Query Form

To look up the history of a fund, with the option to compare it against the history of a second fund, please enter the following information:

    • Enter the symbol of the fund whose history you wish to look up
    • You may optionally enter a symbol for a second fund to compare its history against the first fund

If you don’t know the fund’s symbol, but do know at least part of the fund’s name, click on the “Find fund symbol” link to search for the fund symbol by name.

    • What time period do you want to examine?

You may obtain historical results for time periods starting at January 1 of any year from 2004 to the present, through the end of any month up to the present (we update the data to the end of the most recent month ended, about a week into each new month). The default time period is from January 1, 2004 up to the most recent month.

    • What is the amount of the initial investment in the fund?

The history report assumes a hypothetical investment in the fund on the specified starting date. You may specify any positive number. The default amount is $10,000.

    • What type of account would they be held in?

The history report can illustrate the costs and returns of the fund(s) under different assumptions about the taxes it would have been subject to. If you are interested in a fund held in an untaxed account, such as 401(k), IRA, 403(b), or 529, select “Tax-Sheltered”. If you are interested in the impact of taxes on the fund held in a taxable account, select “Taxable”.

(Even if you select “Taxable”, the history of an untaxed fund will also be illustrated in the report for comparison).

    • If the funds are in a taxable account, what are your combined marginal tax rates…

Enter a reasonable estimate of your marginal tax rates, combining federal tax, state tax (if your state taxes income), and if applicable the federal Net Investment Income Tax of 3.8% (applies to some individuals earning over $200,000 a year. This surtax was added in 2013 to help pay for the Affordable Care Act).

As a simplifying assumption, the history report applies the tax rates you provide across the entire historical period, even though your actual tax rate might have evolved over the years due to changes in tax laws or your personal situation.

      • Ordinary Income

This rate applies to fund distributions that are classified as ordinary income (e.g. interest from funds that hold bonds, and dividends from REIT funds), as well as short-term capital gains distributions.

      • Long term Capital Gains

This rate applies to long-term capital gains distributions and qualified dividend distributions (most dividends from stock funds).

History Report

Basic Fund Information

This section provides basic information about the fund of interest and, if requested, the fund you are comparing it with.

    • Ticker/Name

The symbol of the fund and its full name.

    • Fund Class

The type of assets the fund invests in, as reported by our data source, Refinitiv Lipper.

    • History Dates Back To

The earliest date for which we have comprehensive data on the fund, or the initial date of analysis that you provided, whichever is later. The earliest we have data on any fund is Jan. 1, 2004. If the date shown is later than Jan. 1, 2004 (or the date your provided), that indicates the first month that the fund was available to the public. If the month/day shown is other than Jan. 1, most of the history reports will start with the first Jan. 1 after that date. If a second fund is provided for comparison, the analysis would start from the earliest full calendar year for which data is available for both funds.

    • Benchmark Index

The displayed index for each fund is the index in our database which has the lowest tracking error of any index for the given fund (standard deviation of the differences in monthly returns between the fund and the index) over the previous 48 months.

Some funds do not have readily available matching indexes, namely funds which are significantly leveraged, take significant short positions, invest in an eclectic mix of asset types, or otherwise invest in niche assets or idiosyncratic investment strategies. If no matching index is available, the index will be reported as “n.a.”.

For most index funds we identify the exact index which the fund is designed to track, although it sometimes occurs that a fund designed to track one index may realize a slightly lower tracking error relative to a different, but similar index. In nearly all cases of index funds, however, we will correctly identify either the exact index which the fund tracks or a very close substitute, unless there is no suitable index in our database of over 4,600 indexes covering US and international financial markets.

    • Loads

An indication of the maximum front-end and back-end loads (or redemption fees) for the fund. If neither the target fund nor the comparison fund have any loads, then this row will be omitted.

    • Tax Treatment

Displays the tax information as provided by you: tax rates for ordinary income and short term capital gains; and for qualified dividends and long-term capital gains; or an indication that the analysis should assume the fund is in a tax-exempt account.

Summary Result

This section summarizes key statistics about the fund(s), most of which are drawn from other tables that are displayed on the full page. The numbers pertain to a hypothetical investment of $(AMOUNT) made on STARTDATE and liquidated on ENDDATE

    • Average Annual Return

The average (geometric mean) return of the fund over the indicated time period, assuming that all dividend and capital gain distributions are reinvested.

