Adalpha Asset Management LLC

Adalpha Diversified Short-Term *PROP* *QEP*


Monthly Performance (%)

Date Range: 03/03 - 09/21
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec  YTD 
2021 2.38 4.19 2.92 0.75 -1.50 -0.80 -1.18 -0.56 0.21   6.43 
2020 -0.02 2.51 4.92 -4.34 -0.82 4.64 0.44 -1.89 -3.45 -0.90 3.06 -0.03  3.70 
2019 1.63 0.25 1.11 2.58 0.98 -0.32 1.44 5.88 -2.85 0.10 0.60 0.68  12.52 
2018 4.66 1.98 0.47 1.61 -0.55 1.64 -1.37 2.56 0.74 4.13 -0.80 -0.41  15.46 
2017 -3.38 -3.52 4.96 1.26 3.07 -0.02 4.94 -5.09 2.26 -1.67 -1.47 2.55  3.31 
2016 7.16 0.60 5.15 0.27 -1.06 2.77 -2.07 -0.43 -2.27 -0.96 -0.52 -0.09  8.41 
2015 1.51 0.34 1.26 -1.53 0.68 -1.61 1.94 -2.50 -0.60 -0.90 -0.66 -2.10  -4.21 
2014 0.51 0.49 -1.28 -3.29 1.93 2.93 -1.06 -1.29 6.52 3.34 1.76 0.15  10.84 
2013 -0.11 3.00 -0.85 1.61 1.04 -2.35 -1.38 0.84 1.98 3.69 -0.96 0.72  7.28 
2012 -1.91 -2.23 -1.38 -1.04 4.62 2.80 -2.90 -1.91 0.37 -4.02 6.25 -1.52  -3.36 
2011 -0.41 1.35 -4.67 2.32 0.75 -1.34 1.86 4.62 2.96 -2.28 -1.67 1.69  4.92 
2010 0.07 -3.41 -0.49 -1.07 7.39 -0.27 0.41 0.64 1.59 -0.44 -2.23 -1.76  0.05 
2009 -1.54 1.11 1.06 0.61 5.54 -3.61 -2.59 0.95 -0.94 0.64 4.27 -2.09  3.06 
2008 -0.58 5.99 0.65 -1.70 0.69 0.29 -1.52 3.75 -2.55 19.78 0.90 0.15  26.88 
2007 2.88 -5.25 -3.56 3.88 2.46 2.86 -0.20 -8.61 2.41 7.45 2.32 -0.26  5.42 
2006 3.26 -0.24 6.47 2.50 -2.71 1.92 0.66 1.28 -0.58 1.37 -0.51 1.06  15.16 
2005 -3.31 -5.71 0.95 -3.42 5.65 7.04 3.48 -2.16 2.51 -3.58 5.51 2.78  9.08 
2004 6.17 4.18 1.84 1.44 5.10 -1.52 0.83 -5.01 5.47 -3.21 6.47 -2.60  19.92 
2003 -0.85 1.68 -7.85 -1.38 5.53 4.57 8.36 1.77 7.30  19.64 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Strategy Description

Adalpha Asset Management, LLC is an alternative investment management company that employs an institutional quality futures program designed to consistently produce high absolute returns adjusted for risk. The program is diversified, short-term and 100% systematic. It utilizes multiple momentum-based systems which incorporate price, time, volatility and pattern recognition into its dynamic models. These elements are combined to generate high probability directional trading signals, which attempt to capitalize on the many short-term trends that are present in most types of market environments. Qualified investors have the potential to achieve superior capital appreciation with sound risk management and low correlation to traditional investments, regardless of the overall direction of individual markets or asset classes.

Performance Statistics

Date Range: 03/03 - 09/21
  Program S&P 500 Coquest 40 
Total Return 361.04% 643.91% 69.48% 
Annualized Return 8.61% 11.40% 2.88% 
Annualized Std. Deviation 11.05% 14.14% 8.80% 
Correlation -0.15 0.38 
Sharpe Ratio (rf=2.5%) 0.55 0.63 0.04 
Worst Month -8.61% -16.79% -6.22% 
Date of Worst Month 08/2007 10/2008 04/2004 
Worst Drawdown -13.42% -50.95% -15.74% 
Date of Worst Drawdown 11/04 - 4/05 10/07 - 2/09 4/11 - 9/13 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Annual Performance (%)

Date Range: 03/03 - 09/21
Year or YTD Program S&P 500 Coquest 40 
2021 6.43 15.93 6.73 
2020 3.70 18.40 0.97 
2019 12.52 31.50 7.53 
2018 15.46 -4.38 -4.29 
2017 3.31 21.84 1.24 
2016 8.41 11.98 -3.13 
2015 -4.21 1.41 0.09 
2014 10.84 13.69 15.75 
2013 7.28 32.41 -2.45 
2012 -3.36 15.98 -4.75 
2011 4.92 2.12 -3.23 
2010 0.05 15.06 11.33 
2009 3.06 26.45 -7.98 
2008 26.88 -36.99 15.47 
2007 5.42 5.50 7.18 
2006 15.16 15.79 6.70 
2005 9.08 4.89 4.51 
2004 19.92 10.87 2.57 
2003 19.64 32.88 9.39 

