Princeton Asset backtests stitch together multiple data sources per asset class prioritizing investable proxies. This post explains our source hierarchy and shows exactly which series feeds each ticker.
Introduction
Princeton Asset’s backtests are built to model asset classes, not individual securities, so the historical series are stitched from the best available source for each era rather than treated as a literal fund track record. That means the long-run return history is designed to represent the underlying exposure, while older periods may use predecessor funds, benchmark indexes, academic datasets, or statistical proxies where live products did not yet exist.
How the data is chosen
When multiple histories are available, Princeton Asset uses a source hierarchy that favors the most investable and most directly relevant proxy for each period. The priority is: live ETF first, then predecessor mutual fund, then benchmark index, then academic factor dataset, statistical simulation and finally when nothing better exists proxy series. This approach keeps the backtests anchored to real-world markets while preserving continuity across decades. Expense ratios and foreign taxes are accounted for where applicable. All returns are in USD.
Unmatched scope. This dataset is unique in both depth (covering 56+ years, back to 1970) and breadth (over 76 asset classes across US equity styles, international developed, emerging markets, REITs, fixed income, commodities, and precious metals). No other public backtesting tool offers this combination of time horizon and asset‑class granularity.
Source transparency
Below is the kind of source ladder used throughout the backtests:
| Priority | Source |
|---|---|
| 1 | Live ETF |
| 2 | Predecessor Mutual Fund |
| 3 | Benchmark Index |
| 4 | Academic Factor Dataset |
| 5 | Statistical Simulation |
| 6 | Proxy Series |
Long-term backtests are best viewed as asset-class reconstructions, not security-by-security performance histories.
A note on Emerging markets
Emerging-market histories deserve special caution because investable products and index coverage arrived later than the asset class itself. For those periods, Princeton Asset may rely on academic reconstructions or other proxy series, which should be interpreted as approximations of the asset class rather than precise investable portfolio returns. That is a feature, not a flaw: the objective is to show how the asset class behaved over time, not to pretend that today’s ETF existed in 1970.
Data Sources Appendix
FF Sim below means using data from:
- Fama-French Research Portfolios
- Fama-French Industry Portfolios
- or Fama-French Factors
and proprietary algorithms to construct simulated series.
Individual asset class data sources used by Princeton Asset Portfolio Backtest tool:
- VTSAX (US-Mrk)
- 1970-1992 MSCI US Mrk Index
- 1993-2000 VTSMX
- 2001-present VTSAX
- VXF (US-ExMrk)
- 1970-1983 FF Sim
