BNDX
VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND ETF SHARES
TREND FOLLOWING PERFORMANCE HISTORY
2026-04-29
Trading Style:
Strategy:
BNDX Quality Metrics & KPI Summary
| Metric | 1Y | 5Y | 10Y | Full History | ||||
|---|---|---|---|---|---|---|---|---|
| Strategy | B&H | Strategy | B&H | Strategy | B&H | Strategy | B&H | |
| CAGR | 2.07% | 1.15% | 2.22% | 0.21% | 2.38% | 1.74% | 2.88% | 2.41% |
| Sharpe Ratio | 1.28 | 0.35 | 1.03 | 0.04 | 1.03 | 0.42 | 1.25 | 0.62 |
| Max Drawdown | -1.55% | -2.93% | -3.12% | -15.86% | -6.00% | -16.23% | -6.00% | -16.23% |
| % Time Invested | 84.5% | 100.0% | 68.2% | 100.0% | 74.9% | 100.0% | 78.6% | 100.0% |
| Trades / Year | 11.0 | 0.0 | 8.4 | 0.0 | 7.8 | 0.0 | 7.5 | 0.0 |
Trade History
| Entry Date | Exit Date | Type | Allocation | Entry Price | Exit Price | Net Return % | Exit Reason |
|---|---|---|---|---|---|---|---|
| 2026-04-28 | Open | Open | 33% | $47.99 | $47.86 | -0.27% | Mark-to-Market |
| 2026-03-25 | Open | Interest | 34% | $1.00 | $1.00 | 0.42% | Mark-to-Market |
| 2026-02-19 | Open | Interest | 33% | $1.00 | $1.00 | 0.81% | Mark-to-Market |
| 2026-03-19 | 2026-04-28 | Interest | 33% | $1.00 | $1.00 | 0.45% | Interest Income |
| 2026-02-13 | 2026-03-25 | Completed | 34% | $48.64 | $47.99 | -1.33% | Signal |
| 2026-01-23 | 2026-03-19 | Completed | 33% | $48.15 | $47.89 | -0.54% | Signal |
| 2026-02-13 | 2026-02-19 | Completed | 33% | $48.64 | $48.70 | 0.12% | Signal |
| 2025-12-30 | 2026-02-13 | Interest | 33% | $1.00 | $1.01 | 0.51% | Interest Income |
| 2025-12-05 | 2026-02-13 | Interest | 34% | $1.00 | $1.01 | 0.77% | Interest Income |
| 2025-11-20 | 2026-01-23 | Interest | 33% | $1.00 | $1.01 | 0.68% | Interest Income |
| 2025-11-03 | 2025-12-30 | Completed | 33% | $48.31 | $48.05 | -0.54% | Signal |
| 2025-10-09 | 2025-12-05 | Completed | 34% | $47.94 | $48.09 | 0.31% | Signal |
| 2025-09-24 | 2025-11-20 | Completed | 33% | $47.77 | $48.04 | 0.55% | Signal |
| 2025-10-01 | 2025-11-03 | Interest | 33% | $1.00 | $1.00 | 0.36% | Interest Income |
| 2025-08-04 | 2025-10-09 | Interest | 34% | $1.00 | $1.01 | 0.77% | Interest Income |
| 2025-07-02 | 2025-10-01 | Completed | 33% | $47.47 | $47.88 | 0.88% | Signal |
| 2025-08-29 | 2025-09-24 | Interest | 33% | $1.00 | $1.00 | 0.27% | Interest Income |
| 2025-08-20 | 2025-08-29 | Completed | 33% | $47.53 | $47.59 | 0.12% | Signal |
| 2025-07-16 | 2025-08-20 | Interest | 33% | $1.00 | $1.00 | 0.42% | Interest Income |
| 2025-07-11 | 2025-08-04 | Completed | 34% | $47.33 | $47.70 | 0.79% | Signal |
| 2025-06-17 | 2025-07-16 | Completed | 33% | $47.40 | $47.36 | -0.09% | Signal |
| 2025-06-17 | 2025-07-11 | Interest | 34% | $1.00 | $1.00 | 0.27% | Interest Income |
| 2025-01-21 | 2025-07-02 | Interest | 33% | $1.00 | $1.02 | 1.92% | Interest Income |