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Performance Comparison

Date Range: 03/03 - 09/21
Date: 9/30/2021
Perf: $1,797.62 Date: 8/31/2021
Perf: $1,788.67 Date: 7/31/2021
Perf: $1,788.31 Date: 6/30/2021
Perf: $1,780.48 Date: 5/31/2021
Perf: $1,787.27 Date: 4/30/2021
Perf: $1,761.55 Date: 3/31/2021
Perf: $1,731.09 Date: 2/28/2021
Perf: $1,708.20 Date: 1/31/2021
Perf: $1,668.98 Date: 12/31/2020
Perf: $1,684.30 Date: 11/30/2020
Perf: $1,623.11 Date: 10/31/2020
Perf: $1,608.95 Date: 9/30/2020
Perf: $1,614.12 Date: 8/31/2020
Perf: $1,638.03 Date: 7/31/2020
Perf: $1,656.75 Date: 6/30/2020
Perf: $1,625.70 Date: 5/31/2020
Perf: $1,646.78 Date: 4/30/2020
Perf: $1,666.28 Date: 3/31/2020
Perf: $1,660.80 Date: 2/29/2020
Perf: $1,659.80 Date: 1/31/2020
Perf: $1,684.91 Date: 12/31/2019
Perf: $1,668.06 Date: 11/30/2019
Perf: $1,678.47 Date: 10/31/2019
Perf: $1,662.18 Date: 9/30/2019
Perf: $1,699.74 Date: 8/31/2019
Perf: $1,748.16 Date: 7/31/2019
Perf: $1,687.09 Date: 6/30/2019
Perf: $1,631.46 Date: 5/31/2019
Perf: $1,599.47 Date: 4/30/2019
Perf: $1,631.45 Date: 3/31/2019
Perf: $1,587.78 Date: 2/28/2019
Perf: $1,532.76 Date: 1/31/2019
Perf: $1,523.01 Date: 12/31/2018
Perf: $1,551.24 Date: 11/30/2018
Perf: $1,544.75 Date: 10/31/2018
Perf: $1,563.52 Date: 9/30/2018
Perf: $1,603.11 Date: 8/31/2018
Perf: $1,610.36 Date: 7/31/2018
Perf: $1,570.32 Date: 6/30/2018
Perf: $1,582.18 Date: 5/31/2018
Perf: $1,569.00 Date: 4/30/2018
Perf: $1,589.51 Date: 3/31/2018
Perf: $1,572.52 Date: 2/28/2018
Perf: $1,573.94 Date: 1/31/2018
Perf: $1,676.19 Date: 12/31/2017
Perf: $1,620.76 Date: 11/30/2017
Perf: $1,603.28 Date: 10/31/2017
Perf: $1,601.20 Date: 9/30/2017
Perf: $1,536.81 Date: 8/31/2017
Perf: $1,569.93 Date: 7/31/2017
Perf: $1,544.30 Date: 6/30/2017
Perf: $1,538.30 Date: 5/31/2017
Perf: $1,584.57 Date: 4/30/2017
Perf: $1,581.56 Date: 3/31/2017
Perf: $1,591.11 Date: 2/28/2017
Perf: $1,614.69 Date: 1/31/2017
Perf: $1,580.24 Date: 12/31/2016
Perf: $1,600.89 Date: 11/30/2016
Perf: $1,588.81 Date: 10/31/2016
Perf: $1,606.48 Date: 9/30/2016
Perf: $1,649.03 Date: 8/31/2016
Perf: $1,670.58 Date: 7/31/2016
Perf: $1,716.76 Date: 6/30/2016
Perf: $1,699.43 Date: 5/31/2016
Perf: $1,630.14 Date: 4/30/2016
Perf: $1,659.18 Date: 3/31/2016
Perf: $1,701.90 Date: 2/29/2016
Perf: $1,752.19 Date: 1/31/2016
Perf: $1,710.12 Date: 12/31/2015
Perf: $1,652.61 Date: 11/30/2015
Perf: $1,691.51 Date: 10/31/2015
Perf: $1,635.73 Date: 9/30/2015
Perf: $1,664.70 Date: 8/31/2015
Perf: $1,629.34 Date: 7/31/2015
Perf: $1,658.03 Date: 6/30/2015
Perf: $1,595.64 Date: 5/31/2015
Perf: $1,683.16 Date: 4/30/2015
Perf: $1,695.37 Date: 3/31/2015
Perf: $1,763.44 Date: 2/28/2015
Perf: $1,725.31 Date: 1/31/2015
Perf: $1,728.07 Date: 12/31/2014
Perf: $1,651.13 Date: 11/30/2014
Perf: $1,622.57 Date: 10/31/2014
Perf: $1,531.45 Date: 9/30/2014
Perf: $1,509.26 Date: 8/31/2014
Perf: $1,487.11 Date: 7/31/2014
Perf: $1,426.75 Date: 6/30/2014
Perf: $1,438.26 Date: 5/31/2014
Perf: $1,426.00 Date: 4/30/2014
Perf: $1,390.40 Date: 3/31/2014
Perf: $1,379.92 Date: 2/28/2014
Perf: $1,400.64 Date: 1/31/2014
Perf: $1,389.25 Date: 12/31/2013
Perf: $1,426.48 Date: 11/30/2013
Perf: $1,428.48 Date: 10/31/2013
Perf: $1,403.09 Date: 9/30/2013
Perf: $1,371.68 Date: 8/31/2013
Perf: $1,379.96 Date: 7/31/2013
Perf: $1,406.97 Date: 6/30/2013
Perf: $1,419.32 Date: 5/31/2013
Perf: $1,475.23 Date: 4/30/2013
Perf: $1,541.51 Date: 3/31/2013
Perf: $1,502.74 Date: 2/28/2013
Perf: $1,481.41 Date: 1/31/2013
Perf: $1,490.05 Date: 12/31/2012
Perf: $1,462.27 Date: 11/30/2012
Perf: $1,455.14 Date: 10/31/2012
Perf: $1,451.08 Date: 9/30/2012
Perf: $1,505.58 Date: 8/31/2012
Perf: $1,530.84 Date: 7/31/2012
Perf: $1,551.94 Date: 6/30/2012
Perf: $1,490.96 Date: 5/31/2012
Perf: $1,549.21 Date: 4/30/2012
Perf: $1,520.33 Date: 3/31/2012
Perf: $1,511.26 Date: 2/29/2012
Perf: $1,546.36 Date: 1/31/2012
Perf: $1,540.05 Date: 12/31/2011
Perf: $1,535.14 Date: 11/30/2011
Perf: $1,520.54 Date: 10/31/2011
Perf: $1,515.99 Date: 9/30/2011
Perf: $1,578.50 Date: 8/31/2011
Perf: $1,579.45 Date: 7/31/2011
Perf: $1,582.61 Date: 6/30/2011
Perf: $1,527.77 Date: 5/31/2011
Perf: $1,568.55 Date: 4/30/2011
Perf: $1,627.97 Date: 3/31/2011
Perf: $1,566.86 Date: 2/28/2011
Perf: $1,591.21 Date: 1/31/2011
Perf: $1,564.61 Date: 12/31/2010
Perf: $1,586.34 Date: 11/30/2010
Perf: $1,521.09 Date: 10/31/2010
Perf: $1,576.91 Date: 9/30/2010
Perf: $1,518.01 Date: 8/31/2010
Perf: $1,490.88 Date: 7/31/2010
Perf: $1,431.61 Date: 6/30/2010
Perf: $1,450.32 Date: 5/31/2010
Perf: $1,444.83 Date: 4/30/2010
Perf: $1,480.66 Date: 3/31/2010
Perf: $1,458.20 Date: 2/28/2010
Perf: $1,402.52 Date: 1/31/2010
Perf: $1,389.46 Date: 12/31/2009
Perf: $1,424.94 Date: 11/30/2009
Perf: $1,484.32 Date: 10/31/2009
Perf: $1,426.81 Date: 9/30/2009
Perf: $1,464.30 Date: 8/31/2009
Perf: $1,430.26 Date: 7/31/2009
Perf: $1,425.56 Date: 6/30/2009
Perf: $1,427.13 Date: 5/31/2009
Perf: $1,466.13 Date: 4/30/2009
Perf: $1,446.17 Date: 3/31/2009
Perf: $1,495.06 Date: 2/28/2009
Perf: $1,537.65 Date: 1/31/2009
Perf: $1,538.42 Date: 12/31/2008
Perf: $1,548.48 Date: 11/30/2008
Perf: $1,509.68 Date: 10/31/2008
Perf: $1,456.24 Date: 9/30/2008
Perf: $1,384.92 Date: 8/31/2008
Perf: $1,382.02 Date: 7/31/2008
Perf: $1,419.93 Date: 6/30/2008
Perf: $1,488.24 Date: 5/31/2008
Perf: $1,449.53 Date: 4/30/2008
Perf: $1,420.28 Date: 3/31/2008
Perf: $1,436.80 Date: 2/29/2008
Perf: $1,443.15 Date: 1/31/2008