- 1984-1987 Wilshire 4500 Index
- 1988-2000 VEXMX
- 2001-present VEXAX
- VVIAX (US-LV)
- 1970-1978 FF Sim
- 1979-1992 Russell US LV Index
- 1993-2000 VIVAX
- 2001-present VVIAX
- DFLV (US-LV)
- 1970-1993 DFA LV Index
- 1994-2022 DFLVX
- 2023-present DFLV
- VFIAX (US-LC)
- 1970-1976 S&P 500 Index
- 1977-2000 VFINX
- 2001-present VFIAX
- VIGAX (US-LG)
- 1970-1978 FF Sim
- 1979-1992 Russell 1000 LG Index
- 1993-2000 VIGRX
- 2001-present VIGAX
- QQQ (US-LG)
- 1970 US LG Index
- 1971-1985 Nasdaq Index
- 1986-1999 Nasdaq 100 Index
- 2000-present QQQ
- VMVAX (US-MV)
- 1970-1986 FF Sim
- 1987-1994 Russell MV Index
- 1995-2006 MSCI MV Index
- 2007-2011 VMVIX
- 2012-present VMVAX
- VIMAX (US-M)
- 1970-1978 FF Sim
- 1979-1994 Russell M Index
- 1995-1998 MSCI M Index
- 1999-2001 VIMSX
- 2002-present VIMAX
- VMGMX (US-MG)
- 1970-1985 FF Sim
- 1986-1994 Russell MG Index
- 1995-2006 MSCI MG Index
- 2007-2011 VMGIX
- 2012-present VMGMX
- VIOV (US-SV)
- 1970-1994 FF Sim
- 1995-2010 S&P 600 SV Index
- 2011-present VIOV
- VSIAX (US-SV)
- 1970-1974 FF Sim
- 1975-1994 IAA SV Index
- 1995-1998 S&P 600 SV Index
- 1999-2011 VISVX
- 2012-present VSIAX
- DFSV (US-SV)
- 1970-1993 FF Sim
- 1994-2022 DFSVX
- 2022-present DFSV
- DFAT (US-TV)
- 1970-2000 DFA TV Index
- 2001-2020 DFFVX
- 2021-present DFAT
- AVUV (US-SV)
- 1970-2020 FF Sim
- 2021-present AVUV
- VTMSX (US-TmS)
- 1970-2000 FF Sim
- 2001-present VTMSX
- DFAS (US-S)
- 1970-1993 FF Sim
- 1994-2020 DFSTX
- 2021-present DFAS
- VSGAX (US-SG)
- 1970-1998 FF Sim
- 1999-2011 VISGX
- 2012-present VSGAX
- DFSCX (US-mC)
- 1970-1981 CRSP 6-10 Index
- 1982-present DFSCX
- BRSIX (US-mC)
- 1970-1997 CRSP 10 Index
- 1998-present BRSIX
- IWC (US-mC)
- 1970-2005 CRSP 9-10 Index
- 2006-present IWC
- DFAR (US-REIT)
- 1970-1971 Macro History Housing Investment Index
- 1972-1977 MSCI REIT Index
- 1978-1993 DJ Select US REIT Index
- 1994-2022 DFREX
- 2023-present DFAR
- VGSIX (US-REIT)
- 1970-1971 Macro History Housing Investment Index
- 1972-1996 MSCI REIT Index
- 1997-present VGSIX
- VT (W-Mrk)
- 1970-2008 MSCI World Index
- 2009-present VT
- VTIAX (WxUS-Mrk)
- 1970-1987 MSCI WxUS Developed Index + DMS EM Index
- 1988-1996 MSCI WxUS Developed Index + DMS EM Index
- 1997-2010 VGTSX
- 2011-present VTIAX
- VFSAX (WxUS-S)
- 1970-1974 DFA IS Index + DMS EM Index
- 1975-1987 IAA WxUS S Index + DMS EM Index
- 1988-1996 IAA WxUS S Index + MSCI EM Index
- 1997-2003 MSCI ACWI xUS S
- 2004-2009 FTSE WxUS S
- 2010-present VFSAX
- VTMGX (EAFE)
- 1970-1999 MSCI EAFE Index
- 2000-present VTMGX
- EFV (EAFE-V)
- 1970-1974 MSCI EAFE Index
- 1975-2006 MSCI EAFE Value Index
- 2007-present EFV
- DFIV (DFA-IV)
- 1970-1974 MSCI EAFE Index
- 1975-1989 IAA EAFE AV Index
- 1990-1994 DFA IV Index
- 1995-1999 DFIVX
- 2000-2020 DTMIX
- 2021-present DFIV
- SCZ (EAFE-S)
- 1970-1974 DFA IS Index
- 1975-1996 IAA EAFE S Index
- 1997-2000 DFISX
- 2001-2007 MSCI EAFE S Index
- 2008-present SCZ
- DFIS (Intl-S)
- 1970-1976 DFA IS Index
