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Investors expect to be rewarded for the risk that they are taking. One method to measure risk is the Ulcer Index, which measures the length and depth of a fund's drawdown. It is available through Mutual Fund Observer Premium. The data in this article reflects updated to the end of June. Below is the annualized return compared to the Ulcer Index for some baseline funds (blue dot), my target portfolios (red triangle), and the S&P 500 (green square) since January 2018, when investors began rotating into late business cycle