Perf: $1,365.46 Date: 12/31/2007
Perf: $1,341.05 Date: 11/30/2007
Perf: $1,344.14 Date: 10/31/2007
Perf: $1,352.93 Date: 9/30/2007
Perf: $1,297.03 Date: 8/31/2007
Perf: $1,239.16 Date: 7/31/2007
Perf: $1,287.17 Date: 6/30/2007
Perf: $1,328.22 Date: 5/31/2007
Perf: $1,290.91 Date: 4/30/2007
Perf: $1,246.41 Date: 3/31/2007
Perf: $1,196.17 Date: 2/28/2007
Perf: $1,224.83 Date: 1/31/2007
Perf: $1,272.56 Date: 12/31/2006
Perf: $1,251.16 Date: 11/30/2006
Perf: $1,210.25 Date: 10/31/2006
Perf: $1,181.31 Date: 9/30/2006
Perf: $1,168.46 Date: 8/31/2006
Perf: $1,180.98 Date: 7/31/2006
Perf: $1,167.90 Date: 6/30/2006
Perf: $1,185.44 Date: 5/31/2006
Perf: $1,201.91 Date: 4/30/2006
Perf: $1,234.62 Date: 3/31/2006
Perf: $1,205.22 Date: 2/28/2006
Perf: $1,173.76 Date: 1/31/2006
Perf: $1,195.03 Date: 12/31/2005
Perf: $1,172.63 Date: 11/30/2005
Perf: $1,194.25 Date: 10/31/2005
Perf: $1,145.12 Date: 9/30/2005
Perf: $1,143.30 Date: 8/31/2005
Perf: $1,125.96 Date: 7/31/2005
Perf: $1,119.91 Date: 6/30/2005
Perf: $1,119.24 Date: 5/31/2005
Perf: $1,082.33 Date: 4/30/2005
Perf: $1,049.89 Date: 3/31/2005
Perf: $1,076.26 Date: 2/28/2005
Perf: $1,082.32 Date: 1/31/2005
Perf: $1,074.90 Date: 12/31/2004
Perf: $1,122.03 Date: 11/30/2004
Perf: $1,118.33 Date: 10/31/2004
Perf: $1,060.94 Date: 9/30/2004
Perf: $1,025.85 Date: 8/31/2004
Perf: $1,012.19 Date: 7/31/2004
Perf: $1,019.22 Date: 6/30/2004
Perf: $1,030.98 Date: 5/31/2004
Perf: $1,066.16 Date: 4/30/2004
Perf: $1,083.38 Date: 3/31/2004
Perf: $1,155.24 Date: 2/29/2004
Perf: $1,166.67 Date: 1/31/2004
Perf: $1,104.39 Date: 12/31/2003
Perf: $1,093.88 Date: 11/30/2003
Perf: $1,048.49 Date: 10/31/2003
Perf: $1,051.64 Date: 9/30/2003
Perf: $1,028.50 Date: 8/31/2003
Perf: $1,033.25 Date: 7/31/2003
Perf: $1,023.63 Date: 6/30/2003
Perf: $1,047.30 Date: 5/31/2003
Perf: $1,074.26 Date: 4/30/2003
Perf: $1,014.70 Date: 3/31/2003
Perf: $1,000.00 Date: 9/30/2021
Perf: $7,367.65 Date: 8/31/2021
Perf: $7,726.96 Date: 7/31/2021
Perf: $7,498.99 Date: 6/30/2021
Perf: $7,324.66 Date: 5/31/2021
Perf: $7,157.88 Date: 4/30/2021
Perf: $7,108.12 Date: 3/31/2021
Perf: $6,747.79 Date: 2/28/2021
Perf: $6,464.64 Date: 1/31/2021
Perf: $6,291.01 Date: 12/31/2020
Perf: $6,355.20 Date: 11/30/2020
Perf: $6,120.18 Date: 10/31/2020
Perf: $5,516.16 Date: 9/30/2020
Perf: $5,666.90 Date: 8/31/2020
Perf: $5,890.75 Date: 7/31/2020
Perf: $5,495.62 Date: 6/30/2020
Perf: $5,202.21 Date: 5/31/2020
Perf: $5,100.71 Date: 4/30/2020
Perf: $4,868.95 Date: 3/31/2020
Perf: $4,315.68 Date: 2/29/2020
Perf: $4,923.76 Date: 1/31/2020
Perf: $5,365.33 Date: 12/31/2019
Perf: $5,367.47 Date: 11/30/2019
Perf: $5,210.13 Date: 10/31/2019
Perf: $5,027.62 Date: 9/30/2019
Perf: $4,920.84 Date: 8/31/2019
Perf: $4,830.51 Date: 7/31/2019
Perf: $4,908.06 Date: 6/30/2019
Perf: $4,838.39 Date: 5/31/2019
Perf: $4,519.74 Date: 4/30/2019
Perf: $4,826.21 Date: 3/31/2019
Perf: $4,638.36 Date: 2/28/2019
Perf: $4,550.08 Date: 1/31/2019
Perf: $4,408.57 Date: 12/31/2018
Perf: $4,081.63 Date: 11/30/2018
Perf: $4,486.79 Date: 10/31/2018
Perf: $4,397.09 Date: 9/30/2018
Perf: $4,719.93 Date: 8/31/2018
Perf: $4,693.18 Date: 7/31/2018
Perf: $4,545.01 Date: 6/30/2018
Perf: $4,382.00 Date: 5/31/2018
Perf: $4,355.00 Date: 4/30/2018
Perf: $4,252.51 Date: 3/31/2018
Perf: $4,236.42 Date: 2/28/2018
Perf: $4,346.82 Date: 1/31/2018
Perf: $4,513.37 Date: 12/31/2017
Perf: $4,268.77 Date: 11/30/2017
Perf: $4,221.90 Date: 10/31/2017
Perf: $4,096.15 Date: 9/30/2017
Perf: $4,002.89 Date: 8/31/2017
Perf: $3,922.09 Date: 7/31/2017
Perf: $3,909.97 Date: 6/30/2017
Perf: $3,831.05 Date: 5/31/2017
Perf: $3,807.44 Date: 4/30/2017
Perf: $3,754.51 Date: 3/31/2017
Perf: $3,716.23 Date: 2/28/2017
Perf: $3,711.77 Date: 1/31/2017
Perf: $3,570.04 Date: 12/31/2016
Perf: $3,503.48 Date: 11/30/2016
Perf: $3,435.46 Date: 10/31/2016
Perf: $3,312.88 Date: 9/30/2016
Perf: $3,374.29 Date: 8/31/2016
Perf: $3,373.62 Date: 7/31/2016
Perf: $3,368.90 Date: 6/30/2016
Perf: $3,249.01 Date: 5/31/2016
Perf: $3,240.59 Date: 4/30/2016
Perf: $3,183.29 Date: 3/31/2016
Perf: $3,170.92 Date: 2/29/2016
Perf: $2,969.58 Date: 1/31/2016
Perf: $2,973.45 Date: 12/31/2015
Perf: $3,128.63 Date: 11/30/2015
Perf: $3,178.85 Date: 10/31/2015
Perf: $3,169.35 Date: 9/30/2015
Perf: $2,922.67 Date: 8/31/2015
Perf: $2,996.69 Date: 7/31/2015
Perf: $3,188.99 Date: 6/30/2015
Perf: $3,123.39 Date: 5/31/2015
Perf: $3,185.19 Date: 4/30/2015
Perf: $3,144.62 Date: 3/31/2015
Perf: $3,114.72 Date: 2/28/2015
Perf: $3,164.72 Date: 1/31/2015
Perf: $2,992.65 Date: 12/31/2014
Perf: $3,085.20 Date: 11/30/2014
Perf: $3,092.93 Date: 10/31/2014
Perf: $3,011.91 Date: 9/30/2014
Perf: $2,940.17 Date: 8/31/2014
Perf: $2,981.92 Date: 7/31/2014
Perf: $2,867.23 Date: 6/30/2014
Perf: $2,907.35 Date: 5/31/2014
Perf: $2,848.39 Date: 4/30/2014
Perf: $2,782.99 Date: 3/31/2014
Perf: $2,762.55 Date: 2/28/2014
Perf: $2,739.54 Date: 1/31/2014
Perf: $2,619.81 Date: 12/31/2013
Perf: $2,713.70 Date: 11/30/2013
Perf: $2,646.74 Date: 10/31/2013
Perf: $2,568.41 Date: 9/30/2013
Perf: $2,455.45 Date: 8/31/2013
Perf: $2,380.70 Date: 7/31/2013
Perf: $2,451.80 Date: 6/30/2013
Perf: $2,333.05 Date: 5/31/2013
Perf: $2,364.74 Date: 4/30/2013
Perf: $2,310.67 Date: 3/31/2013
Perf: $2,266.92 Date: 2/28/2013
Perf: $2,184.98 Date: 1/31/2013
Perf: $2,155.66 Date: 12/31/2012
Perf: $2,049.50 Date: 11/30/2012
Perf: $2,031.02 Date: 10/31/2012
Perf: $2,019.30 Date: 9/30/2012
Perf: $2,057.37 Date: 8/31/2012