    • Correlation

If a comparison fund is provided, this shows the correlation coefficient of the monthly returns for the two funds. 100% is the maximum possible correlation, and would only be seen if the two funds hold essentially identical assets, e.g. index funds from two different managers, but which track the same index. Funds that invest in similar assets should have a correlation of at least 80%, and the higher the number the more similar in holdings. A low correlation, say < 10%, would indicate that the two funds invest in different types of assets, e.g. one is a stock fund, the other a bond fund. If you did not specify a comparison fund, this column will be omitted.

    • Final Value of Matching Index

The resultant value of a hypothetical investment of $(AMOUNT) in the benchmark index (indicated in the Basic Fund Information table) made on STARTDATE and held until ENDDATE. (Of course, it is not possible to invest in the index itself, only through a fund that approximates the index).

    • Final Fund Value (untaxed)

The resultant value of a hypothetical investment of $(AMOUNT) in the fund made on STARTDATE and held until ENDDATE, where all distributions are reinvested, and where the investment is not taxed.

    • Final Fund Value (net of all taxes)

(This column is displayed only if you indicated that the investment would have been subject to taxes).

The resultant value of a hypothetical investment of $(AMOUNT) in the fund made on STARTDATE and held until ENDDATE, deducting all applicable taxes.

The calculation assumes: all distributions are reinvested. all taxes on dividend and capital gains distributions are paid annually from other resources and the total of taxes paid is deducted from the final fund balance; and long-term capital gains tax is deducted from the final value, where the basis includes all reinvested distributions. The taxes on distributions are adjusted for inflation and expressed in current dollars (as of ENDDATE).

    • Total Lifetime Fund Costs

The estimated total costs of owning fund, fees, transactions costs (if applicable), and, if taxable, taxes paid on distributions. Does not include capital gains taxes paid upon liquidation of the investment. The total is adjusted for inflation and expressed in current dollars as of ENDDATE.

Historical Expense Ratios and Turnover

This section provides the fund’s reported expense ratio and turnover ratio, by fiscal year, from the earliest applicable year to the most recent reported year.

For each ratio, the table shows both the highest and lowest annual values during the time period, and the average value over the entire period.

In the figure, the ratios for the target fund are plotted in blue. If you specified a comparison fund, its ratios are plotted in red.

Historical Total Annual Percentage Costs

This section shows, for the time period STARTDATE through ENDDATE the estimated annual costs, expressed as a percentage of the total of the fund’s total cost in a given year divided by the average value of the fund in that year.

The table shows the average total cost percentage, and broken down by expenses and, if applicable, transaction costs and taxes. For total cost and the tax we also show the both the minimum and maximum percentage costs across all years in the time period.

The tax component includes only the taxes paid each year on fund distributions, and does not include any capital gains taxes incurred when liquidating the fund.

The figure plots the estimated percentage costs for each year in the time period.

Cumulative Costs Paid

This section shows the cumulative estimated costs paid on a hypothetical investment of $(AMOUNT) made on STARTDATE and held to ENDDATE.

The tax component includes only the taxes paid each year on fund distributions, and does not include any capital gains taxes paid after liquidation of the fund.

The plot shows the cumulative sum of these costs at each year in the time period.

All amounts in this section are adjusted for inflation and expressed in current dollars. The amounts in the table are expressed in dollars as of ENDDATE, the amounts in the plot are in current dollars as of the respective years.

Compounded Value After Inflation and Taxes

This section shows the final value, under various scenarios, of an investment of $(AMOUNT) made on STARTDATE and liquidated on ENDDATE.

The columns in the table are as follows. Each column shows both the dollar value of the hypothetical investment in the fund or index, and the average annualized return over the time period, given the final value.

    • Matching Index

The value at ENDDATE of the fund’s corresponding benchmark index (as named in the Basic Fund Information section) assuming an investment of $(AMOUNT) on STARTDATE.

    • Tax-Exempt Fund, Current Dollars

The value at ENDDATE of the investment in the fund, where all distributions are reinvested and assuming it is not subject to any taxes.

