Asset Class Expected Return Volatility Asset Class 1 Asset Class 2 Correlation US Large US Large US Small 0.910212 US Small US Large EAFE Equity 0.879807 EAFE Equity US Large EM Equity 0.794582 EM Equity US Large REITs 0.719385 REITs US Small EAFE Equity 0.814067 US Small EM Equity 0.766391 US Small REITs 0.766583 EAFE Equity EM Equity 0.886384 EAFE Equity REITs 0.687521 EM Equity REITs 0.62609 V US Large US Small EAFE Equity EM Equity REITs US Large 0.0213 ?????? 0.0221 0.0273 0.0233 US Small ?????? 0.0379 0.0272 0.0351 0.0330 EAFE Equity 0.0221 0.0272 0.0296 0.0359 0.0262 EM Equity 0.0273 0.0351 0.0359 0.0555 0.0326 REITs 0.0233 0.0330 0.0262 0.0326 0.0490