| Year | Long Backtest
Total Return | S&P 500 Index
Total Return | Long Backtest
Excess Return |
| 1996 | 35.71% | 21.82% | 13.89% |
| 1997 | 66.59% | 31.78% | 34.81% |
| 1998 | 41.23% | 24.14% | 17.09% |
| 1999 | 69.14% | 20.90% | 48.24% |
| 2000 | 12.73% | -7.46% | 20.19% |
| 2001 | -1.48% | -11.46% | 9.98% |
| 2002 | -4.37% | -21.54% | 17.17% |
| 2003 | 52.00% | 31.06% | 20.94% |
| 2004 | 16.15% | 11.95% | 4.21% |
| 2005 | 36.22% | 6.12% | 30.10% |
| 2006 | 19.12% | 15.72% | 3.40% |
| 2007 | 34.05% | 5.14% | 28.91% |
| 2008 | -20.43% | -37.31% | 16.87% |
| 2009 | 73.65% | 28.34% | 45.31% |
| 2010 | 29.02% | 16.93% | 12.09% |
| 2011 | 8.32% | 1.03% | 7.30% |
| 2012 | 13.74% | 16.42% | -2.68% |
| 2013 | 46.40% | 33.55% | 12.85% |
| 2014 | 14.37% | 12.56% | 1.82% |
| 2015 | -8.67% | 0.48% | -9.15% |
| 2016 | 19.01% | 8.18% | 10.83% |
| Average Linked Annual Ret. | 23.61% | 8.32% | 15.29% |
| Average Annual Return | 26.31% | 9.92% | 16.39% |
| Longitudinal Std.Dev. | 25.86% | 18.18% | 14.68% |
| Sharpe Ratio (20-yr) | 0.91 | 0.45 | 0.84 |
| T-Stat for the Mean Return | 4.43 | 2.38 | 4.87 |
| Probability Total (Excess) Ret < 0 | 34.52% | 20.72% | 36.78% |