| 2025-05-23 | 2025-06-17 | Interest | 33% | $1.00 | $1.00 | 0.28% | Interest Income |
| 2025-05-01 | 2025-06-17 | Completed | 34% | $47.47 | $47.40 | -0.15% | Signal |
| 2025-04-16 | 2025-05-23 | Completed | 33% | $47.04 | $47.10 | 0.13% | Signal |
| 2025-03-17 | 2025-05-01 | Interest | 34% | $1.00 | $1.01 | 0.53% | Interest Income |
| 2025-03-10 | 2025-04-16 | Interest | 33% | $1.00 | $1.00 | 0.45% | Interest Income |
| 2025-03-04 | 2025-03-17 | Completed | 34% | $46.99 | $46.39 | -1.28% | Signal |
| 2025-02-11 | 2025-03-10 | Completed | 33% | $46.95 | $46.39 | -1.19% | Signal |
| 2025-01-17 | 2025-03-04 | Interest | 34% | $1.00 | $1.01 | 0.52% | Interest Income |
| 2025-01-06 | 2025-02-11 | Interest | 33% | $1.00 | $1.00 | 0.43% | Interest Income |
| 2024-08-29 | 2025-01-21 | Completed | 33% | $46.06 | $46.52 | 1.00% | Signal |
| 2024-12-13 | 2025-01-17 | Completed | 34% | $46.97 | $46.43 | -1.15% | Signal |
| 2024-12-03 | 2025-01-06 | Completed | 33% | $47.12 | $46.53 | -1.26% | Signal |
| 2024-11-01 | 2024-12-13 | Interest | 34% | $1.00 | $1.00 | 0.49% | Interest Income |
| 2024-10-21 | 2024-12-03 | Interest | 33% | $1.00 | $1.01 | 0.50% | Interest Income |
| 2024-07-11 | 2024-11-01 | Completed | 34% | $45.17 | $46.36 | 2.63% | Signal |
| 2024-06-27 | 2024-10-21 | Completed | 33% | $44.89 | $46.49 | 3.57% | Signal |
| 2024-08-07 | 2024-08-29 | Interest | 33% | $1.00 | $1.00 | 0.24% | Interest Income |
| 2024-08-05 | 2024-08-07 | Completed | 33% | $46.19 | $45.84 | -0.76% | Signal |
| 2024-05-17 | 2024-08-05 | Interest | 33% | $1.00 | $1.01 | 0.89% | Interest Income |
| 2024-04-23 | 2024-07-11 | Interest | 34% | $1.00 | $1.01 | 0.93% | Interest Income |
| 2024-06-04 | 2024-06-27 | Interest | 33% | $1.00 | $1.00 | 0.27% | Interest Income |
| 2024-05-28 | 2024-06-04 | Completed | 33% | $44.72 | $44.80 | 0.18% | Signal |
| 2024-04-18 | 2024-05-28 | Interest | 33% | $1.00 | $1.00 | 0.48% | Interest Income |
| 2024-01-02 | 2024-05-17 | Completed | 33% | $44.87 | $44.85 | -0.04% | Signal |
| 2024-04-03 | 2024-04-23 | Completed | 34% | $44.79 | $44.55 | -0.53% | Signal |
| 2024-03-19 | 2024-04-18 | Completed | 33% | $44.75 | $44.60 | -0.33% | Signal |
| 2024-02-15 | 2024-04-03 | Interest | 34% | $1.00 | $1.01 | 0.53% | Interest Income |
| 2024-01-26 | 2024-03-19 | Interest | 33% | $1.00 | $1.01 | 0.59% | Interest Income |
| 2023-11-24 | 2024-02-15 | Completed | 34% | $43.21 | $44.63 | 3.30% | Signal |
| 2023-11-13 | 2024-01-26 | Completed | 33% | $42.80 | $44.48 | 3.93% | Signal |
| 2023-07-17 | 2024-01-02 | Interest | 33% | $1.00 | $1.02 | 1.99% | Interest Income |
| 2023-05-23 | 2023-11-24 | Interest | 34% | $1.00 | $1.02 | 2.12% | Interest Income |
| 2023-05-31 | 2023-11-13 | Interest | 33% | $1.00 | $1.02 | 1.91% | Interest Income |
| 2023-06-07 | 2023-07-17 | Completed | 33% | $42.83 | $42.86 | 0.06% | Signal |
