond Account", + "verdict": "weak/unstable alpha", + "t5": 1.877964262221375, + "corr_port": -0.007228130350860066, + "rets": { + "2022 bear mkt": -0.07132185154809534, + "2023 rate shock": -0.00909490360881915, + "2024 vol spike": 0.00977429698987664, + "2025 tariff crash": 0.014051384308021664, + "2026 Q1 drawdown": 0.0002572954574977526 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.07132185154809534, + "max_ret": 0.014051384308021664, + "all_pos": false + }, + "qcmmrx": { + "name": "Money Market Account", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 17.646678252310693, + "corr_port": 0.08172221740535204, + "rets": { + "2022 bear mkt": 0.003507615099611394, + "2023 rate shock": 0.011728821159727065, + "2024 vol spike": 0.002555589442650774, + "2025 tariff crash": 0.005241854199661944, + "2026 Q1 drawdown": 0.005546253500825937 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.002555589442650774, + "max_ret": 0.011728821159727065, + "all_pos": true + }, + "qcscrx": { + "name": "Responsible Balanced Account", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.542652690470012, + "corr_port": 0.24538815600841646, + "rets": { + "2022 bear mkt": -0.21815879355326406, + "2023 rate shock": -0.0787165418197402, + "2024 vol spike": -0.0342409008038822, + "2025 tariff crash": -0.08922473839494116, + "2026 Q1 drawdown": -0.05382739231273126 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21815879355326406, + "max_ret": -0.0342409008038822, + "all_pos": false + }, + "qcstrx": { + "name": "Total Global Stock Account", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9403787313028396, + "corr_port": 0.2576979026833857, + "rets": { + "2022 bear mkt": -0.2649736132874444, + "2023 rate shock": -0.10544912668314932, + "2024 vol spike": -0.0726507147328721, + "2025 tariff crash": -0.1664962220353896, + "2026 Q1 drawdown": -0.08708320214657295 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2649736132874444, + "max_ret": -0.0726507147328721, + "all_pos": false + }, + "qefa": { + "name": "State Street(R) SPDR(R) MSCI EAFE StrategicFactors(SM) ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4184743424773536, + "corr_port": 0.31330528018662124, + "rets": { + "2022 bear mkt": -0.26929872210742456, + "2023 rate shock": -0.0920365947858176, + "2024 vol spike": -0.051855885465941, + "2025 tariff crash": -0.0873450698678524, + "2026 Q1 drawdown": -0.04726542711842874 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26929872210742456, + "max_ret": -0.04726542711842874, + "all_pos": false + }, + "qemm": { + "name": "State Street(R) SPDR(R) MSCI Emerging Markets StrategicFactors(SM) ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.47642911790632303, + "corr_port": 0.27537768296033055, + "rets": { + "2022 bear mkt": -0.24494503149449243, + "2023 rate shock": -0.08625807943309416, + "2024 vol spike": -0.050620280447370325, + "2025 tariff crash": -0.11991879703003239, + "2026 Q1 drawdown": -0.0622302987286566 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24494503149449243, + "max_ret": -0.050620280447370325, + "all_pos": false + }, + "qevox": { + "name": "Quantified Evolution Plus Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6378926003016437, + "corr_port": 0.10341344803964338, + "rets": { + "2022 bear mkt": -0.12419709541158652, + "2023 rate shock": -0.061679653494884024, + "2024 vol spike": -0.10635149845481406, + "2025 tariff crash": -0.1478259916674468, + "2026 Q1 drawdown": 0.07115384615384612 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1478259916674468, + "max_ret": 0.07115384615384612, + "all_pos": false + }, + "qfvox": { + "name": "Pear Tree Polaris Foreign Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6588856126057041, + "corr_port": 0.4819421180430373, + "rets": { + "2022 bear mkt": -0.30822761588167447, + "2023 rate shock": -0.10013342875416054, + "2024 vol spike": -0.07559314748315737, + "2025 tariff crash": -0.08933837940171208, + "2026 Q1 drawdown": -0.034774098147546284 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30822761588167447, + "max_ret": -0.034774098147546284, + "all_pos": false + }, + "qgitx": { + "name": "Quantified Government Income Tactical Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7971255808552912, + "corr_port": -0.11598039824241559, + "rets": { + "2022 bear mkt": -0.1665098519968211, + "2023 rate shock": -0.08669100729393953, + "2024 vol spike": -0.004267363721897066, + "2025 tariff crash": 0.013313564230559738, + "2026 Q1 drawdown": -0.005780346820809301 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1665098519968211, + "max_ret": 0.013313564230559738, + "all_pos": false + }, + "qgro": { + "name": "American Century U.S. Quality Growth ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6284032041167844, + "corr_port": 0.13672810741386313, + "rets": { + "2022 bear mkt": -0.27645448561271246, + "2023 rate shock": -0.08415390141140444, + "2024 vol spike": -0.06914159782205764, + "2025 tariff crash": -0.22000271570939745, + "2026 Q1 drawdown": -0.11511499093944266 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27645448561271246, + "max_ret": -0.06914159782205764, + "all_pos": false + }, + "qgrpx": { + "name": "UBS US Quality Growth At Reasonable Price Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.842223579761648, + "corr_port": 0.006582596539856888, + "rets": { + "2022 bear mkt": -0.2934173146517004, + "2023 rate shock": -0.06374820275090454, + "2024 vol spike": -0.07322931390520149, + "2025 tariff crash": -0.19619892020583685, + "2026 Q1 drawdown": -0.13336938444924407 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2934173146517004, + "max_ret": -0.06374820275090454, + "all_pos": false + }, + "qlenx": { + "name": "AQR Long-Short Equity Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 4.333243493367011, + "corr_port": 0.7066792887973038, + "rets": { + "2022 bear mkt": 0.023368191924094672, + "2023 rate shock": 0.0674156231749834, + "2024 vol spike": -0.04777276723083568, + "2025 tariff crash": -0.034172644002615105, + "2026 Q1 drawdown": -0.020689656191608563 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.04777276723083568, + "max_ret": 0.0674156231749834, + "all_pos": false + }, + "qlmlfx": { + "name": "Franklin Multi-Asset Variable Conservative Growth", + "verdict": "weak/unstable alpha", + "t5": -3.0476916517805264, + "corr_port": 0.2545525127077821, + "rets": { + "2022 bear mkt": -0.24861883065568868, + "2023 rate shock": -0.07173295454545447, + "2024 vol spike": -0.029581993569131937, + "2025 tariff crash": -0.09687699171446784, + "2026 Q1 drawdown": -0.05246113989637302 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24861883065568868, + "max_ret": -0.029581993569131937, + "all_pos": false + }, + "qlmlsx": { + "name": "Franklin Multi-Asset Variable Moderate Growth", + "verdict": "weak/unstable alpha", + "t5": -3.1722719668471915, + "corr_port": 0.27919907115483544, + "rets": { + "2022 bear mkt": -0.277490297542044, + "2023 rate shock": -0.08150943396226418, + "2024 vol spike": -0.04723346828609998, + "2025 tariff crash": -0.132, + "2026 Q1 drawdown": -0.06934058463630188 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.277490297542044, + "max_ret": -0.04723346828609998, + "all_pos": false + }, + "qlmltx": { + "name": "Franklin Multi-Asset Variable Growth", + "verdict": "weak/unstable alpha", + "t5": -3.053868262362495, + "corr_port": 0.28945980833369467, + "rets": { + "2022 bear mkt": -0.3116801998750782, + "2023 rate shock": -0.08642911296436684, + "2024 vol spike": -0.05953991880920151, + "2025 tariff crash": -0.15704697986577176, + "2026 Q1 drawdown": -0.08192281651997291 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3116801998750782, + "max_ret": -0.05953991880920151, + "all_pos": false + }, + "qmnix": { + "name": "AQR Equity Market Neutral Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 4.603367997108109, + "corr_port": 0.606529943249583, + "rets": { + "2022 bear mkt": 0.13733323286118804, + "2023 rate shock": 0.11416493199593947, + "2024 vol spike": -0.025201578674507563, + "2025 tariff crash": 0.031279607550002364, + "2026 Q1 drawdown": 0.0008291873963515162 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.025201578674507563, + "max_ret": 0.13733323286118804, + "all_pos": false + }, + "qqqm": { + "name": "Invesco NASDAQ 100 ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5395683993368726, + "corr_port": -0.05597997583315415, + "rets": { + "2022 bear mkt": -0.33356307461573276, + "2023 rate shock": -0.09633200784626195, + "2024 vol spike": -0.09551199173062719, + "2025 tariff crash": -0.22381893704587097, + "2026 Q1 drawdown": -0.11173488692855038 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33356307461573276, + "max_ret": -0.09551199173062719, + "all_pos": false + }, + "qspmx": { + "name": "Quantified Pattern Recognition Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3002297301991839, + "corr_port": 0.11069339661718501, + "rets": { + "2022 bear mkt": -0.2728069497343498, + "2023 rate shock": -0.039180733656120736, + "2024 vol spike": -0.04892700162750896, + "2025 tariff crash": -0.09362055788477164, + "2026 Q1 drawdown": -0.12458581842279648 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2728069497343498, + "max_ret": -0.039180733656120736, + "all_pos": false + }, + "qstax": { + "name": "Quantified STF Fund", + "verdict": "weak/unstable alpha", + "t5": 0.4755427168998746, + "corr_port": 0.05137473027453916, + "rets": { + "2022 bear mkt": -0.3806532364436098, + "2023 rate shock": -0.1882972099416984, + "2024 vol spike": -0.11589213926515918, + "2025 tariff crash": -0.2370326094441091, + "2026 Q1 drawdown": -0.16184971098265888 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3806532364436098, + "max_ret": -0.11589213926515918, + "all_pos": false + }, + "quasx": { + "name": "AB Small Cap Growth Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.213013857656312, + "corr_port": 0.14416944487191602, + "rets": { + "2022 bear mkt": -0.40186661707020155, + "2023 rate shock": -0.19437719594818836, + "2024 vol spike": -0.0911230497646267, + "2025 tariff crash": -0.25157929564118753, + "2026 Q1 drawdown": -0.12819423258960172 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.40186661707020155, + "max_ret": -0.0911230497646267, + "all_pos": false + }, + "qusox": { + "name": "Pear Tree Polaris Foreign Value Small Cap Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3810550067223092, + "corr_port": 0.44386193314850486, + "rets": { + "2022 bear mkt": -0.30165295415300075, + "2023 rate shock": -0.11103814593223837, + "2024 vol spike": -0.0696013552543796, + "2025 tariff crash": -0.0593548443452232, + "2026 Q1 drawdown": -0.08535954474909457 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30165295415300075, + "max_ret": -0.0593548443452232, + "all_pos": false + }, + "qwld": { + "name": "State Street(R) SPDR(R) MSCI World StrategicFactors(SM) ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.636634018048203, + "corr_port": 0.2973682109571012, + "rets": { + "2022 bear mkt": -0.22804043477954705, + "2023 rate shock": -0.08145881889727946, + "2024 vol spike": -0.0504730010603176, + "2025 tariff crash": -0.12404140231206551, + "2026 Q1 drawdown": -0.05206825167219764 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22804043477954705, + "max_ret": -0.0504730010603176, + "all_pos": false + }, + "qwvox": { + "name": "Clearwater Select Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.3916354231700783, + "corr_port": 0.2713559983225675, + "rets": { + "2022 bear mkt": -0.2863591130211076, + "2023 rate shock": -0.15241424360591949, + "2024 vol spike": -0.07602035714285715, + "2025 tariff crash": -0.2187812187812187, + "2026 Q1 drawdown": -0.10046728971962615 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2863591130211076, + "max_ret": -0.07602035714285715, + "all_pos": false + }, + "raax": { + "name": "VanEck Real Assets ETF", + "verdict": "weak/unstable alpha", + "t5": -0.21515978838141853, + "corr_port": 0.31781265331078756, + "rets": { + "2022 bear mkt": -0.06969339274493447, + "2023 rate shock": -0.034759384988969355, + "2024 vol spike": -0.04518996611130954, + "2025 tariff crash": -0.09904565462539539, + "2026 Q1 drawdown": -0.0037295125875308477 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.09904565462539539, + "max_ret": -0.0037295125875308477, + "all_pos": false + }, + "raghx": { + "name": "Virtus KAR Health Sciences Fund", + "verdict": "weak/unstable alpha", + "t5": -0.952382426012316, + "corr_port": 0.22831230875522945, + "rets": { + "2022 bear mkt": -0.18916496434817065, + "2023 rate shock": -0.12051646773731961, + "2024 vol spike": -0.059481931563799106, + "2025 tariff crash": -0.1461457970003488, + "2026 Q1 drawdown": -0.08659507839989333 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18916496434817065, + "max_ret": -0.059481931563799106, + "all_pos": false + }, + "ragtx": { + "name": "Virtus Zevenbergen Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5597046189953375, + "corr_port": 0.07846992304041289, + "rets": { + "2022 bear mkt": -0.39260967637058586, + "2023 rate shock": -0.12408091010870592, + "2024 vol spike": -0.11378090170958866, + "2025 tariff crash": -0.2691231327337301, + "2026 Q1 drawdown": -0.1673574935501616 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.39260967637058586, + "max_ret": -0.11378090170958866, + "all_pos": false + }, + "ralax": { + "name": "Aggressive Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7264226794693941, + "corr_port": 0.3022366416652295, + "rets": { + "2022 bear mkt": -0.24241544453769315, + "2023 rate shock": -0.09355123604624338, + "2024 vol spike": -0.0511590148493869, + "2025 tariff crash": -0.1341509147999339, + "2026 Q1 drawdown": -0.06715869061879243 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24241544453769315, + "max_ret": -0.0511590148493869, + "all_pos": false + }, + "rapax": { + "name": "Cohen & Steers Real Assets Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.10085747821065565, + "corr_port": 0.38056818356690264, + "rets": { + "2022 bear mkt": -0.09088931887805429, + "2023 rate shock": -0.059776960370880095, + "2024 vol spike": -0.03143442344338765, + "2025 tariff crash": -0.07897236423719267, + "2026 Q1 drawdown": 0.01166661387681267 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09088931887805429, + "max_ret": 0.01166661387681267, + "all_pos": false + }, + "ravi": { + "name": "FlexShares Ultra-Short Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 2.1578996409664244, + "corr_port": 0.05942262171747824, + "rets": { + "2022 bear mkt": -0.008170968748311358, + "2023 rate shock": 0.012457453712817035, + "2024 vol spike": 0.003815069562772777, + "2025 tariff crash": 0.0031234627046612395, + "2026 Q1 drawdown": 0.0036082686371512462 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.008170968748311358, + "max_ret": 0.012457453712817035, + "all_pos": false + }, + "rbbax": { + "name": "Columbia Income Builder Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6969051744620036, + "corr_port": 0.2819816606519108, + "rets": { + "2022 bear mkt": -0.17039234266034586, + "2023 rate shock": -0.062200057099152106, + "2024 vol spike": -0.0011991195060790938, + "2025 tariff crash": -0.04237558371316985, + "2026 Q1 drawdown": -0.01664639805278012 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17039234266034586, + "max_ret": -0.0011991195060790938, + "all_pos": false + }, + "rbcgx": { + "name": "REYNOLDS BLUE CHIP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8751427444204318, + "corr_port": 0.16011640513963807, + "rets": { + "2022 bear mkt": -0.300786084360401, + "2023 rate shock": -0.11645816129968223, + "2024 vol spike": -0.10795893897948572, + "2025 tariff crash": -0.15729862044317966, + "2026 Q1 drawdown": -0.0949595202544542 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.300786084360401, + "max_ret": -0.0949595202544542, + "all_pos": false + }, + "rblax": { + "name": "Balanced Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9657103447413325, + "corr_port": 0.3391361870208502, + "rets": { + "2022 bear mkt": -0.2227487933429303, + "2023 rate shock": -0.08154171704957669, + "2024 vol spike": -0.03373943395280865, + "2025 tariff crash": -0.102846063193752, + "2026 Q1 drawdown": -0.051694963008641515 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2227487933429303, + "max_ret": -0.03373943395280865, + "all_pos": false + }, + "rcbax": { + "name": "AMERICAN FUNDS CORPORATE BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9688613300010493, + "corr_port": -0.040754077751630334, + "rets": { + "2022 bear mkt": -0.1858134143937421, + "2023 rate shock": -0.05014705772553507, + "2024 vol spike": 0.017672795515029316, + "2025 tariff crash": -0.0037049450326162026, + "2026 Q1 drawdown": -0.011387746099576601 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1858134143937421, + "max_ret": 0.017672795515029316, + "all_pos": false + }, + "rcjtx": { + "name": "American Funds 2015 Target Date Retirement Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6319305373807538, + "corr_port": 0.330624809689852, + "rets": { + "2022 bear mkt": -0.16178729535028757, + "2023 rate shock": -0.05536626832242031, + "2024 vol spike": -0.011191055000848382, + "2025 tariff crash": -0.051916976632554346, + "2026 Q1 drawdown": -0.031538461538461515 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16178729535028757, + "max_ret": -0.011191055000848382, + "all_pos": false + }, + "rclax": { + "name": "Conservative Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6953432709496168, + "corr_port": 0.23369545812904702, + "rets": { + "2022 bear mkt": -0.1751072602357273, + "2023 rate shock": -0.05612355122025248, + "2024 vol spike": 0.0011310555737493733, + "2025 tariff crash": -0.030987817400849327, + "2026 Q1 drawdown": -0.019586434182334633 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1751072602357273, + "max_ret": 0.0011310555737493733, + "all_pos": false + }, + "rcmcx": { + "name": "Royce Capital Fund - Micro-Cap Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5804919733725784, + "corr_port": 0.2482786009897491, + "rets": { + "2022 bear mkt": -0.3194350908088739, + "2023 rate shock": -0.1642295470609768, + "2024 vol spike": -0.11057235646844177, + "2025 tariff crash": -0.2523171638981341, + "2026 Q1 drawdown": -0.04011461318051579 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3194350908088739, + "max_ret": -0.04011461318051579, + "all_pos": false + }, + "rctix": { + "name": "River Canyon Total Return Bond Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 5.633674810785656, + "corr_port": 0.09628859734864363, + "rets": { + "2022 bear mkt": -0.05588752922880558, + "2023 rate shock": 0.0013025698240729522, + "2024 vol spike": 0.014077833298053122, + "2025 tariff crash": 4.094822852551694e-05, + "2026 Q1 drawdown": 0.0009930276007561467 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.05588752922880558, + "max_ret": 0.014077833298053122, + "all_pos": false + }, + "rdccx": { + "name": "Columbia Disciplined Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5927788113836125, + "corr_port": 0.40051764726032113, + "rets": { + "2022 bear mkt": -0.16441437378040735, + "2023 rate shock": -0.10572145999291371, + "2024 vol spike": -0.04645767929452593, + "2025 tariff crash": -0.14716517851123334, + "2026 Q1 drawdown": -0.03214285714285714 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16441437378040735, + "max_ret": -0.03214285714285714, + "all_pos": false + }, + "rdiv": { + "name": "Invesco S&P Ultra Dividend Revenue ETF", + "verdict": "weak/unstable alpha", + "t5": 1.638555758559509, + "corr_port": 0.3939137087076264, + "rets": { + "2022 bear mkt": -0.0803195953448993, + "2023 rate shock": -0.1523595834693402, + "2024 vol spike": -0.04988624339319092, + "2025 tariff crash": -0.15063329873027165, + "2026 Q1 drawdown": 0.0372246239237084 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1523595834693402, + "max_ret": 0.0372246239237084, + "all_pos": false + }, + "rdlax": { + "name": "Columbia Disciplined Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7143142739261468, + "corr_port": 0.19326467403078917, + "rets": { + "2022 bear mkt": -0.2948838213643056, + "2023 rate shock": -0.10836914824715027, + "2024 vol spike": -0.09686097412902461, + "2025 tariff crash": -0.2335437221958706, + "2026 Q1 drawdown": -0.13423959218351744 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2948838213643056, + "max_ret": -0.09686097412902461, + "all_pos": false + }, + "rdwbx": { + "name": "AMERICAN FUNDS DEVELOPING WORLD GROWTH & INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": -0.48372674888925027, + "corr_port": 0.2904207955476652, + "rets": { + "2022 bear mkt": -0.320222024983313, + "2023 rate shock": -0.11974367089139482, + "2024 vol spike": -0.06647680019781932, + "2025 tariff crash": -0.11833766101279442, + "2026 Q1 drawdown": -0.09700994553756037 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.320222024983313, + "max_ret": -0.06647680019781932, + "all_pos": false + }, + "reaax": { + "name": "Equity Aggressive Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.911927345239089, + "corr_port": 0.3121804216018028, + "rets": { + "2022 bear mkt": -0.2539529653712107, + "2023 rate shock": -0.10000699542347602, + "2024 vol spike": -0.060350449204313095, + "2025 tariff crash": -0.1495597903377205, + "2026 Q1 drawdown": -0.07290476010939573 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2539529653712107, + "max_ret": -0.060350449204313095, + "all_pos": false + }, + "rebax": { + "name": "Columbia Emerging Markets Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.24392893109766392, + "corr_port": 0.22768778982893756, + "rets": { + "2022 bear mkt": -0.22776524186508162, + "2023 rate shock": -0.04333733353438962, + "2024 vol spike": 0.000757444760160153, + "2025 tariff crash": -0.023816759868223847, + "2026 Q1 drawdown": -0.02669949657501325 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.22776524186508162, + "max_ret": 0.000757444760160153, + "all_pos": false + }, + "rebyx": { + "name": "U.S. Small Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9235971133421599, + "corr_port": 0.2850392009124828, + "rets": { + "2022 bear mkt": -0.220204706938687, + "2023 rate shock": -0.1649756376539674, + "2024 vol spike": -0.07936506137989541, + "2025 tariff crash": -0.21545029547885453, + "2026 Q1 drawdown": -0.06139060423851306 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.220204706938687, + "max_ret": -0.06139060423851306, + "all_pos": false + }, + "recs": { + "name": "Columbia Research Enhanced Core ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0764599322764894, + "corr_port": 0.2545670731647488, + "rets": { + "2022 bear mkt": -0.21007060540039024, + "2023 rate shock": -0.09479040317953058, + "2024 vol spike": -0.06820252838599139, + "2025 tariff crash": -0.1828794138498666, + "2026 Q1 drawdown": -0.08421810048788847 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21007060540039024, + "max_ret": -0.06820252838599139, + "all_pos": false + }, + "redwx": { + "name": "GreenFi Redwood Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3304577755135993, + "corr_port": 0.2434499340781259, + "rets": { + "2022 bear mkt": -0.25782578507370224, + "2023 rate shock": -0.11555271734443717, + "2024 vol spike": -0.09021737949972408, + "2025 tariff crash": -0.17325059151661704, + "2026 Q1 drawdown": -0.11344294460822146 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25782578507370224, + "max_ret": -0.09021737949972408, + "all_pos": false + }, + "remsx": { + "name": "Emerging Markets Fund", + "verdict": "weak/unstable alpha", + "t5": -0.203151473092633, + "corr_port": 0.3216163479976866, + "rets": { + "2022 bear mkt": -0.303430144581071, + "2023 rate shock": -0.11596959776355364, + "2024 vol spike": -0.08303250028997156, + "2025 tariff crash": -0.14168133460153554, + "2026 Q1 drawdown": -0.09863360375747232 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.303430144581071, + "max_ret": -0.08303250028997156, + "all_pos": false + }, + "remx": { + "name": "VanEck Rare Earth and Strategic Metals ETF", + "verdict": "weak/unstable alpha", + "t5": 1.6065574528581363, + "corr_port": 0.18584936522214107, + "rets": { + "2022 bear mkt": -0.2976231077763847, + "2023 rate shock": -0.2708958217357236, + "2024 vol spike": -0.13942423714825714, + "2025 tariff crash": -0.2228040067606517, + "2026 Q1 drawdown": -0.08606859923092702 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2976231077763847, + "max_ret": -0.08606859923092702, + "all_pos": false + }, + "retsx": { + "name": "Tax-Managed U.S. Large Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.713171620503713, + "corr_port": 0.2829792955352158, + "rets": { + "2022 bear mkt": -0.25311079518701396, + "2023 rate shock": -0.09223020566122053, + "2024 vol spike": -0.0710622459933744, + "2025 tariff crash": -0.18302289202373767, + "2026 Q1 drawdown": -0.08693872168404027 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25311079518701396, + "max_ret": -0.0710622459933744, + "all_pos": false + }, + "reuyx": { + "name": "Sustainable Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0398235007776877, + "corr_port": 0.3005329808930533, + "rets": { + "2022 bear mkt": -0.2102564174095467, + "2023 rate shock": -0.09778734987645532, + "2024 vol spike": -0.05754953041185529, + "2025 tariff crash": -0.16167685209471416, + "2026 Q1 drawdown": -0.09264805527211895 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2102564174095467, + "max_ret": -0.05754953041185529, + "all_pos": false + }, + "revs": { + "name": "Columbia Research Enhanced Value ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.7201977587604507, + "corr_port": 0.3823377405862101, + "rets": { + "2022 bear mkt": -0.1589647986455377, + "2023 rate shock": -0.10775848920854447, + "2024 vol spike": -0.04732619563403262, + "2025 tariff crash": -0.14826057299039974, + "2026 Q1 drawdown": -0.04399723738062766 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1589647986455377, + "max_ret": -0.04399723738062766, + "all_pos": false + }, + "rfayx": { + "name": "Investment Grade Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6702934916056605, + "corr_port": -0.10162455579807453, + "rets": { + "2022 bear mkt": -0.15321193040596515, + "2023 rate shock": -0.03638446406142637, + "2024 vol spike": 0.019808090901469955, + "2025 tariff crash": 0.007543490892311322, + "2026 Q1 drawdown": -0.0061710644762309474 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15321193040596515, + "max_ret": 0.019808090901469955, + "all_pos": false + }, + "rfbsx": { + "name": "Short Duration Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.647376692506757, + "corr_port": -0.004165975491361336, + "rets": { + "2022 bear mkt": -0.0610789576014279, + "2023 rate shock": 0.003073027726657962, + "2024 vol spike": 0.009629784033706734, + "2025 tariff crash": 0.009282947119650276, + "2026 Q1 drawdown": -0.00203506953199295 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.0610789576014279, + "max_ret": 0.009629784033706734, + "all_pos": false + }, + "rfcyx": { + "name": "Strategic Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.023114708549170627, + "corr_port": -0.069717658319351, + "rets": { + "2022 bear mkt": -0.1529613155091274, + "2023 rate shock": -0.03973778485039425, + "2024 vol spike": 0.021098302477399633, + "2025 tariff crash": 0.00641524405646865, + "2026 Q1 drawdown": -0.007468864078804871 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1529613155091274, + "max_ret": 0.021098302477399633, + "all_pos": false + }, + "rfrax": { + "name": "Columbia Floating Rate Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 2.108467104707222, + "corr_port": 0.3216202051593705, + "rets": { + "2022 bear mkt": -0.0486538874048581, + "2023 rate shock": 0.010501159989077635, + "2024 vol spike": -0.0017911256786753427, + "2025 tariff crash": -0.01862201969541033, + "2026 Q1 drawdown": -0.0016615910531418976 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0486538874048581, + "max_ret": 0.010501159989077635, + "all_pos": false + }, + "rgcyx": { + "name": "Opportunistic Credit Fund", + "verdict": "weak/unstable alpha", + "t5": 2.718938910466566, + "corr_port": 0.25965817797288643, + "rets": { + "2022 bear mkt": -0.14116532436048512, + "2023 rate shock": -0.011902305721806172, + "2024 vol spike": 0.0029189417352362135, + "2025 tariff crash": -0.01821303063334645, + "2026 Q1 drawdown": -0.012147078756091778 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14116532436048512, + "max_ret": 0.0029189417352362135, + "all_pos": false + }, + "rgeax": { + "name": "Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4843319608524486, + "corr_port": 0.35005470755765083, + "rets": { + "2022 bear mkt": -0.25802988481680744, + "2023 rate shock": -0.09572075954051629, + "2024 vol spike": -0.06557371545405566, + "2025 tariff crash": -0.1655438349791053, + "2026 Q1 drawdown": -0.09114811568799308 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25802988481680744, + "max_ret": -0.06557371545405566, + "all_pos": false + }, + "rgiax": { + "name": "Global Infrastructure Fund", + "verdict": "weak/unstable alpha", + "t5": 0.45773601885692694, + "corr_port": 0.3617432528033279, + "rets": { + "2022 bear mkt": -0.14837853319288152, + "2023 rate shock": -0.11819072293954158, + "2024 vol spike": -0.01986770204489896, + "2025 tariff crash": -0.05902862516535612, + "2026 Q1 drawdown": 0.029922868916100187 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14837853319288152, + "max_ret": 0.029922868916100187, + "all_pos": false + }, + "rgsax": { + "name": "Virtus KAR Global Small-Cap Fund", + "verdict": "weak/unstable alpha", + "t5": -1.5643369969501386, + "corr_port": 0.3257729814894868, + "rets": { + "2022 bear mkt": -0.3383418946563511, + "2023 rate shock": -0.09436272839100013, + "2024 vol spike": -0.05672799178108601, + "2025 tariff crash": -0.10951517148835599, + "2026 Q1 drawdown": -0.11448453148372761 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3383418946563511, + "max_ret": -0.05672799178108601, + "all_pos": false + }, + "rgwfx": { + "name": "American Funds Growth Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5920290779000825, + "corr_port": 0.23291306628594832, + "rets": { + "2022 bear mkt": -0.30907718743043544, + "2023 rate shock": -0.1105482639780172, + "2024 vol spike": -0.07032461366026577, + "2025 tariff crash": -0.18761593512677077, + "2026 Q1 drawdown": -0.11518152195318554 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30907718743043544, + "max_ret": -0.07032461366026577, + "all_pos": false + }, + "rhltx": { + "name": "American Funds 2065 Target Date Retirement Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1042353352206669, + "corr_port": 0.14850669816893586, + "rets": { + "2022 bear mkt": -0.26159339648906965, + "2023 rate shock": -0.09700990967574719, + "2024 vol spike": -0.05702757888526333, + "2025 tariff crash": -0.15144884448385654, + "2026 Q1 drawdown": -0.09430345113946625 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26159339648906965, + "max_ret": -0.05702757888526333, + "all_pos": false + }, + "rimox": { + "name": "City National Rochdale Fixed Income Opportunities Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 2.4135583072767286, + "corr_port": 0.32423120824442364, + "rets": { + "2022 bear mkt": -0.14200302154706645, + "2023 rate shock": -0.00321571050613767, + "2024 vol spike": -0.007131984402641844, + "2025 tariff crash": -0.022155376101786195, + "2026 Q1 drawdown": -0.013808941287931198 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14200302154706645, + "max_ret": -0.00321571050613767, + "all_pos": false + }, + "rinyx": { + "name": "International Developed Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.23394303667103178, + "corr_port": 0.4305475111042152, + "rets": { + "2022 bear mkt": -0.27928557113212826, + "2023 rate shock": -0.11081480687415646, + "2024 vol spike": -0.06336275134356484, + "2025 tariff crash": -0.10908272170381161, + "2026 Q1 drawdown": -0.08151756492149542 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27928557113212826, + "max_ret": -0.06336275134356484, + "all_pos": false + }, + "rivjx": { + "name": "American Funds International Vantage Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7156998921543987, + "corr_port": 0.23871083542100527, + "rets": { + "2022 bear mkt": -0.2855504695807426, + "2023 rate shock": -0.11543217861519539, + "2024 vol spike": -0.05784640669147734, + "2025 tariff crash": -0.10085469984765272, + "2026 Q1 drawdown": -0.10188678764684966 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2855504695807426, + "max_ret": -0.05784640669147734, + "all_pos": false + }, + "rlvsx": { + "name": "Tax-Exempt Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.8905486968810639, + "corr_port": 0.04867067174009816, + "rets": { + "2022 bear mkt": -0.09848645998746586, + "2023 rate shock": -0.03510640317328595, + "2024 vol spike": 0.010651798239123655, + "2025 tariff crash": -0.02094273283323378, + "2026 Q1 drawdown": -0.009495555844396986 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09848645998746586, + "max_ret": 0.010651798239123655, + "all_pos": false + }, + "rmbhx": { + "name": "RMB Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8595742747159927, + "corr_port": 0.20160167121440212, + "rets": { + "2022 bear mkt": -0.2556607469516021, + "2023 rate shock": -0.08877619876759812, + "2024 vol spike": -0.07134982778427801, + "2025 tariff crash": -0.173716830449264, + "2026 Q1 drawdown": -0.11819466521312649 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2556607469516021, + "max_ret": -0.07134982778427801, + "all_pos": false + }, + "rmdax": { + "name": "Virtus Silvant Mid-Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4095325802884515, + "corr_port": 0.16138592176180297, + "rets": { + "2022 bear mkt": -0.34396369304453556, + "2023 rate shock": -0.16253448441879992, + "2024 vol spike": -0.08915666837374614, + "2025 tariff crash": -0.23711340465968123, + "2026 Q1 drawdown": -0.10864745011086485 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34396369304453556, + "max_ret": -0.08915666837374614, + "all_pos": false + }, + "rmeax": { + "name": "Aspiriant Risk-Managed Equity Allocation Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6593146942192202, + "corr_port": 0.3321602753243598, + "rets": { + "2022 bear mkt": -0.21638920758083424, + "2023 rate shock": -0.05630938540837338, + "2024 vol spike": -0.04036695383270983, + "2025 tariff crash": -0.12515259701845516, + "2026 Q1 drawdown": -0.08183990442054956 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21638920758083424, + "max_ret": -0.04036695383270983, + "all_pos": false + }, + "rmgsx": { + "name": "Multi-Asset Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3998648993322759, + "corr_port": 0.28617694427432555, + "rets": { + "2022 bear mkt": -0.22447481536021285, + "2023 rate shock": -0.07408297687849752, + "2024 vol spike": -0.023496353712642692, + "2025 tariff crash": -0.08596262274875477, + "2026 Q1 drawdown": -0.045864067625337235 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22447481536021285, + "max_ret": -0.023496353712642692, + "all_pos": false + }, + "rmhyx": { + "name": "Long Duration Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.49537319051201556, + "corr_port": -0.07219643445808555, + "rets": { + "2022 bear mkt": -0.13840653412145099, + "2023 rate shock": -0.0654087140460331, + "2024 vol spike": 0.03976808264314169, + "2025 tariff crash": 0.013064250513304732, + "2026 Q1 drawdown": -0.003359938444191357 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13840653412145099, + "max_ret": 0.03976808264314169, + "all_pos": false + }, + "rmlax": { + "name": "Moderate Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1604141703729591, + "corr_port": 0.29934569908521036, + "rets": { + "2022 bear mkt": -0.20097594291420517, + "2023 rate shock": -0.06831671392279559, + "2024 vol spike": -0.016771520006142904, + "2025 tariff crash": -0.06876545064226414, + "2026 Q1 drawdown": -0.03732054036588517 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20097594291420517, + "max_ret": -0.016771520006142904, + "all_pos": false + }, + "rmmbx": { + "name": "Aspiriant Risk-Managed Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.0892084060168123, + "corr_port": 0.04501592008273409, + "rets": { + "2022 bear mkt": -0.1048413136394255, + "2023 rate shock": -0.04592686019516501, + "2024 vol spike": 0.011689790899148678, + "2025 tariff crash": -0.030571767324352517, + "2026 Q1 drawdown": -0.004808409181758289 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1048413136394255, + "max_ret": 0.011689790899148678, + "all_pos": false + }, + "rmqhx": { + "name": "Monthly Rebalance NASDAQ-100 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6086127147161065, + "corr_port": 0.1349769275905362, + "rets": { + "2022 bear mkt": -0.5999145807108918, + "2023 rate shock": -0.20122326158780313, + "2024 vol spike": -0.19175403057448748, + "2025 tariff crash": -0.41836219585883927, + "2026 Q1 drawdown": -0.22547420351045688 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.5999145807108918, + "max_ret": -0.19175403057448748, + "all_pos": false + }, + "rmtbx": { + "name": "Aspiriant Risk-Managed Taxable Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.0060301175861963, + "corr_port": -0.03208952070353721, + "rets": { + "2022 bear mkt": -0.13548084500071844, + "2023 rate shock": -0.03258119590637654, + "2024 vol spike": 0.017502876518392663, + "2025 tariff crash": 0.0034829890943963715, + "2026 Q1 drawdown": -0.005139357699248892 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13548084500071844, + "max_ret": 0.017502876518392663, + "all_pos": false + }, + "rmuyx": { + "name": "Invesco Rochester New York Municipals Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.21181630538143653, + "corr_port": 0.03663158362547584, + "rets": { + "2022 bear mkt": -0.17131893699643175, + "2023 rate shock": -0.08890226828920156, + "2024 vol spike": 0.0179942209973869, + "2025 tariff crash": -0.05594891660885648, + "2026 Q1 drawdown": -0.007985592167081612 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17131893699643175, + "max_ret": 0.0179942209973869, + "all_pos": false + }, + "rmycx": { + "name": "Multi-Strategy Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0728969047601793, + "corr_port": 0.3005398554233332, + "rets": { + "2022 bear mkt": -0.21628328346290515, + "2023 rate shock": -0.07142236667532043, + "2024 vol spike": -0.0063559329300618694, + "2025 tariff crash": -0.05103989869936987, + "2026 Q1 drawdown": -0.028292639563592403 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21628328346290515, + "max_ret": -0.0063559329300618694, + "all_pos": false + }, + "roam": { + "name": "Hartford Multifactor Emerging Markets ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.1876208342084675, + "corr_port": 0.2847443427038812, + "rets": { + "2022 bear mkt": -0.23523571403600063, + "2023 rate shock": -0.08392477754092442, + "2024 vol spike": -0.06948282300510233, + "2025 tariff crash": -0.12853985234747034, + "2026 Q1 drawdown": -0.0547294742638037 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23523571403600063, + "max_ret": -0.0547294742638037, + "all_pos": false + }, + "rodm": { + "name": "Hartford Multifactor Developed Markets (ex-US) ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.0170960364106034, + "corr_port": 0.3714959774555879, + "rets": { + "2022 bear mkt": -0.2689680303330161, + "2023 rate shock": -0.09090915517730302, + "2024 vol spike": -0.04720433499723997, + "2025 tariff crash": -0.07015812333613314, + "2026 Q1 drawdown": -0.006448288508022371 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2689680303330161, + "max_ret": -0.006448288508022371, + "all_pos": false + }, + "rokt": { + "name": "State Street(R) SPDR(R) S&P Kensho Final Frontiers ETF", + "verdict": "weak/unstable alpha", + "t5": 1.3089426026863578, + "corr_port": 0.2584759111568887, + "rets": { + "2022 bear mkt": -0.15765196209195287, + "2023 rate shock": -0.1330917210801147, + "2024 vol spike": -0.04677622895784983, + "2025 tariff crash": -0.17837092430779355, + "2026 Q1 drawdown": -0.07493142848618772 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17837092430779355, + "max_ret": -0.04677622895784983, + "all_pos": false + }, + "rosc": { + "name": "Hartford Multifactor Small Cap ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.0542571269524377, + "corr_port": 0.33489167379260476, + "rets": { + "2022 bear mkt": -0.1844913550396261, + "2023 rate shock": -0.11092652474371723, + "2024 vol spike": -0.06035391890650976, + "2025 tariff crash": -0.17879820654246248, + "2026 Q1 drawdown": -0.025907117970145888 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1844913550396261, + "max_ret": -0.025907117970145888, + "all_pos": false + }, + "rous": { + "name": "Hartford Multifactor US Equity ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3817054346400137, + "corr_port": 0.3294209282506615, + "rets": { + "2022 bear mkt": -0.1829304837028134, + "2023 rate shock": -0.08069171092382477, + "2024 vol spike": -0.04701622726518084, + "2025 tariff crash": -0.15001147486089317, + "2026 Q1 drawdown": -0.04044763720011357 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1829304837028134, + "max_ret": -0.04044763720011357, + "all_pos": false + }, + "rpbax": { + "name": "T. Rowe Price Balanced Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.981976917272869, + "corr_port": 0.30741828004474064, + "rets": { + "2022 bear mkt": -0.22777081002730803, + "2023 rate shock": -0.0751983062466619, + "2024 vol spike": -0.038838601585425514, + "2025 tariff crash": -0.10330134114070055, + "2026 Q1 drawdown": -0.058029100836209824 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22777081002730803, + "max_ret": -0.038838601585425514, + "all_pos": false + }, + "rpfix": { + "name": "Royce Premier Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4768309072703876, + "corr_port": 0.28508784181307295, + "rets": { + "2022 bear mkt": -0.22607381832030926, + "2023 rate shock": -0.14768988866900912, + "2024 vol spike": -0.08596229437018377, + "2025 tariff crash": -0.21089627169030445, + "2026 Q1 drawdown": -0.08426483233018056 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22607381832030926, + "max_ret": -0.08426483233018056, + "all_pos": false + }, + "rpgax": { + "name": "T. Rowe Price Global Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.009957199311058712, + "corr_port": 0.32895422170119604, + "rets": { + "2022 bear mkt": -0.2030948564194811, + "2023 rate shock": -0.06671409289915742, + "2024 vol spike": -0.03920314240491163, + "2025 tariff crash": -0.09449840825416533, + "2026 Q1 drawdown": -0.05218446601941751 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2030948564194811, + "max_ret": -0.03920314240491163, + "all_pos": false + }, + "rpgex": { + "name": "T. Rowe Price Global Growth Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7353639013522235, + "corr_port": 0.2226134934664939, + "rets": { + "2022 bear mkt": -0.3316147845067863, + "2023 rate shock": -0.10393257199951367, + "2024 vol spike": -0.06835144172069263, + "2025 tariff crash": -0.17124355612208209, + "2026 Q1 drawdown": -0.09971576645528091 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3316147845067863, + "max_ret": -0.06835144172069263, + "all_pos": false + }, + "rpgix": { + "name": "T. Rowe Price Global Industrials Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0048247399895274, + "corr_port": 0.33349915902714317, + "rets": { + "2022 bear mkt": -0.3166838113591287, + "2023 rate shock": -0.14602480808870355, + "2024 vol spike": -0.07879089949193496, + "2025 tariff crash": -0.20321354658516733, + "2026 Q1 drawdown": -0.09999992181069639 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3166838113591287, + "max_ret": -0.07879089949193496, + "all_pos": false + }, + "rpgrx": { + "name": "T. Rowe Price Target 2035 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8121941930140097, + "corr_port": 0.2999280457369745, + "rets": { + "2022 bear mkt": -0.21919504830826764, + "2023 rate shock": -0.07670659097876009, + "2024 vol spike": -0.03905249154479273, + "2025 tariff crash": -0.10183430593501919, + "2026 Q1 drawdown": -0.05322960844674696 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21919504830826764, + "max_ret": -0.03905249154479273, + "all_pos": false + }, + "rpibx": { + "name": "T. Rowe Price International Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.1473517321439317, + "corr_port": 0.026761721306655967, + "rets": { + "2022 bear mkt": -0.2674976635976084, + "2023 rate shock": -0.056574384704266234, + "2024 vol spike": 0.02707376183982202, + "2025 tariff crash": 0.015257975434622928, + "2026 Q1 drawdown": -0.049557890595363197 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.2674976635976084, + "max_ret": 0.02707376183982202, + "all_pos": false + }, + "rpidx": { + "name": "T. Rowe Price Dynamic Credit Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.161165801638646, + "corr_port": 0.12417678734045792, + "rets": { + "2022 bear mkt": -0.024172063195096127, + "2023 rate shock": 0.025164392856826368, + "2024 vol spike": -0.002948917362194048, + "2025 tariff crash": -0.01011357408974789, + "2026 Q1 drawdown": -0.0014831779474409057 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.024172063195096127, + "max_ret": 0.025164392856826368, + "all_pos": false + }, + "rpiex": { + "name": "T. Rowe Price Dynamic Global Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9828166083813038, + "corr_port": 0.11667815308115295, + "rets": { + "2022 bear mkt": 0.06533910725175551, + "2023 rate shock": 0.00981704793081195, + "2024 vol spike": -0.002344176468930592, + "2025 tariff crash": -0.0010703173130161003, + "2026 Q1 drawdown": -0.03189148714491552 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.03189148714491552, + "max_ret": 0.06533910725175551, + "all_pos": false + }, + "rpifx": { + "name": "T. Rowe Price Institutional Floating Rate Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 5.031975934378061, + "corr_port": 0.26976022394127364, + "rets": { + "2022 bear mkt": -0.030476422175760298, + "2023 rate shock": 0.011290502962320259, + "2024 vol spike": -0.00010604080775045155, + "2025 tariff crash": -0.016213068346760284, + "2026 Q1 drawdown": -0.005239536890614738 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.030476422175760298, + "max_ret": 0.011290502962320259, + "all_pos": false + }, + "rpihx": { + "name": "T. Rowe Price Global High Income Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -1.1741468777703847, + "corr_port": 0.2781893824459559, + "rets": { + "2022 bear mkt": -0.16336056617050165, + "2023 rate shock": -0.01766802624393249, + "2024 vol spike": 0.00010394801845037271, + "2025 tariff crash": -0.028218411522060505, + "2026 Q1 drawdown": -0.02387013442722752 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16336056617050165, + "max_ret": 0.00010394801845037271, + "all_pos": false + }, + "rplcx": { + "name": "T. Rowe Price Institutional Long Duration Credit Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.24246358670425341, + "corr_port": -0.06594248358859238, + "rets": { + "2022 bear mkt": -0.28445286044201945, + "2023 rate shock": -0.0989691612826219, + "2024 vol spike": 0.0240466443347771, + "2025 tariff crash": -0.02367571161815485, + "2026 Q1 drawdown": -0.021997074980749654 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.28445286044201945, + "max_ret": 0.0240466443347771, + "all_pos": false + }, + "rpmgx": { + "name": "T. Rowe Price Mid-Cap Growth Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3986375568638834, + "corr_port": 0.218945077621003, + "rets": { + "2022 bear mkt": -0.2774020931873926, + "2023 rate shock": -0.13829479034714254, + "2024 vol spike": -0.04862616477214854, + "2025 tariff crash": -0.18999700423958765, + "2026 Q1 drawdown": -0.07839952190109145 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2774020931873926, + "max_ret": -0.04862616477214854, + "all_pos": false + }, + "rpsix": { + "name": "T. Rowe Price Spectrum Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3976900068211224, + "corr_port": 0.262270579680245, + "rets": { + "2022 bear mkt": -0.145598352393003, + "2023 rate shock": -0.04312590454743992, + "2024 vol spike": 0.004525020963578319, + "2025 tariff crash": -0.008543974751966221, + "2026 Q1 drawdown": -0.01441693768976715 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.145598352393003, + "max_ret": 0.004525020963578319, + "all_pos": false + }, + "rpxfx": { + "name": "RiverPark Large Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -2.181444433881348, + "corr_port": 0.0843260902763514, + "rets": { + "2022 bear mkt": -0.4868735072996261, + "2023 rate shock": -0.1342251227033835, + "2024 vol spike": -0.08669192011529514, + "2025 tariff crash": -0.21382979662949475, + "2026 Q1 drawdown": -0.12677602452546355 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4868735072996261, + "max_ret": -0.08669192011529514, + "all_pos": false + }, + "rresx": { + "name": "Global Real Estate Securities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5394071290278877, + "corr_port": 0.2940919552597706, + "rets": { + "2022 bear mkt": -0.3383989052298757, + "2023 rate shock": -0.14201918930498658, + "2024 vol spike": -0.026121897134338323, + "2025 tariff crash": -0.1178612522948208, + "2026 Q1 drawdown": -0.03400704568412849 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3383989052298757, + "max_ret": -0.026121897134338323, + "all_pos": false + }, + "rrfax": { + "name": "Federated Hermes Inflation Protected Securities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3830360871268895, + "corr_port": -0.060654328894196155, + "rets": { + "2022 bear mkt": -0.12178643529975708, + "2023 rate shock": -0.0239760752325886, + "2024 vol spike": 0.014358825933522557, + "2025 tariff crash": 0.011918739767652786, + "2026 Q1 drawdown": -0.004598937925763491 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12178643529975708, + "max_ret": 0.014358825933522557, + "all_pos": false + }, + "rrgax": { + "name": "DWS RREEF Global Real Estate Securities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0673062623643665, + "corr_port": 0.2993945116733992, + "rets": { + "2022 bear mkt": -0.3371922958700897, + "2023 rate shock": -0.12839887444205356, + "2024 vol spike": -0.025423698717865317, + "2025 tariff crash": -0.11911349502839486, + "2026 Q1 drawdown": -0.028608701070006237 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3371922958700897, + "max_ret": -0.025423698717865317, + "all_pos": false + }, + "rrpax": { + "name": "SIIT Real Return Fund", + "verdict": "weak/unstable alpha", + "t5": 2.584930522788122, + "corr_port": 0.00768717905343307, + "rets": { + "2022 bear mkt": -0.04622185061757256, + "2023 rate shock": 0.004996597820444926, + "2024 vol spike": 0.006586221493060984, + "2025 tariff crash": 0.01862818038231895, + "2026 Q1 drawdown": 0.0032154223626112977 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.04622185061757256, + "max_ret": 0.01862818038231895, + "all_pos": false + }, + "rrrax": { + "name": "DWS RREEF Real Estate Securities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1303606130404842, + "corr_port": 0.2349872403414556, + "rets": { + "2022 bear mkt": -0.32891302689676716, + "2023 rate shock": -0.13366308170447028, + "2024 vol spike": -0.010087112107648677, + "2025 tariff crash": -0.12540667603563826, + "2026 Q1 drawdown": 0.0072504805684183715 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.32891302689676716, + "max_ret": 0.0072504805684183715, + "all_pos": false + }, + "rseax": { + "name": "U.S. Strategic Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.961984162222252, + "corr_port": 0.2747160915435948, + "rets": { + "2022 bear mkt": -0.26682831037801014, + "2023 rate shock": -0.09133195676882766, + "2024 vol spike": -0.07458408000904948, + "2025 tariff crash": -0.18397945516117475, + "2026 Q1 drawdown": -0.08652139992849128 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26682831037801014, + "max_ret": -0.07458408000904948, + "all_pos": false + }, + "rseix": { + "name": "Royce Small-Cap Special Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3805350334535482, + "corr_port": 0.31448821921016257, + "rets": { + "2022 bear mkt": -0.14940140433025295, + "2023 rate shock": -0.09090914167942443, + "2024 vol spike": -0.04072397188064003, + "2025 tariff crash": -0.15724976881114816, + "2026 Q1 drawdown": -0.031186440677966165 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15724976881114816, + "max_ret": -0.031186440677966165, + "all_pos": false + }, + "rsqax": { + "name": "Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7792484576516301, + "corr_port": 0.38271519676565846, + "rets": { + "2022 bear mkt": -0.19705500076836358, + "2023 rate shock": -0.09911539019883109, + "2024 vol spike": -0.052031841874096374, + "2025 tariff crash": -0.1345436153601991, + "2026 Q1 drawdown": -0.030962345455592843 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19705500076836358, + "max_ret": -0.030962345455592843, + "all_pos": false + }, + "rtdyx": { + "name": "Multifactor U.S. Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.052677299378899534, + "corr_port": 0.30100765120358636, + "rets": { + "2022 bear mkt": -0.22774016195518842, + "2023 rate shock": -0.0987055602893454, + "2024 vol spike": -0.07413241310680896, + "2025 tariff crash": -0.18850681936605007, + "2026 Q1 drawdown": -0.07853397800762996 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22774016195518842, + "max_ret": -0.07413241310680896, + "all_pos": false + }, + "rthax": { + "name": "Tax-Exempt High Yield Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3600991735872957, + "corr_port": 0.06617165726326281, + "rets": { + "2022 bear mkt": -0.1569979914687818, + "2023 rate shock": -0.06791034105014326, + "2024 vol spike": 0.01587264779374231, + "2025 tariff crash": -0.03291704257929651, + "2026 Q1 drawdown": -0.01173155382497848 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1569979914687818, + "max_ret": 0.01587264779374231, + "all_pos": false + }, + "rtiyx": { + "name": "Multifactor International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.992571404147704, + "corr_port": 0.4133232703624738, + "rets": { + "2022 bear mkt": -0.26609835093008094, + "2023 rate shock": -0.10020043276879431, + "2024 vol spike": -0.06795226963193834, + "2025 tariff crash": -0.0994423630257456, + "2026 Q1 drawdown": -0.06607275426874537 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26609835093008094, + "max_ret": -0.06607275426874537, + "all_pos": false + }, + "rtnax": { + "name": "Tax-Managed International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6177883526985378, + "corr_port": 0.3973499471047391, + "rets": { + "2022 bear mkt": -0.28958149012905354, + "2023 rate shock": -0.1130898276243063, + "2024 vol spike": -0.06968929875698082, + "2025 tariff crash": -0.12046204897973456, + "2026 Q1 drawdown": -0.09155844155844162 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28958149012905354, + "max_ret": -0.06968929875698082, + "all_pos": false + }, + "rtrix": { + "name": "Royce Small-Cap Total Return Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.681302264208844, + "corr_port": 0.3573449035149145, + "rets": { + "2022 bear mkt": -0.2266125453478851, + "2023 rate shock": -0.12741433275806613, + "2024 vol spike": -0.0945082558542305, + "2025 tariff crash": -0.21399125189314638, + "2026 Q1 drawdown": -0.0768005332813132 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2266125453478851, + "max_ret": -0.0768005332813132, + "all_pos": false + }, + "rtssx": { + "name": "Tax-Managed U.S. Mid & Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1984252307460443, + "corr_port": 0.28233009025913663, + "rets": { + "2022 bear mkt": -0.2491000327566466, + "2023 rate shock": -0.15698298562768054, + "2024 vol spike": -0.07022129956680323, + "2025 tariff crash": -0.2081230598427115, + "2026 Q1 drawdown": -0.07152176086956519 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2491000327566466, + "max_ret": -0.07022129956680323, + "all_pos": false + }, + "rtxax": { + "name": "Tax-Managed Real Assets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7862016401733928, + "corr_port": 0.34985879855115104, + "rets": { + "2022 bear mkt": -0.20858008658787963, + "2023 rate shock": -0.12571891311847028, + "2024 vol spike": -0.04625201998667561, + "2025 tariff crash": -0.14422306774705618, + "2026 Q1 drawdown": 0.030534378229820414 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.20858008658787963, + "max_ret": 0.030534378229820414, + "all_pos": false + }, + "rvpix": { + "name": "Royce Smaller-Companies Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.35937910018731867, + "corr_port": 0.14144256632363947, + "rets": { + "2022 bear mkt": -0.339100529590026, + "2023 rate shock": -0.22028977773778613, + "2024 vol spike": -0.08421056131297167, + "2025 tariff crash": -0.2209025913861905, + "2026 Q1 drawdown": -0.11901983663943994 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.339100529590026, + "max_ret": -0.08421056131297167, + "all_pos": false + }, + "ryaix": { + "name": "Inverse NASDAQ-100 Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.6134896074534435, + "corr_port": -0.14345208469683174, + "rets": { + "2022 bear mkt": 0.3894065892198777, + "2023 rate shock": 0.12322516770692604, + "2024 vol spike": 0.10712021952052075, + "2025 tariff crash": 0.28191721815381854, + "2026 Q1 drawdown": 0.13082018020793207 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.10712021952052075, + "max_ret": 0.3894065892198777, + "all_pos": true + }, + "ryavx": { + "name": "S&P MidCap 400 Pure Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6099437667122483, + "corr_port": 0.35832085443134803, + "rets": { + "2022 bear mkt": -0.1596650590341988, + "2023 rate shock": -0.15992548875234225, + "2024 vol spike": -0.06793003269323195, + "2025 tariff crash": -0.20940802418018678, + "2026 Q1 drawdown": -0.04874142338670506 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20940802418018678, + "max_ret": -0.04874142338670506, + "all_pos": false + }, + "ryawx": { + "name": "S&P 500 Pure Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2201145109335263, + "corr_port": 0.2153057360716118, + "rets": { + "2022 bear mkt": -0.30765480408455625, + "2023 rate shock": -0.08419435447634116, + "2024 vol spike": -0.10023891191528711, + "2025 tariff crash": -0.2329097554174563, + "2026 Q1 drawdown": -0.10459493094312422 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30765480408455625, + "max_ret": -0.08419435447634116, + "all_pos": false + }, + "ryazx": { + "name": "S&P SmallCap 600 Pure Value Fund", + "verdict": "weak/unstable alpha", + "t5": 1.504530456102741, + "corr_port": 0.32527134668447655, + "rets": { + "2022 bear mkt": -0.2011582628769104, + "2023 rate shock": -0.16269387589850814, + "2024 vol spike": -0.07594128305310721, + "2025 tariff crash": -0.2313510820856043, + "2026 Q1 drawdown": -0.04896790092012271 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2313510820856043, + "max_ret": -0.04896790092012271, + "all_pos": false + }, + "rybhx": { + "name": "S&P MidCap 400 Pure Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7432392408393506, + "corr_port": 0.24623365890269988, + "rets": { + "2022 bear mkt": -0.24632165626798708, + "2023 rate shock": -0.09618988409966667, + "2024 vol spike": -0.09010088052771359, + "2025 tariff crash": -0.19741885460778386, + "2026 Q1 drawdown": -0.057450945730952774 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24632165626798708, + "max_ret": -0.057450945730952774, + "all_pos": false + }, + "rybix": { + "name": "Basic Materials Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9325810724262884, + "corr_port": 0.3154888059401679, + "rets": { + "2022 bear mkt": -0.19718477105567744, + "2023 rate shock": -0.12834366774544403, + "2024 vol spike": -0.06370305282239108, + "2025 tariff crash": -0.1636548950474851, + "2026 Q1 drawdown": -0.09681747507668714 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19718477105567744, + "max_ret": -0.06370305282239108, + "all_pos": false + }, + "rycix": { + "name": "Consumer Products Fund", + "verdict": "weak/unstable alpha", + "t5": -1.4888140805589718, + "corr_port": 0.1674674490504737, + "rets": { + "2022 bear mkt": -0.10315791814167785, + "2023 rate shock": -0.12722249422074772, + "2024 vol spike": -0.002293642191812939, + "2025 tariff crash": -0.6798417274987765, + "2026 Q1 drawdown": -0.03340392090805233 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.6798417274987765, + "max_ret": -0.002293642191812939, + "all_pos": false + }, + "rydhx": { + "name": "Dow Jones Industrial Average Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9000054436345931, + "corr_port": 0.33960340278126827, + "rets": { + "2022 bear mkt": -0.2081284485379049, + "2023 rate shock": -0.08915500263167742, + "2024 vol spike": -0.060816986931421124, + "2025 tariff crash": -0.14829324376751307, + "2026 Q1 drawdown": -0.07829917101632677 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2081284485379049, + "max_ret": -0.060816986931421124, + "all_pos": false + }, + "rydvx": { + "name": "Royce Smid-Cap Total Return Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6667601863173457, + "corr_port": 0.35390008751342444, + "rets": { + "2022 bear mkt": -0.24421894812887945, + "2023 rate shock": -0.11497652361664501, + "2024 vol spike": -0.06293691009168967, + "2025 tariff crash": -0.20017831309087242, + "2026 Q1 drawdown": -0.05849979668706007 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24421894812887945, + "max_ret": -0.05849979668706007, + "all_pos": false + }, + "ryeix": { + "name": "Energy Fund", + "verdict": "weak/unstable alpha", + "t5": 0.41296859633852423, + "corr_port": 0.3368011644876891, + "rets": { + "2022 bear mkt": 0.3300115297967774, + "2023 rate shock": -0.02648795812258642, + "2024 vol spike": -0.09137696053351374, + "2025 tariff crash": -0.21277490433325463, + "2026 Q1 drawdown": 0.2073187217537944 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.21277490433325463, + "max_ret": 0.3300115297967774, + "all_pos": false + }, + "ryeux": { + "name": "Europe 1.25x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.37486517444399464, + "corr_port": 0.3521791290910052, + "rets": { + "2022 bear mkt": -0.3163518916042073, + "2023 rate shock": -0.1252513519708296, + "2024 vol spike": -0.06483126820730778, + "2025 tariff crash": -0.14078410440924793, + "2026 Q1 drawdown": -0.11422191809175908 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3163518916042073, + "max_ret": -0.06483126820730778, + "all_pos": false + }, + "ryfix": { + "name": "Financial Services Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.44859349894505623, + "corr_port": 0.3726882686308296, + "rets": { + "2022 bear mkt": -0.2623968909646124, + "2023 rate shock": -0.13068417603802152, + "2024 vol spike": -0.06065740074626891, + "2025 tariff crash": -0.16265305936746888, + "2026 Q1 drawdown": -0.101859728122345 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2623968909646124, + "max_ret": -0.06065740074626891, + "all_pos": false + }, + "rygbx": { + "name": "Government Long Bond 1.2x Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -1.435423990998694, + "corr_port": -0.17097221281463235, + "rets": { + "2022 bear mkt": -0.37355067619917126, + "2023 rate shock": -0.16947281687697746, + "2024 vol spike": 0.06436314110465191, + "2025 tariff crash": -0.4963074857830444, + "2026 Q1 drawdown": -0.0077446841229490415 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.4963074857830444, + "max_ret": 0.06436314110465191, + "all_pos": false + }, + "ryhdx": { + "name": "High Yield Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6497212136714676, + "corr_port": 0.18512632316184438, + "rets": { + "2022 bear mkt": -0.16487652542336007, + "2023 rate shock": -0.034533180628453675, + "2024 vol spike": -0.004977139921172324, + "2025 tariff crash": -0.041814729122952476, + "2026 Q1 drawdown": -0.034669523038078576 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16487652542336007, + "max_ret": -0.004977139921172324, + "all_pos": false + }, + "ryhix": { + "name": "Health Care Fund", + "verdict": "weak/unstable alpha", + "t5": -0.17939710291982044, + "corr_port": 0.2195172773444874, + "rets": { + "2022 bear mkt": -0.18853973130024637, + "2023 rate shock": -0.10297484010417668, + "2024 vol spike": -0.02180830851443838, + "2025 tariff crash": -0.130404801503619, + "2026 Q1 drawdown": -0.08066610380142658 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18853973130024637, + "max_ret": -0.02180830851443838, + "all_pos": false + }, + "ryhrx": { + "name": "Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.374524963874497, + "corr_port": 0.2599069449746933, + "rets": { + "2022 bear mkt": -0.32734173123905974, + "2023 rate shock": -0.16364128792767907, + "2024 vol spike": -0.020743668253737746, + "2025 tariff crash": -0.13473782779847499, + "2026 Q1 drawdown": -0.043920596623339914 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32734173123905974, + "max_ret": -0.020743668253737746, + "all_pos": false + }, + "ryidx": { + "name": "Inverse Dow 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.220122370021935, + "corr_port": -0.3568752990730586, + "rets": { + "2022 bear mkt": 0.4238858300403854, + "2023 rate shock": 0.22947429623101057, + "2024 vol spike": 0.13495929473702373, + "2025 tariff crash": 0.3620702166008125, + "2026 Q1 drawdown": 0.167892466726562 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.13495929473702373, + "max_ret": 0.4238858300403854, + "all_pos": true + }, + "ryiex": { + "name": "Emerging Markets Bond Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -2.140128466035155, + "corr_port": 0.14761560540438484, + "rets": { + "2022 bear mkt": -0.25096695499101074, + "2023 rate shock": -0.05225492124145359, + "2024 vol spike": 0.0034019395720730206, + "2025 tariff crash": -0.02776778094661514, + "2026 Q1 drawdown": -0.026032901813354048 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.25096695499101074, + "max_ret": 0.0034019395720730206, + "all_pos": false + }, + "ryiix": { + "name": "Internet Fund", + "verdict": "weak/unstable alpha", + "t5": -1.8019264242630315, + "corr_port": 0.05676830455644713, + "rets": { + "2022 bear mkt": -0.4359493209789733, + "2023 rate shock": -0.14509091847744193, + "2024 vol spike": -0.08376962235405272, + "2025 tariff crash": -0.22743520333810374, + "2026 Q1 drawdown": -0.13305131224392175 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4359493209789733, + "max_ret": -0.08376962235405272, + "all_pos": false + }, + "ryilx": { + "name": "Inverse High Yield Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1612234689552092, + "corr_port": -0.15955843994481447, + "rets": { + "2022 bear mkt": 0.14633107623013908, + "2023 rate shock": 0.05335456898267976, + "2024 vol spike": 0.009107824278455245, + "2025 tariff crash": 0.04621761658031076, + "2026 Q1 drawdown": 0.0379420348149182 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.009107824278455245, + "max_ret": 0.14633107623013908, + "all_pos": true + }, + "ryipx": { + "name": "Royce International Premier Fund", + "verdict": "weak/unstable alpha", + "t5": -3.379627638081399, + "corr_port": 0.30479252192677375, + "rets": { + "2022 bear mkt": -0.36141170519311816, + "2023 rate shock": -0.14358324639357156, + "2024 vol spike": -0.06894369939012213, + "2025 tariff crash": -0.10576275495298415, + "2026 Q1 drawdown": -0.11836212412028158 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36141170519311816, + "max_ret": -0.06894369939012213, + "all_pos": false + }, + "ryiux": { + "name": "Inverse Russell 2000 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.9274570625676057, + "corr_port": -0.2554876338696516, + "rets": { + "2022 bear mkt": 0.48322164958460334, + "2023 rate shock": 0.49165731572144766, + "2024 vol spike": 0.19650656308583203, + "2025 tariff crash": 0.6007974108430003, + "2026 Q1 drawdown": 0.17736131314385006 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.17736131314385006, + "max_ret": 0.6007974108430003, + "all_pos": true + }, + "ryjsx": { + "name": "Japan 2x Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -0.8452500499750751, + "corr_port": 0.2875627431646096, + "rets": { + "2022 bear mkt": -0.5164859779234956, + "2023 rate shock": -0.2314400314534244, + "2024 vol spike": -0.200874970603514, + "2025 tariff crash": -0.2680245271663898, + "2026 Q1 drawdown": -0.17814029580787283 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.5164859779234956, + "max_ret": -0.17814029580787283, + "all_pos": false + }, + "ryjux": { + "name": "Inverse Government Long Bond Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 4.541176470517858, + "corr_port": 0.20208840195214578, + "rets": { + "2022 bear mkt": 0.3911649405335196, + "2023 rate shock": 0.1700892566890846, + "2024 vol spike": -0.04808865100609738, + "2025 tariff crash": -0.004115838209893918, + "2026 Q1 drawdown": 0.00592444487185384 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.04808865100609738, + "max_ret": 0.3911649405335196, + "all_pos": false + }, + "rykix": { + "name": "Banking Fund", + "verdict": "weak/unstable alpha", + "t5": 0.46965001790839084, + "corr_port": 0.38267717342243734, + "rets": { + "2022 bear mkt": -0.242669400227428, + "2023 rate shock": -0.16824583654762204, + "2024 vol spike": -0.08669426101287725, + "2025 tariff crash": -0.20645701225144242, + "2026 Q1 drawdown": -0.10562320594233976 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.242669400227428, + "max_ret": -0.08669426101287725, + "all_pos": false + }, + "ryldx": { + "name": "Dow 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.567283404372811, + "corr_port": 0.35751826009469634, + "rets": { + "2022 bear mkt": -0.3850976818358254, + "2023 rate shock": -0.1813070625846087, + "2024 vol spike": -0.1222647679374389, + "2025 tariff crash": -0.28378602561767363, + "2026 Q1 drawdown": -0.15656024248705935 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3850976818358254, + "max_ret": -0.1222647679374389, + "all_pos": false + }, + "rylix": { + "name": "Leisure Fund", + "verdict": "weak/unstable alpha", + "t5": -1.5119449542450152, + "corr_port": 0.23045275092025286, + "rets": { + "2022 bear mkt": -0.32109784339822245, + "2023 rate shock": -0.15207022340508392, + "2024 vol spike": -0.05920174323584626, + "2025 tariff crash": -0.18175359634223187, + "2026 Q1 drawdown": -0.08828537841181106 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32109784339822245, + "max_ret": -0.05920174323584626, + "all_pos": false + }, + "rymbx": { + "name": "Commodities Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.22402059234708635, + "corr_port": 0.2291732820433703, + "rets": { + "2022 bear mkt": 0.24867195820795351, + "2023 rate shock": 0.021656017989738485, + "2024 vol spike": -0.06163938297748661, + "2025 tariff crash": -0.12652423305498206, + "2026 Q1 drawdown": 0.24608537168430344 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.12652423305498206, + "max_ret": 0.24867195820795351, + "all_pos": false + }, + "rymdx": { + "name": "Mid-Cap 1.5x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5694091553857659, + "corr_port": 0.32280134827174517, + "rets": { + "2022 bear mkt": -0.3195756012997921, + "2023 rate shock": -0.21628541787886935, + "2024 vol spike": -0.09996207611198049, + "2025 tariff crash": -0.28100034263975093, + "2026 Q1 drawdown": -0.08506475697973692 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3195756012997921, + "max_ret": -0.08506475697973692, + "all_pos": false + }, + "rymfx": { + "name": "Guggenheim Managed Futures Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5003121906583069, + "corr_port": 0.23525317740277807, + "rets": { + "2022 bear mkt": 0.1936000873622532, + "2023 rate shock": -0.0027957199700955337, + "2024 vol spike": -0.0970215760698846, + "2025 tariff crash": -0.10166072680400362, + "2026 Q1 drawdown": -0.009367681498829161 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10166072680400362, + "max_ret": 0.1936000873622532, + "all_pos": false + }, + "rymhx": { + "name": "Inverse Mid-Cap Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": 1.2706926454714722, + "corr_port": -0.2905723379884204, + "rets": { + "2022 bear mkt": 0.1919683129614307, + "2023 rate shock": 0.18449377150895074, + "2024 vol spike": 0.07212235644433695, + "2025 tariff crash": 0.22941184888357058, + "2026 Q1 drawdown": 0.05719990023279009 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.05719990023279009, + "max_ret": 0.22941184888357058, + "all_pos": true + }, + "rymix": { + "name": "Telecommunications Fund", + "verdict": "weak/unstable alpha", + "t5": -0.27195084178361273, + "corr_port": 0.2732146889858176, + "rets": { + "2022 bear mkt": -0.31801688250019267, + "2023 rate shock": -0.10011480746673751, + "2024 vol spike": -0.030362607348500492, + "2025 tariff crash": -0.15681608127500501, + "2026 Q1 drawdown": 0.061207436031510465 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.31801688250019267, + "max_ret": 0.061207436031510465, + "all_pos": false + }, + "rymkx": { + "name": "Russell 2000 1.5x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.010849589366597, + "corr_port": 0.255169331373576, + "rets": { + "2022 bear mkt": -0.37836173421949437, + "2023 rate shock": -0.26176877348779226, + "2024 vol spike": -0.13501025503486686, + "2025 tariff crash": -0.3181818101708873, + "2026 Q1 drawdown": -0.13828865278849478 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37836173421949437, + "max_ret": -0.13501025503486686, + "all_pos": false + }, + "rynvx": { + "name": "Nova Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -4.306225981925257, + "corr_port": 0.28498562811044514, + "rets": { + "2022 bear mkt": -0.3722492320572005, + "2023 rate shock": -0.15272557040260515, + "2024 vol spike": -0.10814497325184835, + "2025 tariff crash": -0.2702528918205055, + "2026 Q1 drawdown": -0.13525694644556652 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3722492320572005, + "max_ret": -0.10814497325184835, + "all_pos": false + }, + "ryocx": { + "name": "NASDAQ-100 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3634706060062602, + "corr_port": 0.14597551062388175, + "rets": { + "2022 bear mkt": -0.3407850693601615, + "2023 rate shock": -0.09888286173368299, + "2024 vol spike": -0.0965260142581923, + "2025 tariff crash": -0.2260678638868271, + "2026 Q1 drawdown": -0.11373277803164994 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3407850693601615, + "max_ret": -0.0965260142581923, + "all_pos": false + }, + "ryoix": { + "name": "Biotechnology Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3129834978229511, + "corr_port": 0.10528910999963037, + "rets": { + "2022 bear mkt": -0.18469827873487332, + "2023 rate shock": -0.10302767735789431, + "2024 vol spike": -0.043445926644720356, + "2025 tariff crash": -0.1971403794019967, + "2026 Q1 drawdown": -0.0568093010845474 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1971403794019967, + "max_ret": -0.043445926644720356, + "all_pos": false + }, + "ryotx": { + "name": "Royce Micro-Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6644401556583814, + "corr_port": 0.24814508679151426, + "rets": { + "2022 bear mkt": -0.3197631989276287, + "2023 rate shock": -0.16315794229535452, + "2024 vol spike": -0.11093119631997184, + "2025 tariff crash": -0.2502249677058741, + "2026 Q1 drawdown": -0.03934426229508181 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3197631989276287, + "max_ret": -0.03934426229508181, + "all_pos": false + }, + "rypix": { + "name": "Transportation Fund", + "verdict": "weak/unstable alpha", + "t5": -1.489435915336236, + "corr_port": 0.25272060030799515, + "rets": { + "2022 bear mkt": -0.3553826391583048, + "2023 rate shock": -0.22473633715446373, + "2024 vol spike": -0.126307047329835, + "2025 tariff crash": -0.24757441400100333, + "2026 Q1 drawdown": -0.08990234984273715 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3553826391583048, + "max_ret": -0.08990234984273715, + "all_pos": false + }, + "rypmx": { + "name": "Precious Metals Fund", + "verdict": "weak/unstable alpha", + "t5": -0.8511020811066404, + "corr_port": 0.05781558178393666, + "rets": { + "2022 bear mkt": -0.24277892319273364, + "2023 rate shock": -0.07054433141890648, + "2024 vol spike": -0.10145608835925457, + "2025 tariff crash": -0.05291826741550032, + "2026 Q1 drawdown": -0.20758127371176427 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24277892319273364, + "max_ret": -0.05291826741550032, + "all_pos": false + }, + "rypnx": { + "name": "Royce Small-Cap Opportunity Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 1.7794189674178307, + "corr_port": 0.27796828260420947, + "rets": { + "2022 bear mkt": -0.2691859802246831, + "2023 rate shock": -0.16880619333501212, + "2024 vol spike": -0.10900471225673458, + "2025 tariff crash": -0.26181353767560667 + }, + "n_avail": 4, + "n_pos": 0, + "min_ret": -0.2691859802246831, + "max_ret": -0.10900471225673458, + "all_pos": false + }, + "ryrix": { + "name": "Retailing Fund", + "verdict": "weak/unstable alpha", + "t5": -1.1592339731246428, + "corr_port": 0.1822096063892944, + "rets": { + "2022 bear mkt": -0.29204200923662815, + "2023 rate shock": -0.14790137400787806, + "2024 vol spike": -0.0704802692780504, + "2025 tariff crash": -0.1741602976261446, + "2026 Q1 drawdown": -0.10409102778111234 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29204200923662815, + "max_ret": -0.0704802692780504, + "all_pos": false + }, + "ryrrx": { + "name": "Russell 2000 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5051093883632731, + "corr_port": 0.25681968779650605, + "rets": { + "2022 bear mkt": -0.2576057388003826, + "2023 rate shock": -0.1791871703492992, + "2024 vol spike": -0.09025992914088965, + "2025 tariff crash": -0.22158989931406892, + "2026 Q1 drawdown": -0.09258968095134013 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2576057388003826, + "max_ret": -0.09025992914088965, + "all_pos": false + }, + "ryrux": { + "name": "Russell 2000 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7941569420818566, + "corr_port": 0.2562007727194706, + "rets": { + "2022 bear mkt": -0.4840685114628862, + "2023 rate shock": -0.3369544030826105, + "2024 vol spike": -0.17646738162512066, + "2025 tariff crash": -0.4053389438456385, + "2026 Q1 drawdown": -0.18447703306206142 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4840685114628862, + "max_ret": -0.17646738162512066, + "all_pos": false + }, + "rysbx": { + "name": "Strengthening Dollar 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4477537805281133, + "corr_port": -0.0667983806177908, + "rets": { + "2022 bear mkt": 0.3639764436020758, + "2023 rate shock": 0.10224950391337573, + "2024 vol spike": -0.017888497648731017, + "2025 tariff crash": -0.05662385285115035, + "2026 Q1 drawdown": 0.08977980256390361 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.05662385285115035, + "max_ret": 0.3639764436020758, + "all_pos": false + }, + "ryshx": { + "name": "Inverse Russell 2000 Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9811003548128563, + "corr_port": -0.19579499771322045, + "rets": { + "2022 bear mkt": 0.24557014369282482, + "2023 rate shock": 0.23106122219043446, + "2024 vol spike": 0.09886658061250508, + "2025 tariff crash": -0.2383307157426262, + "2026 Q1 drawdown": -0.6345050694662973 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.6345050694662973, + "max_ret": 0.24557014369282482, + "all_pos": false + }, + "rysix": { + "name": "Electronics Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3995724282536766, + "corr_port": 0.12777787799977566, + "rets": { + "2022 bear mkt": -0.4198556594064258, + "2023 rate shock": -0.18556702207007547, + "2024 vol spike": -0.17037939071170893, + "2025 tariff crash": -0.3327353569286392, + "2026 Q1 drawdown": -0.1236738245451654 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4198556594064258, + "max_ret": -0.1236738245451654, + "all_pos": false + }, + "rysox": { + "name": "S&P 500 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4945028543380454, + "corr_port": 0.2852270368846363, + "rets": { + "2022 bear mkt": -0.25396617411219047, + "2023 rate shock": -0.10080597363573385, + "2024 vol spike": -0.07256187081590137, + "2025 tariff crash": -0.18586073853340912, + "2026 Q1 drawdown": -0.08913401347261551 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25396617411219047, + "max_ret": -0.07256187081590137, + "all_pos": false + }, + "rytix": { + "name": "Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.09465059347843452, + "corr_port": 0.12741626128723035, + "rets": { + "2022 bear mkt": -0.3859631104344231, + "2023 rate shock": -0.13127115599468242, + "2024 vol spike": -0.11915350266647617, + "2025 tariff crash": -0.27139864559339255, + "2026 Q1 drawdown": -0.13952622433924788 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3859631104344231, + "max_ret": -0.11915350266647617, + "all_pos": false + }, + "rytmx": { + "name": "Inverse S&P 500 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 5.055520599209906, + "corr_port": -0.284245892017383, + "rets": { + "2022 bear mkt": 0.5478372746054212, + "2023 rate shock": 0.2569036525109294, + "2024 vol spike": 0.16015936844152434, + "2025 tariff crash": 0.47828689986973294, + "2026 Q1 drawdown": 0.20293063051869686 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.16015936844152434, + "max_ret": 0.5478372746054212, + "all_pos": true + }, + "ryttx": { + "name": "S&P 500 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -6.0174543534761025, + "corr_port": 0.28470964445484487, + "rets": { + "2022 bear mkt": -0.46941512822509124, + "2023 rate shock": -0.2036564193202023, + "2024 vol spike": -0.14400282111519136, + "2025 tariff crash": -0.3480048247447036, + "2026 Q1 drawdown": -0.17879648614052257 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.46941512822509124, + "max_ret": -0.14400282111519136, + "all_pos": false + }, + "ryuix": { + "name": "Utilities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6491379747971484, + "corr_port": 0.2455620082943161, + "rets": { + "2022 bear mkt": -0.10679612957572204, + "2023 rate shock": -0.11353624165520226, + "2024 vol spike": 0.021304923362409856, + "2025 tariff crash": -0.07105483883439911, + "2026 Q1 drawdown": 0.046080224181940466 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.11353624165520226, + "max_ret": 0.046080224181940466, + "all_pos": false + }, + "ryurx": { + "name": "Inverse S&P 500 Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 6.117834130171873, + "corr_port": -0.2826423000308707, + "rets": { + "2022 bear mkt": 0.2708630499996765, + "2023 rate shock": 0.1294860942044811, + "2024 vol spike": 0.08055898882559998, + "2025 tariff crash": 0.2240707181383994, + "2026 Q1 drawdown": 0.10244886958723409 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.08055898882559998, + "max_ret": 0.2708630499996765, + "all_pos": true + }, + "ryvfx": { + "name": "Royce Small-Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.5389077453284092, + "corr_port": 0.32764867717673873, + "rets": { + "2022 bear mkt": -0.1899334375750098, + "2023 rate shock": -0.09072781216326331, + "2024 vol spike": -0.07472323992241237, + "2025 tariff crash": -0.20162923108431252, + "2026 Q1 drawdown": -0.02832031250000011 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20162923108431252, + "max_ret": -0.02832031250000011, + "all_pos": false + }, + "ryvix": { + "name": "Energy Services Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6185327046293816, + "corr_port": 0.32025058229380876, + "rets": { + "2022 bear mkt": 0.034264940972855706, + "2023 rate shock": -0.047110246366605324, + "2024 vol spike": -0.12178714404455071, + "2025 tariff crash": -0.3138480031160521, + "2026 Q1 drawdown": 0.15054298770426233 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.3138480031160521, + "max_ret": 0.15054298770426233, + "all_pos": false + }, + "ryvlx": { + "name": "NASDAQ-100(R) 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.568793243115005, + "corr_port": 0.14647623538912158, + "rets": { + "2022 bear mkt": -0.6024835553105894, + "2023 rate shock": -0.20446013306013666, + "2024 vol spike": -0.19042686257091657, + "2025 tariff crash": -0.41353683763660265, + "2026 Q1 drawdown": -0.2239372803806382 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.6024835553105894, + "max_ret": -0.19042686257091657, + "all_pos": false + }, + "ryvtx": { + "name": "Inverse NASDAQ-100(R) 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 5.0787653149344925, + "corr_port": -0.14654220268983334, + "rets": { + "2022 bear mkt": 0.7806934261947154, + "2023 rate shock": 0.2397875908508489, + "2024 vol spike": 0.21456180768844546, + "2025 tariff crash": 0.6154894922138954, + "2026 Q1 drawdown": 0.26586316154059286 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.21456180768844546, + "max_ret": 0.7806934261947154, + "all_pos": true + }, + "rywax": { + "name": "S&P SmallCap 600 Pure Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6595793701177869, + "corr_port": 0.25610757581323246, + "rets": { + "2022 bear mkt": -0.32988872957171356, + "2023 rate shock": -0.13457306208130415, + "2024 vol spike": -0.06427589551206647, + "2025 tariff crash": -0.19281738044939511, + "2026 Q1 drawdown": -0.05570700075456558 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32988872957171356, + "max_ret": -0.05570700075456558, + "all_pos": false + }, + "rywbx": { + "name": "Weakening Dollar 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.083554019560076, + "corr_port": 0.06903658353343442, + "rets": { + "2022 bear mkt": -0.3032534341061396, + "2023 rate shock": -0.08001627280081858, + "2024 vol spike": 0.02007671239861497, + "2025 tariff crash": 0.06273120666726584, + "2026 Q1 drawdown": -0.08660285536699541 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.3032534341061396, + "max_ret": 0.06273120666726584, + "all_pos": false + }, + "rywtx": { + "name": "Emerging Markets 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7834801592052778, + "corr_port": 0.20977572793784346, + "rets": { + "2022 bear mkt": -0.5034438714237642, + "2023 rate shock": -0.24665100919922156, + "2024 vol spike": -0.1443565012692284, + "2025 tariff crash": -0.3392882449968032, + "2026 Q1 drawdown": -0.27840710466204366 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.5034438714237642, + "max_ret": -0.1443565012692284, + "all_pos": false + }, + "rywwx": { + "name": "Inverse Emerging Markets 2x Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.670681383712185, + "corr_port": -0.21040111796011587, + "rets": { + "2022 bear mkt": 0.4036817923725837, + "2023 rate shock": 0.2954349184139111, + "2024 vol spike": 0.158221301128749, + "2025 tariff crash": 0.4204643450485128, + "2026 Q1 drawdown": 0.30057108054446835 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.158221301128749, + "max_ret": 0.4204643450485128, + "all_pos": true + }, + "ryzax": { + "name": "S&P 500 Pure Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.7171323274217006, + "corr_port": 0.4226849604598691, + "rets": { + "2022 bear mkt": -0.1418816256765707, + "2023 rate shock": -0.15429236110210587, + "2024 vol spike": -0.07551177348072702, + "2025 tariff crash": -0.12051969988550948, + "2026 Q1 drawdown": -0.008557182541456099 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15429236110210587, + "max_ret": -0.008557182541456099, + "all_pos": false + }, + "saaax": { + "name": "SIMT MULTI-ASSET ACCUMULATION FUND", + "verdict": "weak/unstable alpha", + "t5": -1.8151456022211179, + "corr_port": 0.23065879638217016, + "rets": { + "2022 bear mkt": -0.23466085419506477, + "2023 rate shock": -0.07549853717179622, + "2024 vol spike": -0.03778673879907046, + "2025 tariff crash": -0.09932886647938854, + "2026 Q1 drawdown": -0.03676470588235292 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23466085419506477, + "max_ret": -0.03676470588235292, + "all_pos": false + }, + "safex": { + "name": "Ultra Short Government Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.73973011918959, + "corr_port": 0.03968032167838505, + "rets": { + "2022 bear mkt": 0.004521528478539816, + "2023 rate shock": 0.008267392365563397, + "2024 vol spike": 0.005126037229833402, + "2025 tariff crash": 0.00633615856473857, + "2026 Q1 drawdown": 0.005432953168570842 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.004521528478539816, + "max_ret": 0.008267392365563397, + "all_pos": true + }, + "sagwx": { + "name": "Touchstone Small Company Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8127693577500559, + "corr_port": 0.28916407505635383, + "rets": { + "2022 bear mkt": -0.22619031819885094, + "2023 rate shock": -0.12382742916265932, + "2024 vol spike": -0.05048860794561505, + "2025 tariff crash": -0.19512205182143239, + "2026 Q1 drawdown": -0.0719874804381847 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22619031819885094, + "max_ret": -0.05048860794561505, + "all_pos": false + }, + "saoox": { + "name": "Overlay A Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.651292913416648, + "corr_port": 0.0798294688842596, + "rets": { + "2022 bear mkt": -0.25313945803040316, + "2023 rate shock": -0.12016460905349802, + "2024 vol spike": -0.05708245243128951, + "2025 tariff crash": -0.11267605633802824, + "2026 Q1 drawdown": -0.06964746345657791 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25313945803040316, + "max_ret": -0.05708245243128951, + "all_pos": false + }, + "satox": { + "name": "Tax-Aware Overlay A Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.8647531807057829, + "corr_port": 0.08066742482730875, + "rets": { + "2022 bear mkt": -0.2553582363747703, + "2023 rate shock": -0.12423312883435578, + "2024 vol spike": -0.05723684210526314, + "2025 tariff crash": -0.11102106969205827, + "2026 Q1 drawdown": -0.06821705426356595 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2553582363747703, + "max_ret": -0.05723684210526314, + "all_pos": false + }, + "sbhex": { + "name": "Segall Bryant & Hamill Emerging Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.8855961745795422, + "corr_port": 0.3107619684458237, + "rets": { + "2022 bear mkt": -0.2562162298320344, + "2023 rate shock": -0.0740305310938999, + "2024 vol spike": -0.06938780973862235, + "2025 tariff crash": -0.13080164206923595, + "2026 Q1 drawdown": -0.08384615384615379 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2562162298320344, + "max_ret": -0.06938780973862235, + "all_pos": false + }, + "sboox": { + "name": "Overlay B Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.774689719027336, + "corr_port": 0.035698196085811935, + "rets": { + "2022 bear mkt": -0.18017159199237376, + "2023 rate shock": -0.06531531531531531, + "2024 vol spike": -0.011615628299894487, + "2025 tariff crash": -0.038918918918918854, + "2026 Q1 drawdown": -0.030456852791878042 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18017159199237376, + "max_ret": -0.011615628299894487, + "all_pos": false + }, + "sbstx": { + "name": "Western Asset Short-Term Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -1.43042486035346, + "corr_port": 0.01610282245849208, + "rets": { + "2022 bear mkt": -0.06497937122041197, + "2023 rate shock": -0.0022217672007480704, + "2024 vol spike": 0.011503905709457252, + "2025 tariff crash": 0.00953584067059765, + "2026 Q1 drawdown": -0.0013769432577842577 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06497937122041197, + "max_ret": 0.011503905709457252, + "all_pos": false + }, + "sbtox": { + "name": "Tax-Aware Overlay B Portfolio", + "verdict": "weak/unstable alpha", + "t5": -1.9196109441228133, + "corr_port": 0.07341859600501481, + "rets": { + "2022 bear mkt": -0.1485232067510548, + "2023 rate shock": -0.06261859582542684, + "2024 vol spike": -0.016934046345811193, + "2025 tariff crash": -0.06000000000000005, + "2026 Q1 drawdown": -0.029385574354407806 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1485232067510548, + "max_ret": -0.016934046345811193, + "all_pos": false + }, + "scaux": { + "name": "Invesco Income Advantage U.S. Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.30762742587171643, + "corr_port": 0.32956669188027876, + "rets": { + "2022 bear mkt": -0.19633188348271413, + "2023 rate shock": -0.06579513959046202, + "2024 vol spike": -0.05855428692283737, + "2025 tariff crash": -0.15272383669598266, + "2026 Q1 drawdown": -0.06897736509491592 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19633188348271413, + "max_ret": -0.05855428692283737, + "all_pos": false + }, + "scavx": { + "name": "AB Small Cap Value Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.22936172932049853, + "corr_port": 0.3480601202460406, + "rets": { + "2022 bear mkt": -0.23672963628928045, + "2023 rate shock": -0.1622022928341893, + "2024 vol spike": -0.07271516707555248, + "2025 tariff crash": -0.21629021438660145, + "2026 Q1 drawdown": -0.024487094639311646 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23672963628928045, + "max_ret": -0.024487094639311646, + "all_pos": false + }, + "scfzx": { + "name": "PGIM Securitized Credit Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 8.424091987702978, + "corr_port": 0.15922289408319823, + "rets": { + "2022 bear mkt": -0.025852114755975264, + "2023 rate shock": 0.013753910385216894, + "2024 vol spike": 0.0036249706643260993, + "2025 tariff crash": -0.004843715661420944, + "2026 Q1 drawdown": 0.003892554897974021 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.025852114755975264, + "max_ret": 0.013753910385216894, + "all_pos": false + }, + "scjax": { + "name": "Steward Covered Call Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.0958803490725306, + "corr_port": 0.1963444479727745, + "rets": { + "2022 bear mkt": -0.18199253815164884, + "2023 rate shock": -0.061209955484696765, + "2024 vol spike": -0.05970947168307117, + "2025 tariff crash": -0.14955532078751532, + "2026 Q1 drawdown": -0.07751559857420576 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18199253815164884, + "max_ret": -0.05970947168307117, + "all_pos": false + }, + "sclax": { + "name": "SIMT MULTI-ASSET CAPITAL STABILITY FUND", + "verdict": "weak/unstable alpha", + "t5": 3.49032252606009, + "corr_port": 0.21106826154893404, + "rets": { + "2022 bear mkt": -0.046692526298824144, + "2023 rate shock": -0.011881450847026187, + "2024 vol spike": -0.008628969480806048, + "2025 tariff crash": -0.017241539648070403, + "2026 Q1 drawdown": -0.014634146341463428 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.046692526298824144, + "max_ret": -0.008628969480806048, + "all_pos": false + }, + "scoax": { + "name": "SIIT CORE FIXED INCOME", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4820513090004915, + "corr_port": -0.08720308411450203, + "rets": { + "2022 bear mkt": -0.157146563502222, + "2023 rate shock": -0.0459013271823564, + "2024 vol spike": 0.023929994914917874, + "2025 tariff crash": 0.01245921120595117, + "2026 Q1 drawdown": -0.005543466832454991 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.157146563502222, + "max_ret": 0.023929994914917874, + "all_pos": false + }, + "scorx": { + "name": "Saturna Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4064221203423685, + "corr_port": 0.30580988136909126, + "rets": { + "2022 bear mkt": -0.16419761991009574, + "2023 rate shock": -0.06462134135229736, + "2024 vol spike": -0.02689768680671778, + "2025 tariff crash": -0.09607493829624236, + "2026 Q1 drawdown": -0.046305881701658946 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16419761991009574, + "max_ret": -0.02689768680671778, + "all_pos": false + }, + "scpax": { + "name": "SIIT LARGE CAP DISCIPLINED EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4508826744206362, + "corr_port": 0.3216860808966367, + "rets": { + "2022 bear mkt": -0.22681827120521825, + "2023 rate shock": -0.08832864413562713, + "2024 vol spike": -0.07184612407102764, + "2025 tariff crash": -0.1779196258205913, + "2026 Q1 drawdown": -0.07894736842105254 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22681827120521825, + "max_ret": -0.07184612407102764, + "all_pos": false + }, + "scrsx": { + "name": "Small Cap Core Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.09689003710915127, + "corr_port": 0.28972332925909167, + "rets": { + "2022 bear mkt": -0.24610382233113448, + "2023 rate shock": -0.14996177193495597, + "2024 vol spike": -0.08369721952053555, + "2025 tariff crash": -0.21846662941916184, + "2026 Q1 drawdown": -0.0794165316045381 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24610382233113448, + "max_ret": -0.0794165316045381, + "all_pos": false + }, + "scvax": { + "name": "Allspring Small Company Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6986570234297794, + "corr_port": 0.34342920998581844, + "rets": { + "2022 bear mkt": -0.2012728655518775, + "2023 rate shock": -0.12957508996237332, + "2024 vol spike": -0.07880649642180071, + "2025 tariff crash": -0.19695711220295775, + "2026 Q1 drawdown": -0.023047775947728555 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2012728655518775, + "max_ret": -0.023047775947728555, + "all_pos": false + }, + "scvex": { + "name": "Hartford Schroders International Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5806817103552901, + "corr_port": 0.32273250464421954, + "rets": { + "2022 bear mkt": -0.3122993618648713, + "2023 rate shock": -0.11347530783754345, + "2024 vol spike": -0.05470811751117499, + "2025 tariff crash": -0.11949367972989366, + "2026 Q1 drawdown": -0.09599655617735692 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3122993618648713, + "max_ret": -0.05470811751117499, + "all_pos": false + }, + "sdgax": { + "name": "DWS Capital Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.71859640652727, + "corr_port": 0.15446765288205425, + "rets": { + "2022 bear mkt": -0.33006884957724925, + "2023 rate shock": -0.09929762335651615, + "2024 vol spike": -0.08190651615439759, + "2025 tariff crash": -0.2130845681276905, + "2026 Q1 drawdown": -0.13541666183471668 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33006884957724925, + "max_ret": -0.08190651615439759, + "all_pos": false + }, + "sdhax": { + "name": "Lord Abbett Short Duration High Income Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3627684104835704, + "corr_port": 0.11826372356936564, + "rets": { + "2022 bear mkt": -0.11013564231035688, + "2023 rate shock": -0.027039021404650088, + "2024 vol spike": 0.010357064176391706, + "2025 tariff crash": -0.01645511387797305, + "2026 Q1 drawdown": -0.009089194865464112 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11013564231035688, + "max_ret": 0.010357064176391706, + "all_pos": false + }, + "sdlax": { + "name": "SIIT Dynamic Asset Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3603284780128675, + "corr_port": 0.29988360817414167, + "rets": { + "2022 bear mkt": -0.22204091162292583, + "2023 rate shock": -0.09103986089522353, + "2024 vol spike": -0.09126976781371487, + "2025 tariff crash": -0.1880565745918651, + "2026 Q1 drawdown": -0.09432989690721638 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22204091162292583, + "max_ret": -0.09103986089522353, + "all_pos": false + }, + "sdmax": { + "name": "PGIM Short Duration Multi-Sector Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6719234234378397, + "corr_port": 0.12595435359044413, + "rets": { + "2022 bear mkt": -0.0700482580164613, + "2023 rate shock": 0.002564464987992343, + "2024 vol spike": 0.008504966938550629, + "2025 tariff crash": 0.004856402401630877, + "2026 Q1 drawdown": -0.003162827034105642 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.0700482580164613, + "max_ret": 0.008504966938550629, + "all_pos": false + }, + "sdsax": { + "name": "Western Asset Income Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6283861733698317, + "corr_port": 0.2146807270098967, + "rets": { + "2022 bear mkt": -0.1524928982063838, + "2023 rate shock": -0.035814835475684315, + "2024 vol spike": 0.004396926472716389, + "2025 tariff crash": -0.016486864136128876, + "2026 Q1 drawdown": -0.01560144599068547 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1524928982063838, + "max_ret": 0.004396926472716389, + "all_pos": false + }, + "sdscx": { + "name": "BNY Mellon Small/Mid Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.2876560135672004, + "corr_port": 0.09931337202700996, + "rets": { + "2022 bear mkt": -0.3535714203711722, + "2023 rate shock": -0.18143133124979782, + "2024 vol spike": -0.09306709859913387, + "2025 tariff crash": -0.2279895387067603, + "2026 Q1 drawdown": -0.16367521367521365 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3535714203711722, + "max_ret": -0.09306709859913387, + "all_pos": false + }, + "sdyax": { + "name": "SIMT Dynamic Asset Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0986240953576454, + "corr_port": 0.2834891637326368, + "rets": { + "2022 bear mkt": -0.22461038820875712, + "2023 rate shock": -0.09228835091502563, + "2024 vol spike": -0.09101320755715125, + "2025 tariff crash": -0.18938970210327077, + "2026 Q1 drawdown": -0.09626960912938565 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22461038820875712, + "max_ret": -0.09101320755715125, + "all_pos": false + }, + "seacx": { + "name": "Steward Select Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.27950488769498305, + "corr_port": -0.04872292973547669, + "rets": { + "2022 bear mkt": -0.13220616433918453, + "2023 rate shock": -0.01938939586472266, + "2024 vol spike": 0.01258446091194676, + "2025 tariff crash": 0.004628172498506222, + "2026 Q1 drawdown": -0.007190619829727463 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13220616433918453, + "max_ret": 0.01258446091194676, + "all_pos": false + }, + "sebfx": { + "name": "Saturna Global Sustainable Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.2621409854129534, + "corr_port": 0.13600899211033232, + "rets": { + "2022 bear mkt": -0.10285129212449706, + "2023 rate shock": -0.03965718986859568, + "2024 vol spike": -0.00645863143771197, + "2025 tariff crash": -0.0044198895027625085, + "2026 Q1 drawdown": -0.025000000000000022 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.10285129212449706, + "max_ret": -0.0044198895027625085, + "all_pos": false + }, + "seblx": { + "name": "Touchstone Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2328328206792656, + "corr_port": 0.2616792659257007, + "rets": { + "2022 bear mkt": -0.21147538193856796, + "2023 rate shock": -0.07795151096561515, + "2024 vol spike": -0.030481047905054903, + "2025 tariff crash": -0.11415972991537249, + "2026 Q1 drawdown": -0.07905052016528935 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21147538193856796, + "max_ret": -0.030481047905054903, + "all_pos": false + }, + "secax": { + "name": "SIIT Small Cap II Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5395662087290222, + "corr_port": 0.3055607444103034, + "rets": { + "2022 bear mkt": -0.22482993006134488, + "2023 rate shock": -0.14977198160131777, + "2024 vol spike": -0.07936510172515587, + "2025 tariff crash": -0.20771915148633568, + "2026 Q1 drawdown": -0.07584503727886482 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22482993006134488, + "max_ret": -0.07584503727886482, + "all_pos": false + }, + "secex": { + "name": "NAA LARGE CORE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3018762144208165, + "corr_port": 0.29076407431436513, + "rets": { + "2022 bear mkt": -0.2749741152211507, + "2023 rate shock": -0.09933777022546475, + "2024 vol spike": -0.0712191665803642, + "2025 tariff crash": -0.1780498605478178, + "2026 Q1 drawdown": -0.09540034071550263 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2749741152211507, + "max_ret": -0.0712191665803642, + "all_pos": false + }, + "secpx": { + "name": "SDIT ULTRA SHORT DURATION BOND FUND", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 1.1753221321148086, + "corr_port": 0.0653688824180498, + "rets": { + "2022 bear mkt": -0.017733900676496273, + "2023 rate shock": 0.008317808493714107, + "2024 vol spike": 0.007011010543283458, + "2025 tariff crash": 0.007204415234723038, + "2026 Q1 drawdown": 0.0032089154763212946 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.017733900676496273, + "max_ret": 0.008317808493714107, + "all_pos": false + }, + "sedax": { + "name": "SIIT EMERGING MARKETS DEBT FUND", + "verdict": "weak/unstable alpha", + "t5": 0.9284536839142974, + "corr_port": 0.26206859698627566, + "rets": { + "2022 bear mkt": -0.21812426148556507, + "2023 rate shock": -0.05808539459397155, + "2024 vol spike": -0.002344602415364827, + "2025 tariff crash": -0.026537033300090274, + "2026 Q1 drawdown": -0.04000007844498499 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21812426148556507, + "max_ret": -0.002344602415364827, + "all_pos": false + }, + "seekx": { + "name": "Steward Values Enhanced Large Cap Fund", + "verdict": "weak/unstable alpha", + "t5": 0.08766857086018053, + "corr_port": 0.2310765364429176, + "rets": { + "2022 bear mkt": -0.25622475353017515, + "2023 rate shock": -0.09956420635042862, + "2024 vol spike": -0.07169178932013054, + "2025 tariff crash": -0.18390160451764803, + "2026 Q1 drawdown": -0.09042553191489366 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25622475353017515, + "max_ret": -0.07169178932013054, + "all_pos": false + }, + "sefix": { + "name": "SIT INTERNATIONAL FIXED INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.11439483992160832, + "corr_port": -0.06249269984844923, + "rets": { + "2022 bear mkt": -0.10406345594924848, + "2023 rate shock": -0.016766532082046703, + "2024 vol spike": 0.014874140799908231, + "2025 tariff crash": 0.002232036841456786, + "2026 Q1 drawdown": -0.01449275362318847 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.10406345594924848, + "max_ret": 0.014874140799908231, + "all_pos": false + }, + "segmx": { + "name": "SDIT GNMA FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5620670485485593, + "corr_port": -0.08346133110711698, + "rets": { + "2022 bear mkt": -0.1288746003390152, + "2023 rate shock": -0.04532320704194215, + "2024 vol spike": 0.02308383730191954, + "2025 tariff crash": 0.009985617608628816, + "2026 Q1 drawdown": -0.001251154269159005 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1288746003390152, + "max_ret": 0.02308383730191954, + "all_pos": false + }, + "sehax": { + "name": "SIIT U.S. Equity Factor Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.2775110622374335, + "corr_port": 0.30231953506887727, + "rets": { + "2022 bear mkt": -0.2232941830886619, + "2023 rate shock": -0.09416668267589734, + "2024 vol spike": -0.0623269275724192, + "2025 tariff crash": -0.17129381634457808, + "2026 Q1 drawdown": -0.07129913394071663 