> For the complete documentation index, see [llms.txt](https://wpahelp.windhamlabs.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://wpahelp.windhamlabs.com/factor-analysis/windham-factors.md).

# Windham Factors

The Windham Portfolio Advisor includes a number of factor time series for analysis. All factors are denominated in local currency and do not have embedded currency risk. The U.S. investor's currency risk is captured by the WCM Dollar factor, representing the USD against a basket of trade-weighted currencies.

| Windham Factor              | Time Series Construction                                                                      |
| --------------------------- | --------------------------------------------------------------------------------------------- |
| WCM Global Equity           | MSCI AC World (unhedged)                                                                      |
| WCM US Equity               | MSCI USA minus MSCI AC World (unhedged)                                                       |
| WCM Europe Equity           | MSCI Europe (unhedged) minus MSCI AC World (unhedged)                                         |
| WCM Asia Equity             | MSCI Asia (unhedged) minus MSCI AC World (unhedged)                                           |
| WCM Emerging Markets Equity | MSCI Emerging Markets minus MSCI AC World (unhedged)                                          |
| WCM Value-Growth            | MSCI US Prime Market Value minus MSCI US Prime Market Growth                                  |
| WCM Small-Large             | MSCI US Small Cap 1750 minus MSCI US Large Cap 300                                            |
| WCM US Bonds                | Bloomberg Barclays US Aggregate Bonds                                                         |
| WCM Term Structure          | Bloomberg Barclays Treasury Long minus Bloomberg Barclays Treasury Short                      |
| WCM Credit                  | Bloomberg Barclays US Aggregate Long Credit (BAA) minus Bloomberg Barclays US Government Long |
| WCM High Yield              | Merill Lynch US High Yield Master II minus Barclays US Aggregate Long Credit (BAA)            |
| WCM Inflation               | US CPI All Urban (Seasonally-Adjusted)                                                        |
| WCM Inflation Surprise      | US Cleveland Fed Reserve 1Year Inflation Expectations minus WCM Inflation                     |
| WCM Dollar                  | US Dollar Trade-Weighted Exchange Index                                                       |
| WCM Volatility              | CBOE SPX Volatility VIX                                                                       |
| WCM Commodities             | GSCI Commodity Total Return                                                                   |

{% hint style="info" %}
Additional factors can be added as a custom time series. To load custom factors, specify “Factor” as the Asset Class type. Please see also [Managing Custom Time Series](/managing-custom-time-series.md#adding-custom-time-series).
{% endhint %}