Perf: $2,005.62 Date: 7/31/2012
Perf: $1,961.49 Date: 6/30/2012
Perf: $1,934.60 Date: 5/31/2012
Perf: $1,858.05 Date: 4/30/2012
Perf: $1,976.85 Date: 3/31/2012
Perf: $1,989.39 Date: 2/29/2012
Perf: $1,926.02 Date: 1/31/2012
Perf: $1,846.26 Date: 12/31/2011
Perf: $1,767.10 Date: 11/30/2011
Perf: $1,749.25 Date: 10/31/2011
Perf: $1,753.11 Date: 9/30/2011
Perf: $1,580.38 Date: 8/31/2011
Perf: $1,699.88 Date: 7/31/2011
Perf: $1,797.48 Date: 6/30/2011
Perf: $1,834.73 Date: 5/31/2011
Perf: $1,865.89 Date: 4/30/2011
Perf: $1,887.21 Date: 3/31/2011
Perf: $1,832.96 Date: 2/28/2011
Perf: $1,832.22 Date: 1/31/2011
Perf: $1,771.46 Date: 12/31/2010
Perf: $1,730.45 Date: 11/30/2010
Perf: $1,622.09 Date: 10/31/2010
Perf: $1,621.93 Date: 9/30/2010
Perf: $1,562.40 Date: 8/31/2010
Perf: $1,434.45 Date: 7/31/2010
Perf: $1,502.20 Date: 6/30/2010
Perf: $1,403.79 Date: 5/31/2010
Perf: $1,481.26 Date: 4/30/2010
Perf: $1,609.90 Date: 3/31/2010
Perf: $1,584.85 Date: 2/28/2010
Perf: $1,494.72 Date: 1/31/2010
Perf: $1,449.78 Date: 12/31/2009
Perf: $1,503.92 Date: 11/30/2009
Perf: $1,475.44 Date: 10/31/2009
Perf: $1,391.93 Date: 9/30/2009
Perf: $1,418.31 Date: 8/31/2009
Perf: $1,367.31 Date: 7/31/2009
Perf: $1,319.67 Date: 6/30/2009
Perf: $1,226.91 Date: 5/31/2009
Perf: $1,224.47 Date: 4/30/2009
Perf: $1,159.64 Date: 3/31/2009
Perf: $1,058.36 Date: 2/28/2009
Perf: $973.11 Date: 1/31/2009
Perf: $1,089.10 Date: 12/31/2008
Perf: $1,189.36 Date: 11/30/2008
Perf: $1,176.89 Date: 10/31/2008
Perf: $1,267.93 Date: 9/30/2008
Perf: $1,523.77 Date: 8/31/2008
Perf: $1,672.82 Date: 7/31/2008
Perf: $1,648.91 Date: 6/30/2008
Perf: $1,662.87 Date: 5/31/2008
Perf: $1,815.96 Date: 4/30/2008
Perf: $1,792.66 Date: 3/31/2008
Perf: $1,709.41 Date: 2/29/2008
Perf: $1,716.79 Date: 1/31/2008
Perf: $1,774.46 Date: 12/31/2007
Perf: $1,887.72 Date: 11/30/2007
Perf: $1,900.84 Date: 10/31/2007
Perf: $1,983.76 Date: 9/30/2007
Perf: $1,952.71 Date: 8/31/2007
Perf: $1,882.31 Date: 7/31/2007
Perf: $1,854.50 Date: 6/30/2007
Perf: $1,913.82 Date: 5/31/2007
Perf: $1,946.13 Date: 4/30/2007
Perf: $1,880.50 Date: 3/31/2007
Perf: $1,800.73 Date: 2/28/2007
Perf: $1,780.78 Date: 1/31/2007
Perf: $1,816.38 Date: 12/31/2006
Perf: $1,789.37 Date: 11/30/2006
Perf: $1,764.66 Date: 10/31/2006
Perf: $1,731.76 Date: 9/30/2006
Perf: $1,677.08 Date: 8/31/2006
Perf: $1,634.90 Date: 7/31/2006
Perf: $1,596.90 Date: 6/30/2006
Perf: $1,587.06 Date: 5/31/2006
Perf: $1,584.84 Date: 4/30/2006
Perf: $1,631.84 Date: 3/31/2006
Perf: $1,610.26 Date: 2/28/2006
Perf: $1,590.54 Date: 1/31/2006
Perf: $1,586.25 Date: 12/31/2005
Perf: $1,545.30 Date: 11/30/2005
Perf: $1,544.84 Date: 10/31/2005
Perf: $1,488.57 Date: 9/30/2005
Perf: $1,513.85 Date: 8/31/2005
Perf: $1,501.69 Date: 7/31/2005
Perf: $1,515.48 Date: 6/30/2005
Perf: $1,461.13 Date: 5/31/2005
Perf: $1,459.08 Date: 4/30/2005
Perf: $1,414.11 Date: 3/31/2005
Perf: $1,441.50 Date: 2/28/2005
Perf: $1,467.48 Date: 1/31/2005
Perf: $1,437.29 Date: 12/31/2004
Perf: $1,473.24 Date: 11/30/2004
Perf: $1,424.80 Date: 10/31/2004
Perf: $1,369.34 Date: 9/30/2004
Perf: $1,348.70 Date: 8/31/2004
Perf: $1,334.29 Date: 7/31/2004
Perf: $1,328.98 Date: 6/30/2004
Perf: $1,374.47 Date: 5/31/2004
Perf: $1,348.32 Date: 4/30/2004
Perf: $1,330.09 Date: 3/31/2004
Perf: $1,351.31 Date: 2/29/2004
Perf: $1,372.03 Date: 1/31/2004
Perf: $1,353.22 Date: 12/31/2003
Perf: $1,328.77 Date: 11/30/2003
Perf: $1,262.61 Date: 10/31/2003
Perf: $1,251.59 Date: 9/30/2003
Perf: $1,184.55 Date: 8/31/2003
Perf: $1,197.24 Date: 7/31/2003
Perf: $1,174.34 Date: 6/30/2003
Perf: $1,154.03 Date: 5/31/2003
Perf: $1,139.44 Date: 4/30/2003
Perf: $1,082.40 Date: 3/31/2003
Perf: $1,000.00 Date: 9/30/2021
Perf: $4,610.42 Date: 8/31/2021
Perf: $4,600.76 Date: 7/31/2021
Perf: $4,626.67 Date: 6/30/2021
Perf: $4,681.92 Date: 5/31/2021
Perf: $4,719.68 Date: 4/30/2021
Perf: $4,791.55 Date: 3/31/2021
Perf: $4,755.88 Date: 2/28/2021
Perf: $4,620.95 Date: 1/31/2021
Perf: $4,435.12 Date: 12/31/2020
Perf: $4,332.02 Date: 11/30/2020
Perf: $4,333.32 Date: 10/31/2020
Perf: $4,204.65 Date: 9/30/2020
Perf: $4,242.84 Date: 8/31/2020
Perf: $4,394.45 Date: 7/31/2020
Perf: $4,479.10 Date: 6/30/2020
Perf: $4,459.48 Date: 5/31/2020
Perf: $4,261.74 Date: 4/30/2020
Perf: $4,296.97 Date: 3/31/2020
Perf: $4,491.92 Date: 2/29/2020
Perf: $4,281.28 Date: 1/31/2020
Perf: $4,176.45 Date: 12/31/2019
Perf: $4,177.29 Date: 11/30/2019
Perf: $4,149.07 Date: 10/31/2019
Perf: $4,124.33 Date: 9/30/2019
Perf: $4,120.21 Date: 8/31/2019
Perf: $4,241.08 Date: 7/31/2019
Perf: $4,005.55 Date: 6/30/2019
Perf: $3,948.69 Date: 5/31/2019
Perf: $3,961.37 Date: 4/30/2019
Perf: $3,922.92 Date: 3/31/2019
Perf: $3,824.26 Date: 2/28/2019
Perf: $3,782.27 Date: 1/31/2019
Perf: $3,772.84 Date: 12/31/2018
Perf: $3,712.33 Date: 11/30/2018
Perf: $3,727.61 Date: 10/31/2018
Perf: $3,757.67 Date: 9/30/2018
Perf: $3,608.64 Date: 8/31/2018
Perf: $3,582.13 Date: 7/31/2018
Perf: $3,492.72 Date: 6/30/2018
Perf: $3,541.23 Date: 5/31/2018
Perf: $3,484.09 Date: 4/30/2018
Perf: $3,503.36 Date: 3/31/2018
Perf: $3,447.85 Date: 2/28/2018
Perf: $3,431.72 Date: 1/31/2018
Perf: $3,365.09 Date: 12/31/2017
Perf: $3,215.26 Date: 11/30/2017
Perf: $3,135.31 Date: 10/31/2017
Perf: $3,182.09 Date: 9/30/2017
Perf: $3,236.13 Date: 8/31/2017
Perf: $3,164.61 Date: 7/31/2017
Perf: $3,334.33 Date: 6/30/2017
Perf: $3,177.37 Date: 5/31/2017
Perf: $3,178.00 Date: 4/30/2017
Perf: $3,083.34 Date: 3/31/2017