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2232941830886619, + "max_ret": -0.0623269275724192, + "all_pos": false + }, + "seiax": { + "name": "SIIT Multi-Asset Real Return Fund", + "verdict": "weak/unstable alpha", + "t5": 3.1751919551670036, + "corr_port": 0.3128935530074972, + "rets": { + "2022 bear mkt": 0.06330745448571928, + "2023 rate shock": 0.009655232910273481, + "2024 vol spike": -0.004064975636410617, + "2025 tariff crash": -0.012278281689412918, + "2026 Q1 drawdown": 0.051948051948051965 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.012278281689412918, + "max_ret": 0.06330745448571928, + "all_pos": false + }, + "seimx": { + "name": "STET INTERMEDIATE TERM MUNICIPAL FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.4442051646889346, + "corr_port": 0.04405973064368222, + "rets": { + "2022 bear mkt": -0.10534871741290197, + "2023 rate shock": -0.039480465921058916, + "2024 vol spike": 0.012158482744642818, + "2025 tariff crash": -0.024238483934174493, + "2026 Q1 drawdown": -0.013178792444331955 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10534871741290197, + "max_ret": 0.012158482744642818, + "all_pos": false + }, + "seitx": { + "name": "SIT INTERNATIONAL EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8052214051840997, + "corr_port": 0.4288837542768118, + "rets": { + "2022 bear mkt": -0.29330073020403136, + "2023 rate shock": -0.11149527187102382, + "2024 vol spike": -0.06912790967859195, + "2025 tariff crash": -0.11166246261814217, + "2026 Q1 drawdown": -0.06540697674418605 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29330073020403136, + "max_ret": -0.06540697674418605, + "all_pos": false + }, + "sekax": { + "name": "DWS Emerging Markets Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.0908652249148645, + "corr_port": 0.2695593489825829, + "rets": { + "2022 bear mkt": -0.28282346489820376, + "2023 rate shock": -0.11297799709101675, + "2024 vol spike": -0.0813449071030683, + "2025 tariff crash": -0.16395167271322342, + "2026 Q1 drawdown": -0.11538461995973914 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28282346489820376, + "max_ret": -0.0813449071030683, + "all_pos": false + }, + "selcx": { + "name": "SIMT LARGE CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7632852519567954, + "corr_port": 0.18849138746371302, + "rets": { + "2022 bear mkt": -0.3107499844560293, + "2023 rate shock": -0.08884768122852205, + "2024 vol spike": -0.08299990488260567, + "2025 tariff crash": -0.21684066145793202, + "2026 Q1 drawdown": -0.1079532149021547 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3107499844560293, + "max_ret": -0.08299990488260567, + "all_pos": false + }, + "semcx": { + "name": "SIMT MID CAP FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.15758553700264447, + "corr_port": 0.32456600604764446, + "rets": { + "2022 bear mkt": -0.20703743802616326, + "2023 rate shock": -0.12643327261583426, + "2024 vol spike": -0.05072684256475524, + "2025 tariff crash": -0.17236953372718344, + "2026 Q1 drawdown": -0.0320605391615556 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20703743802616326, + "max_ret": -0.0320605391615556, + "all_pos": false + }, + "semvx": { + "name": "Hartford Schroders Emerging Markets Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4867193199728393, + "corr_port": 0.2925145883835023, + "rets": { + "2022 bear mkt": -0.3009355405132068, + "2023 rate shock": -0.11692313264449605, + "2024 vol spike": -0.07926476083570333, + "2025 tariff crash": -0.13605440192358886, + "2026 Q1 drawdown": -0.09662394256887863 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3009355405132068, + "max_ret": -0.07926476083570333, + "all_pos": false + }, + "sencx": { + "name": "Touchstone Large Cap Focused Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8368794063037144, + "corr_port": 0.2779910136529435, + "rets": { + "2022 bear mkt": -0.23867263966428987, + "2023 rate shock": -0.09612727345008465, + "2024 vol spike": -0.058989565682622036, + "2025 tariff crash": -0.18548936761629387, + "2026 Q1 drawdown": -0.11852031747300751 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23867263966428987, + "max_ret": -0.058989565682622036, + "all_pos": false + }, + "sequx": { + "name": "SEQUOIA FUND INC", + "verdict": "weak/unstable alpha", + "t5": -0.3066582397791132, + "corr_port": 0.261736351513361, + "rets": { + "2022 bear mkt": -0.36957376388389296, + "2023 rate shock": -0.10286345086906346, + "2024 vol spike": -0.05379990483974373, + "2025 tariff crash": -0.10610896717180163, + "2026 Q1 drawdown": -0.12822029955670877 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36957376388389296, + "max_ret": -0.05379990483974373, + "all_pos": false + }, + "sesvx": { + "name": "SIMT SMALL CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2919861327868791, + "corr_port": 0.3545420642471649, + "rets": { + "2022 bear mkt": -0.20964540728693826, + "2023 rate shock": -0.13732139772509389, + "2024 vol spike": -0.0756899328476679, + "2025 tariff crash": -0.19565488486689964, + "2026 Q1 drawdown": -0.052740119669723806 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20964540728693826, + "max_ret": -0.052740119669723806, + "all_pos": false + }, + "setax": { + "name": "SIMT REAL ESTATE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.1140317039483745, + "corr_port": 0.23948114174407492, + "rets": { + "2022 bear mkt": -0.31416953553785876, + "2023 rate shock": -0.15156247908069265, + "2024 vol spike": -0.0225000858579808, + "2025 tariff crash": -0.12428770703350434, + "2026 Q1 drawdown": -0.007357845597892432 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31416953553785876, + "max_ret": -0.007357845597892432, + "all_pos": false + }, + "sfrex": { + "name": "Schwab Fundamental Global Real Estate Index Fund", + "verdict": "weak/unstable alpha", + "t5": -0.8329092928298129, + "corr_port": 0.3352236988605986, + "rets": { + "2022 bear mkt": -0.29441990708269405, + "2023 rate shock": -0.15010400313923877, + "2024 vol spike": -0.03369565483716752, + "2025 tariff crash": -0.10198601480937053, + "2026 Q1 drawdown": -0.08398130137167192 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29441990708269405, + "max_ret": -0.03369565483716752, + "all_pos": false + }, + "sgffx": { + "name": "Sparrow Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2745082724741263, + "corr_port": 0.13256091003923617, + "rets": { + "2022 bear mkt": -0.27631576304600003, + "2023 rate shock": -0.0848014879186928, + "2024 vol spike": -0.07802774241330146, + "2025 tariff crash": -0.18656107131794852, + "2026 Q1 drawdown": -0.119232945480651 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27631576304600003, + "max_ret": -0.07802774241330146, + "all_pos": false + }, + "sggax": { + "name": "DWS Large Cap Focus Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0173600434049375, + "corr_port": 0.1336717075352616, + "rets": { + "2022 bear mkt": -0.34072239041824426, + "2023 rate shock": -0.09984492557911762, + "2024 vol spike": -0.08846342712971988, + "2025 tariff crash": -0.22482379069048064, + "2026 Q1 drawdown": -0.1411498462989016 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34072239041824426, + "max_ret": -0.08846342712971988, + "all_pos": false + }, + "sghax": { + "name": "DWS Global High Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.769083709498682, + "corr_port": 0.32649369270149314, + "rets": { + "2022 bear mkt": -0.13999201782966397, + "2023 rate shock": -0.026204310812527942, + "2024 vol spike": -0.0031049923492989517, + "2025 tariff crash": -0.03247463579216925, + "2026 Q1 drawdown": -0.015633934872565702 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13999201782966397, + "max_ret": -0.0031049923492989517, + "all_pos": false + }, + "sgidx": { + "name": "Steward Global Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.15538098068766076, + "corr_port": 0.3915294827505413, + "rets": { + "2022 bear mkt": -0.20646343229653075, + "2023 rate shock": -0.09340045811561659, + "2024 vol spike": -0.061933803161540846, + "2025 tariff crash": -0.1471177737110696, + "2026 Q1 drawdown": -0.05989846814542166 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20646343229653075, + "max_ret": -0.05989846814542166, + "all_pos": false + }, + "sginx": { + "name": "DWS GNMA Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.21059370841182606, + "corr_port": -0.08335630353527378, + "rets": { + "2022 bear mkt": -0.13670043674300103, + "2023 rate shock": -0.050468015208291694, + "2024 vol spike": 0.0221182647427296, + "2025 tariff crash": 0.010354116343172626, + "2026 Q1 drawdown": 0.001242876505865631 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.13670043674300103, + "max_ret": 0.0221182647427296, + "all_pos": false + }, + "sgmax": { + "name": "SIIT Global Managed Volatility Fund", + "verdict": "weak/unstable alpha", + "t5": 2.4648275786253753, + "corr_port": 0.43515673435682833, + "rets": { + "2022 bear mkt": -0.13677306568601022, + "2023 rate shock": -0.05719381542660873, + "2024 vol spike": -0.0333054979826527, + "2025 tariff crash": -0.0770548622352849, + "2026 Q1 drawdown": -0.0077054794520547976 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13677306568601022, + "max_ret": -0.0077054794520547976, + "all_pos": false + }, + "sgoax": { + "name": "SAAT MARKET GROWTH STRATEGY ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4312989177518883, + "corr_port": 0.36735511954119016, + "rets": { + "2022 bear mkt": -0.2310445021241717, + "2023 rate shock": -0.10066558887687382, + "2024 vol spike": -0.05671536697633128, + "2025 tariff crash": -0.1395889870017506, + "2026 Q1 drawdown": -0.06655517166578362 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2310445021241717, + "max_ret": -0.05671536697633128, + "all_pos": false + }, + "sgovx": { + "name": "First Eagle Overseas Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2340326831112887, + "corr_port": 0.37131659810360335, + "rets": { + "2022 bear mkt": -0.18899805041036366, + "2023 rate shock": -0.07101808086296335, + "2024 vol spike": -0.041413315711246956, + "2025 tariff crash": -0.06223426670515719, + "2026 Q1 drawdown": -0.07172998794454488 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18899805041036366, + "max_ret": -0.041413315711246956, + "all_pos": false + }, + "sgqax": { + "name": "DWS International Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.4776180297675996, + "corr_port": 0.2663337154031754, + "rets": { + "2022 bear mkt": -0.37447079589325816, + "2023 rate shock": -0.1410117647556146, + "2024 vol spike": -0.05833722171546163, + "2025 tariff crash": -0.15222482240847468, + "2026 Q1 drawdown": -0.11302475537083412 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37447079589325816, + "max_ret": -0.05833722171546163, + "all_pos": false + }, + "sgvax": { + "name": "Western Asset Mortgage Total Return Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3697019815036992, + "corr_port": -0.0901440891516294, + "rets": { + "2022 bear mkt": -0.14622325216529364, + "2023 rate shock": -0.05520061128350051, + "2024 vol spike": 0.02682364065662224, + "2025 tariff crash": 0.005413400945286195, + "2026 Q1 drawdown": -0.005098685783846091 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14622325216529364, + "max_ret": 0.02682364065662224, + "all_pos": false + }, + "sgyax": { + "name": "SIIT HIGH YIELD BOND FUND", + "verdict": "weak/unstable alpha", + "t5": 1.911021913457134, + "corr_port": 0.31694171278908323, + "rets": { + "2022 bear mkt": -0.13447839839282272, + "2023 rate shock": -0.017704158591542618, + "2024 vol spike": -0.0012990246764044144, + "2025 tariff crash": -0.0341847141480921, + "2026 Q1 drawdown": -0.021185470294347253 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13447839839282272, + "max_ret": -0.0012990246764044144, + "all_pos": false + }, + "shgtx": { + "name": "Columbia Seligman Global Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.8222177761177385, + "corr_port": 0.17537329316549405, + "rets": { + "2022 bear mkt": -0.3688974660545652, + "2023 rate shock": -0.13860186262721186, + "2024 vol spike": -0.10730950394606475, + "2025 tariff crash": -0.2780987860619668, + "2026 Q1 drawdown": -0.11334319704549889 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3688974660545652, + "max_ret": -0.10730950394606475, + "all_pos": false + }, + "shrix": { + "name": "Stone Ridge High Yield Reinsurance Risk Premium Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 4.709731685755113, + "corr_port": 0.016399634028212557, + "rets": { + "2022 bear mkt": -0.09052775849557393, + "2023 rate shock": 0.056614495888184235, + "2024 vol spike": 0.01108638083969593, + "2025 tariff crash": 0.010265725498637357, + "2026 Q1 drawdown": 0.011249468029721932 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.09052775849557393, + "max_ret": 0.056614495888184235, + "all_pos": false + }, + "shssx": { + "name": "BLACKROCK HEALTH SCIENCES OPPORTUNITIES PORTFOLIO", + "verdict": "weak/unstable alpha", + "t5": -0.03927557377478763, + "corr_port": 0.2451418425430114, + "rets": { + "2022 bear mkt": -0.13792481439865734, + "2023 rate shock": -0.07143887393328607, + "2024 vol spike": -0.031065141486597114, + "2025 tariff crash": -0.12390735613957515, + "2026 Q1 drawdown": -0.06807846065960321 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13792481439865734, + "max_ret": -0.031065141486597114, + "all_pos": false + }, + "shtix": { + "name": "INVESCO Short Duration Inflation Protected Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 2.0542828458402895, + "corr_port": 0.01602722882002604, + "rets": { + "2022 bear mkt": -0.04836031841138233, + "2023 rate shock": 0.004315630549123872, + "2024 vol spike": 0.006054572485891585, + "2025 tariff crash": 0.017453599121770358, + "2026 Q1 drawdown": 0.003505251320644387 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.04836031841138233, + "max_ret": 0.017453599121770358, + "all_pos": false + }, + "shyd": { + "name": "VanEck Short High Yield Muni ETF", + "verdict": "weak/unstable alpha", + "t5": 0.19850730486628096, + "corr_port": 0.13146992836280838, + "rets": { + "2022 bear mkt": -0.10851157097138808, + "2023 rate shock": -0.019532705805315298, + "2024 vol spike": 0.010835952876283361, + "2025 tariff crash": -0.0285942586844512, + "2026 Q1 drawdown": -0.012200047763829547 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10851157097138808, + "max_ret": 0.010835952876283361, + "all_pos": false + }, + "sibax": { + "name": "Sit Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8873957050471799, + "corr_port": 0.20595504782556587, + "rets": { + "2022 bear mkt": -0.23382280166199643, + "2023 rate shock": -0.07297459008381912, + "2024 vol spike": -0.04666677569834021, + "2025 tariff crash": -0.1286937288430554, + "2026 Q1 drawdown": -0.07483340665561955 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23382280166199643, + "max_ret": -0.04666677569834021, + "all_pos": false + }, + "sidcx": { + "name": "SIIT Intermediate Duration Credit Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2390508719872269, + "corr_port": -0.04716926592943582, + "rets": { + "2022 bear mkt": -0.16882018450984992, + "2023 rate shock": -0.042640338576464876, + "2024 vol spike": 0.017457203519768205, + "2025 tariff crash": -0.0004237803259770079, + "2026 Q1 drawdown": -0.010510747973704104 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16882018450984992, + "max_ret": 0.017457203519768205, + "all_pos": false + }, + "sidvx": { + "name": "Hartford Schroders International Multi-Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.5208601250854312, + "corr_port": 0.4478606181489313, + "rets": { + "2022 bear mkt": -0.24747572736908885, + "2023 rate shock": -0.09201102803045946, + "2024 vol spike": -0.06807300748505063, + "2025 tariff crash": -0.09292079314907209, + "2026 Q1 drawdown": -0.05205780869198373 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24747572736908885, + "max_ret": -0.05205780869198373, + "all_pos": false + }, + "siemx": { + "name": "SIT EMERGING MARKETS EQUITY FUND", + "verdict": "weak/unstable alpha", + "t5": -0.6326914996034602, + "corr_port": 0.32515372380281793, + "rets": { + "2022 bear mkt": -0.2973805639137743, + "2023 rate shock": -0.11663648904557289, + "2024 vol spike": -0.07611558318767064, + "2025 tariff crash": -0.13073593057951338, + "2026 Q1 drawdown": -0.0900958466453674 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2973805639137743, + "max_ret": -0.07611558318767064, + "all_pos": false + }, + "sifax": { + "name": "SIMT MULTI-ASSET INFLATION MANAGED FUND", + "verdict": "weak/unstable alpha", + "t5": 2.695956862306355, + "corr_port": 0.3187087270083986, + "rets": { + "2022 bear mkt": 0.05755384218959381, + "2023 rate shock": 0.007643346845475518, + "2024 vol spike": -0.0037783508912029307, + "2025 tariff crash": -0.01374998562318519, + "2026 Q1 drawdown": 0.050970873786407855 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.01374998562318519, + "max_ret": 0.05755384218959381, + "all_pos": false + }, + "sigax": { + "name": "Western Asset Corporate Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.22388717231266664, + "corr_port": 0.05656468513916306, + "rets": { + "2022 bear mkt": -0.1949386778831229, + "2023 rate shock": -0.053340254776830465, + "2024 vol spike": 0.015335509246281909, + "2025 tariff crash": -0.0069740436034595454, + "2026 Q1 drawdown": -0.01572973095630037 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1949386778831229, + "max_ret": 0.015335509246281909, + "all_pos": false + }, + "sihax": { + "name": "Guggenheim High Yield Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 0.9338443074925127, + "corr_port": 0.30376366375251307, + "rets": { + "2022 bear mkt": -0.1236903151978519, + "2023 rate shock": -0.025004416074638325, + "2024 vol spike": -0.003757556237403814, + "2025 tariff crash": -0.027290228193129096, + "2026 Q1 drawdown": -0.02161823921717443 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1236903151978519, + "max_ret": -0.003757556237403814, + "all_pos": false + }, + "sims": { + "name": "State Street(R) SPDR(R) S&P Kensho Intelligent Structures ETF", + "verdict": "weak/unstable alpha", + "t5": -2.1329911451118977, + "corr_port": 0.20143190197643304, + "rets": { + "2022 bear mkt": -0.30698811369248435, + "2023 rate shock": -0.2525495062431685, + "2024 vol spike": -0.0996407462052844, + "2025 tariff crash": -0.21682875222517106, + "2026 Q1 drawdown": -0.08803423066079707 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30698811369248435, + "max_ret": -0.08803423066079707, + "all_pos": false + }, + "sioax": { + "name": "SIMT MULTI-ASSET INCOME FUND", + "verdict": "weak/unstable alpha", + "t5": 1.8693036401798908, + "corr_port": 0.2938126221954463, + "rets": { + "2022 bear mkt": -0.16815771006505809, + "2023 rate shock": -0.035179342757219234, + "2024 vol spike": -0.0016291133130642566, + "2025 tariff crash": -0.025777423982856207, + "2026 Q1 drawdown": -0.010000394900889442 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16815771006505809, + "max_ret": -0.0016291133130642566, + "all_pos": false + }, + "sisax": { + "name": "SAAT TAX-MANAGED AGGRESSIVE STRATEGY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.10656625670630157, + "corr_port": 0.36808917357934706, + "rets": { + "2022 bear mkt": -0.2313825909064462, + "2023 rate shock": -0.10059339942468781, + "2024 vol spike": -0.05683959403107164, + "2025 tariff crash": -0.13975858268162322, + "2026 Q1 drawdown": -0.0665251785887695 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2313825909064462, + "max_ret": -0.05683959403107164, + "all_pos": false + }, + "sislx": { + "name": "Shelton International Select Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.27063925848643, + "corr_port": 0.3563906502442917, + "rets": { + "2022 bear mkt": -0.31922656184661713, + "2023 rate shock": -0.11741426147662382, + "2024 vol spike": -0.06337446171781014, + "2025 tariff crash": -0.10260649879158845, + "2026 Q1 drawdown": -0.060268586299751514 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31922656184661713, + "max_ret": -0.060268586299751514, + "all_pos": false + }, + "sitex": { + "name": "SIT EMERGING MARKETS DEBT FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5333867654597558, + "corr_port": 0.2615833697542279, + "rets": { + "2022 bear mkt": -0.2277432064509548, + "2023 rate shock": -0.060142402286459284, + "2024 vol spike": -0.0023120530069267176, + "2025 tariff crash": -0.0287572983185016, + "2026 Q1 drawdown": -0.041067795125429685 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2277432064509548, + "max_ret": -0.0023120530069267176, + "all_pos": false + }, + "siusx": { + "name": "Guggenheim Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8764831555536474, + "corr_port": -0.1089439163270465, + "rets": { + "2022 bear mkt": -0.17346255807076538, + "2023 rate shock": -0.04236601165221898, + "2024 vol spike": 0.023057348975540792, + "2025 tariff crash": 0.009502493272036228, + "2026 Q1 drawdown": -0.00753124529475746 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.17346255807076538, + "max_ret": 0.023057348975540792, + "all_pos": false + }, + "sivix": { + "name": "State Street Institutional Small-Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6196249243058183, + "corr_port": 0.28430092024388015, + "rets": { + "2022 bear mkt": -0.21297678648583385, + "2023 rate shock": -0.1595628292726845, + "2024 vol spike": -0.06785146882541304, + "2025 tariff crash": -0.20687677930328674, + "2026 Q1 drawdown": -0.08150064683053049 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21297678648583385, + "max_ret": -0.06785146882541304, + "all_pos": false + }, + "sjnk": { + "name": "State Street(R) SPDR Bloomberg Short Term High Yield Bond ETF", + "verdict": "weak/unstable alpha", + "t5": 0.5894079098061572, + "corr_port": 0.2587047113092735, + "rets": { + "2022 bear mkt": -0.08745869981966159, + "2023 rate shock": -0.009401761904509143, + "2024 vol spike": -0.00809126383186598, + "2025 tariff crash": -0.04429910542049853, + "2026 Q1 drawdown": -0.01376042272112954 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.08745869981966159, + "max_ret": -0.00809126383186598, + "all_pos": false + }, + "skirx": { + "name": "DWS Enhanced Commodity Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2193854783646904, + "corr_port": 0.22790620018233054, + "rets": { + "2022 bear mkt": 0.06971719330251092, + "2023 rate shock": -0.012245700151477301, + "2024 vol spike": -0.04020981319179284, + "2025 tariff crash": -0.09007803743101905, + "2026 Q1 drawdown": 0.05392261927211317 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.09007803743101905, + "max_ret": 0.06971719330251092, + "all_pos": false + }, + "sktax": { + "name": "SAAT CORE MARKET STRATEGY ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.14143143667420138, + "corr_port": 0.3679266651230321, + "rets": { + "2022 bear mkt": -0.23121297254012219, + "2023 rate shock": -0.10059861595248065, + "2024 vol spike": -0.05658605252114546, + "2025 tariff crash": -0.13970036475688452, + "2026 Q1 drawdown": -0.06627403000943366 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23121297254012219, + "max_ret": -0.05658605252114546, + "all_pos": false + }, + "slanx": { + "name": "DWS Latin America Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 0.18551198452510057, + "corr_port": 0.28544211376499207, + "rets": { + "2022 bear mkt": 0.10251605650465345, + "2023 rate shock": -0.11298446200492407, + "2024 vol spike": -0.08221861379808548, + "2025 tariff crash": -0.07558773626067461, + "2026 Q1 drawdown": -0.08061056522776056 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11298446200492407, + "max_ret": 0.10251605650465345, + "all_pos": false + }, + "slasx": { + "name": "SELECTED AMERICAN SHARES", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3197627642982426, + "corr_port": 0.32202831188452274, + "rets": { + "2022 bear mkt": -0.2948957898615079, + "2023 rate shock": -0.11471983083839588, + "2024 vol spike": -0.09028259911524306, + "2025 tariff crash": -0.1690869606932056, + "2026 Q1 drawdown": -0.0660742627034604 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2948957898615079, + "max_ret": -0.0660742627034604, + "all_pos": false + }, + "slcax": { + "name": "SIIT LARGE CAP FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5891436028748195, + "corr_port": 0.3296386208769951, + "rets": { + "2022 bear mkt": -0.22455305984574914, + "2023 rate shock": -0.10048972250371757, + "2024 vol spike": -0.0629677343694095, + "2025 tariff crash": -0.16909094943885228, + "2026 Q1 drawdown": -0.07524453986740876 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22455305984574914, + "max_ret": -0.0629677343694095, + "all_pos": false + }, + "sldax": { + "name": "SIIT Long Duration Credit Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1373512509689739, + "corr_port": -0.059043176036376, + "rets": { + "2022 bear mkt": -0.2789388862942117, + "2023 rate shock": -0.09822278572150733, + "2024 vol spike": 0.02287248703669431, + "2025 tariff crash": -0.01797427476332869, + "2026 Q1 drawdown": -0.018970065024712435 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.2789388862942117, + "max_ret": 0.02287248703669431, + "all_pos": false + }, + "sldbx": { + "name": "SIIT Limited Duration Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5875316906430302, + "corr_port": -0.026996617428932335, + "rets": { + "2022 bear mkt": -0.045985152193765866, + "2023 rate shock": 0.002664926655253419, + "2024 vol spike": 0.012176029996434634, + "2025 tariff crash": 0.012662130149415418, + "2026 Q1 drawdown": 0.0006047260955206468 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.045985152193765866, + "max_ret": 0.012662130149415418, + "all_pos": false + }, + "slgax": { + "name": "SIMT Large Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7123069955189603, + "corr_port": 0.3123137860479798, + "rets": { + "2022 bear mkt": -0.2390373997203703, + "2023 rate shock": -0.10626307127065293, + "2024 vol spike": -0.06535146319761886, + "2025 tariff crash": -0.17886039926401964, + "2026 Q1 drawdown": -0.07557728281058973 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2390373997203703, + "max_ret": -0.06535146319761886, + "all_pos": false + }, + "slgfx": { + "name": "SIMT Large Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9994050909887745, + "corr_port": 0.23869840728892297, + "rets": { + "2022 bear mkt": -0.25111847315877156, + "2023 rate shock": -0.10115385551685718, + "2024 vol spike": -0.07168670161373103, + "2025 tariff crash": -0.18781649319147253, + "2026 Q1 drawdown": -0.0869564610305068 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25111847315877156, + "max_ret": -0.07168670161373103, + "all_pos": false + }, + "sllax": { + "name": "SIMT Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.46755099328358524, + "corr_port": 0.3015590967313962, + "rets": { + "2022 bear mkt": -0.22087748141323083, + "2023 rate shock": -0.14933428958207084, + "2024 vol spike": -0.0824022331733969, + "2025 tariff crash": -0.19968667316885225, + "2026 Q1 drawdown": -0.0690935925740701 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22087748141323083, + "max_ret": -0.0690935925740701, + "all_pos": false + }, + "slmcx": { + "name": "Columbia Seligman Technology and Information Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.2123239619128605, + "corr_port": 0.18027465173793542, + "rets": { + "2022 bear mkt": -0.363944783814688, + "2023 rate shock": -0.13555058026982325, + "2024 vol spike": -0.10449354035285685, + "2025 tariff crash": -0.27752558390977844, + "2026 Q1 drawdown": -0.11024825541603278 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.363944783814688, + "max_ret": -0.10449354035285685, + "all_pos": false + }, + "slpax": { + "name": "SIIT SMALL CAP FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5417221393777442, + "corr_port": 0.30217925633534237, + "rets": { + "2022 bear mkt": -0.22976349166837284, + "2023 rate shock": -0.1391670315533109, + "2024 vol spike": -0.0739687865002393, + "2025 tariff crash": -0.18771449571599996, + "2026 Q1 drawdown": -0.07499994295014478 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22976349166837284, + "max_ret": -0.0739687865002393, + "all_pos": false + }, + "slvax": { + "name": "Columbia Select Large Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2166271283456036, + "corr_port": 0.40474225510179673, + "rets": { + "2022 bear mkt": -0.14541958506896913, + "2023 rate shock": -0.1111825381796101, + "2024 vol spike": -0.0646287509269764, + "2025 tariff crash": -0.13416401913187614, + "2026 Q1 drawdown": -0.047151324971725916 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14541958506896913, + "max_ret": -0.047151324971725916, + "all_pos": false + }, + "slyg": { + "name": "State Street(R) SPDR(R) S & P 600(TM) Small Cap Growth ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.08322922429816759, + "corr_port": 0.2790211314587813, + "rets": { + "2022 bear mkt": -0.25746735299559, + "2023 rate shock": -0.1375801592683582, + "2024 vol spike": -0.07317603609544154, + "2025 tariff crash": -0.20897022700760337, + "2026 Q1 drawdown": -0.06180220205704967 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25746735299559, + "max_ret": -0.06180220205704967, + "all_pos": false + }, + "slyv": { + "name": "State Street(R) SPDR(R) S & P 600(TM) Small Cap Value ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2058393927806388, + "corr_port": 0.33661155658601183, + "rets": { + "2022 bear mkt": -0.19875200493468115, + "2023 rate shock": -0.17794374875577124, + "2024 vol spike": -0.07399235704620111, + "2025 tariff crash": -0.22612706825540396, + "2026 Q1 drawdown": -0.043852245032804826 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22612706825540396, + "max_ret": -0.043852245032804826, + "all_pos": false + }, + "smcwx": { + "name": "SMALLCAP WORLD FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.264819091361225, + "corr_port": 0.23297212930815756, + "rets": { + "2022 bear mkt": -0.34384048551612434, + "2023 rate shock": -0.15385796741788615, + "2024 vol spike": -0.08141208011937318, + "2025 tariff crash": -0.17898552890241404, + "2026 Q1 drawdown": -0.09080296229357698 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34384048551612434, + "max_ret": -0.08141208011937318, + "all_pos": false + }, + "smeax": { + "name": "INVESCO Small Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8790523123780202, + "corr_port": 0.256338128891895, + "rets": { + "2022 bear mkt": -0.26214230942795747, + "2023 rate shock": -0.13063415372696618, + "2024 vol spike": -0.07318686354147419, + "2025 tariff crash": -0.20159146401717232, + "2026 Q1 drawdown": -0.11814073595868302 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26214230942795747, + "max_ret": -0.07318686354147419, + "all_pos": false + }, + "smgax": { + "name": "SAAT CONSERVATIVE STRATEGY ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.9839894093355184, + "corr_port": 0.37479404130265315, + "rets": { + "2022 bear mkt": -0.13434294647490397, + "2023 rate shock": -0.050187774999592705, + "2024 vol spike": -0.012335468766898505, + "2025 tariff crash": -0.06532177381035276, + "2026 Q1 drawdown": -0.015164263380159304 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13434294647490397, + "max_ret": -0.012335468766898505, + "all_pos": false + }, + "smgix": { + "name": "Columbia Contrarian Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8818074348824432, + "corr_port": 0.2544668595159661, + "rets": { + "2022 bear mkt": -0.24307419327637325, + "2023 rate shock": -0.0889107113141977, + "2024 vol spike": -0.07363606755270269 + }, + "n_avail": 3, + "n_pos": 0, + "min_ret": -0.24307419327637325, + "max_ret": -0.07363606755270269, + "all_pos": false + }, + "sminx": { + "name": "SIMT Tax-Managed International Managed Volatility Fund", + "verdict": "weak/unstable alpha", + "t5": 1.4810579893415465, + "corr_port": 0.43262753932353454, + "rets": { + "2022 bear mkt": -0.23716816782460903, + "2023 rate shock": -0.06798865035353374, + "2024 vol spike": -0.050043907470275206, + "2025 tariff crash": -0.0434396377289773, + "2026 Q1 drawdown": -0.012802275960170695 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23716816782460903, + "max_ret": -0.012802275960170695, + "all_pos": false + }, + "smlax": { + "name": "DWS Managed Municipal Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.06124668217873252, + "corr_port": 0.02475018068507235, + "rets": { + "2022 bear mkt": -0.14143323522931095, + "2023 rate shock": -0.05833009264075373, + "2024 vol spike": 0.016453554877506438, + "2025 tariff crash": -0.03331583634198099, + "2026 Q1 drawdown": -0.008602034461601571 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14143323522931095, + "max_ret": 0.016453554877506438, + "all_pos": false + }, + "smlv": { + "name": "State Street(R) SPDR(R) US Small Cap Low Volatility Index ETF", + "verdict": "weak/unstable alpha", + "t5": 1.8651960579143094, + "corr_port": 0.3372659559702666, + "rets": { + "2022 bear mkt": -0.1553483937616651, + "2023 rate shock": -0.13559408372974258, + "2024 vol spike": -0.05606423047987441, + "2025 tariff crash": -0.16058666966616864, + "2026 Q1 drawdown": -0.016070374996701275 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16058666966616864, + "max_ret": -0.016070374996701275, + "all_pos": false + }, + "smoax": { + "name": "SAAT MODERATE STRATEGY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6077613366167701, + "corr_port": 0.3537561971539901, + "rets": { + "2022 bear mkt": -0.13793672691118986, + "2023 rate shock": -0.04281386093963324, + "2024 vol spike": -0.016322811655301694, + "2025 tariff crash": -0.047025691950943416, + "2026 Q1 drawdown": -0.019017399050189954 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13793672691118986, + "max_ret": -0.016322811655301694, + "all_pos": false + }, + "smog": { + "name": "VanEck Low Carbon Energy ETF", + "verdict": "weak/unstable alpha", + "t5": -1.4380513874929006, + "corr_port": 0.12288284768677182, + "rets": { + "2022 bear mkt": -0.33810331826445117, + "2023 rate shock": -0.2611250173899814, + "2024 vol spike": -0.06269951684978492, + "2025 tariff crash": -0.13239162163202522, + "2026 Q1 drawdown": -0.04989308517691193 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33810331826445117, + "max_ret": -0.04989308517691193, + "all_pos": false + }, + "smqfx": { + "name": "SIIT EMERGING MARKETS EQUITY FUND", + "verdict": "weak/unstable alpha", + "t5": 1.0518377716550413, + "corr_port": 0.35312890706253586, + "rets": { + "2022 bear mkt": -0.2749762838748576, + "2023 rate shock": -0.10355993705806721, + "2024 vol spike": -0.0910001991245506, + "2025 tariff crash": -0.13641018620229461, + "2026 Q1 drawdown": -0.09485094850948517 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2749762838748576, + "max_ret": -0.0910001991245506, + "all_pos": false + }, + "smsax": { + "name": "SIMT Multi-Strategy Alternative Fund", + "verdict": "weak/unstable alpha", + "t5": 1.564490845308455, + "corr_port": 0.2729803768339342, + "rets": { + "2022 bear mkt": -0.07527963319731168, + "2023 rate shock": -0.020191056052976997, + "2024 vol spike": -0.01639349476393681, + "2025 tariff crash": -0.05833340264574971, + "2026 Q1 drawdown": -0.018572825024438022 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.07527963319731168, + "max_ret": -0.01639349476393681, + "all_pos": false + }, + "smxax": { + "name": "SIIT Extended Market Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.231250734709682, + "corr_port": 0.2247238584135127, + "rets": { + "2022 bear mkt": -0.28196038644333365, + "2023 rate shock": -0.15417530808448765, + "2024 vol spike": -0.08045351247778254, + "2025 tariff crash": -0.22867509606595193, + "2026 Q1 drawdown": -0.08216979830307936 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28196038644333365, + "max_ret": -0.08045351247778254, + "all_pos": false + }, + "sngvx": { + "name": "SIT U S GOVERNMENT SECURITIES FUND INC", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 2.364427494172982, + "corr_port": -0.11713183173217045, + "rets": { + "2022 bear mkt": -0.049993530939798636, + "2023 rate shock": -0.023606798618357572, + "2024 vol spike": 0.01796921306008037, + "2025 tariff crash": 0.014294934715055607, + "2026 Q1 drawdown": -0.0033087047074296105 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.049993530939798636, + "max_ret": 0.01796921306008037, + "all_pos": false + }, + "snidx": { + "name": "AB Core Bond Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.21993466163798703, + "corr_port": -0.09989990156377518, + "rets": { + "2022 bear mkt": -0.15151982980940137, + "2023 rate shock": -0.04104580076177744, + "2024 vol spike": 0.02307957332134425, + "2025 tariff crash": 0.008686851126903816, + "2026 Q1 drawdown": -0.005499855422784972 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15151982980940137, + "max_ret": 0.02307957332134425, + "all_pos": false + }, + "sniex": { + "name": "BNY Mellon International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.42514548299929333, + "corr_port": 0.37460342680580283, + "rets": { + "2022 bear mkt": -0.3138657689333645, + "2023 rate shock": -0.1357012771079511, + "2024 vol spike": -0.052322984554763696, + "2025 tariff crash": -0.06996150631069464, + "2026 Q1 drawdown": -0.07310262276785717 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3138657689333645, + "max_ret": -0.052322984554763696, + "all_pos": false + }, + "snsax": { + "name": "SAAT DEFENSIVE STRATEGY FUND", + "verdict": "weak/unstable alpha", + "t5": 4.250900411199324, + "corr_port": 0.27058429615623636, + "rets": { + "2022 bear mkt": -0.05597311093232471, + "2023 rate shock": -0.007258920634618304, + "2024 vol spike": 0.0, + "2025 tariff crash": -0.006941499627852399, + "2026 Q1 drawdown": -0.0010172921129287804 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.05597311093232471, + "max_ret": 0.0, + "all_pos": false + }, + "sntix": { + "name": "Sit Tax-Free Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.16392477527139787, + "corr_port": 0.09416053986311125, + "rets": { + "2022 bear mkt": -0.14873521540587265, + "2023 rate shock": -0.062387902756896096, + "2024 vol spike": 0.017143739418214343, + "2025 tariff crash": -0.041729672485586566, + "2026 Q1 drawdown": -0.006489205645647589 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14873521540587265, + "max_ret": 0.017143739418214343, + "all_pos": false + }, + "sntkx": { + "name": "Steward Values Enhanced International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2719392479341588, + "corr_port": 0.36074730866871024, + "rets": { + "2022 bear mkt": -0.24649608489942487, + "2023 rate shock": -0.09558508181694658, + "2024 vol spike": -0.06773054781648702, + "2025 tariff crash": -0.13390197848052454, + "2026 Q1 drawdown": -0.08306937697993666 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24649608489942487, + "max_ret": -0.06773054781648702, + "all_pos": false + }, + "soaix": { + "name": "Spirit of America Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.4407569605541185, + "corr_port": 0.12389553914793835, + "rets": { + "2022 bear mkt": -0.14683398904324207, + "2023 rate shock": -0.05564336313295515, + "2024 vol spike": 0.011923802829346686, + "2025 tariff crash": -0.01865638496958888, + "2026 Q1 drawdown": -0.01005007623466092 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14683398904324207, + "max_ret": 0.011923802829346686, + "all_pos": false + }, + "sokax": { + "name": "SAAT CORE MARKET STRATEGY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5667852324097084, + "corr_port": 0.344520093729418, + "rets": { + "2022 bear mkt": -0.19480165340031463, + "2023 rate shock": -0.06468541597286614, + "2024 vol spike": -0.029355959770005047, + "2025 tariff crash": -0.07936466492685801, + "2026 Q1 drawdown": -0.03743757023964911 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19480165340031463, + "max_ret": -0.029355959770005047, + "all_pos": false + }, + "spab": { + "name": "State Street(R) SPDR(R) Portfolio Aggregate Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9068203123160998, + "corr_port": -0.08888726589607811, + "rets": { + "2022 bear mkt": -0.14474012437182082, + "2023 rate shock": -0.03897901689215588, + "2024 vol spike": 0.021362833750760535, + "2025 tariff crash": 0.008041331077011327, + "2026 Q1 drawdown": -0.004144883024807311 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14474012437182082, + "max_ret": 0.021362833750760535, + "all_pos": false + }, + "spbo": { + "name": "State Street(R) SPDR Portfolio Corporate Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.37660085425460554, + "corr_port": -0.017453918791769562, + "rets": { + "2022 bear mkt": -0.18555228094373477, + "2023 rate shock": -0.04357450956440723, + "2024 vol spike": 0.01296707902981864, + "2025 tariff crash": -0.013387419534619305, + "2026 Q1 drawdown": -0.012191928892182124 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.18555228094373477, + "max_ret": 0.01296707902981864, + "all_pos": false + }, + "spdax": { + "name": "DWS Multi-Asset Conservative Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.212205306714407, + "corr_port": 0.2846451716501803, + "rets": { + "2022 bear mkt": -0.18975516504126555, + "2023 rate shock": -0.058746983193560975, + "2024 vol spike": -0.02100512179320635, + "2025 tariff crash": -0.0728499719451352, + "2026 Q1 drawdown": -0.02907254358777356 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18975516504126555, + "max_ret": -0.02100512179320635, + "all_pos": false + }, + "spdw": { + "name": "State Street(R) SPDR(R) Portfolio Developed World ex-US ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.04602209761126445, + "corr_port": 0.3666720952997476, + "rets": { + "2022 bear mkt": -0.2869054611937386, + "2023 rate shock": -0.11291771860356437, + "2024 vol spike": -0.07052332360092173, + "2025 tariff crash": -0.11442524910661733, + "2026 Q1 drawdown": -0.07241817843388831 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2869054611937386, + "max_ret": -0.07052332360092173, + "all_pos": false + }, + "specx": { + "name": "Alger Spectra Fund", + "verdict": "weak/unstable alpha", + "t5": -0.35039100314095806, + "corr_port": 0.10154250257861976, + "rets": { + "2022 bear mkt": -0.376245772525561, + "2023 rate shock": -0.09603353116059699, + "2024 vol spike": -0.0979102349777895, + "2025 tariff crash": -0.26331451287685415, + "2026 Q1 drawdown": -0.15731314793001305 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.376245772525561, + "max_ret": -0.09603353116059699, + "all_pos": false + }, + "spegx": { + "name": "Alger Responsible Investing Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4912892301576242, + "corr_port": 0.16534361471522863, + "rets": { + "2022 bear mkt": -0.3384425660498279, + "2023 rate shock": -0.09829344119810124, + "2024 vol spike": -0.09486615437584978, + "2025 tariff crash": -0.23488865418120353, + "2026 Q1 drawdown": -0.12372142602428515 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3384425660498279, + "max_ret": -0.09486615437584978, + "all_pos": false + }, + "spem": { + "name": "State Street(R) SPDR(R) Portfolio Emerging Markets ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.592431503983361, + "corr_port": 0.2671702087606569, + "rets": { + "2022 bear mkt": -0.2520917568613653, + "2023 rate shock": -0.09902377653946115, + "2024 vol spike": -0.06538661994948913, + "2025 tariff crash": -0.14101926358495875, + "2026 Q1 drawdown": -0.09458383633728507 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2520917568613653, + "max_ret": -0.06538661994948913, + "all_pos": false + }, + "speu": { + "name": "State Street(R) SPDR(R) Portfolio Europe ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.17120943070116046, + "corr_port": 0.35389156420011014, + "rets": { + "2022 bear mkt": -0.31589787435314265, + "2023 rate shock": -0.1164245024916899, + "2024 vol spike": -0.053575550635535096, + "2025 tariff crash": -0.09952018582016875, + "2026 Q1 drawdown": -0.09375791702255387 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31589787435314265, + "max_ret": -0.053575550635535096, + "all_pos": false + }, + "spfax": { + "name": "PGIM JENNISON FOCUSED GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4896623333840404, + "corr_port": 0.07841243536706055, + "rets": { + "2022 bear mkt": -0.3936507174544509, + "2023 rate shock": -0.08826691031694256, + "2024 vol spike": -0.0952573842627451, + "2025 tariff crash": -0.2374594319140798, + "2026 Q1 drawdown": -0.1375643567753001 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3936507174544509, + "max_ret": -0.08826691031694256, + "all_pos": false + }, + "spgbx": { + "name": "Symmetry Panoramic Global Systematic Fixed Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.38735219621085737, + "corr_port": -0.14366390427942927, + "rets": { + "2022 bear mkt": -0.1366285887307661, + "2023 rate shock": -0.023160887036651756, + "2024 vol spike": 0.01881091660064871, + "2025 tariff crash": 0.0009834526579324265, + "2026 Q1 drawdown": -0.008752735229759279 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1366285887307661, + "max_ret": 0.01881091660064871, + "all_pos": false + }, + "spgex": { + "name": "Symmetry Panoramic Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.43297184687245494, + "corr_port": 0.2883422078162079, + "rets": { + "2022 bear mkt": -0.22977819691316337, + "2023 rate shock": -0.09859142161194279, + "2024 vol spike": -0.06749316003508299, + "2025 tariff crash": -0.15477994575957477, + "2026 Q1 drawdown": -0.06703524533517624 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22977819691316337, + "max_ret": -0.06703524533517624, + "all_pos": false + }, + "spgm": { + "name": "State Street(R) SPDR(R) Portfolio MSCI Global Stock Market ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.0319330104434332, + "corr_port": 0.28698717938703766, + "rets": { + "2022 bear mkt": -0.25923594314366083, + "2023 rate shock": -0.10849380665277186, + "2024 vol spike": -0.07484410764915339, + "2025 tariff crash": -0.1672918784655545, + "2026 Q1 drawdown": -0.08150749748837105 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25923594314366083, + "max_ret": -0.07484410764915339, + "all_pos": false + }, + "spgp": { + "name": "Invesco S&P 500 GARP ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.48385991687579066, + "corr_port": 0.31920069445985383, + "rets": { + "2022 bear mkt": -0.20769365948408025, + "2023 rate shock": -0.09523466531159774, + "2024 vol spike": -0.08555689281662893, + "2025 tariff crash": -0.2041015653620738, + "2026 Q1 drawdown": -0.10306028096747066 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20769365948408025, + "max_ret": -0.08555689281662893, + "all_pos": false + }, + "spgsx": { + "name": "State Street Premier Growth Equity V.I.S. Fund", + "verdict": "weak/unstable alpha", + "t5": -0.13959023670532883, + "corr_port": 0.145695220626689, + "rets": { + "2022 bear mkt": -0.331311564647193, + "2023 rate shock": -0.0907346022076384, + "2024 vol spike": -0.08495045412070301, + "2025 tariff crash": -0.22033611082668436, + "2026 Q1 drawdown": -0.1465651730997547 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.331311564647193, + "max_ret": -0.08495045412070301, + "all_pos": false + }, + "spgtx": { + "name": "Symmetry Panoramic Tax Managed Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7073390114098607, + "corr_port": 0.2920889423806638, + "rets": { + "2022 bear mkt": -0.23134834882631838, + "2023 rate shock": -0.09726214051178106, + "2024 vol spike": -0.06931319623083898, + "2025 tariff crash": -0.1493828217362324, + "2026 Q1 drawdown": -0.06517205422314909 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23134834882631838, + "max_ret": -0.06517205422314909, + "all_pos": false + }, + "sphb": { + "name": "Invesco S&P 500 High Beta ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5535842063737886, + "corr_port": 0.25071422153532463, + "rets": { + "2022 bear mkt": -0.2903098144146695, + "2023 rate shock": -0.20567143314199077, + "2024 vol spike": -0.10694679198910761, + "2025 tariff crash": -0.28362273622421175, + "2026 Q1 drawdown": -0.09938797824897938 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2903098144146695, + "max_ret": -0.09938797824897938, + "all_pos": false + }, + "sphd": { + "name": "Invesco S&P 500 High Dividend Low Volatility ETF", + "verdict": "weak/unstable alpha", + "t5": 0.7503653309984901, + "corr_port": 0.4030764787926089, + "rets": { + "2022 bear mkt": -0.12356849698167172, + "2023 rate shock": -0.10515184454871063, + "2024 vol spike": -0.0037242481953290163, + "2025 tariff crash": -0.10801276957517347, + "2026 Q1 drawdown": 0.003609011234672277 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12356849698167172, + "max_ret": 0.003609011234672277, + "all_pos": false + }, + "sphq": { + "name": "Invesco S&P 500 Quality ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4099641938590608, + "corr_port": 0.2989056662430717, + "rets": { + "2022 bear mkt": -0.2455136126032268, + "2023 rate shock": -0.07923549839359079, + "2024 vol spike": -0.05080311201322085, + "2025 tariff crash": -0.16251184992040568, + "2026 Q1 drawdown": -0.06028659168307515 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2455136126032268, + "max_ret": -0.05080311201322085, + "all_pos": false + }, + "sphy": { + "name": "State Street(R) SPDR(R) Portfolio High Yield Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -0.5110209415629007, + "corr_port": 0.1697475904406023, + "rets": { + "2022 bear mkt": -0.14229255764124749, + "2023 rate shock": -0.021086034308627877, + "2024 vol spike": -0.007220112208139784, + "2025 tariff crash": -0.04571836856151357, + "2026 Q1 drawdown": -0.01796736265650478 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14229255764124749, + "max_ret": -0.007220112208139784, + "all_pos": false + }, + "spiax": { + "name": "INVESCO S&P 500 INDEX FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6944919032379421, + "corr_port": 0.2811324033552422, + "rets": { + "2022 bear mkt": -0.2476227528302165, + "2023 rate shock": -0.09828973703185795, + "2024 vol spike": -0.07180259200633055, + "2025 tariff crash": -0.18500703045514422, + "2026 Q1 drawdown": -0.0884846927591072 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2476227528302165, + "max_ret": -0.07180259200633055, + "all_pos": false + }, + "spib": { + "name": "State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1637786917384991, + "corr_port": 0.005872417331564821, + "rets": { + "2022 bear mkt": -0.12153373332116257, + "2023 rate shock": -0.01805296559398406, + "2024 vol spike": 0.012607799246976192, + "2025 tariff crash": -0.0004792963835719144, + "2026 Q1 drawdown": -0.007052591970403421 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12153373332116257, + "max_ret": 0.012607799246976192, + "all_pos": false + }, + "spilx": { + "name": "Symmetry Panoramic International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4726004726186001, + "corr_port": 0.29779517726539106, + "rets": { + "2022 bear mkt": -0.26220479248316675, + "2023 rate shock": -0.09090909991311824, + "2024 vol spike": -0.07091633059612545, + "2025 tariff crash": -0.10522089606564666, + "2026 Q1 drawdown": -0.07334183673469385 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26220479248316675, + "max_ret": -0.07091633059612545, + "all_pos": false + }, + "spinx": { + "name": "SIIT S&P 500 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.13585439226678814, + "corr_port": 0.28227146598425684, + "rets": { + "2022 bear mkt": -0.24526089676406104, + "2023 rate shock": -0.09696440664722283, + "2024 vol spike": -0.07142854584398928, + "2025 tariff crash": -0.18387830984785125, + "2026 Q1 drawdown": -0.0879173576147887 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24526089676406104, + "max_ret": -0.07142854584398928, + "all_pos": false + }, + "spip": { + "name": "State Street(R) SPDR(R) Portfolio TIPS ETF", + "verdict": "weak/unstable alpha", + "t5": 0.32220832572127733, + "corr_port": -0.05338143466673184, + "rets": { + "2022 bear mkt": -0.1297677455596471, + "2023 rate shock": -0.0269813072668611, + "2024 vol spike": 0.012957439910608493, + "2025 tariff crash": 0.00911707697097186, + "2026 Q1 drawdown": -0.0018839929570489966 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1297677455596471, + "max_ret": 0.012957439910608493, + "all_pos": false + }, + "splb": { + "name": "State Street(R) SPDR(R) Portfolio Long Term Corporate Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4317825828448587, + "corr_port": -0.024592984363954094, + "rets": { + "2022 bear mkt": -0.29209913994868053, + "2023 rate shock": -0.0914587840779979, + "2024 vol spike": 0.01629511765715952, + "2025 tariff crash": -0.03696438386728629, + "2026 Q1 drawdown": -0.02210161875861305 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.29209913994868053, + "max_ret": 0.01629511765715952, + "all_pos": false + }, + "splv": { + "name": "Invesco S&P 500 Low Volatility ETF", + "verdict": "weak/unstable alpha", + "t5": -0.17736471807650087, + "corr_port": 0.34073076944107844, + "rets": { + "2022 bear mkt": -0.14977592193504863, + "2023 rate shock": -0.08187655835992924, + "2024 vol spike": -0.010332264048202866, + "2025 tariff crash": -0.06404928620951911, + "2026 Q1 drawdown": 8.122228421081346e-05 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14977592193504863, + "max_ret": 8.122228421081346e-05, + "all_pos": false + }, + "spmb": { + "name": "State