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How it Works

​Through a partnership formed in 2019 with Nasdaq, OCIO Analytics has delivered the industry’s first suite of OCIO indices. The Alpha Nasdaq OCIO Indices aim to create transparency in the OCIO industry and ​give investors and OCIO firms the ability to objectively measure performance against peers.

Alpha Nasdaq OCIO Indices at 09/30/25

INDEX MRQ 1 YR 3 YR 5 YR 7 YR 10 YR
Broad Market Index 4.24 9.46 12.84 7.04 7.00 7.44
Defined Benefit Pension Plans Index 3.54 6.03 10.84 4.47 5.81 6.55
Endowments & Foundations Index 4.78 11.48 14.06 8.93 7.91 8.18
Healthcare Operating Reserves Index 4.49 9.76 13.01 7.61 6.88 ---
Insurance Reserves Index 3.77 9.28 13.17 --- --- ---
Aggressive Allocation Index 5.09 11.71 15.86 10.34 9.03 ---
Moderate Aggressive Allocation Index 4.92 11.32 14.30 9.42 8.38 8.72
Moderate Allocation Index 4.70 10.77 13.96 7.79 7.27 7.75
Moderate Conservative Allocation Index 3.34 6.17 10.26 3.72 5.00 5.75
Conservative Allocation Index 2.33 2.51 6.73 0.19 3.10 3.74
MSCI ACWI 7.74 17.80 23.70 14.07 11.82 12.47
S&P 500 8.12 17.60 24.94 16.47 14.45 15.30
Bloomberg US Aggregate 2.03 2.88 4.93 -0.45 2.06 1.84
60% MSCI ACWI / 40% Bloomberg US Aggregate 5.43 11.72 15.97 8.21 8.09 8.33
60% S&P 500 / 40% Bloomberg US Aggregate 5.66 11.67 16.71 9.62 9.66 9.99
— Indicates there are too few observations to calculate a result

Data Source

The Alpha Nasdaq OCIO indices are based on anonymized account-level return streams, asset allocation, and metadata reported directly by OCIO firms. The indices use this anonymously reported data to construct a family of indices that represent the broad OCIO market along with variations of the OCIO market to more appropriately reflect the nuances across sub-categories, such as plan type and risk profile.

Index Constituents

The Alpha Nasdaq OCIO Broad Market Index includes all account-level returns streams reported by OCIOs. The Plan type indices are based on the associated plan type for each account as reported by each OCIO. The risk based indices are based on the asset allocation for each account as reported by each OCIO. Below are the number of observations included in each of the Alpha Nasdaq OCIO Indices as of 09/30/2025. Unreported periods have too few observations to calculate as a result.

INDEX MRQ 1 YR 3 YR 5 YR 7 YR 10 YR
Broad Market Index 1,640 1,249 801 418 267 130
Defined Benefit Pension Plans Index 609 387 298 127 69 38
Endowments & Foundations Index 802 686 389 221 154 69
Healthcare Operating Reserves Index 46 39 27 21 14 ---
Insurance Reserves Index 83 60 29 --- --- ---
Aggressive Allocation Index 124 86 34 20 15 ---
Moderate Aggressive Allocation Index 437 295 172 94 69 32
Moderate Allocation Index 605 376 203 131 77 37
Moderate Conservative Allocation Index 232 107 74 35 19 8
Conservative Allocation Index 240 110 76 20 15 9

Calculation Methodology

Each of the Alpha Nasdaq OCIO indices are calculated using the average net of fees return, as reported by each OCIO, for all the constituents within a given index. All constituents equally weighted in each respective index.  A minimum of 15 accounts are required to create a sub-category of the Alpha Nasdaq OCIO Broad Market Index.

​Index Inclusion

To be included in any of the Alpha Nasdaq OCIO Indices, account size must be $50 million or greater, must be fully discretionary, represent a US-based client, and the performance must be live client performance net of all fees.

Contributing Firms