Perf: $3,044.98 Date: 2/28/2017
Perf: $2,901.08 Date: 1/31/2017
Perf: $3,006.93 Date: 12/31/2016
Perf: $3,112.12 Date: 11/30/2016
Perf: $3,114.92 Date: 10/31/2016
Perf: $3,131.20 Date: 9/30/2016
Perf: $3,161.55 Date: 8/31/2016
Perf: $3,234.99 Date: 7/31/2016
Perf: $3,248.96 Date: 6/30/2016
Perf: $3,317.63 Date: 5/31/2016
Perf: $3,228.21 Date: 4/30/2016
Perf: $3,262.80 Date: 3/31/2016
Perf: $3,254.01 Date: 2/29/2016
Perf: $3,094.64 Date: 1/31/2016
Perf: $3,076.18 Date: 12/31/2015
Perf: $2,870.64 Date: 11/30/2015
Perf: $2,932.22 Date: 10/31/2015
Perf: $2,951.70 Date: 9/30/2015
Perf: $2,978.51 Date: 8/31/2015
Perf: $2,996.49 Date: 7/31/2015
Perf: $3,073.32 Date: 6/30/2015
Perf: $3,014.83 Date: 5/31/2015
Perf: $3,064.16 Date: 4/30/2015
Perf: $3,043.47 Date: 3/31/2015
Perf: $3,090.76 Date: 2/28/2015
Perf: $3,052.30 Date: 1/31/2015
Perf: $3,041.96 Date: 12/31/2014
Perf: $2,996.70 Date: 11/30/2014
Perf: $2,992.22 Date: 10/31/2014
Perf: $2,940.46 Date: 9/30/2014
Perf: $2,845.43 Date: 8/31/2014
Perf: $2,671.26 Date: 7/31/2014
Perf: $2,706.17 Date: 6/30/2014
Perf: $2,735.16 Date: 5/31/2014
Perf: $2,657.30 Date: 4/30/2014
Perf: $2,606.99 Date: 3/31/2014
Perf: $2,695.68 Date: 2/28/2014
Perf: $2,730.63 Date: 1/31/2014
Perf: $2,717.31 Date: 12/31/2013
Perf: $2,703.53 Date: 11/30/2013
Perf: $2,684.20 Date: 10/31/2013
Perf: $2,710.22 Date: 9/30/2013
Perf: $2,613.77 Date: 8/31/2013
Perf: $2,563.02 Date: 7/31/2013
Perf: $2,541.67 Date: 6/30/2013
Perf: $2,577.24 Date: 5/31/2013
Perf: $2,639.26 Date: 4/30/2013
Perf: $2,612.09 Date: 3/31/2013
Perf: $2,570.71 Date: 2/28/2013
Perf: $2,592.74 Date: 1/31/2013
Perf: $2,517.23 Date: 12/31/2012
Perf: $2,520.00 Date: 11/30/2012
Perf: $2,558.90 Date: 10/31/2012
Perf: $2,408.37 Date: 9/30/2012
Perf: $2,509.24 Date: 8/31/2012
Perf: $2,499.99 Date: 7/31/2012
Perf: $2,548.67 Date: 6/30/2012
Perf: $2,624.79 Date: 5/31/2012
Perf: $2,553.30 Date: 4/30/2012
Perf: $2,440.55 Date: 3/31/2012
Perf: $2,466.20 Date: 2/29/2012
Perf: $2,500.70 Date: 1/31/2012
Perf: $2,557.74 Date: 12/31/2011
Perf: $2,607.55 Date: 11/30/2011
Perf: $2,564.21 Date: 10/31/2011
Perf: $2,607.76 Date: 9/30/2011
Perf: $2,668.61 Date: 8/31/2011
Perf: $2,591.89 Date: 7/31/2011
Perf: $2,477.43 Date: 6/30/2011
Perf: $2,432.19 Date: 5/31/2011
Perf: $2,465.22 Date: 4/30/2011
Perf: $2,446.87 Date: 3/31/2011
Perf: $2,391.39 Date: 2/28/2011
Perf: $2,508.54 Date: 1/31/2011
Perf: $2,475.13 Date: 12/31/2010
Perf: $2,485.32 Date: 11/30/2010
Perf: $2,529.84 Date: 10/31/2010
Perf: $2,587.54 Date: 9/30/2010
Perf: $2,598.98 Date: 8/31/2010
Perf: $2,558.30 Date: 7/31/2010
Perf: $2,542.03 Date: 6/30/2010
Perf: $2,531.65 Date: 5/31/2010
Perf: $2,538.51 Date: 4/30/2010
Perf: $2,363.82 Date: 3/31/2010
Perf: $2,389.39 Date: 2/28/2010
Perf: $2,401.15 Date: 1/31/2010
Perf: $2,485.92 Date: 12/31/2009
Perf: $2,484.18 Date: 11/30/2009
Perf: $2,537.21 Date: 10/31/2009
Perf: $2,433.31 Date: 9/30/2009
Perf: $2,417.84 Date: 8/31/2009
Perf: $2,440.78 Date: 7/31/2009
Perf: $2,417.81 Date: 6/30/2009
Perf: $2,482.10 Date: 5/31/2009
Perf: $2,575.06 Date: 4/30/2009
Perf: $2,439.89 Date: 3/31/2009
Perf: $2,425.09 Date: 2/28/2009
Perf: $2,399.66 Date: 1/31/2009
Perf: $2,373.31 Date: 12/31/2008
Perf: $2,410.43 Date: 11/30/2008
Perf: $2,406.82 Date: 10/31/2008
Perf: $2,385.35 Date: 9/30/2008
Perf: $1,991.45 Date: 8/31/2008
Perf: $2,043.56 Date: 7/31/2008
Perf: $1,969.69 Date: 6/30/2008
Perf: $2,000.10 Date: 5/31/2008
Perf: $1,994.31 Date: 4/30/2008
Perf: $1,980.65 Date: 3/31/2008
Perf: $2,014.90 Date: 2/29/2008
Perf: $2,001.89 Date: 1/31/2008
Perf: $1,888.75 Date: 12/31/2007
Perf: $1,899.77 Date: 11/30/2007
Perf: $1,904.72 Date: 10/31/2007
Perf: $1,861.53 Date: 9/30/2007
Perf: $1,732.46 Date: 8/31/2007
Perf: $1,691.69 Date: 7/31/2007
Perf: $1,851.07 Date: 6/30/2007
Perf: $1,854.78 Date: 5/31/2007
Perf: $1,803.21 Date: 4/30/2007
Perf: $1,759.92 Date: 3/31/2007
Perf: $1,694.18 Date: 2/28/2007
Perf: $1,756.72 Date: 1/31/2007
Perf: $1,854.06 Date: 12/31/2006
Perf: $1,802.16 Date: 11/30/2006
Perf: $1,783.25 Date: 10/31/2006
Perf: $1,792.40 Date: 9/30/2006
Perf: $1,768.17 Date: 8/31/2006
Perf: $1,778.49 Date: 7/31/2006
Perf: $1,756.01 Date: 6/30/2006
Perf: $1,744.50 Date: 5/31/2006
Perf: $1,711.63 Date: 4/30/2006
Perf: $1,759.31 Date: 3/31/2006
Perf: $1,716.40 Date: 2/28/2006
Perf: $1,612.10 Date: 1/31/2006
Perf: $1,615.98 Date: 12/31/2005
Perf: $1,564.96 Date: 11/30/2005
Perf: $1,522.63 Date: 10/31/2005
Perf: $1,443.11 Date: 9/30/2005
Perf: $1,496.70 Date: 8/31/2005
Perf: $1,460.05 Date: 7/31/2005
Perf: $1,492.28 Date: 6/30/2005
Perf: $1,442.10 Date: 5/31/2005
Perf: $1,347.25 Date: 4/30/2005
Perf: $1,275.20 Date: 3/31/2005
Perf: $1,320.36 Date: 2/28/2005
Perf: $1,307.93 Date: 1/31/2005
Perf: $1,387.14 Date: 12/31/2004
Perf: $1,434.62 Date: 11/30/2004
Perf: $1,472.92 Date: 10/31/2004
Perf: $1,383.41 Date: 9/30/2004
Perf: $1,429.29 Date: 8/31/2004
Perf: $1,355.17 Date: 7/31/2004
Perf: $1,426.64 Date: 6/30/2004
Perf: $1,414.90 Date: 5/31/2004
Perf: $1,436.73 Date: 4/30/2004
Perf: $1,367.02 Date: 3/31/2004
Perf: $1,347.61 Date: 2/29/2004
Perf: $1,323.26 Date: 1/31/2004
Perf: $1,270.17 Date: 12/31/2003
Perf: $1,196.36 Date: 11/30/2003
Perf: $1,114.96 Date: 10/31/2003
Perf: $1,095.57 Date: 9/30/2003
Perf: $1,011.05 Date: 8/31/2003
Perf: $966.86 Date: 7/31/2003
Perf: $916.20 Date: 6/30/2003
Perf: $929.02 Date: 5/31/2003
Perf: $1,008.16 Date: 4/30/2003
Perf: $991.50 Date: 3/31/2003
Perf: $1,000.00

