| Year | Long Backtest
Total Return | S&P 500 Index
Total Return | Long Backtest
Excess Return |
| 1996 | 35.71% | 22.96% | 12.75% |
| 1997 | 66.59% | 33.36% | 33.23% |
| 1998 | 41.23% | 28.58% | 12.65% |
| 1999 | 69.14% | 21.04% | 48.10% |
| 2000 | 12.73% | -9.10% | 21.84% |
| 2001 | -1.48% | -11.89% | 10.40% |
| 2002 | -4.37% | -22.10% | 17.73% |
| 2003 | 52.00% | 28.68% | 23.31% |
| 2004 | 16.15% | 10.88% | 5.27% |
| 2005 | 36.22% | 4.91% | 31.31% |
| 2006 | 19.12% | 15.79% | 3.32% |
| 2007 | 34.05% | 5.49% | 28.55% |
| 2008 | -20.43% | -37.00% | 16.56% |
| 2009 | 73.65% | 26.46% | 47.19% |
| 2010 | 29.02% | 15.06% | 13.96% |
| 2011 | 8.32% | 2.11% | 6.21% |
| 2012 | 13.74% | 16.00% | -2.26% |
| 2013 | 46.40% | 32.39% | 14.01% |
| 2014 | 14.37% | 13.69% | 0.69% |
| 2015 | -8.67% | 1.38% | -10.05% |
| 2016 | 21.10% | 11.97% | 9.14% |
| 2017 | 19.73% | 21.83% | -2.10% |
| 2018 | -1.41% | -4.38% | 2.98% |
| 2019 | 35.91% | 31.49% | 4.42% |
| 2020 | 48.71% | 18.40% | 30.31% |
| 2021 | 18.73% | 28.73% | -10.00% |
| 2022 | 16.39% | -18.10% | 34.49% |
| 2023 | 5.94% | 26.27% | -20.33% |
| 2024 | 5.44% | 25.05% | -19.61% |
| 2025 | 30.86% | 14.83% | 16.02% |
| Average Linked Annual Ret. | 22.30% | 10.27% | 11.64% |
| Average Annual Return | 24.50% | 11.83% | 12.67% |
| Longitudinal Std.Dev. | 23.26% | 17.73% | 17.24% |
| Sharpe Ratio (20-yr) | 0.89 | 0.51 | 0.67 |
| T-Stat for the Mean Return | 5.57 | 3.53 | 3.89 |
| Probability Total (Excess) Ret < 0 | 35.35% | 22.06% | 36.22% |