| Year | Long Backtest
Total Return | S&P Value Index
Total Return | Long Backtest
Excess Return |
| 1996 | 33.72% | 21.99% | 11.72% |
| 1997 | 63.10% | 29.98% | 33.12% |
| 1998 | 34.46% | 14.67% | 19.79% |
| 1999 | 10.36% | 12.72% | -2.36% |
| 2000 | 25.59% | 6.08% | 19.51% |
| 2001 | 29.38% | -11.71% | 41.09% |
| 2002 | 5.85% | -20.85% | 26.70% |
| 2003 | 71.30% | 31.79% | 39.51% |
| 2004 | 30.41% | 15.71% | 14.71% |
| 2005 | 28.95% | 5.82% | 23.13% |
| 2006 | 26.96% | 20.80% | 6.16% |
| 2007 | 27.74% | 1.99% | 25.74% |
| 2008 | -40.22% | -39.22% | -1.00% |
| 2009 | 81.31% | 21.18% | 60.14% |
| 2010 | 21.98% | 15.10% | 6.87% |
| 2011 | 2.85% | -0.48% | 3.33% |
| 2012 | 24.98% | 17.68% | 7.30% |
| 2013 | 33.02% | 31.99% | 1.04% |
| 2014 | 7.76% | 12.36% | -4.60% |
| 2015 | 3.93% | -3.13% | 7.07% |
| 2016 | 20.20% | 16.62% | 3.58% |
| 2017 | 22.59% | 12.57% | 10.02% |
| 2018 | -1.91% | -4.16% | 2.26% |
| Average Linked Annual Ret. | 22.57% | 7.92% | 14.63% |
| Average Annual Return | 24.54% | 9.11% | 16.31% |
| Longitudinal Std.Dev. | 25.13% | 16.99% | 16.81% |
| Sharpe Ratio (20-yr) | 1.15 | 1.23 | 0.41 |
| T-Stat for the Mean Return | 4.47 | 2.46 | 4.23 |
| Probability Total (Excess) Ret < 0 | 33.52% | 20.38% | 33.37% |