| 2023-05-09 | 2023-06-07 | Interest | 33% | $1.00 | $1.00 | 0.28% | Interest Income |
| 2023-05-22 | 2023-05-31 | Completed | 33% | $42.63 | $42.92 | 0.68% | Signal |
| 2023-04-10 | 2023-05-23 | Completed | 34% | $42.81 | $42.56 | -0.60% | Signal |
| 2023-04-28 | 2023-05-22 | Interest | 33% | $1.00 | $1.00 | 0.22% | Interest Income |
| 2023-02-28 | 2023-05-09 | Completed | 33% | $41.64 | $42.79 | 2.76% | Signal |
| 2023-03-24 | 2023-04-28 | Completed | 33% | $43.21 | $42.83 | -0.87% | Signal |
| 2023-03-02 | 2023-04-10 | Interest | 34% | $1.00 | $1.00 | 0.37% | Interest Income |
| 2023-02-23 | 2023-03-24 | Interest | 33% | $1.00 | $1.00 | 0.31% | Interest Income |
| 2023-02-15 | 2023-03-02 | Completed | 34% | $42.16 | $41.59 | -1.35% | Signal |
| 2021-11-10 | 2023-02-28 | Interest | 33% | $1.00 | $1.04 | 3.72% | Interest Income |
| 2023-01-27 | 2023-02-23 | Completed | 33% | $42.36 | $41.91 | -1.07% | Signal |
| 2023-01-19 | 2023-02-15 | Interest | 34% | $1.00 | $1.00 | 0.26% | Interest Income |
| 2023-01-03 | 2023-01-27 | Interest | 33% | $1.00 | $1.00 | 0.23% | Interest Income |
| 2022-11-29 | 2023-01-19 | Completed | 34% | $42.41 | $42.69 | 0.65% | Signal |
| 2022-11-11 | 2023-01-03 | Completed | 33% | $41.89 | $41.80 | -0.20% | Signal |
| 2022-09-14 | 2022-11-29 | Interest | 34% | $1.00 | $1.01 | 0.80% | Interest Income |
| 2022-08-31 | 2022-11-11 | Interest | 33% | $1.00 | $1.01 | 0.76% | Interest Income |
| 2022-08-03 | 2022-09-14 | Completed | 34% | $44.06 | $42.30 | -3.99% | Signal |
| 2022-07-19 | 2022-08-31 | Completed | 33% | $43.13 | $42.71 | -0.99% | Signal |
| 2022-01-12 | 2022-08-03 | Interest | 34% | $1.00 | $1.01 | 1.40% | Interest Income |
| 2022-01-05 | 2022-07-19 | Interest | 33% | $1.00 | $1.01 | 1.31% | Interest Income |
| 2021-12-06 | 2022-01-12 | Completed | 34% | $47.98 | $47.23 | -1.57% | Signal |
| 2021-11-16 | 2022-01-05 | Completed | 33% | $47.54 | $47.30 | -0.52% | Signal |
| 2021-09-22 | 2021-12-06 | Interest | 34% | $1.00 | $1.00 | 0.32% | Interest Income |
| 2021-09-07 | 2021-11-16 | Interest | 33% | $1.00 | $1.00 | 0.30% | Interest Income |
| 2021-08-18 | 2021-11-10 | Completed | 33% | $48.36 | $47.80 | -1.16% | Signal |
| 2021-07-01 | 2021-09-22 | Completed | 34% | $47.59 | $47.97 | 0.81% | Signal |
| 2021-06-15 | 2021-09-07 | Completed | 33% | $47.56 | $47.95 | 0.83% | Signal |
| 2021-03-05 | 2021-08-18 | Interest | 33% | $1.00 | $1.01 | 0.69% | Interest Income |
| 2021-02-03 | 2021-07-01 | Interest | 34% | $1.00 | $1.01 | 0.63% | Interest Income |
| 2021-04-21 | 2021-06-15 | Interest | 33% | $1.00 | $1.00 | 0.24% | Interest Income |
| 2021-04-19 | 2021-04-21 | Completed | 33% | $47.43 | $47.61 | 0.37% | Signal |
| 2021-01-21 | 2021-04-19 | Interest | 33% | $1.00 | $1.00 | 0.34% | Interest Income |