- 1977-1978 IAA EAFE S Index
- 1979-1996 DFA IS Index
- 1997-2022 DFISX
- 2023-present DFIS
- AVDV (Intl-SV)
- 1970-1974 DFA IS Index
- 1975-1981 IAA WxUS SV Index
- 1982-1990 DFA ISV Index
- 1991-2019 FF Sim
- 2020-present AVDV
- DLS (Intl-SDiv)
- 1970-1974 DFA IS Index
- 1975-1990 IAA EAFE SV Index
- 1991-2006 FF Sim
- 2007-present DLS
- DISV (Intl-SV)
- 1970-1974 DFA IS Index
- 1975-1981 IAA WxUS SV Index
- 1982-1994 DFA ISV Index
- 1995-2022 DISVX
- 2023-present DISV
- VEUSX (EU-Mrk)
- 1970-1990 MSCI EU-Mrk Index
- 1991-2004 VEURX
- 2005-present VEUSX
- DFCSX (EU-S)
- 1970-1973 MSCI EU-Mrk Index
- 1974-1988 IAA EU S Index
- 1989-present DFCSX
- IEUS (EU-S)
- 1970-1973 MSCI EU-Mrk Index
- 1974-1996 IAA EU S Index
- 1997-2000 DFSCX+DFUKX
- 2001-2007 MSCI EU S Index
- 2008-present IEUS
- DFE (EU-SDiv)
- 1970-1973 MSCI EU-Mrk Index
- 1974-1996 IAA EU SV Index
- 1997-2000 DFSCX+DFUKX
- 2001-2006 MSCI EU SV Index
- 2007-present DFE
- EWU (UK-Mrk)
- 1970-1996 MSCI UK Index
- 1997-present EWU
- DFUKX (UK-S)
- 1970-1974 MSCI UK-Mrk Index
- 1975-1986 IAA UK S Index
- 1987-present DFUKX
- EWUS (UK-S)
- 1970-1974 MSCI UK-Mrk Index
- 1975-1996 IAA UK S Index
- 1997-2000 DFUKX
- 2001-2012 MSCI UK S Index
- 2013-presents EWUS
- VPADX (Pacific-Mrk)
- 1970-1990 MSCI Pacific-Mrk Index
- 1991-2001 VPACX
- 2002-present VPADX
- Pacific-S (Pacific-S)
- 1970-1974 MSCI Pacific Mrk Index
- 1975-1994 IAA Pacific S Index
- 1995-2000 MSCI AC APAC S Index
- 2001-present MSCI Pacific S Index
- EPP (PacificxJ-Mrk)
- 1974-2001 MSCI PacificxJ Mrk Index
- 2002-present EPP
- DFRSX (FarEast-S)
- 1970-1974 MSCI PacificxJ Mrk Index
- 1975-1993 IAA PacificxJ S Index
- 1994-present DFRSX
- PacificxJ S (PacificxJ-S)
- 1970-1974 MSCI Pacific xJ Mrk Index
- 1975-1996 IAA Pacific xJ S Index
- 1997-2000 MSCI AC Asia xJ S Index
- 2001-present MSCi Pacific xJ S Index
- EWJ (Japan-Mrk)
- 1970-1996 MSCI Japan Mrk Index
- 1997-present EWJ
- DFJSX (Japan-S)
- 1970-1974 MSCI Japan Mrk Index
- 1975-1986 IA Japan S Index
- 1987-present DFJSX
- SCJ (Japan-S)
- 1970-1974 MSCI Japan Mrk Index
- 1975-1996 IAA Japan S Index
- 1997-2000 DFJSX
- 2001-2007 MSCI Japan S Index
- 2008-present SCJ
- DFJ (Japan-SDiv)
- 1970-1974 MSCI Japan Mrk Index
- 1975-1990 IAA Japan SV Index
- 1991-1994 FF Sim
- 1995-2006 MSCI Japan SV Index
- 2007-present DFJ
- VEMAX (EM-Mrk)
- 1970-1987 DMS EM Index
- 1988-1994 MSCI EM Index
- 1995-2006 VEIEX
- 2007-present VEMAX
- DFEMX (EM-Mrk)
- 1970-1987 DMS EM Index
- 1988-1989 MSCI EM Index
- 1990-1994 DFA EM index
- 1995-present DFEMX
- DFAE (EM-Core)
- 1970-1987 DMS EM Index
- 1988-2005 MSCI EM Index
- 2006-2020 DFCEX
- 2021-present DFAE
- DFEV (EM-V)
- 1970-1989 DMS EM Index
- 1990-1998 DFA EM Value Index
- 1999-2022 DFEVX
- 2023-present DFEV
- DEMSX (EM-S)
- 1970-1989 DMS EM Index
- 1990-1998 DFA EM Small Index
- 1999-present DEMSX
- EEMS (EM-S)
- 1970-1988 DMS EM Index
- 1989-1994 DFA EM Small Index
- 1995-2011 MSCI EM Small Index