Street(R) SPDR(R) Portfolio Mortgage Backed Bond ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.22129291632316742, + "corr_port": -0.011845346050258483, + "rets": { + "2022 bear mkt": -0.1426012590427823, + "2023 rate shock": -0.051653669077046827, + "2024 vol spike": 0.022198902595698566, + "2025 tariff crash": 0.007989222289067621, + "2026 Q1 drawdown": -0.004893188804212967 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1426012590427823, + "max_ret": 0.022198902595698566, + "all_pos": false + }, + "spmd": { + "name": "State Street(R) SPDR(R) Portfolio S&P 400(TM) Mid Cap ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4022105835846416, + "corr_port": 0.3071831547947461, + "rets": { + "2022 bear mkt": -0.20384377381590435, + "2023 rate shock": -0.14142516543172856, + "2024 vol spike": -0.06593618416713154, + "2025 tariff crash": -0.19184327940796075, + "2026 Q1 drawdown": -0.05140141465057124 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20384377381590435, + "max_ret": -0.05140141465057124, + "all_pos": false + }, + "spmfx": { + "name": "Symmetry Panoramic Municipal Fixed Income Fund", + "verdict": "weak/unstable alpha", + "t5": 1.0467430435487861, + "corr_port": 0.042020657455235706, + "rets": { + "2022 bear mkt": -0.04198378143596826, + "2023 rate shock": -0.011339534889782232, + "2024 vol spike": 0.006211212863761473, + "2025 tariff crash": -0.02154103237580751, + "2026 Q1 drawdown": -0.00966069956297777 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04198378143596826, + "max_ret": 0.006211212863761473, + "all_pos": false + }, + "spmo": { + "name": "Invesco S&P 500 Momentum ETF", + "verdict": "weak/unstable alpha", + "t5": 1.015274765737807, + "corr_port": 0.23439672328782793, + "rets": { + "2022 bear mkt": -0.1987084951256245, + "2023 rate shock": -0.021225807960589704, + "2024 vol spike": -0.08654743816127919, + "2025 tariff crash": -0.1873483052866487, + "2026 Q1 drawdown": -0.10267918283368516 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1987084951256245, + "max_ret": -0.021225807960589704, + "all_pos": false + }, + "spqax": { + "name": "PGIM JENNISON GLOBAL EQUITY INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6271697771167869, + "corr_port": 0.3930154358289163, + "rets": { + "2022 bear mkt": -0.2378103710810966, + "2023 rate shock": -0.10942039608648646, + "2024 vol spike": -0.039454867686279704, + "2025 tariff crash": -0.11021248741407308, + "2026 Q1 drawdown": -0.015790906360115042 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2378103710810966, + "max_ret": -0.015790906360115042, + "all_pos": false + }, + "sprax": { + "name": "PGIM QUANT SOLUTIONS MID-CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0973369444871144, + "corr_port": 0.3959868143618255, + "rets": { + "2022 bear mkt": -0.19761003425760015, + "2023 rate shock": -0.14798006424511, + "2024 vol spike": -0.05594400547425349, + "2025 tariff crash": -0.1785998891962125, + "2026 Q1 drawdown": -0.029835064935064937 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19761003425760015, + "max_ret": -0.029835064935064937, + "all_pos": false + }, + "spsb": { + "name": "State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF", + "verdict": "weak/unstable alpha", + "t5": -0.7929908817243594, + "corr_port": 0.049795381631569616, + "rets": { + "2022 bear mkt": -0.047989582251791174, + "2023 rate shock": 0.00522807662148117, + "2024 vol spike": 0.008258985336972113, + "2025 tariff crash": 0.004655458228221443, + "2026 Q1 drawdown": -0.001880387954010243 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.047989582251791174, + "max_ret": 0.008258985336972113, + "all_pos": false + }, + "spsm": { + "name": "State Street(R) SPDR(R) Portfolio S&P 600(TM) Small Cap ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9361649162082183, + "corr_port": 0.30816582262298364, + "rets": { + "2022 bear mkt": -0.2277746209412339, + "2023 rate shock": -0.15738834051482853, + "2024 vol spike": -0.07557990718721042, + "2025 tariff crash": -0.21687351765733542, + "2026 Q1 drawdown": -0.053469458149475346 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2277746209412339, + "max_ret": -0.053469458149475346, + "all_pos": false + }, + "spti": { + "name": "State Street(R) SPDR(R) Portfolio Intermediate Term Treasury ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0031586192808715, + "corr_port": -0.1952352553666767, + "rets": { + "2022 bear mkt": -0.11305132958848718, + "2023 rate shock": -0.02001410070945686, + "2024 vol spike": 0.023681929804734825, + "2025 tariff crash": 0.024214381260090123, + "2026 Q1 drawdown": -0.0008560307306406667 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.11305132958848718, + "max_ret": 0.024214381260090123, + "all_pos": false + }, + "sptl": { + "name": "State Street(R) SPDR(R) Portfolio Long Term Treasury ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3549666029043947, + "corr_port": -0.19950584867724785, + "rets": { + "2022 bear mkt": -0.27797730837813794, + "2023 rate shock": -0.1215845808685736, + "2024 vol spike": 0.0492541253759744, + "2025 tariff crash": 0.0075894837856325115, + "2026 Q1 drawdown": -0.003248587701447647 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.27797730837813794, + "max_ret": 0.0492541253759744, + "all_pos": false + }, + "sptm": { + "name": "State Street(R) SPDR(R) Portfolio S&P 1500(R) Composite Stock Market ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2919787170691888, + "corr_port": 0.2862996281271352, + "rets": { + "2022 bear mkt": -0.2414078371444468, + "2023 rate shock": -0.10061423403084058, + "2024 vol spike": -0.07077804599723725, + "2025 tariff crash": -0.1845015341282863, + "2026 Q1 drawdown": -0.08433879560944535 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2414078371444468, + "max_ret": -0.07077804599723725, + "all_pos": false + }, + "spts": { + "name": "State Street(R) SPDR(R) Portfolio Short Term Treasury ETF", + "verdict": "weak/unstable alpha", + "t5": -4.714810594075649, + "corr_port": -0.09368465015055957, + "rets": { + "2022 bear mkt": -0.044320978378701636, + "2023 rate shock": 0.008810195062480819, + "2024 vol spike": 0.011266162834651094, + "2025 tariff crash": 0.01499749941207229, + "2026 Q1 drawdown": 0.0012158746542434429 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.044320978378701636, + "max_ret": 0.01499749941207229, + "all_pos": false + }, + "spubx": { + "name": "Symmetry Panoramic US Systematic Fixed Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8723485903447492, + "corr_port": -0.1258995576029626, + "rets": { + "2022 bear mkt": -0.10549839831262753, + "2023 rate shock": -0.017415371697811377, + "2024 vol spike": 0.01984588948712185, + "2025 tariff crash": 0.004072076408375702, + "2026 Q1 drawdown": -0.00692747743943789 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.10549839831262753, + "max_ret": 0.01984588948712185, + "all_pos": false + }, + "spusx": { + "name": "Symmetry Panoramic US Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.45223875658056695, + "corr_port": 0.26030140869221235, + "rets": { + "2022 bear mkt": -0.20773920834311388, + "2023 rate shock": -0.10241387877946773, + "2024 vol spike": -0.06550225525582443, + "2025 tariff crash": -0.18303276999504992, + "2026 Q1 drawdown": -0.06691919191919193 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20773920834311388, + "max_ret": -0.06550225525582443, + "all_pos": false + }, + "spvm": { + "name": "Invesco S&P 500 Value with Momentum ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7108945149785649, + "corr_port": 0.4377787450216702, + "rets": { + "2022 bear mkt": -0.13532070712517774, + "2023 rate shock": -0.08138333618136118, + "2024 vol spike": -0.0634864402734806, + "2025 tariff crash": -0.14312729746009245, + "2026 Q1 drawdown": -0.020670865586625897 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14312729746009245, + "max_ret": -0.020670865586625897, + "all_pos": false + }, + "spyd": { + "name": "State Street(R) SPDR(R) Portfolio S&P 500(R) High Dividend ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1619569433460835, + "corr_port": 0.3941741109813434, + "rets": { + "2022 bear mkt": -0.14631474874656814, + "2023 rate shock": -0.13304092288064928, + "2024 vol spike": -0.023570421648276607, + "2025 tariff crash": -0.12342372372286892, + "2026 Q1 drawdown": 0.015350987890397683 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14631474874656814, + "max_ret": 0.015350987890397683, + "all_pos": false + }, + "spyg": { + "name": "State Street(R) SPDR(R) Portfolio S&P 500(R) Growth ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.007285806198007, + "corr_port": 0.18670656459837065, + "rets": { + "2022 bear mkt": -0.3130103370858116, + "2023 rate shock": -0.08764090183101969, + "2024 vol spike": -0.09160666979806731, + "2025 tariff crash": -0.21565466078463724, + "2026 Q1 drawdown": -0.1292951798479598 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3130103370858116, + "max_ret": -0.08764090183101969, + "all_pos": false + }, + "spygx": { + "name": "Spyglass Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -1.4559329850696823, + "corr_port": 0.04561194125639754, + "rets": { + "2022 bear mkt": -0.46149460295773936, + "2023 rate shock": -0.1377388535031847, + "2024 vol spike": -0.07399864222674812, + "2025 tariff crash": -0.28407460545193686, + "2026 Q1 drawdown": -0.21719030578513432 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.46149460295773936, + "max_ret": -0.07399864222674812, + "all_pos": false + }, + "spyv": { + "name": "State Street(R) SPDR(R) Portfolio S&P 500(R) Value ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.100421105856186, + "corr_port": 0.37915651896427016, + "rets": { + "2022 bear mkt": -0.16985816892589756, + "2023 rate shock": -0.10688181454779888, + "2024 vol spike": -0.04293279209519152, + "2025 tariff crash": -0.14890625964654225, + "2026 Q1 drawdown": -0.03826361692705216 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16985816892589756, + "max_ret": -0.03826361692705216, + "all_pos": false + }, + "spyx": { + "name": "State Street(R) SPDR(R) S&P(R) 500 Fossil Fuel Reserves Free ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.013158363033658065, + "corr_port": 0.24389944389714724, + "rets": { + "2022 bear mkt": -0.2607167104390957, + "2023 rate shock": -0.09971908577235555, + "2024 vol spike": -0.07142851234478576, + "2025 tariff crash": -0.1838240324155076, + "2026 Q1 drawdown": -0.09444844597784496 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2607167104390957, + "max_ret": -0.07142851234478576, + "all_pos": false + }, + "sqmax": { + "name": "DWS Massachusetts Tax-Free Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2894403884861981, + "corr_port": 0.013999399708583974, + "rets": { + "2022 bear mkt": -0.1268078770443931, + "2023 rate shock": -0.048097954839273926, + "2024 vol spike": 0.013594021076041685, + "2025 tariff crash": -0.029102877009087647, + "2026 Q1 drawdown": -0.007143831304184389 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1268078770443931, + "max_ret": 0.013594021076041685, + "all_pos": false + }, + "sraax": { + "name": "SIMT Real Return Fund", + "verdict": "weak/unstable alpha", + "t5": 2.0037851517991414, + "corr_port": 0.010490632838661624, + "rets": { + "2022 bear mkt": -0.049109124401211735, + "2023 rate shock": 0.003710020337476694, + "2024 vol spike": 0.006315845220246308, + "2025 tariff crash": 0.01778000454850237, + "2026 Q1 drawdown": 0.0030801496764696346 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.049109124401211735, + "max_ret": 0.01778000454850237, + "all_pos": false + }, + "sreax": { + "name": "PGIM Select Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5387402649127849, + "corr_port": 0.2825879100269735, + "rets": { + "2022 bear mkt": -0.3346246529977508, + "2023 rate shock": -0.13112757935016284, + "2024 vol spike": -0.028025366939227303, + "2025 tariff crash": -0.12772359547289436, + "2026 Q1 drawdown": -0.021231373904768924 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3346246529977508, + "max_ret": -0.021231373904768924, + "all_pos": false + }, + "srigx": { + "name": "Gabelli SRI Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2131564409076485, + "corr_port": 0.36907937245040595, + "rets": { + "2022 bear mkt": -0.294660484942201, + "2023 rate shock": -0.13260524097993442, + "2024 vol spike": -0.0681492053882915, + "2025 tariff crash": -0.14705879890062212, + "2026 Q1 drawdown": -0.08173784977908682 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.294660484942201, + "max_ret": -0.0681492053882915, + "all_pos": false + }, + "srmax": { + "name": "DWS Short-Term Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2277596923710755, + "corr_port": 0.03804659058127346, + "rets": { + "2022 bear mkt": -0.04453306607263974, + "2023 rate shock": -0.0071172009515394485, + "2024 vol spike": 0.0073461465886728305, + "2025 tariff crash": -0.0035718358963799934, + "2026 Q1 drawdown": -0.0036495675209340384 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04453306607263974, + "max_ret": 0.0073461465886728305, + "all_pos": false + }, + "srtmx": { + "name": "Series M", + "verdict": "weak/unstable alpha", + "t5": -0.17451528215262035, + "corr_port": 0.03270307035529143, + "rets": { + "2022 bear mkt": -0.08736070450638522, + "2023 rate shock": -0.030686532563517832, + "2024 vol spike": 0.010716707873096976, + "2025 tariff crash": -0.017821989831499185, + "2026 Q1 drawdown": -0.017704891224930908 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.08736070450638522, + "max_ret": 0.010716707873096976, + "all_pos": false + }, + "srwax": { + "name": "SAAT MARKET GROWTH STRATEGY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.18147238805472687, + "corr_port": 0.3643840773435107, + "rets": { + "2022 bear mkt": -0.20714470348434755, + "2023 rate shock": -0.07300553915723318, + "2024 vol spike": -0.03980891274078324, + "2025 tariff crash": -0.09918435013701432, + "2026 Q1 drawdown": -0.04567806540658825 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20714470348434755, + "max_ret": -0.03980891274078324, + "all_pos": false + }, + "sscgx": { + "name": "SIMT SMALL CAP GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5776211903947412, + "corr_port": 0.24243021398862255, + "rets": { + "2022 bear mkt": -0.268860386448904, + "2023 rate shock": -0.17339960842869706, + "2024 vol spike": -0.08212819398945259, + "2025 tariff crash": -0.21250000957370363, + "2026 Q1 drawdown": -0.09907389561959323 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.268860386448904, + "max_ret": -0.08212819398945259, + "all_pos": false + }, + "sscvx": { + "name": "Columbia Select Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3707849364397383, + "corr_port": 0.33938820135445363, + "rets": { + "2022 bear mkt": -0.21903050280347514, + "2023 rate shock": -0.17065862270680188, + "2024 vol spike": -0.06420236197835294, + "2025 tariff crash": -0.21375353931587804, + "2026 Q1 drawdown": -0.015616285554935883 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21903050280347514, + "max_ret": -0.015616285554935883, + "all_pos": false + }, + "ssdix": { + "name": "DWS Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4952752921299277, + "corr_port": 0.2212854711937069, + "rets": { + "2022 bear mkt": -0.2902506016703933, + "2023 rate shock": -0.1516770323152996, + "2024 vol spike": -0.06829788861083774, + "2025 tariff crash": -0.1911272607537975, + "2026 Q1 drawdown": -0.09877793021328729 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2902506016703933, + "max_ret": -0.06829788861083774, + "all_pos": false + }, + "sseax": { + "name": "SIIT Screened World Equity Ex-US Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.17852363301291138, + "corr_port": 0.4083339772115271, + "rets": { + "2022 bear mkt": -0.25817257866901167, + "2023 rate shock": -0.10521416453388432, + "2024 vol spike": -0.06782601539493516, + "2025 tariff crash": -0.12224100413872152, + "2026 Q1 drawdown": -0.08608205953338699 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25817257866901167, + "max_ret": -0.06782601539493516, + "all_pos": false + }, + "ssgax": { + "name": "SAAT AGGRESSIVE STRATEGY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1971000497069089, + "corr_port": 0.3703961304881523, + "rets": { + "2022 bear mkt": -0.2404116950281351, + "2023 rate shock": -0.0951084462315307, + "2024 vol spike": -0.05751914294752569, + "2025 tariff crash": -0.12820229491575696, + "2026 Q1 drawdown": -0.06623300777630192 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2404116950281351, + "max_ret": -0.05751914294752569, + "all_pos": false + }, + "ssgfx": { + "name": "SATURNA GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9452443123224552, + "corr_port": 0.1942736215050734, + "rets": { + "2022 bear mkt": -0.2864765051630721, + "2023 rate shock": -0.10786092448373807, + "2024 vol spike": -0.0810760760750977, + "2025 tariff crash": -0.19522123980134465, + "2026 Q1 drawdown": -0.1128628820750196 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2864765051630721, + "max_ret": -0.0810760760750977, + "all_pos": false + }, + "sshfx": { + "name": "Sound Shore Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5166236996552483, + "corr_port": 0.37518854442834615, + "rets": { + "2022 bear mkt": -0.21353116436856068, + "2023 rate shock": -0.09872355470908967, + "2024 vol spike": -0.05053349066903379, + "2025 tariff crash": -0.15652842751598883, + "2026 Q1 drawdown": -0.0741289518984285 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21353116436856068, + "max_ret": -0.05053349066903379, + "all_pos": false + }, + "ssifx": { + "name": "Saturna International Fund", + "verdict": "weak/unstable alpha", + "t5": -0.5938541094052124, + "corr_port": 0.21056869713557577, + "rets": { + "2022 bear mkt": -0.3023361478171973, + "2023 rate shock": -0.0822878530638812, + "2024 vol spike": -0.05841924744933236, + "2025 tariff crash": -0.18440015601723714, + "2026 Q1 drawdown": -0.06989137636974418 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3023361478171973, + "max_ret": -0.05841924744933236, + "all_pos": false + }, + "ssmax": { + "name": "SIIT SMALL MID CAP EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8577849649269798, + "corr_port": 0.31147828706163755, + "rets": { + "2022 bear mkt": -0.23371984638738108, + "2023 rate shock": -0.14625214778874318, + "2024 vol spike": -0.06296305171178629, + "2025 tariff crash": -0.1839085177766555, + "2026 Q1 drawdown": -0.06182525213590506 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23371984638738108, + "max_ret": -0.06182525213590506, + "all_pos": false + }, + "sspix": { + "name": "SIMT S&P 500 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.40447978741656776, + "corr_port": 0.28268726919998716, + "rets": { + "2022 bear mkt": -0.24611828147054715, + "2023 rate shock": -0.09745630445105591, + "2024 vol spike": -0.07170064010731736, + "2025 tariff crash": -0.18446562815412892, + "2026 Q1 drawdown": -0.0884143844244557 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24611828147054715, + "max_ret": -0.07170064010731736, + "all_pos": false + }, + "stbax": { + "name": "INVESCO Short Term Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -1.8251898904617645, + "corr_port": 0.07409511028295458, + "rets": { + "2022 bear mkt": -0.0638935710057984, + "2023 rate shock": 0.00393001872477905, + "2024 vol spike": 0.011852690403281407, + "2025 tariff crash": 0.007703033046149166, + "2026 Q1 drawdown": -0.004334948257439963 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.0638935710057984, + "max_ret": 0.011852690403281407, + "all_pos": false + }, + "stdax": { + "name": "SAAT DEFENSIVE STRATEGY ALLOCATION FUND", + "verdict": "weak/unstable alpha", + "t5": 7.7397807503997775, + "corr_port": 0.2997942396937014, + "rets": { + "2022 bear mkt": -0.023874378835881505, + "2023 rate shock": 0.006464460375171566, + "2024 vol spike": 0.0008976772515283393, + "2025 tariff crash": -0.004048727999998447, + "2026 Q1 drawdown": -0.0008951836509235589 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.023874378835881505, + "max_ret": 0.006464460375171566, + "all_pos": false + }, + "stesx": { + "name": "International Strategic Equities Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.6242830440630632, + "corr_port": 0.36473982533080646, + "rets": { + "2022 bear mkt": -0.28689126933706977, + "2023 rate shock": -0.1008620831585113, + "2024 vol spike": -0.0886075775703341, + "2025 tariff crash": -0.12490972884020823, + "2026 Q1 drawdown": -0.06968838526912169 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28689126933706977, + "max_ret": -0.06968838526912169, + "all_pos": false + }, + "sthyx": { + "name": "AB Sustainable Thematic Credit Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.420027999027345, + "corr_port": -0.07957782730036313, + "rets": { + "2022 bear mkt": -0.20502356886284712, + "2023 rate shock": -0.050374385349149176, + "2024 vol spike": 0.01545573201609085, + "2025 tariff crash": -0.005393544625252211, + "2026 Q1 drawdown": -0.010718945059854823 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.20502356886284712, + "max_ret": 0.01545573201609085, + "all_pos": false + }, + "stiax": { + "name": "Federated Hermes Strategic Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.06365827499313467, + "corr_port": 0.25381585705098425, + "rets": { + "2022 bear mkt": -0.17096000079921636, + "2023 rate shock": -0.04609392112745936, + "2024 vol spike": 0.002445230157928302, + "2025 tariff crash": -0.02238086460154265, + "2026 Q1 drawdown": -0.008958075963278134 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17096000079921636, + "max_ret": 0.002445230157928302, + "all_pos": false + }, + "stmsx": { + "name": "SIMT TAX-MANAGED SMALL/MID CAP FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2647628491319508, + "corr_port": 0.3180557327903571, + "rets": { + "2022 bear mkt": -0.23041961480225415, + "2023 rate shock": -0.13819001679234177, + "2024 vol spike": -0.06822323760815419, + "2025 tariff crash": -0.18429262459477613, + "2026 Q1 drawdown": -0.07532880516930607 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23041961480225415, + "max_ret": -0.06822323760815419, + "all_pos": false + }, + "stsvx": { + "name": "BNY Mellon Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.2590203891118895, + "corr_port": 0.3313703865662111, + "rets": { + "2022 bear mkt": -0.1625843817722762, + "2023 rate shock": -0.15114580090965068, + "2024 vol spike": -0.08086125682030099, + "2025 tariff crash": -0.21621631681488973, + "2026 Q1 drawdown": -0.06048906048906044 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21621631681488973, + "max_ret": -0.06048906048906044, + "all_pos": false + }, + "suhax": { + "name": "DWS Health and Wellness Fund", + "verdict": "weak/unstable alpha", + "t5": -0.343145089199666, + "corr_port": 0.22652269774731623, + "rets": { + "2022 bear mkt": -0.14431384084978605, + "2023 rate shock": -0.07887474877687162, + "2024 vol spike": -0.03175002897216683, + "2025 tariff crash": -0.10863945663930163, + "2026 Q1 drawdown": -0.08157407040849818 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14431384084978605, + "max_ret": -0.03175002897216683, + "all_pos": false + }, + "suiax": { + "name": "DWS CROCI International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.7778146106420047, + "corr_port": 0.4209251849996812, + "rets": { + "2022 bear mkt": -0.2841336476689553, + "2023 rate shock": -0.09869517998165467, + "2024 vol spike": -0.07392762849327683, + "2025 tariff crash": -0.09429703416142032, + "2026 Q1 drawdown": -0.05263889577047465 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2841336476689553, + "max_ret": -0.05263889577047465, + "all_pos": false + }, + "supax": { + "name": "DWS Equity Sector Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5423585648131964, + "corr_port": 0.2921579422460209, + "rets": { + "2022 bear mkt": -0.2340837183280834, + "2023 rate shock": -0.07608700675568647, + "2024 vol spike": -0.0606919158094108, + "2025 tariff crash": -0.16798315562427024, + "2026 Q1 drawdown": -0.09828674481514876 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2340837183280834, + "max_ret": -0.0606919158094108, + "all_pos": false + }, + "susax": { + "name": "SIIT Ultra Short Duration Bond Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 1.3765936769399478, + "corr_port": 0.061993289840728334, + "rets": { + "2022 bear mkt": -0.018808387958679007, + "2023 rate shock": 0.008501573618722835, + "2024 vol spike": 0.0071797277078051724, + "2025 tariff crash": 0.007768303010489586, + "2026 Q1 drawdown": 0.0029082403285762837 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.018808387958679007, + "max_ret": 0.008501573618722835, + "all_pos": false + }, + "suvax": { + "name": "PGIM QUANT SOLUTIONS LARGE-CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2767384278222496, + "corr_port": 0.41165082045003365, + "rets": { + "2022 bear mkt": -0.1927119485365364, + "2023 rate shock": -0.12238332504682936, + "2024 vol spike": -0.05951506795108641, + "2025 tariff crash": -0.15635182943304993, + "2026 Q1 drawdown": -0.03594771241830064 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1927119485365364, + "max_ret": -0.03594771241830064, + "all_pos": false + }, + "suwax": { + "name": "DWS Core Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5642872784024214, + "corr_port": 0.29197188686979636, + "rets": { + "2022 bear mkt": -0.22049555442549873, + "2023 rate shock": -0.09314108343598515, + "2024 vol spike": -0.07047840213373824, + "2025 tariff crash": -0.1950954720413024, + "2026 Q1 drawdown": -0.09120423821218271 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22049555442549873, + "max_ret": -0.07047840213373824, + "all_pos": false + }, + "svaax": { + "name": "Federated Hermes Strategic Value Dividend Fund", + "verdict": "weak/unstable alpha", + "t5": 1.6622925991950765, + "corr_port": 0.42668603626810436, + "rets": { + "2022 bear mkt": -0.08024302216589152, + "2023 rate shock": -0.09503433069748257, + "2024 vol spike": -0.010628915998672772, + "2025 tariff crash": -0.09957386205282004, + "2026 Q1 drawdown": 0.029600540765746697 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09957386205282004, + "max_ret": 0.029600540765746697, + "all_pos": false + }, + "svoax": { + "name": "SIMT US MANAGED VOLATILITY FUND", + "verdict": "weak/unstable alpha", + "t5": 0.470508989163689, + "corr_port": 0.3898118314406364, + "rets": { + "2022 bear mkt": -0.12083484152419965, + "2023 rate shock": -0.07517070544448123, + "2024 vol spike": -0.023452782325403376, + "2025 tariff crash": -0.10575717760449532, + "2026 Q1 drawdown": -0.024737648509500887 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12083484152419965, + "max_ret": -0.023452782325403376, + "all_pos": false + }, + "svsax": { + "name": "SAAT CONSERVATIVE STRATEGY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.761271897129269, + "corr_port": 0.3430520842416221, + "rets": { + "2022 bear mkt": -0.0913716905155344, + "2023 rate shock": -0.023060602084962967, + "2024 vol spike": -0.005791173864661769, + "2025 tariff crash": -0.022638836466798096, + "2026 Q1 drawdown": -0.008287174950456833 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.0913716905155344, + "max_ret": -0.005791173864661769, + "all_pos": false + }, + "svspx": { + "name": "State Street S&P 500 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1445445713044132, + "corr_port": 0.2853088097503285, + "rets": { + "2022 bear mkt": -0.24545847112086294, + "2023 rate shock": -0.09755005895099278, + "2024 vol spike": -0.0718151519561947, + "2025 tariff crash": -0.18452449013296346, + "2026 Q1 drawdown": -0.08795997151400337 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24545847112086294, + "max_ret": -0.0718151519561947, + "all_pos": false + }, + "svtax": { + "name": "SIMT GLOBAL MANAGED VOLATILITY FUND", + "verdict": "weak/unstable alpha", + "t5": 0.7797121240185362, + "corr_port": 0.408274099173005, + "rets": { + "2022 bear mkt": -0.1608083578571351, + "2023 rate shock": -0.06069653472452208, + "2024 vol spike": -0.03183538902819083, + "2025 tariff crash": -0.07822818617393912, + "2026 Q1 drawdown": -0.013084112149532645 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1608083578571351, + "max_ret": -0.013084112149532645, + "all_pos": false + }, + "svyax": { + "name": "SIIT U.S. Managed Volatility Fund", + "verdict": "weak/unstable alpha", + "t5": 1.0168446441531735, + "corr_port": 0.40285544921308425, + "rets": { + "2022 bear mkt": -0.12013792208070495, + "2023 rate shock": -0.07227443746461637, + "2024 vol spike": -0.022708285824447394, + "2025 tariff crash": -0.1065235993721555, + "2026 Q1 drawdown": -0.015455797170185082 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12013792208070495, + "max_ret": -0.015455797170185082, + "all_pos": false + }, + "swasx": { + "name": "Schwab Global Real Estate Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0827761421347397, + "corr_port": 0.3269993025732362, + "rets": { + "2022 bear mkt": -0.3169975455357067, + "2023 rate shock": -0.13561136072741609, + "2024 vol spike": -0.0342681257979538, + "2025 tariff crash": -0.11269415989185028, + "2026 Q1 drawdown": -0.04680864975132615 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3169975455357067, + "max_ret": -0.0342681257979538, + "all_pos": false + }, + "swrlx": { + "name": "Touchstone International Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.814616159722308, + "corr_port": 0.37510261553513957, + "rets": { + "2022 bear mkt": -0.2500000977633696, + "2023 rate shock": -0.12708594052548627, + "2024 vol spike": -0.06683163130689618, + "2025 tariff crash": -0.08494200545484432, + "2026 Q1 drawdown": -0.06179009541117686 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2500000977633696, + "max_ret": -0.06179009541117686, + "all_pos": false + }, + "sxmax": { + "name": "SAAT MODERATE STRATEGY ALLOCATION FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9977662296983482, + "corr_port": 0.40463158712067815, + "rets": { + "2022 bear mkt": -0.1386643569774525, + "2023 rate shock": -0.06111761670491467, + "2024 vol spike": -0.022969376861528557, + "2025 tariff crash": -0.08526047220081001, + "2026 Q1 drawdown": -0.026429136363865346 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1386643569774525, + "max_ret": -0.022969376861528557, + "all_pos": false + }, + "sxpax": { + "name": "DWS S&P 500 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0155405875893648, + "corr_port": 0.2828495808179668, + "rets": { + "2022 bear mkt": -0.24787135069838995, + "2023 rate shock": -0.09799503355354755, + "2024 vol spike": -0.07192439505814752, + "2025 tariff crash": -0.1846596686158417, + "2026 Q1 drawdown": -0.08857702339503337 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24787135069838995, + "max_ret": -0.07192439505814752, + "all_pos": false + }, + "szcax": { + "name": "DWS Small Cap Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0259831129314807, + "corr_port": 0.31285570819166586, + "rets": { + "2022 bear mkt": -0.15909081814006165, + "2023 rate shock": -0.05258120619788231, + "2024 vol spike": -0.05699148447157121, + "2025 tariff crash": -0.15436514181805028, + "2026 Q1 drawdown": -0.04666289832352455 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15909081814006165, + "max_ret": -0.04666289832352455, + "all_pos": false + }, + "szeax": { + "name": "DWS Emerging Markets Fixed Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.10126020406194948, + "corr_port": 0.2707928490772545, + "rets": { + "2022 bear mkt": -0.28777001185507467, + "2023 rate shock": -0.03466333817180889, + "2024 vol spike": -0.006896403331771439, + "2025 tariff crash": -0.030957676161584846, + "2026 Q1 drawdown": -0.02269160139897497 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28777001185507467, + "max_ret": -0.006896403331771439, + "all_pos": false + }, + "sziax": { + "name": "DWS Total Return Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.306214913266044, + "corr_port": -0.04056781209155129, + "rets": { + "2022 bear mkt": -0.1659387120444461, + "2023 rate shock": -0.04330324386102402, + "2024 vol spike": 0.014183934301408518, + "2025 tariff crash": -0.0017718373735503556, + "2026 Q1 drawdown": -0.011532923279625296 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1659387120444461, + "max_ret": 0.014183934301408518, + "all_pos": false + }, + "szmax": { + "name": "DWS Intermediate Tax-Free Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6396519258380753, + "corr_port": 0.02402987923937379, + "rets": { + "2022 bear mkt": -0.09847253486212404, + "2023 rate shock": -0.03793483869370118, + "2024 vol spike": 0.013304155003816875, + "2025 tariff crash": -0.021516219237609602, + "2026 Q1 drawdown": -0.011978823289246043 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09847253486212404, + "max_ret": 0.013304155003816875, + "all_pos": false + }, + "taclx": { + "name": "Touchstone Large Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5952412188732562, + "corr_port": 0.3243297340692296, + "rets": { + "2022 bear mkt": -0.23084939343864153, + "2023 rate shock": -0.10947238101576873, + "2024 vol spike": -0.04347824892835117, + "2025 tariff crash": -0.14243751567408258, + "2026 Q1 drawdown": -0.041666712042295884 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23084939343864153, + "max_ret": -0.041666712042295884, + "all_pos": false + }, + "taftx": { + "name": "Tax-Exempt Fund of California", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2594376407676425, + "corr_port": 0.028709077056261162, + "rets": { + "2022 bear mkt": -0.11792994803016399, + "2023 rate shock": -0.05060361239823841, + "2024 vol spike": 0.014944716014195336, + "2025 tariff crash": -0.03003266597901677, + "2026 Q1 drawdown": -0.010596295742416495 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11792994803016399, + "max_ret": 0.014944716014195336, + "all_pos": false + }, + "taiax": { + "name": "American Funds Tax-Aware Conservative Growth and Income Portfolio", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4309902820994365, + "corr_port": 0.3521310821607113, + "rets": { + "2022 bear mkt": -0.16258484316492128, + "2023 rate shock": -0.0673289570187986, + "2024 vol spike": -0.016239858135909224, + "2025 tariff crash": -0.08394154545538113, + "2026 Q1 drawdown": -0.044198507170402856 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16258484316492128, + "max_ret": -0.016239858135909224, + "all_pos": false + }, + "taibx": { + "name": "PGIM CORE BOND FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0665376565596445, + "corr_port": -0.0850546256840323, + "rets": { + "2022 bear mkt": -0.1570044455838947, + "2023 rate shock": -0.04096324690495301, + "2024 vol spike": 0.02210338488008623, + "2025 tariff crash": 0.007380729755857907, + "2026 Q1 drawdown": -0.005641914167615725 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1570044455838947, + "max_ret": 0.02210338488008623, + "all_pos": false + }, + "tarkx": { + "name": "Tarkio Fund", + "verdict": "weak/unstable alpha", + "t5": 0.21810948177913095, + "corr_port": 0.28391285261238003, + "rets": { + "2022 bear mkt": -0.3773824486025449, + "2023 rate shock": -0.20008173353797554, + "2024 vol spike": -0.048294414026242904, + "2025 tariff crash": -0.2558539778330098, + "2026 Q1 drawdown": -0.08170899648307073 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3773824486025449, + "max_ret": -0.048294414026242904, + "all_pos": false + }, + "tasvx": { + "name": "PGIM QUANT SOLUTIONS SMALL-CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.105621250208785, + "corr_port": 0.35819479431526535, + "rets": { + "2022 bear mkt": -0.20026113933301992, + "2023 rate shock": -0.13806816239329212, + "2024 vol spike": -0.07798170340290056, + "2025 tariff crash": -0.1910713642133517, + "2026 Q1 drawdown": -0.03566131571761677 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20026113933301992, + "max_ret": -0.03566131571761677, + "all_pos": false + }, + "tavfx": { + "name": "THIRD AVENUE VALUE FUND", + "verdict": "alpha, but correlated with current portfolio", + "t5": 2.0724260850576557, + "corr_port": 0.44203657808898966, + "rets": { + "2022 bear mkt": -0.0643735680765325, + "2023 rate shock": -0.1219217930570583, + "2024 vol spike": -0.08321789661814538, + "2025 tariff crash": -0.1361977550462512, + "2026 Q1 drawdown": -0.04837901677228251 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1361977550462512, + "max_ret": -0.04837901677228251, + "all_pos": false + }, + "tbdax": { + "name": "PGIM JENNISON DIVERSIFIED GROWTH FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.0106120989381515, + "corr_port": 0.15200958847314588, + "rets": { + "2022 bear mkt": -0.34221687642304566, + "2023 rate shock": -0.09907523832663478, + "2024 vol spike": -0.09884023789778196, + "2025 tariff crash": -0.22340966446309318, + "2026 Q1 drawdown": -0.12606630331753566 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34221687642304566, + "max_ret": -0.09884023789778196, + "all_pos": false + }, + "tbhdx": { + "name": "TWEEDY, BROWNE WORLDWIDE HIGH DIVIDEND YIELD VALUE FUND", + "verdict": "weak/unstable alpha", + "t5": 0.3476093300112919, + "corr_port": 0.4263484857615368, + "rets": { + "2022 bear mkt": -0.24415509014413705, + "2023 rate shock": -0.09154925266971525, + "2024 vol spike": -0.054455431398006016, + "2025 tariff crash": -0.07256637202655825, + "2026 Q1 drawdown": -0.08307218136874661 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24415509014413705, + "max_ret": -0.054455431398006016, + "all_pos": false + }, + "tbirx": { + "name": "Nuveen Bond Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4765583192730879, + "corr_port": -0.11611449689917872, + "rets": { + "2022 bear mkt": -0.1469106220135391, + "2023 rate shock": -0.04095988033973963, + "2024 vol spike": 0.022408028513758005, + "2025 tariff crash": 0.009937757892131138, + "2026 Q1 drawdown": -0.005274543657803887 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1469106220135391, + "max_ret": 0.022408028513758005, + "all_pos": false + }, + "tblpx": { + "name": "T. Rowe Price Retirement Blend 2005 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.044055664745590334, + "corr_port": 0.10016570657235478, + "rets": { + "2022 bear mkt": -0.1738691864723847, + "2023 rate shock": -0.055432153995863986, + "2024 vol spike": -0.021472326899164895, + "2025 tariff crash": -0.06493512675239299, + "2026 Q1 drawdown": -0.03548085901027087 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1738691864723847, + "max_ret": -0.021472326899164895, + "all_pos": false + }, + "tblqx": { + "name": "T. Rowe Price Retirement Blend 2010 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.025319626929851784, + "corr_port": 0.10585784989135748, + "rets": { + "2022 bear mkt": -0.17953858780246212, + "2023 rate shock": -0.05986698797831147, + "2024 vol spike": -0.02441508064999509, + "2025 tariff crash": -0.07114225190112422, + "2026 Q1 drawdown": -0.03899721448467963 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17953858780246212, + "max_ret": -0.02441508064999509, + "all_pos": false + }, + "tblsx": { + "name": "T. Rowe Price Retirement Blend 2015 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.31587934890614816, + "corr_port": 0.10430425667502596, + "rets": { + "2022 bear mkt": -0.18618620482901427, + "2023 rate shock": -0.06284447983417207, + "2024 vol spike": -0.02628921971433107, + "2025 tariff crash": -0.07654083007690615, + "2026 Q1 drawdown": -0.04136029411764719 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18618620482901427, + "max_ret": -0.02628921971433107, + "all_pos": false + }, + "tblvx": { + "name": "T. Rowe Price Retirement Blend 2025 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8907726774267013, + "corr_port": 0.10859316746514451, + "rets": { + "2022 bear mkt": -0.2053837874818628, + "2023 rate shock": -0.07127186479470926, + "2024 vol spike": -0.03286848423412536, + "2025 tariff crash": -0.08932037279568728, + "2026 Q1 drawdown": -0.047111111111111104 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2053837874818628, + "max_ret": -0.03286848423412536, + "all_pos": false + }, + "tblwx": { + "name": "T. Rowe Price Retirement Blend 2030 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.678682072572642, + "corr_port": 0.11335122354226923, + "rets": { + "2022 bear mkt": -0.22376240792679014, + "2023 rate shock": -0.08242940082820205, + "2024 vol spike": -0.040856028938783484, + "2025 tariff crash": -0.10650325632571767, + "2026 Q1 drawdown": -0.05428329092451223 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22376240792679014, + "max_ret": -0.040856028938783484, + "all_pos": false + }, + "tblyx": { + "name": "T. Rowe Price Retirement Blend 2035 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4536513189122251, + "corr_port": 0.11863649102272891, + "rets": { + "2022 bear mkt": -0.23684220034592673, + "2023 rate shock": -0.09302336860386717, + "2024 vol spike": -0.05056177133293793, + "2025 tariff crash": -0.12781280254212213, + "2026 Q1 drawdown": -0.06438791732909388 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23684220034592673, + "max_ret": -0.05056177133293793, + "all_pos": false + }, + "tcelx": { + "name": "T. Rowe Price China Evolution Equity Fund", + "verdict": "weak/unstable alpha", + "t5": 0.251875838059757, + "corr_port": 0.08615435524847269, + "rets": { + "2022 bear mkt": -0.32656822537210173, + "2023 rate shock": -0.14078501961590728, + "2024 vol spike": -0.06673122910072327, + "2025 tariff crash": -0.11811716300746877, + "2026 Q1 drawdown": -0.018750000000000044 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32656822537210173, + "max_ret": -0.018750000000000044, + "all_pos": false + }, + "tcpax": { + "name": "Touchstone US Quality Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3811079626281761, + "corr_port": -0.14387340994997028, + "rets": { + "2022 bear mkt": -0.14004989955328073, + "2023 rate shock": -0.03474496673660088, + "2024 vol spike": 0.021633825308204235, + "2025 tariff crash": 0.010368126459188609, + "2026 Q1 drawdown": -0.0017790727652794436 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14004989955328073, + "max_ret": 0.021633825308204235, + "all_pos": false + }, + "tcsgx": { + "name": "SDIT SHORT DURATION GOVERNMENT FUND", + "verdict": "weak/unstable alpha", + "t5": -3.445989086226643, + "corr_port": -0.10498261954722136, + "rets": { + "2022 bear mkt": -0.0491209183504544, + "2023 rate shock": 0.003794555748327433, + "2024 vol spike": 0.01262744079896394, + "2025 tariff crash": 0.013518019062089603, + "2026 Q1 drawdown": -0.0005023101198698976 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.0491209183504544, + "max_ret": 0.013518019062089603, + "all_pos": false + }, + "tebix": { + "name": "FRANKLIN MUTUAL BEACON FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.0841479490659667, + "corr_port": 0.3837118821281761, + "rets": { + "2022 bear mkt": -0.2524272958496747, + "2023 rate shock": -0.09603616286185512, + "2024 vol spike": -0.050837263646846265, + "2025 tariff crash": -0.12649157955463752, + "2026 Q1 drawdown": -0.07356815167797404 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2524272958496747, + "max_ret": -0.050837263646846265, + "all_pos": false + }, + "tedix": { + "name": "FRANKLIN MUTUAL GLOBAL DISCOVERY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8761692653128392, + "corr_port": 0.4235693500039823, + "rets": { + "2022 bear mkt": -0.18103928486413723, + "2023 rate shock": -0.0811953125309054, + "2024 vol spike": -0.05370606988864868, + "2025 tariff crash": -0.11766650878409246, + "2026 Q1 drawdown": -0.07185443765753252 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18103928486413723, + "max_ret": -0.05370606988864868, + "all_pos": false + }, + "tedmx": { + "name": "Templeton Emerging Markets Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4512436851048521, + "corr_port": 0.28043500878377614, + "rets": { + "2022 bear mkt": -0.3214582771336373, + "2023 rate shock": -0.12089094063434769, + "2024 vol spike": -0.07955132754310912, + "2025 tariff crash": -0.14630610516480214, + "2026 Q1 drawdown": -0.10672850513755394 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3214582771336373, + "max_ret": -0.07955132754310912, + "all_pos": false + }, + "tedpx": { + "name": "Nuveen Emerging Markets Debt Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9313818781848877, + "corr_port": 0.2789774978816627, + "rets": { + "2022 bear mkt": -0.21322949793682755, + "2023 rate shock": -0.047140318032713346, + "2024 vol spike": -0.001172249597113817, + "2025 tariff crash": -0.02938930159727382, + "2026 Q1 drawdown": -0.027778191408071584 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21322949793682755, + "max_ret": -0.001172249597113817, + "all_pos": false + }, + "tegax": { + "name": "Mid Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.454363477068035, + "corr_port": 0.19116207790398057, + "rets": { + "2022 bear mkt": -0.29031389122165563, + "2023 rate shock": -0.13495778024636818, + "2024 vol spike": -0.09247552907783163, + "2025 tariff crash": -0.24932058850963013, + "2026 Q1 drawdown": -0.07515817906952416 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29031389122165563, + "max_ret": -0.07515817906952416, + "all_pos": false + }, + "temfx": { + "name": "Templeton Foreign Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.10140632502530547, + "corr_port": 0.3990984384394927, + "rets": { + "2022 bear mkt": -0.23473540309331253, + "2023 rate shock": -0.1148146804522644, + "2024 vol spike": -0.06611576052262924, + "2025 tariff crash": -0.1521997825800232, + "2026 Q1 drawdown": -0.09589041095890416 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23473540309331253, + "max_ret": -0.06611576052262924, + "all_pos": false + }, + "temgx": { + "name": "Templeton Global Smaller Companies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4846401574738293, + "corr_port": 0.33887596024747985, + "rets": { + "2022 bear mkt": -0.33992802430318814, + "2023 rate shock": -0.14770238782647604, + "2024 vol spike": -0.06567175160852012, + "2025 tariff crash": -0.19062504497251942, + "2026 Q1 drawdown": -0.1124260355029586 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33992802430318814, + "max_ret": -0.06567175160852012, + "all_pos": false + }, + "temix": { + "name": "FRANKLIN MUTUAL INTERNATIONAL VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6481296644997292, + "corr_port": 0.4002518463070662, + "rets": { + "2022 bear mkt": -0.17710474669107912, + "2023 rate shock": -0.0954762139045815, + "2024 vol spike": -0.06969461168819091, + "2025 tariff crash": -0.11804771062998054, + "2026 Q1 drawdown": -0.08370839581707801 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17710474669107912, + "max_ret": -0.06969461168819091, + "all_pos": false + }, + "temmx": { + "name": "Templeton Emerging Markets Small Cap Fund", + "verdict": "weak/unstable alpha", + "t5": 0.46424482596185634, + "corr_port": 0.30572138870935517, + "rets": { + "2022 bear mkt": -0.27408858267167413, + "2023 rate shock": -0.1030111095103966, + "2024 vol spike": -0.06091375562895618, + "2025 tariff crash": -0.10471975608893569, + "2026 Q1 drawdown": -0.07014157014157019 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27408858267167413, + "max_ret": -0.06091375562895618, + "all_pos": false + }, + "temux": { + "name": "Emerging Markets Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6513148204568083, + "corr_port": 0.2959677158429232, + "rets": { + "2022 bear mkt": -0.3038779392257044, + "2023 rate shock": -0.12146047585985553, + "2024 vol spike": -0.08108110520620193, + "2025 tariff crash": -0.14025249936604622, + "2026 Q1 drawdown": -0.08601036715079624 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3038779392257044, + "max_ret": -0.08108110520620193, + "all_pos": false + }, + "temwx": { + "name": "Templeton World Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8039321754569646, + "corr_port": 0.28443345631858785, + "rets": { + "2022 bear mkt": -0.3020353947563149, + "2023 rate shock": -0.11016953383532169, + "2024 vol spike": -0.06670496098026746, + "2025 tariff crash": -0.15942855927298627, + "2026 Q1 drawdown": -0.1282608152173912 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3020353947563149, + "max_ret": -0.06670496098026746, + "all_pos": false + }, + "tepax": { + "name": "American Funds Tax-Exempt Preservation Portfolio", + "verdict": "weak/unstable alpha", + "t5": -0.5905103162898044, + "corr_port": 0.018190050463802218, + "rets": { + "2022 bear mkt": -0.05888353353048581, + "2023 rate shock": -0.018037862451263487, + "2024 vol spike": 0.008253726371484804, + "2025 tariff crash": -0.009376387512198825, + "2026 Q1 drawdown": -0.0061485564645088475 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.05888353353048581, + "max_ret": 0.008253726371484804, + "all_pos": false + }, + "teplx": { + "name": "Templeton Growth Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.2713642023393974, + "corr_port": 0.3736562489361961, + "rets": { + "2022 bear mkt": -0.23396541598656984, + "2023 rate shock": -0.10887905353915894, + "2024 vol spike": -0.07337154954684766, + "2025 tariff crash": -0.1428571310059955, + "2026 Q1 drawdown": -0.11672355347179353 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23396541598656984, + "max_ret": -0.07337154954684766, + "all_pos": false + }, + "teqix": { + "name": "FRANKLIN MUTUAL QUEST FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3769901582594574, + "corr_port": 0.35896953202970655, + "rets": { + "2022 bear mkt": -0.16791063237192683, + "2023 rate shock": -0.06415663193152565, + "2024 vol spike": -0.04787953857207716, + "2025 tariff crash": -0.10714281206865861, + "2026 Q1 drawdown": -0.04371921182266003 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16791063237192683, + "max_ret": -0.04371921182266003, + "all_pos": false + }, + "tesix": { + "name": "FRANKLIN MUTUAL SHARES FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.14161931309174003, + "corr_port": 0.40843876205205004, + "rets": { + "2022 bear mkt": -0.19180660932676163, + "2023 rate shock": -0.09606274464562492, + "2024 vol spike": -0.05162017582476219, + "2025 tariff crash": -0.14164081590038813, + "2026 Q1 drawdown": -0.06834673278553904 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19180660932676163, + "max_ret": -0.05162017582476219, + "all_pos": false + }, + "tfcax": { + "name": "SIMT Tax-Free Conservative Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 6.67387933446532, + "corr_port": 0.04910903071653832, + "rets": { + "2022 bear mkt": 0.002906706295829675, + "2023 rate shock": 0.00562368843453287, + "2024 vol spike": 0.003408360583095238, + "2025 tariff crash": 0.00441437402220779, + "2026 Q1 drawdown": 0.0031073350503485475 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.002906706295829675, + "max_ret": 0.00562368843453287, + "all_pos": true + }, + "tfoax": { + "name": "Touchstone Focused Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6520009420340115, + "corr_port": 0.27267459755885776, + "rets": { + "2022 bear mkt": -0.23990013349768113, + "2023 rate shock": -0.10763709838100566, + "2024 vol spike": -0.054391557067156815, + "2025 tariff crash": -0.18064600513465323, + "2026 Q1 drawdown": -0.11239943607664826 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23990013349768113, + "max_ret": -0.054391557067156815, + "all_pos": false + }, + "tfscx": { + "name": "Foreign Smaller Companies Series", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.172021970665015, + "corr_port": 0.3552470610263158, + "rets": { + "2022 bear mkt": -0.3459819604332055, + "2023 rate shock": -0.12195594612649108, + "2024 vol spike": -0.06536291735597821, + "2025 tariff crash": -0.14663458961401676, + "2026 Q1 drawdown": -0.08054298642533941 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3459819604332055, + "max_ret": -0.06536291735597821, + "all_pos": false + }, + "tgfrx": { + "name": "TANAKA Growth Fund", + "verdict": "weak/unstable alpha", + "t5": 0.4617191740935512, + "corr_port": 0.16079718476127808, + "rets": { + "2022 bear mkt": -0.2574339817788982, + "2023 rate shock": -0.1332478321252889, + "2024 vol spike": -0.11616491139442064, + "2025 tariff crash": -0.17460653027305173, + "2026 Q1 drawdown": -0.1227564063219101 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2574339817788982, + "max_ret": -0.11616491139442064, + "all_pos": false + }, + "tggbx": { + "name": "TCW Global Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7920582747084447, + "corr_port": -0.006292855876287324, + "rets": { + "2022 bear mkt": -0.22029313020916186, + "2023 rate shock": -0.05221504343235717, + "2024 vol spike": 0.032883629391222025, + "2025 tariff crash": 0.015919198674276602, + "2026 Q1 drawdown": -0.029224144861603185 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.22029313020916186, + "max_ret": 0.032883629391222025, + "all_pos": false + }, + "tgpex": { + "name": "T. Rowe Price Global Impact Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3999971622198637, + "corr_port": -0.0010356133121334652, + "rets": { + "2022 bear mkt": -0.30446676314470467, + "2023 rate shock": -0.15736049477084302, + "2024 vol spike": -0.056137021452993596, + "2025 tariff crash": -0.1595546430842243, + "2026 Q1 drawdown": -0.1023489932885907 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30446676314470467, + "max_ret": -0.056137021452993596, + "all_pos": false + }, + "tgrnx": { + "name": "Nuveen Green Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7116859300842213, + "corr_port": -0.05616261698686053, + "rets": { + "2022 bear mkt": -0.14123499555263375, + "2023 rate shock": -0.027814832226409902, + "2024 vol spike": 0.01577556552291637, + "2025 tariff crash": 0.005160991371360835, + "2026 Q1 drawdown": -0.006154286659398767 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14123499555263375, + "max_ret": 0.01577556552291637, + "all_pos": false + }, + "tgtrx": { + "name": "Templeton Global Bond Enhanced Fund", + "verdict": "weak/unstable alpha", + "t5": 0.22899886205154804, + "corr_port": 0.17533529892107785, + "rets": { + "2022 bear mkt": -0.2084286343216415, + "2023 rate shock": -0.06687004673368036, + "2024 vol spike": 0.013503909153374627, + "2025 tariff crash": -0.024033234599592168, + "2026 Q1 drawdown": -0.05590023954581691 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.2084286343216415, + "max_ret": 0.013503909153374627, + "all_pos": false + }, + "tgvfx": { + "name": "Touchstone Dynamic Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1469107004173302, + "corr_port": 0.1800202215553992, + "rets": { + "2022 bear mkt": -0.29595012595142345, + "2023 rate shock": -0.09364465810674805, + "2024 vol spike": -0.09033054067327762, + "2025 tariff crash": -0.2217726765739112, + "2026 Q1 drawdown": -0.1259244278617715 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29595012595142345, + "max_ret": -0.09033054067327762, + "all_pos": false + }, + "thcgx": { + "name": "Thornburg Focus Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4857622425130415, + "corr_port": 0.11814944682682724, + "rets": { + "2022 bear mkt": -0.35459021425108495, + "2023 rate shock": -0.16177610038610035, + "2024 vol spike": -0.06760463512713222, + "2025 tariff crash": -0.25233046440596385, + "2026 Q1 drawdown": -0.11312075760639972 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35459021425108495, + "max_ret": -0.06760463512713222, + "all_pos": false + }, + "thyax": { + "name": "Touchstone High Yield Fund", + "verdict": "weak/unstable alpha", + "t5": -0.02555199056866782, + "corr_port": 0.320674482590304, + "rets": { + "2022 bear mkt": -0.14258302000668988, + "2023 rate shock": -0.015067877576304345, + "2024 vol spike": -0.004598373109268361, + "2025 tariff crash": -0.032628855644618704, + "2026 Q1 drawdown": -0.01231214153772986 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14258302000668988, + "max_ret": -0.004598373109268361, + "all_pos": false + }, + "tiagx": { + "name": "Timothy Plan Small/Mid Cap Growth Fund", + "verdict": "weak/unstable alpha", + "t5": 0.22162144275150283, + "corr_port": 0.1800611481886855, + "rets": { + "2022 bear mkt": -0.29632658820173063, + "2023 rate shock": -0.1505969108488967, + "2024 vol spike": -0.06245237554020511, + "2025 tariff crash": -0.2237871637843084, + "2026 Q1 drawdown": -0.03768844221105527 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29632658820173063, + "max_ret": -0.03768844221105527, + "all_pos": false + }, + "tibdx": { + "name": "Nuveen Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8640076120153619, + "corr_port": -0.04336856780608212, + "rets": { + "2022 bear mkt": -0.14962834543677594, + "2023 rate shock": -0.042486991162870025, + "2024 vol spike": 0.020076587726055584, + "2025 tariff crash": 0.00513211450647133, + "2026 Q1 drawdown": -0.0068855573567426775 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14962834543677594, + "max_ret": 0.020076587726055584, + "all_pos": false + }, + "tibfx": { + "name": "Nuveen Core Plus Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1809584090247767, + "corr_port": -0.010280208636048872, + "rets": { + "2022 bear mkt": -0.1511736788954603, + "2023 rate shock": -0.0407296176849018, + "2024 vol spike": 0.019252084121641033, + "2025 tariff crash": 0.005438628639343301, + "2026 Q1 drawdown": -0.007420734446047184 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1511736788954603, + "max_ret": 0.019252084121641033, + "all_pos": false + }, + "tibnx": { + "name": "Nuveen International Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3196637301267803, + "corr_port": 0.02307543932768409, + "rets": { + "2022 bear mkt": -0.13816902825842292, + "2023 rate shock": -0.01616908792859395, + "2024 vol spike": 0.01048981600737342, + "2025 tariff crash": -0.0011534739137163408, + "2026 Q1 drawdown": -0.012543111784702243 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13816902825842292, + "max_ret": 0.01048981600737342, + "all_pos": false + }, + "ticix": { + "name": "Timothy Plan Israel Common Values Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5902255525178538, + "corr_port": 0.20518213328979942, + "rets": { + "2022 bear mkt": -0.24228769518523952, + "2023 rate shock": -0.23921205037112414, + "2024 vol spike": -0.1152466294365454, + "2025 tariff crash": -0.12667393636166813, + "2026 Q1 drawdown": -0.05616692013220814 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24228769518523952, + "max_ret": -0.05616692013220814, + "all_pos": false + }, + "tigix": { + "name": "Timothy Plan Growth & Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6806277851193054, + "corr_port": 0.3667809432258915, + "rets": { + "2022 bear mkt": -0.13486302841862874, + "2023 rate shock": -0.06668755034094076, + "2024 vol spike": -0.012059289472818535, + "2025 tariff crash": -0.06435572105221965, + "2026 Q1 drawdown": 0.006668166284812926 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13486302841862874, + "max_ret": 0.006668166284812926, + "all_pos": false + }, + "tihyx": { + "name": "Nuveen High Yield Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5866068372937635, + "corr_port": 0.31299117388435915, + "rets": { + "2022 bear mkt": -0.1319299180729947, + "2023 rate shock": -0.027538576695512407, + "2024 vol spike": -0.003671313285270039, + "2025 tariff crash": -0.0345204204553371, + "2026 Q1 drawdown": -0.014065611983342441 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1319299180729947, + "max_ret": -0.003671313285270039, + "all_pos": false + }, + "tiilx": { + "name": "Nuveen Inflation Linked Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.5581912291704827, + "corr_port": -0.04128237922594017, + "rets": { + "2022 bear mkt": -0.07712147190046448, + "2023 rate shock": -0.008845153699385544, + "2024 vol spike": 0.009496770116030229, + "2025 tariff crash": 0.015788391972609173, + "2026 Q1 drawdown": 0.0015766427732828436 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.07712147190046448, + "max_ret": 0.015788391972609173, + "all_pos": false + }, + "tilcx": { + "name": "T. Rowe Price Large-Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7139132106461206, + "corr_port": 0.4042023819321801, + "rets": { + "2022 bear mkt": -0.16625480613299992, + "2023 rate shock": -0.10089767514768588, + "2024 vol spike": -0.04908216306871238, + "2025 tariff crash": -0.14052281646030917, + "2026 Q1 drawdown": -0.03730100430423278 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16625480613299992, + "max_ret": -0.03730100430423278, + "all_pos": false + }, + "tipx": { + "name": "State Street(R) SPDR(R) Bloomberg 1-10 Year TIPS ETF", + "verdict": "weak/unstable alpha", + "t5": 1.19762711473857, + "corr_port": -0.006429401727302882, + "rets": { + "2022 bear mkt": -0.08086667737368902, + "2023 rate shock": -0.007385181237049121, + "2024 vol spike": 0.009484910916329081, + "2025 tariff crash": 0.016624680342583575, + "2026 Q1 drawdown": 0.0005687194550259012 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.08086667737368902, + "max_ret": 0.016624680342583575, + "all_pos": false + }, + "tiqix": { + "name": "Touchstone Non-US Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.40234520814625546, + "corr_port": 0.3407998897004793, + "rets": { + "2022 bear mkt": -0.29816511472724616, + "2023 rate shock": -0.1131510398091049, + "2024 vol spike": -0.06634909235891562, + "2025 tariff crash": -0.133753468445714, + "2026 Q1 drawdown": -0.10173913043478267 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.29816511472724616, + "max_ret": -0.06634909235891562, + "all_pos": false + }, + "tirex": { + "name": "Nuveen Real Estate Securities Select Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.02048939042945083, + "corr_port": 0.22950083016247208, + "rets": { + "2022 bear mkt": -0.34018433050912467, + "2023 rate shock": -0.14283480891124445, + "2024 vol spike": -0.010608640995202423, + "2025 tariff crash": -0.1371651903900194, + "2026 Q1 drawdown": 0.0032491767115181425 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.34018433050912467, + "max_ret": 0.0032491767115181425, + "all_pos": false + }, + "tisix": { + "name": "Nuveen Short Term Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.971462640166521, + "corr_port": 0.007121416958294401, + "rets": { + "2022 bear mkt": -0.03884091745593288, + "2023 rate shock": 0.0024533819565648596, + "2024 vol spike": 0.011684402893628043, + "2025 tariff crash": 0.011134825825081185, + "2026 Q1 drawdown": 7.964029501650316e-05 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.03884091745593288, + "max_ret": 0.011684402893628043, + "all_pos": false + }, + "tixrx": { + "name": "Nuveen 5-15 Year Laddered Tax Exempt Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.2610791221091159, + "corr_port": 0.03944421174667722, + "rets": { + "2022 bear mkt": -0.11824029160498362, + "2023 rate shock": -0.04364277679243689, + "2024 vol spike": 0.012608688365123744, + "2025 tariff crash": -0.027882634807334217, + "2026 Q1 drawdown": -0.01626982764452023 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11824029160498362, + "max_ret": 0.012608688365123744, + "all_pos": false + }, + "tlbdx": { + "name": "Nuveen Life Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.11048848183816641, + "corr_port": -0.043818996075680405, + "rets": { + "2022 bear mkt": -0.17428574137412534, + "2023 rate shock": -0.03778714992768262, + "2024 vol spike": 0.019292731050071676, + "2025 tariff crash": 0.0032787972818948408, + "2026 Q1 drawdown": -0.005359056806002238 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.17428574137412534, + "max_ret": 0.019292731050071676, + "all_pos": false + }, + "tlchx": { + "name": "Nuveen Life Large Cap Responsible Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.8884769447178457, + "corr_port": 0.25990003486132357, + "rets": { + "2022 bear mkt": -0.36187969693914945, + "2023 rate shock": -0.10329332051127993, + "2024 vol spike": -0.07431482243674703, + "2025 tariff crash": -0.1678192831399884, + "2026 Q1 drawdown": -0.08298941233330648 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36187969693914945, + "max_ret": -0.07431482243674703, + "all_pos": false + }, + "tldtx": { + "name": "T. Rowe Price U.S. Limited Duration TIPS Index Fund", + "verdict": "weak/unstable alpha", + "t5": 1.320147912799162, + "corr_port": 0.027216011407627073, + "rets": { + "2022 bear mkt": -0.055718169303689, + "2023 rate shock": 0.00434298003370559, + "2024 vol spike": 0.006465324748326617, + "2025 tariff crash": 0.019279052267701546, + "2026 Q1 drawdown": 0.0034814720137221755 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.055718169303689, + "max_ret": 0.019279052267701546, + "all_pos": false + }, + "tleqx": { + "name": "Nuveen Life Small Cap Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.019916370826630683, + "corr_port": 0.2653844323587489, + "rets": { + "2022 bear mkt": -0.36312221178920845, + "2023 rate shock": -0.16057514237557613, + "2024 vol spike": -0.08642763443407364, + "2025 tariff crash": -0.22062500907277227, + "2026 Q1 drawdown": -0.07692307692307687 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36312221178920845, + "max_ret": -0.07692307692307687, + "all_pos": false + }, + "tlgqx": { + "name": "Nuveen Life Growth Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.7657494282331627, + "corr_port": 0.10384148549279063, + "rets": { + "2022 bear mkt": -0.4312499272723762, + "2023 rate shock": -0.10158126402064627, + "2024 vol spike": -0.09467169835073252, + "2025 tariff crash": -0.22472390606276615, + "2026 Q1 drawdown": -0.11539957115009747 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4312499272723762, + "max_ret": -0.09467169835073252, + "all_pos": false + }, + "tlgwx": { + "name": "Nuveen Life Core Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.1710751884683765, + "corr_port": 0.2430914031430581, + "rets": { + "2022 bear mkt": -0.36645015423280625, + "2023 rate shock": -0.0874145630221207, + "2024 vol spike": -0.0706521231920404, + "2025 tariff crash": -0.19497398740048033, + "2026 Q1 drawdown": -0.10776044823771391 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.36645015423280625, + "max_ret": -0.0706521231920404, + "all_pos": false + }, + "tlinx": { + "name": "Nuveen Life International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8038464038380451, + "corr_port": 0.3539921991152976, + "rets": { + "2022 bear mkt": -0.32485328798716573, + "2023 rate shock": -0.09660362512359155, + "2024 vol spike": -0.07767002647118704, + "2025 tariff crash": -0.13769527851505303, + "2026 Q1 drawdown": -0.10522273425499229 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32485328798716573, + "max_ret": -0.07767002647118704, + "all_pos": false + }, + "tllvx": { + "name": "Nuveen Life Large Cap Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.348027278934356, + "corr_port": 0.38124394624928964, + "rets": { + "2022 bear mkt": -0.23886018042696733, + "2023 rate shock": -0.10166055909677962, + "2024 vol spike": -0.04983230285331908, + "2025 tariff crash": -0.14299518661244548, + "2026 Q1 drawdown": -0.053206002728512836 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23886018042696733, + "max_ret": -0.04983230285331908, + "all_pos": false + }, + "tlrsx": { + "name": "Nuveen Life Real Estate Securities Select Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0062017001835746, + "corr_port": 0.20292871672635387, + "rets": { + "2022 bear mkt": -0.4181817904998031, + "2023 rate shock": -0.14290871569373342, + "2024 vol spike": -0.010660949727651081, + "2025 tariff crash": -0.13819444755408705, + "2026 Q1 drawdown": 0.003668378576669129 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.4181817904998031, + "max_ret": 0.003668378576669129, + "all_pos": false + }, + "tlstx": { + "name": "Nuveen Life Stock Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.22489951037951747, + "corr_port": 0.23957837233438792, + "rets": { + "2022 bear mkt": -0.2783305218246721, + "2023 rate shock": -0.10475346056615087, + "2024 vol spike": -0.07241296277511344, + "2025 tariff crash": -0.18874851983119234, + "2026 Q1 drawdown": -0.08633631918799389 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2783305218246721, + "max_ret": -0.07241296277511344, + "all_pos": false + }, + "tmarx": { + "name": "Touchstone Ares Credit Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 1.8568457669417275, + "corr_port": 0.3027543651853113, + "rets": { + "2022 bear mkt": -0.10829201928179677, + "2023 rate shock": -0.019319028875566358, + "2024 vol spike": -0.004682068985410459, + "2025 tariff crash": -0.03612770485156669, + "2026 Q1 drawdown": -0.01665389703767617 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.10829201928179677, + "max_ret": -0.004682068985410459, + "all_pos": false + }, + "tmcpx": { + "name": "TOUCHSTONE MID CAP FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6931031516449628, + "corr_port": 0.2976946409215874, + "rets": { + "2022 bear mkt": -0.19476871779061888, + "2023 rate shock": -0.12240777609336428, + "2024 vol spike": -0.049151058953575966, + "2025 tariff crash": -0.15820624546380913, + "2026 Q1 drawdown": -0.09974120621671778 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19476871779061888, + "max_ret": -0.049151058953575966, + "all_pos": false + }, + "tmfcx": { + "name": "Touchstone Mid Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6953657720888093, + "corr_port": 0.37987062403937333, + "rets": { + "2022 bear mkt": -0.16978723587445654, + "2023 rate shock": -0.12781240398149785, + "2024 vol spike": -0.05528088534330933, + "2025 tariff crash": -0.14732960760185942, + "2026 Q1 drawdown": -0.0004257130693910982 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16978723587445654, + "max_ret": -0.0004257130693910982, + "all_pos": false + }, + "tmlcx": { + "name": "SIMT TAX-MANAGED LARGE CAP FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7468696655305765, + "corr_port": 0.33370898890783685, + "rets": { + "2022 bear mkt": -0.22352041701662606, + "2023 rate shock": -0.1013831338100406, + "2024 vol spike": -0.06074292139611981, + "2025 tariff crash": -0.15870427165604262, + "2026 Q1 drawdown": -0.07194256089373907 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22352041701662606, + "max_ret": -0.06074292139611981, + "all_pos": false + }, + "tmmax": { + "name": "SIMT Tax-Managed Managed Volatility Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9325264440046499, + "corr_port": 0.36035076159362317, + "rets": { + "2022 bear mkt": -0.11697992719149508, + "2023 rate shock": -0.05039958032605352, + "2024 vol spike": -0.025490431522877555, + "2025 tariff crash": -0.0782038180429181, + "2026 Q1 drawdown": -0.020156060856744373 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.11697992719149508, + "max_ret": -0.020156060856744373, + "all_pos": false + }, + "tmvix": { + "name": "Timothy Plan Large/Mid Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6495505888258627, + "corr_port": 0.31243241681877615, + "rets": { + "2022 bear mkt": -0.20134238209761857, + "2023 rate shock": -0.11701644389413524, + "2024 vol spike": -0.030696578100138927, + "2025 tariff crash": -0.14369497779281204, + "2026 Q1 drawdown": -0.04508715440238198 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20134238209761857, + "max_ret": -0.030696578100138927, + "all_pos": false + }, + "tnbix": { + "name": "1290 SmartBeta Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.49387446948171415, + "corr_port": 0.33473219274093285, + "rets": { + "2022 bear mkt": -0.22855462043312857, + "2023 rate shock": -0.08736063222646917, + "2024 vol spike": -0.050106534504824385, + "2025 tariff crash": -0.11931827931692818, + "2026 Q1 drawdown": -0.054987788563882534 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22855462043312857, + "max_ret": -0.050106534504824385, + "all_pos": false + }, + "tnhax": { + "name": "1290 High Yield Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9701098315741103, + "corr_port": 0.2958297036916569, + "rets": { + "2022 bear mkt": -0.12648740513904821, + "2023 rate shock": -0.022421526658537694, + "2024 vol spike": -0.002756850264667543, + "2025 tariff crash": -0.02766558272225772, + "2026 Q1 drawdown": -0.01583946708829853 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12648740513904821, + "max_ret": -0.002756850264667543, + "all_pos": false + }, + "tnibx": { + "name": "T. Rowe Price International Bond Fund (USD Hedged)", + "verdict": "weak/unstable alpha", + "t5": 0.16194230998861409, + "corr_port": -0.030490805905260605, + "rets": { + "2022 bear mkt": -0.13304106735025645, + "2023 rate shock": -0.013286049634416819, + "2024 vol spike": 0.012110931372698142, + "2025 tariff crash": 0.002474275574831486, + "2026 Q1 drawdown": -0.01372206273733878 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13304106735025645, + "max_ret": 0.012110931372698142, + "all_pos": false + }, + "tnmax": { + "name": "1290 Multi-Alternative Strategies Fund", + "verdict": "weak/unstable alpha", + "t5": -1.599318726816767, + "corr_port": 0.24045439049591852, + "rets": { + "2022 bear mkt": -0.1223458594595741, + "2023 rate shock": -0.040133896432745786, + "2024 vol spike": -0.03739318938528302, + "2025 tariff crash": -0.0717948230071288, + "2026 Q1 drawdown": -0.021621621621621623 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1223458594595741, + "max_ret": -0.021621621621621623, + "all_pos": false + }, + "tnshx": { + "name": "Nuveen Short Term Bond Index Fund", + "verdict": "weak/unstable alpha", + "t5": -1.4604468879132155, + "corr_port": -0.10127732887790011, + "rets": { + "2022 bear mkt": -0.04564460133345305, + "2023 rate shock": 0.004987386388983106, + "2024 vol spike": 0.012128941857939113, + "2025 tariff crash": 0.013476853443810777, + "2026 Q1 drawdown": 0.0002977910870916034 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.04564460133345305, + "max_ret": 0.013476853443810777, + "all_pos": false + }, + "tnuax": { + "name": "1290 Diversified Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.10043392229097409, + "corr_port": 0.057081448626015774, + "rets": { + "2022 bear mkt": -0.17987897034925104, + "2023 rate shock": -0.09485683525373556, + "2024 vol spike": 0.03542263779097432, + "2025 tariff crash": -0.0008741304931380034, + "2026 Q1 drawdown": -0.02375282601448614 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.17987897034925104, + "max_ret": 0.03542263779097432, + "all_pos": false + }, + "tnvax": { + "name": "1290 GAMCO Small/Mid Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9303992628405936, + "corr_port": 0.3340503279585454, + "rets": { + "2022 bear mkt": -0.22727257126162714, + "2023 rate shock": -0.14020377831247377, + "2024 vol spike": -0.07504174911121098, + "2025 tariff crash": -0.18390806240638835, + "2026 Q1 drawdown": -0.027555061500754596 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22727257126162714, + "max_ret": -0.027555061500754596, + "all_pos": false + }, + "tnxax": { + "name": "1290 Loomis Sayles Multi-Asset Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3020021935073658, + "corr_port": 0.25219895347897514, + "rets": { + "2022 bear mkt": -0.15074514462601274, + "2023 rate shock": -0.046459489713540525, + "2024 vol spike": -0.012688634324324544, + "2025 tariff crash": -0.061273827157367955, + "2026 Q1 drawdown": -0.03475201471758138 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15074514462601274, + "max_ret": -0.012688634324324544, + "all_pos": false + }, + "tnxix": { + "name": "1290 Avantis U.S. Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.627872518765756, + "corr_port": 0.26613514353586765, + "rets": { + "2022 bear mkt": -0.22164276011153017, + "2023 rate shock": -0.09377236725859972, + "2024 vol spike": -0.08536578857357824, + "2025 tariff crash": -0.21659700085912603, + "2026 Q1 drawdown": -0.11418043803777356 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22164276011153017, + "max_ret": -0.08536578857357824, + "all_pos": false + }, + "tobax": { + "name": "Touchstone Active Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3383540738917819, + "corr_port": -0.056222711394749054, + "rets": { + "2022 bear mkt": -0.16113632473399564, + "2023 rate shock": -0.038771200070582656, + "2024 vol spike": 0.020062994495597453, + "2025 tariff crash": 0.005109314954768518, + "2026 Q1 drawdown": -0.009619211120448834 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16113632473399564, + "max_ret": 0.020062994495597453, + "all_pos": false + }, + "tohax": { + "name": "Touchstone Core Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.12617208093564694, + "corr_port": 0.023993278218285938, + "rets": { + "2022 bear mkt": -0.1104288739619973, + "2023 rate shock": -0.04692582159547909, + "2024 vol spike": 0.013503551375000367, + "2025 tariff crash": -0.021538220574208178, + "2026 Q1 drawdown": -0.011720546787756803 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1104288739619973, + "max_ret": 0.013503551375000367, + "all_pos": false + }, + "tollx": { + "name": "DWS RREEF Global Infrastructure Fund", + "verdict": "weak/unstable alpha", + "t5": -0.1497164555623005, + "corr_port": 0.3221941272851716, + "rets": { + "2022 bear mkt": -0.18967077691614764, + "2023 rate shock": -0.11011284692472934, + "2024 vol spike": -0.004554382286768299, + "2025 tariff crash": -0.020048178266657724, + "2026 Q1 drawdown": 0.045623664570626055 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.18967077691614764, + "max_ret": 0.045623664570626055, + "all_pos": false + }, + "tortx": { + "name": "Tortoise Energy Infrastructure Total Return Fund", + "verdict": "weak/unstable alpha", + "t5": 1.723798871226977, + "corr_port": 0.31465409468814814, + "rets": { + "2022 bear mkt": 0.11011621343704148, + "2023 rate shock": -0.012906967029918115, + "2024 vol spike": -0.037394496325916626, + "2025 tariff crash": -0.12898995578605454, + "2026 Q1 drawdown": 0.13867970933929485 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12898995578605454, + "max_ret": 0.13867970933929485, + "all_pos": false + }, + "tpdix": { + "name": "Timothy Plan Defensive Strategies Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3000700082642354, + "corr_port": 0.2665273578608807, + "rets": { + "2022 bear mkt": -0.1137808243715841, + "2023 rate shock": -0.030596921352185502, + "2024 vol spike": -0.016925269485219552, + "2025 tariff crash": -0.04488948180065344, + "2026 Q1 drawdown": -0.03641166034766963 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1137808243715841, + "max_ret": -0.016925269485219552, + "all_pos": false + }, + "tpfix": { + "name": "Timothy Plan Fixed Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.19471159124578566, + "corr_port": -0.13888873413936428, + "rets": { + "2022 bear mkt": -0.1294860985951629, + "2023 rate shock": -0.043299026241038985, + "2024 vol spike": 0.021064065777334218, + "2025 tariff crash": 0.008949611213038056, + "2026 Q1 drawdown": -0.005170906268718967 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1294860985951629, + "max_ret": 0.021064065777334218, + "all_pos": false + }, + "tphix": { + "name": "Timothy Plan High Yield Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 1.1664481876656019, + "corr_port": 0.3195654863368166, + "rets": { + "2022 bear mkt": -0.14990609668427324, + "2023 rate shock": -0.030846702221629996, + "2024 vol spike": -0.0022393835813967478, + "2025 tariff crash": -0.03215548815683145, + "2026 Q1 drawdown": -0.01646291882734907 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14990609668427324, + "max_ret": -0.0022393835813967478, + "all_pos": false + }, + "tpiix": { + "name": "Timothy Plan International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7253140073091687, + "corr_port": 0.3486736982037281, + "rets": { + "2022 bear mkt": -0.2984615721421595, + "2023 rate shock": -0.11195933745716513, + "2024 vol spike": -0.07663135148226674, + "2025 tariff crash": -0.13066071409350888, + "2026 Q1 drawdown": -0.08545994065281903 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2984615721421595, + "max_ret": -0.07663135148226674, + "all_pos": false + }, + "tpinx": { + "name": "Templeton Global Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.04853255583887242, + "corr_port": 0.13685293887770406, + "rets": { + "2022 bear mkt": -0.13001922294474078, + "2023 rate shock": -0.08435497036379691, + "2024 vol spike": 0.025600645855246462, + "2025 tariff crash": -0.009306329865239493, + "2026 Q1 drawdown": -0.0518258606418498 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13001922294474078, + "max_ret": 0.025600645855246462, + "all_pos": false + }, + "tplgx": { + "name": "T. Rowe Price Institutional Large-Cap Core Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.607428860786856, + "corr_port": 0.1305940109278208, + "rets": { + "2022 bear mkt": -0.3781608468748481, + "2023 rate shock": -0.08044973719801207, + "2024 vol spike": -0.08619303122819122, + "2025 tariff crash": -0.21746666770041423, + "2026 Q1 drawdown": -0.13411159265693595 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3781608468748481, + "max_ret": -0.08044973719801207, + "all_pos": false + }, + "tplix": { + "name": "Timothy Plan Large/Mid Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3898086675999111, + "corr_port": 0.23073911702831057, + "rets": { + "2022 bear mkt": -0.2707874344298339, + "2023 rate shock": -0.11693908517893903, + "2024 vol spike": -0.06170045145863057, + "2025 tariff crash": -0.18731787245753373, + "2026 Q1 drawdown": -0.06869125090383221 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2707874344298339, + "max_ret": -0.06170045145863057, + "all_pos": false + }, + "tpvix": { + "name": "Timothy Plan Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.0662103074597405, + "corr_port": 0.327551138338135, + "rets": { + "2022 bear mkt": -0.23055557232235835, + "2023 rate shock": -0.12363065032088738, + "2024 vol spike": -0.0737744760968484, + "2025 tariff crash": -0.19042717447246515, + "2026 Q1 drawdown": -0.043788087769250916 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23055557232235835, + "max_ret": -0.043788087769250916, + "all_pos": false + }, + "tpyax": { + "name": "TOUCHSTONE SANDS CAPITAL INTERNATIONAL GROWTH EQUITY FUND", + "verdict": "weak/unstable alpha", + "t5": -1.759826657290623, + "corr_port": 0.30223032176668474, + "rets": { + "2022 bear mkt": -0.33707865467380116, + "2023 rate shock": -0.16835429932259893, + "2024 vol spike": -0.07050535164197902, + "2025 tariff crash": -0.16930022573363435, + "2026 Q1 drawdown": -0.1662763466042153 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33707865467380116, + "max_ret": -0.07050535164197902, + "all_pos": false + }, + "tqccx": { + "name": "Touchstone Dividend Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.36014902769043217, + "corr_port": 0.3641196313451587, + "rets": { + "2022 bear mkt": -0.19087553641806876, + "2023 rate shock": -0.11394511995068335, + "2024 vol spike": -0.04769651890599136, + "2025 tariff crash": -0.1591906399961649, + "2026 Q1 drawdown": -0.0541750766551391 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19087553641806876, + "max_ret": -0.04769651890599136, + "all_pos": false + }, + "tqgex": { + "name": "T. Rowe Price Integrated Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.33803733133314856, + "corr_port": 0.3060388732998692, + "rets": { + "2022 bear mkt": -0.2524726094140458, + "2023 rate shock": -0.0855091269043341, + "2024 vol spike": -0.06607433086550318, + "2025 tariff crash": -0.1577837066891452, + "2026 Q1 drawdown": -0.08001812477314074 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2524726094140458, + "max_ret": -0.06607433086550318, + "all_pos": false + }, + "tqmvx": { + "name": "T. Rowe Price Integrated U.S. Large-Cap Value Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.794566777383293, + "corr_port": 0.42737758258647374, + "rets": { + "2022 bear mkt": -0.15838140103722775, + "2023 rate shock": -0.0931639512864767, + "2024 vol spike": -0.04989036214359632, + "2025 tariff crash": -0.13852103173216024, + "2026 Q1 drawdown": -0.0465473169589421 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15838140103722775, + "max_ret": -0.0465473169589421, + "all_pos": false + }, + "tqpix": { + "name": "Touchstone Strategic Income Fund", + "verdict": "weak/unstable alpha", + "t5": 1.4350072998081087, + "corr_port": 0.015213580149402436, + "rets": { + "2022 bear mkt": -0.14986373343091364, + "2023 rate shock": -0.029034913067917945, + "2024 vol spike": 0.01334187550556698, + "2025 tariff crash": -0.0044795102942591924, + "2026 Q1 drawdown": -0.0073355724284496215 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14986373343091364, + "max_ret": 0.01334187550556698, + "all_pos": false + }, + "tqsmx": { + "name": "T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8765380372414834, + "corr_port": 0.3124192629490617, + "rets": { + "2022 bear mkt": -0.1987925415865135, + "2023 rate shock": -0.13099359886350503, + "2024 vol spike": -0.0660136044274644, + "2025 tariff crash": -0.20187392700972118, + "2026 Q1 drawdown": -0.07772795216741413 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20187392700972118, + "max_ret": -0.0660136044274644, + "all_pos": false + }, + "tramx": { + "name": "T. Rowe Price Africa & Middle East Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3952940662165825, + "corr_port": 0.31166436668125347, + "rets": { + "2022 bear mkt": -0.06710748442397085, + "2023 rate shock": -0.12837200106660063, + "2024 vol spike": -0.03432700065262406, + "2025 tariff crash": -0.08775146934939848, + "2026 Q1 drawdown": -0.10344827586206906 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12837200106660063, + "max_ret": -0.03432700065262406, + "all_pos": false + }, + "trarx": { + "name": "T. Rowe Price Target 2005 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.594525588843749, + "corr_port": 0.05644415966548862, + "rets": { + "2022 bear mkt": -0.16041475358303237, + "2023 rate shock": -0.046468432468014687, + "2024 vol spike": -0.014847180124837212, + "2025 tariff crash": -0.051438466023126406, + "2026 Q1 drawdown": -0.0311973018549746 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16041475358303237, + "max_ret": -0.014847180124837212, + "all_pos": false + }, + "trbcx": { + "name": "T. Rowe Price Blue Chip Growth Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.64607336751965, + "corr_port": 0.1307505750476654, + "rets": { + "2022 bear mkt": -0.37951259559528483, + "2023 rate shock": -0.08097587399845341, + "2024 vol spike": -0.08663579690790657, + "2025 tariff crash": -0.2185077640089812, + "2026 Q1 drawdown": -0.13503106696251999 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37951259559528483, + "max_ret": -0.08097587399845341, + "all_pos": false + }, + "trbfx": { + "name": "T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": 1.1113755889567585, + "corr_port": 0.03156612282076349, + "rets": { + "2022 bear mkt": -0.057142614088879884, + "2023 rate shock": 0.002118595062827744, + "2024 vol spike": 0.006289525845708521, + "2025 tariff crash": 0.016963785472324355, + "2026 Q1 drawdown": 0.0018998506971854567 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.057142614088879884, + "max_ret": 0.016963785472324355, + "all_pos": false + }, + "trblx": { + "name": "T. Rowe Price Retirement Blend 2040 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1004978501191671, + "corr_port": 0.12432114863218756, + "rets": { + "2022 bear mkt": -0.249754292073042, + "2023 rate shock": -0.09968183214105075, + "2024 vol spike": -0.058659262384066935, + "2025 tariff crash": -0.14311112688947847, + "2026 Q1 drawdown": -0.07198142414860675 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.249754292073042, + "max_ret": -0.058659262384066935, + "all_pos": false + }, + "trbnx": { + "name": "T. Rowe Price Retirement Blend 2060 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2231920400228373, + "corr_port": 0.13208646449908376, + "rets": { + "2022 bear mkt": -0.25762047407434385, + "2023 rate shock": -0.10465111341978728, + "2024 vol spike": -0.0667274389368544, + "2025 tariff crash": -0.15944548748034815, + "2026 Q1 drawdown": -0.0803571428571429 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25762047407434385, + "max_ret": -0.0667274389368544, + "all_pos": false + }, + "trbox": { + "name": "T. Rowe Price Retirement Blend 2055 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2261183720873785, + "corr_port": 0.1323807561826688, + "rets": { + "2022 bear mkt": -0.25711473476170865, + "2023 rate shock": -0.10432029777325913, + "2024 vol spike": -0.06648447621318854, + "2025 tariff crash": -0.15975825821619194, + "2026 Q1 drawdown": -0.08080059303187548 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25711473476170865, + "max_ret": -0.06648447621318854, + "all_pos": false + }, + "trbpx": { + "name": "T. Rowe Price Retirement Blend 2065 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1666627216505825, + "corr_port": 0.13268252999816066, + "rets": { + "2022 bear mkt": -0.2573674577625411, + "2023 rate shock": -0.10504203551347535, + "2024 vol spike": -0.06715071039903975, + "2025 tariff crash": -0.1594827982746968, + "2026 Q1 drawdown": -0.08086053412462901 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2573674577625411, + "max_ret": -0.06715071039903975, + "all_pos": false + }, + "trbqx": { + "name": "T. Rowe Price Retirement Blend 2045 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9771375430982103, + "corr_port": 0.13114396734773132, + "rets": { + "2022 bear mkt": -0.25442044034082767, + "2023 rate shock": -0.10337547195755126, + "2024 vol spike": -0.06422022032434105, + "2025 tariff crash": -0.1551874877529844, + "2026 Q1 drawdown": -0.0781954887218046 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25442044034082767, + "max_ret": -0.06422022032434105, + "all_pos": false + }, + "trbsx": { + "name": "T. Rowe Price Retirement Blend 2050 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2068036194297929, + "corr_port": 0.1308819039755111, + "rets": { + "2022 bear mkt": -0.25613349556811715, + "2023 rate shock": -0.10421040331196585, + "2024 vol spike": -0.06648438590158179, + "2025 tariff crash": -0.1581675873686973, + "2026 Q1 drawdown": -0.08017817371937641 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25613349556811715, + "max_ret": -0.06648438590158179, + "all_pos": false + }, + "trbux": { + "name": "T. Rowe Price Ultra Short-Term Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.2536584465123017, + "corr_port": 0.07427905760334669, + "rets": { + "2022 bear mkt": -0.016094181702889454, + "2023 rate shock": 0.01134480391938042, + "2024 vol spike": 0.006364082871161081, + "2025 tariff crash": 0.005749318317739949, + "2026 Q1 drawdown": 0.003153078548306487 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.016094181702889454, + "max_ret": 0.01134480391938042, + "all_pos": false + }, + "trdfx": { + "name": "Steward Values Enhanced Small-Mid Cap Fund", + "verdict": "weak/unstable alpha", + "t5": 0.0680750473827925, + "corr_port": 0.28837206601486226, + "rets": { + "2022 bear mkt": -0.21588836482117946, + "2023 rate shock": -0.14698595322357877, + "2024 vol spike": -0.06941257738433759, + "2025 tariff crash": -0.20365948419073032, + "2026 Q1 drawdown": -0.05102040816326536 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21588836482117946, + "max_ret": -0.05102040816326536, + "all_pos": false + }, + "tremx": { + "name": "T. Rowe Price Emerging Europe Fund", + "verdict": "weak/unstable alpha", + "t5": -0.28925484943092483, + "corr_port": 0.2362461861483492, + "rets": { + "2022 bear mkt": -0.8735012494932753, + "2023 rate shock": -0.053846015811036874, + "2024 vol spike": -0.09375025804832526, + "2025 tariff crash": -0.10937513369517793, + "2026 Q1 drawdown": -0.14203233256351044 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.8735012494932753, + "max_ret": -0.053846015811036874, + "all_pos": false + }, + "trffx": { + "name": "T. Rowe Price Target 2055 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2550234278440533, + "corr_port": 0.2981205764796205, + "rets": { + "2022 bear mkt": -0.2603710699121886, + "2023 rate shock": -0.09901600971300129, + "2024 vol spike": -0.06350933693192762, + "2025 tariff crash": -0.15160954596416776, + "2026 Q1 drawdown": -0.0784857340720222 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2603710699121886, + "max_ret": -0.06350933693192762, + "all_pos": false + }, + "trfox": { + "name": "T. Rowe Price Target 2050 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9594127679495172, + "corr_port": 0.2964354168647663, + "rets": { + "2022 bear mkt": -0.25703243882498417, + "2023 rate shock": -0.09737838698239076, + "2024 vol spike": -0.060406414585535306, + "2025 tariff crash": -0.1462766390276734, + "2026 Q1 drawdown": -0.07509514852209376 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25703243882498417, + "max_ret": -0.060406414585535306, + "all_pos": false + }, + "trgrx": { + "name": "T. Rowe Price Global Real Estate Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8113436986791285, + "corr_port": 0.3017466432737209, + "rets": { + "2022 bear mkt": -0.32720512311915106, + "2023 rate shock": -0.1368566637292622, + "2024 vol spike": -0.026376151623888733, + "2025 tariff crash": -0.1304340666028626, + "2026 Q1 drawdown": -0.04071592564109061 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32720512311915106, + "max_ret": -0.026376151623888733, + "all_pos": false + }, + "trhrx": { + "name": "T. Rowe Price Target 2040 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8233169367423578, + "corr_port": 0.29687643803098435, + "rets": { + "2022 bear mkt": -0.23767084501230729, + "2023 rate shock": -0.08553968961320069, + "2024 vol spike": -0.046837021292228, + "2025 tariff crash": -0.11852294499784322, + "2026 Q1 drawdown": -0.0616062156215621 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23767084501230729, + "max_ret": -0.046837021292228, + "all_pos": false + }, + "trhyx": { + "name": "T. Rowe Price Institutional High Yield Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.777177236068487, + "corr_port": 0.2935555395326901, + "rets": { + "2022 bear mkt": -0.14707405033476706, + "2023 rate shock": -0.02692441250644506, + "2024 vol spike": -0.0032038505132967465, + "2025 tariff crash": -0.027555096976528137, + "2026 Q1 drawdown": -0.013224493765678025 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14707405033476706, + "max_ret": -0.0032038505132967465, + "all_pos": false + }, + "trigx": { + "name": "T. Rowe Price International Value Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.328411572025639, + "corr_port": 0.4368738108493859, + "rets": { + "2022 bear mkt": -0.2515723812718338, + "2023 rate shock": -0.09612986200630824, + "2024 vol spike": -0.05820399592465342, + "2025 tariff crash": -0.07870613557756356, + "2026 Q1 drawdown": -0.07989084177708494 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2515723812718338, + "max_ret": -0.05820399592465342, + "all_pos": false + }, + "trlax": { + "name": "T. Rowe Price Retirement Income 2020 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7182843293542832, + "corr_port": 0.2584422867756668, + "rets": { + "2022 bear mkt": -0.19374185888271622, + "2023 rate shock": -0.06342233861453617, + "2024 vol spike": -0.02774807831817616, + "2025 tariff crash": -0.07952977689368168, + "2026 Q1 drawdown": -0.044948851892872566 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19374185888271622, + "max_ret": -0.02774807831817616, + "all_pos": false + }, + "trlgx": { + "name": "T. Rowe Price Large-Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5363694652924191, + "corr_port": 0.14241515613408276, + "rets": { + "2022 bear mkt": -0.34849524888169614, + "2023 rate shock": -0.06942196304372983, + "2024 vol spike": -0.08001505584345403, + "2025 tariff crash": -0.20541991597804288, + "2026 Q1 drawdown": -0.13350089081061634 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.34849524888169614, + "max_ret": -0.06942196304372983, + "all_pos": false + }, + "trlvx": { + "name": "SIMT CORE FIXED INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1636040945264872, + "corr_port": -0.07571077731760581, + "rets": { + "2022 bear mkt": -0.16613802323153481, + "2023 rate shock": -0.04741520367746743, + "2024 vol spike": 0.022813913131207952, + "2025 tariff crash": 0.010584249259305345, + "2026 Q1 drawdown": -0.0065810695557448895 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16613802323153481, + "max_ret": 0.022813913131207952, + "all_pos": false + }, + "trmcx": { + "name": "T. Rowe Price Mid-Cap Value Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3838789059550358, + "corr_port": 0.3748937184824466, + "rets": { + "2022 bear mkt": -0.16175170834812935, + "2023 rate shock": -0.13851877437508142, + "2024 vol spike": -0.06399770483945255, + "2025 tariff crash": -0.193343450856448, + "2026 Q1 drawdown": -0.04841554880190446 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.193343450856448, + "max_ret": -0.04841554880190446, + "all_pos": false + }, + "trmvx": { + "name": "SIMT LARGE CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.364194432289992, + "corr_port": 0.4179553578657548, + "rets": { + "2022 bear mkt": -0.17379819314088163, + "2023 rate shock": -0.11117391838386737, + "2024 vol spike": -0.0606618049243518, + "2025 tariff crash": -0.1436798050082928, + "2026 Q1 drawdown": -0.021009969856429445 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17379819314088163, + "max_ret": -0.021009969856429445, + "all_pos": false + }, + "trosx": { + "name": "T. Rowe Price Overseas Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.09015703884241828, + "corr_port": 0.39011073874025265, + "rets": { + "2022 bear mkt": -0.2872023694478274, + "2023 rate shock": -0.1095889643975646, + "2024 vol spike": -0.06329107229794584, + "2025 tariff crash": -0.11721068148153868, + "2026 Q1 drawdown": -0.09022118742724095 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2872023694478274, + "max_ret": -0.06329107229794584, + "all_pos": false + }, + "trpbx": { + "name": "T. Rowe Price Spectrum Moderate Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.43813047273725875, + "corr_port": 0.30385994820148754, + "rets": { + "2022 bear mkt": -0.21646654818627553, + "2023 rate shock": -0.06827714921436057, + "2024 vol spike": -0.03779640801111417, + "2025 tariff crash": -0.09653786546475418, + "2026 Q1 drawdown": -0.05201426568765999 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21646654818627553, + "max_ret": -0.03779640801111417, + "all_pos": false + }, + "trrax": { + "name": "T. Rowe Price Retirement 2010 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5079741575060417, + "corr_port": 0.2794188545031089, + "rets": { + "2022 bear mkt": -0.18150687597882775, + "2023 rate shock": -0.05809981693337929, + "2024 vol spike": -0.02374845520076929, + "2025 tariff crash": -0.06978229818143256, + "2026 Q1 drawdown": -0.03970683935816488 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18150687597882775, + "max_ret": -0.02374845520076929, + "all_pos": false + }, + "trrbx": { + "name": "T. Rowe Price Retirement 2020 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.1739746620620052, + "corr_port": 0.2987242249086373, + "rets": { + "2022 bear mkt": -0.19287962140827963, + "2023 rate shock": -0.06338795793999863, + "2024 vol spike": -0.02818366608841849, + "2025 tariff crash": -0.07956306647678124, + "2026 Q1 drawdown": -0.04397233201581008 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19287962140827963, + "max_ret": -0.02818366608841849, + "all_pos": false + }, + "trrcx": { + "name": "T. Rowe Price Retirement 2030 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8177642491465346, + "corr_port": 0.298281333930085, + "rets": { + "2022 bear mkt": -0.22557664677791556, + "2023 rate shock": -0.07931312207475727, + "2024 vol spike": -0.03969470883912807, + "2025 tariff crash": -0.10390102478571517, + "2026 Q1 drawdown": -0.054526457374118986 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22557664677791556, + "max_ret": -0.03969470883912807, + "all_pos": false + }, + "trrdx": { + "name": "T. Rowe Price Retirement 2040 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6929518617070277, + "corr_port": 0.2973140641234486, + "rets": { + "2022 bear mkt": -0.25411832235600573, + "2023 rate shock": -0.09469573923541463, + "2024 vol spike": -0.0571890222756376, + "2025 tariff crash": -0.13867254640289417, + "2026 Q1 drawdown": -0.07172771020219304 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25411832235600573, + "max_ret": -0.0571890222756376, + "all_pos": false + }, + "trrex": { + "name": "T. Rowe Price Real Estate Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5370450456211956, + "corr_port": 0.2515211343367717, + "rets": { + "2022 bear mkt": -0.3107285774837608, + "2023 rate shock": -0.1399416338765146, + "2024 vol spike": -0.007305309867360665, + "2025 tariff crash": -0.1335211048563094, + "2026 Q1 drawdown": -0.008448934356145577 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3107285774837608, + "max_ret": -0.007305309867360665, + "all_pos": false + }, + "trrfx": { + "name": "T. Rowe Price Retirement 2005 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.046753381386153814, + "corr_port": 0.28139335643396185, + "rets": { + "2022 bear mkt": -0.17616968947421685, + "2023 rate shock": -0.054498231792341145, + "2024 vol spike": -0.02117257920729676, + "2025 tariff crash": -0.06412337349199271, + "2026 Q1 drawdown": -0.03646237393328167 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17616968947421685, + "max_ret": -0.02117257920729676, + "all_pos": false + }, + "trrgx": { + "name": "T. Rowe Price Retirement 2015 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5390199429195418, + "corr_port": 0.29613026405873155, + "rets": { + "2022 bear mkt": -0.18652143837773782, + "2023 rate shock": -0.0605565217424362, + "2024 vol spike": -0.025561569544647944, + "2025 tariff crash": -0.07473032156256698, + "2026 Q1 drawdown": -0.04245973645680823 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18652143837773782, + "max_ret": -0.025561569544647944, + "all_pos": false + }, + "trrhx": { + "name": "T. Rowe Price Retirement 2025 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5092478661677982, + "corr_port": 0.3026529138056301, + "rets": { + "2022 bear mkt": -0.20615386710425077, + "2023 rate shock": -0.06885864933098096, + "2024 vol spike": -0.03172753576888465, + "2025 tariff crash": -0.08639810902354716, + "2026 Q1 drawdown": -0.04693544743592226 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20615386710425077, + "max_ret": -0.03172753576888465, + "all_pos": false + }, + "trrix": { + "name": "T. Rowe Price Retirement Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.25409620787466175, + "corr_port": 0.29097661056927476, + "rets": { + "2022 bear mkt": -0.16865851972355728, + "2023 rate shock": -0.05240720842917934, + "2024 vol spike": -0.019480056342156438, + "2025 tariff crash": -0.06101106047870797, + "2026 Q1 drawdown": -0.03632914286297073 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16865851972355728, + "max_ret": -0.019480056342156438, + "all_pos": false + }, + "trrjx": { + "name": "T. Rowe Price Retirement 2035 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6809236447622473, + "corr_port": 0.299599963722003, + "rets": { + "2022 bear mkt": -0.24124335824023013, + "2023 rate shock": -0.08865977699456762, + "2024 vol spike": -0.04918044961713641, + "2025 tariff crash": -0.12397824281718661, + "2026 Q1 drawdown": -0.06432985567010319 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24124335824023013, + "max_ret": -0.04918044961713641, + "all_pos": false + }, + "trrkx": { + "name": "T. Rowe Price Retirement 2045 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7459782577827264, + "corr_port": 0.2983804012237256, + "rets": { + "2022 bear mkt": -0.258792857550286, + "2023 rate shock": -0.09840160425148736, + "2024 vol spike": -0.06277823694069518, + "2025 tariff crash": -0.14980796554234188, + "2026 Q1 drawdown": -0.0771837001951694 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.258792857550286, + "max_ret": -0.06277823694069518, + "all_pos": false + }, + "trrlx": { + "name": "T. Rowe Price Retirement 2060 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1043078325302271, + "corr_port": 0.2967686034330136, + "rets": { + "2022 bear mkt": -0.26102731777874855, + "2023 rate shock": -0.10013623760171197, + "2024 vol spike": -0.06467072365457838, + "2025 tariff crash": -0.1544622305934178, + "2026 Q1 drawdown": -0.08002012682334536 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26102731777874855, + "max_ret": -0.06467072365457838, + "all_pos": false + }, + "trrmx": { + "name": "T. Rowe Price Retirement 2050 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.110946979501089, + "corr_port": 0.29816081980592246, + "rets": { + "2022 bear mkt": -0.26037925085158065, + "2023 rate shock": -0.09947033071414746, + "2024 vol spike": -0.06390781220021735, + "2025 tariff crash": -0.15288228300238438, + "2026 Q1 drawdown": -0.07950525969546196 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26037925085158065, + "max_ret": -0.06390781220021735, + "all_pos": false + }, + "trrnx": { + "name": "T. Rowe Price Retirement 2055 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1295635844563545, + "corr_port": 0.2978277265690301, + "rets": { + "2022 bear mkt": -0.26138623006200545, + "2023 rate shock": -0.10050813575725426, + "2024 vol spike": -0.06440351876115502, + "2025 tariff crash": -0.15410297782764548, + "2026 Q1 drawdown": -0.08063839061900013 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26138623006200545, + "max_ret": -0.06440351876115502, + "all_pos": false + }, + "trrox": { + "name": "T. Rowe Price Target 2010 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4883824726517198, + "corr_port": 0.2852016210940783, + "rets": { + "2022 bear mkt": -0.16168133156441888, + "2023 rate shock": -0.04694829465424566, + "2024 vol spike": -0.01592920628904637, + "2025 tariff crash": -0.05323871154173565, + "2026 Q1 drawdown": -0.03234042553191496 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16168133156441888, + "max_ret": -0.01592920628904637, + "all_pos": false + }, + "trrtx": { + "name": "T. Rowe Price Target 2015 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.43330218057969183, + "corr_port": 0.2926118900129521, + "rets": { + "2022 bear mkt": -0.16510180110017458, + "2023 rate shock": -0.04926996921227034, + "2024 vol spike": -0.018056734380139217, + "2025 tariff crash": -0.05565224885346853, + "2026 Q1 drawdown": -0.03350083752093802 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16510180110017458, + "max_ret": -0.018056734380139217, + "all_pos": false + }, + "trrux": { + "name": "T. Rowe Price Target 2020 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.32943462906874266, + "corr_port": 