    • Net of Taxes, Adjusted for Inflation (Current Dollars)

(This column is identical to the column “Final Fund Value (net of all taxes)” in the “Summary Results” section, and is displayed only if you indicated that the investment would have been subject to taxes).

The resultant value of a hypothetical investment of $(AMOUNT) in the fund made on STARTDATE and held until ENDDATE, deducting all applicable taxes.

The calculation assumes: all distributions are reinvested. all taxes on dividend and capital gains distributions are paid annually from other resources and the total of taxes paid is deducted from the final fund balance; and long-term capital gains tax is deducted from the final value, where the basis includes all reinvested distributions. The taxes on distributions are adjusted for inflation and expressed in current dollars (as of ENDDATE).

    • [Net of Taxes, ] Adjusted for Inflation (STARTDATE Dollars)

The value at ENDDATE of the investment in the fund. If you indicated that the investment would be taxed, the value is net of annual taxes on fund distributions and capital gains tax upon liquidation. The net value is adjusted for inflation so that it is expressed in real dollars as of STARTDATE.

The figure plots the value of the fund and under the above scenarios at the end of each year between STARTDATE and ENDDATE. If you indicated that the investment would be taxed, the “net of taxes (current dollars)” line is in current dollars as of each respective year.

Returns Relative to Index

This section compares the fund against the named benchmark index for corresponding hypothetical investments of $(AMOUNT) made on STARTDATE and held until ENDDATE. If you specified a comparison fund, both funds are compared against the index. In the event that the comparison fund’s matching index is different from the matching index for the target fund, there is a separate Returns Relative to Index section for both the target fund’s matching index and the comparison fund’s mathcing index, where both funds are compared against both indexes. The values in the report depend on the time period over which they are calculated. If there are sections for two indexes with different STARTDATEs, the corresponding entries in each sectiion will differ.

The columns in the table are as follows:

    • Tax-Exempt Final Value of $(Amount) Initial Investment

The value of the hypothetical investment of $(Amount) in the fund or index as of ENDDATE, assuming that all distributions are reinvested and no taxes are paid on distributions or at liquidation.

    • Annualized Average Return

The annualized average return of the fund or index over the time period.

    • Monthly Std. Dev.

The standard deviation of monthly returns of the fund or index over the time period.

    • Correlation With Index

The correlation of the fund’s monthly returns with the index’s monthly returns, expressed as a percentage. The maximum value of 100% indicates that the fund essentially tracks the index. A low value, say less than < 10%, indicates that the fund holds a different type of assets than the index, e.g. a bond fund compared to a stock index.

(The correlation of an index with itself is shown in the table as “-“, although mathematically speaking it is necessarily 100%).

    • Tracking Error Against Index

The tracking error of a fund against the index is the standard deviation of the monthly differences between the return of the fund and the return of the index. It is always a positive number. The closer the tracking error is to 0.00%, the more closely the fund matches the index. An index fund typically has a tracking error < 0.10% against the index that it tracks. A value in the neighborhood of 1.00% typically indicates that the fund’s holdings are of the same type of those of the index, but that the fund does not attempt to track the given index. A value of 2.00% or more typically indicates that the fund’s holdings do not closely resemble the composition of the index.

(The tracking error of an index against itself is shown in the table as “-“, although mathematically speaking it is necessarily 0.00%).

    • Sharpe Ratio

This is a common measure for comparing returns of different investments after taking into account their respective risks. It is applied here to measure past performance in the applicable time period. When Sharpe Ratios are greater than zero, the higher the number, the higher the return per unit of measurable risk. (When a fund’s Sharpe Ratio is negative, i.e. its returns in the time period were negative, the Sharpe Ratio is not readily usable to compare the fund against other funds).

The Sharpe Ratio is formally defined as: SR=(Ri-Rf)/σi-f

Where Ri is the average monthly return on the investment, Rf is the average monthly return on the “risk-free asset”, specifically the 3-month T-bill, and σi-f is the standard deviation of the differences between the monthly returns of the investment and the risk-free asset; and the averages and standard deviation of monthly returns are for the time period from STARTDATE to ENDDATE.

Some sources choose to “annualize” the Sharpe Ratios they report, multiplying the above formula by √12. We do not make that adjustment and report the monthly Sharpe Ratio. The specific numerical value has limited meaning, except to the extent that Sharpe Ratios computed by the same formula are useful for ranking different investments for their retrospective performance over the same time period.