| 2020-06-30 | 2021-03-05 | Completed | 33% | $47.62 | $47.43 | -0.40% | Signal |
| 2020-10-15 | 2021-02-03 | Completed | 34% | $48.34 | $48.24 | -0.20% | Signal |
| 2020-12-24 | 2021-01-21 | Completed | 33% | $48.47 | $48.34 | -0.27% | Signal |
| 2020-12-02 | 2020-12-24 | Interest | 33% | $1.00 | $1.00 | 0.06% | Interest Income |
| 2020-09-24 | 2020-12-02 | Completed | 33% | $48.01 | $48.25 | 0.50% | Signal |
| 2020-09-23 | 2020-10-15 | Interest | 34% | $1.00 | $1.00 | 0.05% | Interest Income |
| 2020-09-01 | 2020-09-24 | Interest | 33% | $1.00 | $1.00 | 0.04% | Interest Income |
| 2020-05-12 | 2020-09-23 | Completed | 34% | $46.92 | $48.03 | 2.35% | Signal |
| 2020-04-23 | 2020-09-01 | Completed | 33% | $46.64 | $47.67 | 2.22% | Signal |
| 2020-06-01 | 2020-06-30 | Interest | 33% | $1.00 | $1.00 | 0.06% | Interest Income |
| 2020-04-14 | 2020-06-01 | Completed | 33% | $46.64 | $47.19 | 1.19% | Signal |
| 2020-03-19 | 2020-05-12 | Interest | 34% | $1.00 | $1.00 | 0.10% | Interest Income |
| 2020-03-19 | 2020-04-23 | Interest | 33% | $1.00 | $1.00 | 0.07% | Interest Income |
| 2020-03-20 | 2020-04-14 | Interest | 33% | $1.00 | $1.00 | 0.05% | Interest Income |
| 2020-03-09 | 2020-03-20 | Completed | 33% | $48.17 | $45.24 | -6.07% | Stop |
| 2020-01-27 | 2020-03-19 | Completed | 34% | $47.17 | $45.21 | -4.15% | Stop |
| 2020-01-22 | 2020-03-19 | Completed | 33% | $46.75 | $45.21 | -3.29% | Stop |
| 2019-12-30 | 2020-03-09 | Interest | 33% | $1.00 | $1.00 | 0.29% | Interest Income |
| 2019-10-15 | 2020-01-27 | Interest | 34% | $1.00 | $1.01 | 0.50% | Interest Income |
| 2019-09-25 | 2020-01-22 | Interest | 33% | $1.00 | $1.01 | 0.57% | Interest Income |
| 2019-01-23 | 2019-12-30 | Completed | 33% | $43.22 | $46.44 | 7.45% | Signal |
| 2018-11-30 | 2019-10-15 | Completed | 34% | $42.58 | $46.79 | 9.89% | Signal |
| 2019-05-31 | 2019-09-25 | Completed | 33% | $44.91 | $47.10 | 4.86% | Signal |
| 2019-05-08 | 2019-05-31 | Interest | 33% | $1.00 | $1.00 | 0.15% | Interest Income |
| 2018-11-21 | 2019-05-08 | Completed | 33% | $42.40 | $44.47 | 4.89% | Signal |
| 2018-12-13 | 2019-01-23 | Interest | 33% | $1.00 | $1.00 | 0.28% | Interest Income |
| 2018-12-11 | 2018-12-13 | Completed | 33% | $42.79 | $42.79 | -0.00% | Signal |
| 2018-10-30 | 2018-12-11 | Interest | 33% | $1.00 | $1.00 | 0.34% | Interest Income |
| 2018-10-30 | 2018-11-30 | Interest | 34% | $1.00 | $1.00 | 0.27% | Interest Income |
| 2018-10-30 | 2018-11-21 | Interest | 33% | $1.00 | $1.00 | 0.20% | Interest Income |
| 2018-10-22 | 2018-10-30 | Completed | 33% | $42.25 | $42.40 | 0.35% | Signal |
| 2018-10-22 | 2018-10-30 | Completed | 34% | $42.25 | $42.40 | 0.35% | Signal |
| 2018-10-22 | 2018-10-30 | Completed | 33% | $42.25 | $42.40 | 0.35% | Signal |
| 2018-08-27 | 2018-10-22 | Interest | 34% | $1.00 | $1.00 | 0.47% | Interest Income |