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Monthly Returns

Date Range: 03/03 - 09/21
Date: 9/30/2021
Return: 0.21 % Date: 8/31/2021
Return: -0.56 % Date: 7/31/2021
Return: -1.18 % Date: 6/30/2021
Return: -0.80 % Date: 5/31/2021
Return: -1.50 % Date: 4/30/2021
Return: 0.75 % Date: 3/31/2021
Return: 2.92 % Date: 2/28/2021
Return: 4.19 % Date: 1/31/2021
Return: 2.38 % Date: 12/31/2020
Return: -0.03 % Date: 11/30/2020
Return: 3.06 % Date: 10/31/2020
Return: -0.90 % Date: 9/30/2020
Return: -3.45 % Date: 8/31/2020
Return: -1.89 % Date: 7/31/2020
Return: 0.44 % Date: 6/30/2020
Return: 4.64 % Date: 5/31/2020
Return: -0.82 % Date: 4/30/2020
Return: -4.34 % Date: 3/31/2020
Return: 4.92 % Date: 2/29/2020
Return: 2.51 % Date: 1/31/2020
Return: -0.02 % Date: 12/31/2019
Return: 0.68 % Date: 11/30/2019
Return: 0.60 % Date: 10/31/2019
Return: 0.10 % Date: 9/30/2019
Return: -2.85 % Date: 8/31/2019
Return: 5.88 % Date: 7/31/2019
Return: 1.44 % Date: 6/30/2019
Return: -0.32 % Date: 5/31/2019
Return: 0.98 % Date: 4/30/2019
Return: 2.58 % Date: 3/31/2019
Return: 1.11 % Date: 2/28/2019
Return: 0.25 % Date: 1/31/2019
Return: 1.63 % Date: 12/31/2018
Return: -0.41 % Date: 11/30/2018
Return: -0.80 % Date: 10/31/2018
Return: 4.13 % Date: 9/30/2018
Return: 0.74 % Date: 8/31/2018
Return: 2.56 % Date: 7/31/2018
Return: -1.37 % Date: 6/30/2018
Return: 1.64 % Date: 5/31/2018
Return: -0.55 % Date: 4/30/2018
Return: 1.61 % Date: 3/31/2018
Return: 0.47 % Date: 2/28/2018
Return: 1.98 % Date: 1/31/2018
Return: 4.66 % Date: 12/31/2017
Return: 2.55 % Date: 11/30/2017
Return: -1.47 % Date: 10/31/2017
Return: -1.67 % Date: 9/30/2017
Return: 2.26 % Date: 8/31/2017
Return: -5.09 % Date: 7/31/2017
Return: 4.94 % Date: 6/30/2017
Return: -0.02 % Date: 5/31/2017
Return: 3.07 % Date: 4/30/2017
Return: 1.26 % Date: 3/31/2017
Return: 4.96 % Date: 2/28/2017
Return: -3.52 % Date: 1/31/2017
Return: -3.38 % Date: 12/31/2016
Return: -0.09 % Date: 11/30/2016
Return: -0.52 % Date: 10/31/2016
Return: -0.96 % Date: 9/30/2016
Return: -2.27 % Date: 8/31/2016
Return: -0.43 % Date: 7/31/2016
Return: -2.07 % Date: 6/30/2016
Return: 2.77 % Date: 5/31/2016
Return: -1.06 % Date: 4/30/2016
Return: 0.27 % Date: 3/31/2016
Return: 5.15 % Date: 2/29/2016
Return: 0.60 % Date: 1/31/2016
Return: 7.16 % Date: 12/31/2015
Return: -2.10 % Date: 11/30/2015
Return: -0.66 % Date: 10/31/2015
Return: -0.90 % Date: 9/30/2015
Return: -0.60 % Date: 8/31/2015
Return: -2.50 % Date: 7/31/2015
Return: 1.94 % Date: 6/30/2015
Return: -1.61 % Date: 5/31/2015
Return: 0.68 % Date: 4/30/2015
Return: -1.53 % Date: 3/31/2015
Return: 1.26 % Date: 2/28/2015
Return: 0.34 % Date: 1/31/2015
Return: 1.51 % Date: 12/31/2014
Return: 0.15 % Date: 11/30/2014
Return: 1.76 % Date: 10/31/2014
Return: 3.34 % Date: 9/30/2014
Return: 6.52 % Date: 8/31/2014
Return: -1.29 % Date: 7/31/2014
Return: -1.06 % Date: 6/30/2014
Return: 2.93 % Date: 5/31/2014
Return: 1.93 % Date: 4/30/2014
Return: -3.29 % Date: 3/31/2014
Return: -1.28 % Date: 2/28/2014
Return: 0.49 % Date: 1/31/2014
Return: 0.51 % Date: 12/31/2013
Return: 0.72 % Date: 11/30/2013
Return: -0.96 % Date: 10/31/2013
Return: 3.69 % Date: 9/30/2013
Return: 1.98 % Date: 8/31/2013
Return: 0.84 % Date: 7/31/2013
Return: -1.38 % Date: 6/30/2013
Return: -2.35 % Date: 5/31/2013
Return: 1.04 % Date: 4/30/2013
Return: 1.61 % Date: 3/31/2013
Return: -0.85 % Date: 2/28/2013
Return: 3.00 % Date: 1/31/2013
Return: -0.11 % Date: 12/31/2012
Return: -1.52 % Date: 11/30/2012
Return: 6.25 % Date: 10/31/2012
Return: -4.02 % Date: 9/30/2012
Return: 0.37 % Date: 8/31/2012
Return: -1.91 % Date: 7/31/2012
Return: -2.90 % Date: 6/30/2012
Return: 2.80 % Date: 5/31/2012
Return: 4.62 % Date: 4/30/2012
Return: -1.04 % Date: 3/31/2012
Return: -1.38 % Date: 2/29/2012
Return: -2.23 % Date: 1/31/2012
Return: -1.91 % Date: 12/31/2011
Return: 1.69 % Date: 11/30/2011
Return: -1.67 % Date: 10/31/2011
Return: -2.28 % Date: 9/30/2011
Return: 2.96 % Date: 8/31/2011
Return: 4.62 % Date: 7/31/2011
Return: 1.86 % Date: 6/30/2011
Return: -1.34 % Date: 5/31/2011
Return: 0.75 % Date: 4/30/2011
Return: 2.32 % Date: 3/31/2011
Return: -4.67 % Date: 2/28/2011
Return: 1.35 % Date: 1/31/2011
Return: -0.41 % Date: 12/31/2010
Return: -1.76 % Date: 11/30/2010
Return: -2.23 % Date: 10/31/2010
Return: -0.44 % Date: 9/30/2010
Return: 1.59 % Date: 8/31/2010
Return: 0.64 % Date: 7/31/2010
Return: 0.41 % Date: 6/30/2010
Return: -0.27 % Date: 5/31/2010
Return: 7.39 % Date: 4/30/2010
Return: -1.07 % Date: 3/31/2010
Return: -0.49 % Date: 2/28/2010
Return: -3.41 % Date: 1/31/2010
Return: 0.07 % Date: 12/31/2009
Return: -2.09 % Date: 11/30/2009
Return: 4.27 % Date: 10/31/2009
Return: 0.64 % Date: 9/30/2009
Return: -0.94 % Date: 8/31/2009
Return: 0.95 % Date: 7/31/2009
Return: -2.59 % Date: 6/30/2009
Return: -3.61 % Date: 5/31/2009
Return: 5.54 % Date: 4/30/2009
Return: 0.61 % Date: 3/31/2009
Return: 1.06 % Date: 2/28/2009
Return: 1.11 % Date: 1/31/2009
Return: -1.54 % Date: 12/31/2008
Return: 0.15 % Date: 11/30/2008
Return: 0.90 % Date: 10/31/2008
Return: 19.78 % Date: 9/30/2008
Return: -2.55 % Date: 8/31/2008
Return: 3.75 % Date: 7/31/2008
Return: -1.52 % Date: 6/30/2008
Return: 0.29 % Date: 5/31/2008
Return: 0.69 % Date: 4/30/2008
Return: -1.70 % Date: 3/31/2008
Return: 0.65 % Date: 2/29/2008
Return: 5.99 % Date: 1/31/2008
Return: -0.58 % Date: 12/31/2007
Return: -0.26 % Date: 11/30/2007
Return: 2.32 % Date: 10/31/2007
Return: 7.45 % Date: 9/30/2007
Return: 2.41 % Date: 8/31/2007
Return: -8.61 % Date: 7/31/2007
Return: -0.20 % Date: 6/30/2007
Return: 2.86 % Date: 5/31/2007
Return: 2.46 % Date: 4/30/2007
Return: 3.88 % Date: 3/31/2007
Return: -3.56 % Date: 2/28/2007
Return: -5.25 % Date: 1/31/2007
Return: 2.88 % Date: 12/31/2006
Return: 1.06 % Date: 11/30/2006
Return: -0.51 % Date: 10/31/2006
Return: 1.37 % Date: 9/30/2006
Return: -0.58 % Date: 8/31/2006
Return: 1.28 % Date: 7/31/2006
Return: 0.66 % Date: 6/30/2006
Return: 1.92 % Date: 5/31/2006
Return: -2.71 % Date: 4/30/2006
Return: 2.50 % Date: 3/31/2006
Return: 6.47 % Date: 2/28/2006
Return: -0.24 % Date: 1/31/2006
Return: 3.26 % Date: 12/31/2005
Return: 2.78 % Date: 11/30/2005
Return: 5.51 % Date: 10/31/2005
Return: -3.58 % Date: 9/30/2005
Return: 2.51 % Date: 8/31/2005
Return: -2.16 % Date: 7/31/2005
Return: 3.48 % Date: 6/30/2005
Return: 7.04 % Date: 5/31/2005
Return: 5.65 % Date: 4/30/2005
Return: -3.42 % Date: 3/31/2005
Return: 0.95 % Date: 2/28/2005
Return: -5.71 % Date: 1/31/2005
Return: -3.31 % Date: 12/31/2004
Return: -2.60 % Date: 11/30/2004
Return: 6.47 % Date: 10/31/2004
Return: -3.21 % Date: 9/30/2004
Return: 5.47 % Date: 8/31/2004
Return: -5.01 % Date: 7/31/2004
Return: 0.83 % Date: 6/30/2004
Return: -1.52 % Date: 5/31/2004
Return: 5.10 % Date: 4/30/2004
Return: 1.44 % Date: 3/31/2004
Return: 1.84 % Date: 2/29/2004
Return: 4.18 % Date: 1/31/2004
Return: 6.17 % Date: 12/31/2003
Return: 7.30 % Date: 11/30/2003
Return: 1.77 % Date: 10/31/2003
Return: 8.36 % Date: 9/30/2003
Return: 4.57 % Date: 8/31/2003
Return: 5.53 % Date: 7/31/2003
Return: -1.38 % Date: 6/30/2003
Return: -7.85 % Date: 5/31/2003
Return: 1.68 % Date: 4/30/2003
Return: -0.85 % Date: 3/31/2003
Return: 0.00 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Distribution of Monthly Returns