    • Risk-Adjusted Return Relative to Index

This is the Modigliani-Modigliani (or M2) measure of the fund’s average monthly return for the period from STARTDATE to ENDDATE, adjusted for its risk relative to the specific benchmark index. Unlike the Sharpe Ratio, which is independent of any comparison benchmark, the M2 value for a given fund will vary in relation to different benchmark indexes. Like the Sharpe Ratio, the M2 values for different funds relative to the same benchmark and over the same time period, provides a measure for ranking the funds by by past performance, the higher the M2, the better the performance. Also like the Sharpe Ratio, the M2 is useful for comparing one fund against another only when both funds have positive M2 values, i.e. the funds both had positive returns over the time period.

The M2 is formally defined as: M2=(Ri-Rf)×(σb-f/σi-f) + Rf

Where Ri is the average monthly return on the investment, Rf is the average monthly return on the “risk-free asset”, specifically the 3-month T-bill, σi-f is the standard deviation of the differences between the monthly returns of the investment and the risk-free asset, and σb-f is the standard deviation of the the differences between the monthly returns of the benchmark index and the risk-free asset; and the averages and standard deviation of monthly returns are for the time period from STARTDATE to ENDDATE.

Simply stated, if an investment with positive returns was more risky than the comparison index (in the sense of higher standard deviation of returns), its M2 will be less than its actual return. If the investment was less risky than the index, its M2 will be greater than its actual performance. The M2 of an index relative to itself is necessarily equal to its actual performance.

The figure plots the ratio of the value of the hypothetical investment in the fund vs. the hypothetical investment in the index made on STARTDATE, and held to the end of the month indicated on the x-axis. i.e. the y-value at STARTDATE is always 1. When the y-value is > 1 at a given date, the value of the investment in the fund on that date is greater than the investment in the index on that date; when the y-value is < 1, the fund investment is worth less than the index investment. In the case of an index fund compared against the index that it tracks, the plot will normally show a line with a constant slight downward slope, with the y-value at ENDDATE slightly < 1.

Comparative Results for Rolling 5-Year Periods

This section, which is shown only if you are comparing a second fund against the target fund, looks at the performance of the two funds over rolling 5-year periods, formed monthly up to the present. For example, if you’re reviewing history from January 1, 2004 to September 30, 2021, and both funds were available on the starting date, the first of the 5-year periods will be from Jan. 1, 2004 through Dec. 31, 2008; the second from Feb. 1, 2004 to Jan. 31, 2009 and then every month thereafter with the final 5-year period from Oct. 1, 2016 to Sep. 30, 2021.

(This section will be shown only if the time period you requested is at least 5 years and both funds have been around for at least 5 of the years in the requested time period).

For each 5-year period, $(AMOUNT) is hypothetically invested in each fund at the start of the period and sold at the end of the period.

The leftmost figure plots the value of each fund investment at the end of each 5-year period. The value of the target fund is plotted as a blue •, and the comparison fund as a red •. If the value of the target fund is greater than that of the comparison at the end of a given 5-year period, there will be a blue vertical line segment between the red and blue dots. If the value of the comparison fund is greater than that of the target fund there will be a red vertical line segment.

That way, if you see a patch of red or blue lines, you have a simple visual indication of the time periods where one fund may have outperformed the other, and by how much.

If you are reviewing the history under the assumption that the investment is not subject to tax, there will only be one plot. If the investment is assumed to be taxable, the rightmost plot will illustrate the comparison where the end-of-period investment values are adjusted for taxes on distributions and upon sale of the fund at the end of the 5-year period.

The table below the figure has two columns.

    • How often did (Fund1) outperform (Fund2)?

Indicates how many of the rolling 5-year periods that the target fund outperformed the comparison fund.

    • What was (Fund1)’s median outperformance over (Fund2)?

Indicates the median difference of the target fund’s value less the comparison fund’s value over all 5-year periods. It is expressed as both a dollar amount and a percentage. If the target fund outperformed the comparison fund more than half the time, these will be positive numbers. If the target fund underperformed the comparison fund more than half the time, these will be negative numbers.

© 2021 Useful Work, Inc. d/b/a Personalfund.com Last updated on November 4, 2021