| 2018-08-07 | 2018-10-22 | Interest | 33% | $1.00 | $1.01 | 0.62% | Interest Income |
| 2018-08-03 | 2018-10-22 | Interest | 33% | $1.00 | $1.01 | 0.65% | Interest Income |
| 2018-07-16 | 2018-08-27 | Completed | 34% | $42.47 | $42.39 | -0.18% | Signal |
| 2018-07-02 | 2018-08-07 | Completed | 33% | $42.40 | $42.33 | -0.16% | Signal |
| 2018-06-20 | 2018-08-03 | Completed | 33% | $42.28 | $42.23 | -0.13% | Signal |
| 2018-05-21 | 2018-07-16 | Interest | 34% | $1.00 | $1.00 | 0.43% | Interest Income |
| 2018-05-03 | 2018-07-02 | Interest | 33% | $1.00 | $1.00 | 0.47% | Interest Income |
| 2018-02-14 | 2018-06-20 | Interest | 33% | $1.00 | $1.01 | 0.99% | Interest Income |
| 2018-03-28 | 2018-05-21 | Completed | 34% | $42.19 | $41.99 | -0.47% | Signal |
| 2018-03-15 | 2018-05-03 | Completed | 33% | $41.93 | $42.17 | 0.58% | Signal |
| 2018-01-18 | 2018-03-28 | Interest | 34% | $1.00 | $1.01 | 0.53% | Interest Income |
| 2018-01-08 | 2018-03-15 | Interest | 33% | $1.00 | $1.00 | 0.50% | Interest Income |
| 2017-10-24 | 2018-02-14 | Completed | 33% | $41.47 | $41.55 | 0.19% | Signal |
| 2017-11-14 | 2018-01-18 | Completed | 34% | $41.67 | $41.73 | 0.14% | Signal |
| 2017-10-31 | 2018-01-08 | Completed | 33% | $41.66 | $41.84 | 0.43% | Signal |
| 2017-10-10 | 2017-11-14 | Interest | 34% | $1.00 | $1.00 | 0.23% | Interest Income |
| 2017-09-25 | 2017-10-31 | Interest | 33% | $1.00 | $1.00 | 0.24% | Interest Income |
| 2017-09-28 | 2017-10-24 | Interest | 33% | $1.00 | $1.00 | 0.17% | Interest Income |
| 2017-08-25 | 2017-10-10 | Completed | 34% | $41.51 | $41.40 | -0.26% | Signal |
| 2017-05-23 | 2017-09-28 | Completed | 33% | $41.17 | $41.34 | 0.41% | Signal |
| 2017-08-10 | 2017-09-25 | Completed | 33% | $41.38 | $41.43 | 0.11% | Signal |
| 2017-07-20 | 2017-08-25 | Interest | 34% | $1.00 | $1.00 | 0.23% | Interest Income |
| 2017-07-10 | 2017-08-10 | Interest | 33% | $1.00 | $1.00 | 0.21% | Interest Income |
| 2017-03-30 | 2017-07-20 | Completed | 34% | $40.86 | $41.15 | 0.72% | Signal |
| 2017-06-09 | 2017-07-10 | Completed | 33% | $41.39 | $40.96 | -1.04% | Signal |
| 2017-05-17 | 2017-06-09 | Interest | 33% | $1.00 | $1.00 | 0.14% | Interest Income |
| 2016-11-23 | 2017-05-23 | Interest | 33% | $1.00 | $1.01 | 1.17% | Interest Income |
| 2017-04-18 | 2017-05-17 | Completed | 33% | $41.15 | $41.11 | -0.12% | Signal |
| 2017-03-24 | 2017-04-18 | Interest | 33% | $1.00 | $1.00 | 0.15% | Interest Income |
| 2016-09-21 | 2017-03-30 | Interest | 34% | $1.00 | $1.01 | 1.16% | Interest Income |
| 2017-03-03 | 2017-03-24 | Completed | 33% | $40.75 | $40.72 | -0.07% | Signal |
| 2017-01-27 | 2017-03-03 | Interest | 33% | $1.00 | $1.00 | 0.23% | Interest Income |
| 2017-01-09 | 2017-01-27 | Completed | 33% | $40.74 | $40.47 | -0.67% | Signal |
