| 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 % |