Page 300 - DCAC Feb 2026 Files

Investment Returns Over Time

Periods Ended Calendar Year Returns Annualized Periods Ended December 31st, 2025
December 31st, 2025
Broad Market Indices QTD YTD 2024 2023 2022 2021 2020 1 yr 3 yrs 5 yrs 7 yrs 10 yrs 20 yrs
Domestic Equities
Large Cap Value Stocks 3.2 13.2 12.3 22.2 -5.2 24.9 1.4 13.2 15.8 13.0 13.7 11.7 8.7
Large Cap Core Stocks 2.7 17.9 25.0 26.3 -18.1 28.7 18.4 17.9 23.0 14.4 17.3 14.8 11.0
Large Cap Growth Stocks 2.2 22.2 36.1 30.0 -29.4 32.0 33.5 22.2 29.3 15.0 19.7 17.0 12.8
Mid Cap Value Stocks 1.4 11.0 13.1 12.7 -12.0 28.3 5.0 11.0 12.3 9.8 11.41 9.8 8.7
Mid Cap Core Stocks 0.2 10.6 15.3 17.2 -17.3 22.6 17.1 10.6 14.4 8.7 12.8 11.0 9.5
Mid Cap Growth Stocks -3.7 8.7 22.1 25.9 -26.72 12.7 35.6 8.7 18.6 6.6 14.2 12.5 10.3
Small Cap Value Stocks 3.3 12.6 8.1 14.6 -14.5 28.3 4.6 12.6 11.7 8.9 10.1 9.3 7.4
Small Cap Core Stocks 2.2 12.8 11.5 16.9 -20.4 14.8 20.0 12.8 13.7 6.1 10.6 9.6 8.2
Small Cap Growth Stocks 1.2 13.0 15.2 18.7 -26.4 2.83 34.6 13.0 15.6 3.18 10.6 9.6 8.8
International Equities
Developed International Value Stocks 7.8 42.2 5.7 19.0 -5.6 10.9 -2.6 42.2 21.4 13.4 11.3 8.7 5.3
Developed International Core Stocks 4.9 31.2 3.8 18.2 -14.5 11.3 7.8 31.2 17.2 8.9 10.5 8.2 5.6
Developed Int'l (Local Currency) 6.1 20.6 11.3 16.2 -7.0 18.7 0.8 20.6 15.9 11.5 11.3 8.6 5.9
Developed International Growth Stocks 1.9 20.8 2.0 17.6 -22.9 11.3 18.3 20.8 13.2 4.4 9.4 7.4 5.7
Emerging Markets Stocks 4.7 33.6 7.5 9.8 -20.1 -2.5 18.3 33.6 16.4 4.2 8.1 8.4 6.0
Fixed Income
Core Fixed Income 1.1 7.3 1.3 5.5 -13.0 -1.5 7.5 7.3 4.7 -0.4 2.0 2.0 3.3
Defensive Fixed Income 1.1 5.2 4.0 4.3 -3.8 -0.6 3.2 5.2 4.5 1.8 2.2 1.8 2.1
Municipal Fixed Income 0.5 5.0 1.2 4.3 -5.3 0.3 4.3 5.0 3.5 1.0 2.1 1.9 3.0
Defensive Municipal Fixed Income 0.6 3.5 2.7 3.4 -1.1 0.3 1.8 3.5 3.2 1.7 1.8 1.6 1.8
Floating Rate Corporate Loans 1.22 5.90 9.0 13.3 -0.8 5.2 3.1 5.90 9.35 6.42 6.26 5.83 5.07
High Yield Fixed Income 1.3 8.5 8.2 13.5 -11.2 5.4 6.2 8.5 10.0 4.5 6.1 6.4 6.6
Diversifying Asset Classes
Low Correlated Hedge Funds - - 9.2 6.1 -5.3 6.2 10.9 - - - - - -
Liquid Low Correlated Hedge Funds 0.3 6.0 4.4 6.2 -5.6 4.7 3.2 6.0 5.6 3.1 3.6 2.8 2.2
Commodities 5.8 15.8 5.4 -7.9 16.1 27.1 -3.1 15.8 4.0 10.6 8.1 5.7 -0.5
Midstream Energy 1.3 6.5 44.5 14.0 21.5 38.4 -23.4 - - - - - -
Global REITs -0.2 11.6 2.7 11.6 -24.3 26.7 -6.2 11.6 8.5 4.2 5.1 4.7 5.1
Direct Real Estate - - -1.4 -12.0 7.5 22.1 1.2 - - - - - -
Currencies
US Dollar 0.6 -9.4 7.1 -2.1 7.9 6.7 -6.7 -9.4 -1.7 1.8 0.3 0.0 0.0
Returns based off the following indices: Large Cap Value Stocks = S&P 500 Value TR, Large Cap Core Stocks = S&P 500 TR, Large Cap Growth Stocks = S&P 500 Growth TR, Mid Cap Value Stocks = Russell Mid Cap Value TR, Mid Cap Core Stocks =
Russell Mid Cap TR, Small Cap Value Stocks =Russell 2000 Value TR, SmallCap Core Stocks =Russell 2000 TR, Small Cap Growth Stocks =Russell 2000 Growth TR, Developed International Value Stocks= MSCI EAFE Value NR, Developed International
Core Stocks=MSCI EAFE NR USD, Developed Int’l (Local Currency)=MSCI EAFE NR LCL, Developed International Growth Stocks=MSCI EAFE Growth NR, Emerging Markets Stocks= MSCI EM NR, Core Fixed Income =Bloomberg US Agg Bond TR,
Defensive Fixed Income =Bloomberg 1‐3yrUSTreasuryTR, Municipal Fixed Income =Bloomberg Municipal 5 Yr. 4‐6TR, Defensive Municipal Fixed Income =Bloomberg 1Yr1‐2TR, Floating Rate Corporate Loans =Morningstar LSTA US LL TR USD, High
Yield Bonds= ICE BofA US High Yield TR, Low Correlated Hedge Funds= HFRI Fund of Funds Composite Index, Liquid Low Correlated Hedge Funds=Wilshire Liquid Alternatives Multi‐Strategy Index, Commodities =Bloomberg Commodity TR,
Midstream Energy=Alerian Midstream Energy TR, Global REITS= S&P Developed Property TR, Direct Real Estate (Current Quarter, YTD, and Annualized Returns are preliminary)=NCREIFODCE, US Dollar = US Dollar DXY
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