| 2016-09-15 | 2017-01-09 | Interest | 33% | $1.00 | $1.01 | 0.64% | Interest Income |
| 2015-10-26 | 2016-11-23 | Completed | 33% | $39.07 | $40.65 | 4.05% | Signal |
| 2016-02-04 | 2016-09-21 | Completed | 34% | $39.73 | $41.48 | 4.41% | Signal |
| 2016-05-27 | 2016-09-15 | Completed | 33% | $40.65 | $41.33 | 1.67% | Signal |
| 2016-05-05 | 2016-05-27 | Interest | 33% | $1.00 | $1.00 | 0.11% | Interest Income |
| 2016-01-22 | 2016-05-05 | Completed | 33% | $39.25 | $40.45 | 3.04% | Signal |
| 2016-01-12 | 2016-02-04 | Interest | 34% | $1.00 | $1.00 | 0.13% | Interest Income |
| 2015-12-29 | 2016-01-22 | Interest | 33% | $1.00 | $1.00 | 0.14% | Interest Income |
| 2015-12-31 | 2016-01-12 | Completed | 34% | $38.99 | $39.16 | 0.44% | Signal |
| 2015-12-08 | 2015-12-31 | Interest | 34% | $1.00 | $1.00 | 0.14% | Interest Income |
| 2015-12-10 | 2015-12-29 | Completed | 33% | $39.07 | $39.04 | -0.09% | Signal |
| 2015-11-17 | 2015-12-10 | Interest | 33% | $1.00 | $1.00 | 0.14% | Interest Income |
| 2015-10-21 | 2015-12-08 | Completed | 34% | $38.90 | $39.10 | 0.51% | Signal |
| 2015-10-06 | 2015-11-17 | Completed | 33% | $38.84 | $39.00 | 0.42% | Signal |
| 2015-06-11 | 2015-10-26 | Interest | 33% | $1.00 | $1.01 | 0.83% | Interest Income |
| 2015-09-29 | 2015-10-21 | Interest | 34% | $1.00 | $1.00 | 0.13% | Interest Income |
| 2015-09-08 | 2015-10-06 | Interest | 33% | $1.00 | $1.00 | 0.17% | Interest Income |
| 2015-08-06 | 2015-09-29 | Completed | 34% | $38.62 | $38.88 | 0.68% | Signal |
| 2015-07-23 | 2015-09-08 | Completed | 33% | $38.61 | $38.78 | 0.45% | Signal |
| 2015-05-11 | 2015-08-06 | Interest | 34% | $1.00 | $1.01 | 0.55% | Interest Income |
| 2015-05-04 | 2015-07-23 | Interest | 33% | $1.00 | $1.01 | 0.51% | Interest Income |
| 2013-12-12 | 2015-06-11 | Completed | 33% | $35.62 | $38.16 | 7.14% | Signal |
| 2014-02-05 | 2015-05-11 | Completed | 34% | $36.06 | $38.71 | 7.34% | Signal |
| 2015-03-24 | 2015-05-04 | Completed | 33% | $39.41 | $39.04 | -0.95% | Signal |
| 2015-03-02 | 2015-03-24 | Interest | 33% | $1.00 | $1.00 | 0.13% | Interest Income |
| 2014-10-22 | 2015-03-02 | Completed | 33% | $37.81 | $39.33 | 4.03% | Signal |
| 2014-09-30 | 2014-10-22 | Interest | 33% | $1.00 | $1.00 | 0.15% | Interest Income |
| 2014-01-27 | 2014-09-30 | Completed | 33% | $35.90 | $37.71 | 5.05% | Signal |
| 2013-12-20 | 2014-02-05 | Interest | 34% | $1.00 | $1.00 | 0.34% | Interest Income |
| 2013-12-10 | 2014-01-27 | Interest | 33% | $1.00 | $1.00 | 0.34% | Interest Income |
| 2013-12-12 | 2013-12-20 | Completed | 34% | $35.62 | $35.54 | -0.22% | Signal |
| 2013-12-10 | 2013-12-12 | Interest | 34% | $1.00 | $1.00 | 0.01% | Interest Income |
| 2013-12-10 | 2013-12-12 | Interest | 33% | $1.00 | $1.00 | 0.01% | Interest Income |
Return Distribution Analysis