Date Range: 03/03 - 09/21
Return: 20.00 %
Count: 1 Return: -9.00 %
Count: 1 Return: -4.00 %
Count: 6 Return: 3.00 %
Count: 19 Return: -6.00 %
Count: 1 Return: -3.00 %
Count: 14 Return: -5.00 %
Count: 4 Return: -2.00 %
Count: 22 Return: 1.00 %
Count: 33 Return: 4.00 %
Count: 7 Return: 7.00 %
Count: 6 Return: 8.00 %
Count: 1 Return: 5.00 %
Count: 11 Return: 6.00 %
Count: 10 Return: -8.00 %
Count: 1 Return: 2.00 %
Count: 24 Return: -1.00 %
Count: 32 Return: 0.00 %
Count: 30

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Underwater Curve

Date Range: 03/03 - 09/21
Date: 9/30/2021
Drawdown: -3.78 % Date: 8/31/2021
Drawdown: -3.98 % Date: 7/31/2021
Drawdown: -3.44 % Date: 6/30/2021
Drawdown: -2.29 % Date: 5/31/2021
Drawdown: -1.50 % Date: 4/30/2021
Drawdown: 0.00 % Date: 3/31/2021
Drawdown: 0.00 % Date: 2/28/2021
Drawdown: 0.00 % Date: 1/31/2021
Drawdown: -1.26 % Date: 12/31/2020
Drawdown: -3.56 % Date: 11/30/2020
Drawdown: -3.53 % Date: 10/31/2020
Drawdown: -6.40 % Date: 9/30/2020
Drawdown: -5.55 % Date: 8/31/2020
Drawdown: -2.17 % Date: 7/31/2020
Drawdown: -0.29 % Date: 6/30/2020
Drawdown: -0.72 % Date: 5/31/2020
Drawdown: -5.12 % Date: 4/30/2020
Drawdown: -4.34 % Date: 3/31/2020
Drawdown: 0.00 % Date: 2/29/2020
Drawdown: 0.00 % Date: 1/31/2020
Drawdown: -1.52 % Date: 12/31/2019
Drawdown: -1.50 % Date: 11/30/2019
Drawdown: -2.17 % Date: 10/31/2019
Drawdown: -2.75 % Date: 9/30/2019
Drawdown: -2.85 % Date: 8/31/2019
Drawdown: 0.00 % Date: 7/31/2019
Drawdown: 0.00 % Date: 6/30/2019
Drawdown: -0.32 % Date: 5/31/2019
Drawdown: 0.00 % Date: 4/30/2019
Drawdown: 0.00 % Date: 3/31/2019
Drawdown: 0.00 % Date: 2/28/2019
Drawdown: 0.00 % Date: 1/31/2019
Drawdown: 0.00 % Date: 12/31/2018
Drawdown: -1.21 % Date: 11/30/2018
Drawdown: -0.80 % Date: 10/31/2018
Drawdown: 0.00 % Date: 9/30/2018
Drawdown: 0.00 % Date: 8/31/2018
Drawdown: 0.00 % Date: 7/31/2018
Drawdown: -1.37 % Date: 6/30/2018
Drawdown: 0.00 % Date: 5/31/2018
Drawdown: -0.55 % Date: 4/30/2018
Drawdown: 0.00 % Date: 3/31/2018
Drawdown: 0.00 % Date: 2/28/2018
Drawdown: 0.00 % Date: 1/31/2018
Drawdown: 0.00 % Date: 12/31/2017
Drawdown: -3.57 % Date: 11/30/2017
Drawdown: -5.97 % Date: 10/31/2017
Drawdown: -4.57 % Date: 9/30/2017
Drawdown: -2.95 % Date: 8/31/2017
Drawdown: -5.09 % Date: 7/31/2017
Drawdown: 0.00 % Date: 6/30/2017
Drawdown: -4.23 % Date: 5/31/2017
Drawdown: -4.21 % Date: 4/30/2017
Drawdown: -7.06 % Date: 3/31/2017
Drawdown: -8.22 % Date: 2/28/2017
Drawdown: -12.56 % Date: 1/31/2017
Drawdown: -9.37 % Date: 12/31/2016
Drawdown: -6.19 % Date: 11/30/2016
Drawdown: -6.11 % Date: 10/31/2016
Drawdown: -5.62 % Date: 9/30/2016
Drawdown: -4.70 % Date: 8/31/2016
Drawdown: -2.49 % Date: 7/31/2016
Drawdown: -2.07 % Date: 6/30/2016
Drawdown: 0.00 % Date: 5/31/2016
Drawdown: -1.06 % Date: 4/30/2016
Drawdown: 0.00 % Date: 3/31/2016
Drawdown: 0.00 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: -0.47 % Date: 12/31/2015
Drawdown: -7.12 % Date: 11/30/2015
Drawdown: -5.13 % Date: 10/31/2015
Drawdown: -4.50 % Date: 9/30/2015
Drawdown: -3.63 % Date: 8/31/2015
Drawdown: -3.05 % Date: 7/31/2015
Drawdown: -0.56 % Date: 6/30/2015
Drawdown: -2.46 % Date: 5/31/2015
Drawdown: -0.86 % Date: 4/30/2015
Drawdown: -1.53 % Date: 3/31/2015
Drawdown: 0.00 % Date: 2/28/2015
Drawdown: 0.00 % Date: 1/31/2015
Drawdown: 0.00 % Date: 12/31/2014
Drawdown: 0.00 % Date: 11/30/2014
Drawdown: 0.00 % Date: 10/31/2014
Drawdown: 0.00 % Date: 9/30/2014
Drawdown: 0.00 % Date: 8/31/2014
Drawdown: -2.34 % Date: 7/31/2014
Drawdown: -1.06 % Date: 6/30/2014
Drawdown: 0.00 % Date: 5/31/2014
Drawdown: -2.69 % Date: 4/30/2014
Drawdown: -4.53 % Date: 3/31/2014
Drawdown: -1.28 % Date: 2/28/2014
Drawdown: 0.00 % Date: 1/31/2014
Drawdown: 0.00 % Date: 12/31/2013
Drawdown: -0.25 % Date: 11/30/2013
Drawdown: -0.96 % Date: 10/31/2013
Drawdown: 0.00 % Date: 9/30/2013
Drawdown: -2.05 % Date: 8/31/2013
Drawdown: -3.96 % Date: 7/31/2013
Drawdown: -4.76 % Date: 6/30/2013
Drawdown: -3.42 % Date: 5/31/2013
Drawdown: -1.10 % Date: 4/30/2013
Drawdown: -2.12 % Date: 3/31/2013
Drawdown: -3.67 % Date: 2/28/2013
Drawdown: -2.84 % Date: 1/31/2013
Drawdown: -5.67 % Date: 12/31/2012
Drawdown: -5.57 % Date: 11/30/2012
Drawdown: -4.11 % Date: 10/31/2012
Drawdown: -9.75 % Date: 9/30/2012
Drawdown: -5.97 % Date: 8/31/2012
Drawdown: -6.32 % Date: 7/31/2012
Drawdown: -4.49 % Date: 6/30/2012
Drawdown: -1.64 % Date: 5/31/2012
Drawdown: -4.32 % Date: 4/30/2012
Drawdown: -8.55 % Date: 3/31/2012
Drawdown: -7.58 % Date: 2/29/2012
Drawdown: -6.29 % Date: 1/31/2012
Drawdown: -4.15 % Date: 12/31/2011
Drawdown: -2.29 % Date: 11/30/2011
Drawdown: -3.91 % Date: 10/31/2011
Drawdown: -2.28 % Date: 9/30/2011
Drawdown: 0.00 % Date: 8/31/2011
Drawdown: -0.27 % Date: 7/31/2011
Drawdown: -4.68 % Date: 6/30/2011
Drawdown: -6.42 % Date: 5/31/2011
Drawdown: -5.15 % Date: 4/30/2011
Drawdown: -5.85 % Date: 3/31/2011
Drawdown: -7.99 % Date: 2/28/2011
Drawdown: -3.48 % Date: 1/31/2011
Drawdown: -4.77 % Date: 12/31/2010
Drawdown: -4.37 % Date: 11/30/2010
Drawdown: -2.66 % Date: 10/31/2010
Drawdown: -0.44 % Date: 9/30/2010
Drawdown: 0.00 % Date: 8/31/2010
Drawdown: -0.65 % Date: 7/31/2010
Drawdown: -1.28 % Date: 6/30/2010
Drawdown: -1.69 % Date: 5/31/2010
Drawdown: -1.42 % Date: 4/30/2010