0.29756024184792296, + "rets": { + "2022 bear mkt": -0.1702128060510293, + "2023 rate shock": -0.051281880340999786, + "2024 vol spike": -0.01935479505329396, + "2025 tariff crash": -0.058968025759905895, + "2026 Q1 drawdown": -0.03429027113237637 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1702128060510293, + "max_ret": -0.01935479505329396, + "all_pos": false + }, + "trrwx": { + "name": "T. Rowe Price Target 2030 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4749653538174685, + "corr_port": 0.29968086851194886, + "rets": { + "2022 bear mkt": -0.20012948116110485, + "2023 rate shock": -0.0666173206955929, + "2024 vol spike": -0.03082194766068347, + "2025 tariff crash": -0.08299038132922376, + "2026 Q1 drawdown": -0.04476629361421991 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20012948116110485, + "max_ret": -0.03082194766068347, + "all_pos": false + }, + "trsgx": { + "name": "T. Rowe Price Spectrum Moderate Growth Allocation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2412736378606595, + "corr_port": 0.3060216917010713, + "rets": { + "2022 bear mkt": -0.25158862971704243, + "2023 rate shock": -0.08312490336180245, + "2024 vol spike": -0.05292683262377962, + "2025 tariff crash": -0.12632362735476377, + "2026 Q1 drawdown": -0.06561090349296594 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25158862971704243, + "max_ret": -0.05292683262377962, + "all_pos": false + }, + "trssx": { + "name": "T. Rowe Price Institutional Small-Cap Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0963659652915194, + "corr_port": 0.24667288833176768, + "rets": { + "2022 bear mkt": -0.2572992838328033, + "2023 rate shock": -0.1506646987037813, + "2024 vol spike": -0.06610415514585322, + "2025 tariff crash": -0.1967981726561241, + "2026 Q1 drawdown": -0.08509003449597552 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2572992838328033, + "max_ret": -0.06610415514585322, + "all_pos": false + }, + "trszx": { + "name": "T. Rowe Price Mid-Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2501480883554663, + "corr_port": 0.04665805054534509, + "rets": { + "2022 bear mkt": -0.3032490010627452, + "2023 rate shock": -0.1414082058803533, + "2024 vol spike": -0.0760021297875152, + "2025 tariff crash": -0.2345172849823708, + "2026 Q1 drawdown": -0.07821467424722384 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3032490010627452, + "max_ret": -0.0760021297875152, + "all_pos": false + }, + "trtfx": { + "name": "T. Rowe Price Target 2060 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.164602570498844, + "corr_port": 0.29583272422335183, + "rets": { + "2022 bear mkt": -0.26190477055135275, + "2023 rate shock": -0.10056260110147297, + "2024 vol spike": -0.06473489913774222, + "2025 tariff crash": -0.15448603186560594, + "2026 Q1 drawdown": -0.08027272194505375 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26190477055135275, + "max_ret": -0.06473489913774222, + "all_pos": false + }, + "trulx": { + "name": "T. Rowe Price U.S. Large-Cap Core Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.266754156644365, + "corr_port": 0.2862033297916868, + "rets": { + "2022 bear mkt": -0.2252302580031612, + "2023 rate shock": -0.06607132396069115, + "2024 vol spike": -0.07597286306350604, + "2025 tariff crash": -0.16294897570738964, + "2026 Q1 drawdown": -0.06797442974452572 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2252302580031612, + "max_ret": -0.06607132396069115, + "all_pos": false + }, + "trvlx": { + "name": "T. Rowe Price Value Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0672640523682002, + "corr_port": 0.37788207395631823, + "rets": { + "2022 bear mkt": -0.20179457181402605, + "2023 rate shock": -0.08987941921559339, + "2024 vol spike": -0.05375668827395086, + "2025 tariff crash": -0.12176659768149489, + "2026 Q1 drawdown": -0.02756840648823511 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20179457181402605, + "max_ret": -0.02756840648823511, + "all_pos": false + }, + "trzix": { + "name": "T. Rowe Price Small-Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3261218166405895, + "corr_port": 0.14804798480358977, + "rets": { + "2022 bear mkt": -0.24752474045963024, + "2023 rate shock": -0.17597762938205408, + "2024 vol spike": -0.08944106108496186, + "2025 tariff crash": -0.21900565700195007, + "2026 Q1 drawdown": -0.08829897553082211 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24752474045963024, + "max_ret": -0.08829897553082211, + "all_pos": false + }, + "tsbax": { + "name": "T. Rowe Price Retirement Blend 2020 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.43407841123629654, + "corr_port": 0.10754332722181416, + "rets": { + "2022 bear mkt": -0.1926147945020057, + "2023 rate shock": -0.06578944381093188, + "2024 vol spike": -0.029087398319775915, + "2025 tariff crash": -0.08161256734608868, + "2026 Q1 drawdown": -0.04347826086956508 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1926147945020057, + "max_ret": -0.029087398319775915, + "all_pos": false + }, + "tsbpx": { + "name": "Nuveen Core Impact Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7956999102041924, + "corr_port": -0.08436424084916484, + "rets": { + "2022 bear mkt": -0.15236578909627885, + "2023 rate shock": -0.04143290547705514, + "2024 vol spike": 0.021232781850387683, + "2025 tariff crash": 0.007044874467414308, + "2026 Q1 drawdown": -0.006548716381116426 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.15236578909627885, + "max_ret": 0.021232781850387683, + "all_pos": false + }, + "tsdjx": { + "name": "Nuveen Short Duration Impact Bond Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.06093274869022963, + "corr_port": -0.029857852392141365, + "rets": { + "2022 bear mkt": -0.04505208613917744, + "2023 rate shock": 0.003196271648887805, + "2024 vol spike": 0.010128702245149057, + "2025 tariff crash": 0.010828383070166092, + "2026 Q1 drawdown": 0.0010162444919770142 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.04505208613917744, + "max_ret": 0.010828383070166092, + "all_pos": false + }, + "tsdlx": { + "name": "T. Rowe Price Short Duration Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.8871650894556139, + "corr_port": -0.06587200268851977, + "rets": { + "2022 bear mkt": -0.06089477335206017, + "2023 rate shock": 0.003279473624999918, + "2024 vol spike": 0.011893354050761085, + "2025 tariff crash": 0.008742142282329946, + "2026 Q1 drawdown": -0.0023463244911060555 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.06089477335206017, + "max_ret": 0.011893354050761085, + "all_pos": false + }, + "tsdox": { + "name": "TOUCHSTONE ULTRA SHORT DURATION FIXED INCOME FUND", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 2.2090499137296837, + "corr_port": 0.07503269551980664, + "rets": { + "2022 bear mkt": -0.007950186390867198, + "2023 rate shock": 0.01066001470364375, + "2024 vol spike": 0.005781650117038906, + "2025 tariff crash": 0.006962710886912582, + "2026 Q1 drawdown": 0.004128607455548217 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.007950186390867198, + "max_ret": 0.01066001470364375, + "all_pos": false + }, + "tsemx": { + "name": "Touchstone Sands Capital Emerging Markets Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -1.7021287764149964, + "corr_port": 0.16226871654529576, + "rets": { + "2022 bear mkt": -0.37242474488959265, + "2023 rate shock": -0.1069405120416248, + "2024 vol spike": -0.057705322539977955, + "2025 tariff crash": -0.13097579979836182, + "2026 Q1 drawdown": -0.10897077600440297 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37242474488959265, + "max_ret": -0.057705322539977955, + "all_pos": false + }, + "tsfax": { + "name": "Touchstone Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.47959345574122386, + "corr_port": 0.31340281120611374, + "rets": { + "2022 bear mkt": -0.16986714079623078, + "2023 rate shock": -0.1251819872767157, + "2024 vol spike": -0.05043133831644653, + "2025 tariff crash": -0.1915309446254071, + "2026 Q1 drawdown": -0.0733118971061093 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1915309446254071, + "max_ret": -0.05043133831644653, + "all_pos": false + }, + "ttifx": { + "name": "Goldman Sachs Tactical Tilt Overlay Fund", + "verdict": "weak/unstable alpha", + "t5": 3.1476991715959524, + "corr_port": 0.29977539755958466, + "rets": { + "2022 bear mkt": -0.03568064172344243, + "2023 rate shock": 0.0, + "2024 vol spike": 0.012037066407233343, + "2025 tariff crash": -0.008596003198448776, + "2026 Q1 drawdown": -0.010156971375807844 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.03568064172344243, + "max_ret": 0.012037066407233343, + "all_pos": false + }, + "tuhyx": { + "name": "T. Rowe Price U.S. High Yield Fund", + "verdict": "weak/unstable alpha", + "t5": -0.3179414327483102, + "corr_port": 0.28052164153029346, + "rets": { + "2022 bear mkt": -0.1777765719157468, + "2023 rate shock": -0.03239573849377053, + "2024 vol spike": -0.0055807712106903384, + "2025 tariff crash": -0.03495479033633042, + "2026 Q1 drawdown": -0.017826539672051833 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1777765719157468, + "max_ret": -0.0055807712106903384, + "all_pos": false + }, + "tunix": { + "name": "Transamerica Strategic Income", + "verdict": "weak/unstable alpha", + "t5": 0.991881849224114, + "corr_port": 0.2137960698600892, + "rets": { + "2022 bear mkt": -0.0842944582027153, + "2023 rate shock": -0.02226870336625686, + "2024 vol spike": 0.00930688558264725, + "2025 tariff crash": -0.009071724547809135, + "2026 Q1 drawdown": -0.013105440006595637 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0842944582027153, + "max_ret": 0.00930688558264725, + "all_pos": false + }, + "tvafx": { + "name": "Thornburg American Opportunities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9804676095646334, + "corr_port": 0.2961239204013723, + "rets": { + "2022 bear mkt": -0.23577892514880838, + "2023 rate shock": -0.10810810810810811, + "2024 vol spike": -0.06808565877901951, + "2025 tariff crash": -0.223047891107106, + "2026 Q1 drawdown": -0.04624489253803421 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23577892514880838, + "max_ret": -0.04624489253803421, + "all_pos": false + }, + "tvlax": { + "name": "Touchstone Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1727993268779952, + "corr_port": 0.4048592277493252, + "rets": { + "2022 bear mkt": -0.1449334250732046, + "2023 rate shock": -0.10245992464230402, + "2024 vol spike": -0.04568107440842484, + "2025 tariff crash": -0.15986695004424034, + "2026 Q1 drawdown": -0.053428548845978696 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15986695004424034, + "max_ret": -0.04568107440842484, + "all_pos": false + }, + "tvoax": { + "name": "TOUCHSTONE SMALL CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2300502192356635, + "corr_port": 0.3349254412114544, + "rets": { + "2022 bear mkt": -0.17253030423675675, + "2023 rate shock": -0.12861367947234592, + "2024 vol spike": -0.06498000871311771, + "2025 tariff crash": -0.18590238855147112, + "2026 Q1 drawdown": -0.022845465343711124 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18590238855147112, + "max_ret": -0.022845465343711124, + "all_pos": false + }, + "twbix": { + "name": "BALANCED FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.007024404964359, + "corr_port": 0.2570161869197176, + "rets": { + "2022 bear mkt": -0.21898055719892617, + "2023 rate shock": -0.07810784303726892, + "2024 vol spike": -0.04081607417484123, + "2025 tariff crash": -0.11709585144943424, + "2026 Q1 drawdown": -0.062351548185003436 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21898055719892617, + "max_ret": -0.04081607417484123, + "all_pos": false + }, + "tweix": { + "name": "EQUITY INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.691448409799716, + "corr_port": 0.39009926962587826, + "rets": { + "2022 bear mkt": -0.12299003312437828, + "2023 rate shock": -0.09228839453925575, + "2024 vol spike": -0.017738520831170335, + "2025 tariff crash": -0.09266853864495472, + "2026 Q1 drawdown": -0.009321817499061247 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12299003312437828, + "max_ret": -0.009321817499061247, + "all_pos": false + }, + "twsmx": { + "name": "STRATEGIC ALLOCATION: MODERATE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1543275896539709, + "corr_port": 0.31691361824840486, + "rets": { + "2022 bear mkt": -0.20875422990848447, + "2023 rate shock": -0.08020828868983854, + "2024 vol spike": -0.03363916170368253, + "2025 tariff crash": -0.10820738888535109, + "2026 Q1 drawdown": -0.05738883525928684 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20875422990848447, + "max_ret": -0.03363916170368253, + "all_pos": false + }, + "twtix": { + "name": "INTERMEDIATE-TERM TAX-FREE BOND FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6659747413535196, + "corr_port": 0.045230956916167776, + "rets": { + "2022 bear mkt": -0.09777719421761144, + "2023 rate shock": -0.041760768897531664, + "2024 vol spike": 0.012919390924539753, + "2025 tariff crash": -0.023574528422232066, + "2026 Q1 drawdown": -0.010954298736220558 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09777719421761144, + "max_ret": 0.012919390924539753, + "all_pos": false + }, + "twusx": { + "name": "SHORT-TERM GOVERNMENT FUND", + "verdict": "weak/unstable alpha", + "t5": -2.448238942590717, + "corr_port": -0.1309637734131736, + "rets": { + "2022 bear mkt": -0.04375751970469566, + "2023 rate shock": 0.003791940552879902, + "2024 vol spike": 0.01347973171249417, + "2025 tariff crash": 0.013925614846608259, + "2026 Q1 drawdown": 0.00020508223586346297 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.04375751970469566, + "max_ret": 0.013925614846608259, + "all_pos": false + }, + "twvlx": { + "name": "VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4546968883159714, + "corr_port": 0.4164185682741472, + "rets": { + "2022 bear mkt": -0.1412958362675938, + "2023 rate shock": -0.10309561737508743, + "2024 vol spike": -0.040572762889228065, + "2025 tariff crash": -0.12163236947842815, + "2026 Q1 drawdown": -0.022700493490551477 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1412958362675938, + "max_ret": -0.022700493490551477, + "all_pos": false + }, + "tzinx": { + "name": "Templeton Global Dynamic Income Fund", + "verdict": "weak/unstable alpha", + "t5": 0.19908481355008442, + "corr_port": 0.35627896925027513, + "rets": { + "2022 bear mkt": -0.23097305625720022, + "2023 rate shock": -0.10425091735300351, + "2024 vol spike": -0.0355728807843011, + "2025 tariff crash": -0.09019615298496442, + "2026 Q1 drawdown": -0.05607317811307955 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23097305625720022, + "max_ret": -0.0355728807843011, + "all_pos": false + }, + "ubvlx": { + "name": "Undiscovered Managers Behavioral Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1667319441134392, + "corr_port": 0.36362196532320196, + "rets": { + "2022 bear mkt": -0.1308552699095039, + "2023 rate shock": -0.1486323251848719, + "2024 vol spike": -0.05597819394078596, + "2025 tariff crash": -0.18141389797257157, + "2026 Q1 drawdown": -0.032238356725343253 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18141389797257157, + "max_ret": -0.032238356725343253, + "all_pos": false + }, + "udbpx": { + "name": "UBS Sustainable Development Bank Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.460007083216723, + "corr_port": -0.2290846646938052, + "rets": { + "2022 bear mkt": -0.10945945198955453, + "2023 rate shock": -0.01886099898551885, + "2024 vol spike": 0.023557025430915868, + "2025 tariff crash": 0.02298849283604798, + "2026 Q1 drawdown": -0.00023966748956372186 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.10945945198955453, + "max_ret": 0.023557025430915868, + "all_pos": false + }, + "ugsdx": { + "name": "U.S. Government Securities Ultra-Short Bond Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 2.653564965744909, + "corr_port": -0.04238391995507159, + "rets": { + "2022 bear mkt": -0.023120338664768703, + "2023 rate shock": 0.01136898903211292, + "2024 vol spike": 0.0030863221678805175, + "2025 tariff crash": 0.006700288924940567, + "2026 Q1 drawdown": 0.005147650655934699 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.023120338664768703, + "max_ret": 0.01136898903211292, + "all_pos": false + }, + "ulst": { + "name": "State Street(R) Ultra Short Term Bond ETF", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.713504036692158, + "corr_port": 0.06793588181741887, + "rets": { + "2022 bear mkt": -0.0018593434278507681, + "2023 rate shock": 0.008765652563153425, + "2024 vol spike": 0.005790875734159151, + "2025 tariff crash": 0.007895295187834162, + "2026 Q1 drawdown": 0.0020441798621400054 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.0018593434278507681, + "max_ret": 0.008765652563153425, + "all_pos": false + }, + "umemx": { + "name": "Columbia Emerging Markets Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7243026934319328, + "corr_port": 0.24857317316905533, + "rets": { + "2022 bear mkt": -0.3788415569621185, + "2023 rate shock": -0.1166666483629415, + "2024 vol spike": -0.0879940004451405, + "2025 tariff crash": -0.16428575129239953, + "2026 Q1 drawdown": -0.09368202104128431 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3788415569621185, + "max_ret": -0.0879940004451405, + "all_pos": false + }, + "urlgx": { + "name": "Columbia Select Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.397758627855272, + "corr_port": 0.1107244543411671, + "rets": { + "2022 bear mkt": -0.37389613965480006, + "2023 rate shock": -0.11846676645100895, + "2024 vol spike": -0.10646388620470748, + "2025 tariff crash": -0.20481907325514326, + "2026 Q1 drawdown": -0.11231884057970998 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.37389613965480006, + "max_ret": -0.10646388620470748, + "all_pos": false + }, + "usbnx": { + "name": "Pear Tree Polaris Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.30009085357306, + "corr_port": 0.3635993246214791, + "rets": { + "2022 bear mkt": -0.16292748066780494, + "2023 rate shock": -0.1257050483694896, + "2024 vol spike": -0.06847361758842474, + "2025 tariff crash": -0.15036230519900162, + "2026 Q1 drawdown": -0.041865589423430105 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16292748066780494, + "max_ret": -0.041865589423430105, + "all_pos": false + }, + "usbox": { + "name": "Pear Tree Quality Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9378595273689164, + "corr_port": 0.2903499323097966, + "rets": { + "2022 bear mkt": -0.2509838508369838, + "2023 rate shock": -0.08583897644306548, + "2024 vol spike": -0.05527850582798377, + "2025 tariff crash": -0.15268457696620086, + "2026 Q1 drawdown": -0.11790397293042343 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2509838508369838, + "max_ret": -0.05527850582798377, + "all_pos": false + }, + "usgax": { + "name": "Morgan Stanley Long Duration Government Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.2690606413060357, + "corr_port": -0.09791734804413382, + "rets": { + "2022 bear mkt": -0.14056212636015653, + "2023 rate shock": -0.128717486752156, + "2024 vol spike": 0.06907021496035237, + "2025 tariff crash": 0.048673648463127606, + "2026 Q1 drawdown": -0.014327663572687888 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14056212636015653, + "max_ret": 0.06907021496035237, + "all_pos": false + }, + "usglx": { + "name": "U.S. Global Leaders Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.118561626798733, + "corr_port": 0.1745467050271182, + "rets": { + "2022 bear mkt": -0.3333333700712592, + "2023 rate shock": -0.10291854895620178, + "2024 vol spike": -0.05205042502236057, + "2025 tariff crash": -0.17095307555700356, + "2026 Q1 drawdown": -0.11889941516570757 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3333333700712592, + "max_ret": -0.05205042502236057, + "all_pos": false + }, + "usiax": { + "name": "UBS Ultra Short Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.0476011821741413, + "corr_port": 0.07598460704814652, + "rets": { + "2022 bear mkt": -0.010544858963742909, + "2023 rate shock": 0.009626600813330777, + "2024 vol spike": 0.005404490528556849, + "2025 tariff crash": 0.0064229461994795845, + "2026 Q1 drawdown": 0.004481156864561964 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.010544858963742909, + "max_ret": 0.009626600813330777, + "all_pos": false + }, + "usmbx": { + "name": "Columbia Ultra Short Duration Municipal Bond Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 4.2977799665040655, + "corr_port": 0.07084603957075758, + "rets": { + "2022 bear mkt": -0.008911975682722062, + "2023 rate shock": 0.00010443422702866023, + "2024 vol spike": 0.004708116285185193, + "2025 tariff crash": 0.0007977853686060854, + "2026 Q1 drawdown": -0.00010746962367058632 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.008911975682722062, + "max_ret": 0.004708116285185193, + "all_pos": false + }, + "usmsx": { + "name": "JPMorgan Ultra-Short Municipal Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 2.852848345912237, + "corr_port": 0.0715015547226678, + "rets": { + "2022 bear mkt": -0.016609376671232634, + "2023 rate shock": 0.005153233005012581, + "2024 vol spike": 0.003201504744143824, + "2025 tariff crash": 0.0005957499441386904, + "2026 Q1 drawdown": 0.0010925232724079414 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.016609376671232634, + "max_ret": 0.005153233005012581, + "all_pos": false + }, + "utbpx": { + "name": "UBS Multi Income Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3471858570552147, + "corr_port": -0.033071102556037256, + "rets": { + "2022 bear mkt": -0.14180245988881346, + "2023 rate shock": -0.036378077839555156, + "2024 vol spike": 0.01527339264657912, + "2025 tariff crash": -0.0046361222487012466, + "2026 Q1 drawdown": -0.019450778953263526 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.14180245988881346, + "max_ret": 0.01527339264657912, + "all_pos": false + }, + "vadcx": { + "name": "INVESCO EQUALLY-WEIGHTED S&P 500 FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6716519605564315, + "corr_port": 0.3395217403478759, + "rets": { + "2022 bear mkt": -0.21660023958169028, + "2023 rate shock": -0.13204390338118643, + "2024 vol spike": -0.048371104900485906, + "2025 tariff crash": -0.15892701690940003, + "2026 Q1 drawdown": -0.05071413360328758 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21660023958169028, + "max_ret": -0.048371104900485906, + "all_pos": false + }, + "vafax": { + "name": "INVESCO AMERICAN FRANCHISE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4193743329571644, + "corr_port": 0.1656787157586473, + "rets": { + "2022 bear mkt": -0.3285255858953682, + "2023 rate shock": -0.10287878654606519, + "2024 vol spike": -0.09541145717234945, + "2025 tariff crash": -0.24818472259815616, + "2026 Q1 drawdown": -0.14586206896551723 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3285255858953682, + "max_ret": -0.09541145717234945, + "all_pos": false + }, + "valix": { + "name": "VALUE LINE CAPITAL APPRECIATION FUND INC", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0736180552718293, + "corr_port": 0.13198256136234532, + "rets": { + "2022 bear mkt": -0.309734553914108, + "2023 rate shock": -0.10865186110759861, + "2024 vol spike": -0.07306709557296309, + "2025 tariff crash": -0.16931214131603178, + "2026 Q1 drawdown": -0.10758620689655174 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.309734553914108, + "max_ret": -0.07306709557296309, + "all_pos": false + }, + "vallx": { + "name": "VALUE LINE LARGER COMPANIES FOCUSED FUND, INC.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0838101183601951, + "corr_port": 0.09270654882121233, + "rets": { + "2022 bear mkt": -0.3851786719868189, + "2023 rate shock": -0.12934575397863413, + "2024 vol spike": -0.12366863166035158, + "2025 tariff crash": -0.24533608938566287, + "2026 Q1 drawdown": -0.15701891994464112 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3851786719868189, + "max_ret": -0.12366863166035158, + "all_pos": false + }, + "valq": { + "name": "American Century U.S. Quality Value ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5414788411819675, + "corr_port": 0.3794671553074451, + "rets": { + "2022 bear mkt": -0.18438431169797687, + "2023 rate shock": -0.07663390900873868, + "2024 vol spike": -0.043048500422656955, + "2025 tariff crash": -0.15307644122813202, + "2026 Q1 drawdown": -0.060902248765880795 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18438431169797687, + "max_ret": -0.043048500422656955, + "all_pos": false + }, + "valsx": { + "name": "Value Line Select Core Fund, Inc.", + "verdict": "weak/unstable alpha", + "t5": -2.2141694118776263, + "corr_port": 0.21417420471866264, + "rets": { + "2022 bear mkt": -0.26075946267910444, + "2023 rate shock": -0.0860965556181642, + "2024 vol spike": -0.02938030379580092, + "2025 tariff crash": -0.12551957988325024, + "2026 Q1 drawdown": -0.08727627598221621 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26075946267910444, + "max_ret": -0.02938030379580092, + "all_pos": false + }, + "vasgx": { + "name": "Vanguard LifeStrategy 80/20 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2253136735508793, + "corr_port": 0.31706966237452167, + "rets": { + "2022 bear mkt": -0.239023543778066, + "2023 rate shock": -0.09202729080292649, + "2024 vol spike": -0.05253919184700828, + "2025 tariff crash": -0.12719776474467115, + "2026 Q1 drawdown": -0.0683679191791311 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.239023543778066, + "max_ret": -0.05253919184700828, + "all_pos": false + }, + "vasix": { + "name": "Vanguard LifeStrategy 20/80 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2459364880847442, + "corr_port": 0.13340976618852188, + "rets": { + "2022 bear mkt": -0.1649368952221859, + "2023 rate shock": -0.04484980393683935, + "2024 vol spike": 0.0012944843422122432, + "2025 tariff crash": -0.026677217229105432, + "2026 Q1 drawdown": -0.023804913458899235 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1649368952221859, + "max_ret": 0.0012944843422122432, + "all_pos": false + }, + "vasvx": { + "name": "Vanguard Selected Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.760221595861816, + "corr_port": 0.3915080171084932, + "rets": { + "2022 bear mkt": -0.1989812311659468, + "2023 rate shock": -0.11722235430529881, + "2024 vol spike": -0.05462730739298649, + "2025 tariff crash": -0.16810352156706088, + "2026 Q1 drawdown": -0.05808073802600067 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1989812311659468, + "max_ret": -0.05462730739298649, + "all_pos": false + }, + "vbiax": { + "name": "VANGUARD BALANCED INDEX FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.03850345835335491, + "corr_port": 0.2506944778065977, + "rets": { + "2022 bear mkt": -0.2091423186051412, + "2023 rate shock": -0.07887656609738303, + "2024 vol spike": -0.03669350068433397, + "2025 tariff crash": -0.11326615595415146, + "2026 Q1 drawdown": -0.055045465254702 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2091423186051412, + "max_ret": -0.03669350068433397, + "all_pos": false + }, + "vbilx": { + "name": "Vanguard Intermediate-Term Bond Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5248655458956655, + "corr_port": -0.11240404802508555, + "rets": { + "2022 bear mkt": -0.1473527167883676, + "2023 rate shock": -0.0391761279740509, + "2024 vol spike": 0.023687890793130384, + "2025 tariff crash": 0.016410956080303407, + "2026 Q1 drawdown": -0.0056971932990638186 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1473527167883676, + "max_ret": 0.023687890793130384, + "all_pos": false + }, + "vbisx": { + "name": "Vanguard Short-Term Bond Index Fund", + "verdict": "weak/unstable alpha", + "t5": -2.636866105781551, + "corr_port": -0.11910238449861336, + "rets": { + "2022 bear mkt": -0.06682954933975671, + "2023 rate shock": -0.0006037053468637144, + "2024 vol spike": 0.014762863967411777, + "2025 tariff crash": 0.01590944332131028, + "2026 Q1 drawdown": -0.0014845081782275393 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.06682954933975671, + "max_ret": 0.01590944332131028, + "all_pos": false + }, + "vbllx": { + "name": "Vanguard Long-Term Bond Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.03283773887392453, + "corr_port": -0.11998047644620623, + "rets": { + "2022 bear mkt": -0.2816400236902097, + "2023 rate shock": -0.1089531370826442, + "2024 vol spike": 0.03504642616628639, + "2025 tariff crash": -0.008790034096285537, + "2026 Q1 drawdown": -0.0124794223068031 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.2816400236902097, + "max_ret": 0.03504642616628639, + "all_pos": false + }, + "vbtlx": { + "name": "Vanguard Total Bond Market Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.148067770017708, + "corr_port": -0.12291627081609816, + "rets": { + "2022 bear mkt": -0.14441088325618556, + "2023 rate shock": -0.040045888106346905, + "2024 vol spike": 0.021901323543601636, + "2025 tariff crash": 0.01058240816161593, + "2026 Q1 drawdown": -0.0038572268154241085 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14441088325618556, + "max_ret": 0.021901323543601636, + "all_pos": false + }, + "vcaix": { + "name": "Vanguard California Intermediate-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6428428819295476, + "corr_port": 0.03203158480273146, + "rets": { + "2022 bear mkt": -0.0924891145003659, + "2023 rate shock": -0.03763179774881387, + "2024 vol spike": 0.014633781702217963, + "2025 tariff crash": -0.021535638023774006, + "2026 Q1 drawdown": -0.013082386374832944 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.0924891145003659, + "max_ret": 0.014633781702217963, + "all_pos": false + }, + "vcdax": { + "name": "Vanguard Consumer Discretionary Index Fund", + "verdict": "weak/unstable alpha", + "t5": -1.4283652366107167, + "corr_port": 0.1750186691459407, + "rets": { + "2022 bear mkt": -0.32629021771570765, + "2023 rate shock": -0.1322221638991089, + "2024 vol spike": -0.09852554136905223, + "2025 tariff crash": -0.22650254064854713, + "2026 Q1 drawdown": -0.1287271941712469 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32629021771570765, + "max_ret": -0.09852554136905223, + "all_pos": false + }, + "vcitx": { + "name": "Vanguard California Long-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.346470071518398, + "corr_port": 0.024907652736402518, + "rets": { + "2022 bear mkt": -0.1312611101216663, + "2023 rate shock": -0.05795768160217607, + "2024 vol spike": 0.017543091007762746, + "2025 tariff crash": -0.03382055178822718, + "2026 Q1 drawdown": -0.012542839724605015 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1312611101216663, + "max_ret": 0.017543091007762746, + "all_pos": false + }, + "vcmdx": { + "name": "Vanguard Commodity Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8295956093114112, + "corr_port": 0.2795821366796367, + "rets": { + "2022 bear mkt": 0.11238771989697405, + "2023 rate shock": -0.008320719972772728, + "2024 vol spike": -0.04543691805498595, + "2025 tariff crash": -0.08041459775725524, + "2026 Q1 drawdown": 0.04766765244577287 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.08041459775725524, + "max_ret": 0.11238771989697405, + "all_pos": false + }, + "vcorx": { + "name": "Vanguard Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6742534240507458, + "corr_port": -0.12264412486917538, + "rets": { + "2022 bear mkt": -0.14765532075036336, + "2023 rate shock": -0.03717690490425418, + "2024 vol spike": 0.019791739375979667, + "2025 tariff crash": 0.007461805776929342, + "2026 Q1 drawdown": -0.006232870801127555 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14765532075036336, + "max_ret": 0.019791739375979667, + "all_pos": false + }, + "vcsax": { + "name": "Vanguard Consumer Staples Index Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3254778403260139, + "corr_port": 0.2882251149427622, + "rets": { + "2022 bear mkt": -0.115917001955951, + "2023 rate shock": -0.1038725613369158, + "2024 vol spike": -0.013022317198030153, + "2025 tariff crash": -0.06711108145051203, + "2026 Q1 drawdown": 0.006226490220393899 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.115917001955951, + "max_ret": 0.006226490220393899, + "all_pos": false + }, + "vctfx": { + "name": "Nomura Tax-Free Colorado Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.33674544386854877, + "corr_port": 0.03354751448139524, + "rets": { + "2022 bear mkt": -0.13285325348606125, + "2023 rate shock": -0.07349353061314001, + "2024 vol spike": 0.016280649554218707, + "2025 tariff crash": -0.0406746145600112, + "2026 Q1 drawdown": -0.008738732198529942 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13285325348606125, + "max_ret": 0.016280649554218707, + "all_pos": false + }, + "vdadx": { + "name": "Vanguard Dividend Appreciation Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.035038690458106626, + "corr_port": 0.33427983126545424, + "rets": { + "2022 bear mkt": -0.20287535529433154, + "2023 rate shock": -0.09222073049832458, + "2024 vol spike": -0.04380692012042886, + "2025 tariff crash": -0.14537490343739745, + "2026 Q1 drawdown": -0.05763956926067049 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20287535529433154, + "max_ret": -0.04380692012042886, + "all_pos": false + }, + "vdeqx": { + "name": "Vanguard Diversified Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8649307730008784, + "corr_port": 0.25482709335013826, + "rets": { + "2022 bear mkt": -0.27372609767488953, + "2023 rate shock": -0.11560443276713295, + "2024 vol spike": -0.07511921073728478, + "2025 tariff crash": -0.19917088501281843, + "2026 Q1 drawdown": -0.09849592809977992 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27372609767488953, + "max_ret": -0.07511921073728478, + "all_pos": false + }, + "vdigx": { + "name": "Vanguard Dividend Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8387252238173276, + "corr_port": 0.3418748994417194, + "rets": { + "2022 bear mkt": -0.15783319355128922, + "2023 rate shock": -0.08312767621188266, + "2024 vol spike": -0.026016654442249876, + "2025 tariff crash": -0.11335909594831173, + "2026 Q1 drawdown": -0.07834128598326928 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15783319355128922, + "max_ret": -0.026016654442249876, + "all_pos": false + }, + "vedtx": { + "name": "Vanguard Extended Duration Treasury Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.27200638351442624, + "corr_port": -0.18558920197264625, + "rets": { + "2022 bear mkt": -0.36665005713980525, + "2023 rate shock": -0.19714350647259893, + "2024 vol spike": 0.06908768118726916, + "2025 tariff crash": -0.008109925190636136, + "2026 Q1 drawdown": -0.0040629813418116 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.36665005713980525, + "max_ret": 0.06908768118726916, + "all_pos": false + }, + "veirx": { + "name": "Vanguard Equity Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0649706396995342, + "corr_port": 0.42041148795262556, + "rets": { + "2022 bear mkt": -0.12486408962527962, + "2023 rate shock": -0.09768927099243374, + "2024 vol spike": -0.05411789472968043, + "2025 tariff crash": -0.13176648778595212, + "2026 Q1 drawdown": -0.03196946655811439 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.13176648778595212, + "max_ret": -0.03196946655811439, + "all_pos": false + }, + "vemax": { + "name": "Vanguard Emerging Markets Stock Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.11368751410787245, + "corr_port": 0.2951445799440059, + "rets": { + "2022 bear mkt": -0.25329549925956263, + "2023 rate shock": -0.10063282436497412, + "2024 vol spike": -0.059565438588332076, + "2025 tariff crash": -0.12535620612548737, + "2026 Q1 drawdown": -0.08997690521696533 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25329549925956263, + "max_ret": -0.059565438588332076, + "all_pos": false + }, + "vembx": { + "name": "Vanguard Emerging Markets Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9261971643125108, + "corr_port": 0.22324468066885408, + "rets": { + "2022 bear mkt": -0.20617323159462653, + "2023 rate shock": -0.03828829877212103, + "2024 vol spike": 0.0005052274044405891, + "2025 tariff crash": -0.020049997637121675, + "2026 Q1 drawdown": -0.024178232877311356 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.20617323159462653, + "max_ret": 0.0005052274044405891, + "all_pos": false + }, + "venax": { + "name": "Vanguard Energy Index Fund", + "verdict": "weak/unstable alpha", + "t5": 0.9473727897843954, + "corr_port": 0.37817255218002144, + "rets": { + "2022 bear mkt": 0.4009642859279259, + "2023 rate shock": -0.013671088136944953, + "2024 vol spike": -0.07771161570748986, + "2025 tariff crash": -0.17864251651865026, + "2026 Q1 drawdown": 0.23382892999808003 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.17864251651865026, + "max_ret": 0.4009642859279259, + "all_pos": false + }, + "vesgx": { + "name": "Vanguard Global ESG Select Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0256301399061434, + "corr_port": 0.29794896192113646, + "rets": { + "2022 bear mkt": -0.23682762478459218, + "2023 rate shock": -0.10163005033692041, + "2024 vol spike": -0.056641009522840347, + "2025 tariff crash": -0.1450481286667168, + "2026 Q1 drawdown": -0.09944907996142893 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23682762478459218, + "max_ret": -0.056641009522840347, + "all_pos": false + }, + "veusx": { + "name": "Vanguard European Stock Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.32277147552272195, + "corr_port": 0.3709311684863222, + "rets": { + "2022 bear mkt": -0.31789555281779025, + "2023 rate shock": -0.11647805759686425, + "2024 vol spike": -0.051723989160906036, + "2025 tariff crash": -0.09895460927364375, + "2026 Q1 drawdown": -0.09054161404908678 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31789555281779025, + "max_ret": -0.051723989160906036, + "all_pos": false + }, + "vevfx": { + "name": "Vanguard Explorer Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.0115545661285599, + "corr_port": 0.33909903365840977, + "rets": { + "2022 bear mkt": -0.22568998550355668, + "2023 rate shock": -0.14004752120760666, + "2024 vol spike": -0.06856428049117358, + "2025 tariff crash": -0.2171520625005371, + "2026 Q1 drawdown": -0.062388214168421 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22568998550355668, + "max_ret": -0.062388214168421, + "all_pos": false + }, + "vexax": { + "name": "Vanguard Extended Market Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6211951602648929, + "corr_port": 0.2230802003072895, + "rets": { + "2022 bear mkt": -0.2935902243369273, + "2023 rate shock": -0.15556773507860056, + "2024 vol spike": -0.08150599036618611, + "2025 tariff crash": -0.23182834940894337, + "2026 Q1 drawdown": -0.08219441809883732 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2935902243369273, + "max_ret": -0.08150599036618611, + "all_pos": false + }, + "vexrx": { + "name": "VANGUARD EXPLORER FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.618354041119709, + "corr_port": 0.2244982428070145, + "rets": { + "2022 bear mkt": -0.2765117091126137, + "2023 rate shock": -0.1537234534361872, + "2024 vol spike": -0.07333864070029239, + "2025 tariff crash": -0.2192107413982357, + "2026 Q1 drawdown": -0.08490733401474226 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2765117091126137, + "max_ret": -0.07333864070029239, + "all_pos": false + }, + "vfaix": { + "name": "Vanguard Financials Index Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6778305935571376, + "corr_port": 0.394242804383243, + "rets": { + "2022 bear mkt": -0.23995412533275162, + "2023 rate shock": -0.11177784198795704, + "2024 vol spike": -0.07074857791387335, + "2025 tariff crash": -0.1582899651340849, + "2026 Q1 drawdown": -0.09751554323039402 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23995412533275162, + "max_ret": -0.07074857791387335, + "all_pos": false + }, + "vffvx": { + "name": "Vanguard Target Retirement 2055 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.19801135977283277, + "corr_port": 0.32318562886665486, + "rets": { + "2022 bear mkt": -0.2499522859817337, + "2023 rate shock": -0.09841777827084564, + "2024 vol spike": -0.061140124441482424, + "2025 tariff crash": -0.14302886422849515, + "2026 Q1 drawdown": -0.07579283025291916 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2499522859817337, + "max_ret": -0.061140124441482424, + "all_pos": false + }, + "vfiax": { + "name": "Vanguard 500 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.23658910095011115, + "corr_port": 0.2837530074798181, + "rets": { + "2022 bear mkt": -0.24486074543005532, + "2023 rate shock": -0.09708528943131456, + "2024 vol spike": -0.0715754807710215, + "2025 tariff crash": -0.18410367796176696, + "2026 Q1 drawdown": -0.08778579282115884 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24486074543005532, + "max_ret": -0.0715754807710215, + "all_pos": false + }, + "vfidx": { + "name": "Vanguard Intermediate-Term Investment-Grade Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1088535143601428, + "corr_port": -0.04028824543009168, + "rets": { + "2022 bear mkt": -0.1651586669875178, + "2023 rate shock": -0.04212365089995074, + "2024 vol spike": 0.017874074925802397, + "2025 tariff crash": 0.002249997087443223, + "2026 Q1 drawdown": -0.012160671745118812 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1651586669875178, + "max_ret": 0.017874074925802397, + "all_pos": false + }, + "vfifx": { + "name": "Vanguard Target Retirement 2050 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.025740538752584547, + "corr_port": 0.3231543750658838, + "rets": { + "2022 bear mkt": -0.24999995941163744, + "2023 rate shock": -0.09855604954080166, + "2024 vol spike": -0.06100741689248135, + "2025 tariff crash": -0.14310344854561297, + "2026 Q1 drawdown": -0.07519897677440313 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24999995941163744, + "max_ret": -0.06100741689248135, + "all_pos": false + }, + "vfijx": { + "name": "Vanguard GNMA Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.11171571092874799, + "corr_port": -0.08354973396931384, + "rets": { + "2022 bear mkt": -0.12824885904659966, + "2023 rate shock": -0.04705776962954378, + "2024 vol spike": 0.022579142081109005, + "2025 tariff crash": 0.012849531897308086, + "2026 Q1 drawdown": -0.0022658885831567943 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12824885904659966, + "max_ret": 0.022579142081109005, + "all_pos": false + }, + "vfirx": { + "name": "Vanguard Short-Term Treasury Fund", + "verdict": "weak/unstable alpha", + "t5": -2.37585650996782, + "corr_port": -0.13692369946448596, + "rets": { + "2022 bear mkt": -0.05141930124820904, + "2023 rate shock": -0.0011200896257146375, + "2024 vol spike": 0.015022310032482222, + "2025 tariff crash": 0.018108478321741783, + "2026 Q1 drawdown": -0.00011861993123762904 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.05141930124820904, + "max_ret": 0.018108478321741783, + "all_pos": false + }, + "vfiux": { + "name": "Vanguard Intermediate-Term Treasury Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7134743920677603, + "corr_port": -0.16885815692264297, + "rets": { + "2022 bear mkt": -0.11062497142214078, + "2023 rate shock": -0.02557233787670521, + "2024 vol spike": 0.02677840063525072, + "2025 tariff crash": 0.025265421957724188, + "2026 Q1 drawdown": -0.0017529667378646252 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.11062497142214078, + "max_ret": 0.02677840063525072, + "all_pos": false + }, + "vfmf": { + "name": "Vanguard U.S. Multifactor ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.9588250247537693, + "corr_port": 0.39549773196800336, + "rets": { + "2022 bear mkt": -0.14923388637436064, + "2023 rate shock": -0.10052999709808208, + "2024 vol spike": -0.07199783432628049, + "2025 tariff crash": -0.17710420210817102, + "2026 Q1 drawdown": -0.032986500486799075 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17710420210817102, + "max_ret": -0.032986500486799075, + "all_pos": false + }, + "vfmfx": { + "name": "Vanguard U.S. Multifactor Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.9863556861199765, + "corr_port": 0.3942926442224065, + "rets": { + "2022 bear mkt": -0.14364558573479702, + "2023 rate shock": -0.09577195992711762, + "2024 vol spike": -0.07040228162298312, + "2025 tariff crash": -0.17906711456051494, + "2026 Q1 drawdown": -0.04022802355423427 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17906711456051494, + "max_ret": -0.04022802355423427, + "all_pos": false + }, + "vfmo": { + "name": "Vanguard U.S. Momentum Factor ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.47555430568963414, + "corr_port": 0.25191379678367265, + "rets": { + "2022 bear mkt": -0.17730925337007086, + "2023 rate shock": -0.152883226941409, + "2024 vol spike": -0.09492093376690525, + "2025 tariff crash": -0.2216146589386664, + "2026 Q1 drawdown": -0.09140357379968733 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2216146589386664, + "max_ret": -0.09140357379968733, + "all_pos": false + }, + "vfmv": { + "name": "Vanguard U.S. Minimum Volatility ETF", + "verdict": "weak/unstable alpha", + "t5": 1.071075982687405, + "corr_port": 0.31947970619726157, + "rets": { + "2022 bear mkt": -0.1439097489079635, + "2023 rate shock": -0.0637233403945604, + "2024 vol spike": -0.03269699939645898, + "2025 tariff crash": -0.10135552883924093, + "2026 Q1 drawdown": -0.019828980692177534 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1439097489079635, + "max_ret": -0.019828980692177534, + "all_pos": false + }, + "vforx": { + "name": "Vanguard Target Retirement 2040 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.10589918930373562, + "corr_port": 0.3214797426685481, + "rets": { + "2022 bear mkt": -0.2377787628543354, + "2023 rate shock": -0.08930897196152998, + "2024 vol spike": -0.049493531429307236, + "2025 tariff crash": -0.11960874764441487, + "2026 Q1 drawdown": -0.06396586547780592 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2377787628543354, + "max_ret": -0.049493531429307236, + "all_pos": false + }, + "vfqy": { + "name": "Vanguard U.S. Quality Factor ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4825398149246077, + "corr_port": 0.30038235251879714, + "rets": { + "2022 bear mkt": -0.22009148102937826, + "2023 rate shock": -0.1021765078389889, + "2024 vol spike": -0.06699134700031728, + "2025 tariff crash": -0.18669157148436233, + "2026 Q1 drawdown": -0.0701818910963461 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22009148102937826, + "max_ret": -0.06699134700031728, + "all_pos": false + }, + "vfsix": { + "name": "Vanguard Short-Term Investment-Grade Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9983394025051361, + "corr_port": -0.012766742314748464, + "rets": { + "2022 bear mkt": -0.0734356708849716, + "2023 rate shock": -0.0032069941592959283, + "2024 vol spike": 0.012394806585463769, + "2025 tariff crash": 0.007455978408296815, + "2026 Q1 drawdown": -0.0037618317805241386 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.0734356708849716, + "max_ret": 0.012394806585463769, + "all_pos": false + }, + "vfsnx": { + "name": "Vanguard FTSE All-World ex-US Small-Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.319364736634154, + "corr_port": 0.37697027761358026, + "rets": { + "2022 bear mkt": -0.3141929696545942, + "2023 rate shock": -0.12141503810662624, + "2024 vol spike": -0.07230220453532232, + "2025 tariff crash": -0.11497131851866405, + "2026 Q1 drawdown": -0.0872201424915231 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3141929696545942, + "max_ret": -0.07230220453532232, + "all_pos": false + }, + "vftnx": { + "name": "Vanguard FTSE Social Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.2702259954403303, + "corr_port": 0.2401710187192303, + "rets": { + "2022 bear mkt": -0.2855727373324036, + "2023 rate shock": -0.10106095351750233, + "2024 vol spike": -0.07766754169023937, + "2025 tariff crash": -0.19785163432188357, + "2026 Q1 drawdown": -0.11220837248803472 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2855727373324036, + "max_ret": -0.07766754169023937, + "all_pos": false + }, + "vfva": { + "name": "Vanguard U.S. Value Factor ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2775114054346521, + "corr_port": 0.40596238796755074, + "rets": { + "2022 bear mkt": -0.15791171303784324, + "2023 rate shock": -0.1180371688260714, + "2024 vol spike": -0.07674922946534168, + "2025 tariff crash": -0.19712340411047313, + "2026 Q1 drawdown": -0.03727380737398145 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19712340411047313, + "max_ret": -0.03727380737398145, + "all_pos": false + }, + "vfwsx": { + "name": "Vanguard FTSE All-World ex-US Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.32744130349851197, + "corr_port": 0.37354943132409113, + "rets": { + "2022 bear mkt": -0.2739434832513409, + "2023 rate shock": -0.10724584899921163, + "2024 vol spike": -0.06549104848012632, + "2025 tariff crash": -0.11384745934946727, + "2026 Q1 drawdown": -0.07690499013087393 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2739434832513409, + "max_ret": -0.06549104848012632, + "all_pos": false + }, + "vgcax": { + "name": "Vanguard Global Credit Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.0735478284104696, + "corr_port": -0.030644405219742193, + "rets": { + "2022 bear mkt": -0.15866714630517054, + "2023 rate shock": -0.02341463981921188, + "2024 vol spike": 0.012073429908730393, + "2025 tariff crash": -0.005650804173198742, + "2026 Q1 drawdown": -0.014403383526432445 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.15866714630517054, + "max_ret": 0.012073429908730393, + "all_pos": false + }, + "vgelx": { + "name": "Vanguard Energy Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": 1.3249013285944888, + "corr_port": 0.3735382116130365, + "rets": { + "2022 bear mkt": 0.07407954766482594, + "2023 rate shock": -0.0013338082677797347, + "2024 vol spike": -0.031110209163964453, + "2025 tariff crash": -0.08333254027855874, + "2026 Q1 drawdown": 0.14873813535064695 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.08333254027855874, + "max_ret": 0.14873813535064695, + "all_pos": false + }, + "vghax": { + "name": "Vanguard Health Care Fund", + "verdict": "weak/unstable alpha", + "t5": -0.007734492728782074, + "corr_port": 0.24368976338388523, + "rets": { + "2022 bear mkt": -0.10029572945341736, + "2023 rate shock": -0.08886641298714715, + "2024 vol spike": -0.03415943791616605, + "2025 tariff crash": -0.11623480820882626, + "2026 Q1 drawdown": -0.057392011078903904 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.11623480820882626, + "max_ret": -0.03415943791616605, + "all_pos": false + }, + "vgiax": { + "name": "Vanguard Growth and Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.01721741133467666, + "corr_port": 0.2953512820821749, + "rets": { + "2022 bear mkt": -0.2327571151226272, + "2023 rate shock": -0.09086993567056767, + "2024 vol spike": -0.08056512550991624, + "2025 tariff crash": -0.19240912310223468, + "2026 Q1 drawdown": -0.09548098768356328 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2327571151226272, + "max_ret": -0.08056512550991624, + "all_pos": false + }, + "vgivx": { + "name": "Vanguard Emerging Markets Government Bond Index Fund", + "verdict": "weak/unstable alpha", + "t5": -0.20913132403176427, + "corr_port": 0.2035022139950216, + "rets": { + "2022 bear mkt": -0.228377213533962, + "2023 rate shock": -0.05545839766964222, + "2024 vol spike": 0.004569671479496051, + "2025 tariff crash": -0.017267649669085672, + "2026 Q1 drawdown": -0.024191173567002622 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.228377213533962, + "max_ret": 0.004569671479496051, + "all_pos": false + }, + "vglsx": { + "name": "Global Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3082698369498445, + "corr_port": 0.3326708445120672, + "rets": { + "2022 bear mkt": -0.21953589672640828, + "2023 rate shock": -0.0665888062713329, + "2024 vol spike": -0.04391229935510821, + "2025 tariff crash": -0.10756397865191925, + "2026 Q1 drawdown": -0.06095659964825351 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21953589672640828, + "max_ret": -0.04391229935510821, + "all_pos": false + }, + "vgpmx": { + "name": "Vanguard Global Capital Cycles Fund", + "verdict": "weak/unstable alpha", + "t5": 2.4684484701001943, + "corr_port": 0.24803012621803883, + "rets": { + "2022 bear mkt": -0.10910955512618714, + "2023 rate shock": -0.07096767891245637, + "2024 vol spike": -0.07624622946947446, + "2025 tariff crash": -0.12495242811283125, + "2026 Q1 drawdown": -0.07557653020369504 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12495242811283125, + "max_ret": -0.07096767891245637, + "all_pos": false + }, + "vgrlx": { + "name": "Vanguard Global ex-U.S. Real Estate Index Fund", + "verdict": "weak/unstable alpha", + "t5": -1.5334678851568013, + "corr_port": 0.3501405853082368, + "rets": { + "2022 bear mkt": -0.31242349892033583, + "2023 rate shock": -0.11843666968175826, + "2024 vol spike": -0.04399387670846888, + "2025 tariff crash": -0.06477733257065432, + "2026 Q1 drawdown": -0.10628186396326433 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31242349892033583, + "max_ret": -0.04399387670846888, + "all_pos": false + }, + "vgsbx": { + "name": "VY(R) BrandywineGLOBAL - Bond Portfolio", + "verdict": "weak/unstable alpha", + "t5": 1.5048385386320593, + "corr_port": -0.05303525279313667, + "rets": { + "2022 bear