- 2012-present EEMS
- EWX (EM-S)
- 1970-1988 DMS EM Index
- 1989-1994 DFA EM Small Index
- 1995-2007 MSCI EM Small Index
- 2008-present EWX
- DGS (EM-SDiv)
- 1970-1988 DMS EM Index
- 1989-1994 DFA EM Small Index
- 1995-2007 MSCI EM SV Index
- 2008-present DGS
- AVES (EM-SV)
- 1970-1988 DMS EM Index
- 1989 DFA EM Small Index
- 1990-2021 FF Sim
- 2022-present AVES
- VBTLX (Total US Bond Mrk)
- 1970-1975 CRSP 5Y Treasury Notes
- 1976-1986 Bloomberg Aggregate US Bond Index
- 1987-2001 VBMFX
- 2002-present VBTLX
- VUSUX (US-LTGB)
- 1970-1986 CRSP US LongTermGov Index
- 1987-2001 VUSTX
- 2002-present VUSUX
- VFIUX ( 5 Yr US Treasury Notes)
- 1970-1991 CRSP 5Y US Treasury Notes Index
- 1992-2001 VFITX
- 2002-present VFIUX
- VFIRX (US Short Term Treasury)
- 1970-1975 Bond Sim 1-3 Year
- 1976-1991 Bloomberg Barclays US Treasury 1-5 Yr Index
- 1992-2001 VFISX
- 2002-present VFIRX
- VUSXX (US-TBill)
- 1970-1992 CRSP TBill Index
- 1993-present VUSXX
- VIPSX (US Synthetic TIPS)
- 1970-1985 Kothari paper Sim
- 1986-1991 Bond Sim 3-10 model
- 1992-1996 Bloomberg Barclays US Treasury 5-10 Yr TR USD
- 1997-2000 Barclays US Treasury US TIPS TR USD
- 2001-2005 VIPSX
- 2006-present VAIPX
- VICSX (US Intermediate Term Corporate Bonds)
- 1970-1972 Baa Corporate Bonds Index
- 1973-1998 Bloomberg Barclays US Corporate Bond TR USD
- 1999-2009 Bloomberg Barclays US Credit Corporate 5-10 Year TR USD
- 2010-present VICSX
- VWEAX (US High Yield Bond Index)
- 1970-1978 Baa Corporate Bonds Index
- 1979-2001 VWEHX
- 2002-present VWEAX
- VWIUX (US Intermediate Term Muni Bond Index)
- 1970-1978 Muni Bond Index Sim
- 1979-2001 VWITX
- 2002-present VWIUX
- BNDW (World Bond Mrk Index)
- 1970-1984 DMS World Bond Index Unhedged
- 1985-2018 FTSE World Government Bond Index Hedged
- 2019-present BNDW
- BNDX (International Bond Mrk Index)
- 1970-1984 DMS International Bond Index Unhedged
- 1985-1989 FTSE World Government Bond Index xUS Hedged USD
- 1990-2013 Bloomberg Global Aggregate exUS Bond Index Hedged
- 2014-present BNDX
- VGAVX (Emerging Markets Bond Index)
- 1970-2007 DMS EM Mrk Bond Index Unhedged
- 2008-2013 EMB ETF
- 2014-present VGAVX
- GSG (Commodities)
- 1970-2006 S&P GSG Total Return Index
- 2007-present GSG
- IAU (Gold)
- 1970-2005 LBMA Gold Price USD
- 2006-present IAU
- SLV (Silver)
- 1970-2006 Physical Silver
- 2007-present SLV
- HPRI (US House Price Index)
- 1970-1975 Case-Shiller House Price Index
- 1976-present Freddie-Mac House Price Index SA
Disclaimer:
Past simulated returns are not a guarantee of future results. Proxies may overstate or understate investable returns due to transaction costs, liquidity, or survivorship bias.
This blog post is for informational purposes only and should not be considered financial advice. Past performance is not a guarantee of future results. Consult with a qualified financial advisor for personalized guidance.
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