Drawdown: -8.20 % Date: 3/31/2010
Drawdown: -7.21 % Date: 2/28/2010
Drawdown: -6.75 % Date: 1/31/2010
Drawdown: -3.46 % Date: 12/31/2009
Drawdown: -3.53 % Date: 11/30/2009
Drawdown: -1.47 % Date: 10/31/2009
Drawdown: -5.50 % Date: 9/30/2009
Drawdown: -6.11 % Date: 8/31/2009
Drawdown: -5.21 % Date: 7/31/2009
Drawdown: -6.11 % Date: 6/30/2009
Drawdown: -3.61 % Date: 5/31/2009
Drawdown: 0.00 % Date: 4/30/2009
Drawdown: 0.00 % Date: 3/31/2009
Drawdown: 0.00 % Date: 2/28/2009
Drawdown: -0.45 % Date: 1/31/2009
Drawdown: -1.54 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: 0.00 % Date: 9/30/2008
Drawdown: -2.55 % Date: 8/31/2008
Drawdown: 0.00 % Date: 7/31/2008
Drawdown: -2.24 % Date: 6/30/2008
Drawdown: -0.73 % Date: 5/31/2008
Drawdown: -1.02 % Date: 4/30/2008
Drawdown: -1.70 % Date: 3/31/2008
Drawdown: 0.00 % Date: 2/29/2008
Drawdown: 0.00 % Date: 1/31/2008
Drawdown: -0.84 % Date: 12/31/2007
Drawdown: -0.26 % Date: 11/30/2007
Drawdown: 0.00 % Date: 10/31/2007
Drawdown: 0.00 % Date: 9/30/2007
Drawdown: -6.59 % Date: 8/31/2007
Drawdown: -8.79 % Date: 7/31/2007
Drawdown: -0.20 % Date: 6/30/2007
Drawdown: 0.00 % Date: 5/31/2007
Drawdown: -2.74 % Date: 4/30/2007
Drawdown: -5.08 % Date: 3/31/2007
Drawdown: -8.62 % Date: 2/28/2007
Drawdown: -5.25 % Date: 1/31/2007
Drawdown: 0.00 % Date: 12/31/2006
Drawdown: 0.00 % Date: 11/30/2006
Drawdown: -0.51 % Date: 10/31/2006
Drawdown: 0.00 % Date: 9/30/2006
Drawdown: -0.58 % Date: 8/31/2006
Drawdown: 0.00 % Date: 7/31/2006
Drawdown: -0.19 % Date: 6/30/2006
Drawdown: -0.84 % Date: 5/31/2006
Drawdown: -2.71 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: 0.00 % Date: 2/28/2006
Drawdown: -0.24 % Date: 1/31/2006
Drawdown: 0.00 % Date: 12/31/2005
Drawdown: 0.00 % Date: 11/30/2005
Drawdown: 0.00 % Date: 10/31/2005
Drawdown: -3.58 % Date: 9/30/2005
Drawdown: 0.00 % Date: 8/31/2005
Drawdown: -2.16 % Date: 7/31/2005
Drawdown: 0.00 % Date: 6/30/2005
Drawdown: -2.09 % Date: 5/31/2005
Drawdown: -8.53 % Date: 4/30/2005
Drawdown: -13.42 % Date: 3/31/2005
Drawdown: -10.36 % Date: 2/28/2005
Drawdown: -11.20 % Date: 1/31/2005
Drawdown: -5.82 % Date: 12/31/2004
Drawdown: -2.60 % Date: 11/30/2004
Drawdown: 0.00 % Date: 10/31/2004
Drawdown: -3.71 % Date: 9/30/2004
Drawdown: -0.52 % Date: 8/31/2004
Drawdown: -5.68 % Date: 7/31/2004
Drawdown: -0.70 % Date: 6/30/2004
Drawdown: -1.52 % Date: 5/31/2004
Drawdown: 0.00 % Date: 4/30/2004
Drawdown: 0.00 % Date: 3/31/2004
Drawdown: 0.00 % Date: 2/29/2004
Drawdown: 0.00 % Date: 1/31/2004
Drawdown: 0.00 % Date: 12/31/2003
Drawdown: 0.00 % Date: 11/30/2003
Drawdown: 0.00 % Date: 10/31/2003
Drawdown: 0.00 % Date: 9/30/2003
Drawdown: 0.00 % Date: 8/31/2003
Drawdown: -4.10 % Date: 7/31/2003
Drawdown: -9.12 % Date: 6/30/2003
Drawdown: -7.85 % Date: 5/31/2003
Drawdown: 0.00 % Date: 4/30/2003
Drawdown: -0.85 %

Note: Estimated returns are used for the most recent reported monthly ROR or appear in italics. All performance data is since program inception.

Manager Information

Manager Name:  Adalpha Asset Management LLC
Address: 141 W. Jackson Blvd. #3806
City: Chicago
State: IL
Zip: 60604
Country: USA

Key People

Name:  Gary Polony
Position:  Principal
Biography: 

Mr. Polony graduated from DePaul University in 1994, receiving a Bachelor of Science in Finance degree. During his undergraduate studies, he began independently researching and trading 100% mechanical trading systems for his own proprietary account. This initial research and trading system development, which has been an ongoing evolution, still heavily influences the current structure that Adalpha operates within today. In April 1990, Mr. Polony founded Advanced Marketing, a sole proprietor marketing firm. The company was renamed and incorporated as Quest Marketing Concepts, Corp. (“Quest Marketing”) in May 2002. Mr. Polony’s employment at Quest Marketing ceased as of July 2008. Following the success of Quest Marketing, Mr. Polony founded Chicago, IL based Quest Financial Management Corporation (“QFM”) which became registered as a CTA on October 10, 2003. QFM functioned as an “informational CTA” and published investment advice on financial markets. The current trading program, now known as the Adalpha Diversified Short-Term Institutional Program, commenced trading in April, 2003. Mr. Polony was registered as an associated person and principal of QFM on October 10, 2003. Mr. Polony’s employment at QFM ceased as of April 2009. In May 2009, Adalpha Asset Management, LLC was founded to trade both proprietary capital and managed client assets.


Additional Information

 Futures Sectors Traded
 Stock Indexes Yes 
 Interest Rates Yes 
 Currencies Yes 
 Metals Yes 
 Energies Yes 
 Softs Yes 
 Grains Yes 
 Meats Yes 
 Investment Methodology
 Technical Yes 
 Trend Following Yes 
 Systematic Yes 
 Diversified Yes 
 Counter-trend Yes 
 Pattern Recognition Yes 
 Volatility Trading Yes 
 Instruments Traded
 Futures Yes 
 Geographical Focus
 United States Yes 
 Holding Period
 Medium Term Yes 
 Short Term Yes 
 Intra-Week Yes 
 Intra-Day Yes 
 Investment Terms & Information
 Managed Account Minimum: $1,000,000 
 Margin / Equity Ratio: 4% 
 Managed Account Availability: Open 
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