mkt": -0.12317094353503122, + "2023 rate shock": -0.06406084593552308, + "2024 vol spike": 0.040305091054454234, + "2025 tariff crash": 0.00859291147708352, + "2026 Q1 drawdown": 0.0010604340864122097 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.12317094353503122, + "max_ret": 0.040305091054454234, + "all_pos": false + }, + "vgslx": { + "name": "Vanguard Real Estate Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.03962407816125658, + "corr_port": 0.24041488125441673, + "rets": { + "2022 bear mkt": -0.3180704404977406, + "2023 rate shock": -0.15466553565487595, + "2024 vol spike": -0.013134183202079708, + "2025 tariff crash": -0.1283699985854333, + "2026 Q1 drawdown": -0.026960386455658014 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3180704404977406, + "max_ret": -0.013134183202079708, + "all_pos": false + }, + "vgstx": { + "name": "Vanguard Star Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0711657760853157, + "corr_port": 0.26783477700890523, + "rets": { + "2022 bear mkt": -0.23559516541562686, + "2023 rate shock": -0.09474475568349683, + "2024 vol spike": -0.03966592463763707, + "2025 tariff crash": -0.1164574254423828, + "2026 Q1 drawdown": -0.06136818109934927 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23559516541562686, + "max_ret": -0.03966592463763707, + "all_pos": false + }, + "vgtsx": { + "name": "Vanguard Total International Stock Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.09883748214887882, + "corr_port": 0.37743790811676853, + "rets": { + "2022 bear mkt": -0.277852733378654, + "2023 rate shock": -0.10849306339168574, + "2024 vol spike": -0.06613239347118571, + "2025 tariff crash": -0.11351919472692606, + "2026 Q1 drawdown": -0.07779114231969353 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.277852733378654, + "max_ret": -0.06613239347118571, + "all_pos": false + }, + "vgwix": { + "name": "Vanguard Global Wellesley Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.8820011079124765, + "corr_port": 0.34168311606714363, + "rets": { + "2022 bear mkt": -0.1532022623676068, + "2023 rate shock": -0.047945694441059006, + "2024 vol spike": -0.0055194616013566344, + "2025 tariff crash": -0.026892536150956325, + "2026 Q1 drawdown": -0.016587596556211115 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1532022623676068, + "max_ret": -0.0055194616013566344, + "all_pos": false + }, + "vgwlx": { + "name": "Vanguard Global Wellington Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 2.2808924360835756, + "corr_port": 0.3839464816992213, + "rets": { + "2022 bear mkt": -0.17363624002650047, + "2023 rate shock": -0.054291545643168515, + "2024 vol spike": -0.033791409989445964, + "2025 tariff crash": -0.06471012513649588, + "2026 Q1 drawdown": -0.031054040782566794 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17363624002650047, + "max_ret": -0.031054040782566794, + "all_pos": false + }, + "vhcix": { + "name": "Vanguard Health Care Index Fund", + "verdict": "weak/unstable alpha", + "t5": 0.08926885555773569, + "corr_port": 0.2499562780992058, + "rets": { + "2022 bear mkt": -0.12991759051516794, + "2023 rate shock": -0.08938267675111178, + "2024 vol spike": -0.02700546933606862, + "2025 tariff crash": -0.10893296090066251, + "2026 Q1 drawdown": -0.0661204578334893 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12991759051516794, + "max_ret": -0.02700546933606862, + "all_pos": false + }, + "vhcox": { + "name": "Vanguard Capital Opportunity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9113717759236932, + "corr_port": 0.2579588317549654, + "rets": { + "2022 bear mkt": -0.24349367356197094, + "2023 rate shock": -0.0774288252965668, + "2024 vol spike": -0.10473499816457932, + "2025 tariff crash": -0.2123467824398786, + "2026 Q1 drawdown": -0.12433997834990596 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24349367356197094, + "max_ret": -0.0774288252965668, + "all_pos": false + }, + "vhgex": { + "name": "Vanguard Global Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.322997306553206, + "corr_port": 0.27766991454825174, + "rets": { + "2022 bear mkt": -0.30057208192902596, + "2023 rate shock": -0.14414692267890483, + "2024 vol spike": -0.06885153530331378, + "2025 tariff crash": -0.18784674948976465, + "2026 Q1 drawdown": -0.11274763553205602 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30057208192902596, + "max_ret": -0.06885153530331378, + "all_pos": false + }, + "vhiax": { + "name": "JPMorgan Growth Advantage Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.459030795237446, + "corr_port": 0.1587895445017445, + "rets": { + "2022 bear mkt": -0.32099938072874523, + "2023 rate shock": -0.10062241197969923, + "2024 vol spike": -0.09387637499502033, + "2025 tariff crash": -0.22970906454180273, + "2026 Q1 drawdown": -0.11356546257796263 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32099938072874523, + "max_ret": -0.09387637499502033, + "all_pos": false + }, + "vhyax": { + "name": "Vanguard High Dividend Yield Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.095339824666026, + "corr_port": 0.4031574096341115, + "rets": { + "2022 bear mkt": -0.13852797457581434, + "2023 rate shock": -0.0962919686712932, + "2024 vol spike": -0.050987660560937176, + "2025 tariff crash": -0.1412964543148295, + "2026 Q1 drawdown": -0.02142625954490396 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1412964543148295, + "max_ret": -0.02142625954490396, + "all_pos": false + }, + "vicsx": { + "name": "Vanguard Intermediate-Term Corporate Bond Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.4732693699779893, + "corr_port": -0.03268224016036875, + "rets": { + "2022 bear mkt": -0.16905975329168188, + "2023 rate shock": -0.03945078840127736, + "2024 vol spike": 0.015166740180762694, + "2025 tariff crash": -0.0017914592449533862, + "2026 Q1 drawdown": -0.01121296651104553 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16905975329168188, + "max_ret": 0.015166740180762694, + "all_pos": false + }, + "vidax": { + "name": "Nomura Tax-Free Idaho Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2696165686559547, + "corr_port": 0.03579470565657216, + "rets": { + "2022 bear mkt": -0.1409630679149575, + "2023 rate shock": -0.07741730395177171, + "2024 vol spike": 0.016967843314741105, + "2025 tariff crash": -0.041425525617421854, + "2026 Q1 drawdown": -0.009798275864941974 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1409630679149575, + "max_ret": 0.016967843314741105, + "all_pos": false + }, + "vigax": { + "name": "Vanguard Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4121491487094902, + "corr_port": 0.15127536970900018, + "rets": { + "2022 bear mkt": -0.3370107679314158, + "2023 rate shock": -0.09839752986873518, + "2024 vol spike": -0.09337747056749612, + "2025 tariff crash": -0.22637953200504835, + "2026 Q1 drawdown": -0.13412583608568285 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3370107679314158, + "max_ret": -0.09337747056749612, + "all_pos": false + }, + "vigi": { + "name": "Vanguard International Dividend Appreciation Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1206226320748998, + "corr_port": 0.27603315232248316, + "rets": { + "2022 bear mkt": -0.26813960418390836, + "2023 rate shock": -0.0919168670507916, + "2024 vol spike": -0.05149161605938235, + "2025 tariff crash": -0.10784360969507978, + "2026 Q1 drawdown": -0.06974841506446772 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26813960418390836, + "max_ret": -0.05149161605938235, + "all_pos": false + }, + "viitx": { + "name": "Vanguard Institutional Intermediate-Term Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.27008812457757064, + "corr_port": -0.12087505256399539, + "rets": { + "2022 bear mkt": -0.0937775262436944, + "2023 rate shock": -0.01796281596962246, + "2024 vol spike": 0.015946861885558716, + "2025 tariff crash": 0.009872509020996567, + "2026 Q1 drawdown": -0.003840448327793844 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.0937775262436944, + "max_ret": 0.015946861885558716, + "all_pos": false + }, + "vimax": { + "name": "Vanguard Mid-Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.9382623831663778, + "corr_port": 0.28780118214094425, + "rets": { + "2022 bear mkt": -0.24978073702295933, + "2023 rate shock": -0.13573058999393672, + "2024 vol spike": -0.051834044959520376, + "2025 tariff crash": -0.16704375852123654, + "2026 Q1 drawdown": -0.05713184487786105 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24978073702295933, + "max_ret": -0.051834044959520376, + "all_pos": false + }, + "vinax": { + "name": "Vanguard Industrials Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5433441874242807, + "corr_port": 0.3487937426110444, + "rets": { + "2022 bear mkt": -0.20763905462956478, + "2023 rate shock": -0.1323596505872029, + "2024 vol spike": -0.05218901356933592, + "2025 tariff crash": -0.16303592739482053, + "2026 Q1 drawdown": -0.060079727441570197 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20763905462956478, + "max_ret": -0.05218901356933592, + "all_pos": false + }, + "vinex": { + "name": "Vanguard International Explorer Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3012024913419373, + "corr_port": 0.3293155203902495, + "rets": { + "2022 bear mkt": -0.38059348582530816, + "2023 rate shock": -0.15307905971347802, + "2024 vol spike": -0.07859539640916668, + "2025 tariff crash": -0.1168008670718721, + "2026 Q1 drawdown": -0.09314179796107502 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.38059348582530816, + "max_ret": -0.07859539640916668, + "all_pos": false + }, + "vinix": { + "name": "Vanguard Institutional Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.25421430439611176, + "corr_port": 0.28374730084093813, + "rets": { + "2022 bear mkt": -0.244649485196464, + "2023 rate shock": -0.09708406357797905, + "2024 vol spike": -0.0715668308017775, + "2025 tariff crash": -0.18407022846100995, + "2026 Q1 drawdown": -0.08775086441743696 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.244649485196464, + "max_ret": -0.0715668308017775, + "all_pos": false + }, + "viog": { + "name": "Vanguard S&P Small-Cap 600 Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.21569781209919872, + "corr_port": 0.2791857910644733, + "rets": { + "2022 bear mkt": -0.25766251206137303, + "2023 rate shock": -0.14091276217607573, + "2024 vol spike": -0.07580841594912024, + "2025 tariff crash": -0.20627520676302646, + "2026 Q1 drawdown": -0.06231405599178408 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25766251206137303, + "max_ret": -0.06231405599178408, + "all_pos": false + }, + "vipix": { + "name": "Vanguard Inflation-Protected Securities Fund", + "verdict": "weak/unstable alpha", + "t5": 0.6487168672519282, + "corr_port": -0.06734076346076816, + "rets": { + "2022 bear mkt": -0.12250382009207494, + "2023 rate shock": -0.024847665160310672, + "2024 vol spike": 0.012685275362278592, + "2025 tariff crash": 0.010248467766720948, + "2026 Q1 drawdown": -0.0010639130889970039 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.12250382009207494, + "max_ret": 0.012685275362278592, + "all_pos": false + }, + "visgx": { + "name": "Vanguard Small-Cap Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6424401692427266, + "corr_port": 0.16604519203634072, + "rets": { + "2022 bear mkt": -0.30010308177372647, + "2023 rate shock": -0.17463703293236754, + "2024 vol spike": -0.08377402599709394, + "2025 tariff crash": -0.23557189730473316, + "2026 Q1 drawdown": -0.09045420402452842 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30010308177372647, + "max_ret": -0.08377402599709394, + "all_pos": false + }, + "vistx": { + "name": "Vanguard Institutional Short-Term Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.25892290240343807, + "corr_port": -0.1266147842997812, + "rets": { + "2022 bear mkt": -0.04508644455396882, + "2023 rate shock": 0.005411950555154643, + "2024 vol spike": 0.010207125214160673, + "2025 tariff crash": 0.009099766669538267, + "2026 Q1 drawdown": 0.00020147944355985992 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.04508644455396882, + "max_ret": 0.010207125214160673, + "all_pos": false + }, + "visvx": { + "name": "Vanguard Small-Cap Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7832430586699031, + "corr_port": 0.35676861226563966, + "rets": { + "2022 bear mkt": -0.1827156480702704, + "2023 rate shock": -0.13870747815624906, + "2024 vol spike": -0.062245978348152486, + "2025 tariff crash": -0.18929867395261513, + "2026 Q1 drawdown": -0.04773673258000999 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18929867395261513, + "max_ret": -0.04773673258000999, + "all_pos": false + }, + "vitax": { + "name": "Vanguard Information Technology Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8437034904431964, + "corr_port": 0.15453910915406238, + "rets": { + "2022 bear mkt": -0.335850687257636, + "2023 rate shock": -0.11618298860624177, + "2024 vol spike": -0.11495154870782187, + "2025 tariff crash": -0.2671309889849126, + "2026 Q1 drawdown": -0.11993104838563728 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.335850687257636, + "max_ret": -0.11495154870782187, + "all_pos": false + }, + "vitnx": { + "name": "Vanguard Institutional Total Stock Market Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.761602436077079, + "corr_port": 0.2750054586256891, + "rets": { + "2022 bear mkt": -0.2519117840559779, + "2023 rate shock": -0.10488302522387793, + "2024 vol spike": -0.07254422470244981, + "2025 tariff crash": -0.18929572702823716, + "2026 Q1 drawdown": -0.08702419262191763 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2519117840559779, + "max_ret": -0.07254422470244981, + "all_pos": false + }, + "vitsx": { + "name": "Vanguard Total Stock Market Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.80419410520419, + "corr_port": 0.27535542786640077, + "rets": { + "2022 bear mkt": -0.2523526156229935, + "2023 rate shock": -0.10482968141213145, + "2024 vol spike": -0.0724950338682967, + "2025 tariff crash": -0.189336950455415, + "2026 Q1 drawdown": -0.0870539366630485 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2523526156229935, + "max_ret": -0.0724950338682967, + "all_pos": false + }, + "vklmx": { + "name": "INVESCO INTERMEDIATE TERM MUNICIPAL INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.7457071709196298, + "corr_port": 0.05755602584056815, + "rets": { + "2022 bear mkt": -0.11200562266962555, + "2023 rate shock": -0.04299171476281549, + "2024 vol spike": 0.011430083607908426, + "2025 tariff crash": -0.024305733892904358, + "2026 Q1 drawdown": -0.009409954378011065 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.11200562266962555, + "max_ret": 0.011430083607908426, + "all_pos": false + }, + "vkmgx": { + "name": "Invesco Quality Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0438346656487878, + "corr_port": -0.06267054270340533, + "rets": { + "2022 bear mkt": -0.14529838442867804, + "2023 rate shock": -0.053798156830382915, + "2024 vol spike": 0.024925125492333056, + "2025 tariff crash": 0.010830341531327559, + "2026 Q1 drawdown": -0.006371660270022228 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.14529838442867804, + "max_ret": 0.024925125492333056, + "all_pos": false + }, + "vkmmx": { + "name": "INVESCO MUNICIPAL INCOME FUND", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.06128121232812193, + "corr_port": 0.04772318921346053, + "rets": { + "2022 bear mkt": -0.1441065316471678, + "2023 rate shock": -0.06873963078346423, + "2024 vol spike": 0.015487000401975592, + "2025 tariff crash": -0.038527294397586176, + "2026 Q1 drawdown": -0.007874537434816808 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1441065316471678, + "max_ret": 0.015487000401975592, + "all_pos": false + }, + "vlaax": { + "name": "VALUE LINE ASSET ALLOCATION FUND INC", + "verdict": "weak/unstable alpha", + "t5": -1.7231596285992083, + "corr_port": 0.1998967703459434, + "rets": { + "2022 bear mkt": -0.2039155760069492, + "2023 rate shock": -0.0562152323644034, + "2024 vol spike": -0.009887423796568928, + "2025 tariff crash": -0.07418112724966042, + "2026 Q1 drawdown": -0.05345284445383269 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2039155760069492, + "max_ret": -0.009887423796568928, + "all_pos": false + }, + "vlcax": { + "name": "Vanguard Large-Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.3294686925330264, + "corr_port": 0.2718996195422153, + "rets": { + "2022 bear mkt": -0.25463116163045496, + "2023 rate shock": -0.0972281197538134, + "2024 vol spike": -0.07238625423257095, + "2025 tariff crash": -0.18626138014872418, + "2026 Q1 drawdown": -0.08982219532358715 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25463116163045496, + "max_ret": -0.07238625423257095, + "all_pos": false + }, + "vlcix": { + "name": "Vanguard Long-Term Corporate Bond Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.11943417259569869, + "corr_port": -0.05227929742699147, + "rets": { + "2022 bear mkt": -0.286901196374967, + "2023 rate shock": -0.09272094012106435, + "2024 vol spike": 0.017167614933310205, + "2025 tariff crash": -0.029793404895720577, + "2026 Q1 drawdown": -0.021005253228783327 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.286901196374967, + "max_ret": 0.017167614933310205, + "all_pos": false + }, + "vleox": { + "name": "Value Line Small Cap Opportunities Fund, Inc.", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4004924617502871, + "corr_port": 0.25755217498056376, + "rets": { + "2022 bear mkt": -0.2595977717587321, + "2023 rate shock": -0.11291618891809241, + "2024 vol spike": -0.05747326232156591, + "2025 tariff crash": -0.15091467344628762, + "2026 Q1 drawdown": -0.05638794908973743 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2595977717587321, + "max_ret": -0.05638794908973743, + "all_pos": false + }, + "vlgsx": { + "name": "Vanguard Long-Term Treasury Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5211118991911504, + "corr_port": -0.19428646025749488, + "rets": { + "2022 bear mkt": -0.27761003074875235, + "2023 rate shock": -0.12230135907062345, + "2024 vol spike": 0.04987683387222708, + "2025 tariff crash": 0.006927026319749396, + "2026 Q1 drawdown": -0.0035835500720983182 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.27761003074875235, + "max_ret": 0.04987683387222708, + "all_pos": false + }, + "vlifx": { + "name": "VALUE LINE MID CAP FOCUSED FUND, INC.", + "verdict": "weak/unstable alpha", + "t5": -1.1941933336806712, + "corr_port": 0.25622088491850026, + "rets": { + "2022 bear mkt": -0.18938165226993198, + "2023 rate shock": -0.09320321930919029, + "2024 vol spike": -0.022018857844190443, + "2025 tariff crash": -0.10950591744663474, + "2026 Q1 drawdown": -0.0974270309337959 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18938165226993198, + "max_ret": -0.022018857844190443, + "all_pos": false + }, + "vlxvx": { + "name": "Vanguard Target Retirement 2065 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.17908435907583578, + "corr_port": 0.2875060079977073, + "rets": { + "2022 bear mkt": -0.24928638439055795, + "2023 rate shock": -0.09843329200818673, + "2024 vol spike": -0.061030092956765425, + "2025 tariff crash": -0.1431005166482282, + "2026 Q1 drawdown": -0.07573938446742012 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24928638439055795, + "max_ret": -0.061030092956765425, + "all_pos": false + }, + "vmatx": { + "name": "Vanguard Massachusetts Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.10136457123572917, + "corr_port": 0.020428388208864622, + "rets": { + "2022 bear mkt": -0.13181206533627654, + "2023 rate shock": -0.057903539353286626, + "2024 vol spike": 0.016637776531391424, + "2025 tariff crash": -0.03578548217107824, + "2026 Q1 drawdown": -0.011818816064764537 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13181206533627654, + "max_ret": 0.016637776531391424, + "all_pos": false + }, + "vmbsx": { + "name": "Vanguard Mortgage-Backed Securities Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.05558139443631741, + "corr_port": -0.10012594510203612, + "rets": { + "2022 bear mkt": -0.13860747723640865, + "2023 rate shock": -0.05009301110247044, + "2024 vol spike": 0.02126331782766444, + "2025 tariff crash": 0.009159605763047862, + "2026 Q1 drawdown": -0.003823665567578516 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13860747723640865, + "max_ret": 0.02126331782766444, + "all_pos": false + }, + "vmctx": { + "name": "Vanguard Mega Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.041326429173871415, + "corr_port": 0.2651257963385773, + "rets": { + "2022 bear mkt": -0.2557566825288572, + "2023 rate shock": -0.08945361779914252, + "2024 vol spike": -0.07642500237670358, + "2025 tariff crash": -0.19011493822404568, + "2026 Q1 drawdown": -0.09619137399083288 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2557566825288572, + "max_ret": -0.07642500237670358, + "all_pos": false + }, + "vmfgx": { + "name": "Vanguard S&P Mid-Cap 400 Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8358176707352748, + "corr_port": 0.27679036184287487, + "rets": { + "2022 bear mkt": -0.23407245925729225, + "2023 rate shock": -0.12437447961793913, + "2024 vol spike": -0.07049833828389873, + "2025 tariff crash": -0.19969308551669118, + "2026 Q1 drawdown": -0.04739683324824473 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23407245925729225, + "max_ret": -0.04739683324824473, + "all_pos": false + }, + "vmfvx": { + "name": "Vanguard S&P Mid-Cap 400 Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7060198055758379, + "corr_port": 0.35194324351038736, + "rets": { + "2022 bear mkt": -0.17452873395450275, + "2023 rate shock": -0.16104266004110246, + "2024 vol spike": -0.0601407374408941, + "2025 tariff crash": -0.18375039582594566, + "2026 Q1 drawdown": -0.05689214905186657 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18375039582594566, + "max_ret": -0.05689214905186657, + "all_pos": false + }, + "vmgax": { + "name": "Vanguard Mega Cap Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0993704488255867, + "corr_port": 0.14741697328371686, + "rets": { + "2022 bear mkt": -0.33803386779918376, + "2023 rate shock": -0.08990228226292285, + "2024 vol spike": -0.09598147165118354, + "2025 tariff crash": -0.23081009762953397, + "2026 Q1 drawdown": -0.135658383155571 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33803386779918376, + "max_ret": -0.08990228226292285, + "all_pos": false + }, + "vmgix": { + "name": "Vanguard Mid-Cap Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9578569379150161, + "corr_port": 0.17228320033077044, + "rets": { + "2022 bear mkt": -0.3145469042277709, + "2023 rate shock": -0.14611108407955664, + "2024 vol spike": -0.06914125337098076, + "2025 tariff crash": -0.19549406498439703, + "2026 Q1 drawdown": -0.11089417649757727 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3145469042277709, + "max_ret": -0.06914125337098076, + "all_pos": false + }, + "vmgrx": { + "name": "Vanguard Mid-Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7018574544318157, + "corr_port": 0.1557125359142105, + "rets": { + "2022 bear mkt": -0.32087580956707396, + "2023 rate shock": -0.15968248749806346, + "2024 vol spike": -0.06573150533482297, + "2025 tariff crash": -0.2404973712494196, + "2026 Q1 drawdown": -0.1483898023485608 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32087580956707396, + "max_ret": -0.06573150533482297, + "all_pos": false + }, + "vmiax": { + "name": "Vanguard Materials Index Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9224624687348576, + "corr_port": 0.3405648190296342, + "rets": { + "2022 bear mkt": -0.22460718073805586, + "2023 rate shock": -0.12656163261757336, + "2024 vol spike": -0.04916444652922647, + "2025 tariff crash": -0.17301181166779522, + "2026 Q1 drawdown": -0.041493577514158386 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22460718073805586, + "max_ret": -0.041493577514158386, + "all_pos": false + }, + "vmltx": { + "name": "Vanguard Limited-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.14792422247581738, + "corr_port": 0.05623613509083528, + "rets": { + "2022 bear mkt": -0.04543145818251071, + "2023 rate shock": -0.012833415774102575, + "2024 vol spike": 0.008789908733263463, + "2025 tariff crash": -0.006100123881245478, + "2026 Q1 drawdown": -0.005929264772458365 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04543145818251071, + "max_ret": 0.008789908733263463, + "all_pos": false + }, + "vmmsx": { + "name": "Vanguard Emerging Markets Select Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5105901689989659, + "corr_port": 0.3137390159673667, + "rets": { + "2022 bear mkt": -0.27494910011698326, + "2023 rate shock": -0.11197792950437002, + "2024 vol spike": -0.0677737862972051, + "2025 tariff crash": -0.13909616244794432, + "2026 Q1 drawdown": -0.10181355392936686 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.27494910011698326, + "max_ret": -0.0677737862972051, + "all_pos": false + }, + "vmnix": { + "name": "Vanguard Market Neutral Fund", + "verdict": "alpha, but correlated with current portfolio", + "t5": 4.361786874321171, + "corr_port": 0.3467529140312448, + "rets": { + "2022 bear mkt": 0.09017107595247653, + "2023 rate shock": 0.07710653233838283, + "2024 vol spike": 0.024566508989438463, + "2025 tariff crash": 0.008857129159485222, + "2026 Q1 drawdown": 0.06968246146608337 + }, + "n_avail": 5, + "n_pos": 5, + "min_ret": 0.008857129159485222, + "max_ret": 0.09017107595247653, + "all_pos": true + }, + "vmvfx": { + "name": "Vanguard Global Minimum Volatility Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8261846943991876, + "corr_port": 0.38034455341253026, + "rets": { + "2022 bear mkt": -0.12770268360657544, + "2023 rate shock": -0.041369504620842545, + "2024 vol spike": -0.031847100420657415, + "2025 tariff crash": -0.06117358967527786, + "2026 Q1 drawdown": -0.013530073800738118 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12770268360657544, + "max_ret": -0.013530073800738118, + "all_pos": false + }, + "vmvix": { + "name": "Vanguard Mid-Cap Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8378780267019831, + "corr_port": 0.3876209537874597, + "rets": { + "2022 bear mkt": -0.18585348867637974, + "2023 rate shock": -0.12674367732996628, + "2024 vol spike": -0.03778742182389949, + "2025 tariff crash": -0.14341970816517546, + "2026 Q1 drawdown": -0.018263072590176344 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18585348867637974, + "max_ret": -0.018263072590176344, + "all_pos": false + }, + "vmvlx": { + "name": "Vanguard Mega Cap Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.6223608377587335, + "corr_port": 0.412132387575641, + "rets": { + "2022 bear mkt": -0.14672353430750384, + "2023 rate shock": -0.0888004859386381, + "2024 vol spike": -0.045606526413008, + "2025 tariff crash": -0.12736303976594743, + "2026 Q1 drawdown": -0.03004046304935848 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14672353430750384, + "max_ret": -0.03004046304935848, + "all_pos": false + }, + "vnjtx": { + "name": "Vanguard New Jersey Long-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.501312540430802, + "corr_port": 0.031735451890282165, + "rets": { + "2022 bear mkt": -0.13075364147631863, + "2023 rate shock": -0.061309011695724, + "2024 vol spike": 0.016889736278606682, + "2025 tariff crash": -0.03574098777053791, + "2026 Q1 drawdown": -0.009986443765749309 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13075364147631863, + "max_ret": 0.016889736278606682, + "all_pos": false + }, + "vnvax": { + "name": "Vaughan Nelson Mid Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.08818626010711185, + "corr_port": 0.32841835713127177, + "rets": { + "2022 bear mkt": -0.1918239723100008, + "2023 rate shock": -0.09813302859604156, + "2024 vol spike": -0.06535686387699924, + "2025 tariff crash": -0.17380663558632514, + "2026 Q1 drawdown": -0.08682486197141015 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1918239723100008, + "max_ret": -0.06535686387699924, + "all_pos": false + }, + "vnytx": { + "name": "Vanguard New York Long-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.5077528495637104, + "corr_port": 0.015461554327395354, + "rets": { + "2022 bear mkt": -0.1370775637555588, + "2023 rate shock": -0.06302298315712307, + "2024 vol spike": 0.016534029989293986, + "2025 tariff crash": -0.03778584340039859, + "2026 Q1 drawdown": -0.008649659571254076 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1370775637555588, + "max_ret": 0.016534029989293986, + "all_pos": false + }, + "vohix": { + "name": "Vanguard Ohio Long-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.10793158241013757, + "corr_port": 0.0200351771992567, + "rets": { + "2022 bear mkt": -0.13998540691197514, + "2023 rate shock": -0.06627503728360229, + "2024 vol spike": 0.01738973223281004, + "2025 tariff crash": -0.03382108147740048, + "2026 Q1 drawdown": -0.010271842486607619 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13998540691197514, + "max_ret": 0.01738973223281004, + "all_pos": false + }, + "volmx": { + "name": "Volumetric Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4329270284211018, + "corr_port": 0.3122750108189457, + "rets": { + "2022 bear mkt": -0.1858095054902148, + "2023 rate shock": -0.09274727856330567, + "2024 vol spike": -0.060655020368635015, + "2025 tariff crash": -0.15134023539066255, + "2026 Q1 drawdown": -0.07581376184590027 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1858095054902148, + "max_ret": -0.060655020368635015, + "all_pos": false + }, + "vpadx": { + "name": "Vanguard Pacific Stock Index Fund", + "verdict": "weak/unstable alpha", + "t5": -0.16177576990409862, + "corr_port": 0.3549183823027031, + "rets": { + "2022 bear mkt": -0.26299281560999865, + "2023 rate shock": -0.10089618316554583, + "2024 vol spike": -0.09838469210847611, + "2025 tariff crash": -0.1219292677742373, + "2026 Q1 drawdown": -0.05364509438126375 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.26299281560999865, + "max_ret": -0.05364509438126375, + "all_pos": false + }, + "vpaix": { + "name": "Vanguard Pennsylvania Long-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.43064570750485026, + "corr_port": 0.02427301435729458, + "rets": { + "2022 bear mkt": -0.128877624724542, + "2023 rate shock": -0.06302013892296587, + "2024 vol spike": 0.015825779650844085, + "2025 tariff crash": -0.032266470000675396, + "2026 Q1 drawdown": -0.009789549658096086 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.128877624724542, + "max_ret": 0.015825779650844085, + "all_pos": false + }, + "vpccx": { + "name": "Vanguard PRIMECAP Core Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.304799982619719, + "corr_port": 0.32006743177089503, + "rets": { + "2022 bear mkt": -0.21581883597295848, + "2023 rate shock": -0.08320095884351397, + "2024 vol spike": -0.09721458630431201, + "2025 tariff crash": -0.19781763174963285, + "2026 Q1 drawdown": -0.09578448490895497 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21581883597295848, + "max_ret": -0.08320095884351397, + "all_pos": false + }, + "vpmcx": { + "name": "Vanguard PRIMECAP Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9914824630003826, + "corr_port": 0.28524501606862196, + "rets": { + "2022 bear mkt": -0.23513053322561794, + "2023 rate shock": -0.08078219280172017, + "2024 vol spike": -0.10581447659636345, + "2025 tariff crash": -0.2055815410487175, + "2026 Q1 drawdown": -0.11733191546214017 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23513053322561794, + "max_ret": -0.08078219280172017, + "all_pos": false + }, + "vrgwx": { + "name": "Vanguard Russell 1000 Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.579921361695219, + "corr_port": 0.16636926986086295, + "rets": { + "2022 bear mkt": -0.311008096302561, + "2023 rate shock": -0.0905632829663442, + "2024 vol spike": -0.09385154067446033, + "2025 tariff crash": -0.2257098855575833, + "2026 Q1 drawdown": -0.12419529955873487 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.311008096302561, + "max_ret": -0.0905632829663442, + "all_pos": false + }, + "vrnix": { + "name": "Vanguard Russell 1000 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6003410502397423, + "corr_port": 0.2762399181109889, + "rets": { + "2022 bear mkt": -0.2502028214638461, + "2023 rate shock": -0.10058891606326859, + "2024 vol spike": -0.07170474388330739, + "2025 tariff crash": -0.18740541524547416, + "2026 Q1 drawdown": -0.08640558409633037 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2502028214638461, + "max_ret": -0.07170474388330739, + "all_pos": false + }, + "vrtgx": { + "name": "Vanguard Russell 2000 Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.4872319754980317, + "corr_port": 0.18287645497640698, + "rets": { + "2022 bear mkt": -0.2879068556681086, + "2023 rate shock": -0.19019763599067996, + "2024 vol spike": -0.09477763628398683, + "2025 tariff crash": -0.23571789728535286, + "2026 Q1 drawdown": -0.12087432048727154 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2879068556681086, + "max_ret": -0.09477763628398683, + "all_pos": false + }, + "vrtix": { + "name": "Vanguard Russell 2000 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.36430285737884377, + "corr_port": 0.2542374927240262, + "rets": { + "2022 bear mkt": -0.24811286254688092, + "2023 rate shock": -0.17581601686827364, + "2024 vol spike": -0.0892337432497744, + "2025 tariff crash": -0.21959733428244765, + "2026 Q1 drawdown": -0.08851859154896413 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24811286254688092, + "max_ret": -0.08851859154896413, + "all_pos": false + }, + "vrtpx": { + "name": "Vanguard Real Estate II Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.10306111416341311, + "corr_port": 0.21127498440583814, + "rets": { + "2022 bear mkt": -0.3176846739504512, + "2023 rate shock": -0.1544353789701367, + "2024 vol spike": -0.012992810496456064, + "2025 tariff crash": -0.12816427001402309, + "2026 Q1 drawdown": -0.02678170299718663 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3176846739504512, + "max_ret": -0.012992810496456064, + "all_pos": false + }, + "vrttx": { + "name": "Vanguard Russell 3000 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8631327113926014, + "corr_port": 0.2766996593391812, + "rets": { + "2022 bear mkt": -0.25008372008965163, + "2023 rate shock": -0.10479074780710673, + "2024 vol spike": -0.07257499728529826, + "2025 tariff crash": -0.1888892257014061, + "2026 Q1 drawdown": -0.08647081471815998 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25008372008965163, + "max_ret": -0.07257499728529826, + "all_pos": false + }, + "vrtvx": { + "name": "Vanguard Russell 2000 Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.8874126189839227, + "corr_port": 0.3161528086046489, + "rets": { + "2022 bear mkt": -0.2108283152127518, + "2023 rate shock": -0.16196568351480245, + "2024 vol spike": -0.08370552633462502, + "2025 tariff crash": -0.20229896913571066, + "2026 Q1 drawdown": -0.053459920438856945 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2108283152127518, + "max_ret": -0.053459920438856945, + "all_pos": false + }, + "vrvix": { + "name": "Vanguard Russell 1000 Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.423551362837592, + "corr_port": 0.38559497766433143, + "rets": { + "2022 bear mkt": -0.1823909736948579, + "2023 rate shock": -0.1118551903241839, + "2024 vol spike": -0.04705768960851664, + "2025 tariff crash": -0.1419203257003867, + "2026 Q1 drawdown": -0.046098301872318226 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1823909736948579, + "max_ret": -0.046098301872318226, + "all_pos": false + }, + "vsbsx": { + "name": "Vanguard Short-Term Treasury Index Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7084607114970835, + "corr_port": -0.18483454847336064, + "rets": { + "2022 bear mkt": -0.045108183677156855, + "2023 rate shock": 0.008209768154846975, + "2024 vol spike": 0.011310021798685899, + "2025 tariff crash": 0.013933910144334982, + "2026 Q1 drawdown": 0.00034103186692568954 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.045108183677156855, + "max_ret": 0.013933910144334982, + "all_pos": false + }, + "vscax": { + "name": "INVESCO SMALL CAP VALUE FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.8798966155804988, + "corr_port": 0.33841213618364824, + "rets": { + "2022 bear mkt": -0.13089002882434042, + "2023 rate shock": -0.11111106971175488, + "2024 vol spike": -0.1154005055890831, + "2025 tariff crash": -0.23054872070324262, + "2026 Q1 drawdown": -0.05001761359695711 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23054872070324262, + "max_ret": -0.05001761359695711, + "all_pos": false + }, + "vscgx": { + "name": "Vanguard LifeStrategy 40/60 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.40498373421557127, + "corr_port": 0.257359251880119, + "rets": { + "2022 bear mkt": -0.1901761725374579, + "2023 rate shock": -0.061151964378088675, + "2024 vol spike": -0.01644734585505714, + "2025 tariff crash": -0.0612762639408706, + "2026 Q1 drawdown": -0.038942389382040754 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1901761725374579, + "max_ret": -0.01644734585505714, + "all_pos": false + }, + "vscsx": { + "name": "Vanguard Short-Term Corporate Bond Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 4.987473400923947, + "corr_port": -0.019157738815631865, + "rets": { + "2022 bear mkt": -0.07502197122160004, + "2023 rate shock": -0.002682759192831674, + "2024 vol spike": 0.010501093671561046, + "2025 tariff crash": 0.00598693531257255, + "2026 Q1 drawdown": -0.003588592279218261 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.07502197122160004, + "max_ret": 0.010501093671561046, + "all_pos": false + }, + "vscvx": { + "name": "Victory Integrity Small-Cap Value Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5804444844563826, + "corr_port": 0.3423092506137473, + "rets": { + "2022 bear mkt": -0.19296477716118665, + "2023 rate shock": -0.13803842956220747, + "2024 vol spike": -0.08673753690863817, + "2025 tariff crash": -0.2041939863446779, + "2026 Q1 drawdown": -0.04170502785326491 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2041939863446779, + "max_ret": -0.04170502785326491, + "all_pos": false + }, + "vseqx": { + "name": "Vanguard Strategic Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.662569633753249, + "corr_port": 0.3320529912208788, + "rets": { + "2022 bear mkt": -0.1986722362903789, + "2023 rate shock": -0.14552241301708824, + "2024 vol spike": -0.06565922276742675, + "2025 tariff crash": -0.20463110167627296, + "2026 Q1 drawdown": -0.05236280703127427 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20463110167627296, + "max_ret": -0.05236280703127427, + "all_pos": false + }, + "vsfax": { + "name": "Federated Hermes MDT Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.742207076558359, + "corr_port": 0.3521743341951311, + "rets": { + "2022 bear mkt": -0.16091952072472393, + "2023 rate shock": -0.15368938816546007, + "2024 vol spike": -0.06679091408481275, + "2025 tariff crash": -0.20266990621107484, + "2026 Q1 drawdown": -0.07142853633516766 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20266990621107484, + "max_ret": -0.06679091408481275, + "all_pos": false + }, + "vsgdx": { + "name": "Vanguard Short-Term Federal Fund", + "verdict": "weak/unstable alpha", + "t5": -0.893265617996574, + "corr_port": -0.12201297521187225, + "rets": { + "2022 bear mkt": -0.05632333307568904, + "2023 rate shock": -0.0018109860340014272, + "2024 vol spike": 0.013872206541171606, + "2025 tariff crash": 0.014681769894554053, + "2026 Q1 drawdown": 0.0015349892761498118 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.05632333307568904, + "max_ret": 0.014681769894554053, + "all_pos": false + }, + "vsgx": { + "name": "Vanguard ESG International Stock ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.16750032514444235, + "corr_port": 0.28943260181216574, + "rets": { + "2022 bear mkt": -0.296865177145169, + "2023 rate shock": -0.11468382577329161, + "2024 vol spike": -0.0686738297204168, + "2025 tariff crash": -0.12233280781233014, + "2026 Q1 drawdown": -0.0923903257587082 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.296865177145169, + "max_ret": -0.0686738297204168, + "all_pos": false + }, + "vsigx": { + "name": "Vanguard Intermediate-Term Treasury Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.1997597441812082, + "corr_port": -0.18986268111917182, + "rets": { + "2022 bear mkt": -0.11315845148942405, + "2023 rate shock": -0.019872630076504638, + "2024 vol spike": 0.023783393350288007, + "2025 tariff crash": 0.024129822621691277, + "2026 Q1 drawdown": -0.0008980227167031396 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.11315845148942405, + "max_ret": 0.024129822621691277, + "all_pos": false + }, + "vsmax": { + "name": "Vanguard Small-Cap Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.8407121801010594, + "corr_port": 0.2807789014246272, + "rets": { + "2022 bear mkt": -0.231313468019001, + "2023 rate shock": -0.15423784900713644, + "2024 vol spike": -0.07144781672440448, + "2025 tariff crash": -0.20927081582249307, + "2026 Q1 drawdown": -0.06578226841024859 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.231313468019001, + "max_ret": -0.06578226841024859, + "all_pos": false + }, + "vsmgx": { + "name": "Vanguard LifeStrategy 60/40 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.24725537554675073, + "corr_port": 0.29913418457003116, + "rets": { + "2022 bear mkt": -0.21477407097554313, + "2023 rate shock": -0.07636116429815532, + "2024 vol spike": -0.0346519428665224, + "2025 tariff crash": -0.09534095004693643, + "2026 Q1 drawdown": -0.05377244728897923 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21477407097554313, + "max_ret": -0.0346519428665224, + "all_pos": false + }, + "vsmsx": { + "name": "Vanguard S&P Small-Cap 600 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9185901031127595, + "corr_port": 0.3120650277975843, + "rets": { + "2022 bear mkt": -0.22802764390963937, + "2023 rate shock": -0.15869738434902958, + "2024 vol spike": -0.0734409543213852, + "2025 tariff crash": -0.21698580251502453, + "2026 Q1 drawdown": -0.05325131846362241 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22802764390963937, + "max_ret": -0.05325131846362241, + "all_pos": false + }, + "vsmvx": { + "name": "Vanguard S&P Small-Cap 600 Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3420269999219059, + "corr_port": 0.33646014635173976, + "rets": { + "2022 bear mkt": -0.19769670809439677, + "2023 rate shock": -0.17792802454351964, + "2024 vol spike": -0.07343035711703216, + "2025 tariff crash": -0.22507767333501472, + "2026 Q1 drawdown": -0.04406827053287421 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22507767333501472, + "max_ret": -0.04406827053287421, + "all_pos": false + }, + "vspgx": { + "name": "Vanguard S&P 500 Growth Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.3030700868628071, + "corr_port": 0.1886633291859922, + "rets": { + "2022 bear mkt": -0.3124392863960743, + "2023 rate shock": -0.08848102051429729, + "2024 vol spike": -0.09219060611600294, + "2025 tariff crash": -0.21618581122322078, + "2026 Q1 drawdown": -0.1298654363299223 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3124392863960743, + "max_ret": -0.08848102051429729, + "all_pos": false + }, + "vspmx": { + "name": "Vanguard S&P Mid-Cap 400 Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3960857320489901, + "corr_port": 0.3216474330781256, + "rets": { + "2022 bear mkt": -0.2044311251990536, + "2023 rate shock": -0.1419970674442711, + "2024 vol spike": -0.06554528455481379, + "2025 tariff crash": -0.1919428285194451, + "2026 Q1 drawdown": -0.05183514350597218 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2044311251990536, + "max_ret": -0.05183514350597218, + "all_pos": false + }, + "vspvx": { + "name": "Vanguard S&P 500 Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.064085907232252, + "corr_port": 0.38060913346117425, + "rets": { + "2022 bear mkt": -0.17080716801044737, + "2023 rate shock": -0.10738937578302787, + "2024 vol spike": -0.0425811063781828, + "2025 tariff crash": -0.14931080025738408, + "2026 Q1 drawdown": -0.03928928933212339 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.17080716801044737, + "max_ret": -0.03928928933212339, + "all_pos": false + }, + "vstcx": { + "name": "Vanguard Strategic Small-Cap Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.085359292986322, + "corr_port": 0.3195857542741418, + "rets": { + "2022 bear mkt": -0.21128180357341286, + "2023 rate shock": -0.15495296432283767, + "2024 vol spike": -0.07391510802214962, + "2025 tariff crash": -0.21961568367828188, + "2026 Q1 drawdown": -0.053816707948660114 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21961568367828188, + "max_ret": -0.053816707948660114, + "all_pos": false + }, + "vtbix": { + "name": "Vanguard Total Bond Market II Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9472952899566228, + "corr_port": -0.12502248693248805, + "rets": { + "2022 bear mkt": -0.1446144178900256, + "2023 rate shock": -0.03970103269378422, + "2024 vol spike": 0.022178549163424988, + "2025 tariff crash": 0.009544403334682983, + "2026 Q1 drawdown": -0.005059302285285838 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1446144178900256, + "max_ret": 0.022178549163424988, + "all_pos": false + }, + "vtcax": { + "name": "Vanguard Communication Services Index Fund", + "verdict": "weak/unstable alpha", + "t5": -0.9236983045556382, + "corr_port": 0.14893800175949942, + "rets": { + "2022 bear mkt": -0.3943026838310286, + "2023 rate shock": -0.09914912161496925, + "2024 vol spike": -0.05470648750225826, + "2025 tariff crash": -0.19587946233445497, + "2026 Q1 drawdown": -0.1308151085771736 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3943026838310286, + "max_ret": -0.05470648750225826, + "all_pos": false + }, + "vtclx": { + "name": "Vanguard Tax-Managed Capital Appreciation Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.728128077821589, + "corr_port": 0.2769438992978584, + "rets": { + "2022 bear mkt": -0.24818320922370918, + "2023 rate shock": -0.10005708962783255, + "2024 vol spike": -0.0715678910596339, + "2025 tariff crash": -0.18584927377276772, + "2026 Q1 drawdown": -0.08611553971743457 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24818320922370918, + "max_ret": -0.0715678910596339, + "all_pos": false + }, + "vteax": { + "name": "Vanguard Tax-Exempt Bond Index Fund", + "verdict": "weak/unstable alpha", + "t5": 0.3099919541584713, + "corr_port": 0.02575822374391431, + "rets": { + "2022 bear mkt": -0.10451110232628158, + "2023 rate shock": -0.04682789070610782, + "2024 vol spike": 0.012961187952944098, + "2025 tariff crash": -0.031091146799073766, + "2026 Q1 drawdown": -0.011269509925297294 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10451110232628158, + "max_ret": 0.012961187952944098, + "all_pos": false + }, + "vthrx": { + "name": "Vanguard Target Retirement 2030 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.4800997399801027, + "corr_port": 0.31141034610191687, + "rets": { + "2022 bear mkt": -0.22028622373761586, + "2023 rate shock": -0.07842010924052611, + "2024 vol spike": -0.03607577261457007, + "2025 tariff crash": -0.0954569059075634, + "2026 Q1 drawdown": -0.05315225617009334 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22028622373761586, + "max_ret": -0.03607577261457007, + "all_pos": false + }, + "vtibx": { + "name": "Vanguard Total International Bond Index Fund", + "verdict": "weak/unstable alpha", + "t5": -0.08128429258214853, + "corr_port": -0.11865696441610563, + "rets": { + "2022 bear mkt": -0.13525104589153725, + "2023 rate shock": -0.01135546457069836, + "2024 vol spike": 0.014246136571751222, + "2025 tariff crash": 0.0040870788594578045, + "2026 Q1 drawdown": -0.012207097988723326 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13525104589153725, + "max_ret": 0.014246136571751222, + "all_pos": false + }, + "vtilx": { + "name": "Vanguard Total International Bond II Index Fund", + "verdict": "weak/unstable alpha", + "t5": 0.031076232988291277, + "corr_port": -0.14604178465666257, + "rets": { + "2022 bear mkt": -0.13618140309522886, + "2023 rate shock": -0.01033270306638101, + "2024 vol spike": 0.013754552397471587, + "2025 tariff crash": 0.004525633818271535, + "2026 Q1 drawdown": -0.012150833011300377 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13618140309522886, + "max_ret": 0.013754552397471587, + "all_pos": false + }, + "vtinx": { + "name": "Vanguard Target Retirement Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9008740531295844, + "corr_port": 0.2402167985860722, + "rets": { + "2022 bear mkt": -0.16063974456577113, + "2023 rate shock": -0.04668816030272116, + "2024 vol spike": -0.010385817367364769, + "2025 tariff crash": -0.04138694124371689, + "2026 Q1 drawdown": -0.029372131707657068 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16063974456577113, + "max_ret": -0.010385817367364769, + "all_pos": false + }, + "vtipx": { + "name": "Vanguard Short-Term Inflation-Protected Securities Index Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 3.4698029495399707, + "corr_port": 0.02140292013081275, + "rets": { + "2022 bear mkt": -0.0350074830810394, + "2023 rate shock": 0.007056707152847341, + "2024 vol spike": 0.005777935217830876, + "2025 tariff crash": 0.016805353400915157, + "2026 Q1 drawdown": 0.004823189245635184 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.0350074830810394, + "max_ret": 0.016805353400915157, + "all_pos": false + }, + "vtivx": { + "name": "Vanguard Target Retirement 2045 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3039271715807202, + "corr_port": 0.3234439736888114, + "rets": { + "2022 bear mkt": -0.24648874344011518, + "2023 rate shock": -0.09507453102549168, + "2024 vol spike": -0.05553685202322245, + "2025 tariff crash": -0.1320206270288583, + "2026 Q1 drawdown": -0.06948304613674261 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24648874344011518, + "max_ret": -0.05553685202322245, + "all_pos": false + }, + "vtmfx": { + "name": "Vanguard Tax-Managed Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3112862718054636, + "corr_port": 0.2695326043888985, + "rets": { + "2022 bear mkt": -0.1690173357802225, + "2023 rate shock": -0.0676518254645192, + "2024 vol spike": -0.02871355704206513, + "2025 tariff crash": -0.10375913762087174, + "2026 Q1 drawdown": -0.048332867744904084 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1690173357802225, + "max_ret": -0.02871355704206513, + "all_pos": false + }, + "vtmgx": { + "name": "Vanguard Developed Markets Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.2724080398437037, + "corr_port": 0.3886836498028451, + "rets": { + "2022 bear mkt": -0.28521175983219393, + "2023 rate shock": -0.11217666646942348, + "2024 vol spike": -0.06886037426169522, + "2025 tariff crash": -0.1092628921435207, + "2026 Q1 drawdown": -0.07318172770793652 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.28521175983219393, + "max_ret": -0.06886037426169522, + "all_pos": false + }, + "vtmsx": { + "name": "Vanguard Tax-Managed Small-Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.9159137637557996, + "corr_port": 0.31256998437074196, + "rets": { + "2022 bear mkt": -0.22721422985538775, + "2023 rate shock": -0.15831577357072235, + "2024 vol spike": -0.07368076063038087, + "2025 tariff crash": -0.21682070971041234, + "2026 Q1 drawdown": -0.05168677956672607 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22721422985538775, + "max_ret": -0.05168677956672607, + "all_pos": false + }, + "vtrix": { + "name": "Vanguard International Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4258033866417116, + "corr_port": 0.39601096678569775, + "rets": { + "2022 bear mkt": -0.24964502245593012, + "2023 rate shock": -0.11874698504061276, + "2024 vol spike": -0.06279174800977905, + "2025 tariff crash": -0.14045080379999064, + "2026 Q1 drawdown": -0.06711096608186462 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24964502245593012, + "max_ret": -0.06279174800977905, + "all_pos": false + }, + "vtthx": { + "name": "Vanguard Target Retirement 2035 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3980188625750522, + "corr_port": 0.31797547499955486, + "rets": { + "2022 bear mkt": -0.2290619218720067, + "2023 rate shock": -0.0840605933206321, + "2024 vol spike": -0.04249176348187966, + "2025 tariff crash": -0.1073151089310822, + "2026 Q1 drawdown": -0.05886524613953026 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2290619218720067, + "max_ret": -0.04249176348187966, + "all_pos": false + }, + "vttsx": { + "name": "Vanguard Target Retirement 2060 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.1872668047574867, + "corr_port": 0.32293079582339435, + "rets": { + "2022 bear mkt": -0.24989644538216993, + "2023 rate shock": -0.09859480407247223, + "2024 vol spike": -0.0609018659295093, + "2025 tariff crash": -0.14307005490927782, + "2026 Q1 drawdown": -0.0757575745619069 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24989644538216993, + "max_ret": -0.0609018659295093, + "all_pos": false + }, + "vttvx": { + "name": "Vanguard Target Retirement 2025 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.38544402161559566, + "corr_port": 0.30578926886391444, + "rets": { + "2022 bear mkt": -0.2074728896071516, + "2023 rate shock": -0.06975472914804959, + "2024 vol spike": -0.028340050433066533, + "2025 tariff crash": -0.07788157356185388, + "2026 Q1 drawdown": -0.043627450980392 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2074728896071516, + "max_ret": -0.028340050433066533, + "all_pos": false + }, + "vtwix": { + "name": "Vanguard Total World Stock Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.7529592219929714, + "corr_port": 0.32681755941687407, + "rets": { + "2022 bear mkt": -0.2614300934410323, + "2023 rate shock": -0.10529051602930128, + "2024 vol spike": -0.06989348699080056, + "2025 tariff crash": -0.16168478355884042, + "2026 Q1 drawdown": -0.08370233471089927 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2614300934410323, + "max_ret": -0.06989348699080056, + "all_pos": false + }, + "vtwnx": { + "name": "Vanguard Target Retirement 2020 Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.04963246638236623, + "corr_port": 0.2969375253886816, + "rets": { + "2022 bear mkt": -0.18516131038930472, + "2023 rate shock": -0.057236613164934, + "2024 vol spike": -0.016859934653123188, + "2025 tariff crash": -0.053795084327942444, + "2026 Q1 drawdown": -0.03223495702005741 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18516131038930472, + "max_ret": -0.016859934653123188, + "all_pos": false + }, + "vubfx": { + "name": "Vanguard Ultra-Short-Term Bond Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.735785958635128, + "corr_port": -0.0651460131101852, + "rets": { + "2022 bear mkt": -0.013375937820529482, + "2023 rate shock": 0.010445089876354618, + "2024 vol spike": 0.005208821251436513, + "2025 tariff crash": 0.006092445948636227, + "2026 Q1 drawdown": 0.002884318550988585 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.013375937820529482, + "max_ret": 0.010445089876354618, + "all_pos": false + }, + "vuiax": { + "name": "Vanguard Utilities Index Fund", + "verdict": "weak/unstable alpha", + "t5": 0.11356863632266608, + "corr_port": 0.22969493456982634, + "rets": { + "2022 bear mkt": -0.11205200699133178, + "2023 rate shock": -0.1107423352331186, + "2024 vol spike": 0.027433075045982136, + "2025 tariff crash": -0.07961015265577254, + "2026 Q1 drawdown": 0.058457698751292364 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.11205200699133178, + "max_ret": 0.058457698751292364, + "all_pos": false + }, + "vusb": { + "name": "Vanguard Ultra-Short Bond ETF", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 4.420683983114548, + "corr_port": -0.07652550808720006, + "rets": { + "2022 bear mkt": -0.01359937705476233, + "2023 rate shock": 0.010661091113694399, + "2024 vol spike": 0.005844682586821026, + "2025 tariff crash": 0.003025387145096703, + "2026 Q1 drawdown": 0.0018374699810683737 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.01359937705476233, + "max_ret": 0.010661091113694399, + "all_pos": false + }, + "vusux": { + "name": "Vanguard Long-Term Treasury Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.18630872974957596, + "corr_port": -0.18795873272246771, + "rets": { + "2022 bear mkt": -0.27890836942596575, + "2023 rate shock": -0.12532490011357056, + "2024 vol spike": 0.051200726208108005, + "2025 tariff crash": 0.008039690764400698, + "2026 Q1 drawdown": -0.004156217250564143 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.27890836942596575, + "max_ret": 0.051200726208108005, + "all_pos": false + }, + "vviax": { + "name": "Vanguard Value Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.727451931348108, + "corr_port": 0.412555843499971, + "rets": { + "2022 bear mkt": -0.14995593122621165, + "2023 rate shock": -0.0957145092769105, + "2024 vol spike": -0.045433671709023016, + "2025 tariff crash": -0.1330627626461407, + "2026 Q1 drawdown": -0.028065448324096187 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14995593122621165, + "max_ret": -0.028065448324096187, + "all_pos": false + }, + "vvoax": { + "name": "INVESCO VALUE OPPORTUNITIES FUND", + "verdict": "weak/unstable alpha", + "t5": 1.596240371244019, + "corr_port": 0.37626618326892136, + "rets": { + "2022 bear mkt": -0.15070813538935424, + "2023 rate shock": -0.09935711812157821, + "2024 vol spike": -0.09082137230376641, + "2025 tariff crash": -0.22069879773459034, + "2026 Q1 drawdown": -0.047694164458251254 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.22069879773459034, + "max_ret": -0.047694164458251254, + "all_pos": false + }, + "vwahx": { + "name": "Vanguard High-Yield Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.6369502416169052, + "corr_port": 0.03616473918305589, + "rets": { + "2022 bear mkt": -0.1417255752930323, + "2023 rate shock": -0.06398765252645744, + "2024 vol spike": 0.017081360945250257, + "2025 tariff crash": -0.03412157376037894, + "2026 Q1 drawdown": -0.008459510307148532 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.1417255752930323, + "max_ret": 0.017081360945250257, + "all_pos": false + }, + "vweax": { + "name": "Vanguard High-Yield Corporate Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 1.5926789717546233, + "corr_port": 0.28978903780252924, + "rets": { + "2022 bear mkt": -0.12869962033728177, + "2023 rate shock": -0.024270446004393098, + "2024 vol spike": -0.00037063345487819976, + "2025 tariff crash": -0.019061227014358306, + "2026 Q1 drawdown": -0.015099850781809199 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.12869962033728177, + "max_ret": -0.00037063345487819976, + "all_pos": false + }, + "vwenx": { + "name": "VANGUARD WELLINGTON FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3776865332602855, + "corr_port": 0.29577518755800203, + "rets": { + "2022 bear mkt": -0.2022359055221029, + "2023 rate shock": -0.06584539618373775, + "2024 vol spike": -0.04186948069723384, + "2025 tariff crash": -0.117688208889137, + "2026 Q1 drawdown": -0.06288963295027783 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2022359055221029, + "max_ret": -0.04186948069723384, + "all_pos": false + }, + "vwetx": { + "name": "Vanguard Long-Term Investment-Grade Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.5670205901412504, + "corr_port": -0.07045586325810717, + "rets": { + "2022 bear mkt": -0.27960155980408596, + "2023 rate shock": -0.10089959917906688, + "2024 vol spike": 0.02325192915311547, + "2025 tariff crash": -0.01950314675429654, + "2026 Q1 drawdown": -0.017780554378777125 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.27960155980408596, + "max_ret": 0.02325192915311547, + "all_pos": false + }, + "vwiax": { + "name": "VANGUARD WELLESLEY INCOME FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.2871798880040626, + "corr_port": 0.32748252476382067, + "rets": { + "2022 bear mkt": -0.14795584000892403, + "2023 rate shock": -0.06358483106047197, + "2024 vol spike": -0.010107434997347453, + "2025 tariff crash": -0.04666191160405353, + "2026 Q1 drawdown": -0.01868244765242688 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14795584000892403, + "max_ret": -0.010107434997347453, + "all_pos": false + }, + "vwicx": { + "name": "Vanguard International Core Stock Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3316984800998966, + "corr_port": 0.3762935125132009, + "rets": { + "2022 bear mkt": -0.23440008154626568, + "2023 rate shock": -0.0869932086787385, + "2024 vol spike": -0.07583640471247377, + "2025 tariff crash": -0.11143268086561608, + "2026 Q1 drawdown": -0.07311709328658078 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23440008154626568, + "max_ret": -0.07311709328658078, + "all_pos": false + }, + "vwilx": { + "name": "Vanguard International Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.645664446003809, + "corr_port": 0.1870366840707424, + "rets": { + "2022 bear mkt": -0.39421551235718233, + "2023 rate shock": -0.1780178168227763, + "2024 vol spike": -0.06959865380466435, + "2025 tariff crash": -0.19435623916955336, + "2026 Q1 drawdown": -0.13321685804626393 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.39421551235718233, + "max_ret": -0.06959865380466435, + "all_pos": false + }, + "vwitx": { + "name": "Vanguard Intermediate-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.8434851465573999, + "corr_port": 0.03488133692865137, + "rets": { + "2022 bear mkt": -0.09389487521558049, + "2023 rate shock": -0.03851838217911663, + "2024 vol spike": 0.013535299225401198, + "2025 tariff crash": -0.02271917950717317, + "2026 Q1 drawdown": -0.012710936415573637 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09389487521558049, + "max_ret": 0.013535299225401198, + "all_pos": false + }, + "vwltx": { + "name": "Vanguard Long-Term Tax-Exempt Fund", + "verdict": "CANDIDATE (semi-alpha: mostly explained by net exposure)", + "t5": 0.2490132240117926, + "corr_port": 0.019307188177131788, + "rets": { + "2022 bear mkt": -0.13163894776850815, + "2023 rate shock": -0.061118528670219385, + "2024 vol spike": 0.01662725720947056, + "2025 tariff crash": -0.03393717672763907, + "2026 Q1 drawdown": -0.010506272609977607 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13163894776850815, + "max_ret": 0.01662725720947056, + "all_pos": false + }, + "vwnax": { + "name": "Vanguard Windsor II Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4986108776523454, + "corr_port": 0.35137113349501886, + "rets": { + "2022 bear mkt": -0.21772140293167908, + "2023 rate shock": -0.09636022700439384, + "2024 vol spike": -0.062288686334954435, + "2025 tariff crash": -0.1592758927637311, + "2026 Q1 drawdown": -0.062187587010798295 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21772140293167908, + "max_ret": -0.062187587010798295, + "all_pos": false + }, + "vwnex": { + "name": "Vanguard Windsor Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7282762817494421, + "corr_port": 0.38830494833276236, + "rets": { + "2022 bear mkt": -0.15315604557435747, + "2023 rate shock": -0.11489073129455907, + "2024 vol spike": -0.05007059652895818, + "2025 tariff crash": -0.1556008639396843, + "2026 Q1 drawdown": -0.0658462440352866 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1556008639396843, + "max_ret": -0.05007059652895818, + "all_pos": false + }, + "vwstx": { + "name": "Vanguard Ultra-Short-Term Tax-Exempt Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 5.199385039696665, + "corr_port": 0.0723430002057971, + "rets": { + "2022 bear mkt": -0.01847886307432678, + "2023 rate shock": -0.0021109821858615874, + "2024 vol spike": 0.005851575710065449, + "2025 tariff crash": -0.0005791971033386467, + "2026 Q1 drawdown": -0.0003257040290360891 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.01847886307432678, + "max_ret": 0.005851575710065449, + "all_pos": false + }, + "vwuax": { + "name": "Vanguard U.S. Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.7670833257234615, + "corr_port": 0.10013715734657057, + "rets": { + "2022 bear mkt": -0.39209072029363334, + "2023 rate shock": -0.12130911330083216, + "2024 vol spike": -0.09646272231040443, + "2025 tariff crash": -0.23862936931497203, + "2026 Q1 drawdown": -0.1375865237819277 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.39209072029363334, + "max_ret": -0.09646272231040443, + "all_pos": false + }, + "vymi": { + "name": "Vanguard International High Dividend Yield Index Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.383198657417, + "corr_port": 0.4363807884029878, + "rets": { + "2022 bear mkt": -0.20934953514046184, + "2023 rate shock": -0.07900201465269507, + "2024 vol spike": -0.06521126534791122, + "2025 tariff crash": -0.08723785936073059, + "2026 Q1 drawdown": -0.041006865031201434 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20934953514046184, + "max_ret": -0.041006865031201434, + "all_pos": false + }, + "vymqx": { + "name": "Voya MI Dynamic SMID Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.36832015416932884, + "corr_port": 0.3119211161278311, + "rets": { + "2022 bear mkt": -0.21884648247037464, + "2023 rate shock": -0.14277527014076907, + "2024 vol spike": -0.06827309295386796, + "2025 tariff crash": -0.19809317367720236, + "2026 Q1 drawdown": -0.08894536213468873 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21884648247037464, + "max_ret": -0.06827309295386796, + "all_pos": false + }, + "vysgx": { + "name": "Voya MI Dynamic Small Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.46230277604403325, + "corr_port": 0.2720052532492217, + "rets": { + "2022 bear mkt": -0.2618741492555875, + "2023 rate shock": -0.1635612047929491, + "2024 vol spike": -0.0784069367066379, + "2025 tariff crash": -0.214656380709214, + "2026 Q1 drawdown": -0.10827168796234021 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2618741492555875, + "max_ret": -0.0784069367066379, + "all_pos": false + }, + "waaex": { + "name": "Wasatch Small Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.041005116669023, + "corr_port": 0.13770366726407662, + "rets": { + "2022 bear mkt": -0.4204846578075734, + "2023 rate shock": -0.18849936124407796, + "2024 vol spike": -0.05190316236877279, + "2025 tariff crash": -0.23358524154801485, + "2026 Q1 drawdown": -0.13431672190260668 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4204846578075734, + "max_ret": -0.05190316236877279, + "all_pos": false + }, + "waarx": { + "name": "Western Asset Total Return Unconstrained Fund", + "verdict": "weak/unstable alpha", + "t5": -2.7972501412572885, + "corr_port": 0.1435629039936486, + "rets": { + "2022 bear mkt": -0.16384966045100235, + "2023 rate shock": -0.03701908813308985, + "2024 vol spike": 0.0066225301871896125, + "2025 tariff crash": -0.0002501201895173111, + "2026 Q1 drawdown": -0.014099714846900868 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.16384966045100235, + "max_ret": 0.0066225301871896125, + "all_pos": false + }, + "wabmx": { + "name": "Wilmington Broad Market Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.027205715133946862, + "corr_port": -0.10052904280935002, + "rets": { + "2022 bear mkt": -0.13833218528204638, + "2023 rate shock": -0.03906043207190801, + "2024 vol spike": 0.020664609057730043, + "2025 tariff crash": 0.008477419461403235, + "2026 Q1 drawdown": -0.006613363701609143 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13833218528204638, + "max_ret": 0.020664609057730043, + "all_pos": false + }, + "wacpx": { + "name": "Western Asset Core Plus Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.8384169050173114, + "corr_port": -0.00015847678012290424, + "rets": { + "2022 bear mkt": -0.21537865377878773, + "2023 rate shock": -0.07379641133170634, + "2024 vol spike": 0.01890912982986981, + "2025 tariff crash": 0.0012360949568355206, + "2026 Q1 drawdown": -0.012874300598480715 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.21537865377878773, + "max_ret": 0.01890912982986981, + "all_pos": false + }, + "waemx": { + "name": "Wasatch Emerging Markets Small Cap Fund", + "verdict": "weak/unstable alpha", + "t5": -1.2575507211230221, + "corr_port": 0.2698294487282327, + "rets": { + "2022 bear mkt": -0.4190474507634503, + "2023 rate shock": -0.09057966654231209, + "2024 vol spike": -0.08709697388894377, + "2025 tariff crash": -0.15942027160761185, + "2026 Q1 drawdown": -0.016853932584269704 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4190474507634503, + "max_ret": -0.016853932584269704, + "all_pos": false + }, + "waesx": { + "name": "Wasatch Emerging Markets Select Fund", + "verdict": "weak/unstable alpha", + "t5": -1.7232989366216236, + "corr_port": 0.20194695649544897, + "rets": { + "2022 bear mkt": -0.39652806745217295, + "2023 rate shock": -0.09049479166666663, + "2024 vol spike": -0.07215265354800238, + "2025 tariff crash": -0.17074558907228232, + "2026 Q1 drawdown": -0.1031703329838618 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.39652806745217295, + "max_ret": -0.07215265354800238, + "all_pos": false + }, + "wafmx": { + "name": "Wasatch Frontier Emerging Small Countries Fund", + "verdict": "weak/unstable alpha", + "t5": -2.108857799827967, + "corr_port": 0.1900086960027529, + "rets": { + "2022 bear mkt": -0.42014744629267187, + "2023 rate shock": -0.08783789071737758, + "2024 vol spike": -0.06285697841726623, + "2025 tariff crash": -0.1382113821138211, + "2026 Q1 drawdown": -0.11256544502617793 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.42014744629267187, + "max_ret": -0.06285697841726623, + "all_pos": false + }, + "wagox": { + "name": "Wasatch Global Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -2.361521709739326, + "corr_port": 0.19451628682777078, + "rets": { + "2022 bear mkt": -0.3814814333118214, + "2023 rate shock": -0.1608910201091034, + "2024 vol spike": -0.06473221432591625, + "2025 tariff crash": -0.19910505232766185, + "2026 Q1 drawdown": -0.10966057441253263 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3814814333118214, + "max_ret": -0.06473221432591625, + "all_pos": false + }, + "waigx": { + "name": "Wasatch International Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -3.400166212218389, + "corr_port": 0.24077676295438555, + "rets": { + "2022 bear mkt": -0.4243746092473364, + "2023 rate shock": -0.1685200424750669, + "2024 vol spike": -0.05318719572847885, + "2025 tariff crash": -0.12511500151429678, + "2026 Q1 drawdown": -0.11043771043771033 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4243746092473364, + "max_ret": -0.05318719572847885, + "all_pos": false + }, + "wainx": { + "name": "Wasatch Emerging India Fund", + "verdict": "weak/unstable alpha", + "t5": 0.19264016840415307, + "corr_port": 0.22460173510255882, + "rets": { + "2022 bear mkt": -0.2121639805262221, + "2023 rate shock": -0.012007060957924032, + "2024 vol spike": -0.029498695276769626, + "2025 tariff crash": -0.009259348075901008, + "2026 Q1 drawdown": -0.11702127659574468 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2121639805262221, + "max_ret": -0.009259348075901008, + "all_pos": false + }, + "waiox": { + "name": "Wasatch International Opportunities Fund", + "verdict": "weak/unstable alpha", + "t5": -3.7307857217835467, + "corr_port": 0.246120133405443, + "rets": { + "2022 bear mkt": -0.4409092108346693, + "2023 rate shock": -0.12714819573264802, + "2024 vol spike": -0.06984136274878017, + "2025 tariff crash": -0.0996782165445661, + "2026 Q1 drawdown": -0.10555555555555551 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4409092108346693, + "max_ret": -0.06984136274878017, + "all_pos": false + }, + "wamcx": { + "name": "Wasatch Ultra Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.4289117384415406, + "corr_port": 0.08638392730494919, + "rets": { + "2022 bear mkt": -0.4151898868771027, + "2023 rate shock": -0.26111817026683604, + "2024 vol spike": -0.07512013446875399, + "2025 tariff crash": -0.27444256718124627, + "2026 Q1 drawdown": -0.14063875943044957 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4151898868771027, + "max_ret": -0.07512013446875399, + "all_pos": false + }, + "wamfx": { + "name": "Boston Trust Walden Midcap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.48275254667632983, + "corr_port": 0.32954653025505865, + "rets": { + "2022 bear mkt": -0.20529244137492675, + "2023 rate shock": -0.11340694403833596, + "2024 vol spike": -0.0373913875167865, + "2025 tariff crash": -0.13888886217830942, + "2026 Q1 drawdown": -0.06591492046465397 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20529244137492675, + "max_ret": -0.0373913875167865, + "all_pos": false + }, + "wamvx": { + "name": "Wasatch Micro Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.19124210600972139, + "corr_port": 0.24996484458096963, + "rets": { + "2022 bear mkt": -0.32775123498241443, + "2023 rate shock": -0.1636362962636081, + "2024 vol spike": -0.06527419160091574, + "2025 tariff crash": -0.17788440597373245, + "2026 Q1 drawdown": -0.10730593607305927 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.32775123498241443, + "max_ret": -0.06527419160091574, + "all_pos": false + }, + "wasax": { + "name": "Nomura Asset Strategy Fund", + "verdict": "weak/unstable alpha", + "t5": -0.029959976826128408, + "corr_port": 0.2899034432469541, + "rets": { + "2022 bear mkt": -0.21304026655061847, + "2023 rate shock": -0.06355637735474418, + "2024 vol spike": -0.048171251984392316, + "2025 tariff crash": -0.10931325437325579, + "2026 Q1 drawdown": -0.08534335979400609 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21304026655061847, + "max_ret": -0.048171251984392316, + "all_pos": false + }, + "wasmx": { + "name": "Boston Trust Walden SMID Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.10002932919198664, + "corr_port": 0.3158112680089156, + "rets": { + "2022 bear mkt": -0.21208336422327112, + "2023 rate shock": -0.10484252125088966, + "2024 vol spike": -0.038794748304679105, + "2025 tariff crash": -0.15467190501277506, + "2026 Q1 drawdown": -0.08843533413365345 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21208336422327112, + "max_ret": -0.038794748304679105, + "all_pos": false + }, + "watfx": { + "name": "Western Asset Core Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.0000769538701142, + "corr_port": -0.049498136778808655, + "rets": { + "2022 bear mkt": -0.18929822570815102, + "2023 rate shock": -0.05728605480412963, + "2024 vol spike": 0.02235526384479214, + "2025 tariff crash": 0.0038708553132256185, + "2026 Q1 drawdown": -0.008570124146836777 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.18929822570815102, + "max_ret": 0.02235526384479214, + "all_pos": false + }, + "watpx": { + "name": "Western Asset Inflation Indexed Plus Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.09824959309982588, + "corr_port": -0.056539556880802165, + "rets": { + "2022 bear mkt": -0.13473577075264742, + "2023 rate shock": -0.03871608724503628, + "2024 vol spike": 0.012931146082709288, + "2025 tariff crash": 0.0032546384578922005, + "2026 Q1 drawdown": -0.005353219400919151 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.13473577075264742, + "max_ret": 0.012931146082709288, + "all_pos": false + }, + "wayex": { + "name": "WAYCROSS MANAGED RISK EQUITY FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.3583889468716955, + "corr_port": 0.2221868721802064, + "rets": { + "2022 bear mkt": -0.15744408238351648, + "2023 rate shock": -0.04916952828179988, + "2024 vol spike": -0.04458596583083696, + "2025 tariff crash": -0.10360883786673925, + "2026 Q1 drawdown": -0.074361820199778 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.15744408238351648, + "max_ret": -0.04458596583083696, + "all_pos": false + }, + "wbalx": { + "name": "Conservative Allocation Fund", + "verdict": "weak/unstable alpha", + "t5": -0.7464294321746734, + "corr_port": 0.2717211564679957, + "rets": { + "2022 bear mkt": -0.14409777925967437, + "2023 rate shock": -0.045899554144432586, + "2024 vol spike": -0.01154742365970074, + "2025 tariff crash": -0.061331855368448096, + "2026 Q1 drawdown": -0.04591533351076971 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14409777925967437, + "max_ret": -0.01154742365970074, + "all_pos": false + }, + "wbvnx": { + "name": "William Blair Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.06289029118409614, + "corr_port": 0.355176542683468, + "rets": { + "2022 bear mkt": -0.19441218584652487, + "2023 rate shock": -0.14429188506581303, + "2024 vol spike": -0.07871534387507861, + "2025 tariff crash": -0.19858628362480957, + "2026 Q1 drawdown": -0.04721704190118825 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19858628362480957, + "max_ret": -0.04721704190118825, + "all_pos": false + }, + "wceax": { + "name": "Nomura Core Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -0.007350230486672268, + "corr_port": 0.26864090107707195, + "rets": { + "2022 bear mkt": -0.23331618612780214, + "2023 rate shock": -0.09349840248580044, + "2024 vol spike": -0.05771367926656612, + "2025 tariff crash": -0.16498313619519267, + "2026 Q1 drawdown": -0.10313385203041892 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.23331618612780214, + "max_ret": -0.05771367926656612, + "all_pos": false + }, + "wceix": { + "name": "Virtus Westchester Event-Driven Fund", + "verdict": "weak/unstable alpha", + "t5": 0.25423162994515436, + "corr_port": 0.2700544031299819, + "rets": { + "2022 bear mkt": -0.04766365115950244, + "2023 rate shock": 0.009596932477981213, + "2024 vol spike": -0.008294924781519719, + "2025 tariff crash": -0.03035870337838975, + "2026 Q1 drawdown": -0.004849660523763455 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.04766365115950244, + "max_ret": 0.009596932477981213, + "all_pos": false + }, + "wcmgx": { + "name": "First Trust WCM Focused Global Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6886132546056414, + "corr_port": 0.2077510621566422, + "rets": { + "2022 bear mkt": -0.33227977952104637, + "2023 rate shock": -0.11287984796280914, + "2024 vol spike": -0.06490952358096458, + "2025 tariff crash": -0.18316495914249487, + "2026 Q1 drawdown": -0.12597517694379723 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.33227977952104637, + "max_ret": -0.06490952358096458, + "all_pos": false + }, + "wcpbx": { + "name": "Core Plus Income Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 3.229092311008464, + "corr_port": -0.02266382603414972, + "rets": { + "2022 bear mkt": -0.1106020967005138, + "2023 rate shock": -0.035219436216379685, + "2024 vol spike": 0.021170702095555827, + "2025 tariff crash": 0.006847528441718431, + "2026 Q1 drawdown": -0.006243608636446574 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.1106020967005138, + "max_ret": 0.021170702095555827, + "all_pos": false + }, + "wdiax": { + "name": "Wilmington Enhanced Dividend Income Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.367161248038146, + "corr_port": 0.4135099622773924, + "rets": { + "2022 bear mkt": -0.14061858811352745, + "2023 rate shock": -0.11217945059351553, + "2024 vol spike": -0.046037745056336066, + "2025 tariff crash": -0.14618191552301407, + "2026 Q1 drawdown": -0.006759608992024435 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.14618191552301407, + "max_ret": -0.006759608992024435, + "all_pos": false + }, + "wdiv": { + "name": "State Street(R) SPDR(R) S&P(R) Global Dividend ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.959634293543853, + "corr_port": 0.41842656451527555, + "rets": { + "2022 bear mkt": -0.20277220440764343, + "2023 rate shock": -0.10087857710508219, + "2024 vol spike": -0.035203329720807974, + "2025 tariff crash": -0.056384715286004194, + "2026 Q1 drawdown": -0.04462459163518917 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20277220440764343, + "max_ret": -0.035203329720807974, + "all_pos": false + }, + "wefix": { + "name": "Short Duration Income Fund", + "verdict": "alpha in 5y window, but not persistent (lucky stretch?)", + "t5": 1.2447858617900494, + "corr_port": 0.03621468830878339, + "rets": { + "2022 bear mkt": -0.038218298356882396, + "2023 rate shock": 0.003860340285178454, + "2024 vol spike": 0.010768962791950276, + "2025 tariff crash": 0.009460433837466198, + "2026 Q1 drawdown": 0.0015679995540880398 + }, + "n_avail": 5, + "n_pos": 4, + "min_ret": -0.038218298356882396, + "max_ret": 0.010768962791950276, + "all_pos": false + }, + "weusx": { + "name": "SIIT WORLD EQUITY EX-US FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.0037933610687573014, + "corr_port": 0.41622963201730273, + "rets": { + "2022 bear mkt": -0.288109639776876, + "2023 rate shock": -0.10503849195519943, + "2024 vol spike": -0.06393057287544379, + "2025 tariff crash": -0.12576684677446393, + "2026 Q1 drawdown": -0.08463100880162489 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.288109639776876, + "max_ret": -0.06393057287544379, + "all_pos": false + }, + "wggsx": { + "name": "Wasatch Global Select Fund", + "verdict": "weak/unstable alpha", + "t5": -3.2243615640845045, + "corr_port": 0.1182245860992577, + "rets": { + "2022 bear mkt": -0.3661870503597122, + "2023 rate shock": -0.13256227758007122, + "2024 vol spike": -0.045304777594728174, + "2025 tariff crash": -0.16741405082212257, + "2026 Q1 drawdown": -0.1145339652448657 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3661870503597122, + "max_ret": -0.045304777594728174, + "all_pos": false + }, + "wgisx": { + "name": "Wasatch International Select Fund", + "verdict": "weak/unstable alpha", + "t5": -3.0644237322617465, + "corr_port": 0.09672789367643869, + "rets": { + "2022 bear mkt": -0.38855218855218854, + "2023 rate shock": -0.17115551694178976, + "2024 vol spike": -0.04329725228975845, + "2025 tariff crash": -0.11869436201780414, + "2026 Q1 drawdown": -0.09399855386840206 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.38855218855218854, + "max_ret": -0.04329725228975845, + "all_pos": false + }, + "wgrox": { + "name": "Wasatch Core Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.6357808441795092, + "corr_port": 0.20460761712422457, + "rets": { + "2022 bear mkt": -0.35513515631710624, + "2023 rate shock": -0.14116592890147528, + "2024 vol spike": -0.061040645266078886, + "2025 tariff crash": -0.2246791418038825, + "2026 Q1 drawdown": -0.11995849928727143 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35513515631710624, + "max_ret": -0.061040645266078886, + "all_pos": false + }, + "whiax": { + "name": "Nomura High Income Fund", + "verdict": "weak/unstable alpha", + "t5": -0.48870100068596767, + "corr_port": 0.30623860928512414, + "rets": { + "2022 bear mkt": -0.16128005332553208, + "2023 rate shock": -0.032606975833865515, + "2024 vol spike": -0.006253517498278516, + "2025 tariff crash": -0.04340013819154709, + "2026 Q1 drawdown": -0.01995277175094956 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16128005332553208, + "max_ret": -0.006253517498278516, + "all_pos": false + }, + "whosx": { + "name": "Wasatch-Hoisington U.S. Treasury Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.24034157711407703, + "corr_port": -0.1899143965571968, + "rets": { + "2022 bear mkt": -0.3178254706208328, + "2023 rate shock": -0.1490286893205287, + "2024 vol spike": 0.05736973838232906, + "2025 tariff crash": -0.001640429500151197, + "2026 Q1 drawdown": -0.016715861096408324 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.3178254706208328, + "max_ret": 0.05736973838232906, + "all_pos": false + }, + "wiefx": { + "name": "Boston Trust Walden International Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.37745429010341497, + "corr_port": 0.35355379694254824, + "rets": { + "2022 bear mkt": -0.25616840830404697, + "2023 rate shock": -0.09049079628459622, + "2024 vol spike": -0.053176726940774466, + "2025 tariff crash": -0.08722109219922036, + "2026 Q1 drawdown": -0.05676322806541245 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.25616840830404697, + "max_ret": -0.053176726940774466, + "all_pos": false + }, + "winax": { + "name": "Wilmington International Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.20582711928684508, + "corr_port": 0.36214989126870195, + "rets": { + "2022 bear mkt": -0.31724231963752936, + "2023 rate shock": -0.10938939520309032, + "2024 vol spike": -0.05945954337259929, + "2025 tariff crash": -0.10010540335793283, + "2026 Q1 drawdown": -0.08419255085669242 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.31724231963752936, + "max_ret": -0.05945954337259929, + "all_pos": false + }, + "wisex": { + "name": "Azzad Wise Capital Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 3.8622408243255997, + "corr_port": 0.2740934132463308, + "rets": { + "2022 bear mkt": -0.049651129889273116, + "2023 rate shock": -0.009607170209962157, + "2024 vol spike": 0.003360437659346349, + "2025 tariff crash": -0.00011375140767355685, + "2026 Q1 drawdown": -0.011075214793150323 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.049651129889273116, + "max_ret": 0.003360437659346349, + "all_pos": false + }, + "wlgrx": { + "name": "Nomura Large Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.9250582699716698, + "corr_port": 0.17455990629905463, + "rets": { + "2022 bear mkt": -0.30518064751393914, + "2023 rate shock": -0.0908408600403997, + "2024 vol spike": -0.06512931095017027, + "2025 tariff crash": -0.17659192395224632, + "2026 Q1 drawdown": -0.13397277227722781 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.30518064751393914, + "max_ret": -0.06512931095017027, + "all_pos": false + }, + "wmbdx": { + "name": "WesMark Government Bond Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.287871099882674, + "corr_port": -0.1086037101512423, + "rets": { + "2022 bear mkt": -0.16450361264182167, + "2023 rate shock": -0.05391386924375863, + "2024 vol spike": 0.02462674125654174, + "2025 tariff crash": 0.009720706689006153, + "2026 Q1 drawdown": -0.006829112848565244 + }, + "n_avail": 5, + "n_pos": 2, + "min_ret": -0.16450361264182167, + "max_ret": 0.02462674125654174, + "all_pos": false + }, + "wmcvx": { + "name": "Wasatch Small Cap Value Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.29962800197706024, + "corr_port": 0.28682180407402447, + "rets": { + "2022 bear mkt": -0.2873239585145815, + "2023 rate shock": -0.13374478299793213, + "2024 vol spike": -0.08198123648406153, + "2025 tariff crash": -0.21621621047402806, + "2026 Q1 drawdown": -0.087991718426501 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2873239585145815, + "max_ret": -0.08198123648406153, + "all_pos": false + }, + "wmgrx": { + "name": "Nomura Mid Cap Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -3.4831068824615903, + "corr_port": 0.14324016972922599, + "rets": { + "2022 bear mkt": -0.3447984712061687, + "2023 rate shock": -0.2005257017494696, + "2024 vol spike": -0.0868369474610422, + "2025 tariff crash": -0.21833334365971357, + "2026 Q1 drawdown": -0.129816519716354 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3447984712061687, + "max_ret": -0.0868369474610422, + "all_pos": false + }, + "wmicx": { + "name": "Wasatch Micro Cap Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.5333976529976616, + "corr_port": 0.15827524793313943, + "rets": { + "2022 bear mkt": -0.40831556503198296, + "2023 rate shock": -0.20699708454810495, + "2024 vol spike": -0.06944444444444442, + "2025 tariff crash": -0.21695760598503733, + "2026 Q1 drawdown": -0.11904761904761896 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.40831556503198296, + "max_ret": -0.06944444444444442, + "all_pos": false + }, + "wmlix": { + "name": "Wilmington Large-Cap Strategy Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6567287228442801, + "corr_port": 0.26814496625668727, + "rets": { + "2022 bear mkt": -0.24942195872026196, + "2023 rate shock": -0.10109960320362466, + "2024 vol spike": -0.07154011330312993, + "2025 tariff crash": -0.1873781202864464, + "2026 Q1 drawdown": -0.08627889393121257 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24942195872026196, + "max_ret": -0.07154011330312993, + "all_pos": false + }, + "wmmax": { + "name": "TETON WESTWOOD MIGHTY MITES FUND", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.1123896001474938, + "corr_port": 0.3085365285125977, + "rets": { + "2022 bear mkt": -0.24597079690937884, + "2023 rate shock": -0.14536166622986635, + "2024 vol spike": -0.07929173266169853, + "2025 tariff crash": -0.1766644510911709, + "2026 Q1 drawdown": -0.026970954356846488 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.24597079690937884, + "max_ret": -0.026970954356846488, + "all_pos": false + }, + "wmmrx": { + "name": "Wilmington Real Asset Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -0.6502980876215868, + "corr_port": 0.35670566385721897, + "rets": { + "2022 bear mkt": -0.12601308058189564, + "2023 rate shock": -0.07049346826721403, + "2024 vol spike": -0.03768114719554472, + "2025 tariff crash": -0.10145933701362098, + "2026 Q1 drawdown": 0.014239534539332688 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.12601308058189564, + "max_ret": 0.014239534539332688, + "all_pos": false + }, + "wmnux": { + "name": "Westwood Alternative Income Fund", + "verdict": "CANDIDATE - idiosyncratic alpha, complements portfolio", + "t5": 6.860324585370505, + "corr_port": 0.09371513014491326, + "rets": { + "2022 bear mkt": -0.02643613785134602, + "2023 rate shock": -0.002307571361523708, + "2024 vol spike": 0.0052799646069521255, + "2025 tariff crash": 0.0013926081345054797, + "2026 Q1 drawdown": 0.00018367059449508893 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.02643613785134602, + "max_ret": 0.0052799646069521255, + "all_pos": false + }, + "wnyax": { + "name": "Wilmington New York Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": -0.13824646042533076, + "corr_port": 0.028468359768801896, + "rets": { + "2022 bear mkt": -0.09709768603598745, + "2023 rate shock": -0.04432227589335769, + "2024 vol spike": 0.012957121175178443, + "2025 tariff crash": -0.022316617136793893, + "2026 Q1 drawdown": -0.014579032390410585 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.09709768603598745, + "max_ret": 0.012957121175178443, + "all_pos": false + }, + "wpopx": { + "name": "Partners III Opportunity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.876500092901142, + "corr_port": 0.24883797236768712, + "rets": { + "2022 bear mkt": -0.2747602822788092, + "2023 rate shock": -0.09803920637366204, + "2024 vol spike": -0.028051580950410937, + "2025 tariff crash": -0.13795610025520444, + "2026 Q1 drawdown": -0.0887159533073929 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2747602822788092, + "max_ret": -0.028051580950410937, + "all_pos": false + }, + "wpsgx": { + "name": "AB Concentrated Growth Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.8738394692121063, + "corr_port": 0.2505200651502974, + "rets": { + "2022 bear mkt": -0.318536980623054, + "2023 rate shock": -0.11201101504757227, + "2024 vol spike": -0.05065728362020394, + "2025 tariff crash": -0.13783989165960242, + "2026 Q1 drawdown": -0.12160589368491292 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.318536980623054, + "max_ret": -0.05065728362020394, + "all_pos": false + }, + "wpvlx": { + "name": "Multi Cap Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.6601826867360845, + "corr_port": 0.2757133556373765, + "rets": { + "2022 bear mkt": -0.270691591206464, + "2023 rate shock": -0.10808979516225092, + "2024 vol spike": -0.021335021060836845, + "2025 tariff crash": -0.12518671484036759, + "2026 Q1 drawdown": -0.1067929749577734 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.270691591206464, + "max_ret": -0.021335021060836845, + "all_pos": false + }, + "wraax": { + "name": "Wilmington Global Alpha Equities Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.4276768402601039, + "corr_port": 0.2095206224463461, + "rets": { + "2022 bear mkt": -0.09016403460800237, + "2023 rate shock": -0.029999989712378716, + "2024 vol spike": -0.011682223032152939, + "2025 tariff crash": -0.04859532857917048, + "2026 Q1 drawdown": -0.040084388185654074 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.09016403460800237, + "max_ret": -0.011682223032152939, + "all_pos": false + }, + "wsbfx": { + "name": "Boston Trust Walden Balanced Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.7454750307307565, + "corr_port": 0.2931987814437124, + "rets": { + "2022 bear mkt": -0.19165016743417784, + "2023 rate shock": -0.07248891262481172, + "2024 vol spike": -0.03756469117003258, + "2025 tariff crash": -0.10867660001319046, + "2026 Q1 drawdown": -0.05337925096857521 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19165016743417784, + "max_ret": -0.03756469117003258, + "all_pos": false + }, + "wsefx": { + "name": "Boston Trust Walden Equity Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -1.782753081639351, + "corr_port": 0.3121775209640662, + "rets": { + "2022 bear mkt": -0.21061354434013557, + "2023 rate shock": -0.09507138341574739, + "2024 vol spike": -0.06512367674313213, + "2025 tariff crash": -0.16766476186869728, + "2026 Q1 drawdown": -0.07955773573043501 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21061354434013557, + "max_ret": -0.06512367674313213, + "all_pos": false + }, + "wsgrx": { + "name": "Nomura Small Cap Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -0.6650910352237913, + "corr_port": 0.16199941383490166, + "rets": { + "2022 bear mkt": -0.2757923808565558, + "2023 rate shock": -0.18850367786831457, + "2024 vol spike": -0.07020389554117357, + "2025 tariff crash": -0.20588231693932002, + "2026 Q1 drawdown": -0.0949423247559894 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2757923808565558, + "max_ret": -0.07020389554117357, + "all_pos": false + }, + "wstrx": { + "name": "Nomura Science and Technology Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.34726341777088304, + "corr_port": 0.13935052378843213, + "rets": { + "2022 bear mkt": -0.35129404048398183, + "2023 rate shock": -0.11694952260500802, + "2024 vol spike": -0.09930486064951793, + "2025 tariff crash": -0.2639751555145958, + "2026 Q1 drawdown": -0.16101851987543514 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35129404048398183, + "max_ret": -0.09930486064951793, + "all_pos": false + }, + "wtabx": { + "name": "Wilmington Municipal Bond Fund", + "verdict": "weak/unstable alpha", + "t5": 0.2097779098541534, + "corr_port": 0.03663823839585975, + "rets": { + "2022 bear mkt": -0.10011560828157551, + "2023 rate shock": -0.041054099624709295, + "2024 vol spike": 0.012567122124665042, + "2025 tariff crash": -0.023064943803671967, + "2026 Q1 drawdown": -0.014397180179249514 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.10011560828157551, + "max_ret": 0.012567122124665042, + "all_pos": false + }, + "wusax": { + "name": "Columbia Variable Portfolio - Acorn Fund", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": -2.47478992945685, + "corr_port": 0.15047575354749576, + "rets": { + "2022 bear mkt": -0.35032199081053716, + "2023 rate shock": -0.16424747758251168, + "2024 vol spike": -0.06829269297206753, + "2025 tariff crash": -0.23579930293045837, + "2026 Q1 drawdown": -0.1442933555152005 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.35032199081053716, + "max_ret": -0.06829269297206753, + "all_pos": false + }, + "wvalx": { + "name": "Large Cap Equity Fund", + "verdict": "weak/unstable alpha", + "t5": -1.941617617795385, + "corr_port": 0.23010860456917398, + "rets": { + "2022 bear mkt": -0.279498221223922, + "2023 rate shock": -0.1064202622043181, + "2024 vol spike": -0.031434198895240906, + "2025 tariff crash": -0.17181746857800861, + "2026 Q1 drawdown": -0.13666193155180484 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.279498221223922, + "max_ret": -0.031434198895240906, + "all_pos": false + }, + "wwnpx": { + "name": "Kinetics Paradigm Fund", + "verdict": "weak/unstable alpha", + "t5": 0.5925583806924956, + "corr_port": 0.25894114144162733, + "rets": { + "2022 bear mkt": 0.14533793912879145, + "2023 rate shock": 0.11336761055431333, + "2024 vol spike": -0.07642149722435809, + "2025 tariff crash": -0.2022940479670251, + "2026 Q1 drawdown": 0.17276336140187087 + }, + "n_avail": 5, + "n_pos": 3, + "min_ret": -0.2022940479670251, + "max_ret": 0.17276336140187087, + "all_pos": false + }, + "wwwex": { + "name": "Kinetics Global Fund", + "verdict": "weak/unstable alpha", + "t5": 0.8562301773947467, + "corr_port": 0.18936593124188097, + "rets": { + "2022 bear mkt": -0.11016953211271563, + "2023 rate shock": 0.06028352389259184, + "2024 vol spike": -0.08868496662478431, + "2025 tariff crash": -0.13402050288521927, + "2026 Q1 drawdown": -0.027633965018194262 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.13402050288521927, + "max_ret": 0.06028352389259184, + "all_pos": false + }, + "wwwfx": { + "name": "Kinetics Internet Fund", + "verdict": "weak/unstable alpha", + "t5": 0.08123883609534345, + "corr_port": 0.15234637979586962, + "rets": { + "2022 bear mkt": -0.26118187846951435, + "2023 rate shock": 0.10910605268189966, + "2024 vol spike": -0.10380153983598794, + "2025 tariff crash": -0.1837726324777369, + "2026 Q1 drawdown": -0.05875497627307824 + }, + "n_avail": 5, + "n_pos": 1, + "min_ret": -0.26118187846951435, + "max_ret": 0.10910605268189966, + "all_pos": false + }, + "xcem": { + "name": "Columbia EM Core ex-China ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.5299684167371437, + "corr_port": 0.2915908385566141, + "rets": { + "2022 bear mkt": -0.2642143222616349, + "2023 rate shock": -0.10800673478948386, + "2024 vol spike": -0.0772477768410118, + "2025 tariff crash": -0.13151039097481776, + "2026 Q1 drawdown": -0.07587177370103138 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2642143222616349, + "max_ret": -0.07587177370103138, + "all_pos": false + }, + "xitk": { + "name": "State Street(R) SPDR(R) FactSet Innovative Technology ETF", + "verdict": "weak/unstable alpha", + "t5": -1.832966474827031, + "corr_port": -0.008542636098263966, + "rets": { + "2022 bear mkt": -0.4823216480649909, + "2023 rate shock": -0.22956635933305491, + "2024 vol spike": -0.11897524195416453, + "2025 tariff crash": -0.26148301114329775, + "2026 Q1 drawdown": -0.15670617838380707 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.4823216480649909, + "max_ret": -0.11897524195416453, + "all_pos": false + }, + "xlre": { + "name": "State Street(R) Real Estate Select Sector SPDR(R) ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.7179354823556383, + "corr_port": 0.1969365914554646, + "rets": { + "2022 bear mkt": -0.3196999759020085, + "2023 rate shock": -0.14459806034955625, + "2024 vol spike": -0.00611243741382872, + "2025 tariff crash": -0.12359470254351623, + "2026 Q1 drawdown": -0.021506686088899496 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.3196999759020085, + "max_ret": -0.00611243741382872, + "all_pos": false + }, + "xmhq": { + "name": "Invesco S&P MidCap Quality ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.24736606411456036, + "corr_port": 0.3072653884873339, + "rets": { + "2022 bear mkt": -0.19511936644486205, + "2023 rate shock": -0.09404762638575515, + "2024 vol spike": -0.057787894995000255, + "2025 tariff crash": -0.16846518982550074, + "2026 Q1 drawdown": -0.06648347960221701 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.19511936644486205, + "max_ret": -0.057787894995000255, + "all_pos": false + }, + "xmlv": { + "name": "Invesco S&P MidCap Low Volatility ETF", + "verdict": "weak/unstable alpha", + "t5": 0.4259197585823522, + "corr_port": 0.3624205621541315, + "rets": { + "2022 bear mkt": -0.16144429413650518, + "2023 rate shock": -0.10350472493453489, + "2024 vol spike": -0.030058412663863332, + "2025 tariff crash": -0.08730811673201666, + "2026 Q1 drawdown": -0.014371373045177549 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.16144429413650518, + "max_ret": -0.014371373045177549, + "all_pos": false + }, + "xmmo": { + "name": "Invesco S&P MidCap Momentum ETF", + "verdict": "weak/unstable alpha", + "t5": 0.5443303295632779, + "corr_port": 0.280198182234732, + "rets": { + "2022 bear mkt": -0.20219782096373418, + "2023 rate shock": -0.09505553155748836, + "2024 vol spike": -0.052012728180683476, + "2025 tariff crash": -0.18574159898421083, + "2026 Q1 drawdown": -0.015562041432480411 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.20219782096373418, + "max_ret": -0.015562041432480411, + "all_pos": false + }, + "xmvm": { + "name": "Invesco S&P MidCap Value with Momentum ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 1.3731943785531042, + "corr_port": 0.3825367624102276, + "rets": { + "2022 bear mkt": -0.18512149397812305, + "2023 rate shock": -0.1197907334827798, + "2024 vol spike": -0.07299000616434248, + "2025 tariff crash": -0.17129963823977123, + "2026 Q1 drawdown": -0.02808605273812026 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.18512149397812305, + "max_ret": -0.02808605273812026, + "all_pos": false + }, + "xntk": { + "name": "State Street(R) SPDR(R) NYSE Technology ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8502425383832245, + "corr_port": 0.11220048699137908, + "rets": { + "2022 bear mkt": -0.43996805854417675, + "2023 rate shock": -0.11712446195175785, + "2024 vol spike": -0.11892652678083893, + "2025 tariff crash": -0.26943109983391855, + "2026 Q1 drawdown": -0.1556604578967994 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.43996805854417675, + "max_ret": -0.11712446195175785, + "all_pos": false + }, + "xshq": { + "name": "Invesco S&P SmallCap Quality ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.3944124408669022, + "corr_port": 0.30331086186624, + "rets": { + "2022 bear mkt": -0.2080859475263338, + "2023 rate shock": -0.11310408907984615, + "2024 vol spike": -0.05514412386430112, + "2025 tariff crash": -0.19210374172431277, + "2026 Q1 drawdown": -0.05732049903655123 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2080859475263338, + "max_ret": -0.05514412386430112, + "all_pos": false + }, + "xslv": { + "name": "Invesco S&P SmallCap Low Volatility ETF", + "verdict": "weak/unstable alpha", + "t5": 0.41926798376373436, + "corr_port": 0.3468526324534221, + "rets": { + "2022 bear mkt": -0.1941617624277724, + "2023 rate shock": -0.10661554756359926, + "2024 vol spike": -0.05050705310460768, + "2025 tariff crash": -0.12706469992839087, + "2026 Q1 drawdown": -0.020201949862623025 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.1941617624277724, + "max_ret": -0.020201949862623025, + "all_pos": false + }, + "xsmo": { + "name": "Invesco S&P SmallCap Momentum ETF", + "verdict": "sleeve mix (R\u00b2 high) - not alpha-driven", + "t5": 0.8465372964767487, + "corr_port": 0.27868843476507543, + "rets": { + "2022 bear mkt": -0.2033035821642546, + "2023 rate shock": -0.1022150367140282, + "2024 vol spike": -0.07015663799401084, + "2025 tariff crash": -0.17634248643261285, + "2026 Q1 drawdown": -0.04342033517355681 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2033035821642546, + "max_ret": -0.04342033517355681, + "all_pos": false + }, + "xsvm": { + "name": "Invesco S&P SmallCap Value with Momentum ETF", + "verdict": "weak/unstable alpha", + "t5": 1.7567513979350058, + "corr_port": 0.3590219006119822, + "rets": { + "2022 bear mkt": -0.21796557521643556, + "2023 rate shock": -0.09886247990662855, + "2024 vol spike": -0.0750829538950859, + "2025 tariff crash": -0.18025467777040283, + "2026 Q1 drawdown": -0.02987023086946483 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.21796557521643556, + "max_ret": -0.02987023086946483, + "all_pos": false + }, + "ycgex": { + "name": "YCG Enhanced Fund", + "verdict": "weak/unstable alpha", + "t5": -1.3556440509267234, + "corr_port": 0.23571000894971192, + "rets": { + "2022 bear mkt": -0.2886207013880625, + "2023 rate shock": -0.0815959870559293, + "2024 vol spike": -0.04710372203359392, + "2025 tariff crash": -0.12149246616339149, + "2026 Q1 drawdown": -0.11592777944407939 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.2886207013880625, + "max_ret": -0.04710372203359392, + "all_pos": false + }, + "zvgix": { + "name": "Zevenbergen Genea Fund", + "verdict": "weak/unstable alpha", + "t5": -1.403674871336429, + "corr_port": -0.050814323870191205, + "rets": { + "2022 bear mkt": -0.5280832296969061, + "2023 rate shock": -0.1880746778510638, + "2024 vol spike": -0.13616608576369327, + "2025 tariff crash": -0.28672766473772626, + "2026 Q1 drawdown": -0.20323777218941508 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.5280832296969061, + "max_ret": -0.13616608576369327, + "all_pos": false + }, + "zvnix": { + "name": "Zevenbergen Growth Fund", + "verdict": "weak/unstable alpha", + "t5": -2.045928090319022, + "corr_port": -0.05411552962558509, + "rets": { + "2022 bear mkt": -0.49893508363742867, + "2023 rate shock": -0.17655569218674327, + "2024 vol spike": -0.10055019341299187, + "2025 tariff crash": -0.2561774813084027, + "2026 Q1 drawdown": -0.19351046775242098 + }, + "n_avail": 5, + "n_pos": 0, + "min_ret": -0.49893508363742867, + "max_ret": -0.10055019341299187, + "all_pos": false + } + } +} \ No newline at end of file diff --git a/tests/test_fundlab.py b/tests/test_fundlab.py index ce112ad..5946ec4 100644 --- a/tests/test_fundlab.py +++ b/tests/test_fundlab.py @@ -452,6 +452,40 @@ def test_xcheck() -> None: and s.endswith("Advantage Fund"), str(s)) +def test_drawdown() -> None: + print("drawdown", flush=True) + import pandas as pd + import fundlab.drawdown as dd + + # synthetic index: two distinct yearly crashes, one shallow year + idx = pd.date_range("2022-01-03", periods=756, freq="B") + px = [100.0] * 756 + def dip(start_b, end_b, low): + for i in range(start_b, end_b + 1): + frac = (i - start_b) / max(end_b - start_b, 1) + px[i] = 100.0 * (1 - low * (4 * frac * (1 - frac))) + dip(10, 160, 0.24) # 2022: deep bear + dip(380, 430, 0.09) # 2023: shallow-ish shock + dip(640, 690, 0.18) # 2024: tariff-style crash + p = pd.Series(px, index=idx) + eps = dd.detect_episodes(p, min_dd=0.08) + years = [e["year"] for e in eps] + check("episode per year (3 distinct)", years == [2022, 2023, 2024], + str(years)) + check("episode depths monotone-ish", + abs(eps[0]["min_dd"] + 0.24) < 0.02 and len(eps) == 3, + str([e["min_dd"] for e in eps])) + check("0.20 threshold keeps only the deepest year (2022)", + [e["year"] for e in dd.detect_episodes(p, min_dd=0.20)] + == [2022], str(years)) + + # window-return plumbing on a synthetic fund (flat + crash survivor) + eps2 = [{"peak": idx[10], "trough": idx[160], "label": "s1"}] + fund = pd.Series([100.0] * 756, index=idx) + w = dd.fund_windows # takes (sym, eps) reading from disk - skip live + check("fund_windows callable", callable(w), "") + + def main() -> int: test_pool() test_text_and_objective() @@ -464,6 +498,7 @@ def main() -> int: test_overnight() test_curated() test_xcheck() + test_drawdown() test_edgar_live() print(f"\n{PASS} passed, {FAIL} failed") return 1 if FAIL else 0